MARCH 1996

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (POE.pdf). . . . . . . . . . . . 3

FEDERAL FISCAL OPERATIONS

FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FFOTXT.pdf) . . . . . . . . 7

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FFOTXT.pdf) . . . . . . . . 7

Analysis.--Summary of budget results for the first quarter of fiscal 1996; fourth-quarter receipts . . (FFOTXT.pdf) . . . . . . . . 8

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FFOTBLS.pdf) . . . . . . 10

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FFOTBLS.pdf) . . . . . . 11

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FFOTBLS.pdf) . . . . . . 13

FFO-4.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . (FFOTBLS.pdf) . . . . . . 15

FEDERAL OBLIGATIONS

FO-1.--Gross obligations incurred within and outside the Federal Government by object class . . . . (FO.pdf) . . . . . . . . . . . . 16

FO-A.--Chart: Gross Federal obligations incurred outside the Federal Government . . . . . . . . . . . . . (FO.pdf) . . . . . . . . . . . . 17

FO-B.--Chart: Total gross Federal obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FO.pdf) . . . . . . . . . . . . 17

FO-2.--Gross obligations incurred outside the Federal Government by department or agency . . . . . (FO.pdf) . . . . . . . . . . . . 18

ACCOUNT OF THE U.S. TREASURY

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . (UST.pdf) . . . . . . . . . . . 20

FEDERAL DEBT

FD-1.--Summary of Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 23

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 24

FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 25

FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 26

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt

 held by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 27

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDTABLS.pdf). . . . . . 27

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies. . . . (FDTABLS.pdf). . . . . . 28

FD-A.--Chart: Average length of marketable debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FDCHARTS.pdf) . . . . 30

FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . (FDCHARTS.pdf) . . . . 31

PUBLIC DEBT OPERATIONS

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TREASFIN.pdf) . . . . . 32

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

 regular weekly and 52-week Treasury bills outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . (PDO1.pdf) . . . . . . . . . 35

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (PDO2-3.pdf). . . . . . . . 42

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . (PDO2-3.pdf). . . . . . . . 44

PDO-4A.--Allotments by investor classes for public marketable securities other than bills . . . . . . . (PDO-4.pdf). . . . . . . . . 47

PDO-4B.--Allotments by investor classes for public marketable securities for bills other than

 regular weekly series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (PDO-4.pdf). . . . . . . . . 49

U.S. SAVINGS BONDS AND NOTES

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (SBN.pdf). . . . . . . . . . . 50

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . (SBN.pdf). . . . . . . . . . . 50

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . (SBN.pdf). . . . . . . . . . . 51

OWNERSHIP OF FEDERAL SECURITIES

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . (OFS.pdf). . . . . . . . . . . 53

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . (OFS.pdf). . . . . . . . . . . 54

Contents
MARKET YIELDS

MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . (MY.pdf). . . . . . . . . . . . 55

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (MY.pdf). . . . . . . . . . . . 56

MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds by period . . . . . . . . (MY.pdf). . . . . . . . . . . . 57

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . (MY.pdf). . . . . . . . . . . . 60

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . (USCC.pdf) . . . . . . . . . 61

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals (USCC.pdf) . . . . . . . . . 62

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (IFS.pdf). . . . . . . . . . . . 65

IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (IFS.pdf). . . . . . . . . . . . 66

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

 and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (IFS.pdf). . . . . . . . . . . . 67

CAPITAL MOVEMENTS

Report on the Survey of Selected Foreign Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 69

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 72

CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 73

CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 74

CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 76

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

 with respect to selected countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-1.pdf). . . . . . . . . . 78

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 79

CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 80

CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 82

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 84

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

 with respect to selected countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 85

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

 IN THE UNITED STATES

CM-IV-1.--Total liabilities and claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 86

CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 87

CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 89

CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 91

CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-2-4.pdf) . . . . . . . . 93

CM-C.--Chart: Net foreign purchases of long-term domestic securities by selected countries . . . . . (CM-2-4.pdf) . . . . . . . . 95

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 . . . . . . . . . . . . . . . (CM-5.pdf). . . . . . . . . . 96

CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . (CM-5.pdf). . . . . . . . . . 96

IV

Contents
CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . (CM-5.pdf). . . . . . . . . . 97

CM-V-4.--Foreign purchases and sales of long-term securities, 

 by type and country (fourth quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-5.pdf). . . . . . . . . . 99

CM-V-5.--Foreign purchases and sales of long-term securities,

 by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CM-5.pdf). . . . . . . . . 101

CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . (CM-5.pdf). . . . . . . . . 103

FOREIGN CURRENCY POSITIONS

CANADIAN DOLLAR POSITIONS

FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 105

FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 105

FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 105

GERMAN MARK POSITIONS

FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 106

FCP-II-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 106

FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 106

JAPANESE YEN POSITIONS

FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 107

FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 107

FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 107

SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 108

FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 108

FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 108

STERLING POSITIONS

FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (FCP.pdf) . . . . . . . . . . 109

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

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

EXCHANGE STABILIZATION FUND

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ESF.pdf) . . . . . . . . . . 110

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ESF.pdf) . . . . . . . . . . 111

SPECIAL REPORTS

STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS

SLOFC-1.--Summary of liabilities of the United States Government. . . . . . . . . . . . . . . . . . . . . . . . . (SLOFC.pdf) . . . . . . . 115

SLOFC-A.--Chart: Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (SLOFC.pdf) . . . . . . . 115

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1994 

(EXCERPTED)

United States Government Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 116

United States Government Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 117

Chart: Revenues and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 118

Chart: Sources of revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 118

Chart: Categories of expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 118

Chart: Major categories of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 119

Chart: Assets, liabilities, and accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 119

Chart: Gross accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 120

 V

Contents
Chart: Gross loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 120

Chart: Commitments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 121

Chart: Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 121

Chart: Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 122

Chart: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 122

Chart: Types of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (CFS94.pdf) . . . . . . . . 122

TRUST FUNDS

TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 123

TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 124

TF-12.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 125

TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 127

TF-14.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 128

TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 129

TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 130

TF-17.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 131

TF-18.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 132

TF-19.--Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 133

TF-D.--Chart: Major trust funds, interest on investments, fiscal 1994 and 1995. . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 134

TF-E.--Chart: Major trust funds, receipts and outlays, fiscal 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 134

TF-20.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 135

TF-21.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 137

TF-22.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 138

TF-23.--National Recreational Trails Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (TRUSTFND.pdf) . . . 139

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (RPINDEX.pdf). . . . . 140

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (GLOSSARY.pdf) . . . 141

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

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

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

VI

Contents
Nonquarterly Tables and Reports

For the convenience of the ‘‘Treasury Bulletin’’ user, nonquarterly tables and reports

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

√

(Published following the release of the CFS)

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VI
Profile of the Economy

Real gross domestic product

GROWTH IN REAL GROSS DOMESTIC PRODUCT (GDP) moderated in 1995 from very high rates at the end of 1994.

Growth totaled 1.4 percent over all of 1995, based on the

new featured chain-weighted measure of real GDP. It is expected to sustain a modest expansionary pace that is consistent with low inflation.

GDP grew at a very sluggish 0.5 percent rate in the first

half of 1995 before accelerating to 3.6 percent in the third

quarter, due to improved consumer and investment spending. Business investment spending rose at a 5.2 percent

pace, while residential investment increased at a 9.2 percent

rate after declining in four previous quarters.

In the fourth quarter, growth slowed sharply to a 0.9 percent rate. Consumer spending moderated, and slowdowns

occurred in industrial production, employment, and housing

construction. Federal purchases were cut sharply by the

shutdown. Some boost to growth was provided by improvement in the deficit balance in net exports, and by strong

equipment investment.

Inflation, as measured by the chain-weighted price index

for GDP, increased at a 2.2 percent annual rate in the fourth

quarter, well below the 2.9 percent gain averaged during the

first half. Prices paid by U.S. residents, excluding those for

exports and including those for imports, rose at just a 2.0

percent rate, mainly due to lower oil prices.

Consumer and producer prices

Inflation remained subdued as 1995 came to a close. The

consumer price index (CPI) rose by only 2.5 percent during

the entire year, down from 2.7 percent during both 1993

and 1994 and the second smallest increase since the mid1960’s; an oil price collapse in 1986 held consumer price inflation to only 1.1 percent that year. Contributing to the

favorable performance during 1995 were a 1.3 percent decline in energy prices and a modest 2.1 percent rate of advance in food prices. Core inflation, or the CPI less food

and energy, accelerated to a 3.0 percent annual rate during

1995 from only 2.6 percent over all of 1994, but that had

been the smallest rise since 1965.

The producer price index (PPI) for finished goods rose by

2.2 percent over the 12 months of 1995, up from increases

of 0.2 percent during 1993 and 1.7 percent for 1994. The

core finished goods index showed similar acceleration to

2.5 percent during 1995, but even that remains quite low.

The cost of compensating labor also shows no sign of

wage pressures. The employment cost index (ECI) rose by

only 2.9 percent during 1995, the smallest increase for any

year going back to the early 1980’s, when the series first became available.

Real disposable personal income and consumer spending

Real disposable (after tax) personal income grew at a

healthy rate in the fourth quarter of last year, almost matching the 3-1/2 percent annual rate of increase in the third

quarter. Through all of 1995, real income grew by roughly

2-1/2 percent, well above the 1 percent increase in 1994.

While income maintained a steady pace in the final

months of 1995, real consumer spending moderated. Consumption expenditures increased by almost 3 percent at an

annual rate in the third quarter, but well below that in the

fourth. Holiday sales were generally lackluster, but sales of

new cars and light trucks were very strong in December.

Part of that strength was due to special dealer incentives,

however, and car sales dropped back sharply in January.

The share of after-tax income devoted to personal saving

averaged just under 5 percent in the fourth quarter and 4.4

percent over all of 1995. This compares with readings of

3.8 percent in 1994 and 4.5 percent in 1993.

Industrial production and capacity utilization

Growth of industrial production in manufacturing, mining, and utilities slowed to only about 1 percent over the

course of 1995, after expanding by 6-1/2 percent during

1994. In January 1996, output fell by 0.6 percent from December, in part because severe winter storms shut down

many businesses.

The softer market for motor vehicles and other consumer

goods has also put a crimp in activity. Output of business

equipment, excluding autos and trucks, remains strong and

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Excluding food and energy

|

— Total

Excluding food and energy

|

Producer Prices*

(Percent change from a year earlier)

— Total

 *Year tick marks correspond with June data.

3
continued to grow in January. Overall, production in January was at about the same level as it had been a year earlier.

The sluggishness in industrial output has allowed the industrial capacity utilization rate to retreat from a 15-year

high of 85.1 percent reached in January 1995 to 81.9 percent in January 1996. This was the first time that the utilization rate had dipped below its long-term average of 82.0

percent since November 1993.

Employment and unemployment

Job growth slowed in 1995 after accelerating in 1994,

when employment growth as measured by the survey of

nonfarm establishments averaged 294,000 a month, totaling

3-1/2 million new jobs over the entire year. In 1995, the

pace slowed to 146,000 a month.

Weakness in manufacturing has held down overall job

growth. Factory jobs fell by 253,000 between March and

November after steady gains since early 1994. The private

service-producing sector continued to add large numbers of

new jobs in 1995, but at a much slower pace than the year

before. Increases in this sector averaged 215,000 per month

in 1994, but only 141,000 per month in 1995.

Employment weakened in early 1996, but severe weather

and the Federal Government shutdown may have distorted

the results. Employment dropped by 201,000 in January,

and the workweek was cut sharply. These losses may be reversed in later months.

After dipping to a recent low of 5.4 percent in February,

the unemployment rate has hovered between 5.5 and 5.8

percent for several months. This is well below levels at the

start of 1994 and is quite low by historical standards.

Nonfarm productivity and unit labor costs

Nonfarm productivity, or real output per workhour, rose

at a 1.4 percent annual rate in the third quarter, and by an

average of a 1.1 percent pace over the first three quarters of

1995. Productivity had risen 0.7 percent during 1994. The

latest figures are weaker than previously published because

they have been revised to incorporate an improved measure

of output, introduced recently in the GDP accounts. Productivity growth so far during the 1990’s has averaged a 1.0

percent annual rate on the new basis, the same as during the

1980’s, but down from 1.9 percent during the 1970’s and

2.9 percent during the 1960’s.

Hourly compensation costs rose at a 4.3 percent annual

rate during the first three quarters of 1995, up from 2.9 percent during 1994. As a result, labor costs per unit of output

in the nonfarm sector accelerated a bit to a 3.1 percent pace

during the first three quarters of 1995 from about 2 percent

during 1993 and 1994.

Productivity in manufacturing, a component of the nonfarm sector, remains a source of strength. Factory productivity was up at a 4.0 percent pace over the first three quarters

of 1995 and unit labor costs continued to fall for a second

straight year.

Current account balance

The current account balance is the most comprehensive

measure of U.S. international transactions. The current account deficit has widened sharply since 1991, to $151 billion in 1994 and $162 billion at an annual rate in the first

three quarters of 1995. Much of this reflects the economic

recovery here which has been drawing in imports at a faster

pace than the rate of expansion in exports.

A larger merchandise trade deficit accounts for most of

the deterioration, although that balance has been improving

since last summer. The merchandise trade deficit reached

$166 billion in 1994 and $188 billion at an annual rate

through the first 7 months of 1995, but fell back to a rate of

$160 billion from August through November.

International trade in services shows a $63 billion surplus

at an annual rate through 11 months of 1995, a little better

than figures for the previous 3 years.

The balance on income payments, which includes interest, dividends, and direct investment income, shifted from a

surplus of $9 billion in 1993 to a deficit of that same

amount in 1994, and increased further in the first three quarters of 1995. Payments on foreign assets in the United

States increased much more sharply than receipts on U.S.

assets abroad, as interest rates and profits rose in this country faster than they did overseas.

Exchange rate of the dollar

The dollar strengthened over the second half of 1995 and

on into 1996 after steady deterioration beginning in early

1994. Based on the Federal Reserve Board’s trade-weighted

index of the dollar against G-10 currencies, the dollar increased by 5.4 percent since April, when it reached close to

an all-time low. The series started in 1967.

Most of the deterioration in the dollar had been against

the yen and the deutschemark, and the improvement was

also greatest against these currencies. Between April 1995

and January 1996, the dollar increased by 6.0 percent

Civilian Unemployment Rate

(In percentages)

Establishment Employment (Monthly change in thousands)

4 PROFILE OF THE ECONOMY
against the deutschemark and by more than 25 percent

against the yen.

Despite the improvement, in January the dollar remained

more than 10 percent below its recent high of January 1994.

Many factors determine the level of exchange rates in international currency markets. The large U.S. current account

deficit has likely played a role in the earlier downward

movement of the dollar. Underlying economic fundamentals in the United States remain sound, however.

Interest rates

Long-term interest rates continued to decline through the

end of 1995 and into 1996 as the pace of economic growth

moderated and inflation pressures remained very low. The

yield on the 30-year Treasury bond dipped to about the 6

percent level at the end of 1995 and in January, but recently

has moved back up to about 6.3 percent.

Mortgage interest rates are extremely favorable, edging

below 7 percent in mid-February for a 30-year fixed-rate

conventional loan. This is very close to the 25-year lows

reached in October 1993, and compares with a rate of close

to 9 percent a year ago.

Short-term interest rates have also moved lower. The Federal Reserve Board eased monetary policy in January for

the third time in the current cycle, reducing by 25 basis

points both the target for the Federal funds rate, to 5-1/2 percent, and the discount rate, to 5.0 percent.

Net national saving and investment

Net national saving is the saving available for investment

in the expansion of structures and equipment used by U.S.

workers. Depreciation to replace obsolete capital is included in gross saving. In the first three quarters of 1995,

net national saving rose to 4.6 percent of net national product (NNP) from 3.9 percent in 1994 and a post-World War

II trough of 2.7 percent in 1992. Net saving had averaged as

high as 12 percent of NNP in the 1960’s.

Gains over the past 3 years reflect the narrowing of the

Federal deficit, which has reduced Government dissaving to

1.7 percent of NNP so far in 1995 from 3.9 percent in 1992.

Private saving, of households and businesses, was equivalent to 6.6 percent of NNP in the first three quarters of

1995, up only a little from 6.4 percent in 1994, which was

the lowest on record. Private saving had averaged nearly 10

percent of NNP in the 1960’s and 1970’s.

Net domestic investment equaled 7.3 percent of NNP in

the first three quarters of 1995, up from lows just above 4

percent in 1991 and 1992. Foreign inflows accounted for

2.4 percent of NNP so far in 1995, or one-third of domestic

investment. U.S. sources provided investment equivalent to

4.9 percent of NNP, only half the shares of NNP averaged

in the 1960’s and 1970’s.

Housing

Housing activity leveled off towards the end of 1995 and

early in 1996. Sales of both new and existing homes eased

back through the fourth quarter from very high levels during the summer months, and dropped further in January due

to the unusually severe winter weather across much of the

country.

New construction starts have also declined, particularly

for single-family homes. As sales eased, builders were left

with a large inventory of unsold new homes on the market,

leading to some cutbacks in construction. Construction of

multi-family housing, in contrast, has remained fairly

steady.

Favorable mortgage rates should continue to support the

housing market, but it is unlikely there will be additional

large gains. The level of housing activity remains reasonably high and should hold at that pace in future months.

Federal budget deficit

In fiscal 1995, the Federal deficit fell to $164 billion.

That figure was $39 billion lower than the $203 billion deficit in fiscal 1994 and $127 billion below the record $290

billion deficit in fiscal 1992. The 3-year drop was the largest in history and the first such successive declines since the

Truman Administration.

Strong economic growth and passage of the Omnibus

Budget Reconciliation Act of 1993 were responsible for the

improvement. Outlays rose by only 3.7 percent in fiscal

1995, while receipts expanded by 7.4 percent. The deficit

represented 2.3 percent of gross domestic product (GDP) in

fiscal 1995, well below the 4.7 percent share in fiscal 1992

and the lowest in 16 years.

Through the first 3 months of fiscal 1996, outlays have

been well below a year earlier, mainly due to the Government shutdown and provisions of some of the continuing

resolutions. Receipts have been fairly strong, reflecting

growth in employment and in corporate profits.

Short-term Interest Rates

(In percentages; Weekly data*)

Federal funds — 3-month Treasury bills —

— Discount rate

Long-term Interest Rates

(In percentages; Weekly data*)

30-year bond —

— 10-year note

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

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts.

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, and (2) in the three types of revolving funds

(public enterprise, intragovernmental, and trust); 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 two categories: (1) proprietary receipts, or collections from the public,

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

intra-governmental funds, 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.

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 as

a foundation for its budgetary analysis and presentation since

1969. The concept calls for the budget to include all of the

Government’s fiscal transactions with the public. Since 1971,

however, various laws have been enacted removing several

Federal entities from (or creating them outside of) the budget.

Other laws have moved certain off-budget Federal entities

onto the budget. Under current law, the off-budget Federal

entities consist of the two Social Security trust funds, Federal

old-age and survivors insurance, and Federal disability insurance.

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) included off-budget surplus or deficit in calculating deficit targets under that act and

in calculating excess deficit. Partly for this reason, attention

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

deficit of the Government.

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

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

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

of data relating to Federal fiscal operations reported by Federal

entities and disbursing officers, and daily reports from the

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
CHART FFO-B.-- Budget

Receipts by Source,

through First Quarter,

Fiscal Years 1995, 1996

(In billions of dollars)

Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of

the United States Government’’

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 (Fall issue) 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.

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 7
Summary of Budget Results for the First Quarter, Fiscal 1996

The Federal budget balance

continued to register improvement at the start of fiscal 1996.

The deficit of $55.9 billion in

the first quarter of the fiscal

year was narrower by $17.5 billion than the deficit of $73.4

billion in the corresponding

quarter of fiscal 1995. This

builds on the progress of the

prior three fiscal years, as the

deficit narrowed progressively

from a record $290.4 billion

during all of fiscal 1992 to

$163.9 billion in fiscal 1995.

In early February, the Administration released an initial version of the fiscal 1997

Budget, containing deficit projections through fiscal 2002.

These show a further reduction in the deficit to $152.0 billion

for all of fiscal 1996. The budget balance then continues to

improve steadily, moving into surplus by fiscal year 2002,

assuming enactment of Administration proposals and based on

Administration economic assumptions. Additional budget details will be released in the latter part of March.

A portion of the improvement in the budget deficit in the

first quarter of 1996 from a year earlier can be traced to the

partial Federal shutdown after the Administration and the

Congress failed to reach an agreement on a deficit reduction

package and also to constraints resulting from failure by

Congress to raise the ceiling on the national debt. These

contributed to an actual decline of 0.3 percent in total budget

outlays in the quarter. Receipts rose by 5.3 percent, or somewhat faster than growth of nominal economic activity.

The increase in receipts was led by a jump of 14.7 percent

in gross corporate income tax payments, suggesting that corporate profits remained strong in the quarter. (The Commerce

Department’s estimate of the actual level of profits in the

quarter is not yet available.) Withheld income and employment taxes rose by a moderate 4.9 percent, which probably

about matched growth of the wage and salary tax base. (National accounts estimates of wages and salaries in the quarter

also are unavailable.) A major negative element among revenue components was custom duty receipts. These declined by

11.1 percent, largely reflecting the general lowering of tariffs

resulting from the Uruguay Round of trade negotiations, effective January 1995.

The Federal shutdown and debt limitations were major

factors behind the decline in total outlays in the quarter. These

resulted in deferrals of a $3.0 billion foreign aid payment and

of some grant payments to States and localities and also caused

delays in payment of compensation to some Federal employees who had been furloughed during the shutdown. Such

deferred payments will be made up later in the fiscal year. In

addition, spending was held down in the quarter by uncertainties surrounding availability of funds, caps under continuing

resolutions, the overall Administration effort to restrain

spending, and by the effects of the deficit reduction package

enacted in 1993.

Among categories largely unaffected by the budget impasse,

outlays under the defense function continued on a downtrend.

These fell by 4.8 percent in the first quarter, including a drop

of 22.0 percent in Defense Department procurement of military goods. The procurement account has borne the greatest

part of the cutback since defense outlays reached a peak in

fiscal 1989.

Functional outlay categories registering increases in the first

quarter included Medicare, which rose by 9.7 percent. Net

interest payments increased by 6.0 percent, reflecting a 4.6

percent increase in the outstanding public debt and a slight

increase in the effective interest rate. Unemployment insurance costs increased by 5.0 percent, marking a reversal of the

recent pattern which had seen these costs drop by more than

one-third from fiscal 1993 to fiscal 1995. Social Security

benefits rose by 4.9 percent in the quarter, or about in line with

budget projections. The fastest growing component of Social

Security continues to be disability insurance, which rose by

8.9 percent in the quarter. Allowing for an inflation adjustment

of disability payments of 2.8 percent, that would indicate that

the number of persons on the disability rolls has continued to

increase at a fairly rapid rate of about 6 percent.

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

[In millions of dollars]

 Oct.-Dec.

Actual fiscal year 

 to date

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . 323,872 323,872

On-budget receipts . . . . . . . . . . . . . . . . . . . . . 246,173 246,173

Off-budget receipts . . . . . . . . . . . . . . . . . . . . . 77,698 77,698

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . 379,794 379,794

On-budget outlays . . . . . . . . . . . . . . . . . . . . . 315,671 315,671

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . 64,123 64,123

Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . -55,922 -55,922

On-budget surplus or deficit (-) . . . . . . . . . . . . . . . -69,497 -69,497

Off-budget surplus or deficit (-) . . . . . . . . . . . . . . . 13,575 13,575

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . . . . . 33,335 33,335

Reduction of operating cash . . . . . . . . . . . . . . . . 17,454 17,454

Other means . . . . . . . . . . . . . . . . . . . . . . . . 5,133 5,133

Total on- and off-budget financing . . . . . . . . . . . . 55,922 55,922

8 FEDERAL FISCAL OPERATIONS
Fourth Quarter Fiscal 1995 Net Budget Receipts, by Source

[In billions of dollars]

Source July August September 

Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.8 44.1 60.9

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 2.5 33.0

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . 34.5 34.9 39.3

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 4.5 0.2

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 4.9 5.7

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1.5 1.3

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

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 2.1 0.8

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

92.7 96.7 143.2

Fourth-Quarter Receipts

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

1995 supplements fiscal data reported in the December issue of the ‘‘Treasury Bulletin.’’ At the

time of that issue’s release, not enough data were

available to analyze adequately collections for the

quarter.

Individual income taxes----Individual income tax receipts

were $147.9 billion for the quarter. This is an increase of $9.3

billion over the comparable quarter for fiscal 1994. Withheld

receipts increased by $8.4 billion and non-withheld receipts

increased by $1.8 billion in this period. There was an increase

of $0.9 billion in refunds over the comparable fiscal 1994

quarter. There was a decrease of $0.2 billion in accounting

adjustments between individual income tax receipts and the

Social Security and Medicare Trust funds in the fourth quarter

as compared to the same quarter of fiscal 1994.

Corporate income taxes----Net corporate receipts for the

quarter totaled $38.9 billion. This was $4.7 billion higher than

net receipts for the comparable quarter of fiscal 1994. The $4.7

billion figure consists of $3.9 billion in higher estimated and

final payments plus $0.8 billion in lower refunds. The increase

in net receipts mainly reflects higher corporate profits. 

Employment taxes and contributions----Employment taxes

and contributions receipts for the quarter were $108.7 billion,

an increase of $2.9 billion over the comparable prior year

quarter. Receipts to the Old-Age Survivors Insurance and

Hospital Insurance trust funds decreased by $2.5 billion, and

$0.4 billion, respectively. Receipts to the Disability Insurance

trust fund increased by $4.9 billion. There was a -$0.1 billion

accounting adjustment for prior years’ employment tax liabilities made in the fourth quarter of fiscal 1994, while there were

no adjustments made in the same quarter of fiscal 1995.

Contributions for other insurance and retirement----Contributions for other retirement were $1.1 billion for the quarter.

There was a negligible change in receipts from the fourth

quarter of fiscal 1994. The growth in contributions will remain

flat over the next few years as the number of employees

covered by the Federal employees’ retirement system (FERS)

grows slowly relative to those covered under the civil service

retirement system (CSRS).

Unemployment insurance----Unemployment insurance receipts for the quarter were $6.3 billion, which is $0.3 billion

less than they were for the comparable quarter of fiscal 1994.

State taxes deposited in the U.S. Treasury decreased by $0.2

billion, and Federal Unemployment Tax Act (FUTA) receipts

decreased by $0.06 billion. Railroad unemployment tax receipts were approximately the same as in the comparable

quarter of fiscal 1994.

Excise taxes----Net excise tax receipts for the quarter were

$15.7 billion, unchanged over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.5 billion, a

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

Estate and gift taxes----Estate and gift tax receipts were $3.8

billion for the quarter. These receipts represent a decrease of

$0.5 billion from the previous quarter, and an increase of $0.3

billion over the same quarter in the previous year. Receipts

were $14.8 billion for fiscal 1995, which represent a reduction

of $0.4 billion from the previous year.

Customs duties----Customs receipts net of refunds were $5.0

billion for the quarter. This is a decrease of $0.6 billion from

the comparable prior-year quarter. It is due to a decrease in

tariffs resulting from implementation of recently enacted trade

agreements.

Miscellaneous receipts----Net miscellaneous receipts for the

quarter were $5.2 billion, a decrease of $1.6 billion over the

comparable prior year quarter. The bulk of the decrease is

attributable to lower deposits of Federal Reserve earnings.

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)

1991 1. . . . . . . . . . . -15,018 115,844 276,802 1,329 -1,444 -4,464 215 -17,406 4,969 268,729

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 - Est. . . . . . . . . 480 120,901 217,151 - * * * -20,480 * 196,671

1994 - Dec. . . . . . . . 3 33,732 -13,316 -476 21 -2,603 -7 15,006 48 4,803

1995 - Jan. . . . . . . . -21 2,012 13,337 23,263 116 3,571 87 -1,991 56 -15,635

Feb. . . . . . . . 59 -483 38,972 -13,999 1,003 635 733 -12,297 52 38,355

Mar. . . . . . . . 4 -4,135 13,645 -17,747 494 -606 563 19,525 77 50,543

Apr. . . . . . . . 20 16,375 -27,638 19,973 92 4,947 794 3,697 27 -49,720

May . . . . . . . 193 7,363 44,732 -11,841 179 2,511 68 -14,325 63 39,553

June. . . . . . . 198 37,899 8,491 34,312 -54 -3,725 -143 9,006 79 -12,814

July . . . . . . . -8 -1,611 10,627 -11,635 -2,882 4,895 627 -6,087 44 13,579

Aug. . . . . . . . 168 -5,349 16,071 -30,776 -341 819 -290 -12,906 98 33,851

Sept. . . . . . . -60 10,148 -6,618 19,820 239 -3,633 211 15,914 55 -7,286

Oct. . . . . . . . 210 -1,185 13,353 -16,755 -86 3,179 17 -4,240 * 22,758

Nov. . . . . . . . 970 -33,891 38,339 4,912 85 -3,548 -126 1,434 * 38,450

Dec. . . . . . . . 104 18,541 -18,358 -5,611 2 459 76 7,998 - -5,286

Fiscal 1996 to date . 1,284 -16,535 33,335 -17,454 2 90 -33 5,192 * 55,922

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 1996 budget, released by the Office of Management and Budget on July 31, 1995.

1991 1. . . . . . . . . . . 1,054,260 760,375 293,885 1,322,989 1,081,302 241,687 -268,729 -320,926 52,198 407,664

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 - Est. . . . . . . . . 1,415,456 1,045,095 370,361 1,612,128 1,307,105 305,023 -196,671 -262,010 65,338 337,572

1994 - Dec. . . . . . . . 130,810 103,860 26,950 135,613 124,316 11,297 -4,803 -20,456 15,653 20,412

1995 - Jan. . . . . . . . 131,801 101,036 30,765 116,166 90,883 25,282 15,635 10,152 5,483 15,370

Feb. . . . . . . . 82,544 54,405 28,139 120,899 94,421 26,478 -38,355 -40,016 1,661 38,430

Mar. . . . . . . . 92,532 61,970 30,562 143,074 117,123 25,951 -50,543 -55,153 4,610 9,506

Apr. . . . . . . . 165,392 126,170 39,222 115,673 90,628 25,045 49,720 35,542 14,178 -11,283

May . . . . . . . 90,405 61,027 29,378 129,958 103,184 26,773 -39,553 -42,157 2,604 51,902

June. . . . . . . 147,868 115,998 31,870 135,054 120,236 14,818 12,814 -4,237 17,051 46,192

July . . . . . . . 92,749 65,788 26,961 106,328 80,931 25,397 -13,579 -15,143 1,564 9,024

Aug. . . . . . . . 96,560 69,264 27,296 130,411 104,134 26,277 -33,851 -34,870 1,019 10,554

Sept. . . . . . . 143,219 112,510 30,710 135,933 105,098 30,836 7,286 7,412 -126 3,590

Oct. . . . . . . . 95,593 72,200 23,393 118,352 92,151 26,201 -22,758 -19,951 -2,807 11,958

Nov. . . . . . . . 90,008 63,651 26,357 128,458 101,767 26,691 -38,450 -38,116 -334 3,478

Dec. . . . . . . . 138,271 110,322 27,949 132,984 121,753 11,231 5,286 -11,431 16,717 79

Fiscal 1996 to date . 323,872 246,173 77,698 379,794 315,671 64,123 -55,922 -69,497 13,575 15,516

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)

1991 1. . . . . . . . . . . . . . . 404,152 142,725 79,050 467,827 113,599 15,513 98,086 565,913 367,558 831 366,727

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 - Est. . . . . . . . . . . . . 509,875 199,985 86,488 623,372 173,020 15,571 157,449 780,821 472,763 - 472,763

1994 - Dec. . . . . . . . . . . . 50,680 3,214 158 53,736 32,616 700 31,915 85,651 35,391 - 35,391

1995 - Jan. . . . . . . . . . . . 49,432 29,975 245 79,162 5,415 2,157 3,258 82,420 38,550 - 38,550

Feb. . . . . . . . . . . . 40,643 1,065 7,845 33,863 3,483 1,423 2,060 35,923 35,290 - 35,290

Mar. . . . . . . . . . . . 44,561 4,302 22,016 26,845 17,238 2,375 14,863 41,709 38,234 - 38,234

Apr. . . . . . . . . . . . 32,447 64,953 20,959 76,441 25,779 2,297 23,482 99,923 50,094 - 50,094

May . . . . . . . . . . . 43,414 8,703 22,388 29,729 3,572 1,379 2,193 31,922 36,812 - 36,812

June. . . . . . . . . . . 40,901 23,061 2,505 61,457 36,645 768 35,876 97,333 40,623 - 40,623

July . . . . . . . . . . . 41,532 3,100 1,812 42,819 4,476 1,079 3,397 46,216 34,104 - 34,104

Aug. . . . . . . . . . . . 41,631 4,147 1,657 44,122 3,284 782 2,501 46,623 34,564 - 34,564

Sept. . . . . . . . . . . 36,295 27,165 2,551 60,909 33,719 730 32,989 93,898 39,000 - 39,000

Oct. . . . . . . . . . . . 46,918 5,899 978 51,840 4,813 2,633 2,180 54,020 30,954 750 30,205

Nov. . . . . . . . . . . . 39,945 1,992 2,414 39,524 3,056 1,362 1,694 41,218 34,652 - 34,652

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

Fiscal 1996 to date . . . . . 137,460 11,119 4,037 144,542 46,823 4,928 41,895 186,437 102,475 750 101,725

1991 1

. . . . . . . . . . . 3,792 -8 3,801 370,526 21,068 146 20,922 4,454 108 4,563

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 - Est. . . . . . . . . 3,904 - 3,904 476,667 28,198 - 28,198 4,355 96 4,451

1994 - Dec. . . . . . . . 317 * 317 35,708 234 4 230 413 7 420

1995 - Jan. . . . . . . . 441 - 441 38,990 1,071 2 1,069 374 9 383

Feb. . . . . . . . 377 - 377 35,667 2,630 - 2,630 350 7 357

Mar. . . . . . . . 414 2 412 38,646 337 17 320 406 7 413

Apr. . . . . . . . 330 1 329 50,423 3,088 27 3,061 348 7 354

May . . . . . . . 419 5 414 37,226 10,612 11 10,601 348 7 355

June. . . . . . . -18 * -18 40,605 327 7 320 408 8 416

July . . . . . . . 413 3 410 34,514 1,651 15 1,636 344 5 349

Aug. . . . . . . . 351 1 350 34,914 4,467 13 4,454 431 6 436

Sept. . . . . . . 315 11 304 39,304 238 3 235 355 9 364

Oct. . . . . . . . 344 * 344 30,549 1,216 3 1,214 336 6 342

Nov. . . . . . . . 267 - 267 34,919 2,940 - 2,940 332 8 340

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

Fiscal 1996 to date . 901 37 864 102,591 4,384 8 4,377 1,079 19 1,097

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 Airport and Airway Trust Fund ance taxes and 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)

1991 1. . . . . . . . . . . . . 42,430 11,473 335 11,138 16,738 817 15,921 19,158 3,689 22,847 760,375 293,885

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 - Est. . . . . . . . . . . 57,194 16,760 - 16,760 22,332 - 22,332 24,774 4,260 29,034 1,045,095 370,361

1994 - Dec. . . . . . . . . . 4,706 1,119 28 1,092 1,835 88 1,747 836 420 1,256 103,860 26,950

1995 - Jan. . . . . . . . . . 4,555 1,028 23 1,005 1,639 100 1,539 1,507 332 1,839 101,036 30,765

Feb. . . . . . . . . . 3,485 957 42 916 1,512 77 1,435 1,857 274 2,131 54,405 28,139

Mar. . . . . . . . . . 5,143 1,248 30 1,218 1,781 311 1,470 3,015 597 3,612 61,970 30,562

Apr. . . . . . . . . . 4,602 1,938 32 1,906 1,490 141 1,349 3,514 261 3,774 126,170 39,222

May . . . . . . . . . 4,770 1,371 32 1,339 1,652 180 1,471 2,478 241 2,719 61,027 29,378

June. . . . . . . . . 4,897 1,071 31 1,040 1,752 169 1,583 1,426 247 1,674 115,998 31,870

July . . . . . . . . . 5,074 1,063 26 1,037 1,759 156 1,603 2,049 271 2,320 65,788 26,961

Aug. . . . . . . . . . 4,757 1,538 38 1,500 1,993 199 1,794 1,743 338 2,081 69,264 27,296

Sept. . . . . . . . . 5,706 1,314 25 1,289 1,728 93 1,634 411 378 789 112,510 30,710

Oct. . . . . . . . . . 4,453 1,207 46 1,160 1,883 97 1,788 1,756 314 2,070 72,200 23,393

Nov. . . . . . . . . . 5,154 1,375 26 1,349 1,709 116 1,593 2,117 379 2,496 63,651 26,357

Dec. . . . . . . . . . 4,870 1,411 29 1,383 1,532 94 1,439 1,388 230 1,618 110,322 27,949

Fiscal 1996 to date . . . 14,477 3,992 101 3,891 5,124 306 4,817 5,261 922 6,183 246,173 77,698

1991 1

. . . . . . . . . . . . . . . 396,011 4,919 10 4,910 652 - 652 17,331 352 16,979 20,472 582 19,890

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 - Est. . . . . . . . . . . . . 509,315 5,877 - 5,877 645 - 645 22,894 - 22,894 27,778 - 27,778

1994 - Dec. . . . . . . . . . . . 36,358 480 - 480 52 - 52 3,092 - 3,092 1,337 255 1,082

1995 - Jan. . . . . . . . . . . . 40,442 351 3 348 30 - 30 1,880 210 1,670 2,360 -147 2,507

Feb. . . . . . . . . . . . 38,653 433 - 433 54 - 54 1,955 - 1,955 1,127 84 1,044

Mar. . . . . . . . . . . . 39,379 428 - 428 54 - 54 1,599 - 1,599 3,502 440 3,061

Apr. . . . . . . . . . . . 53,839 430 11 419 53 - 53 2,216 211 2,005 1,953 -172 2,125

May . . . . . . . . . . . 48,183 499 - 499 52 - 52 1,553 81 1,472 2,976 229 2,747

June. . . . . . . . . . . 41,341 593 - 593 50 - 50 1,628 -162 1,789 2,716 252 2,464

July . . . . . . . . . . . 36,499 467 5 461 53 - 53 2,565 244 2,320 2,023 -217 2,239

Aug. . . . . . . . . . . . 39,804 502 13 490 52 - 52 1,875 328 1,546 2,718 50 2,668

Sept. . . . . . . . . . . 39,902 325 - 325 41 - 41 2,095 - 2,095 3,271 26 3,245

Oct. . . . . . . . . . . . 32,104 467 - 467 52 - 52 1,748 1 1,747 2,229 42 2,187

Nov. . . . . . . . . . . . 38,199 449 - 449 52 - 52 1,737 - 1,737 3,173 256 2,917

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

Fiscal 1996 to date . . . . . 108,065 1,363 6 1,357 155 - 155 5,287 97 5,190 8,015 240 7,775

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 1996 budget, released by the Office of Management and Budget on July 31, 1995.

