JUNE 1997

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY

Introduction.-- Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

FEDERAL DEBT

Introduction.--Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

FD-1.--Summary of Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

FD-3.--Government account series. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

FD-4.--Interest-bearing securities issued by Government agencies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 22

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . . 23

FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

PUBLIC DEBT OPERATIONS

Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

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

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 39

PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills. . . . . . . . . . . . . . . . . . . . . . . . 42

PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 44

U.S. SAVINGS BONDS AND NOTES

Introduction.--Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

OWNERSHIP OF FEDERAL SECURITIES

Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

MARKET YIELDS

Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Contents
MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.--U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 57

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

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

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

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

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

CAPITAL MOVEMENTS

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

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

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

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

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

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

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

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

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

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

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

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

SECTION III.--SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED

 STATES

CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 77

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

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

 ENTERPRISES IN THE UNITED STATES

CM-IV-1.--Total liabilities and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

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

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

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

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

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

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

 BROKERS IN THE UNITED STATES

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

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

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

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

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

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

IV

Contents
FOREIGN CURRENCY POSITIONS

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

SECTION I.--CANADIAN DOLLAR POSITIONS

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

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

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

SECTION II.--GERMAN MARK POSITIONS

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

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

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

SECTION III.--JAPANESE YEN POSITIONS

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

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

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

SECTION IV.--SWISS FRANC POSITIONS

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

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

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

SECTION V.--STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

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

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

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

SPECIAL REPORTS

TRUST FUNDS

Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

United States Long-Term Portfolio Investment Abroad. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

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

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

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

 V

Contents
Nonquarterly Tables and Reports

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

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

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VI
Profile of the Economy

Real gross domestic product

Economic growth was very strong in the first quarter of 1997,

possibly boosted by the impact of unseasonably mild weather

in January and February on the seasonally-adjusted data. Real

GDP grew at a 5.6 percent annual rate, well above the 3.8 percent rate in the fourth quarter and the fastest gain since the final

quarter of 1987. Over all of 1996, GDP had increased by 3.1

percent.

Growth in the first quarter was led by accelerated consumer

spending, which surged at a 6.4 percent annual rate compared

with 3.4 percent in the final quarter of last year. Business fixed

investment was also very strong, rising at an 11.9 percent pace.

Large gains in both equipment and structures investment contributed to that gain. Inventory building also picked up in the

quarter, accounting for 1.7 percentage points of the 5.6 percent

increase in GDP.

Deterioration in the net export balance held growth down. A

dramatic improvement in the trade deficit in the fourth quarter,

which may have reflected difficulties of seasonal adjustment,

was just about reversed in the first quarter. Excluding the foreign trade sector, gross domestic purchases were up at a stunning 7.3 percent annual rate.

Inflation generally remained moderate in the first quarter.

The chain-weighted price index for GDP rose at a 2.7 percent

annual rate compared with just 1.9 percent in the fourth quarter,

but most of the acceleration reflected the fact that declines in

crude oil prices had not yet worked through to final purchases.

In contrast, the domestic purchases index, which includes imports and thus fully reflected the drop in oil prices, increased at

a more moderate 2.2 percent annual rate in the first quarter.

Consumer and producer prices

After a favorable performance in 1996, inflation has remained well contained thus far through 1997. Food and energy

prices have moderated following some acceleration last year,

while “core” inflation, which excludes the volatile food and energy components, remains fairly constant.

The consumer price index (CPI) rose by 1.5 percent at an annual rate through the first 4 months of 1997, well below the 3.3

percent increase during 1996. Food and energy prices were responsible for all of the deceleration, reversing course so far this

year after rising sharply last year. The core CPI advanced at a

2.7 percent pace through April. This falls within the 2-1/2 to 3

percent range of the last several years and is well below the

pace for the early 1990’s.

 Declines in food and energy prices at the producer level have

resulted in a decrease of 4.0 percent at an annual rate in the producer price index (PPI) for finished goods so far this year. On a

core basis, finished goods prices have been flat after edging up

just 0.6 percent in 1996. The recent low for this series was in

1993, when producer prices rose by 0.4 percent over the year.

Price pressures have been largely absent at earlier stages of

processing.

The cost of compensating labor, which typically rises when

labor markets are tight, accelerated only a little last year and remained moderate in the first quarter of 1997. The employment

cost index rose 2.9 percent during 1996, little different from the

2.7 percent increase of 1995, and roughly maintained that pace

in the first quarter. A slight speedup in the growth of wages and

salaries was partially offset by a further slowdown in benefit

costs.

Real disposable personal income and consumer spending

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

6.4 percent annual rate in the first quarter of 1997, much faster

than the 2.6 percent rate of growth in the previous quarter and

over all of 1996. Special factors played a role, particularly the

unseasonably mild winter weather which boosted employment

in the quarter and hence aggregate wages and salaries.

Growth in real consumer spending also accelerated in the

first quarter, fueled by the rapid increase in income. Consumption expenditures rose at a 6.4 percent annual pace in the first

quarter, the fastest rate since the first quarter of 1992 and well

above the 3.4 percent rate of growth in the fourth quarter. Some

spending may have been pulled into the first quarter by the

mild weather and an earlier than usual distribution of tax refunds. Preliminary indicators for April suggest that consumer

spending is likely to show much slower growth in the second

quarter.

The share of after-tax income devoted to personal saving remained unchanged at 5.1 percent in the first quarter, the same

as in the final quarter of 1996. For 1996 as a whole, the personal saving rate averaged 4.9 percent, up slightly from 4.7 percent in 1995 and a low 3.8 percent in 1994.

Industrial production and capacity utilization

Industrial production in manufacturing, mining, and utilities

has grown at a 3.4 percent annual rate through the first 4

months of 1997, following an increase of 4.3 percent during all

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.

3

[Source: Office of Economic Policy, Office of Financial Analysis]
of 1996. This is substantially above growth of 1.1 percent registered during 1995.

Manufacturing production, which accounts for about 86 percent of industrial production, has grown at a 3.3 percent rate

since last December. Within manufacturing, the production of

computer equipment has shown big advances. Production of

motor vehicles and parts has grown relatively slowly on balance recently, and was held down by strikes in April. Output of

utilities was strong in April because of the unusually cool

weather.

The industrial capacity utilization rate has averaged 83.5 percent through April of this year, up from 83.1 percent averaged

last year. Currently, the rate is about 1.4 percentage points below the peak rate for the current business cycle expansion of

84.9 percent. The long-term average for the years 1967-1996

was 82.1 percent.

Employment and unemployment

The labor market continued to show considerable strength although job gains slowed in March and April from more rapid

growth earlier in the year. The unemployment rate fell to 4.9

percent in April, the first time below 5 percent since the end of

1973.

Increases in jobs on nonfarm payrolls averaged 140,000 per

month in March and April, half the average gain in the prior 2

months. Job growth in those earlier months may have been artificially boosted due to unseasonably mild weather, and the average for the entire year so far of 214,000 per month is about in

line with average increases in 1996.

Most of the new jobs added in 1997, as in past years, were in

the private service-producing sector. Manufacturing jobs, in

contrast, have been about flat since January and construction

employment fell back after a weather-related surge in February.

Despite weaker job growth, hours worked in the manufacturing

sector continued to expand through April as the average workweek rose to 42.2 hours, a level reached only once before in

post-World War-II history, and overtime hours hit 5 per week,

the most since this series began in 1956.

The low 4.9 percent unemployment rate in April suggests a

very high rate of labor utilization. That this has occurred without much evidence of upward pressure on labor costs is partly

due to rapid expansion in the labor force. The labor force participation rate rose to a record 67.3 percent in March before dipping back slightly in April.

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

rose by 2.0 percent annual rate in the first quarter of 1997.

Growth was 0.9 percent over all of 1996, which was a bit below

the long-term trend growth rate of 1.1 percent, but a marked improvement over the prior 3 years, when on balance there was no

growth.

Hourly compensation costs in the nonfarm business sector

rose by 4.7 percent annual rate in the first quarter, and by

3.6 percent during all of 1996. Labor costs per unit of output in

the nonfarm business sector, which combine the impact of

growth of compensation with that of productivity and are also a

key indicator of potential inflation, were up by 2.7 percent annual rate in the first quarter, which was near the 2.6 percent increase during all of 1996. This rate of advance suggests that

inflationary pressures remain moderate.

Productivity in manufacturing, included in the nonfarm business sector, grew by 3.1 percent annual rate in the first quarter

and by 4.1 percent during all of 1996. Unit labor costs in manufacturing rose 1.4 percent annual rate in the first quarter, after

falling 0.7 percent during 1996.

Current account balance

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

goods and services but income flows as well. The deficit grew

from a recent low of $10 billion in 1991 to $148 billion in both

1994 and 1995 and $165 billion in 1996. The widening reflected in large part the faster pace of U.S. economic growth

compared with growth for most of our major trading partners.

This brought in imports at a more rapid rate than the rate of

growth of exports.

Although the current account deficit reached a large $165 billion in 1996, this still represented a modest 2.2 percent of GDP,

little changed from the preceding 2 years. This was much below the 3.0 to 3.6 percent share of GDP tallied during the 1985

through 1987 period, when the deficit hit its all-time high of

$167 billion.

The widening deficit in 1996 reflected a large deterioration in

the balance on goods and a smaller deterioration in the balance

on investment income. In contrast, the surplus in services trade

improved. Growth in the investment income deficit was mainly

due to rising interest payments on the rapidly growing foreign

holdings of U.S. Treasury securities. Foreign investors have

been attracted to Treasury securities because of interest rate differentials favoring dollar-denominated assets, as well as by the

strength of the U.S. dollar.

In the first quarter of 1997, the surplus in services increased

slightly, but the deficit balance on goods was above the average

of the previous quarter. (Data on income flows in the first quarter are not yet available.) Deterioration in the trade balance on

goods and services was a sizable drag on real GDP growth in

the first quarter. The deterioration was partly due to the unwinding of special factors which had helped to narrow the deficit in

the final quarter of 1996 and also reflected the continued strong

growth of the U.S. economy.

Exchange rate of the dollar

The dollar began to appreciate against major foreign currencies (including the yen and the deutschemark) in mid-1995.

Based on the Federal Reserve Board’s trade-weighted index of

the dollar against G-10 currencies, by the end of 1996 the dollar had risen by 8.4 percent from the all-time low reached in

April 1995. Appreciation rapidly accelerated in 1997, and over

the first 4 months of the year the trade-weighted index increased an additional 8.7 percent before falling back some in

May.

Most of the dollar deterioration in 1994 was against the yen

and the deutschemark, and the improvement has also been

greatest against these currencies. Between April 1995 and April

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

1997, the dollar rose by 50 percent against the yen and by almost 24 percent against the deutschemark.

The trade-weighted value of the dollar in April almost reattained its recent high of January 1994. Many factors determine

the level of exchange rates in international currency markets.

Underlying economic fundamentals in the U.S. are sound and

confidence in the dollar is high. 

Interest rates

The Federal Reserve Board raised the Federal funds rate target by one-quarter of a point in March, to 5.50 percent. The Federal Reserve indicated that they took this action in light of

persisting strength in demand, which was raising the risk that inflationary imbalances might develop. This was the first change

in monetary conditions since late 1995 and early 1996 when the

Federal Reserve eased short-term interest rates in two quarterpoint increments.

Long-term interest rates moved higher in March and April, but

began to ease slightly in the first half of May. The yield on the

30-year Treasury bond rose above 7 percent in April for the first

time since early last fall, but recently has moved back down

again.

Mortgage interest rates have exhibited a similar pattern. The

rate for a 30-year fixed rate conventional loan was about 7-

3/4 percent by the end of 1996, which is very low by historical

standards. In early 1997 the rate moved above 8 percent but has

since dipped back below that level. Mortgage rates in the 8 percent range are very favorable and have been one of the factors

which helped to support growth in the housing market in 1996

and in the first quarter of 1997.

Net national saving and investment

In 1996, net national saving, which excludes depreciation to

replace worn-out or obsolete equipment and structures used in

production, rose to 6.4 percent of net national product (NNP)

from 5.3 percent in 1995 and as low as 3.4 percent in 1992.

Despite the gains, net saving remains only half as high as the

12.5 percent of NNP averaged in the 1960’s. 

Recent improvement is mainly the result of the narrowing of

the Federal deficit, which has reduced Government dissaving

to 1.9 percent of NNP in 1996 from 5.1 percent in 1992. Private saving (of households and businesses) was equivalent to

7.7 percent of NNP in 1996, up a little from a historic low of

6.9 percent in 1994 but still lower than readings exceeding 10

percent in the 1960’s and 1970’s.

Net domestic investment equaled 7.5 percent of NNP in

1996, up from a low of 4.9 percent in 1991. Foreign inflows

were equivalent to 2.2 percent of NNP in 1996, or nearly onethird of domestic investment. U.S. sources provided investment equivalent to 5.3 percent of NNP, less than half the share

averaged in the 1960’s through 1970’s.

Housing

Housing activity was very strong in the first quarter of 1997,

boosted by unseasonably mild winter weather through much

of the country. Underlying fundamentals have also been very

favorable, such as job and income growth, consumer confidence, and low mortgage interest rates. Last year was one of

the best for housing in many years, and current conditions

should provide further support for the housing market. 

Starts of new homes totaled 1.48 million in 1996, the best

year for home building since 1988. Starts accelerated to a very

rapid rate in the first quarter of 1997 after weakness in the final quarter of last year, boosted in part by a weather-related

surge in February. Since then starts have moderated somewhat

but in April were still at a high 1.47 million-unit annual pace.

Home sales also reached new expansion peaks in 1996, contributing to the rapid growth in new starts. Sales of new singlefamily homes rose to 756,000 in 1996, up from 667,000 in

1995 and the highest in 18 years. Sales of existing homes

topped the 4 million mark for the first time since that series began in 1968. In the first 3 months of 1997, new home sales

grew to 824,000 units at a seasonally-adjusted annual rate, the

highest quarterly rate in 19 years. Part of that was undoubtedly

due to the unusually mild weather, and sales are likely to ease

in future months to a more moderate level.

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

the housing market in 1996, and these trends have continued

into 1997. Mortgage interest rates for a 30-year loan have hovered near the 8-percent mark for several quarters, and in May

were slightly below that level.

Federal budget deficit

The Federal budget deficit fell to $107.3 billion in fiscal

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

level of the previous fiscal year. As a share of GDP, the deficit

was 1.4 percent, the smallest share since 1974.

The deficit has been shrinking since fiscal 1992, when it

reached an all-time high of $290 billion. Since then, it has

been cut by almost two-thirds, or a total of $183 billion.

Strong economic growth and passage of the Omnibus Budget

Reconciliation Act of 1993 set the deficit on its downward

course.

Further deficit reduction is expected over the next 6 years.

The deficit in fiscal 1997 is likely to be substantially below

the fiscal 1996 figure. The deficit is expected to diminish further, and budget balance is projected to be reached in fiscal

2002.

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

that allow obligations to be incurred and payments to be made.

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

checks or the disbursement of cash--outlays. Obligations may

also be liquidated (and outlays recorded) by the accrual of

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

money is spent. Total outlays include both budget and offbudget outlays and are stated net of offsetting collections.

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts or

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

They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

two instances: (1) when authorized by law, amounts collected

for materials or services are treated as reimbursements to

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

are netted against gross outlays in determining net outlays

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

offsetting collections are netted against spending, and outlays

are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

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

offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from

governmental appropriation or fund accounts. They finance

operations within and between Government agencies and are

credited with collections from other Government accounts;

and (3) offsetting governmental receipts which include foreign

cash contributions.

Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions--payments are from one fund

group (either Federal funds or trust funds) to a receipt account

in the other fund group; (2) Federal intrafund transactions--

payments and receipts both occur within the Federal fund

group; and (3) trust intrafund transactions--payments and receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

(i.e., that collected on Outer Continental Shelf money in

deposit funds when such money is transferred into the budget).

The Government has used the unified budget concept set

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

Concepts” as a foundation for its budgetary analysis and

presentation since 1969. The concept calls for the budget to

include all of the Government’s fiscal transactions with the

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

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

Federal entities onto the budget. Under current law, the offbudget Federal entities consist of the two Social Security trust

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

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

and surplus or deficit ordinarily are not subject to targets set

by the congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known as

the Gramm-Rudman-Hollings Act as amended by the Budget

Enforcement Act of 1990 (2 U.S.C. 900-922)] included offbudget surplus or deficit in calculating deficit targets under

that act and in calculating excess deficit. Partly for this reason,

attention has focused on both on- and off-budget receipts,

outlays, and deficit of the Government.

Tables FFO-1, FFO-2, and FFO-3 are published quarterly

and cover 5 years of data, estimates for 2 years, detail for 13

months, and fiscal year-to-date data. They provide a summary

of data relating to Federal fiscal operations reported by Federal

entities and disbursing officers, and daily reports from the

Federal Reserve banks. They also detail accounting transactions affecting receipts and outlays of the Government and

off-budget Federal entities and their related effect on assets

and liabilities of the Government. Data are derived from the

6 FEDERAL FISCAL OPERATIONS
“Monthly Treasury Statement of Receipts and Outlays of the

United States Government.”

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

outlays, and surplus or deficit, as well as transactions in

Federal securities, monetary assets, and balances in Treasury

operating cash.

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

excise taxes, estate and gift taxes, customs duties, and net

miscellaneous receipts.

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

agency. 

• Table FFO-4 summarizes internal revenue collections

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

are collections made in a fiscal year. They span several tax

liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for

individual income and Social Security taxes), of payments

made with tax returns, and of subsequent payments made after

tax returns are due or are filed (i.e., payments with delinquent

returns or on delinquent accounts). 

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another.

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

Receipts by Source

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

First-Quarter Receipts

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

1997 supplements fiscal data reported in the

March issue of the “Treasury Bulletin.” At the

time of that issue’s release, not enough data

were available to analyze adequately collections

for the quarter.

Individual income taxes—Individual income tax receipts

were $159.8 billion for the first quarter of fiscal 1997. This is

an increase of $15.2 billion over the comparable quarter for

fiscal 1996. Withheld receipts increased by $11.1 billion and

non-withheld receipts increased by $4.1 billion during this

period. Refunds were unchanged over the comparable fiscal

1996 quarter. There was a decrease of $2.2 billion in accounting adjustments between individual income tax receipts and the

Social Security and Medicare trust funds over the comparable

quarter in fiscal 1996.

Corporate income taxes—Net corporate receipts for the first

quarter of fiscal 1997 totaled $42.2 billion. This was $0.3

billion higher than net receipts for the comparable quarter of

fiscal 1996. The $0.3 billion figure consists of $2.8 billion in

higher estimated and final payments less $2.5 billion in higher

refunds. The increase in net receipts mainly reflects higher

corporate profits.

Employment taxes and contributions—Employment taxes

and contributions receipts for the first quarter of fiscal 1997

were $111.5 billion, an increase of $8.8 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors

Insurance, Disability Insurance, and Hospital Insurance trust

funds increased by $3.7 billion, $0.6 billion, and $3.7 billion,

respectively, over receipts from the comparable prior year

quarter. There was a $724 million adjustment for prior years

liabilities made in the first quarter of fiscal 1997, an increase

of $2.2 billion over the comparable prior year quarter.

Contributions for other insurance and retirement—Contributions for other retirement were $1.1 billion for the first

quarter of fiscal 1997. There was a negligible increase over

receipts from the comparable quarter of fiscal 1996. The

growth in contributions will remain flat over the next few years

as the number of employees covered by the Federal employees’

retirement system (FERS) falls slowly relative to those covered

under the civil service retirement system (CSRS).

Unemployment insurance—Unemployment insurance receipts for the first quarter of fiscal 1997 were $4.2 billion,

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

fiscal 1996. State taxes deposited in the U.S. Treasury decreased by $0.2 billion, and Federal Unemployment Tax Act

(FUTA) receipts and Railroad Unemployment tax receipts

increased negligibly from the comparable quarter of fiscal

1996.

Excise taxes—Net excise tax receipts for the first quarter of

fiscal 1997 were $13.2 billion, a decrease of $1.3 billion over

FEDERAL FISCAL OPERATIONS 7
First-Quarter Net Budget Receipts by Source, Fiscal 1997

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

Source October November December 

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.0 46.3 59.4

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2.3 39.0

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.4 37.0 40.1

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 2.6 0.3

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 4.7 4.6

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.4 1.4

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.2 1.5

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 2.0 2.0

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.9 97.9 148.7

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

the comparable prior year quarter. Total excise tax refunds for

the quarter were $0.2 billion, a decrease of $0.2 billion over

the comparable prior year quarter.

Estate and gift taxes—Estate and gift tax receipts were $4.3

billion for the first quarter of fiscal 1997. This is a decrease of

$0.2 billion over the previous quarter, but an increase of $0.4

billion over the first quarter of fiscal 1996.

Custom duties—Customs receipts net of refunds were $4.2

billion for the first quarter of fiscal 1997. This is approximately

$0.6 billion less than the customs duties received in the Treasury from the comparable prior year quarter. This difference is

attributable to an increase in refunds.

Miscellaneous receipts—Net miscellaneous receipts for the

first quarter of fiscal 1997 were $6.1 billion, a decrease of $0.1

billion over the comparable prior year quarter. Deposits of

earnings by Federal Reserve banks decreased by $0.4 billion

over the comparable prior year quarter.

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

Receipts by Source, con.

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

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

 Budget estimates

 Second quarter Actual fiscal year (February 1997)

 January-March to date full fiscal 1997

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,110 695,103 1,505,425

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,383 510,573 1,116,522

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,727 184,531 388,903

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,080 806,387 1,631,016

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,943 655,988 1,316,014

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,137 150,399 315,002

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . -51,969 -111,284 -125,591

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . -68,560 -145,415 -199,492

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . 16,590 34,132 73,901

Means of financing:

Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . 48,025 96,750 142,811

Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . -703 10,728 4,225

Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,648 3,805 -21,445

Total on- and off-budget financing . . . . . . . . . . . . . . . . . 51,969 111,284 125,591

8 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--Budget

Receipts by Source, Fiscal

Year to Date, 1996-1997

(In billions of dollars)

Source for both charts: “Monthly

Treasury Statement of Receipts

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

FEDERAL FISCAL OPERATIONS 9
TABLE FFO-1.--Summary of Fiscal Operations

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . -1,776 128,935 142,811 -4,225 * * * -21,445 * 125,591

1998 - Est. . . . . . . . . -3,382 136,899 145,583 - * * * -24,950 * 120,633

1996 - Mar. . . . . . . . -666 62,211 38,189 -9,283 -57 207 434 183 - 47,071

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

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

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

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

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

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

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

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

Dec. . . . . . . . -136 39,101 -12,321 6,487 -48 214 -81 70 - -18,823

1997 - Jan. . . . . . . . 8 7,407 -16,776 3,785 -202 -5,043 -1,063 889 - -13,364

Feb. . . . . . . . -122 -555 35,968 -21,356 73 1,804 -335 -11,852 80 44,010

Mar. . . . . . . . -240 2,032 28,833 18,274 214 -297 -185 10,465 30 21,323

Fiscal 1997 to date . -1,179 58,864 96,750 -10,728 220 -2,553 -1,577 -217 110 111,284

Means of financing--net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

1

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

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . 1,505,425 1,116,522 388,903 1,631,016 1,316,014 315,002 -125,591 -199,492 73,901 273,523

1998 - Est. . . . . . . . . 1,566,842 1,161,898 404,944 1,687,475 1,358,896 328,579 -120,633 -196,998 76,365 285,864

1996 - Mar. . . . . . . . 89,087 56,753 32,334 136,158 108,236 27,921 -47,071 -51,483 4,413 101,066

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

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

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

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

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

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

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

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

Dec. . . . . . . . 148,489 119,527 28,961 129,666 120,429 9,237 18,823 -901 19,724 26,917

1997 - Jan. . . . . . . . 150,718 113,840 36,877 137,354 110,551 26,803 13,364 3,289 10,075 -9,378

Feb. . . . . . . . 90,293 59,674 30,620 134,304 104,965 29,339 -44,010 -45,291 1,281 35,535

Mar. . . . . . . . 108,099 73,869 34,230 129,422 100,427 28,995 -21,323 -26,558 5,234 31,106

Fiscal 1997 to date . 695,103 510,573 184,531 806,387 655,988 150,399 -111,284 -145,415 34,132 156,793

10 FEDERAL FISCAL OPERATIONS
TABLE FFO-2.--On-budget and Off-budget Receipts by Source

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

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

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

1995 1 . . . . . . . . . . . . . . . 499,898 175,884 85,624 590,157 174,422 17,334 157,088 747,245 447,104 - 447,104

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

1997 - Est. . . . . . . . . . . . . 672,683 - - 672,683 176,199 - 176,199 848,882 498,083 - 498,083

1998 - Est. . . . . . . . . . . . . 691,199 - - 691,199 189,662 - 189,662 880,861 519,111 - 519,111

1996 - Mar. . . . . . . . . . . . 41,834 5,806 25,118 22,523 17,793 2,332 15,460 37,983 40,674 - 40,674

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . . . 55,426 33,576 1,763 87,239 6,285 1,477 4,808 92,047 46,937 - 46,937

Feb. . . . . . . . . . . . 48,351 2,955 13,906 37,400 4,014 1,777 2,237 39,637 38,530 - 38,530

Mar. . . . . . . . . . . . 49,994 6,395 19,955 36,434 21,059 2,335 18,724 55,158 43,076 - 43,076

Fiscal 1997 to date . . . . . 302,317 58,152 40,102 320,367 80,970 13,044 67,927 388,294 239,018 - 239,018

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

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

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

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

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

1997 - Est. . . . . . . . . 3,880 - 3,880 501,963 29,465 - 29,465 4,266 72 4,338

1998 - Est. . . . . . . . . 3,861 - 3,861 522,972 30,539 - 30,539 4,206 66 4,272

1996 - Mar. . . . . . . . 367 -45 412 41,086 259 1 258 401 18 419

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . 376 11 365 47,302 1,145 7 1,137 348 7 355

Feb. . . . . . . . 439 * 439 38,969 2,425 2 2,423 385 6 391

Mar. . . . . . . . 466 -6 472 43,547 323 12 311 333 6 339

Fiscal 1997 to date . 2,257 5 2,251 241,270 8,062 28 8,034 2,177 38 2,214

 Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 11
TABLE FFO-2.--On-budget and Off-budget Receipts by Source, con.

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

Social insurance

taxes and 

contributions,

 con.

 Net social insur- Excise taxes

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

or month contributions Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Refunds Net

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . . . 57,247 17,588 - 17,588 17,328 - 17,328 23,184 5,430 28,614 1,116,522 388,903

1998 - Est. . . . . . . . . . . 61,239 18,817 - 18,817 18,307 - 18,307 23,006 6,829 29,835 1,161,898 404,944

1996 - Mar. . . . . . . . . . 4,133 1,170 34 1,137 1,608 80 1,528 2,051 492 2,543 56,753 32,334

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . 4,219 1,637 22 1,615 1,542 74 1,468 2,018 556 2,574 113,840 36,877

Feb. . . . . . . . . . 5,106 1,210 31 1,180 1,505 126 1,379 776 433 1,208 59,674 30,620

Mar. . . . . . . . . . 3,998 1,491 23 1,468 1,482 167 1,315 1,311 651 1,962 73,869 34,230

Fiscal 1997 to date . . . 26,483 8,810 234 8,576 9,653 1,321 8,332 9,069 2,832 11,901 510,573 184,531

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

1993 1 . . . . . . . . . . . . . . . 428,300 3,276 15 3,262 634 - 634 18,321 283 18,039 26,718 595 26,123

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

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

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

1997 - Est. . . . . . . . . . . . . 535,766 4,823 - 4,823 604 - 604 24,882 - 24,882 26,938 - 26,938

1998 - Est. . . . . . . . . . . . . 557,783 6,391 - 6,391 613 - 613 24,715 - 24,715 29,520 - 29,520

1996 - Mar. . . . . . . . . . . . 41,763 31 10 21 44 - 44 1,836 298 1,538 2,341 -189 2,530

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . . . 48,794 - - - 57 - 57 2,233 - 2,233 1,986 56 1,930

Feb. . . . . . . . . . . . 41,784 -1,172 - -1,172 49 - 49 2,028 - 2,028 4,235 35 4,200

Mar. . . . . . . . . . . . 44,197 1,138 - 1,138 53 - 53 2,169 - 2,169 1,037 400 638

Fiscal 1997 to date . . . . . 251,519 1,353 11 1,342 285 - 285 11,785 215 11,570 13,704 418 13,286

1

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

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

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

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

12 FEDERAL FISCAL OPERATIONS
TABLE FFO-3.--On-budget and Off-budget Outlays by Agency

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

Executive Funds apLegis- Office propriated 

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . . . 2,531 3,617 222 9,738 56,954 3,808 254,284 33,873 28,340 15,423

1998 - Est. . . . . . . . . . . 2,772 3,693 233 10,156 58,779 4,080 247,492 34,798 32,134 14,562

1996 - Mar. . . . . . . . . . 162 215 25 825 3,916 287 21,348 2,664 2,620 1,222

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

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

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

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

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

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

Oct. . . . . . . . . . 328 216 14 3,593 5,985 313 21,218 2,755 2,348 1,380

Nov. . . . . . . . . . 209 401 22 480 5,244 351 23,716 2,831 3,291 1,265

Dec. . . . . . . . . . 186 209 17 802 5,346 332 21,896 2,805 1,962 1,304

1997 - Jan. . . . . . . . . . 197 220 14 825 6,213 371 21,148 2,868 2,965 1,088

Feb. . . . . . . . . . 134 217 17 517 3,409 270 19,995 2,853 3,293 977

Mar. . . . . . . . . . 168 342 26 601 3,958 247 19,022 2,795 2,237 1,127

Fiscal 1997 to date . . . 1,222 1,605 110 6,821 30,154 1,883 126,994 16,908 16,095 7,141

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

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

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

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

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

1997 - Est. . . . . . . . . . . 351,086 29,928 7,404 14,520 32,874 5,487 38,388 356,740 23,819 39,619 6,272

1998 - Est. . . . . . . . . . . 376,147 32,302 7,101 17,350 35,624 5,523 38,456 366,107 24,274 40,890 6,701

1996 - Mar. . . . . . . . . . 26,366 3,122 485 920 2,982 432 2,914 20,739 7,171 3,288 481

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

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

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

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

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

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

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

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

Dec. . . . . . . . . . 27,853 1,667 615 1,141 2,707 843 3,224 63,993 311 3,074 655

1997 - Jan. . . . . . . . . . 29,491 3,098 676 1,266 3,367 402 2,941 21,229 656 3,273 515

Feb. . . . . . . . . . 26,879 2,487 455 1,655 2,625 292 2,856 21,292 8,461 3,369 425

Mar. . . . . . . . . . 26,215 1,119 496 1,064 2,716 367 2,819 21,581 7,706 1,758 526

Fiscal 1997 to date . . . 167,501 14,809 3,560 7,307 15,381 2,905 19,056 176,365 18,027 19,988 3,021

 Department of

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

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

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

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

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 13
TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con.

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

National Undistributed offsetting receipts 

Aeronautics Rents and

 General and Office of Small Social Other Employer Interest royalties

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . . . 1,243 13,697 44,838 460 395,943 10,445 -34,374 -104,050 -4,152 -7,961 - 1,316,014 315,002

1998 - Est. . . . . . . . . . . 521 13,595 46,527 137 413,000 20,198 -35,456 -108,945 -4,375 -16,901 - 1,358,896 328,579

1996 - Mar. . . . . . . . . . 396 1,057 3,758 41 31,384 -28 -2,282 -144 -8 -200 - 108,236 27,921

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

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

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

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

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

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

Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 1,982 -2,407 -347 -370 - - 113,290 26,625

Nov. . . . . . . . . . -687 1,237 3,474 40 33,899 -3,399 -2,580 -5,855 -55 -3 - 106,327 29,400

Dec. . . . . . . . . . 610 1,275 3,950 167 31,865 1,219 -2,451 -43,522 -762 -3,627 - 120,429 9,237

1997 - Jan. . . . . . . . . . 535 1,118 3,634 -39 32,403 -173 -2,474 -62 -414 - - 110,551 26,803

Feb. . . . . . . . . . -549 1,097 3,522 23 32,514 -210 -2,592 -1,525 -458 - - 104,965 29,339

Mar. . . . . . . . . . 300 1,192 3,986 14 30,315 -221 -2,458 -250 -352 - - 100,427 28,995

Fiscal 1997 to date . . . 494 7,035 22,327 230 192,809 -797 -14,962 -51,562 -2,410 -3,630 - 655,988 150,399

* Less than $500,000.

1

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

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

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

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

14 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

of its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

cases, this involves a transfer of funds from a customer’s

account to the tax and loan account in the same financial

institution. Also, Treasury can direct the FRBs to invest excess

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3 Reserve accounts)

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

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

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

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

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

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

1996 - Mar. . . . . . . . . . 275,277 15,685 289,573 52,580 63,252

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

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

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

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

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

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

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

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

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

1997 - Jan . . . . . . . . . . 369,412 16,510 382,393 60,166 55,409

Feb. . . . . . . . . . 348,550 12,674 362,734 51,293 71,137

Mar. . . . . . . . . . 312,744 15,480 327,537 65,576 47,990

See footnotes at end of table.

ACCOUNT OF THE U.S. TREASURY 15
1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other

than Government account series, and taxes.

2

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

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

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

3

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

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

under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad

Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953;

estimated corporation income taxes beginning April 1967; all corporation income taxes due on

or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and

individual estimated income taxes beginning October 1988.

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1996 - Mar. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367

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

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

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

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

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

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

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

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

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

1997 - Jan . . . . . . . . . . 6,770 29,809 9,874 37,627 3,464 5,275 6,186 21,712

Feb.. . . . . . . . . . 5,258 9,965 6,770 29,809 3,622 8,435 4,998 14,835

Mar.. . . . . . . . . . 5,945 27,551 12,885 33,331 4,347 7,737 5,840 18,769

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

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

information is published in the “Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the “Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.”

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

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

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

• Table FD-4 presents interest-bearing securities issued by

Government agencies. Federal agency borrowing has declined

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

provided financing to other Federal agencies. (Federal agency

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

Government.”)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. The average length has

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

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

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

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

months. In March 1971, Congress enacted a limited exception

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

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

offer securities maturing in more than 7 years at current market

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

the definition of a bond was changed to include those securities

longer than 10 years to maturity. This exception has expanded

since 1971 authorizing Treasury to continue to issue long-term

securities, and the ceiling on Treasury bonds was repealed on

November 10, 1988. The volume of privately held Treasury

marketable securities by maturity class reflects the remaining

period to maturity of Treasury bills, notes, and bonds. The

average length is comprised of an average of remaining periods

to maturity, weighted by the amount of each security held by

private investors. In other words, computations of average

length exclude Government accounts and the Federal Reserve

banks.

• In table FD-6, the debt ceiling is compared with the

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

being subject to the debt ceiling. Changes in the non-interestbearing debt shown in the last column reflect maturities of

Treasury securities on nonbusiness days, which can be redeemed on the next business day.

• Table FD-7 details Treasury holdings of securities issued

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

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

projects. Treasury, in turn, finances these loans by selling

Treasury securities to the public.

