MARCH 1999

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

Analysis.—Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

FEDERAL FISCAL OPERATIONS

Introduction: Federal fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

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

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

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

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

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

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

FFO-4.—Summary of U.S. Government receipts by source and outlays by function,

first-quarter fiscal 1999 and other periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

FFO-5.—Internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

ACCOUNT OF THE U.S. TREASURY

Introduction: Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

UST-1.—Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

FEDERAL DEBT

Introduction: Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-1.—Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-2.—Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

FD-3.—Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

FD-4.—Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

FD-5.—Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . 26

FD-6.—Debt subject to statutory limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

FD-7.—Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . 27

FD-A.—Chart: Average length of privately held marketable debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

PUBLIC DEBT OPERATIONS

Introduction: Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

PDO-1.—Maturity schedules of interest-bearing marketable public debt securities

other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

PDO-2.—Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

PDO-3.—Public offerings of marketable securities other than regular weekly Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . 41

PDO-4A.—Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . 44

PDO-4B.—Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . 46

U.S. SAVINGS BONDS AND NOTES

Introduction: Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

SBN-1.—Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

SBN-2.—Sales and redemptions by period, all series of savings bonds and notes combined. . . . . . . . . . . . . . . . . . . . . . . . . . 47

SBN-3.—Sales and redemptions by period, series E, EE, H, HH and I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

OWNERSHIP OF FEDERAL SECURITIES

Introduction: Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

OFS-1.—Distribution of Federal securities by class of investors and type of issues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

OFS-2.—Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

MARKET YIELDS

Introduction: Market yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-1.—Treasury market bid yields at constant maturities: bills, notes and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-A.—Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

MY-2.—Average yields of long-term Treasury, corporate and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

MY-B.—Chart: Average yields of long-term Treasury, corporate and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Contents
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction: U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

USCC-1.—Amounts outstanding and in circulation; currency and coins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

USCC-2.—Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . 59

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction: International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

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

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

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

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

CAPITAL MOVEMENTS

Introduction: Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

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

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

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

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

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

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

with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

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

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

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

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

CM-B.—Chart: U.S. claims on foreigners reported by U.S. banks, brokers and dealers

with respect to selected countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

SECTION III.—SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED

BY BANKS IN THE UNITED STATES

CM-III-1.—Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately . . 80

SECTION IV.—LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED

BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES

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

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

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

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

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

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

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

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

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

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

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

by type and country, during fourth quarter 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

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

by type and country, during calendar year 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

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

IV

Contents
FOREIGN CURRENCY POSITIONS

Introduction: Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

SECTION I.—CANADIAN DOLLAR POSITIONS

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

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

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

SECTION II.—GERMAN MARK POSITIONS

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

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

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

SECTION III.—JAPANESE YEN POSITIONS

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

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

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

SECTION IV.—SWISS FRANC POSITIONS

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

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

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

SECTION V.—STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

Introduction: Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

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

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

SPECIAL REPORTS

STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS

Introduction: Statement of liabilities and other financial commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

SLOFC-1.—Summary of liabilities of the United States Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

SLOFC-A.—Chart: Commitments and contingencies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TRUST FUNDS

Introduction: Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

TF-10.—Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Introduction: Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Introduction: Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

TF-12.—Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

V

Contents
Introduction: Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

TF-13.—Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Introduction: Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

TF-14.—Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Introduction: Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

TF-15.—Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Introduction: Inland Waterways Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

TF-16.—Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

Introduction: Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

TF-17.—Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

Introduction: Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

TF-18.—Nuclear Waste Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

Introduction: Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

TF-19.—Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

TF-D.—Chart: Major trust funds, interest on investments, fiscal 1997 and 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

TF-E.—Chart: Major trust funds, receipts and expenses, fiscal 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Introduction: Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

TF-20.—Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

Introduction: Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

TF-21.—Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Introduction: Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

TF-22.—Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

Introduction: National Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

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

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

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

VI

Contents
VII

Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Summary of internal revenue collections by States

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund. . . . . . . . . . . . .

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√
Profile of the Economy

Real gross domestic product (GDP)

Economic activity accelerated in 1998. Real GDP increased

at a sizable 5.6 percent annual rate in the final quarter of the

year (based on the advance estimate) and by 4.1 percent over

the entire year. This was slightly faster than growth in each of

the previous 2 years. The average for the latest 3-year period

was the fastest growth since the early 1980’s, when the economy was recovering from a deep recession.

A step-up in household spending on goods, services and

housing from an already robust pace contributed to the large

increase in GDP in 1998. Rising employment and income, as

well as wealth effects from the rapid gains in stock prices over

the past few years, fueled the growth in household spending.

Business investment in equipment also made a substantial contribution to the increase in GDP.

Strength in domestic sectors of the economy more than offset deterioration in the foreign trade balance in 1998, particularly in the first half. A widening trade deficit subtracted more

than 2 percentage points from GDP growth in the first two

quarters of the year. This impact tapered to virtually zero by the

fourth quarter, partly the result of some special factors that

may deteriorate in 1999. Going forward, real GDP growth is

expected to moderate over the next 2 years and eventually return to its long-run growth path of about 2.4 percent.

The national accounts measures of inflation were very benign. The chain-weight GDP price index increased at an

0.8 percent annual rate in the fourth quarter and 0.9 percent

over the entire year. Comparable rates for the domestic purchases index (which reflects only prices paid by U.S.

residents) were 0.9 percent and 0.5 percent. The four-quarter

change in the GDP index was the smallest since the early

1960’s, and for the domestic purchases index, the smallest on

record.

Inflation

Inflation remained well behaved in 1998, with consumer

prices continuing to rise at a modest pace. Further back in the

production chain there were no signs of building price

3

5

4

3

2

-1

1

0

89 90 91 92 93 94 95 96 97 98

-0.2

0.4

2.4 2.4

3.6

3.3

2.1

4.1

3.9 3.8

3.5

3

[Source: Office of Macroeconomic Analysis]

87 88 89 90 91 92 93 94 95 96 97 98

4

8

6

2

0

Excluding food

and energy

Total

87 88 89 90 91 92 93 94 95 96 97 98

10

8

6

4

2

-2

-4

0

Excluding food

and energy

Total

*Year tick marks correspond with June data.

Growth of Real GDP

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices - Finished Goods*

(Percent change from a year earlier)
pressures. Producer prices declined at all three stages of processing for a second consecutive year. Wages pressures eased

in the latter part of the year, leaving increases during 1998 little

changed from the previous year.

During 1998, the Consumer Price Index (CPI) rose by 1.6

percent. This was close to

the 1.7 percent gain during

the prior year but well below the 3.3 percent advance posted in 1996.

Declining energy prices

continued to be a major factor, falling at a rate of just

under 9 percent on top of a

near 3-1/2 percent drop in

1997. Food prices were up

by 2.3 percent, compared

with an increase of 1.5 percent in the previous year.

The core CPI, excluding

food and energy, advanced

by 2.4 percent during the

year. That was not much

different than the 2.2 percent increase in 1997,

which was the smallest increase since 1965.

Compared to the previous

few years, it was down

slightly.

Producer prices for finished goods were little

changed last year, edging

down by 0.1 percent. This

followed a decline of 1.2

percent in 1997. Energy

prices dropped by more

than 12.0 percent in 1998,

offsetting an increase of

2.4 percent in the core index. Food prices slipped

by 0.1 percent. Core prices

for crude and intermediate

goods were down last year,

indicating no imminent

price pressures further

back in the production

chain.

Hourly compensation in the nonfarm business sector increased by 4.0 percent last year. This was slightly faster than

the 3.7 percent rate in 1997. The increase in hourly compensation outpaced a 2.5 percent rise in productivity. This pushed

unit labor costs up by a moderate 1.5 percent, down from an increase of 2.1 during 1997 but about the same as in the prior 2

years. The employment cost index for total compensation rose

by 3.4 percent for the 12 months ending in December 1998,

about the same as the 3.3 percent increase in 1997.

Employment and unemployment

At the start of the new year, labor markets remained very

tight. Job growth in January matched the fourth quarter’s rapid

pace. Meanwhile, the unemployment rate held steady at a level

not seen since the early

1970’s.

Growth of nonfarm

payroll employment

slowed somewhat over

the course of 1998. On

average, 234,000 jobs

were created each

month, compared to

282,000 in 1997. Job

growth picked up in the

final 3 months of the

year to an average of

246,000. The employment gain recorded in

January, however, extended the fourth quarter’s strong pace.

Strong hiring continued in the private service-producing sector.

Conversely, manufacturing employment declined further, bringing

total factory job losses

since March of last year

to 285,000. Depressed

demand for U.S. exports in much of Asia

has played a role in the

recent reduction of the

manufacturing work

force.

In January, the unemployment rate remained

at 4.3 percent for the

second consecutive

month. Labor force participation rose to a new

high, propelling the

share of the employed

working-age population to a record breaking

64.5 percent. These indicators show that the economy continues to operate at a very high level of labor utilization.

Average hourly earnings of production and other

nonsupervisory workers rose to $13.04 in January. Growth in

hourly wages over the past 12 months was 4.0 percent in nominal terms, comparable to the 3.9 percent increase posted during the year ended January 1998. Slow growth in consumer

prices over the past 2 years contributed to an acceleration in

growth of earnings in real terms. They rose by 2.4 percent over

4 PROFILE OF THE ECONOMY

94 95 97 98 96 99

7.0

6.5

6.0

5.5

5.0

4.5

4.0

400

300

200

100

0

97-I II III IV 98-I II III IV

293

252 249

336

208

279

204

246

Civilian Unemployment Rate

Establishment Employment

(Monthly change in thousands)
the year ending December 1998 and 2.3 percent over the same

months in 1997. This followed increases averaging 1/2 percent

in the prior 2 years.

Real disposable personal income

and consumer spending

Real disposable (after-tax) personal income rose by 3.4 percent over the four quarters of 1998. This followed increases averaging 2.8 percent over the prior 2 years. The pickup in

income growth last year was fueled by another large gain in

wages and salaries, reflecting strong advances in both employment and wage rates. Total wages and salaries rose by 5.5 percent during 1998 in real terms. That compares to an increase of

about 6.0 percent in each of the 3 preceding years. (Slower

growth of such items as transfer payments, interest dividends

and rental income contributed to the smaller gain for total personal income.)

Real consumer spending surged by 5.2 percent last year, up

considerably from the 3.7 percent increase posted during

1997. Spending on discretionary items such as motor vehicles,

furniture and appliances, clothing, recreation, and brokerage

services and investment counseling was particularly strong in

1998.

With spending running far ahead of income growth, the

share of after-tax income earmarked for personal saving

dropped to a post-war low of 0.5 percent in 1998, down sharply

from 2.1 percent in 1997 and 2.9 percent in 1996. The personal

saving rate has been on the decline in recent years. Huge gains

in wealth associated with rising stock prices appear to have

played a role, causing households to feel less need to save out

of current income.

Industrial production and capacity utilization

Industrial production in manufacturing, mining and utilities

grew by a modest 1.9 percent over the 12 months of 1998, considerably slower than increases averaging 6.1 percent during

the previous 2 years.

The deceleration mainly reflected weakness in the manufacturing sector, which accounts for about 88 percent of total industrial production. Over the entire year, factory output rose

only 2.3 percent, a distinct slowdown from increases averaging

6.8 percent in the prior 2 years. Most of the softness reflected a

downturn in the production of nondurable goods but output of

durable goods slowed somewhat as well. Decreased demand

for U.S. exports stemming from the Asian crisis and the strong

dollar was partially responsible for the step-down in factory

output last year.

Mining activity also declined in 1998, reflecting cutbacks in

oil and gas extraction due to weak crude oil prices. The pace of

utilities production accelerated over the 12 months of last year.

This followed 2 years of little change.

The industrial capacity utilization rate fell steadily throughout the year, dropping to 80.9 percent in December from 83.4

percent at the end of 1997. The decline was due not only to

sluggish output growth but also to rapid expansion of capacity,

which increased by 5.0 percent over the entire year. The utilization rate is now at its lowest point in more than 6 years, well

below the expansion high of 84.7 percent reached in early 1995

and also below its long-term average of 82.1 percent.

Nonfarm productivity and unit labor costs

Nonfarm business productivity, real output per hour worked,

grew by 2.5 percent over the four quarters of 1998. This was

significantly faster than the 1.5 percent increase recorded in

1997. In the past 3 years, productivity growth has averaged

2.0, well above long-term trend productivity growth that is estimated to be 1.3 percent. Extremely fast output growth during

the period seems to have played an important role in lifting

productivity above trend.

Growth of hourly compensation costs in the nonfarm business sector accelerated slightly in 1998, rising by 4.0 percent

after increasing by about 3.7 percent in each of the prior 2

years. Strong productivity growth held the increase in labor

costs per unit of output to 1.5 percent during 1998, compared

to 2.1 percent in 1997. The moderate increase in these costs

over the past four quarters has helped keep inflation subdued.

Productivity growth in the manufacturing sector slowed to

3.9 percent in 1998 from increases averaging 4.6 percent in the

prior 3 years. The deceleration reflected a marked reduction in

factory output. Unit labor costs in manufacturing fell by 0.7

percent in 1998. That was the fifth straight year these costs

have declined.

Current account balance

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

transactions, measuring trade in goods and services as well as

the net flow of investment income and unilateral transfers. The

current account has been in deficit almost continuously since

the early 1980’s. In recent years, the current account deficit has

widened substantially from a recent low of $6 billion in 1991

to an all-time high of $245 billion at an annual rate in the third

quarter of 1998. The current account deficit now exceeds the

previous record deficit of $168 billion set in 1987. The deficit

has improved relative to the overall economy, however, accounting for only 2.9 percent of GDP compared to 3.6 percent

in 1987.

Over the past several years, U.S. economic growth has outpaced that of our major trading partners, causing imports to

grow much more rapidly than exports. The sharp appreciation

of the dollar in more recent years has widened the trade gap

further. In addition, what had been a positive balance on investment income shifted to a negative in 1997 as the inflow of

capital into the United States boosted payments of earnings

and interest to foreigners. Deterioration in the current account

during the first three quarters of 1998 primarily reflected a

deepening of the deficit on trade in goods due to the strength of

the dollar as well as weaker demand for U.S. goods exports in

Asia. The deficit on investment income also widened during

the first 9 months of last year.

The current account deficit is matched by offsetting transactions in the capital account. In the third quarter of 1998, recorded capital inflows for foreign assets in the United States

exceeded capital outflows for U.S. assets abroad by $259 billion at an annual rate. The difference between the $259 billion

reported capital inflow and the $245 billion current account

deficit (the statistical discrepancy) is usually taken to consist

largely of unrecorded capital flows.

PROFILE OF THE ECONOMY 5
Exchange rate of the dollar

The exchange rate of the dollar against a broad index of currencies of important U.S. trading partners depreciated from

August through December before stabilizing during January.

Prior to August, the dollar had consistently appreciated since

early 1995.

The Federal Reserve Board’s broad trade-weighted index of

the dollar against the currencies

of 36 important U.S. trading

partners fell by about 4-1/2 percent from August through December after rising by one-third

from its trough in May 1995.

Against the yen, the depreciation of the dollar continued

through January. It fell by more

than 20 percent from August to

January after rising by 73 percent from its 1995 trough.

Against the deutschemark, now

part of the newly-introduced

euro, the dollar fell by 6-1/2 percent from August through December compared with a rise of

29 percent from April 1995.

The reversal of the dollar over

the August through December

period, particularly against the

yen, was partly related to unwinding of highly leveraged positions of investment firms in

the wake of global financial uncertainty. Many investors with

yen-based loans sought to

deleverage by buying yen to pay

back those loans. Other factors

contributing to the dollar’s depreciation against currencies of

other industrialized nations included continued pressures

from the large U.S. current account deficit, trade exposure to

countries considered susceptible to Asian contagion, and a

relatively more rapid decline in

interest rates in the U.S. compared with other industrial nations. Toward the end of last

year, the dollar stabilized as the deleveraging process wound

down. The dollar has since held about steady.

Interest rates

From late September through November, the Federal Reserve Board made three monetary policy moves toward ease to

stem a rapid process of deleveraging and a rush to liquidity that

occurred as a result of global fears of default. The Federal Reserve Board lowered the discount rate (the rate the Federal Reserve Board charges banks for short-term funds) by a total of

50 basis points to 4.5 percent. It also reduced the Federal funds

target (the rate that banks charge one another for overnight

borrowing) by 75 basis points to 4.75 percent. The market interest rate for the 3-month Treasury bill, which had plunged as

low as 3.8 percent in late October, moved back up to about 4.5

percent by mid-November. It has since remained near that

level.

Prior to the Federal Reserve Board’s easing moves,

heightened aversion to risk

and a flight to quality and liquidity drove prices of U.S.

Treasury bonds and notes up

and yields down. Credit markets have stabilized since

November. Meanwhile,

long-term interest rates have

moved back up, though they

remain at very moderate levels. The interest rate on the

30-year Treasury bond increased from an October low

of just under 4.9 percent to

within a narrow band of 5.0

to 5.2 percent through January. Yields on the 10-year

note followed a similar pattern, rising from 4.4 percent

to within 4.6 to 4.8 percent.

These rates are still about

the lowest in more than 30

years.

Mortgage rates, which

follow roughly the same

pattern as the 10-year Treasury note, also declined to

more than 30-year lows in

October. The rate on a conventional 30-year fixed rate

loan fell to 6.5 percent in

early October. In January, it

was still at a favorable 6.8

percent. Low mortgage

rates over the entire second

half of last year and thus far

in 1999 have helped support

housing market activity at a

high level.

Housing

Last year was one of the best years for housing in more than a

decade. Growth in the housing sector was fueled by exceptionally low mortgage interest rates, and strong gains in employment and income. Likewise, the spread of affordable housing

programs opened the market to many previously underserved

communities. The homeownership rate rose to 66.3 percent in

1998, an all-time high.

6 PROFILE OF THE ECONOMY

Short-term Interest Rates

Long-term Interest Rates

7.5

7.0

6.5

6.0

5.5

4.5

4.0

5.0

J F M S O N J F

97 98 99

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

30-year bond

10-year note

97 98

J F S O N

99

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

6.0

5.5

5.0

4.0

3.5

4.5

Discount rate 3-month Treasury bills

Federal funds
Sales of new single-family homes totaled 888,000 last year,

the largest annual total since the series began in 1963. Fourth

quarter results were especially strong, partly due to unseasonably mild weather. Sales topped 1 million at an annual rate in

November and averaged 967,000 units in the last 3 months of

the year, the highest quarterly rate on record. Resale’s of existing homes also posted a record year in 1998, reaching almost 5

million.

The extremely high level of new home sales in 1998 spurred

equally rapid gains in new construction. Starts of new homes

surged to their highest rate in more than 10 years in the fourth

quarter, rising to just a shade under 1.7 million units at an annual rate. For the year as a whole, housing starts were 1.6 million, up 10 percent from the previous year’s total. The real

value of residential construction expenditures grew by more

than 12 percent during 1998.

Federal budget

The Federal budget posted a surplus of $69 billion in fiscal

1998. This was the first surplus since 1969 and only the ninth

since World War II. The surplus represented 0.8 percent of

GDP, the highest such ratio since 1956, and resulted in a reduction in the Federal debt level for the first time in 29 years.

Strong economic growth and passage of deficit reduction

programs placed the deficit on a downward course after it

reached an all-time high of $290 billion in 1992.

Growth in receipts remained very strong over the past 6

years, boosted by expansion in jobs and income, rising corporate profits and stock market gains. In fiscal 1998, receipts rose

by 9.0 percent, with an especially notable jump for

nonwithheld individual income taxes, up almost 13 percent

over the year. Withheld income and employment taxes grew by

9.0 percent in fiscal 1998, reflecting strong growth in wages

and salaries and employment. Growth in Federal spending was

held to a moderate 3.2 percent in fiscal 1998, or even less after

adjusting for some special financial flows that artificially reduced outlays in the previous fiscal year. Outlays in fiscal 1998

relative to GDP were the smallest since 1974.

The Administration’s “Fiscal Year 2000 Budget” projects

growing surpluses through the year 2009, similar to estimates

from the Congressional Budget Office. After reserving much

of the surplus for Social Security and Medicare funding, the

amount of debt held by the public is projected to be cut by

one-third between fiscal 2000 and 2009, dropping as a percentage of GDP from over 40.0 percent currently to 18.0 percent by fiscal 2009.

Net national saving and investment

Net national saving has been rising steadily from a

post-World War II low of 3.4 percent of net national product

(NNP) in 1992, to 7.5 percent in the first three quarters of

1998. Despite the progress, net saving, excluding depreciation

to replace worn-out or obsolete equipment and structures used

in production, still remains well below the 12.1 percent of

NNP averaged in the 1950’s and 1960’s.

Recent improvement is more than accounted for by the

swing in the Federal budget from large deficits to the first surplus in nearly three decades. As a result, the combined account

of Federal, State and local governments has moved from

dissaving equivalent to 4.7 percent of NNP in 1992 to saving

equivalent to 2.0 percent of NNP in the first three quarters of

1998. Private saving (of households and businesses) has declined since 1992. Increased wealth generated by a surging

stock market appears to have reduced households’ desire to

save, more than offsetting greater business saving resulting

from gains in corporate profits.

Net domestic investment equaled 9.2 percent of NNP in

1998. This was up from a low 4.9 percent for all of 1991 and

was the highest reading in 12 years. About 30 percent of investment last year was financed by foreign inflows, equivalent

to 2.8 percent of NNP. U.S. sources provided investment equal

to 6.4 percent of NNP, a little over one-quarter less than was

averaged in the 1950’s and 1960’s.

PROFILE OF THE ECONOMY 7

15

10

5

0

-5

-10

50 55 60 65 70 75 80 85 90 95 00

*Excludes pension funds of State and local governments.

Total

Public*

Net National Saving

(Saving as a percent of net national product)
8

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

that allow obligationsto be incurred and payments to be made.

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority in

the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

checks or the disbursement of cash—outlays. Obligations may

also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an

increase in redemption value of bonds outstanding); or by the

issuance of bonds, debentures, notes, monetary credits, or

electronic payments.

Refunds of collections generally are treated as reductions

of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays

during a fiscal year may be for payment of obligations incurred

in prior years or in the same year. Outlays, therefore, flow in

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

money is spent. Total outlays include both budget and

off-budget outlays and are stated net of offsetting collections.

Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the

public, excluding receipts offset against outlays. These, also

called governmental receipts, consist mainly of tax receipts

(including social insurance taxes), receipts from court fines,

certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions

from gross receipts. Total Government receipts are compared

with total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts

or the public are of a business-type or market-oriented nature.

They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used

without appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for

materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements

are also known as revenues. These offsetting collections are

netted against gross outlays in determining net outlays from

such appropriations; and (2) in the three types of revolving

funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public,

offset against outlays by agency and by function; (2)

intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts.

They finance operations within and between Government

agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts

which include foreign cash contributions.

Intrabudgetary transactions are subdivided into three

categories: (1) interfund transactions—payments are from

one fund group (either Federal funds or trust funds) to a receipt

account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal

fund group; and (3) trust intrafund transactions—payments

and receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

There are four types of receipts, however, that are deducted

from budget totals as undistributed offsetting receipts. They

are: (1) agencies’payments (including payments by off-budget

Federal entities) as employers into employees’ retirement

funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest

(i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget).

The Government has used the unified budget concept set

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

Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the

public. Since 1971, however, various laws have been enacted

removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget

Federal entities onto the budget. Under current law, the

off-budget Federal entities consist of the two Social Security

trust funds, Federal Old-Age and Survivors Insurance and the

Federal Disability Insurance Trust Fund, and the Postal Service.

Although an off-budget Federal entity’s receipts, outlays,

and surplus or deficit ordinarily are not subject to targets set by

the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the

Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900-922)] included off-budget surplus or deficit in calculating deficit

targets under that act and in calculating excess deficit. Partly

for this reason, attention has focused on both on- and

off-budget receipts, outlays, and deficit of the Government.

Tables FFO-1, FFO-2 and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for

13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by

Federal entities and disbursing officers, and daily reports from

the FRBs. They also detail accounting transactions affecting

receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of
FEDERAL FISCAL OPERATIONS 9

the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States

Government.”

! Table FFO-1 summarizes the amount of total receipts,

outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets and balances in Treasury operating cash.

! Table FFO-2 includes on- and off-budget receipts by

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties and net miscellaneous receipts.

! Table FFO-3 details on- and off-budget outlays by

agency.

! Table FFO-4 summarizes on- and off-budget receipts

by source and outlays by function as reported to each major

fund group classification for the current quarter and the current

fiscal year to date.

! Table FFO-5 summarizes internal revenue collections

by States and other areas and by type of tax. Amounts reported

are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for

individual income and Social Security taxes), payments made

with tax returns and subsequent payments made after tax returns are due or are filed (i.e., payments with delinquent returns or on delinquent accounts).

It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are

reported based on the primary filing address provided by each

taxpayer or reporting entity. For multistate corporations, the

address may reflect only the State where such a corporation reported its taxes from a principal office rather than other States

where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual

may reside in one State and work in another.

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source

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

Fourth-Quarter Receipts

The following capsule analysis of budget receipts,

by source, for the fourth quarter of fiscal 1998 supplements fiscal data reported in the December issue

of the “Treasury Bulletin.” At the time of that issue’s

release, not enough data were available to analyze

adequately collections for the quarter.

Individual income taxes—Individual income tax receipts,

net of refunds, were $204.7 billion for the fourth quarter of fiscal 1998. This is an increase of $27.0 billion over the comparable prior year quarter. Withheld receipts increased by $23.3

billion, and non-withheld receipts increased by $4.3 billion during this period. Refunds increased by $0.6 billion over the comparable fiscal 1997 quarter. There was an increase of $3.8

billion in accounting adjustments between individual income

tax receipts and the Social Security and Medicare trust funds

over the comparable quarter in fiscal 1997.

Corporate income taxes—Net corporate income tax receipts were $42.3 billion for the quarter. This is a decrease of

$1.0 billion compared to the prior year fourth quarter. The $1.0

billion change is comprised of an $0.8 billion decrease in estimated and final payments, and a $0.2 billion increase in corporate refunds.

Employment taxes and contributions—Employment taxes

and contributions receipts for the quarter were $125.6 billion, a

decrease of $1.3 billion over the comparable prior year quarter.

Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds changed by -$1.2 billion, -$0.2 billion, and $1.0 billion, respectively, while total

refunds increased by $1.0 billion. There was a -$4.1 billion accounting adjustment for prior years’ employment tax liabilities

made in the fourth quarter of fiscal 1998, while there was a

-$0.3 billion adjustment made in the fourth quarter of fiscal

1997.

Unemployment insurance—Unemployment insurance

receipts were $6.0 billion for the fourth quarter of fiscal 1998,

a $0.3 billion decline over fourth quarter fiscal 1997 receipts.

State deposits decreased $0.4 billion to $4.8 billion. Federal

unemployment taxes increased $0.1 billion to $1.2 billion.

Railroad receipts increased negligibly.

Contributions for other insurance and retirement—Contributions for other retirement were $1.0 billion

for the quarter. There was a negligible decrease over receipts

from the comparable quarter of fiscal 1997. The growth in

contributions will remain flat over the next few years as the

number of employees covered by the Federal employees’ retirement system (FERS) grows slowly relative to those covered under the civil service retirement system (CSRS).

Excise taxes—Net excise tax receipts for the quarter were

$12.3 billion, a decrease of $3.4 billion over the comparable

prior year quarter. The majority of this difference is attributable to a change in deposit rules. Total excise tax refunds for

the quarter were $0.8 billion, an increase of $0.1 billion over

the comparable prior year quarter.

Estate and gift taxes—Net estate and gift tax receipts

were $5.9 billion for the quarter. These receipts represent a decrease of $1.9 billion over the previous quarter and an increase

of $0.8 billion over the same quarter in fiscal 1997.

Customs duties—Customs receipts net of refunds were

$5.2 billion for the quarter. This is an increase of $0.1 billion

over the comparable prior year quarter.

Miscellaneous receipts—Net miscellaneous receipts for

the quarter were $9.2 billion, an increase of $3.1 billion over

the comparable prior year quarter. Earnings by FRBs increased by $2.0 billion over the comparable prior year quarter.
10 FEDERAL FISCAL OPERATIONS

Fourth-Quarter Net Budget Receipts by Source, Fiscal 1998

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

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, con.

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

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

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

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

Total on- and off-budget results:

Total receipts ......................................................... 412,599 412,599

On-budget receipts ................................................... 315,237 315,237

Off-budget receipts ................................................... 97,361 97,361

Total outlays.......................................................... 467,587 467,587

On-budget outlays.................................................... 373,166 373,166

Off-budget outlays.................................................... 94,421 94,421

Total surplus or deficit (-) ................................................ -54,988 -54,988

On-budget surplus or deficit (-) .......................................... -57,929 -57,929

Off-budget surplus or deficit (-) .......................................... 2,940 2,940

Means of financing:

Borrowing from the public................................................ 32,305 32,305

Reduction of operating cash.............................................. 21,375 21,375

Other means.......................................................... 1,309 1,309

Total on- and off-budget financing ....................................... 54,988 54,988

Source July August September

Individual income taxes................................................... 59.0 55.3 90.5

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 1.5 36.8

Employment taxes and contributions ........................................ 41.1 42.0 42.5

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 3.5 0.2

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 3.2 3.0

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.7 2.4

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

Miscellaneous receipts ................................................... 3.1 2.5 3.6

Total budget receipts ................................................... 119.7 111.7 181.0
FEDERAL FISCAL OPERATIONS 11

250

200

150

100

50

0

-50

J

98 99

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

100

150

200

250

300

50

0

1999

1998

(Prior-year data are

for the comparable period.)

Individual

income

taxes

Corp.

income

taxes

Social

ins.

taxes

Excise

taxes

Estate/

gift

taxes

Customs

duties

Misc.

receipts

CHART

FFO-B.—Budget

Receipts by Source,

Fiscal Year to Date,

1998-1999

(In billions of dollars)

Source for both charts: “Monthly

Treasury Statement of Receipts and

Outlays of the United States

Government”

CHART FFO-A.—

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
1994 1 .............. 1,257,187 922,161 335,026 1,460,557 1,181,185 279,372 -203,370 -259,024 55,654 288,987

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

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

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

1998 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

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

1997 - Dec. .......... 168,000 135,343 32,657 154,361 146,649 7,711 13,639 -11,307 24,946 39,984

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

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

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

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

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

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

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 90,063 29,910 152,436 123,686 28,749 -32,462 -33,623 1,161 35,006

Nov. .......... 113,978 81,836 32,142 131,095 100,078 31,017 -17,117 -18,242 1,125 32,657

Dec. .......... 178,646 143,338 35,309 184,056 149,402 34,655 -5,410 -6,064 654 22,533

Fiscal 1999 to date .... 412,599 315,237 97,361 467,587 373,166 94,421 -54,988 -57,929 2,940 90,196

12 FEDERAL FISCAL OPERATIONS

TABLE FFO-1.—Summary of Fiscal Operations

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

1998 - Est. ........... -4,131 156,844 -24,411 -3,621 * * * -18,271 * -39,061

1997 - Dec.. . . . . . . . . . . 302 42,057 -1,771 12,106 -94 -1,129 3,499 2,516 - -13,639

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

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

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

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

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

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

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 15,738 - 32,462

Nov. . . . . . . . . . . -17 10,276 22,364 -20,334 14 1,310 -223 -24,480 - 17,117

Dec. . . . . . . . . . . 189 28,112 -5,390 1,621 210 -1,202 1,177 12,606 - 5,410

Fiscal 1999 to date..... -154 57,738 32,305 -21,375 497 478 1,576 3,864 - 54,988

Means of financing—net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

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

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

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

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.
FEDERAL FISCAL OPERATIONS 13

TABLE FFO-2.—On-budget and Off-budget Receipts by Source

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

Social insurance

and retirement receipts 2

Employment and general retirement

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

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

1997 - Dec.. . . . . . . . . . 311 1 310 44,297 432 7 425 420 7 427

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

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

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

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

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

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

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

Fiscal 1999 to date.... 1,148 2 1,146 130,499 4,119 8 4,112 1,136 17 1,153

Social insurance and retirement receipts, con. 2

Employment and general retirement, con. 2 Net for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement and general unemployment employees Other

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

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

See footnotes at end of table.

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

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

1997 - Dec. ............ 64,604 5,240 784 69,060 44,973 936 44,037 113,097 43,987 - 43,987

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

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

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

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

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

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

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

Fiscal 1999 to date ...... 176,435 16,408 5,258 187,584 56,474 8,902 47,572 235,156 129,351 - 129,351
14 FEDERAL FISCAL OPERATIONS

TABLE FFO-2.—On-budget and Off-budget Receipts by Source, con.

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

Social insurance

and retirement

receipts,

con. 2

Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts

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

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

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

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

1997 - Dec. .......... 5,176 1,539 41 1,498 1,585 169 1,416 1,267 396 1,663 135,343 32,657

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

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

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

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

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

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

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 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

Fiscal 1999 to date .... 21,097 6,639 179 6,460 5,043 414 4,628 7,340 2,153 9,493 315,237 97,361

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

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

1997 - Dec. .......... 45,149 835 - 835 58 - 58 2,338 1 2,337 1,996 50 1,946

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

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

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

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

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

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

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

Fiscal 1999 to date .... 135,763 3,479 -46 3,525 146 - 146 12,889 158 12,731 4,720 24 4,695

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

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

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

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

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.
FEDERAL FISCAL OPERATIONS 15

TABLE FFO-3.—On-budget and Off-budget Outlays by Agency

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

Depart- Department Department

Legis- Depart- Depart- ment of Depart- Depart- of Health of Housing Depart- Depart- DepartFiscal year lative Judicial ment of ment of Defense, ment of ment of and Human and Urban ment of ment of ment of

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

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

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

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

1997 - Dec. . . . . . . . . . . 210 185 6,010 419 25,787 2,752 1,399 33,051 2,116 952 1,543 2,100

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

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

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

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

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

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

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 2,780 1,439 33,337 2,930 684 1,285 2,409

Nov. . . . . . . . . . . 202 250 8,643 507 16,640 2,621 1,281 24,464 2,049 599 1,555 2,228

Dec. . . . . . . . . . . 243 292 6,469 524 25,756 3,334 1,705 32,592 3,359 1,006 1,471 2,516

Fiscal 1999 to date . . . . 771 912 21,764 1,427 66,580 8,735 4,425 90,397 8,338 2,288 4,310 7,154

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

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

1997 - Dec. . . . . . . . . . . 879 3,703 67,795 1,496 4,920 427 2,569 612 17 195 533 3,853

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

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

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

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

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

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

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. . . . . . . . . . . 446 3,743 20,655 2,126 5,463 298 2,636 486 13 381 29 -105

Nov. . . . . . . . . . . 747 3,660 25,440 61 1,825 484 2,632 515 46 665 424 4,157

Dec. . . . . . . . . . . 744 3,679 69,882 2,411 5,291 501 2,654 639 105 782 -414 314

Fiscal 1999 to date .... 1,937 11,082 115,977 4,597 12,578 1,283 7,921 1,641 165 1,828 40 4,365

Department of

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

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

or month of State tation Public Debt other Affairs Engineers 2 programs 3 Agency President Agency 4 istration Program 5

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

See footnotes at end of table.
16 FEDERAL FISCAL OPERATIONS

TABLE FFO-3.—On-budget and Off-budget Outlays by Agency, con.

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

National Undistributed offsetting receipts

Aeronautics Rents and

and National Office of Small Social Other Employer Interest royalties

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

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

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

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

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

1997 - Dec. .......... 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711

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

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

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

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

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

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

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 36,437 2,275 -2,861 -1,404 -217 * 123,686 28,749

Nov. .......... 1,114 249 3,912 39 31,806 497 -2,347 -5,390 -481 * 100,078 31,017

Dec.. ......... 1,452 240 4,061 34 66,426 -505 -2,746 -50,164 -316 -281 149,402 34,655

Fiscal 1999 to date .... 3,651 737 11,862 90 134,670 2,265 -7,954 -56,958 -1,014 -281 373,166 94,421

* Less than $500,000.

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

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

2 Beginning in fiscal 1998, amounts previously posted under “Department of Defense-Civil” are

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

with the fiscal 1999 budget realignment.

3 Beginning in fiscal 1998, “Other Defense, civil programs,” include amounts previously posted

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

Selective Service in accordance with the fiscal 1999 budget realignment.

4 Beginning in fiscal 1998, “Federal Emergency Management Agency” includes activity previously posted under “Independent agencies” in accordance with the fiscal 1999 budget realignment.

5 The column formerly entitled “Funds Appropriated to the President” is labeled “International

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

6 Beginning in fiscal 1998, activity that was previously included in “Independent agencies” is

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

1999 budget realignment.

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

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.
FEDERAL FISCAL OPERATIONS 17

Receipts:

Individual income taxes ............... 187,583 1 - 187,584 187,583 1 - 187,584

Corporation income taxes ............. 47,572 - - 47,572 47,572 - - 47,572

Social insurance and retirement receipts:

Employment and general retirement . . . - - 130,499 130,499 - - 130,499 130,499

Unemployment insurance ........... - - 4,112 4,112 - - 4,112 4,112

Other retirement................... - - 1,153 1,153 - - 1,153 1,153

Excise taxes........................ 4,387 87 16,624 21,097 4,387 87 16,624 21,097

Estate and gift taxes ................. 6,460 - - 6,460 6,460 - - 6,460

Customs duties ..................... 2,992 1,482 155 4,628 2,992 1,482 155 4,628

Miscellaneous receipts................ 7,857 1,583 53 9,493 7,857 1,583 53 9,493

Total ............................ 256,851 3,153 152,594 412,599 256,851 3,153 152,594 412,599

Net outlays:

National defense .................... 85,202 1,105 -15,228 71,080 85,202 1,105 -15,228 71,080

International affairs .................. 6,783 -983 115 5,914 6,783 -983 115 5,914

General science, space

and technology.................... 5,022 - 4 5,027 5,022 - 4 5,027

Energy ............................ 1,016 -1,219 * -202 1,016 -1,219 * -202

Natural resources and environment...... 5,990 163 331 6,484 5,990 163 331 6,484

Agriculture ......................... 1,025 11,113 7 12,145 1,025 11,113 7 12,145

Commerce and housing credit . . . . . . . . . . 838 -2,379 97 -1,444 838 -2,379 97 -1,444

Transportation ...................... -1,556 56 11,801 10,301 -1,556 56 11,801 10,301

Community and regional development . . . 4,116 33 22 4,171 4,116 33 22 4,171

Education, training, employment

and social services................. 14,263 171 3 14,436 14,263 171 3 14,436

Health............................. 34,482 30 294 34,806 34,482 30 294 34,806

Medicare .......................... 19,349 - 29,545 48,894 19,349 - 29,545 48,894

Income security ..................... 30,352 309 26,032 56,693 30,352 309 26,032 56,693

Social security ...................... 3,324 - 121,687 125,011 3,324 - 121,687 125,011

Veterans benefits and services ......... 12,551 -152 212 12,610 12,551 -152 212 12,610

Administration of justice ............... 5,039 282 775 6,097 5,039 282 775 6,097

General government ................. 4,563 1,458 -28 5,992 4,563 1,458 -28 5,992

Net interest......................... 115,828 -29 -56,978 58,821 115,828 -29 -56,978 58,821

Undistributed offsetting receipts......... -1,294 * -7,954 -9,249 -1,294 * -7,954 -9,249

Total ............................ 346,893 9,956 110,737 467,587 346,893 9,956 110,737 467,587

Surplus (+) or deficit (-) ........... -90,041 -6,804 41,857 -54,988 -90,041 -6,804 41,857 -54,988

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Function,

First Quarter Fiscal 1999 and Other Periods

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

This quarter Fiscal year to date

Federal funds Federal funds

Management, Management,

consolidated, consolidated,

revolving revolving

General and special Trust General and special Trust

funds funds funds Total funds funds funds Total

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

- No transactions.

* Less than $500,000.
18 FEDERAL FISCAL OPERATIONS

TABLE FFO-5.—Internal Revenue Collections by States and Other Areas, Fiscal 1998

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

Individual income and employment taxes

Individual Individual

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

State, etc.1 collections Total and SECA 2,3 FICA 2 retirement insurance income taxes 4 gift taxes Excise taxes

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

1 Receipts in the various States do not indicate the Federal tax burden of each since, in many instances, taxes are collected in one State from residents of another State. For example, withholding taxes reported by employers located near State lines may include substantial amounts

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

corporations are paid from a principal office, although their operations may be located in another

State, or throughout several States.

2 Collections of individual income tax (withheld and not withheld) include old-age, survivor’s, disability and hospital insurance taxes on salaries and wages (FICA) and self-employment income

(SECA).

3 Includes fiduciary income tax collections of $14.2 billion.

4 Includes taxes of $473.2 million on unrelated business income of exempt organizations (Forms

990T).

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

income tax returns processed during the fiscal year ended September 30, 1998. This represents

transfers of $3 per single return and $3 or $6 per joint return from the Individual Income Withholding Receipt Account Number 20-0101 to Account Number 20-5081. A total of $63.3 million

was designated on 14.6 million returns.

6 Amounts not classified by State as of the end of the fiscal year. This includes tax payments

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

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

credits allowable on income tax returns for certain gasoline, diesel and special motor fuel tax

payments as well as excess payments under the Federal Insurance Contributions Act.