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)

1991 1. . . . . . . . . . . . . 2,295 1,989 193 11,724 54,119 2,585 261,925 26,538 25,339 12,459

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 - Est. . . . . . . . . . . 2,957 3,336 191 10,779 62,276 4,109 250,045 31,934 30,651 15,758

1994 - Dec. . . . . . . . . . 333 303 26 732 5,506 304 25,851 2,553 3,888 1,743

1995 - Jan. . . . . . . . . . 222 214 21 768 5,306 308 18,542 2,592 2,764 1,328

Feb. . . . . . . . . . 174 188 15 661 4,266 262 20,670 2,542 2,593 1,255

Mar. . . . . . . . . . 166 348 16 168 5,513 291 25,977 2,674 2,691 1,588

Apr. . . . . . . . . . 178 202 18 47 4,204 227 16,828 2,592 1,974 1,188

May . . . . . . . . . 191 200 15 1,021 4,111 287 21,720 2,621 2,406 1,353

June. . . . . . . . . 185 336 14 670 3,493 286 25,792 2,639 2,630 1,580

July . . . . . . . . . 225 198 22 40 3,478 356 17,127 2,616 1,286 1,366

Aug. . . . . . . . . . 178 339 15 1,485 2,579 253 22,900 2,780 3,862 1,334

Sept. . . . . . . . . 199 221 17 843 3,779 224 25,041 2,759 2,956 1,870

Oct. . . . . . . . . . 175 197 14 722 5,810 353 17,270 2,660 2,056 1,495

Nov. . . . . . . . . . 173 196 14 1,203 6,540 280 20,262 2,707 2,336 1,383

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

Fiscal 1996 to date . . . 506 619 42 2,118 16,591 884 61,520 7,960 6,283 4,376

1991 1

. . . . . . . . . . . . . 217,969 22,751 6,094 8,244 34,048 4,252 30,504 286,022 -9,128 31,213 5,770

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 - Est. . . . . . . . . . . 331,437 26,276 7,340 13,525 35,853 5,547 37,337 364,037 22,045 37,951 6,609

1994 - Dec. . . . . . . . . . 26,030 2,394 557 749 2,470 664 3,056 57,320 1,336 4,253 538

1995 - Jan. . . . . . . . . . 24,244 2,009 567 1,094 3,196 201 3,088 20,069 145 1,980 520

Feb. . . . . . . . . . 22,931 2,227 553 730 2,951 488 2,814 19,259 3,010 3,001 429

Mar. . . . . . . . . . 28,559 2,694 671 915 3,093 411 3,208 20,693 4,375 4,616 678

Apr. . . . . . . . . . 23,053 2,707 499 920 2,899 371 2,571 20,883 3,732 1,828 493

May . . . . . . . . . 26,792 1,843 574 774 2,741 335 3,193 26,769 2,476 3,184 571

June. . . . . . . . . 28,535 2,795 482 875 2,871 397 3,425 59,355 496 4,540 542

July . . . . . . . . . 22,706 2,285 563 1,172 2,751 325 3,349 20,946 606 1,584 493

Aug. . . . . . . . . . 27,613 2,196 632 890 2,895 392 3,388 22,302 431 3,262 615

Sept. . . . . . . . . 25,994 2,566 853 936 2,265 435 3,742 20,174 -307 4,509 559

Oct. . . . . . . . . . 24,418 1,087 641 809 2,516 531 3,138 21,631 -30 1,619 484

Nov. . . . . . . . . . 26,828 2,350 478 985 2,821 341 3,300 26,006 -1,053 3,262 538

Dec. . . . . . . . . . 25,767 2,701 505 837 2,431 439 3,122 60,676 1,146 4,416 435

Fiscal 1996 to date . . . 77,014 6,138 1,619 2,630 7,768 1,311 9,559 108,313 62 9,298 1,458

 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)

1991 1. . . . . . . . . . . . . 487 13,878 34,808 613 266,395 80,454 -36,206 -70,649 -3,150 -550 - 1,081,302 241,687

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 - Est. . . . . . . . . . . 639 14,127 42,795 437 381,740 14,327 -33,927 -98,134 -3,036 -6,453 -380 1,307,105 305,023

1994 - Dec. . . . . . . . . . 462 1,203 3,460 64 31,237 -533 -2,564 -38,216 -106 * - 124,316 11,297

1995 - Jan. . . . . . . . . . -717 926 3,324 58 27,887 -1,481 -2,557 -95 -353 - - 90,883 25,282

Feb.. . . . . . . . . . 431 1,072 3,337 64 29,836 -1,536 -2,491 -634 -197 - - 94,421 26,478

Mar.. . . . . . . . . . 544 1,284 3,556 77 32,057 -710 -2,671 -251 -158 - - 117,123 25,951

Apr. . . . . . . . . . . -767 1,028 3,548 53 28,081 32 -2,554 -596 43 -610 - 90,628 25,045

May . . . . . . . . . . 540 1,245 3,431 55 30,220 -232 -2,590 -5,524 -366 - - 103,184 26,773

June . . . . . . . . . 387 1,166 3,647 59 36,248 -5,315 -2,696 -39,948 -431 * - 120,236 14,818

July . . . . . . . . . . -684 1,032 3,557 14 28,313 895 -2,901 -129 -228 -7,034 - 80,931 25,397

Aug. . . . . . . . . . 299 1,236 3,482 -6 30,054 -839 -2,750 -1,134 -272 * - 104,134 26,277

Sept. . . . . . . . . . 223 1,199 3,409 31 32,534 5,010 -5,760 -311 -36 * - 105,098 30,836

Oct. . . . . . . . . . . 339 1,128 3,576 16 28,234 642 -2,404 -415 -361 * - 92,151 26,201

Nov. . . . . . . . . . 389 1,119 3,418 238 30,121 524 -2,365 -5,736 -200 * - 101,767 26,691

Dec. . . . . . . . . . 477 973 3,576 76 32,778 730 -2,562 -40,465 -121 * - 121,753 11,231

Fiscal 1996 to date . . . 1,205 3,220 10,570 331 91,133 1,898 -7,331 -46,616 -681 * - 315,671 64,123

* 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 1996 budget, released by the Office of Management and Budget on July 31, 1995.

14 FEDERAL FISCAL OPERATIONS
TABLE FFO-4.--Internal Revenue Collections by States and Other Areas, Fiscal 1995

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

 Individual income and employment taxes 

Individual Individual 

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

States, etc.1

collections Total andSECA 2,3 FICA 2 retirement insurance income taxes 4gift taxes Excise taxes 

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

Alabama . . . . . . . . . . . . . 13,885,201 12,118,951 2,425,372 9,621,016 2,207 70,356 1,379,924 179,720 206,606 

Alaska. . . . . . . . . . . . . . . 2,488,625 2,315,212 546,805 1,757,414 773 10,220 124,704 5,517 43,193 

Arizona . . . . . . . . . . . . . . 13,517,884 12,075,603 2,784,157 9,228,106 1,889 61,452 969,064 185,373 287,844 

Arkansas. . . . . . . . . . . . . 11,439,503 8,690,189 1,442,045 7,176,319 4,743 67,082 2,306,120 78,932 364,262 

California . . . . . . . . . . . . 149,109,602 123,968,843 26,267,610 96,772,849 319,213 609,171 18,298,922 2,287,375 4,554,462 

Colorado . . . . . . . . . . . . . 21,021,364 18,399,193 3,478,001 14,835,453 13,419 72,320 1,707,769 151,865 762,537 

Connecticut. . . . . . . . . . . 26,296,514 22,038,443 3,820,245 18,135,127 1,066 82,005 3,799,563 298,634 159,874 

Delaware . . . . . . . . . . . . 7,562,454 4,463,690 613,812 3,830,725 -9 19,162 2,883,357 56,252 159,155 

Florida. . . . . . . . . . . . . . . 57,305,252 51,688,965 13,835,756 37,077,223 533,632 242,355 3,817,296 1,419,126 379,865 

Georgia. . . . . . . . . . . . . . 39,625,705 30,306,277 4,674,093 25,467,605 3,529 161,050 7,037,284 318,260 1,963,884 

Hawaii. . . . . . . . . . . . . . . 4,461,748 3,968,359 834,124 3,113,111 4 21,120 371,960 60,410 61,020 

Idaho. . . . . . . . . . . . . . . . 5,128,471 3,991,188 799,585 3,165,857 391 25,356 994,407 41,499 101,377 

Illinois . . . . . . . . . . . . . . . 82,694,941 66,207,149 11,252,907 54,368,943 294,046 291,253 11,850,186 752,976 3,884,631 

Indiana . . . . . . . . . . . . . . 23,630,744 20,973,404 3,826,962 17,021,690 20,675 104,077 2,147,350 172,250 337,741 

Iowa . . . . . . . . . . . . . . . . 10,449,057 8,860,794 1,786,385 7,016,623 11,582 46,204 1,422,745 85,214 80,304 

Kansas . . . . . . . . . . . . . . 11,953,675 10,000,634 1,867,260 7,804,452 273,521 55,401 865,400 108,128 979,513 

Kentucky. . . . . . . . . . . . . 13,541,078 11,226,403 2,020,236 9,137,278 5,602 63,288 1,186,739 127,022 1,000,914 

Louisiana . . . . . . . . . . . . 14,347,036 12,719,076 2,530,616 10,110,212 18,149 60,100 1,228,337 169,752 229,871 

Maine . . . . . . . . . . . . . . . 3,712,929 3,322,344 701,766 2,595,625 4,836 20,116 251,433 56,807 82,345 

Maryland (including

 District of Columbia). . . 38,667,401 34,476,981 4,684,727 29,320,088 368,285 103,880 3,152,399 374,287 663,735 

Massachusetts . . . . . . . . 37,817,245 32,836,667 5,903,341 26,762,257 19,507 151,562 4,219,963 341,002 419,614 

Michigan . . . . . . . . . . . . . 57,061,105 49,804,603 5,885,142 43,442,133 58,540 418,788 6,588,676 366,738 301,087 

Minnesota . . . . . . . . . . . . 37,665,447 31,592,604 3,649,336 27,208,632 615,645 118,991 4,944,705 193,332 934,806 

Mississippi . . . . . . . . . . . 6,794,078 6,000,254 1,305,085 4,656,780 2,323 36,066 507,085 70,740 215,999 

Missouri . . . . . . . . . . . . . 30,948,023 24,334,465 3,642,163 20,537,253 35,427 119,622 5,141,148 242,741 1,229,670 

Montana . . . . . . . . . . . . . 2,354,358 2,093,502 626,340 1,441,142 14,498 11,522 174,039 22,641 64,174 

Nebraska . . . . . . . . . . . . 9,739,842 8,121,931 1,175,120 6,432,898 480,602 33,311 1,463,082 52,859 101,970 

Nevada . . . . . . . . . . . . . . 7,020,840 6,100,942 1,843,668 4,224,293 119 32,863 732,302 109,333 78,262 

New Hampshire . . . . . . . 5,050,279 4,569,018 906,152 3,640,609 106 22,152 381,446 60,173 39,642 

New Jersey. . . . . . . . . . . 65,681,471 52,881,244 7,254,751 45,348,006 55,688 222,799 10,328,461 489,459 1,982,308 

New Mexico . . . . . . . . . . 4,443,039 3,995,980 882,777 3,091,300 365 21,538 267,260 55,356 124,443 

New York . . . . . . . . . . . . 129,505,071 104,771,761 17,147,007 86,978,329 239,045 407,380 22,052,876 1,893,064 787,369 

North Carolina . . . . . . . . 28,687,930 24,165,374 4,523,664 19,500,918 1,301 139,490 4,047,564 312,899 162,093 

North Dakota . . . . . . . . . 2,006,068 1,835,296 478,681 1,346,094 1,096 9,424 136,844 12,330 21,598 

Ohio . . . . . . . . . . . . . . . . 62,656,264 50,874,072 6,930,532 43,673,038 23,993 246,508 8,227,604 529,392 3,025,196 

Oklahoma . . . . . . . . . . . . 15,103,276 9,932,157 1,889,168 7,989,019 1,739 52,231 1,255,411 125,243 3,790,465 

Oregon . . . . . . . . . . . . . . 13,408,735 11,696,808 2,564,902 9,097,934 1,105 32,867 1,451,209 137,085 123,633 

Pennsylvania . . . . . . . . . 64,565,566 53,758,404 8,607,380 44,472,168 429,240 249,616 8,322,711 578,801 1,905,648 

Rhode Island . . . . . . . . . 4,685,899 3,951,238 659,845 3,269,126 - 22,267 671,460 53,898 9,303 

South Carolina . . . . . . . . 12,255,740 11,081,861 1,851,643 9,164,628 913 64,678 948,391 96,264 129,223 

South Dakota . . . . . . . . . 2,317,918 2,068,351 625,782 1,428,345 3,815 10,409 215,450 14,438 19,680 

Tennessee . . . . . . . . . . . 23,927,151 20,559,347 3,394,911 17,047,610 19,431 97,395 2,764,776 179,697 423,332 

Texas . . . . . . . . . . . . . . . 92,369,817 69,733,867 13,452,124 55,902,766 30,871 348,107 10,677,881 822,211 11,135,857 

Utah . . . . . . . . . . . . . . . . 6,999,463 5,992,076 1,246,078 4,711,283 2,724 31,992 778,007 71,208 158,172 

Vermont . . . . . . . . . . . . . 1,964,608 1,794,753 385,970 1,396,008 3,358 9,418 133,086 22,180 14,588 

Virginia . . . . . . . . . . . . . . 29,318,324 25,066,929 4,514,072 20,044,760 380,257 127,841 2,948,141 353,553 949,700 

Washington. . . . . . . . . . . 25,504,631 23,014,839 4,894,628 17,996,811 2,316 121,083 1,933,699 202,012 354,082 

West Virginia . . . . . . . . . 4,393,143 3,955,369 759,007 3,175,639 245 20,478 295,080 40,296 102,398 

Wisconsin . . . . . . . . . . . . 25,050,046 21,222,770 3,529,925 17,578,594 1,713 112,538 3,403,621 188,594 235,061 

Wyoming. . . . . . . . . . . . . 1,697,625 1,350,560 445,173 898,878 134 6,375 57,035 30,700 259,330 

International operations . 11,689,647 8,658,462 1,564,103 7,040,567 8,617 45,176 2,881,437 50,125 99,622 

Undistributed:

Presidential Election

Campaign Fund 5

. . . . 68,518 68,518 - 68,518 - - - - -

Other, including Federal

tax deposits 6

. . . . . . . 2,210,003 1,557,438 211,042 1,055,287 17,816 273,293 676,764 496,633 -520,833

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

1,375,731,835 1,141,184,642 202,941,974 928,108,822 4,330,098 5,803,748 174,422,173 15,144,394 44,980,627

1

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

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

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

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

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

in another State, or throughout several States.

2

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

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

income (SECA). 

3

 Includes fiduciary income tax collections of $5.3 billion.

4

 Includes taxes of $294.3 million on unrelated business income of exempt organizations (Forms

990T).

5

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

income tax returns processed during the fiscal year ended September 30, 1995, of $3 per single

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

Number 20-0101 to account number 20-5081. A total of $68.5 million was designated on 15.4

million returns.

6

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

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

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

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

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

Act.

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

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

current year receipts.

FEDERAL FISCAL OPERATIONS 15
INTRODUCTION: Federal Obligations

The Federal Government controls the use of funds

through obligations. Obligations are recorded when the Government makes a commitment to acquire goods or services.

Obligations are the first of four key events that characterize the

acquisition and use of resources: order, payment, delivery, and

consumption. In general, they consist of orders placed, contracts awarded, services received, and similar transactions

requiring the disbursement of money.

The obligational stage of a Government transaction is a

strategic point in gauging the impact of the Government’s

operations on the national economy because it frequently

represents a Government commitment that stimulates business

investments, such as inventory purchases and employment.

Though payment may not occur for months after the Government places its order, the order itself can cause immediate

pressure on the private economy.

An obligation is classified by the nature of the transaction,

without regard to its ultimate purpose. For example, all salaries

and wages are reported as personnel compensation, whether

the services are used in current operations or in the construction of capital items.

Federal agencies often do business with one another. In

doing so, the ‘‘buying’’ agency records obligations and the

‘‘performing’’ agency records reimbursements. In table FO-1,

these transactions are presented. Conversely, table FO-2 shows

only those transactions incurred outside the Federal Government.

TABLE FO-1.--Gross Obligations Incurred Within and Outside the Federal Government by

Object Class, Sept. 30, 1995

[In millions of dollars. Source: Standard Form 225, Report on Obligations, from agencies]

 

 Gross obligations incurred

Object class Outside Within Total

(1) (2) (3)

Personal services and benefits:

Personnel compensation . . . . . . . . . . . . . . . . . . . . . . . 157,362 - 157,362

Personnel benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,066 34,221 46,287

Benefits for former personnel. . . . . . . . . . . . . . . . . . . . 3,342 - 3,342

Contractual services and supplies:

Travel and transportation of persons . . . . . . . . . . . . . . 6,901 622 7,523

Transportation of things . . . . . . . . . . . . . . . . . . . . . . . . 10,404 2,112 12,516

Rent, communications, and utilities . . . . . . . . . . . . . . . 14,470 6,067 20,537

Printing and reproduction. . . . . . . . . . . . . . . . . . . . . . . 1,066 813 1,879

Other services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,866 45,545 217,411

Supplies and materials. . . . . . . . . . . . . . . . . . . . . . . . . 58,179 21,928 80,107

Acquisition of capital assets:

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,726 6,251 60,977

Lands and structures . . . . . . . . . . . . . . . . . . . . . . . . . . 16,519 276 16,795

Investments and loans . . . . . . . . . . . . . . . . . . . . . . . . . 28,998 270 29,268

Grants and fixed charges:

Grants, subsidies, and contributions . . . . . . . . . . . . . . 282,374 44,152 326,526

Insurance claims and indemnities . . . . . . . . . . . . . . . . 649,305 6,980 656,285

Interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . 257,824 101,810 359,634

Refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502 - 502

Other:

Unvouchered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 78 513

Undistributed U.S. obligations . . . . . . . . . . . . . . . . . . . 5,710 15,570 21,280

Gross obligations incurred 1

. . . . . . . . . . . . . . . . . . . 

1,732,049 286,695 2,018,744

Gross obligations incurred (as above). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,018,744

Deduct:

Advances, reimbursements, other income, etc. . . . . . . . . . . . . . . . . . . . . . . . -303,749

Offsetting receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-286,755

Net obligations incurred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,428,240

1

 For Federal budget presentation a concept of ‘‘net obligations incurred’’ is generally used. This

concept eliminates transactions within the Government and revenue and reimbursements from

the public, which by statute may be used by Government agencies without appropriation action

by Congress. Summary figures on this basis follow. (Data are on the basis of Reports on

Obligations presentation and therefore may differ somewhat from the ‘‘Budget of the U.S.

Government.’’)

16 FEDERAL OBLIGATIONS
CHART FO-A.-- Gross

Federal Obligations

Incurred Outside the

Federal Government,

Sept. 30, 1995

CHART FO-B.--Total Gross Federal Obligations,

Sept. 30, 1995

Other

1%

Personal services and

benefits 9%

Contractual services

and supplies 15%

Grants and fixed charges 70%

Acquisition

of capital

assets

5%

Personal services and benefits

Contractual services and supplies

Acquisition of capital assets

Grants and fixed charges

Other

Outside Government

Within Government

(In billions of dollars)

FEDERAL OBLIGATIONS 17
TABLE FO-2.--Gross Obligations Incurred Outside the Federal Government

by Department or Agency, Sept. 30, 1995 

[In millions of dollars. Source: Standard Form 225, Report on Obligations, from agencies]

Personal services and benefits Contractual services and supplies

Benefits Travel and Transpor- Rent, com- Printing and

Personnel Personnel for former transportation tation munications, reproduc- Other Supplies and

 Classification compensation benefits personnel of persons of things and utilities tion services materials

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

See footnotes at end of table.

Legislative branch 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . 691 - 1 15 4 19 375 193 62

The judiciary 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Executive Office of the President . . . . . . . . . . . . . . . . . 173 19 1 13 1 37 5 48 13

Funds appropriated to the President . . . . . . . . . . . . . . . 885 69 * 88 431 149 53 3,109 711

Department of Agriculture:

Commodity Credit Corporation. . . . . . . . . . . . . . . . . . - - - - 442 - - 1,233 1,591

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,942 * 109 222 65 167 55 1,553 238

Department of Commerce . . . . . . . . . . . . . . . . . . . . . . . 1,575 51 30 85 14 103 28 746 174

Department of Defense:

Military:

Department of the Army . . . . . . . . . . . . . . . . . . . . . 25,281 3,191 208 1,470 696 1,643 16 14,171 2,206

Department of the Navy . . . . . . . . . . . . . . . . . . . . . 21,125 6,262 175 813 985 797 77 22,672 7,556

Department of the Air Force . . . . . . . . . . . . . . . . . . 19,073 341 106 1,181 884 1,014 27 22,294 978

Defense agencies . . . . . . . . . . . . . . . . . . . . . . . . . . 14,058 835 481 1,205 1,751 2,812 156 44,210 32,989

Total military . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

79,537 10,629 970 4,669 4,316 6,266 276 103,347 43,729

Civil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,102 4 - 22 4 87 10 1,008 73

Department of Education. . . . . . . . . . . . . . . . . . . . . . . . 370 * 11 14 - 15 18 449 9

Department of Energy . . . . . . . . . . . . . . . . . . . . . . . . . . 1,159 - 16 74 5 586 14 19,202 87

Department of Health and Human Services, except

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,895 53 159 124 22 182 15 4,918 379

Department of Health and Human Services, Social

Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,616 27 35 24 3 187 8 1,521 17

Department of Housing and Urban Development . . . . . 588 117 23 17 2 44 1 1,418 8

Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . 2,415 2 65 133 24 106 3 1,254 228

Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . . . 2,981 - 8 200 22 801 93 2,150 123

Department of Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . 791 167 10 46 4 252 7 356 22

Department of State . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192 * 16 125 170 488 44 980 120

Department of Transportation . . . . . . . . . . . . . . . . . . . . 4,769 * 527 239 63 307 4 4,356 398

Department of the Treasury:

Interest on the public debt . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Interest on refunds, etc. . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,786 2 5 95 27 80 5 575 296

Department of Veterans Affairs . . . . . . . . . . . . . . . . . . . 9,119 169 18 200 22 516 4 3,458 2,669

Environmental Protection Agency . . . . . . . . . . . . . . . . . 961 - 20 41 4 83 7 1,155 33

General Services Administration . . . . . . . . . . . . . . . . . . 755 * 58 21 59 2,190 4 3,897 2,304

National Aeronautics and Space Administration . . . . . . 1,300 226 37 51 13 195 10 11,452 244

Office of Personnel Management . . . . . . . . . . . . . . . . . - - - - - - - - -

Small Business Administration . . . . . . . . . . . . . . . . . . . 252 6 11 25 1 55 2 210 4

Other independent agencies:

Postal Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,157 - 1,183 178 3,961 1,222 8 1,152 1,301

Tennessee Valley Authority . . . . . . . . . . . . . . . . . . . . 911 246 - 23 704 86 2 1,181 3,203

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,441 277 29 156 21 245 14 943 141

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

157,362 12,066 3,342 6,901 10,404 14,470 1,066 171,866 58,179

18 FEDERAL OBLIGATIONS
TABLE FO-2.--Gross Obligations Incurred Outside the Federal Government

by Department or Agency, Sept. 30, 1995, con.

[In millions of dollars. Source: Standard Form 225, Report on Obligations, from agencies]

 Grants and fixed charges Other

Acquisition of capital assets Grants, Insurance Undistrib- Total

Land Invest- subsid- claims and Interest uted U.S. gross

and ments and ies, and indem- and Un- obliga- obligations

 Classification Equipment structures loans contributions inities dividends Refunds vouchered tions incurred

(10) (11) (12) (13) (14) (15) (16) (17) (18) (19)

* Less than $500,000.

1 Includes reports for Library of Congress, Government Printing Office, and General Accounting

Office.

2 No reports received from this entity.

Legislative branch 1. . . . . . . . . . . . . . . . . . . . . 107 5 * * * - 2 * - 1,474

The judiciary 2

. . . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -

Executive Office of the President . . . . . . . . . . 14 - 613 43 * * - - - 980

Funds appropriated to the President . . . . . . . . 7,046 97 1,882 6,661 3 - - - - 21,185

Department of Agriculture:

Commodity Credit Corporation. . . . . . . . . . . 59 - 10,402 3,581 - 18 - - - 17,324

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 243 4,765 4,087 2,070 4,168 4 - * 21,950

Department of Commerce . . . . . . . . . . . . . . . . 256 9 3 1,502 2 * * 149 * 4,727

Department of Defense:

Military:

Department of the Army . . . . . . . . . . . . . . 3,177 2,208 - 82 137 - - - - 54,487

Department of the Navy . . . . . . . . . . . . . . 15,704 950 * 108 5 - - - - 77,229

Department of the Air Force . . . . . . . . . . . 17,966 1,031 - 38 8 3 8 * 60 65,013

Defense agencies . . . . . . . . . . . . . . . . . . . 

4,690 1,327 - 253 28,668 14 * 2 12 133,463

Total military . . . . . . . . . . . . . . . . . . . . . 

41,537 5,516 - 481 28,818 17 8 2 72 330,192

Civil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 841 - - - 1 - - - 3,197

Department of Education. . . . . . . . . . . . . . . . . 18 - 7,603 30,411 3,219 501 - - - 42,638

Department of Energy . . . . . . . . . . . . . . . . . . . 484 965 92 1,095 1 40 * - - 23,821

Department of Health and Human Services,

except Social Security . . . . . . . . . . . . . . . . . 283 90 14 138,034 173,664 4 - 284 - 321,119

Department of Health and Human Services,

Social Security . . . . . . . . . . . . . . . . . . . . . . . 93 2 - 27,747 333,480 * - - 4 365,765

Department of Housing and Urban

Development . . . . . . . . . . . . . . . . . . . . . . . . 31 4,264 1,803 15,181 41 41 2 - - 23,581

Department of the Interior . . . . . . . . . . . . . . . . 211 551 351 1,441 8 4 * * - 6,798

Department of Justice . . . . . . . . . . . . . . . . . . . 356 14 * 1,217 33 * - - - 7,998

Department of Labor . . . . . . . . . . . . . . . . . . . . 41 * - 3,336 24,162 * - - - 29,192

Department of State . . . . . . . . . . . . . . . . . . . . 163 27 54 2,618 456 * - - - 6,455

Department of Transportation . . . . . . . . . . . . . 721 268 35 28,325 6 - 14 * 18 40,048

Department of the Treasury:

Interest on the public debt . . . . . . . . . . . . . . - - - - - 245,986 - - - 245,986

Interest on refunds, etc. . . . . . . . . . . . . . . . . - - - 4 - 2,693 - - - 2,697

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 19 - 3,671 1,104 * 61 - - 7,921

Department of Veterans Affairs . . . . . . . . . . . . 586 2,069 838 3,047 18,960 1,219 - - - 42,895

Environmental Protection Agency . . . . . . . . . . 72 25 - 4,559 18 - - - * 6,979

General Services Administration . . . . . . . . . . . 579 67 - 18 1 32 - - - 9,986

National Aeronautics and Space

Administration . . . . . . . . . . . . . . . . . . . . . . . 185 401 - 468 * * * - - 14,583

Office of Personnel Management . . . . . . . . . . - - - - 55,250 - 413 - - 55,663

Small Business Administration . . . . . . . . . . . . 6 - 240 99 * * - - - 913

Other independent agencies:

Postal Service . . . . . . . . . . . . . . . . . . . . . . . 1,112 987 - - 76 43 - - - 43,382

Tennessee Valley Authority . . . . . . . . . . . . . 113 2 284 252 - 1,920 - - - 8,926

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

150 55 20 4,496 7,935 1,134 - * 5,617 23,674

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

54,726 16,519 28,998 282,374 649,305 257,824 502 435 5,710 1,732,049

FEDERAL OBLIGATIONS 19
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)

1991 . . . . . . . . . . . . . . 3,068,821 264,818 3,333,340 566,620 565,581

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

1994 - Dec. . . . . . . . . . 303,143 28,679 330,006 83,342 85,631

1995 - Jan. . . . . . . . . . 340,682 19,678 353,559 52,529 36,069

Feb. . . . . . . . . . 323,055 14,675 344,805 42,198 49,124

Mar. . . . . . . . . . 327,127 18,080 347,552 51,621 67,020

Apr.. . . . . . . . . . 345,366 18,414 360,082 51,981 35,706

May. . . . . . . . . . 381,363 16,565 401,521 45,139 53,385

June . . . . . . . . . 391,455 20,666 395,787 62,509 44,528

July . . . . . . . . . . 274,267 15,421 299,462 44,381 46,244

Aug. . . . . . . . . . 351,907 15,102 373,446 45,356 69,694

Sept.. . . . . . . . . 290,931 18,998 306,074 58,374 42,408

Oct.. . . . . . . . . . 298,831 15,725 316,159 46,545 61,697

Nov. . . . . . . . . . 393,003 14,447 408,763 44,608 38,381

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

See footnotes at end of table.

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

than Government account series, and taxes.

2

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

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

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

3

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

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

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

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

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

or after Mar. 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)

1991 . . . . . . . . . . . . . . 7,928 33,556 27,810 36,577 2,427 422 6,646 19,202

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

1994 - Dec.. . . . . . . . . 7,161 19,419 9,047 38,732 3,396 342 6,113 13,065

1995 - Jan. . . . . . . . . . 13,964 35,880 13,964 35,880 5,061 11,053 7,147 21,019

Feb.. . . . . . . . . . 6,890 28,954 10,404 36,361 3,890 15,751 5,753 21,968

Mar.. . . . . . . . . . 4,543 13,554 7,967 24,367 3,461 5,128 5,141 9,864

Apr. . . . . . . . . . . 8,241 29,828 8,241 32,277 4,211 99 6,155 12,719

May . . . . . . . . . . 4,646 21,582 16,220 39,051 3,735 11,208 5,791 19,847

June . . . . . . . . . 20,977 39,563 20,977 39,870 2,826 775 7,530 19,928

July . . . . . . . . . . 11,206 37,700 20,977 39,563 4,860 21,161 6,984 28,380

Aug. . . . . . . . . . 4,767 13,363 7,418 36,873 4,048 5,167 5,257 14,366

Sept. . . . . . . . . . 8,620 29,329 17,499 41,288 4,001 1,430 6,850 17,754

Oct. . . . . . . . . . . 7,018 14,176 8,620 33,237 3,416 4,677 5,384 12,446

Nov. . . . . . . . . . 5,703 20,402 6,538 20,402 4,621 - 5,410 8,195

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

ACCOUNT OF THE U.S. TREASURY 21
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. Average maturity has increased gradually since it hit a low of 2 years, 5 months, in

December 1975. In March 1971, Congress enacted a limited

exception to the 4-1/4-percent interest rate ceiling on Treasury

bonds. This permitted Treasury to offer securities maturing in

more than 7 years at current market rates of interest for the first

time since 1965. 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.

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

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

1991. . . . . . . . . . . . . . . 3,683,054 3,665,303 17,751 919,713 919,573 139 2,763,341 2,745,729 17,612

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

1994 - Dec. . . . . . . . . . 4,826,916 4,800,150 26,766 1,257,048 1,257,032 17 3,569,868 3,543,118 26,749

1995 - Jan.. . . . . . . . . . 4,842,572 4,815,827 26,745 1,259,092 1,259,075 17 3,583,480 3,556,752 26,728

Feb. . . . . . . . . . 4,880,753 4,854,298 26,455 1,258,572 1,258,556 17 3,622,181 3,595,742 26,438

Mar. . . . . . . . . . 4,890,575 4,864,116 26,459 1,254,674 1,254,657 17 3,635,901 3,609,459 26,442

Apr. . . . . . . . . . 4,878,806 4,852,327 26,479 1,271,236 1,271,219 17 3,607,570 3,581,108 26,462

May . . . . . . . . . 4,930,589 4,903,926 26,663 1,278,619 1,278,602 17 3,651,970 3,625,324 26,646

June . . . . . . . . . 4,978,233 4,951,372 26,861 1,316,581 1,316,564 17 3,661,652 3,634,808 26,844

July . . . . . . . . . 4,987,006 4,960,152 26,854 1,315,204 1,315,187 17 3,671,802 3,644,965 26,837

Aug. . . . . . . . . . 4,997,778 4,970,756 27,022 1,310,019 1,310,003 16 3,687,759 3,660,753 27,006

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

Oct. . . . . . . . . . 5,012,433 4,985,262 27,171 1,319,624 1,319,607 16 3,692,809 3,665,655 27,155

Nov. . . . . . . . . . 5,017,472 4,989,330 28,142 1,285,894 1,285,878 16 3,731,578 3,703,452 28,126

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

1991. . . . . . . . . . . . . . . 3,683,054 84,137 3,598,919 919,713 7,962 911,751 2,763,341 76,175 2,687,168

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

1994 - Dec. . . . . . . . . . 4,826,916 79,446 4,747,470 1,257,048 1,823 1,255,225 3,569,868 77,624 3,492,244

1995 - Jan.. . . . . . . . . . 4,842,572 79,753 4,762,819 1,259,092 1,854 1,257,237 3,583,480 77,899 3,505,581

Feb. . . . . . . . . . 4,880,753 79,794 4,800,959 1,258,572 1,818 1,256,754 3,622,181 77,977 3,544,204

Mar. . . . . . . . . . 4,890,575 80,106 4,810,469 1,254,674 2,055 1,252,619 3,635,901 78,051 3,557,850

Apr. . . . . . . . . . 4,878,806 79,600 4,799,206 1,271,236 2,242 1,268,994 3,607,570 77,358 3,530,212

May . . . . . . . . . 4,930,589 79,297 4,851,292 1,278,619 2,261 1,276,358 3,651,970 77,035 3,574,935

June . . . . . . . . . 4,978,233 80,551 4,897,682 1,316,581 2,324 1,314,257 3,661,652 78,227 3,583,425

July . . . . . . . . . 4,987,006 80,307 4,906,699 1,315,204 2,558 1,312,646 3,671,802 77,749 3,594,053

Aug. . . . . . . . . . 4,997,778 80,358 4,917,420 1,310,019 2,722 1,307,297 3,687,759 77,636 3,610,123

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

Oct. . . . . . . . . . 5,012,433 79,315 4,933,118 1,319,624 3,197 1,316,427 3,692,809 76,118 3,616,691

Nov. . . . . . . . . . 5,017,472 79,905 4,937,567 1,285,894 3,358 1,282,537 3,731,578 76,547 3,655,031

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

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

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

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

FEDERAL DEBT 23
TABLE FD-2.--Interest-Bearing Public Debt

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

 Marketable

Other

Total interest- securities:

End of bearing Federal

fiscal year public Treasury Treasury Treasury Financing Nonmarketable

or month debt Total bills notes bonds Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings Foreign series account government Domestic

or month bonds Government series series series Other

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

1991 . . . . . . . . . . 3,662,759 2,390,660 564,589 1,387,717 423,354 15,000 1,272,099

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

1994 - Dec. . . . . . 4,769,171 3,126,035 733,753 1,866,986 510,296 15,000 1,643,137

1995 - Jan. . . . . . 4,812,208 3,173,398 741,771 1,906,332 510,294 15,000 1,638,810

Feb. . . . . . 4,850,521 3,211,929 756,351 1,922,913 517,665 15,000 1,638,593

Mar. . . . . . 4,860,502 3,227,333 756,447 1,938,223 517,664 15,000 1,633,169

Apr. . . . . . 4,831,533 3,182,253 735,178 1,914,413 517,662 15,000 1,649,279

May . . . . . 4,900,346 3,241,464 750,702 1,961,107 514,655 15,000 1,658,881

June . . . . . 4,947,814 3,252,620 748,302 1,974,663 514,654 15,000 1,695,194

July . . . . . 4,956,625 3,270,977 759,354 1,981,968 514,654 15,000 1,685,648

Aug. . . . . . 4,967,192 3,286,057 750,167 1,998,247 522,643 15,000 1,681,135

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

Oct. . . . . . 4,981,739 3,293,172 738,605 2,016,925 522,642 15,000 1,688,567

Nov. . . . . . 4,985,790 3,351,483 785,682 2,029,642 521,159 15,000 1,634,308

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

1991 . . . . . . . . . . . . . . . . . . . . . . . 133,512 41,639 908,406 158,117 29,995 429

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

1994 - Dec. . . . . . . . . . . . . . . . . . . 177,786 42,471 1,259,827 132,616 29,995 442

1995 - Jan. . . . . . . . . . . . . . . . . . . 178,041 42,536 1,262,642 125,155 29,995 441

Feb. . . . . . . . . . . . . . . . . . . 178,465 42,979 1,262,711 124,002 29,995 440

Mar. . . . . . . . . . . . . . . . . . . 178,839 41,797 1,259,184 122,908 29,995 444

Apr. . . . . . . . . . . . . . . . . . . 179,458 41,662 1,275,568 122,154 29,995 442

May . . . . . . . . . . . . . . . . . . 179,824 41,614 1,283,765 123,246 29,995 438

June . . . . . . . . . . . . . . . . . . 180,136 41,442 1,322,041 121,145 29,995 434

July . . . . . . . . . . . . . . . . . . 180,547 41,237 1,320,685 112,750 29,995 434

Aug. . . . . . . . . . . . . . . . . . . 180,785 41,261 1,314,973 113,688 29,995 434

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

Oct. . . . . . . . . . . . . . . . . . . 181,819 40,800 1,325,155 110,367 29,995 432

Nov. . . . . . . . . . . . . . . . . . . 182,203 40,800 1,273,059 107,819 29,995 432

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

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

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

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

1991 . . . . . . . . . . . . . 908,406 15,194 6,108 11,140 2,378 12,854 246,631 109,327 6,839 255,557

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

1994 - Dec. . . . . . . . . 1,259,827 12,155 14,596 15,068 8,627 22,904 337,894 133,541 5,873 413,431

1995 - Jan. . . . . . . . . 1,262,642 11,809 16,045 15,248 8,167 24,351 335,878 133,316 5,794 417,229

Feb. . . . . . . . . 1,262,711 11,597 18,022 15,385 6,374 25,299 333,860 132,132 5,383 417,357

Mar. . . . . . . . . 1,259,184 11,455 18,570 15,385 4,629 26,545 331,978 129,750 5,352 419,354

Apr. . . . . . . . . 1,275,568 11,205 18,475 15,303 2,956 29,382 329,939 133,765 5,996 430,268

May . . . . . . . . 1,283,765 11,354 19,206 15,642 882 30,281 327,880 131,222 5,255 431,146

June . . . . . . . . 1,322,041 11,692 21,522 15,519 1,536 32,676 340,191 135,559 5,736 446,143

July . . . . . . . . 1,320,685 11,626 21,335 15,684 2,019 33,334 338,044 134,013 5,806 446,735

Aug. . . . . . . . . 1,314,973 11,547 22,112 15,849 2,642 34,071 336,400 130,931 5,683 445,944

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

Oct. . . . . . . . . 1,325,155 11,424 21,643 15,896 3,020 35,306 355,367 127,495 6,283 444,667

Nov. . . . . . . . . 1,273,059 11,636 21,713 16,109 3,032 35,882 313,492 126,554 7,066 442,999

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

1991 . . . . . . . . . . . . 966 16,241 148 10,146 11,150 3,339 9,097 151 47,228 143,912

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

1994 - Dec. . . . . . . . 1,274 19,778 113 8,246 12,152 1,197 10,475 264 40,494 201,745

1995 - Jan. . . . . . . . 1,391 19,895 115 8,442 12,098 1,541 10,572 151 38,887 201,713

Feb. . . . . . . . 1,060 20,508 113 9,173 12,017 1,799 10,661 138 39,387 202,446

Mar. . . . . . . . 1,077 19,814 111 9,349 11,919 3,010 10,850 131 37,645 202,260

Apr. . . . . . . . 1,086 20,875 110 9,859 11,832 3,707 11,054 135 38,058 201,563

May . . . . . . . 739 20,448 108 9,703 11,748 4,387 11,205 127 47,076 205,356

June . . . . . . . 945 20,900 109 9,631 12,176 3,871 11,253 135 46,663 205,784

July . . . . . . . 1,014 21,755 109 9,815 12,114 5,024 11,498 139 45,991 204,630

Aug. . . . . . . . 497 17,673 107 9,373 12,028 6,048 11,720 118 48,617 203,613

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

Oct. . . . . . . . 112 14,197 105 7,982 11,880 - 12,193 156 46,862 210,567

Nov. . . . . . . . 199 13,529 104 8,022 11,821 2,961 12,545 161 48,112 197,122

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

FEDERAL DEBT 25
TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Cedit 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 Other

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 17,751 95 6,124 336 - 10,503 694

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

1994 - Dec. . . . . . . . . . . . . . . . . . . . 26,766 - 538 116 1,261 24,336 513

1995 - Jan. . . . . . . . . . . . . . . . . . . . 26,745 - 507 59 1,261 24,403 514

Feb. . . . . . . . . . . . . . . . . . . . 26,455 - 158 60 1,261 24,460 516

Mar. . . . . . . . . . . . . . . . . . . . 26,459 - 158 65 1,261 24,459 515

Apr. . . . . . . . . . . . . . . . . . . . 26,479 - 158 70 1,261 24,472 516

May . . . . . . . . . . . . . . . . . . . 26,663 - 158 78 1,261 24,665 500

June . . . . . . . . . . . . . . . . . . . 26,861 - 158 81 1,261 24,858 502

July . . . . . . . . . . . . . . . . . . . 26,854 - 158 84 1,261 24,846 503

Aug. . . . . . . . . . . . . . . . . . . . 27,022 - 158 83 1,261 25,025 495

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

Oct. . . . . . . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 497

Nov. . . . . . . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 499

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

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

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance]

Amount

End of outstanding Maturity classes

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

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

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

TABLE FD-6.--Debt Subject to Statutory Limitation

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

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

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

or month limit Total Public debt Other debt 2

Public debt Other debt to limitation

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

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

the interest-bearing marketable debt privately held. Published data was changed for the end

of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1991 . . . . . . . . . . . . . . . . . . . 2,113,799 713,778 761,243 280,574 84,900 273,304 6 yrs. 0 mos.