FEDERAL DEBT 17
TABLE FD-1.--Summary of Federal Debt

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

1996 - Mar. . . . . . . . . . 5,153,294 5,117,786 35,508 1,361,632 1,353,767 7,865 3,791,662 3,764,019 27,643

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

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

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

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

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

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

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

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

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

1997 - Jan.. . . . . . . . . . 5,348,224 5,313,997 34,227 1,512,461 1,504,854 7,606 3,835,763 3,809,143 26,621

Feb. . . . . . . . . . 5,384,042 5,349,937 34,105 1,512,029 1,504,423 7,606 3,872,013 3,845,514 26,499

Mar. . . . . . . . . . 5,414,754 5,380,890 33,864 1,514,391 1,506,784 7,606 3,900,363 3,874,106 26,258

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

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

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

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

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

1996 - Mar. . . . . . . . . . 5,153,294 78,466 5,074,828 1,361,632 3,940 1,357,692 3,791,662 74,526 3,717,136

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

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

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

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

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

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

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

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

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

1997 - Jan.. . . . . . . . . . 5,348,224 76,964 5,271,259 1,512,461 6,107 1,506,353 3,835,763 70,857 3,764,906

Feb. . . . . . . . . . 5,384,042 77,371 5,306,672 1,512,029 6,231 1,505,798 3,872,013 71,140 3,800,873

Mar. . . . . . . . . . 5,414,754 77,217 5,337,537 1,514,391 6,561 1,507,830 3,900,363 70,656 3,829,707

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

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

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

18 FEDERAL DEBT
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)

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

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

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

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

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

1996 - Mar. . . . . . 5,082,952 3,375,055 811,919 2,014,074 534,062 - 15,000 1,707,897

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . 5,308,048 3,441,468 762,591 2,108,916 554,961 - 15,000 1,866,579

Feb. . . . . . 5,344,143 3,477,535 762,198 2,127,559 565,417 7,361 15,000 1,866,608

Mar. . . . . . 5,375,139 3,504,361 785,558 2,131,003 565,416 7,383 15,000 1,870,778

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

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

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

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

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

1996 - Mar. . . . . . . . . . . . . . . . . . . 182,992 40,361 1,357,647 96,476 29,995 426

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . . . . . . . . . . 182,138 37,067 1,514,451 102,511 29,995 417

Feb. . . . . . . . . . . . . . . . . . . 182,644 36,767 1,514,154 103,048 29,995 1

Mar. . . . . . . . . . . . . . . . . . . 182,619 36,767 1,516,631 104,766 29,995 1

FEDERAL DEBT 19
TABLE FD-3.--Government Account Series

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

Airport Federal

 and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

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

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

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

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

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

1996 - Mar. . . . . . . . . 1,357,647 9,950 20,469 16,327 3,896 41,012 351,278 126,072 7,688 464,737

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . 1,514,451 7,511 22,566 17,313 15,435 54,205 384,453 125,468 9,082 521,582

Feb. . . . . . . . . 1,514,154 5,809 22,793 17,528 15,385 54,923 382,413 122,375 10,714 522,273

Mar. . . . . . . . . 1,516,631 6,438 24,025 17,514 15,253 55,845 379,930 122,194 10,183 525,960

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

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

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

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

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

1996 - Mar. . . . . . . . 335 22,718 102 9,832 12,011 1,772 13,012 68 44,080 212,288

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . 1,480 28,004 97 11,927 12,217 863 15,238 78 52,532 234,400

Feb. . . . . . . . 1,481 29,274 - 21,874 12,129 1,213 15,525 73 52,870 225,502

Mar. . . . . . . . 1,502 30,666 - 22,193 12,032 1,827 15,696 73 50,908 224,392

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

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

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

1996 - Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . . . . . . . . . 34,227 - 95 144 1,261 27,831 4,406 490

Feb. . . . . . . . . . . . . . . . . . 34,105 - 95 146 1,261 27,714 4,406 483

Mar. . . . . . . . . . . . . . . . . . 33,864 - 95 26 1,261 27,594 4,406 481

FEDERAL DEBT 21
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

TABLE FD-6.--Debt Subject to Statutory Limitation

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

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

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

or month limit Total Public debt Other debt 2 Public debt Other debt to limitation

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

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

the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in 1997) are excluded from the average length calculation. Published data was changed for the end of

the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

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

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,345 324,479 5 yrs. 10 mos.

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

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

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

1996 - Mar. . . . . . . . . . . . . . . 2,980,688 1,097,120 1,158,416 298,496 94,990 331,666 5 yrs. 2 mos.

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

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

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

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

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

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

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

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

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

1997 - Jan.. . . . . . . . . . . . . . . 3,025,762 1,049,217 1,230,524 302,878 128,679 314,464 5 yrs. 3 mos.

Feb. . . . . . . . . . . . . . . 3,052,688 1,062,767 1,225,904 315,125 126,023 322,870 5 yrs. 4 mos.

Mar. . . . . . . . . . . . . . . 3,082,541 1,087,199 1,224,620 323,173 125,228 322,322 5 yrs. 3 mos.

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

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

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

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

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

1996 - Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,029,951 5,029,899 52 4,997,030 52 32,869

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . . . . . . . . . . . 5,500,000 5,227,348 5,227,324 24 5,223,489 24 3,835

Feb. . . . . . . . . . . . . . . . . . . . 5,500,000 5,263,191 5,263,165 26 5,258,449 26 4,716

Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,294,243 5,294,217 26 5,289,542 26 4,675

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

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

 or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

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

1993 . . . . . . . . . . . . . . - - - 2,673 2,332 - 8,959

1994 . . . . . . . . . . . . . . - - - 2,612 2,617 783 8,484

1995 . . . . . . . . . . . . . . 5,354 91 563 6,745 2,563 1,647 7,714

1996 . . . . . . . . . . . . . . 6,430 113 647 13,398 2,456 3,123 6,909

1996 - Mar. . . . . . . . . . 6,304 108 563 14,351 2,448 1,579 6,909

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Feb. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Mar. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

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

1993 . . . . . . . . . . . . . . 183,196 24,745 1,685 8,926 8,682 - -

1994 . . . . . . . . . . . . . . 163,642 16,909 2,112 8,855 8,529 - -

1995 . . . . . . . . . . . . . . 134,892 - - - - 8,596 12,161

1996 . . . . . . . . . . . . . . 117,290 - - - - 3,273 12,042

1996 - Mar. . . . . . . . . . 123,972 - - - - 2,364 13,039

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

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

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

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

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

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

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

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

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

1997 - Jan. . . . . . . . . . 139,361 - - - - 9,530 13,352

Feb. . . . . . . . . . 139,774 - - - - 9,653 13,352

Mar. . . . . . . . . . 135,921 - - - - 9,389 13,384

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

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957

1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599

1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

1996 - Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032

Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111

May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126

June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126

July . . . . . . . . . 47,233 1 1,994 2,736 4,498 9,231 5,142

Aug. . . . . . . . . . 46,971 1 1,994 2,736 4,752 9,231 5,080

Sept. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001

Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101

Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485

1997 - Jan. . . . . . . . . . 42,635 * 2,150 2,741 6,051 9,956 8,531

Feb. . . . . . . . . . 42,634 * 2,150 2,741 6,325 9,956 8,548

Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611

24 FEDERAL DEBT
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Mar. 31, 1997

5 Years, 3 Months

Years

FEDERAL DEBT 25
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the “Monthly Statement of the

Public Debt of the United States.” The information in this

section of the “Treasury Bulletin” pertains only to marketable

Treasury securities, current bills, notes, and bonds.

• Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve banks, so that the

“all other investors” category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of 26-

week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: JANUARY-MARCH

JANUARY

Auction of 2-Year and 5-Year Notes

January 15 Treasury announced it would auction $17,500

million of 2-year notes of Series AB-1999 and $12,500 million

of 5-year notes of Series C-2002 to refund $27,916 million of

securities maturing January 31 and to raise about $2,075

million new cash.

The notes of Series AB-1999 were dated January 31, 1997,

due January 31, 1999, with interest payable July 31 and January 31 until maturity. An interest rate of 5-7/8 percent was set

after the determination as to which tenders were accepted on

a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on January 22, and totaled $42,692 million, of which

$17,503 million was accepted. All competitive tenders at

yields lower than 5.984 percent were accepted in full. Tenders

at 5.984 percent were allotted 16 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.984 percent with an equivalent price of

99.797. The median yield was 5.970 percent, and the low yield

was 5.931 percent. Noncompetitive tenders totaled $1,651

million. Competitive tenders accepted from private investors

totaled $15,852 million.

In addition to the $17,503 million of tenders accepted in

the auction process, $1,600 million was accepted from Federal

Reserve banks as agents for foreign and international monetary authorities, and $320 million was accepted from Federal

Reserve banks for their own account.

The notes of Series C-2002 were dated January 31, 1997,

due January 31, 2002, with interest payable July 31 and

January 31 until maturity. An interest rate of 6-1/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on January 23, and totaled $30,305 million, of which

$12,503 million was accepted. All competitive tenders at

yields lower than 6.325 percent were accepted in full. Tenders

at 6.325 were allotted 73 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 6.325 percent with an equivalent price of 99.683.

The median yield was 6.307 percent, and the low yield was

6.273 percent. Noncompetitive tenders totaled $632 million.

Competitive tenders accepted from private investors totaled

$11,871 million.

In addition to the $12,503 million of tenders accepted in

the auction process, $700 million was accepted from Federal

Reserve banks as agents for foreign and international mone-

[Source: Bureau of the Public Debt, Office of Financing]

26 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JANUARY-MARCH, con.

tary authorities, and $230 million was accepted from Federal

Reserve banks for their own account.

Auction of 10-Year Inflation-Indexed Notes

September 25, 1996, President Clinton and Secretary

Rubin announced the terms and conditions of the first Treasury

inflation-indexed security, to be a 10-year note on which the

principal will be adjusted for changes in inflation. The inflation

adjustment will be paid at maturity. Semi-annual interest payments will be a fixed percentage of the adjusted principal, and

the Consumer Price Index for All Urban Consumers will be

used as the gauge of inflation.

January 21, 1997, Treasury announced it would auction

$7,000 million of 10-year inflation-indexed notes to raise cash.

The notes offered were Treasury Notes of Series A-2007, dated

January 15, 1997, issued February 6, 1997, due January 15,

2007, with interest payable July 15 and January 15 until

maturity. An interest rate of 3-3/8 percent was set after the

determination as to which tenders were accepted on a yield

auction basis. Adjusted accrued interest of $2.05323 per

$1,000 was required for the period January 15 to February 6,

1997.

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 January 29, and totaled $37,219 million, of which

$7,003 million was accepted. All competitive tenders at yields

lower than 3.449 percent were accepted in full. Tenders at

3.449 percent were allotted 75 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 3.449 percent with an equivalent adjusted

price of 99.482. The median yield was 3.400 percent, and the

low yield was 3.200 percent. Noncompetitive tenders totaled

$157 million. Competitive tenders accepted from private investors totaled $6,846 million.

In addition to the $7,003 million of tenders accepted in

the auction process, $350 million was accepted from Federal

Reserve banks for their own account.

The notes of Series A-2007 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

52-Week Bills

December 27, 1996, tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated

January 9, 1997, and to mature January 8, 1998. The issue was

to refund $18,910 million of maturing 52-week bills and to

raise about $350 million new cash. The bills were auctioned

on January 2. Tenders totaled $47,806 million, of which

$19,298 million was accepted, including $914 million of noncompetitive tenders from the public and $5,225 million of the

bills issued to Federal Reserve banks for themselves. An

additional $1,300 million was issued to Federal Reserve banks

as agents for foreign and international monetary authorities for

new cash. The average bank discount rate was 5.31 percent.

January 24 tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated February

6, 1997, and to mature February 5, 1998. The issue was to

refund $18,900 million of maturing 52-week bills and to raise

about $350 million new cash. The bills were auctioned on

January 30. Tenders totaled $52,001 million, of which $19,349

million was accepted, including $1,212 million of noncompetitive tenders from the public and $5,610 million of the bills

issued to Federal Reserve banks for themselves. An additional

$1,610 million was issued to Federal Reserve banks as agents

for foreign and international monetary authorities for new

cash. The average bank discount rate was 5.34 percent.

FEBRUARY

February Quarterly Financing

February 5 Treasury announced it would auction $17,750

million of 3-year notes of Series U-2000, $12,000 million of

10-year notes of Series B-2007, and $10,000 million of 30-

year bonds of February 2027 to refund $18,037 million of

Treasury securities maturing February 15 and to raise about

$21,725 million new cash.

The notes of Series U-2000 were dated February 18, 1997,

due February 15, 2000, with interest payable August 15 and

February 15 until maturity. An interest rate of 5-7/8 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on February 11, and totaled $39,418 million, of which

$17,754 million was accepted at yields ranging from 5.990

percent, price 99.689, up to 6.005 percent, price 99.649. Tenders at the high yield were allotted 23 percent. Noncompetitive

tenders were accepted in full at the average yield, 5.997

percent, price 99.670. These totaled $713 million. Competitive

tenders accepted from private investors totaled $17,041 million.

In addition to the $17,754 million of tenders accepted in

the auction process, $1,837 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $805 million was accepted from Federal Reserve banks for their own account.

The notes of Series B-2007 were dated February 15, 1997,

issued February 18, 1997, due February 15, 2007, with interest

payable August 15 and February 15 until maturity. An interest

rate of 6-1/4 percent was set after the determination as to which

tenders were accepted on a yield auction basis. Accrued interest of $0.51796 per $1,000, covering the period from February 15 to February 18, 1997, 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 February 12, and totaled $22,764 million, of which

$12,005 million was accepted at yields ranging from 6.354

percent, price 99.238, up to 6.399 percent, price 98.911. Tenders at the high yield were allotted 60 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.374

percent, price 99.092. These totaled $424 million. Competitive tenders accepted from private investors totaled $11,581

million.

In addition to the $12,005 million of tenders accepted in

the auction process, $550 million was accepted from Federal

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: JANUARY-MARCH, con.

Reserve banks as agents for foreign and international monetary

authorities, and $540 million was accepted from Federal Reserve banks for their own account.

The notes of Series B-2007 may be held in STRIPS

form. The minimum par amount required is $32,000.

The bonds of February 2027 were dated February 15,

1997, issued February 18, 1997, due February 15, 2027, with

interest payable August 15 and February 15 until maturity. An

interest rate of 6-5/8 percent was set after the determination as

to which tenders were accepted on a yield auction basis.

Accrued interest of $0.54903 per $1,000, covering the period

from February 15 to February 18, 1997, was payable with each

accepted tender.

Tenders for the bonds were received prior to 12 noon e.s.t.

for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on February 13, and totaled $24,212 million,

of which $10,004 million was accepted at yields ranging from

6.625 percent, price 99.998, up to 6.660 percent, price 99.546.

Tenders at the high yield were allotted 35 percent. Noncompetitive tenders were accepted in full at the average yield,

6.640 percent, price 99.804. These totaled $318 million. Competitive tenders accepted from private investors totaled $9,686

million.

In addition to the $10,004 million of tenders accepted in

the auction process, $450 million was accepted from Federal

Reserve banks for their own account.

The bonds of February 2027 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

February 19 Treasury announced it would auction

$17,500 million of 2-year notes of Series AC-1999 and

$12,500 million of 5-year notes of Series D-2002 to refund

$27,695 million of securities maturing February 28 and to raise

about $2,300 million new cash.

The notes of Series AC-1999 were dated February 28,

1997, due February 28, 1999, with interest payable the last

calendar day of August and February through February 28,

1999. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction

basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on February 25, and totaled $38,699 million, of which

$17,507 million was accepted. All competitive tenders at

yields lower than 5.885 percent were accepted in full. Tenders

at 5.885 percent were allotted 94 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.885 percent with an equivalent price of

99.981. The median yield was 5.865 percent, and the low yield

was 5.820 percent. Noncompetitive tenders totaled $1,321

million. Competitive tenders accepted from private investors

totaled $16,186 million.

In addition to the $17,507 million of tenders accepted in

the auction process, $1,750 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $624 million was accepted from Federal Reserve banks for their own account.

The notes of Series D-2002 were dated February 28, 1997,

due February 28, 2002, with interest payable the last calendar

day of August and February through February 28, 2002. An

interest rate of 6-1/4 percent was set after the determination as

to which tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on February 26, and totaled $26,366 million, of which

$12,503 million was accepted. All competitive tenders at

yields lower than 6.359 percent were accepted in full. Tenders

at 6.359 percent were allotted 37 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.359 percent with an equivalent price of

99.539. The median yield was 6.314 percent, and the low yield

was 6.260 percent. Noncompetitive tenders totaled $499 million. Competitive tenders accepted from private investors totaled $12,004 million.

In addition to the $12,503 million of tenders accepted in

the auction process, $835 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $445 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

February 21 tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated March

6, 1997, and to mature March 5, 1998. The issue was to refund

$18,795 million of maturing 52-week bills and to raise about

$450 million new cash. The bills were auctioned on February

27. Tenders totaled $50,260 million, of which $19,277 million

was accepted, including $1,104 million of noncompetitive

tenders from the public and $5,105 million of the bills issued

to Federal Reserve banks for themselves. An additional $1,527

million was issued to Federal Reserve banks as agents for

foreign and international monetary authorities for new cash.

The average bank discount rate was 5.36 percent.

Cash Management Bills

February 25 tenders were invited for approximately

$23,000 million of 45-day bills to be issued March 3, 1997,

representing an additional amount of bills dated October 17,

1996, maturing April 17, 1997. The issue was to raise new

cash. Tenders were opened on February 27. They totaled

$82,159 million, of which $23,140 million was accepted. The

average bank discount rate was 5.16 percent.

MARCH

Auction of 2-Year and 5-Year Notes

March 19 Treasury announced it would auction $17,250

million of 2-year notes of Series AD-1999 and $12,500 million

of 5-year notes of Series E-2002 to refund $29,122 million of

securities maturing March 31 and to raise about $625 million

new cash.

The notes of Series AD-1999 were dated March 31, 1997,

due March 31, 1999, with interest payable September 30 and

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JANUARY-MARCH, con.

March 31 until maturity. An interest rate of 6-1/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on March 25, and totaled $37,989 million, of which $17,254

million was accepted. All competitive tenders at yields lower

than 6.270 percent were accepted in full. Tenders at 6.270

percent were allotted 47 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.270 percent with an equivalent price of 99.963. The

median yield was 6.240 percent, and the low yield was 6.200

percent. Noncompetitive tenders totaled $1,479 million. Competitive tenders accepted from private investors totaled

$15,775 million.

In addition to the $17,254 million of tenders accepted in

the auction process, $1,600 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $889 million was accepted from Federal Reserve banks for their own account.

The notes of Series E-2002 were dated March 31, 1997,

due March 31, 2002, with interest payable September 30 and

March 31 until maturity. An interest rate of 6-5/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on March 26, and totaled $31,737 million, of which $12,516

million was accepted. All competitive tenders at yields lower

than 6.660 percent were accepted in full. Tenders at 6.660

percent were allotted 29 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.660 percent with an equivalent price of 99.853. The

median yield was 6.640 percent, and the low yield was 6.490

percent. Noncompetitive tenders totaled $644 million. Competitive tenders accepted from private investors totaled

$11,872 million.

In addition to the $12,516 million of tenders accepted in

the auction process, $1,100 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $645 million was accepted from Federal Reserve banks for their own account.

Change in Treasury Bill Auctions

March 18, 1997, Treasury announced that, beginning with

the 52-week bill auction on March 26, 1997, awards made to

Federal Reserve banks for their own accounts in Treasury bill

auctions would be treated as additions to the announced offering amount. Previously, awards to these accounts were within

the announced offering amount.

52-Week Bills

March 21 tenders were invited for approximately $13,750

million of 364-day Treasury bills to be dated April 3, 1997, and

to mature April 2, 1998. The issue was to refund $13,680

million of maturing 52-week bills and to raise about $75

million new cash. The bills were auctioned on March 26.

Tenders totaled $62,562 million, of which $13,772 million was

accepted, including $980 million of noncompetitive tenders

from the public and $1,237 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. In addition, $5,265 million was issued to Federal

Reserve banks for their own accounts. The average bank

discount rate was 5.66 percent.

PUBLIC DEBT OPERATIONS 29
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1997

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 776 7,084

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 990 10,451

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 735 17,973

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 05/15/87 9,921 564 9,357

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 3,665 18,085

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-M note 06/01/92 11,049 403 10,646

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AE note 05/31/95 18,937 725 18,212

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 06/30/92 11,054 455 10,599

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AF note 06/30/95 19,260 692 18,567

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 1,078 7,308

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-P note 07/31/92 12,104 400 11,704

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 07/31/95 18,952 312 18,640

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-5/8%-B note 08/15/87 9,363 537 8,826

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-X note 08/15/94 20,250 2,283 17,968

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 574 10,535

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 871 18,512

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 591 11,548

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 812 18,304

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 845 8,015

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 340 11,043

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 652 18,188

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 697 9,111

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,789 17,072

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 301 11,225

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 672 18,016

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 501 11,662

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 1,280 17,884

Total. . . . . . . . . . . . . . . 392,075 25,540 366,535

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 878 8,248

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 696 11,643

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 1,027 18,060

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 440 8,719

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,584 17,496

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,357 29,513

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AD note 04/10/96 21,720 1,858 19,861

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 520 11,705

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 976 20,430

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,827 17,399

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 805 11,553

See footnotes at end of table.

30 PUBLIC DEBT OPERATIONS
1998, con.

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 802 20,308

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,277 20,777

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,400 8,294

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,007 20,556

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 472 11,217

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,011 10,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,590 17,828

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ-note 09/03/96 21,949 1,005 20,944

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 641 12,378

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK-note 09/30/96 21,486 1,411 20,075

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 993 11,583

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 994 9,275

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 940 20,281

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 535 9,368

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 228 162 66

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,595 18,004

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 929 11,186

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 385 20,147

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 875 19,740

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,630 10,815

Total. . . . . . . . . . . . . . . 564,142 44,309 519,836

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 942 9,617

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/99 19,468 432 19,036

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 377 12,524

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 930 8,790

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,527 18,470

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC-note 02/28/99 19,916 624 19,292

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 485 11,429

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,797 889 18,908

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,074 9,104

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,448 8,600

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 712 11,627

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,602 20,758

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,645 11,456

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 399 9,607

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,396 11,014

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y-note 08/15/96 22,708 1,930 20,778

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-C note 08/15/89 10,164 798 9,366

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 751 11,646

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 31
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997, 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)

1999, con.

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,129 11,707

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 633 11,519

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-D note 11/15/89 10,774 687 10,087

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 2,716 20,154

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 462 11,472

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Total. . . . . . . . . . . . . . . 381,481 31,469 350,012

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 712 11,516

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 857 9,816

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 805 19,616

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 985 11,511

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,335 11,854

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 360 10,175

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 909 11,524

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 692 12,060

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 740 11,724

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 455 11,884

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,069 10,011

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 585 11,337

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 724 11,287

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 587 11,493

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 866 10,654

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 481 11,876

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 866 11,955

Total. . . . . . . . . . . . . . . 233,922 14,198 219,723

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 850 11,966

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 903 10,410

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 800 12,020

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,500 12,681

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 865 12,915

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 917 11,481

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 655 13,067

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-K note 07/01/96 14,282 1,200 13,082

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 700 13,437

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,115 11,224

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 525 13,475

See footnotes at end of table.

32 PUBLIC DEBT OPERATIONS
2001, con.

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 950 13,569

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 605 14,035

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 1,965 22,261

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 265 13,766

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 600 13,371

Total. . . . . . . . . . . . . . . 233,932 15,171 218,762

2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 380 13,073

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 445 13,355

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 645 13,656

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 81,639 5,149 76,490

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 739 2,267

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/15/93 23,563 2,145 21,418

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 286 2,963

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 469 3,032

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,720 24,291

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 522 6,738

Total. . . . . . . . . . . . . . . 68,591 7,881 60,709

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 550 12,405

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,906 12,535

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 462 3,538

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 810 12,536

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 589 7,713

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,663 12,711

Total. . . . . . . . . . . . . . . 71,172 6,750 64,423

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,175 12,660

May 15, 00-05 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 214 4,046

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 1,027 8,243

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. . . . . . . . . . . . . . . 76,543 10,093 66,449

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

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, Mar. 31, 1997, 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)

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-3/8% bond 01/15/86 4,756 20 4,736

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-A note 02/15/96 15,514 1,500 14,014

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-B note 05/15/96 16,015 1,900 14,115

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-C note 07/15/96 22,740 1,721 21,020

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-D note 10/15/96 22,460 1,845 20,615

Total. . . . . . . . . . . . . . . 81,485 6,986 74,500

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-3/8%-A note 06/02/97 7,383 350 7,033

Feb. 15, 02-07 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,689

Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-B note 02/18/97 13,104 540 12,564

Nov. 15, 02-07 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 26,216 2,815 23,402

2008

Aug. 15, 03-08 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,675 3,555

Total. . . . . . . . . . . . . . . 7,333 2,464 4,869

2009

May 15, 04-09 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 1,113 3,493

Nov. 15, 04-09 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,126 3,075

Total. . . . . . . . . . . . . . . 8,807 2,239 6,568

2010

Feb. 15, 05-10 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total. . . . . . . . . . . . . . . 10,217 3,296 6,923

2011

May 15, 06-11 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,926

Total. . . . . . . . . . . . . . . 9,510 2,049 7,461

2012

Nov. 15, 07-12 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,041 11,715

Total. . . . . . . . . . . . . . . 14,755 3,041 11,715

2014

May 15, 09-14 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 969 4,038

Aug. 15, 09-14 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14 2

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 3,070 13,072

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,336 11,332

See footnotes at end of table.

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997, 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)

2015, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 1,172 5,978

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 502 6,398

Total. . . . . . . . . . . . . . . 26,718 3,010 23,708

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 1,020 6,247

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 2,148 16,676

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,409 17,455

Total. . . . . . . . . . . . . . . 44,955 4,577 40,378

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 744 17,450

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 870 13,147

Total. . . . . . . . . . . . . . . 32,211 1,614 30,597

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 397 8,312

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 653 17,089

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 643 18,608

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 2,072 18,142

Total. . . . . . . . . . . . . . . 39,465 2,715 36,750

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 921 9,308

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 880 9,279

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,213 20,206

Total. . . . . . . . . . . . . . . 41,807 3,014 38,793

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 863 10,250

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 620 11,339

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 488 11,675

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 944 31,854

Total. . . . . . . . . . . . . . . 68,033 2,915 65,118

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 545 9,808

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 530 10,170

Total. . . . . . . . . . . . . . . 21,053 1,075 19,978

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/15/93 18,374 1,374 17,000

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,270 21,639

Total. . . . . . . . . . . . . . . 41,283 2,644 38,639

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 450 11,020

Total. . . . . . . . . . . . . . . 11,470 450 11,020

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 35
2025

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 750 10,975

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,150 11,452

Total . . . . . . . . . . . . . . . 24,327 1,900 22,427

2026

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% bond 02/15/96 12,905 900 12,005

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4% bond 08/15/96 10,894 1,017 9,877

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2% bond 11/15/96 11,493 1,470 10,023

Total . . . . . . . . . . . . . . . 35,292 3,387 31,905

2027

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8% bond 02/15/07 10,456 450 10,006

Total . . . . . . . . . . . . . . . 10,456 450 10,006

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1997, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the “Monthly Statement of the Public

Debt of the United States.”

2

 This is a callable security. See table III of the “Monthly Statement of the Public Debt of the

United States.”

36 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1 bids tendered Total amount petitive basis 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1996 - Dec. 5 . . . . . . 1997 - Mar. 6 91 $73,876.4 $14,080.8 $12,654.3 $1,426.5 $12,123.3 $167,264.5

June 5 182 44,116.0 14,136.0 12,974.6 1,161.4 14,715.0 347,596.2

12 . . . . . Mar. 13 91 54,272.7 13,054.4 11,630.8 1,423.6 11,081.8 168,537.0

June 12 182 48,956.6 13,126.3 11,971.2 1,155.1 15,596.8 345,244.8

19 . . . . . Mar. 20 91 47,634.3 13,027.1 11,572.1 1,455.0 11,095.1 169,196.5

June 19 182 42,376.1 13,032.9 11,889.8 1,143.1 13,559.0 347,070.0

26 . . . . . Mar. 27 91 36,869.4 13,023.0 11,698.3 1,324.7 11,587.9 169,972.1

June 26 182 45,593.1 13,087.8 12,029.7 1,058.1 13,154.1 345,178.5

1997 - Jan. 2 . . . . . . Apr. 3 91 43,638.0 13,528.1 12,144.0 1,384.0 13,517.1 169,983.0

July 3 182 42,505.2 13,570.1 12,367.9 1,202.2 15,052.6 343,696.1

9 . . . . . . Apr. 10 91 53,385.5 12,645.9 11,094.5 1,551.4 13,116.3 169,512.6

July 10 182 53,582.4 12,592.7 11,278.9 1,313.8 14,665.4 341,623.3

16 . . . . . Apr. 17 91 46,478.9 11,665.2 10,101.0 1,564.2 13,022.9 168,154.9

July 17 182 44,869.4 11,592.4 10,138.1 1,454.4 14,545.1 338,670.7

23 . . . . . Apr. 24 91 44,097.6 11,640.6 10,252.0 1,388.6 13,121.8 166,673.7

July 24 182 53,083.0 11,539.9 10,260.0 1,279.9 14,058.1 336,152.5

30 . . . . . May 1 91 54,618.2 11,577.7 10,165.5 1,412.2 14,213.9 164,037.5

July 31 182 42,338.0 11,625.0 10,344.3 1,280.8 13,186.4 334,591.1

Feb. 6 . . . . . . May 8 91 64,709.2 12,543.8 10,939.0 1,604.9 14,214.7 165,002.8

Aug. 7 182 42,457.6 12,561.0 11,186.8 1,374.1 13,104.3 335,609.1

13 . . . . . May 15 91 60,514.6 13,115.6 11,665.2 1,450.4 14,042.6 163,110.5

Aug. 14 182 50,400.3 13,227.3 11,915.5 1,311.8 12,549.4 335,269.0

20 . . . . . May 22 91 55,765.0 13,220.6 11,784.4 1,436.2 14,160.5 164,062.9

Aug. 21 182 46,751.9 13,371.5 12,128.5 1,243.0 13,019.4 335,961.3

27 . . . . . May 29 90 55,049.4 13,275.3 11,902.1 1,373.2 14,074.3 162,311.4

Aug. 28 181 57,338.6 13,441.6 12,236.9 1,204.7 12,066.9 336,643.6

Mar. 6 . . . . . . June 5 91 53,360.7 13,109.8 11,594.8 1,515.0 14,080.8 163,091.9

Sept. 4 182 47,355.8 13,096.2 11,928.5 1,167.7 12,121.3 336,936.2

13 . . . . . June 12 91 52,669.0 12,093.8 10,689.2 1,404.5 13,054.4 161,350.8

Sept. 11 182 40,232.9 12,136.2 10,970.5 1,165.7 11,191.7 337,588.1

20 . . . . . June 19 91 46,924.6 11,738.1 10,285.2 1,452.9 13,027.1 161,802.9

Sept. 18 182 42,331.0 11,935.0 10,750.2 1,184.8 11,104.8 337,766.4

27 . . . . . June 26 90 53,577.5 11,669.9 10,368.0 1,301.9 13,023.0 159,997.7

Sept. 25 181 44,762.8 11,545.7 10,354.2 1,191.5 11,548.8 337,585.0

52 week:

1996 - Mar. 7 . . . . . . 1997 - Mar. 6 364 39,126.6 18,795.1 17,820.2 974.9 17,352.4 242,373.6

Apr. 4 . . . . . . Apr. 3 364 56,041.7 18,944.6 17,953.2 1,148.6 17,574.2 243,744.0

May 2 . . . . . . May 1 364 53,986.3 19,461.4 17,841.6 1,024.3 17,953.4 245,252.0

May 30 . . . . . May 29 364 55,662.8 19,327.0 17,820.2 1,045.4 18,579.6 244,490.7

June 27 . . . . . June 26 364 56,160.4 19,596.1 17,820.2 996.4 19,322.4 245,524.9

July 25 . . . . . July 24 364 49,393.5 20,184.9 19,238.4 946.5 18,359.0 247,350.8

Aug. 22 . . . . . Aug. 21 364 49,972.9 20,571.4 19,655.0 916.4 18,464.3 249,457.9

Sept. 19 . . . . . Sept. 18 364 52,210.1 19,906.7 19,037.3 869.4 19,275.3 250,089.3

Oct. 17 . . . . . Oct. 16 364 49,840.5 20,190.4 19,425.4 765.0 18,482.5 251,797.2

Nov. 14 . . . . . Nov. 13 364 58,249.9 20,141.8 19,422.3 719.5 18,869.7 253,069.3

Dec. 12 . . . . . Dec. 11 364 45,506.0 20,542.5 19,734.5 808.0 18,006.7 255,605.1

1997 - Jan. 9 . . . . . . 1998 - Jan. 8 364 49,118.0 20,609.8 19,683.7 926.1 18,910.5 257,304.4

Feb. 6 . . . . . . Feb. 5 364 53,634.2 20,983.2 19,747.9 1,235.3 18,899.7 259,387.9

Mar. 6 . . . . . . Mar. 5 364 51,822.3 20,840.5 20,100.8 739.8 18,795.1 261,433.3

Cash management:

1997 - Mar. 3 . . . . . . 1997 - Apr. 17 45 82,158.6 23,140.4 - - - 23,140.4

PUBLIC DEBT OPERATIONS 37
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or

52 weeks.

2

 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive

basis by Government accounts and Federal Reserve banks.

3

 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4 Equivalent coupon-issue yield.

5

 Except $1,500,000 at 98.736 percent.

6

 Except $1,275,000 at 98.729 percent.

7

 Except $1,500,000 at 97.472 percent.

8

 Except $575,000 at 98.703 percent.

9

 Except $5,000,000 at 94.924 percent.