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

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

Alabama .................... 17,152,680 14,898,138 3,275,080 11,540,836 2,666 79,556 1,867,009 214,339 173,194

Alaska...................... 2,684,859 2,522,058 673,243 1,836,551 1,640 10,624 116,308 14,091 32,402

Arizona ..................... 20,766,004 17,587,100 4,641,502 12,850,935 1,411 93,251 1,677,561 275,307 1,226,036

Arkansas.................... 14,758,616 11,045,493 1,854,775 9,091,588 1,658 97,472 3,197,094 112,110 403,918

California.................... 199,106,248 169,353,211 42,993,328 125,597,251 6,567 756,064 22,318,124 3,978,085 3,456,828

Colorado .................... 29,722,488 27,102,524 5,460,352 21,530,180 8,337 103,655 1,653,623 313,923 652,419

Connecticut.................. 34,954,399 28,314,192 6,747,110 21,485,146 -666 82,602 5,538,491 526,126 575,590

Delaware.................... 8,518,240 5,677,666 1,072,201 4,580,667 5,075 19,723 2,728,999 83,258 28,316

Florida...................... 80,937,975 73,300,998 22,370,632 49,958,407 655,853 316,107 5,181,627 2,044,873 410,477

Georgia..................... 50,774,604 39,852,205 7,451,329 32,177,591 4,235 219,049 8,301,288 551,295 2,069,816

Hawaii...................... 4,690,970 4,123,307 1,037,358 3,066,906 1 19,043 390,821 105,699 71,143

Idaho....................... 5,346,069 4,762,146 1,038,340 3,694,276 745 28,784 529,050 33,379 21,493

Illinois ...................... 104,534,765 85,249,823 16,981,931 67,711,048 228,265 328,579 14,925,282 1,171,853 3,187,808

Indiana ..................... 31,622,947 28,191,255 5,131,961 22,877,770 44,475 137,050 2,686,637 409,156 335,899

Iowa ....................... 13,422,663 11,353,146 2,699,891 8,595,468 5,055 52,732 1,819,550 147,892 102,074

Kansas ..................... 15,320,021 12,798,575 2,726,600 9,135,105 878,561 58,309 1,498,865 184,347 838,233

Kentucky .................... 16,537,667 14,330,974 2,906,832 11,343,295 6,250 74,598 1,636,095 190,877 379,721

Louisiana ................... 18,557,393 16,458,101 3,721,455 12,660,114 3,246 73,285 1,673,507 278,359 147,425

Maine ...................... 4,624,951 4,165,906 1,026,464 3,112,674 5,230 21,537 281,014 85,831 92,201

Maryland (including

District of Columbia) .......... 45,983,274 40,729,497 7,439,484 32,767,128 396,100 126,785 4,288,856 561,064 403,856

Massachusetts ............... 52,617,476 46,116,572 10,149,860 35,771,378 19,644 175,690 5,320,842 815,364 364,699

Michigan .................... 67,368,949 59,353,357 8,772,246 50,292,591 28,086 260,435 7,148,836 597,716 269,040

Minnesota ................... 46,902,395 39,471,902 5,392,307 33,874,317 53,110 152,167 6,029,893 322,264 1,078,336

Mississippi .................. 8,385,437 7,457,022 1,754,511 5,659,041 1,652 41,817 616,072 78,201 234,142

Missouri .................... 39,701,056 32,494,007 5,171,093 27,108,208 61,249 153,457 5,024,165 532,744 1,650,140

Montana .................... 2,723,967 2,475,873 756,572 1,679,349 27,049 12,902 173,790 45,766 28,538

Nebraska ................... 12,103,297 9,190,665 1,737,001 6,459,436 955,383 38,845 2,722,068 96,772 93,792

Nevada ..................... 9,506,900 8,519,764 2,834,426 5,641,379 11 43,949 765,793 127,036 94,307

New Hampshire .............. 6,289,975 5,786,474 1,597,057 4,164,678 233 24,507 343,259 93,256 66,985

New Jersey .................. 78,929,409 65,451,053 11,717,329 53,456,212 53,249 224,263 10,965,127 737,701 1,775,528

New Mexico ................. 5,602,113 5,185,688 1,221,440 3,931,724 472 32,052 225,197 89,809 101,419

New York ................... 165,747,347 138,114,077 28,004,186 109,428,831 252,246 428,813 23,516,463 2,597,981 1,518,826

North Carolina................ 38,320,349 32,543,196 6,883,494 25,470,803 2,588 186,311 5,088,077 472,886 216,190

North Dakota................. 2,517,333 2,297,614 589,874 1,694,078 2,542 11,120 181,057 18,036 20,627

Ohio ....................... 77,527,507 63,543,580 10,703,396 52,545,533 25,343 269,309 10,276,096 871,325 2,836,506

Oklahoma ................... 17,549,708 12,646,291 2,728,288 9,848,256 2,770 66,977 1,231,652 174,492 3,497,273

Oregon ..................... 16,818,174 14,896,814 3,760,677 11,057,346 990 77,800 1,524,648 199,335 197,377

Pennsylvania ................ 80,341,881 67,407,134 13,085,686 53,580,337 461,904 279,207 10,186,206 1,152,811 1,595,730

Rhode Island................. 6,669,034 5,319,783 1,227,914 4,066,776 3 25,090 1,179,307 155,131 14,814

South Carolina ............... 15,743,615 14,294,943 2,809,065 11,413,367 1,038 71,474 1,099,467 209,126 140,080

South Dakota ................ 3,071,404 2,720,383 937,620 1,765,843 4,712 12,208 309,793 18,511 22,717

Tennessee .................. 31,955,521 27,941,592 5,149,058 22,659,778 2,819 129,936 3,192,618 360,531 460,781

Texas ...................... 122,356,312 94,404,751 21,997,104 71,930,568 32,505 444,574 14,526,238 1,548,093 11,877,230

Utah ....................... 9,209,126 8,227,165 1,900,524 6,273,808 4,057 48,777 758,817 73,636 149,507

Vermont .................... 2,614,490 2,322,624 608,577 1,701,353 1,633 11,061 227,313 38,395 26,158

Virginia ..................... 39,897,986 33,164,427 6,649,922 25,952,155 412,295 150,054 4,799,632 613,774 1,320,154

Washington.................. 36,981,487 33,165,429 7,665,604 25,387,003 -2,468 115,290 2,889,510 436,765 489,784

West Virginia................. 4,808,922 4,338,353 972,063 3,345,554 393 20,343 291,564 64,362 114,644

Wisconsin ................... 32,371,429 27,568,466 5,293,791 22,049,802 77,857 147,017 4,201,755 306,043 295,165

Wyoming.................... 2,307,868 1,906,715 843,106 1,055,784 75 7,750 78,819 50,223 272,112

International:

Puerto Rico ................ 4,036,334 2,721,271 218,882 2,463,301 -1 39,089 1,296,798 4,818 13,447

Other...................... 8,308,496 4,522,259 2,792,712 1,698,364 24,279 6,904 3,522,895 95,502 167,840

Undistributed:

Presidential Election

Campaign Fund 5

........... 63,309 63,309 - 63,309 - - - - -

Other, including

Federal tax deposits 6 ........ 106,607 -1,520,508 -3,007,143 1,416,632 -1,382 71,385 1,246,443 350,693 29,979

Total ..................... 1,769,408,739 1,485,865,050 314,168,114 1,160,456,520 4,761,040 6,479,376 213,270,011 24,630,962 45,642,716
19

INTRODUCTION: Source and Availability of the

Balance in the Account of the U.S. Treasury

The Department of Treasury’s (Treasury) operating cash

is maintained in accounts with the Federal Reserve Banks

(FRBs) and branches, as well as in tax and loan accounts in

other financial institutions. Major information sources include

the Daily Balance Wire received from the FRBs and branches,

and electronic transfers through the Letter of Credit Payment,

Fedline Payment, and Fedwire Deposit Systems. As the FRB

accounts are depleted, funds are called in (withdrawn) from

thousands of tax and loan accounts at financial institutions

throughout the country.

Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of

its operating cash in obligations of depositaries maintaining

tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions

wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

they arise until Treasury needs the funds for its operations. In

this way, Treasury is able to neutralize the effect of its fluctuating operations on Note Option financial institution reserves

and on the economy. Likewise, those institutions wishing to

remit the funds to the Treasury’s account at FRBs do so under

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds

in tax and loan accounts directly from the Treasury account at

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

Credits 1

Received through Tax and loan note accounts

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3 Reserve accounts)

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

See footnotes at end of table.

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

1997 - Dec ........... 401,757 28,440 429,879 106,946 95,157

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

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

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

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

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

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

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
20 ACCOUNT OF THE U.S. TREASURY

1 Represents transfers from tax and loan note accounts, proceeds from sales of securities

other than Government account series and taxes.

2 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions

of securities other than Government account series and investment (transfer) of excess funds

out of this account to the tax and loan note accounts.

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan

depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers

and employees under the Federal Insurance Contributions Act beginning January 1950 and

under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning

April 1970 and individual estimated income taxes beginning October 1988.

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances, con.

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

Balances

During period

End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

1997 - Dec . . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922

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

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

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

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

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

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

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
INTRODUCTION: Federal Debt

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

most ofthe Federal debt, with securitiesissued by other Federal

agencies accounting for the rest. Tables in this section of the

Treasury Bulletin reflect the total. Further detailed information is published in the Monthly Statement of the Public Debt

of the United States. Likewise, information on agency securities and on investments of Federal Government accounts in

Federal securities is published in the Monthly Treasury Statement of Receipts and Outlays of the United States Government.

• Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the

FederalReserve. It alsoincludes debt held by Federal agencies,

largely bythe Social Security and other Federal retirementtrust

funds. The net unamortized premium and discount also are

listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference

between the outstanding face value of the Federal debt and the

net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables,

OFS-1andOFS-2.)

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

between interest-bearing and total public debt securities reflects outstanding matured Treasury securitiesthat is, unredeemed securitiesthat havematured and are nolonger accruing

interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Governmentaccount.

•IntableFD-3, nonmarketable Treasury securities held by

U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par

value special series nonmarketables at interest rates determined by law. Others invest in market-based special Treasury

securitieswhosetermsmirrorthose ofmarketable securities.

•TableFD-4 presents interest-bearing securities issued by

Government agencies. Federal agency borrowing has declined

in recent years, in part because the Federal Financing Bank has

provided financing to other Federal agencies. (Federal agency

borrowing from Treasury is presented in the Monthly Treasury Statement of Receipts and Outlays of the United States

Government.)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution ofthat debt.

The average length hit a low of 2 years, 5 months in December 1975. The length then gradually increased until it

reached a high of 6 years, 4 months in May 1991. Since then,

the averagelength has decreased. For example, during most of

1996theaveragelength wasat 5 years, 3months.

In March 1971, Congress enacted a limited exception to

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

could be held bythe public. This permitted Treasuryto offer securitiesmaturinginmorethan 7 years at currentmarketinterest

rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer

than 10 years to maturity. This exception has expanded since

1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988.

The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity

of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity,

weighted by the amount of each security held by private investors. In other words, computations of average length exclude

GovernmentaccountsandtheFRBs.

• In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being

subject to the debt ceiling. Changes in the non-interest-bearing

debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the

next business day.

•TableFD-7 details Treasury holdings of securitiesissued

by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition,

agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury,inturn, financestheseloans by selling Treasury

securitiestothe public.

21
22 FEDERAL DEBT

TABLE FD-1.—Summary of Federal Debt

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

Securities held by

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

1997 - Dec. ......... 5,536,012 5,502,388 33,624 1,662,780 1,655,682 7,098 3,873,232 3,846,706 26,526

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

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

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

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

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

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

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

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

1997 - Dec. ......... 5,536,012 76,784 5,459,228 1,662,780 8,344 1,654,436 3,873,232 68,440 3,804,792

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

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

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

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

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

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

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

Securities held by Securities held by

Federal debt securities Government accounts the public

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

(10) (11) (12) (13) (14) (15) (16) (17) (18)
FEDERAL DEBT 23

TABLE FD-2.—Interest-Bearing Public Debt

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

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

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

Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

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

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

1997 - Dec. ...... 5,494,913 3,456,817 715,394 2,106,049 587,335 33,039 15,000 2,038,096

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

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

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

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

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

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

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

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

1997 - Dec. ................... 181,209 36,159 1,666,650 124,081 29,995 1

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

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

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

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

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

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

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
24 FEDERAL DEBT

TABLE FD-3.—Government Account Series

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

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

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

1997 - Dec. ......... 1,666,650 8,202 26,624 18,227 15,561 66,318 417,503 116,441 13,671 589,082

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

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

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

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

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

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

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

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

1997 - Dec. ........ 1,873 35,053 - 24,137 12,291 14 17,316 75 63,324 240,938

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

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

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

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

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

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

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
FEDERAL DEBT 25

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

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

Federal Deposit Department of

Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

1997 - Dec. .................. 33,624 - 95 102 1,261 27,786 3,898 482

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

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

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

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

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

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

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
26 FEDERAL DEBT

TABLE FD-5.—Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

TABLE FD-6.—Debt Subject to Statutory Limitation

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

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

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

or month limit Total Public debt Other debt 2 Public debt Other debt to limitation

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

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

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

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

end of the fiscal years back through 1967.

2 Consists of guaranteed debt issued by the Federal Housing Administration.

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 r 334,212 5 yrs. 8 mos.

1997 - Dec. ............... 2,988,654 1,027,280 1,170,833 328,855 153,224 308,462 5 yrs. 5 mos.

1998 - Jan. . . . . . . . . . . . . . . . 2,954,877 1,011,181 1,139,318 338,503 155,193 310,681 r 5 yrs. 6 mos.

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

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

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

May . . . . . . . . . . . . . . . r 2,895,190 964,171 1,113,080 335,515 162,395 r 320,029 5 yrs. 8 mos.

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 r 1,117,403 r 335,330 161,250 r 327,471 5 yrs. 7 mos.

Aug................ 2,918,259 982,323 r 1,121,554 r 320,287 159,382 r 334,713 5 yrs. 7 mos.

Sept............... 2,856,637 940,572 1,105,175 319,331 157,347 r 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.

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

1997 - Dec. .................... 5,950,000 5,416,458 5,416,357 101 5,409,952 101 6,405

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

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

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

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

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

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

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
FEDERAL DEBT 27

TABLE FD-7.—Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies

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

Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

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

1997 - Dec. .......... 7,764 189 670 33,987 2,449 3,639 6,174

1998 - Jan. .......... 7,764 189 670 33,987 2,509 4,139 6,174

Feb. .......... 8,055 189 670 33,987 2,509 4,139 6,211

Mar. .......... 8,055 189 670 33,987 2,509 4,139 6,211

Apr. .......... 8,055 189 670 33,987 2,589 4,139 5,330

May . . . . . . . . . . 8,055 189 670 33,987 2,441 5,114 5,330

June.......... 8,055 189 670 37,201 2,441 5,114 5,330

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

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

1997 - Dec. .......... 150,798---- 14,880 14,134

1998 - Jan. .......... 153,892---- 17,896 14,134

Feb. .......... 153,855---- 17,762 13,848

Mar. .......... 152,979---- 17,957 13,858

Apr. .......... 151,412---- 17,996 13,858

May . . . . . . . . . . 151,107---- 17,157 13,967

June.......... 150,445---- 17,079 13,615

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
28 FEDERAL DEBT

TABLE FD-7.—Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies, con.

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

Department of

Department of Veterans Affairs

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

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

1997 - Dec. .......... 34,090 * 1,411 3,140 5,842 8,932 13,492

1998 - Jan. .......... 33,321 * 1,411 3,140 6,113 8,932 13,508

Feb. .......... 32,340 * 1,411 3,421 6,368 8,932 14,008

Mar. .......... 30,487 * 1,411 3,421 6,626 9,559 13,896

Apr. .......... 29,892 * 1,411 3,421 6,884 9,559 13,428

May . . . . . . . . . . 29,222 * 1,411 3,443 7,128 9,559 13,434

June.......... 28,158 * 1,411 3,943 4,204 9,559 13,476

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

* Less than $500,000.
FEDERAL DEBT 29

CHARTS FD-A.—Average Length of Privately Held

Marketable Debt

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.)

4

10

8

6

2

45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97

5.5

6

5

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

December 31, 1998

5 Years, 6 Months

Years
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment and interest

rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the “Monthly Statement of the

Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable

Treasury securities, current bills, notes and bonds.

• Table PDO-1 provides a maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes

and bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve Banks (FRBs), so

that the “all other investors” category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both a

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1, 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The FRBs tally into

investor classes the tenders in each auction of marketable securities other than weekly auctions of 13- and 26-week bills.

30

TREASURY FINANCING: OCTOBER-DECEMBER

OCTOBER

Treasury Begins Auctioning Securities

in a Single-Price Format

Effective with the October 28, 1998, announcement, all

Treasury marketable security auctions will be conducted in the

single-price auction format.

Auction of 9-Year 3-Month Inflation-Indexed Notes

September 29, 1998, Treasury announced it would auction $8,000 million of 9-year 3-month inflation-indexed notes

to raise cash. The 9-1/4 year 3-5/8 percent inflation-indexed

notes of Series A-2008 were dated January 15, 1998. They

were issued October 15, 1998, and are due October 15, 2008.

They pay interest January 15 and July 15 until maturity. Accrued interest of $9.15983 per $1,000, covering the period

from July 15, 1998, to October 15, 1998, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 7. Of tenders totaling $15,345 million, $8,001

million was accepted. All competitive tenders at yields lower

than 3.650 percent were accepted in full. Tenders at 3.650 percent were allotted 88 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 3.650 percent with an equivalent adjusted price of

100.869. The median yield was 3.559 percent and the low

yield was 3.250 percent. Noncompetitive tenders totaled $24

million. Competitive tenders accepted from private investors

totaled $7,977 million.

In addition to the $8,001 million of tenders accepted in the

auction process, $400 million was accepted from FRBs for

their own account.

The minimum par amount required for STRIPS of notes

of Series A-2008 is $1,600,000.

Auction of 2-Year Notes

October 21 Treasury announced it would auction $16,000

million of 2-year notes of Series AJ-2000 to refund $31,781

million of securities maturing October 31 and to pay down

about $15,781 million.

The notes of Series AJ-2000 were dated October 31,

1998, and are due October 31, 2000. They pay interest April 30

and October 31 until maturity. Treasury set an interest rate of 4

percent after determining which tenders were accepted on a

yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive ten-

[Source: Bureau of the Public Debt, Office of Financing]
PUBLIC DEBT OPERATIONS 31

TREASURY FINANCING: OCTOBER-DECEMBER, con.

ders on October 28. Of tenders totaling $31,599 million,

$16,002 million was accepted. All competitive tenders at

yields lower than 4.025 percent were accepted in full. Tenders

at 4.025 percent were allotted 69 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 4.025 percent with an equivalent price of

99.952. The median yield was 3.997 percent and the low yield

was 3.900 percent. Noncompetitive tenders totaled $906 million. Competitive tenders accepted from private investors totaled $15,096 million.

In addition to the $16,002 million of tenders accepted in

the auction process, $2,050 million was accepted from FRBs

as agents for foreign and international monetary authorities.

Another $2,463 million was accepted from FRBs for their own

account. The minimum par amount required for STRIPS of

notes of Series AJ-2000 is $50,000.

52-Week Bills

October 8 tenders were invited for approximately $11,000

million of 364-day Treasury bills to be dated October 15,

1998, and to mature October 14, 1999. The issue was to refund

$25,453 million of all maturing bills and to raise about $1,547

million of new cash. The bills were auctioned on October 13.

Tenders totaled $24,739 million, of which $11,004 million

was accepted. This included $717 million of noncompetitive

tenders from the public and $1,076 million issued to FRBs as

agents for foreign and international monetary authorities. In

addition, $5,650 million in bills was issued to FRBs for their

own account. The average bank discount rate was 4.055 percent.

NOVEMBER

November Quarterly Financing

October 28 Treasury announced it would auction $16,000

million of 5-year notes of Series K-2003, $12,000 million of

10-year notes of Series D-2008 and $10,000 million of 30-year

bonds of November 2028. The issue was to refund $26,996

million of Treasury securities maturing November 15 and to

raise about $11,004 million of new cash.

The notes of Series K-2003 were dated November 15,

1998. Issued November 16, 1998, and due November 15,

2003, they pay interest May 15 and November 15 until maturity. Treasury set an interest rate of 4-1/4 percent after determining which tenders were accepted on a yield auction basis.

Accrued interest of $0.11740 per $1,000, covering the period

from November 15 to November 16, 1998, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 3. Of tenders totaling $28,780 million,

$16,002 million was accepted. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 4.340 percent with an equivalent price of 99.599. The

median yield was 4.300 percent and the low yield was 4.250

percent. Tenders at the high yield were allotted 31 percent.

Noncompetitive tenders totaled $294 million. Competitive

tenders accepted from private investors totaled $15,708 million.

In addition to the $16,002 million of tenders accepted in

the auction process, $1,100 million was accepted from FRBs

as agents for foreign and international monetary authorities.

Another $1,518 million was accepted from FRBs for their own

account. The minimum par amount required for STRIPS of

notes of Series K-2003 is $800,000.

The notes of Series D-2008 were dated November 15,

1998. Issued November 16, 1998, and due November 15,

2008, they pay interest May 15 and November l5 until maturity. Accrued interest of $0.13122 per $1,000, covering the period from November 15 to November 16, 1998, was payable

with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 4. Of tenders totaling $18,256 million,

$12,001 million was accepted at the high yield of 4.825 percent with an equivalent price of 99.410. The median yield was

4.760 percent and the low yield was 4.620 percent. Tenders at

the high yield were allotted 82 percent. Noncompetitive tenders totaled $55 million. Competitive tenders accepted from

private investors totaled $11,946 million.

In addition to the $12,001 million of tenders accepted in

the auction process, $350 million was accepted from FRBs as

agents for foreign and international monetary authorities. Another $1,135 million was accepted from FRBs for their own

account. The minimum par amount required for STRIPS of

notes of Series D-2008 is $800,000.

The bonds of November 2028, were dated November 15,

1998. Issued November 16, 1998, and due November 15,

2028, they pay interest May 15 and November 15 until maturity. Treasury set an interest rate of 5-1/4 percent after determining which tenders were accepted on a yield auction basis.

Accrued interest of $0.14503 per $1,000, covering the period

from November 15 to November 16, 1998, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 5. Of tenders totaling $16,282 million,

$10,001 million was accepted at the high yield of 5.300 percent with an equivalent price of 99.253. The median yield was

5.240 percent and the low yield was 5.180 percent. Tenders at

the high yield were allotted 51 percent. Noncompetitive tenders totaled $67 million. Competitive tenders accepted from

private investors totaled $9,935 million.

In addition to the $10,001 million of tenders accepted in

the auction process, $945 million was accepted from FRBs for

their own account. The minimum par amount required for

STRIPS of bonds of November 2028, is $800,000.
32 PUBLIC DEBT OPERATIONS

Auction of 2-Year Notes

November 18 Treasury announced it would auction

$16,000 million of 2-year notes of Series AK-2000 to refund

$30,615 million of securities maturing November 30 and to

pay down about $14,615 million.

The notes of Series AK-2000 were dated November 30,

1998, and are due November 30, 2000. They pay interest May

31 and November 30 until maturity. Treasury set an interest

rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 24. Of tenders totaling $34,656 million,

$16,014 million was accepted. All competitive tenders at

yields lower than 4.629 percent were accepted in full. Tenders

at 4.629 percent were allotted 60 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 4.629 percent with an equivalent price of

99.992. The median yield was 4.600 percent and the low yield

was 4.510 percent. Noncompetitive tenders totaled $815 million. Competitive tenders accepted from private investors totaled $15,199 million.

In addition to the $16,014 million of tenders accepted in

the auction process, $2,100 million was accepted from FRBs

as agents for foreign and international monetary authorities.

Another $2,032 million was accepted from FRBs for their own

account. The minimum par amount required for STRIPS of

notes of Series AG-2000 is $1,600,000.

52-Week Bills

November 5 tenders were invited for approximately

$11,000 million of 365-day Treasury bills to be dated November 12, 1998, and to mature November 12, 1999. The issue was

to refund $26,207 million of all maturing bills and to raise

about $793 million of new cash. The bills were auctioned on

November 9. Tenders totaled $30,138 million, of which

$11,016 million was accepted. This included $618 million of

noncompetitive tenders from the public and $884 million issued to FRBs as agents for foreign and international monetary

authorities. In addition, $5,225 million was awarded to FRBs

for their own accounts. The high bank discount rate was 4.400

percent.

Cash Management Bills

October 28 tenders were invited for approximately

$25,000 million of 79-day bills to be issued November 3,

1998, and to mature January 21, 1999. The issue was to raise

new cash. Tenders were opened on November 2. They totaled

$53,977 million, of which $25,000 million was accepted. The

high bank discount rate was 4.67 percent.

November 24 tenders were invited for approximately

$23,000 million of 14-day bills to be issued December 1, 1998,

and to mature December 15, 1998. The issue was to raise new

cash. Tenders were opened on November 30. They totaled

$42,919 million, of which $23,012 million was accepted. The

high bank discount rate was 4.86 percent.

DECEMBER

Auction of 2-Year Notes

December 23 Treasury announced it would auction

$15,000 million of 2-year notes of Series AL-2000 to refund

$30,504 million of securities maturing December 31 and to

pay down about $15,504 million.

The notes of Series AL-2000 were dated December 31,

1998. They are due December 31, 2000, and pay interest June

30 and December 31 until maturity. Treasury set an interest

rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on December 29. Of tenders totaling $38,512 million,

$15,001 million was accepted. All competitive tenders at

yields lower than 4.690 percent were accepted in full. Tenders

at 4.690 percent were allotted 97 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 4.690 percent with an equivalent price of

99.877. The median yield was 4.674 percent and the low yield

was 4.650 percent. Noncompetitive tenders totaled $1,095

million. Competitive tenders accepted from private investors

totaled $13,907 million.

In addition to the $15,001 million of tenders accepted in

the auction process, $1,910 million was accepted from FRBs

as agents for foreign and international monetary authorities.

Another $2,555 million was accepted from FRBs for their own

account. The minimum par amount required for STRIPS of

notes of Series AL-2000 is $1,600,000.

52-Week Bills

December 3 tenders were invited for approximately

$11,000 million of 364-day Treasury bills to be dated December 10, 1998, and to mature December 9, 1999. The issue was

to refund $25,518 million of all maturing bills and to raise

about $1,482 million of new cash. The bills were auctioned on

December 8. Tenders totaled $27,584 million, of which

$11,004 million was accepted. This included $750 million of

noncompetitive tenders from the public and $734 million issued to FRBs as agents for foreign and international monetary

authorities. In addition, $5,360 million was issued to FRBs for

their own accounts. The high bank discount rate was 4.305

percent.

TREASURY FINANCING: OCTOBER-DECEMBER, con.
PUBLIC DEBT OPERATIONS 33

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

See footnote at end of table.

1999

Jan. 15 ................................................... 6-3/8%-E note 01/15/92 10,559 892 9,667

Jan. 31 ................................................... 5%-J note 01/31/94 12,901 848 12,053

Jan. 31 ................................................... 5-7/8%-AB note 01/31/97 19,468 1,917 17,551

Feb. 15 ................................................... 1 8-7/8%-A note 02/15/89 9,720 1,049 8,671

Feb. 15 ................................................... 5%-W note 02/15/96 21,997 3,644 18,353

Feb. 28 ................................................... 5-1/2%-K note 02/28/94 11,914 915 10,999

Feb. 28 ................................................... 5-7/8%-AC note 02/28/97 19,916 1,656 18,260

Mar. 31 ................................................... 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Mar. 31 ................................................... 6-1/4%-AD note 03/31/97 19,798 1,420 18,378

Apr. 15 ................................................... 7%-F note 04/15/92 10,178 1,074 9,104

Apr. 30 ................................................... 6-1/2%-M note 05/02/94 12,292 1,325 10,967

Apr. 30 ................................................... 6-3/8%-AE note 04/30/97 19,353 1,545 17,808

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8%-B note 05/15/89 10,047 1,638 8,409

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,869 20,491

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 872 11,467

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 1,021 17,554

June 30................................................... 6-3/4%-P note 06/30/94 13,101 1,645 11,456

June 30................................................... 6%-AG note 06/30/97 17,862 839 17,023

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 1,531 10,880

July 31 ................................................... 5-7/8%-AH note 07/31/97 16,839 1,422 15,418

Aug. 15 ................................................... 1 8%-C note 08/15/89 10,164 944 9,220

Aug. 15 ................................................... 6%-Y note 08/15/96 22,708 2,676 20,032

Aug. 31 ................................................... 6-7/8%-R note 08/31/94 12,397 1,101 11,296

Aug. 31 ................................................... 5-7/8%-AJ note 09/02/97 17,215 1,440 15,775

Sept. 30 .................................................. 7-1/8%-S note 09/30/94 12,836 1,350 11,486

Sept. 30 .................................................. 1 5-3/4%-AK note 09/30/97 17,487 667 16,820

Oct. 15 ................................................... 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 ................................................... 7-1/2%-T note 10/31/94 12,152 1,107 11,045

Oct. 31 ................................................... 1 5-5/8%-AL note 10/31/97 16,824 732 16,092

Nov. 15 ................................................... 1 7-7/8%-D note 11/15/89 10,774 814 9,960

Nov. 15 ................................................... 5-7/8%-Z note 11/15/96 22,870 2,791 20,079

Nov. 30 ................................................... 7-3/4%-U note 11/30/94 11,934 1,408 10,526

Nov. 30 ................................................... 1 5-5/8%-AM note 12/01/97 17,051 1,131 15,920

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

Total ............... 539,435 49,148 490,286

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 1,141 16,361

Jan. 31 ................................................... 7-3/4%-G note 01/31/95 12,229 1,125 11,103

Feb. 15 ................................................... 1 8-1/2%-A note 02/15/90 10,673 1,204 9,469

Feb. 15 ................................................... 5-7/8%-U note 02/18/97 20,421 1,233 19,188

Feb. 29 ................................................... 7-1/8%-H note 02/28/95 12,496 1,477 11,019

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 10,535 368 10,167

Apr. 30 ................................................... 1 5-5/8%-AC note 04/30/98 15,634 1,321 14,313

Apr. 30 ................................................... 6-3/4%-K note 05/01/95 12,433 1,524 10,909

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,807 17,956

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 911 11,841

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-1/2%-AD note 06/01/98 16,580 1,321 15,259

June 30................................................... 5-7/8%-M note 06/30/95 12,464 740 11,724
34 PUBLIC DEBT OPERATIONS

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 12,339 698 11,641

July 31 ................................................... 1 5-3/8%-AF note 07/31/98 18,683 1,977 16,707

Aug. 15 ................................................... 1 8-3/4%-C note 08/15/90 11,081 1,212 9,868

Aug. 15 ................................................... 6-%-W note 08/15/97 18,053 2,148 15,905

Aug. 31 ................................................... 6-1/4%-P note 08/31/95 11,922 721 11,201

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 1,009 11,002

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 12,080 729 11,351

Oct. 31 ................................................... 1 4%-AJ note 11/02/98 20,525 2,463 18,062

Nov. 15 ................................................... 1 8-1/2%-D note 11/15/90 11,520 882 10,637

Nov. 15 ................................................... 1 5-3/4%-X note 11/17/97 16,036 1,888 14,148

Nov. 30 ................................................... 5-5/8%-S note 11/30/95 12,357 878 11,479

Nov. 30 ................................................... 1 4-5/8%-AK note 11/30/98 20,158 2,032 18,125

Dec. 31 ................................................... 5-1/2%-T note 01/02/96 12,821 891 11,930

Dec. 31 ................................................... 1 4-5/8%-AL note 12/31/98 19,477 2,555 16,923

Total ............... 506,552 47,942 458,610

2001

Jan. 31 ................................................... 5-1/4%-E note 01/31/96 12,816 800 12,016

Feb. 15 ................................................... 11-3/4% bond 01/12/81 1,501 166 1,336

Feb. 15 ................................................... 1 7-3/4%-A note 02/15/91 11,313 994 10,319

Feb. 15 ................................................... 1 5-3/8%-S note 02/17/98 15,367 1,533 13,835

Feb. 28 ................................................... 5-5/8%-F note 02/29/96 12,820 1,061 11,759

Mar. 31 ................................................... 6-3/8%-G note 04/10/96 14,181 1,630 12,551

Apr. 30 ................................................... 6-1/4%-H note 04/30/96 13,780 1,258 12,523

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 167 1,583

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8%-B note 05/15/91 12,398 1,473 10,925

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 1,075 12,647

June 30................................................... 6-5/8%-K note 07/01/96 14,282 1,175 13,107

July 31 ................................................... 6-5/8%-L note 07/31/96 14,137 957 13,180

Aug. 15 ................................................... 1 7-7/8%-C note 08/15/91 12,339 1,469 10,870

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 1,041 12,959

Sept. 30 .................................................. 6-3/8%-N note 09/30/96 14,519 1,144 13,374

Oct. 31 ................................................... 6-1/4%-P note 10/31/96 14,640 949 13,691

Nov. 15 ................................................... 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15 ................................................... 1 7-1/2%-D note 11/15/91 24,226 2,824 21,402

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 13,971 900 13,071

Total ............... 262,174 24,043 238,131

2002

Jan. 31 ................................................... 6-1/4%-C note 01/31/97 13,453 1,105 12,348

Feb. 15 ................................................... 14-1/4% bond 01/06/82 1,759 185 1,574

Feb. 28 ................................................... 6-1/4%-D note 02/28/97 13,800 944 12,856

Mar. 31 ................................................... 6-5/8%-E note 03/31/97 14,301 1,401 12,900

Apr. 30 ................................................... 6-5/8%-F note 04/30/97 14,475 1,293 13,182

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 05/15/92 11,714 1,341 10,373

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-G note 06/02/97 13,504 1,132 12,372

June 30................................................... 6-1/4%-H note 06/30/97 13,059 867 12,192

July 15 ................................................... 1 3-5/8%-J note 07/15/97 17,220 900 16,320

July 31 ................................................... 6%-K note 07/31/97 12,231 442 11,789

Aug. 15 ................................................... 1 6-3/8%-B note 08/17/92 23,859 2,612 21,247

Aug. 31 ................................................... 6-1/4%-L note 09/02/97 12,732 942 11,790

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

See footnote at end of table.

2000, con.
PUBLIC DEBT OPERATIONS 35

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

2003

Jan. 31 ................................................... 1 5-1/2%-C note 02/02/98 13,101 802 12,299

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 2,160 21,403

Feb. 28 ................................................... 1 5-1/2%-D note 03/02/98 13,670 1,199 12,471

Mar. 31 ................................................... 1 5-1/2%-E note 03/31/98 14,173 1,385 12,788

Apr. 30 ................................................... 1 5-3/4%-F note 04/30/98 12,573 1,010 11,563

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 381 2,868

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-1/2%-G note 06/01/98 13,132 1,115 12,017

June 30................................................... 1 5-3/8%-H note 06/30/98 13,127 1,309 11,818

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 ................................................... 11-7/8% bond 10/05/83 7,260 870 6,389

Nov. 15 ................................................... 1 4-1/4%-K note 11/16/98 18,626 1,518 17,107

Total ............... 186,845 19,522 167,323

2004

Feb. 15 ................................................... 1 5-7/8%-A note 02/15/94 12,955 650 12,305

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/4%-B note 05/16/94 14,440 1,941 12,500

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 13,346 835 12,511

Nov. 15 ................................................... 1 11-5/8% bond 10/30/84 8,302 995 7,307

Nov. 15 ................................................... 1 7-7/8%-D note 11/15/94 14,374 1,753 12,621

Total ............... 71,173 7,471 63,702

2005

Feb. 15 ................................................... 1 7-1/2%-A note 02/15/95 13,835 1,292 12,543

May 15, 00-05.............................................. 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 12% bond 04/02/85 4,261 728 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 1,800 13,203

Nov. 15 ................................................... 1 5-7/8%-D note 11/15/95 15,210 1,700 13,510

Total ............... 76,541 10,884 65,657

2006

Feb. 15 ................................................... 1 9-3/8% bond 01/15/86 4,756 133 4,623

Feb. 15 ................................................... 1 5-5/8%-A note 02/15/96 15,514 1,708 13,806

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-7/8%-B note 05/15/96 16,015 2,075 13,940

July 15 ................................................... 1 7%-C note 07/15/96 22,740 2,725 20,016

Oct. 15 ................................................... 1 6-1/2%-D note 10/15/96 22,460 2,578 19,882

Total ............... 81,485 9,219 72,267

See footnote at end of table.

2002, con.

Sept. 30 .................................................. 1 5-7/8%-M note 09/30/97 12,807 635 12,172

Oct. 31 ................................................... 1 5-3/4%-N note 10/31/97 11,737 710 11,027

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 12,121 644 11,477

Dec. 31 ................................................... 1 5-5/8%-Q note 12/31/97 12,052 700 11,352

Total ............... 213,577 16,200 197,376
36 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

See footnote at end of table.

2007

Jan. 15 ................................................... 1 3-3/8%-A note 02/06/97 16,310 832 15,478

Feb. 15, 02-07 ............................................. 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 15 ................................................... 1 6-1/4%-B note 02/18/97 13,104 840 12,264

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-5/8%-C note 05/15/97 13,958 1,750 12,208

Aug. 15 ................................................... 1 6-1/8%-D note 08/15/97 25,637 2,518 23,119

Nov. 15, 02-07 ............................................. 7-7/8% bond 11/15/77 1,495 379 1,116

Total ............... 74,738 7,864 66,873

2008

Jan. 15 ................................................... 1 3-5/8%-A note 01/15/98 17,065 1,135 15,930

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, 03-08 ............................................. 1 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 ............................................. 1 8-3/4% bond 11/15/78 5,230 1,666 3,564

Nov. 15 ................................................... 1 4-3/4%-D note 11/16/98 13,488 1,135 12,353

Total ............... 78,660 10,229 68,431

2009

May 15, 04-09.............................................. 9-1/8% bond 05/15/79 4,606 1,013 3,593

Nov. 15, 04-09 ............................................. 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total ............... 8,807 2,089 6,718

2010

Feb. 15, 05-10 ............................................. 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 ............................................. 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total ............... 10,218 3,295 6,923

2011

May 15, 06-11.............................................. 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,925

Total ............... 9,509 2,049 7,460

2012

Nov. 15, 07-12 ............................................. 10-3/8% bond 11/15/82 11,032 1,612 9,420

Total ............... 11,032 1,612 9,420

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,041 11,715

Total ............... 14,755 3,041 11,715

2014

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

Total ............... 16,141 2,970 13,171

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

Total ............... 26,718 3,445 23,273
PUBLIC DEBT OPERATIONS 37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

2016

Feb. 15 ................................................... 1 9-1/4% bond 02/15/86 7,267 880 6,387

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

Total ............... 44,955 3,356 41,599

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-3/4% bond 05/15/87 18,194 1,855 16,339

Aug. 15 ................................................... 1 8-7/8% bond 08/15/87 14,017 1,494 12,523

Total ............... 32,211 3,349 28,862

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 05/16/88 8,709 729 7,980

Nov. 15 ................................................... 1 9% bond 11/22/88 9,033 304 8,729

Total ............... 17,742 1,033 16,709

2019

Feb. 15 ................................................... 1 8-7/8% bond 02/15/89 19,251 1,224 18,027

Aug. 15 ................................................... 1 8-1/8% bond 08/15/89 20,214 1,736 18,478

Total ............... 39,465 2,960 36,505

2020

Feb. 15 ................................................... 1 8-1/2% bond 02/15/90 10,229 1,096 9,133

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-3/4% bond 05/15/90 10,159 1,212 8,947

Aug. 15 ................................................... 1 8-3/4% bond 08/15/90 21,419 1,367 20,052

Total ............... 41,806 3,674 38,132

2021

Feb. 15 ................................................... 1 7-7/8% bond 02/15/91 11,113 831 10,283

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/8% bond 05/15/91 11,959 1,103 10,856

Aug. 15 ................................................... 1 8-1/8% bond 08/15/91 12,163 940 11,223

Nov. 15 ................................................... 1 8% bond 11/15/91 32,798 1,695 31,103

Total ............... 68,034 4,569 63,466

2022

Aug. 15 ................................................... 1 7-1/4% bond 08/17/92 10,353 605 9,748

Nov. 15 ................................................... 1 7-5/8% bond 11/16/92 10,700 810 9,890

Total ............... 21,052 1,415 19,637

2023

Feb. 15 ................................................... 1 7-1/8% bond 02/16/93 18,374 1,981 16,393

Aug. 15 ................................................... 1 6-1/4% bond 08/16/93 22,909 1,447 21,462

Total ............... 41,283 3,428 37,855

2024

Nov. 15 ................................................... 1 7-1/2% bond 08/15/94 11,470 565 10,905

Total ............... 11,470 565 10,905

2025

Feb. 15 ................................................... 1 7-5/8% bond 02/15/95 11,725 875 10,850

Aug. 15 ................................................... 1 6-7/8% bond 08/15/95 12,602 1,345 11,257

Total ............... 24,327 2,220 22,107

See footnote at end of table.
38 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1998, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve Banks investors

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

1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt

of the United States.”