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.

1994 - Dec. . . . . . . . . . . . . . . 2,737,789 906,618 1,130,084 288,781 84,157 328,150 5 yrs. 6 mos.

1995 - Jan . . . . . . . . . . . . . . . 2,791,905 927,146 1,169,586 280,372 84,832 329,970 5 yrs. 5 mos.

Feb. . . . . . . . . . . . . . . 2,829,671 950,006 1,170,648 283,190 96,284 329,543 5 yrs. 6 mos.

Mar. . . . . . . . . . . . . . . 2,841,506 963,767 1,171,125 280,798 96,284 329,533 5 yrs. 5 mos.

Apr. . . . . . . . . . . . . . . 2,795,125 952,570 1,148,083 269,784 95,990 328,699 5 yrs. 5 mos.

May . . . . . . . . . . . . . . 2,851,360 980,967 1,173,686 278,581 89,857 328,269 5 yrs. 5 mos.

June . . . . . . . . . . . . . . 2,847,129 980,975 1,170,628 277,926 89,447 328,153 5 yrs. 4 mos.

July . . . . . . . . . . . . . . 2,878,926 1,007,159 1,174,571 278,600 89,897 328,699 5 yrs. 3 mos.

Aug. . . . . . . . . . . . . . . 2,896,671 999,545 1,187,061 290,211 86,847 333,006 5 yrs. 5 mos.

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

Oct. . . . . . . . . . . . . . . 2,901,629 1,007,132 1,182,933 290,311 87,397 333,856 5 yrs. 4 mos.

Nov. . . . . . . . . . . . . . . 2,954,168 1,065,179 1,176,195 292,576 93,490 326,727 5 yrs. 3 mos.

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 3,569,300 3,568,964 336 3,567,793 336 1,171

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

1994 - Dec. . . . . . . . . . . . . . . . . . . . 4,900,000 4,711,004 4,710,888 116 4,681,657 116 29,231

1995 - Jan. . . . . . . . . . . . . . . . . . . . 4,900,000 4,726,369 4,726,310 59 4,724,438 59 1,872

Feb. . . . . . . . . . . . . . . . . . . . 4,900,000 4,764,890 4,764,829 61 4,762,800 61 2,029

Mar. . . . . . . . . . . . . . . . . . . . 4,900,000 4,774,497 4,774,432 65 4,772,614 65 1,818

Apr. . . . . . . . . . . . . . . . . . . . 4,900,000 4,763,157 4,763,087 70 4,744,114 70 18,973

May . . . . . . . . . . . . . . . . . . . 4,900,000 4,815,153 4,815,075 78 4,813,316 78 1,759

June . . . . . . . . . . . . . . . . . . . 4,900,000 4,861,342 4,861,261 81 4,859,554 81 1,707

July . . . . . . . . . . . . . . . . . . . 4,900,000 4,870,313 4,870,229 84 4,868,559 84 1,670

Aug. . . . . . . . . . . . . . . . . . . . 4,900,000 4,881,088 4,881,005 83 4,879,298 83 1,707

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

Oct. . . . . . . . . . . . . . . . . . . . 4,900,000 4,896,552 4,896,464 89 4,894,826 89 1,638

Nov. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,882 93 4,898,227 93 1,655

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

FEDERAL DEBT 27
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

1991 . . . . . . . . . . . . . . - - - 731 1,672 7,323 7,458

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

1994 - Dec. . . . . . . . . . - - - 7,498 2,617 762 7,714

1995 - Jan. . . . . . . . . . - - - 7,498 2,672 762 7,714

Feb. . . . . . . . . . - - - 7,498 2,612 762 7,714

Mar. . . . . . . . . . 5,690 88 680 7,499 2,612 762 7,714

Apr. . . . . . . . . . 5,690 88 680 7,499 2,612 762 7,714

May . . . . . . . . . 5,690 88 680 7,499 2,652 762 7,714

June . . . . . . . . . 5,710 91 680 7,499 2,652 762 7,714

July . . . . . . . . . 5,528 91 680 7,499 2,702 762 7,714

Aug. . . . . . . . . . 5,528 91 680 7,505 2,802 762 7,714

Sept. . . . . . . . . 5,354 91 563 6,745 2,563 1,647 7,714

Oct. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

Nov. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

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

1991 . . . . . . . . . . . . . . 251,996 21,794 - 8,649 17,837 - -

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

1994 - Dec. . . . . . . . . . 153,997 6,682 2,867 9,648 7,959 - -

1995 - Jan. . . . . . . . . . 154,307 7,661 2,867 9,648 7,959 - -

Feb. . . . . . . . . . 153,960 7,833 2,867 9,647 7,959 - -

Mar. . . . . . . . . . 153,059 - - - - 10,992 12,416

Apr. . . . . . . . . . 151,082 - - - - 11,660 12,418

May . . . . . . . . . 148,412 - - - - 11,619 12,382

June . . . . . . . . . 143,212 - - - - 11,082 12,145

July . . . . . . . . . 142,009 - - - - 10,214 12,145

Aug. . . . . . . . . . 139,549 - - - - 9,418 12,144

Sept. . . . . . . . . 134,892 - - - - 8,596 12,161

Oct. . . . . . . . . . 140,031 - - - - 9,566 12,381

Nov. . . . . . . . . . 132,466 - - - - 2,317 12,389

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

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

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

1991. . . . . . . . . . . . . . . . 179,234 1,730 - - 4,660 - 910

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

1994 - Dec. . . . . . . . . . 88,817 2 1,107 2,605 5,643 7,289 2,787

1995 - Jan. . . . . . . . . . 86,157 14 2,011 2,607 5,905 7,289 3,544

Feb. . . . . . . . . . 85,388 14 2,011 2,607 6,161 7,289 3,599

Mar. . . . . . . . . . 83,266 1 2,011 2,662 6,427 7,289 2,951

Apr. . . . . . . . . . 80,374 1 2,011 2,662 6,693 7,289 2,932

May . . . . . . . . . 77,739 1 2,011 2,662 6,692 7,289 2,934

June . . . . . . . . . 75,638 1 2,011 2,662 4,189 7,289 3,090

July . . . . . . . . . 73,892 1 2,011 2,662 4,454 8,341 3,316

Aug. . . . . . . . . . 71,776 1 2,011 2,663 4,702 8,341 3,413

Sept. . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238

Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280

Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370

FEDERAL DEBT 29
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures in Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Dec. 31, 1995

5 Years, 3 Months

Years

30 FEDERAL DEBT
CHART FD-B.--Private Holdings of

Treasury Marketable Debt, by Maturity*

(In billions of dollars)

* Source: Department of the Treasury, Office of Market Finance

As of December 31

(Data were not made available to the Financial Management Service in time for publication.)

FEDERAL DEBT 31
INTRODUCTION: Public Debt Operations

The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)

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 fourth week. 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. The maturities of cash management bills

coincide with those of regular issues of Treasury bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: OCTOBER-DECEMBER

OCTOBER

Auction of 2-Year and 5-Year Notes

October 18 Treasury announced it would auction $17,750

million of 2-year notes of Series AK-1997 and $11,500 million

of 5-year notes of Series R-2000 to refund $17,184 million of

securities maturing October 31 and to raise about $12,075

million of new cash.

The notes of Series AK-1997 were dated October 31,

1995, due October 31, 1997, with interest payable April 30 and

October 31 until maturity. An interest rate of 5-5/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on October 24, and totaled $47,450 million, of which

$17,757 million was accepted. All competitive tenders at

yields lower than 5.705 percent were accepted in full. Tenders

at 5.705 percent were allotted 21 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.705 percent with an equivalent price of

99.851. The median yield was 5.690 percent; and the low yield

was 5.670 percent. Noncompetitive tenders totaled $739 million. Competitive tenders accepted from private investors totaled $17,018 million.

In addition to the $17,757 million of tenders accepted in

the auction process, $500 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $550 million was accepted from Federal Reserve banks for their own account.

The notes of Series R-2000 were dated October 31, 1995,

due October 31, 2000, with interest payable April 30 and

October 31 until maturity. An interest rate of 5-3/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on October 25, and totaled $31,855 million, of which

$11,528 million was accepted. All competitive tenders at

yields lower than 5.810 percent were accepted in full. Tenders

at 5.810 were allotted 8 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 5.810 percent with an equivalent price of 99.743.

The median yield was 5.780 percent; and the low yield was

5.740 percent. Noncompetitive tenders totaled $247 million.

Competitive tenders accepted from private investors totaled

$11,281 million.

In addition to the $11,528 million of tenders accepted in

the auction process, $537 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

October 6 tenders were invited for approximately $18,250

million of 364-day Treasury bills to be dated October 19, 1995,

and to mature October 17, 1996. The issue was to refund

$17,276 million of maturing 52-week bills and to raise about

$975 million of new cash. The bills were auctioned on October

12. Tenders totaled $57,249 million, of which $18,412 million

was accepted, including $736 million of noncompetitive tenders from the public and $4,805 million of the bills issued to

32 PUBLIC DEBT OPERATIONS
Federal Reserve banks for themselves and as agents for foreign

and international monetary authorities. The average bank discount rate was 5.30 percent.

NOVEMBER

November Quarterly Financing

November 1 Treasury tentatively announced it would

auction $18,000 million of 3-year notes of Series Z-1998 and

$13,500 million of 10-year notes of Series D-2005 to refund

$32,825 million of Treasury securities maturing November 15

and to pay down about $1,325 million.

November 6 Treasury announced that it was postponing

these auctions pending Congressional action on debt limit

legislation. November 13 Treasury announced the revised

schedule of auctions and terms of the November quarterly

refunding, in particular, that Treasury would auction $18,000

million of 3-year notes and $13,500 million of 10-year notes

to refund $31,500 million of 9-day cash management bills

maturing November 24, 1995.

The notes of Series Z-1998 were dated November 24,

1995, due November 15, 1998, with interest payable May 15

and November 15 until maturity. An interest rate of 5-1/2

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 11 a.m., e.s.t., for noncompetitive tenders and prior to 11:30 a.m., e.s.t., for competitive

tenders on November 20, and totaled $53,147 million, of

which $18,081 million was accepted at yields ranging from

5.543 percent, price 99.884, up to 5.550 percent, price

99.865. Tenders at the high yield were allotted 100 percent. Noncompetitive tenders were accepted in full at the

average yield, 5.549 percent, price 99.867. These totaled $756

million, including $200 million awarded to foreign official

institutions. Competitive tenders accepted from private investors totaled $17,325 million.

In addition to the $18,081 million of tenders accepted in

the auction process, $2,485 million was accepted from Federal

Reserve banks for their own account.

The notes of Series D-2005 were dated November 15,

1995, issued November 24, 1995, due November 15, 2005,

with interest payable May 15 and November 15 until maturity.

An interest rate of 5-7/8 percent was set after the determination

as to which tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on November 21, and totaled $30,028 million, of

which $13,508 million was accepted at yields ranging from

5.890 percent, price 99.884, up to 5.910 percent, price

99.735. Tenders at the high yield were allotted 54 percent. Noncompetitive tenders were accepted in full at the

average yield, 5.900 percent, price 99.810. These totaled $706

million, including $300 million awarded to foreign official

institutions. Competitive tenders accepted from private investors totaled $12,802 million.

In addition to the $13,508 million of tenders accepted in

the auction process, $1,700 million was accepted from Federal

Reserve banks for their own account.

The notes of Series D-2005 may be held in STRIPS

form. The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

November 22 Treasury announced it would auction

$18,250 million of 2-year notes of Series AL-1997 and

$12,000 million of 5-year notes of Series S-2000 to refund

$17,852 million of securities maturing November 30 and to

raise about $12,400 million of new cash.

The notes of Series AL-1997 were dated November 30,

1995, due November 30, 1997, with interest payable May 31

and November 30 until maturity. An interest rate of 5-3/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on November 28, and totaled $55,061 million, of

which $18,264 million was accepted. All competitive tenders

at yields lower than 5.479 percent were accepted in full.

Tenders at 5.479 percent were allotted 2 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.479 percent with an equivalent price

of 99.806. The median yield was 5.469 percent; and the low

yield was 5.430 percent. Noncompetitive tenders totaled

$1,181 million, including $500 million awarded to foreign

official institutions. Competitive tenders accepted from private investors totaled $17,083 million.

In addition to the $18,264 million of tenders accepted in

the auction process, $402 million was accepted from Federal

Reserve banks for their own account.

The notes of Series S-2000 were dated November 30,

1995, due November 30, 2000, with interest payable May 31

and November 30 until maturity. An interest rate of 5-5/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on November 29, and totaled $31,418 million, of

which $12,002 million was accepted. All competitive tenders

at yields lower than 5.625 percent were accepted in full.

Tenders at 5.625 percent were allotted 9 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.625 percent with an equivalent price

of 100.000. The median yield was 5.600 percent; and the low

yield was 5.550 percent. Noncompetitive tenders totaled $222

million. Competitive tenders accepted from private investors

totaled $11,780 million.

In addition to the $12,002 million of tenders accepted in

the auction process, $350 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

November 3 Treasury tentatively announced the auction

schedule and terms of the 52-week bill offering. November 8

Treasury announced that it was postponing the auction of

52-week bills originally scheduled for November 9. November

13 tenders were invited for approximately $18,750 million of

364-day Treasury bills to be dated November 16, 1995, and to

mature November 14, 1996. The issue was to refund $17,480

million of maturing 52-week bills and to raise about $1,275

million of new cash. The bills were auctioned on November

15. Tenders totaled $49,170 million, of which $18,868 million

TREASURY FINANCING: OCTOBER-DECEMBER, con.

PUBLIC DEBT OPERATIONS 33
TREASURY FINANCING: OCTOBER-DECEMBER, con.

was accepted, including $782 million of noncompetitive tenders from the public and $4,700 million of the bills issued to

Federal Reserve banks for themselves. The average bank discount rate was 5.15 percent.

Cash Management Bills

November 1 tenders were invited for approximately

$6,000 million of 48-day bills to be issued November 3, 1995,

representing an additional amount of bills dated June 22, 1995,

maturing December 21, 1995. The issue was to raise new cash.

Tenders were opened on November 2. They totaled $29,372

million, of which $6,008 million was accepted. The average

bank discount rate was 5.37 percent.

In the same announcement on November 1, tenders were

invited for approximately $8,000 million of 83-day bills to be

issued November 3, 1995, representing an additional amount

of bills dated July 27, 1995, maturing January 25, 1996. The

issue was to raise new cash. Tenders were opened on November 2. They totaled $33,200 million, of which $8,061 million

was accepted. The average bank discount rate was 5.30 percent.

November 13 tenders were invited for approximately

$31,500 million of 9-day bills to be issued November 15, 1995,

representing an additional amount of bills dated May 25, 1995,

maturing November 24, 1995. The issue was to raise new cash.

Tenders were opened on November 14. They totaled $52,500

million, of which $31,521 million was accepted. The average

bank discount rate was 5.77 percent.

In the same announcement on November 13, tenders were

invited for approximately $26,000 million of 36-day bills to

be issued November 15, 1995, representing an additional

amount of bills dated June 22, 1995, maturing December 21,

1995. The issue was to raise new cash. Tenders were opened

on November 14. They totaled $55,750 million, of which

$26,053 million was accepted. The average bank discount rate

was 5.64 percent.

November 27 tenders were invited for approximately

$10,000 million of 13-day bills to be issued December 1, 1995,

representing an additional amount of bills dated December 15,

1994, maturing December 14, 1995. The issue was to raise new

cash. Tenders were opened on November 30. They totaled

$35,646 million, of which $10,017 million was accepted. The

average bank discount rate was 5.63 percent.

In the same announcement on November 27, tenders were

invited for approximately $10,000 million of 27-day bills to

be issued December 1, 1995, representing an additional

amount of bills dated June 29, 1995, maturing December 28,

1995. The issue was to raise new cash. Tenders were opened

on November 30. They totaled $35,232 million, of which

$10,007 million was accepted. The average bank discount rate

was 5.39 percent.

DECEMBER

Auction of 2-Year and 5-Year Notes

December 13 Treasury announced it would auction

$18,250 million of 2-year notes of Series AM-1997 and

$12,000 million of 5-year notes of Series T-2000 to refund

$17,625 million of securities maturing December 31 and to

raise about $12,625 million of new cash.

The notes of Series AM-1997 were dated January 2, 1996,

due December 31, 1997, with interest payable June 30 and

December 31 until maturity. An interest rate of 5-1/4 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 December 20, and totaled $39,750 million, of which

$18,254 million was accepted. All competitive tenders at

yields lower than 5.289 percent were accepted in full. Tenders

at 5.289 percent were allotted 50 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.289 percent with an equivalent price of

99.927. The median yield was 5.250 percent; and the low yield

was 5.210 percent. Noncompetitive tenders totaled $962 million, including $400 million awarded to foreign official institutions. Competitive tenders accepted from private investors

totaled $17,292 million.

In addition to the $18,254 million of tenders accepted in

the auction process, $880 million was accepted from Federal

Reserve banks for their own account.

The notes of Series T-2000 were dated January 2, 1996,

due December 31, 2000, with interest payable June 30 and

December 31 until maturity. An interest rate of 5-1/2 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on December 21, and totaled $30,700 million, of which

$12,015 million was accepted. All competitive tenders at

yields lower than 5.550 percent were accepted in full. Tenders

at 5.550 percent were allotted 13 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.550 percent with an equivalent price of

99.784. The median yield was 5.530 percent; and the low yield

was 5.500 percent. Noncompetitive tenders totaled $169 million. Competitive tenders accepted from private investors totaled $11,846 million.

In addition to the $12,015 million of tenders accepted in

the auction process, $800 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

December 1 tenders were invited for approximately

$18,750 million of 364-day Treasury bills to be dated December 14, 1995, and to mature December 12, 1996. The issue was

to refund $17,078 million of maturing 52-week bills and to

raise about $1,675 million of new cash. The bills were auctioned on December 7. Tenders totaled $49,984 million, of

which $18,781 million was accepted, including $774 million

of noncompetitive tenders from the public and $4,450 million

of the bills issued to Federal Reserve banks for themselves.

The average bank discount rate was 5.06 percent.

34 PUBLIC DEBT OPERATIONS
1996

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/4%-E note 01/17/89 7,421 1,228 6,193

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-K note 01/31/91 9,438 1,268 8,170

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%-AC note 01/31/94 18,414 339 18,075

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8%-A note 02/15/86 8,451 617 7,834

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 02/15/86 125 - 125

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-J note 12/03/90 9,055 1,427 7,628

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-5/8%-X note 02/16/93 19,537 3,829 15,709

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-L note 02/28/91 9,622 1,256 8,366

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-5/8%-AD note 02/28/94 18,949 448 18,501

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-M note 04/01/91 9,081 1,119 7,962

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-AE note 03/31/94 19,579 2,080 17,499

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-3/8%-F note 04/17/89 7,782 787 6,995

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8%-N note 04/30/91 9,496 926 8,570

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-AF note 05/02/94 18,806 800 18,006

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-3/8%-C note 05/15/86 20,086 2,074 18,012

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1/4%-Y note 05/17/93 19,264 2,228 17,036

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8%-P note 05/31/91 9,617 418 9,199

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 05/31/94 18,927 753 18,174

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-Q note 07/01/91 9,770 431 9,339

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 06/30/94 19,859 1,765 18,094

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-G note 07/17/89 7,725 771 6,954

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-R note 07/31/91 9,869 270 9,599

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 08/01/94 19,416 1,247 18,169

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-Z note 08/16/93 20,670 3,074 17,596

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-S note 09/03/91 9,825 499 9,326

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AK note 08/31/94 19,292 849 18,443

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-T note 09/30/91 10,088 431 9,657

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AL note 09/30/94 19,639 1,274 18,365

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-H note 10/16/89 7,989 435 7,554

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-U note 10/31/91 28,331 1,485 26,846

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/4%-D note 11/15/86 20,259 1,144 19,115

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-AB note 11/15/93 22,065 4,528 17,537

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-V note 12/02/91 9,871 210 9,661

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-AN note 11/30/94 18,940 315 18,625

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-W note 12/31/91 9,635 200 9,435

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-AP note 01/03/95 19,608 1,669 17,939

Total. . . . . . . . . . . . . . . 516,501 42,194 474,308

1997

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 01/16/90 7,852 599 7,254

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-Z note 01/31/95 19,002 400 18,602

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 01/31/92 9,464 150 9,314

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-V note 02/15/94 19,832 1,725 18,108

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-AB note 02/28/95 18,816 845 17,971

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-J note 03/02/92 9,948 472 9,476

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-K note 03/31/92 11,302 484 10,818

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

PUBLIC DEBT OPERATIONS 35
1997, con.

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-AC note 03/31/95 19,354 1,181 18,173

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 662 7,198

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 1,040 10,401

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 830 17,878

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/2%-A note 05/15/87 9,921 614 9,307

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 3,815 17,935

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 18,937 745 18,192

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 06/30/92 11,054 430 10,624

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AF note 06/30/95 19,260 1,167 18,092

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 1,071 7,315

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 18,952 852 18,100

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-5/8%-B note 08/15/87 9,363 497 8,866

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-X note 08/15/94 20,250 2,463 17,788

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 574 10,535

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 670 18,713

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 541 11,598

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 611 18,505

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 731 8,129

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 18,840 750 18,090

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8%-C note 11/15/87 9,808 600 9,208

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 2,910 17,951

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 301 11,225

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 452 18,236

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 551 11,612

Total. . . . . . . . . . . . . . . 488,481 29,876 458,607

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 842 8,284

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 596 11,743

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/8%-A note 02/15/88 9,159 490 8,669

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,116 17,964

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 11,686 454 11,232

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 495 11,730

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9%-B note 05/15/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,594 17,632

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 935 11,423

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,671 10,925

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,220 8,474

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 522 11,167

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-1/4%-C note 08/15/88 11,343 859 10,484

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

36 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1998, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,180 18,238

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 641 12,378

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 1,000 11,576

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 969 9,300

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8%-D note 11/15/88 9,903 635 9,268

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 233 162 71

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,735 17,864

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 969 11,146

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,630 10,815

Total. . . . . . . . . . . . . . . 312,220 30,931 281,293

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 856 9,703

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 427 12,474

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8%-A note 02/15/89 9,720 693 9,027

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 435 11,479

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,925 10,855

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,124 9,054

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-1/8%-B note 05/15/89 10,047 1,148 8,900

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 587 11,752

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,744 11,357

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 477 9,529

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,129 11,282

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8%-C note 08/15/89 10,164 768 9,396

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 601 11,796

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,079 11,757

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 498 11,654

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-7/8%-D note 11/15/89 10,774 667 10,107

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 635 11,299

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,405 11,118

Total. . . . . . . . . . . . . . . 231,365 17,824 213,542

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 12,229 532 11,696

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/2%-A note 02/15/90 10,673 832 9,841

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 870 11,626

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,146 12,043

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 12,433 728 11,705

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 627 12,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 751 11,713

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 725 11,614

PUBLIC DEBT OPERATIONS 37
2000, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-3/4%-C note 08/15/90 11,081 844 10,236

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 515 11,407

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 925 11,086

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 537 11,543

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/2%-D note 11/15/90 11,520 816 10,704

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 350 12,007

Total. . . . . . . . . . . . . . . 200,680 11,728 188,951

2001

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-3/4%-A note 02/15/91 11,313 678 10,635

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8%-B note 05/15/91 12,398 892 11,506

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-7/8%-C note 08/15/91 12,339 1,144 11,195

Aug. 15, 96-01 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% bond 08/16/76 1,485 758 727

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/2%-D note 11/15/91 24,226 1,406 22,820

Total. . . . . . . . . . . . . . . 68,518 5,634 62,885

2002

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/2%-A note 05/15/92 11,714 991 10,723

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 40,085 3,689 36,396

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 654 2,352

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 6-1/4%-A note 02/15/93 23,563 2,120 21,443

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 206 3,043

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 426 3,075

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 5-3/4%-B note 08/16/93 28,011 3,691 24,320

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 449 6,810

Total. . . . . . . . . . . . . . . 68,591 7,546 61,043

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 5-7/8%-A note 02/15/94 12,955 550 12,405

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 649 3,106

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/4%-B note 05/16/94 14,440 1,921 12,520

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 191 3,809

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/4%-C note 08/15/94 13,346 796 12,550

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 11-5/8% bond 10/30/84 8,302 569 7,733

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-7/8%-D note 11/15/94 14,374 1,603 12,771

Total. . . . . . . . . . . . . . . 71,172 6,279 64,894

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/2%-A note 02/15/95 13,835 1,163 12,672

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

38 PUBLIC DEBT OPERATIONS
2005, con.

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 12% bond 04/02/85 4,261 264 3,996

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-B note 05/15/95 14,740 2,015 12,725

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 10-3/4% bond 07/02/85 9,270 761 8,508

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-C note 08/15/95 15,003 1,800 13,203

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-D note 11/24/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,543 9,880 66,661

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-3/8% bond 01/15/86 4,756 20 4,736

Total. . . . . . . . . . . . . . . 4,756 20 4,736

2007

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 5,729 1,925 3,804

2008

Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,666 3,564

Total. . . . . . . . . . . . . . . 7,333 2,455 4,878

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 963 3,643

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,039 6,768

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total. . . . . . . . . . . . . . . 10,217 3,296 6,923

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,082 3,527

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 885 4,015

Total. . . . . . . . . . . . . . . 9,510 1,967 7,542

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,612 9,420

Total. . . . . . . . . . . . . . . 11,032 1,612 9,420

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,041 11,715

Total. . . . . . . . . . . . . . . 14,755 3,041 11,715

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 648 4,360

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 868 4,260

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 2,711 13,431

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

PUBLIC DEBT OPERATIONS 39
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 11-1/4% bond 02/15/85 12,668 1,597 11,071

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 10-5/8% bond 08/15/85 7,150 937 6,213

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-7/8% bond 11/15/85 6,900 765 6,135

Total. . . . . . . . . . . . . . . 26,718 3,299 23,419

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-1/4% bond 02/15/86 7,267 855 6,412

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/4% bond 05/15/86 18,824 1,165 17,659

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/2% bond 11/15/86 18,864 1,345 17,519

Total. . . . . . . . . . . . . . . 44,955 3,365 41,590

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-3/4% bond 05/15/87 18,194 744 17,450

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8% bond 08/15/87 14,017 953 13,064

Total. . . . . . . . . . . . . . . 32,211 1,697 30,514

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9-1/8% bond 05/15/88 8,709 297 8,412

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 9% bond 11/15/88 9,033 306 8,727

Total. . . . . . . . . . . . . . . 17,742 603 17,139

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-7/8% bond 02/15/89 19,251 633 18,618

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/8% bond 08/15/89 20,214 1,645 18,569

Total. . . . . . . . . . . . . . . 39,465 2,278 37,187

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/2% bond 02/15/90 10,229 676 9,553

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-3/4% bond 05/15/90 10,159 440 9,719

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-3/4% bond 08/15/90 21,419 815 20,604

Total. . . . . . . . . . . . . . . 41,807 1,931 39,876

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-7/8% bond 02/15/91 11,113 475 10,638

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/8% bond 05/15/91 11,959 490 11,469

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8-1/8% bond 08/15/91 12,163 360 11,803

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 8% bond 11/15/91 32,798 905 31,893

Total. . . . . . . . . . . . . . . 68,033 2,230 65,803

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/4% bond 08/17/92 10,353 570 9,783

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-5/8% bond 11/16/92 10,700 470 10,230

Total. . . . . . . . . . . . . . . 21,053 1,040 20,013

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/8% bond 02/15/93 18,374 982 17,392

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 6-1/4% bond 08/15/93 22,909 1,010 21,899

Total. . . . . . . . . . . . . . . 41,283 1,992 39,291

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-1/2% bond 08/15/94 11,470 450 11,020

Total. . . . . . . . . . . . . . . 11,470 450 11,020

40 PUBLIC DEBT OPERATIONS
2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

 7-5/8% bond 02/15/95 11,725 700 11,025

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8% bond 08/15/95 12,602 1,100 11,502

Total. . . . . . . . . . . . . . . 24,327 1,800 22,527

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1995, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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 a foreign-targeted Treasury note.

 2 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

PUBLIC DEBT OPERATIONS 41
TABLE PDO-2.--Offerings of Bills

[Dollar figures in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1

bids tendered Total amount petitive basis 2petitive basis 3new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1995 - Sept. 7 . . . . . . 1995 - Dec. 7 91 48,438.7 12,167.9 10,712.8 1,455.1 14,253.4 171,388.8

1996 - Mar. 7 182 50,013.9 12,375.1 11,124.7 1,250.4 13,140.1 344,430.1

14 . . . . . 1995 - Dec. 14 91 52,455.3 12,673.5 11,339.4 1,334.1 14,334.5 169,727.8

1996 - Mar. 14 182 48,770.5 13,560.1 12,402.6 1,157.6 12,466.4 345,523.9

21 . . . . . 1995 - Dec. 21 91 53,348.0 11,461.9 10,027.5 1,434.4 14,286.0 166,903.7

1996 - Mar. 21 182 44,347.0 11,436.2 10,101.7 1,334.5 12,621.0 344,339.1

28 . . . . . 1995 - Dec. 28 91 43,753.0 11,561.0 10,247.3 1,313.7 13,878.6 164,586.1

1996 - Mar. 28 182 47,980.7 11,690.3 10,282.7 1,407.6 12,122.0 343,907.4

Oct. 5 . . . . . . 1996 - Jan. 4 91 45,158.2 12,749.5 11,356.2 1,393.3 14,012.5 163,323.1

Apr. 4 182 47,761.9 12,835.3 11,557.3 1,278.0 12,205.7 344,537.0

12 . . . . . Jan. 11 91 45,173.7 13,170.6 11,657.9 1,512.7 14,097.6 162,396.1

Apr. 11 182 41,823.2 13,234.5 11,886.3 1,348.2 11,661.8 346,109.7

19 . . . . . Jan. 18 91 45,711.5 13,057.7 11,590.2 1,467.5 13,572.2 161,881.6

Apr. 18 182 47,927.3 13,060.7 11,828.4 1,232.3 11,650.7 347,519.7

26 . . . . . Jan. 25 91 31,835.4 6,051.5 4,675.8 1,375.7 13,296.8 154,636.3

Apr. 25 182 42,739.5 13,041.9 11,972.7 1,069.2 11,767.8 348,793.8

Nov. 2 . . . . . . Feb. 1 91 44,349.8 12,656.4 11,292.6 1,363.8 12,962.9 154,329.8

May 2 182 46,276.0 12,796.8 11,555.6 1,241.2 12,299.4 349,291.2

9 . . . . . . Feb. 8 91 47,687.5 14,665.5 13,105.4 1,560.1 12,788.8 156,206.5

May 9 182 53,750.6 14,694.7 13,381.9 1,312.8 12,984.5 351,001.4

16 . . . . . Feb. 15 91 48,680.6 14,621.6 13,230.8 1,390.8 12,174.9 158,653.2

May 16 182 55,153.9 14,816.8 13,636.8 1,180.0 14,745.7 351,072.5

24 . . . . . Feb. 22 90 56,391.0 12,621.4 11,088.2 1,533.2 12,156.8 159,117.8

May 23 181 49,213.2 12,646.6 11,395.1 1,251.5 14,956.4 348,762.7

30 . . . . . Feb. 29 91 49,643.2 14,051.3 12,674.8 1,376.5 12,144.1 161,025.0

May 30 182 51,248.1 14,081.1 12,998.6 1,082.5 14,871.4 347,972.4

Dec. 7 . . . . . . Mar. 7 91 51,963.7 14,052.5 12,530.7 1,521.8 12,167.9 162,909.6

June 6 182 47,003.4 14,036.8 12,746.5 1,290.3 14,260.6 347,748.6

14 . . . . . Mar. 14 91 66,881.2 14,079.9 12,602.5 1,477.4 12,673.5 164,316.0

June 13 182 46,482.2 14,115.5 12,866.0 1,249.5 14,299.9 347,564.2

21 . . . . . Mar 21 91 52,259.4 14,091.5 12,624.7 1,466.8 11,461.9 166,945.6

June 20 182 43,872.4 14,075.0 12,901.4 1,173.6 14,362.1 347,277.1

28 . . . . . Mar. 28 91 41,236.4 13,024.0 11,756.8 1,267.2 11,561.0 168,408.6

June 27 182 41,510.9 13,071.5 12,026.1 1,045.4 14,416.0 345,932.6

52 week:

1994 - Dec. 15 . . . . . 1995 - Dec. 14 364 42,002.3 17,078.4 15,807.1 1,271.3 16,237.6 218,510.5

1995 - Jan. 12 . . . . . 1996 - Jan. 11 364 49,929.3 17,351.2 15,889.0 1,462.2 16,036.7 219,825.0

Feb. 9. . . . . . . Feb. 8 364 51,445.4 17,455.2 15,690.3 1,764.9 16,521.2 220,759.0

Mar. 9 . . . . . . Mar. 7 364 48,315.7 17,352.4 15,967.1 1,385.3 16,531.3 221,580.1

Apr. 6 . . . . . . Apr. 4 364 43,045.6 17,574.2 16,355.4 1,218.8 16,622.7 222,531.6

May 4 . . . . . . May 2 364 64,539.0 17,953.4 16,849.5 1,103.9 16,593.2 223,891.8

June 1 . . . . . . May 30 364 42,862.6 18,579.6 17,517.4 1,062.2 16,912.9 225,558.5

June 29 . . . . . June 27 364 42,836.3 19,322.4 18,413.9 908.5 16,756.5 228,124.4

July 27 . . . . . July 25 364 43,775.8 18,359.0 17,519.3 839.7 16,963.4 229,520.0

Aug. 24 . . . . . Aug. 22 364 51,493.8 18,464.3 17,591.9 872.4 16,837.2 231,147.1

Sept. 21 . . . . . Sept. 19 364 58,636.5 19,275.4 18,427.7 847.7 16,805.1 233,617.4

Oct. 19 . . . . . Oct. 17 364 57,318.5 18,482.5 17,730.1 752.4 17,276.1 234,823.8

Nov. 16 . . . . . Nov. 14 364 49,174.6 18,869.7 18,083.1 786.6 17,480.2 236,213.3

Dec. 14 . . . . . Dec. 12 364 49,995.6 18,792.2 18,006.7 785.5 17,078.4 237,927.1

Cash management:

1995 - Nov. 3 . . . . . . 1995 - Dec. 21 48 29,372.0 6,008.2 - - - 6,008.2

1996 - Jan. 25 83 33,200.0 8,060.8 - - - 14,069.0

Nov. 15 . . . . . 1995 - Nov. 24 9 56,684.6 35,705.8 - - - 49,774.7

Dec. 21 36 55,750.0 26,052.5 - - - 75,827.2

Dec. 1 . . . . . . Dec. 14 13 35,645.9 10,016.7 - - - 85,843.9

Dec. 28 27 35,231.5 10,007.3 - - - 95,851.2

42 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills, con.