Regular weekly:

1996 - Dec. 5 . . . . . $98.741 4.98 5.11 4.98 $98.741 4.97 $98.744

97.452 5.04 5.24 5.04 97.452 5.02 97.462

12 . . . . 98.779 4.83 4.96 4.83 98.779 4.82 98.782

97.487 4.97 5.17 4.98 97.482 4.96 97.492

19 . . . . 98.797 4.76 4.88 4.77 98.794 4.74 98.802

97.477 4.99 5.19 4.99 97.477 4.97 97.487

26 . . . . 98.756 4.92 5.05 4.93 98.754 4.88 98.766

97.432 5.08 5.29 5.08 97.432 5.06 97.442

1997 - Jan. 2 . . . . . 98.716 5.08 5.22 5.08 98.716 5.04 98.726

97.417 5.11 5.32 5.11 97.417 5.09 97.427

9 . . . . . 98.731 5.02 5.16 5.02 98.731 5.00 98.736

97.417 5.11 5.32 5.12 97.412 5.10 97.422

16 . . . . 98.726 5.04 5.18 5.04 98.726 5 5.02 98.731

97.417 5.11 5.32 5.11 97.417 5.09 97.427

23 . . . . 98.729 5.03 5.16 5.03 98.729 5.00 98.736

97.417 5.11 5.32 5.11 97.417 5.11 97.417

30 . . . . 98.721 5.06 5.20 5.07 98.718 6 5.05 98.723

97.412 5.12 5.33 5.12 97.412 5.10 97.422

Feb. 6 . . . . . 98.736 5.00 5.13 5.00 98.736 5.00 98.736

97.432 5.08 5.29 5.08 97.432 5.06 97.442

13 . . . . 98.731 5.02 5.16 5.02 98.731 4.99 98.739

97.437 5.07 5.28 5.08 97.432 5.06 97.442

20 . . . . 98.741 4.98 5.11 4.99 98.739 4.97 98.744

97.457 5.03 5.23 5.03 97.457 5.01 97.467

27 . . . . 98.734 5.01 5.14 5.01 98.734 4.99 98.739

97.457 5.03 5.23 5.03 97.457 7 5.03 97.457

Mar. 6 . . . . . 98.711 5.10 5.24 5.11 98.708 5.09 98.713

97.376 5.19 5.40 5.20 97.371 5.19 97.376

13 . . . . 98.721 5.06 5.20 5.06 98.721 5.04 98.726

97.381 5.18 5.39 5.18 97.381 5.16 97.391

20 . . . . 98.703 5.13 5.27 5.13 98.703 5.09 98.713

97.341 5.26 5.48 5.26 97.341 5.24 97.351

27 . . . . 98.670 5.26 5.41 5.27 98.668 8 5.26 98.670

97.305 5.33 5.55 5.33 97.305 5.32 97.310

52 week:

1996 - Mar. 7 . . . . . 94.965 4.98 5.25 4.99 94.955 4.95 94.995

Apr. 4 . . . . . 94.773 5.17 5.46 5.17 94.773 5.15 94.793

May 2 . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

May 30 . . . . 94.621 5.32 5.62 5.32 94.621 5.30 94.641

June 27 . . . . 94.378 5.56 5.89 5.57 94.368 5.55 94.388

July 25 . . . . 94.449 5.49 5.81 5.49 94.449 5.47 94.469

Aug. 22 . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Sept. 19 . . . . 94.368 5.57 5.90 5.57 94.368 5.56 94.378

Oct. 17 . . . . 94.601 5.34 5.64 5.35 94.591 5.33 94.611

Nov. 14 . . . . 94.742 5.20 5.49 5.21 94.732 9 5.19 94.752

Dec. 12 . . . . 94.783 5.16 5.45 5.16 94.783 5.13 94.813

1997 - Jan. 9 . . . . . 94.631 5.31 5.61 5.32 94.621 5.29 94.651

Feb. 6 . . . . . 94.601 5.34 5.64 5.35 94.591 5.32 94.621

Mar. 6 . . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Cash management:

1997 - Mar. 3 . . . . . 99.355 5.16 5.27 5.16 99.355 5.14 99.358

38 PUBLIC DEBT OPERATIONS
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)

04/25/95 05/01/95 6-1/2% note--04/30/97-AD 2y 42,158 18,706 7

04/26/95 05/01/95 6-3/4% note--04/30/00-K 5y 35,573 12,433 8

04/27/95 05/04/95 5.90% bill--05/02/96 364d 64,539 17,953

05/09/95 05/15/95 6-1/8% note--05/15/98-X 3y 38,313 21,223 9

05/10/95 05/15/95 6-1/2% note--05/15/05-B 10y 23,167 5 14,739 10

05/11/95 05/15/95 5.81% bill--06/22/95-reopening 38d 66,505 17,136

05/23/95 05/31/95 6-1/8% note--05/31/97-AE 2y 48,653 18,936 11

05/24/95 05/31/95 6-1/4% note--05/31/00-L 5y 30,382 12,752 12

05/25/95 06/01/95 5.54% bill--05/30/96 364d 42,863 18,579

05/31/95 06/02/95 5.85% bill--06/15/95-reopening 13d 57,101 17,126

06/22/95 06/29/95 5.22% bill--06/27/96 364d 42,836 19,321

06/27/95 06/30/95 5-5/8% note--06/30/97-AF 2y 43,818 19,256 13

06/28/95 06/30/95 5-7/8% note--06/30/00-M 5y 33,504 12,463 14

07/20/95 07/27/95 5.38% bill--07/25/96 364d 43,776 18,359

07/25/95 07/31/95 5-7/8% note--07/31/97-AG 2y 42,293 18,951 15

07/26/95 07/31/95 6-1/8% note--07/31/00-N 5y 31,033 12,338 16

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 17

08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 18

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 19

08/17/95 08/24/95 5.55% bill--08/22/96 364d 51,494 18,464

08/22/95 08/31/95 6% note--08/31/97-AH 2y 50,282 19,383 20

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 21

08/31/95 09/01/95 5.58% bill--09/21/95-reopening 20d 65,751 18,031

09/06/95 09/07/95 5.65% bill--09/15/95 8d 30,076 5,000

09/14/95 09/21/95 5.21% bill--09/19/96 364d 58,636 19,275

09/26/95 10/02/95 5-3/4% note--09/30/97-AJ 2y 37,619 19,116 22

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 23

10/12/95 10/19/95 5.30% bill--10/17/96 364d 57,319 18,482

10/24/95 10/31/95 5-5/8% note--10/31/97-AK 2y 48,533 18,840 24

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 25

11/02/95 11/03/95 5.37% bill--12/21/95-reopening 48d 29,372 6,008

11/02/95 11/03/95 5.30% bill--01/25/96-reopening 83d 33,200 8,061

11/14/95 11/15/95 5.77% bill--11/24/95-reopening 9d 56,685 35,706

11/14/95 11/15/95 5.64% bill--12/21/95-reopening 36d 55,750 26,053

11/15/95 11/16/95 5.15% bill--11/14/96 364d 49,175 18,872

11/20/95 11/24/95 5-1/2% note--11/15/98-Z 3y 55,665 20,598 26

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 27

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 28

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 29

11/30/95 12/01/95 5.63% bill--12/14/95-reopening 13d 35,646 10,017

11/30/95 12/01/95 5.39% bill--12/28/95-reopening 27d 35,232 10,007

12/07/95 12/14/95 5.06% bill--12/12/96 364d 49,996 18,792

12/20/95 01/02/96 5-1/4% note--12/31/97-AM 2y 40,661 19,165 30

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 31

01/04/96 01/11/96 4.89% bill--01/09/97 364d 57,800 18,910

01/23/96 01/31/96 5% note--01/31/98-AB 2y 45,650 19,087 32

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 33

02/01/96 02/08/96 4.64% bill--02/06/97 364d 58,951 18,900

02/06/96 02/15/96 5% note--02/15/99-W 3y 52,932 21,997 34

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 35

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 36

02/08/96 02/15/96 5.14% bill--02/22/96-reopening 7d 41,694 8,055

02/22/96 02/23/96 5.02% bill--04/18/96-reopening 55d 85,706 29,192

02/27/96 02/29/96 5-1/8% note--02/28/98-K-reopening 2y 43,564 19,184 37

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 38

02/28/96 03/01/96 5.06% bill--03/14/96-reopening 13d 32,082 6,003

02/29/96 03/07/96 4.98% bill--03/06/97 364d 39,127 18,795

03/13/96 03/14/96 5.11% bill--04/25/96-reopening 42d 47,387 9,060

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

PUBLIC DEBT OPERATIONS 39
04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 39

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 40

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 41

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 42

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 43

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 44

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 45

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 46

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 47

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 48

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 49

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 50

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 51

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 52

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 53

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 54

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 55

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 56

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 57

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 58

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 59

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 60

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 61

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 62

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 63

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 64

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 65

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 66

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 67

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 68

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 69

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 70

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 71

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 72

02/12/97 6 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 73

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 74

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 75

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 76

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 77

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 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.

40 PUBLIC DEBT OPERATIONS
1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan. 

7 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

8 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

9 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the

average at 6.165% (price 99.892).

10 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the

average at 6.608% (price 99.219).

11 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

12 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 13 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

14 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

15 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

16 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

17 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the

average at 5.997% (price 99.670).

18 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the

average at 6.501% (price 99.993).

19 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the

average at 6.906% (price 99.610).

20 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 21 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 22 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 23 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 24 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

25 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

26 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the

average at 5.549% (price 99.867).

27 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the

average at 5.900% (price 99.810).

28 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 29 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

30 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

31 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

32 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

33 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 34 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the

average at 5.043% (price 99.882).

35 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the

average at 5.649% (price 99.819).

36 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the

average at 6.119% (price 98.374).

37 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

38 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

39 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

40 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 41 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

42 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

43 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

44 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

45 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 46 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 47Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

48 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

49 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

50 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

51 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

52 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

53 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

54 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

55 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 56 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 57 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

58 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

59 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

60 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

61 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

62 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

63 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

64 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the

average at 6.619% (price 98.457).

65 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

66 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 67 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

68 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

69 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

70 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

71 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

72 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).

73 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).

74 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).

75 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

76 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

77 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

78 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only. 

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

PUBLIC DEBT OPERATIONS 41
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.

07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249

07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017

08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715

08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235

08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44

08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412

08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752

01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220

01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198

01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453

02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254

02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391

02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195

02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064

02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

42 PUBLIC DEBT OPERATIONS
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)

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C- 11,204 900 382 351 - * 1,062 * - 6 7,744 759

 reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D- 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

 reopening

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation indexed note-- 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

 01/15/07-A

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/15/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/15/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

* 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.

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2 brokers All other 3

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

1 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2 Exclusive of banks and insurance companies.

3 Included with “All other” investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736

04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664

05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,159

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

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

44 PUBLIC DEBT OPERATIONS
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Mar. 31, 1997

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

 Accrued accrued Interest- non-interestSeries Sales 1 discount discount Redemptions 1 bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 342,749 184,068 526,817 342,861 182,542 3,938

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 . . . . . . . . . . . . . . . . . 862 677 1,539 1,171 338 -

Total . . . . . . . . . . . . . . . . . . . . . . . 379,512 187,122 566,634 382,304 182,880 3,942

1

 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds

for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds

beginning January 1972; however, they exclude exchanges of series E bonds for series H and

HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be found

in the February 1952 and previous issues of the “Treasury Bulletin.”

Fiscal years:

1935-92 . . . . . . . . . . 336,713 145,255 481,968 331,600 261,483 70,117 148,604 1,720

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,790 4,965 2,825 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

Calendar years:

1935-92 . . . . . . . . . . 343,145 147,459 464,130 333,355 262,611 70,744 155,297 1,969

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 8,146 5,106 3,040 169,775 2,145

1994 . . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 5,828 9,636 15,464 13,408 2,056 5,803 182,781 4,222

1996 - Mar. . . . . . . . . . 462 787 1,249 998 576 422 183,337 2,498

Apr. . . . . . . . . . 564 1,040 1,604 1,138 662 476 183,826 2,456

May . . . . . . . . . 462 688 1,162 1,079 613 466 183,938 2,415

June . . . . . . . . . 426 715 1,141 1,001 552 449 184,114 2,378

July. . . . . . . . . . 461 851 1,312 1,164 690 474 184,292 2,348

Aug. . . . . . . . . . 417 777 1,194 1,137 660 477 184,379 2,319

Sept.. . . . . . . . . 379 724 1,103 1,021 572 449 184,488 2,292

Oct. . . . . . . . . . 481 974 1,455 1,309 758 550 184,642 2,268

Nov. . . . . . . . . . 451 656 1,107 1,059 566 493 184,719 2,240

Dec. . . . . . . . . . 572 686 1,258 1,214 724 490 182,781 4,222

1997 - Jan. . . . . . . . . . 556 811 1,367 1,701 989 713 182,476 4,194

Feb. . . . . . . . . . 402 734 1,136 1,200 577 623 182,566 4,043

Mar. . . . . . . . . . 437 734 1,171 1,209 713 422 182,542 3,938

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

 Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1 discount 1 bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the “Treasury Bulletins” of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 45
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952-92 . . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

Calendar years:

1952-92 . . . . . . . . . . 13,511 - 13,511 18,156 18,156 - 15,194 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 49 - 49 789 789 - 1,266 12,038 23

1996 - Mar. . . . . . . . . . -3 - -3 66 66 - 114 11,704 20

Apr. . . . . . . . . . 17 - 17 67 67 - 117 11,752 19

May . . . . . . . . . -13 - -13 70 70 - 126 11,797 18

June . . . . . . . . . -4 - 4 52 52 - 92 11,851 18

July. . . . . . . . . . 10 - 10 73 73 - 99 11,887 17

Aug. . . . . . . . . . -9 - -9 72 72 - 115 11,920 16

Sept.. . . . . . . . . -1 - -1 59 59 - 95 11,956 16

Oct. . . . . . . . . . 16 - 16 71 71 - 109 11,978 16

Nov. . . . . . . . . . -1 - -1 59 59 - 93 12,011 15

Dec. . . . . . . . . . 16 - 16 71 71 - 109 12,038 23

1997 - Jan. . . . . . . . . . 2 - 2 83 83 - 114 12,072 22

Feb. . . . . . . . . . 2 - 2 76 76 - 114 12,113 21

Mar. . . . . . . . . . -8 - -8 83 83 - 121 12,143 20

Fiscal years:

1941-92 . . . . . . . . . . 291,667 141,743 433,410 275,188 207,516 67,671 15,036 138,286 1,701

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

Calendar years:

1941-92 . . . . . . . . . . 293,669 144,991 438,659 269,969 208,543 68,336 15, 194 144,724 1,939

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 4,688 7,895 12,583 10,467 5,722 4,745 1,055 170,744 4,198

1996 - Mar . . . . . . . . . . 465 787 1,252 932 511 422 114 171,633 2,478

Apr. . . . . . . . . . 547 1,040 1,587 1,070 595 475 117 172,074 2,438

May . . . . . . . . . 475 688 1,163 1,010 544 466 126 172,142 2,397

June . . . . . . . . . 430 715 1,145 949 500 450 92 172,280 2,361

July. . . . . . . . . . 461 851 1,312 1,091 617 474 99 172,421 2,332

Aug. . . . . . . . . . 417 776 1,193 1,065 588 477 115 172,475 2,302

Sept.. . . . . . . . . 389 724 1,113 962 513 449 95 172,548 2,276

Oct. . . . . . . . . . 481 974 1,455 1,238 687 550 109 172,665 2,252

Nov. . . . . . . . . . 451 656 1,107 1,000 507 493 93 172,707 2,225

Dec. . . . . . . . . . 572 684 1,256 1,150 660 490 95 170,744 4,198

1997 - Jan. . . . . . . . . . 558 811 1,369 1,618 905 713 114 170,405 4,173

Feb. . . . . . . . . . 404 734 1,138 1,124 501 623 114 170,453 4,022

Mar. . . . . . . . . . 428 671 1,099 1,126 631 422 121 170,399 3,938

46 U.S. SAVINGS BONDS AND NOTES
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes, and

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 47
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1996 - Mar. . . . . . . . . . . . . . . . . . . . 5,153,294 5,082,952 1,353,767 1,506 1,352,261 380,952

Apr. . . . . . . . . . . . . . . . . . . . 5,137,712 5,097,989 1,374,268 1,506 1,372,762 381,806

May . . . . . . . . . . . . . . . . . . . 5,163,807 5,124,422 1,380,619 1,506 1,379,113 387,050

June . . . . . . . . . . . . . . . . . . . 5,196,893 5,126,748 1,422,443 1,506 1,420,937 391,000

July . . . . . . . . . . . . . . . . . . . 5,224,199 5,184,908 1,420,680 1,506 1,419,174 397,836

Aug. . . . . . . . . . . . . . . . . . . . 5,243,459 5,173,734 1,424,120 1,506 1,422,614 391,329

Sept. . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

Oct. . . . . . . . . . . . . . . . . . . . 5,282,566 5,243,339 1,454,847 1,254 1,453,593 392,917

Nov. . . . . . . . . . . . . . . . . . . . 5,330,904 5,263,423 1,457,953 1,254 1,456,699 400,210

Dec. . . . . . . . . . . . . . . . . . . . 5,357,391 5,317,188 1,497,178 1,254 1,495,924 410,878

1997 - Jan. . . . . . . . . . . . . . . . . . . . 5,348,224 5,308,048 1,504,854 1,254 1,503,600 399,448

Feb. . . . . . . . . . . . . . . . . . . . 5,384,042 5,344,143 1,504,423 1,254 1,503,169 401,575

Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,375,139 1,506,784 1,254 1,505,530 405,559

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

1993 . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994 . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1996 - Mar. . . . . . . . . . . . . . . . . . . . 3,348,233 2,992,597 355,636 34,834 35,508 7,865 27,643

Apr. . . . . . . . . . . . . . . . . . . . 3,341,915 2,983,885 358,030 4,060 35,663 7,865 27,798

May . . . . . . . . . . . . . . . . . . . 3,356,753 2,998,631 358,122 4,087 35,298 7,606 27,692

June . . . . . . . . . . . . . . . . . . . 3,313,305 2,955,927 357,378 34,327 35,817 7,606 28,211

July . . . . . . . . . . . . . . . . . . . 3,366,392 3,011,848 354,544 3,981 35,310 7,606 27,704

Aug. . . . . . . . . . . . . . . . . . . . 3,358,285 3,003,125 355,160 34,570 35,156 7,606 27,550

Sept. . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

Oct. . . . . . . . . . . . . . . . . . . . 3,395,575 3,036,889 358,687 3,980 35,246 7,606 27,640

Nov. . . . . . . . . . . . . . . . . . . . 3,405,260 3,043,179 362,081 33,126 34,355 7,606 26,749

Dec. . . . . . . . . . . . . . . . . . . . 3,409,132 3,047,559 361,573 5,984 34,219 7,606 26,613

1997 - Jan. . . . . . . . . . . . . . . . . . . . 3,403,746 3,040,766 362,979 5,949 34,227 7,606 26,621

Feb. . . . . . . . . . . . . . . . . . . . 3,438,145 3,074,706 363,439 5,794 34,105 7,606 26,499

Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,097,548 365,248 5,751 33,864 7,606 26,258

48 OWNERSHIP OF FEDERAL SECURITIES
1

 U.S. savings bonds, series A-F and J, are included at current redemption value. 2

 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned

by domestically chartered and foreign banks. 3

 Includes partnerships and personal trust accounts.

4

 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5

 Exclusive of banks and insurance companies.

6 The State and local governments category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4 securities companies funds rations 5 ments 6 national 7 investors 8

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

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 374.9 232.6 338.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 405.7 250.9 320.2

Sept. . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 411.6 265.5 339.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 446.6 263.4 332.6

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 r

 536.0 421.8 r 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 r

 545.2 427.3 r 503.8

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 r

 549.0 440.3 r 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 r

 550.3 458.4 r 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 r 563.6 464.3 r

 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 r 55.2 130.8 r

 565.9 473.6 r 575.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 r

 582.6 477.3 r 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 r

 583.0 491.7 r 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 r

 601.6 507.9 r 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 r

 576.8 529.6 r 616.7

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 r

 572.1 535.2 r 634.5

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 r

 562.7 549.7 r 674.2

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 r

 582.5 564.2 r 655.2

June . . . . r

 2,936.3 307.2 r 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 r 596.1 567.7 r 662.1

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 r

 596.8 591.3 r 655.3

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 r

 609.2 622.9 r 655.0

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 r

 614.4 633.3 r 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 r

 595.9 r 633.2 r 683.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 r

 569.1 r 655.8 r 729.6

Dec. . . . . 3,168.0 290.4 2,877.6 331.2 180.5 150.7 240.1 67.6 r

 224.5 r 540.2 688.6 r 785.5

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 342.8 181.4 161.4 244.2 67.7 230.3 r

 525.3 r 729.2 r 791.6

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 r

 485.5 r 784.2 r 801.2

Sept. . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 r

 454.2 r 848.4 r 808.1

Dec. . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 r

 71.5 228.8 r 421.5 862.2 r 843.0

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 r

 423.2 931.5 r 842.7

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 234.4 82.1 230.9 r

 402.8 959.8 r 809.4

Sept. . . . . 3,386.2 274.8 3,111.4 353.8 186.8 167.0 r

 235.6 85.2 249.1 r 382.3 1,030.9 r 774.5

Dec. . . . . 3,411.2 r 261.7 r

 3,149.5 356.6 187.0 169.6 r 235.9 r 91.6 258.5 r 358.0 r 1,131.8 r 717.1

1997 - Mar. . . . . 3,451.7 p 275.0 3,176.7 355.4 186.5 168.9 p

 236.5 p 83.9 p 262.5 p 353.0 p 1,199.1 p 686.4 

OWNERSHIP OF FEDERAL SECURITIES 49
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury,

corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate

bond average yield is developed by Treasury by calculating

reoffering yields on new long-term securities maturing in at

least 20 years and rated Aa by Moody’s Investors Service. The

municipal bond average yield prior to 1991 was compiled by

Treasury. Beginning with January 1991, the average yield is

the “Municipal Bond Yield Average,” published by Moody’s

Investors Service for 20-year reoffering yields on selected

Aa-rated general obligations. See the footnotes for further

explanation.

Monthly average:

1996 - Apr.. . . . . . . . . . 5.09 5.27 5.54 5.96 6.11 6.30 6.48 6.51 6.79

May . . . . . . . . . . 5.15 5.33 5.64 6.10 6.27 6.48 6.66 6.74 6.93

June . . . . . . . . . 5.23 5.46 5.81 6.30 6.49 6.69 6.83 6.91 7.06

July . . . . . . . . . . 5.30 5.52 5.85 6.27 6.45 6.64 6.76 6.87 7.03

Aug. . . . . . . . . . 5.19 5.34 5.67 6.03 6.21 6.39 6.52 6.64 6.84

Sept. . . . . . . . . . 5.24 5.45 5.83 6.23 6.41 6.60 6.73 6.83 7.03

Oct. . . . . . . . . . . 5.12 5.32 5.55 5.91 6.08 6.27 6.42 6.53 6.81

Nov. . . . . . . . . . 5.17 5.27 5.42 5.70 5.82 5.97 6.10 6.20 6.48

Dec. . . . . . . . . . 5.04 5.24 5.47 5.78 5.91 6.07 6.20 6.30 6.55

1997 - Jan. . . . . . . . . . 5.17 5.31 5.61 6.01 6.16 6.33 6.47 6.58 6.83

Feb.. . . . . . . . . . 5.14 5.27 5.53 5.90 6.03 6.20 6.32 6.42 6.69

Mar.. . . . . . . . . . 5.28 5.48 5.80 6.22 6.38 6.54 6.65 6.69 6.93

End of month:

1996 - Apr.. . . . . . . . . . 5.14 5.30 5.62 6.03 6.19 6.40 6.58 6.66 6.89

May . . . . . . . . . . 5.18 5.36 5.77 6.27 6.44 6.64 6.78 6.85 7.00

June . . . . . . . . . 5.18 5.37 5.70 6.11 6.30 6.47 6.61 6.73 6.90

July . . . . . . . . . . 5.32 5.47 5.85 6.22 6.39 6.57 6.68 6.80 6.98

Aug. . . . . . . . . . 5.29 5.49 5.91 6.34 6.54 6.73 6.86 6.96 7.13

Sept. . . . . . . . . . 5.14 5.37 5.71 6.10 6.28 6.46 6.60 6.72 6.93

Oct. . . . . . . . . . . 5.17 5.30 5.44 5.77 5.92 6.10 6.24 6.37 6.66

Nov. . . . . . . . . . 5.13 5.25 5.38 5.59 5.70 5.84 5.97 6.06 6.36

Dec. . . . . . . . . . 5.21 5.33 5.51 5.88 6.04 6.21 6.34 6.43 6.65

1997 - Jan. . . . . . . . . . 5.15 5.28 5.58 5.94 6.08 6.26 6.40 6.53 6.80

Feb.. . . . . . . . . . 5.22 5.39 5.67 6.09 6.23 6.39 6.50 6.56 6.80

Mar.. . . . . . . . . . 5.35 5.55 6.02 6.45 6.60 6.77 6.89 6.92 7.10

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

50 MARKET YIELDS
CHART MY-A.--Yields of Treasury Securities,

Mar. 31, 1997 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

* Source: Office of Market Finance

Years

(Year tick marks correspond with June data.)

MARKET YIELDS 51
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.

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

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

52 MARKET YIELDS
1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

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

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.

MARKET YIELDS 53
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

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

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.

54 MARKET YIELDS
CHART MY-B.--Average Yields of Long-Term Treasury,

Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

(Year tick marks correspond with June data.)

* Source: Office of Market Finance

MARKET YIELDS 55
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

“Treasury Bulletin.” The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, Mar. 31, 1997

[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. . . . . . . . . . . . $550,999,609,407 $526,417,139,509 $525,843,078,476 $316,997,716 $257,063,317 

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 306,077,148 12,385,128 11,832,425 361,239 191,464 

The Federal Reserve banks. . . . . 106,159,571,664 105,486,084,845 105,486,082,485 - 2,360 

Amounts in circulation . . . . . . . . . . . $444,533,960,595 $420,918,669,536 $420,345,163,566 $316,636,477 $256,869,493

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $24,582,469,898 $2,024,703,898 $22,557,766,000 

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 293,692,020 104,238,654 189,453,366

The Federal Reserve banks. . . . . 673,486,819 55,259,062 618,227,757 

Amounts in circulation . . . . . . . . . . . $23,615,291,059 $1,865,206,182 $21,750,084,877 

See footnotes following table USCC-2.

56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,253,758,057 $6,105,986,084 $143,481 $147,628,492

$2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097,154,754 964,593,312 132,548,866 12,576

$5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,344,374,165 7,201,495,110 110,530,610 32,348,445 

$10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,383,913,360 13,361,162,340 5,950 22,745,070

$20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,874,792,100 81,854,688,220 3,380 20,100,500

$50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,627,618,500 46,616,125,600 - 11,492,900

$100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,019,434,500 263,924,038,400 73,404,100 21,992,000

$500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,595,500 144,407,500 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,823,000 167,617,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . $420,918,669,536 $420,345,163,566 $316,636,477 $256,869,493

Mar. 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . $444,534 $1,664.58

Feb. 28, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,665 1,654.88

Jan. 31, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . 438,407 1,643.48

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, Mar. 31, 1997

[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)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
58

Page Intentionally Left Blank
59

Page Intentionally Left Blank
60

Page Intentionally Left Blank
TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1 stock 2 rights 1, 3 currencies 4 Fund 1, 5

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

1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Apr. . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117

May . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227

June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282

July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665

Aug.. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597

Sept. . . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421

Oct. . . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517

Nov.. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516

Dec.. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372

Feb.. . . . . . . . . . . . . . . . . . . 67,479 11,048 9,866 32,528 14,037

Mar.. . . . . . . . . . . . . . . . . . . 67,222 11,050 9,879 32,447 13,846

Apr. . . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF are also valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may

be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve position

in the IMF automatically if needed. Under appropriate conditions, the United States could

purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or

dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position in the

IMF.

• Table IFS-2 contains statistics on liabilities to foreign official

institutions, and selected liabilities to all other foreigners, which are

used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

Treasury issues to official institutions and other residents of

foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 61
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries 

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6 organizations 7 

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

1992. . . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993. . . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994. . . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995. . . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055

1996 - Mar. r . . . . 1,926,590 657,765 302,492 319,775 6,199 29,299 772,494 474,242 121,776 352,466 22,089

Apr. r . . . . . 1,942,091 661,863 297,740 328,028 6,238 29,857 769,926 487,789 126,106 361,683 22,513

May r. . . . . 1,951,810 664,132 293,322 334,510 5,903 30,397 766,753 497,491 128,404 369,087 23,434

June r . . . . 1,967,595 670,670 305,479 327,862 5,941 31,388 763,279 511,042 125,976 385,066 22,604

July r . . . . . 2,007,485 675,082 299,564 337,491 5,980 32,047 755,851 554,800 130,967 423,833 21,752

Aug. r . . . . 2,008,516 680,546 300,818 341,078 6,018 32,632 745,258 559,986 127,436 432,550 22,726

Sept. r . . . . 2,039,675 696,341 298,508 358,266 6,057 33,510 759,090 559,554 129,297 430,257 24,690

Oct. r . . . . . 2,096,460 698,892 296,175 363,104 5,892 33,721 788,434 581,684 132,481 449,203 27,450

Nov. . . . . . 2,111,322 712,439 304,763 366,944 5,929 34,803 777,141 597,378 129,540 467,838 24,364

Dec. . . . . . 2,173,135 727,398 305,551 380,606 5,968 35,273 783,163 638,010 137,315 500,695 24,564

1997- Jan. . . . . . . 2,193,745 738,012 307,747 388,628 6,007 35,630 771,435 659,215 143,851 515,364 25,083

Feb. p . . . . 2,242,005 748,473 307,736 398,671 6,044 36,022 784,442 683,322 153,353 529,969 25,768

Mar. p . . . . 2,258,353 759,060 311,153 405,484 6,084 36,339 789,523 686,746 142,643 544,103 23,024

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.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the “Capital

Movements” section. Table excludes International Monetary Fund “holdings of dollars” and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

62 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1992. . . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993. . . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994. . . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995. . . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Mar. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052

Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059

May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067

June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074

July . . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081

Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088

Sept. . . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095

Oct. . . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103

Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110

Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997- Jan. . . . . . . . . . . . . . . . . . . 6,007 6,007 1,021 3,861 1,125

Feb.. . . . . . . . . . . . . . . . . . 6,044 6,044 1,027 3,885 1,132

Mar.. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Includes current value of the following zero-coupon Treasury bond issues to the government

of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058

million; and beginning March 1990, 30-year maturity issue with remaining face value of $20,412

million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 63
INTRODUCTION: Capital Movements

Treasury collects information about the transference of financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit

claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices), and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

• Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

reported by banks, brokers, and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

domestic customers. This includes transactions in newly issued

securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. This is because the path

of a security is not tracked prior to its being purchased from,

or after it is sold to, a foreigner in a reportable transaction. That

is, before it enters and after it departs the reporting system,

64 CAPITAL MOVEMENTS
ownership of a security may be transferred between foreigners

of different countries. Such transfers may occur any number

of times and are concealed among the net figures for U.S.

transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of

the foreign buyers and sellers of securities in a particular round

of transactions.

SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2

 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

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

1992. . . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993. . . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994. . . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 r . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 - Mar. r . . . . . . . . 1,207,798 302,492 302,492 - 894,270 788,340 105,930 11,036 9,512 1,524 363,818 82,143

Apr. r . . . . . . . . 1,206,607 297,740 297,740 - 896,032 790,102 105,930 12,835 11,311 1,524 359,454 82,143

May r . . . . . . . . 1,201,997 293,322 293,322 - 895,157 789,227 105,930 13,518 11,994 1,524 356,501 82,143

June r. . . . . . . . 1,208,233 305,479 305,479 - 889,255 778,945 110,310 13,499 12,158 1,341 355,502 80,985

July r . . . . . . . . 1,199,465 299,564 299,564 - 886,818 776,508 110,310 13,083 11,742 1,341 344,258 80,985

Aug. r . . . . . . . . 1,187,533 300,818 300,818 - 872,694 762,384 110,310 14,021 12,680 1,341 341,270 80,985

Sept. r . . . . . . . 1,203,037 298,508 298,508 - 888,387 778,946 109,441 16,142 14,443 1,699 341,670 76,897

Oct. r . . . . . . . . 1,235,455 296,175 296,175 - 920,915 811,474 109,441 18,365 16,666 1,699 345,100 76,897

Nov. . . . . . . . . . 1,227,915 304,763 304,763 - 906,681 797,240 109,441 16,471 14,772 1,699 349,593 76,897

Dec. . . . . . . . . . 1,241,557 305,551 305,551 - 920,478 818,322 102,156 15,528 13,864 1,664 352,878 71,782

1997 - Jan. . . . . . . . . . 1,239,546 307,747 307,747 - 915,286 813,130 102,156 16,513 14,849 1,664 344,038 71,782

Feb. p. . . . . . . . 1,261,821 307,736 307,736 - 937,795 835,639 102,156 16,290 14,626 1,664 354,765 71,782

Mar. p. . . . . . . . 1,257,175 311,153 311,153 - 932,166 830,010 102,156 13,856 12,192 1,664 350,740 71,782

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

CAPITAL MOVEMENTS 65
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2 certificates liabilities 2

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Mar. . . . . . . . . . . . . . . . . . . . 9,512 16 3,563 564 5,369

Apr. . . . . . . . . . . . . . . . . . . . 11,311 28 4,024 426 6,833

May . . . . . . . . . . . . . . . . . . . 11,994 34 3,442 376 8,142

June . . . . . . . . . . . . . . . . . . . 12,158 123 4,052 874 7,109

July . . . . . . . . . . . . . . . . . . . 11,742 22 3,747 865 7,108

Aug. r . . . . . . . . . . . . . . . . . . 12,680 49 4,738 345 7,548

Sept. . . . . . . . . . . . . . . . . . . 14,443 26 5,441 399 8,577

Oct. r . . . . . . . . . . . . . . . . . . 16,666 67 6,005 600 9,994

Nov. . . . . . . . . . . . . . . . . . . . 14,772 46 4,906 1,088 8,732

Dec. . . . . . . . . . . . . . . . . . . . 13,864 29 5,785 244 7,806

1997 - Jan. . . . . . . . . . . . . . . . . . . . 14,849 55 5,792 494 8,508

Feb. p. . . . . . . . . . . . . . . . . . 14,626 51 5,035 219 9,321

Mar. p. . . . . . . . . . . . . . . . . . 12,192 49 6,952 226 4,965

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2 icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 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 r . . . . . . . . . . . . . . 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 - Mar. r . . . . . . . . . 1,090,832 1,423 32,452 198,382 70,235 10,968 100,847 15,967 164,426 374,356 10,948 56,559 13,792 40,477

Apr. r . . . . . . . . . 1,087,842 1,679 36,639 186,638 72,784 11,468 95,871 16,801 167,888 371,968 10,789 55,097 13,241 46,979

May r . . . . . . . . . 1,082,549 1,504 32,658 188,321 70,839 10,663 88,765 17,584 169,970 373,841 11,127 55,785 14,542 46,950

June r. . . . . . . . . 1,084,424 2,211 38,916 187,171 77,181 12,380 90,481 18,241 167,861 364,006 12,655 56,007 12,322 44,992

July r . . . . . . . . . 1,076,072 2,211 37,137 186,061 74,155 11,809 95,128 18,091 165,080 355,433 10,950 57,481 12,531 50,005

Aug. r . . . . . . . . . 1,063,202 1,459 37,708 189,726 71,925 11,116 94,867 18,670 157,142 353,153 10,523 59,250 11,208 46,455

Sept. r . . . . . . . . 1,077,454 2,049 34,902 182,122 79,435 12,764 91,906 18,556 169,890 356,533 10,665 60,276 11,401 46,955

Oct. r . . . . . . . . . 1,107,649 1,316 35,551 186,180 73,128 11,156 96,223 16,865 168,652 386,097 11,319 59,609 10,964 50,589

Nov. . . . . . . . . . . 1,102,003 2,180 35,292 197,692 69,599 13,304 94,345 14,227 168,696 377,128 12,107 58,000 12,039 47,394

Dec. . . . . . . . . . . 1,123,873 1,511 33,664 193,435 76,941 13,692 91,200 13,886 160,701 401,528 11,802 58,068 13,010 54,435

1997 - Jan. . . . . . . . . . . 1,120,877 1,290 32,717 188,076 85,664 12,898 89,567 13,969 159,453 393,392 11,985 58,647 12,188 61,031

Feb. p. . . . . . . . . 1,143,375 1,378 34,472 191,090 80,796 11,642 89,263 13,289 162,736 405,356 12,014 60,983 13,219 67,137

Mar. p . . . . . . . . 1,141,163 2,390 32,658 191,548 84,557 13,310 88,380 13,996 158,954 412,727 12,263 61,440 12,501 56,439

66 CAPITAL MOVEMENTS
TABLE CM-I-3.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1993 1994 1995 r Nov. Dec. Jan. Feb. p Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,203 4,109 4,269 6,947 5,661 5,354 4,570 5,149

Belgium-Luxembourg. . . . . . . . . . 31,609 26,475 31,298 28,433 30,577 29,843 30,538 29,107

Bulgaria . . . . . . . . . . . . . . . . . . . . 99 611 752 307 418 384 364 489

Czech Republic . . . . . . . . . . . . . . 817 953 1,667 148 353 264 259 216

Denmark. . . . . . . . . . . . . . . . . . . . 4,650 3,137 3,517 3,414 2,790 2,553 1,934 2,031

Finland . . . . . . . . . . . . . . . . . . . . . 2,569 1,569 3,035 2,104 1,536 1,656 1,411 1,090

France . . . . . . . . . . . . . . . . . . . . . 48,658 52,816 49,220 50,815 41,827 42,020 42,919 42,322

Germany . . . . . . . . . . . . . . . . . . . 33,433 32,356 31,065 27,752 31,795 32,112 31,383 32,641

Greece . . . . . . . . . . . . . . . . . . . . . 1,527 1,409 2,039 2,268 1,820 2,090 1,940 2,402

Hungary . . . . . . . . . . . . . . . . . . . . 1,491 1,095 2,055 1,535 1,142 1,515 2,381 2,091

Ireland . . . . . . . . . . . . . . . . . . . . . 2,323 1,987 2,615 2,040 1,671 1,757 1,907 3,077

Italy. . . . . . . . . . . . . . . . . . . . . . . . 14,546 13,419 16,045 15,351 15,445 15,110 15,354 13,418

Netherlands . . . . . . . . . . . . . . . . . 17,788 17,259 14,993 12,927 12,143 10,908 12,094 12,148

Norway. . . . . . . . . . . . . . . . . . . . . 3,071 2,339 1,424 2,132 1,464 2,036 1,714 2,067

Poland . . . . . . . . . . . . . . . . . . . . . 2,292 2,316 5,690 5,899 5,546 5,122 5,225 5,112

Portugal . . . . . . . . . . . . . . . . . . . . 3,488 2,997 2,916 1,860 1,967 1,843 1,763 1,846

Romania. . . . . . . . . . . . . . . . . . . . 125 529 246 488 275 321 292 455

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,532 2,726 7,948 8,215 7,573 7,162 6,821 7,773

Spain . . . . . . . . . . . . . . . . . . . . . . 21,365 15,612 11,960 20,887 19,741 23,230 20,782 21,608

Sweden . . . . . . . . . . . . . . . . . . . . 2,813 3,157 3,376 2,580 1,836 2,814 2,072 2,466

Switzerland. . . . . . . . . . . . . . . . . . 45,746 42,126 46,210 40,418 47,079 46,130 49,545 46,183

Turkey . . . . . . . . . . . . . . . . . . . . . 3,584 3,378 4,311 7,424 6,798 7,126 6,824 7,252

United Kingdom . . . . . . . . . . . . . . 150,912 187,081 161,112 192,349 180,221 186,193 186,101 183,059

Yugoslavia 2 . . . . . . . . . . . . . . . . . 373 245 177 276 295 301 328 337

Other Europe . . . . . . . . . . . . . . . . 26,524 20,966 14,255 12,042 13,331 16,738 15,987 15,601

Total Europe . . . . . . . . . . . . . . . 424,538 440,667 422,195 448,611 433,304 444,582 444,508 439,940

Canada . . . . . . . . . . . . . . . . . . . . . . 21,577 26,523 32,002 35,238 40,625 37,344 36,499 39,630

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 14,591 17,273 12,356 14,031 13,888 16,569 17,112 16,833

Bahamas . . . . . . . . . . . . . . . . . . . 74,844 104,934 96,525 92,912 89,648 91,809 98,765 90,029

Bermuda. . . . . . . . . . . . . . . . . . . . 8,372 8,631 4,956 6,973 5,585 5,389 9,089 8,489

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,384 9,292 24,317 27,456 27,711 22,516 23,907 23,742

British West Indies . . . . . . . . . . . . 199,955 237,571 249,273 234,692 259,156 253,028 256,966 262,013

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,314 3,174 2,891 2,996 3,050 3,122 3,594 3,413

Colombia . . . . . . . . . . . . . . . . . . . 3,220 4,674 3,747 2,865 3,279 2,814 2,878 2,830

Cuba. . . . . . . . . . . . . . . . . . . . . . . 33 13 8 18 21 19 19 19

Ecuador . . . . . . . . . . . . . . . . . . . . 899 886 1,323 1,583 1,779 1,629 1,645 1,496

Guatemala . . . . . . . . . . . . . . . . . . 1,224 1,136 1,289 1,240 1,287 1,353 1,415 1,383

Jamaica . . . . . . . . . . . . . . . . . . . . 425 541 498 584 652 600 601 609

Mexico . . . . . . . . . . . . . . . . . . . . . 28,374 12,392 24,611 29,067 32,386 28,295 28,598 27,750

Netherlands Antilles . . . . . . . . . . . 5,277 5,748 5,185 4,745 6,266 6,690 6,374 3,763

Panama . . . . . . . . . . . . . . . . . . . . 3,887 4,775 4,412 4,035 4,176 3,948 4,233 3,946

Peru . . . . . . . . . . . . . . . . . . . . . . . 966 913 987 952 847 980 930 939

Trinidad and Tobago . . . . . . . . . . 398 641 456 538 601 566 477 526

Uruguay . . . . . . . . . . . . . . . . . . . . 1,664 1,649 1,869 1,770 1,905 1,932 1,874 1,860

Venezuela . . . . . . . . . . . . . . . . . . 13,334 14,504 12,117 17,679 17,564 18,322 18,303 18,657

Other Latin America

and Caribbean . . . . . . . . . . . . . 6,084 6,115 7,241 7,487 8,158 8,130 7,372 7,331

Total Latin America

and Caribbean. . . . . . . . . . . . 372,245 434,862 454,061 451,623 477,959 467,711 484,152 475,628

See footnotes at end of table.

CAPITAL MOVEMENTS 67
Calendar year 1996 1997

Country 1993 1994 1995 r Nov. Dec. Jan. Feb. p Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 4,011 10,066 33,765 29,411 30,441 27,917 31,634 31,374

Taiwan . . . . . . . . . . . . . . . . . . . 10,684 9,971 11,743 16,640 16,013 16,705 15,644 15,820

Hong Kong . . . . . . . . . . . . . . . . . . 17,724 17,956 22,588 19,529 19,392 20,523 20,715 20,755

India . . . . . . . . . . . . . . . . . . . . . . . 1,123 2,340 3,378 3,836 3,938 4,331 4,754 5,437

Indonesia . . . . . . . . . . . . . . . . . . . 2,001 1,610 2,743 2,407 2,306 2,168 2,482 2,680

Israel . . . . . . . . . . . . . . . . . . . . . . 4,453 5,160 4,064 5,773 6,053 6,608 6,208 5,966

Japan . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 128,140 127,846 127,253 129,537 136,886

Korea . . . . . . . . . . . . . . . . . . . . . . 4,963 5,176 5,797 5,951 6,033 6,108 6,336 6,594

Lebanon . . . . . . . . . . . . . . . . . . . . 469 503 631 953 1,174 1,185 1,025 1,134

Malaysia. . . . . . . . . . . . . . . . . . . . 1,833 1,704 2,415 2,264 2,048 2,422 2,305 2,405

Pakistan . . . . . . . . . . . . . . . . . . . . 1,216 1,309 1,703 936 998 922 1,194 1,000

Philippines . . . . . . . . . . . . . . . . . . 2,041 2,722 3,100 3,268 3,383 2,345 2,442 2,394

Singapore. . . . . . . . . . . . . . . . . . . 8,746 8,537 11,564 11,925 10,744 13,874 15,238 14,263

Syria. . . . . . . . . . . . . . . . . . . . . . . 365 608 858 51 53 56 67 54

Thailand . . . . . . . . . . . . . . . . . . . . 6,155 6,475 12,291 12,735 10,921 9,882 10,761 9,403

Oil-exporting countries 3 . . . . . . . . 15,943 15,547 16,057 13,814 14,802 13,423 13,266 13,907

Other Asia . . . . . . . . . . . . . . . . . . 2,783 3,315 2,413 2,701 2,804 2,929 3,132 2,847

Total Asia . . . . . . . . . . . . . . . . . 163,751 180,303 274,166 260,334 258,949 258,651 266,740 272,919

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,218 1,886 2,137 1,901 2,013 1,934 2,034 2,001

Ghana . . . . . . . . . . . . . . . . . . . . . 153 233 229 233 251 209 274 252

Liberia . . . . . . . . . . . . . . . . . . . . . 816 323 368 263 316 239 377 290

Morocco . . . . . . . . . . . . . . . . . . . . 100 97 104 66 112 111 97 107

South Africa . . . . . . . . . . . . . . . . . 451 440 810 704 517 669 779 886

Zaire. . . . . . . . . . . . . . . . . . . . . . . 12 9 10 10 10 5 7 9

Oil-exporting countries 4 . . . . . . . . 1,308 1,381 1,837 2,387 2,612 3,099 2,471 2,933

Other Africa . . . . . . . . . . . . . . . . . 1,612 2,223 2,271 2,182 2,306 2,251 2,145 2,129

Total Africa . . . . . . . . . . . . . . . . 6,670 6,592 7,766 7,746 8,137 8,517 8,184 8,607

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,919 5,250 5,732 6,335 5,577 4,975 4,181 5,205

All other . . . . . . . . . . . . . . . . . . . . 909 915 1,163 1,557 1,478 1,253 1,267 1,390

Total other countries. . . . . . . . . 4,828 6,165 6,895 7,892 7,055 6,228 5,448 6,595

Total foreign countries. . . . . . 993,609 1,095,112 1,197,085 1,211,444 1,226,029 1,223,033 1,245,531 1,243,319

International and regional:

International . . . . . . . . . . . . . . . . . 7,179 7,888 10,179 14,406 13,351 14,590 14,460 11,774

European regional . . . . . . . . . . . . 51 53 119 144 60 58 90 120

Latin American regional . . . . . . . . 3,276 798 1,152 1,429 1,643 1,407 1,424 1,621

Asian regional . . . . . . . . . . . . . . . 274 194 194 196 157 128 200 207

African regional . . . . . . . . . . . . . . 503 170 496 261 281 294 84 116

Middle Eastern regional . . . . . . . . 39 39 37 35 36 36 32 18

Total international

and regional. . . . . . . . . . . . . . 11,322 9,142 12,177 16,471 15,528 16,513 16,290 13,856

Grand total. . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,262 1,227,915 1,241,557 1,239,546 1,261,821 1,257,175

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

68 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 5,149 4,589 560 2,299 2,290 70 894 1,456 1,736 260 34 132 1 6 17

Belgium-Luxembourg. . . 29,107 22,106 7,001 19,355 2,751 421 7,557 786 3,865 6,992 339 270 422 1,454 226

Bulgaria . . . . . . . . . . . . . 489 462 27 214 248 8 47 248 146 - - 13 - - -

Czech Republic . . . . . . . 216 205 11 205 - 79 7 - 69 41 3 6 - - -

Denmark. . . . . . . . . . . . . 2,031 1,691 340 1,322 369 67 124 195 960 140 18 7 1 179 -

Finland . . . . . . . . . . . . . . 1,090 1,017 73 728 289 54 267 266 189 207 5 9 20 - -

France . . . . . . . . . . . . . . 42,322 34,860 7,462 27,023 7,837 455 9,092 6,711 2,741 13,810 140 477 54 1,380 111

Germany . . . . . . . . . . . . 32,641 25,400 7,241 21,177 4,223 509 5,185 3,887 10,201 4,095 364 609 107 443 163

Greece . . . . . . . . . . . . . . 2,402 2,392 10 1,111 1,281 89 79 1,250 571 76 73 216 12 26 11

Hungary . . . . . . . . . . . . . 2,091 2,089 2 640 1,449 44 9 627 1,397 9 1 2 - - -

Ireland . . . . . . . . . . . . . . 3,077 2,858 219 1,615 1,243 152 56 43 1,384 88 57 90 141 847 85

Italy. . . . . . . . . . . . . . . . . 13,418 8,674 4,744 8,119 555 351 3,393 185 3,379 491 148 310 117 300 94

Netherlands . . . . . . . . . . 12,148 11,000 1,148 6,369 4,631 222 2,138 2,436 2,383 3,042 98 152 67 462 103

Norway. . . . . . . . . . . . . . 2,067 1,891 176 1,464 427 36 57 21 1,610 70 46 26 11 14 1

Poland . . . . . . . . . . . . . . 5,112 5,003 109 3,035 1,968 37 99 1,945 2,680 235 3 3 1 - -

Portugal . . . . . . . . . . . . . 1,846 1,744 102 1,114 630 60 494 575 139 258 30 126 15 47 15

Romania. . . . . . . . . . . . . 455 455 - 350 105 16 20 103 160 154 1 1 - - -

Russia 4 . . . . . . . . . . . . . 7,773 7,771 2 3,306 4,465 180 315 4,454 2,684 29 11 87 5 6 4

Spain . . . . . . . . . . . . . . . 21,608 18,789 2,819 11,523 7,266 162 2,312 5,684 8,804 713 126 905 35 48 29

Sweden . . . . . . . . . . . . . 2,466 1,921 545 1,510 411 130 343 153 187 470 17 42 149 430 25

Switzerland. . . . . . . . . . . 46,183 43,319 2,864 19,262 24,057 1,089 1,807 19,659 6,397 12,525 270 453 726 393 1,778

Turkey . . . . . . . . . . . . . . 7,252 7,177 75 1,637 5,540 84 576 5,411 635 296 12 65 5 93 16

United Kingdom . . . . . . . 183,059 154,223 28,836 138,352 15,871 978 25,766 6,147 18,555 78,897 1,192 1,867 3,236 17,585 2,745

Yugoslavia 5 . . . . . . . . . . 337 248 89 247 1 7 60 - 127 - 2 7 - 45 1

Other Europe . . . . . . . . . 15,601 15,104 497 11,681 3,423 999 6,179 1,255 5,539 819 34 142 49 88 1

Total Europe . . . . . . . . 439,940 374,988 64,952 283,658 91,330 6,299 66,876 63,497 76,538 123,717 3,024 6,017 5,174 23,846 5,425

Canada . . . . . . . . . . . . . . . 39,630 37,116 2,514 30,945 6,171 269 3,679 1,319 4,546 18,012 698 3,044 524 5,025 41

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 16,833 16,739 94 8,974 7,765 270 1,482 7,202 804 1,122 557 4,739 176 387 143

Bahamas . . . . . . . . . . . . 90,029 88,680 1,349 72,944 15,736 35 3,274 156 15,500 65,700 266 1,645 940 1,164 624

Bermuda. . . . . . . . . . . . . 8,489 8,203 286 4,991 3,212 13 352 326 1,838 44 69 401 515 4,645 128

Brazil . . . . . . . . . . . . . . . 23,742 23,694 48 18,467 5,227 347 12,704 953 5,751 365 556 2,722 63 233 72

British West Indies . . . . . 262,013 253,618 8,395 170,014 83,604 249 7,770 100 82,617 140,777 837 6,618 1,413 13,237 228

Chile. . . . . . . . . . . . . . . . 3,413 3,278 135 2,915 363 53 537 - 701 113 222 1,324 70 258 81

Colombia . . . . . . . . . . . . 2,830 2,807 23 2,682 125 39 441 25 520 32 209 1,458 11 72 85

Cuba. . . . . . . . . . . . . . . . 19 19 - 19 - 3 - - 6 - - 5 - 5 -

Ecuador . . . . . . . . . . . . . 1,496 1,484 12 1,265 219 52 201 14 399 41 155 572 13 37 15

Guatemala . . . . . . . . . . . 1,383 1,378 5 1,132 246 27 135 177 88 2 100 811 11 27 13

Jamaica . . . . . . . . . . . . . 609 585 24 571 14 30 249 12 113 34 28 115 1 3 1

Mexico . . . . . . . . . . . . . . 27,750 26,594 1,156 15,878 10,716 138 2,326 8,600 4,159 1,089 1,154 7,827 417 884 441

Netherlands Antilles . . . . 3,763 3,474 289 2,572 902 57 264 14 226 478 68 705 741 921 59

Panama . . . . . . . . . . . . . 3,946 3,847 99 3,337 510 49 164 39 163 999 174 1,758 136 365 106

Peru . . . . . . . . . . . . . . . . 939 926 13 902 24 45 22 - 129 53 110 544 1 22 16

Trinidad and Tobago . . . 526 525 1 511 14 6 91 - 152 33 23 204 4 12 5

Uruguay . . . . . . . . . . . . . 1,860 1,843 17 1,725 118 55 124 5 196 586 98 669 33 77 53

Venezuela . . . . . . . . . . . 18,657 18,454 203 13,353 5,101 107 2,318 4,233 2,678 280 1,099 7,406 144 189 534

Other Latin America

and Caribbean . . . . . . 7,331 7,225 106 6,160 1,065 181 1,025 750 1,059 188 617 3,024 86 295 118

Total Latin America

and Caribbean. . . . . 475,628 463,373 12,255 328,412 134,961 1,756 33,479 22,606 117,099 211,936 6,342 42,547 4,775 22,833 2,722

TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1997, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 69
Asia:

China:

Mainland . . . . . . . . . . . 31,374 31,374 - 2,957 28,417 246 957 17,771 11,673 219 36 322 22 128 13

Taiwan . . . . . . . . . . . . 15,820 15,797 23 8,746 7,051 237 1,866 6,670 4,672 424 167 1,515 40 206 202

Hong Kong . . . . . . . . . . . 20,755 20,105 650 16,849 3,256 785 1,487 239 4,230 8,840 477 2,915 134 998 124

India . . . . . . . . . . . . . . . . 5,437 5,435 2 2,378 3,057 352 32 2,721 589 1,154 45 426 1 115 9

Indonesia . . . . . . . . . . . . 2,680 2,671 9 1,592 1,079 268 101 1,044 501 275 57 421 - 4 2

Israel . . . . . . . . . . . . . . . 5,966 5,955 11 1,856 4,099 109 170 3,519 1,014 529 45 399 127 43 377

Japan . . . . . . . . . . . . . . . 136,886 116,054 20,832 42,753 73,301 989 5,440 70,010 6,795 27,950 370 847 1,367 2,286 165

Korea . . . . . . . . . . . . . . . 6,594 6,534 60 5,316 1,218 173 880 837 1,113 2,730 25 654 2 120 11

Lebanon . . . . . . . . . . . . . 1,134 1,134 - 843 291 50 230 275 450 25 15 74 14 1 1

Malaysia. . . . . . . . . . . . . 2,405 2,401 4 1,764 637 191 371 621 601 300 20 295 2 - -

Pakistan . . . . . . . . . . . . . 1,000 993 7 650 343 60 66 308 63 431 15 44 1 5 1

Philippines . . . . . . . . . . . 2,394 2,389 5 1,764 625 227 194 376 973 102 63 407 1 46 30

Singapore. . . . . . . . . . . . 14,263 14,142 121 12,563 1,579 332 1,410 1,315 1,942 8,576 169 182 79 137 9

Syria. . . . . . . . . . . . . . . . 54 54 - 51 3 24 1 - 7 - 4 15 2 1 1

Thailand . . . . . . . . . . . . . 9,403 9,394 9 2,024 7,370 131 46 7,350 1,526 223 34 81 3 - -

Other Asia . . . . . . . . . . . 16,754 16,254 500 13,957 2,297 516 2,573 1,660 4,087 6,290 239 523 115 251 120

Total Asia . . . . . . . . . . 272,919 250,686 22,233 116,063 134,623 4,690 15,824 114,716 40,236 58,068 1,781 9,120 1,910 4,341 1,065

Africa:

Egypt . . . . . . . . . . . . . . . 2,001 2,000 1 817 1,183 68 142 1,168 465 80 14 57 - 6 8

Ghana . . . . . . . . . . . . . . 252 252 - 222 30 32 40 30 86 48 8 8 - - -

Liberia . . . . . . . . . . . . . . 290 286 4 213 73 1 - - - - 37 172 23 53 31

Morocco . . . . . . . . . . . . . 107 107 - 102 5 22 4 - 52 7 6 15 - 1 -

South Africa . . . . . . . . . . 886 827 59 594 233 68 35 226 377 15 15 86 1 4 2

Zaire. . . . . . . . . . . . . . . . 9 9 -812 - -1411 - - -

Other Africa . . . . . . . . . . 5,062 5,052 10 4,475 577 1,322 721 544 1,836 293 136 157 3 40 28

Total Africa . . . . . . . . . 8,607 8,533 74 6,431 2,102 1,515 942 1,968 2,817 447 217 496 27 104 69

Other countries:

Australia . . . . . . . . . . . . . 5,205 5,096 109 3,563 1,533 1,102 227 1,343 1,740 140 145 79 55 265 9

All other . . . . . . . . . . . . . 1,390 1,371 19 1,153 218 69 11 95 535 407 56 137 36 25 1

Total other

countries . . . . . . . . . 6,595 6,467 128 4,716 1,751 1,171 238 1,438 2,275 547 201 216 91 290 10

Total foreign

 countries. . . . . . . . 1,243,319 1,141,163 102,156 770,225 370,938 15,700 121,038 205,544 243,511 412,727 12,263 61,440 12,501 56,439 9,332

International

and regional:

International . . . . . . . . . . 11,774 10,414 1,360 10,212 202 14 6,121 202 4,077------

European regional . . . . . 120 120 - 106 14 29 57 14 20------

Latin American regional . 1,621 1,317 304 1,307 10 3 746 10 558------

Asian regional . . . . . . . . 207 207 - 107 100 1 - - 206------

African regional . . . . . . . 116 116 - 43 73 2 10 - 104------

Middle Eastern regional . 18 18 - 18 - - 18 - - - - - - - -

Total international

and regional. . . . . . . 13,856 12,192 1,664 11,793 399 49 6,952 226 4,965 - - - - - -

Grand total. . . . . . . . 1,257,175 1,153,355 103,820 782,018 371,337 15,749 127,990 205,770 248,476 412,727 12,263 61,440 12,501 56,439 9,332

1 These data as of Dec. 31, 1996. 

2 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in "Other Asia" and "Other Africa" amount to $618 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, Mar. 31, 1997, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

70 CAPITAL MOVEMENTS
CHART CM-A.--U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 Mar. 1997

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 150,912 187,081 161,112 180,221 183,059 

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 273,626 253,586 261,083 253,083 256,881 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 292,335 361,659 360,351 364,831 364,587 

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 127,846 136,886 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,510 92,999 135,110 131,103 136,033 

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,624 982,629 1,056,712 1,057,084 1,077,446 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 124,307 121,625 152,550 184,473 179,729 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,262 1,241,557 1,257,175 

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

concentrated in international financial centers. The

chart and table show that as of March 1997 nearly

two-thirds of U.S. liabilities were reported opposite

the United Kingdom, the rest of Europe and, most

notably, the offshore banking centers in the Caribbean. An additional 21.7 percent of U.S. liabilities

were held by foreigners domiciled in Japan and the

rest of Asia.

Total U.S. banking liabilities to foreigners expanded $15.6 billion in the first quarter of 1997,

bringing the level to $1,257.2 billion. Although this

is a new high, it represents an increase of just 1.3

percent from yearend 1996 and 4.1 percent from the

first quarter of 1996. U.S. banking liabilities have

grown steadily but slowly over the period shown,

expanding 5.8 percent per year on average since

1993. In the first quarter of the year, U.S. liabilities

increased modestly opposite Japan ($9.1 billion, or

7.1 percent), but only marginally opposite the United

Kingdom, other Europe, the Caribbean banking centers, and the rest of Asia (up $11.8 billion combined).

Offsetting these slight gains was a small decline in

liabilities to foreigners in “ all other countries,”

down $4.8 billion or 2.6 percent.

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 71
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Type of claim 1994 r June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 673,403 747,115 733,450 735,372 734,900 733,334 763,749 825,204

Payable in dollars. . . . . . . . . . . . . . . . . . 601,814 659,816 657,266 655,211 659,352 659,955 688,239 744,136

Banks’ own claims on foreigners . . . . 485,432 530,860 527,388 532,444 531,184 535,916 544,646 600,692

Foreign public borrowers. . . . . . . . . 23,416 23,468 22,443 22,518 27,856 23,081 22,924 22,220

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 59,368 59,202 51,144 37,771 42,274 34,131 35,377 33,841

Other . . . . . . . . . . . . . . . . . . . . . . 51,042 57,670 62,743 63,824 61,425 71,382 74,169 79,682

Own foreign offices . . . . . . . . . . . . . 283,015 305,151 302,569 307,427 297,616 307,418 311,588 342,511

All other foreigners . . . . . . . . . . . . . 68,591 85,369 88,489 100,904 102,013 99,904 100,588 122,438

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 116,382 128,956 129,878 122,767 128,168 124,039 143,593 143,444

Deposits . . . . . . . . . . . . . . . . . . . . . 64,829 69,614 66,835 58,519 68,950 70,403 80,695 77,650

Negotiable and readily

transferable instruments . . . . . . . 36,111 39,547 44,456 44,161 41,401 37,331 46,491 50,659

Collections and other. . . . . . . . . . . . 15,442 19,795 18,587 20,087 17,817 16,305 16,407 15,135

Payable in foreign currencies. . . . . . . . . 71,589 87,299 76,184 80,161 75,548 73,379 75,510 81,068

Banks’ own claims on foreigners . . . . 60,711 77,055 69,560 74,016 69,164 65,825 68,120 66,455

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 10,878 10,244 6,624 6,145 6,384 7,554 7,390 14,613

Memoranda:

Claims reported by international

banking facilities . . . . . . . . . . . . . . . . . 253,009 265,847 254,633 255,035 245,878 241,582 239,052 261,086

Payable in dollars . . . . . . . . . . . . . . . . 212,096 211,088 206,204 202,411 199,188 198,176 195,850 219,610

Payable in foreign currencies . . . . . . . 40,913 54,759 48,429 52,624 46,690 43,406 43,202 41,476

Customer liability on acceptances . . . . . 8,427 8,792 8,766 8,410 9,032 9,335 9,396 9,624

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 15,435 15,459 14,165 14,995 19,645 14,982 16,003 15,390

On all other unaffiliated foreigners . . . . . 154,976 175,689 171,568 163,862 174,225 170,899 173,044 196,327

Claims with remaining maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,838 7,908 8,236 7,522 8,131 8,126 6,922 6,815

On all other unaffiliated foreigners . . . . . 24,033 26,450 30,494 38,553 31,434 34,527 37,028 39,403

72 CAPITAL MOVEMENTS
TABLE CM-II-2.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1994 r June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,889 1,832 2,099 1,961 2,348 2,077 2,000 3,611

Belgium-Luxembourg. . . . . . . . . . 10,351 8,512 11,071 12,124 10,078 10,544 11,177 11,264

Bulgaria . . . . . . . . . . . . . . . . . . . . 7 6 83 7 4 2 2 66

Czech Republic . . . . . . . . . . . . . . 84 41 70 166 153 111 247 172

Denmark. . . . . . . . . . . . . . . . . . . . . 1,562 1,872 1,778 2,027 2,317 2,287 2,939 3,125

Finland . . . . . . . . . . . . . . . . . . . . . 813 1,028 1,472 1,569 2,148 1,182 1,677 1,142

France . . . . . . . . . . . . . . . . . . . . . 21,496 24,330 25,310 24,031 27,061 23,794 26,712 29,158

Germany . . . . . . . . . . . . . . . . . . . 18,440 21,633 19,159 20,814 18,711 25,798 23,574 21,653

Greece . . . . . . . . . . . . . . . . . . . . . 1,105 905 792 923 885 940 835 948

Hungary . . . . . . . . . . . . . . . . . . . . 41 13 9 24 31 18 72 61

Ireland . . . . . . . . . . . . . . . . . . . . . 513 499 621 1,143 1,391 1,006 1,277 1,824

Italy. . . . . . . . . . . . . . . . . . . . . . . . 10,551 11,160 9,474 8,789 9,984 9,805 9,235 9,868

Netherlands . . . . . . . . . . . . . . . . . 5,355 8,665 9,184 9,200 9,979 10,582 11,144 10,398

Norway. . . . . . . . . . . . . . . . . . . . . 544 1,260 1,721 735 1,326 1,654 1,709 1,019

Poland . . . . . . . . . . . . . . . . . . . . . 413 473 1,166 1,474 2,879 2,080 1,047 1,142

Portugal . . . . . . . . . . . . . . . . . . . . 1,177 2,149 1,204 1,042 995 942 732 553

Romania. . . . . . . . . . . . . . . . . . . . 238 210 199 179 192 71 172 175

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,395 926 793 1,069 1,132 748 1,791 2,725

Spain . . . . . . . . . . . . . . . . . . . . . . 5,589 6,065 4,834 3,842 6,706 3,428 5,449 4,503

Sweden . . . . . . . . . . . . . . . . . . . . 8,930 7,582 7,712 9,367 6,408 6,329 7,852 7,671

Switzerland. . . . . . . . . . . . . . . . . . 12,956 18,886 20,311 18,568 13,371 19,342 19,057 26,669

Turkey . . . . . . . . . . . . . . . . . . . . . 3,032 2,826 2,901 2,834 2,852 3,069 3,112 3,053

United Kingdom . . . . . . . . . . . . . . 96,820 100,053 89,261 103,375 109,522 110,982 128,435 129,603

Yugoslavia 2 . . . . . . . . . . . . . . . . . 275 235 240 150 121 164 87 115

Other Europe . . . . . . . . . . . . . . . . 1,235 756 838 3,901 3,037 2,314 3,398 4,390

Total Europe . . . . . . . . . . . . . . . 204,811 221,917 212,302 229,314 233,631 239,269 263,732 274,908

Canada . . . . . . . . . . . . . . . . . . . . . . 33,073 41,772 39,625 35,840 31,625 36,783 43,576 43,724

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,106 6,787 6,394 6,759 6,564 6,859 7,426 7,779

Bahamas . . . . . . . . . . . . . . . . . . . 69,894 69,340 65,833 61,477 68,778 63,946 65,691 74,332

Bermuda. . . . . . . . . . . . . . . . . . . . . 8,719 8,652 6,217 6,226 6,184 5,103 5,145 5,146

Brazil . . . . . . . . . . . . . . . . . . . . . . 10,574 12,866 14,915 14,826 15,656 16,827 17,199 21,718

British West Indies . . . . . . . . . . . . 126,068 138,794 147,991 148,626 143,800 131,150 131,856 135,411

Chile. . . . . . . . . . . . . . . . . . . . . . . 4,376 4,707 4,728 5,184 4,664 4,639 4,648 5,356

Colombia . . . . . . . . . . . . . . . . . . . 4,369 4,355 4,705 4,892 4,908 4,908 5,060 7,345

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - 1 - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 717 778 830 846 1,007 994 991 1,056

Guatemala . . . . . . . . . . . . . . . . . . 385 356 378 472 482 468 525 632

Jamaica . . . . . . . . . . . . . . . . . . . . 262 404 292 329 338 365 346 352

Mexico . . . . . . . . . . . . . . . . . . . . . 23,445 23,382 21,215 21,375 19,913 19,565 20,051 21,480

Netherlands Antilles . . . . . . . . . . . 1,434 3,185 6,093 9,850 11,547 13,371 11,703 25,774

Panama . . . . . . . . . . . . . . . . . . . . 2,293 2,617 2,907 3,347 2,942 2,762 2,444 2,886

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,072 1,406 1,513 1,880 1,981 2,442 2,576 2,764

Trinidad and Tobago . . . . . . . . . . 473 484 487 485 478 513 491 531

Uruguay . . . . . . . . . . . . . . . . . . . . 554 438 453 534 693 696 568 654

Venezuela . . . . . . . . . . . . . . . . . . 2,804 2,526 2,319 2,536 2,293 2,105 2,156 2,358

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,507 3,293 3,507 2,982 3,235 3,634 3,576 2,745

Total Latin America

and Caribbean. . . . . . . . . . . . 267,052 284,370 290,778 292,626 295,463 280,347 282,452 318,319

See footnotes at end of table.