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 1,050 9,844

Nov. 15 ................................................... 1 6-1/2% bond 11/15/96 11,493 1,470 10,023

Total ............... 35,292 3,519 31,773

2027

Feb. 15 ................................................... 1 6-5/8% bond 02/18/97 10,456 530 9,926

Aug. 15 ................................................... 1 6-3/8% bond 08/15/97 10,736 730 10,006

Nov. 15 ................................................... 1 6-1/8% bond 11/17/97 22,519 2,505 20,014

Total ............... 43,710 3,765 39,945

2028

Apr. 15 ................................................... 1 3-5/8% bond 04/15/98 17,042 820 16,222

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

Total ............... 39,765 3,537 36,228
PUBLIC DEBT OPERATIONS 39

TABLE PDO-2.—Offerings of Bills

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1 bids tendered Total amount petitive basis 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1998 - Sept. 3 ....... 1998 - Dec. 3 91 30,726.9 8,907.4 7,565.3 1,342.1 9,302.7 117,014.8

1999 - Mar. 4 182 30,130.9 11,691.0 10,472.8 1,218.2 10,842.7 311,576.8

10 . . . . . . 1998 - Dec. 10 91 27,836.8 9,048.1 7,769.9 1,278.2 9,271.0 116,791.9

1999 - Mar. 11 182 30,374.7 11,326.0 10,142.1 1,183.9 11,376.7 311,526.0

17 . . . . . . 1998 - Dec. 17 91 33,428.7 9,315.3 8,007.3 1,308.0 8,720.6 117,386.6

1999 - Mar. 18 182 31,401.2 11,388.2 10,143.7 1,244.5 10,976.7 311,937.5

24 . . . . . . 1998 - Dec. 24 91 26,139.2 11,160.0 9,964.4 1,195.6 9,191.6 119,355.0

1999 - Mar. 25 182 25,928.4 11,302.3 10,076.3 1,226.0 10,382.9 312,856.9

Oct. 1 ....... 1998 - Dec. 31 91 28,650.3 11,868.5 10,627.5 1,241.0 9,035.6 122,187.9

1999 - Apr. 1 182 25,965.0 11,261.3 10,087.8 1,173.4 10,904.8 313,213.3

8 ....... Jan. 7 91 31,582.2 10,954.0 9,617.0 1,337.0 8,806.2 124,335.7

Apr. 8 182 23,761.4 11,672.4 10,482.1 1,190.2 10,788.2 314,097.5

15 . . . . . . Jan. 14 91 27,491.9 11,974.0 10,620.6 1,353.3 8,941.1 127,368.5

Apr. 15 182 25,556.4 12,192.2 11,046.5 1,145.6 11,439.5 314,850.2

22 . . . . . . Jan. 21 91 29,518.1 11,240.9 10,129.0 1,111.9 9,234.0 129,375.4

Apr. 22 182 29,314.0 11,711.0 10,753.4 957.6 10,765.1 315,796.1

29 . . . . . . Jan. 28 91 24,795.6 11,595.6 10,395.6 1,200.0 8,902.0 132,069.0

Apr. 29 182 29,400.6 11,285.8 10,227.8 1,058.0 11,067.8 316,014.1

Nov. 5 ....... Feb. 4 91 28,744.3 11,401.8 10,069.3 1,332.5 9,131.8 134,339.0

May 6 182 26,875.8 12,256.0 11,087.1 1,168.9 11,838.2 316,432.0

12 . . . . . . Feb. 11 91 28,895.5 11,966.9 10,660.5 1,306.4 8,829.4 137,476.5

May 13 182 26,998.6 11,825.0 10,722.8 1,102.2 11,885.5 316,371.4

19 . . . . . . Feb. 18 91 35,428.0 11,624.4 10,361.6 1,262.8 9,544.7 139,556.2

May 20 182 28,761.4 11,880.7 11,015.4 865.2 11,366.8 316,885.3

27 . . . . . . Feb. 25 90 26,488.9 11,676.6 10,435.4 1,241.2 9,059.1 142,173.7

May 27 181 31,894.9 11,618.1 10,607.4 1,010.7 11,320.4 317,183.0

Dec. 3 ....... Mar. 4 91 26,179.8 11,099.8 9,850.7 1,249.2 8,907.4 144,366.1

June 3 182 31,159.2 11,862.7 10,831.2 1,031.5 11,185.6 317,860.0

10 . . . . . . Mar. 11 91 31,888.6 12,023.6 10,733.4 1,290.3 9,048.1 147,341.6

June 10 182 28,562.5 12,615.0 11,506.6 1,108.4 11,570.7 318,904.3

17 . . . . . . Mar. 18 91 32,740.5 11,475.7 10,175.0 1,300.7 9,315.3 149,502.0

June 17 182 31,725.8 12,121.3 11,077.9 1,043.3 11,246.0 319,779.6

24 . . . . . . Mar. 25 91 29,266.5 11,205.1 9,935.4 1,269.7 11,160.0 149,547.1

June 24 182 28,908.6 10,554.5 9,575.1 979.4 11,885.4 318,448.7

31 . . . . . . Apr. 1 91 29,408.7 11,479.1 10,295.2 1,183.8 11,868.2 149,158.0

July 1 182 30,851.4 11,059.9 10,070.3 989.6 12,154.3 317,354.3

52 week:

1997 - Dec. 11 ...... 1998 - Dec. 10 364 46,305.7 18,011.0 17,162.4 848.6 20,542.5 255,448.9

1998 - Jan. 8 ....... 1999 - Jan. 7 364 48,378.5 17,836.8 16,755.3 1,081.5 20,609.8 255,205.8

Feb. 5 ....... Feb. 4 364 48,414.5 19,190.2 18,071.8 1,118.3 20,983.2 253,412.7

Mar. 5 ....... Mar. 4 364 53,056.7 17,973.1 16,895.7 1,077.4 20,840.5 250,545.2

Apr. 2 ....... Apr. 1 364 43,079.6 16,752.5 15,635.1 1,117.4 16,751.0 250,546.7

Apr. 30 ...... Apr. 29 364 47,705.2 15,345.2 14,258.9 1,086.2 15,344.5 250,547.4

May 28 . . . . . . May 27 364 47,167.7 15,539.7 14,498.7 1,041.0 15,540.1 250,547.0

June 25 ...... June 24 364 48,063.8 15,093.4 14,091.0 1,002.4 15,093.2 250,547.3

July 23 ...... July 22 364 46,405.5 15,768.7 14,812.4 956.4 18,829.8 247,486.1

Aug. 20 ...... Aug. 19 364 38,815.3 15,756.2 14,702.9 1,053.3 15,756.1 247,486.2

Sept. 17 ...... Sept. 16 364 35,829.9 15,439.9 14,552.1 887.9 15,439.9 247,486.3

Oct. 15 ...... Oct. 14 364 30,404.1 16,669.8 15,937.2 732.5 18,774.1 245,381.9

Nov. 12 ...... Nov. 12 365 35,376.1 16,253.8 15,622.9 631.0 18,451.4 243,184.4

Dec. 10 ...... Dec. 9 364 32,950.8 16,371.1 15,613.6 757.5 18,011.0 241,544.4

Cash management:

1998 - Nov. 3 ....... 1999 - Jan. 21 79 53,976.6 25,000.4 - - - 25,000.4

Dec. 1 ....... 1998 - Dec.15 14 42,919.1 23,012.1 - - - 48,012.4
40 PUBLIC DEBT OPERATIONS

TABLE PDO-2.—Offerings of Bills, con.

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52

weeks.

2 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis

by Government accounts and Federal Reserve Banks.

3 For 13-week , 26-week and 52-week bills, tenders $1 million or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the corresponding

amount is stipulated in each offering announcement. All Treasury marketable auctions are conducted in a single price format as of November 2, 1998.

4 Equivalent coupon-issue yield.

5 $2,550,000 was accepted at rates below the competitive range.

6 $1,250,000 was accepted at rates below the competitive range.

7 $1,130,000 was accepted at rates below the competitive range.

8 $17,487,000 was accepted at rates below the competitive range.

9 $1,500,000 was accepted at rates below the competitive range.

10 $18,750,000 was accepted at rates below the competitive range. 11 $2,501,000 was accepted at rates below the competitive range. 12 $1,107,000 was accepted at rates below the competitive range.

Regular weekly:

1998 - Sept. 3 ............ 98.787 4.80 4.93 4.81 98.784 5 4.78 98.792

97.558 4.83 5.02 4.84 97.556 6 4.82 97.563

10 . . . . . . . . . . . . 98.789 4.79 4.92 4.80 98.788 4.78 98.792

97.578 4.79 4.98 4.79 97.578 4.77 97.589

17 . . . . . . . . . . . . 98.802 4.74 4.86 4.75 98.801 4.73 98.804

97.596 4.76 4.94 4.76 97.594 4.73 97.609

24 . . . . . . . . . . . . 98.828 4.64 4.76 4.65 98.825 7 4.61 98.835

97.667 4.62 4.79 4.63 97.662 4.59 97.682

Oct. 1 ............. 98.880 4.43 4.54 4.45 98.875 4.39 98.890

97.748 4.46 4.62 4.48 97.735 4.39 97.781

8............. 98.950 4.16 4.26 4.16 98.948 8 4.14 98.954

97.884 4.19 4.34 4.20 97.877 4.17 97.892

15 . . . . . . . . . . . . 99.013 3.91 4.00 3.92 99.009 9 3.88 99.019

97.932 4.09 4.24 4.11 97.922 4.05 97.953

22 . . . . . . . . . . . . 99.027 3.85 3.94 3.86 99.024 10 3.84 99.029

98.046 3.87 4.00 3.87 98.046 11 3.86 98.051

29 . . . . . . . . . . . . 98.971 4.07 4.17 4.10 98.965 12 4.00 98.989

97.899 4.16 4.30 4.16 97.897 4.14 97.907

Nov. 5 ............. 98.881 4.42 4.54 4.43 98.881 4.35 98.881

97.796 4.33 4.52 4.36 97.796 4.28 97.796

12 . . . . . . . . . . . . 98.870 4.46 4.58 4.47 98.870 4.45 98.870

97.725 4.49 4.67 4.50 97.725 4.47 97.725

19 . . . . . . . . . . . . 98.888 4.39 4.51 4.40 98.888 4.36 98.888

97.760 4.40 4.60 4.43 97.760 4.35 97.760

27 . . . . . . . . . . . . 98.888 4.42 4.56 4.45 98.888 4.38 98.888

97.773 4.43 4.59 4.43 97.773 4.39 97.773

Dec. 3 ............. 98.879 4.41 4.55 4.44 98.879 4.38 98.879

97.771 4.40 4.57 4.41 97.771 4.37 97.771

10 . . . . . . . . . . . . 98.908 4.31 4.43 4.32 98.908 4.28 98.908

97.788 4.35 4.54 4.38 97.788 4.32 97.788

17 . . . . . . . . . . . . 98.892 4.38 4.49 4.39 98.892 4.34 98.892

97.781 4.38 4.55 4.39 97.781 4.35 97.781

24 . . . . . . . . . . . . 98.878 4.43 4.55 4.44 98.878 4.40 98.878

97.755 4.43 4.61 4.44 97.755 4.40 97.755

31 . . . . . . . . . . . . 98.857 4.51 4.64 4.52 98.857 4.48 98.857

97.712 4.52 4.70 4.53 97.712 4.48 97.712

52 week:

1997 - Dec. 11 ............ 94.762 5.18 5.47 5.18 94.762 5.17 94.778

1998 - Jan. 8 ............. 94.879 5.07 5.34 5.07 94.879 5.06 94.889

Feb. 5 ............. 94.980 4.97 5.23 4.97 94.980 4.95 94.995

Mar. 5 ............. 94.818 5.13 5.41 5.13 94.818 5.12 94.823

Apr. 2 ............. 94.833 5.11 5.39 5.11 94.833 5.10 94.843

Apr. 30 ............ 94.818 5.13 5.41 5.13 94.813 5.12 94.823

May 28 . . . . . . . . . . . . 94.793 5.15 5.43 5.15 94.793 5.15 94.798

June 25 ............ 94.813 5.13 5.41 5.13 94.813 5.12 94.823

July 23 ............ 94.848 5.10 5.38 5.10 94.848 5.08 94.864

Aug. 20 ............ 94.944 5.00 5.27 5.00 94.944 5.00 94.955

Sept. 17 ............ 95.445 4.51 4.73 4.51 95.440 4.48 95.470

Oct. 15 ............ 95.900 4.06 4.24 4.07 95.890 4.03 95.925

Nov. 12 ............ 95.539 4.39 4.62 4.40 95.539 4.35 95.539

Dec. 10 ............ 95.647 4.28 4.51 4.31 95.647 4.25 95.647

Cash management:

1998 - Nov. 3 ............. 98.975 4.64 4.78 4.67 98.975 4.60 98.975

Dec. 1 ............. 99.811 4.83 4.94 4.86 99.811 4.76 99.811
PUBLIC DEBT OPERATIONS 41

See footnotes at end of table.

TABLE PDO-3.—Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3, 4 and bonds

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

01/02/97 01/09/97 5.31% bill—01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note01/31/99-AB 2y 44,655 19,466 7

01/23/97 01/31/97 6-1/4% note01/31/02-C 5y 31,255 13,453 8

01/29/97 6 02/06/97 3-3/8% ii note01/15/07-A 10y 37,919 5 7,703 9

01/30/97 02/06/97 5.34% bill02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note02/15/00-U 3y 42,085 20,421 10

02/12/97 6 02/18/97 6-1/4% note02/15/07-B 10y 23,863 5 13,103 11

02/13/97 02/18/97 6-5/8% bond02/15/27 30y 24,664 5 10,456 12

02/25/97 02/28/97 5-7/8% note02/28/99-AC 2y 41,106 19,915 13

02/26/97 02/28/97 6-1/4% note02/28/02-D 5y 27,662 13,798 14

02/27/97 03/03/97 5.16% bill04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note03/31/99-AD 2y 40,532 19,797 15

03/26/97 03/31/97 6-5/8% note03/31/02-E 5y 33,522 14,301 16

03/26/97 04/03/97 5.66% bill04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill04/22/97 19d 51,886 17,066

04/08/97 6 04/15/97 3-3/8% ii note01/15/07-A-reopening 9y 9m 18,464 5 8,405 17

04/22/97 04/30/97 6-3/8% note04/30/99-AE 2y 43,708 19,351 18

04/23/97 04/30/97 6-5/8% note04/30/02-F 5y 34,266 14,475 19

04/24/97 05/01/97 5.72% bill04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note05/15/00-V 3y 39,125 20,763 20

05/07/97 05/15/97 6-5/8% note05/15/07-C 10y 24,266 5 13,958 21

05/22/97 05/29/97 5.55% bill05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note05/31/99-AF 2y 42,092 18,567 22

05/29/97 06/02/97 6-1/2% note05/31/02-G 5y 34,876 13,492 23

06/02/97 06/03/97 5.25% bill06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note06/30/99-AG 2y 40,541 17,861 24

06/25/97 06/30/97 6-1/4% note06/30/02-H 5y 38,218 13,058 25

07/09/97 07/15/97 3-5/8% ii note07/15/02-J 5y 26,858 5 8,404 26

07/17/97 07/24/97 5.26% bill07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note07/31/99-AH 2y 40,533 16,840 27

07/23/97 07/31/97 6% note07/31/02-K 5y 33,845 12,231 28

07/31/97 08/01/97 5.35% bill09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note08/15/00-W 3y 41,313 18,053 29

08/06/97 08/15/97 6-1/8% note08/15/07-D 10y 27,869 5 13,036 30

08/07/97 08/15/97 6-3/8% bond08/15/27 30y 27,355 5 10,736 31

08/14/97 08/21/97 5.28% bill08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note08/31/99-AJ 2y 40,541 17,214 32

08/27/97 09/02/97 6-1/4% note08/31/02-L 5y 27,996 12,732 33

08/28/97 09/02/97 5.47% bill09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note09/30/99-AK 2y 39,868 5 17,486 34

09/24/97 09/30/97 5-7/8% note09/30/02-M 5y 35,396 5 12,806 35

10/08/97 6 10/15/97 3-5/8% ii note07/15/02-J-reopening 4y 9m 28,953 5 8,413 36

10/09/97 10/16/97 5.20% bill10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note10/31/99-AL 2y 36,128 5 16,822 37

10/29/97 10/31/97 5-3/4% note10/31/02-N 5y 25,473 5 11,736 38

10/30/97 11/03/97 5.18% bill01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note11/15/00-X 3y 36,663 5 16,036 39

11/05/97 6 11/17/97 6-1/8% note08/15/07-D-reopening 9y 9m 28,400 5 12,599 40

11/06/97 11/17/97 6-1/8% bond11/15/27 30y 29,354 5 11,185 41

11/06/97 11/13/97 5.14% bill11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note11/30/99-AM 2y 41,982 5 17,055 42

11/25/97 12/01/97 5-3/4% note11/30/02-P 5y 33,892 5 12,120 43

11/25/97 12/01/97 5.56% bill12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill12/10/98 364d 46,306 18,013
42 PUBLIC DEBT OPERATIONS

12/22/97 12/31/97 5-5/8% note12/31/99-AN 2y 35,878 5 16,748 44

12/23/97 12/31/97 5-5/8% note12/31/02-Q 5y 29,949 5 12,053 45

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 note01/05/08-A 10y 23,958 8,410 46

01/27/98 02/02/98 5-3/8% note01/31/00-Y 2y 36,269 17,500 47

01/28/98 02/02/98 5-1/2% note01/31/03-C 5y 24,911 13,099 48

01/29/98 02/05/98 4.965% bill02/04/99 364d 48,415 19,191

02/10/98 02/17/98 5-3/8% note02/15/01-S 3y 35,326 15,362 49

02/11/98 02/17/98 5-1/2% note02/15/08-B 10y 31,416 13,584 50

02/12/98 6 02/17/98 6-1/8% bond11/15/27-reopening 29y 9m 22,536 11,334 51

02/12/98 02/17/98 5.29% bill04/23/98 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note02/29/00-Z 2y 36,313 17,770 52

02/25/98 03/02/98 5-1/2% note02/28/03-D 5y 32,617 13,670 53

02/26/98 03/05/98 5.125% bill03/04/99 364d 53,057 17,973

02/26/98 03/03/98 5.37% bill04/16/98 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note03/31/00-AB 2y 39,671 17,205 54

03/25/98 03/31/98 5-1/2% note03/31/03-E 5y 25,782 14,173 55

03/26/98 04/02/98 5.110% bill04/01/99 364d 43,080 16,752

04/01/98 04/03/98 5.45% bill04/16/98 13d 70,638 19,125

04/08/98 04/15/98 3-5/8% bond04/15/28 30y 21,016 8,404 56

04/23/98 04/30/98 5.125% bill04/29/99 364d 47,705 15,345

04/28/98 04/30/98 5-5/8% note04/30/00 2y 37,199 15,633 57

04/29/98 04/30/98 5-3/4% note04/30/03 5y 27,756 12,573 58

05/12/98 05/15/98 5-5/8% note05/15/01 3y 34,636 12,874 59

05/13/98 05/15/98 5-5/8% note05/15/08 10y 31,447 14,775 60

05/21/98 05/28/98 5.150% bill05/27/99 364d 47,168 15,540

05/27/98 06/01/98 5-1/2% note05/31/00 2y 34,727 16,580 61

05/28/98 06/01/98 5-1/2% note05/31/03 5y 31,273 13,132 62

06/02/98 06/03/98 5.30% bill06/15/98 12d 48,059 15,004

06/18/98 06/25/98 5.130% bill06/24/99 364d 48,064 15,093

06/23/98 06/30/98 5-3/8% note06/30/00 2y 41,029 14,939 63

06/24/98 06/30/98 5-3/8% note06/30/03 5y 28,428 13,127 64

07/08/98 07/15/98 3-5/8% bond04/15/28-reopening 29y 9m 19,456 8,404 65

07/16/98 07/23/98 5.375% bill07/22/99 364d 46,405 15,770

07/29/98 07/31/98 5-3/8% note07/31/00 2y 40,835 18,683 66

08/11/98 08/17/98 5-1/4% note08/15/03 5y 34,435 19,852 67

08/12/98 08/17/98 5-5/8% note05/15/08-reopening 9y 9m 24,712 12,415 68

08/13/98 08/17/98 5-1/2% bond08/15/28 30y 26,650 11,776 69

08/18/98 08/20/98 5.271% bill08/19/99 364d 38,815 15,758

08/26/98 08/31/98 5-1/8% note08/31/00 2y 37,908 20,030 70

08/27/98 08/31/98 5.54% bill09/15/98 15d 60,925 40,010

09/15/98 09/17/98 4.730% bill09/16/99 364d 35,830 15,440

09/23/98 09/30/98 4-1/2% note09/30/00 2y 40,179 19,269 71

10/07/98 10/15/98 3-5/8% ii note01/15/08-A-reopening 9y 3m 15,745 8,401 72

10/13/98 10/15/98 4.055% bill10/14/99 364d 30,404 16,670

10/28/98 11/02/98 4% note10/31/00-AJ 2y 36,124 20,527 73

11/02/98 11/03/98 4.67% bill01/21/99 79d 53,977 25,000

11/03/98 11/16/98 4-1/4% note11/15/03-K 5y 31,405 18,626 74

11/04/98 11/16/98 4-3/4% note11/15/08-D 10y 19,744 13,488 75

11/05/98 11/16/98 5-1/4% bond11/15/28 30y 17,228 10,947 76

11/09/98 11/12/98 4.40% bill11/12/99 365d 35,376 16,254

11/24/98 11/30/98 4-5/8% note11/30/00-AK 2y 38,800 20,158 77

11/30/98 12/01/98 4.86% bill12/15/98 14d 42,919 23,012

12/08/98 12/10/98 4.305% bill12/09/99 364d 32,951 16,371

12/29/98 12/31/98 4-5/8% note12/31/00-AL 2y 42,988 19,478 78

TABLE PDO-3.—Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 and bonds

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

See footnotes at end of table.
PUBLIC DEBT OPERATIONS 43

TABLE PDO-3.—Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank discount rate up to November 1, 1998. Beginning on November 2, 1998, the rate shown is the high

bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds

are eligible for STRIPS.

2 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings.

4 Includes securities issued to U.S. Government accounts and Federal Reserve Banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash.

5 All notes and bonds are eligible for STRIPS.

6 Interest began to accrue before the issue date (settlement date) of this loan.

7 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

8 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

9 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of an

inflation-indexed note.

10 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the average at 5.997% (price 99.670).

11 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the average at 6.374% (price 99.092).

12 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the average at 6.640% (price 99.804).

13 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction. 14 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction. 15 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction. 16 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction. 17 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

18 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction. 19 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction. 20 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the average at 6.438% (price 99.831).

21 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the average at 6.740% (price 99.173).

22 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction. 23 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction. 24 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction. 25 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction. 26 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of

an inflation-indexed note.

27 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 28 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction. 29 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the average at 6.041% (price 99.889).

30 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the average at 6.205% (price 99.411).

31 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the average at 6.445% (price 99.076).

32 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction. 33 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction. 34 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 35 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction. 36 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction of

an inflation-indexed note.

37 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction. 38 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction. 39 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the average at 5.762% (price 99.967).

40 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

average at 5.955% (price 101.221).

41 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the average at 6.201% (price 98.970).

42 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction. 43 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction. 44 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 45 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction. 46 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of

an inflation-indexed note.

47 Accepted yields ranged up to 5.440% (price 99.878) in this single-price auction. 48 Accepted yields ranged up to 5.558% (price 99.749) in this single-price auction. 49 Yields accepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the average at 5.414% (price 99.893).

50 Yields accepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the average at 5.558% (price 99.559).

51 Yields accepted ranged from 5.800% (price 104.558) up to 5.830% (price 104.122) with the

average at 5.822% (price 104.238).

52 Accepted yields ranged up to 5.537% (price 99.930) in this single-price auction. 53 Accepted yields ranged up to 5.605% (price 99.547) in this single-price auction. 54 Accepted yields ranged up to 5.500% (price 100.000) in this single-price auction. 55 Accepted yields ranged up to 5.620% (price 99.483) in this single-price auction. 56 Accepted yields ranged up to 3.740% (adjusted price 97.937) in this single-price auction of

an inflation-indexed bond.

57 Accepted yields ranged up to 5.677% (price 99.903) in this single-price auction. 58 Accepted yields ranged up to 5.795% (price 99.807) in this single-price auction. 59 Yields accepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the

average at 5.633% (price 99.978).

60 Yields accepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the average at 5.646% (price 99.841).

61 Accepted yields ranged up to 5.530% (price 99.944) in this single-price auction. 62 Accepted yields ranged up to 5.575% (price 99.676) in this single-price auction. 63 Accepted yields ranged up to 5.495% (price 99.776) in this single-price auction. 64 Accepted yields ranged up to 5.454% (price 99.658) in this single-price auction. 65 Accepted yields ranged up to 3.680% (adjusted price 99.550) in this single-price auction of

an inflation-indexed bond.

66 Accepted yields ranged up to 5.475% (price 99.813) in this single-price auction. 67 Accepted yields ranged up to 5.327% (price 99.665) in this single-price auction. 68 Yields accepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the

average at 5.428% (price 101.457).

69 Yields accepted ranged from 5.587% (price 98.740) up to 5.598% (price 98.583) with the

average at 5.590% (price 98.697).

70 Accepted yields ranged up to 5.125% (price 100.000) in this single-price auction. 71 Accepted yields ranged up to 4.615% (price 99.783) in this single-price auction. 72 Accepted yields ranged up to 3.650% (adjusted price 100.869) in this single-price auction of

an inflation-indexed note.

73 Accepted yields ranged up to 4.025% (price 99.952) in this single-price auction. 74 Accepted yields ranged up to 4.340% (price 99.599) in this single-price auction. 75 Accepted yields ranged up to 4.825% (price 99.410) in this single-price auction. 76 Accepted yields ranged up to 5.300% (price 99.253) in this single-price auction. 77 Accepted yields ranged up to 4.629% (price 99.992) in this single-price auction. 78 Accepted yields ranged up to 4.690% (price 99.877) in this single-price auction.

Note.—All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only.
44 PUBLIC DEBT OPERATIONS

TABLE PDO-4A.—Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Allotments by investor classes

State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued Banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

04/15/97 3-3/8% inflation-indexed

note01/15/07-A-reopening

8,405 400 664 43 10 - 817 52 455 - 5,327 637

04/30/97 6-3/8% note04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218

07/31/97 5-7/8% note07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

09/02/97 6-1/4% note08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note09/31/99-AK 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795

09/30/97 5-7/8% note09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

10/15/97 3-5/8% note10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209

10/31/97 5-5/8% note10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322

10/31/97 5-3/4% note10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383

11/15/97 5-3/4% note11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385

11/15/97 6-1/8% note08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301

11/15/97 6-1/8% bond11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5

12/01/97 5-5/8% note11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813

12/01/97 5-3/4% note11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799

12/31/97 5-5/8% note12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071

12/31/97 5-5/8% note12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627

01/15/98 3-5/8% note—01/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093

01/31/98 5-3/8% note01/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463

01/31/98 5-1/2% note01/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340

02/15/98 5-3/8% note02/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789

02/15/98 5-1/2% note02/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181

02/15/98 6-1/8% note02/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71

03/02/98 5-1/2% note02/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469

03/02/98 5-1/2% note02/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644

03/31/98 5-1/2% note03/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399

03/31/98 5-1/2% note03/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788
PUBLIC DEBT OPERATIONS 45

TABLE PDO-4A.—Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Allotments by investor classes

State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued Banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

04/15/98 3-5/8% note04/15/28 8,404 400 1,438 35 - * 2,132 346 - - 3,542 511

04/30/98 5-5/8% note04/30/00-AC 15,634 1,191 268 1,099 1 2 1,810 2 - 4 9,591 1,666

04/30/98 5-3/4% note04/30/03-F 12,573 1,010 346 258 * 3 319 7 - 2 9,720 908

05/15/98 5-5/8% note05/15/01-T 12,874 2,270 181 513 1 1 982 5 - 7 8,295 619

05/15/98 5-5/8% note05/15/08-C 14,775 2,720 2,651 87 - * 3,567 * * * 5,697 53

06/01/98 5-1/2% note05/31/00-AD 16,580 1,321 644 1,163 3 1 546 14 2 5 10,599 2,282

06/01/98 5-1/2% note05/31/03-G 13,132 1,115 78 250 2 3 1,153 3 * * 9,504 1,024

06/30/98 5-3/8% note06/30/00-AE 14,939 1,383 411 1,140 1 2 1,166 7 * 10 9,275 1,544

06/30/98 5-3/8% note06/30/03-H 13,127 1,265 157 220 1 4 1,987 3 * 2 8,336 1,152

07/15/98 3-5/8% bond04/15/28-reopening 8,404 400 1,607 21 21 * 1,967 * - 20 3,747 621

07/31/98 5-3/8% note07/31/00-AF 18,683 1,842 453 1,453 2 29 3,262 10 1 10 9,447 2,174

08/17/98 5-1/4% note08/15/03-J 19,852 2,834 1,007 465 * * 1,110 100 * 3 13,198 1,135

08/17/98 5-5/8% note05/15/08-C-reopening 12,416 1,364 1,951 60 - - 446 * - * 8,496 99

08/17/98 5-1/2% note08/15/28-bond 11,776 1,772 411 30 - - 3,726 * * - 5,832 5

08/31/98 5-1/8% note08/31/00-AG 20,029 2,994 527 1,243 1 3 694 10 * 6 12,536 2,015

09/30/98 4-1/2% note09/30/00-AH 19,268 2,242 421 1,061 * 3 283 3 2 7 13,106 2,140

10/15/98 3-5/8% note10/15/08-A 8,402 400 808 12 100 * 1,748 1 - 4 5,066 263

11/02/98 4% note10/30/00-AJ 20,525 2,463 686 796 1 6 149 5 2 3 14,176 2,240

11/16/98 4-1/4% note11/15/03-K 18,626 1,518 2,774 298 1 3 328 223 * 1 12,207 1,273

11/16/98 4-3/4% note11/15/08-D 13,488 1,135 1,035 45 10 * 436 * * * 10,397 430

11/16/98 5-1/4% bond11/15/28 10,947 945 482 76 180 6 1,263 85 - - 7,699 212

11/30/98 4-5/8% note11/30/00-AK 20,157 2,032 379 696 2 1 1,719 5 * 115 12,873 2,335

12/31/98 4-5/8% note12/31/00-AL 19,475 2,555 696 962 7 1 1,487 7 4 9 11,628 2,119

* Less than $500,000.

1 Includes trust companies, bank dealers and stock savings banks.

2 Includes partnerships and personal trust accounts.

3 Exclusive of banks and insurance companies.

4 Consists of trust, sinking and investment funds of State and local governments and their

agencies.

5 Includes savings and loan associations, nonprofit institutions, and foreign and international

investments. Also included are certain Government deposit accounts and Government-sponsored agencies.

Note.—For detail of offerings, see table PDO-3.
46 PUBLIC DEBT OPERATIONS

TABLE PDO-4B.—Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Total amount Allotments by investor classes

Date of Average rate issued Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve Banks banks Corporations 1 brokers All other 2

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

1 Exclusive of banks and insurance companies.

2 Included with “All other” investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government accounts.

Note.—For detail of offerings, see table PDO-3.

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992

02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616

03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

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
47

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Dec. 31, 1998

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Accrued Sales plus Interest- Matured nonSeries Sales 1 discount accrued discount Redemptions 1 bearing debt interest-bearing debt

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

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for

series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and HH

bonds.

2 Details by series on a cumulative basis and by period of series A-D combined can be found in

the February 1952 and previous issues of the “Treasury Bulletin.”

TABLE SBN-2.—Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1 discount 1 bearing debt bearing debt

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

1 Because there is a normal lag in classifying redemptions, the distribution of redemptions

between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1998, and series

I bonds, on sale since September 1, 1998, are the savings bonds

currently being sold. Series HH bonds are issued in exchange

for Series E and EE savings bonds and savings notes. Series

A-D were sold from March 1, 1935, through April 30, 1941.

Series E was on sale from May 1, 1941, through December 31,

1979 (through June 1980 to payroll savers only). Series F and

G were sold from May 1, 1941, through April 30, 1952. Series

H was sold from June 1, 1952, through December 31, 1979.

Series HH bonds were sold for cash from January 1, 1980,

through October 31, 1982. Series J and K were sold from May

1, 1952, through April 30, 1957. U.S. savings notes were on

sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the “Treasury Bulletins” of March 1967 and

June 1968; and in the Annual Report of the Secretary of the

Treasury for fiscal 1974.

Savings bonds:

Series A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1

Series E, EE, H and HH .............. 351,410 199,139 550,549 365,765 179,969 6,273

Series I. . . . . . . . . . . . . . . . . . . . . . . . . . . 117 - 117 - 117 -

Series F and G ..................... 28,396 1,125 29,521 29,517 - 3

Series J and K ..................... 3,556 198 3,754 3,753 - -

Savings notes ....................... 862 698 1,560 1,202 168 -

Total............................. 388,290 202,214 590,504 405,239 180,254 6,277

Fiscal 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 ................. 3,455 6,888 10,288 11,080 5,158 5,920 180,744 5,091

Calendar years:

1935-94............... 365,514 166,358 531,872 351,397 273,895 77,502 178,138 2,335

1995 ................. 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 ................. 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 ................. 9,379 16,596 25,975 26,422 14,743 11,679 182,980 3,506

1997 - Dec. . . . . . . . . . . . . . . 525 705 1,231 1,225 669 556 181,133 5,359

1998 - Jan. . . . . . . . . . . . . . . 520 854 1,384 1,583 942 641 181,043 5,249

Feb. . . . . . . . . . . . . . . 389 756 1,145 1,133 523 610 181,206 5,098

Mar. . . . . . . . . . . . . . . 402 720 1,121 1,277 705 571 181,141 5,007

Apr.. . . . . . . . . . . . . . . 394 883 1,277 1,314 606 707 181,222 4,885

May . . . . . . . . . . . . . . 367 679 1,046 1,118 581 537 180,597 5,434

June . . . . . . . . . . . . . . 364 708 1,123 1,208 637 571 180,580 5,330

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
48 U.S. SAVINGS BONDS AND NOTES

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952-94 ......... 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 . . . . . . . . . . . . 82 - 41 739 686 - 856 12,515 20

Calendar years:

1952-93 ......... 13,493 - 13,493 18,338 18,638 - 16,264 11,143 25

1994 . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . 17 - 17 789 789 - 1,266 12,038 23

1997 . . . . . . . . . . . . -7 - -7 1,623 1,623 - 2,109 12,324 16

1997 - Dec.......... - - - 70 70 - 84 12,331 23

1998 - Jan. ......... 9 - 9 85 85 - 95 12,352 22

Feb. ........ 1 - 1 78 78 - 99 12,374 21

Mar. ........ -1 - -1 85 85 - 107 12,397 20

Apr.......... -4 - -4 80 80 - 100 12,414 20

May ........ -5 - -5 71 71 - 93 12,428 23

June ........ 15 - 15 85 85 - 93 12,475 22

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

Fiscal 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.............. 3,455 6,886 10,423 11,080 5,417 4,944 938 180,744 5,091

Calendar years:

1941-94 ........... 316,038 163,890 479,928 286,937 218,754 75,093 17,119 166,731 2,307

1995.............. 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996.............. 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997.............. 8,791 15,794 24,585 23,638 12,445 11,042 2,108 170,656 3,506

1997 - Dec.. . . . . . . . . . 525 705 1,231 1,225 599 556 84 168,802 5,359

1998 - Jan. . . . . . . . . . . 520 854 1,384 1,583 857 641 96 181,043 5,249

Feb. . . . . . . . . . . 389 756 1,145 1,133 445 610 99 181,206 5,098

Mar. . . . . . . . . . . 402 720 1,120 1,277 620 705 107 181,141 5,007

Apr.. . . . . . . . . . . 394 883 1,273 1,314 527 606 181 181,222 4,885

May. . . . . . . . . . . 367 679 1,041 1,118 510 581 93 180,597 5,434

June . . . . . . . . . . 364 708 1,088 1,208 553 637 93 180,580 5,330

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

Series I

Fiscal years:

1998.......... 17 - 17 - - - - 17 -

Calendar years:

1998.......... 17 - 17 - - - - - -

1998 - Sept. ...... 17 - 17 - - - - 17 -

Oct. . . . . . . . 26 - 26 - - - - 43 - Nov. . . . . . . 34 - 34 - - - - 77 -

Dec. . . . . . . 40 - 40 - - - - 117 -
49

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes and

bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete

description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the FRBs and private investors.

Social Security and Federal retirement trust fund investments

comprise much of the Government account holdings.

The FRBs acquire Treasury securities in the market as a

means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local and foreign holdings include

special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official and private holdings of marketable

Treasury securities. (See footnotes to the table for description

of investor categories.)
50 OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve Banks

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

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

1997 - Dec. .................... 5,536,012 5,494,913 1,655,682 1,254 1,654,428 451,901

1998 - Jan. .................... 5,520,507 5,450,015 1,667,708 1,254 1,666,454 428,821

Feb..................... 5,551,039 5,482,059 1,668,108 1,254 1,666,854 432,245

Mar. .................... 5,572,942 5,535,273 1,670,378 1,254 1,669,124 400,005

Apr. .................... 5,530,294 5,492,802 1,687,592 1,254 1,686,338 457,026

May . . . . . . . . . . . . . . . . . . . . 5,536,653 5,464,507 1,703,090 1,254 1,701,836 443,945

June ................... 5,577,860 5,540,243 1,757,556 1,254 1,756,302 458,417

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

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding Banks investors

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

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

1997 - Dec. .................... 3,387,330 3,003,662 383,668 7,475 33,624 7,098 26,526

1998 - Jan. .................... 3,353,486 2,968,035 385,451 40,049 30,443 4,598 25,845

Feb..................... 3,381,706 2,990,627 391,079 38,609 30,371 4,598 25,773

Mar. .................... 3,464,890 3,065,834 399,056 7,153 30,516 4,598 25,918

Apr. .................... 3,348,184 2,940,895 407,289 7,092 30,399 4,598 25,801

May . . . . . . . . . . . . . . . . . . . . 3,317,472 2,907,763 409,709 41,848 30,297 4,598 25,699

June ................... 3,324,270 2,909,839 414,431 7,692 29,925 4,367 25,558

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
OWNERSHIP OF FEDERAL SECURITIES 51

1 U.S. savings bonds, series A-F and J, are included at current redemption value. 2 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New

York investment companies majority owned by foreign banks, and Edge Act corporations

owned by domestically chartered and foreign banks.

3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30,

1970.

5 Exclusive of banks and insurance companies. 6 This category includes nonmarketable State and local government series (SLGS) Treasury

securities and holdings of State and local pension and other funds.

7 Consists of the investments of foreign and international accounts (official and private) in U.S.

public debt issues. Estimates reflect the 1984 benchmark to December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises.

TABLE OFS-2.—Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4 securities companies funds rations 5 ments 6 national 7 investors 8

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

1989 - Mar. ..... 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June ..... 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. ..... 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. ..... 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. ..... 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June ..... 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. ..... 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. ..... 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. ..... 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June ..... 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. ..... 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. ..... 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. ..... 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June ..... 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. ..... 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. ..... 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 566.0 549.7 670.9

1993 - Mar. ..... 2,895.2 310.2 2,585.0 297.7 163.6 134.1 208.0 77.9 199.3 582.6 564.2 655.3

June ..... 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 594.7 567.7 663.6

Sept. ..... 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 598.6 591.3 653.6

Dec. ..... 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 610.8 622.9 653.4

1994 - Mar. ..... 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June ..... 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. ..... 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 567.7 655.8 731.0

Dec. ..... 3,168.0 290.4 2,877.6 331.1 180.5 150.7 240.1 67.6 224.5 541.0 r 667.3 r 805.9

1995 - Mar. ..... 3,239.2 308.1 2,931.1 342.7 181.4 161.4 244.2 67.7 230.3 531.7 r 707.0 r 807.5

June ..... 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 488.6 r 762.5 r 819.9

Sept. ..... 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 480.2 r 820.4 r 810.1

Dec. ..... 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 465.6 r 835.2 r 825.9

1996 - Mar. ..... 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 464.8 r 908.1 r 824.5

June ..... 3,347.3 280.2 3,067.1 347.6 186.5 161.1 229.5 82.4 230.9 474.3 r 929.7 r 772.7

Sept. ..... 3,386.2 275.0 3,111.2 353.7 186.8 167.0 226.8 85.2 249.1 453.2 r 993.4 r 749.8

Dec. ..... 3,411.2 261.8 3,149.4 356.6 187.0 169.6 214.1 91.6 258.5 447.5 r 1,102.1 r 678.9

1997 - Mar. ..... 3,451.7 282.3 3,169.4 355.4 186.5 168.9 182.1 84.2 262.5 443.1 r 1,157.6 r 684.4

June ..... 3,361.7 265.9 3,095.8 355.4 186.3 169.1 183.5 77.4 261.0 441.3 r 1,182.7 r 594.6

Sept. ..... 3,388.9 261.8 3,127.1 354.8 186.2 168.6 187.3 75.8 266.5 446.8 r 1,230.5 r 565.4

Dec. ..... 3,393.4 270.3 3,123.1 354.9 186.5 168.4 176.6 88.9 265.0 444.1 r 1,241.6 r 552.0

1998 - Mar. ..... 3,430.7 r 278.4 r 3,152.3 352.1 186.3 165.8 182.2 84.8 268.1 444.8 r 1,250.5 r 569.7

June ..... 3,330.6 r 263.6 r 3,067.0 351.1 186.0 165.0 r 183.6 82.7 267.2 r 470.0 r 1,256.0 r 456.5

Sept. ..... 3,301.0 r 219.8 r 3,081.2 352.3 186.0 166.4 r 186.1 84.2 271.4 r 487.4 r 1,221.8 r 477.9

Dec. ..... 3,334.0 p 215.0 3,119.0 p 351.6 p 186.7 p 164.9 p 186.0 p 105.8 p 267.9 p 490.0 p 1,276.3 p 441.4
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 chart is based on cur rent mar ket bid quota 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

New York to de rive the yield curve, based on semi an nual in ter -

est pay ments and read at con stant ma tu rity points to 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 Federal Re serve Sys tem pub lishes the 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 Treasury, 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 corpo 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 at least 20 years and rated Aa by Moody’s In ves tors Ser 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’s In ves tors Ser vice for 20-year reoffering yields on selected Aa-rated gen eral ob li ga tions. See the foot notes for further ex pla na tion.