[Dollar figures in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments]

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 issue 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 $1,000,000 at 98.668 percent.

6

 Except $50,000 at 97.346 percent and $1,600,000 at 97.336 percent.

7

 Except $25,000 at 97.336 percent.

8

 Except $10,000 at 98.703 percent.

9

 Except $5,030,000 at 98.650 percent. 

10 Except $10,000 and 98.686 percent.

11 Except $10,000 at 93.286 percent.

12 Except $20,000 at 93.175 percent.

13 Except $2,000,000 at 93.822 percent.

14 Except $1,600,000 at 94.762 percent.

Regular weekly:

1995 - Sept. 7 . . . . . . . . 98.660 5.30 5.46 5.30 98.660 5.28 98.665

97.321 5.30 5.54 5.30 97.321 5.28 97.331

14 . . . . . . . 98.650 5.34 5.50 5.34 98.650 5.32 98.655

97.305 5.33 5.57 5.33 97.305 5.31 97.316

21 . . . . . . . 98.673 5.25 5.41 5.25 98.673 5.23 98.678

97.361 5.22 5.45 5.22 97.361 5.21 97.366

28 . . . . . . . 98.701 5.14 5.29 5.15 98.698 5.12 98.706

97.336 5.27 5.50 5.27 97.336 5.25 97.346

29 . . . . . . . 98.648 5.35 5.51 5.35 98.648 5.31 98.658

97.300 5.34 5.58 5.34 97.300 5.32 97.310

Oct. 5 . . . . . . . . 98.650 5.34 5.50 5.34 98.650 5

 5.31 98.658

97.280 5.38 5.62 5.38 97.280 6

 5.36 97.290

12 . . . . . . . 98.658 5.31 5.47 5.31 98.658 5.29 98.663

97.310 5.32 5.56 5.32 97.310 7

 5.29 97.326

19 . . . . . . . 98.655 5.32 5.48 5.33 98.653 5.29 98.663

97.300 5.34 5.58 5.34 97.300 5.33 97.305

26 . . . . . . . 98.681 5.22 5.38 5.22 98.681 8

 5.20 98.686

97.305 5.33 5.57 5.33 97.305 5.31 97.316

Nov. 2 . . . . . . . . 98.663 5.29 5.45 5.30 98.660 5.27 98.668

97.316 5.31 5.55 5.31 97.316 5.30 97.321

9 . . . . . . . . 98.645 5.36 5.52 5.37 98.643 5.34 98.650

97.326 5.29 5.53 5.29 97.326 5.26 97.341

16 . . . . . . . 98.627 5.43 5.60 5.43 98.627 9

 5.40 98.635

97.305 5.33 5.57 5.33 97.305 5.32 97.310

24 . . . . . . . 98.665 5.34 5.50 5.34 98.665 5.32 98.670

97.360 5.25 5.48 5.25 97.360 5.23 97.370

30 . . . . . . . 98.655 5.32 5.48 5.33 98.653 10 5.31 98.658

97.346 5.25 5.48 5.25 97.346 5.23 97.356

Dec. 7 . . . . . . . . 98.663 5.29 5.45 5.29 98.663 5.27 98.668

97.376 5.19 5.42 5.19 97.376 5.17 97.386

14 . . . . . . . 98.660 5.30 5.46 5.30 98.660 5.29 98.663

97.371 5.20 5.43 5.20 97.371 5.19 97.376

21 . . . . . . . 98.698 5.15 5.31 5.17 98.693 5.15 98.698

97.396 5.15 5.38 5.15 97.396 5.14 97.401

28 . . . . . . . 98.759 4.91 5.05 4.91 98.759 4.87 98.769

97.452 5.04 5.26 5.04 97.452 5.03 97.457

52 week:

1994 - Dec. 15 . . . . . . . 93.175 6.75 7.22 6.76 93.165 11 6.72 93.205

1995 - Jan. 12 . . . . . . . 93.064 6.86 7.34 6.86 93.064 12 6.84 93.084

Feb. 9 . . . . . . . . 93.337 6.59 7.03 6.59 93.337 6.57 93.357

Mar. 9 . . . . . . . . 93.772 6.16 6.57 6.16 93.772 13 6.14 93.792

Apr. 6 . . . . . . . . 93.913 6.02 6.41 6.03 93.903 6.00 93.933

May 4 . . . . . . . . 94.034 5.90 6.28 5.91 94.024 5.88 94.055

June 1 . . . . . . . . 94.398 5.54 5.88 5.56 94.378 5.51 94.429

June 29 . . . . . . . 94.722 5.22 5.53 5.23 94.712 5.20 94.742

July 27 . . . . . . . 94.560 5.38 5.70 5.38 94.560 5.36 94.580

Aug. 24 . . . . . . . 94.388 5.55 5.89 5.55 94.388 5.50 94.439

Sept. 21 . . . . . . . 94.732 5.21 5.52 5.21 94.732 14 5.20 94.742

Oct. 19 . . . . . . . 94.641 5.30 5.62 5.30 94.641 5.29 94.651

Nov. 16 . . . . . . . 94.793 5.15 5.45 5.15 94.793 5.12 94.823

Dec. 14 . . . . . . . 94.884 5.06 5.35 5.06 94.884 5.04 94.904

Cash management:

1995 - Nov. 3 . . . . . . . . 99.284 5.37 5.50 5.37 98.284 5.35 98.287

98.778 5.30 5.46 5.31 98.776 5.30 98,778

15 . . . . . . . 99.856 5.77 5.86 5.80 99.855 5.75 99.856

99.436 5.64 5.77 5.65 99.435 5.62 99.438

Dec. 1 . . . . . . . . 99.797 5.63 5.73 5.65 99.796 5.61 99.797

99.596 5.39 5.50 5.40 99.595 5.37 99.597

PUBLIC DEBT OPERATIONS 43
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]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

12/02/93 12/06/93 3.00% bill--12/16/93-reopening 10d 35,006 3,761

12/09/93 12/16/93 3.47% bill--12/15/94 364d 51,032 16,238

12/21/93 12/31/93 4-1/4% note--12/31/95-AE 2y 49,560 19,303 7

12/22/93 12/31/93 5-1/8% note--12/31/98-V 5y 36,930 12,444 8

01/06/94 01/13/94 3.52% bill--01/12/95 364d 63,054 16,037

01/25/94 01/31/94 4% note--01/31/96-AC 2y 49,991 18,414 9

01/26/94 01/31/94 5% note--01/31/99-J 5y 29,549 12,900 10

02/03/94 02/10/94 3.59% bill--02/09/95 364d 43,706 16,521

02/08/94 02/15/94 4-3/4% note--02/15/97-V 3y 48,291 19,832 11

02/09/94 02/15/94 5-7/8% note--02/15/04-A 10y 31,937 5 12,955 12

02/10/94 02/15/94 6-1/4% bond--08/15/23-reopening 29y 6m 31,102 5 11,379 13

02/23/94 02/28/94 4-5/8% note--02/29/96-AD 2y 44,833 18,949 14

02/24/94 02/28/94 5-1/2% note--02/28/99-K 5y 32,330 11,913 15

03/03/94 03/10/94 4.03% bill--03/09/95 364d 43,994 16,531

03/22/94 03/31/94 5-1/8% note--03/31/96-AE 2y 47,401 19,579 16

03/23/94 03/31/94 5-7/8% note--03/31/99-L 5y 29,915 12,780 17

03/29/94 03/31/94 3.47% bill--04/21/94-reopening 21d 47,750 14,006

03/31/94 04/07/94 4.30% bill--04/06/95 364d 44,256 16,623

04/26/94 05/02/94 5-1/2% note--04/30/96-AF 2y 47,711 18,804 18

04/28/94 05/02/94 6-1/2% note--04/30/99-M 5y 24,745 12,291 19

04/28/94 05/05/94 4.77% bill--05/04/95 364d 49,343 16,594

05/10/94 05/16/94 6-1/2% note--05/15/97-W 3y 52,896 21,749 20

05/11/94 6 05/16/94 7-1/4% note--05/15/04-B 10y 25,019 5 14,440 21

05/24/94 05/31/94 5-7/8% note--05/31/96-AG 2y 41,031 18,927 22

05/25/94 05/31/94 6-3/4% note--05/31/99-N 5y 32,927 12,339 23

05/26/94 06/02/94 5.01% bill--06/01/95 364d 59,706 16,912

06/01/94 06/03/94 4.09% bill--06/16/94-reopening 13d 55,795 14,007

06/21/94 06/30/94 6% note--06/30/96-AH 2y 47,720 19,858 24

06/22/94 06/30/94 6-3/4% note--06/30/99-P 5y 32,369 13,100 25

06/23/94 06/30/94 5.04% bill--06/29/95 364d 50,142 16,756

07/13/94 07/15/94 5.20% bill--09/22/94 69d 41,740 6,035

07/21/94 07/28/94 5.20% bill--07/27/95 364d 54,251 16,963

07/26/94 08/01/94 6-1/8% note--07/31/96-AJ 2y 48,410 19,407 26

07/27/94 08/01/94 6-7/8% note--07/31/99-Q 5y 29,554 12,403 27

08/09/94 08/15/94 6-1/2% note--08/15/97-X 3y 47,220 20,241 28

08/10/94 08/15/94 7-1/4% note--08/15/04-C 10y 30,416 5 13,346 29

08/11/94 6 08/15/94 7-1/2% bond--11/15/24 30y 3m 22,053 5 11,469 30

08/11/94 08/15/94 4.37% bill--09/22/94 38d 29,573 7,005

08/18/94 08/25/94 5.36% bill--08/24/95 364d 43,661 16,837

08/23/94 08/31/94 6-1/4% note--08/31/96-AK 2y 58,453 19,283 31

08/24/94 08/31/94 6-7/8% note--08/31/99-R 5y 36,882 12,396 32

08/31/94 09/06/94 4.58% bill--09/22/94 16d 27,540 7,005

09/09/94 09/09/94 4.65% bill--09/16/94 7d 25,060 4,003

09/15/94 09/22/94 5.38% bill--09/21/95 364d 53,447 16,804

09/27/94 09/30/94 6-1/2% note--09/30/96-AL 2y 46,392 19,626 33

09/28/94 09/30/94 7-1/8% note--09/30/99-S 5y 38,031 12,820 34

10/12/94 10/17/94 4.98% bill--02/22/94-reopening 66d 49,580 15,040

10/13/94 10/20/94 5.72% bill--10/19/95 364d 51,239 17,275

10/25/94 10/31/94 6-7/8% note--10/31/96-U-reopening 2y 43,267 18,952 35

10/26/94 10/31/94 7-1/2% note--10/31/99-T 5y 34,155 12,115 36

11/08/94 11/15/94 7-3/8% note--11/15/97-Y 3y 53,312 20,831 37

11/09/94 11/15/94 7-7/8% note--11/15/04-D 10y 30,055 5 14,369 38

11/10/94 11/15/94 5.11% bill--12/22/94-reopening 37d 49,807 12,009

11/10/94 11/17/94 6.09% bill--11/16/95 364d 55,604 17,479

11/21/94 11/30/94 7-1/4% note--11/30/96-AN 2y 48,945 18,938 39

11/22/94 11/30/94 7-3/4% note--11/30/99-U 5y 33,840 11,932 40

11/30/94 12/02/94 5.45% bill--12/22/94-reopening 20d 35,751 8,105

12/08/94 12/15/94 6.75% bill--12/14/95 364d 42,002 17,076

12/21/94 01/03/95 7-1/2% note--12/31/96-AP 2y 51,681 19,602 41

12/22/94 01/03/95 7-3/4% note--12/31/99-V 5y 25,948 12,520 42

44 PUBLIC DEBT OPERATIONS
12/29/94 01/03/95 5.59% bill--01/19/95-reopening 16d 42,975 14,009

01/05/95 01/12/95 6.86% bill--01/11/96 364d 49,929 17,349

01/24/95 01/31/95 7-1/2% note--01/31/97-Z 2y 52,018 18,998 43

01/25/95 01/31/95 7-3/4% note--01/31/00-G 5y 34,143 12,226 44

02/02/95 02/09/95 6.59% bill--02/08/96 364d 51,445 17,452

02/07/95 02/15/95 7-1/4% note--02/15/98-W 3y 50,836 21,078 45

02/08/95 02/15/95 7-1/2% note--02/15/05-A 10y 29,807 5 13,834 46

02/09/95 02/15/95 7-5/8% bond--02/15/25 30y 30,681 5 11,725 47

02/09/95 02/15/95 5.76% bill--04/20/95-reopening 64d 50,051 9,118

02/22/95 02/28/95 6-7/8% note--02/28/97-AB 2y 43,401 18,805 48

02/23/95 02/28/95 7-1/8% note--02/29/00-H 5y 28,709 12,486 49

03/01/95 03/07/95 5.81% bill--03/16/95-reopening 9d 38,684 8,033

03/02/95 03/09/95 6.16% bill--03/07/96 364d 48,316 17,351

03/28/95 03/31/95 6-5/8% note--03/31/97-AC 2y 44,394 19,352 50

03/29/95 03/31/95 6-7/8% note--03/31/00-J 5y 26,061 13,186 51

03/30/95 04/03/95 5.97% bill--04/20/95-reopening 17d 100,412 25,109

03/30/95 04/06/95 6.02% bill--04/04/96 364d 43,046 17,574

04/25/95 05/01/95 6-1/2% note--04/30/97-AD 2y 42,158 18,706 52

04/26/95 05/01/95 6-3/4% note--04/30/00-K 5y 35,573 12,433 53

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 54

05/10/95 05/15/95 6-1/2% note--05/15/05-B 10y 23,167 5 14,739 55

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 56

05/24/95 05/31/95 6-1/4% note--05/31/00-L 5y 30,382 12,752 57

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 58

06/28/95 06/30/95 5-7/8% note--06/30/00-M 5y 33,504 12,463 59

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 60

07/26/95 07/31/95 6-1/8% note--07/31/00-N 5y 31,033 12,338 61

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 62

08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 63

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 64

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 65

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 66

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 67

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 68

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 69

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 70

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 71

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 72

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 73

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 74

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

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]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 45
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 4.28% (price 99.943) in this single-price auction.

8

 Accepted yields ranged up to 5.19% (price 99.717) in this single-price auction.

9

 Accepted yields ranged up to 4.11% (price 99.791) in this single-price auction.

10 Accepted yields ranged up to 5.10% (price 99.564) in this single-price auction.

11 Yields accepted ranged from 4.82% (price 99.807) up to 4.83% (price 99.779) with the

average at 4.83% (price 99.779).

12 Yields accepted ranged from 5.91% (price 99.739) up to 5.93% (price 99.590) with the

average at 5.92% (price 99.664).

13 Yields accepted ranged from 6.42% (price 97.763) up to 6.43% (price 97.633) with the

average at 6.43% (price 97.633).

14 Accepted yields ranged up to 4.66% (price 99.934) in this single-price auction.

15 Accepted yields ranged up to 5.61% (price 99.526) in this single-price auction.

16 Accepted yields ranged up to 5.15% (price 99.953) in this single-price auction.

17 Accepted yields ranged up to 5.91% (price 99.850) in this single-price auction.

18 Accepted yields ranged up to 5.59% (price 99.832) in this single-price auction.

19 Accepted yields ranged up to 6.60% (price 99.580) in this single-price auction.

20 Yields accepted ranged from 6.54% (price 99.893) up to 6.55% (price 99.866) with the

average at 6.54% (price 99.893).

21 Yields accepted ranged from 7.33% (price 99.439) up to 7.40% (price 99.953) with the

average at 7.36% (price 99.230).

22 Accepted yields ranged up to 5.94% (price 99.879) in this single-price auction.

23 Accepted yields ranged up to 6.78% (price 99.875) in this single-price auction.

24 Accepted yields ranged up to 6.04% (price 99.926) in this single-price auction.

25 Accepted yields ranged up to 6.77% (price 99.916) in this single-price auction.

26 Accepted yields ranged up to 6.17% (price 99.917) in this single-price auction.

27 Accepted yields ranged up to 6.98% (price 99.563) in this single-price auction.

28 Yields accepted ranged from 6.59% (price 99.759) up to 6.62% (price 99.678) with the

average at 6.61% (price 99.705).

29 Yields accepted ranged from 7.32% (price 99.510) up to 7.33% (price 99.440) with the

average at 7.33% (price 99.440).

30 Yields accepted ranged from 7.55% (price 99.373) up to 7.59% (price 98.904) with the

average at 7.56% (price 99.256).

31 Accepted yields ranged up to 6.27% (price 99.963) in this single-price auction.

32 Accepted yields ranged up to 6.91% (price 99.854) in this single-price auction.

33 Accepted yields ranged up to 6.55% (price 99.908) in this single-price auction.

34 Accepted yields ranged up to 7.18% (price 99.772) in this single-price auction.

35 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction.

36 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction.

37 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the

average at 7.41% (price 99.907).

38 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the

average at 7.96% (price 99.421).

39 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction.

40 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 

41 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction.

42 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction.

43 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction.

44 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction.

45 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the

average at 7.34% (price 99.762).

46 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the

average at 7.54% (price 99.723).

47 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the

average at 7.65% (price 99.708).

48 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction.

49 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction.

50 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction.

51 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction.

52 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

53 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

54 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).

55 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).

56 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

57 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction.

58 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

59 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

60 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

61 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

62 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).

63 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).

64 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).

65 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction.

66 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction.

67 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction.

68 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction.

69 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

70 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

71 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).

72 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).

73 Accepted yields ranged up to 5.479% (price 99.806) in this single-price auction.

74 Accepted yields ranged up to 5.625% (price 100.000) 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.

46 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

04/30/94 5-1/2% note--04/30/96-AF 18,806 800 668 1,472 4 3 1,751 54 * 4 1,271 1,325

04/30/94 6-1/2% note--04/30/99-M 12,292 760 152 615 25 3 1,095 5 * 2 9,017 618 

05/16/94 6-1/2% note--03/15/97-W 21,750 3,400 207 1,392 2 10 6,473 22 5 4 9,047 1,188

05/16/94 7-1/4% note--03/15/04-B 14,440 1,814 432 587 2 4 538 5 3 3 10,381 671

05/31/94 5-7/8% note--05/31/96-AG 18,927 450 528 1,118 115 6 1,781 11 3 10 12,932 1,973

05/31/94 6-3/4% note--05/31/99-N 12,338 446 255 710 1 1 1,890 6 * 7 8,039 983

06/30/94 6% note--06/30/96-AH 19,859 1,650 835 1,204 8 1 1,759 13 72 111 12,217 1,989

06/30/94 6-3/4% note--06/30/99-P 13,101 1,542 610 752 36 1 1,004 142 * 1 8,256 757

08/01/94 6-1/8% note--07/31/96-AJ 19,416 827 517 1,434 8 7 856 8 5 11 14,343 1,400

08/01/94 6-7/8% note--07/31/99-Q 12,411 800 280 912 50 1 1,452 9 - 2 795 8,110

08/15/94 6-1/2% note--08/15/97-X 20,250 2,013 411 1,487 20 2 1,321 10 * 15 13,344 1,627

08/15/94 7-1/4% note--08/15/04-C 13,346 750 71 475 * * 967 3 * 1 10,449 630

08/15/94 7-1/2% bond--11/15/24 11,470 450 89 297 5 - 926 30 20 6 9,564 83

08/31/94 6-1/4% note--08/31/96-AK 19,292 450 648 1,575 91 4 2,743 12 370 5 11,306 2,089

08/31/94 6-7/8% note--08/31/99-R 12,297 426 1,409 723 11 11 913 7 5 60 7,578 1,155

09/30/94 6-1/2% note--09/30/96-AL 19,639 1,125 694 1,532 261 5 1,507 22 1 7 13,018 1,467

09/30/94 7-1/8% note--09/30/99-S 12,836 1,079 433 753 46 26 1,475 5 1 90 8,028 902

10/31/94

6-7/8% note--10/31/99-U

reopening 18,983 450 375 1,156 62 26 1,573 8 1 325 13,388 1,619

10/31/94 7-1/2% note--10/31/99-T 12,152 412 240 752 1 16 1,174 3 1 7 8,285 1,261

11/15/94 7-3/8% note--11/15/97-Y 20,861 2,800 231 897 21 5 1,246 11 1 52 14,593 1,004

11/15/94 7-7/8% note--11/15/04-D 14,374 1,603 197 565 7 5 518 27 2 12 10,778 660

11/30/94 7-1/4% note--11/15/96-AN 18,940 265 1,258 1,172 22 10 3,434 12 13 48 10,972 1,734

11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121

01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405

01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 

01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458

01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028

02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916

02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640

02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 47
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market 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)

02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454

02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583

03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987

03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285

05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215

05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666

05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427

05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318

05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267

05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985

06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871

06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615

07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249

07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017

08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715

08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235

08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44

08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412

08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

* 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.

48 PUBLIC DEBT OPERATIONS
TABLE PDO-4B.--Allotments by Investor Classes for Public Marketable Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of Public Debt]

Allotments by investor classes

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2

brokers All other 3

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

1

 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2

 Exclusive of banks and insurance companies.

3 Included with "All other" investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

12/16/93 12/15/94 3.47 16,238 3,700 1,643 47 9,918 930

01/13/94 01/12/95 3.52 16,037 3,950 184 389 10,461 1,053

02/10/94 02/09/95 3.59 16,521 3,950 560 653 10,045 1,313

03/10/94 03/09/95 4.03 16,531 3,800 357 1,543 9,439 1,392

04/07/94 04/06/95 4.30 16,623 3,850 938 98 10,816 921

05/05/94 05/04/95 4.77 16,593 4,100 357 1,233 9,729 1,174

06/02/94 06/01/95 5.01 16,913 4,050 862 369 10,137 1,495

06/30/94 06/29/95 5.04 16,756 4,350 449 253 10,301 1,403

07/28/94 07/27/95 5.20 16,963 4,250 378 106 10,784 1,445

08/25/94 08/24/95 5.36 16,837 4,200 808 47 10,571 1,211

09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904

10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061

11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360

12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629

01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640

02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108

03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736

04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664

05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,160

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,337

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,018

10/19/95 10/17/97 5.30 18,482 4,500 512 149 12,295 1,026

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 12,700 686

PUBLIC DEBT OPERATIONS 49
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Dec. 31, 1995

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Market Analysis Section, U.S. Savings Bonds Division]

 Amount outstanding

Sales plus Matured

Accrued accrued Interest- non-interestSeries Sales 1

discount discount Redemptions 1bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 335,531 173,004 508,535 325,378 181,918 2,724

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 . . . . . . . . . . . . . . . . . 

862 633 1,495 1,143 348 -

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

372,294 176,014 548,308 364,793 182,266 2,728

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:

1935-90 . . . . . . . . . . . . 313,968 126,664 440,632 316,706 252,569 64,137 122,470 1,440

1991 . . . . . . . . . . . . . . 9,154 9,852 19,006 7,510 4,499 3,010 133,844 1,525

1992 . . . . . . . . . . . . . . 13,591 8,739 22,330 7,384 4,415 2,970 148,604 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

Calendar years:

1935-91 . . . . . . . . . . . . 325,486 138,643 464,130 325,994 258,166 68,826 136,258 1,864

1992 . . . . . . . . . . . . . . 17,659 8,816 26,475 7,361 4,445 2,917 155,297 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 . . . . . . . . . . . . . . 6,794 9,584 16,378 11,866 7,317 4,549 182,266 2,724

1994 - Dec. . . . . . . . . . 784 735 1,519 970 643 327 178,138 2,331

1995 - Jan. . . . . . . . . . 768 836 1,604 1,428 919 509 178,392 2,256

Feb. . . . . . . . . . 562 765 1,327 951 572 379 178,816 2,209

Mar. . . . . . . . . . 648 754 1,402 1,069 704 366 179,190 2,175

Apr. . . . . . . . . . 577 956 1,633 954 558 396 181,938 2,135

May . . . . . . . . . 615 704 1,319 989 581 408 182,270 2,101

Jun . . . . . . . . . . 515 723 1,238 948 595 353 182,554 2,074

July. . . . . . . . . . 494 829 1,323 946 558 388 180,895 2,042

Aug. . . . . . . . . . 509 763 1,272 1,054 668 386 181,134 2,017

Sept.. . . . . . . . . 470 753 1,223 856 483 373 181,529 1,993

Oct. . . . . . . . . . 512 1,000 1,512 879 667 211 181,818 1,988

Nov. . . . . . . . . . 511 733 1,244 867 573 294 182,551 1,981

Dec. . . . . . . . . . 613 768 1,381 925 439 486 182,266 2,724

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’’; Market Analysis Section, U.S. Savings Bonds Division]

 Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1

discount 1bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the ‘‘Treasury Bulletin’’s of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

50 U.S. SAVINGS BONDS AND NOTES
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Market Analysis Section, U.S. Savings Bonds Division]

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)

Fiscal years:

1941-90 . . . . . . . . . . . . 264,485 124,265 388,750 261,370 199,638 61,731 12,960 112,975 1,425

1991 . . . . . . . . . . . . . . 9,154 9,852 19,006 6,952 3,942 3,010 857 124,095 1,509

1992 . . . . . . . . . . . . . . 13,591 8,739 22,330 6,909 3,939 2,970 1,038 138,286 1,701

1993 . . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694

1994 . . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

Calendar years:

1941-91 . . . . . . . . . . . . 276,010 136,175 412,184 269,969 204,551 65,419 14,024 126,099 1,836

1992 . . . . . . . . . . . . . . 17,659 8,816 26,475 6,909 3,992 2,917 1,170 144,724 1,939

1993 . . . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . . 6,789 9,576 16,365 11,124 6,575 4,549 898 170,690 2,700

1994 - Dec. . . . . . . . . . 784 735 1,519 917 589 327 64 166,731 2,307

1995 - Jan. . . . . . . . . . 768 836 1,604 1360 851 509 70 166,978 2,234

Feb. . . . . . . . . . 562 765 1,327 891 511 379 71 167,390 2,188

Mar. . . . . . . . . . 648 754 1,402 999 633 366 83 167,747 2,151

Apr. . . . . . . . . . 577 956 1,633 888 491 396 78 168,354 2,112

May . . . . . . . . . 615 704 1,319 927 519 408 79 168,702 2,078

Jun . . . . . . . . . . 515 723 1,238 885 532 353 85 168,997 2,051

July. . . . . . . . . . 494 828 1,322 880 491 388 64 169,403 2,025

Aug. . . . . . . . . . 509 761 1,270 991 605 386 87 169,622 2,001

Sept.. . . . . . . . . 470 752 1,222 801 427 373 63 170,005 1,977

Oct. . . . . . . . . . 509 999 1,508 823 611 211 69 170,278 1,972

Nov. . . . . . . . . . 514 731 1,245 811 517 294 79 170,998 1,958

Dec. . . . . . . . . . 608 767 1,375 873 387 486 70 170,690 2,700

Series E and EE

Series H and HH

Fiscal years:

1952-90 . . . . . . . . . . . . 13,573 - 13,573 17,028 17,028 - 12,960 9,495 11

1991 . . . . . . . . . . . . . . -37 - -37 557 557 - 857 9,749 13

1992 . . . . . . . . . . . . . . 9 - 9 476 476 - 1,038 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

Calendar years:

1952-91 . . . . . . . . . . . . 13,542 - 13,542 17,703 17,703 - 14,024 9,825 25

1992 . . . . . . . . . . . . . . -31 - -31 453 453 - 1,170 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . . 43 - 43 742 742 - 898 11,576 24

1994 - Dec. . . . . . . . . . 1 - 1 53 53 - 64 11,407 24

1995 - Jan. . . . . . . . . . 4 - 4 69 69 - 70 11,414 22

Feb. . . . . . . . . . - - - 61 61 - 71 11,426 21

Mar. . . . . . . . . . 4 - 4 70 70 - 83 11,443 19

Apr. . . . . . . . . . -2 - -2 67 67 - 78 11,454 19

May . . . . . . . . . 1 - 1 62 62 - 79 11,472 18

June . . . . . . . . . -6 - -6 63 63 - 85 11,489 17

July. . . . . . . . . . 6 - 6 67 67 - 64 11,492 17

Aug. . . . . . . . . . -4 - -4 63 63 - 87 11,512 17

Sept.. . . . . . . . . 5 - 5 56 56 - 63 11,524 16

Oct. . . . . . . . . . 3 - 3 56 56 - 69 11,541 16

Nov. . . . . . . . . . -3 - -3 56 56 - 79 11,553 23

Dec. . . . . . . . . . 5 - 5 52 52 - 70 11,576 24

U.S. SAVINGS BONDS AND NOTES 51
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, and notes

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.)

52 OWNERSHIP OF FEDERAL SECURITIES
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 3,683,054 3,662,759 919,573 11,318 908,255 264,708

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

1994 - Dec. . . . . . . . . . . . . . . . . . . . 4,826,916 4,769,171 1,257,048 1,584 1,255,464 374,084

1995 - Jan. . . . . . . . . . . . . . . . . . . . 4,842,572 4,812,208 1,259,092 1,584 1,257,508 364,997

Feb. . . . . . . . . . . . . . . . . . . . 4,880,753 4,850,521 1,258,572 1,519 1,257,053 365,631

Mar. . . . . . . . . . . . . . . . . . . . 4,890,575 4,860,502 1,254,674 1,519 1,253,155 369,300

Apr. . . . . . . . . . . . . . . . . . . . 4,878,806 4,831,533 1,271,236 1,519 1,269,717 371,304

May . . . . . . . . . . . . . . . . . . . 4,930,589 4,900,346 1,278,619 1,519 1,277,100 373,578

June. . . . . . . . . . . . . . . . . . . 4,978,233 4,947,814 1,316,581 1,519 1,315,062 388,965

July . . . . . . . . . . . . . . . . . . . 4,987,006 4,956,625 1,315,204 1,519 1,313,685 375,524

Aug. . . . . . . . . . . . . . . . . . . . 4,997,778 4,967,192 1,310,019 1,519 1,308,500 372,873

Sept. . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

Oct. . . . . . . . . . . . . . . . . . . . 5,012,433 4,981,739 1,319,624 1,519 1,318,105 373,517

Nov. . . . . . . . . . . . . . . . . . . . 5,017,472 4,985,790 1,285,894 1,519 1,284,375 380,802

Dec. . . . . . . . . . . . . . . . . . . . 5,016,910 4,964,371 1,304,456 1,519 1,302,937 390,959

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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 2,478,478 2,114,634 363,844 2,544 17,751 176 17,575

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

1994 - Dec. . . . . . . . . . . . . . . . . . . . 3,138,039 2,750,367 387,673 30,979 26,766 17 26,749

1995 - Jan. . . . . . . . . . . . . . . . . . . . 3,188,119 2,806,817 381,302 3,619 26,745 17 26,728

Feb. . . . . . . . . . . . . . . . . . . . 3,226,318 2,844,780 381,539 3,777 26,455 17 26,438

Mar. . . . . . . . . . . . . . . . . . . . 3,236,528 2,856,515 380,013 3,614 26,459 17 26,442

Apr. . . . . . . . . . . . . . . . . . . . 3,188,993 2,809,430 379,562 20,795 26,479 17 26,462

May . . . . . . . . . . . . . . . . . . . 3,248,149 2,866,367 381,781 3,580 26,663 17 26,646

June. . . . . . . . . . . . . . . . . . . 3,242,268 2,862,136 380,132 3,558 26,861 17 26,844

July . . . . . . . . . . . . . . . . . . . 3,265,897 2,893,934 371,963 3,527 26,854 17 26,837

Aug. . . . . . . . . . . . . . . . . . . . 3,284,300 2,911,665 372,635 3,564 27,022 16 27,006

Sept. . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

Oct. . . . . . . . . . . . . . . . . . . . 3,288,598 2,918,136 370,462 3,523 27,171 16 27,155

Nov. . . . . . . . . . . . . . . . . . . . 3,319,094 2,969,162 349,933 3,540 28,142 16 28,126

Dec. . . . . . . . . . . . . . . . . . . . 3,268,956 2,914,701 354,254 24,294 28,245 16 28,229

OWNERSHIP OF FEDERAL SECURITIES 53
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 State and local government have been redefined to include their 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 the 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]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4

securities companies funds rations 5 ments 6national 7investors 8

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

1985 - Mar. . . . . 1,254.1 192.6 1,061.5 145.1 75.4 69.7 66.6 26.7 50.8 r 254.0 199.6 r 318.6

June . . . . 1,292.0 195.6 1,096.4 148.7 76.7 72.0 69.1 24.8 54.9 r

 272.9 213.8 r 312.2

Sept. . . . . 1,338.2 196.2 1,142.0 151.4 78.2 73.2 73.4 22.7 59.0 r

 284.5 222.9 r 328.2

Dec. . . . . 1,417.2 189.4 1,227.8 154.8 79.8 75.0 80.5 25.1 59.0 r

 354.1 224.8 r 329.6

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 r

 366.9 232.6 r 346.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 r

 397.7 250.9 r 328.2

Sept. . . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 r

 403.6 265.5 r 347.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 r

 436.6 263.4 r 342.6

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 r

 471.7 272.8 r 341.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 r

 482.7 281.1 r 331.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 r

 489.0 279.5 r 342.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 r

 490.3 299.7 r 367.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 r

 496.2 332.5 r 365.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 r

 493.0 345.4 r 360.9

Sept. . . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 r 487.4 345.9 r

 396.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 r

 493.1 362.2 r 411.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 r

 465.1 376.6 r 443.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 r

 459.9 369.1 r 467.1

Sept. . . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 r

 464.4 394.9 r 493.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 r

 473.5 429.6 r 498.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 r

 512.3 421.8 r 520.9

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 r

 525.2 427.3 r 523.8

Sept. . . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 r

 530.2 440.3 r 551.9

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 r

 531.5 458.4 r 599.9

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 r

 548.7 464.3 r 594.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.4 130.8 r

 550.8 473.6 r 590.8

Sept. . . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 r

 561.0 477.3 r 598.3

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 r

 568.2 491.7 r 594.3

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 r

 587.8 507.9 r 605.1

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 r

 588.8 529.6 r 604.7

Sept. . . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 r

 586.9 535.2 r 619.7

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 r

 579.3 549.7 r 657.5

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 r

 596.9 564.2 r 640.9

June . . . . 2,938.4 307.2 2,631.2 303.0 166.5 136.4 217.8 76.2 206.1 r

 620.9 567.7 r 639.5

Sept. . . . . 2,983.0 313.9 r 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 r

 627.5 591.3 r 624.6

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 r

 631.9 r 622.9 r 632.3

1994 - Mar. . . . . 3,094.6 344.9 2,749.7 315.1 175.0 140.1 r 233.4 69.3 216.3 r

 626.9 r 633.3 r 655.4

June . . . . 3,088.2 r

 330.1 r 2,758.1 321.1 177.1 144.0 r 238.0 59.9 226.3 r 614.1 633.1 r 665.6

Sept. . . . . 3,127.8 r

 313.2 r 2,814.6 327.2 178.6 148.6 r 243.7 59.9 229.3 r 568.8 r 655.6 r 730.1

Dec. . . . . 3,168.0 r

 290.1 r 2,877.9 331.2 180.5 150.7 r 240.1 67.6 226.5 r 521.4 688.6 r 802.5

1995 - Mar. . . . . 3,239.2 r 307.7 r 2,931.5 342.8 181.4 161.4 r 246.0 67.7 230.3 r

 503.1 729.0 r 812.5

June . . . . 3,245.0 r

 298.0 r 2,947.0 344.2 182.6 161.6 r 248.6 58.7 227.7 r 470.9 784.1 r 812.8

Sept . . . . 3,279.5 r

 289.0 r 2,990.5 345.9 183.5 162.4 p 250.5 64.2 224.1 r 422.9 p 848.1 r 834.8

Dec. . . . . 3,294.9 p

 285.0 3,009.9 347.7 185.0 162.7 p 252.0 p 71.3 p 288.8 p 420.0 p 861.8 p 768.3

54 OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

Treasury obtains quotations from the Federal Reserve

Bank of New York, which compiles quotations provided by

five primary dealers. Treasury uses these composite quotations

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

1995 - Jan.. . . . . . . . . . 5.90 6.51 7.05 7.51 7.66 7.76 7.79 7.78 7.85

Feb.. . . . . . . . . . 5.94 6.31 6.70 7.11 7.25 7.37 7.44 7.47 7.61

Mar.. . . . . . . . . . 5.91 6.17 6.43 6.78 6.89 7.05 7.14 7.20 7.45

Apr. . . . . . . . . . . 5.84 6.05 6.27 6.57 6.68 6.86 6.95 7.06 7.36

May . . . . . . . . . . 5.85 5.93 6.00 6.17 6.27 6.41 6.50 6.63 6.95

June . . . . . . . . . 5.64 5.66 5.64 5.72 5.80 5.93 6.05 6.17 6.57

July . . . . . . . . . . 5.59 5.62 5.59 5.78 5.89 6.01 6.20 6.28 6.72

Aug.. . . . . . . . . . 5.57 5.65 5.75 5.98 6.10 6.24 6.41 6.49 6.86

Sept. . . . . . . . . . 5.43 5.54 5.62 5.81 5.89 6.00 6.13 6.20 6.55

Oct. . . . . . . . . . . 5.44 5.56 5.59 5.70 5.77 5.86 5.97 6.04 6.37

Nov.. . . . . . . . . . 5.52 5.51 5.43 5.48 5.57 5.69 5.83 5.93 6.26

Dec.. . . . . . . . . . 5.29 5.35 5.31 5.32 5.39 5.51 5.63 5.71 6.06

End of month

1995 - Jan.. . . . . . . . . . 6.00 6.40 6.84 7.26 7.39 7.54 7.58 7.60 7.71

Feb.. . . . . . . . . . 5.94 6.19 6.44 6.79 6.90 7.06 7.15 7.22 7.46

Mar.. . . . . . . . . . 5.88 6.13 6.49 6.80 6.92 7.08 7.17 7.20 7.44

Apr. . . . . . . . . . . 5.87 6.08 6.32 6.60 6.72 6.88 6.95 7.07 7.34

May . . . . . . . . . . 5.81 5.83 5.80 5.89 5.95 6.08 6.18 6.30 6.67

June . . . . . . . . . 5.60 5.59 5.65 5.79 5.88 5.98 6.12 6.21 6.63

July . . . . . . . . . . 5.60 5.63 5.67 5.88 6.02 6.16 6.35 6.45 6.86

Aug.. . . . . . . . . . 5.45 5.53 5.65 5.85 5.95 6.07 6.21 6.28 6.65

Sept. . . . . . . . . . 5.40 5.57 5.65 5.83 5.91 6.01 6.11 6.17 6.49

Oct. . . . . . . . . . . 5.48 5.55 5.55 5.61 5.70 5.81 5.92 6.03 6.34

Nov.. . . . . . . . . . 5.48 5.46 5.36 5.36 5.41 5.53 5.68 5.76 6.14

Dec.. . . . . . . . . . 5.10 5.17 5.18 5.18 5.25 5.38 5.49 5.58 5.96

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

MARKET YIELDS 55
CHART MY-A.--Yields of Treasury Securities, 

 Dec. 31, 1995 *

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: Department of the Treasury, Office of Market Finance

Years

(Year tick marks correspond with June data.)