CAPITAL MOVEMENTS 73
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1995 1996

Country 1994 r June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 888 1,423 1,476 1,176 2,681 2,325 1,905 1,601

Taiwan . . . . . . . . . . . . . . . . . . . 1,548 1,906 1,685 1,836 1,906 1,612 1,821 2,068

Hong Kong . . . . . . . . . . . . . . . . . . 11,602 18,826 19,484 16,770 17,861 19,159 16,421 20,122

India . . . . . . . . . . . . . . . . . . . . . . . 1,069 1,335 2,052 1,946 1,979 1,931 2,125 2,140

Indonesia . . . . . . . . . . . . . . . . . . . 1,719 2,772 3,983 2,016 2,010 1,923 2,002 2,213

Israel . . . . . . . . . . . . . . . . . . . . . . 5,533 6,018 5,431 5,345 5,254 5,056 5,008 4,935

Japan . . . . . . . . . . . . . . . . . . . . . . 93,647 109,821 102,860 98,745 88,052 84,713 84,905 92,125

Korea . . . . . . . . . . . . . . . . . . . . . . 10,508 13,650 13,132 14,324 17,573 19,665 18,130 19,485

Lebanon . . . . . . . . . . . . . . . . . . . . 57 63 62 44 38 38 43 50

Malaysia. . . . . . . . . . . . . . . . . . . . 759 1,353 1,297 1,170 1,037 1,173 1,172 1,162

Pakistan . . . . . . . . . . . . . . . . . . . . 641 1,005 1,140 571 994 1,140 1,502 941

Philippines . . . . . . . . . . . . . . . . . . 758 1,008 813 1,449 1,313 1,492 1,464 1,848

Singapore. . . . . . . . . . . . . . . . . . . 5,380 9,212 6,915 6,383 6,704 9,257 7,953 9,061

Syria. . . . . . . . . . . . . . . . . . . . . . . 73 65 75 94 63 91 3 1

Thailand . . . . . . . . . . . . . . . . . . . . 3,094 3,224 2,858 2,806 3,260 3,308 2,852 2,964

Oil-exporting countries 3

. . . . . . . . 14,684 13,583 13,033 10,562 8,302 9,856 11,179 11,375

Other Asia . . . . . . . . . . . . . . . . . . 523 439 347 484 381 419 368 368

Total Asia . . . . . . . . . . . . . . . . . 152,483 185,703 176,643 165,721 159,408 163,158 158,853 172,459

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 249 224 222 233 268 219 263 265

Ghana . . . . . . . . . . . . . . . . . . . . . 6 9 8 18 6 17 13 24

Liberia . . . . . . . . . . . . . . . . . . . . . 598 505 549 550 583 525 474 574

Morocco . . . . . . . . . . . . . . . . . . . . 876 845 823 720 882 1,048 842 777

South Africa . . . . . . . . . . . . . . . . . 771 677 546 606 657 615 656 744

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 3 2 1 1 1 1 26

Oil-exporting countries 4

. . . . . . . . 1,003 761 717 654 615 563 473 476

Other Africa . . . . . . . . . . . . . . . . . 506 545 818 682 581 593 687 588

Total Africa . . . . . . . . . . . . . . . . 4,012 3,569 3,685 3,464 3,593 3,581 3,409 3,474

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,447 5,003 5,928 4,919 5,583 5,352 7,708 7,873

All other . . . . . . . . . . . . . . . . . . . . 1,609 2,081 1,590 1,557 1,783 1,791 2,294 1,821

Total other countries. . . . . . . . . 7,056 7,084 7,518 6,476 7,366 7,143 10,002 9,694

Total foreign countries. . . . . . 668,487 744,415 730,551 733,441 731,086 730,281 762,024 822,578

International and regional:

International . . . . . . . . . . . . . . . . . 4,783 2,536 2,811 1,837 3,726 2,985 1,650 2,491

European regional . . . . . . . . . . . . 40 96 - - 3 - 8 1

Latin American regional . . . . . . . . 93 68 88 94 85 66 67 134

Asian regional . . . . . . . . . . . . . . . - - ------

African regional . . . . . . . . . . . . . . - - - - - 2 - -

Middle Eastern regional . . . . . . . . - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 4,916 2,700 2,899 1,931 3,814 3,053 1,725 2,626

Grand total. . . . . . . . . . . . . . . 673,403 747,115 733,450 735,372 734,900 733,334 763,749 825,204

74 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 3,611 1,790 1,387 275 128 16 1,821 1,797 24

Belgium-Luxembourg . . . . . . . . . . 11,264 8,854 5,093 1,634 2,127 1 2,410 2,340 70

Bulgaria . . . . . . . . . . . . . . . . . . . . 66 66 4 - 62----

Czech Republic . . . . . . . . . . . . . . 172 116 34 61 21 - 56 - 56

Denmark. . . . . . . . . . . . . . . . . . . . 3,125 549 330 162 57 - 2,576 2,519 57

Finland . . . . . . . . . . . . . . . . . . . . . 1,142 1,070 179 792 99 - 72 47 25

France . . . . . . . . . . . . . . . . . . . . . 29,158 18,147 6,745 8,501 2,901 44 11,011 10,656 355

Germany. . . . . . . . . . . . . . . . . . . . 21,653 11,386 4,718 3,754 2,914 3 10,267 9,295 972

Greece . . . . . . . . . . . . . . . . . . . . . 948 630 495 73 62 - 318 287 31

Hungary . . . . . . . . . . . . . . . . . . . . 61 51 42 - 9 - 10 - 10

Ireland. . . . . . . . . . . . . . . . . . . . . . 1,824 1,700 1,150 449 101 - 124 73 51

Italy. . . . . . . . . . . . . . . . . . . . . . . . 9,868 8,672 3,481 2,976 2,215 2 1,196 795 401

Netherlands . . . . . . . . . . . . . . . . . 10,398 7,862 2,780 4,300 782 8 2,536 2,355 181

Norway . . . . . . . . . . . . . . . . . . . . . 1,019 869 409 399 61 - 150 115 35

Poland . . . . . . . . . . . . . . . . . . . . . 1,142 806 681 47 78 - 336 230 106

Portugal . . . . . . . . . . . . . . . . . . . . 553 494 307 111 76 14 59 38 21

Romania . . . . . . . . . . . . . . . . . . . . 175 76 55 21 - - 99 99 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,725 2,688 1,505 164 1,019 12 37 5 32

Spain . . . . . . . . . . . . . . . . . . . . . . 4,503 3,476 1,926 1,285 265 15 1,027 922 105

Sweden. . . . . . . . . . . . . . . . . . . . . 7,671 2,963 870 1,803 290 - 4,708 4,488 220

Switzerland. . . . . . . . . . . . . . . . . . 26,669 22,735 1,327 18,471 2,937 9 3,934 3,872 62

Turkey. . . . . . . . . . . . . . . . . . . . . . 3,053 1,121 986 123 12 114 1,932 1,917 15

United Kingdom . . . . . . . . . . . . . . 129,603 97,755 26,792 58,265 12,698 324 31,848 30,022 1,826

Yugoslavia 2 . . . . . . . . . . . . . . . . 115 115 115 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 4,390 1,497 1,105 319 73 2 2,893 2,880 13

Total Europe . . . . . . . . . . . . . . . 274,908 195,488 62,516 103,985 28,987 564 79,420 74,752 4,668

Canada . . . . . . . . . . . . . . . . . . . . . . 43,724 28,486 10,975 15,461 2,050 45 15,238 14,426 812

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 7,779 7,444 6,054 1,346 44 77 335 249 86

Bahamas . . . . . . . . . . . . . . . . . . . 74,332 73,171 10,641 61,230 1,300 110 1,161 1,158 3

Bermuda. . . . . . . . . . . . . . . . . . . . 5,146 4,964 4,103 - 861 - 182 182 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 21,718 17,280 13,910 3,349 21 1,218 4,438 2,439 1,999

British West Indies . . . . . . . . . . . . 135,411 116,949 28,150 77,360 11,439 178 18,462 18,459 3

Chile . . . . . . . . . . . . . . . . . . . . . . . 5,356 5,289 4,910 226 153 17 67 60 7

Colombia . . . . . . . . . . . . . . . . . . . 7,345 6,250 6,149 98 3 58 1,095 1,094 1

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - -----

Ecuador . . . . . . . . . . . . . . . . . . . . 1,056 1,035 937 94 4 39 21 21 -

Guatemala . . . . . . . . . . . . . . . . . . 632 625 601 19 5 35 7 7 -

Jamaica . . . . . . . . . . . . . . . . . . . . 352 345 337 8 - 1 7 7 -

Mexico . . . . . . . . . . . . . . . . . . . . . 21,480 18,991 18,237 188 566 674 2,489 1,456 1,033

Netherlands Antilles . . . . . . . . . . . 25,774 25,737 24,949 260 528 - 37 37 -

Panama . . . . . . . . . . . . . . . . . . . . 2,886 2,866 1,630 1,156 80 105 20 20 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 2,764 2,736 2,534 186 16 47 28 25 3

Trinidad and Tobago . . . . . . . . . . 531 517 506 1 10 7 14 14 -

Uruguay . . . . . . . . . . . . . . . . . . . . 654 598 399 190 9 7 56 56 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,358 1,868 1,693 9 166 19 490 486 4

Other Latin America

and Caribbean. . . . . . . . . . . . . . 2,745 2,699 2,529 138 32 77 46 44 2

Total Latin America

and Caribbean . . . . . . . . . . . . 318,319 289,364 128,269 145,858 15,237 2,669 28,955 25,814 3,141

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1996

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

See footnotes at end of table.

CAPITAL MOVEMENTS 75
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1996, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,601 1,403 1,178 223 2 56 198 198 -

Taiwan . . . . . . . . . . . . . . . . . . . 2,068 1,909 725 1,169 15 115 159 99 60

Hong Kong . . . . . . . . . . . . . . . . . . 20,122 14,281 5,955 6,847 1,479 107 5,841 1,877 3,964

India . . . . . . . . . . . . . . . . . . . . . . . 2,140 1,965 1,781 165 19 34 175 127 48

Indonesia . . . . . . . . . . . . . . . . . . . 2,213 1,821 1,596 166 59 299 392 217 175

Israel . . . . . . . . . . . . . . . . . . . . . . 4,935 644 413 220 11 12 4,291 4,289 2

Japan . . . . . . . . . . . . . . . . . . . . . . 92,125 76,467 16,871 43,096 16,500 915 15,658 14,690 968

Korea . . . . . . . . . . . . . . . . . . . . . . 19,485 18,991 11,790 7,171 30 3,768 494 397 97

Lebanon . . . . . . . . . . . . . . . . . . . . 50 21 20 1 - 13 29 28 1

Malaysia. . . . . . . . . . . . . . . . . . . . 1,162 962 186 546 230 2 200 129 71

Pakistan . . . . . . . . . . . . . . . . . . . . 941 916 753 161 2 17 25 18 7

Philippines . . . . . . . . . . . . . . . . . . 1,848 1,720 1,233 464 23 165 128 96 32

Singapore. . . . . . . . . . . . . . . . . . . 9,061 7,122 1,968 4,504 650 10 1,939 1,902 37

Syria. . . . . . . . . . . . . . . . . . . . . . . 1 - - - - - 1 1 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,964 2,767 961 1,718 88 375 197 73 124

Other Asia . . . . . . . . . . . . . . . . . . 11,743 11,179 2,190 8,467 522 121 564 561 3

Total Asia . . . . . . . . . . . . . . . . . 172,459 142,168 47,620 74,918 19,630 6,009 30,291 24,702 5,589

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 265 254 220 27 7 34 11 7 4

Ghana . . . . . . . . . . . . . . . . . . . . . 24 24 18 6 - - - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 574 574 574 ------

Morocco . . . . . . . . . . . . . . . . . . . . 777 541 523 1 17 31 236 231 5

South Africa . . . . . . . . . . . . . . . . . 744 596 564 20 12 81 148 89 59

Zaire. . . . . . . . . . . . . . . . . . . . . . . 26 - - - - - 26 24 2

Other Africa . . . . . . . . . . . . . . . . . 1,064 835 779 45 11 123 229 219 10

Total Africa . . . . . . . . . . . . . . . . 3,474 2,824 2,678 99 47 269 650 570 80

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 7,873 4,705 3,297 1,280 128 56 3,168 3,042 126

All other . . . . . . . . . . . . . . . . . . . . 1,821 1,508 222 910 376 12 313 133 180

Total other countries. . . . . . . . . 9,694 6,213 3,519 2,190 504 68 3,481 3,175 306

Total foreign countries. . . . . . 822,578 664,543 255,577 342,511 66,455 9,624 158,035 143,439 14,596

International and regional:

International . . . . . . . . . . . . . . . . . 2,491 2,470 2,470 - - - 21 4 17

European regional . . . . . . . . . . . . 1 - - - - - 1 1 -

Latin American regional . . . . . . . . 134 134 134 ------

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 2,626 2,604 2,604 - - - 22 5 17

Grand total. . . . . . . . . . . . . . . 825,204 667,147 258,181 342,511 66,455 9,624 158,057 143,444 14,613

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

76 CAPITAL MOVEMENTS
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

* 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 1996 Calendar year 1996

Country 1995 June r Dec. p 1995 June r Dec. p

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 266 160 170 n.a. n.a. 54

Iceland . . . . . . . . . . . . . . . . . . . . . 41 32 n.a. 9 13 n.a.

Monaco . . . . . . . . . . . . . . . . . . . . 768 574 607 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 196 142 145 9 9 7

Barbados . . . . . . . . . . . . . . . . . . . 795 938 1,033 n.a. n.a. 65

Belize . . . . . . . . . . . . . . . . . . . . . . 72 84 94 21 14 68

Bolivia. . . . . . . . . . . . . . . . . . . . . . 652 691 779 253 299 374

Costa Rica . . . . . . . . . . . . . . . . . . 1,037 1,090 990 292 229 229

Dominica . . . . . . . . . . . . . . . . . . . 8 14 8 n.a. n.a. 48

Dominican Republic . . . . . . . . . . . 1,133 1,180 1,130 364 446 443

El Salvador. . . . . . . . . . . . . . . . . . 826 967 1,159 591 538 621

French West Indies and

French Guiana . . . . . . . . . . . . . 35 32 27 2 n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 318 286 441 17 18 30

Honduras . . . . . . . . . . . . . . . . . . . 650 689 748 174 190 230

Nicaragua. . . . . . . . . . . . . . . . . . . 201 n.a. 101 9 7 14

Paraguay . . . . . . . . . . . . . . . . . . . 554 656 681 153 168 181

Suriname . . . . . . . . . . . . . . . . . . . 94 114 101 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 60 49 45 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 13 16 3 n.a. n.a. n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . 244 238 243 89 82 80

Macau . . . . . . . . . . . . . . . . . . . . . 61 78 n.a. 24 n.a. n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . 147 148 n.a. - n.a. n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . n.a. 135 210 n.a. n.a. 94

Vietnam . . . . . . . . . . . . . . . . . . . . 527 n.a. n.a. n.a. n.a. n.a.

Yemen . . . . . . . . . . . . . . . . . . . . . 92 183 155 n.a. 5 n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 145 126 197 n.a. n.a. 21

Cameroon . . . . . . . . . . . . . . . . . . 14 11 16 1 3 n.a.

Djibouti . . . . . . . . . . . . . . . . . . . . . 72 n.a. n.a. * n.a. n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . n.a. 252 185 10 10 n.a.

Guinea . . . . . . . . . . . . . . . . . . . . . 19 10 7 n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 47 n.a. 50 n.a. 14 14

Kenya. . . . . . . . . . . . . . . . . . . . . . 114 240 118 2 35 45

Madagascar . . . . . . . . . . . . . . . . . 21 15 n.a. n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 98 67 52 4 n.a. 9

Mozambique. . . . . . . . . . . . . . . . . . 119 96 91 * n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 2 4 6 - n.a. -

Rwanda . . . . . . . . . . . . . . . . . . . . 37 49 n.a. n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. 10 n.a. 3 n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 14 18 25 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 31 31 28 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 288 247 244 n.a. n.a. 3

Tunisia . . . . . . . . . . . . . . . . . . . . . 32 56 73 92 154 144

Uganda. . . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. 8 5 9

Zambia . . . . . . . . . . . . . . . . . . . . . 36 53 30 n.a. n.a. *

Zimbabwe. . . . . . . . . . . . . . . . . . . 138 108 163 46 26 15

All other:

New Zealand . . . . . . . . . . . . . . . . 758 569 796 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. 117 88 n.a. 10 n.a.

CAPITAL MOVEMENTS 77
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are highly

concentrated in international financial centers. The

chart and table show that as of yearend 1996 close to

two-thirds of U.S. claims were reported opposite the

United Kingdom, other Europe and, most notably, the

offshore banking centers in the Caribbean. An additional 20.9 percent of U.S. claims are on foreigners

domiciled in Japan and the rest of Asia.

Total U.S. banking claims on foreigners, which

remained virtually unchanged through the first half

of 1996, expanded $91.9 billion in the second half to

$825.2 billion. This new high for U.S. claims represents an increase of $89.8 billion, or 12.2 percent,

over the 1995 level. The heaviest activity occurred in

the fourth quarter, with U.S. claims on all areas

shown, except Japan, increasing to new highs. For the

year, claims on foreigners were up markedly opposite

the United Kingdom ($26.2 billion), other Europe

($19.4 billion), and other Asia ($13.3 billion), as well

as opposite “ all other countries” for which Canada

and Australia together accounted for $10.9 billion of

new U.S. claims. In the Caribbean, U.S. banking

claims expanded $26.7 billion in the fourth quarter to

finish the year 6.1 percent higher than 1995. And

despite a fourth quarter increase of $7.1 billion,

claims on Japan were down $6.6 billion for the year

to the lowest level since 1993.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1992 1993 1994 1995 1996 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 86,645 96,820 103,375 129,603 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 104,722 107,991 125,939 145,305 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,395 208,408 229,526 243,549 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,388 93,647 98,745 92,125 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,581 58,836 66,976 80,334 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 543,731 565,702 624,561 690,916 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 108,772 107,701 110,811 134,288 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626,726 652,503 673,403 735,372 825,204 

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

78 CAPITAL MOVEMENTS
SECTION IV.--Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.--Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Type of liability or claim 1992 1993 1994 Dec. Mar. June Sept. Dec. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 46,448 49,907 48,990 51,105 53,658

Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 33,903 36,273 35,385 36,402 38,372

Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 12,903 13,831 12,212 11,256 11,162

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 9,996 9,934 10,122 10,761 11,647

Advance receipts and other. . . . . . . 11,817 12,314 10,620 11,004 12,508 13,051 14,385 15,563

Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 12,545 13,634 13,605 14,703 15,286

Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 11,338 12,739 12,632 13,851 14,406

Commercial:

Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,017 881 959 844 872

Advance receipts and other. . . . . . . 287 255 730 190 14 14 8 8

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 52,509 55,406 58,845 57,230 61,432

Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 48,711 51,007 54,000 52,555 56,908

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 14,654 17,044 17,926 18,317 19,533

Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 10,976 11,290 13,233 11,827 11,629

Commercial:

Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 20,993 20,195 20,307 20,103 23,307

Advance payments and other . . . . . 2,330 2,455 2,157 2,088 2,478 2,534 2,308 2,439

Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,798 4,399 4,845 4,675 4,524

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 479 551 438 624 690

Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,289 1,887 2,397 2,089 1,795

Commercial:

Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 2,005 1,928 1,969 1,907 1,918

Advance payments and other . . . . . 227 508 676 25 33 41 55 121

CAPITAL MOVEMENTS 79
TABLE CM-IV-2.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 Dec. Mar. June Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 130 107 58 70 44 30 43 57 67

Belgium-Luxembourg. . . . . . . . . . 464 712 414 736 700 853 824 974 1,111

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 13 3 512132

Czech Republic . . . . . . . . . . . . . . 4 14 8 6 26 21 4 5 22

Denmark. . . . . . . . . . . . . . . . . . . . . 63 38 49 277 138 143 150 168 93

Finland . . . . . . . . . . . . . . . . . . . . . 449 387 362 236 179 277 157 152 161

France . . . . . . . . . . . . . . . . . . . . . 3,145 2,323 3,194 2,455 1,480 2,327 1,689 1,877 1,770

Germany . . . . . . . . . . . . . . . . . . . 1,734 1,618 1,659 2,565 2,741 3,028 2,689 3,235 2,806

Greece . . . . . . . . . . . . . . . . . . . . . 178 201 252 196 89 44 48 55 72

Hungary . . . . . . . . . . . . . . . . . . . . 26 67 3 6 9 8 7 8 12

Ireland . . . . . . . . . . . . . . . . . . . . . 702 614 485 449 414 399 353 469 446

Italy. . . . . . . . . . . . . . . . . . . . . . . . 606 430 485 359 374 486 485 487 911

Netherlands . . . . . . . . . . . . . . . . . 1,766 1,141 1,222 1,274 966 1,138 1,061 1,187 1,292

Norway. . . . . . . . . . . . . . . . . . . . . 527 283 359 176 209 389 277 412 424

Poland . . . . . . . . . . . . . . . . . . . . . 32 31 15 17 7 13 32 13 30

Portugal . . . . . . . . . . . . . . . . . . . . 55 16 24 35 35 20 26 52 31

Romania. . . . . . . . . . . . . . . . . . . . 40 33 6 8 3 6 8 7 9

Spain . . . . . . . . . . . . . . . . . . . . . . 412 161 164 127 171 120 162 150 151

Sweden . . . . . . . . . . . . . . . . . . . . 355 322 286 242 233 214 240 293 204

Switzerland. . . . . . . . . . . . . . . . . . 983 919 1,009 1,015 1,308 1,688 1,672 1,239 1,270

Turkey . . . . . . . . . . . . . . . . . . . . . 65 116 104 109 118 96 95 106 129

United Kingdom . . . . . . . . . . . . . . 8,825 11,115 15,335 17,987 13,706 13,771 14,056 13,485 14,495

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 59 62 60 84 177 143 63 85 105

Yugoslavia 2 . . . . . . . . . . . . . . . . . 39 10 9 12 6 6 73 9 9

Other Europe . . . . . . . . . . . . . . . . 36 52 36 30 188 153 135 180 162

Total Europe . . . . . . . . . . . . . . . 20,704 20,785 25,601 28,476 23,322 25,375 24,350 24,708 25,784

Canada . . . . . . . . . . . . . . . . . . . . . . 1,306 1,546 1,738 1,666 1,672 2,125 1,949 1,975 2,354

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 22 86 36 88 136 120 147 155 137

Bahamas . . . . . . . . . . . . . . . . . . . 540 382 137 120 60 106 66 83 92

Bermuda. . . . . . . . . . . . . . . . . . . . . 424 421 350 425 352 696 537 380 346

Brazil . . . . . . . . . . . . . . . . . . . . . . 225 228 232 368 155 185 127 168 176

British West Indies . . . . . . . . . . . . 3,631 2,883 1,387 1,021 922 956 836 779 1,044

Chile. . . . . . . . . . . . . . . . . . . . . . . 41 51 89 44 76 100 134 94 158

Colombia . . . . . . . . . . . . . . . . . . . 16 19 34 19 63 44 92 78 115

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - 1 - 11 2 5

Ecuador . . . . . . . . . . . . . . . . . . . . 15 13 18 33 26 28 34 34 27

Guatemala . . . . . . . . . . . . . . . . . . 6 9 6 8 4 5 12 13 12

Jamaica . . . . . . . . . . . . . . . . . . . . 6 9 6 14 18 14 18 13 16

Mexico . . . . . . . . . . . . . . . . . . . . . 314 469 498 574 428 484 486 445 648

Netherlands Antilles . . . . . . . . . . . 642 626 633 645 635 628 12 28 53

Panama . . . . . . . . . . . . . . . . . . . . 6 36 8 50 23 4 13 9 12

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 10 13 30 21 21 37 44 44

Trinidad and Tobago . . . . . . . . . . 17 17 18 25 13 26 47 118 143

Uruguay . . . . . . . . . . . . . . . . . . . . 1 3 1 1 3 4 13 7 3

Venezuela . . . . . . . . . . . . . . . . . . 98 148 128 281 223 245 284 332 318

Other Latin America

and Caribbean . . . . . . . . . . . . . 125 176 218 145 364 320 364 542 390

Total Latin America

and Caribbean. . . . . . . . . . . . 6,139 5,586 3,812 3,891 3,523 3,986 3,270 3,324 3,739

See footnotes at end of table.

80 CAPITAL MOVEMENTS
TABLE CM-IV-2.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 Dec. Mar. June Sept. Dec. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 621 566 723 597 579 483 649 773 983

Taiwan . . . . . . . . . . . . . . . . . . . 773 810 579 853 451 412 269 393 669

Hong Kong . . . . . . . . . . . . . . . . . . 801 884 785 805 646 729 728 682 607

India . . . . . . . . . . . . . . . . . . . . . . . 61 164 91 59 196 220 291 277 181

Indonesia . . . . . . . . . . . . . . . . . . . 176 207 363 296 350 263 281 267 281

Israel . . . . . . . . . . . . . . . . . . . . . . 124 181 229 141 99 132 110 273 205

Japan . . . . . . . . . . . . . . . . . . . . . . 7,837 8,362 9,201 11,869 8,751 9,705 9,994 10,752 10,397

Korea . . . . . . . . . . . . . . . . . . . . . . 1,549 1,722 1,701 1,736 1,433 1,305 1,472 1,505 1,558

Lebanon . . . . . . . . . . . . . . . . . . . . 3 16 22 14 61 36 60 22 72

Malaysia. . . . . . . . . . . . . . . . . . . . 304 613 475 178 297 298 525 576 577

Pakistan . . . . . . . . . . . . . . . . . . . . 25 21 26 27 80 39 68 67 77

Philippines . . . . . . . . . . . . . . . . . . 25 53 57 50 60 52 60 79 110

Singapore. . . . . . . . . . . . . . . . . . . 578 590 733 622 819 742 690 756 905

Syria. . . . . . . . . . . . . . . . . . . . . . . 2 50 11 24 50 22 11 15 61

Thailand . . . . . . . . . . . . . . . . . . . . 255 179 259 194 392 421 436 437 473

Oil-exporting countries 3

. . . . . . . . 1,511 1,908 1,557 1,611 1,939 1,773 1,810 1,976 2,190

Other Asia . . . . . . . . . . . . . . . . . . 70 86 79 68 206 232 286 306 207

Total Asia . . . . . . . . . . . . . . . . . 14,715 16,412 16,891 19,144 16,409 16,864 17,740 19,156 19,553

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 158 89 111 48 157 163 216 224 198

Ghana . . . . . . . . . . . . . . . . . . . . . - - 1 - 16 17 8 26 29

Liberia . . . . . . . . . . . . . . . . . . . . . - 2 1 - - 4 1 1 -

Morocco . . . . . . . . . . . . . . . . . . . . 36 28 41 29 24 23 23 30 21

South Africa . . . . . . . . . . . . . . . . . 79 59 55 32 42 104 130 147 128

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 5 1 1 - - - - -

Oil-exporting countries 4

. . . . . . . . 331 309 290 379 376 376 523 611 532

Other Africa . . . . . . . . . . . . . . . . . 114 82 86 74 154 152 95 106 141

Total Africa . . . . . . . . . . . . . . . . 721 574 586 563 769 839 996 1,145 1,049

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 974 503 517 372 461 517 525 577 944

All other . . . . . . . . . . . . . . . . . . . . 108 88 148 153 230 139 70 104 125

Total other countries. . . . . . . . . 1,082 591 665 525 691 656 595 681 1,069

Total foreign countries . . . . . 44,667 45,494 49,293 54,265 46,386 49,845 48,900 50,989 53,548

International and regional:

International . . . . . . . . . . . . . . . . . - - - - 2 2 27 55 55

European regional . . . . . . . . . . . . 40 17 18 44 60 60 63 61 55

Latin American regional . . . . . . . . - - - ------

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . 1 - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 41 17 18 44 62 62 90 116 110

Grand total. . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 46,448 49,907 48,990 51,105 53,658

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 81
TABLE CM-IV-3.--Total Liabilities by Type and Country, Dec. 31, 1996, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 67 7 - 7 60

Belgium-Luxembourg. . . . . . . . . . 1,111 632 250 382 479

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Czech Republic . . . . . . . . . . . . . . 22 - - - 22

Denmark. . . . . . . . . . . . . . . . . . . . . 93 - - - 93

Finland . . . . . . . . . . . . . . . . . . . . . 161 25 2 23 136

France . . . . . . . . . . . . . . . . . . . . . 1,770 1,091 427 664 679

Germany . . . . . . . . . . . . . . . . . . . 2,806 1,834 1,082 752 972

Greece . . . . . . . . . . . . . . . . . . . . . 72 - - - 72

Hungary . . . . . . . . . . . . . . . . . . . . 12 2 2 - 10

Ireland . . . . . . . . . . . . . . . . . . . . . 446 363 265 98 83

Italy. . . . . . . . . . . . . . . . . . . . . . . . 911 544 54 490 367

Netherlands . . . . . . . . . . . . . . . . . 1,292 556 389 167 736

Norway. . . . . . . . . . . . . . . . . . . . . 424 63 12 51 361

Poland . . . . . . . . . . . . . . . . . . . . . 30 - - - 30

Portugal . . . . . . . . . . . . . . . . . . . . 31 20 4 16 11

Romania. . . . . . . . . . . . . . . . . . . . 9 - - - 9

Russia 1 . . . . . . . . . . . . . . . . . . . . 105 3 3 - 102

Spain . . . . . . . . . . . . . . . . . . . . . . 151 53 6 47 98

Sweden . . . . . . . . . . . . . . . . . . . . 204 26 2 24 178

Switzerland. . . . . . . . . . . . . . . . . . 1,270 699 266 433 571

Turkey . . . . . . . . . . . . . . . . . . . . . 129 39 38 1 90

United Kingdom . . . . . . . . . . . . . . 14,495 10,202 4,066 6,136 4,293

Yugoslavia 2 . . . . . . . . . . . . . . . . . 9 - - - 9

Other Europe . . . . . . . . . . . . . . . . 162 41 16 25 121

Total Europe . . . . . . . . . . . . . . . 25,784 16,200 6,884 9,316 9,584

Canada . . . . . . . . . . . . . . . . . . . . . . 2,354 1,353 587 766 1,001

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 137 14 14 - 123

Bahamas . . . . . . . . . . . . . . . . . . . 92 46 46 - 46

Bermuda. . . . . . . . . . . . . . . . . . . . . 346 50 49 1 296

Brazil . . . . . . . . . . . . . . . . . . . . . . 176 14 14 - 162

British West Indies . . . . . . . . . . . . 1,044 1,030 814 216 14

Chile. . . . . . . . . . . . . . . . . . . . . . . 158 22 22 - 136

Colombia . . . . . . . . . . . . . . . . . . . 115 1 1 - 114

Cuba. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Ecuador . . . . . . . . . . . . . . . . . . . . 27 3 3 - 24

Guatemala . . . . . . . . . . . . . . . . . . 12 - - - 12

Jamaica . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Mexico . . . . . . . . . . . . . . . . . . . . . 648 9 7 2 639

Netherlands Antilles . . . . . . . . . . . 53 - - - 53

Panama . . . . . . . . . . . . . . . . . . . . 12 - - - 12

Peru . . . . . . . . . . . . . . . . . . . . . . . 44 - - - 44

Trinidad and Tobago . . . . . . . . . . 143 3 3 - 140

Uruguay . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Venezuela . . . . . . . . . . . . . . . . . . 318 - - - 318

Other Latin America

and Caribbean . . . . . . . . . . . . . 390 107 107 - 283

Total Latin America

and Caribbean. . . . . . . . . . . . 3,739 1,299 1,080 219 2,440

See footnotes at end of table.

82 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 983 30 30 - 953

Taiwan . . . . . . . . . . . . . . . . . . . 669 166 151 15 503

Hong Kong . . . . . . . . . . . . . . . . . . 607 159 139 20 448

India . . . . . . . . . . . . . . . . . . . . . . . 181 4 1 3 177

Indonesia . . . . . . . . . . . . . . . . . . . 281 36 36 - 245

Israel . . . . . . . . . . . . . . . . . . . . . . 205 49 49 - 156

Japan . . . . . . . . . . . . . . . . . . . . . . 10,397 5,846 2,077 3,769 4,551

Korea . . . . . . . . . . . . . . . . . . . . . . 1,558 12 12 - 1,546

Lebanon . . . . . . . . . . . . . . . . . . . . 72 3 3 - 69

Malaysia. . . . . . . . . . . . . . . . . . . . 577 3 2 1 574

Pakistan . . . . . . . . . . . . . . . . . . . . 77 - - - 77

Philippines . . . . . . . . . . . . . . . . . . 110 - - - 110

Singapore. . . . . . . . . . . . . . . . . . . 905 9 - 9 896

Syria. . . . . . . . . . . . . . . . . . . . . . . 61 - - - 61

Thailand . . . . . . . . . . . . . . . . . . . . 473 - - - 473

Other Asia . . . . . . . . . . . . . . . . . . 2,397 37 37 - 2,360

Total Asia . . . . . . . . . . . . . . . . . 19,553 6,354 2,537 3,817 13,199

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 198 - - - 198

Ghana . . . . . . . . . . . . . . . . . . . . . 29 - - - 29

Liberia . . . . . . . . . . . . . . . . . . . . . -----

Morocco . . . . . . . . . . . . . . . . . . . . 21 - - - 21

South Africa . . . . . . . . . . . . . . . . . 128 8 6 2 120

Zaire. . . . . . . . . . . . . . . . . . . . . . . -----

Other Africa . . . . . . . . . . . . . . . . . 673 14 10 4 659

Total Africa . . . . . . . . . . . . . . . . 1,049 22 16 6 1,027

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 944 279 - 279 665

All other . . . . . . . . . . . . . . . . . . . . 125 6 3 3 119

Total other countries. . . . . . . . . 1,069 285 3 282 784

Total foreign countries. . . . . . 53,548 25,513 11,107 14,406 28,035

International and regional:

International . . . . . . . . . . . . . . . . . 55 55 55 - -

European regional . . . . . . . . . . . . 55 - - - 55

Latin American regional . . . . . . . . -----

Asian regional . . . . . . . . . . . . . . . -----

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international and

regional . . . . . . . . . . . . . . . . . 110 55 55 - 55

Grand total. . . . . . . . . . . . . . . 53,658 25,568 11,162 14,406 28,090

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, Dec. 31, 1996, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

 Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 83
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1995 1996

Country 1991 1992 1993 1994 Dec. Mar. June Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 71 88 123 114 118 84 180 159

Belgium-Luxembourg. . . . . . . . . . 207 197 318 299 424 406 390 339 406

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 13 32 37 29 17 13 18 19

Czech Republic . . . . . . . . . . . . . . 18 46 48 52 53 34 26 35 34

Denmark. . . . . . . . . . . . . . . . . . . . . 97 154 103 81 107 95 171 175 87

Finland . . . . . . . . . . . . . . . . . . . . . 160 169 171 173 185 116 128 133 172

France . . . . . . . . . . . . . . . . . . . . . 1,854 2,301 2,773 2,681 2,633 2,818 2,337 2,258 2,335

Germany . . . . . . . . . . . . . . . . . . . 1,238 1,259 1,544 1,567 1,506 1,730 1,631 1,511 1,577

Greece . . . . . . . . . . . . . . . . . . . . . 52 114 149 136 193 185 177 137 148

Hungary . . . . . . . . . . . . . . . . . . . . 21 30 6 72 50 34 32 36 17

Ireland . . . . . . . . . . . . . . . . . . . . . 91 419 416 315 290 296 257 249 273

Italy. . . . . . . . . . . . . . . . . . . . . . . . 853 1,041 883 812 1,029 1,023 1,211 940 1,027

Netherlands . . . . . . . . . . . . . . . . . 979 1,067 925 740 969 928 969 940 1,032

Norway. . . . . . . . . . . . . . . . . . . . . 121 196 132 242 169 171 206 209 251

Poland . . . . . . . . . . . . . . . . . . . . . 43 74 116 122 78 107 81 79 108

Portugal . . . . . . . . . . . . . . . . . . . . 141 176 191 217 64 48 50 39 82

Romania. . . . . . . . . . . . . . . . . . . . 4 12 5 17 16 6 8 13 12

Spain . . . . . . . . . . . . . . . . . . . . . . 335 332 459 484 537 473 547 537 570

Sweden . . . . . . . . . . . . . . . . . . . . 217 282 460 352 288 296 219 321 366

Switzerland. . . . . . . . . . . . . . . . . . 876 852 962 1,080 1,018 1,049 1,063 1,019 1,093

Turkey . . . . . . . . . . . . . . . . . . . . . 101 257 246 216 256 217 182 194 221

United Kingdom . . . . . . . . . . . . . . 13,620 8,346 5,962 7,205 6,959 8,175 8,820 7,847 7,507

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 274 232 228 254 300 182 225 251 238

Yugoslavia 2 . . . . . . . . . . . . . . . . . 113 52 55 39 13 7 13 17 6

Other Europe . . . . . . . . . . . . . . . . 133 90 132 160 153 174 213 185 214

Total Europe . . . . . . . . . . . . . . . 21,634 17,782 16,404 17,476 17,433 18,705 19,053 17,662 17,954

Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 4,802 7,314 6,847 6,534 5,592

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 214 242 299 347 396 388 461 491 555

Bahamas . . . . . . . . . . . . . . . . . . . 840 806 1,347 2,433 1,995 1,568 2,196 1,760 1,487

Bermuda. . . . . . . . . . . . . . . . . . . . . 272 295 307 261 353 350 348 403 404