52

Monthly av er age:

1998 - Jan .......... . 5.18 5.23 5.24 5.36 5.38 5.42 5.53 5.54 5.81

Feb .......... . 5.23 5.27 5.31 5.42 5.43 5.49 5.60 5.57 5.89

Mar. ......... . 5.16 5.25 5.39 5.56 5.57 5.61 5.71 5.65 5.95

Apr........... . 5.08 5.26 5.38 5.56 5.58 5.61 5.70 5.64 5.92

May.......... . 5.14 5.36 5.44 5.59 5.61 5.63 5.72 5.65 5.93

June ......... . 5.12 5.32 5.41 5.52 5.52 5.52 5.56 5.50 5.70

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

End of month:

1998 - Jan .......... . 5.19 5.24 5.24 5.32 5.35 5.39 5.51 5.53 5.82

Feb. ......... . 5.32 5.33 5.41 5.55 5.55 5.59 5.67 5.62 5.92

Mar. ......... . 5.16 5.27 5.41 5.60 5.61 5.64 5.74 5.67 5.94

Apr........... . 5.00 5.24 5.40 5.59 5.62 5.65 5.74 5.68 5.95

May.......... . 5.03 5.33 5.42 5.53 5.54 5.56 5.63 5.56 5.81

June ......... . 5.10 5.24 5.38 5.49 5.49 5.47 5.52 5.44 5.62

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

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 53

CHART MY-A.—Yields of Trea sury Se cu ri ties, Dec. 31, 1998*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most ac -

tively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to Ma tu rity

* Source: Of fice of Mar ket Fi nance
54 MARKET YIELDS

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3)

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1987

Jan. ................................................................................ 7.39 8.59 6.18

Feb. ................................................................................ 7.54 8.58 6.34

Mar. ................................................................................ 7.55 8.68 6.47

Apr. ................................................................................ 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June ................................................................................ 8.57 9.64 7.69

July................................................................................. 8.64 9.70 7.48

Aug. ................................................................................ 8.97 10.09 7.59

Sept................................................................................. 9.59 10.63 7.90

Oct. ................................................................................ 9.61 10.80 8.33

Nov. ................................................................................ 8.95 10.09 7.76

Dec. ................................................................................ 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June ................................................................................ 9.00 10.08 7.67

July................................................................................. 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept ................................................................................ 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. ................................................................................ 8.93 9.92 7.18

Feb. ................................................................................ 9.01 10.11 7.31

Mar. ................................................................................ 9.17 10.33 7.42

Apr. ................................................................................ 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June ................................................................................ 8.27 9.24 6.94

July................................................................................. 8.08 9.20 6.89

Aug. ................................................................................ 8.12 9.09 6.73

Sept................................................................................. 8.15 9.29 7.10

Oct. ................................................................................ 8.00 9.04 7.13

Nov. ................................................................................ 7.90 9.20 6.95

Dec. ................................................................................ 7.90 9.23 6.76

1990

Jan. ................................................................................ 8.26 9.56 6.95

Feb. ................................................................................ 8.50 9.68 7.03

Mar. ................................................................................ 8.56 9.79 7.09

Apr. ................................................................................ 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June ................................................................................ 8.46 9.69 6.98

July................................................................................. 8.50 9.72 7.03

Aug. ................................................................................ 8.86 10.05 7.13

Sept................................................................................. 9.03 10.17 7.15

Oct. ................................................................................ 8.86 10.09 7.24

Nov. ................................................................................ 8.54 9.79 6.87

Dec. ................................................................................ 8.24 9.55 6.85
MARKET YIELDS 55

1991

Jan. ................................................................................ 8.27 9.60 7.00

Feb. ................................................................................ 8.03 9.14 6.61

Mar. ................................................................................ 8.29 9.14 6.88

Apr. ................................................................................ 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June ................................................................................ 8.47 9.37 6.90

July................................................................................. 8.45 9.38 6.89

Aug. ................................................................................ 8.14 8.88 6.66

Sept................................................................................. 7.95 8.79 6.58

Oct. ................................................................................ 7.93 8.81 6.44

Nov. ................................................................................ 7.92 8.72 6.37

Dec. ................................................................................ 7.70 8.55 6.43

1992

Jan. ................................................................................ 7.58 8.36 6.29

Feb. ................................................................................ 7.85 8.63 6.42

Mar. ................................................................................ 7.97 8.62 6.59

Apr. ................................................................................ 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June ................................................................................ 7.84 8.45 6.32

July................................................................................. 7.60 8.19 5.90

Aug. ................................................................................ 7.39 7.96 5.81

Sept................................................................................. 7.34 7.99 6.05

Oct. ................................................................................ 7.53 8.17 6.18

Nov. ................................................................................ 7.61 8.25 6.22

Dec. ................................................................................ 7.44 8.12 6.02

1993

Jan. ................................................................................ 7.34 7.91 6.05

Feb. ................................................................................ 7.09 7.73 5.74

Mar. ................................................................................ 6.82 7.39 5.54

Apr. ................................................................................ 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June ................................................................................ 6.81 7.48 5.54

July................................................................................. 6.63 7.35 5.40

Aug. ................................................................................ 6.32 7.04 5.50

Sept................................................................................. 6.00 6.88 5.44

Oct. ................................................................................ 5.94 6.88 5.23

Nov. ................................................................................ 6.21 7.17 5.19

Dec. ................................................................................ 6.25 7.22 5.27

1994

Jan. ................................................................................ 6.29 7.16 5.19

Feb. ................................................................................ 6.49 7.27 5.16

Mar. ................................................................................ 6.91 7.64 5.47

Apr. ................................................................................ 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June ................................................................................ 7.40 8.16 5.96

July................................................................................. 7.58 8.30 6.11

Aug. ................................................................................ 7.49 8.25 6.07

Sept................................................................................. 7.71 8.48 6.10

Oct. ................................................................................ 7.94 8.76 6.31

Nov. ................................................................................ 8.08 8.89 6.79

Dec. ................................................................................ 7.87 8.66 6.63

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3)

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.
56 MARKET YIELDS

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3)

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

1995

Jan. ................................................................................ 7.85 8.59 6.48

Feb. ................................................................................ 7.61 8.39 6.09

Mar. ................................................................................ 7.45 8.23 5.91

Apr. ................................................................................ 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June ................................................................................ 6.57 7.42 5.61

July................................................................................. 6.72 7.54 5.69

Aug. ................................................................................ 6.86 7.75 5.81

Sept................................................................................. 6.55 7.42 5.75

Oct. ................................................................................ 6.37 7.29 5.80

Nov. ................................................................................ 6.26 7.20 5.56

Dec. ................................................................................ 6.06 7.02 5.46

1996

Jan. ................................................................................ 6.05 7.00 5.41

Feb. ................................................................................ 6.24 7.14 5.41

Mar. ................................................................................ 6.60 7.58 5.57

Apr. ................................................................................ 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June ................................................................................ 7.06 8.00 5.82

July................................................................................. 7.03 7.97 5.82

Aug. ................................................................................ 6.84 7.68 5.69

Sept................................................................................. 7.03 7.84 5.62

Oct. ................................................................................ 6.81 7.69 5.53

Nov. ................................................................................ 6.48 7.43 5.47

Dec. ................................................................................ 6.55 7.45 5.47

1997

Jan. ................................................................................ 6.83 7.62 5.53

Feb. ................................................................................ 6.69 7.54 5.40

Mar. ................................................................................ 6.93 7.85 5.59

Apr. ................................................................................ 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June ................................................................................ 6.77 7.71 5.39

July................................................................................. 6.51 7.44 5.27

Aug. ................................................................................ 6.58 7.30 5.27

Sept................................................................................. 6.50 7.04 5.25

Oct. ................................................................................ 6.33 6.90 5.26

Nov. ................................................................................ 6.11 6.79 5.23

Dec. ................................................................................ 5.99 6.68 5.07

1998

Jan. ................................................................................ 5.81 6.62 4.93

Feb. ................................................................................ 5.89 6.66 4.96

Mar. ................................................................................ 5.95 6.63 5.10

Apr. ................................................................................ 5.92 6.59 5.10

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.93 6.63 5.17

June ................................................................................ 5.70 6.43 5.01

July................................................................................. 5.68 6.36 5.04

Aug. ................................................................................ 5.54 6.34 5.06

Sept................................................................................. 5.20 r 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

1 Treasury series based on 3-week moving average of reoffering yields of new corporate

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.
MARKET YIELDS 57

CHART MY-B.—Average Yields of Long-Term

Treasury, Corporate and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

* Source: Office of Market Finance

88 89 90 91 92 93 94 95 96 97 98

4

5

6

7

8

9

10

11

Aa Corporate Bonds

Treasury 30-yr. Bonds

Aa Municipal Bonds
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or

that may do so to a limited extent. Treasury includes them in

the statement because the issues were originally intended for

general circulation.

The USCC statement provides a description of the various issues of paper money. It also gives an estimated average

of currency and coin held by each individual, using estimates

of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the

“Treasury Bulletin.” The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

FRBs and the Federal Reserve Board.

58

TABLE USCC-1.—Amounts Outstanding and in Circulation, Dec. 31, 1998

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1 notes longer issued

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

Amounts outstanding. ................ $637,957,253,783 $612,211,815,785 $611,687,666,742 $269,204,716 $254,944,327

Less amounts held by:

The Treasury. .................... 44,938,662 12,361,057 12,159,214 20,739 181,104

FRBs ........................... 120,350,570,987 120,030,346,820 120,030,345,949 - 871

Amounts in circulation................ $517,561,744,134 $492,169,107,908 $491,645,161,579 $269,183,977 $254,762,352

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. .................. $25,745,437,998 $2,024,703,898 $23,720,734,100

Less amounts held by:

The Treasury........................ 32,577,605 37,070 32,540,535

FRBs ............................. 320,224,167 33,818,174 286,405,993

Amounts in circulation .................. $25,392,636,226 $1,990,848,654 $23,401,787,572

See footnotes following table USCC-2.
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59

1 Issued on or after July 1, 1929. 2 Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars.4 Represents value of certain partial denominations not presented for redemption. 5 Based on Bureau of the Census estimates of population.

$1 ............................. $6,972,249,830 $6,825,351,303 $143,481 $146,755,046

$2 ............................. 1,163,493,76 1,031,015,026 132,466,166 12,576

$5. ............................. 8,046,146,860 7,904,471,060 110,243,810 31,431,990

$10 ............................ 14,260,318,480 14,237,895,570 5,950 22,416,960

$20 ............................ 90,864,690,120 90,844,582,720 3,380 20,104,020

$50 ............................ 50,453,374,450 50,441,875,800 - 11,498,650

$100. ........................... 320,092,615,300 320,044,300,600 26,321,100 21,993,600

$500 ........................... 143,916,500 143,728,500 - 188,000

$1,000. ......................... 167,107,000 166,901,000 - 206,000

$5,000 .......................... 1,755,000 1,700,000 - 55,000

$10,000. ........................ 3,440,000 3,340,000 - 100,000

Fractional parts. . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

..................... 115 - 90 25

Total currency. .................. $492,169,107,908 $491,645,161,579 $269,183,977 $254,762,352

Dec. 31, 1998..................................... $517,562 $1,904.79

Nov. 30, 1998..................................... 507,194 1,870.27

Sept. 30, 1998 .................................... 494,201 1,825.26

Sept. 30, 1995 .................................... 409,272 1,553.15

Sept. 30, 1990 .................................... 278,903 1,105.14

Sept. 30, 1985 .................................... 187,337 782.45

Sept. 30, 1980 .................................... 129,916 581.48

June 30, 1975 .................................... 81,196 380.08

June 30, 1970 .................................... 54,351 265.39

June 30, 1965 .................................... 39,719 204.14

June 30, 1960 .................................... 32,064 177.47

June 30, 1955 .................................... 30,229 182.90

TABLE USCC-2.—Amounts Outstanding and in Circulation, Dec. 31, 1998

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1 notes issued

by denomination (1) (2) (3) (4)

Comparative totals of

currency and coins Amount Per

in circulation (in millions) capita 5

selected dates (1) (2)
63

TABLE IFS-1.—U.S. Reserve Assets

[In millions of dollars. Source: Treasury International Capital Reporting System]

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1 stock 2 rights 1, 3 currencies 4 Fund 1,5,6

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

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 - Jan.............. 70,003 11,046 9,998 30,920 18,039

Feb.............. 70,632 11,050 10,217 31,230 18,135

Mar.............. 69,353 11,049 10,108 30,220 17,976

Apr. ............. 70,328 11,048 10,188 30,874 18,218

May. . . . . . . . . . . . . 70,723 11,049 10,296 30,421 18,957

June ............ 71,161 11,047 10,001 31,168 18,945

July ............. 72,261 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.............. 80,675 11,046 10,465 35,035 24,129

1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also

are valued on this basis beginning July 1974.

2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against

all gold held.

3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs.

4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions.

5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could

purchase additional amounts related to the U.S. quota.

6 Includes SDR $361 million loan to the IMF under the General Arrangements to Borrow in July

1998, and an SDR $619 million loan to the IMF under the New Arrangements to Borrow in December 1998.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners and its international financial position. All monetary figures are in dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock,special drawing rights held in the Special Drawing Account in the International Monetary Fund

(IMF), holdings of convertible foreign currencies and reserve

position in the IMF.

• Table IFS-2 contains statistics on liabilities to foreign

official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

the Treasury issues to official institutions and other residents

of foreign countries.
64 INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities to foreign countries

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2,6 organizations 7

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

1993 ........... 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 8 .......... 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Series break ..... 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 ........... 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 - Dec. r ..... 2,452,968 749,295 283,685 428,004 5,994 31,612 932,335 757,193 172,405 584,788 14,145

1998 - Jan. r ..... 2,443,169 752,415 286,576 426,815 6,033 32,991 911,056 765,481 174,795 590,686 14,217

Feb. r ..... 2,470,239 752,203 284,146 428,057 6,069 33,931 916,209 782,800 183,479 599,321 19,027

Mar. r ..... 2,420,755 762,725 288,106 434,190 6,110 34,319 861,491 775,968 188,428 587,540 20,571

Apr. r ..... 2,440,910 758,907 283,372 435,352 6,149 34,034 874,412 788,051 196,121 591,930 19,540

May r . . . . . 2,451,944 756,537 280,309 436,250 6,189 33,789 881,109 795,310 182,934 612,376 18,988

June r ..... 2,469,960 752,927 278,559 432,764 6,229 35,375 895,387 803,951 186,279 617,672 17,695

July....... 2,483,745 748,417 273,464 433,233 6,269 35,451 910,948 806,421 193,725 612,696 17,959

Aug. ...... 2,504,654 734,115 274,518 416,313 6,311 36,973 939,186 812,520 198,699 613,821 18,833

Sept....... 2,514,047 708,730 259,697 406,009 6,351 36,673 968,851 817,781 198,917 618,864 18,685

Oct........ 2,532,501 720,395 263,420 415,010 5,997 35,968 991,297 803,867 196,859 607,008 16,942

Nov. p ..... 2,532,379 728,051 258,967 426,853 6,035 36,196 978,022 809,067 188,346 620,721 17,239

Dec. p..... 2,542,938 733,446 257,099 432,127 6,074 38,146 977,198 815,329 190,456 624,873 16,965

1 Includes Bank for International Settlements.

2 Derived by applying reported transactions to benchmark data.

3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990,

30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3.

4 Includes debt securities of U.S. Government corporations, federally sponsored agencies,

and private corporations.

5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.”

6 Includes marketable U.S. Government bonds and notes held by foreign banks.

7 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’

holdings of selected U.S. long-term securities. Figures on the first line are comparable to those

for earlier dates; figures on the second line are based in part on a benchmark survey as of

end-year 1994 and are comparable to those shown for following dates.

Note.—Table is based on Treasury data and on data reported to the Treasury by banks,

other depository institutions and brokers in the United States. Data correspond generally to

statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and

nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations.
INTERNATIONAL FINANCIAL STATISTICS 65

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1993 ....................... 5,652 5,652 818 3,949 885

1994 ....................... 6,109 6,109 879 4,271 959

1995 ....................... 6,492 6,492 945 4,515 1,032

1996 ....................... 5,968 5,968 1,015 3,835 1,118

1997 - Dec. .................. 5,994 5,994 1,091 3,692 1,211

1998 - Jan. .................. 6,033 6,033 1,097 3,717 1,219

Feb. .................. 6,069 6,069 1,103 3,740 1,226

Mar. .................. 6,110 6,110 1,110 3,765 1,235

Apr. .................. 6,149 6,149 1,117 3,789 1,243

May . . . . . . . . . . . . . . . . . . 6,189 6,189 1,124 3,814 1,251

June.................. 6,229 6,229 1,130 3,839 1,260

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

1 Beginning April 1993, includes current value (principal and accrued interest) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue is

$6,685 million.

2 Includes the current value of the following zero-coupon, Treasury bond issues to the government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of

$1,058 million that was retired in full in April 1997; and beginning March 1990, 30 year maturity issue with remaining face value of $20,412 million.

3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million.
66

INTRODUCTION: Capital Movements

Treasury collects information about the transference of financial assets and other portfolio capital movements between

the United States and foreigners and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district FRBs. Beginning in late 1998, the Federal Reserve

Board also performs services on behalf of the Treasury in support of this data collection system.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System

and in consultation with representatives of banks, securities

firms and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the

International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district

FRBs.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite “Other Europe.”

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the

branches, agencies, subsidiaries and other affiliates in the

United States of foreign banking and nonbanking firms. Those

with liabilities, claims or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on

all types of international capital transactions are published by

the Department of Commerce (Commerce) in its regular reports on the U.S. balance of payments.

• Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and

December.

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions and brokers), and other nonbanking enterprises in the United States. Information does not include accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Commerce on its direct investment forms. Data
CAPITAL MOVEMENTS 67

SECTION I.—Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.—Total Liabilities by Type of Holder

[In millions of dollars. Source: Treasury International Capital Reporting System]

1 Includes Bank for International Settlements.

2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

exclude claims on foreigners held through banks in the United

States.

• Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, brokers and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners and transactions executed

abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly issued

securities as well as transactions in and redemptions of outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners or

the original issuers of the securities. This is because the path of

a security is not tracked prior to its being purchased from, or

after it is sold to, a foreigner in a reportable transaction. That is,

before it enters and after it departs the reporting system, ownership of a security may be transferred between foreigners of

different countries. Such transfers may occur any number of

times and are concealed among the net figures for U.S. transactions opposite individual countries. Hence, the geographical

breakdown shows only the country of domicile of the foreign

buyers and sellers of securities in a particular round of transactions.

NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross

foreign liabilities and claims reported by banks in the United

States are available on the Treasury International Capital

(TIC) reporting system web site: http://www.ustreas.gov/tic.

These data may be downloaded as separate time series for each

country or geographical area regularly shown in the capital

movements tables. Also available on this web site is a table on

“Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes

for current and recent periods. All data series on the TIC web

site are updated on the last business day of each month.

End of calendar

year or month

Foreign countries Memoranda

Official institutions 1 Banks and other foreigners International and regional 2

Total liabilities to all

foreigners reported by IBFs

Total liabilities Total Payable

in dollars

Payable in

foreign currencies 3 Total Payable

in dollars

Payable in

foreign currencies 3 Total Payable

in dollars

Payable in

foreign currencies 3 Payable

in dollars

Payable in

foreign currencies 3

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

1993 ............... 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 ............... 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 ............... 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 ............... 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 - Dec. r ......... 1,401,311 283,685 283,685 - 1,104,740 988,412 116,328 12,886 11,690 1,196 407,336 86,232

1998 - Jan. r ......... 1,384,863 286,576 286,576 - 1,085,851 969,523 116,328 12,436 11,240 1,196 386,605 86,232

Feb. r ......... 1,401,214 284,146 284,146 - 1,099,688 983,360 116,328 17,380 16,184 1,196 390,828 86,232

Mar. r ......... 1,355,753 288,106 288,106 - 1,049,919 951,764 98,155 17,728 15,245 2,483 373,613 73,383

Apr. r ......... 1,371,293 283,372 283,372 - 1,070,533 972,378 98,155 17,388 14,905 2,483 372,290 73,383

May r . . . . . . . . . 1,361,037 280,309 280,309 - 1,064,043 965,888 98,155 16,685 14,202 2,483 373,937 73,383

June r......... 1,375,921 278,559 278,559 - 1,081,666 995,370 86,296 15,696 14,103 1,593 362,764 58,365

July r ......... 1,394,044 273,464 273,464 - 1,104,673 1,018,377 86,296 15,907 14,314 1,593 385,557 58,365

Aug. .......... 1,429,184 274,518 274,518 - 1,137,885 1,051,589 86,296 16,781 15,188 1,593 399,799 58,365

Sept........... 1,444,107 259,697 259,697 - 1,167,768 1,075,380 92,388 16,642 15,215 1,427 395,144 61,057

Oct. .......... 1,465,813 263,420 263,420 - 1,188,156 1,095,768 92,388 14,237 12,810 1,427 387,984 61,057

Nov. p......... 1,439,969 258,967 258,967 - 1,166,368 1,073,980 92,388 14,634 13,207 1,427 378,752 61,057

Dec. p......... 1,437,990 257,099 257,099 - 1,167,654 1,075,266 92,388 13,237 11,810 1,427 371,931 61,057
68 CAPITAL MOVEMENTS

PART B.—Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Treasury International Capital Reporting System]

1 Includes Bank for International Settlements.

2 Time deposits exclude negotiable time certificates of deposit, which are included in “Other

liabilities.”

Note.—Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development

Bank.

TABLE CM-I-2.—Total Liabilities by Type, Payable in Dollars

Part A.—Foreign Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

End of calendar

year or month

Total foreign

countries

Official institutions 1 Banks Other foreigners

Deposits

U.S.

Treasury

bills and

certificatesOther liabilities 2

Deposits

U.S.

Treasury

bills and

certificatesOther liabilities 2

To own

foreign

offices

Deposits

U.S.

Treasury

bills and

certificatesOther liabilities 2 Demand Time 2 Demand Time 2 Demand Time 2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

End of calendar

year or month Total Demand deposits Time deposits 2 U.S. Treasury bills and certificates Other liabilities 2

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

1993 ............. 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 ............. 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 ............. 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 ............. 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 - Dec. r ....... 1,272,097 2,314 41,396 148,301 91,674 17,527 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 - Jan. r ....... 1,256,099 1,682 38,702 145,609 100,583 15,974 79,051 27,607 207,216 464,880 11,885 64,834 11,580 86,496

Feb. r ....... 1,267,506 1,910 37,242 144,324 100,670 16,084 75,255 30,620 200,718 477,204 11,623 65,466 11,471 94,919

Mar. r ....... 1,239,870 2,051 40,241 153,335 92,479 18,350 70,060 28,499 206,595 439,832 12,089 66,829 9,490 100,020

Apr. r ....... 1,255,750 2,532 38,841 138,418 103,581 17,152 72,703 26,650 220,352 439,400 12,058 67,739 8,844 107,480

May r . . . . . . . 1,246,197 2,052 36,074 137,652 104,531 16,111 74,168 26,920 222,229 443,526 12,809 68,038 8,942 93,145

June ........ 1,273,929 2,582 36,044 134,324 105,609 20,772 75,231 25,337 209,351 478,400 12,666 68,627 9,226 95,760

July r ....... 1,291,841 3,560 36,333 131,089 102,482 15,097 78,252 22,929 222,922 485,452 12,252 67,117 9,907 104,449

Aug. ........ 1,326,107 3,456 35,578 130,398 105,086 16,063 74,201 20,696 220,884 521,046 13,460 67,525 10,651 107,063

Sept......... 1,335,077 3,607 28,076 128,146 99,868 15,799 71,259 21,563 223,759 544,083 13,733 69,075 10,454 105,655

Oct. ........ 1,359,188 3,325 26,148 128,598 105,349 15,802 56,193 27,556 232,104 567,254 12,847 70,905 12,101 101,006

Nov. p....... 1,332,947 2,744 25,659 133,702 96,862 15,119 51,352 35,213 228,525 555,425 14,007 66,933 13,432 93,974

Dec. p....... 1,332,365 2,786 28,677 134,152 91,484 14,105 46,273 35,466 225,203 563,763 12,312 70,616 13,139 94,389

1993 ........................... 10,936 15 2,780 4,275 3,866

1994 ........................... 8,606 29 3,298 281 4,998

1995 ........................... 11,039 21 4,656 350 6,012

1996 ........................... 13,972 29 5,784 352 7,807

1997 - Dec....................... 11,690 16 5,466 69 6,139

1998 - Jan. ...................... 11,240 125 5,023 85 6,007

Feb. ...................... 16,184 29 5,316 149 10,690

Mar. r..................... 15,245 98 5,957 247 8,943

Apr. r ..................... 14,905 340 6,646 344 7,575

May r . . . . . . . . . . . . . . . . . . . . . 14,202 227 7,029 359 6,587

June...................... 14,103 226 6,784 338 6,755

July ...................... 14,314 19 6,354 349 7,592

Aug....................... 15,188 59 6,252 490 8,387

Sept. ..................... 15,215 408 5,763 435 8,609

Oct. ...................... 12,810 97 5,418 509 6,786

Nov. p .................... 13,207 234 5,802 570 6,601

Dec. p .................... 11,810 72 5,878 636 5,224
CAPITAL MOVEMENTS 69

TABLE CM-I-3.—Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Calendar year 1998

Country 1995 1996 1997 r Aug. r Sept. Oct. Nov. Dec. p

Europe:

Austria ...................... 4,269 5,688 3,388 3,391 3,473 3,135 3,160 3,517

Belgium-Luxembourg........... 31,298 31,085 46,246 38,232 36,817 42,794 44,897 45,702

Bulgaria . . . . . . . . . . . . . . . . . . . . . 752 418 729 834 866 789 806 779

Czech Republic ............... 1,667 653 1,324 639 325 300 312 324

Denmark .................... 3,517 2,905 1,903 2,393 2,077 2,312 2,174 1,929

Finland ...................... 3,035 2,031 2,869 1,979 1,667 1,679 2,192 2,348

France ...................... 49,220 42,540 52,148 53,530 59,907 56,850 57,671 54,132

Germany .................... 31,065 31,778 30,589 34,815 32,650 28,863 29,445 28,196

Greece ...................... 2,039 1,845 1,558 2,946 2,549 2,906 2,449 2,071

Hungary ..................... 2,055 1,142 1,064 968 689 728 725 911

Ireland ...................... 2,615 2,021 4,376 8,423 8,397 7,166 8,146 8,499

Italy ........................ 16,045 15,690 15,498 13,214 11,885 9,826 9,080 9,806

Netherlands .................. 14,993 12,258 8,359 10,033 9,564 8,749 10,796 12,258

Norway...................... 1,424 1,464 341 1,732 732 1,193 841 754

Poland ...................... 5,690 5,546 5,112 6,864 5,886 5,744 6,032 6,136

Portugal ..................... 2,916 3,664 3,736 4,025 3,997 4,082 4,105 4,940

Romania. . . . . . . . . . . . . . . . . . . . . 246 275 734 899 642 680 415 311

Russia 1 ...................... 7,948 7,625 7,979 2,725 3,085 3,735 2,698 2,442

Spain ....................... 11,960 20,526 19,878 15,477 21,869 27,953 28,401 17,159

Sweden ..................... 3,376 2,168 2,834 2,258 3,425 3,397 3,997 3,167

Switzerland .................. 46,210 47,402 46,065 42,641 51,123 50,062 52,897 53,384

Turkey ...................... 4,311 6,813 4,068 4,498 4,354 4,195 3,932 4,376

United Kingdom ............... 161,112 182,035 212,790 243,269 225,938 223,559 216,122 202,563

Yugoslavia 2 . . . . . . . . . . . . . . . . . . 177 295 239 242 253 362 271 258

Other Europe ................. 14,255 13,331 14,394 13,288 11,693 13,567 11,279 14,294

Total Europe ................ 422,195 441,198 488,221 509,315 503,863 504,626 502,843 480,256

Canada ....................... 32,002 41,438 33,185 31,862 34,090 36,667 34,638 35,601

Latin America and Caribbean:

Argentina .................... 12,356 13,971 20,279 21,697 18,437 17,759 18,945 19,065

Bahamas .................... 96,525 90,244 114,319 116,622 126,801 131,445 118,150 120,602

Bermuda .................... 4,956 5,813 7,138 7,475 8,202 7,529 7,523 7,123

Brazil ....................... 24,317 27,749 31,407 28,576 18,842 17,697 13,759 16,179

British West Indies ............. 249,273 259,860 283,470 301,260 307,563 318,924 307,126 310,877

Chile........................ 2,891 3,050 4,126 4,866 5,794 5,667 4,847 5,077

Colombia .................... 3,747 3,279 3,668 4,118 4,492 4,905 4,141 4,632

Cuba . . . . . . . . . . . . . . . . . . . . . . . 8 21 66 62 62 57 63 62

Ecuador ..................... 1,323 1,779 2,084 1,615 1,545 1,684 1,515 1,577

Guatemala ................... 1,289 1,287 1,497 1,239 1,244 1,235 1,207 1,334

Jamaica . . . . . . . . . . . . . . . . . . . . . 498 652 475 575 570 607 553 568

Mexico ...................... 24,611 32,396 35,295 39,313 37,104 39,481 38,143 38,566

Netherlands Antilles ............ 5,185 6,388 5,446 8,539 8,902 6,569 6,323 5,333

Panama ..................... 4,412 4,198 4,269 3,683 3,833 3,800 3,781 3,867

Peru . . . . . . . . . . . . . . . . . . . . . . . . 987 847 901 908 849 805 820 846

Trinidad and Tobago . . . . . . . . . . . 456 601 597 520 491 492 423 450

Uruguay ..................... 1,869 1,907 2,403 2,113 2,317 2,264 2,240 2,486

Venezuela ................... 12,117 17,566 21,771 20,432 19,312 19,794 19,763 20,019

Other Latin America

and Caribbean .............. 7,241 8,176 9,067 9,288 9,365 9,346 10,152 10,086

Total Latin America

and Caribbean ............. 454,061 479,784 548,278 572,901 575,725 590,060 559,474 568,749
70 CAPITAL MOVEMENTS

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya and Nigeria.

TABLE CM-I-3.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 1998

Country 1995 1996 1997 r Aug. r Sept. Oct. Nov. Dec. p

Asia:

China:

Mainland ................... 33,765 30,438 18,252 18,506 18,523 15,814 13,784 13,040

Taiwan..................... 11,743 16,018 11,859 11,323 12,110 12,832 12,391 12,738

Hong Kong................... 22,588 19,443 19,216 19,877 17,635 17,516 17,747 21,828

India ........................ 3,378 3,932 4,574 6,440 5,146 5,339 5,091 5,260

Indonesia .................... 2,743 2,307 3,616 5,676 5,504 5,705 6,281 8,322

Israel ....................... 4,064 6,062 6,282 5,298 5,987 4,784 8,109 7,752

Japan ....................... 139,056 138,148 172,352 142,305 158,886 172,459 180,430 184,281

Korea ....................... 5,797 6,009 13,107 12,541 12,971 12,505 12,396 12,454

Lebanon. . . . . . . . . . . . . . . . . . . . . 631 1,180 1,102 1,628 1,208 1,108 1,293 1,191

Malaysia..................... 2,415 2,048 1,737 1,919 2,089 2,384 1,964 2,380

Pakistan ..................... 1,703 996 1,335 1,306 1,263 1,334 1,510 850

Philippines ................... 3,100 3,383 3,255 3,157 2,995 2,822 3,132 3,607

Singapore.................... 11,564 10,794 18,412 23,163 21,596 21,932 20,201 23,397

Syria. . . . . . . . . . . . . . . . . . . . . . . . 858 53 35 40 42 43 38 40

Thailand ..................... 12,291 10,921 6,505 7,872 6,667 7,137 6,791 7,363

Oil-exporting countries 3 ......... 16,057 16,784 15,490 15,097 17,909 16,000 17,652 16,405

Other Asia ................... 2,413 2,804 3,873 4,466 4,459 3,972 4,019 3,970

Total Asia .................. 274,166 271,320 301,002 280,614 294,990 303,686 312,829 324,878

Africa:

Egypt ....................... 2,137 2,013 1,667 1,461 1,617 1,289 1,499 1,340

Ghana . . . . . . . . . . . . . . . . . . . . . . 229 251 302 183 196 207 206 214

Liberia . . . . . . . . . . . . . . . . . . . . . . 368 351 257 315 377 311 310 269

Morocco . . . . . . . . . . . . . . . . . . . . . 104 112 138 80 92 82 79 101

South Africa . . . . . . . . . . . . . . . . . . 810 517 2,163 2,429 2,660 2,360 1,661 1,519

Zaire. . . . . . . . . . . . . . . . . . . . . . . . 10 10 10 35 6 7 12 5

Oil-exporting countries 4 ......... 1,837 2,630 3,143 3,769 3,812 3,376 3,102 3,173

Other Africa .................. 2,271 2,306 2,766 2,390 2,439 2,218 2,121 2,387

Total Africa ................. 7,766 8,190 10,446 10,662 11,199 9,850 8,990 9,008

Other countries:

Australia..................... 5,732 6,511 6,377 5,983 6,561 5,506 5,314 5,103

All other ..................... 1,163 1,478 916 1,066 1,037 1,181 1,247 1,158

Total other countries .......... 6,895 7,989 7,293 7,049 7,598 6,687 6,561 6,261

Total foreign countries ....... 1,197,085 1,249,919 1,388,425 1,412,403 1,427,465 1,451,576 1,425,335 1,424,753

International and regional orgs.:

International .................. 10,179 13,459 11,592 14,349 13,979 11,716 12,495 11,195

European regional . . . . . . . . . . . . . 119 60 111 319 413 539 513 617

Latin American regional ......... 1,152 1,643 493 790 940 1,145 735 931

Asian regional . . . . . . . . . . . . . . . . 194 157 562 1,187 1,161 734 827 457

African regional . . . . . . . . . . . . . . . 496 281 123 136 149 103 64 37

Middle Eastern regional ......... 37 36 5 - - - - -

Total international

and regional ............... 12,177 15,636 12,886 16,781 16,642 14,237 14,634 13,237

Grand total ................ 1,209,262 1,265,555 1,401,311 1,429,184 1,444,107 1,465,813 1,439,969 1,437,990
CAPITAL MOVEMENTS 71

See footnotes at end of table.

TABLE CM-I-4.—Total Liabilities by Type and Country, Dec. 31, 1998, Preliminary

[Position in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Total liabilities

Liabilities payable in dollars

Totals

To foreign official institutions and unaf- filiated foreign banks

Liabilities

to banks

own foreign

offices

To all other foreigners

Memorandum

Total Payablein dollars

Payable

in foreign

currencies1

Deposits

Shortterm U.S.

Treasury

obligations 3 Other

liabilities

Deposits

Short-term

U.S. Treasury obliga- tions3 Other

liabilities

Negotiable CDs

held for

all foreigners

Banks

own

liabilities Custodyliabilities Demand Time 2 Demand Time2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Europe:

Austria ............... 3,517 3,181 336 1,673 1,508 152 543 767 1,484 32 12 164 8 19 13

BelgiumLuxembourg ......... 45,702 42,819 2,883 14,748 28,071 614 2,677 11,616 14,648 7,692 119 293 489 4,671 514

Bulgaria . . . . . . . . . . . . . . 779 779 - 151 628 8 37 625 87 8 - 11 - 3 -

Czech Republic . . . . . . . . 324 319 5 268 51 39 14 50 107 39 1 69---

Denmark ............. 1,929 1,430 499 1,224 206 56 182 57 1,049 27 9 13 3 34 -

Finland............... 2,348 1,862 486 635 1,227 9 2 860 315 286 6 17 1 366 20

France ............... 54,132 44,630 9,502 20,853 23,777 374 2,396 18,668 6,518 13,241 331 314 46 2,742 1,044

Germany ............. 28,196 21,357 6,839 12,099 9,258 604 2,792 2,135 6,011 3,596 237 744 118 5,120 3,590

Greece............... 2,071 2,066 5 989 1,077 55 136 1,010 402 45 56 293 5 64 37

Hungary . . . . . . . . . . . . . . 911 908 3 163 745 28 - 158 712 3 2 5---

Ireland ............... 8,499 8,307 192 2,856 5,451 155 269 600 2,981 654 107 190 289 3,062 438

Italy ................. 9,806 7,104 2,702 6,238 866 543 843 513 2,680 1,732 139 444 49 161 70

Netherlands ........... 12,258 10,760 1,498 7,601 3,159 273 2,271 504 2,096 3,383 164 256 283 1,530 507

Norway . . . . . . . . . . . . . . 754 710 44 512 198 43 22 58 243 210 27 23 27 57 101

Poland ............... 6,136 5,809 327 1,609 4,200 38 11 2,931 2,405 413 3 6 2 - -

Portugal .............. 4,940 3,235 1,705 1,548 1,687 92 212 1,540 385 737 18 105 5 141 3

Romania . . . . . . . . . . . . . 311 309 2 84 225 12 1 65 216 2 2 11---

Russia 4 .............. 2,442 2,442 - 1,623 819 203 22 600 1,445 68 19 71598

Spain ................ 17,159 15,775 1,384 4,707 11,068 317 502 2,503 8,980 1,022 124 812 67 1,448 1,518

Sweden .............. 3,167 3,027 140 778 2,249 148 52 1,636 228 135 16 65 73 674 265

Switzerland ........... 53,384 50,654 2,730 29,166 21,488 759 850 10,693 11,535 23,675 181 539 1,469 953 4,193

Turkey ............... 4,376 4,286 90 1,955 2,331 98 195 2,280 836 420 15 435 1 6 38

United Kingdom........ 202,563 181,540 21,023 162,639 18,901 757 15,507 3,093 23,084 114,713 2,191 1,593 1,063 19,539 6,143

Yugoslavia 5 . . . . . . . . . . . 258 258 - 257 1 7 11 - 170 - 1 11 - 58 1

Other Europe .......... 14,294 13,413 881 9,432 3,981 232 3,550 663 8,578 139 22 150 34 45 714

Total Europe ......... 480,256 426,980 53,276 283,808 143,172 5,616 33,097 63,625 97,195 172,272 3,802 6,634 4,037 40,702 19,217

Canada................ 35,601 30,212 5,389 20,549 9,663 333 2,179 2,043 5,431 9,957 827 1,826 314 7,302 175

Latin America

and Caribbean:

Argentina ............. 19,065 19,012 53 16,342 2,670 175 8,190 1,485 2,615 314 587 4,833 342 471 470

Bahamas ............. 120,602 118,050 2,552 91,730 26,320 73 1,604 317 23,797 86,486 82 1,757 523 3,411 748

Bermuda ............. 7,123 6,841 282 2,663 4,178 18 305 425 2,340 7 26 259 226 3,235 42

Brazil ................ 16,179 15,790 389 12,837 2,953 430 4,081 651 5,140 600 529 3,620 321 418 208

British West Indies...... 310,877 302,011 8,866 175,770 126,241 126 3,466 105 106,380 152,997 445 7,475 4,514 26,503 958

Chile ................ 5,077 5,008 69 4,361 647 214 842 209 672 310 193 2,144 148 276 83

Colombia ............. 4,632 4,615 17 4,475 140 51 276 - 596 385 265 2,890 9 143 83

Cuba . . . . . . . . . . . . . . . . 62 62 - 62 - 1 - - 7 - - 44 - 10 -

Ecuador .............. 1,577 1,572 5 1,242 330 99 41 - 414 54 154 766 14 30 15

Guatemala ............ 1,334 1,331 3 1,226 105 82 113 - 168 64 105 750 5 44 53

Jamaica . . . . . . . . . . . . . . 568 539 29 518 21 24 164 3 128 26 20 167161

Mexico ............... 38,566 37,143 1,423 21,529 15,614 185 3,386 10,242 8,042 1,966 1,155 10,547 367 1,253 424

Netherlands Antilles..... 5,333 5,019 314 4,175 844 423 233 10 220 292 42 706 587 2,506 99

Panama .............. 3,867 3,860 7 3,446 414 118 389 8 449 669 152 1,640 136 299 57

Peru . . . . . . . . . . . . . . . . . 846 840 6 801 39 32 35 - 29 33 73 586 14 38 18

Trinidad and Tobago . . . . 450 442 8 427 15 41 60 - 134 35 18 142 - 12 5

Uruguay .............. 2,486 2,445 41 2,281 164 115 155 1 453 766 60 728 27 140 49

Venezuela ............ 20,019 19,887 132 15,343 4,544 248 1,860 2,630 3,662 181 1,193 9,465 76 572 337

Other Latin America

and Caribbean ....... 10,086 10,059 27 8,904 1,155 386 2,306 470 1,537 362 595 3,577 40 786 195

Total Latin America

and Caribbean ...... 568,749 554,526 14,223 368,132 186,394 2,841 27,506 16,556 156,783 245,547 5,694 52,096 7,350 40,153 3,845
72 CAPITAL MOVEMENTS

1 These data as of Sept. 30, 1998. 2 Excludes negotiable time certificates of deposit, which are included in “Other liabilities.” 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,773 million.

4 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.—Total Liabilities by Type and Country, Dec. 31, 1998, Preliminary, con.

[Position in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Total liabilities

Liabilities payable in dollars

Totals

To foreign official institutions and unaf- filiated foreign banks

Liabilities

to banks

own foreign

offices

To all other foreigners

Memorandum

Total Payablein dollars

Payable

in foreign

currencies1

Deposits

Shortterm U.S.