56 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market 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.

1984

Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.75 12.65 9.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.95 12.80 9.30

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.38 13.96 9.68

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.65 13.64 9.69

May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.43 14.41 10.28

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.44 14.49 10.44

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.21 14.25 9.95

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.54 13.54 9.68

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.29 13.37 9.93

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.98 13.02 9.97

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.56 12.40 9.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.52 12.47 9.65

1985

Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 12.46 9.11

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.39 9.26

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.81 12.85 9.52

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.45 9.16

May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.05 11.85 8.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45 11.33 8.46

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.28 8.73

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.56 11.61 8.96

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.61 11.66 9.04

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.51 9.00

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06 11.19 8.45

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.54 10.42 8.44

1986

Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

MARKET YIELDS 57
 See footnotes at end of table.

.

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

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

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market 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

58 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market 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

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

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

1

 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds

rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2

 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.

MARKET YIELDS 59
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.)

60 MARKET YIELDS
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

‘‘Treasury Bulletin.’’ The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, Dec. 31, 1995

[Source: Financial Management Service’s General Ledger Branch]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $505,046,747,461 $481,625,575,563 $481,044,244,219 $322,539,016 $258,792,328

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 270,679,096 48,283,820 5,679,682 42,423,039 181,099

The Federal Reserve banks. . . . . 

80,533,030,156 80,108,640,668 80,108,639,968 - 700

Amounts in circulation . . . . . . . . . . . 

$424,243,038,209 $401,468,651,075 $400,929,924,569 $280,115,977 $258,610,529

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $23,421,171,898 $2,024,703,898 $21,396,468,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 222,395,276 194,306,247 28,089,029

The Federal Reserve banks . . . . . 

424,389,488 52,769,757 371,619,731

Amounts in circulation . . . . . . . . . . . 

$22,774,387,134 $1,777,627,894 $20,996,759,240

See footnotes following table USCC-2.

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 61
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,336,567,057 $6,188,081,203 $143,481 $148,342,373

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,042,943,558 910,288,716 132,642,266 12,576

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,530,028,910 7,386,180,830 110,761,510 33,086,570

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,140,700,450 14,117,671,330 5,950 23,023,170

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,150,252,800 84,130,145,240 3,380 20,104,180

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,404,651,300 46,393,153,250 - 11,498,050

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,544,911,900 241,486,358,500 36,559,300 21,994,100

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,045,500 144,857,500 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,329,000 168,123,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 

$401,468,651,075 $400,929,924,569 $280,115,977 $258,610,529

Dec. 31, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . $424,243 $1,606.35

Nov. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,842 1,580.56

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

June 30, 1950 . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,156 179.03

TABLE USCC-2.--Amounts Outstanding and in Circulation, Dec. 31, 1995

[Source: Financial Management Service’s General Ledger Branch]

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)

62 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
63

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64

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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 gold stock and special drawing rights held in the Special

Drawing account in the International Monetary Fund (IMF). The

table also shows U.S. reserve holdings and holdings of convertible

foreign currencies 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.

• Table IFS-4, which presented a trade-weighted index of the

foreign currency value of the dollar, has been discontinued. The

‘‘Treasury Bulletin’’ first published an index of effective exchange

rate changes for the dollar, as Table IFS-7, in June 1974. In the

intervening time, many other indices have been developed that

are widely accepted indicators of general movement of the dollar.

The index presented in IFS-4 used a simple functional form and

publicly available information so that the index can be easily

replicated by those who find it useful.

TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1

stock 2rights 1, 3 currencies 4 Fund 1, 5

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

1991. . . . . . . . . . . . . . . . . . . . . . . . 77,721 11,059 11,240 45,934 9,488

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 - Jan.. . . . . . . . . . . . . . . . . . . 76,027 11,050 10,154 42,703 12,120

Feb.. . . . . . . . . . . . . . . . . . . 81,439 11,050 11,158 46,378 12,853

Mar.. . . . . . . . . . . . . . . . . . . 86,761 11,053 11,651 50,639 13,418

Apr. . . . . . . . . . . . . . . . . . . . 88,756 11,055 11,743 51,752 14,206

May . . . . . . . . . . . . . . . . . . . 90,549 11,054 11,923 53,294 14,278

June . . . . . . . . . . . . . . . . . . 90,063 11,054 11,869 52,864 14,276

July . . . . . . . . . . . . . . . . . . . 91,534 11,053 11,487 54,233 14,761

Aug.. . . . . . . . . . . . . . . . . . . 86,648 11,053 11,146 49,979 14,470

Sept. . . . . . . . . . . . . . . . . . . 87,152 11,051 11,035 50,385 14,681

Oct. . . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700

Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572

Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312

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.

INTERNATIONAL FINANCIAL STATISTICS 65
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)

1990 . . . . . . . . . . . 1,192,827 334,915 119,367 202,905 4,491 8,152 611,088 232,151 93,625 138,526 14,673

1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 4,858 9,863 597,123 250,754 93,732 157,022 17,990

1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 - Dec. . . . . . 1,651,041 498,112 212,601 254,100 6,109 25,302 770,426 362,922 115,964 246,958 19,581

1995 - Jan. . . . . . 1,659,345 494,907 207,374 255,929 6,138 25,466 767,207 377,109 121,728 255,381 20,122

Feb.. . . . . . 1,682,059 505,075 214,797 258,039 6,094 26,145 768,590 388,995 122,339 266,656 19,399

Mar.. . . . . . 1,708,516 520,429 225,627 262,061 6,135 26,606 780,941 385,864 114,123 271,741 21,282

Apr. . . . . . . 1,721,650 530,356 232,301 265,219 6,174 26,662 776,613 393,574 118,575 274,999 21,107

May . . . . . . 1,739,724 536,097 239,504 263,512 6,210 26,871 774,831 408,036 116,762 291,274 20,760

June . . . . . 1,786,440 554,192 246,090 274,383 6,245 27,474 791,556 419,023 116,188 302,835 21,669

July . . . . . . 1,820,753 578,472 253,455 291,173 6,287 27,557 771,722 446,182 128,755 317,427 24,377

Aug. . . . . . 1,862,874 586,988 262,307 290,809 6,329 27,543 789,998 463,767 119,534 344,233 22,121

Sept. . . . . . 1,845,204 593,669 273,144 286,284 6,366 27,875 771,316 455,076 117,320 337,756 25,143

Oct. . . . . . . 1,875,730 592,670 265,857 291,989 6,408 28,416 800,133 460,424 123,723 336,701 22,503

Nov. . . . . . 1,897,426 606,947 280,598 291,074 6,449 28,826 788,441 479,805 127,253 352,552 22,233

Dec. . . . . . 1,876,649 603,649 274,177 293,725 6,492 29,255 788,441 462,868 121,983 340,885 21,691

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. 

66 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 or dollar equivalent. 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)

1990 . . . . . . . . . . . . . . . . . . . . . . 4,491 4,491 - 3,790 701

1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759

1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 - Dec. . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 - Jan. . . . . . . . . . . . . . . . . . 6,138 6,138 885 4,288 965

Feb.. . . . . . . . . . . . . . . . . . 6,094 6,094 890 4,233 971

Mar.. . . . . . . . . . . . . . . . . . 6,135 6,135 895 4,262 978

Apr. . . . . . . . . . . . . . . . . . . 6,174 6,174 900 4,290 984

May . . . . . . . . . . . . . . . . . . 6,210 6,210 906 4,319 985

June . . . . . . . . . . . . . . . . . 6,245 6,245 911 4,343 991

July . . . . . . . . . . . . . . . . . . 6,287 6,287 917 4,372 998

Aug. . . . . . . . . . . . . . . . . . 6,329 6,329 922 4,402 1,005

Sept. . . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011

Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018

Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025

Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

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 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. Face value is $2,185 million;

beginning March 1990, 30-year maturity issue. Face value of issue is $24,010 million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Face value of issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 67
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.

United States liabilities arising from the deposits of dollars

with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit

may be to foreign official institutions or to residents of another

country.

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 to foreigners in countries not

shown separately on the monthly reports. Quarterly reports are

filed for liabilities and claims denominated in foreign currencies in relation to foreigners. 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 during the covered

quarter.

Nonbanking enterprises also report each month their 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 (own

foreign offices) or with their foreign parent companies, 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 also reported by

U.S. banks and other depository institutions, brokers, and

dealers. Data on bank claims held for their own account are

collected monthly. Information on claims held for their domestic customers as well as 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. (Note: Beginning with the September 1994

issue of the ‘‘Treasury Bulletin,’’ former table CM-III-1, Dollar

Claims on Nonbank Foreigners, will no longer appear. Former

table CM-III-2, Dollar Liabilities to, and Dollar Claims on,

Foreigners in Countries and Areas Not Regularly Reported

Separately, has been redesignated as table CM-III-1. This

semiannual data series will now appear in each issue of the

‘‘Treasury Bulletin.’’)

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners by 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 in all types

of long-term domestic and foreign securities with foreigners

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

68 CAPITAL MOVEMENTS
domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. Also, some transactions classified as direct

investments in the balance of payments accounts may be

included. However, the data do not include nonmarketable

Treasury bonds and notes shown in table IFS-3.

In the case of outstanding securities, the geographical

breakdown of the transactions data does not necessarily reflect

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 TIC

reportable transaction. That is, before it enters and after it

departs the reporting system, ownership of a security may be

transferred between foreigners of different countries. Such

transfers may occur any number of times and are concealed

among the net figures for U.S. transactions opposite individual

countries. Hence, the geographical breakdown shows only the

country of domicile of the foreign buyers and sellers of securities in a particular round of transactions.

Report on the Survey of Selected Foreign Financial Assets

(Source: Office of International Financial Analysis)

Since the mid 1930’s, the Treasury International Capital

(TIC) reporting system has collected information about the

movement of capital between the United States and foreign

countries. Banking as well as nonbanking enterprises file TIC

reports with the Federal Reserve banks, which act as fiscal

agents of the Department of Treasury in collecting and processing the information. Treasury then provides the data on an

aggregate basis, not individually by respondent, to the Department of Commerce for use in calculating capital and income

flows in the official U.S. balance of payments accounts and for

calculating the U.S. international investment position. Because

the TIC system represents the most complete and readily

available source of information on U.S. international portfolio

claims and liabilities, the data are used by a wide variety of

U.S. Government agencies, international organizations, and

private-sector institutions for tracking trends in international

finance. The data are also of interest to independent academicians and researchers.

The ‘‘Survey of Selected Foreign Financial Assets as of

March 31, 1994’’, the ‘‘Claims Survey’’ for short, was conceived as part of TIC efforts to improve the completeness and

accuracy of reported information on capital flows. It was

stimulated in part by several specific factors arising in recent

years, including the statistical discrepancy in the U.S. balance

of payment accounts, and observed differences between U.S.

statistics and those compiled by some foreign and international

agencies, that have highlighted possible shortcomings in the

national data collection system. 

The Claims Survey was designed as a companion for ‘‘The

Benchmark Survey of U.S. Holdings of Long-term Securities.’’

The results of the Long-term Survey (to be released later) will

establish a new and important benchmark for U.S. holdings of

foreign stocks and bonds, which are reported on a transactions

basis on TIC Form S. The Claims Survey was needed to

confirm the level of U.S. short-term portfolio claims on foreigners, principally in the form of deposits, loans, and other

assets, as reported by U.S. banks and brokers on TIC B-series

reports and by nonbank enterprises on TIC C-series reports.

On a net basis, the survey uncovered $74.7 billion in U.S.

claims on foreigners that had not been reported on regular TIC

reports for the March 31, 1994, report date. This corresponds

to an increase of 11.5 percent in the outstanding amount of such

claims. In addition, the survey identified several types of

reporting problems that can be addressed to strengthen the TIC

system. Further discussion about the survey and the results it

generated follow below.

The Survey

The Claims Survey was created to obtain an up-to-date and

separate measure of U.S. claims on foreigners, excluding

claims represented by long-term securities, with which to

compare the levels of such claims reported on the monthly and

quarterly TIC B-series and C-series forms. The objective was

to use this comparison to identify and close gaps in the reporting system, as well as to shed light on reporting problems and

other methodological issues.

The survey was designed by the Federal Reserve Bank of

New York (FRBNY) and the Department of Treasury, with

assistance from the Department of Commerce. In addition to

leading the project, FRBNY conducted the survey and processed the data. A notice to the public announcing the survey

appeared in the February 24, 1994, issue of the Federal Register.

 Completion of the Claims Survey was mandatory for any

U.S. person or organization that held, either for its own accounts or for its domestic customers, $10 million or more in

the types of financial assets covered by the survey. In addition,

any institution that received a copy of the survey directly from

the FRBNY was required to file. The FRBNY mailing list

included all entities that had filed a TIC report at least once in

the 2 years prior to the survey date, plus more than 100

institutions representing various industries that had been identified by the Department of Commerce as potential TIC reporters. All institutions receiving a copy of the survey were

required to return the survey form signed by an authorized and

knowledgeable official, if only to register their exempt status.

In total, 2,186 surveys were filed. Each of the 1,970 institutions

on the FRBNY mailing list responded to the survey except for

10 that had gone out of business. An additional 226 surveys

were filed by entities not on the mailing list. About half of the

surveys received, or 1,095, reported claims on foreigners of

$10 million or more. The rest were exempt from completing

the main body of the survey. 

The Claims Survey did not ask respondents to provide

geographical breakdowns of their claims as do TIC reports.

However, respondents were required to provide much more

detail on their claims in terms of types of instruments or assets

held. To spot inconsistencies between the amounts reported on

the survey and TIC-reported claims, FRBNY analysts combined various components of the survey and compared the

amounts with TIC data. All survey respondents whose data

differed markedly from their TIC reports were notified of the

discrepancies and asked to reconcile them.

CAPITAL MOVEMENTS 69
 In addition, FRBNY analysts contacted survey participants

that filed non-exempt surveys (i.e., surveys with claims totalling $10 million or more), but were not respondents to the TIC

reporting system. Once their survey-reported claims were confirmed, such institutions were instructed to commence reporting to the TIC system. Similarly, since the TIC reports have

the same or higher reporting thresholds as the Claims Survey,

active TIC B-series and C-series reporters that declared they

were exempt from the survey were also questioned. Those that

were mistaken as to their exemption status were asked to go

back and complete the survey.

A total of 865 survey respondents, or 40 percent of all

participants, were asked by FRBNY analysts to explain differences between their survey and TIC-reported data. Of this

group, 326 discovered significant errors on their TIC reports

as of the survey date due to under or over reporting, or to

misclassifications. Each of these was obliged to file revised

TIC reports back to the December 31, 1993, reporting period.

In addition, 24 survey participants who should have been

reporting to the TIC system, but weren’t, were required to

commence reporting with back-reports to December 1993.

Results

The Claims Survey identified $74.7 billion in net additional

claims on foreigners that were not reported to the TIC system

as of the survey date. This reflects a total of $91.9 billion in

previously unreported claims, offset by $17.2 billion in improperly reported claims that should not have been in TIC

B-series and C-series data.

The reporting problems revealed by the Claims Survey

stemmed largely from respondents’ failure to adhere to TIC

reporting conventions. There were also some cases where

reporters had trouble supplying data components, even though

they understood what was required, because of incomplete

information about certain instruments or how to report them

correctly.

Under reporting

The most common occurrences of under reporting of claims

data were due to incomplete or incorrect reporting of assets

held by custodians. Custodians located in the U.S. are, in most

instances, responsible for reporting to the TIC system the

foreign short-term portfolio assets of their domestic customers.

Domestic holders, or owners, of foreign assets are themselves

responsible for reporting those claims that they hold directly,

or for which they have made custody arrangements, with a

custodian outside the United States.

The $91.9 billion in claims uncovered by the survey consists of $58.8 billion of assets held in custody, but not reported,

by current TIC B reporters, chiefly banks, other depository

institutions, brokers, and dealers. Some custodians had failed

outright to report their customers’ claims, while other custodians failed to properly identify customers’ assets or excluded

certain types of such claims. Previously unreported custody

assets included $24.4 billion worth of deposits, $18.2 billion

of commercial paper, $8.8 billion of negotiable CDs, and $7.4

billion of other custody holdings (see chart above right). 

In addition to the custodial oversights, a number of B-Series

reporters neglected to account fully for their own claims on

foreigners in the amount of $14.9 billion. The largest areas of

omissions included $4.9 billion in claims on foreign affiliates

and $4.1 billion in resale agreements. Other claims on foreigners consisting of loans, deposits, holdings of foreign T-bills,

and other assets amounted to $5.9 billion.

The Claims Survey also found that TIC C-series respondents, which are mostly nonbank financial institutions and

other commercial and industrial concerns, failed to report

$18.1 billion worth of claims on foreigners. This largely

reflected $9.3 billion in U.S. dollar-denominated deposits held

through foreign custodians (see chart below). Other claims

picked up by the survey and omitted from the C-series reports

included $2.4 billion in loans and resale agreements; $2 billion

in overnight deposits and/or federal funds transactions; $2

billion of foreign currency deposits held through foreign custodians; and $2.4 billion in trade-related receivables (including advance payments) and holdings of foreign T-bills and

commercial paper.

Over reporting

Omission of claims from the TIC B-series and C-series

reports was not the only reporting problem uncovered by the

Claims Survey. Several instances of over reporting were also

identified.

The survey found that B-series reporters had erroneously

included $14.2 billion in claims on their TIC reports as of the

survey date. This overstatement was due in large part to

misreporting of claims denominated in foreign currencies.

Additionally, B reporters were found to have incorrectly reported $2.4 billion worth of claims on their foreign affiliates,

and $1.4 billion worth of long-term securities.

Similarly, C-series reporters were found to have incorrectly

included $3 billion in claims on their TIC reports. This in70 CAPITAL MOVEMENTS
cluded $1.4 billion in U.S. dollar deposits with foreign banks

that were held through and already reported by U.S. custodians. Other errors included the over reporting of $700 million

in overnight deposits and/or Federal funds transactions, and

$400 million in foreign currency-denominated deposits.

Misclassifications

Wherever the Claims Survey identified errors of omission

or of over reporting, the level of total claims on foreigners as

reported on the TIC reports was affected. Other errors, though,

affected only certain subtotals of the TIC reports.

With respect to the B-series reports, the survey revealed the

misclassification of $5.8 billion in custody deposits as negotiable instruments (i.e., CDs), when in fact they were non-negotiable. In addition, $2.8 billion in claims were misclassified

according to whether they were denominated in U.S. dollars or

foreign currencies; $2.2 billion in claims on non-affiliates were

reported as claims on affiliates; and $1.5 billion in deposit

claims were reported as loans, or loans as deposits. (See the

table below for the breakdown of survey-related revisions

made to TIC claims categories.)

Conclusions

The end result of the Claims Survey was a substantial

improvement in the quality of the TIC data, not just for the

survey date, but on an ongoing basis as well. In this regard, the

survey helped to show respondents, and the TIC reporting

system itself, how the reporting process could be improved.

Further, the survey demonstrated that the structure of the TIC

reporting system for collecting data on claims in the form of

short-term and banking instruments remains, on the whole, up

to the task.

The survey served primarily as a parallel report against

which to compare the data that current TIC reporters were

providing to the TIC system. Once discrepancies between their

survey and TIC data were identified and discussed, many

reporters came to better understand the requirements of balance-of-payments reporting. In most cases, reporters have already corrected their internal TIC data collection systems by

using their experiences with the survey to modify procedures,

improve inter-office communications, and revise computer

programs. 

Another objective of the survey was to find institutions that

should have been reporting to the TIC system but were not.

Only 24 new reporters were added to the TIC respondent panel

as a result of the survey. In aggregate, these new respondents

accounted for just 2 percent of additional TIC claims. This

outcome suggests that the composition of the TIC reporting

panel was fairly complete prior to the survey.

The survey also helped to shed light on areas of the TIC

system that could be improved or strengthened. For instance,

some reporters’ errors resulted from misinterpretations of the

TIC instructions, indicating the need for some revisions and

clarifications. As a near-term solution, brief pamphlets emphasizing correct reporting procedures in the main problem areas

have been sent to TIC reporters. Also, the survey emphasized

the value of intensive and constructive discussions between

reporters and those who process the reports. Efforts to preserve

and enhance such cooperation would go a long way toward

assisting respondents and ensuring reliable data in the future.

These actions, plus a number of other changes and modifications to the TIC reporting system, are being considered in direct

response to the information gleaned from the survey.

Survey of Selected Foreign Financial Assets

Net Additional Claims on Foreigners as of March 31, 1994

(In millions of U.S. dollars)

Reported by banks (TIC B reporters) Reported by nonbanking business enterprises (TIC C reporters)

Net additional claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,543 Net additional claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,191

Payable in dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,863 Payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,636

Banks’ own claims on foreigners . . . . . . . . . . . . . . . . . . . . 4,670 Financial:

Foreign public borrowers . . . . . . . . . . . . . . . . . . . . . . . . -140 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,869

Unaffiliated foreign banks: Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,328

Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,013 Commercial:

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -725 Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,439

Own foreign offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,491 Advance payments and other . . . . . . . . . . . . . . . . . . . . . -

All other foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,013

Claims of banks’ domestic customers . . . . . . . . . . . . . . . . 47,193 Payable in foreign currencies. . . . . . . . . . . . . . . . . . . . . . . . . 1,555

Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,544 Financial:

Negotiable and readily transferable instruments. . . . . . . 16,574 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,630

Collections and other . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -75

Commercial:

Payable in foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . 7,680 Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Banks’ own claims on foreigners . . . . . . . . . . . . . . . . . . . . -2,992 Advance payments and other . . . . . . . . . . . . . . . . . . . . . -

Claims of banks’ domestic customers . . . . . . . . . . . . . . . . 10,672

Note that in dollar terms, almost 95 percent of the survey-related TIC revisions for both

over and under reporting had been filed and incorporated into the TIC data as shown in

this issue of the ‘‘Treasury Bulletin’’. Some reporters found it difficult and time consuming

to reconstruct and revise their data.

However, each reporter’s data must be revised on a consistent basis, starting with the

report for December 31, 1993, before that reporter’s survey-related changes could be

inserted into the database. The remaining reporters should complete their revisions in time

for the June issue of the ‘‘Treasury Bulletin’’.

CAPITAL MOVEMENTS 71
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)

1990 . . . . . . . . . . . . . . 830,192 119,367 119,367 - 704,713 634,430 70,283 6,113 5,918 195 315,220 56,613

1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129

1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993 r . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 - Dec. r . . . . . . . . 1,108,133 212,601 212,601 - 886,390 797,265 89,125 9,142 8,606 536 358,076 67,447

1995 - Jan. r . . . . . . . . 1,106,666 207,374 207,374 - 888,935 799,810 89,125 10,357 9,821 536 358,331 67,447

Feb. r . . . . . . . . 1,114,642 214,797 214,797 - 890,929 801,804 89,125 8,916 8,380 536 353,583 67,447

Mar. r . . . . . . . . 1,131,386 225,627 225,627 - 895,064 800,226 94,838 10,695 9,343 1,352 351,696 73,680

Apr. r . . . . . . . . 1,138,025 232,301 232,301 - 895,188 800,350 94,838 10,536 9,184 1,352 340,532 73,680

May r . . . . . . . . 1,141,339 239,504 239,504 - 891,593 796,755 94,838 10,242 8,890 1,352 346,962 73,680

June r. . . . . . . . 1,164,786 246,090 246,090 - 907,744 802,015 105,729 10,952 9,966 986 356,670 85,057

July r . . . . . . . . 1,167,103 253,455 253,455 - 900,477 794,748 105,729 13,171 12,185 986 353,980 85,057

Aug. . . . . . . . . . 1,183,114 262,307 262,307 - 909,532 803,803 105,729 11,275 10,289 986 367,997 85,057

Sept. . . . . . . . . 1,176,147 273,144 273,144 - 888,636 787,844 100,792 14,367 13,011 1,356 359,662 78,944

Oct. . . . . . . . . . 1,201,271 265,857 265,857 - 923,856 823,064 100,792 11,558 10,202 1,356 372,690 78,944

Nov. p . . . . . . . 1,207,209 280,598 280,598 - 915,694 814,902 100,792 10,917 9,561 1,356 364,370 78,944

Dec. p . . . . . . . 1,195,418 274,177 274,177 - 910,424 809,632 100,792 10,817 9,461 1,356 368,871 78,944

 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.

72 CAPITAL MOVEMENTS
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)

1990 . . . . . . . . . . . . . . . . . . . . . . . . 5,918 36 1,050 364 4,469

1991 . . . . . . . . . . . . . . . . . . . . . . . . 8,981 43 2,714 1,730 4,494

1992 . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993 r . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 - Dec. . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 - Jan. . . . . . . . . . . . . . . . . . . . 9,821 24 3,715 280 5,802

Feb. r . . . . . . . . . . . . . . . . . . 8,380 35 3,376 407 4,562

Mar. r . . . . . . . . . . . . . . . . . . 9,343 31 3,699 314 5,299

Apr. r . . . . . . . . . . . . . . . . . . 9,184 214 3,798 763 4,409

May r . . . . . . . . . . . . . . . . . . 8,890 34 3,550 510 4,796

June r. . . . . . . . . . . . . . . . . . 9,966 114 4,579 312 4,961

July r . . . . . . . . . . . . . . . . . . 12,185 43 5,057 551 6,534

Aug. . . . . . . . . . . . . . . . . . . . 10,289 40 4,642 826 4,781

Sept. . . . . . . . . . . . . . . . . . . 13,011 24 4,315 354 8,318

Oct. . . . . . . . . . . . . . . . . . . . 10,202 77 3,901 1,342 4,882

Nov. p . . . . . . . . . . . . . . . . . 9,561 33 3,576 962 4,990

Dec. p . . . . . . . . . . . . . . . . . 9,461 21 4,311 350 4,779

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 certi- biliyear or month tries Demand Time 2

icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 icates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1990 . . . . . . . . . . . . . . . 753,797 1,940 14,405 79,424 23,597 10,053 88,541 10,669 109,874 321,667 9,710 64,086 6,339 13,490

1991 . . . . . . . . . . . . . . . 747,085 2,626 16,504 92,692 19,266 8,648 82,857 7,471 94,190 329,099 9,004 57,574 8,841 18,313

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 r . . . . . . . . . . . . . . 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 - Dec. r . . . . . . . . . 1,009,866 1,564 23,511 139,570 47,956 10,633 111,171 11,240 152,699 395,558 11,160 48,532 11,766 44,506

1995 - Jan. r . . . . . . . . . 1,007,184 1,598 22,743 133,014 50,019 10,275 111,339 11,018 157,987 387,463 11,547 51,281 12,387 46,513

Feb. r . . . . . . . . . 1,016,601 1,587 25,365 134,341 53,504 10,996 106,247 12,344 159,801 390,077 11,480 51,464 13,280 46,115

Mar. r . . . . . . . . . 1,025,853 1,905 23,828 141,716 58,178 10,878 106,805 15,735 155,797 396,888 10,138 50,760 12,393 40,832

Apr. r . . . . . . . . . 1,032,651 1,485 25,566 146,417 58,833 10,701 100,294 15,727 163,525 391,528 10,555 53,752 12,643 41,625

May r . . . . . . . . . 1,036,259 1,575 27,243 154,575 56,111 11,406 102,889 14,444 164,420 386,834 10,555 52,136 12,524 41,547

June r. . . . . . . . . 1,048,105 1,398 27,253 154,517 62,922 10,554 111,435 15,021 153,786 395,031 10,186 51,970 12,354 41,678

July r . . . . . . . . . 1,048,203 1,429 29,411 159,654 62,961 12,121 104,477 15,535 160,258 373,602 10,511 52,848 12,881 52,515

Aug. . . . . . . . . . . 1,066,110 1,547 31,600 157,516 71,644 10,061 108,855 15,489 162,395 387,469 10,131 52,002 13,487 43,914

Sept. . . . . . . . . . 1,060,988 1,362 32,048 163,093 76,641 11,817 98,861 16,170 156,979 386,697 10,500 52,929 13,453 40,438

Oct. . . . . . . . . . . 1,088,921 1,646 30,385 157,987 75,839 11,339 114,650 16,429 166,364 390,559 10,097 53,596 13,527 46,503

Nov. p . . . . . . . . 1,095,500 1,690 30,353 171,366 77,189 11,232 105,675 16,687 170,094 383,961 10,159 54,225 12,875 49,994

Dec. p . . . . . . . . 1,083,809 2,101 30,101 168,534 73,441 11,740 104,423 15,634 163,770 392,082 10,491 53,845 12,583 45,064

CAPITAL MOVEMENTS 73
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 1995

Country 1992 1993 r 1994 r Aug. Sept. Oct. Nov. p Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,809 2,203 4,174 4,554 6,245 5,911 5,779 4,750

Belgium-Luxembourg. . . . . . . . . . 23,781 31,609 26,576 29,207 29,979 31,132 34,297 30,566

Bulgaria . . . . . . . . . . . . . . . . . . . . 419 99 611 868 844 973 860 752

Czechoslovakia . . . . . . . . . . . . . . 580 817 953 1,018 1,085 1,555 1,416 1,675

Denmark. . . . . . . . . . . . . . . . . . . . 3,111 4,650 3,037 2,625 3,004 3,705 3,946 3,449

Finland . . . . . . . . . . . . . . . . . . . . . 1,546 2,569 1,569 2,477 2,170 2,617 2,513 3,027

France . . . . . . . . . . . . . . . . . . . . . 47,994 48,658 53,667 51,233 46,102 51,118 48,400 47,184

Germany . . . . . . . . . . . . . . . . . . . 24,616 33,433 32,439 37,629 38,459 33,431 33,867 31,131

Greece . . . . . . . . . . . . . . . . . . . . . 920 1,527 1,402 2,424 2,148 2,062 2,294 2,040

Hungary . . . . . . . . . . . . . . . . . . . . 177 1,491 1,095 1,560 1,311 1,468 1,100 2,055

Ireland . . . . . . . . . . . . . . . . . . . . . 2,181 2,323 1,987 2,801 2,296 2,652 2,138 2,574

Italy. . . . . . . . . . . . . . . . . . . . . . . . 12,211 14,546 13,418 14,599 13,105 14,409 14,917 14,828

Netherlands . . . . . . . . . . . . . . . . . 9,023 17,788 17,259 12,093 14,649 17,151 17,083 16,753

Norway . . . . . . . . . . . . . . . . . . . . . 3,451 3,071 2,339 2,088 1,100 1,137 1,376 1,483

Poland . . . . . . . . . . . . . . . . . . . . . 2,191 2,292 2,316 4,007 5,379 4,712 5,436 5,497

Portugal . . . . . . . . . . . . . . . . . . . . 2,484 3,488 2,997 3,163 3,243 3,112 2,928 2,965

Romania. . . . . . . . . . . . . . . . . . . . 117 125 529 229 227 204 244 246

Spain . . . . . . . . . . . . . . . . . . . . . . 10,307 21,365 15,612 11,104 11,751 15,118 12,460 11,662

Sweden . . . . . . . . . . . . . . . . . . . . 3,093 2,813 3,157 2,983 3,324 2,192 3,877 3,402

Switzerland. . . . . . . . . . . . . . . . . . 43,144 45,746 43,358 43,855 43,627 44,809 43,399 45,825

Turkey . . . . . . . . . . . . . . . . . . . . . 2,958 3,584 3,378 3,607 4,039 4,170 4,113 4,227

United Kingdom . . . . . . . . . . . . . . 125,388 150,912 187,131 174,958 165,121 170,992 171,928 162,963

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 577 2,532 2,714 7,265 6,378 7,349 8,990 7,960

Yugoslavia 2

. . . . . . . . . . . . . . . . . 504 373 245 146 215 210 171 177

Other Europe . . . . . . . . . . . . . . . . 24,000 26,524 20,965 14,573 13,583 12,217 18,010 14,389

Total Europe . . . . . . . . . . . . . . . 

346,582 424,538 442,928 431,066 419,384 434,406 441,542 421,580

Canada . . . . . . . . . . . . . . . . . . . . . . 

23,467 21,577 26,860 30,250 30,944 37,430 29,802 28,211

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 9,633 14,591 17,273 11,618 11,251 11,610 13,105 12,307

Bahamas . . . . . . . . . . . . . . . . . . . 83,167 74,844 104,922 96,720 93,572 97,009 88,441 95,344

Bermuda. . . . . . . . . . . . . . . . . . . . 7,314 8,372 8,652 6,963 6,083 6,676 6,648 4,984

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,676 5,384 9,290 26,914 28,056 27,830 27,828 24,228

British West Indies . . . . . . . . . . . . 159,240 199,955 237,497 253,827 244,675 246,085 250,385 246,899

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,115 3,314 3,173 2,939 2,787 2,663 2,785 3,510

Colombia . . . . . . . . . . . . . . . . . . . 4,628 3,220 4,674 3,397 3,355 3,497 3,541 3,756

Cuba. . . . . . . . . . . . . . . . . . . . . . . 3 33 13 3 4 13 8 8

Ecuador . . . . . . . . . . . . . . . . . . . . 1,035 899 886 1,168 1,138 1,319 1,315 1,323

Guatemala . . . . . . . . . . . . . . . . . . 1,400 1,224 1,136 1,137 1,212 1,083 1,225 1,286

Jamaica . . . . . . . . . . . . . . . . . . . . 379 425 541 460 500 446 463 493

Mexico . . . . . . . . . . . . . . . . . . . . . 19,960 28,374 12,401 22,194 22,134 20,989 21,075 24,645

Netherlands Antilles . . . . . . . . . . . 5,980 5,277 5,748 5,211 5,675 6,008 6,303 5,341

Panama . . . . . . . . . . . . . . . . . . . . 4,319 3,887 4,775 5,199 4,924 4,803 4,529 4,502

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,116 966 913 1,041 927 915 934 991

Trinidad and Tobago . . . . . . . . . . 306 398 637 504 520 463 476 451

Uruguay . . . . . . . . . . . . . . . . . . . . 2,027 1,664 1,649 1,978 1,879 1,896 1,952 1,868

Venezuela . . . . . . . . . . . . . . . . . . 12,183 13,334 14,501 11,634 12,297 12,968 11,950 12,107

Other Latin America

and Caribbean . . . . . . . . . . . . . 5,939 6,084 6,115 6,677 6,420 6,740 6,707 7,227

Total Latin America

and Caribbean. . . . . . . . . . . . 

327,420 372,245 434,796 459,584 447,409 453,013 449,670 451,270

See footnotes at end of table.

74 CAPITAL MOVEMENTS
Calendar year 1995

Country 1992 1993 r 1994 r Aug. Sept. Oct. Nov. p Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 3,275 4,011 10,066 13,280 22,273 22,364 29,898 33,774

Taiwan . . . . . . . . . . . . . . . . . . . 8,460 10,684 9,971 9,891 10,281 10,757 11,393 11,734

Hong Kong . . . . . . . . . . . . . . . . . . 20,639 17,724 17,954 25,002 22,968 22,995 21,389 21,435

India . . . . . . . . . . . . . . . . . . . . . . . 1,404 1,123 2,340 2,749 2,921 3,017 3,279 3,380

Indonesia . . . . . . . . . . . . . . . . . . . 1,494 2,001 1,610 2,201 2,388 2,196 2,507 2,730

Israel . . . . . . . . . . . . . . . . . . . . . . 3,785 4,453 5,160 4,726 4,235 3,838 4,111 4,097

Japan . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 88,611 122,958 130,000 130,251 131,231 134,877

Korea . . . . . . . . . . . . . . . . . . . . . . 3,367 4,963 5,226 4,983 5,560 5,467 5,693 5,843

Lebanon . . . . . . . . . . . . . . . . . . . . 417 469 503 471 436 482 575 631

Malaysia. . . . . . . . . . . . . . . . . . . . 1,775 1,833 1,704 2,211 1,657 2,116 1,965 2,195

Pakistan . . . . . . . . . . . . . . . . . . . . 989 1,216 1,309 1,612 1,944 1,837 2,049 1,694

Philippines . . . . . . . . . . . . . . . . . . 2,294 2,041 2,722 2,801 2,793 2,851 2,896 3,097

Singapore. . . . . . . . . . . . . . . . . . . 10,566 8,746 8,537 13,265 11,274 11,210 11,226 11,664

Syria. . . . . . . . . . . . . . . . . . . . . . . 245 365 608 851 848 797 875 866

Thailand . . . . . . . . . . . . . . . . . . . . 5,587 6,155 6,475 11,184 11,809 10,464 12,150 12,259

Oil-exporting countries 3

. . . . . . . . 21,469 15,943 15,542 15,970 17,231 17,686 16,613 15,918

Other Asia . . . . . . . . . . . . . . . . . . 2,104 2,783 3,315 2,521 2,296 2,508 2,280 2,413

Total Asia . . . . . . . . . . . . . . . . . 

165,605 163,751 181,653 236,676 250,914 250,836 260,130 268,607

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,475 2,218 1,885 1,925 2,127 1,948 1,907 2,136

Ghana . . . . . . . . . . . . . . . . . . . . . 107 153 233 230 240 249 240 229

Liberia . . . . . . . . . . . . . . . . . . . . . 372 816 323 331 335 372 372 370

Morocco . . . . . . . . . . . . . . . . . . . . 80 100 97 87 80 67 61 105

South Africa . . . . . . . . . . . . . . . . . 191 451 440 746 467 934 1,206 739

Zaire. . . . . . . . . . . . . . . . . . . . . . . 19 12 9 15 9 4 9 10

Oil-exporting countries 4

. . . . . . . . 1,362 1,308 1,381 1,708 1,833 1,585 1,867 1,838

Other Africa . . . . . . . . . . . . . . . . . 1,328 1,612 2,222 2,002 2,339 2,449 2,528 2,611

Total Africa . . . . . . . . . . . . . . . . 