Brazil . . . . . . . . . . . . . . . . . . . . . . 778 1,043 1,114 1,132 1,728 1,828 2,079 2,274 2,613

British West Indies . . . . . . . . . . . . 9,097 11,787 12,770 15,311 10,472 10,206 13,127 12,928 15,372

Chile. . . . . . . . . . . . . . . . . . . . . . . 84 129 221 229 248 224 292 279 372

Colombia . . . . . . . . . . . . . . . . . . . 118 129 120 396 413 394 399 356 389

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 2 111515

Ecuador . . . . . . . . . . . . . . . . . . . . 95 40 81 112 123 105 106 141 107

Guatemala . . . . . . . . . . . . . . . . . . 14 23 32 46 48 58 59 69 79

Jamaica . . . . . . . . . . . . . . . . . . . . 25 30 27 42 41 51 57 46 38

Mexico . . . . . . . . . . . . . . . . . . . . . 1,054 1,369 1,862 1,966 1,547 1,331 1,413 1,312 1,549

Netherlands Antilles . . . . . . . . . . . 38 26 37 65 32 53 31 69 114

Panama . . . . . . . . . . . . . . . . . . . . 38 66 90 102 156 204 161 110 104

Peru . . . . . . . . . . . . . . . . . . . . . . . 91 115 148 175 221 227 220 209 201

Trinidad and Tobago . . . . . . . . . . 20 9 26 27 36 34 27 20 23

Uruguay . . . . . . . . . . . . . . . . . . . . 7 8 8 25 32 28 24 24 35

Venezuela . . . . . . . . . . . . . . . . . . 243 374 454 383 317 348 336 319 364

Other Latin America

and Caribbean . . . . . . . . . . . . . 342 443 553 600 705 580 643 529 675

Total Latin America

and Caribbean. . . . . . . . . . . . 13,372 16,936 19,498 23,653 18,864 17,978 21,984 21,340 24,486

84 CAPITAL MOVEMENTS
TABLE CM-IV-4.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 Dec. Mar. June Sept. Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 212 282 378 526 696 610 677 626 981

Taiwan . . . . . . . . . . . . . . . . . . . 368 307 411 512 532 461 510 457 499

Hong Kong . . . . . . . . . . . . . . . . . . 267 267 298 442 454 509 420 464 652

India . . . . . . . . . . . . . . . . . . . . . . . 105 135 147 202 323 290 325 392 402

Indonesia . . . . . . . . . . . . . . . . . . . 159 138 354 423 367 383 427 413 653

Israel . . . . . . . . . . . . . . . . . . . . . . 174 168 218 195 267 271 301 316 322

Japan . . . . . . . . . . . . . . . . . . . . . . 2,249 2,571 3,167 3,608 2,741 3,181 2,729 2,919 3,100

Korea . . . . . . . . . . . . . . . . . . . . . . 423 361 549 650 933 767 665 632 817

Lebanon . . . . . . . . . . . . . . . . . . . . 11 50 65 58 48 61 34 59 41

Malaysia. . . . . . . . . . . . . . . . . . . . 55 90 477 457 496 451 424 478 559

Pakistan . . . . . . . . . . . . . . . . . . . . 50 53 32 40 42 41 29 107 99

Philippines . . . . . . . . . . . . . . . . . . 79 105 111 151 123 96 114 116 244

Singapore. . . . . . . . . . . . . . . . . . . 248 291 390 427 573 541 588 705 768

Syria. . . . . . . . . . . . . . . . . . . . . . . 5 8 5 6 12 14 13 9 20

Thailand . . . . . . . . . . . . . . . . . . . . 118 127 174 183 199 176 190 283 288

Oil-exporting countries 3

. . . . . . . . 625 696 707 849 977 1,037 888 943 977

Other Asia . . . . . . . . . . . . . . . . . . 83 81 188 124 108 101 120 123 155

Total Asia . . . . . . . . . . . . . . . . . 5,231 5,730 7,671 8,853 8,891 8,990 8,454 9,042 10,577

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 92 177 137 261 160 207 166 160 152

Ghana . . . . . . . . . . . . . . . . . . . . . 1 5 7 7 16 7 67 24 15

Liberia . . . . . . . . . . . . . . . . . . . . . 38 34 19 9 13 11 10 32 29

Morocco . . . . . . . . . . . . . . . . . . . . 23 37 45 53 57 41 32 32 27

South Africa . . . . . . . . . . . . . . . . . 108 81 108 142 321 319 247 262 259

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 29 18 30 11 10 12 10 13

Oil-exporting countries 4

. . . . . . . . 96 87 73 67 92 112 88 155 179

Other Africa . . . . . . . . . . . . . . . . . 123 187 185 258 260 237 263 217 218

Total Africa . . . . . . . . . . . . . . . . 487 637 592 827 930 944 885 892 892

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 570 702 945 1,218 1,310 1,220 1,343 1,484 1,532

All other . . . . . . . . . . . . . . . . . . . . 180 152 208 269 270 236 262 269 263

Total other countries. . . . . . . . . 750 854 1,153 1,487 1,580 1,456 1,605 1,753 1,795

Total foreign countries. . . . . . 45,237 45,058 49,131 57,865 52,500 55,387 58,828 57,223 61,296

International and regional:

International . . . . . . . . . . . . . . . . . 22 13 28 19 8 17 11 6 60

European regional . . . . . . . . . . . . 2 2 - 4 1 2 - 1 58

Latin American regional . . . . . . . . - - - - - - 6 - 2

Asian regional . . . . . . . . . . . . . . . 1 - - - - - - - 13

African regional . . . . . . . . . . . . . . - - - - - - - -3

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 25 15 28 23 9 19 17 7 136

Grand total. . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 52,509 55,406 58,845 57,230 61,432

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 85
TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1996, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 159 83 65 18 76

Belgium-Luxembourg. . . . . . . . . . 406 185 155 30 221

Bulgaria . . . . . . . . . . . . . . . . . . . . 19 11 9 2 8

Czech Republic . . . . . . . . . . . . . . 34 3 3 - 31

Denmark. . . . . . . . . . . . . . . . . . . . . 87 21 19 2 66

Finland . . . . . . . . . . . . . . . . . . . . . 172 4 - 4 168

France . . . . . . . . . . . . . . . . . . . . . 2,335 694 634 60 1,641

Germany . . . . . . . . . . . . . . . . . . . 1,577 276 225 51 1,301

Greece . . . . . . . . . . . . . . . . . . . . . 148 18 18 - 130

Hungary . . . . . . . . . . . . . . . . . . . . 17 3 2 1 14

Ireland . . . . . . . . . . . . . . . . . . . . . 273 204 204 - 69

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,027 228 204 24 799

Netherlands . . . . . . . . . . . . . . . . . 1,032 493 467 26 539

Norway. . . . . . . . . . . . . . . . . . . . . 251 28 1 27 223

Poland . . . . . . . . . . . . . . . . . . . . . 108 57 56 1 51

Portugal . . . . . . . . . . . . . . . . . . . . 82 4 1 3 78

Romania. . . . . . . . . . . . . . . . . . . . 12 - - - 12

Russia 1 . . . . . . . . . . . . . . . . . . . . 238 81 74 7 157

Spain . . . . . . . . . . . . . . . . . . . . . . 570 54 9 45 516

Sweden . . . . . . . . . . . . . . . . . . . . 366 178 162 16 188

Switzerland. . . . . . . . . . . . . . . . . . 1,093 473 432 41 620

Turkey . . . . . . . . . . . . . . . . . . . . . 221 40 40 - 181

United Kingdom . . . . . . . . . . . . . . 7,507 4,600 4,350 250 2,907

Yugoslavia 2

 . . . . . . . . . . . . . . . . 6 - - - 6

Other Europe . . . . . . . . . . . . . . . . 214 8 8 - 206

Total Europe . . . . . . . . . . . . . . . 17,954 7,746 7,138 608 10,208

Canada . . . . . . . . . . . . . . . . . . . . . . 5,592 3,445 2,887 558 2,147

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 555 131 130 1 424

Bahamas . . . . . . . . . . . . . . . . . . . 1,487 1,452 1,439 13 35

Bermuda. . . . . . . . . . . . . . . . . . . . . 404 140 138 2 264

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,613 1,453 622 831 1,160

British West Indies . . . . . . . . . . . . 15,372 15,182 15,142 40 190

Chile. . . . . . . . . . . . . . . . . . . . . . . 372 7 4 3 365

Colombia . . . . . . . . . . . . . . . . . . . 389 168 167 1 221

Cuba. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Ecuador . . . . . . . . . . . . . . . . . . . . 107 46 46 - 61

Guatemala . . . . . . . . . . . . . . . . . . 79 18 18 - 61

Jamaica . . . . . . . . . . . . . . . . . . . . 38 2 1 1 36

Mexico . . . . . . . . . . . . . . . . . . . . . 1,549 455 398 57 1,094

Netherlands Antilles . . . . . . . . . . . 114 61 61 - 53

Panama . . . . . . . . . . . . . . . . . . . . 104 44 44 - 60

Peru . . . . . . . . . . . . . . . . . . . . . . . 201 55 55 - 146

Trinidad and Tobago . . . . . . . . . . 23 - - - 23

Uruguay . . . . . . . . . . . . . . . . . . . . 35 - - - 35

Venezuela . . . . . . . . . . . . . . . . . . 364 23 22 1 341

Other Latin America

and Caribbean . . . . . . . . . . . . . 675 264 255 9 411

Total Latin America

and Caribbean. . . . . . . . . . . . 24,486 19,501 18,542 959 4,985

See footnotes at end of table.

86 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1996, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 981 192 192 - 789

Taiwan . . . . . . . . . . . . . . . . . . . 499 1 - 1 498

Hong Kong . . . . . . . . . . . . . . . . . . 652 101 90 11 551

India . . . . . . . . . . . . . . . . . . . . . . . 402 34 20 14 368

Indonesia . . . . . . . . . . . . . . . . . . . 653 310 304 6 343

Israel . . . . . . . . . . . . . . . . . . . . . . 322 3 1 2 319

Japan . . . . . . . . . . . . . . . . . . . . . . 3,100 1,035 746 289 2,065

Korea . . . . . . . . . . . . . . . . . . . . . . 817 28 26 2 789

Lebanon . . . . . . . . . . . . . . . . . . . . 41 - - - 41

Malaysia. . . . . . . . . . . . . . . . . . . . 559 288 286 2 271

Pakistan . . . . . . . . . . . . . . . . . . . . 99 3 2 1 96

Philippines . . . . . . . . . . . . . . . . . . 244 11 11 - 233

Singapore. . . . . . . . . . . . . . . . . . . 768 76 61 15 692

Syria. . . . . . . . . . . . . . . . . . . . . . . 20 - - - 20

Thailand . . . . . . . . . . . . . . . . . . . . 288 68 65 3 220

Other Asia . . . . . . . . . . . . . . . . . . 1,132 63 62 1 1,069

Total Asia . . . . . . . . . . . . . . . . . 10,577 2,213 1,866 347 8,364

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 152 4 3 1 148

Ghana . . . . . . . . . . . . . . . . . . . . . 15 - - - 15

Liberia . . . . . . . . . . . . . . . . . . . . . 29 26 26 - 3

Morocco . . . . . . . . . . . . . . . . . . . . 27 6 6 - 21

South Africa . . . . . . . . . . . . . . . . . 259 88 88 - 171

Zaire. . . . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Other Africa . . . . . . . . . . . . . . . . . 397 49 49 - 348

Total Africa . . . . . . . . . . . . . . . . 892 173 172 1 719

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,532 495 484 11 1,037

All other . . . . . . . . . . . . . . . . . . . . 263 74 73 1 189

Total other countries. . . . . . . . . 1,795 569 557 12 1,226

Total foreign countries. . . . . . 61,296 33,647 31,162 2,485 27,649

International and regional:

International . . . . . . . . . . . . . . . . . 60 - - - 60

European regional . . . . . . . . . . . . 58 - - - 58

Latin American regional . . . . . . . . 2 - - - 2

Asian regional . . . . . . . . . . . . . . . 13 - - - 13

African regional . . . . . . . . . . . . . . 3 - - - 3

Middle Eastern regional . . . . . . . . - - - - -

Total international

and regional. . . . . . . . . . . . . . 136 - - - 136

Grand total. . . . . . . . . . . . . . . 61,432 33,647 31,162 2,485 27,785

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 87
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ transactions in long-term U.S.

securities (i.e., U.S. Treasury and Government

agency bonds and notes, and U.S. corporate bonds

and stocks) are conducted largely through international financial centers. The table presents aggregate

net purchases on an annual basis for 1993 through

1996, as well as cumulative activity during the first

quarter of 1997. The annual figures show an overall,

steady increase in foreigners’ net purchases, or gross

purchases minus gross sales, of U.S. securities.

Total net purchases of U.S. securities by foreigners in the first quarter of 1997 were down only

slightly from the record pace of purchases observed

in the third and fourth quarters of 1996. However,

net purchases recorded opposite the United Kingdom reached their highest quarterly rate ever and

accounted for nearly 43 percent of all net purchases

in the first quarter. Net purchases in other Europe

were down overall from 1996 annual activity, but

were strong opposite Spain and Austria. In Asia, net

purchases of U.S. securities remained vigorous opposite Japan, while other Asian countries—China,

Taiwan, and Hong Kong, in particular—stepped up

their rate of purchases. For the quarter, foreigners’

net purchases of U.S. securities consisted mostly of

Treasury bonds and notes (65.2 percent) and corporate bonds (19.8 percent).

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 Jan. - Mar. 1997

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 30,442 55,598 100,411 124,111 44,859 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 430 26,474 24,795 75,777 13,952 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 12,345 -3,581 48,344 49,604 2,948 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,464 36,441 16,504 54,712 13,522 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,089 21,424 25,657 66,999 22,585 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,770 136,356 215,711 371,203 97,866 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 15,360 3,994 16,226 13,888 7,023 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,130 140,350 231,937 385,091 104,889 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

88 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

 purchases Net Gross Gross Net Gross Gross

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 r . . . . . . . . . . . . . . . . . . . . . . . -107,399 -48,793 1,118,678 1,167,471 -58,606 456,826 515,432

1997 - Jan. - Mar. p . . . . . . . . . . . . . -16,153 -4,331 351,520 355,851 -11,822 145,006 156,828

1996 - Mar. . . . . . . . . . . . . . . . . . . . -16,393 -6,048 93,340 99,388 -10,345 36,115 46,460

Apr. . . . . . . . . . . . . . . . . . . . -6,873 -167 81,249 81,416 -6,706 37,764 44,470

May . . . . . . . . . . . . . . . . . . . -3,766 -599 82,417 83,016 -3,167 43,515 46,682

June . . . . . . . . . . . . . . . . . . . -9,562 -2,035 82,833 84,868 -7,527 36,728 44,255

July . . . . . . . . . . . . . . . . . . . -8,557 -3,418 80,692 84,110 -5,139 37,643 42,782

Aug. r . . . . . . . . . . . . . . . . . . -6,562 -5,339 84,386 89,725 -1,223 34,016 35,239

Sept. r . . . . . . . . . . . . . . . . . -7,244 -5,419 113,089 118,508 -1,825 31,227 33,052

Oct. r . . . . . . . . . . . . . . . . . . -8,421 -5,948 117,032 122,980 -2,473 40,185 42,658

Nov. . . . . . . . . . . . . . . . . . . . -5,134 -2,973 104,662 107,635 -2,161 46,838 48,999

Dec. . . . . . . . . . . . . . . . . . . . -16,849 -10,947 99,095 110,042 -5,902 41,850 47,752

1997 - Jan. . . . . . . . . . . . . . . . . . . . -4,353 -710 109,567 110,277 -3,643 47,084 50,727

Feb. p. . . . . . . . . . . . . . . . . . -5,834 -1,481 110,510 111,991 -4,353 50,139 54,492

Mar. p. . . . . . . . . . . . . . . . . . -5,966 -2,140 131,443 133,583 -3,826 47,783 51,609

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by

Banks and Brokers in the United States

TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1 Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 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 r . . . . . . . . . . . . . . . 244,725 86,875 159,692 -1,842 3,723,973 3,479,248 48,960 165,415 116,455 77,978 256,059 178,081 13,428 623,760 610,332

1997 - Jan. - Mar. p . . . . . 68,418 24,878 43,408 132 1,301,509 1,233,091 8,630 50,493 41,863 20,826 90,080 69,254 7,025 214,514 207,489

1996 - Mar. . . . . . . . . . . . 7,437 4,748 2,078 611 261,312 253,875 6,902 15,890 8,988 7,931 24,094 16,163 831 55,281 54,450

Apr. . . . . . . . . . . . 16,095 8,253 9,217 -1,375 226,222 210,127 329 8,579 8,250 5,096 15,551 10,455 4,273 53,047 48,774

May . . . . . . . . . . . 14,124 6,482 7,404 238 270,040 255,916 2,815 12,693 9,878 8,031 22,247 14,216 1,484 57,552 56,068

June . . . . . . . . . . . 8,520 -6,648 15,979 -811 224,691 216,171 3,780 13,303 9,523 5,684 21,849 16,165 1,013 43,374 42,361

July . . . . . . . . . . . 47,960 9,629 38,767 -436 332,542 284,582 4,284 10,707 6,423 6,220 17,255 11,035 -2,654 49,557 52,211

Aug. r . . . . . . . . . . 12,340 3,587 8,717 36 269,098 256,758 4,376 13,565 9,189 7,046 18,768 11,722 2,065 46,136 44,071

Sept. r . . . . . . . . . 14,738 17,188 -2,293 -157 374,195 359,457 4,724 12,758 8,034 8,842 24,666 15,824 49 42,599 42,550

Oct. . . . . . . . . . . . 24,321 4,838 18,946 537 404,194 379,873 4,195 15,857 11,662 6,196 24,811 18,615 1,007 57,758 56,751

Nov. . . . . . . . . . . . 21,283 3,840 18,635 -1,192 367,570 346,287 6,503 20,326 13,823 5,702 26,114 20,412 2,135 65,571 63,436

Dec. . . . . . . . . . . . 47,662 13,662 32,857 1,143 387,444 339,782 3,505 17,800 14,295 6,724 25,254 18,530 422 57,051 56,629

1997 - Jan.. . . . . . . . . . . . 22,225 8,022 14,669 -466 427,815 405,590 5,485 20,511 15,026 6,867 28,444 21,577 2,871 73,003 70,132

Feb. p. . . . . . . . . . 25,556 10,043 14,605 908 453,100 427,544 2,594 15,818 13,224 8,962 32,162 23,200 3,854 73,052 69,198

Mar. p. . . . . . . . . . 20,637 6,813 14,134 -310 420,594 399,957 551 14,164 13,613 4,997 29,474 24,477 300 68,459 68,159

CAPITAL MOVEMENTS 89
1996 1997 1996 1997 1996 1997 1996 1997

Country

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. 

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 979 437 2,461 314 308 77 150 102 89 69 -33 108

Belgium-Luxembourg. . . . . . . . . . 1,486 385 764 3,064 250 587 -331 -1,104 -858 114 -302 762

Bulgaria . . . . . . . . . . . . . . . . . . . . -34 -34 - - - - -4 -4 - 1 9 3

Czech Republic . . . . . . . . . . . . . . 122 -9 -45 - - - - - -5 -1 - -1

Denmark. . . . . . . . . . . . . . . . . . . . -120 294 -246 -69 -73 20 -224 - 56 181 48 132

Finland . . . . . . . . . . . . . . . . . . . . . -247 184 532 130 55 -15 113 41 -100 13 4 -1

France . . . . . . . . . . . . . . . . . . . . . 2,624 65 -175 243 380 14 4,931 657 502 -2,354 -1,531 650

Germany . . . . . . . . . . . . . . . . . . . 17,647 7,336 -3,994 1,650 22 -218 3,514 -72 619 1,104 93 2,744

Greece . . . . . . . . . . . . . . . . . . . . . 41 167 51 -3 -3 2 21 22 51 9 -59 92

Hungary . . . . . . . . . . . . . . . . . . . . 1,018 508 -142 309 88 10 -5 - - 57 1 2

Ireland . . . . . . . . . . . . . . . . . . . . . 257 145 1,332 110 119 189 1,901 304 450 -701 -804 -50

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,960 738 390 -84 55 -39 -78 123 106 -1,081 -377 289

Netherlands . . . . . . . . . . . . . . . . . -582 1,108 218 1,500 663 36 940 111 531 1,389 -129 366

Norway. . . . . . . . . . . . . . . . . . . . . 428 -60 81 87 -11 -12 -56 3 7 170 - 178

Poland . . . . . . . . . . . . . . . . . . . . . 2,618 177 802 -15 -15 -10 28 15 -33 -4 -2 1

Portugal . . . . . . . . . . . . . . . . . . . . -257 -208 157 30 - - -48 -6 68 -358 -139 -4

Romania. . . . . . . . . . . . . . . . . . . . 1 - - - - - - - - -3 - -

Russia 1 . . . . . . . . . . . . . . . . . . . . 603 782 -107 -21 -18 -1 -4 -3 - -64 -76 12

Spain . . . . . . . . . . . . . . . . . . . . . . 18,414 7,281 3,401 7 4 68 462 21 69 113 73 115

Sweden . . . . . . . . . . . . . . . . . . . . 2,343 143 -1,182 56 13 - 372 314 -26 1,113 375 741

Switzerland. . . . . . . . . . . . . . . . . . 327 -1,323 -205 208 13 119 674 -116 -268 2,710 360 1,366

Turkey . . . . . . . . . . . . . . . . . . . . . 758 751 22 - - -1 44 19 8 -24 -6 21

United Kingdom . . . . . . . . . . . . . . 65,381 18,187 23,245 10,942 1,018 5,881 43,702 13,028 12,450 4,119 3,054 3,283

Yugoslavia 2 . . . . . . . . . . . . . . . . . -34 -34 4 - - 8 8 8 - 1 - -

Other Europe . . . . . . . . . . . . . . . . 2,612 62 91 345 277 65 84 19 28 -27 -71 23

Total Europe . . . . . . . . . . . . . . . 118,345 37,082 27,455 18,803 3,145 6,780 56,194 13,482 13,744 6,546 488 10,832

Canada . . . . . . . . . . . . . . . . . . . . . . 2,389 -2,547 342 143 -9 163 4,054 983 1,661 2,221 1,437 1,104

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 317 150 9 123 9 26 117 143 34 280 51 85

Bahamas . . . . . . . . . . . . . . . . . . . 1,402 555 -109 103 24 -62 1,102 296 302 -2,274 -1,573 147

Bermuda. . . . . . . . . . . . . . . . . . . . 2,478 785 -1,740 3,323 2,559 2,083 2,038 419 341 -340 -340 -19

Brazil . . . . . . . . . . . . . . . . . . . . . . -825 610 840 1,381 1,247 327 31 210 -41 -8 -14 -18

British West Indies . . . . . . . . . . . . 8,593 6,496 11,914 8,697 2,158 -6,106 2,953 563 2,087 3,026 861 200

Chile. . . . . . . . . . . . . . . . . . . . . . . 88 -255 801 38 24 16 198 76 17 -38 -4 -80

Colombia . . . . . . . . . . . . . . . . . . . 221 467 203 19 2 1 5 3 2 34 12 18

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 1 1 - - - -1

Ecuador . . . . . . . . . . . . . . . . . . . . 137 28 26 -21 -39 13 33 20 63 -38 14 -

Guatemala . . . . . . . . . . . . . . . . . . 22 2 3 4 -1 - 8 -2 -2 16 3 1

Jamaica . . . . . . . . . . . . . . . . . . . . -88 -18 -6 78 39 29 1 2 1 -1 1 2

Mexico . . . . . . . . . . . . . . . . . . . . . 371 66 -130 372 32 41 84 62 875 150 29 43

Netherlands Antilles . . . . . . . . . . . 12,422 20,404 -5,732 266 -48 -74 899 -64 -268 4,078 2,147 -160

Panama . . . . . . . . . . . . . . . . . . . . 187 44 88 59 25 2 197 72 50 395 62 4

Peru . . . . . . . . . . . . . . . . . . . . . . . -76 -101 18 3 2 - 10 -3 5 -4 -1 1

Trinidad and Tobago . . . . . . . . . . -1 - -1 -4 3 -2 10 2 1 89 2 -1

Uruguay . . . . . . . . . . . . . . . . . . . . 129 59 15 76 40 25 90 28 47 84 20 56

Venezuela . . . . . . . . . . . . . . . . . . -69 115 66 95 12 18 122 70 30 112 31 45

Other Latin America

and Caribbean . . . . . . . . . . . . . 71 45 178 223 82 139 167 27 114 2 4 15

Total Latin America

and Caribbean. . . . . . . . . . . . 25,379 29,452 6,443 14,835 6,170 -3,524 8,066 1,925 3,658 5,563 1,305 338

See footnotes at end of table.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

 bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

90 CAPITAL MOVEMENTS
1996 1997 1996 1997 1996 1997 1996 1997

Country

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. 

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1996

Oct.

through 

Dec.

Jan.

through 

Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 14,453 1,167 3,129 2,756 920 221 257 4 99 -2 7 7

Taiwan . . . . . . . . . . . . . . . . . . . 4,608 3,572 3,029 -1,129 -374 96 8 -49 -46 74 -11 160

Hong Kong . . . . . . . . . . . . . . . . . . 14,366 5,829 7,836 915 -58 -29 1,737 -24 693 -301 31 -441

India . . . . . . . . . . . . . . . . . . . . . . . 104 14 273 1 - - -3 -1 1 -44 -11 -15

Indonesia . . . . . . . . . . . . . . . . . . . 1,189 204 1,294 -8 -5 - 4 1 1 -38 4 19

Israel . . . . . . . . . . . . . . . . . . . . . . -545 -168 1,487 308 162 164 210 89 46 -385 -161 -78

Japan . . . . . . . . . . . . . . . . . . . . . . 41,390 15,441 12,855 7,595 2,484 2,994 6,099 2,193 -16 -372 -609 -2,311

Korea . . . . . . . . . . . . . . . . . . . . . . 2,247 715 -2,342 57 -65 -331 92 5 8 -69 -21 22

Lebanon . . . . . . . . . . . . . . . . . . . . 2 -10 7 1 - - -1 -1 6 40 23 3

Malaysia. . . . . . . . . . . . . . . . . . . . -588 -666 611 294 251 -89 1 -11 6 12 -3 -8

Pakistan . . . . . . . . . . . . . . . . . . . . 4 1 -1 2 1 1 -1 -1 - 10 8 3

Philippines . . . . . . . . . . . . . . . . . . 313 -95 -99 664 272 165 28 31 26 -32 5 36

Singapore. . . . . . . . . . . . . . . . . . . 7,802 2,161 1,016 1,341 220 207 1,095 -434 475 2,200 1,315 -3,028

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 11 2 5

Thailand . . . . . . . . . . . . . . . . . . . . 2,995 -932 163 1 - 1 59 2 - -7 -14 -

Oil-exporting countries 3

. . . . . . . . 10,227 735 6,297 1,557 915 1,604 80 221 47 -1,598 -45 33

Other Asia . . . . . . . . . . . . . . . . . . -566 2 -206 241 -22 -3 141 225 -6 -191 -19 10

Total Asia . . . . . . . . . . . . . . . . . 98,001 27,970 35,349 14,596 4,701 5,001 9,806 2,250 1,340 -692 501 -5,583

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,022 -46 3 468 103 130 -8 14 17 -37 -25 3

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - 1

Liberia . . . . . . . . . . . . . . . . . . . . . 155 84 59 57 34 62 -8 12 93 -49 5 5

Morocco . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 8 2 -1

South Africa . . . . . . . . . . . . . . . . . -33 3 -1 4 - -8 -1 -3 44 84 43 124

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 1 - -1 - - 9 1 1 1 24 11 -2

Other Africa . . . . . . . . . . . . . . . . . -60 -68 4 81 75 12 6 20 19 -111 -44 16

Total Africa . . . . . . . . . . . . . . . . 1,085 -27 64 610 212 205 -10 44 174 -81 -8 146

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 2,528 849 -1,390 4 -14 -3 -89 -47 86 -489 -119 194

All other . . . . . . . . . . . . . . . . . . . . -1,160 -1 23 -150 21 - -95 -13 148 434 -2 -13

Total other

countries . . . . . . . . . . . . . . . . 1,368 848 -1,367 -146 7 -3 -184 -60 234 -55 -121 181

Total foreign

countries. . . . . . . . . . . . . . . 246,567 92,778 68,286 48,841 14,226 8,622 77,926 18,624 20,811 13,502 3,602 7,018

International

and regional:

International . . . . . . . . . . . . . . . . . -1,390 -35 -338 4 -10 -8 37 -4 7 -137 -8 11

European regional . . . . . . . . . . . . 28 -1 5 13 -24 - - - - - - -

Latin American regional . . . . . . . . -779 246 441 39 8 -2 8 1 - 51 -32 -3

Asian regional . . . . . . . . . . . . . . . -153 -54 -134 41 - - -4 - - 10 1 -1

African regional . . . . . . . . . . . . . . -10 6 19 22 3 18 11 1 8 2 1 -

Middle Eastern regional . . . . . . . . 462 326 139 - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . -1,842 488 132 119 -23 8 52 -2 15 -74 -38 7

Grand total. . . . . . . . . . . . . . . 244,725 93,266 68,418 48,960 14,203 8,630 77,978 18,622 20,826 13,428 3,564 7,025

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

CAPITAL MOVEMENTS 91
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1997, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 13,033 11,921 92 117 563 203 137 10,935 9,460 15 28 455 797 180

Belgium-Luxembourg. . 18,215 8,830 730 1,276 5,038 1,375 966 17,358 8,066 143 2,134 4,276 1,851 888

Bulgaria . . . . . . . . . . . . 152 - - - 5 144 3 131 - - - 2 126 3

Czech Republic . . . . . . 604 570 - - - 24 10 636 615 - 5 1 2 13

Denmark. . . . . . . . . . . . 3,948 1,664 883 95 485 346 475 4,740 1,910 863 39 353 932 643

Finland . . . . . . . . . . . . . 2,609 2,206 10 10 26 62 295 2,417 1,674 25 110 27 193 388

France . . . . . . . . . . . . . 49,955 32,123 27 1,214 6,907 5,824 3,860 49,725 32,298 13 712 6,257 5,386 5,059

Germany . . . . . . . . . . . 39,315 22,354 272 2,035 7,093 2,629 4,932 39,718 26,348 490 1,416 4,349 2,163 4,952

Greece . . . . . . . . . . . . . 1,189 658 3 68 280 67 113 1,159 607 1 17 188 229 117

Hungary . . . . . . . . . . . . 920 880 10 - 5 3 22 1,057 1,022 - - 3 4 28

Ireland . . . . . . . . . . . . . 11,356 7,833 240 829 608 944 902 9,459 6,501 51 379 658 713 1,157

Italy. . . . . . . . . . . . . . . . 14,773 5,955 19 330 3,314 3,604 1,551 11,868 5,565 58 224 3,025 1,691 1,305

Netherlands . . . . . . . . . 16,992 5,467 246 854 5,005 2,044 3,376 15,807 5,249 210 323 4,639 1,790 3,596

Norway. . . . . . . . . . . . . 3,828 2,530 2 54 452 308 482 4,003 2,449 14 47 274 752 467

Poland . . . . . . . . . . . . . 3,605 3,414 - 77 1 64 49 2,946 2,612 10 110 - 123 91

Portugal . . . . . . . . . . . . 2,166 1,546 - 76 43 377 124 1,673 1,389 - 8 47 85 144

Romania. . . . . . . . . . . . - - - - - - --------

Russia 1 . . . . . . . . . . . . 10,736 10,126 4 1 47 472 86 10,847 10,233 5 1 35 396 177

Spain . . . . . . . . . . . . . . 17,769 13,222 145 239 568 1,758 1,837 14,540 9,821 77 170 453 2,512 1,507

Sweden . . . . . . . . . . . . 6,408 2,309 10 69 1,591 398 2,031 6,541 3,491 10 95 850 594 1,501

Switzerland. . . . . . . . . . 24,522 5,342 179 831 13,627 1,668 2,875 23,999 5,547 60 1,099 12,261 1,385 3,647

Turkey . . . . . . . . . . . . . 983 757 - 13 49 65 99 1,047 735 1 5 28 38 240

United Kingdom . . . . . . 1,014,387 666,838 12,127 50,187 55,919 173,804 55,512 971,600 643,593 6,246 37,737 52,636 172,409 58,979

Yugoslavia 2 . . . . . . . . . 63 4 8 - 6 10 35 167 - - - 6 1 160

Other Europe . . . . . . . . 7,849 6,780 66 52 661 113 177 7,737 6,689 1 24 638 113 272

Total Europe . . . . . . . 1,265,377 813,329 15,073 58,427 102,293 196,306 79,949 1,210,110 785,874 8,293 44,683 91,461 194,285 85,514

Canada . . . . . . . . . . . . . . 157,818 86,275 545 3,924 16,613 40,006 10,455 152,252 85,933 382 2,263 15,509 39,036 9,129

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 17,750 307 59 150 360 15,932 942 20,034 298 33 116 275 18,303 1,009

Bahamas . . . . . . . . . . . 24,148 4,610 436 1,401 5,940 10,688 1,073 22,286 4,719 498 1,099 5,793 8,721 1,456

Bermuda. . . . . . . . . . . . 83,027 18,748 15,207 3,557 22,265 20,693 2,557 83,866 20,488 13,124 3,216 22,284 21,377 3,377

Brazil . . . . . . . . . . . . . . 27,629 4,710 452 352 557 18,008 3,550 26,018 3,870 125 393 575 17,067 3,988

British West Indies . . . . 115,031 49,239 5,558 10,475 27,600 17,630 4,529 108,521 37,325 11,664 8,388 27,400 19,016 4,728

Chile. . . . . . . . . . . . . . . 2,054 913 26 33 215 715 152 775 112 10 16 295 195 147

Colombia . . . . . . . . . . . 878 706 2 11 68 75 16 1,546 503 1 9 50 932 51

Cuba. . . . . . . . . . . . . . . - - - - - - - 1 - - - 1 - -

Ecuador . . . . . . . . . . . . 765 398 22 82 35 226 2 673 372 9 19 35 236 2

Guatemala . . . . . . . . . . 55 5 - 3 19 26 2 52 2 - 5 18 26 1

Jamaica . . . . . . . . . . . . 74 2 48 1 6 16 1 32 8 19 - 4 1 -

Mexico . . . . . . . . . . . . . 19,019 11,806 67 1,500 492 3,320 1,834 18,367 11,936 26 625 449 3,194 2,137

Netherlands Antilles . . . 43,252 14,692 251 2,643 14,230 6,036 5,400 52,176 20,424 325 2,911 14,390 7,185 6,941

Panama . . . . . . . . . . . . 2,821 206 385 230 807 945 248 2,546 118 383 180 803 899 163

Peru . . . . . . . . . . . . . . . 198 18 - 6 19 95 60 575 - - 1 18 384 172

Trinidad and Tobago . . 29 - 2 8 7 12 - 24 147831

Uruguay . . . . . . . . . . . . 1,623 44 41 103 231 1,062 142 1,693 29 16 56 175 1,246 171