Treasury

obligations3 Other

liabilities

Deposits

Short-term

U.S. Treasury obliga- tions3 Other

liabilities

Negotiable CDs

held for

all foreigners

Banks

own

liabilities Custodyliabilities Demand Time2 Demand Time2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Asia:

China:

Mainland ......... 13,040 13,040 - 3,798 9,242 317 1,316 3,150 7,196 488 48 353 47 125 47

Taiwan .......... 12,738 12,708 30 9,675 3,033 274 2,001 2,638 4,641 733 208 1,944 54 215 169

Hong Kong ........ 21,828 20,820 1,008 11,045 9,775 482 833 152 9,097 4,761 300 2,861 566 1,768 31

India.............. 5,260 5,258 2 2,898 2,360 213 66 1,885 715 1,892 40 240 1 206 24

Indonesia.......... 8,322 8,288 34 2,401 5,887 223 15 5,847 1,119 590 56 351 1 86 2

Israel ............. 7,752 7,749 3 3,050 4,699 156 98 4,408 924 1,203 46 775 62 77 19

Japan............. 184,281 168,162 16,119 107,041 61,121 1,151 833 56,251 9,082 97,109 455 836 397 2,048 2,448

Korea............. 12,454 12,454 - 5,614 6,840 283 575 835 7,167 3,179 25 171 23 196 8

Lebanon .......... 1,191 1,191 - 1,117 74 41 549 - 500 9 9 63 7 13 1

Malaysia .......... 2,380 2,339 41 1,823 516 156 106 437 1,087 234 14 303 1 1 1

Pakistan. . . . . . . . . . . 850 842 8 743 99 40 63 63 264 341 18 49 - 4 2

Philippines ......... 3,607 3,324 283 2,624 700 399 190 200 1,440 409 69 505 43 69 14

Singapore ......... 23,397 22,967 430 21,625 1,342 1,129 2,814 1,137 1,209 16,040 144 346 94 54 14

Syria . . . . . . . . . . . . . 40 40 - 37 3 5 2 - 5 - 4 21 2 1 1

Thailand........... 7,363 7,360 3 1,569 5,791 249 60 5,763 240 903 28 110 - 7 2

Other Asia ......... 20,375 19,091 1,284 15,105 3,986 605 1,757 2,880 5,744 7,071 134 458 45 397 115

Total Asia ........ 324,878 305,633 19,245 190,165 115,468 5,723 11,278 85,646 50,430 134,962 1,598 9,386 1,343 5,267 2,898

Africa:

Egypt ............. 1,340 1,339 1 1,003 336 99 205 297 532 141 11 46 1 7 9

Ghana . . . . . . . . . . . . 214 214 - 211 3 30 13 - 138 18 6 5 - 4 -

Liberia . . . . . . . . . . . . 269 266 3 152 114 - - - 2 - 16 127 50 71 10

Morocco. . . . . . . . . . . 101 97 4 94 3 17 1 - 60 7 2 9 - 1 -

South Africa........ 1,519 1,517 2 1,009 508 187 8 500 633 38 17 77 2 55 2

Zaire ............. 5 5 - 4 1 1 - - 1 1 11- - -

Other Africa ........ 5,560 5,469 91 4,741 728 1,537 574 664 1,749 391 208 179 1 166 9

Total Africa ....... 9,008 8,907 101 7,214 1,693 1,871 801 1,461 3,115 596 261 444 54 304 30

Other countries:

Australia .......... 5,103 4,969 134 2,721 2,248 420 85 261 3,079 298 76 79 21 650 803

All other .......... 1,158 1,138 20 1,088 50 87 4 26 654 131 54 151 20 11 1

Total other

countries ....... 6,261 6,107 154 3,809 2,298 507 89 287 3,733 429 130 230 41 661 804

Total foreign

countries ...... 1,424,753 1,332,365 92,388 873,677 458,688 16,891 74,950 169,618 316,687 563,763 12,312 70,616 13,139 94,389 26,969

International

and regional orgs.:

International........ 11,195 9,998 1,197 9,810 188 17 5,461 188 4,332 - - - - - -

European regional . . . 617 524 93 126 398 46 1 398 79 - - - - - -

Latin American

regional. . . . . . . . . . 931 794 137 777 17 7 405 - 382 - - - - - -

Asian regional . . . . . . 457 457 - 77 380 1 1 50 405 - - - - - -

African regional . . . . . 37 37 - 37 - 1 10 - 26 - - - - - -

Middle Eastern

regional.......... - - - - - - - - - - - - - - -

Total international

and regional ..... 13,237 11,810 1,427 10,827 983 72 5,878 636 5,224 - - - - - -

Grand total ...... 1,437,990 1,344,175 93,815 884,504 459,671 16,963 80,828 170,254 321,911 563,763 12,312 70,616 13,139 94,389 26,969
CAPITAL MOVEMENTS 73

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers and Dealers

with Respect to Selected Countries

(In billions of dollars)

500

400

300

200

100

0

1994 1995 1996 1997 1998

United Kingdom

Japan

All other Europe

All other Asia

Caribbean banking centers

All other countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country 1994 1995 1996 1997 1998

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama.

United Kingdom. .......................... 187,081 161,112 182,035 212,790 202,563

All other Europe. .......................... 253,586 261,083 259,163 275,431 277,693

Caribbean banking centers1 ................. 361,659 360,351 366,503 414,642 447,802

Japan. .................................. 87,304 139,056 138,148 172,352 184,281

All other Asia ............................. 92,999 135,110 133,172 128,650 140,597

Subtotal................................ 982,629 1,056,712 1,079,021 1,203,865 1,252,936

All other countries.......................... 121,625 152,550 186,534 197,446 185,054

Grand total ............................. 1,104,254 1,209,262 1,265,555 1,401,311 1,437,990
74 CAPITAL MOVEMENTS

SECTION II.—Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.—Total Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 1997 1998

Type of claim 1996 Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Total claims ........................ 820,915 881,395 909,221 926,619 944,081 932,532 956,476 1,002,744

Payable in dollars .................. 743,919 798,476 813,665 825,371 852,852 842,397 880,836 926,478

Banks own claims on foreigners ..... 599,925 636,504 651,408 655,378 708,225 687,584 727,960 768,427

Foreign public borrowers .......... 22,216 28,748 29,319 28,793 20,581 28,187 27,780 26,377

Unaffiliated foreign banks:

Deposits...................... 33,826 39,273 37,646 31,178 30,995 25,589 22,843 30,426

Other ........................ 79,856 79,175 81,888 73,556 78,235 82,137 84,989 78,546

Own foreign offices ................ 341,574 360,341 379,426 374,452 431,685 402,409 435,201 486,452

All other foreigners ................ 122,453 128,967 123,129 147,399 146,729 149,262 157,147 146,626

Claims of banks

domestic customers .............. 143,994 161,972 162,257 169,993 144,627 154,813 152,876 158,051

Deposits ....................... 77,657 95,147 94,591 100,460 73,110 85,406 86,008 89,602

Negotiable and readily

transferable instruments ......... 51,207 49,518 50,301 51,514 53,967 51,594 52,171 53,512

Collections and other ............. 15,130 17,307 17,365 18,019 17,550 17,813 14,697 14,937

Payable in foreign currencies ......... 76,996 82,919 95,556 101,248 91,229 90,135 75,640 76,266

Banks own claims on foreigners ..... 66,018 72,731 85,305 91,158 83,038 82,209 68,286 67,813

Claims of banks

domestic customers .............. 10,978 10,188 10,251 10,090 8,191 7,926 7,354 8,453

Memoranda:

Claims reported by IBFs ............. 261,076 273,983 276,129 276,489 303,117 278,402 271,389 263,825

Payable in dollars ................. 219,600 229,939 232,344 229,620 256,646 232,418 239,741 233,337

Payable in foreign currencies ........ 41,476 44,044 43,785 46,869 46,471 45,984 31,648 30,488

Customer liability on acceptances ...... 10,388 11,212 11,452 10,881 9,624 7,495 6,599 6,068

Claims with remaining

maturity of 1 year or less:

On foreign public borrowers........... 15,411 19,935 17,990 20,133 12,081 16,965 16,997 14,613

On all other unaffiliated foreigners...... 196,448 203,851 192,849 197,772 193,700 197,814 194,350 193,779

Claims with remaining

maturity of more than 1 year:

On foreign public borrowers........... 6,790 8,813 11,314 8,660 8,499 11,265 10,647 10,875

On all other unaffiliated foreigners...... 39,457 43,558 49,801 54,362 62,270 59,526 70,753 61,818
CAPITAL MOVEMENTS 75

TABLE CM-II-2.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Calendar year 1997 1998

Country 1996 Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria ...................... 3,611 5,081 5,558 4,659 4,731 4,728 4,606 4,110

Belgium-Luxembourg........... 11,264 12,920 13,268 14,404 10,850 10,474 12,013 12,411

Bulgaria ..................... 663211241

Czech Republic . . . . . . . . . . . . . . . 172 621 192 263 867 247 255 262

Denmark .................... 3,125 2,574 3,808 3,433 2,713 3,110 3,886 3,581

Finland ...................... 1,143 1,797 1,617 2,163 1,477 2,066 1,498 1,259

France ...................... 29,148 39,307 30,172 32,612 28,903 34,189 29,397 32,804

Germany .................... 21,535 25,654 30,705 30,367 31,030 38,925 40,109 42,440

Greece . . . . . . . . . . . . . . . . . . . . . . 948 1,142 1,189 856 696 927 650 757

Hungary . . . . . . . . . . . . . . . . . . . . . 61 95 53 62 87 60 37 60

Ireland ...................... 1,824 2,461 2,150 2,695 3,168 5,021 4,077 4,070

Italy ........................ 9,868 10,429 12,578 11,476 10,108 12,555 13,118 11,717

Netherlands .................. 10,600 13,939 17,716 18,651 13,883 13,793 14,242 12,371

Norway...................... 1,020 1,865 1,203 2,233 826 1,500 1,928 995

Poland ...................... 1,142 2,561 883 2,030 1,438 1,981 1,805 1,242

Portugal . . . . . . . . . . . . . . . . . . . . . 553 645 727 1,214 929 745 1,099 1,191

Romania. . . . . . . . . . . . . . . . . . . . . 175 164 167 237 145 146 52 60

Russia 1 ...................... 2,725 3,530 3,680 3,922 1,319 1,192 1,077 983

Spain ....................... 4,503 8,311 8,011 7,082 6,513 8,996 10,020 13,309

Sweden ..................... 6,738 8,842 8,366 8,276 8,123 9,213 10,642 10,978

Switzerland .................. 26,692 30,241 31,116 37,402 39,351 39,422 41,823 63,915

Turkey ...................... 3,053 3,199 2,974 3,683 4,381 3,841 4,549 3,739

United Kingdom ............... 129,301 147,623 142,428 141,063 151,645 141,477 161,313 157,744

Yugoslavia 2 . . . . . . . . . . . . . . . . . . 115 87 75 78 52 61 53 53

Other Europe ................. 4,378 4,336 4,389 5,747 5,400 4,816 6,719 6,206

Total Europe ................ 273,760 327,427 323,027 334,609 328,636 339,487 364,972 386,258

Canada ....................... 43,948 59,399 60,870 48,180 51,071 52,254 50,591 63,338

Latin America and Caribbean:

Argentina .................... 7,779 7,321 7,982 8,087 9,800 9,633 9,232 9,587

Bahamas .................... 74,332 70,187 70,214 71,267 94,458 85,026 83,288 92,027

Bermuda .................... 5,172 7,105 8,390 9,919 9,355 9,822 10,139 11,373

Brazil ....................... 21,714 19,818 21,569 21,518 23,825 27,513 26,484 20,661

British West Indies ............. 135,411 135,247 158,780 179,534 171,475 182,934 210,547 212,505

Chile........................ 5,356 6,123 5,941 6,596 8,284 8,413 8,748 8,531

Colombia .................... 7,345 6,383 6,580 6,793 7,147 6,969 7,193 6,849

Cuba ....................... --------

Ecuador ..................... 1,056 1,174 1,159 1,241 1,332 1,499 1,450 1,487

Guatemala . . . . . . . . . . . . . . . . . . . 632 660 691 808 930 944 968 1,189

Jamaica . . . . . . . . . . . . . . . . . . . . . 352 838 343 380 430 372 326 310

Mexico ...................... 22,042 22,428 22,758 22,213 21,771 22,999 22,929 22,824

Netherlands Antilles ............ 25,774 19,031 14,518 20,552 18,071 17,790 14,378 10,384

Panama ..................... 2,886 3,322 3,469 3,793 4,636 4,317 4,429 4,398

Peru ........................ 2,764 2,535 2,620 3,085 3,520 3,643 4,110 3,847

Trinidad and Tobago . . . . . . . . . . . 531 608 687 824 854 498 519 584

Uruguay . . . . . . . . . . . . . . . . . . . . . 654 786 754 781 670 958 988 988

Venezuela ................... 2,358 2,227 2,428 2,361 2,715 2,685 2,716 2,868

Other Latin America

and Caribbean............... 2,745 2,942 3,135 2,663 3,380 3,264 3,846 4,164

Total Latin America

and Caribbean ............. 318,903 308,735 332,018 362,415 382,653 389,279 412,290 414,576
76 CAPI 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 1,638 2,280 3,059 1,775 2,971 2,077 1,408

Taiwan.................... . 2,068 1,844 2,022 1,374 1,062 893 986 1,127

Hong Kong.................. . 16,261 17,902 20,849 19,014 17,851 15,547 16,827 13,210

India ....................... . 2,140 2,433 2,532 2,336 2,507 2,169 2,166 2,045

Indonesia ................... . 2,213 2,549 3,014 3,248 3,119 2,722 2,218 2,214

Israel ...................... . 4,935 4,886 4,757 5,022 4,753 4,761 4,529 4,503

Japan ...................... . 92,172 89,821 91,083 83,167 86,759 71,286 51,893 60,009

Korea ...................... . 19,425 20,444 21,409 20,517 18,775 11,801 11,223 9,957

Lebanon .................... . 50 54 49 52 62 60 37 56

Malaysia.................... . 1,162 1,307 1,481 1,099 899 985 1,080 1,178

Pakistan .................... . 941 1,120 1,529 1,682 708 754 994 1,235

Philippines .................. . 1,848 1,726 2,272 1,723 1,877 1,912 1,579 1,318

Singapore................... . 9,061 10,538 9,774 12,588 11,309 8,771 7,447 7,038

Syria....................... . 1 2 - 74 3 3 3 1

Thailand .................... . 2,964 3,704 3,688 2,781 2,523 2,264 1,972 2,204

Oil-exporting countries

3

........ . 11,375 10,892 9,824 8,485 11,502 9,544 9,084 13,346

Other Asia .................. . 368 460 487 341 576 251 327 303

Total Asia ................. . 168,585 171,320 177,050 166,562 166,060 136,694 114,442 121,152

Af rica:

Egypt ...................... . 265 272 359 284 281 314 309 328

Ghana ..................... . 24 18 22 47 25 31 27 29

Liberia ..................... . 574 534 446 579 521 536 568 636

Morocco .................... . 777 700 839 747 709 699 460 424

South Africa ................. . 744 600 723 834 960 719 813 806

Zaire....................... . 26 1 - - - - - 1

Oil-exporting countries

4

........ . 476 641 1,177 1,155 1,271 1,398 313 788

Other Africa ................. . 587 624 518 467 436 485 275 334

Total Africa ................ . 3,473 3,390 4,084 4,113 4,203 4,182 2,765 3,346

Other coun tries:

Australia .................... . 7,799 6,758 8,012 7,345 7,555 7,007 7,820 8,204

All other .................... . 1,821 2,831 2,225 1,349 1,414 675 671 543

Total other 

countries................. . 9,620 9,589 10,237 8,694 8,969 7,682 8,491 8,747

Total foreign 

countries ............... . 818,289 879,860 907,286 924,573 941,592 929,578 953,551 997,417

In ter na tional and re gional orgs.:

International ................. . 2,416 1,351 1,768 1,875 2,233 2,741 2,787 5,117

European regional ............ . 1 10 - 2 - 4 3 9

Latin American regional ........ . 209 174 167 169 255 203 121 78

Asian regional ............... . - - - - - - 5 114

African regional .............. . - - - - - - - -

Middle Eastern regional ........ .

- - - - 1 6 9 9

Total international 

and regional .............. . 2,626 1,535 1,935 2,046 2,489 2,954 2,925 5,327

Grand total ............... . 820,915 881,395 909,221 926,619 944,081 932,532 956,476 1,002,744

Cal en dar year 1997 1998 

Coun try 1996 Mar. r June r Sept. r Dec. r Mar. r June Sept. p
CAPITAL MOVEMENTS 77

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 1998

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Reporting banks own claims

On foreign

public borrowers and

unaffiliated

foreigners

On own foreign offices

Payable in

foreign

currencies

Memorandum Claims of banks domestic customers

Country Total claims

Total banks

own claims

Customers

liability on

acceptances Total Payable indollars

Payable in

foreign

currencies

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

Europe:

Austria ................ 4,110 2,068 1,779 70 219 1 2,042 2,006 36

Belgium-Luxembourg..... 12,411 9,806 7,336 864 1,606 - 2,605 2,319 286

Bulgaria ............... 1 1 1 ------

Czech Republic . . . . . . . . . 262 254 157 71 26 1 8 - 8

Denmark............... 3,581 1,269 698 361 210 - 2,312 2,303 9

Finland ................ 1,259 1,178 181 892 105 - 81 59 22

France ................ 32,804 21,258 9,668 7,409 4,181 27 11,546 11,275 271

Germany .............. 42,440 23,551 4,854 10,521 8,176 2 18,889 18,262 627

Greece . . . . . . . . . . . . . . . . 757 534 334 39 161 - 223 222 1

Hungary . . . . . . . . . . . . . . . 60 50 30 4 16 - 10 - 10

Ireland ................ 4,070 3,659 2,346 596 717 - 411 374 37

Italy................... 11,717 10,515 3,467 3,043 4,005 1 1,202 936 266

Netherlands ............ 12,371 6,184 3,323 1,480 1,381 23 6,187 6,102 85

Norway. . . . . . . . . . . . . . . . 995 671 639 1 31 - 324 294 30

Poland ................ 1,242 1,217 1,166 49 2 1 25 2 23

Portugal ............... 1,191 1,129 575 400 154 - 62 51 11

Romania. . . . . . . . . . . . . . . 60 59 59 - - - 1 1 -

Russia 1

. . . . . . . . . . . . . . . . 983 941 777 143 21 5 42 37 5

Spain ................. 13,309 10,159 6,234 1,746 2,179 2 3,150 3,002 148

Sweden ............... 10,978 4,532 1,525 2,794 213 - 6,446 6,368 78

Switzerland............. 63,915 57,086 2,602 53,196 1,288 44 6,829 6,573 256

Turkey ................ 3,739 1,989 1,779 121 89 118 1,750 1,485 265

United Kingdom ......... 157,744 117,042 31,986 65,450 19,606 91 40,702 38,119 2,583

Yugoslavia 2 . . . . . . . . . . . . 53 53 53 ------

Other Europe ........... 6,206 4,273 3,608 540 125 5 1,933 1,841 92

Total Europe .......... 386,258 279,478 85,177 149,790 44,511 321 106,780 101,631 5,149

Canada ................. 63,338 43,963 11,934 29,231 2,798 - 19,375 18,046 1,329

Latin America

and Caribbean:

Argentina .............. 9,587 9,141 7,821 956 364 49 446 373 73

Bahamas .............. 92,027 90,072 12,792 74,075 3,205 73 1,955 1,952 3

Bermuda............... 11,373 11,273 10,508 102 663 13 100 100 -

Brazil ................. 20,661 19,498 16,409 2,664 425 725 1,163 957 206

British West Indies ....... 212,505 192,570 34,604 148,153 9,813 239 19,935 19,863 72

Chile.................. 8,531 8,468 8,107 238 123 3 63 55 8

Colombia .............. 6,849 6,828 6,660 153 15 31 21 21 -

Cuba.................. - - - ------

Ecuador ............... 1,487 1,472 1,353 105 14 49 15 15 -

Guatemala ............. 1,189 1,180 1,021 145 14 24 9 9 -

Jamaica . . . . . . . . . . . . . . . 310 305 303 2 - - 5 5 -

Mexico ................ 22,824 21,312 20,300 377 635 491 1,512 898 614

Netherlands Antilles ...... 10,384 10,362 5,889 4,405 68 - 22 21 1

Panama ............... 4,398 4,349 2,457 1,769 123 85 49 49 -

Peru .................. 3,847 3,836 3,366 463 7 21 11 9 2

Trinidad and Tobago . . . . . 584 581 513 644133 -

Uruguay . . . . . . . . . . . . . . . 988 977 641 314 22 5 11 11 -

Venezuela ............. 2,868 2,820 2,501 137 182 24 48 46 2

Other Latin America

and Caribbean......... 4,164 3,922 3,648 222 52 68 242 241 1

Total Latin America

and Caribbean ....... 414,576 388,966 138,893 234,344 15,729 1,901 25,610 24,628 982
78 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 1998, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

Reporting banks own claims

On foreign

public borrowers and

unaffiliated

foreigners

On own foreign offices

Payable in

foreign

currencies

Memorandum Claims of banks domestic customers

Country Total claims

Total banks

own claims

Customers

liability on

acceptances Total Payable indollars

Payable in

foreign

currencies

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

Asia:

China:

Mainland ............. 1,408 1,381 1,195 185 1 67 27 27 -

Taiwan .............. 1,127 1,039 665 366 8 4 88 39 49

Hong Kong............. 13,210 11,443 4,319 6,229 895 94 1,767 1,714 53

India .................. 2,045 1,841 1,659 164 18 432 204 140 64

Indonesia .............. 2,214 2,193 2,043 65 85 10 21 11 10

Israel ................. 4,503 942 557 384 1 2 3,561 3,546 15

Japan ................. 60,009 54,760 6,506 45,707 2,547 310 5,249 4,738 511

Korea ................. 9,957 9,872 7,445 2,378 49 2,255 85 58 27

Lebanon. . . . . . . . . . . . . . . 56 56 50 6 - 11---

Malaysia............... 1,178 1,132 910 160 62 4 46 14 32

Pakistan ............... 1,235 1,210 479 725 6 12 25 5 20

Philippines ............. 1,318 1,287 1,110 170 7 187 31 28 3

Singapore ............. 7,038 6,336 2,266 3,859 211 27 702 693 9

Syria.................. 1 - - - - -11 -

Thailand ............... 2,204 2,146 375 1,754 17 121 58 52 6

Other Asia ............. 13,649 13,493 4,870 8,013 610 108 156 156 -

Total Asia ............ 121,152 109,131 34,449 70,165 4,517 3,644 12,021 11,222 799

Africa:

Egypt . . . . . . . . . . . . . . . . . 328 281 230 42 9 63 47 9 38

Ghana . . . . . . . . . . . . . . . . 29 28 28 - - -11 -

Liberia . . . . . . . . . . . . . . . . 636 539 522 - 17 - 97 97 -

Morocco . . . . . . . . . . . . . . . 424 401 388 2 11 - 23 19 4

South Africa . . . . . . . . . . . . 806 746 686 8 52 99 60 15 45

Zaire.................. 1 - - - - -11 -

Other Africa ............ 1,122 1,107 1,077 29 1 6 15 8 7

Total Africa ........... 3,346 3,102 2,931 81 90 168 244 150 94

Other countries:

Australia............... 8,204 5,915 2,998 2,785 132 30 2,289 2,198 91

All other ............... 543 359 271 56 32 3 184 175 9

Total other

countries............ 8,747 6,274 3,269 2,841 164 33 2,473 2,373 100

Total foreign

countries .......... 997,417 830,914 276,653 486,452 67,809 6,067 166,503 158,050 8,453

International

and regional orgs:

International ............ 5,117 5,116 5,113 -3111 -

European regional ....... 9 9 8 - 1----

Latin American regional . . . 78 78 78------

Asian regional . . . . . . . . . . 114 114 114------

African regional ......... ---------

Middle Eastern regional . . . 9 9 9 - - - - - -

Total international

and regional ......... 5,327 5,326 5,322 - 4 1 1 1 -

Grand total .......... 1,002,744 836,240 281,975 486,452 67,813 6,068 166,504 158,051 8,453
CAPITAL MOVEMENTS 79

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country 1994 1995 1996 1997 Sept. 1998

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama.

United Kingdom .......................... 96,820 103,375 129,301 151,645 157,744

All other Europe. ......................... 107,991 125,939 144,459 176,991 228,514

Caribbean banking centers1

................. 208,408 229,526 243,575 297,995 330,687

Japan. ................................. 93,647 98,745 92,172 86,759 60,009

All other Asia. ............................ 58,836 66,976 76,413 79,301 61,143

Subtotal ............................... 565,702 624,561 685,920 792,691 838,097

All other countries. ........................ 107,701 110,811 134,995 151,390 164,647

Grand total............................. 673,403 735,372 820,915 944,081 1,002,744

400

300

200

100

0

1994 1995 1996 1997 Sept. 1998

United Kingdom

Japan

All other Europe

All other Asia

Caribbean banking centers

All other countries
80 CAPITAL MOVEMENTS

SECTION III.—Supplementary Liabilities and Claims Data

Reported by Banks in the United States

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

* Less than $500,000.

Note.—Data represent a partial breakdown of the amounts shown for the corresponding

dates for the “Other” geographical categories in the regular monthly series in the “Treasury Bulletin.”

Total liabilities Total banks own claims

Calendar year 1998 Calendar year 1998

Country 1996 1997 June 1996 1997 June

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 155 321 54 58 n.a.

Iceland .............................. n.a. 83 n.a. n.a. n.a. 16

Monaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607 471 344 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 177 175 7 18 23

Barbados ............................ 1,033 1,079 1,457 65 119 354

Belize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 195 97 52 14 16

Bolivia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779 833 886 371 426 530

Costa Rica . . . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,341 1,298 233 361 448

Dominica . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 10 31 37 n.a. n.a.

Dominican Republic.................... 1,130 1,303 1,234 454 518 614

El Salvador........................... 1,159 1,170 1,252 621 845 733

French West Indies and French Guiana . . . . 27 33 30 n.a. n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 360 383 30 29 29

Honduras . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 1,019 1,157 230 335 306

Nicaragua. . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 118 135 14 47 42

Paraguay . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681 698 719 182 183 203

Suriname . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 121 142 n.a. 51 43

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . . . . . . . . . . 45 56 n.a. n.a. n.a. n.a.

Burma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 10 5 n.a. - n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 290 229 80 95 87

Macau .............................. n.a. 114 n.a. n.a. - -

Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 257 292 94 52 49

Yemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 128 158 n.a. 7 n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 282 242 15 n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 20 28 n.a. n.a. 18

Ethiopia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 183 n.a. n.a. 2 n.a.

Guinea .............................. 7 n.a. 57 n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . . . . . . . . . . 50 59 74 19 n.a. 8

Kenya. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 179 206 45 24 23

Madagascar .......................... n.a. n.a. 21 n.a. - -

Mauritius . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 55 r 96 9 n.a. n.a.

Mozambique . . . . . . . . . . . . . . . . . . . . . . . . . 91 129 90 n.a. n.a. n.a.

Niger ............................... 6 5 4 - n.a. n.a.

Rwanda ............................. n.a. n.a. n.a. n.a. n.a. 1

Senegal ............................. n.a. 23 15 n.a. n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 17 18---

Sudan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 33 19 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 379 177399

Tunisia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 n.a. 142 144 129 155

Uganda ............................. n.a. 196 177 9 5 n.a.

Zambia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 41 49 * 5 n.a.

Zimbabwe . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 159 156 15 2 2

All other:

New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . 796 400 658 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . . . . . . . . . . 88 n.a. n.a. n.a. 1 n.a.
CAPITAL MOVEMENTS 81

SECTION IV.—Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.—Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 1997 1998

Type of liability or claim 1994 1995 1996 r Sept. Dec. r Mar. r June Sept. p

Total liabilities ....................... 54,309 46,448 61,782 55,891 60,037 58,040 51,370 49,215

Payable in dollars .................. 38,298 33,903 39,542 39,746 41,956 42,258 39,963 38,346

Financial ........................ 18,818 12,903 11,913 11,487 13,043 13,568 11,988 9,812

Commercial:

Trade payables ................. 8,860 9,996 11,683 9,944 9,599 9,074 8,573 9,118

Advance receipts and other ........ 10,620 11,004 15,946 18,315 19,314 19,616 19,402 19,416

Payable in foreign currencies ......... 16,011 12,545 22,240 16,145 18,081 15,782 11,407 10,869

Financial ........................ 14,136 11,338 21,136 14,974 16,489 14,482 10,334 9,519

Commercial:

Trade payables ................. 1,145 1,017 1,037 941 1,305 1,033 964 1,158

Advance receipts and other . . . . . . . . 730 190 67 230 287 267 109 192

Total claims ........................ 57,888 52,509 65,897 70,506 68,128 71,004 63,265 68,039

Payable in dollars .................. 53,805 48,711 59,156 64,144 62,173 65,359 57,664 62,097

Financial:

Deposits ....................... 18,026 14,654 20,852 22,392 21,060 19,155 13,084 13,374

Other ......................... 14,306 10,976 12,374 14,795 11,806 16,981 14,918 19,867

Commercial:

Trade receivables................ 19,316 20,993 23,495 23,730 26,157 25,638 25,702 24,647

Advance payments and other....... 2,157 2,088 2,435 3,227 3,150 3,585 3,960 4,209

Payable in foreign currencies ......... 4,083 3,798 6,741 6,362 5,955 5,645 5,601 5,942

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . . . 481 479 772 1,559 1,849 1,708 1,678 2,032

Other ......................... 1,084 1,289 3,525 3,059 2,244 2,457 2,675 1,989

Commercial:

Trade receivables................ 1,842 2,005 2,256 1,380 1,379 1,250 1,125 1,746

Advance payments and other. . . . . . . 676 25 188 364 483 230 123 175
82 CAPITAL MOVEMENTS

TABLE CM-IV-2.—Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Calendar year 1997 1998

Country 1993 1994 1995 1996 r Sept. Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 58 70 44 67 160 112 126 128 101

Belgium-Luxembourg. . . . . . . . . . . 414 736 700 1,111 792 852 692 632 773

Bulgaria ..................... 3 5 1265635

Czech Republic . . . . . . . . . . . . . . . 8 6 26 22 96 38 40 31 36

Denmark . . . . . . . . . . . . . . . . . . . . 49 277 138 93 138 170 116 86 65

Finland . . . . . . . . . . . . . . . . . . . . . . 362 236 179 161 171 281 177 258 101

France ...................... 3,194 2,455 1,480 1,771 2,116 2,448 2,635 2,311 2,197

Germany .................... 1,659 2,565 2,741 2,836 2,675 3,292 3,646 3,660 3,575

Greece . . . . . . . . . . . . . . . . . . . . . . 252 196 89 72 40 89 157 92 162

Hungary . . . . . . . . . . . . . . . . . . . . . 3 6 9 12 12 13 17 27 6

Ireland . . . . . . . . . . . . . . . . . . . . . . 485 449 414 449 884 1,133 1,215 1,211 1,212

Italy . . . . . . . . . . . . . . . . . . . . . . . . 485 359 374 911 878 923 1,011 1,125 1,081

Netherlands .................. 1,222 1,274 966 1,322 959 933 915 969 857

Norway. . . . . . . . . . . . . . . . . . . . . . 359 176 209 424 264 271 285 337 262

Poland . . . . . . . . . . . . . . . . . . . . . . 15 17 7 30 46 7 14 9 11

Portugal . . . . . . . . . . . . . . . . . . . . . 24 35 35 33 36 36 29 30 32

Romania. . . . . . . . . . . . . . . . . . . . . 6 8 3 9 113 165 203 220 255

Russia 1 . . . . . . . . . . . . . . . . . . . . . . 60 84 177 105 99 115 184 179 178

Spain . . . . . . . . . . . . . . . . . . . . . . . 164 127 171 222 310 334 389 509 550

Sweden . . . . . . . . . . . . . . . . . . . . . 286 242 233 204 238 244 190 240 218

Switzerland .................. 1,009 1,015 1,308 1,323 1,045 1,151 752 538 686

Turkey . . . . . . . . . . . . . . . . . . . . . . 104 109 118 129 158 285 182 155 196

United Kingdom ............... 15,335 17,987 13,706 21,464 15,994 16,823 17,186 12,508 10,896

Yugoslavia 2 . . . . . . . . . . . . . . . . . . 9 12 6 9 7 6 5 8 223

Other Europe ................. 36 30 188 165 125 159 86 126 174

Total Europe ................ 25,601 28,476 23,322 32,946 27,362 29,885 30,258 25,392 23,852

Canada ....................... 1,738 1,666 1,672 2,491 1,801 3,567 2,392 1,745 1,893

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 36 88 136 272 201 219 206 201 161

Bahamas . . . . . . . . . . . . . . . . . . . . 137 120 60 299 48 157 44 20 49

Bermuda . . . . . . . . . . . . . . . . . . . . 350 425 352 347 244 432 260 258 241

Brazil . . . . . . . . . . . . . . . . . . . . . . . 232 368 155 274 285 363 340 322 410

British West Indies ............. 1,387 1,021 922 1,044 692 616 522 872 839

Chile. . . . . . . . . . . . . . . . . . . . . . . . 89 44 76 160 117 150 167 195 151

Colombia . . . . . . . . . . . . . . . . . . . . 34 19 63 123 101 120 182 160 85

Cuba ....................... - - 1 5 2 -313

Ecuador . . . . . . . . . . . . . . . . . . . . . 18 33 26 27 26 22 19 22 18

Guatemala . . . . . . . . . . . . . . . . . . . 6 8 4 12 23 30 28 7 11

Jamaica . . . . . . . . . . . . . . . . . . . . . 6 14 18 16 17 18 13 4 11

Mexico . . . . . . . . . . . . . . . . . . . . . . 498 574 428 682 638 591 541 608 534

Netherlands Antilles . . . . . . . . . . . . 633 645 635 53 17 23 11 17 15

Panama . . . . . . . . . . . . . . . . . . . . . 8 50 23 12 18 16 13 8 9

Peru . . . . . . . . . . . . . . . . . . . . . . . . 13 30 21 44 23 30 33 25 23

Trinidad and Tobago . . . . . . . . . . . 18 25 13 144 72 75 69 41 41

Uruguay . . . . . . . . . . . . . . . . . . . . . 1 1 3 6 22 20 12 15 10

Venezuela . . . . . . . . . . . . . . . . . . . 128 281 223 329 323 262 220 197 231

Other Latin America

and Caribbean............... 218 145 364 393 422 418 333 632 349

Total Latin America

and Caribbean ............. 3,812 3,891 3,523 4,242 3,291 3,562 3,016 3,605 3,191
CAPITAL MOVEMENTS 83

TABLE CM-IV-2.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all

other republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya and Nigeria.

Calendar year 1997 1998

Country 1993 1994 1995 1996 r Sept. Dec. r Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . . 723 597 579 990 1,280 1,250 1,196 1,175 945

Taiwan. . . . . . . . . . . . . . . . . . . . . 579 853 451 697 1,051 936 892 746 938

Hong Kong. . . . . . . . . . . . . . . . . . . 785 805 646 610 712 760 861 520 557

India . . . . . . . . . . . . . . . . . . . . . . . . 91 59 196 181 202 170 302 169 276

Indonesia . . . . . . . . . . . . . . . . . . . . 363 296 350 314 239 213 139 205 138

Israel . . . . . . . . . . . . . . . . . . . . . . . 229 141 99 205 207 185 174 194 221

Japan ....................... 9,201 11,869 8,751 10,483 10,278 9,585 9,139 7,864 7,533

Korea ....................... 1,701 1,736 1,433 1,558 1,138 1,150 1,018 1,024 1,001

Lebanon. . . . . . . . . . . . . . . . . . . . . 22 14 61 72 23 29 84 17 28

Malaysia. . . . . . . . . . . . . . . . . . . . . 475 178 297 586 764 766 444 321 201

Pakistan . . . . . . . . . . . . . . . . . . . . . 26 27 80 77 49 60 59 52 40

Philippines . . . . . . . . . . . . . . . . . . . 57 50 60 110 223 222 271 260 249

Singapore. . . . . . . . . . . . . . . . . . . . 733 622 819 908 1,014 1,252 1,422 1,671 1,219

Syria. . . . . . . . . . . . . . . . . . . . . . . . 11 24 50 61 6 23 10 9 68

Thailand . . . . . . . . . . . . . . . . . . . . . 259 194 392 473 479 405 345 376 362

Oil-exporting countries 3 ......... 1,557 1,611 1,939 2,193 3,007 3,143 3,161 3,194 3,582

Other Asia ................... 79 68 206 327 195 211 179 129 185

Total Asia .................. 16,891 19,144 16,409 19,845 20,867 20,360 19,696 17,926 17,543

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . . 111 48 157 198 74 90 54 27 55

Ghana . . . . . . . . . . . . . . . . . . . . . . 1 - 16 29 47 28 14 33 6

Liberia ...................... 1 - - -112 -3

Morocco . . . . . . . . . . . . . . . . . . . . . 41 29 24 21 46 49 56 65 49

South Africa . . . . . . . . . . . . . . . . . . 55 32 42 154 221 255 220 231 190

Zaire........................ 1 1 - - 1 - - 5 -

Oil-exporting countries 4 . . . . . . . . . 290 379 376 532 504 408 376 354 372

Other Africa .................. 86 74 154 144 68 103 144 235 166

Total Africa ................. 586 563 769 1,078 962 934 866 950 841

Other countries:

Australia. . . . . . . . . . . . . . . . . . . . . 517 372 461 945 857 911 869 744 807

All other ..................... 148 153 230 125 639 810 932 997 836

Total other

countries.................. 665 525 691 1,070 1,496 1,721 1,801 1,741 1,643

Total foreign

countries ................ 49,293 54,265 46,386 61,672 55,779 60,029 58,029 51,359 48,963

International

and regional orgs.:

International . . . . . . . . . . . . . . . . . . - - 2 55 55 - - -7

European regional . . . . . . . . . . . . . 18 44 60 55 46 8 11 11 222

Latin American regional ......... - - - - - - - -4

Asian regional ................ - - - - 10 - - - 9

African regional ............... - - - - 1 - - - 10

Middle Eastern regional ......... - - - - - - - - -

Total international

and regional ............... 18 44 62 110 112 8 11 11 252

Grand total ................ 49,311 54,309 46,448 61,782 55,891 60,037 58,040 51,370 49,215
84 CAPITAL MOVEMENTS

TABLE CM-IV-3.—Total Liabilities by Type and Country, Sept. 30, 1998, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Financial liabilities

Country Total liabilities Total Payable in dollars Payable in foreign currencies

Commercial

liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 101 4 1 3 97

Belgium-Luxembourg. . . . . . . . . . . 773 150 58 92 623

Bulgaria ..................... 5 - - -5

Czech Republic ............... 36 - - - 36

Denmark . . . . . . . . . . . . . . . . . . . . 65 4 - 4 61

Finland . . . . . . . . . . . . . . . . . . . . . . 101 24 24 - 77

France ...................... 2,197 1,457 1,117 340 740

Germany .................... 3,575 2,167 1,839 328 1,408

Greece . . . . . . . . . . . . . . . . . . . . . . 162 2 2 - 160

Hungary ..................... 6 3 3 - 3

Ireland ...................... 1,212 972 370 602 240

Italy ........................ 1,081 444 85 359 637

Netherlands . . . . . . . . . . . . . . . . . . 857 417 381 36 440

Norway. . . . . . . . . . . . . . . . . . . . . . 262 3 3 - 259

Poland ...................... 11 - - - 11

Portugal . . . . . . . . . . . . . . . . . . . . . 32 23 21 2 9

Romania. . . . . . . . . . . . . . . . . . . . . 255 - - - 255

Russia 1 . . . . . . . . . . . . . . . . . . . . . 178 10 10 - 168

Spain . . . . . . . . . . . . . . . . . . . . . . . 550 167 43 124 383

Sweden . . . . . . . . . . . . . . . . . . . . . 218 22 1 21 196

Switzerland . . . . . . . . . . . . . . . . . . 686 179 76 103 507

Turkey . . . . . . . . . . . . . . . . . . . . . . 196 20 19 1 176

United Kingdom ............... 10,896 6,610 2,444 4,166 4,286

Yugoslavia 2

. . . . . . . . . . . . . . . . . . 223 222 192 30 1

Other Europe ................. 174 5 5 - 169

Total Europe ................ 23,852 12,905 6,694 6,211 10,947

Canada ....................... 1,893 389 137 252 1,504

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 161 77 14 63 84

Bahamas . . . . . . . . . . . . . . . . . . . . 49 1 - 1 48

Bermuda . . . . . . . . . . . . . . . . . . . . 241 73 73 - 168

Brazil . . . . . . . . . . . . . . . . . . . . . . . 410 154 21 133 256

British West Indies . . . . . . . . . . . . . 839 834 803 31 5

Chile. . . . . . . . . . . . . . . . . . . . . . . . 151 18 18 - 133

Colombia . . . . . . . . . . . . . . . . . . . . 85 1 1 - 84

Cuba ....................... 3 - - -3

Ecuador ..................... 18 4 3 1 14

Guatemala ................... 11 - - - 11

Jamaica . . . . . . . . . . . . . . . . . . . . . 11 1 1 - 10

Mexico . . . . . . . . . . . . . . . . . . . . . . 534 23 16 7 511

Netherlands Antilles ............ 15 - - - 15

Panama ..................... 9 2 2 - 7

Peru . . . . . . . . . . . . . . . . . . . . . . . . 23 4 - 4 19

Trinidad and Tobago . . . . . . . . . . . 41 2 2 - 39

Uruguay ..................... 10 - - - 10

Venezuela . . . . . . . . . . . . . . . . . . . 231 1 - 1 230

Other Latin America

and Caribbean............... 349 156 154 2 193

Total Latin America

and Caribbean ............. 3,191 1,351 1,108 243 1,840
CAPITAL MOVEMENTS 85

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.—Total Liabilities by Type and Country, Sept. 30, 1998, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Financial liabilities