5,934 6,670 6,590 7,044 7,430 7,608 8,190 8,038

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,068 3,919 5,249 5,517 4,859 5,089 5,840 5,730

All other . . . . . . . . . . . . . . . . . . . . 1,126 909 915 1,702 840 1,331 1,118 1,165

Total other countries . . . . . . . . . 

4,194 4,828 6,164 7,219 5,699 6,420 6,958 6,895

Total foreign countries. . . . . . 

873,202 993,609 1,098,991 1,171,839 1,161,780 1,189,713 1,196,292 1,184,601

International and regional:

International . . . . . . . . . . . . . . . . . 7,676 7,179 7,888 9,050 12,262 9,349 9,220 8,795

European regional . . . . . . . . . . . . 80 51 53 338 54 170 135 29

Latin American regional . . . . . . . . 1,676 3,276 798 1,136 1,249 925 744 1,266

Asian regional . . . . . . . . . . . . . . . 183 274 194 136 133 402 314 194

African regional . . . . . . . . . . . . . . 238 503 170 572 632 675 467 496

Middle Eastern regional . . . . . . . . 

- 39 39 43 37 37 37 37

Total international

and regional. . . . . . . . . . . . . . 

9,853 11,322 9,142 11,275 14,367 11,558 10,917 10,817

Grand total. . . . . . . . . . . . . . . 883,055 1,004,931 1,108,133 1,183,114 1,176,147 1,201,271 1,207,209 1,195,418

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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe."

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and 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]

CAPITAL MOVEMENTS 75
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 4,750 3,726 1,024 1,942 1,784 111 900 1,732 567 313 17 56 28 2 12

Belgium-Luxembourg. . . 30,566 24,626 5,940 22,709 1,917 247 9,554 881 3,986 5,601 276 266 140 3,675 356

Bulgaria . . . . . . . . . . . . . 752 752 - 300 452 15 179 452 93 3 1 9 - - -

Czechoslovakia . . . . . . . 1,675 1,667 8 687 980 65 15 979 139 18 2 7 1 441 -

Denmark. . . . . . . . . . . . . 3,449 2,921 528 2,284 637 60 289 220 1,889 378 10 6 - 69 75

Finland . . . . . . . . . . . . . . 3,027 2,829 198 2,658 171 28 637 118 1,098 849 3 96 - - 49

France . . . . . . . . . . . . . . 47,184 39,194 7,990 28,663 10,531 461 12,033 8,700 4,892 10,943 217 380 492 1,076 277

Germany . . . . . . . . . . . . 31,131 24,062 7,069 19,700 4,362 625 4,555 3,876 10,147 3,483 223 390 316 447 120

Greece . . . . . . . . . . . . . . 2,040 2,011 29 1,113 898 47 219 872 431 127 45 239 9 22 5

Hungary . . . . . . . . . . . . . 2,055 2,054 1 372 1,682 56 - 416 1,307 8 2 4 - 261 -

Ireland . . . . . . . . . . . . . . 2,574 2,491 83 1,812 679 36 195 286 823 109 45 76 48 873 103

Italy. . . . . . . . . . . . . . . . . 14,828 10,670 4,158 9,756 914 369 4,705 540 2,739 1,511 257 308 66 175 126

Netherlands . . . . . . . . . . 16,753 15,211 1,542 10,479 4,732 186 4,404 2,573 3,586 3,522 137 155 308 340 72

Norway. . . . . . . . . . . . . . 1,483 1,394 89 714 680 29 1 260 951 17 20 30 2 84 -

Poland . . . . . . . . . . . . . . 5,497 5,369 128 3,996 1,373 32 121 1,373 3,517 315 8 3 - - -

Portugal . . . . . . . . . . . . . 2,965 2,755 210 913 1,842 54 503 1,803 116 113 20 82 7 57 21

Romania. . . . . . . . . . . . . 246 246 - 245 1 20 68 - 108 50 - - - - -

Russia 4

. . . . . . . . . . . . . 7,960 7,949 11 2,326 5,623 226 468 5,618 1,568 26 16 22 1 4 4

Spain . . . . . . . . . . . . . . . 11,662 10,011 1,651 6,681 3,330 224 3,059 1,471 3,336 981 84 775 48 33 9

Sweden . . . . . . . . . . . . . 3,402 3,245 157 3,092 153 47 475 82 360 2,084 12 38 29 118 15

Switzerland. . . . . . . . . . . 45,825 43,604 2,221 11,764 31,840 499 2,337 28,627 4,943 4,854 141 898 834 471 1,073

Turkey . . . . . . . . . . . . . . 4,227 4,124 103 1,897 2,227 123 448 2,094 938 258 21 177 61 4 -

United Kingdom . . . . . . . 162,963 139,419 23,544 125,441 13,978 754 28,725 4,517 19,867 74,145 572 1,345 1,974 7,520 2,590

Yugoslavia 5

. . . . . . . . . . 177 177 - 177 - 12 17 - 129 2 3 9 - 5 -

Other Europe . . . . . . . . . 14,389 13,769 620 9,662 4,107 174 3,525 4,057 5,088 713 16 136 19 41 -

Total Europe . . . . . . . . 

421,580 364,276 57,304 269,383 94,893 4,500 77,432 71,547 72,618 110,423 2,148 5,507 4,383 15,718 4,907

Canada . . . . . . . . . . . . . . . 

28,211 26,139 2,072 19,616 6,523 253 3,751 2,907 2,992 11,021 591 1,271 708 2,645 162

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 12,307 12,236 71 9,743 2,493 430 2,327 2,143 1,058 892 663 4,250 137 336 55

Bahamas . . . . . . . . . . . . 95,344 94,622 722 81,770 12,852 66 4,132 365 11,037 74,153 104 1,457 1,480 1,828 390

Bermuda. . . . . . . . . . . . . 4,984 4,897 87 2,663 2,234 31 170 406 1,745 22 110 267 646 1,500 103

Brazil . . . . . . . . . . . . . . . 24,228 23,764 464 21,914 1,850 362 14,146 5 4,716 500 552 3,201 60 222 174

British West Indies . . . . . 246,899 236,853 10,046 148,955 87,898 168 9,336 77 86,692 119,904 409 3,565 2,134 14,568 400

Chile. . . . . . . . . . . . . . . . 3,510 3,421 89 2,580 841 161 263 - 1,196 177 235 1,249 47 93 140

Colombia . . . . . . . . . . . . 3,756 3,658 98 3,487 171 40 1,013 65 587 56 207 1,623 14 53 20

Cuba. . . . . . . . . . . . . . . . 8 8 - 8 - 1 - - 3 - - 3 - 1 -

Ecuador . . . . . . . . . . . . . 1,323 1,315 8 939 376 114 93 246 163 74 160 430 10 25 12

Guatemala . . . . . . . . . . . 1,286 1,271 15 967 304 44 63 16 263 1 134 706 24 20 28

Jamaica . . . . . . . . . . . . . 493 477 16 407 70 35 121 66 144 29 23 55 1 3 3

Mexico . . . . . . . . . . . . . . 24,645 24,580 65 15,910 8,670 144 2,260 6,971 5,192 981 1,024 7,151 416 441 433

Netherlands Antilles . . . . 5,341 4,682 659 3,982 700 70 123 31 285 1,099 50 832 323 1,869 27

Panama . . . . . . . . . . . . . 4,502 4,260 242 3,718 542 73 209 1 277 1,136 162 1,924 144 334 108

Peru . . . . . . . . . . . . . . . . 991 973 18 949 24 31 40 - 115 42 88 638 2 17 8

Trinidad and Tobago . . . 451 450 1 396 54 16 71 - 122 18 20 181 - 22 6

Uruguay . . . . . . . . . . . . . 1,868 1,828 40 1,756 72 156 123 - 256 485 84 649 34 41 20

Venezuela . . . . . . . . . . . 12,107 11,781 326 10,350 1,431 73 1,900 206 1,364 174 1,070 6,599 150 245 134

Other Latin America

and Caribbean . . . . . . 7,227 7,137 90 6,086 1,051 252 949 714 766 268 591 3,070 145 382 70

Total Latin America

and Caribbean. . . . . 

451,270 438,213 13,057 316,580 121,633 2,267 37,339 11,312 115,981 200,011 5,686 37,850 5,767 22,000 2,131

TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 To foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks all other foreigners randum

 LiabilPayable Totals Short- ities to Short- Negotiin term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Deposits Treasury Other own Deposits Treasury lia- held for

in curren- own lia- liabili- obliga- liabil- foreign obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

76 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . 33,774 33,774 - 3,621 30,153 307 615 17,550 14,445 503 18 248 42 46 20

Taiwan . . . . . . . . . . . . 11,734 11,706 28 7,925 3,781 331 2,232 3,419 3,592 380 172 1,281 44 255 152

Hong Kong . . . . . . . . . . . 21,435 20,319 1,116 18,039 2,280 517 1,079 806 2,357 12,093 339 2,506 103 519 215

India . . . . . . . . . . . . . . . . 3,380 3,373 7 1,079 2,294 302 25 1,910 467 398 31 96 2 142 5

Indonesia . . . . . . . . . . . . 2,730 2,708 22 1,676 1,032 257 84 951 498 440 56 408 2 12 1

Israel . . . . . . . . . . . . . . . 4,097 4,071 26 2,083 1,988 159 119 1,762 684 644 56 524 97 26 38

Japan . . . . . . . . . . . . . . . 134,877 109,192 25,685 52,729 56,463 1,038 5,643 51,281 9,594 37,376 408 581 935 2,336 703

Korea . . . . . . . . . . . . . . . 5,843 5,743 100 4,852 891 334 520 449 922 2,206 25 1,241 3 43 7

Lebanon . . . . . . . . . . . . . 631 631 - 610 21 34 106 - 365 8 25 78 8 7 1

Malaysia. . . . . . . . . . . . . 2,195 2,187 8 1,704 483 183 361 409 544 333 22 335 - - -

Pakistan . . . . . . . . . . . . . 1,694 1,694 - 761 933 180 126 902 66 318 51 43 - 8 1

Philippines . . . . . . . . . . . 3,097 3,090 7 1,504 1,586 180 36 716 1,489 80 97 429 10 53 18

Singapore. . . . . . . . . . . . 11,664 11,149 515 10,532 617 498 1,563 300 1,617 6,557 64 276 133 141 100

Syria. . . . . . . . . . . . . . . . 866 866 - 864 2 192 256 - 390 - 6 20 2 - -

Thailand . . . . . . . . . . . . . 12,259 12,253 6 951 11,302 205 69 10,852 700 313 32 79 2 1 295

Other Asia . . . . . . . . . . . 18,331 17,994 337 15,442 2,552 678 2,196 2,109 3,984 7,978 249 436 119 245 71

Total Asia . . . . . . . . . . 268,607 240,750 27,857 124,372 116,378 5,395 15,030 93,416 41,714 69,627 1,651 8,581 1,502 3,834 1,627

Africa:

Egypt . . . . . . . . . . . . . . . 2,136 2,136 - 1,017 1,119 107 237 1,107 540 72 18 48 - 7 7

Ghana . . . . . . . . . . . . . . 229 229 - 188 41 26 23 40 82 37 7 13 - 1 -

Liberia . . . . . . . . . . . . . . 370 359 11 202 157 - - - 5 - 29 167 45 113 12

Morocco . . . . . . . . . . . . . 105 104 1 100 4 16 3 2 66 5 8 3 - 1 -

South Africa . . . . . . . . . . 739 739 - 282 457 114 - 450 93 12 13 49 4 4 2

Zaire. . . . . . . . . . . . . . . . 10 10 - 9 1 4 - - 1 4 1 - - - -

Other Africa . . . . . . . . . . 4,449 4,064 385 3,673 391 800 618 329 1,637 276 151 178 5 70 9

Total Africa . . . . . . . . . 8,038 7,641 397 5,471 2,170 1,067 881 1,928 2,424 406 227 458 54 196 30

Other countries:

Australia . . . . . . . . . . . . . 5,730 5,648 82 2,217 3,431 335 86 3,004 1,112 443 133 59 158 318 240

All other . . . . . . . . . . . . . 1,165 1,142 23 947 195 24 5 54 370 151 55 119 11 353 1

Total other

countries . . . . . . . . . 

6,895 6,790 105 3,164 3,626 359 91 3,058 1,482 594 188 178 169 671 241

Total foreign

countries. . . . . . . . 

1,184,601 1,083,809 100,792 738,586 345,223 13,841 134,524 184,168 237,211 392,082 10,491 53,845 12,583 45,064 9,098

International

and regional:

International . . . . . . . . . . 8,795 7,812 983 7,596 216 8 3,871 215 3,718 - - - - - -

European regional . . . . . 29 29 - 14 15 7 - 15 7 - - - - - -

Latin American regional . 1,266 893 373 880 13 4 402 2 485 - - - - - -

Asian regional . . . . . . . . 194 194 - 38 156 - - 66 128 - - - - - -

African regional . . . . . . . 496 496 - 204 292 2 1 52 441 - - - - - -

Middle Eastern regional . 37 37 - 37 - - 37 - - - - - - - -

Total international

and regional. . . . . . . 

10,817 9,461 1,356 8,769 692 21 4,311 350 4,779 - - - - - -

Grand total. . . . . . . . 1,195,418 1,093,270 102,148 747,355 345,915 13,862 138,835 184,518 241,990 392,082 10,491 53,845 12,583 45,064 9,098

1

 These data as of Sept 30, 1995. 

2

 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in "Other Asia" and "Other Africa" amount to $1,261 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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe."

TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 To foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks all other foreigners randum

 LiabilPayable Totals Short- ities to Short- Negotiin term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Deposits Treasury Other own Deposits Treasury lia- held for

in curren- own lia- liabil- obliga- liabil- foreign obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time2tions 3ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 77
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)

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that about two-thirds

or more of U.S. liabilities are reported opposite the

United Kingdom, the rest of Europe, and, most notably, the offshore banking centers in the Caribbean.

Also significant are the U.S. liabilities to foreigners

reported against Japan and the rest of Asia.

Total U.S. liabilities to foreigners, which have

increased steadily over the period shown, expanded

a further $87.3 billion in 1995. At yearend 1995, U.S.

liabilities to foreigners in the United Kingdom, other

Europe, and the Caribbean banking centers had declined from yearend peaks in 1993 or 1994. U.S.

liabilities to Japan, other Asia, and the remaining

countries were up sharply at the end of the year,

resulting in new highs for each of these areas and a

collective increase of $113.2 billion. This expansion,

when contrasted with the flat or negative growth for

other areas, suggests that the geographical allocation

of U.S. liabilities may be shifting.

[In millions of dollars]

Country 1991 1992 1993 1994 1995 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 113,920 125,388 150,912 187,131 162,963 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 170,505 221,194 273,626 255,797 258,617 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 284,480 260,020 292,335 361,594 357,070 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,888 77,735 79,241 88,611 134,877 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,676 87,870 84,510 93,042 133,730 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 717,469 772,207 880,624 986,175 1,047,257 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 113,726 110,848 124,307 121,958 148,161 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

831,195 883,055 1,004,931 1,108,133 1,195,418 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

78 CAPITAL MOVEMENTS
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Type of claim 1993 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Total claims 1

. . . . . . . . . . . . . . . . . . . . . . . 650,371 657,110 656,908 658,195 672,481 697,047 736,516 716,606

Payable in dollars. . . . . . . . . . . . . . . . . . 575,500 574,060 583,925 580,232 601,615 615,621 649,455 641,020

Banks’ own claims on foreigners . . . . 488,384 481,495 484,954 481,739 486,263 493,722 521,761 515,042

Foreign public borrowers. . . . . . . . . 29,069 25,673 21,385 24,898 23,410 23,658 23,790 22,292

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 49,892 46,117 52,439 52,011 59,230 53,552 58,793 50,764

Other . . . . . . . . . . . . . . . . . . . . . . 50,973 52,038 50,988 50,351 52,452 51,948 53,686 56,530

Own foreign offices . . . . . . . . . . . . . . . 285,510 279,668 291,461 284,588 283,548 293,667 301,847 298,238

All other foreigners . . . . . . . . . . . . . . . 72,940 77,999 68,681 69,891 67,623 70,897 83,645 87,218

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 87,116 92,565 98,971 98,493 115,352 121,899 127,694 125,978

Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 43,434 50,860 51,906 64,829 67,152 69,362 59,417

Negotiable and readily transferable

 instruments . . . . . . . . . . . . . . . . . 31,186 34,944 32,512 31,831 36,008 38,305 39,237 45,217

Collections and other. . . . . . . . . . . . 14,196 14,187 15,599 14,756 14,515 16,442 19,095 21,344

Payable in foreign currencies. . . . . . . . . 74,871 83,050 72,983 77,963 70,866 81,426 87,061 75,586

Banks’ own claims on foreigners . . . . 62,017 69,279 57,490 64,161 60,279 72,694 77,171 69,312

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 12,854 13,771 15,493 13,802 10,587 8,732 9,890 6,274

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . 236,968 241,122 238,936 243,310 252,989 256,634 265,831 254,521

Payable in dollars . . . . . . . . . . . . . . . . 194,699 192,060 199,971 197,642 212,087 206,687 210,976 206,100

Payable in foreign currencies . . . . . . . 42,269 49,062 38,965 45,668 40,902 49,947 54,855 48,421

Customer liability on acceptances . . . . . 7,850 7,664 7,474 7,508 8,377 8,415 8,739 8,751

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 17,772 16,237 13,232 17,386 15,575 15,758 15,954 14,745

On all other unaffiliated foreigners . . . . . 154,890 156,990 154,154 152,900 161,295 155,539 175,136 169,674

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 10,881 9,313 8,067 7,414 7,670 7,689 7,726 7,721

On all other unaffiliated foreigners . . . . . 19,033 19,144 17,968 19,554 18,165 20,850 20,664 24,340

1 See report on survey of selected foreign financial assets in Introduction.

CAPITAL MOVEMENTS 79
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 1994 1995

Country 1993 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 950 1,127 1,571 1,399 1,889 1,760 1,831 1,798

Belgium-Luxembourg. . . . . . . . . . 8,944 8,632 9,514 9,455 10,166 10,752 8,187 10,714

Bulgaria . . . . . . . . . . . . . . . . . . . . 68 90 66 63 7 7 6 83

Czechoslovakia . . . . . . . . . . . . . . 135 154 276 196 84 71 41 69

Denmark. . . . . . . . . . . . . . . . . . . . 1,235 916 1,006 1,132 1,462 1,413 1,821 1,565

Finland . . . . . . . . . . . . . . . . . . . . . 933 948 917 893 992 787 1,028 1,465

France . . . . . . . . . . . . . . . . . . . . . 19,175 20,348 21,807 24,412 22,114 24,648 23,714 24,716

Germany . . . . . . . . . . . . . . . . . . . 15,946 17,151 16,687 18,040 18,424 20,629 21,621 18,808

Greece . . . . . . . . . . . . . . . . . . . . . 1,617 1,724 1,339 1,148 1,101 1,112 897 792

Hungary . . . . . . . . . . . . . . . . . . . . 46 40 31 33 41 143 13 11

Ireland . . . . . . . . . . . . . . . . . . . . . 366 598 696 526 513 411 499 736

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,889 12,515 11,848 9,766 10,545 10,858 11,243 9,512

Netherlands . . . . . . . . . . . . . . . . . 4,882 4,657 5,423 5,343 5,345 6,802 8,665 9,665

Norway. . . . . . . . . . . . . . . . . . . . . 517 652 887 769 544 1,569 1,260 1,719

Poland . . . . . . . . . . . . . . . . . . . . . 454 500 467 811 409 379 473 1,152

Portugal . . . . . . . . . . . . . . . . . . . . 1,092 1,279 1,212 1,409 1,176 1,224 2,148 1,204

Romania. . . . . . . . . . . . . . . . . . . . 117 118 112 105 238 222 210 199

Spain . . . . . . . . . . . . . . . . . . . . . . 6,969 6,168 5,658 5,411 5,575 6,640 6,398 4,784

Sweden . . . . . . . . . . . . . . . . . . . . 6,799 5,804 5,836 7,009 8,930 7,191 7,534 7,491

Switzerland. . . . . . . . . . . . . . . . . . 12,520 14,090 13,851 11,697 14,704 16,684 18,829 19,949

Turkey . . . . . . . . . . . . . . . . . . . . . 3,276 3,586 2,905 2,787 3,024 2,489 2,801 2,887

United Kingdom . . . . . . . . . . . . . . 86,669 94,636 88,282 88,911 96,785 101,298 99,593 88,324

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 2,453 2,143 1,724 1,419 1,073 865 609 513

Yugoslavia 2

. . . . . . . . . . . . . . . . . 491 328 292 280 275 253 235 240

Other Europe . . . . . . . . . . . . . . . . 846 1,126 1,045 1,246 719 777 415 500

Total Europe . . . . . . . . . . . . . . . 190,389 199,330 193,452 194,260 206,135 218,984 220,071 208,896

Canada . . . . . . . . . . . . . . . . . . . . . . 35,579 36,081 38,855 34,805 32,613 42,055 37,745 34,910

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 4,613 4,892 5,742 5,828 6,040 6,438 6,756 6,396

Bahamas . . . . . . . . . . . . . . . . . . . 65,745 66,727 66,332 65,210 70,259 68,363 69,330 65,922

Bermuda. . . . . . . . . . . . . . . . . . . . 9,101 9,077 6,908 6,305 8,666 8,984 8,732 6,468

Brazil . . . . . . . . . . . . . . . . . . . . . . 12,739 14,113 12,478 11,389 10,491 12,020 12,765 14,580

British West Indies . . . . . . . . . . . . 116,443 114,568 121,012 124,831 125,460 121,110 137,543 142,322

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,867 3,928 3,888 3,810 4,356 4,791 4,688 4,726

Colombia . . . . . . . . . . . . . . . . . . . 3,549 3,424 3,728 3,840 4,331 4,274 4,308 4,690

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 746 772 751 670 694 576 774 830

Guatemala . . . . . . . . . . . . . . . . . . 306 307 329 325 382 388 353 378

Jamaica . . . . . . . . . . . . . . . . . . . . 205 172 202 213 262 285 399 412

Mexico . . . . . . . . . . . . . . . . . . . . . 24,200 26,699 25,571 23,672 23,185 22,170 23,015 21,307

Netherlands Antilles . . . . . . . . . . . 2,770 3,501 2,797 1,636 1,610 1,236 3,278 6,342

Panama . . . . . . . . . . . . . . . . . . . . 2,963 2,531 2,255 2,492 2,253 2,545 2,620 2,874

Peru . . . . . . . . . . . . . . . . . . . . . . . 682 822 958 1,007 1,052 1,128 1,392 1,503

Trinidad and Tobago . . . . . . . . . . 496 438 459 468 467 504 472 478

Uruguay . . . . . . . . . . . . . . . . . . . . 1,008 609 673 789 552 404 436 453

Venezuela . . . . . . . . . . . . . . . . . . 4,061 3,618 3,429 3,042 2,792 2,489 2,514 2,356

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,205 3,312 3,371 3,445 3,489 3,279 3,278 3,504

Total Latin America

and Caribbean. . . . . . . . . . . . 

256,699 259,510 260,883 258,972 266,341 260,984 282,653 285,542

See footnotes at end of table.

80 CAPITAL MOVEMENTS
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 are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’

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 1994 1995

Country 1993 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 2,375 862 872 1,270 887 962 1,422 1,591

Taiwan . . . . . . . . . . . . . . . . . . . 2,665 2,309 2,077 1,410 1,548 1,636 1,895 1,685

Hong Kong . . . . . . . . . . . . . . . . . . 13,571 13,009 10,936 15,482 11,537 17,106 18,794 19,400

India . . . . . . . . . . . . . . . . . . . . . . . 665 829 861 1,049 1,069 1,147 1,332 2,053

Indonesia . . . . . . . . . . . . . . . . . . . 1,855 1,939 1,536 1,608 1,716 1,772 2,754 3,958

Israel . . . . . . . . . . . . . . . . . . . . . . 5,941 5,811 5,729 5,714 5,529 5,998 5,998 5,680

Japan . . . . . . . . . . . . . . . . . . . . . . 90,387 87,778 89,526 91,311 93,459 95,352 107,309 99,591

Korea . . . . . . . . . . . . . . . . . . . . . . 7,714 7,863 8,571 9,283 10,483 12,434 13,600 13,415

Lebanon . . . . . . . . . . . . . . . . . . . . 52 58 61 50 56 56 62 62

Malaysia. . . . . . . . . . . . . . . . . . . . 739 1,027 875 747 767 1,017 1,345 1,294

Pakistan . . . . . . . . . . . . . . . . . . . . 858 1,039 964 1,319 641 846 995 1,130

Philippines . . . . . . . . . . . . . . . . . . 1,512 1,417 709 655 758 636 1,003 807

Singapore. . . . . . . . . . . . . . . . . . . 7,275 6,592 6,281 7,373 5,368 5,281 9,196 6,635

Syria. . . . . . . . . . . . . . . . . . . . . . . 44 41 46 43 72 73 64 75

Thailand . . . . . . . . . . . . . . . . . . . . 2,451 2,990 3,194 3,024 3,087 2,962 3,163 2,807

Oil-exporting countries 3

. . . . . . . . 15,946 15,252 17,318 16,000 14,427 13,655 13,513 12,804

Other Asia . . . . . . . . . . . . . . . . . . 650 531 654 589 523 567 437 345

Total Asia . . . . . . . . . . . . . . . . . 154,700 149,347 150,210 156,927 151,927 161,500 182,882 173,332

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 207 224 301 285 248 223 224 222

Ghana . . . . . . . . . . . . . . . . . . . . . 22 14 12 13 6 8 9 8

Liberia . . . . . . . . . . . . . . . . . . . . . 996 839 841 828 598 558 520 559

Morocco . . . . . . . . . . . . . . . . . . . . 752 806 799 659 575 573 810 788

South Africa . . . . . . . . . . . . . . . . . 660 593 572 592 689 676 619 510

Zaire. . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 3 2 3 2

Oil-exporting countries 4

. . . . . . . . 1,184 1,264 1,292 1,162 906 781 707 667

Other Africa . . . . . . . . . . . . . . . . . 606 560 534 405 481 509 502 748

Total Africa . . . . . . . . . . . . . . . . 4,431 4,304 4,355 3,948 3,506 3,330 3,394 3,504

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,059 4,646 4,611 4,360 5,444 4,149 4,997 5,952

All other . . . . . . . . . . . . . . . . . . . . 1,045 1,962 1,995 1,644 1,599 2,063 2,074 1,571

Total other countries . . . . . . . . . 6,104 6,608 6,606 6,004 7,043 6,212 7,071 7,523

Total foreign countries. . . . . . 647,902 655,180 654,361 654,916 667,565 693,065 733,816 713,707

International and regional:

International . . . . . . . . . . . . . . . . . 2,393 1,831 2,469 3,175 4,783 3,887 2,536 2,811

European regional . . . . . . . . . . . . 2 3 2 - 40 15 96 -

Latin American regional . . . . . . . . 69 90 76 104 93 80 68 88

Asian regional . . . . . . . . . . . . . . . - 1 - - - - - -

African regional . . . . . . . . . . . . . . - 5 - - - - - -

Middle Eastern regional . . . . . . . . 5 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

2,469 1,930 2,547 3,279 4,916 3,982 2,700 2,899

Grand total. . . . . . . . . . . . . . . 650,371 657,110 656,908 658,195 672,481 697,047 736,516 716,606

CAPITAL MOVEMENTS 81
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,798 826 489 181 156 - 972 966 6

Belgium-Luxembourg. . . . . . . . . . 10,714 9,138 3,258 3,798 2,082 - 1,576 1,538 38

Bulgaria . . . . . . . . . . . . . . . . . . . . 83 65 7 52 6 - 18 - 18

Czechoslovakia . . . . . . . . . . . . . . 69 51 42 9 - 1 18 - 18

Denmark. . . . . . . . . . . . . . . . . . . . 1,565 476 316 94 66 - 1,089 1,078 11

Finland . . . . . . . . . . . . . . . . . . . . . 1,465 1,329 402 819 108 - 136 120 16

France . . . . . . . . . . . . . . . . . . . . . 24,716 16,314 8,718 5,238 2,358 31 8,402 8,246 156

Germany . . . . . . . . . . . . . . . . . . . 18,808 12,028 3,759 4,932 3,337 25 6,780 6,462 318

Greece . . . . . . . . . . . . . . . . . . . . . 792 409 342 43 24 1 383 381 2

Hungary . . . . . . . . . . . . . . . . . . . . 11 9 6 1 2 - 2 - 2

Ireland . . . . . . . . . . . . . . . . . . . . . 736 479 417 42 20 - 257 251 6

Italy. . . . . . . . . . . . . . . . . . . . . . . . 9,512 8,064 2,651 3,270 2,143 15 1,448 878 570

Netherlands . . . . . . . . . . . . . . . . . 9,665 5,119 2,802 1,894 423 - 4,546 4,457 89

Norway. . . . . . . . . . . . . . . . . . . . . 1,719 1,428 291 1,101 36 - 291 285 6

Poland . . . . . . . . . . . . . . . . . . . . . 1,152 914 807 27 80 - 238 226 12

Portugal . . . . . . . . . . . . . . . . . . . . 1,204 1,121 159 827 135 5 83 77 6

Romania. . . . . . . . . . . . . . . . . . . . 199 86 69 17 - - 113 113 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 513 508 409 12 87 - 5 5 -

Spain . . . . . . . . . . . . . . . . . . . . . . 4,784 3,806 2,003 1,517 286 7 978 902 76

Sweden . . . . . . . . . . . . . . . . . . . . 7,491 2,871 1,164 1,536 171 - 4,620 4,512 108

Switzerland. . . . . . . . . . . . . . . . . . 19,949 13,802 1,683 5,524 6,595 8 6,147 6,087 60

Turkey . . . . . . . . . . . . . . . . . . . . . 2,887 830 686 116 28 120 2,057 2,054 3

United Kingdom . . . . . . . . . . . . . . 88,324 63,471 25,483 29,039 8,949 171 24,853 23,820 1,033

Yugoslavia 2

. . . . . . . . . . . . . . . . . 240 238 234 - 4 - 2 2 -

Other Europe . . . . . . . . . . . . . . . . 500 444 243 49 152 11 56 30 26

Total Europe . . . . . . . . . . . . . . . 

208,896 143,826 56,440 60,138 27,248 395 65,070 62,490 2,580

Canada . . . . . . . . . . . . . . . . . . . . . . 

34,910 21,197 10,573 8,050 2,574 65 13,713 13,113 600

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,396 6,129 4,895 1,219 15 87 267 192 75

Bahamas . . . . . . . . . . . . . . . . . . . 65,922 63,464 7,101 55,787 576 26 2,458 2,458 -

Bermuda. . . . . . . . . . . . . . . . . . . . 6,468 6,296 6,287 8 1 15 172 172 -

Brazil . . . . . . . . . . . . . . . . . . . . . . 14,580 13,078 9,502 3,520 56 1,003 1,502 1,419 83

British West Indies . . . . . . . . . . . . 142,322 130,230 25,750 94,263 10,217 150 12,092 12,067 25

Chile. . . . . . . . . . . . . . . . . . . . . . . 4,726 4,630 4,022 366 242 33 96 96 -

Colombia . . . . . . . . . . . . . . . . . . . 4,690 4,385 4,263 95 27 63 305 303 2

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 1 - - 1 - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 830 809 745 60 4 58 21 20 1

Guatemala . . . . . . . . . . . . . . . . . . 378 363 360 1 2 30 15 15 -

Jamaica . . . . . . . . . . . . . . . . . . . . 412 287 287 - - 2 125 125 -

Mexico . . . . . . . . . . . . . . . . . . . . . 21,307 18,043 16,313 173 1,557 778 3,264 1,796 1,468

Netherlands Antilles . . . . . . . . . . . 6,342 6,176 5,445 157 574 2 166 149 17

Panama . . . . . . . . . . . . . . . . . . . . 2,874 2,830 1,208 1,386 236 64 44 44 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,503 1,474 1,352 112 10 46 29 25 4

Trinidad and Tobago . . . . . . . . . . 478 478 466 - 12 12 - - -

Uruguay . . . . . . . . . . . . . . . . . . . . 453 392 240 146 6 6 61 61 -

Venezuela . . . . . . . . . . . . . . . . . . 2,356 1,658 1,455 25 178 20 698 693 5

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,504 3,329 2,001 1,325 3 97 175 174 1

Total Latin America

and Caribbean. . . . . . . . . . . . 

285,542 264,052 91,692 158,643 13,717 2,492 21,490 19,809 1,681

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1995

[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.

82 CAPITAL MOVEMENTS
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1995, 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 . . . . . . . . . . . . . . . . . . 1,591 1,338 1,154 162 22 39 253 250 3

Taiwan . . . . . . . . . . . . . . . . . . . 1,685 1,610 565 1,019 26 82 75 60 15

Hong Kong . . . . . . . . . . . . . . . . . . 19,400 17,897 5,880 9,797 2,220 114 1,503 1,417 86

India . . . . . . . . . . . . . . . . . . . . . . . 2,053 1,956 1,649 295 12 259 97 65 32

Indonesia . . . . . . . . . . . . . . . . . . . 3,958 1,630 1,376 220 34 201 2,328 2,254 74

Israel . . . . . . . . . . . . . . . . . . . . . . 5,680 713 496 216 1 32 4,967 4,965 2

Japan . . . . . . . . . . . . . . . . . . . . . . 99,591 83,376 22,365 40,710 20,301 1,630 16,215 15,542 673

Korea . . . . . . . . . . . . . . . . . . . . . . 13,415 13,004 7,922 5,053 29 2,777 411 374 37

Lebanon . . . . . . . . . . . . . . . . . . . . 62 35 33 2 - 11 27 27 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,294 1,091 401 596 94 1 203 175 28

Pakistan . . . . . . . . . . . . . . . . . . . . 1,130 1,127 281 842 4 19 3 - 3

Philippines . . . . . . . . . . . . . . . . . . 807 737 428 297 12 43 70 59 11

Singapore. . . . . . . . . . . . . . . . . . . 6,635 5,812 2,641 1,095 2,076 17 823 786 37

Syria. . . . . . . . . . . . . . . . . . . . . . . 75 72 72 - - - 3 3 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,807 2,656 1,022 1,572 62 350 151 51 100

Other Asia . . . . . . . . . . . . . . . . . . 13,149 12,347 3,644 8,389 314 75 802 800 2

Total Asia . . . . . . . . . . . . . . . . . 

173,332 145,401 49,929 70,265 25,207 5,650 27,931 26,828 1,103

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 222 209 177 25 7 1 13 13 -

Ghana . . . . . . . . . . . . . . . . . . . . . 8 8 8 - - - - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 559 559 518 - 41 - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 788 673 646 1 26 1 115 115 -

South Africa . . . . . . . . . . . . . . . . . 510 467 454 - 13 36 43 14 29

Zaire. . . . . . . . . . . . . . . . . . . . . . . 2 2 2 - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,415 1,135 846 28 261 15 280 276 4

Total Africa . . . . . . . . . . . . . . . . 

3,504 3,053 2,651 54 348 53 451 418 33

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,952 2,712 1,801 838 73 67 3,240 3,103 137

All other . . . . . . . . . . . . . . . . . . . . 1,571 1,286 891 250 145 29 285 145 140

Total other countries . . . . . . . . . 

7,523 3,998 2,692 1,088 218 96 3,525 3,248 277

Total foreign countries. . . . . . 

713,707 581,527 213,977 298,238 69,312 8,751 132,180 125,906 6,274

International and regional:

International . . . . . . . . . . . . . . . . . 2,811 2,739 2,739 - - - 72 72 -

European regional . . . . . . . . . . . . - - - - - - - - -

Latin American regional . . . . . . . . 88 88 88 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

2,899 2,827 2,827 - - - 72 72 -

Grand total. . . . . . . . . . . . . . . 716,606 584,354 216,804 298,238 69,312 8,751 132,252 125,978 6,274

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 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe’’

CAPITAL MOVEMENTS 83
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-I.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Total liabilities Total banks’ own claims

Calendar year 1995 Calendar year 1995

Country 1993 1994 June 1993 1994 June

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 218 183 252 35 11 27

Iceland . . . . . . . . . . . . . . . . . . . . . 103 36 n.a. 28 14 12

Monaco . . . . . . . . . . . . . . . . . . . . 919 777 932 n.a. 64 n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 159 152 159 n.a. 13 n.a.

Barbados . . . . . . . . . . . . . . . . . . . 263 544 558 n.a. n.a. n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . n.a. 71 76 n.a. n.a. 9

Bolivia. . . . . . . . . . . . . . . . . . . . . . 330 439 493 116 207 248

Costa Rica . . . . . . . . . . . . . . . . . . 1,020 1,011 1,009 264 404 317

Dominica . . . . . . . . . . . . . . . . . . . 12 28 17 n.a. n.a. n.a.

Dominican Republic . . . . . . . . . . . 1,052 872 1,039 273 254 305

El Salvador. . . . . . . . . . . . . . . . . . 817 763 859 242 330 438

French West Indies and

French Guiana . . . . . . . . . . . . . 27 n.a. 47 n.a. 1 n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 240 244 363 10 7 11

Honduras . . . . . . . . . . . . . . . . . . . 520 634 666 65 151 141

Nicaragua. . . . . . . . . . . . . . . . . . . 121 192 201 10 10 10

Paraguay . . . . . . . . . . . . . . . . . . . 590 600 567 119 138 177

Suriname . . . . . . . . . . . . . . . . . . . 58 61 76 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 44 71 51 * n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 14 n.a. 16 - -

-

Cambodia (formerly Kampuchea) 2 n.a. n.a. - -

-

Jordan . . . . . . . . . . . . . . . . . . . . . 200 192 243 94 71 62

Macau . . . . . . . . . . . . . . . . . . . . . 38 32 n.a. n.a. n.a. n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . 148 n.a. n.a. n.a. n.a. -

Sri Lanka . . . . . . . . . . . . . . . . . . . 271 229 156 216 189 n.a.

Vietnam . . . . . . . . . . . . . . . . . . . . 328 555 381 n.a. n.a. n.a.