Venezuela . . . . . . . . . . 1,822 344 29 54 250 1,002 143 1,620 278 11 24 205 993 109

Other Latin America

and Caribbean . . . . . 4,365 358 207 1,308 250 2,155 87 3,865 180 68 1,194 235 2,117 71

Total Latin America

and Caribbean. . . . 344,540 107,106 22,792 21,917 73,351 98,636 20,738 344,670 100,663 26,316 18,259 73,013 101,895 24,524

92 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 9,237 8,254 313 153 58 389 70 5,892 5,125 92 54 51 415 155

Taiwan . . . . . . . . . . . 6,448 4,911 134 35 749 212 407 3,301 1,882 38 81 589 112 599

Hong Kong . . . . . . . . . . 56,623 42,044 552 1,047 1,751 2,089 9,140 47,539 34,208 581 354 2,192 1,958 8,246

India . . . . . . . . . . . . . . . 788 593 - 1 55 17 122 1,075 320 - - 70 318 367

Indonesia . . . . . . . . . . . 3,274 2,620 - 1 63 82 508 2,262 1,326 - - 44 49 843

Israel . . . . . . . . . . . . . . 6,357 5,460 177 67 447 42 164 5,720 3,973 13 21 525 890 298

Japan . . . . . . . . . . . . . . 202,884 162,835 7,819 1,810 10,821 3,931 15,668 192,637 149,980 4,825 1,826 13,132 5,271 17,603

Korea . . . . . . . . . . . . . . 4,472 2,171 41 214 92 1,407 547 8,358 4,513 372 206 70 2,132 1,065

Lebanon . . . . . . . . . . . . 141 10 - 6 102 17 6 118 3 - - 99 11 5

Malaysia. . . . . . . . . . . . 6,224 5,054 139 36 106 111 778 6,173 4,443 228 30 114 173 1,185

Pakistan . . . . . . . . . . . . 72 - 1 - 40 3 28 59 1 - - 37 3 18

Philippines . . . . . . . . . . 2,085 1,355 172 29 131 157 241 2,479 1,454 7 3 95 570 350

Singapore. . . . . . . . . . . 36,461 28,244 306 769 2,958 2,262 1,922 37,992 27,228 99 294 5,986 2,034 2,351

Syria. . . . . . . . . . . . . . . 23 - - - 14 1 8 20 - - - 9 1 10

Thailand . . . . . . . . . . . . 2,276 1,874 1 - 20 38 343 2,185 1,711 - - 20 233 221

Other Asia . . . . . . . . . . 18,256 12,239 2,045 868 2,464 300 340 10,334 6,148 444 827 2,421 170 324

Total Asia . . . . . . . . . 355,621 277,664 11,700 5,036 19,871 11,058 30,292 326,144 242,315 6,699 3,696 25,454 14,340 33,640

Africa:

Egypt . . . . . . . . . . . . . . 235 3 130 17 54 15 16 87 - - - 51 6 30

Ghana . . . . . . . . . . . . . 11 - - - 1 10 - 2 - - - - - 2

Liberia . . . . . . . . . . . . . 1,162 562 110 136 226 103 25 854 503 48 43 221 27 12

Morocco . . . . . . . . . . . . 3 - - - 2 - 1 8 - - - 3 - 5

South Africa . . . . . . . . . 531 1 1 44 225 55 205 475 2 9 - 101 102 261

Zaire. . . . . . . . . . . . . . . 8 - - - - - 8 1 - - - - - 1

Other Africa . . . . . . . . . 386 63 23 26 159 35 80 367 60 2 6 145 34 120

Total Africa . . . . . . . . 2,336 629 264 223 667 218 335 1,794 565 59 49 521 169 431

Other countries:

Australia . . . . . . . . . . . . 15,616 7,410 75 367 1,021 4,266 2,477 17,826 8,800 78 281 827 5,168 2,672

All other . . . . . . . . . . . . 2,282 281 7 158 678 781 377 2,406 258 7 10 691 887 553

Total other

countries . . . . . . . . 17,898 7,691 82 525 1,699 5,047 2,854 20,232 9,058 85 291 1,518 6,055 3,225

Total foreign

countries. . . . . . . 2,143,590 1,292,694 50,456 90,052 214,494 351,271 144,623 2,055,202 1,224,408 41,834 69,241 207,476 355,780 156,463

International

and regional:

International . . . . . . . . . 8,198 7,896 2 13 14 105 168 8,435 8,234 10 6 3 11 171

European regional . . . . 109 10 - - - - 99 100 5 - - - - 95

Latin American regional 790 632 13 5 2 137 1 278 191 15 5 5 60 2

Asian regional . . . . . . . 173 49 - - 4 7 113 282 183 - - 5 - 94

African regional . . . . . . 72 40 22 10 - - - 29 21 4 2 - - 2

Middle Eastern

regional . . . . . . . . . . . 190 188 - - - - 2 50 49 - - - - 1

Total international

and regional. . . . . . 9,532 8,815 37 28 20 249 383 9,174 8,683 29 13 13 71 365

Grand total. . . . . . . 2,153,122 1,301,509 50,493 90,080 214,514 351,520 145,006 2,064,376 1,233,091 41,863 69,254 207,489 355,851 156,828

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1997, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 93
Europe:

Austria . . . . . . . . . . . . . 25,678 22,324 331 207 1,787 485 544 24,193 21,345 17 57 1,718 519 537

Belgium-Luxembourg. . 57,736 22,385 3,985 4,309 14,147 7,697 5,213 51,823 20,899 921 4,640 14,033 8,103 3,227

Bulgaria . . . . . . . . . . . . 742 5 - - 15 682 40 486 39 - 4 14 392 37

Czech Republic . . . . . . 2,854 2,759 - - 2 13 80 2,803 2,637 - - 3 23 140

Denmark. . . . . . . . . . . . 17,517 7,735 3,247 139 1,087 4,313 996 16,441 7,855 3,316 363 906 2,684 1,317

Finland . . . . . . . . . . . . . 14,444 12,254 257 220 102 764 847 15,590 12,501 127 107 89 1,503 1,263

France . . . . . . . . . . . . . 143,993 87,549 1,023 8,206 19,234 17,207 10,774 143,931 84,925 780 3,275 21,588 17,763 15,600

Germany . . . . . . . . . . . 146,223 94,265 2,324 8,597 14,965 11,863 14,209 130,120 76,618 674 5,083 13,861 15,515 18,369

Greece . . . . . . . . . . . . . 5,285 4,090 18 51 810 126 190 5,849 4,049 21 30 801 504 444

Hungary . . . . . . . . . . . . 6,020 5,254 486 30 75 118 57 4,615 4,236 177 35 18 79 70

Ireland . . . . . . . . . . . . . 37,270 24,070 794 3,011 2,407 4,332 2,656 36,881 23,813 684 1,110 3,108 4,583 3,583

Italy. . . . . . . . . . . . . . . . 41,436 17,229 181 1,705 10,613 7,745 3,963 42,024 15,269 265 1,783 11,694 7,284 5,729

Netherlands . . . . . . . . . 66,344 25,474 2,854 2,026 16,845 6,450 12,695 64,052 26,056 1,354 1,086 15,456 8,029 12,071

Norway. . . . . . . . . . . . . 9,993 5,356 148 126 1,159 1,187 2,017 10,483 4,928 61 182 989 2,029 2,294

Poland . . . . . . . . . . . . . 9,868 9,370 3 71 15 256 153 7,580 6,752 18 43 19 374 374

Portugal . . . . . . . . . . . . 3,695 2,946 30 127 172 154 266 4,683 3,203 - 175 530 245 530

Romania. . . . . . . . . . . . 8 1 - - 2 5 - 10 - - - 5 - 5

Russia 1 . . . . . . . . . . . . 15,051 13,813 2 - 124 1,011 101 14,665 13,210 23 4 188 947 293

Spain . . . . . . . . . . . . . . 60,051 48,518 37 995 1,562 5,597 3,342 40,879 30,104 30 533 1,449 5,050 3,713

Sweden . . . . . . . . . . . . 24,790 10,668 92 491 4,535 3,136 5,868 21,869 8,325 36 119 3,422 2,410 7,557

Switzerland. . . . . . . . . . 86,585 21,381 542 5,179 43,670 6,354 9,459 83,916 21,054 334 4,505 40,960 5,527 11,536

Turkey . . . . . . . . . . . . . 5,011 3,819 6 77 224 371 514 4,507 3,061 6 33 248 482 677

United Kingdom . . . . . . 2,659,905 1,580,135 38,274 133,788 160,950 568,429 178,329 2,573,648 1,514,754 27,332 90,086 156,831 590,211 194,434

Yugoslavia 2 . . . . . . . . . 322 - - 11 21 242 48 330 34 - 3 20 187 86

Other Europe . . . . . . . . 26,175 22,069 1,201 192 1,531 624 558 23,162 19,457 856 108 1,558 519 664

Total Europe . . . . . . . 3,466,996 2,043,469 55,835 169,558 296,054 649,161 252,919 3,324,540 1,925,124 37,032 113,364 289,508 674,962 284,550

Canada . . . . . . . . . . . . . . 544,842 320,355 3,279 10,927 56,162 124,077 30,042 542,314 317,966 3,136 6,873 53,941 126,932 33,466

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 40,819 2,545 217 782 999 33,739 2,537 40,553 2,228 94 665 719 33,822 3,025

Bahamas . . . . . . . . . . . 69,700 25,398 2,090 5,141 15,523 19,237 2,311 69,542 23,996 1,987 4,039 17,797 19,336 2,387

Bermuda. . . . . . . . . . . . 246,625 73,173 24,481 13,416 54,538 72,371 8,646 245,055 70,695 21,158 11,378 54,878 75,937 11,009

Brazil . . . . . . . . . . . . . . 115,700 60,087 1,745 658 668 45,575 6,967 117,230 60,912 364 627 676 45,172 9,479

British West Indies . . . . 275,837 109,109 34,313 17,623 58,501 43,955 12,336 252,588 100,516 25,616 14,670 55,475 44,300 12,011

Chile. . . . . . . . . . . . . . . 5,461 1,315 44 265 689 2,836 312 5,408 1,227 6 67 727 2,960 421

Colombia . . . . . . . . . . . 4,969 4,280 53 33 200 295 108 5,527 4,059 34 28 166 988 252

Cuba. . . . . . . . . . . . . . . 19 - - 2 1 14 2 13 - - 1 1 11 -

Ecuador . . . . . . . . . . . . 3,079 1,978 53 76 114 854 4 2,849 1,841 74 43 152 734 5

Guatemala . . . . . . . . . . 719 449 6 17 91 139 17 621 427 2 9 75 93 15

Jamaica . . . . . . . . . . . . 222 79 103 2 25 6 7 315 167 25 1 26 88 8

Mexico . . . . . . . . . . . . . 47,883 28,452 522 1,436 1,378 8,712 7,383 49,743 28,081 150 1,352 1,228 11,272 7,660

Netherlands Antilles . . . 242,843 136,255 2,056 10,805 55,275 19,542 18,910 221,682 123,833 1,790 9,906 51,197 18,405 16,551

Panama . . . . . . . . . . . . 8,996 619 1,856 627 3,020 2,342 532 8,661 432 1,797 430 2,625 2,873 504

Peru . . . . . . . . . . . . . . . 589 29 3 30 102 98 327 952 105 - 20 106 111 610

Trinidad and Tobago . . 309 3 16 37 137 101 15 228 4 20 27 48 95 34

Uruguay . . . . . . . . . . . . 4,497 438 95 467 657 2,380 460 3,773 309 19 377 573 2,167 328

Venezuela . . . . . . . . . . 6,297 1,162 147 194 780 3,731 283 5,724 1,231 52 72 668 3,490 211

Other Latin America

and Caribbean . . . . . 10,280 944 636 1,734 892 5,819 255 10,040 873 413 1,567 890 5,991 306

Total Latin America

and Caribbean. . . . 1,084,844 446,315 68,436 53,345 193,590 261,746 61,412 1,040,504 420,936 53,601 45,279 188,027 267,845 64,816

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 44,159 38,704 3,359 482 170 1,303 141 26,730 24,251 603 225 172 1,276 203

Taiwan . . . . . . . . . . . 20,024 15,858 600 108 2,193 325 940 17,262 11,250 1,729 100 2,119 894 1,170

Hong Kong . . . . . . . . . . 149,413 100,117 2,813 3,018 7,709 12,122 23,634 140,339 85,751 1,898 1,281 8,010 15,190 28,209

India . . . . . . . . . . . . . . . 1,989 1,390 1 1 190 47 360 2,591 1,286 - 4 234 190 877

Indonesia . . . . . . . . . . . 6,823 4,978 - 4 178 265 1,398 7,009 3,789 8 - 216 1,519 1,477

Israel . . . . . . . . . . . . . . 16,689 13,907 431 271 1,162 306 612 19,060 14,452 123 61 1,547 1,368 1,509

Japan . . . . . . . . . . . . . . 603,969 447,584 18,767 10,138 35,578 34,515 57,387 555,145 406,194 11,172 4,039 35,950 30,788 67,002

Korea . . . . . . . . . . . . . . 13,068 7,942 694 251 118 2,128 1,935 14,114 5,695 637 159 187 3,545 3,891

Lebanon . . . . . . . . . . . . 432 16 1 4 265 138 8 313 14 - 5 225 57 12

Malaysia. . . . . . . . . . . . 11,756 8,212 366 16 388 224 2,550 14,189 8,800 72 15 376 1,942 2,984

Pakistan . . . . . . . . . . . . 216 9 2 1 105 22 77 223 5 - 2 95 13 108

Philippines . . . . . . . . . . 4,107 1,426 687 71 266 821 836 4,338 1,113 23 43 298 1,738 1,123

Singapore. . . . . . . . . . . 157,893 122,106 2,901 2,946 13,043 9,489 7,408 145,489 114,304 1,560 1,851 10,843 10,126 6,805

Syria. . . . . . . . . . . . . . . 73 - - - 33 20 20 75 - - - 22 27 26

Thailand . . . . . . . . . . . . 17,256 15,571 20 59 89 159 1,358 15,075 12,576 19 - 96 1,008 1,376

Other Asia . . . . . . . . . . 60,459 40,449 5,569 3,218 9,028 872 1,323 52,408 30,788 3,771 2,997 10,817 2,492 1,543

Total Asia . . . . . . . . . 1,108,326 818,269 36,211 20,588 70,515 62,756 99,987 1,014,360 720,268 21,615 10,782 71,207 72,173 118,315

Africa:

Egypt . . . . . . . . . . . . . . 1,987 1,092 481 96 256 42 20 677 70 13 104 293 33 164

Ghana . . . . . . . . . . . . . 6 - - - 1 3 2 312 - - - 1 259 52

Liberia . . . . . . . . . . . . . 1,854 517 309 98 553 315 62 1,676 362 252 106 602 291 63

Morocco . . . . . . . . . . . . 23 1 - - 17 2 3 40 1 - - 9 19 11

South Africa . . . . . . . . . 958 91 4 3 148 223 489 2,076 124 - 4 64 513 1,371

Zaire. . . . . . . . . . . . . . . 5 - - - - - 5 15 - - - - - 15

Other Africa . . . . . . . . . 1,744 589 87 38 505 158 367 1,706 648 6 31 592 95 334

Total Africa . . . . . . . . 6,577 2,290 881 235 1,480 743 948 6,502 1,205 271 245 1,561 1,210 2,010

Other countries:

Australia . . . . . . . . . . . . 63,181 32,678 207 1,009 3,703 16,003 9,581 65,695 30,150 203 1,098 4,192 19,689 10,363

All other . . . . . . . . . . . . 8,930 2,690 123 182 1,565 3,249 1,121 9,473 3,850 273 277 1,131 2,895 1,047

Total other

countries . . . . . . . . 72,111 35,368 330 1,191 5,268 19,252 10,702 75,168 34,000 476 1,375 5,323 22,584 11,410

Total foreign

countries. . . . . . . 6,283,696 3,666,066 164,972 255,844 623,069 1,117,735 456,010 6,003,388 3,419,499 116,131 177,918 609,567 1,165,706 514,567

International

and regional:

International . . . . . . . . . 53,127 51,355 170 133 129 727 613 54,866 52,745 166 96 266 915 678

European regional . . . . 376 286 37 - - 53 - 884 258 24 - - 602 -

Latin American

regional . . . . . . . . . . . 5,126 4,257 144 52 517 135 21 5,885 5,036 105 44 466 229 5

Asian regional . . . . . . . 922 609 55 18 42 28 170 1,018 762 14 22 32 14 174

African regional . . . . . . 305 247 37 12 3 - 6 287 257 15 1 1 5 8

Middle Eastern regional 1,159 1,153 - - - - 6 691 691 - - - - -

Total international

and regional. . . . . . 61,015 57,907 443 215 691 943 816 63,631 59,749 324 163 765 1,765 865

Grand total. . . . . . . 6,344,711 3,723,973 165,415 256,059 623,760 1,118,678 456,826 6,067,019 3,479,248 116,455 178,081 610,332 1,167,471 515,432

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks,

negligible before 1990, have been sustained at historically high levels in recent years. The heightened

activity in foreign securities is due largely to continuing international portfolio diversification by U.S.

institutional investors, including investment companies and public and private pension funds. The table

presents aggregate U.S. net purchases on an annual

basis for 1992 through 1996, as well as cumulative

activity during the first quarter of 1997. U.S. net purchases of foreign securities slackened considerably in the first quarter of the year,

slowing—on an annualized basis—to a rate not seen

since 1994. Net purchases of foreign bonds were the

most severely affected as U.S. investors retreated

from many major markets, including the United

Kingdom, Italy, Germany, Canada, the Bahamas,

and Brazil (down to $7.7 billion combined). These

and other sales, however, were offset by strong net

purchases recorded for several countries in Latin

America and Asia, with the largest occurring opposite Argentina (up $2.4 billion). Although down on

an annualized basis, U.S. net purchases of foreign

stocks in the first quarter were actually up somewhat

over the last two quarters of 1996. Nevertheless,

activity slowed markedly from a year ago. U.S.

investors were net sellers to foreigners in Canada and

Hong Kong ($2.2 billion combined), among others,

but showed strong increases opposite the United

Kingdom, France, the Netherlands Antilles, and Japan (up $8.1 billion combined).

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1992 1993 1994 1995 1996 Jan. - Mar. 1997

Foreign bonds . . . . . . . . . . . . . . . 15,605 80,377 9,224 48,405 48,793 4,331 

Foreign stocks . . . . . . . . . . . . . . . 32,259 62,691 48,071 50,291 57,606 11,822 

Total . . . . . . . . . . . . . . . . . . . . . 47,864 143,068 57,295 98,696 107,399 16,153 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

96 CAPITAL MOVEMENTS
INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” publishes series on foreign currency holdings of large foreign exchange market participants.

The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that

are increasingly used in establishing foreign exchange positions but were not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries,

branches, and agencies. U.S. subsidiaries of foreign entities

file only for themselves, not for their foreign parents. Filing is

required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September, or December). Such contracts

include the amounts of foreign exchange spot contracts bought

and sold, foreign exchange forward contracts bought and sold,

foreign exchange futures bought and sold, and one half the

notional amount of foreign exchange options bought and sold.

Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (“ Monthly

Consolidated Foreign Currency Report”). 

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September, or December). Exemptions from

filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports, and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports.

Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. 

Principal exchanged under cross currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal is also separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.

FOREIGN CURRENCY POSITIONS 97
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 185,589 179,299 -3,868 1.3597

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 184,547 178,465 -3,793 1.3539

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 193,433 186,530 -4,021 1.3546

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 195,378 189,808 -3,980 1.3440

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 200,442 195,772 -3,546 1.3414

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 198,034 192,177 -3,655 1.3319

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 197,919 192,336 -4,101 1.3341

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 202,676 195,233 -4,262 1.3400

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 206,168 197,536 -4,324 1.3467

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 206,705 199,560 -4,024 1.3545

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 216,752 209,803 -3,938 1.3612

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 211,001 203,638 -4,058 1.3671

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 199,602 195,542 -3,587 1.3655

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 198,796 189,189 -4,168 1.3709

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 215,282 208,922 -4,253 1.3520

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 216,543 211,043 -4,531 1.3420

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 218,529 211,535 -4,410 1.3375

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 221,560 214,167 -4,633 1.3457

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 220,800 214,130 -4,752 1.3451

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 225,242 218,541 -5,856 1.3556

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 234,884 227,690 -5,979 1.3600

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 234,075 226,823 -3,555 1.3666

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 231,047 223,704 -3,825 1.3690

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 232,867 227,448 -3,747 1.3635

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 239,583 232,261 -3,724 1.3771

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 233,123 224,459 -3,673 1.3740

1994 - Dec. . . . . . . . 170,552 168,063 42,517 44,077 11,489 11,681 11,521 9,574 -1,354 71,264 1.4030

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Apr.. . . . . . . . 192,615 192,439 59,506 55,815 14,116 15,529 18,102 14,864 -3,256 77,427 1.3621

May. . . . . . . . 193,386 195,060 51,873 48,878 15,150 15,980 18,125 15,408 -2,453 78,349 1.3690

June . . . . . . . 182,857 185,075 54,681 50,748 16,874 14,668 15,284 12,584 n.a. 80,771 1.3639

July. . . . . . . . 183,132 186,382 61,951 56,972 14,552 16,608 16,361 14,739 -3,270 88,608 1.3748

Aug. . . . . . . . 187,031 185,456 54,242 50,981 14,386 18,071 16,441 13,902 -3,879 94,258 1.3683

Sept.. . . . . . . 183,991 182,904 60,471 55,781 16,319 19,309 15,761 14,189 -3,991 91,838 1.3621

Oct.. . . . . . . . 196,696 196,600 56,750 51,801 25,352 26,888 17,160 16,129 -3,541 92,362 1.3382

Nov. . . . . . . . 198,576 196,936 51,290 45,874 18,064 19,518 19,701 18,293 -3,896 94,075 1.3517

Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,499 17,835 20,051 18,097 -3,411 94,012 1.3708

1997 - Jan.. . . . . . . . 224,209 222,930 59,023 53,315 26,134 28,049 27,697 21,215 -2,108 94,413 1.3475

Feb. . . . . . . . 229,328 229,794 62,352 54,601 29,040 32,974 32,396 21,598 -4,001 99,648 1.3683

Mar. . . . . . . . 230,960 227,862 61,518 55,317 31,069 35,781 30,308 21,894 -4,702 101,004 1.3854

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Mar. . . . . . . . 39,610 37,364 48,269 43,919 3,333 2,651 2,872 2,432 310 15,770 1.3996

 June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

 Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

 June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

 Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

 Dec. . . . . . . . 50,560 44,181 54,534 44,593 n.a. n.a. 12,470 n.a. -656 12,096 1.3708

98 FOREIGN CURRENCY POSITIONS
10/02/96. . . . . . . . . . . . . . . . . . . . . . . 1,797,709 1,794,053 2,743 1.5330

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 1,800,907 1,800,408 3,291 1.5281

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 1,829,277 1,833,526 2,748 1.5395

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 1,870,395 1,873,445 3,095 1.5217

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 1,974,410 1,979,388 4,038 1.5117

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 1,890,705 1,899,354 4,489 1.5180

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 1,900,644 1,910,335 5,442 1.5080

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 1,838,547 1,845,830 3,840 1.4965

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 1,882,593 1,887,002 2,980 1.5273

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 2,019,858 2,023,653 4,474 1.5603

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 1,900,665 1,901,744 7,198 1.5382

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 1,768,097 1,779,408 6,272 1.5523

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 1,714,698 1,720,762 6,947 1.5587

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 1,592,193 1,598,907 7,895 1.5420

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 1,766,875 1,777,210 9,162 1.5749

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 1,857,111 1,873,981 9,433 1.5875

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 1,904,753 1,910,761 8,516 1.6418

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 1,984,268 1,993,117 8,467 1.6445

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 1,898,700 1,902,791 2,843 1.6440

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,070,086 2,074,398 4,305 1.6857

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,108,081 2,111,926 4,408 1.6990

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,149,107 2,154,159 9,604 1.6896

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 2,108,812 2,111,597 6,718 1.7123

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,126,781 2,128,583 8,315 1.6937

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,107,587 2,113,493 11,413 1.6815

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,087,622 2,100,516 11,022 1.6895

1994 - Dec. . . . . . . . 1,652,725 1,656,590 171,778 173,397 186,072 172,292 214,518 256,228 14,686 195,003 1.5495

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Apr.. . . . . . . . 1,709,850 1,727,707 255,201 259,203 249,552 239,877 294,513 308,450 11,260 260,277 1.5314

May. . . . . . . . 1,773,912 1,797,102 222,262 229,276 292,005 273,891 338,745 335,329 11,753 274,582 1.5238

June . . . . . . . 1,659,045 1,671,359 223,021 229,763 359,485 283,513 396,679 332,681 7,270 281,078 1.5250

July. . . . . . . . 1,794,700 1,800,737 231,869 232,197 391,716 330,392 443,124 352,833 6,141 300,144 1.4723

Aug. . . . . . . . 1,754,494 1,767,751 229,647 226,229 329,783 333,361 334,848 351,707 -1,336 310,092 1.4829

Sept.. . . . . . . 1,782,372 1,783,403 227,809 227,095 345,904 354,079 336,344 346,679 3,500 312,998 1.5254

Oct.. . . . . . . . 1,966,283 1,978,061 238,599 236,696 359,793 358,911 358,788 368,348 3,824 327,498 1.5179

Nov. . . . . . . . 1,830,046 1,836,430 241,730 239,529 398,910 394,886 394,211 403,428 4,124 332,373 1.5389

Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 363,503 366,198 363,287 375,390 6,143 331,422 1.5420

1997 - Jan.. . . . . . . . 1,949,905 1,950,969 257,178 254,161 421,087 414,644 450,872 453,454 10,664 341,024 1.6390

Feb. . . . . . . . 2,133,166 2,134,182 278,946 272,889 741,367 438,903 663,376 483,766 6,975 350,051 1.6903

Mar. . . . . . . . 2,113,694 2,116,806 283,714 283,697 465,360 473,646 490,816 399,983 10,656 340,467 1.6750

1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Mar. . . . . . . . 301,610 273,531 107,995 105,483 30,803 32,772 41,500 31,069 -5,248 21,213 1.3746

 June . . . . . . . 275,411 273,485 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

 Sept. . . . . . . . 291,202 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280

 Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

 June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

 Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

 Dec. . . . . . . . 205,738 202,730 111,856 100,707 33,903 23,066 29,754 22,953 3,277 22,290 1.5420

SECTION II.--German Mark Positions

TABLE FCP-II-1.--Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 99
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,372 19,898 4,451 4,473 1,531 1,514 3,404 2,206 24 4,404 86.6000

 June . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

 Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

 Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

 June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

 Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

 Dec. . . . . . . . 15,669 16,566 7,292 7,053 1,371 1,408 2,023 1,525 -299 3,842 116.0000

SECTION III.--Japanese Yen Positions

TABLE FCP-III-1.--Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Yen Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 138,026 141,190 637 111.9000

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 136,803 139,804 589 111.5700

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 140,174 143,151 460 112.3300

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 139,930 142,679 359 112.9600

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 148,010 150,673 446 114.1400

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 144,165 146,647 368 114.0000

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 146,894 149,603 640 111.8000

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 148,548 151,764 730 111.6000

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 145,633 148,827 911 113.3500

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 152,333 154,977 740 113.0700

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 149,897 152,459 767 113.0600

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 147,144 149,869 857 113.7100

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 142,672 145,477 1,006 114.8000

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 137,632 140,767 845 115.9000

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 140,725 143,728 809 115.8100

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 152,706 156,178 954 116.8400

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 144,080 147,247 808 119.0800

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 157,678 160,430 676 122.1200

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 156,327 159,170 820 123.3500

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 164,136 166,768 902 124.2200

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 159,256 161,996 1,408 124.4800

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 170,532 174,046 1,660 122.1500

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 168,130 171,518 2,560 121.2500

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 169,733 173,358 1,755 122.3500

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 165,283 169,133 2,923 122.8000

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 170,333 174,310 2,933 124.2000

1994 - Dec. . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000

1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Apr.. . . . . . . . 137,749 139,788 20,951 19,785 16,428 16,056 21,436 22,288 825 40,472 105.1900

May. . . . . . . . 134,984 136,765 19,746 18,772 17,084 16,506 22,829 23,592 626 42,524 108.1500

June . . . . . . . 138,772 141,404 22,592 21,841 16,512 16,394 20,925 21,920 829 43,446 109.7500

July. . . . . . . . 143,079 146,267 22,811 21,327 18,047 17,692 21,018 21,947 838 46,173 106.8700

Aug. . . . . . . . 133,294 136,916 22,237 21,479 17,095 16,631 19,792 20,736 794 47,132 108.9100

Sept.. . . . . . . 138,367 141,200 23,785 23,069 17,736 17,378 20,419 21,566 522 49,021 111.4500

Oct.. . . . . . . . 144,238 146,793 23,741 23,325 18,919 19,131 22,339 23,462 360 51,046 114.0500

Nov. . . . . . . . 147,245 149,232 22,624 22,174 19,802 19,489 23,244 24,345 629 53,236 113.9000

Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Jan.. . . . . . . . 155,864 158,407 20,120 18,544 20,472 20,052 24,740 26,035 980 57,908 121.4800

Feb. . . . . . . . 170,186 172,914 21,114 19,720 21,845 21,273 25,345 27,312 1,627 60,382 120.2000

Mar. . . . . . . . 162,958 167,166 22,585 21,984 20,245 19,814 24,697 26,751 1,704 62,500 123.7500

100 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Apr.. . . . . . . . 372,832 379,661 24,094 25,843 43,190 37,853 45,228 48,781 7,755 100,058 1.2445

May. . . . . . . . 423,618 432,475 22,465 26,981 51,448 46,168 53,405 59,700 10,511 100,602 1.2500

June . . . . . . . 423,691 433,067 21,142 27,125 52,771 46,853 53,823 60,985 11,183 98,403 1.2545

July. . . . . . . . 457,420 468,160 19,713 24,058 59,168 51,088 66,800 70,116 10,461 97,137 1.1979

Aug. . . . . . . . 432,124 442,632 18,593 22,540 55,691 48,601 65,370 67,119 9,716 96,569 1.2025

Sept.. . . . . . . 466,024 483,498 18,455 22,058 69,534 58,796 79,794 86,809 10,254 96,957 1.2550

Oct.. . . . . . . . 506,348 520,867 21,609 24,381 67,609 61,994 78,552 81,490 7,163 99,330 1.2690

Nov. . . . . . . . 528,308 537,826 21,064 24,966 81,905 85,293 84,532 96,242 6,213 100,652 1.3045

Dec. . . . . . . . 502,668 511,997 21,527 26,206 77,532 89,178 71,096 89,416 7,492 98,205 1.3420

1997 - Jan.. . . . . . . . 564,525 572,672 22,177 27,507 69,415 63,792 88,807 91,291 6,429 100,907 1.4248

Feb. . . . . . . . 614,072 623,922 23,309 30,444 71,947 67,027 93,948 99,168 2,091 111,155 1.4789

Mar. . . . . . . . 607,486 619,793 22,881 31,196 70,971 62,805 93,667 100,915 4,440 111,081 1.4480

1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Mar. . . . . . . . 44,619 34,524 14,014 14,218 1,535 1,872 2,882 1,542 155 20,160 1.1325

 June . . . . . . . 33,662 24,077 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

 Sept. . . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550

 Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

 June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

 Sept. . . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

 Dec. . . . . . . . 45,049 54,712 13,769 15,597 3,215 2,838 4,334 4,499 -434 14,876 1.3420

TABLE FCP-IV-2.--Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

TABLE FCP-IV-3.--Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

SECTION IV.--Swiss Franc Positions

TABLE FCP-IV-1.--Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Francs Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 475,707 492,706 10,482 1.2582

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 459,990 478,757 9,764 1.2535

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 476,563 495,509 8,953 1.2677

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 468,465 486,041 8,060 1.2535

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 495,541 512,389 7,662 1.2553

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 525,336 540,835 6,709 1.2780

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 505,629 519,366 6,562 1.2718

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 523,842 535,825 6,202 1.2665

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 544,710 554,331 6,305 1.2915

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 593,782 605,595 5,709 1.3210

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 577,254 589,910 5,417 1.3105

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 541,825 558,496 8,809 1.3300

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 495,238 510,341 8,862 1.3485

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 483,602 496,654 7,724 1.3420

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 540,030 551,024 7,229 1.3648

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 541,150 557,137 8,924 1.3720

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 539,319 553,448 7,673 1.4300

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 585,426 598,590 6,880 1.4265

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 569,431 580,677 6,165 1.4238

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 599,718 612,025 6,089 1.4515

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 633,612 646,341 4,142 1.4853

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 647,675 661,365 3,604 1.4800

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 639,558 651,691 2,240 1.4819

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 649,183 660,584 2,885 1.4555

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 634,519 647,100 5,125 1.4440

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 627,633 639,631 4,681 1.4640

FOREIGN CURRENCY POSITIONS 101
10/02/96. . . . . . . . . . . . . . . . . . . . . . . 292,535 286,867 798 1.5650

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 297,420 292,406 917 1.5652

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 314,920 308,726 566 1.5840

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 310,826 303,444 -74 1.5977

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 338,590 330,410 -653 1.6328

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 346,900 340,632 -998 1.6413

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 347,545 343,964 -624 1.6593

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 344,661 341,476 -514 1.6802

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 345,591 342,476 339 1.6780

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 384,506 379,433 -458 1.6431

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 365,005 360,460 -391 1.6510

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 349,520 343,424 -644 1.6742

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 316,278 307,821 -775 1.6700

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 315,197 304,018 -387 1.7105

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 337,257 326,187 -392 1.6875

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 349,851 338,750 -874 1.6840

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 367,946 355,430 -465 1.6340

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 374,106 362,296 -707 1.6200

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 373,532 363,934 -54 1.6410

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 375,920 368,407 -80 1.6310

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 375,412 366,937 -51 1.6157

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 366,508 357,176 -255 1.6340

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 366,671 359,062 -269 1.6150

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 386,869 378,994 -204 1.5980

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 376,225 365,849 -22 1.5975

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 377,302 361,849 731 1.6285

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Apr.. . . . . . . . 290,220 287,636 67,772 71,375 36,198 35,442 28,445 32,834 1,653 53,187 1.5069

May. . . . . . . . 299,506 297,708 60,105 66,019 43,912 42,422 34,609 39,439 2,054 53,757 1.5510

June . . . . . . . 289,658 289,140 64,406 68,953 47,078 49,810 39,878 44,732 2,330 55,190 1.5518

July. . . . . . . . 300,608 298,567 64,729 66,094 42,935 43,834 40,992 43,874 615 58,977 1.5557

Aug. . . . . . . . 293,683 291,969 63,601 65,884 41,615 43,348 40,972 43,653 740 59,100 1.5614

Sept.. . . . . . . 302,300 295,350 69,562 73,519 39,435 41,821 36,067 39,788 494 58,548 1.5646

Oct.. . . . . . . . 342,988 334,369 69,099 72,923 48,323 50,299 45,937 48,445 -469 59,731 1.6265

Nov. . . . . . . . 352,406 345,749 67,155 71,503 54,005 55,727 51,282 53,361 -222 61,216 1.6812

Dec. . . . . . . . 319,811 308,666 70,639 72,805 48,830 49,889 45,236 47,500 -324 60,305 1.7120

1997 - Jan.. . . . . . . . 386,113 372,355 72,325 76,436 52,273 54,305 52,965 54,094 -200 62,506 1.6015

Feb. . . . . . . . 367,086 354,766 69,020 72,039 56,613 60,109 53,306 55,542 -309 63,558 1.6285

Mar. . . . . . . . 370,294 355,372 73,905 78,281 56,854 58,422 53,203 57,442 678 66,242 1.6392

1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,795 36,084 35,549 30,824 3,328 3,712 4,469 2,736 -239 6,389 1.6215

 June . . . . . . . 38,179 39,074 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

 Sept. . . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

 Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

 June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

 Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

 Dec. . . . . . . . 50,940 46,317 41,462 35,440 4,866 5,709 5,747 4,396 n.a. 5,117 1.7120

SECTION V.--Sterling Positions

TABLE FCP-V-1.--Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

102 FOREIGN CURRENCY POSITIONS
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing rights

(SDRs), and balances of foreign currencies. Principal sources

of income (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. “Profits (+) or losses (-) on

foreign exchange” includes realized profits or losses. “ Adjustment for change in valuation of SDR holdings and allocations”

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of Sept. 30, 1996, and Dec. 31, 1996

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

 Sept. 30, 1996, 

Assets, liabilities, and capital Sept. 30, 1996 through Dec. 31, 1996 Dec. 31, 1996

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 11,852,713 112,175 11,964,888

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 10,177,430 134,865 10,312,295

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,599,760 -5,130 6,594,630

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 9,349,718 -332,319 9,017,399

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 - 3,500,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 108,445 11,053 119,498

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 41,588,066 -79,356 41,508,710

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 59,561 -7,076 52,485

Total current liabilities. . . . . . . . . . . . . . . . . . 59,561 -7,076 52,485

Other liabilities:

Special drawing rights certificates . . . . . . . . . . . . 9,718,000 - 9,718,000

Special drawing rights allocations . . . . . . . . . . . . 7,052,261 -6,957 7,045,304

Total other liabilities . . . . . . . . . . . . . . . . . . . . . 16,770,261 -6,957 16,763,304

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 24,558,244 -65,323 24,492,921

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,758,244 -65,323 24,692,921

Total liabilities and capital . . . . . . . . . . . . . 41,588,066 -79,356 41,508,710

EXCHANGE STABILIZATION FUND 103
Current quarter Fiscal year to date 

Oct. 1, 1996, through Dec. 31, 1996 Oct. 1, 1996, through Dec. 31, 1996

Income and expense

Profit (+) or losses (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -383,066 -383,066

Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -3,874 -3,874

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,281 31,281

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,432 158,432

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,904 131,904

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,323 -65,323

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,323 -65,323

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the “Treasury Bulletin.” Data from inception to September 30,

1978, may be found on the statements published in the January 1979 “Treasury Bulletin.”