Country Total liabilities Total Payable in dollars Payable in foreign currencies

Commercial

liabilities

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . . 945 61 48 13 884

Taiwan. . . . . . . . . . . . . . . . . . . . . 938 12 1 11 926

Hong Kong. . . . . . . . . . . . . . . . . . . 557 24 12 12 533

India . . . . . . . . . . . . . . . . . . . . . . . . 276 4 2 2 272

Indonesia . . . . . . . . . . . . . . . . . . . . 138 9 6 3 129

Israel . . . . . . . . . . . . . . . . . . . . . . . 221 3 3 - 218

Japan ....................... 7,533 3,754 1,642 2,112 3,779

Korea ....................... 1,001--- 1,001

Lebanon. . . . . . . . . . . . . . . . . . . . . 28 4 4 - 24

Malaysia. . . . . . . . . . . . . . . . . . . . . 201 3 2 1 198

Pakistan ..................... 40 - - - 40

Philippines . . . . . . . . . . . . . . . . . . . 249 - - - 249

Singapore.................... 1,219 122 121 1 1,097

Syria........................ 68 - - - 68

Thailand . . . . . . . . . . . . . . . . . . . . . 362 - - - 362

Other Asia ................... 3,767 9 8 1 3,758

Total Asia .................. 17,543 4,005 1,849 2,156 13,538

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . . 55 2 2 - 53

Ghana ...................... 6 - - -6

Liberia ...................... 3 - - -3

Morocco ..................... 49 - - - 49

South Africa . . . . . . . . . . . . . . . . . . 190 18 - 18 172

Zaire........................ -----

Other Africa .................. 538 11 11 - 527

Total Africa ................. 841 31 13 18 810

Other countries:

Australia. . . . . . . . . . . . . . . . . . . . . 807 47 5 42 760

All other ..................... 836 603 6 597 233

Total other countries .......... 1,643 650 11 639 993

Total foreign countries ....... 48,963 19,331 9,812 9,519 29,632

International and regional orgs.:

International .................. 7 - - -7

European regional . . . . . . . . . . . . . 222 - - - 222

Latin American regional ......... 4 - - -4

Asian regional ................ 9 - - -9

African regional ............... 10 - - - 10

Middle Eastern regional ......... - - - - -

Total international

and regional............... 252 - - - 252

Grand total ................ 49,215 19,331 9,812 9,519 29,884
86 CAPITAL MOVEMENTS

TABLE CM-IV-4.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Calendar year 1997 1998

Country 1993 1994 1995 1996 r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 88 123 114 159 74 126 84 71 92

Belgium-Luxembourg. . . . . . . . . . . 318 299 424 411 691 734 610 734 715

Bulgaria . . . . . . . . . . . . . . . . . . . . . 32 37 29 19 19 32 17 15 14

Czech Republic . . . . . . . . . . . . . . . 48 52 53 34 95 42 56 117 124

Denmark . . . . . . . . . . . . . . . . . . . . 103 81 107 101 105 155 75 107 108

Finland . . . . . . . . . . . . . . . . . . . . . . 171 173 185 173 179 211 180 256 286

France ...................... 2,773 2,681 2,633 2,338 2,754 2,811 2,841 2,765 3,238

Germany .................... 1,544 1,567 1,506 1,613 1,747 2,041 2,063 2,047 1,861

Greece . . . . . . . . . . . . . . . . . . . . . . 149 136 193 148 345 386 547 311 308

Hungary . . . . . . . . . . . . . . . . . . . . . 6 72 50 17 57 62 64 69 65

Ireland . . . . . . . . . . . . . . . . . . . . . . 416 315 290 274 297 277 288 241 231

Italy . . . . . . . . . . . . . . . . . . . . . . . . 883 812 1,029 1,039 1,021 1,466 1,044 1,188 1,238

Netherlands . . . . . . . . . . . . . . . . . . 925 740 969 1,055 1,337 1,274 1,445 1,467 1,330

Norway. . . . . . . . . . . . . . . . . . . . . . 132 242 169 251 319 303 269 336 283

Poland . . . . . . . . . . . . . . . . . . . . . . 116 122 78 108 119 124 113 104 84

Portugal . . . . . . . . . . . . . . . . . . . . . 191 217 64 92 76 78 71 115 103

Romania. . . . . . . . . . . . . . . . . . . . . 5 17 16 14 7 7 13 22 23

Russia 1 . . . . . . . . . . . . . . . . . . . . . 228 254 300 239 157 221 236 223 246

Spain . . . . . . . . . . . . . . . . . . . . . . . 459 484 537 645 665 623 624 591 638

Sweden . . . . . . . . . . . . . . . . . . . . . 460 352 288 372 640 504 521 470 450

Switzerland . . . . . . . . . . . . . . . . . . 962 1,080 1,018 1,116 829 988 877 821 955

Turkey . . . . . . . . . . . . . . . . . . . . . . 246 216 256 222 381 379 525 382 228

United Kingdom ............... 5,962 7,205 6,959 10,868 13,904 13,997 14,117 14,303 14,530

Yugoslavia 2

. . . . . . . . . . . . . . . . . . 55 39 13 6 6 11 10 10 36

Other Europe ................. 132 160 153 214 270 267 351 285 379

Total Europe ................ 16,404 17,476 17,433 21,528 26,094 27,119 27,041 27,050 27,565

Canada ....................... 3,813 5,569 4,802 5,607 6,928 5,973 7,570 5,799 6,381

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 299 347 396 617 719 688 773 863 974

Bahamas .................... 1,347 2,433 1,995 1,588 2,464 2,335 1,329 1,318 2,144

Bermuda . . . . . . . . . . . . . . . . . . . . 307 261 353 415 318 352 304 407 236

Brazil ....................... 1,114 1,132 1,728 2,771 2,602 2,475 2,536 2,577 1,772

British West Indies ............. 12,770 15,311 10,472 15,726 13,055 10,571 13,639 7,459 11,051

Chile. . . . . . . . . . . . . . . . . . . . . . . . 221 229 248 374 303 327 330 315 293

Colombia . . . . . . . . . . . . . . . . . . . . 120 396 413 422 387 424 440 427 328

Cuba ....................... 2115 1----

Ecuador . . . . . . . . . . . . . . . . . . . . . 81 112 123 107 113 101 114 118 107

Guatemala . . . . . . . . . . . . . . . . . . . 32 46 48 98 88 93 107 97 102

Jamaica . . . . . . . . . . . . . . . . . . . . . 27 42 41 40 47 52 55 48 49

Mexico ...................... 1,862 1,966 1,547 1,585 1,727 1,929 2,269 2,551 2,478

Netherlands Antilles . . . . . . . . . . . . 37 65 32 114 110 153 138 28 55

Panama . . . . . . . . . . . . . . . . . . . . . 90 102 156 109 118 145 132 126 153

Peru . . . . . . . . . . . . . . . . . . . . . . . . 148 175 221 201 147 147 148 148 149

Trinidad and Tobago . . . . . . . . . . . 26 27 36 25 32 20 40 24 66

Uruguay . . . . . . . . . . . . . . . . . . . . . 8 25 32 42 44 49 38 36 55

Venezuela . . . . . . . . . . . . . . . . . . . 454 383 317 388 433 612 488 642 616

Other Latin America

and Caribbean............... 553 600 705 681 1,496 820 808 865 903

Total Latin America

and Caribbean ............. 19,498 23,653 18,864 25,308 24,204 21,293 23,688 18,049 21,531
CAPITAL MOVEMENTS 87

TABLE CM-IV-4.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all

other republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya and Nigeria.

Calendar year 1997 1998

Country 1993 1994 1995 1996 r Sept. r Dec. r Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . . 378 526 696 992 1,148 1,076 880 873 839

Taiwan. . . . . . . . . . . . . . . . . . . . . 411 512 532 511 700 814 849 737 709

Hong Kong. . . . . . . . . . . . . . . . . . . 298 442 454 669 561 562 448 404 358

India . . . . . . . . . . . . . . . . . . . . . . . . 147 202 323 402 447 439 460 375 384

Indonesia . . . . . . . . . . . . . . . . . . . . 354 423 367 665 549 704 690 736 449

Israel . . . . . . . . . . . . . . . . . . . . . . . 218 195 267 323 309 347 357 360 358

Japan ....................... 3,167 3,608 2,741 3,038 3,047 2,799 2,504 2,643 2,717

Korea . . . . . . . . . . . . . . . . . . . . . . . 549 650 933 822 725 988 916 866 900

Lebanon. . . . . . . . . . . . . . . . . . . . . 65 58 48 41 34 37 48 27 25

Malaysia. . . . . . . . . . . . . . . . . . . . . 477 457 496 560 568 547 472 414 456

Pakistan . . . . . . . . . . . . . . . . . . . . . 32 40 42 99 32 44 40 34 49

Philippines . . . . . . . . . . . . . . . . . . . 111 151 123 245 171 144 144 161 118

Singapore. . . . . . . . . . . . . . . . . . . . 390 427 573 781 787 779 647 588 487

Syria. . . . . . . . . . . . . . . . . . . . . . . . 5 6 12 7 15 11 3 7 105

Thailand . . . . . . . . . . . . . . . . . . . . . 174 183 199 288 334 280 200 227 222

Oil-exporting countries 3 . . . . . . . . 707 849 977 993 1,002 1,118 996 1,139 980

Other Asia ................... 188 124 108 161 162 157 158 152 155

Total Asia .................. 7,671 8,853 8,891 10,597 10,591 10,846 9,812 9,743 9,311

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . . 137 261 160 155 152 286 307 126 165

Ghana . . . . . . . . . . . . . . . . . . . . . . 7 7 16 15 439697

Liberia . . . . . . . . . . . . . . . . . . . . . . 19 9 13 29 9 8 7 11 8

Morocco . . . . . . . . . . . . . . . . . . . . . 45 53 57 27 24 28 21 23 26

South Africa . . . . . . . . . . . . . . . . . . 108 142 321 277 271 322 253 310 315

Zaire. . . . . . . . . . . . . . . . . . . . . . . . 18 30 11 1353216

Oil-exporting countries 4 . . . . . . . . 73 67 92 180 223 134 138 131 144

Other Africa .................. 185 258 260 224 211 209 204 201 226

Total Africa ................. 592 827 930 920 938 999 938 812 897

Other countries:

Australia. . . . . . . . . . . . . . . . . . . . . 945 1,218 1,310 1,536 1,384 1,485 1,497 1,409 1,437

All other ..................... 208 269 270 265 286 390 458 376 255

Total other

countries.................. 1,153 1,487 1,580 1,801 1,670 1,875 1,955 1,785 1,692

Total foreign

countries ................ 49,131 57,865 52,500 65,761 70,425 68,105 71,004 63,238 67,377

International

and regional orgs.:

International . . . . . . . . . . . . . . . . . . 28 19 8 60 3 18 - 15 60

European regional . . . . . . . . . . . . . - 4 1 58 23 5 - - 432

Latin American regional . . . . . . . . . - - - 2 3 - - 12 116

Asian regional . . . . . . . . . . . . . . . . - - - 13 51 - - - 34

African regional ............... - - - 3 1 - - - 20

Middle Eastern regional ......... - - - - - - - - -

Total international

and regional ............... 28 23 9 136 81 23 - 27 662

Grand total ................ 49,159 57,888 52,509 65,897 70,506 68,128 71,004 63,265 68,039
88 CAPITAL MOVEMENTS

TABLE CM-IV-5.—Total Claims by Type and Country, Sept. 30, 1998, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 92 22 1 21 70

Belgium-Luxembourg. . . . . . . . . . . 715 496 487 9 219

Bulgaria . . . . . . . . . . . . . . . . . . . . . 14 9 9 - 5

Czech Republic . . . . . . . . . . . . . . . 124 12 12 - 112

Denmark . . . . . . . . . . . . . . . . . . . . 108 41 4 37 67

Finland . . . . . . . . . . . . . . . . . . . . . . 286 3 1 2 283

France ...................... 3,238 1,140 787 353 2,098

Germany .................... 1,861 359 250 109 1,502

Greece . . . . . . . . . . . . . . . . . . . . . . 308 222 221 1 86

Hungary . . . . . . . . . . . . . . . . . . . . . 65 46 43 3 19

Ireland . . . . . . . . . . . . . . . . . . . . . . 231 162 158 4 69

Italy ........................ 1,238 209 175 34 1,029

Netherlands .................. 1,330 867 591 276 463

Norway. . . . . . . . . . . . . . . . . . . . . . 283 87 66 21 196

Poland . . . . . . . . . . . . . . . . . . . . . . 84 33 31 2 51

Portugal . . . . . . . . . . . . . . . . . . . . . 103 8 4 4 95

Romania. . . . . . . . . . . . . . . . . . . . . 23 - - - 23

Russia 1 . . . . . . . . . . . . . . . . . . . . . . 246 37 35 2 209

Spain . . . . . . . . . . . . . . . . . . . . . . . 638 99 55 44 539

Sweden . . . . . . . . . . . . . . . . . . . . . 450 211 200 11 239

Switzerland . . . . . . . . . . . . . . . . . . 955 409 396 13 546

Turkey . . . . . . . . . . . . . . . . . . . . . . 228 55 55 - 173

United Kingdom ............... 14,530 9,849 8,131 1,718 4,681

Yugoslavia 2

. . . . . . . . . . . . . . . . . . . 36 1 - 1 35

Other Europe ................. 379 96 91 5 283

Total Europe ................ 27,565 14,473 11,803 2,670 13,092

Canada ....................... 6,381 4,090 3,826 264 2,291

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 974 337 326 11 637

Bahamas .................... 2,144 2,105 2,090 15 39

Bermuda . . . . . . . . . . . . . . . . . . . . 236 63 62 1 173

Brazil ....................... 1,772 710 613 97 1,062

British West Indies ............. 11,051 10,960 10,890 70 91

Chile. . . . . . . . . . . . . . . . . . . . . . . . 293 10 9 1 283

Colombia . . . . . . . . . . . . . . . . . . . . 328 54 49 5 274

Cuba ....................... - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . . 107 16 15 1 91

Guatemala . . . . . . . . . . . . . . . . . . . 102 26 18 8 76

Jamaica . . . . . . . . . . . . . . . . . . . . . 49 3 - 3 46

Mexico ...................... 2,478 1,122 1,046 76 1,356

Netherlands Antilles . . . . . . . . . . . . 55 43 42 1 12

Panama . . . . . . . . . . . . . . . . . . . . . 153 26 21 5 127

Peru . . . . . . . . . . . . . . . . . . . . . . . . 149 8 7 1 141

Trinidad and Tobago . . . . . . . . . . . 66 - - - 66

Uruguay . . . . . . . . . . . . . . . . . . . . . 55 1 - 1 54

Venezuela . . . . . . . . . . . . . . . . . . . 616 50 33 17 566

Other Latin America

and Caribbean............... 903 224 216 8 679

Total Latin America

and Caribbean ............. 21,531 15,758 15,437 321 5,773

Financial claims

Country Total claims Total Denominated in dollars Denominated in foreign currencies

Commercial

claims

(1) (2) (3) (4) (5)
CAPITAL MOVEMENTS 89

TABLE CM-IV-5.—Total Claims by Type and Country, Sept. 30, 1998, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . . 839 186 182 4 653

Taiwan . . . . . . . . . . . . . . . . . . . . . 709 59 57 2 650

Hong Kong . . . . . . . . . . . . . . . . . . . 358 24 15 9 334

India . . . . . . . . . . . . . . . . . . . . . . . . 384 83 72 11 301

Indonesia . . . . . . . . . . . . . . . . . . . . 449 163 161 2 286

Israel. . . . . . . . . . . . . . . . . . . . . . . . 358 33 31 2 325

Japan ....................... 2,717 928 275 653 1,789

Korea . . . . . . . . . . . . . . . . . . . . . . . 900 260 258 2 640

Lebanon . . . . . . . . . . . . . . . . . . . . . 25 - - - 25

Malaysia . . . . . . . . . . . . . . . . . . . . . 456 274 271 3 182

Pakistan . . . . . . . . . . . . . . . . . . . . . 49 4 3 1 45

Philippines . . . . . . . . . . . . . . . . . . . 118 3 3 - 115

Singapore . . . . . . . . . . . . . . . . . . . . 487 44 42 2 443

Syria . . . . . . . . . . . . . . . . . . . . . . . . 105 - - - 105

Thailand . . . . . . . . . . . . . . . . . . . . . 222 8 7 1 214

Other Asia ................... 1,135 52 45 7 1,083

Total Asia................... 9,311 2,121 1,422 699 7,190

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . . 165 2 1 1 163

Ghana....................... 7 - - - 7

Liberia....................... 8 - - - 8

Morocco . . . . . . . . . . . . . . . . . . . . . 26 5 5 - 21

South Africa . . . . . . . . . . . . . . . . . . 315 108 108 - 207

Zaire ........................ 6 - - - 6

Other Africa .................. 370 42 40 2 328

Total Africa ................. 897 157 154 3 740

Other countries:

Australia ..................... 1,437 531 518 13 906

All other ..................... 255 89 81 8 166

Total other

countries .................. 1,692 620 599 21 1,072

Total foreign

countries................. 67,377 37,219 33,241 3,978 30,158

International

and regional orgs.:

International . . . . . . . . . . . . . . . . . . 60 - - - 60

European regional . . . . . . . . . . . . . 432 - - - 432

Latin American regional . . . . . . . . . 116 43 - 43 73

Asian regional. . . . . . . . . . . . . . . . . 34 - - - 34

African regional . . . . . . . . . . . . . . . 20 - - - 20

Middle Eastern regional ......... - - - - -

Total international

and regional ............... 662 43 - 43 619

Grand total ................ 68,039 37,262 33,241 4,021 30,777

Financial claims

Country Total claims Total Denominated in dollars

Denominated in

foreign currencies

Commercial

claims

(1) (2) (3) (4) (5)
90 CAPITAL MOVEMENTS

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country 1995 1996 1997 Jan. - Dec. 1998 Oct. - Dec. 1998

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama.

United Kingdom. ..................... 100,411 130,645 174,865 134,150 29,634

All other Europe ...................... 24,795 71,073 104,375 87,717 18,525

Caribbean banking centers1

............. 48,344 41,081 24,999 12,127 -2,707

Japan .............................. 16,504 55,167 34,504 20,022 18,910

All other Asia......................... 25,657 59,327 26,669 11,398 17,615

Subtotal ........................... 215,711 357,293 365,412 265,414 81,977

All other countries. .................... 16,226 12,925 22,514 12,809 9,188

Grand total......................... 231,937 370,218 387,926 278,223 91,165

250

100

150

200

50

-50

0

1995 1996 1997 1998

Jan. - Dec.

1998

Oct. - Dec.

United Kingdom

Japan

All other Europe

All other Asia

Caribbean banking centers

All other countries

(Note: To facilitate comparison of net purchases during 1998 with those in prior years, the chart depicts

data for all periods at an annualized rate.)
CAPITAL MOVEMENTS 91

TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities.

SECTION V.—U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Marketable Treasury bonds and notes

U.S. Government corporations and federally spon- sored agencies

Corporate and other securities

Bonds 1 Stocks

Net foreign

purchases

Foreign countries

International

and regional

Gross

foreign

purchases

Gross

foreign

sales

Calendar

year or month Total

Official

institutions

Other

foreigners

Net foreign

purchases

Gross

foreign

purchases

Gross

foreign

sales

Net foreign purchases

Gross

foreign

purchases

Gross

foreign

sales

Net foreign

purchases

Gross

foreign

purchases

Gross

foreign

sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net foreign purchases of foreign securities

from U.S.

Foreign bonds Foreign stocks

Calendar

year or month

Net foreign purchases from

U.S.

Gross foreign

purchases from U.S.

Gross foreign

sales to U.S.

Net foreign purchases from

U.S.

Gross foreign

purchases from U.S.

Gross foreign

sales to U.S.

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

1994 ............. 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995 ............. 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 ............. 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 ............. 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 - Jan - Dec. p . . 46,677 4,123 40,085 2,469 5,157,356 5,110,679 54,759 522,502 467,743 122,654 382,766 260,112 54,133 1,596,136 1,542,003

1997 - Dec. ........ -9,398 -367 -7,421 -1,610 320,492 329,890 2,837 25,702 22,865 6,153 26,462 20,309 5,530 103,667 98,137

1998 - Jan. r ....... 5,231 -1,189 5,898 522 416,203 410,972 4,490 29,850 25,360 8,469 27,704 19,235 7,126 100,282 93,156

Feb. r ....... 9,743 1,242 8,635 -134 375,861 366,118 8,166 35,886 27,720 8,752 31,547 22,795 9,487 106,988 97,501

Mar. r ....... -4,452 6,133 -11,781 1,196 426,977 431,429 9,843 35,345 25,502 9,633 34,921 25,288 13,415 136,184 122,769

Apr. r ....... 4,861 1,162 4,390 -691 374,585 369,724 7,646 37,864 30,218 17,283 39,481 22,198 3,549 134,177 130,628

May r . . . . . . . 21,495 898 20,446 151 403,694 382,199 3,194 31,779 28,585 9,192 33,833 24,641 8,205 129,559 121,354

June r....... 1,506 -3,486 5,296 -304 457,727 456,221 6,618 38,886 32,268 14,809 36,005 21,196 3,556 146,147 142,591

July r ....... -4,454 469 -4,976 53 380,965 385,419 -12 41,754 41,766 10,502 33,197 22,695 2,525 152,833 150,308

Aug. ........ -15,795 -16,920 1,125 - 496,149 511,944 3,885 41,611 37,726 4,966 25,918 20,952 1,844 141,566 139,722

Sept......... -5,270 -10,304 5,043 -9 554,963 560,233 -598 64,265 64,863 8,121 35,921 27,800 -10,473 137,418 147,891

Oct. ........ -2,193 9,001 -11,856 662 531,532 533,725 -5,647 77,009 82,656 8,888 31,669 22,781 2,757 145,588 142,831

Nov. p....... 25,456 11,843 13,713 -100 448,440 422,984 9,655 54,512 44,857 11,806 27,429 15,623 7,498 126,494 118,996

Dec. p....... 10,549 5,274 4,152 1,123 290,260 279,711 7,519 33,741 26,222 10,233 25,141 14,908 4,644 138,900 134,256

1994 ......................... -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 ......................... -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 ......................... -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 ......................... - 89,113 -48,171 1,451,704 1,499,875 -40,942 756,015 796,957

1998 - Jan. - Dec. p ............. -10,686 -18,695 1,335,274 1,353,969 8,009 940,506 932,497

1997 - Dec. .................... -1,775 -3,212 114,979 118,191 1,437 70,462 69,025

1998 - Jan. . . . . . . . . . . . . . . . . . . . . -11 -99 100,712 100,811 88 63,634 63,546

Feb. r ................... -6,209 -5,003 100,043 105,046 -1,206 68,836 70,042

Mar. r ................... -6,227 -4,526 128,500 133,026 -1,701 81,367 83,068

Apr. r ................... -14,198 -12,116 118,346 130,462 -2,082 80,758 82,840

May r . . . . . . . . . . . . . . . . . . . -6,070 -2,687 110,415 113,102 -3,383 80,967 84,350

June r................... -9,911 -12,413 151,482 163,895 2,502 88,610 86,108

July r ................... -461 3,076 118,922 115,846 -3,537 82,247 85,784

Aug. .................... 6,606 1,049 139,393 138,344 5,557 74,376 68,819

Sept. ................... 9,491 3,384 152,881 149,497 6,107 89,496 83,389

Oct. .................... 24,026 15,980 102,202 86,222 8,046 90,407 82,361

Nov. p .................. -3,562 -918 55,573 56,491 -2,644 70,245 72,889

Dec. p .................. -4,160 -4,422 56,805 61,227 262 69,563 69,301
92 CAPITAL MOVEMENTS

See footnotes at end of table.

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

1998 1998 1998 1998

Country

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

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

Europe:

Austria ............ 1,175 -1,432 -1,591 345 273 196 263 446 252 480 623 120

BelgiumLuxembourg ...... 3,427 3,805 2,052 835 1,258 663 1,380 5,987 1,772 4,562 5,059 -220

Bulgaria . . . . . . . . . . . -8 125 -22 2 1 1 4 -5 - - 10 -1

Czech Republic . . . . . 77 480 264 - - - 23 51 7 1 1 -8

Denmark. . . . . . . . . . . 647 -339 27 189 187 -48 132 267 228 429 923 74

Finland . . . . . . . . . . . . 457 -183 45 40 157 -17 -44 65 36 48 68 -24

France ............ -2,082 5,418 1,917 142 234 84 3,158 3,156 682 6,641 6,099 -204

Germany .......... 22,471 148 922 497 390 88 2,245 3,991 429 9,059 10,609 251

Greece ............ -637 500 353 17 18 4 24 73 1 249 -26 -95

Hungary ........... -968 -1,562 -142 -59 346 7 6 - - -2 -11 -7

Ireland ............ 1,229 -1,117 -1,040 588 147 -599 1,128 2,122 673 751 182 48

Italy............... 2,300 7,242 1,055 123 31 -65 4 91 -61 2,830 6,829 -39

Netherlands ........ 1,746 -5,533 1,285 2,194 2,723 1,560 1,382 767 204 3,831 8,326 3,157

Norway . . . . . . . . . . . . 259 76 -119 6 28 -49 418 -148 71 523 240 -215

Poland . . . . . . . . . . . . 488 2,665 1,040 -13 -55 -1 -120 -42 - 12 -8 -

Portugal ........... 2,754 2,482 1,464 59 45 6 583 38 -67 -238 61 -9

Romania. . . . . . . . . . . -54 79 -30 -11 490 52 - -5 -5 -6 3 -1

Russia 1

............ -1,265 1,063 771 -1 227 -21 7 40 37 325 14 11

Spain ............. 10,351 -5,712 -1,989 903 1,284 473 227 9 47 577 873 183

Sweden ........... -465 1,486 1,360 -18 79 8 -52 261 1 2,081 1,188 568

Switzerland......... 6,028 5,240 3,517 390 2,905 626 -203 1,951 -461 7,848 6,269 -2,708

Turkey . . . . . . . . . . . . -71 -68 -1,190 -1 5 1 21 -259 7 11 26 -7

United Kingdom ..... 98,253 12,120 -6,887 9,644 29,777 12,969 44,490 67,917 17,864 22,478 24,336 5,688

Yugoslavia 2 . . . . . . . . 25 - - 8 - - - - - 12 26 -

Other Europe ....... -1,216 -5,397 621 387 79 -49 289 541 283 186 618 25

Total Europe ...... 144,921 21,586 3,683 16,266 40,629 15,889 55,365 87,314 22,000 62,688 72,338 6,587

Canada ............. -811 572 3,120 433 494 269 5,831 5,583 765 -1,406 -4,764 -1,682

Latin America

and Caribbean:

Argentina . . . . . . . . . . 215 -903 -422 154 545 74 444 -207 -305 386 358 23

Bahamas .......... -355 -598 -1,724 714 1,544 -582 2,291 1,884 -325 678 -14 213

Bermuda........... -6,376 5,142 -2,387 7,658 -5,732 -7,584 4,984 11,484 3,765 -1,983 -1,776 556

Brazil ............. -2,589 2,708 1,261 2,388 -1,985 -77 -190 -659 23 88 82 -68

British West Indies . . . 4,312 883 -4,563 3,791 -374 -4,729 5,147 9,519 1,954 4,488 4,572 2,385

Chile .............. 1,331 665 289 34 87 20 239 47 28 -20 20 124

Colombia . . . . . . . . . . 958 -638 -42 121 36 -35 19 63 -3 175 57 2

Cuba. . . . . . . . . . . . . . - - - - - - - - - -1 - -

Ecuador . . . . . . . . . . . 32 292 115 59 55 -56 98 -25 -2 25 12 1

Guatemala . . . . . . . . . -1 8 21 8 8 1 9 -1 -2 12 22 6

Jamaica . . . . . . . . . . . -13 -54 - -14 74 31 43 -28 - 1 20 -1

Mexico . . . . . . . . . . . . 979 546 -128 840 1,457 440 705 1,003 154 374 69 -94

Netherlands Antilles . . -2,660 -13,244 4,117 84 43 -14 1,974 765 222 -269 -3,113 5,591

Panama . . . . . . . . . . . 103 130 110 160 361 166 -436 306 16 694 345 106

Peru . . . . . . . . . . . . . . 304 508 230 1 91 6 41 16 -2 8 -9 -15

Trinidad

and Tobago . . . . . . . 19 48 19 65 180 80 - 29 - 15 1 1

Uruguay . . . . . . . . . . . 175 -11 112 56 39 11 136 72 15 246 24 15

Venezuela . . . . . . . . . 655 59 400 918 333 -57 217 448 96 303 97 -26

Other Latin America

and Caribbean..... 357 724 245 1,067 2,169 448 908 1,080 67 -17 14 18

Total Latin America

and Caribbean . . . -2,554 -3,735 -2,347 18,104 -1,069 -11,857 16,629 25,796 5,701 5,203 781 8,837
CAPITAL MOVEMENTS 93

1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya and Nigeria.

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

1998 1998 1998 1998

Country Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan. through

Dec.

Oct.

through

Dec. p

Calendar

year

1997

Jan.

through

Dec.

Oct.

through

Dec. p

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

Asia:

China:

Mainland ................. 8,158 2,599 4,069 1,708 1,020 1,293 70 -45 59 62 2 -17

Taiwan................... 1,537 -1,452 1,553 -705 -1,570 -793 -134 26 19 429 -76 -143

Hong Kong ................. 12,253 9,683 -492 3,832 -528 77 1,758 48 177 -212 -2,142 -156

India . . . . . . . . . . . . . . . . . . . . . . 510 293 68 -64 4 2 -35 6 2 -33 -18 -5

Indonesia . . . . . . . . . . . . . . . . . . 2 463 244 - -20 -9 2 3 -1 20 -13 5

Israel ..................... 3,125 2,159 2,274 612 254 -8 175 445 116 -539 -221 -151

Japan ..................... 20,360 13,048 12,294 7,718 6,639 3,789 1,639 1,742 1,267 4,787 -1,407 1,560

Korea ..................... -5,119 13,186 2,153 -2,158 2,590 363 -191 36 23 -5 -84 -43

Lebanon . . . . . . . . . . . . . . . . . . . -2 - - -1 2 2 10 1 1 78 13 -18

Malaysia ................... -2,559 -1,031 585 -289 -24 - 9 21 2 -170 -173 -1

Pakistan . . . . . . . . . . . . . . . . . . . -7 2 - 1 - - - -16 - 18 21 -

Philippines ................. -561 -143 194 302 147 41 49 20 13 2 7 -17

Singapore.................. -3,713 7,818 5,121 1,511 2,278 252 1,176 -161 -528 -2,302 -8,496 854

Syria . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 18 17 3

Thailand ................... -1,904 -2,446 68 -1 - - 15 5 3 -9 -16 -2

Oil-exporting countries 3 ....... 7,636 -16,554 -2,485 2,042 4,411 3,030 113 583 279 383 -1,082 -730

Other Asia ................. -149 -242 89 -64 44 66 51 -288 13 -72 32 101

Total Asia ................ 39,567 27,383 25,735 14,444 15,247 8,105 4,707 2,426 1,445 2,455 -13,636 1,240

Africa:

Egypt ..................... 1,090 327 58 384 86 5 37 31 18 65 1 -37

Ghana . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 -1 -1

Liberia . . . . . . . . . . . . . . . . . . . . 122 465 144 226 -5 17 120 -35 23 -99 -140 -34

Morocco . . . . . . . . . . . . . . . . . . . - 3 - - - - - -13 - 9 12 2

South Africa . . . . . . . . . . . . . . . . 93 8 152 29 39 3 134 -49 11 355 695 18

Zaire . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 12 -1 -2

Oil-exporting countries 4 . . . . . . . -12 2 - 8 -1 - 9 2 1 37 52 -

Other Africa ................ 231 -54 -106 21 37 13 37 98 4 91 6 -106

Total Africa ............... 1,524 751 248 668 156 38 337 34 57 472 624 -160

Other countries:

Australia ................... 1,054 -2,226 1,807 -157 533 54 582 1,160 912 251 -770 104

All other ................... -13 -123 -119 31 -494 -2 355 -53 -41 91 -60 -15

Total other

countries ................ 1,041 -2,349 1,688 -126 39 52 937 1,107 871 342 -830 89

Total foreign

countries .............. 183,688 44,208 32,127 49,789 55,496 12,496 83,806 122,260 30,839 69,754 54,513 14,911

International

and regional orgs.:

International . . . . . . . . . . . . . . . . 621 1,502 1,710 27 30 2 59 225 80 31 -86 11

European regional ........... -139 -26 - 6 -21 -1 -69 - - - -4 -4

Latin American regional . . . . . . . 170 199 -4 -1 110 111 519 169 8 -199 -295 -17

Asian regional .............. -277 328 -14 -20 49 -1 5 - - 10 5 -2

African regional . . . . . . . . . . . . . 93 64 -25 52 -905 -1,080 -15 - - -1 - -

Middle Eastern regional ....... 15 402 18 - - - - - - 2 - -

Total international

and regional ............. 483 2,469 1,685 64 -737 -969 499 394 88 -157 -380 -12

Grand total .............. 184,171 46,677 33,812 49,853 54,759 11,527 84,305 122,654 30,927 69,597 54,133 14,899
94 CAPITAL MOVEMENTS

See footnotes at end of table.

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Total

purchases

Domestic securities

Foreign securities

Bonds Stocks

Total

sales

Domestic securities

Foreign securities

Bonds Stocks

Marketable

Treasury and

Federal

Financing Bank

bonds

and

notes

Bonds

of U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Bonds Stocks

Marketable

Treasury and

Federal

Financing

Bank

bonds

and

notes

Bonds

of U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Europe:

Austria ............. 5,880 3,858 273 270 1,061 150 268 6,805 5,449 77 18 941 76 244

BelgiumLuxembourg....... 24,039 7,901 1,521 2,710 8,114 1,587 2,206 18,794 5,849 858 938 8,334 1,355 1,460

Bulgaria . . . . . . . . . . . . 142 114 1 - 2 24 1 155 136 - - 3 12 4

Czech Republic ...... 1,265 1,215 - 7 6 9 28 978 951 - - 14 - 13

Denmark ........... 3,629 1,245 152 327 710 719 476 3,100 1,218 200 99 636 707 240

Finland ............ 1,609 811 - 47 25 99 627 1,705 766 17 11 49 76 786

France ............. 83,849 29,672 110 1,328 43,089 3,649 6,001 81,432 27,755 26 646 43,293 3,407 6,305

Germany ........... 50,171 22,354 756 2,144 10,400 2,004 12,513 45,155 21,432 668 1,715 10,149 1,961 9,230

Greece ............ 2,785 2,199 4 23 314 78 167 2,673 1,846 - 22 409 178 218

Hungary............ 1,059 652 362 - 8 6 31 1,225 794 355 - 15 5 56

Ireland ............. 33,702 13,687 8,671 1,236 3,620 4,709 1,779 35,673 14,727 9,270 563 3,572 5,807 1,734

Italy ............... 21,136 7,627 943 283 7,310 1,778 3,195 19,058 6,572 1,008 344 7,349 672 3,113

Netherlands......... 31,923 9,082 1,953 434 9,636 3,200 7,618 23,489 7,797 393 230 6,479 2,114 6,476

Norway ............ 2,960 1,620 65 96 559 66 554 3,244 1,739 114 25 774 248 344

Poland ............. 3,246 3,163 4 - 12 22 45 3,189 2,123 5 - 12 1,002 47

Portugal............ 3,987 3,313 53 29 115 21 456 2,556 1,849 47 96 124 65 375

Romania . . . . . . . . . . . 822 443 365 - 2 12 - 803 473 313 5 3 9 -

Russia 1 ............ 1,349 915 109 40 52 186 47 386 144 130 3 41 17 51

Spain .............. 8,959 3,977 619 105 1,589 908 1,761 10,889 5,966 146 58 1,406 984 2,329

Sweden ............ 10,173 4,653 20 92 2,797 636 1,975 7,955 3,293 12 91 2,229 400 1,930

Switzerland ......... 37,456 9,895 971 547 17,000 1,061 7,982 37,778 6,378 345 1,008 19,708 1,046 9,293

Turkey ............. 1,435 811 1 17 64 104 438 3,091 2,001 - 10 71 80 929

United Kingdom...... 1,034,046 675,234 26,598 46,003 76,905 108,712 100,594 992,714 682,121 13,629 28,139 71,217 100,478 97,130

Yugoslavia 2

......... 4 - - - - 3 1 8 - - - - 3 5

Other Europe........ 5,143 3,373 110 295 1,151 56 158 4,235 2,752 159 12 1,126 39 147

Total Europe....... 1,370,769 807,814 43,661 56,033 184,541 129,799 148,921 1,307,090 804,131 27,772 34,033 177,954 120,741 142,459

Canada ............. 142,367 84,926 888 3,428 18,848 24,367 9,910 143,215 81,806 619 2,663 20,530 28,743 8,854

Latin America

and Caribbean:

Argentina........... 5,713 323 159 184 624 3,535 888 6,436 745 85 489 601 3,632 884

Bahamas ........... 60,109 16,657 29,053 3,412 6,058 2,877 2,052 62,712 18,381 29,635 3,737 5,845 3,463 1,651

Bermuda ........... 160,841 46,590 28,431 7,789 58,926 15,190 3,915 167,672 48,977 36,015 4,024 58,370 15,894 4,392

Brazil .............. 13,005 3,168 24 74 951 3,906 4,882 12,015 1,907 101 51 1,019 4,657 4,280

British West Indies . . . 170,333 53,059 39,207 5,736 58,236 5,478 8,617 177,031 57,622 43,936 3,782 55,851 7,412 8,428

Chile .............. 1,932 941 23 42 531 220 175 1,548 652 3 14 407 245 227

Colombia ........... 1,833 1,541 28 33 177 46 8 1,897 1,583 63 36 175 34 6

Cuba .............. - - - - - - - - - - - - - -

Ecuador. . . . . . . . . . . . 762 542 81 1 38 100 - 735 427 137 3 37 131 -

Guatemala. . . . . . . . . . 210 21 6 8 67 100 8 186 - 5 10 61 101 9

Jamaica. . . . . . . . . . . . 85 - 45 - 19 8 13 44 - 14 - 20 5 5

Mexico............. 8,530 3,859 447 335 936 1,859 1,094 8,633 3,987 7 181 1,030 2,037 1,391

Netherlands Antilles . . 88,252 33,620 491 742 37,910 2,900 12,589 73,693 29,503 505 520 32,319 2,531 8,315

Panama............ 2,891 778 543 145 1,103 162 160 2,497 668 377 129 997 154 172

Peru. . . . . . . . . . . . . . . 700 237 6 2 70 67 318 256 7 - 4 85 70 90

Trinidad and Tobago . . 294 42 220 - 19 12 1 192 23 140 - 18 10 1

Uruguay............ 1,204 429 78 26 222 343 106 1,135 317 67 11 207 438 95

Venezuela .......... 2,125 900 111 117 521 342 134 1,569 500 168 21 547 219 114

Other Latin America

and Caribbean ..... 3,375 1,163 606 175 504 440 487 2,680 918 158 108 486 181 829

Total Latin America

and Caribbean .... 522,194 163,870 99,559 18,821 166,912 37,585 35,447 520,931 166,217 111,416 13,120 158,075 41,214 30,889

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Fourth Quarter 1998, Preliminary

[In millions of dollars. Source: Treasury International Capital Reporting Systems]
CAPITAL MOVEMENTS 95

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Fourth Quarter 1998, Preliminary, con.