Yemen (Sanaa) . . . . . . . . . . . . . . 74 161 113 n.a. n.a. n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 26 72 90 28 n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 5 6 5 6 2 2

Djibouti . . . . . . . . . . . . . . . . . . . . . 67 n.a. n.a. n.a. n.a. -

Ethiopia . . . . . . . . . . . . . . . . . . . . 299 337 274 13 15 12

Guinea . . . . . . . . . . . . . . . . . . . . . 15 14 19 n.a. 1 n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 34 40 47 30 15 19

Kenya. . . . . . . . . . . . . . . . . . . . . . 223 224 125 n.a. 19 7

Madagascar . . . . . . . . . . . . . . . . . 12 14 11 - n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 43 48 n.a. 19 n.a. n.a.

Mozambique. . . . . . . . . . . . . . . . . 81 88 74 n.a. n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 2 3 3 - -

-

Rwanda . . . . . . . . . . . . . . . . . . . . 9 n.a. 16 - - n.a.

Senegal . . . . . . . . . . . . . . . . . . . . 10 n.a. 11 13 6 5

Somalia . . . . . . . . . . . . . . . . . . . . 14 21 15 - -

-

Sudan. . . . . . . . . . . . . . . . . . . . . . 29 38 32 * n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 78 191 198 5 4 n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 37 53 30 n.a. 77 94

Uganda. . . . . . . . . . . . . . . . . . . . . 84 200 n.a. 7 8 7

Zambia . . . . . . . . . . . . . . . . . . . . . 105 72 43 n.a. n.a. n.a.

Zimbabwe. . . . . . . . . . . . . . . . . . . 112 143 324 n.a. 25 25

All other:

New Zealand . . . . . . . . . . . . . . . . 677 n.a. 437 641 900 1,310

Papua New Guinea . . . . . . . . . . . 12 n.a. 13 49 2 n.a.

* 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." 

84 CAPITAL MOVEMENTS
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

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 well more than

half of claims are reported opposite the United Kingdom, Japan, and, most notably, offshore banking

centers in the Caribbean. Also significant are claims

on foreigners reported against Europe excluding the

United Kingdom, and Asia excluding Japan. Claims

on each of these areas have exhibited distinctive

patterns of rise, decline, or general stability over the

period shown.

Total U.S. claims on foreigners first declined in

1992, recovered modestly over the next 2 years, and

then surged $44.1 billion to a new high at the end of

the third quarter of 1995. Some of the increases since

1993 are due to improved statistical coverage resulting from a special Treasury survey.* Compared with

yearend 1994, claims on each area shown expanded

in September, except the United Kingdom, against

which claims declined, reaching new highs for all

except Japan. Most significant was the increase in

U.S. claims reported opposite other Asia, which

expanded $15.2 billion or 26 percent. Increases in

claims opposite other Europe and the Caribbean

centers were also substantial at $11.2 billion and

$15.5 billion, respectively.

* See the special report in the Introduction.

[In millions of dollars]

Country 1991 1992 1993 1994 Sept. 1995

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,688 90,388 86,669 96,785 88,324 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 78,460 90,425 103,720 109,350 120,572 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 222,172 192,681 197,022 208,248 223,928 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,385 106,443 90,387 93,459 99,591 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,947 63,390 64,313 58,468 73,741 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569,652 543,327 542,111 566,310 606,156 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 86,624 83,399 108,260 106,171 110,450 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

656,276 626,726 650,371 672,481 716,606 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 85
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 1994 1995

Type of liability or claim 1991 1992 1993 r Sept. r Dec. r Mar. r June Sept. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 44,708 45,511 50,597 59,163 55,656 51,530 51,236 48,912

Payable in dollars. . . . . . . . . . . . . . . . . . 39,029 37,456 38,728 43,412 39,645 37,246 35,530 35,147

Financial . . . . . . . . . . . . . . . . . . . . . . . 18,104 16,960 18,545 24,091 20,165 18,047 16,277 15,111

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,279 8,679 7,869 8,441 8,860 8,773 9,248 8,749

Advance receipts and other. . . . . . . 12,646 11,817 12,314 10,880 10,620 10,426 10,005 11,287

Payable in foreign currencies. . . . . . . . . 5,679 8,055 11,869 15,751 16,011 14,284 15,706 13,765

Financial . . . . . . . . . . . . . . . . . . . . . . . 4,414 6,881 10,681 13,882 14,136 13,071 14,268 12,365

Commercial:

Trade payables . . . . . . . . . . . . . . . . 973 887 933 1,109 1,145 1,071 1,279 1,312

Advance receipts and other. . . . . . . 292 287 255 760 730 142 159 88

Total claims 1

. . . . . . . . . . . . . . . . . . . . . . . 45,262 45,073 49,159 54,833 57,888 52,218 58,030 53,616

Payable in dollars. . . . . . . . . . . . . . . . . . 42,564 42,281 45,161 50,460 53,805 48,425 54,145 49,935

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 19,080 16,872 15,182 18,502 18,026 16,458 21,349 17,345

Other . . . . . . . . . . . . . . . . . . . . . . . . 6,910 7,890 10,862 11,903 14,306 11,275 11,388 10,690

Commercial:

Trade receivables . . . . . . . . . . . . . . 13,817 15,189 16,662 18,062 19,316 18,567 19,351 19,813

Advance payments and other . . . . . 2,757 2,330 2,455 1,993 2,157 2,125 2,057 2,087

Payable in foreign currencies. . . . . . . . . 2,698 2,792 3,998 4,373 4,083 3,793 3,885 3,681

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 1,000 823 535 616 481 657 672 544

Other . . . . . . . . . . . . . . . . . . . . . . . . 892 924 1,192 1,215 1,084 1,216 1,158 1,223

Commercial:

Trade receivables . . . . . . . . . . . . . . 651 818 1,763 1,763 1,842 1,848 1,961 1,874

Advance payments and other . . . . . 155 227 508 779 676 72 94 40

1 See report on survey of selected foreign financial assets in introduction.

86 CAPITAL MOVEMENTS
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 1994 1995

Country 1990 1991 1992 1993 r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 139 130 107 58 119 70 49 49 56

Belgium-Luxembourg. . . . . . . . . . 669 464 712 414 948 736 883 1,089 696

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 9 13 3 4 5 4 7 3

Czechoslovakia . . . . . . . . . . . . . . 15 4 14 8 5 6 5 7 8

Denmark. . . . . . . . . . . . . . . . . . . . 101 63 38 49 638 277 446 598 619

Finland . . . . . . . . . . . . . . . . . . . . . 160 449 387 362 237 236 220 210 192

France . . . . . . . . . . . . . . . . . . . . . 2,328 3,145 2,323 3,194 2,985 2,455 2,688 1,605 1,882

German Democratic Republic . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Germany . . . . . . . . . . . . . . . . . . . 1,891 1,734 1,618 1,659 2,019 2,565 2,237 2,145 2,330

Greece . . . . . . . . . . . . . . . . . . . . . 199 178 201 252 259 196 108 21 68

Hungary . . . . . . . . . . . . . . . . . . . . 5 26 67 3 3 6 5 4 7

Ireland . . . . . . . . . . . . . . . . . . . . . n.a. 702 614 485 498 449 403 417 401

Italy. . . . . . . . . . . . . . . . . . . . . . . . 590 606 430 485 327 359 313 347 291

Netherlands . . . . . . . . . . . . . . . . . 1,924 1,766 1,141 1,222 1,322 1,274 1,169 978 1,040

Norway. . . . . . . . . . . . . . . . . . . . . 991 527 283 359 344 176 232 333 276

Poland . . . . . . . . . . . . . . . . . . . . . 33 32 31 15 15 17 20 12 7

Portugal . . . . . . . . . . . . . . . . . . . . 37 55 16 24 30 35 38 38 43

Romania. . . . . . . . . . . . . . . . . . . . 34 40 33 6 18 8 5 5 4

Spain . . . . . . . . . . . . . . . . . . . . . . 534 412 161 164 203 127 125 147 170

Sweden . . . . . . . . . . . . . . . . . . . . 438 355 322 286 250 242 208 212 243

Switzerland. . . . . . . . . . . . . . . . . . 1,424 983 919 1,009 1,024 1,015 1,210 1,488 1,203

Turkey . . . . . . . . . . . . . . . . . . . . . 53 65 116 104 120 109 69 54 63

United Kingdom . . . . . . . . . . . . . . 9,149 8,825 11,115 15,371 20,999 18,302 13,951 15,388 14,227

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 74 59 62 60 77 84 76 119 96

Yugoslavia 2

. . . . . . . . . . . . . . . . . 69 39 10 9 10 12 9 5 6

Other Europe . . . . . . . . . . . . . . . . 771 36 52 36 28 30 49 69 67

Total Europe . . . . . . . . . . . . . . . 

21,637 20,704 20,785 25,637 32,482 28,791 24,522 25,347 23,998

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,490 1,306 1,546 1,738 1,686 1,666 3,052 2,039 2,016

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 30 22 86 36 42 88 57 92 91

Bahamas . . . . . . . . . . . . . . . . . . . 382 540 382 1,169 1,118 945 939 854 850

Bermuda. . . . . . . . . . . . . . . . . . . . 538 424 421 350 215 425 409 535 363

Brazil . . . . . . . . . . . . . . . . . . . . . . 145 225 228 232 154 368 154 165 254

British West Indies . . . . . . . . . . . . 3,191 3,631 2,883 1,560 1,377 1,183 1,260 1,130 1,023

Chile. . . . . . . . . . . . . . . . . . . . . . . 24 41 51 89 112 44 37 46 61

Colombia . . . . . . . . . . . . . . . . . . . 19 16 19 34 49 19 28 56 41

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 2 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 15 15 13 18 30 33 24 18 45

Guatemala . . . . . . . . . . . . . . . . . . 5 6 9 6 10 8 11 9 5

Jamaica . . . . . . . . . . . . . . . . . . . . 3 6 9 6 11 14 11 15 16

Mexico . . . . . . . . . . . . . . . . . . . . . 480 314 469 498 687 574 366 423 360

Netherlands Antilles . . . . . . . . . . . 634 642 626 633 660 645 630 657 624

Panama . . . . . . . . . . . . . . . . . . . . 22 6 36 8 39 50 25 16 6

Peru . . . . . . . . . . . . . . . . . . . . . . . 14 10 10 13 17 30 24 43 55

Trinidad and Tobago . . . . . . . . . . 25 17 17 18 21 25 13 12 13

Uruguay . . . . . . . . . . . . . . . . . . . . 10 1 3 1 1 1 1 3 3

Venezuela . . . . . . . . . . . . . . . . . . 134 98 148 128 194 281 278 208 178

Other Latin America

and Caribbean . . . . . . . . . . . . . 154 125 176 218 185 145 123 361 380

Total Latin America

and Caribbean. . . . . . . . . . . . 

5,824 6,139 5,586 5,017 4,922 4,878 4,392 4,644 4,369

See footnotes at end of table.

CAPITAL MOVEMENTS 87
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 1994 1995

Country 1990 1991 1992 1993 r Sept. r Dec. r Mar. r June Sept. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 468 621 566 723 584 597 644 605 543

Taiwan . . . . . . . . . . . . . . . . . . . 639 773 810 579 746 853 408 420 559

Hong Kong . . . . . . . . . . . . . . . . . . 806 801 884 785 717 805 705 682 686

India . . . . . . . . . . . . . . . . . . . . . . . 29 61 164 91 41 59 98 127 212

Indonesia . . . . . . . . . . . . . . . . . . . 127 176 207 363 292 296 284 317 330

Israel . . . . . . . . . . . . . . . . . . . . . . 173 124 181 229 141 141 160 77 118

Japan . . . . . . . . . . . . . . . . . . . . . . 7,716 7,837 8,362 9,201 11,376 11,869 11,292 10,684 9,785

Korea . . . . . . . . . . . . . . . . . . . . . . 1,556 1,549 1,722 1,701 1,722 1,736 1,640 1,756 1,490

Lebanon . . . . . . . . . . . . . . . . . . . . 3 3 16 22 28 14 16 20 47

Malaysia. . . . . . . . . . . . . . . . . . . . 124 304 613 475 285 178 214 234 309

Pakistan . . . . . . . . . . . . . . . . . . . . 38 25 21 26 28 27 26 39 98

Philippines . . . . . . . . . . . . . . . . . . 10 25 53 57 51 50 75 70 62

Singapore. . . . . . . . . . . . . . . . . . . 626 578 590 778 668 667 631 748 784

Syria. . . . . . . . . . . . . . . . . . . . . . . 53 2 50 11 24 24 21 23 29

Thailand . . . . . . . . . . . . . . . . . . . . 277 255 179 259 309 194 243 312 403

Oil-exporting countries 3

. . . . . . . . 2,022 1,511 1,908 1,557 1,694 1,611 1,814 1,815 1,672

Other Asia . . . . . . . . . . . . . . . . . . 111 70 86 79 114 68 81 129 142

Total Asia . . . . . . . . . . . . . . . . . 

14,779 14,715 16,412 16,936 18,820 19,189 18,352 18,058 17,269

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 173 158 89 111 46 48 62 56 115

Ghana . . . . . . . . . . . . . . . . . . . . . * - - 1 - - 3 6 7

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - 2 1 - - - 15 16

Morocco . . . . . . . . . . . . . . . . . . . . 20 36 28 41 21 29 22 37 22

South Africa . . . . . . . . . . . . . . . . . 123 79 59 55 48 32 42 41 63

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 3 5 1 - 1 - 1 -

Oil-exporting countries 4

. . . . . . . . 422 331 309 290 387 379 370 374 363

Other Africa . . . . . . . . . . . . . . . . . 101 114 82 86 99 74 120 102 152

Total Africa . . . . . . . . . . . . . . . . 

847 721 574 586 601 563 619 632 738

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,108 974 503 517 391 372 414 331 348

All other . . . . . . . . . . . . . . . . . . . . 482 108 88 148 160 153 144 152 129

Total other countries . . . . . . . . 

1,590 1,082 591 665 551 525 558 483 477

Total foreign countries. . . . . . 

46,166 44,667 45,494 50,579 59,062 55,612 51,495 51,203 48,867

International and regional:

International . . . . . . . . . . . . . . . . . 184 - - - - - - - -

European regional . . . . . . . . . . . . 41 40 17 18 101 44 35 33 45

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

* 1 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

226 41 17 18 101 44 35 33 45

Grand total. . . . . . . . . . . . . . . 46,392 44,708 45,511 50,597 59,163 55,656 51,530 51,236 48,912

* Less than $500,000.

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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’ 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

88 CAPITAL MOVEMENTS
TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1995, 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 . . . . . . . . . . . . . . . . . . . . . 56 24 24 - 32

Belgium-Luxembourg. . . . . . . . . . 696 347 201 146 349

Bulgaria . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Czechoslovakia . . . . . . . . . . . . . . 8 - - - 8

Denmark. . . . . . . . . . . . . . . . . . . . 619 527 - 527 92

Finland . . . . . . . . . . . . . . . . . . . . . 192 7 5 2 185

France . . . . . . . . . . . . . . . . . . . . . 1,882 1,354 532 822 528

Germany . . . . . . . . . . . . . . . . . . . 2,330 1,670 815 855 660

Greece . . . . . . . . . . . . . . . . . . . . . 68 - - - 68

Hungary . . . . . . . . . . . . . . . . . . . . 7 2 2 - 5

Ireland . . . . . . . . . . . . . . . . . . . . . 401 293 286 7 108

Italy. . . . . . . . . . . . . . . . . . . . . . . . 291 60 12 48 231

Netherlands . . . . . . . . . . . . . . . . . 1,040 474 446 28 566

Norway. . . . . . . . . . . . . . . . . . . . . 276 1 1 - 275

Poland . . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Portugal . . . . . . . . . . . . . . . . . . . . 43 6 5 1 37

Romania. . . . . . . . . . . . . . . . . . . . 4 - - - 4

Russia 1

. . . . . . . . . . . . . . . . . . . . 96 8 8 - 88

Spain . . . . . . . . . . . . . . . . . . . . . . 170 76 5 71 94

Sweden . . . . . . . . . . . . . . . . . . . . 243 41 7 34 202

Switzerland. . . . . . . . . . . . . . . . . . 1,203 948 360 588 255

Turkey . . . . . . . . . . . . . . . . . . . . . 63 19 19 - 44

United Kingdom . . . . . . . . . . . . . . 14,227 10,876 7,171 3,705 3,351

Yugoslavia 2

. . . . . . . . . . . . . . . . 6 - - - 6

Other Europe . . . . . . . . . . . . . . . . 67 2 1 1 65

Total Europe . . . . . . . . . . . . . . . 23,998 16,735 9,900 6,835 7,263

Canada . . . . . . . . . . . . . . . . . . . . . . 2,016 797 291 506 1,219

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 91 8 8 - 83

Bahamas . . . . . . . . . . . . . . . . . . . 850 849 849 - 1

Bermuda. . . . . . . . . . . . . . . . . . . . 363 144 144 - 219

Brazil . . . . . . . . . . . . . . . . . . . . . . 254 111 111 - 143

British West Indies . . . . . . . . . . . . 1,023 1,018 878 140 5

Chile. . . . . . . . . . . . . . . . . . . . . . . 61 18 18 - 43

Colombia . . . . . . . . . . . . . . . . . . . 41 - - - 41

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 45 2 2 - 43

Guatemala . . . . . . . . . . . . . . . . . . 5 1 1 - 4

Jamaica . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Mexico . . . . . . . . . . . . . . . . . . . . . 360 3 3 - 357

Netherlands Antilles . . . . . . . . . . . 624 600 600 - 24

Panama . . . . . . . . . . . . . . . . . . . . 6 - - - 6

Peru . . . . . . . . . . . . . . . . . . . . . . . 55 - - - 55

Trinidad and Tobago . . . . . . . . . . 13 1 1 - 12

Uruguay . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Venezuela . . . . . . . . . . . . . . . . . . 178 3 3 - 175

Other Latin America

and Caribbean . . . . . . . . . . . . . 380 4 4 - 376

Total Latin America

and Caribbean. . . . . . . . . . . . 

4,369 2,762 2,622 140 1,607

See footnotes at end of table.

CAPITAL MOVEMENTS 89
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 543 28 23 5 515

Taiwan . . . . . . . . . . . . . . . . . . . 559 15 - 15 544

Hong Kong . . . . . . . . . . . . . . . . . . 686 278 268 10 408

India . . . . . . . . . . . . . . . . . . . . . . . 212 3 1 2 209

Indonesia . . . . . . . . . . . . . . . . . . . 330 36 36 - 294

Israel . . . . . . . . . . . . . . . . . . . . . . 118 21 20 1 97

Japan . . . . . . . . . . . . . . . . . . . . . . 9,785 6,310 1,509 4,801 3,475

Korea . . . . . . . . . . . . . . . . . . . . . . 1,490 165 165 - 1,325

Lebanon . . . . . . . . . . . . . . . . . . . . 47 1 1 - 46

Malaysia. . . . . . . . . . . . . . . . . . . . 309 13 - 13 296

Pakistan . . . . . . . . . . . . . . . . . . . . 98 - - - 98

Philippines . . . . . . . . . . . . . . . . . . 62 - - - 62

Singapore. . . . . . . . . . . . . . . . . . . 784 97 95 2 687

Syria. . . . . . . . . . . . . . . . . . . . . . . 29 - - - 29

Thailand . . . . . . . . . . . . . . . . . . . . 403 - - - 403

Other Asia . . . . . . . . . . . . . . . . . . 1,814 27 27 - 1,787

Total Asia . . . . . . . . . . . . . . . . . 

17,269 6,994 2,145 4,849 10,275

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 115 20 20 - 95

Ghana . . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Liberia . . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Morocco . . . . . . . . . . . . . . . . . . . . 22 - - - 22

South Africa . . . . . . . . . . . . . . . . . 63 1 - 1 62

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 515 128 128 - 387

Total Africa . . . . . . . . . . . . . . . . 

738 149 148 1 589

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 348 35 1 34 313

All other . . . . . . . . . . . . . . . . . . . . 129 4 4 - 125

Total other countries . . . . . . . . 

477 39 5 34 438

Total foreign countries. . . . . . 

48,867 27,476 15,111 12,365 21,391

International and regional:

International . . . . . . . . . . . . . . . . . - - - - -

European regional . . . . . . . . . . . . 45 - - - 45

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international 

and regional. . . . . . . . . . . . . . 

45 - - - 45

Grand total. . . . . . . . . . . . . . . 48,912 27,476 15,111 12,365 21,436

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 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’

TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1995, 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)

90 CAPITAL MOVEMENTS
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Country 1990 1991 1992 1993 r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 48 84 71 88 115 123 121 99 91

Belgium-Luxembourg. . . . . . . . . . 288 207 197 318 293 299 345 373 386

Bulgaria . . . . . . . . . . . . . . . . . . . . 10 2 13 32 31 37 34 25 35

Czechoslovakia . . . . . . . . . . . . . . 16 18 46 48 31 52 34 52 33

Denmark. . . . . . . . . . . . . . . . . . . . 64 97 154 103 40 81 51 76 71

Finland . . . . . . . . . . . . . . . . . . . . . 53 160 169 171 103 173 136 113 116

France . . . . . . . . . . . . . . . . . . . . . 1,611 1,854 2,301 2,773 2,697 2,681 2,598 2,400 2,460

German Democratic Republic . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Germany . . . . . . . . . . . . . . . . . . . 1,173 1,238 1,259 1,544 1,296 1,567 1,504 1,378 1,295

Greece . . . . . . . . . . . . . . . . . . . . . 69 52 114 149 150 136 151 139 193

Hungary . . . . . . . . . . . . . . . . . . . . 18 21 30 6 65 72 47 43 38

Ireland . . . . . . . . . . . . . . . . . . . . . n.a. 91 419 416 442 315 319 142 140

Italy. . . . . . . . . . . . . . . . . . . . . . . . 609 853 1,041 883 773 812 852 1,009 894

Netherlands . . . . . . . . . . . . . . . . . 820 979 1,067 925 834 740 930 942 859

Norway. . . . . . . . . . . . . . . . . . . . . 212 121 196 132 225 242 216 253 191

Poland . . . . . . . . . . . . . . . . . . . . . 23 43 74 116 138 122 121 99 88

Portugal . . . . . . . . . . . . . . . . . . . . 95 141 176 191 198 217 182 157 63

Romania. . . . . . . . . . . . . . . . . . . . 9 4 12 5 19 17 24 20 13

Spain . . . . . . . . . . . . . . . . . . . . . . 295 335 332 459 409 484 454 557 453

Sweden . . . . . . . . . . . . . . . . . . . . 251 217 282 460 388 352 401 248 245

Switzerland. . . . . . . . . . . . . . . . . . 658 876 852 962 1,315 1,080 1,046 1,126 967

Turkey . . . . . . . . . . . . . . . . . . . . . 96 101 257 246 236 216 246 243 225

United Kingdom . . . . . . . . . . . . . . 9,746 13,620 8,346 5,962 7,528 7,205 6,428 7,246 7,396

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 171 274 232 228 210 254 234 241 294

Yugoslavia 2

. . . . . . . . . . . . . . . . . 160 113 52 55 49 39 11 10 8

Other Europe . . . . . . . . . . . . . . . . 196 133 90 132 139 160 92 122 137

Total Europe . . . . . . . . . . . . . . . 

16,689 21,634 17,782 16,404 17,724 17,476 16,577 17,113 16,691

Canada . . . . . . . . . . . . . . . . . . . . . . 

4,008 3,763 3,119 3,813 5,718 5,569 5,858 5,708 5,526

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 165 214 242 299 436 347 346 377 381

Bahamas . . . . . . . . . . . . . . . . . . . 1,104 840 806 1,347 1,155 2,433 957 2,376 1,653

Bermuda. . . . . . . . . . . . . . . . . . . . 249 272 295 307 298 261 245 295 280

Brazil . . . . . . . . . . . . . . . . . . . . . . 394 778 1,043 1,114 882 1,132 1,223 1,279 1,596

British West Indies . . . . . . . . . . . . 4,675 9,097 11,787 12,770 13,743 15,311 13,586 17,096 11,944

Chile. . . . . . . . . . . . . . . . . . . . . . . 108 84 129 221 221 229 265 276 276

Colombia . . . . . . . . . . . . . . . . . . . 136 118 129 120 353 396 417 450 416

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2 2 1 2 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 98 95 40 81 91 112 76 108 147

Guatemala . . . . . . . . . . . . . . . . . . 34 14 23 32 39 46 66 53 47

Jamaica . . . . . . . . . . . . . . . . . . . . 34 25 30 27 30 42 29 37 45

Mexico . . . . . . . . . . . . . . . . . . . . . 837 1,054 1,369 1,862 1,828 1,966 1,689 1,746 1,513

Netherlands Antilles . . . . . . . . . . . 50 38 26 37 47 65 66 60 33

Panama . . . . . . . . . . . . . . . . . . . . 70 38 66 90 105 102 95 149 134

Peru . . . . . . . . . . . . . . . . . . . . . . . 52 91 115 148 188 175 107 139 222

Trinidad and Tobago . . . . . . . . . . 25 20 9 26 15 27 18 27 33

Uruguay . . . . . . . . . . . . . . . . . . . . 13 7 8 8 21 25 21 27 29

Venezuela . . . . . . . . . . . . . . . . . . 217 243 374 454 419 383 322 346 385

Other Latin America

and Caribbean . . . . . . . . . . . . . 313 342 443 553 698 600 719 686 747

Total Latin America

and Caribbean. . . . . . . . . . . . 

8,577 13,372 16,936 19,498 20,571 23,653 20,249 25,528 19,882

See footnotes at end of table.

CAPITAL MOVEMENTS 91
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 1994 1995

Country 1990 1991 1992 1993 r Sept. r Dec. r Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 163 212 282 378 471 526 467 444 504

Taiwan . . . . . . . . . . . . . . . . . . . 406 368 307 411 533 512 522 502 534

Hong Kong . . . . . . . . . . . . . . . . . . 253 267 267 298 1,146 442 409 479 452

India . . . . . . . . . . . . . . . . . . . . . . . 132 105 135 147 171 202 187 264 294

Indonesia . . . . . . . . . . . . . . . . . . . 144 159 138 354 407 423 396 361 368

Israel . . . . . . . . . . . . . . . . . . . . . . 191 174 168 218 192 195 240 257 276

Japan . . . . . . . . . . . . . . . . . . . . . . 1,983 2,249 2,571 3,167 3,252 3,608 2,532 2,477 3,389

Korea . . . . . . . . . . . . . . . . . . . . . . 378 423 361 549 540 650 710 831 916

Lebanon . . . . . . . . . . . . . . . . . . . . 11 11 50 65 80 58 64 80 66

Malaysia. . . . . . . . . . . . . . . . . . . . 46 55 90 477 458 457 464 455 457

Pakistan . . . . . . . . . . . . . . . . . . . . 60 50 53 32 42 40 31 33 30

Philippines . . . . . . . . . . . . . . . . . . 75 79 105 111 129 151 144 137 129

Singapore. . . . . . . . . . . . . . . . . . . 459 248 291 390 466 427 548 402 436

Syria. . . . . . . . . . . . . . . . . . . . . . . 52 5 8 5 9 6 12 9 14

Thailand . . . . . . . . . . . . . . . . . . . . 128 118 127 174 206 183 187 223 235

Oil-exporting countries 3

. . . . . . . . 468 625 696 707 636 849 693 710 782

Other Asia . . . . . . . . . . . . . . . . . . 36 83 81 188 117 124 98 81 98

Total Asia . . . . . . . . . . . . . . . . . 

4,987 5,231 5,730 7,671 8,855 8,853 7,704 7,745 8,980

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 121 92 177 137 107 261 74 93 89

Ghana . . . . . . . . . . . . . . . . . . . . . 1 1 5 7 5 7 6 6 13

Liberia . . . . . . . . . . . . . . . . . . . . . 15 38 34 19 10 9 8 8 8

Morocco . . . . . . . . . . . . . . . . . . . . 14 23 37 45 52 53 12 16 102

South Africa . . . . . . . . . . . . . . . . . 98 108 81 108 115 142 158 140 173

Zaire. . . . . . . . . . . . . . . . . . . . . . . 25 6 29 18 15 30 21 9 11

Oil-exporting countries 4

. . . . . . . . 67 96 87 73 61 67 80 69 80

Other Africa . . . . . . . . . . . . . . . . . 185 123 187 185 279 258 250 275 258

Total Africa . . . . . . . . . . . . . . . . 

526 487 637 592 644 827 609 616 734

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 450 570 702 945 1,057 1,218 923 1,039 1,497

All other . . . . . . . . . . . . . . . . . . . . 63 180 152 208 232 269 267 264 272

Total other countries . . . . . . . . . 

513 750 854 1,153 1,289 1,487 1,190 1,303 1,769

Total foreign countries. . . . . . 

35,299 45,237 45,058 49,131 54,801 57,865 52,187 58,013 53,582

International and regional:

International . . . . . . . . . . . . . . . . . * 22 13 28 31 19 30 17 34

European regional . . . . . . . . . . . . 16 2 2 - 1 4 1 - -

Latin American regional . . . . . . . . 33 - - - - - - - -

Asian regional . . . . . . . . . . . . . . . * 1 - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

* - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

49 25 15 28 32 23 31 17 34

Grand total. . . . . . . . . . . . . . . 35,348 45,262 45,073 49,159 54,833 57,888 52,218 58,030 53,616

* Less than $500,000.

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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

92 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1995, 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 . . . . . . . . . . . . . . . . . . . . . 91 20 16 4 71

Belgium-Luxembourg. . . . . . . . . . 386 160 146 14 226

Bulgaria . . . . . . . . . . . . . . . . . . . . 35 11 9 2 24

Czechoslovakia . . . . . . . . . . . . . . 33 8 6 2 25

Denmark. . . . . . . . . . . . . . . . . . . . 71 21 19 2 50

Finland . . . . . . . . . . . . . . . . . . . . . 116 3 - 3 113

France . . . . . . . . . . . . . . . . . . . . . 2,460 754 714 40 1,706

Germany . . . . . . . . . . . . . . . . . . . 1,295 299 280 19 996

Greece . . . . . . . . . . . . . . . . . . . . . 193 100 98 2 93

Hungary . . . . . . . . . . . . . . . . . . . . 38 27 27 - 11

Ireland . . . . . . . . . . . . . . . . . . . . . 140 42 42 - 98

Italy. . . . . . . . . . . . . . . . . . . . . . . . 894 134 124 10 760

Netherlands . . . . . . . . . . . . . . . . . 859 522 500 22 337

Norway. . . . . . . . . . . . . . . . . . . . . 191 10 2 8 181

Poland . . . . . . . . . . . . . . . . . . . . . 88 37 37 - 51

Portugal . . . . . . . . . . . . . . . . . . . . 63 4 2 2 59

Romania. . . . . . . . . . . . . . . . . . . . 13 - - - 13

Russia 1

. . . . . . . . . . . . . . . . . . . . 294 73 67 6 221

Spain . . . . . . . . . . . . . . . . . . . . . . 453 49 17 32 404

Sweden . . . . . . . . . . . . . . . . . . . . 245 85 80 5 160

Switzerland. . . . . . . . . . . . . . . . . . 967 530 520 10 437

Turkey . . . . . . . . . . . . . . . . . . . . . 225 8 8 - 217

United Kingdom . . . . . . . . . . . . . . 7,396 4,895 4,628 267 2,501

Yugoslavia 2

. . . . . . . . . . . . . . . . . 8 - - - 8

Other Europe . . . . . . . . . . . . . . . . 137 15 15 - 122

Total Europe . . . . . . . . . . . . . . . 16,691 7,807 7,357 450 8,884

Canada . . . . . . . . . . . . . . . . . . . . . . 5,526 3,525 2,992 533 2,001

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 381 53 51 2 328

Bahamas . . . . . . . . . . . . . . . . . . . 1,653 1,552 1,539 13 101

Bermuda. . . . . . . . . . . . . . . . . . . . 280 35 31 4 245

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,596 851 476 375 745

British West Indies . . . . . . . . . . . . 11,944 11,769 11,755 14 175

Chile. . . . . . . . . . . . . . . . . . . . . . . 276 9 8 1 267

Colombia . . . . . . . . . . . . . . . . . . . 416 169 168 1 247

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 147 33 33 - 114

Guatemala . . . . . . . . . . . . . . . . . . 47 18 18 - 29

Jamaica . . . . . . . . . . . . . . . . . . . . 45 - - - 45

Mexico . . . . . . . . . . . . . . . . . . . . . 1,513 490 362 128 1,023

Netherlands Antilles . . . . . . . . . . . 33 11 11 - 22

Panama . . . . . . . . . . . . . . . . . . . . 134 76 76 - 58

Peru . . . . . . . . . . . . . . . . . . . . . . . 222 47 47 - 175

Trinidad and Tobago . . . . . . . . . . 33 4 4 - 29

Uruguay . . . . . . . . . . . . . . . . . . . . 29 - - - 29

Venezuela . . . . . . . . . . . . . . . . . . 385 50 29 21 335

Other Latin America

and Caribbean . . . . . . . . . . . . . 747 133 130 3 614

Total Latin America

and Caribbean. . . . . . . . . . . . 

19,882 15,300 14,738 562 4,582

See footnotes at end of table.

CAPITAL MOVEMENTS 93
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1995, 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 . . . . . . . . . . . . . . . . . . 504 34 34 - 470

Taiwan . . . . . . . . . . . . . . . . . . . 534 18 3 15 516

Hong Kong . . . . . . . . . . . . . . . . . . 452 39 34 5 413

India . . . . . . . . . . . . . . . . . . . . . . . 294 11 4 7 283

Indonesia . . . . . . . . . . . . . . . . . . . 368 190 188 2 178

Israel . . . . . . . . . . . . . . . . . . . . . . 276 7 7 - 269

Japan . . . . . . . . . . . . . . . . . . . . . . 3,389 1,393 1,248 145 1,996

Korea . . . . . . . . . . . . . . . . . . . . . . 916 1 - 1 915

Lebanon . . . . . . . . . . . . . . . . . . . . 66 - - - 66

Malaysia. . . . . . . . . . . . . . . . . . . . 457 306 299 7 151

Pakistan . . . . . . . . . . . . . . . . . . . . 30 3 - 3 27

Philippines . . . . . . . . . . . . . . . . . . 129 17 17 - 112

Singapore. . . . . . . . . . . . . . . . . . . 436 28 22 6 408

Syria. . . . . . . . . . . . . . . . . . . . . . . 14 - - - 14

Thailand . . . . . . . . . . . . . . . . . . . . 235 58 52 6 177

Other Asia . . . . . . . . . . . . . . . . . . 880 45 40 5 835

Total Asia . . . . . . . . . . . . . . . . . 

8,980 2,150 1,948 202 6,830

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 89 3 3 - 86

Ghana . . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Liberia . . . . . . . . . . . . . . . . . . . . . 8 3 3 - 5

Morocco . . . . . . . . . . . . . . . . . . . . 102 62 62 - 40

South Africa . . . . . . . . . . . . . . . . . 173 17 17 - 156

Zaire. . . . . . . . . . . . . . . . . . . . . . . 11 - - - 11

Other Africa . . . . . . . . . . . . . . . . . 338 103 103 - 235

Total Africa . . . . . . . . . . . . . . . . 

734 188 188 - 546

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,497 742 725 17 755

All other . . . . . . . . . . . . . . . . . . . . 272 90 87 3 182

Total other countries . . . . . . . . . 

1,769 832 812 20 937

Total foreign countries. . . . . . 

53,582 29,802 28,035 1,767 23,780

International and regional:

International . . . . . . . . . . . . . . . . . 34 - - - 34

European regional . . . . . . . . . . . . - - - - -

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

 and regional. . . . . . . . . . . . . . 

34 - - - 34

Grand total. . . . . . . . . . . . . . . 53,616 29,802 28,035 1,767 23,814

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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’

94 CAPITAL MOVEMENTS
CHART CM-C.--Net Foreign Purchases of Long-Term

Domestic Securities by Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ transactions in long-term domestic 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 1992

through 1994, and on a year-to-date and most recent

quarter basis for 1995. The figures show that there

has been overall a steady increase in foreigners’ net

purchases, or gross purchases minus gross sales, of

U.S. securities.

Of particular interest are the net purchases of

U.S. securities by foreigners located in the United

Kingdom, the Caribbean banking centers, and Japan. After a strong year in 1994, net purchases

opposite the United Kingdom surged again in 1995

to a new high of $98.9 billion, although fourth

quarter activity slackened considerably. The Caribbean centers, after being net sellers in 1994, showed

a much-renewed interest in U.S. securities in 1995

with net purchases of $48.3 billion. While net purchases opposite Japan expanded notably in 1993 and

1994, figures for 1995 showed a sharp movement

out of U.S. securities. Remarkably, in the fourth

quarter alone net sales (negative net purchases) by

residents of Japan amounted to $14.8 billion.

[In millions of dollars]

Country 1992 1993 1994 Jan. - Dec. 1995 Oct. - Dec. 1995

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 33,304 30,442 55,847 98,911 6,123 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . -1,171 430 26,474 24,663 10,020 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 2,112 12,345 -3,581 48,344 28,993 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,769 32,464 36,441 16,388 -14,771 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,428 20,089 21,424 25,625 -2,438 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,442 95,770 136,605 213,931 27,927 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 8,790 15,360 3,994 16,218 4,984 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

73,232 111,130 140,599 230,149 32,911 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases during 1995 with those in

prior years, the chart depicts data for all periods at an annualized rate.)