104 EXCHANGE STABILIZATION FUND
105

Page Intentionally Left Blank
106

Page Intentionally Left Blank
TABLE TF-15A.--Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

“unfunded authorizations” is the latest estimate received from

three Department of Transportation for fiscal 1996. The 24-

and 12-month revenue estimates for the highway and mass

transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

TRUST FUNDS 107
UNITED STATES LONG-TERM PORTFOLIO INVESTMENT ABROAD

Milton Pappas, Director

Outbound Portfolio Investment Survey

Office of the Assistant Secretary

for Economic Policy

I. Introduction

The United States Treasury is responsible for gathering and

providing timely and reliable information on the nation’s international financial position and on the flows of international

portfolio investment. Since the mid 1930s, the Treasury International Capital (TIC) reporting system has collected data on

all portfolio capital transactions between the United States and

foreign countries and on the level of U.S. portfolio claims and

liabilities, other than long-term securities, vis-à-vis the rest of

the world.

Since 1974, the Department of the Treasury has conducted

surveys every five years to measure the level of foreign portfolio investment in U.S. long-term securities. Currently, it is

preparing its fifth benchmark survey of foreign long-term

portfolio investment in the United States since 1974. Yet, the

last comprehensive benchmark survey of U.S. portfolio investment in foreign long-term securities was conducted more than

fifty years ago, in May 1943. 1

Since the 1943 benchmark survey, technological innovations

in the telecommunications and computer industries have radically transformed the world financial system. Moreover,

worldwide financial market reforms and liberalized national

laws governing the international flow of capital have greatly

increased investors’ access to capital markets. Based on data

from the TIC reporting system, the market value of total

transactions — purchases and sales — between U.S. and

foreign residents in all long-term securities increased almost

2,000 percent between 1981 and 1991, from $286.5 billion to

$5.7 trillion; the corresponding percentage increase in the

market value of total purchases and sales in foreign long-term

securities alone during this time period was almost 1,600

percent, from $59.5 billion to $948.6 billion. 2

Despite the tremendous growth in cross-border transactions

in all long-term securities during the 1980s, reliable estimates

of the level and composition of U.S. long-term portfolio investment abroad were not available. 3 It had become increasingly difficult for policy makers to gauge the net international

financial exposure of the United States based on reported

balance of payments statistics, especially reported international capital flows.

Moreover, it is difficult to formulate domestic economic and

financial policies, particularly if they are based on unreliable

data. Inaccurate estimates of the level of U.S. long-term portfolio investment abroad generate mistaken measurements in

the nation’s international investment position. Incorrect estimates of the level of U.S. ownership of foreign long-term

securities also produce errors in the estimation of U.S. portfolio investment income from abroad, and therefore the nation’s

current account balance and level of national income. Finally,

unreliable estimates of U.S. long-term portfolio claims on

non-U.S. residents prohibit verification of data on transactions

in foreign securities between U.S. and non-U.S. residents, and

therefore the nation’s capital account balance. Altogether,

these inaccuracies may also contribute to statistical errors and

omissions in the nation’s overall balance of payments.

In order to improve the reliability, timeliness, and usefulness

of information on the level of U.S. long-term portfolio investment abroad, the United States Treasury, in close consultation

with the Department of Commerce, the Federal Reserve Board,

the Federal Reserve Bank of New York, the Securities and

Exchange Commission, other government agencies, and the

financial community, undertook a benchmark survey of the

magnitude and composition of U.S. ownership of foreign

long-term securities.

The proposed survey was implemented to collect as much

detailed information as is economically possible on individual,

foreign long-term securities — equity and long-term debt —

owned by U.S. investors as of March 31, 1994. The statistical

results of the planned survey would be used to improve existing estimates of the U.S. international investment position, the

nation’s current account balance, and the level of national

income. The results of the survey would also help to identify

potential gaps in the reporting of data on long-term portfolio

capital account transactions between U.S. and non-U.S. residents to the TIC reporting system. 4

This report presents some preliminary conclusions from the

survey. 5

 In Section II, the methodology for implementing the

survey is discussed. In Section III, preliminary estimates of

U.S. ownership of foreign equities and long-term debt securities on March 31, 1994 are presented. The distribution of

U.S.-owned foreign equities, including U.S. ownership of

American Depositary Receipts (ADRs), and long-term debt

securities by country of issuer and currency of denomination

are also discussed in this section. 6

 In Section IV, implications

for the United States international investment position, U.S.

portfolio investment income from abroad, the U.S. current

account, and national income are assessed. Finally, in Section

V, the report concludes with some comments on Treasury’s

plan for the next benchmark survey of U.S. long-term portfolio

investment abroad.

II. Survey Methodology

To ensure that the survey would be comprehensive, the

survey universe was divided into two groups — custodians and

fund managers. Custodians were identified as entities located

in the United States who managed the safekeeping of $20

million or more in foreign long-term securities for themselves

and/or on behalf of other U.S. persons, aggregated over all

accounts, including their own and the accounts of all their

affiliates located in the United States, on March 31, 1994. 7

Fund managers were defined as entities located in the United

States who either owned and/or managed the investment in

foreign long-term securities on behalf of U.S. institutional or

private investors, aggregated over all accounts, including their

own and the accounts of all their affiliates in the United States,

whose total market value was at least $5 million on March 31,

1994. 8

To avoid double-counting, two kinds of information were

collected — detailed and summary entrustment data. Detailed

data were collected from custodians and fund managers lo108 SPECIAL REPORTS
cated in the United States on those foreign long-term securities

whose safekeeping was not entrusted or subcontracted to other

custodians or fund managers located in the United States. The

detailed data collected from this group of survey respondents

were aggregated to obtain survey estimates of the market

values of foreign long-term securities owned by U.S. persons

by country, industry, and sector of issuer; currency in which

issued; depositary status; and security type.

Summary entrustment data were collected from custodians

and fund managers located in the United States on those

foreign long-term securities whose safekeeping was entrusted

or subcontracted to other custodians or fund managers located

in the United States. The data collected from this group of

survey respondents were used to identify other U.S. custodians

and fund managers who could report detailed information on

individual foreign long-term securities on the survey.

For the purposes of the survey, foreign long-term securities

include all publicly traded and privately placed equity and

long-term debt instruments issued by governments, corporations, or other entities located outside the United States, and

all international organizations. Equities include all common

and preferred shares, subscription rights, and equity warrants;

long-term debt securities include all marketable interest bearing or discounted bonds or notes, whose original term-to-maturity from date of issue exceeds one year. In addition,

American Depositary Receipts (ADRs) are considered foreign

securities. Other depositary receipts, such as Global and International Depositary Receipts, are also considered foreign securities provided the underlying securities are not issued by

entities located in the United States. 9

In all, 3,344 custodians and fund managers participated in

the survey. Yet, over 85 percent of the detailed data that was

used to compile survey estimates was provided by less than

1.0 percent of the survey universe, primarily banks and brokerage firms operating as global custodians. 10, 11

III. Survey Results

Aggregate Results

Preliminary estimates based on detailed data collected on the

survey reveal that U.S. ownership of foreign long-term securities was $870.3 billion as of March 31, 1994. Of this amount,

$566.7 billion, or 65.1 percent, was in the form of equities, and

$303.7 billion, or 34.9 percent, was in the form of bonds. 12 Of

all the foreign equities owned by U.S. investors, about 23.3

percent, or $132.3 billion, was in the form of American Depositary Receipts (ADRs). With regard to foreign long-term

debt, about 58.3 percent of all U.S.-owned foreign bonds, or

$177.1 billion, consisted of sovereign and foreign local government debt. The percentage distribution of foreign equities

and bonds owned by U.S. investors is illustrated in figure 1.

The chart also implies that approximately 94.1 percent of all

foreign equities owned by U.S. investors, or $533.3 billion,

was in the form of ordinary shares; the remaining $33.4 billion,

or 5.9 percent, was in the form of preferred shares, equity

warrants, or composite equities. Similarly, about 89.1 percent

of all foreign long-term debt securities owned by U.S. investors, or $270.5 billion, was in the form of ordinary debt; the

remaining $33.2 billion, or 10.9 percent, was in the form of

convertible, perpetual, zero-coupon, pooled asset-backed, or

composite debt instruments. 13

Survey Results by Security Class

Foreign Equities

As of March 31, 1994, over 85 percent of all U.S. portfolio

investment in foreign equities was concentrated in thirteen

countries and the grouped Caribbean banking centers of the

Bahamas, Bermuda, the British West Indies, the Netherlands

Antilles, and Panama. The percentage distribution of foreign

equities owned by U.S. investors by county of issuer is shown

in figure 2.

The two most popular countries in which U.S. investors own

foreign equities are the United Kingdom and Japan.14 The level

of U.S. ownership of all types of equities issued by companies

in the United Kingdom reached $99.7 billion on March 31,

1994. Of this amount, over 38 percent, or $38.4 billion, was in

the form of ADRs. The corresponding level of U.S. portfolio

investment in Japanese equities was $99.4 billion, only 3.6

percent of which, or $3.6 billion, was in the form of ADRs.

Together, U.S. ownership of British and Japanese equities

represented 35.1 percent of all foreign equities owned by U.S.

investors on the benchmark survey date. 

Following the United Kingdom and Japan, the next three

most significant countries in which U.S. investors own foreign

equities are Canada, the Netherlands, and Mexico. U.S. ownership of all types of Canadian equities reached $39.7 billion

as of March 31, 1994; the corresponding levels of U.S. portfolio investment in Dutch and Mexican equities were $38.1

billion and $34.7 billion, respectively. All in all, 54.9 percent

of all U.S. portfolio investment in foreign equities was directed

to the United Kingdom, Japan, Canada, the Netherlands, and

Mexico.

Besides ADRs issued against the United Kingdom, ADRs

issued against the Netherlands and Mexico were the most

popular ADRs owned by U.S. investors on the benchmark

survey date. Almost 60 percent of all Dutch equities, or $22.7

billion, and almost 65 percent of all Mexican equities, or $22.3

billion, owned by U.S. investors were in the form of ADRs.

Together, these three countries represented 63.0 percent of all

ADRs owned by U.S. investors on the benchmark survey date.

Other significant countries to which U.S. equity investment

has been directed are France and Germany, about $25.6 billion

each; Switzerland, $21.0 billion; Hong Kong, $17.5 billion;

Australia, $16.9 billion; Italy and Spain, $13.8 billion each;

and Sweden, $11.8 billion. The aggregated level of U.S. investment in equities issued by the Caribbean banking centers,

as a group, was about $25.2 billion.

After the United Kingdom, the Netherlands, and Mexico,

U.S. ownership of ADRs was fairly uniformly distributed

across a number of countries. The most prominent of these

countries are Spain, at $5.0 billion; Switzerland, at $4.4 billion; and Argentina, at $4.3 billion. Other top countries include

Japan, at $3.6 billion; France, at $3.5 billion; Sweden, at $3.4

billion; South Africa, at $3.3 billion; Australia, at $2.9 billion;

Germany, at $2.6 billion; and Hong Kong, at $2.5 billion. All

in all, U.S. ownership of ADRs issued against companies in

these thirteen countries constituted about 90 percent of all

ADRs owned by U.S. investors. The percentage distribution

of ADRs owned by U.S. investors by country of issuer is

illustrated in figure 3.

Foreign Bonds

As of March 31, 1994, thirteen countries and the various

international and regional organizations around the world accounted for over 85 percent of all U.S. portfolio investment in

foreign bonds. Moreover, almost 85 percent of these securities

were issued in one of the G-7 currencies.15 The percentage

distributions of U.S.-owned foreign bonds by country of issuer

and by currency in which issued are shown in figures 4 and 5.

The most popular foreign long-term debt instruments owned

by U.S. investors were issued by private and public entities in

SPECIAL REPORTS 109
Canada. U.S. ownership of all types of long-term Canadian

debt reached about $68.5 billion on March 31, 1994. The

second most popular foreign long-term debt securities owned

by U.S. investors are Japanese. U.S. ownership of Japanese

long-term debt securities on March 31, 1994 was $31.8 billion.

Together, U.S. ownership of Canadian and Japanese long-term

debt instruments represented 33.1 percent of all foreign bonds

owned by U.S. investors on the benchmark survey date.

Following Canada and Japan, the next five most significant

countries in which U.S. investors own foreign bonds are Germany, the United Kingdom, Italy, Mexico, and France. U.S.

ownership of all types of German long-term debt securities

reached $22.1 billion as of March 31, 1994; the corresponding

levels of U.S. portfolio investment in long-term debt instruments issued by private and public entities in the United

Kingdom and Italy were $19.8 billion and $17.8 billion, respectively; and about $16.8 billion each in Mexican and

French bonds. All in all, 63.8 percent of all U.S. portfolio

investment in foreign long-term debt securities was concentrated in the non-U.S. G-7 countries and Mexico. 16

The remaining significant countries to which U.S. long-term

debt investment has been directed are Spain, $10.8 billion;

Sweden, about $10.2 billion; Australia, $9.7 billion; the Netherlands, $9.5 billion; Argentina, $8.7 billion; and Denmark,

$8.1 billion. The aggregated level of U.S. investment in longterm debt instruments issued by international and regional

organizations around the world, as a group, was about $9.7

billion.

With respect to the currency composition of U.S.-owned

foreign bonds, almost fifty percent of all foreign long-term

debt securities owned by U.S. investors on the benchmark

survey date, or $145.3 billion, was denominated in U.S. dollars. The second most significant foreign currency in which

foreign bonds were held was the Japanese yen. On March 31,

1994, U.S. ownership of yen-denominated long-term debt was

$30.5 billion. Together, U.S. dollar- and Japanese yen-denominated long-term debt constituted almost 60 percent of all

foreign bonds owned by U.S. investors on the benchmark

survey date.

The next two most significant currencies in which U.S.

investors owned foreign bonds were the German mark and the

Canadian dollar, at $22.0 billion and $20.7 billion, respectively. The other significant currencies were the Italian lira, at

$13.7 billion; the British pound, at $13.0 billion; the French

franc, at $11.8 billion; and the Spanish peseta, at $10.3 billion.

All in all, 88 percent of all foreign long-term debt instruments

owned by U.S. investors on the benchmark survey date was

denominated in one of the G-7 currencies or the Spanish

peseta.

IV. Policy Significance

As a result of the current survey, the Bureau of Economic

Analysis (BEA) at the U.S. Department of Commerce is revising historical data on the U.S. ownership of foreign long-term

securities and is incorporating these revisions in its year-end

estimates of the nation’s international investment position

back to the mid 1980s. BEA is also using the survey results to

amend its historical estimates of U.S. portfolio investment

income from abroad, and therefore its estimates of the U.S.

current account balance and national income over the same

time period. These statistical revisions will appear in the July

1997 issue of the Survey of Current Business.

For the purposes of this report, the survey data are used to

assess their impact on prevailing assumptions about 1993- and

1994 year-end levels of U.S. long-term portfolio investment

abroad, and therefore U.S. international investment positions,

abstracting from any price or exchange rate changes during

1994. Survey data are also examined to weigh their impact on

estimated U.S. long-term portfolio investment income from

abroad, and therefore the measured U.S. current account deficit and national income, in 1994. The results of this analysis

follow.

U.S. International Investment Position

Using March 31, 1994 as a benchmark, subtracting net U.S.

purchases of foreign bonds and equities during the first quarter

of 1994 yields approximate estimates of the market values of

U.S.-owned foreign bonds and equities at year-end 1993.

Similarly, cumulating net U.S. purchases of foreign bonds and

equities forward since the end of the first quarter of 1994 yields

rough estimates of the year-end market values of U.S.-owned

foreign bonds and equities for 1994.

The calibration of estimated market values of U.S.-owned

foreign securities adds approximately $301.9 billion and

$353.6 billion to the year-end estimated market values of

U.S.-owned assets abroad in 1993 and 1994, respectively. 17

This suggests that year-end measures of U.S. international

debtor positions for these two years would, on average, be

$327.8 billion lower than previously estimated. 18 Revised

year-end estimates of the market values of U.S.-owned foreign

bonds and equities and the U.S. international investment position for 1993-1994 are shown in the table at the end of the

report. 19

U.S. Current Account Balance and National Income

At current market rates of return, 20 estimates of U.S. dividend income from the ownership of foreign equities would

have been roughly eighty percent higher in 1994 than previously estimated, adding an estimated $6.0 billion to the level

of national income in 1994. Correspondingly, U.S. interest

income from the ownership of foreign bonds would have been

close to twenty-five percent higher, adding an estimated $4.8

billion to the level of national income in 1994. This implies

that the higher estimated values of U.S. investment income

from abroad in 1994 would have lowered the estimated U.S.

current account deficit and raised estimated national income

by about $10.8 billion that year. 21

V. Conclusion

The United States Treasury has a legal mandate for gathering

and providing timely and reliable information on the nation’s

international financial position and on the flows of international portfolio investment Although data on international

securities transactions between the United States and foreign

countries are collected monthly, accurate estimates of the U.S.

investment position require periodic benchmark surveys.

The last benchmark survey of U.S. ownership of foreign

long-term securities was conducted over fifty years ago, in

May 1943. The results of that survey revealed that an overwhelming 64.2 percent of all foreign stocks and bonds owned

by U.S. investors were issued by Canadian firms and government institutions and that 68.9 percent of all U.S.-owned

foreign bonds were denominated in U.S. dollars. 22

It would be an understatement to say that the world and

global financial markets, in particular, have been radically

transformed since 1943. During the last ten years alone, worldwide financial market reforms and liberalization of national

laws governing international capital flows, fostered by innovations in the telecommunications and computer industries,

have resulted in the rapid growth and diversification of U.S.

portfolio investment abroad.

110 SPECIAL REPORTS
By December 31, 1996, the level of United States portfolio

investment in foreign long-term securities reached $1.1 trillion, compared to $3.7 billion on May 31, 1943. 23 Moreover,

U.S. ownership of foreign securities became considerably

more diversified both across countries and currencies since

1943. Based on current survey data, no single country accounted for a disproportionate share of total U.S. holdings of

foreign securities. The largest concentrations of U.S. portfolio

investment in foreign securities were in Japan, with 15.1

percent of total holdings; the United Kingdom, with 13.7

percent; and Canada, with 12.4 percent.

And, the currency composition of U.S.-owned foreign debt

has also become more diversified since 1943. The percentage

share of U.S. dollar-denominated foreign bonds owned by U.S.

investors declined, to 47.9 percent by March 31, 1994; U.S.

investors now hold foreign bonds that are denominated in a

variety of foreign currencies. The most notable foreign currencies being: the Japanese yen, with 10.0 percent of total holdings; the deutschemark, with 7.2 percent; and the Canadian

dollar, with 6.8 percent.

The survey results have also led to revised assumptions

about historical measures of U.S. current account deficits and

the nation’s international debtor position. Using survey data to

calibrate year-end market values of U.S.-owned foreign securities means that year-end measures of U.S. international debtor positions would, on average, be lower than previously

estimated. And, at current market rates of return, estimates of

U.S. portfolio investment income from the ownership of foreign bonds and equities would, on average, be higher; suggesting that, measured U.S. current account deficits would be

lower than previously estimated. 24

To continue to provide timely and reliable information on

the level and composition of the nation’s international financial position and on the flows of international portfolio investment, the Department of the Treasury is currently preparing its

second benchmark survey of U.S. long-term portfolio investment abroad since May 1943. In addition to providing information that the current survey has provided, the second survey

will provide the TIC reporting system with the necessary

benchmark it needs to evaluate the accuracy and completeness

of data it collects on the purchases and sales of foreign securities between U.S. and non-U.S. residents. That survey will

measure U.S. ownership of foreign long-term securities as of

December 31, 1997.

Endnotes

1

 Long-term securities have an original contractual maturity greater than one

year, or as in the case of equities no stated maturity. On the other hand,

short-term debt instruments are defined as investment vehicles having an

original contractual maturity of one year or less.

2

 1991 was the year the Department of the Treasury decided to secure a current

benchmark of the market value of U.S.-owned foreign long-term securities.

Since then, the market value of total transactions between U.S. and foreign

residents in all long-term securities increased another 219.8 percent, to $12.4

trillion in 1996; the corresponding percentage increase in the market value of

total transactions in foreign long-term securities alone increased another 343.4

percent, to $3.3 trillion. 3

 To obtain current market value estimates of U.S.-owned foreign long-term

securities beyond the 1943 benchmark survey year, the Commerce Department’s Bureau of Economic Analysis (BEA) adjusts cumulated net U.S.

purchases of foreign long-term securities, as reported on a highly aggregated

basis under the TIC reporting system, for changes in local currency prices and

exchange rates. Over time, substantial errors in these estimates will almost

certainly accumulate, especially since market valuation adjustments are based

on movements in broad foreign stock and bond market exchange indices.

Moreover, geographic information that the TIC reporting system collects is

based on the residence of the transactor, not the issuer of the foreign security;

consequently, detailed information on the country — or industry of issuer, or

currency in which a long-term debt security is issued, is not available.

4

 A supplementary survey of U.S. portfolio claims — principally in the form

of deposits, loans, and miscellaneous financial assets — on foreigners as of

March 31, 1994, the “Claims Survey” for short, was also conducted to

accompany the current survey. The Claims Survey, which was conceived as

part of Treasury’s overall efforts to improve the completeness and accuracy of

reported information on all international capital account transactions, identified $74.7 billion in net additional claims on foreigners that were not previously reported to the TIC reporting system as of the survey date. The results

from the Claims Survey appeared in “Report on the Survey of Selected Foreign

Financial Assets,” Treasury Bulletin, March 1996, pp. 69-71. 5

 A final, more detailed discussion of the survey results will be published later

this year.

6

 ADRs are issued to facilitate trading in foreign securities; they are negotiable

certificates issued by depositaries in the United States, representing an ownership interest in a specified number of foreign equity shares.

7

 For the purposes of this survey, central securities depositories were not

regarded as custodians.

8

 To avoid double-reporting of information, institutional investors who owned

$5 million or more in foreign long-term securities on March 31, 1994 but

employed U.S. fund managers to manage their investments in these securities

simply identified them without reporting any information on their holdings.

9

 To avoid double reporting of foreign securities, depositary institutions were

instructed not to report on their holdings of any securities underlying depositary receipt programs.

10 This is not entirely surprising. Based on extensive research into the organization of the market for global custody, it was expected that as much as eighty

to ninety percent of the required data for the successful execution of the

proposed survey would be reported by global custodians located in the United

States. Reportedly, more than 90 percent of all global custody arrangements

on behalf of U.S. investors are made through U.S. global custodians; it is rather

uncommon for U.S. investors to contract directly with foreign global custodians for the safekeeping of their foreign securities.

There are several reasons for this. First, there are significant economies of

scale in global custody operations; consequently, it is more economical for

institutional as well as private investors to entrust their foreign long-term

securities to global custodians for safekeeping. Second, technological innovations in the telecommunications and computer industries, originating in the

United States during the last twenty years, have given U.S. global custodians

a competitive edge in the global custody market.

11 Global custodians are responsible for administering the safekeeping of their

clients’ international portfolio investments via an extensive network of subcustodians — foreign subsidiaries and affiliates, correspondent agent banks,

and central securities depositories — around the world. These subcustodians,

in turn, manage the actual safekeeping of the foreign securities — on behalf

of global custodians — in the various local markets.

12 The sum of the market values of foreign bonds and equities is slightly less

than the total market value of all foreign long-term securities due to rounding. 13 Composite securities are two or more securities that are packaged and traded

together as a composite unit, such as an ordinary bond cum warrant.

14 The United Kingdom includes the Channel Islands (principally Guernsey

and Jersey) and the Isle of Man.

15 The G-7 currencies include the Canadian dollar, the French franc, the

German mark, the Italian lira, the Japanese yen, the British pound, and the

U.S. dollar.

16 The non-U.S. G-7 countries include Canada, France, Germany, Italy, Japan,

and the United Kingdom.

17 The estimates of $301.9 billion and $353.6 billion are obtained by subtracting BEA’s published estimates for year-end market values of U.S.-owned

assets abroad in 1993 and 1994, $550.6 billion and $556.2 billion, from

estimated year-end market values of U.S.-owned foreign securities derived

from the current survey, $852.5 billion and $909.8 billion, respectively. The

estimate of $852.5 billion is derived by subtracting net U.S. purchases of

SPECIAL REPORTS 111
foreign securities during the first quarter of 1994 from $870.3 billion, the

market value of U.S.-owned foreign securities on March 31, 1994. The

estimate of $909.8 billion is derived by adding net U.S. purchases of foreign

securities during the second, third, and fourth quarters of 1994 to $870.3

billion. BEA’s estimates were published in the July 1996 issue of the Survey of

Current Business. 18 The amount by which year-end estimated market values of U.S.-owned

foreign assets would increase and measures of U.S. international debtor

positions decrease could be over- or understated, since the calibration of

estimated year-end market values of U.S.-owned foreign bonds and equities

abstracts from any price or exchange rate changes during 1994.

19 Estimates of the United States international investment position do not take

into account any other data improvements or revisions BEA plans to make.

20 The assumed 1994 global market rates of return for U.S. portfolio investment in foreign equities and bonds are 2.45 percent and 8.45 percent, respectively. These average market rates of return were applied to 1993 year-end

U.S. holdings of foreign bonds and equities to obtain estimates of U.S.

portfolio investment income in 1994.

21 The amount by which estimated U.S. portfolio investment income from

abroad would increase in 1994, the U.S. current account deficit decrease, and

national income increase could be over- or understated, since the calibration

of estimated 1993 year-end market values of U.S.-owned foreign bonds and

equities abstracts from any price or exchange rate changes during the first

quarter of 1994.

22 United States Department of the Treasury, Census of American-Owned Assets

in Foreign Countries, United States Government Printing Office, Washington:

1947, pp. 80-81 and 83.

23 The estimate of $1.1 trillion results from adding cumulated net U.S.

purchases of foreign securities since the benchmark survey date to $870.3

billion, the market value of U.S.-owned foreign securities on March 31, 1994,

without adjusting for any price or exchange rate changes since then.

24 Since investment income is a component of national income, measured

national income would also be somewhat higher.

U.S. Ownership of Foreign Securities and International Investment Position

at Year-End, 1993-1994

(In billions of dollars.)

Year-End Foreign bonds Foreign equities All foreign securities

U.S. international investment

position

1993 . . . . . . . . . . . . . . . . . . . . . . 305.1 547.4 825.5 -110.6

1994 . . . . . . . . . . . . . . . . . . . . . . 314.3 595.5 909.8 -138.9

Figure 1: U.S. Ownership of Foreign Securities

Percentage Distribution by Security Class

as of March 31, 1994

Figure 2: U.S. Ownership of Foreign Equities

Percentage Distribution by Country

as of March 31, 1994

112 SPECIAL REPORTS
Figure 4: U.S. Ownership of Foreign Bonds

Percentage Distribution by Country

as of March 31, 1994

Figure 5: U.S. Ownership of Foreign Bonds

Percentage Distribution by Currency

as of March 31, 1994

Figure 3: U.S. Portfolio

Investment in ADR Programs

Percentage Distribution by Country

as of March 31, 1994

SPECIAL REPORTS 113
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9001. “Some Economic Aspects of the U.S. Health Care System.” James E. Duggan. August 1990.

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633.

114 TECHNICAL PAPERS
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)—Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds—

meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)—Includes all

issues by the Bureau of the Mint purposely intended as a

medium of exchange. Coins sold by the Bureau of the Mint at

premium prices are excluded; however, uncirculated coin sets

sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis.

The average discount rate is the weighted, or adjusted, average

of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress

passes laws giving budget authority to Government entities,

which gives the agencies the power to spend Federal funds.

Congress can stipulate various criteria for the spending of these

funds. For example, Congress can stipulate that a given agency

must spend within a specific year, number of years, or any time

in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period

of time during which Congress makes funds available may be

specified as 1-year, multiple-year, or no-year. The available

amount may be classified as either definite or indefinite; a

specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit—The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)—Marketable Treasury bills

of irregular maturity lengths, sold periodically to fund shortterm cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other

issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—A

bid to purchase a stated amount of one issue of Treasury

securities at a specified yield or discount. The bid is accepted

if it is within the range accepted in the auction. (See Noncompetitive tenders.)

Coupon issue—The issue of bonds or notes (public debt).

Currency no longer issued (USCC)—Old and new series gold

and silver certificates, Federal Reserve notes, national bank

notes, and 1890 Series Treasury notes.

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not

included in accrued discount.

Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of March 1997, the debt

limit was $5,500,000 million; the limit may change from year

to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount—The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)—The difference between par value and

the actual purchase price paid, annualized over a 360-day year.

Because this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any comparison with

coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver

coins.

Domestic series (FD-2)—Nonmarketable, interest and non-interest-bearing securities issued periodically by Treasury to the

Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their

member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve

notes—amounts outstanding” consists of new series issues.

The Federal Reserve note is the only class of currency currently issued.

Foreign (“Foreign Currency Positions,” IFS-2, -3)—Locations

other than those included under the definition of the United

States. (See United States.)

Foreigner (“Capital Movements,” IFS-2)—All institutions

and individuals living outside the United States, including U.S.

citizens living abroad, and branches, subsidiaries, and other

affiliates abroad of U.S. banks and business concerns; central

governments, central banks, and other official institutions of

countries other than the United States, and international and

regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by

reporting institutions to be acting for foreigners.

Foreign official institutions (“Capital Movements”)—Includes central governments of foreign countries, including all

departments and agencies of national governments; central

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

115
of a treasury, central bank, or stabilization fund; diplomatic and

consular establishments of foreign national governments; and

any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes

foreign official institutions, as defined above, the corporations

and agencies of foreign central governments, including development banks and institutions, and other agencies that are

majority-owned by the central government or its departments;

and state provincial and local governments of foreign countries

and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues

were notes sold between October 1984 and February 1986 to

foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international

organizations in which the United States held membership.

Sold as companion issues, they could be converted to domestic

(normal) Treasury notes with the same maturity and interest

rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations of

50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and

the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund group

(either Federal funds or trust funds) to a receipt account in

another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the

budget, or when payment is made from off-budget Federal

entities whose budget authority and outlays are excluded from

the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The value

of outstanding savings bonds and notes that have reached final

maturity and no longer earn interest. Includes all Series A-D,

F, G, J, and K bonds. Series E bonds (issued between May 1941

and November 1965), Series EE (issued since January 1980),

Series H (issued from June 1952 through December 1979), and

savings notes issued between May 1967 and October 1970

have a final maturity of 30 years. Series HH bonds (issued

since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate

or yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are

excluded from the budget totals under provisions of law. Their

receipts, outlays, and surplus or deficit are not included in

budget receipts, outlays, or deficits. Their budget authority is

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or

notes, or the maturing of interest coupons.

Own foreign offices (“Capital Movements”)—Refers to U.S.

reporting institutions’ parent organizations, branches and/or

majority-owned subsidiaries located outside the United States.

Par value—The face value of bonds or notes, including interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several “coupon”

security issues on the 15th of February, May, August, and

November, or on the next working day. These issues currently

consist of a 3-year note, a 10-year note, and a 30-year bond.

Treasury sometimes offers additional amounts of outstanding

long-term notes or bonds, rather than selling new security

issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)—The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” IFS1)—International assets created by IMF that serve to increase

international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible

holders through IMF. (See IMF.)

 SDR allocations are the counterpart to SDRs issued by IMF

based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they

must be redeemed by ESF only in the event of liquidation of,

or U.S. withdrawal from, the SDR department of IMF or

cancellation of SDRs.

 SDR certificates are issued to the Federal Reserve System

against SDRs when SDRs are legalized as money. Proceeds of

monetization are deposited into an ESF account at the Federal

Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays.

State and local government series (FD-2)—(SLUGs) Special

nonmarketable certificates, notes, and bonds offered to State

and local governments as a means to invest proceeds from their

own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both

Glossary

116
time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10

years and bonds mature in more than 10 years. Demand deposit

securities are 1-day certificates rolled over with a rate adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest

and Principal Securities. Long-term notes and bonds may be

divided into principal and interest-paying components, which

may be transferred and sold in amounts as small as $1,000.

STRIPS are sold at auction at a minimum par amount, varying

for each issue. The amount is an arithmetic function of the

issue’s interest rate.

Treasury bills—The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (“Federal Fiscal Operations”)—An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)—Legal tender notes of five different issues:

1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000

notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

Glossary

117