[In millions of dollars. Source: Treasury International Capital Reporting Systems]

1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

Asia:

China:

Mainland ........ 12,466 9,775 1,900 62 201 517 11 6,623 5,706 607 3 218 75 14

Taiwan.......... 6,498 4,322 428 31 1,102 190 425 6,019 2,769 1,221 12 1,245 7 765

Hong Kong........ 24,013 10,844 1,366 334 2,474 2,737 6,258 23,332 11,336 1,289 157 2,630 1,648 6,272

India . . . . . . . . . . . . . 590 146 2 4 288 13 137 514 78 - 2 293 3 138

Indonesia ......... 1,201 816 1 - 116 219 49 794 572 10 1 111 15 85

Israel ............ 8,047 6,351 115 310 671 75 525 5,957 4,077 123 194 822 129 612

Japan ............ 173,097 111,756 9,791 2,551 17,059 10,813 21,127 152,325 99,462 6,002 1,284 15,499 4,865 25,213

Korea ............ 4,830 3,216 456 74 49 514 521 2,261 1,063 93 51 92 133 829

Lebanon. . . . . . . . . . 244 - 2 3 186 36 17 232 - - 2 204 12 14

Malaysia.......... 1,424 1,083 - 11 87 29 214 646 498 - 9 88 5 46

Pakistan . . . . . . . . . . 124 1 - - 99 5 19 105 1 - - 99 - 5

Philippines ........ 1,818 1,440 122 16 108 55 77 1,943 1,246 81 3 125 381 107

Singapore......... 38,770 27,856 930 245 5,816 1,798 2,125 32,710 22,735 678 773 4,962 1,252 2,310

Syria. . . . . . . . . . . . . 42 - - - 25 - 17 41 - - - 22 - 19

Thailand .......... 4,310 4,182 - 3 35 14 76 4,276 4,114 - - 37 15 110

Other Asia ........ 27,993 13,209 4,818 749 8,450 169 598 28,018 15,605 1,722 457 9,079 236 919

Total Asia ....... 305,467 194,997 19,931 4,393 36,766 17,184 32,196 265,796 169,262 11,826 2,948 35,526 8,776 37,458

Africa:

Egypt . . . . . . . . . . . . 308 106 39 38 65 10 50 237 48 34 20 102 9 24

Ghana ........... - - - - - - - 2 - - - 1 1 -

Liberia ........... 1,194 779 33 109 214 24 35 1,018 635 16 86 248 14 19

Morocco . . . . . . . . . . 22 - - - 14 5 3 13 - - - 12 - 1

South Africa . . . . . . . 816 290 3 11 304 19 189 764 138 - - 286 1 339

Zaire............. - - - - - - - 2 - - - 2 - -

Other Africa ....... 792 144 50 11 362 44 181 960 250 37 6 468 42 157

Total Africa ...... 3,132 1,319 125 169 959 102 458 2,996 1,071 87 112 1,119 67 540

Other countries:

Australia.......... 23,311 11,167 923 1,216 2,295 4,657 3,053 20,006 9,360 869 304 2,191 3,368 3,914

All other .......... 1,837 463 26 69 268 838 173 2,107 582 28 110 283 944 160

Total other

countries....... 25,148 11,630 949 1,285 2,563 5,495 3,226 22,113 9,942 897 414 2,474 4,312 4,074

Total foreign

countries ..... 2,369,077 1,264,556 165,113 84,129 410,589 214,532 230,158 2,262,141 1,232,429 152,617 53,290 395,678 203,853 224,274

International

and regional orgs.:

International ....... 5,505 5,019 2 87 299 41 57 3,963 3,309 - 7 288 85 274

European regional . . 6 - 4 - 2 - - 12 - 5 - 6 - 1

Latin American

regional ......... 261 26 123 23 82 7 - 156 30 12 15 99 - -

Asian regional . . . . . 615 585 20 - 10 - - 636 599 21 - 12 2 2

African regional .... - - - - - - - 1,105 25 1,080 ----

Middle Eastern

regional ......... 46 46 - - - - - 28 28 - - - - -

Total international

and regional .... 6,433 5,676 149 110 393 48 57 5,900 3,991 1,118 22 405 87 277

Grand total ..... 2,375,510 1,270,232 165,262 84,239 410,982 214,580 230,215 2,268,041 1,236,420 153,735 53,312 396,083 203,940 224,551

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Total purchases

Domestic securities

Foreign securities

Bonds Stocks

Total

sales

Domestic securities

Foreign

securities

Bonds Stocks

Marketable

Treasury

and Federal

Financing

Bank bonds

and notes

Bonds of

U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Bonds Stocks

Marketable

Treasury

and Federal Financing

Bank

bonds

and

notes

Bonds

of U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
96 CAPITAL MOVEMENTS

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1998

[In millions of dollars. Source: Treasury International Capital Reporting Systems]

See footnotes at end of table.

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Total purchases

Domestic securities

Foreign securities

Bonds Stocks

Total

sales

Domestic securities

Foreign securities

Bonds Stocks

Marketable

Treasury

and Federal Financing

Bank

bonds

and notes

Bonds of

U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Bonds Stocks

Marketable

Treasury and

Federal

Financing Bank

bonds

and

notes

Bonds of

U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Europe:

Austria ............ 19,277 13,016 484 539 3,344 585 1,309 18,889 14,448 211 93 2,721 445 971

BelgiumLuxembourg ...... 90,292 25,986 4,271 11,606 32,441 7,286 8,702 72,419 22,181 3,013 5,619 27,382 5,508 8,716

Bulgaria . . . . . . . . . . . 700 528 1 - 18 89 64 542 403 - 5 8 64 62

Czech Republic ..... 4,961 4,671 - 54 39 44 153 4,347 4,191 - 3 38 46 69

Denmark .......... 14,494 4,166 1,812 554 2,644 2,790 2,528 13,402 4,505 1,625 287 1,721 3,358 1,906

Finland ............ 7,456 3,456 346 180 218 874 2,382 7,978 3,639 189 115 150 764 3,121

France ............ 389,359 134,608 462 6,810 199,461 24,003 24,015 373,158 129,190 228 3,654 193,362 23,656 23,068

Germany .......... 203,259 77,343 2,930 9,141 56,433 4,348 43,064 188,300 77,195 2,540 5,150 45,824 16,687 40,904

Greece ............ 7,728 4,799 25 144 1,416 452 892 7,361 4,299 7 71 1,442 499 1,043

Hungary ........... 5,991 3,298 2,321 20 39 15 298 7,331 4,860 1,975 20 50 15 411

Ireland ............ 163,905 70,239 20,555 4,634 11,865 48,535 8,077 164,414 71,356 20,408 2,512 11,683 49,421 9,034

Italy .............. 85,469 34,845 2,262 1,154 29,669 4,709 12,830 69,908 27,603 2,231 1,063 22,840 2,778 13,393

Netherlands ........ 118,639 33,969 10,533 2,528 31,859 12,784 26,966 106,659 39,502 7,810 1,761 23,533 12,154 21,899

Norway............ 11,768 5,183 445 465 2,509 448 2,718 12,182 5,107 417 613 2,269 1,526 2,250

Poland ............ 9,335 7,786 17 4 40 1,315 173 7,504 5,121 72 46 48 1,969 248

Portugal ........... 16,354 12,694 212 222 424 167 2,635 12,931 10,212 167 184 363 202 1,803

Romania........... 2,160 954 1,170 - 9 24 3 1,578 875 6805693

Russia 1 ........... 11,226 7,328 396 45 209 2,373 875 9,916 6,265 169 5 195 2,249 1,033

Spain ............. 58,604 39,341 1,640 409 4,947 3,163 9,104 63,397 45,053 356 400 4,074 4,610 8,904

Sweden ........... 36,231 14,976 114 406 9,380 2,412 8,943 33,287 13,490 35 145 8,192 2,585 8,840

Switzerland ........ 182,911 52,654 3,737 5,561 84,413 6,355 30,191 163,128 47,414 832 3,610 78,144 5,520 27,608

Turkey ............ 10,869 8,569 17 62 252 445 1,524 11,395 8,637 12 321 226 672 1,527

United Kingdom ..... 4,417,471 2,768,842 86,206 202,369 326,701 631,920 401,433 4,282,329 2,756,722 56,429 134,452 302,365 646,490 385,871

Yugoslavia 2 . . . . . . . . 64 - - - 46 8 10 39 - - - 20 8 11

Other Europe ....... 24,564 15,089 368 628 5,177 1,559 1,743 28,357 20,486 289 87 4,559 950 1,986

Total Europe ...... 5,893,087 3,344,340 140,324 247,535 803,553 766,703 590,632 5,660,751 3,322,754 99,695 160,221 731,215 782,185 564,681

Canada ............. 647,147 336,903 4,230 15,224 74,828 160,777 55,185 646,425 336,331 3,736 9,641 79,592 165,472 51,653

Latin America

and Caribbean:

Argentina .......... 49,591 1,472 970 788 2,575 37,833 5,953 50,991 2,375 425 995 2,217 39,516 5,463

Bahamas .......... 233,696 89,736 50,544 26,596 25,351 35,233 6,236 230,700 90,334 49,000 24,712 25,365 33,967 7,322

Bermuda .......... 594,994 129,632 99,653 28,237 214,882 106,579 16,011 587,238 124,490 105,385 16,753 216,658 105,868 18,084

Brazil ............. 105,130 23,910 2,386 403 2,139 52,376 23,916 104,571 21,202 4,371 1,062 2,057 51,693 24,186

British West Indies . . . 659,922 218,450 138,284 34,948 188,829 48,706 30,705 650,206 217,567 138,658 25,429 184,257 49,844 34,451

Chile.............. 7,826 3,676 110 145 1,532 1,067 1,296 7,679 3,011 23 98 1,512 1,688 1,347

Colombia .......... 7,262 5,825 308 184 481 370 94 8,638 6,463 272 121 424 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 ............ 38,259 13,781 1,565 2,130 3,292 7,999 9,492 36,833 13,235 108 1,127 3,223 10,862 8,278

Netherlands Antilles. . 295,745 112,797 1,445 2,733 115,942 18,059 44,769 316,059 126,041 1,402 1,968 119,055 17,573 50,020

Panama ........... 12,903 4,525 1,272 842 3,787 1,680 797 11,448 4,395 911 536 3,442 1,442 722

Peru .............. 2,087 553 130 48 206 545 605 1,237 45 39 32 215 450 456

Trinidad

and Tobago . . . . . . . 762 78 556 33 56 36 3 492 30 376 4 55 24 3

Uruguay ........... 7,436 976 271 171 965 4,101 952 7,436 987 232 99 941 4,421 756

Venezuela ......... 12,088 5,868 878 910 1,682 2,061 689 11,496 5,809 545 462 1,585 2,441 654

Other Latin America

and Caribbean..... 19,883 3,229 3,124 1,720 2,089 2,974 6,747 13,727 2,505 955 640 2,075 2,737 4,815

Total Latin America

and Caribbean . . . 2,051,310 616,131 301,981 99,953 564,240 320,616 148,389 2,041,960 619,866 303,050 74,157 563,459 324,748 156,680
CAPITAL MOVEMENTS 97

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1998, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

Asia:

China:

Mainland ......... 40,932 30,611 6,810 560 604 2,174 173 35,688 28,012 5,790 605 602 453 226

Taiwan........... 18,798 10,899 926 107 3,502 1,159 2,205 21,309 12,351 2,496 81 3,578 335 2,468

Hong Kong......... 143,647 85,645 5,998 1,194 9,251 11,148 30,411 135,103 75,962 6,526 1,146 11,393 8,691 31,385

India .............. 3,466 1,888 5 27 869 69 608 3,116 1,595 1 21 887 25 587

Indonesia .......... 4,549 3,590 1 4 314 284 356 3,912 3,127 21 1 327 44 392

Israel ............. 25,862 19,483 589 723 2,553 307 2,207 23,650 17,324 335 278 2,774 1,149 1,790

Japan ............. 678,684 456,791 38,663 6,790 63,680 35,858 76,902 660,325 443,743 32,024 5,048 65,087 33,878 80,545

Korea ............. 22,227 15,743 2,765 117 178 1,745 1,679 11,442 2,557 175 81 262 4,893 3,474

Lebanon. . . . . . . . . . . 860 2 2 4 636 94 122 792 2 - 3 623 31 133

Malaysia........... 3,470 1,692 59 97 207 112 1,303 4,609 2,723 83 76 380 94 1,253

Pakistan . . . . . . . . . . . 550 7 - - 312 13 218 540 5 - 16 291 6 222

Philippines ......... 6,067 4,554 242 47 470 273 481 7,208 4,697 95 27 463 1,314 612

Singapore.......... 134,896 86,295 4,801 2,448 23,543 7,894 9,915 131,890 78,477 2,523 2,609 32,039 5,449 10,793

Syria. . . . . . . . . . . . . . 154 - - - 100 1 53 137 - - - 83 - 54

Thailand ........... 15,816 15,270 - 5 125 61 355 18,514 17,716 - - 141 121 536

Other Asia ......... 92,431 49,799 10,208 2,778 26,880 1,034 1,732 106,080 66,595 5,753 2,483 27,930 1,081 2,238

Total Asia ........ 1,192,409 782,269 71,069 14,901 133,224 62,226 128,720 1,164,315 754,886 55,822 12,475 146,860 57,564 136,708

Africa:

Egypt ............. 2,612 1,759 194 104 342 51 162 2,161 1,432 108 73 341 46 161

Ghana . . . . . . . . . . . . 39 - - - 2 - 37 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 ........ 3,577 756 44 56 1,538 508 675 4,021 748 5 105 843 576 1,744

Zaire. . . . . . . . . . . . . . 31 - - 2 15 7 7 25 - - 2 16 2 5

Other Africa ........ 2,875 393 86 140 1,365 243 648 2,714 445 50 40 1,307 146 726

Total Africa ....... 12,482 4,324 637 678 4,177 1,004 1,662 12,328 3,573 481 644 3,553 1,319 2,758

Other countries:

Australia........... 92,369 48,142 2,431 2,372 10,127 16,315 12,982 95,004 50,368 1,898 1,212 10,897 15,491 15,138

All other countries..... 17,746 1,595 866 1,541 3,931 7,177 2,636 19,647 1,718 1,360 1,594 3,991 6,759 4,225

Total other

countries ......... 110,115 49,737 3,297 3,913 14,058 23,492 15,618 114,651 52,086 3,258 2,806 14,888 22,250 19,363

Total foreign

countries........ 9,906,550 5,133,704 521,538 382,204 1,594,080 1,334,818 940,206 9,640,430 5,089,496 466,042 259,944 1,539,567 1,353,538 931,843

International and

regional 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 ...... 1,651 1,489 80 - 35 33 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 ..... 27,990 23,652 964 562 2,056 456 300 26,573 21,183 1,701 168 2,436 431 654

Grand total ...... 9,934,540 5,157,356 522,502 382,766 1,596,136 1,335,274 940,506 9,667,003 5,110,679 467,743 260,112 1,542,003 1,353,969 932,497

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Total purchases

Domestic securities

Foreign securities

Bonds Stocks

Total

sales

Domestic securities

Foreign securities

Bonds Stocks

Marketable

Treasury

and Federal Financing

Bank

bonds

and notes

Bonds

of U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Bonds Stocks

Marketable

Treasury

and Federal Financing

Bank

bonds

and

notes

Bonds of

U.S.

Govt.

corps.

and federally

sponsored

agencies

Corporate

and other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
98 CAPITAL MOVEMENTS

1Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

Foreign bonds ................... 9,224 48,405 51,369 48,171 18,695 -10,640

Foreign stocks ................... 48,071 50,291 59,268 40,942 -8,009 -5,664

Total ......................... 57,295 98,696 110,637 89,113 10,686 -16,304

1994 1995 1996 1997 1998

Jan. - Dec.

1998

Oct. - Dec.

Foreign bonds Foreign stocks Total foreign securities

0

50

100

150

-50

-100

(Note: To facilitate comparison of net purchases during 1998 with those in prior years, the chart depicts

data for all periods at an annualized rate.)

CHART CM-D.—Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System]

Type 1994 1995 1996 1997 Jan. - Dec. 1998 Oct. - Dec. 1998
99

INTRODUCTION: Foreign Currency Positions

The Treasury Bulletin reports foreign currency holdings

of large foreign exchange market participants. These reports

provide information on positions in derivative instruments,

such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were

not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries, branches and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents.

Filing is required by law (31 United States Code 5315; 31

Code of Federal Regulations 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September or December). Such contracts

include the amounts of foreign exchange spot contracts

bought and sold, foreign exchange forward contracts bought

and sold, foreign exchange futures bought and sold, and one

half the notional amount of foreign exchange options bought

and sold. Exemptions from filing the monthly report are given

to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (Monthly

Consolidated Foreign Currency Report).

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September or December). Exemptions from filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters that do not file weekly reports.

Principal exchanged under cross-currency interest rate

swaps is reported as part of purchases or sales of foreign exchange. Such principal also is separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.
100 FOREIGN CURRENCY POSITIONS

SECTION I.—Canadian Dollar Positions

TABLE FCP-I-1.—Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Exchange rate

and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

07/08/98 ...................... 293,406 292,120 -3,869 1.4718

07/15/98 ...................... 302,388 296,221 -4,279 1.4893

07/22/98 ...................... 295,387 294,481 -4,639 1.4955

07/29/98 ...................... 299,743 297,277 -5,368 1.5060

08/05/98 ...................... 294,018 292,083 -3,371 1.5178

08/12/98 ...................... 308,221 307,826 -2,580 1.5210

08/19/98 ...................... 302,156 304,669 -3,143 1.5329

08/26/98 ...................... 314,646 316,626 -1,976 1.5657

09/02/98 ...................... 332,909 330,245 -3,550 1.5425

09/09/98 ...................... 338,490 337,762 -3,430 1.5227

09/16/98 ...................... 329,216 323,250 -3,284 1.5115

09/23/98 ...................... 322,601 315,396 -3,043 1.5174

09/30/98 ...................... 322,553 315,014 -2,856 1.5320

10/07/98 ...................... 329,420 322,757 -3,120 1.5259

10/14/98 ...................... 328,957 322,386 -2,858 1.5428

10/21/98 ...................... 331,967 328,057 -3,090 1.5472

10/28/98 ...................... 324,047 323,725 -2,559 1.5393

11/04/98 ...................... 325,966 323,780 -2,768 1.5191

11/11/98 ...................... 325,880 320,640 -2,914 1.5461

11/18/98 ...................... 328,829 325,419 -3,448 1.5540

11/25/98 ...................... 324,760 320,844 -2,881 1.5398

12/02/98 ...................... 336,660 333,097 -3,428 1.5323

12/09/98 ...................... 325,009 321,855 -3,323 1.5427

12/16/98 ...................... 307,405 308,136 -3,782 1.5385

12/23/98 ...................... 304,546 297,887 -4,562 1.5519

12/30/98 ...................... 297,500 292,710 -4,793 1.5494
FOREIGN CURRENCY POSITIONS 101

SECTION I.—Canadian Dollar Positions, con.

TABLE FCP-I-2.—Monthly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

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 - Jan. ........ 306,286 297,285 75,869 65,720 48,844 56,506 40,699 33,080 -4,977 157,700 1.4548

Feb. ........ 323,566 314,829 76,702 68,522 43,959 50,726 43,789 39,724 -3,244 159,001 1.4240

Mar. ........ 290,734 286,012 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195

Apr. ........ 288,488 282,467 65,624 55,121 48,887 57,726 46,758 45,038 -4,855 160,579 1.4317

May . . . . . . . . 280,809 277,065 61,206 51,996 42,233 49,052 45,402 43,884 -3,642 162,434 1.4571

June ....... 295,548 291,082 64,524 56,100 45,159 52,398 53,283 49,979 -3,800 160,067 1.4690

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

TABLE FCP-I-3.—Quarterly Report of Large Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1995 - Dec. ........ 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

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. ........ 14,829 16,030 n.a. n.a. n.a. n.a. n.a. n.a. 27 1,298 1.5315
102 FOREIGN CURRENCY POSITIONS

07/08/98 ...................... 2,225,457 2,191,579 -19,952 1.8195

07/15/98 ...................... 2,326,609 2,296,453 -17,409 1.7991

07/22/98 ...................... 2,208,229 2,175,458 -17,706 1.7896

07/29/98 ...................... 2,364,482 2,333,951 -14,571 1.7721

08/05/98 ...................... 2,299,367 2,266,360 -13,708 1.7703

08/12/98 ...................... 2,354,217 2,327,641 -13,851 1.7865

08/19/98 ...................... 2,329,615 2,294,487 -13,596 1.7982

08/26/98 ...................... 2,352,207 2,317,643 -12,571 1.8072

09/02/98 ...................... 2,548,521 2,504,058 -12,351 1.7490

09/09/98 ...................... 2,616,880 2,554,556 -10,357 1.7213

09/16/98 ...................... 2,581,711 2,518,428 -7,376 1.6945

09/23/98 ...................... 2,619,797 2,550,408 -7,233 1.6779

09/30/98 ...................... 2,553,492 2,477,409 -5,157 1.6675

10/07/98 ...................... 2,734,399 2,652,224 -3,156 1.6147

10/14/98 ...................... 2,666,332 2,583,794 -2,946 1.6406

10/21/98 ...................... 2,716,000 2,633,681 -703 1.6527

10/28/98 ...................... 2,685,939 2,601,780 -1,804 1.6559

11/04/98 ...................... 2,695,632 2,610,894 -3,974 1.6675

11/11/98 ...................... 2,707,525 2,617,338 -8,443 1.6780

11/18/98 ...................... 2,659,980 2,568,952 -6,009 1.6754

11/25/98 ...................... 2,625,921 2,545,512 -3,918 1.7050

12/02/98 ...................... 2,680,916 2,601,734 3,417 1.6725

12/09/98 ...................... 2,695,636 2,616,372 2,431 1.6690

12/16/98 ...................... 2,412,931 2,348,841 4,640 1.6740

12/23/98 ...................... 2,294,231 2,238,648 4,912 1.9558

12/30/98 ...................... 2,121,368 2,072,938 3,240 1.9558

SECTION II.—German Mark Positions

TABLE FCP-II-1.—Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of Foreign Exchange Operations]

Spot, forward Exchange rate

and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)
FOREIGN CURRENCY POSITIONS 103

1995 - Dec. ........ 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - 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. ........ 235,890 231,338 129,836 109,527 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. ....... 265,495 239,820 122,383 96,417 39,593 39,362 40,077 31,743 405 29,173 1.6675

Dec. ........ 89,068 91,376 24,481 18,795 n.a. 13,395 8,869 13,809 205 9,537 1.9558

TABLE FCP-II-3.—Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

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 - Jan. ........ 2,380,985 2,378,196 280,599 275,977 630,785 649,746 648,910 675,016 -5,939 397,824 1.8312

Feb. ........ 2,327,236 2,340,808 303,501 305,247 607,570 629,483 621,002 650,738 -9,397 400,530 1.8155

Mar. ........ 2,297,728 2,299,357 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493

Apr. ........ 2,403,695 2,391,849 285,563 291,087 651,132 683,492 615,610 646,558 -7,844 425,549 1.7965

May . . . . . . . . 2,458,329 2,439,116 302,336 295,365 717,950 761,784 666,730 703,763 -18,116 434,885 1.7867

June ....... 2,300,692 2,270,451 295,827 288,794 820,499 863,030 737,637 743,605 -22,419 432,794 1.8090

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

SECTION II—German Mark Positions, con.

TABLE FCP-II-2.—Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOREIGN CURRENCY POSITIONS

SECTION III.—Japanese Yen Positions

TABLE FCP-III-1.—Weekly Report of Major Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward Exchange rate

and future contracts (Yen

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

07/08/98 ...................... 214,931 225,255 3,036 139.4800

07/15/98 ...................... 219,664 229,976 3,075 140.5500

07/22/98 ...................... 216,638 227,125 3,050 141.2200

07/29/98 ...................... 223,346 233,528 2,159 142.4000

08/05/98 ...................... 222,391 232,121 2,110 143.9800

08/12/98 ...................... 229,079 239,665 2,229 146.2900

08/19/98 ...................... 230,310 239,530 1,959 144.1200

08/26/98 ...................... 225,574 234,971 1,965 144.1000

09/02/98 ...................... 242,634 251,212 1,892 137.8300

09/09/98 ...................... 244,767 253,100 1,800 136.9500

09/16/98 ...................... 243,225 250,867 1,986 135.2600

09/23/98 ...................... 240,125 247,032 1,858 135.8200

09/30/98 ...................... 231,744 237,535 1,582 136.5500

10/07/98 ...................... 254,799 260,330 1,948 120.6500

10/14/98 ...................... 243,730 247,470 1,053 118.6500

10/21/98 ...................... 245,413 247,936 1,123 116.8400

10/28/98 ...................... 245,297 248,972 1,356 118.0200

11/04/98 ...................... 243,411 246,189 1,336 116.8000

11/11/98 ...................... 253,280 256,573 1,303 121.8200

11/18/98 ...................... 250,260 253,792 1,572 121.7000

11/25/98 ...................... 238,275 241,522 1,651 121.8100

12/02/98 ...................... 246,379 249,188 1,820 120.2000

12/09/98 ...................... 245,627 247,950 1,815 117.8500

12/16/98 ...................... 229,269 231,090 999 116.7500

12/23/98 ...................... 214,433 217,022 1,524 115.9900

12/30/98 ...................... 200,057 202,288 1,467 115.0000
FOREIGN CURRENCY POSITIONS 105

1995 - Dec. ........ 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - 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. ........ 5,859 5,682 1,792 2,271 n.a. n.a. n.a. n.a. n.a. 1,548 113.3000

TABLE FCP-III-3.—Quarterly Report of Large Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

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 - Jan. ........ 193,006 198,794 32,244 30,345 35,123 34,659 48,956 49,167 1,194 71,768 127.1000

Feb. ........ 195,207 199,614 30,741 28,780 32,953 32,756 48,097 48,649 1,034 71,549 126.0800

Mar. ........ 187,453 196,116 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300

Apr. ........ 194,060 203,415 31,487 30,196 38,138 37,690 56,413 56,405 2,035 72,981 132.8500

May . . . . . . . . 194,693 204,692 30,489 29,571 40,001 39,980 59,564 60,737 2,364 73,499 138.9300

June ....... 222,593 234,994 28,150 28,201 57,796 55,601 78,741 80,977 3,079 75,287 138.9800

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

SECTION III.—Japanese Yen Positions, con.

TABLE FCP-III-2.—Monthly Report of Major Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOREIGN CURRENCY POSITIONS

SECTION IV.—Swiss Franc Positions

TABLE FCP-IV-1.—Weekly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Spot, forward Exchange rate

and future contracts (Francs

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

07/08/98 ...................... 574,910 585,165 1,983 1.5295

07/15/98 ...................... 572,025 582,019 3,866 1.5122

07/22/98 ...................... 551,362 560,957 4,772 1.5117

07/29/98 ...................... 586,308 598,158 8,242 1.4838

08/05/98 ...................... 564,419 576,866 7,925 1.4880

08/12/98 ...................... 605,923 618,153 7,254 1.4895

08/19/98 ...................... 578,645 587,957 5,108 1.5065

08/26/98 ...................... 554,352 565,601 5,172 1.5060

09/02/98 ...................... 612,518 624,996 5,247 1.4440

09/09/98 ...................... 605,919 618,161 5,669 1.4117

09/16/98 ...................... 587,329 595,753 7,993 1.3932

09/23/98 ...................... 571,481 579,903 8,054 1.3900

09/30/98 ...................... 521,494 531,777 8,444 1.3812

10/07/98 ...................... 557,683 567,767 8,144 1.3090

10/14/98 ...................... 533,855 543,472 8,760 1.3350

10/21/98 ...................... 517,386 525,390 4,998 1.3545

10/28/98 ...................... 539,532 544,899 5,660 1.3477

11/04/98 ...................... 508,785 512,877 4,107 1.3670

11/11/98 ...................... 529,840 535,312 5,181 1.3825

11/18/98 ...................... 505,533 510,060 5,392 1.3795

11/25/98 ...................... 483,137 488,168 5,626 1.4101

12/02/98 ...................... 516,976 522,973 4,522 1.3675

12/09/98 ...................... 498,086 503,461 5,065 1.3597

12/16/98 ...................... 460,359 464,315 5,906 1.3510

12/23/98 ...................... 443,787 448,890 6,165 1.3632

12/30/98 ...................... 420,381 425,410 5,961 1.3830
FOREIGN CURRENCY POSITIONS 107

1995 - Dec. ........ 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

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 18,193 3,200 3,643 3,623 2,983 147 15,838 1.3812

Dec. ........ 12,637 13,224 1,624 1,760 n.a. n.a. 462 563 n.a. n.a. 1.3745

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

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 - Jan. ........ 613,207 638,723 33,192 37,159 91,648 89,128 115,764 121,794 5,125 127,317 1.4780

Feb. ........ 593,341 613,641 38,259 42,224 90,116 88,884 118,321 123,453 4,993 133,393 1.4660

Mar. ........ 581,900 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240

Apr. ........ 595,017 611,454 34,779 37,632 84,515 80,899 111,676 108,820 8,631 130,652 1.5018

May . . . . . . . . 621,922 631,079 40,368 41,918 97,930 90,328 117,103 119,984 5,607 134,475 1.4846

June ....... 603,939 616,370 35,979 35,675 96,595 92,986 113,830 114,837 3,127 125,763 1.5210

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

SECTION IV.—Swiss Franc Positions, con.

TABLE FCP-IV-2.—Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOREIGN CURRENCY POSITIONS

07/08/98 ...................... 464,061 449,764 2,484 1.6363

07/15/98 ...................... 484,206 466,618 1,282 1.6345

07/22/98 ...................... 479,020 461,924 1,597 1.6430

07/29/98 ...................... 514,870 499,826 1,234 1.6433

08/05/98 ...................... 508,852 494,957 1,859 1.6360

08/12/98 ...................... 528,319 516,035 2,921 1.6260

08/19/98 ...................... 511,757 498,906 1,574 1.6220

08/26/98 ...................... 525,451 514,721 2,472 1.6373

09/02/98 ...................... 532,920 524,392 2,654 1.6692

09/09/98 ...................... 536,369 526,760 2,166 1.6670

09/16/98 ...................... 520,572 513,504 1,900 1.6775

09/23/98 ...................... 516,445 508,802 1,997 1.6858

09/30/98 ...................... 519,383 511,966 2,181 1.6996

10/07/98 ...................... 537,063 528,019 1,422 1.7037

10/14/98 ...................... 530,468 521,987 1,013 1.7045

10/21/98 ...................... 538,928 532,546 1,874 1.6965

10/28/98 ...................... 545,427 537,541 1,772 1.6738

11/04/98 ...................... 534,141 523,679 1,826 1.6595

11/11/98 ...................... 541,379 531,789 2,476 1.6625

11/18/98 ...................... 529,165 520,008 2,299 1.6695

11/25/98 ...................... 519,947 510,540 2,777 1.6603

12/02/98 ...................... 536,040 524,980 1,861 1.6660

12/09/98 ...................... 543,631 532,401 1,104 1.6560

12/16/98 ...................... 497,306 487,410 1,098 1.6710

12/23/98 ...................... 478,805 469,920 1,284 1.6764

12/30/98 ...................... 459,659 453,086 2,234 1.6610

SECTION V.—Sterling Positions

TABLE FCP-V-1.—Weekly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Spot, forward

and future contracts Exchange rate

Net options (U.S. dollars

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)
FOREIGN CURRENCY POSITIONS 109

1995 - Dec. ........ 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

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 53,779 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 54,569 41,086 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996

Dec. ........ 24,103 24,898 8,382 8,271 n.a. n.a. n.a. n.a. n.a. n.a. 1.6548

TABLE FCP-V-3.—Quarterly Report of Large Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

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 - Jan. ........ 405,480 389,483 82,928 90,049 62,190 62,406 64,902 70,662 898 81,577 1.6330

Feb. ........ 399,742 386,855 85,064 91,906 63,940 63,777 65,722 69,576 1,308 82,754 1.6437

Mar. ........ 409,091 400,265 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720

Apr. ........ 415,998 407,262 85,364 90,940 73,993 74,249 73,590 77,099 969 89,507 1.6705

May . . . . . . . . 437,354 426,555 87,465 91,688 77,981 76,361 76,478 79,795 1,177 89,522 1.6310

June ....... 487,634 473,141 88,629 93,982 85,210 82,575 88,254 95,234 3,349 89,349 1.6672

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

SECTION V.—Sterling Positions, con.

TABLE FCP-V-2.—Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Options positions Cross Exchange

Spot, forward currency rate

and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
110

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the

Gold Reserve Act of January 30, 1934 (31 United States Code

5302), which authorized establishment of a Treasury fund to

be operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of

the fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal

sources of income (+) or loss (-) for the fund are profits (+) or

losses (-) on SDRs and foreign exchange, as well as interest

earned on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the accrual method of accounting. The capital account represents the

original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the

initial U.S. quota subscription to the International Monetary

Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign

exchange” includes realized profits or losses. “Adjustment for

change in valuation of SDR holdings and allocations” reflects

TABLE ESF-1.—Balances as of June 30, 1998, and Sept. 30, 1998

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

June 30, 1998,

Assets, liabilities and capital June 30, 1998 through Sept. 30, 1998 Sept. 30, 1998

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities ........... 15,691,234 289,344 15,980,578

Special drawing rights1 .................. 10,000,694 105,011 10,105,705

Foreign exchange and securities: 2

German marks ....................... 5,898,169 525,242 6,423,411

Japanese yen........................ 8,018,031 87,955 8,105,986

Accounts receivable .................... 119,122 3,347 122,469

Total assets.......................... 39,727,250 1,010,899 40,738,149

Liabilities and capital

Current liabilities:

Accounts payable..................... 222,650 -174,738 47,912

Total current liabilities ............... 222,650 -174,738 47,912

Other liabilities:

Special drawing rights certificates......... 9,200,000 - 9,200,000

Special drawing rights allocations......... 6,523,938 194,898 6,718,836

Total other liabilities. ................ 15,723,938 194,898 15,918,836

Capital:

Capital account ...................... 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) 23,580,662 990,739 24,571,401

Total capital ....................... 23,780,662 990,739 24,771,401

Total liabilities and capital........... 39,727,250 1,010,899 40,738,149
EXCHANGE STABILIZATION FUND 111

Current quarter

July 1, 1998, through Sept. 30, 1998

Fiscal year to date

Oct. 1, 1997, through Sept. 30, 1998

Income and expense

Profit (+) or loss (-) on:

Foreign exchange. ....................................................... 575,625 -645,924

Adjustment for change in valuation of special drawing rights holdings and allocations1 .... 99,750 8,519

Interest (+) or net charges (-) on:

Special drawing rights. .................................................... 35,154 147,298

U.S. Government securities. ................................................ 218,119 860,040

Foreign exchange ........................................................ 62,091 231,405

Income from operations ................................................. 990,739 601,338

Net income (+) or loss (-) .............................................. 990,739 601,338

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. special drawing rights holdings and allocations are valued

on this basis beginning July 1974.

2 Excludes foreign exchange transactions for future and spot delivery.

Note.—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “An- nual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938,

have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978,

may be found on the statements published in the January 1979 “Treasury Bulletin.”
115

Section 1998 1997

Liabilities:

Borrowing from the public:

Public debt securities issued ................................................ 5,526,194 5,413,147

Plus premium on public debt securities ..................................... 2,202 1 20,200

Less discount on public debt securities ...................................... 79,051 78,187

Total public debt securities net of premium and discount....................... 5,449,345 5,355,160

Agency securities issued................................................... 29,372 1 32,700

Total Federal securities .................................................. 5,478,717 5,387,860

Less net Federal securities held as investments of Government accounts ........... 1,758,853 1 1,619,600

Total borrowing from the public........................................... 3,719,864 3,768,260

Accrued interest payable to the public .......................................... 45,448 46,083

Deposit funds ............................................................. 6,041 6,800

Miscellaneous liability accounts, includes checks outstanding ....................... 3,923 2 3,938

Accounts payable and accruals of Government agencies ........................... 3 194,760 3 196,737

Total liabilities ........................................................ 3,970,036 4 4,021,818

CHART SLOFC-A.—

Commitments and

Contingencies*

This report contains totals for commitments of the Government that represent the value of goods and services

ordered and obligated but not yet

received. It also includes other commitments against appropriations, all pursuant to section 1311 of the Supplemental

Appropriation Act of 1955 (31 United

States Code 200). Contingencies represent conditional commitments that may

become liabilities due to events beyond

the control of the Government. The

amounts are agency projections stated

in terms of maximum theoretical risk

exposure. The data for commitments

and contingencies come from agency

notes reports that were submitted to the

Financial Management Service (FMS).

*Note.—FMS expects to compile 1998 commitments and contingencies data by May 31, 1999. A copy of the detailed schedules can be obtained

from the Financial Reports Branch (202) 874-9910. Amounts presented in Chart SLOFC-A were compiled from reports submitted by the agencies in accordance with vol. I, part 2, chapter 4000 of the “Treasury Financial Manual” (Transmittal Letter No. 580). The information furnished by some reporting

agencies was based on estimates. Amounts presented in Table SLOFC-1 were compiled from “Schedule 1-U.S. Summary General Ledger Account Balances, 1998 Annual Report-Appendix” and Treasury internal documents.

(In billions of dollars)

1 This is a revised fiscal 1997 audited amount obtained from the General Accounting Office.

2

This is a revised fiscal 1997 amount obtained from Schedule 1- U.S. Summary General Ledger Account Balances.

3 Figure includes both public and Federal amounts.

4 Revised fiscal 1997 amount.

Government loan

and credit guarantees

Undelivered orders,

public

Unadjudicated claims

Other contingencies

Long-term contracts

Insurance

commitments

1997

1996

0 1000 2000 3000 4000 5000

Statement of Liabilities and Other Financial Commitments

The statement of liabilities and other financial commitments of the U.S. Government is compiled in accordance with 31

United States Code 331 (b). The report discloses the liabilities as of September 30, 1998, and 1997. Commitments and contingencies are disclosed as of September 30, 1997, and 1996.

TABLE SLOFC-1—Summary of Liabilities of the United States Government

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

INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund was established on

the books of Treasury in fiscal 1971, according to provisions

of the Airport and Airway Revenue Act of 1970 [49 United

States Code 1742 (a)]. The Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, dated September 3,

1982), reestablished the trust fund in the Internal Revenue

Code (26 United States Code 9502) effective September 1,

1982.

Treasury transfers from the general fund to the Trust Fund

amounts equivalent to the taxes received from transportation

of persons and property by air, gasoline and jet fuel used in

noncommercial aircraft, and an international departure tax.

The Omnibus Budget Reconciliation Act of 1990 (Public Law

101-508, dated November 5, 1990), increased rates for the excise taxes transferred to the fund.

Treasury bases these transfers on estimates made by the

Secretary of the Treasury. These are subject to adjustments in

later transfers in the amount of actual tax receipts.

The Taxpayers Relief Act of 1997 (Public Law 105-34),

effective October 1, 1997, extended the aviation excise taxes

for 10 years. The Act included other provisions that:

• Retained the existing freight weighbill, general aviation

fuel/gas taxes and a $6 departure tax on domestic flights to and

from Alaska and Hawaii.

• Converted the 10 percent ad valorem tax on domestic

passenger tickets to a combination of ad valorem/flight segment tax over 3 years, beginning October 1, 1997.

• Imposed a new 7.5 percent tax on payments to airlines

for frequent flyer and similar awards by banks and credit card

companies, merchants and frequent flyer program partners,

such as other airlines, hotels or rental car companies, and other

businesses.

• Increased the current $6 international departure tax to

$12 per passenger and added a $12 international arrival tax.

• Lowered tax rates on flights to certain rural airports to

7.5 percent without a flight segment component.

• Transferred revenues from the 4.3 cents-per-gallon aviation fuel tax currently dedicated to reducing the national deficit from the general fund to the Airport and Airway Trust

Fund.

When the provisions of 26 United States Code 9602 (b)

are met, amounts available in the fund exceed outlay requirements, Treasury invests excess amounts in public debt securities and credits the interest to the fund. Additional sums from

the general fund also are credited as authorized and made

available, by law, if they are needed to meet outlay requirements.

Treasury makes available to the Federal Aviation Administration (FAA), Department of Transportation (DOT)

amounts required for outlays to carry out the Airport and Airway program. The Secretary of the Treasury makes other

charges to the trust fund to transfer certain refunds of taxes and

certain outfits, under section 34 of the Internal Revenue Code

(IRC).
TRUST FUNDS 117

TABLE TF-10.—Airport and Airway Trust Fund,

Expected Condition and Results of Operations, Fiscal 1999-2000

[In millions of dollars. Source: DOT]

1999 2000

Balance Oct.1 ............................................................................................... 9,140 12,296

Receipts:

Excise taxes, net of refunds .................................................................................. 10,397 9,251

Interest on investments ...................................................................................... 599 804

Federal fund payments ...................................................................................... 87 -

Aviation user fees .......................................................................................... - 1,496

Interest, aviation user fees ................................................................................... - -

Total receipts ............................................................................................ 11,083 11,551

Offsetting collections ......................................................................................... 90 90

Expenses:

Outlays .................................................................................................. 7,927 9,997

Offsetting collections ........................................................................................ 90 90

Balance Sept. 30 ............................................................................................ 12,296 13,850

Balance Oct. 1, 1997 ......................................................................................... $6,358,300,653

Receipts:

Excise taxes (transferred from general fund):

Liquid fuel other than gasoline ............................... 4041........................................... 655,195,520

Gasoline ................................................ 4081........................................... 47,140,054

Domestic travel............................................ 4261 (a) (b) ..................................... 6,190,226,000

Use of international travel facilities ............................ 4261 (c) ........................................ 947,775,000

Transportation of property, cargo ............................. 4271........................................... 313,503,000

Gross excise taxes...................................................................................... 8,153,839,574

Less refunds of taxes (reimbursed to general fund):

Aviation other than gasoline ................................... 4041........................................... 36,358,670

Aviation gas .............................................................................................. 6,604,000

Airline tax expired .......................................................................................... 228,749

Total refunds of taxes ..................................................................................... 43,191,419

Net taxes ............................................................................................... 8,110,648,155

Interest on investments ..................................................................................... 542,753,412

Interest accrued ........................................................................................... -

Total receipts............................................................................................ 8,653,401,567

Offsetting collections ......................................................................................... 41,806,065

Expenses:

Operations ............................................................................................... 1,928,833,792

Grants in aid .............................................................................................. 1,510,582,118

Facilities and equipment..................................................................................... 2,226,419,345

Research, engineering and development........................................................................ 202,584,280

DOT rental payments ....................................................................................... -

Air carriers ............................................................................................... 3,111,329

Total expenses .......................................................................................... 5,871,530,864

Offsetting collections ......................................................................................... 41,806,065

Balance Sept. 30, 1998 ....................................................................................... $9,140,171,356

TABLE TF-10.—Airport and Airway Trust Fund

Results of Operations, Fiscal 1998

[Source: DOT]

Description IRC section (26 United States Code) Amount
118 TRUST FUNDS

INTRODUCTION: Uranium Enrichment

Decontamination and Decommissioning Fund

The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury

in fiscal 1993, according to provisions of the Energy Policy Act

of 1992 [42 United States Code 2297 (g)]. Receipts represent

(1) fees collected from domestic public utilities based on their

pro rata share of purchases of separative work units from the

Department of Energy (DOE) and (2) appropriations toward

the Government contribution based on the balance of separative work unit purchases.

Expenditures from the fund are for the purpose of (1) decontamination and decommissioning of the three gaseous diffusion plants, (2) remedial actions and related environmental

restoration costs at the gaseous diffusion plants and (3) reimbursement to uranium/thorium producers for the costs of decontamination, decommissioning, reclamation and remedial

action of uranium/thorium sites that are incident to sales to the

U.S. Government. Amounts available in the fund exceeding

current needs may be invested by the Secretary of the Treasury

in obligations of the United States (1) having maturities congruent with the needs of the fund and (2) bearing interest at

rates determined appropriate, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity

comparable to these investments.

The Secretary of the Treasury is required by 42 United

States Code 2297 (g) to provide an annual report to Congress,

after consultation with the Secretary of Energy. This report

must present the financial condition and the results of operations of the fund during the preceding fiscal year.

The Energy Policy Act of 1992 [42 United States Code

2297 (g)(l), as amended] authorizes funding to ensure annual

deposits to the fund of $488.3 million before adjustments for

inflation. The Act stipulates that the annual deposit amount, adjusted for inflation, is to be comprised of $338.3 million in

Government contributions and $150 million in domestic public utility assessments. Between the fiscal years of 1993 and

1998, the total Government contribution amount authorized by

the Act was $1,980.0 million. During that time span, the Government contributed only $1,445.6 million to the fund. The resulting shortfall in authorized Government contributions is,

therefore, $534.4 million.

Balance Oct. 1, 1997 ..................................................................................................... $10,000,364

Receipts:

Fees collected......................................................................................................... 558,539,361

Penalties collected ..................................................................................................... -

Interest on investments.................................................................................................. 63,409,121

Total receipts ........................................................................................................ 621,948,482

Outlays:

DOE, decontamination and decommissioning activities ......................................................................... 233,558,107

Cost of investments .................................................................................................... 398,403,033

Total outlays ........................................................................................................ 631,961,140

Balance Sept. 30, 1998 ................................................................................................... $-12,294

TABLE TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund

Results of Operations, Fiscal 1998

[Source: DOE]

TABLE TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund

Expected Condition and Results of Operations, Fiscal 1999-2003

[In thousands of dollars. Source: DOE]

1999 2000 2001 2002 2003

Balance Oct. 1 .............................................. 1 1 1 1 1

Receipts:

Fees collected ............................................. 569,000 594,481 611,016 630,716 636,587

Interest collected ........................................... 75,516 95,325 117,475 141,896 167,540

Total receipts............................................. 644,516 689,806 728,491 772,612 804,127

Outlays:

DOE, decontamination and decommissioning fund ................. 205,000 244,000 230,000 223,000 227,000

Costs of investments ........................................ 439,516 445,806 498,491 549,612 577,127

Total outlays ............................................. 644,516 689,806 728,491 772,612 804,127

Balance Sept. 30 ............................................. 1 1 1 1 1
TRUST FUNDS 119

INTRODUCTION: Black Lung Disability Trust Fund

The Black Lung Disability Trust Fund was established on

the books of the Treasury in fiscal 1978 according to the Black

Lung Benefits Revenue Act of 1977 (Public Law 95-227). The

Black Lung Benefits Revenue Act of 1981 (Public Law

97-119), re-established the fund in the IRC, 26 United States

Code 9501.

The Consolidated Omnibus Budget Reconciliation Act of

1985 (Public Law 99-272), enacted April 7, 1986, provided for

an increase in the coal tax effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest

payments ended on September 30, 1990. Payment of interest

on advances resumed in fiscal 1991. The Omnibus Budget

Reconciliation Act of 1987 (Public Law 100-203), signed December 22, 1987, extends the temporary increase in the coal

tax through December 31, 2013.

The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury

to the trust fund: excise taxes on mined coal; taxable expenditures of self-dealing by, and excess contributions to, private

black lung benefit trusts; reimbursements by responsible mine

operators; and related fines, penalties and interest charges.

Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust

fund subject to adjustments in later transfers to actual tax receipts.

After retirement of the current indebtedness, amounts

available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt securities. Any interest earned will

be credited to the fund. Also credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues.

To carry out the program, amounts are made available to

the Department of Labor (DOL). Also charged to the fund are

administrative expenses incurred by the Department of Health

and Human Services (HHS) and the Treasury, repayments of

advances from the general fund and interest on advances.

The Code requires the Secretary of the Treasury to submit

an annual report to Congress after consultation with the Secretary of Labor and the Secretary of HHS [26 United States Code

9602(a)]. The report must present the financial condition and

results of operations of the fund during the past fiscal year and

the expected condition and operations of the fund during the

next 5 fiscal years.

TABLE TF-12.—Black Lung Disability Trust Fund

Results of Operations, Fiscal 1998

[Source: DOL]

Balance Oct. 1, 1997 ..................................................................................................... $4,468,915

Receipts:

Excise taxes (transfered from general fund):

$1.10 tax on underground coal .......................................................................................... 216,853,000

$0.55 tax on surface coal ............................................................................................... 151,826,000

4.4 percent tax on underground coal...................................................................................... 194,984,000

4.4 percent tax on surface coal .......................................................................................... 72,167,000

Fines, penalties and interest ............................................................................................ 2,217,491

Collection—responsible mine operators ................................................................................... 6,135,065

Recovery of prior year funds ............................................................................................ 732,040

Repayable advances from the general fund ................................................................................ 370,000,000

Total receipts ...................................................................................................... 1,014,914,597

Net receipts ....................................................................................................... 1,014,914,597

Outlays:

Treasury administrative expenses ......................................................................................... 40,933

Salaries and expenses—DOL—Departmental management ..................................................................... 19,551,000

Salaries and expenses—DOL—Office of Inspector General ..................................................................... 296,000

Salaries and expenses—DOL—Employment Standards Administration ............................................................ 26,147,000

Total outlays ........................................................................................................ 46,034,933

Expenses:

Program expenses—DOL................................................................................................ 459,061,013

Interest on repayable advances ........................................................................................... 494,726,250

Total expenses ...................................................................................................... 999,822,195

Balance Sept. 30, 1998 ................................................................................................... 19,561,316

Cummulative debt, end of year ............................................................................................. $5,856,556,899
120 TRUST FUNDS

TABLE TF-12.—Black Lung Disability Trust Fund, con.

Expected Condition and Results of Operations, Fiscal 1999-2003

[In thousands of dollars. Source: DOL]

1999 2000 2001 2002 2003

Balance Oct. 1 ............................................... 19,561 - - - -

Receipts:

Excise taxes ............................................... 638,000 656,000 674,000 690,000 705,000

Advances from the general fund................................ 361,439 356,000 343,000 331,000 319,000

Fines, penalties and interest................................... 2,000 2,000 2,000 2,000 2,000

Total receipts............................................. 1,001,439 1,014,000 1,019,000 1,023,000 1,026,000

Outlays:

Benefit payments ........................................... 453,725 430,506 417,505 403,506 389,605

Administrative expenses...................................... 51,275 50,494 50,494 50,494 50,494

Interest on repayable advances ................................ 516,000 533,000 551,000 569,000 586,000

Total outlays ............................................. 1,021,000 1,014,000 1,019,000 1,023,000 1,026,000

Balance Sept. 30 ............................................. - - - - -

Cumulative debt, end of year.................................... 6,217,996 6,573,996 6,916,996 7,247,996 7,566,996

Note.—Detail may not add to totals due to rounding.
TRUST FUNDS 121

INTRODUCTION: Harbor Maintenance Trust Fund

The Harbor Maintenance Trust Fund was established on

the books of the Treasury on April 1, 1987, according to the

Water Resources Development Act of 1986 (Public Law

99-962, November 17, 1986) (26 United States Code 9505).

Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures to carry out section 210 (a) of the Water Resources

Development Act of 1986. The appropriations act for DOT for

fiscal 1995 (Public Law 103-331, September 28, 1994), section 13, waived collection of charges or tolls on the Saint Lawrence Seaway in accordance with section 13 (b) of the Act of

May 13, 1954 (as in effect on April 1, 1987). Legislation was

passed in the North American Free Trade Agreement Implementation Act of 1994 (Public Law 103-182, Sec. 683), which

amends paragraph (3) of section 9505 (c) of the IRC of 1986,

to authorize payment of up to $5 million annually to Treasury

for all expenses of administration incurred by the Treasury, the

U.S. Army Corps of Engineers and the Department of Commerce (Commerce) related to the administration of subchapter

A of chapter 36 (relating to harbor maintenance tax). Section

201 of the Water Resources Development Act of 1996 authorizes use of the Harbor Maintenance Trust Fund for construction of dredged material disposal facilities associated with the

operation and maintenance of Federal navigation projects for

commercial navigation.

A summary judgment issued October 25, 1995, by the

United States Court of International Trade in the case United

States Shoe Corp. v. United States (Court No. 94-11-00668)

found the Harbor Maintenance fee unconstitutional under the

Export Clause of the Constitution (Article I, Section 9, clause

5) and enjoined the Customs Service from collecting the fee.

However, a motion to stay the execution of the judgment

pending appeal was granted, and the fee is being collected.

The case is under appeal at the Supreme Court. Oral arguments are set for March 4, 1998, with a decision expected later

in the year.

The decision was affirmed by the Supreme Court on

March 31, 1998. With the tax on exports no longer collected,

revenues have been reduced by approximately 30 percent.

The Administration is proposing a Harbor Services User

Fee to replace the Harbor Maintenance Tax. The legislative

proposal also will establish the Harbor Services Fund. Collected fees will be deposited into this fund and it will be funded

in fiscal 2000 by transfer from the Harbor Maintenance Trust

Fund.

TABLE TF-13.—Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1998

[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 1997 ..................................................................................................... $1,106,000,000

Receipts:

Excise taxes:

Imports............................................................................................................. 458,000,000

Exports............................................................................................................. 91,000,000

Domestic ........................................................................................................... 27,000,000

Passengers ......................................................................................................... 2,000,000

Zones admissions .................................................................................................... 44,000,000

Interest on investments ................................................................................................ 29,000,000

Total receipts ...................................................................................................... 651,000,000

Expenses:

Corps of Engineers ..................................................................................................... 497,000,000

Saint Lawrence Seaway Development Corporation/DOT........................................................................ 11,000,000

Treasury administrative cost .............................................................................................. 3,000,000

Operating expenses, miscellaneous returns.................................................................................. -

Total expenses ...................................................................................................... 511,000,000

Balance Sept. 30, 1998 ................................................................................................... $1,246,000,000
122 TRUST FUNDS

TABLE TF-13.—Harbor Maintenance Trust Fund, con.

Expected Condition and Results of Operations, Fiscal 1999-2003 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

1999 2000 2001 2002 2003

Balance Oct. 1 ............................................... 1,246.0 1,847.0 - - -

Receipts:

Harbor maintenance fee ...................................... 588.0----

Interest on investments ...................................... 31.0 - - - -

Total receipts............................................. 619.0 - - - -

Outlays:

Harbor Maintenance Trust Fund, legislative proposal

not subject to paygo ....................................... - 1,847.0---

Corps of Engineers operation, maintenance

and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0----

Corps of Engineers construction ............................... -----

Saint Lawrence Seaway Development Corporation/DOT ............ 11.0 - - - -

Administrative expenses for Treasury (Customs Service) ............ 3.0 - - - -

Total outlays ............................................. 18.0 1,847.0 - - -

Balance Sept. 30 ............................................. 1,847.0 - - - -

1 Outyear projections are for planning purposes and are based on economic conditions and agencies’ best projections of revenues and expenditures.
TRUST FUNDS 123

INTRODUCTION: Hazardous Substance Superfund

The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal 1981, in accordance with provisions of the Hazardous Substance Response

Revenue Act of 1980 [42 United States Code 9631 (a)]. Effective fiscal 1987, the trust fund was re-established as the Hazardous Substance Superfund (Superfund) in accordance with

provisions of the Comprehensive Environmental Response,

Compensation and Liability Act (CERCLA) of 1980 (Public

Law 96-510), as amended by the Superfund Amendments and

Re-authorization Act of 1986 (Public Law 99-499, dated October 17, 1986).

The authority to collect excise taxes on petroleum and

chemicals, and an environmental tax for all corporations with

modified alternative minimum taxable income in excess of $2

million expired in 1995. The President’s budget projects a reinstatement of all taxes above for the outyears.

To carry out the Superfund program, amounts are appropriated from the Superfund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses, repayment of advances to the general fund and interest

expense associated with outstanding advances from the general fund.

An annual report to Congress by the Secretary of Treasury is required by section 9633 (b) (1) of CERCLA, as

amended. These reports present the financial condition of the

Superfund and the results of operation for the past fiscal year,

and its expected condition and operations during the next 5

years.

TABLE TF-14.—Hazardous Substance Superfund

Results of Operations, Fiscal 1998

[Source: EPA]

Balance Oct. 1, 1997 ..................................................................................................... $2,636,730,000

Receipts:

Crude and petroleum ................................................................................................... -2,600,000

Certain chemicals ...................................................................................................... 2,410,000

Corporate environmental ................................................................................................ 79,060,000

General fund appropriation ............................................................................................... 250,000,000

Cost recoveries ........................................................................................................ 319,610,000

Fines and penalties..................................................................................................... 5,040,000

Interest on investments.................................................................................................. 360,000,000

Interest on investments—accrued ......................................................................................... -34,000,000

Total receipts ........................................................................................................ 979,520,000

Undisbursed balance ..................................................................................................... -

Total undisbursed balance.............................................................................................. -

Expenses:

EPA expense (after recission) ............................................................................................ 1,416,167,000

Commerce expense .................................................................................................... 2,432,000

Federal Emergency Management Administration expense ...................................................................... 1,100,000

HHS expense, Agency for Toxic Substance and Disease Registry ................................................................ 74,000,000

Department of the Interior (Interior) expense ................................................................................. 850,000

DOL expense ......................................................................................................... 650,000

Corps of Engineers expense.............................................................................................. 4,801,000

Total expenses ...................................................................................................... 1,500,000,000

Balance Sept. 30, 1998 ................................................................................................... $2,116,250,000
124 TRUST FUNDS

TABLE TF-14.—Hazardous Substance Superfund, con.

Expected Condition and Results of Operations, Fiscal 1999-2003

[In millions of dollars. Source: EPA]

1999 1 2000 1 2001 1 2002 1 20031

Balance Oct. 1 ............................................... 2,116.2 1,748.2 3,265.2 4,236.2 5,352.2

Receipts:

Interest on investments ...................................... 325.0 250.0 250.0 412.0 461.0

Recoveries, fines and penalties ................................ 254.0 229.0 200.0 180.0 180.0

Taxes .................................................... 147.0 2207.0 1703.0 1721.0 1754.0

General revenues ........................................... 325.0 250.0 250.0 250.0 250.0

Total receipts............................................. 1051.0 2936.0 2403.0 2563.0 2645.0

Outlays..................................................... 1419.0 1419.0 1432.0 1447.0 1482.0

Balance Sept. 30 ............................................. 1,748.2 3,265.2 4,236.2 5,352.2 6,515.2

1 Forecasts for these fiscal years assume reauthorization of the Superfund by Congress.
TRUST FUNDS 125

INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books of

the Treasury in fiscal 1957, according to provisions of the

Highway Revenue Act of 1956. It has been amended and extended by various highway and surface transportation acts

since 1959. The Intermodal Surface Transportation Efficiency

Act of 1991 extended the Highway Trust Fund and its taxes

through September 30, 1999. It has also been modified by the

Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990 and the Omnibus Budget Reconciliation

Act of 1993. Amounts equivalent to taxes on gasoline, diesel

fuel, special motor fuels, certain tires, vehicles and truck use

are designated by the Act to be appropriated and transferred

from the general fund of the Treasury to the trust fund. These

transfers are made monthly based on estimates by the Secretary of the Treasury, subject to adjustments in later transfers to

the amount of actual tax receipts. Amounts available in the

fund exceeding outlay requirements are invested in public

debt securities, and interest is credited to the fund.

Within the fund is a mass transit account, funded by a portion of the excise tax collections under sections 4041, 4081

and 4091 of the IRC (26 United States Code). The funds from

this account are used for expenditures according to section 21

(a) (2) of the Urban Mass Transportation Act of 1964 or the

Intermodal Surface Transportation Efficiency Act of 1991.

The remaining excise taxes collected are included in a higher

account within the trust fund, and expenditures from this account are made according to the provisions of various transportation Acts.

Amounts required for outlays to carry out the Federal

Highway program are made available to the Federal Highway

Administration, DOT. Other charges to the trust fund are

made by the Secretary of the Treasury for transfer of certain

taxes to the land and water conservation fund and the Aquatic

Resources Trust Fund and refunds of certain taxes.

Annual reports to Congress are required by 26 United

States Code 9602 (a) IRC as amended, to be submitted by the

Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports cover the financial condition and results of operations of the fund for the past fiscal

year and expected condition and operations during the next 5

fiscal years.

TABLE TF-15.—Highway Trust Fund

Results of Operations, Fiscal 1998

[Source: DOT]

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 1997 ................................................................................. $22,419,779,853

Receipts:

Excise taxes (transferred from general fund):

Gasohol .................................................. 6427 .................................. 1,095,864,692

Gas manufacture gasohol .................................... 4041 ................................... - Trucks, buses, trailers ....................................... 4061 (a) (1) ............................ - Diesel and special motor fuels ................................. 4041 (a) (b).............................. 6,122,312,027

Trucks.................................................... 4051 (a) ................................ 2,040,532,000

Gasoline .................................................. 4081 .................................. 17,100,306,384

Tires used on highway vehicles ................................ 4071 (a) (1).............................. 399,305,000

Cash Management Improvement Act ............................ 4071 .................................. 1,321,288

Use of certain vehicles ....................................... 4481 .................................. 862,923,540

Fines and penalties ................................................................................ 5,586,614

Total taxes ...................................................................................... 27,628,151,545

Less: Transfer to land and water conservation fund................. 4081 .................................. 1,000,000

Transfer to aquatic reserve .................................. 4041 .................................. 194,084,000

Gross taxes ....................................................................................... 27,433,067,545

Less refunds of taxes (reimbursed to general fund):

Diesel-powered vehicle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 ............................... 4,142,700

Gasoline 9.1/14.1 ......................................... 6421 .................................. 309,542,508

Gasohol 3.1/8.7 ............................................ 6427 .................................. 16,356,740

Diesel 15.1/20.1 ............................................ 4081 .................................. 434,006,070

Special motor fuel 9.1/14.1.................................... 4081 .................................. 9,504,150

Gasoline .................................................. 6412 ................................... -33,809,441

Gas to make gasohol ........................................ 4041 .................................. 16,081,000

Diesel fuel, bus use ......................................... 4041 .................................. 24,821,657

Diesel .................................................... 4081 .................................. 23,335,492

Exempt use ....................................................................................... - Total refunds of taxes ............................................................................ 803,980,876

Net taxes ....................................................................................... 26,629,086,669

Investment income:

Interest on investments .............................................................................. 1,706,027,292

Accrued interest income ............................................................................ -

Total investment income ........................................................................... 1,706,027,292

Net receipts ................................................................................... $28,335,113,961
Expenses:

Federal aid to highways ................................................................................................. $19,967,116,169

Right-of-way revolving fund .............................................................................................. -1,982,639

National Highway Traffic Safety Administration ............................................................................... 252,319,000

Trust fund share of highway programs ..................................................................................... 4,486,136

Baltimore-Washington Parkway ........................................................................................... -6,003

Highway safety research and development .................................................................................. 1,991,955

Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575

Highway-related safety grants ............................................................................................ 2,757,987

Alabama highway bypass demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837

Urban airport access safety demonstration .................................................................................. -

Intermodal urban demonstration ........................................................................................... 4,187,705

University transportation center ........................................................................................... -

Carpool and vanpool grants .............................................................................................. -

Metropolitan planning project ............................................................................................. 47,600

National Park Service construction ......................................................................................... 4,702,506

Motor carrier safety grants ............................................................................................... 72,960,582

Mass transit........................................................................................................... 4,132,993,000

Safety improvement project .............................................................................................. 26,857

Safety economic development demonstration project .......................................................................... 174,024

Railroad administration .................................................................................................. 2,971,000

Vehicular and pedestrian safety demonstration ............................................................................... 151,431

Highway demonstration ................................................................................................. 25,643,672

Corridor safety improvement.............................................................................................. 610,346

Bridge capacity improvement ............................................................................................. 1,271,811

Highway railroad grade crossing........................................................................................... 3,768,983

Urban highway/corridor bicycle transportation demonstration .................................................................... 25,648

Highway demonstration projects........................................................................................... 3,235,990

Kentucky bridge demonstration program .................................................................................... -

Pennsylvania reconstruction demonstration project ........................................................................... 1,481,706

Mineola grade crossing.................................................................................................. 1,069,961

DOT/rent ............................................................................................................. -

Total expenses ...................................................................................................... 24,482,006,839

Outlays:

Outlays to Cash Management Improvement Act .............................................................................. 209,026

Balances expired or permanently cancelled.................................................................................... -

Balance Sept. 30, 1998 ................................................................................................... $26,272,677,949

126 TRUST FUNDS

TABLE TF-15.—Highway Trust Fund

Results of Operations, Fiscal 1998, con.

[Source: DOT]

IRC section

Description (26 United States Code) Amount
TRUST FUNDS 127

TABLE TF-15.—Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal 1999-2003

[In millions of dollars. Source: DOT]

Combined Statement Highway and Mass Transit Accounts

1999 2000 2001 2002 2003

Highway Account

1999 2000 2001 2002 2003

Mass Transit Account

1999 2000 2001 2002 2003

Balance Oct. 1 ...................................................... 18.5 27.9 28.7 28.9 29.3

Receipts:

Excise taxes, net of refunds .......................................... 38.6 33.1 33.6 34.3 34.9

Interest, net....................................................... - - - - -

Total receipts.................................................... 38.6 33.1 33.6 34.3 34.9

Outlays............................................................ 29.2 32.3 33.4 33.8 34.2

Balance Sept. 30 .................................................... 27.9 28.7 28.9 29.3 30.1

Balance Oct. 1 ...................................................... 10.1 9.7 8.2 7.0 5.7

Receipts:

Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 4.5 4.6 4.7 4.8

Interest, net....................................................... - - - - -

Total receipts.................................................... 5.4 4.5 4.6 4.7 4.8

Outlays............................................................ 5.7 6.1 5.8 5.9 6.1

Balance Sept. 30 .................................................... 9.7 8.2 7.0 5.7 4.5

Balance Oct. 1 ...................................................... 8.5 18.2 20.6 22.0 23.7

Receipts:

Excise taxes, net of refunds .......................................... 33.2 28.7 29.0 29.5 30.1

Interest, net....................................................... - - - - -

Total receipts.................................................... 33.2 28.7 29.0 29.5 30.1

Outlays............................................................ 23.5 26.2 27.6 27.9 28.1

Balance Sept. 30 .................................................... 18.2 20.6 22.0 23.7 25.7

Unfunded authorizations (EOY)......................................... - - - - -

24-month revenue estimate ............................................ - - - - -
128 TRUST FUNDS

TABLE TF-15A.—Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

“unfunded authorizations” is the latest estimate received from

the DOT for fiscal 1998. The 24- month revenue estimates for

the highway and mass transit accounts, respectively, include

the latest estimates received from Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1998.

Highway Account

[In millions of dollars. Source: DOT]

Unfunded authorizations (EOY) ...................................................................................................... 33,299

24-month revenue estimate .......................................................................................................... 61,649

Mass Transit Account

[In millions of dollars. Source: DOT]

Unfunded authorizations (EOY)....................................................................................................... -4,922

24-month revenue estimate .......................................................................................................... 9,912
TRUST FUNDS 129

Expected Condition and Results of Operations

Fiscal 1999-2003 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

1999 2000 2001 2002 2003

TABLE TF-16.—Inland Waterways Trust Fund

Results of Operations, Fiscal 1998

[Source: Department of the Army Corps of Engineers]

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the

Treasury in fiscal 1984, according to provisions of the Inland

Waterways Revenue Act of 1978 (Public Law 95-502) and

continued according to the Water Resources Development Act

of 1986 (26 United States Code 9506). Amounts determined

by the Secretary of the Treasury (section 4042 of the IRC of

1986, relating to tax on fuel used in commercial transportation

on inland waterways) shall be appropriated to the trust fund.

The Technical and Miscellaneous Revenue Act of 1988

(Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts

are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later

transfers to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing

obligations of the United States that portion of the trust fund,

in his judgment, not required to meet current withdrawals. The

interest on, and proceeds from the sale or redemption of, any

obligation held in the trust fund is credited to the trust fund.

The Inland Waterways Revenue Act of 1978 provides that

amounts in the trust fund shall be available, by appropriations

acts, for construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United

States described in 33 United States Code 1804. Expenditures

must be otherwise authorized by law.

Annual reports to Congress are required by 26 United

States Code 9602 to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past

fiscal year and its expected condition and operations during

the next 5 fiscal years.

Balance Oct. 1 .............................................. 327.0 376.0 449.0 527.0 610.0

Receipts:

Fuel taxes ................................................. 102.0 105.0 107.0 109.0 111.0

Interest on investments ...................................... 20.0 23.0 26.0 29.0 33.0

Total receipts............................................. 122.0 128.0 133.0 138.0 144.0

Transfers:

Corps of Engineers.......................................... 73.0 55.0 55.0 55.0 55.0

Balance Sept. 30 ............................................. 376.0 449.0 527.0 610.0 699.0

Balance Oct. 1, 1997 ..................................................................................................... $300,000,000

Receipts:

Fuel taxes ............................................................................................................ 91,000,000

Interest on investments.................................................................................................. 15,000,000

Total receipts ........................................................................................................ 106,000,000

Transfers:

Corps of Engineers ..................................................................................................... 79,000,000

Balance Sept. 30, 1998 ................................................................................................... $327,000,000

1 Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures.
130 TRUST FUNDS

Note.—The expected conditions and results of operations for fiscal 1999 through 2003

were not available at the time of publication.

TABLE TF-17.—Leaking Underground Storage Tank Trust Fund

Results of Operations, Fiscal 1998

[Source: EPA]

INTRODUCTION: Leaking Underground Storage Tank Trust Fund

The Leaking Underground Storage Tank (LUST) Trust

Fund was established in fiscal 1981 according to provisions of

the CERCLA of 1980 (Public Law 96-510), as amended by the

Superfund Amendments and Re-authorization Act of 1986

(Public Law 99-499, dated October 17, 1986) and the Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508,

dated November 5, 1990).

The LUST Trust Fund is financed by taxes collected on

gasoline, diesel fuels, special motor fuels, aviation fuels and

fuels used in commercial transportation on inland waterways.

Amounts available in the LUST Trust Fund, exceeding current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

LUST Trust Fund.

To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the EPA for programmatic

and administrative expenses.

An annual report to Congress by the Secretary of the

Treasury is required by 26 United States Code 9602 (a). These

reports present the financial condition of the LUST Trust Fund

and results of operations for the past fiscal year and its expected condition and operations during the next 5 fiscal years.

Balance Oct. 1, 1997............................................................................................. $1,041,000,000

Receipts:

Taxes relating to highway, inland and airport trust funds................................................................ 138,900,000

Interest on investments ......................................................................................... 60,900,000

Interest on investments—accrued ................................................................................. 6,100,000

Gross tax receipts............................................................................................ 205,900,000

Less reimbursements to general fund:

Refund of taxes and estimated tax credits ........................................................................... 2,654,152

Net receipts .................................................................................................. 203,245,848

Undisbursed balances:

EPA LUST balances ........................................................................................... 65,000,000

EPA Inspector General (IG) balances .............................................................................. -

Total undisbursed balances .................................................................................... 65,000,000

Expenses:

EPA LUST expenses ........................................................................................... 61,000,000

EPA IG expenses.............................................................................................. -

Total expenses .............................................................................................. 61,000,000

Balance Sept. 30, 1998 ........................................................................................... $1,179,000
TRUST FUNDS 131

INTRODUCTION: Nuclear Waste Fund

The Nuclear Waste Fund was established on the books of

the Treasury in fiscal 1983, according to provisions of the Nuclear Waste Policy Act of 1982 [42 United States Code 10222

(c)]. Receipts represent fees collected from public utilities

based on electricity generated by nuclear power reactors and

spent nuclear fuel. Expenditures from the fund are for purposes of radioactive waste disposal activities.

Amounts available in the fund exceeding current needs

may be invested by the Secretary of the Treasury in obligations

of the United States (1) having maturities in tandem with the

needs of the waste fund and (2) bearing interest at rates determined appropriate, taking into consideration the current average market yield on outstanding marketable obligations of the

United States with remaining periods to maturity comparable

to the maturities of such investments, except that the interest

rate on such investments shall not exceed the average interest

rate applicable to existing borrowings.

An annual report to Congress by the Secretary of the

Treasury, after consultation with the Secretary of Energy, is

required by 42 United States Code 10222 (e) (1). This report

must present the financial condition and the results of operations of the waste fund during the preceding fiscal year.

TABLE TF-18.—Nuclear Waste Fund

Results of Operations, Fiscal 1998

[Source: DOE]

Balance Oct. 1, 1997 ..................................................................................................... $108,264

Receipts:

Fees collected......................................................................................................... 599,873,668

Penalties and interest on fee payments ..................................................................................... -

Interest on investments.................................................................................................. 401,410,998

Total receipts ........................................................................................................ 1,001,284,666

Outlays:

DOE radioactive waste disposal activities ................................................................................... 185,843,450

Cost of investments .................................................................................................... 815,448,705

Total outlays ........................................................................................................ 1,001,292,155

Balance Sept. 30, 1998 ................................................................................................... $100,775
132 TRUST FUNDS

INTRODUCTION: Reforestation Trust Fund

The Reforestation Trust Fund was established on the

books of the Treasury in fiscal 1981 to continue through September 30, 1985, according to provisions of Title III—Reforestation, of the Recreational Boating Safety and Facilities

Improvement Act of 1980 [16 United States Code 1606a (a)].

The act provides that the Secretary of the Treasury shall

transfer to the trust fund tariffs, limited to not more than $30

million for any fiscal year, received in the Treasury from October 1, 1979, through September 30, 1985, on (1) rough and primary wood products and wood waste; (2) lumber, flooring and

moldings; and (3) wood veneers, plywood, other

wood-veneer assemblies and building boards. Public Law

99-190 extended the receipts for the trust fund. Amounts available in the reforestation trust fund exceeding current withdrawals are invested in interest-bearing obligations of the

United States or in obligations guaranteed as to both principal

and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations are credited to the trust fund.

The Secretary of Agriculture is authorized to obligate

available sums in the trust fund (including any amounts not

obligated in previous years) for (1) reforestation and timber

stand improvement and (2) administrative costs of the Government for these activities.

Annual reports are required by 16 United States Code

1606 a (c) (1) to be submitted by the Secretary of the Treasury,

after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust

fund during the past fiscal year and on its expected condition

and operations during the next fiscal year.

TABLE TF-19.—Reforestation Trust Fund

Results of Operations, Fiscal 1998

[Source: Department of Agriculture]

Balance Oct. 1, 1997 ..................................................................................................... $8,436,885

Receipts:

Excise taxes (tariffs) .................................................................................................... 30,000,000

Redemption of investment ............................................................................................... 263,383

Total receipts ........................................................................................................ 30,263,383

Expenses:

Expenditure........................................................................................................... 18,276,842

Total expenses ...................................................................................................... 18,276,842

Adjustment 1............................................................................................................ 1 10,773,531

Balance Sept. 30, 1998 ................................................................................................... $9,649,895

TABLE TF-19.—Reforestation Trust Fund

Expected Condition and Results of Operations, Fiscal 1999

[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1, 1998 ..................................................................................................... $9,650

Receipts:

Excise taxes (tariffs) .................................................................................................... 30,000

Redemption of investments .............................................................................................. 180

Total receipts ........................................................................................................ 30,180

Outlays ................................................................................................................ 30,000

Balance Sept. 30, 1999 ................................................................................................... $9,830

1 The Forest Service is implementing a new accounting system. Due to several system problems

with the pilot, yearend closing regional expenditures were not included in September business.
TRUST FUNDS 133

CHARTS TF-D and E.—Major Trust Funds

Receipts and

Expenses,

Fiscal 1997

Receipts

Expenses

(In billions of dollars)

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.]

0

5

10

15

20

25

30

Airport

and

Airway

Trust Fund

Highway

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

Black

Lung

Trust Fund

Airport

and

Airway

Trust Fund

0

300

600

900

1200

1500

1800

Highway

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

1998 1999

(In millions of dollars)

Interest on

Investments,

Fiscal 1997-98
134 TRUST FUNDS

INTRODUCTION: Aquatic Resources Trust Fund

Aquatic Resources Trust Fund was established on the

books of the Treasury pursuant to the Deficit Reduction Act of

1984 (Public Law 98-369, approved July 18, 1984). The fund

consists of two accounts: the Sport Fish Restoration Account

and Boat Safety Account.

Motorboat fuel taxes are transferred, in amounts up to $70

million per fiscal year, from the Highway Trust Fund to the

Boat Safety Account. Authority for such transfers expired on

October 1, 1997.

Amounts equivalent to the excise taxes received on sport

fishing equipment and import duties on fishing tackle, yachts

and pleasure craft are appropriated into the Sport Fish Restoration Account. Motorboat fuel taxes not transferred to the Boat

Safety Account or to the Land and Water Conservation Fund

are transferred from the Highway Trust Fund to the Sport Fish

Restoration Account. Transfers of motorboat fuel taxes from

the Highway Trust Fund to the Land and Water Conservation

Fund are limited to $1 million per fiscal year. In addition, pursuant to the Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508), small engine gasoline taxes are transferred

to the Sport Fish Restoration Account.

Amounts in the Sport Fish Restoration Account are used,

as provided by appropriation acts, for the purposes of carrying

out “An Act to provide that the United States shall aid the States

in fish restoration and management projects, and for other purposes,” approved August 9, 1950 (as in effect on October 1,

1988) and the Coastal Wetlands Planning, Protection and Restoration Act, as in effect on November 29, 1990.

Amounts in the Boat Safety Account, as provided by appropriations acts are available to carry out the purposes of Public Law 92-75 related to recreational boating safety assistance.

When the provisions of 26 United States Code 9602 (b) are

met, amounts available in the two accounts exceeding outlay

requirements are invested in public debt securities with the interest credited to the respective accounts.

Annual reports to Congress, required by 26 United States

Code 9602 (a), are submitted by the Secretary of the Treasury.

These reports are required to cover the financial condition and

results of operations of the fund during the past fiscal year and

those expected during the next 5 fiscal years.

Balance Oct. 1, 1997 ..................................................................................................... $865,262,149

Revenue:

Gas, motorboat ........................................................................................................ 145,815,000

Fish equipment ........................................................................................................ 94,543,000

Electric trolling sonar.................................................................................................... 1,774,000

Import duty equipment, Customs Service .................................................................................... 59,767,233

Gas, motorboat, small engines ............................................................................................ 48,269,000

Interest on investments.................................................................................................. 57,108,017

Gain on redemption of securities .......................................................................................... 111,165

Loss on redemption of securities .......................................................................................... -13,665

Total revenue........................................................................................................ 407,373,749

Equity:

Transfer from Boat Safety to Sport Fish Restoration ........................................................................... -

Total equity ......................................................................................................... -

Nonexpenditure transfers:

Interior............................................................................................................... 249,000,000

U.S. Coast Guard ...................................................................................................... 56,121,203

Corps of Engineers ..................................................................................................... 22,800,000

Total nonexpenditure transfers .......................................................................................... 327,921,202

Balance Sept. 30, 1998 ................................................................................................... $1,013,997,353

TABLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Restoration

Results of Operations, Fiscal 1998

[Source: Financial Management Service (FMS)]
TRUST FUNDS 135

TABLE TF-20.—Aquatic Resources Trust Fund, Boat Safety

Results of Operations, Fiscal 1998

[Source: FMS]

Balance Oct. 1, 1997 ..................................................................................................... $69,282,656

Revenue:

Gas, motorboat ........................................................................................................ 31,456,782

Interest on investments.................................................................................................. 3,959,055

Gain on redemption of securities .......................................................................................... 20,779

Total revenue........................................................................................................ 35,436,615

Nonexpenditure transfers:

U.S. Coast Guard ...................................................................................................... 36,121,203

Total nonexpenditure transfers .......................................................................................... 36,121,203

Equity:

Transfer to Sport Fish Restoration from Boat Safety ........................................................................... -

Total equity ......................................................................................................... -

Balance Sept. 30, 1998 ................................................................................................... $68,598,069

Note.--The expected conditions and results of operations for fiscal years 1999 through 2003 are not available at the time of publication.
136 TRUST FUNDS

INTRODUCTION: Oil Spill Liability Trust Fund

The Oil Spill Liability Trust Fund was established on the

books of the Treasury by the Omnibus Budget Reconciliation

Act of 1986 (Public Law 99-509). It was made effective on January 1, 1990, by the Omnibus Budget Reconciliation Act of

1989 (Public Law 101-239) and amended by the Oil Pollution

Act of 1990 (Public Law 101-380).

Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil

Spill Liability Trust Fund rate, are appropriated to the fund.

The tax is not applied during any calendar quarter if the Secretary of the Treasury estimates that, as of the close of the preceding calendar quarter, the unobligated balance in the fund

exceeds $1 billion.

Certain amounts were transferred from other funds and

were appropriated to the Oil Spill Liability Trust Fund as provided by 26 United States Code 9509 (b). Certain paid penalties

and amounts recovered for damages are also appropriated to

the fund.

Amounts in the fund are available for oil spill cleanup

costs and certain other related purposes as provided by appropriations acts or section 6002 (b) of the Oil Pollution Act of

1990.

When the provisions of 26 United States Code 9602 (b) are

met, amounts available in the fund exceeding outlay requirements are invested in public debt securities. Interest is credited

to the fund.

Annual reports to Congress, required by 26 United States

Code (a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

TABLE TF-21.—Oil Spill Liability Trust Fund

Results of Operations, Fiscal 1998

[Source: Financial Management Service]

Balance Oct. 1, 1997 ..................................................................................................... $1,122,247,138

Revenue:

Tax on crude oil/petroleum products........................................................................................ -109,800

Transfer from Alaska Pipeline Fund ........................................................................................ -

Cost recoveries ........................................................................................................ 4,987,664

Fines and penalties..................................................................................................... 6,627,360

Interest on investments.................................................................................................. 64,281,457

Gain on redemption-securities ............................................................................................ 54,047

Loss on redemption-securities ............................................................................................ -3,730

Total revenue........................................................................................................ 75,836,998

Outlays/nonexpenditure transfers:

Transfer to Interior ..................................................................................................... 6,118,000

Treasury administration costs ............................................................................................. 18,650

Transfer to EPA ....................................................................................................... 15,000,000

Transfer to research and special programs .................................................................................. 3,300,000

Transfer to U.S. Coast Guard ............................................................................................. 89,193,631

Transfer to Corps of Engineers............................................................................................ -

Total outlays/nonexpenditure transfers .................................................................................... 113,630,281

Balance Sept. 30, 1998 .................................................................................................. $1,084,453,854

Note.— The expected conditions and results of operations for fiscal years 1999 through 2003 are not available at the time of publication.
TRUST FUNDS 137

INTRODUCTION: Vaccine Injury Compensation Trust Fund

The Vaccine Injury Compensation Trust Fund was created

on the books of the Treasury by the Revenue Act of 1987 (Public Law 100-203, approved December 22, 1987). Excise taxes

on DPT, DT, MMR and polio vaccines (26 United States Code

4131) are appropriated into the fund, which is a source of funds

to pay claims for compensation for vaccine-related injury or

death occurring after October 1, 1988.

Annual reports to Congress, required by 26 United States

Code (a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

TABLE TF-22.—Vaccine Injury Compensation Trust Fund

Results of Operations, Fiscal 1998

[Source: FMS]

Balance Oct. 1, 1997 ..................................................................................................... $1,196,553,348

Receipts:

Excise tax receipts ..................................................................................................... 115,575,500

Interest on investments.................................................................................................. 67,176,637

Gain on redemption of securities .......................................................................................... 39,696

Loss on redemption of securities .......................................................................................... -1,522

Total receipts ........................................................................................................ 182,790,310

Outlays/nonexpenditure transfers:

U.S. Claims Court expenses.............................................................................................. 1,732,701

Department of Justice ................................................................................................... 6,764,900

Health resources/transfers ............................................................................................... 49,500,255

Total outlays/nonexpenditure transfers .................................................................................... 57,997,856

Balance Sept. 30, 1998 ................................................................................................... $1,321,345,803

Note.— The expected conditions and results of operations for fiscal 1999 through 2003 are

not available at the time of publication.
138 TRUST FUNDS

INTRODUCTION: National Recreational Trails Trust Fund

Provisions relating to a National Recreational Trails Trust

Fund were enacted as part of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240, approved

December 18, 1991). The Act provides that amounts equivalent to the taxes imposed on fuel used in vehicles on recreational trails or back country terrain and in camp stoves and

other non-engine uses in outdoor recreational equipment shall

be paid from the Highway Trust Fund to the National Recreational Trails Trust Fund [26 United States Code 9503 (c) (6)].

Transfers to the fund are limited to amounts obligated under

section 1302 of the Act. Obligated amounts could not exceed

$30 million per fiscal year over the 1992-97 period. Obligations cannot be made until amounts are appropriated; there

have not yet been appropriations to the fund.

When the provisions of 26 United States Code 9602 (b)

are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities with the interest credited to the fund.

Annual reports to Congress, required by 26 United States

Code 9602 (a), are submitted by the Secretary of the Treasury.

These reports are required to cover the financial condition and

results of operations of the fund during the past fiscal year and

those expected during the next 5 fiscal years.

Note.— No current figures or future projections are available from the Treasury because funds

have yet to be appropriated.
Research Paper Series

Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil.

December 1997.

Copies may be obtained by writing to:

Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECHNICAL PAPERS 139
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 Decem ber 1998, 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

140

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.

141

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).

142

Glos sary