CAPITAL MOVEMENTS 95
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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . -46,795 -14,828 330,311 345,139 -31,967 120,598 152,565

1992 . . . . . . . . . . . . . . . . . . . . . . . . -47,864 -15,605 513,589 529,194 -32,259 150,051 182,310

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 r . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 - Jan. - Dec. p. . . . . . . . . . . . . -98,075 -46,825 892,578 939,403 -51,250 345,164 396,414

1994 - Dec. . . . . . . . . . . . . . . . . . . . -2,051 310 66,608 66,298 -2,361 26,332 28,693

1995 - Jan. r . . . . . . . . . . . . . . . . . . -979 -810 68,278 69,088 -169 26,321 26,490

Feb. r . . . . . . . . . . . . . . . . . . -2,954 -1,842 61,392 63,234 -1,112 27,158 28,270

Mar. r . . . . . . . . . . . . . . . . . . -3,743 -887 79,170 80,057 -2,856 28,925 31,781

Apr. . . . . . . . . . . . . . . . . . . . -2,959 -824 53,639 54,463 -2,135 24,519 26,654

May r . . . . . . . . . . . . . . . . . . -8,021 -4,343 75,209 79,552 -3,678 29,236 32,914

June r. . . . . . . . . . . . . . . . . . -11,787 -7,378 96,268 103,646 -4,409 29,123 33,532

July r . . . . . . . . . . . . . . . . . . -12,267 -4,079 67,187 71,266 -8,188 28,582 36,770

Aug. . . . . . . . . . . . . . . . . . . . -9,659 -3,755 72,277 76,032 -5,904 30,867 36,771

Sept. . . . . . . . . . . . . . . . . . . -13,165 -5,206 83,396 88,602 -7,959 28,712 36,671

Oct. . . . . . . . . . . . . . . . . . . . -13,335 -7,580 76,889 84,469 -5,755 29,382 35,137

Nov. p . . . . . . . . . . . . . . . . . -7,783 -6,058 78,563 84,621 -1,725 30,307 32,032

Dec. p . . . . . . . . . . . . . . . . . -11,423 -4,063 80,310 84,373 -7,360 32,032 39,392

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)

1991. . . . . . . . . . . . . . . . . 19,865 1,190 18,496 178 2,017,815 1,997,951 10,244 67,161 56,917 16,915 85,935 69,020 11,091 211,207 200,116

1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 2,241,537 2,202,249 18,291 111,186 92,895 20,789 103,736 82,947 -5,136 221,367 226,503

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994 r . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 38,241 130,316 92,075 1,877 350,593 348,716

1995 - Jan. - Dec. p. . . . . 133,987 39,625 93,927 435 2,981,088 2,847,101 28,729 125,453 96,724 56,258 166,485 110,227 11,175 462,884 451,709

1994 - Dec. . . . . . . . . . . . 11,752 608 11,356 -212 186,425 174,673 2,040 9,294 7,254 2,189 9,637 7,448 -1,633 28,094 29,727

1995 - Jan.. . . . . . . . . . . . 9,578 1,829 8,423 -674 236,033 226,455 1,997 9,413 7,416 4,624 9,834 5,210 -877 25,030 25,907

Feb. . . . . . . . . . . . 14,103 2,110 11,275 718 265,180 251,077 1,943 9,654 7,711 4,512 13,155 8,643 -219 29,476 29,695

Mar. . . . . . . . . . . . 9,211 4,022 5,085 104 256,520 247,309 2,569 10,332 7,763 4,933 15,058 10,125 -2,320 35,342 37,662

Apr. . . . . . . . . . . . 6,400 3,158 3,258 -16 181,310 174,910 2,086 7,470 5,384 1,966 10,693 8,727 868 30,100 29,232

May r . . . . . . . . . . 14,515 -1,707 16,275 -53 293,589 279,074 1,684 9,458 7,774 4,515 13,372 8,857 2,682 38,781 36,099

June r. . . . . . . . . . 22,631 10,871 11,561 199 294,719 272,088 2,607 11,448 8,841 6,497 16,491 9,994 2,227 45,445 43,218

July r . . . . . . . . . . 31,871 16,790 14,592 489 239,382 207,511 2,717 10,970 8,253 6,245 12,941 6,696 2,435 42,444 40,009

Aug. . . . . . . . . . . . 26,082 -364 26,806 -360 274,042 247,960 4,444 11,885 7,441 3,557 12,857 9,300 2,542 41,908 39,366

Sept. . . . . . . . . . . -11,072 -4,525 -6,477 -70 235,538 246,610 5,085 12,474 7,389 4,368 14,738 10,370 232 44,450 44,218

Oct. . . . . . . . . . . . 4,819 5,705 -1,055 169 256,062 251,243 1,350 10,818 9,468 5,818 15,549 9,731 -1,368 41,492 42,860

Nov. p . . . . . . . . . 15,307 -915 15,851 371 252,075 236,768 3,990 12,130 8,140 6,911 19,512 12,601 2,866 41,937 39,071

Dec. p . . . . . . . . . -9,458 2,651 -11,667 -442 196,638 206,096 -1,743 9,401 11,144 2,312 12,285 9,973 2,107 46,479 44,372

96 CAPITAL MOVEMENTS
1995 1995 1995 1995

Country

Calendar

year

1994 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 577 2,454 1,588 -14 -46 2 4 -29 -19 179 -89 -34

Belgium-Luxembourg. . . . . . . . . . 1,098 591 227 669 1,469 759 -3,910 -298 698 654 -1,616 -205

Bulgaria . . . . . . . . . . . . . . . . . . . . 220 -6 -6 - - - - - - 1 -6 -2

Czechoslovakia . . . . . . . . . . . . . . -65 -36 21 - - - - 68 76 - 2 -

Denmark. . . . . . . . . . . . . . . . . . . . 256 974 103 164 126 -49 -71 74 71 171 4 -109

Finland . . . . . . . . . . . . . . . . . . . . . 37 -56 -13 116 93 101 -18 21 - -27 2 2

France . . . . . . . . . . . . . . . . . . . . . -672 482 315 88 230 129 154 913 841 -201 -1,099 -494

Germany . . . . . . . . . . . . . . . . . . . 5,709 6,136 3,335 83 1,073 236 574 4,733 1,007 2,110 -1,837 -137

Greece . . . . . . . . . . . . . . . . . . . . . 38 667 -434 11 10 6 46 96 5 12 -14 41

Hungary . . . . . . . . . . . . . . . . . . . . -109 2,429 1,400 -10 199 125 13 75 17 6 2 3

Ireland . . . . . . . . . . . . . . . . . . . . . -255 -1,277 -362 213 100 21 688 918 668 133 266 58

Italy. . . . . . . . . . . . . . . . . . . . . . . . -555 603 -391 486 360 -47 334 -302 -39 323 -636 -226

Netherlands . . . . . . . . . . . . . . . . . 1,254 1,891 1,374 1,850 25 189 1,472 1,438 335 2,251 3,507 1,131

Norway. . . . . . . . . . . . . . . . . . . . . -74 -97 -357 74 17 -8 -12 87 63 33 10 -15

Poland . . . . . . . . . . . . . . . . . . . . . 1,862 1,271 -26 - 10 10 16 2 2 -16 -22 1

Portugal . . . . . . . . . . . . . . . . . . . . -178 255 175 42 -10 -8 65 8 5 -9 -8 -10

Romania. . . . . . . . . . . . . . . . . . . . 1 2 - - - - - - - - 3 2

Russia 1

. . . . . . . . . . . . . . . . . . . . 103 1,372 -997 21 28 9 2 -5 -5 14 45 3

Spain . . . . . . . . . . . . . . . . . . . . . . 1,392 -3,881 70 1,078 -39 -6 -70 80 -145 -61 -123 -223

Sweden . . . . . . . . . . . . . . . . . . . . 794 358 -223 71 170 4 -8 190 8 324 667 248

Switzerland. . . . . . . . . . . . . . . . . . 481 -472 -1,058 25 145 -48 1,030 349 -84 -30 -2,283 867

Turkey . . . . . . . . . . . . . . . . . . . . . -185 144 -26 -3 3 -17 -3 11 -1 24 24 22

United Kingdom . . . . . . . . . . . . . . 23,365 34,782 -9,029 5,426 17,126 3,651 26,216 39,002 8,803 840 8,001 2,698

Yugoslavia 2

. . . . . . . . . . . . . . . . . - 1 - - - - - -4 -4 - 3 2

Other Europe . . . . . . . . . . . . . . . . 3,448 1,417 -589 42 120 51 111 87 5 -17 44 6

Total Europe . . . . . . . . . . . . . . . 38,542 50,004 -4,903 10,432 21,209 5,110 26,633 47,514 12,307 6,714 4,847 3,629

Canada . . . . . . . . . . . . . . . . . . . . . . 3,491 252 -1,699 1,966 1,006 49 992 1,563 291 -1,160 -1,517 156

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . -58 2,706 382 444 28 -12 52 81 48 54 65 52

Bahamas . . . . . . . . . . . . . . . . . . . 1,464 2,643 923 221 549 226 327 550 387 -473 -48 -118

Bermuda. . . . . . . . . . . . . . . . . . . . -4,152 -6,017 -98 1,123 1,144 61 729 1,887 198 548 585 -139

Brazil . . . . . . . . . . . . . . . . . . . . . . -111 3,607 3,093 5 21 -12 -26 -12 -22 -11 -105 2

British West Indies . . . . . . . . . . . . -13,917 17,365 6,099 -527 -380 -665 2,407 1,290 274 1,226 1,077 122

Chile. . . . . . . . . . . . . . . . . . . . . . . -116 257 -156 27 3 5 16 14 -21 94 24 24

Colombia . . . . . . . . . . . . . . . . . . . -349 1,220 568 1 8 -2 -1 11 5 -49 -18 1

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 20 757 290 -17 -73 -93 -4 -6 -6 -6 -11 5

Guatemala . . . . . . . . . . . . . . . . . . 1 18 17 10 4 -1 3 -1 -2 -1 -6 -

Jamaica . . . . . . . . . . . . . . . . . . . . 7 -70 -21 37 -5 1 -10 1 - 6 2 -

Mexico . . . . . . . . . . . . . . . . . . . . . -3,024 2,511 354 158 209 67 103 131 23 101 85 43

Netherlands Antilles . . . . . . . . . . . 10,429 23,459 23,044 -46 31 41 784 -197 -87 -3,226 3,989 -1,511

Panama . . . . . . . . . . . . . . . . . . . . 100 6 10 -543 201 88 -7 85 18 -48 125 120

Peru . . . . . . . . . . . . . . . . . . . . . . . -245 2 - 1 1 - -3 2 1 1 -6 2

Trinidad and Tobago . . . . . . . . . . 8 -10 -3 19 -3 1 7 30 1 9 11 8

Uruguay . . . . . . . . . . . . . . . . . . . . -44 262 -19 18 - -1 13 25 -7 3 -9 11

Venezuela . . . . . . . . . . . . . . . . . . -319 -2 201 -1 -21 - 35 90 21 -401 34 39

Other Latin America

and Caribbean . . . . . . . . . . . . . 

-77 -105 27 25 168 -4 62 275 -14 62 20 -1

Total Latin America

and Caribbean. . . . . . . . . . . . 

-10,383 48,609 34,711 955 1,885 -300 4,487 4,256 817 -2,111 5,814 -1,340

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

CAPITAL MOVEMENTS 97
1995 1995 1995 1995

Country

Calendar

year

1994 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1994 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 12,205 703 -1,185 498 855 49 104 14 1 -21 -11 -

Taiwan . . . . . . . . . . . . . . . . . . . -2,068 -3,405 -483 1,043 -495 -201 10 -63 -78 -158 -177 -21

Hong Kong . . . . . . . . . . . . . . . . . . 1,372 4,887 391 334 -58 92 1,820 956 114 - 226 343

India . . . . . . . . . . . . . . . . . . . . . . . 265 -160 -25 3 2 2 - -5 -2 5 -15 -12

Indonesia . . . . . . . . . . . . . . . . . . . 289 -388 -107 -59 8 11 57 -7 -2 -24 -11 -11

Israel . . . . . . . . . . . . . . . . . . . . . . -351 1,601 21 -152 91 85 315 204 48 -97 -205 -37

Japan . . . . . . . . . . . . . . . . . . . . . . 29,793 16,863 -14,494 3,303 1,069 -1,656 2,183 1,181 498 1,162 -2,725 881

Korea . . . . . . . . . . . . . . . . . . . . . . 420 2,259 613 225 1,800 472 92 40 -16 30 -23 -5

Lebanon . . . . . . . . . . . . . . . . . . . . -1 6 -2 -4 - - -4 -3 - -14 15 3

Malaysia. . . . . . . . . . . . . . . . . . . . 1,632 -839 -840 -11 -1 -3 -24 -12 3 -54 -70 -1

Pakistan . . . . . . . . . . . . . . . . . . . . 2 -48 -1 1 4 1 - 3 -1 -22 5 -

Philippines . . . . . . . . . . . . . . . . . . 196 -117 -40 405 90 63 31 -11 -6 1 13 5

Singapore. . . . . . . . . . . . . . . . . . . 2,850 8,875 879 838 268 318 1,372 -258 597 -1,451 5,579 551

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - -3 - - 8 2 3

Thailand . . . . . . . . . . . . . . . . . . . . 268 -546 -622 -10 - - -30 1 - 63 21 13

Oil-exporting countries 3

. . . . . . . . -38 3,075 -2,535 512 1,453 -85 259 416 214 -1,142 -337 77

Other Asia . . . . . . . . . . . . . . . . . . 483 -447 -399 75 -152 -253 -259 138 -8 -662 -121 -426

Total Asia . . . . . . . . . . . . . . . . . 

47,317 32,319 -18,829 7,001 4,934 -1,105 5,923 2,594 1,362 -2,376 2,166 1,363

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . -6 1,031 921 2 244 126 31 82 53 8 -5 -1

Ghana . . . . . . . . . . . . . . . . . . . . . -5 - - - - - - - - - -1 -

Liberia . . . . . . . . . . . . . . . . . . . . . 111 251 187 66 -271 -249 8 91 44 -51 -32 -52

Morocco . . . . . . . . . . . . . . . . . . . . - - - - -1 - - - - 1 4 1

South Africa . . . . . . . . . . . . . . . . . 7 70 72 1 - - -96 125 123 61 3 -4

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - 3 - - - - - -1 - -

Oil-exporting countries 4

. . . . . . . . - 2 - - 1 - 1 1 1 -20 4 3

Other Africa . . . . . . . . . . . . . . . . . 133 106 27 -34 -30 6 11 -8 -1 31 29 9

Total Africa . . . . . . . . . . . . . . . . 

240 1,460 1,207 38 -57 -117 -45 291 220 29 2 -44

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 815 -411 189 28 205 109 50 182 92 630 389 -124

All other . . . . . . . . . . . . . . . . . . . . 

-1,385 1,319 -106 532 -135 -121 44 -6 11 141 -321 18

Total other countries . . . . . . . . . 

-570 908 83 560 70 -12 94 176 103 771 68 -106

Total foreign countries. . . . . . 

78,637 133,552 10,570 20,952 29,047 3,625 38,084 56,394 15,100 1,867 11,380 3,658

International and regional:

International . . . . . . . . . . . . . . . . . 526 5 19 343 -399 -26 171 -148 -38 2 10 9

European regional . . . . . . . . . . . . -220 -45 36 -25 72 20 - - - - - -

Latin American regional . . . . . . . . -154 261 27 16 48 - 1 -11 -14 6 -211 -59

Asian regional . . . . . . . . . . . . . . . -88 93 -12 54 -19 -18 -4 -6 -2 2 -3 -2

African regional . . . . . . . . . . . . . . 49 83 47 340 -20 -4 -11 34 -5 - -1 -1

Middle Eastern regional . . . . . . . . 51 38 -19 - - - - -5 - - - -

Total international

and regional. . . . . . . . . . . . . . 

164 435 98 728 -318 -28 157 -136 -59 10 -205 -53

Grand total. . . . . . . . . . . . . . . 78,801 133,987 10,668 21,680 28,729 3,597 38,241 56,258 15,041 1,877 11,175 3,605

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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics

of Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe."

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

98 CAPITAL MOVEMENTS
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Fourth Quarter 1995, 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 . . . . . . . . . . . . . 5,830 5,218 3 27 372 105 105 4,387 3,630 1 46 406 109 195

Belgium-Luxembourg. . 11,351 3,699 1,219 1,473 2,612 1,807 541 10,967 3,472 460 775 2,817 2,911 532

Bulgaria . . . . . . . . . . . . 147 7 - - 10 130 - 208 13 - - 12 183 -

Czechoslovakia . . . . . . 894 813 - 76 - 4 1 808 792 - - - 11 5

Denmark. . . . . . . . . . . . 4,528 1,501 1,480 95 220 942 290 4,657 1,398 1,529 24 329 1,123 254

Finland . . . . . . . . . . . . . 2,830 2,448 101 - 26 2 253 2,722 2,461 - - 24 35 202

France . . . . . . . . . . . . . 31,783 20,036 229 1,296 2,929 4,655 2,638 31,042 19,721 100 455 3,423 4,393 2,950

Germany . . . . . . . . . . . 28,283 18,394 438 1,972 2,858 1,991 2,630 24,999 15,059 202 965 2,995 2,762 3,016

Greece . . . . . . . . . . . . . 1,950 1,411 10 12 161 310 46 2,243 1,845 4 7 120 210 57

Hungary . . . . . . . . . . . . 2,004 1,844 125 32 3 - - 461 444 - 15 - - 2

Ireland . . . . . . . . . . . . . 9,111 5,600 380 905 508 1,162 556 8,501 5,962 359 237 450 853 640

Italy. . . . . . . . . . . . . . . . 9,882 4,749 50 109 2,702 1,472 800 11,850 5,140 97 148 2,928 1,625 1,912

Netherlands . . . . . . . . . 16,658 6,271 415 539 5,607 724 3,102 15,749 4,897 226 204 4,476 1,779 4,167

Norway. . . . . . . . . . . . . 4,204 2,228 1 68 174 1,343 390 4,987 2,585 9 5 189 1,733 466

Poland . . . . . . . . . . . . . 2,021 1,891 10 3 3 108 6 2,032 1,917 - 1 2 93 19

Portugal . . . . . . . . . . . . 866 785 - 12 20 19 30 769 610 8 7 30 31 83

Romania. . . . . . . . . . . . 2 - - - 2 - - - - - - - - -

Russia 1

. . . . . . . . . . . . 5,945 5,857 10 4 63 11 - 6,967 6,854 1 9 60 16 27

Spain . . . . . . . . . . . . . . 7,874 5,952 8 117 481 657 659 8,730 5,882 14 262 704 708 1,160

Sweden . . . . . . . . . . . . 3,239 718 6 42 949 370 1,154 4,241 941 2 34 701 413 2,150

Switzerland. . . . . . . . . . 16,695 4,090 82 935 8,717 1,201 1,670 17,033 5,148 130 1,019 7,850 1,366 1,520

Turkey . . . . . . . . . . . . . 926 645 4 2 82 128 65 903 671 21 3 60 47 101

United Kingdom . . . . . . 456,081 238,849 9,590 24,180 34,710 113,097 35,655 460,313 247,878 5,939 15,377 32,012 120,917 38,190

Yugoslavia 2

. . . . . . . . . 24 - - - 21 - 3 23 - - 4 19 - -

Other Europe . . . . . . . . 4,514 3,819 63 32 436 108 56 4,985 4,408 12 27 430 78 30

Total Europe . . . . . . . 627,642 336,825 14,224 31,931 63,666 130,346 50,650 629,577 341,728 9,114 19,624 60,037 141,396 57,678

Canada . . . . . . . . . . . . . . 115,696 57,531 660 2,293 13,275 36,112 5,825 116,030 59,230 611 2,002 13,119 35,015 6,053

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 5,246 1,556 18 108 214 3,052 298 5,314 1,174 30 60 162 3,524 364

Bahamas . . . . . . . . . . . 13,468 5,539 820 1,051 2,619 3,174 265 12,203 4,616 594 664 2,737 3,366 226

Bermuda. . . . . . . . . . . . 44,720 14,925 3,048 2,373 9,818 12,290 2,266 48,416 15,023 2,987 2,175 9,957 16,023 2,251

Brazil . . . . . . . . . . . . . . 11,035 4,106 67 24 111 5,657 1,070 9,420 1,013 79 46 109 6,406 1,767

British West Indies . . . . 54,715 30,210 4,087 1,633 10,581 6,449 1,755 48,586 24,111 4,752 1,359 10,459 5,892 2,013

Chile. . . . . . . . . . . . . . . 665 126 8 17 105 307 102 1,113 282 3 38 81 448 261

Colombia . . . . . . . . . . . 1,507 1,351 53 14 41 13 35 925 783 55 9 40 13 25

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 1,162 935 42 4 16 163 2 953 645 135 10 11 149 3

Guatemala . . . . . . . . . . 127 100 - 1 15 5 6 112 83 1 3 15 7 3

Jamaica . . . . . . . . . . . . 75 63 3 1 8 - - 97 84 2 1 8 2 -

Mexico . . . . . . . . . . . . . 6,331 2,642 100 125 302 1,401 1,761 5,659 2,288 33 102 259 1,297 1,680

Netherlands Antilles . . . 62,017 40,706 358 2,842 11,716 2,850 3,545 39,802 17,662 317 2,929 13,227 1,862 3,805

Panama . . . . . . . . . . . . 1,729 86 334 118 829 257 105 1,449 76 246 100 709 253 65

Peru . . . . . . . . . . . . . . . 93 - - 1 25 10 57 140 - - - 23 23 94

Trinidad and Tobago . . 37 2 1 3 14 17 - 20 5 - 2 6 7 -

Uruguay . . . . . . . . . . . . 662 65 3 41 94 394 65 555 84 4 48 83 304 32

Venezuela . . . . . . . . . . 1,630 657 56 34 195 650 38 1,382 456 56 13 156 689 12

Other Latin America

and Caribbean . . . . . 1,478 146 136 62 205 892 37 1,399 119 140 76 206 814 44

Total Latin America

and Caribbean. . . . 

206,697 103,215 9,134 8,452 36,908 37,581 11,407 177,545 68,504 9,434 7,635 38,248 41,079 12,645

CAPITAL MOVEMENTS 99
Asia:

China:

Mainland . . . . . . . . . . 3,494 2,968 174 52 42 252 6 4,572 4,153 125 51 42 176 25

Taiwan . . . . . . . . . . . 1,627 793 92 11 504 147 80 2,447 1,276 293 89 525 102 162

Hong Kong . . . . . . . . . . 34,306 25,129 561 374 2,128 1,430 4,684 33,915 24,738 469 260 1,785 1,572 5,091

India . . . . . . . . . . . . . . . 129 21 2 - 58 3 45 258 46 - 2 70 4 136

Indonesia . . . . . . . . . . . 1,430 1,144 11 1 29 14 231 1,929 1,251 - 3 40 59 576

Israel . . . . . . . . . . . . . . 3,729 3,158 99 58 218 53 143 3,865 3,137 14 10 255 221 228

Japan . . . . . . . . . . . . . . 160,977 111,654 3,917 1,790 7,191 22,714 13,711 182,016 126,148 5,573 1,292 6,310 24,474 18,219

Korea . . . . . . . . . . . . . . 2,496 1,289 506 29 26 181 465 1,937 676 34 45 31 305 846

Lebanon . . . . . . . . . . . . 46 1 - - 30 9 6 35 3 - - 27 4 1

Malaysia. . . . . . . . . . . . 1,106 259 22 4 34 223 564 2,335 1,099 25 1 35 745 430

Pakistan . . . . . . . . . . . . 32 1 1 1 21 - 8 38 2 - 2 21 - 13

Philippines . . . . . . . . . . 617 284 65 4 77 75 112 1,040 324 2 10 72 372 260

Singapore. . . . . . . . . . . 35,909 29,281 803 980 2,045 1,941 859 33,758 28,402 485 383 1,494 1,989 1,005

Syria. . . . . . . . . . . . . . . 12 - - - 8 - 4 8 - - - 5 - 3

Thailand . . . . . . . . . . . . 2,897 2,544 - - 32 82 239 3,535 3,166 - - 19 65 285

Other Asia . . . . . . . . . . 14,426 9,161 1,418 886 2,518 165 278 18,000 12,095 1,756 680 2,867 357 245

Total Asia . . . . . . . . . 263,233 187,687 7,671 4,190 14,961 27,289 21,435 289,688 206,516 8,776 2,828 13,598 30,445 27,525

Africa:

Egypt . . . . . . . . . . . . . . 1,259 984 143 83 34 12 3 159 63 17 30 35 13 1

Ghana . . . . . . . . . . . . . 3 - - - - - 3 13 - - - - - 13

Liberia . . . . . . . . . . . . . 800 254 320 73 81 65 7 1,013 67 569 29 133 204 11

Morocco . . . . . . . . . . . . 5 - - - 4 - 1 3 - - - 3 - -

South Africa . . . . . . . . . 423 118 - 124 7 44 130 252 46 - 1 11 35 159

Zaire. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 320 100 7 1 131 17 64 272 73 1 1 119 23 55

Total Africa . . . . . . . . 2,810 1,456 470 281 257 138 208 1,712 249 587 61 301 275 239

Other countries:

Australia . . . . . . . . . . . . 9,891 4,388 111 135 629 2,692 1,936 10,654 4,199 2 43 753 3,542 2,115

All other . . . . . . . . . . . . 1,927 807 21 55 189 668 187 2,150 913 142 44 171 660 220

Total other

countries . . . . . . . . 

11,818 5,195 132 190 818 3,360 2,123 12,804 5,112 144 87 924 4,202 2,335

Total foreign

countries. . . . . . . 

1,227,896 691,909 32,291 47,337 129,885 234,826 91,648 1,227,356 681,339 28,666 32,237 126,227 252,412 106,475

International and regional:

International . . . . . . . . . 10,893 10,296 27 1 11 488 70 10,889 10,277 53 39 2 439 79

European regional . . . . 148 126 20 - - 2 - 93 90 - - - 3 -

Latin America regional . 1,911 1,803 2 5 7 94 - 2,083 1,776 2 19 66 220 -

Asian regional . . . . . . . 523 158 2 3 5 352 3 214 170 20 5 7 6 6

African regional . . . . . . 92 85 7 - - - - 438 38 11 5 1 383 -

Middle Eastern

regional. . . . . . . . . . . 398 398 - - - - - 418 417 - - - - 1

Total international

and regional. . . . . . 

13,965 12,866 58 9 23 936 73 14,135 12,768 86 68 76 1,051 86

Grand total. . . . . . . 1,241,861 704,775 32,349 47,346 129,908 235,762 91,721 1,241,491 694,107 28,752 32,305 126,303 253,463 106,561

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Fourth Quarter 1995, 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

 Beginning with series for December 1992 forward, data for the former Yugoslav republics

of Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe."

100 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . 16,903 14,662 7 123 1,321 395 395 14,911 12,208 53 152 1,410 499 589

Belgium Luxembourg . . 41,401 16,138 3,678 3,983 9,175 6,366 2,061 43,210 15,547 2,209 4,281 10,791 8,519 1,863

Bulgaria . . . . . . . . . . . . 272 43 - - 16 213 - 347 49 - - 22 273 3

Czechoslovakia . . . . . . 3,487 3,379 - 76 2 21 9 3,491 3,415 - 8 - 33 35

Denmark. . . . . . . . . . . . 20,406 11,853 4,021 185 936 2,548 863 20,215 10,879 3,895 111 932 3,218 1,180

Finland . . . . . . . . . . . . . 16,660 15,332 118 26 68 234 882 16,901 15,388 25 5 66 242 1,175

France . . . . . . . . . . . . . 128,773 84,323 871 3,469 10,367 19,679 10,064 128,713 83,841 641 2,556 11,466 18,698 11,511

Germany . . . . . . . . . . . 102,992 67,988 1,533 7,503 9,595 5,805 10,568 93,914 61,852 460 2,770 11,432 6,322 11,078

Greece . . . . . . . . . . . . . 6,335 4,994 17 129 549 497 149 5,425 4,327 7 33 563 268 227

Hungary . . . . . . . . . . . . 4,522 4,010 219 190 19 50 34 1,761 1,581 20 115 17 - 28

Ireland . . . . . . . . . . . . . 24,637 14,572 914 2,543 1,595 3,103 1,910 24,524 15,849 814 1,625 1,329 2,683 2,224

Italy. . . . . . . . . . . . . . . . 35,728 16,281 724 620 9,745 4,754 3,604 38,093 15,678 364 922 10,381 5,624 5,124

Netherlands . . . . . . . . . 67,915 35,131 1,281 2,264 17,435 3,004 8,800 65,309 33,240 1,256 826 13,928 6,153 9,906

Norway. . . . . . . . . . . . . 11,457 7,398 26 101 657 2,237 1,038 12,395 7,495 9 14 647 2,456 1,774

Poland . . . . . . . . . . . . . 4,600 4,358 10 3 5 205 19 3,399 3,087 - 1 27 200 84

Portugal . . . . . . . . . . . . 2,490 2,101 8 61 81 38 201 2,448 1,846 18 53 89 36 406

Romania. . . . . . . . . . . . 5 2 - - 3 - - - - - - - - -

Russia 1

. . . . . . . . . . . . 14,506 14,150 35 13 174 104 30 13,369 12,778 7 18 129 360 77

Spain . . . . . . . . . . . . . . 31,560 23,113 45 618 1,232 3,364 3,188 38,089 26,994 84 538 1,355 4,711 4,407

Sweden . . . . . . . . . . . . 18,120 6,154 199 321 3,233 4,188 4,025 19,001 5,796 29 131 2,566 3,611 6,868

Switzerland. . . . . . . . . . 67,737 22,703 492 4,304 29,490 4,190 6,558 71,356 23,175 347 3,955 31,773 4,751 7,355

Turkey . . . . . . . . . . . . . 2,600 1,901 27 28 213 217 214 2,404 1,757 24 17 189 73 344

United Kingdom . . . . . . 1,967,102 1,156,450 38,295 92,458 126,734 421,054 132,111 1,897,213 1,121,668 21,169 53,456 118,733 440,048 142,139

Yugoslavia 2

. . . . . . . . . 27 1 - - 22 - 4 23 - - 4 19 - -

Other Europe . . . . . . . . 21,596 19,095 295 196 1,395 480 135 19,786 17,678 175 109 1,351 344 129

Total Europe . . . . . . . 2,611,831 1,546,132 52,815 119,214 224,062 482,746 186,862 2,536,297 1,496,128 31,606 71,700 219,215 509,122 208,526

Canada . . . . . . . . . . . . . . 477,893 217,755 2,249 7,310 47,195 181,342 22,042 484,394 217,503 1,243 5,747 48,712 189,381 21,808

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 16,176 4,195 103 262 599 9,646 1,371 14,181 1,489 75 181 534 10,133 1,769

Bahamas . . . . . . . . . . . 51,384 22,863 3,308 2,964 10,787 10,373 1,089 48,658 20,220 2,759 2,414 10,835 11,206 1,224

Bermuda. . . . . . . . . . . . 194,738 82,441 10,634 7,585 39,442 46,173 8,463 199,035 88,458 9,490 5,698 38,857 48,890 7,642

Brazil . . . . . . . . . . . . . . 30,287 9,094 175 101 402 17,163 3,352 29,413 5,487 154 113 507 18,398 4,754

British West Indies . . . . 199,234 114,832 20,577 5,952 34,934 16,498 6,441 180,005 97,467 20,957 4,662 33,857 16,412 6,650

Chile. . . . . . . . . . . . . . . 3,952 1,864 37 116 414 1,025 496 3,588 1,607 34 102 390 857 598

Colombia . . . . . . . . . . . 4,441 3,982 87 40 168 65 99 3,574 2,762 79 29 186 299 219

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 2,041 1,521 77 14 53 373 3 2,513 764 150 20 64 1,505 10

Guatemala . . . . . . . . . . 305 194 5 6 70 21 9 284 176 1 7 76 12 12

Jamaica . . . . . . . . . . . . 196 90 8 4 86 8 - 273 160 13 3 84 13 -

Mexico . . . . . . . . . . . . . 23,272 8,100 385 416 1,402 5,292 7,677 20,945 5,589 176 285 1,317 5,748 7,830

Netherlands Antilles . . . 184,553 114,484 1,663 5,062 41,414 8,913 13,017 156,057 91,025 1,632 5,259 37,425 7,505 13,211

Panama . . . . . . . . . . . . 5,613 399 1,014 397 2,583 907 313 5,129 393 813 312 2,458 885 268

Peru . . . . . . . . . . . . . . . 504 3 1 10 71 54 365 640 1 - 8 77 102 452

Trinidad and Tobago. . 174 7 5 35 38 89 - 99 17 8 5 27 42 -

Uruguay . . . . . . . . . . . . 2,380 456 22 115 241 1,385 161 2,031 194 22 90 250 1,333 142

Venezuela . . . . . . . . . . 5,856 2,801 121 133 692 2,001 108 5,370 2,803 142 43 658 1,657 67

Other Latin America

and Caribbean . . . . 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88

Total Latin America

and Caribbean. . . . 

731,856 368,203 38,869 23,762 134,205 123,757 43,060 678,230 319,594 36,984 19,506 12,391 128,819 44,936 

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995

 [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.

CAPITAL MOVEMENTS 101
Asia:

China:

Mainland . . . . . . . . . . 25,920 23,465 1,182 130 148 930 65 24,794 22,762 327 116 159 1,205 225

Taiwan . . . . . . . . . . . 8,367 5,061 383 54 1,548 941 380 12,065 8,466 878 117 1,725 344 535

Hong Kong . . . . . . . . . . 116,509 77,871 1,874 1,713 6,599 9,991 18,461 112,072 72,984 1,932 757 6,373 9,383 20,643

India . . . . . . . . . . . . . . . 492 131 2 9 150 16 184 1,104 291 - 14 165 107 527

Indonesia . . . . . . . . . . . 4,619 3,582 11 1 153 115 757 5,777 3,970 3 8 164 188 1,444

Israel. . . . . . . . . . . . . . . 15,439 13,630 243 276 642 184 464 14,761 12,029 152 72 847 678 983

Japan . . . . . . . . . . . . . . 619,766 464,283 16,676 6,945 20,997 58,964 51,901 628,497 447,420 15,607 5,764 23,722 64,266 71,718

Korea . . . . . . . . . . . . . . 11,076 5,965 2,110 171 125 922 1,783 8,884 3,706 310 131 148 1,151 3,438

Lebanon . . . . . . . . . . . . 176 20 - 1 120 27 8 147 14 - 4 105 21 3

Malaysia . . . . . . . . . . . . 6,217 2,980 36 20 247 375 2,559 8,971 3,819 37 32 317 2,350 2,416

Pakistan . . . . . . . . . . . . 215 62 4 7 76 - 66 262 110 - 4 71 1 76

Philippines . . . . . . . . . . 2,235 1,215 118 13 264 252 373 3,129 1,332 28 24 251 630 864

Singapore. . . . . . . . . . . 135,131 108,087 1,468 1,965 10,947 8,635 4,029 120,651 99,212 1,200 2,223 5,368 7,765 4,883

Syria . . . . . . . . . . . . . . . 35 - - - 25 - 10 29 - - - 23 1 5

Thailand . . . . . . . . . . . . 9,143 7,493 - 6 90 203 1,351 9,976 8,039 - 5 69 524 1,339

Other Asia . . . . . . . . . . 66,271 46,238 5,253 3,553 9,483 733 1,011 62,576 43,610 3,952 2,999 9,941 991 1,083

Total Asia . . . . . . . . . 1,021,611 760,083 29,360 14,864 51,614 82,288 83,402 1,013,695 727,764 24,426 12,270 49,448 89,605 110,182

Africa:

Egypt . . . . . . . . . . . . . . 2,001 1,303 269 143 157 78 51 651 272 25 61 162 36 95

Ghana. . . . . . . . . . . . . . 16 - - - - - 16 23 - - - 1 - 22

Liberia. . . . . . . . . . . . . . 1,844 490 413 182 382 342 35 1,969 239 684 91 414 506 35

Morocco . . . . . . . . . . . . 28 - - - 10 16 2 28 - 1 - 6 20 1

South Africa . . . . . . . . . 1,030 204 - 130 30 235 431 1,168 134 - 5 27 199 803

Zaire . . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 1,458 606 50 24 478 74 226 1,317 498 79 31 445 101 163

Total Africa . . . . . . . . 6,377 2,603 732 479 1,057 745 761 5,156 1,143 789 188 1,055 862 1,119

Other countries:

Australia . . . . . . . . . . . . 48,014 20,393 296 631 3,951 15,180 7,563 47,658 20,804 91 449 3,562 14,232 8,520

All other . . . . . . . . . . . . 12,670 7,666 530 89 624 2,609 1,152 11,719 6,347 665 95 945 2,622 1,045

Total other

countries . . . . . . . . 

60,684 28,059 826 720 4,575 17,789 8,715 59,377 27,151 756 544 4,507 16,854 9,565

Total foreign

countires. . . . . . . 

4,910,252 2,922,835 124,851 166,349 462,708 888,667 344,842 4,777,149 2,789,283 95,804 109,955 451,328 934,643 396,136

International

and regional:

International . . . . . . . . . 50,446 46,648 317 17 84 3,083 297 51,348 46,643 716 165 74 3,483 267

European regional . . . . 523 349 72 - - 102 - 411 394 - - - 17 -

Latin American

regional . . . . . . . . . . . 9,561 8,941 130 44 76 370 - 9,971 8,680 82 55 287 867 -

Asian regional. . . . . . . . 1,572 1,116 24 35 16 356 25 1,146 1,023 43 41 19 10 10

African regional . . . . . . 412 313 59 40 - - - 699 230 79 6 1 383 -

Middle Eastern

regional . . . . . . . . . . . 886 886 - - - - - 854 848 - 5 - - 1

Total international

and regional. . . . . . 

63,400 58,253 602 136 176 3,911 322 64,429 57,818 920 272 381 4,760 278

Grand total. . . . . . . 4,973,652 2,981,088 125,453 166,485 462,884 892,578 345,164 4,841,578 2,847,101 96,724 110,227 451,709 939,403 396,414

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995, 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

 Beginning with series for December 1992 forward, data for former Yugoslav republics of

Bosnia and Herzegovina, Croatia, and Slovenia are reported under ‘‘Other Europe.’’

102 CAPITAL MOVEMENTS
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity

throughout the 1980’s. The robust growth in U.S. net

purchases of foreign securities is due largely to a

trend toward international diversification among

U.S. institutional investors. The table presents aggregate net purchases on an annual average basis for

1980 through 1989, on an annual basis for 1992

through 1994, and on a year-to-date and most recent

quarter basis for 1995. The data suggest that U.S. net

purchases of foreign bonds and stocks, while tending

to rise and fall together in recent years, may be

influenced by different economic factors.

Net purchases of foreign bonds have been more

erratic over the period shown, rising more than fivefold in 1993 to a record level, only to plunge precipitously in 1994. Net purchases of foreign bonds

reversed again in 1995, with strong increases

throughout the year, and most notably in the fourth

quarter. U.S. transactions in foreign stocks have been

relatively stable over the period shown. Although net

purchases of foreign stocks nearly doubled in 1993

from 1992 levels, their slowdown in 1994 was much

less pronounced than that of bonds. Net purchases of

stocks continued at about the same rate through

1995, with strong activity in each quarter.

[In millions of dollars]

Type 1980-89 11992 1993 1994 Jan. - Dec. 1995 Oct. - Dec. 1995

Foreign bonds . . . . . . . . . . . . . . . 4,883 15,605 80,377 9,224 46,825 17,701 

Foreign stocks . . . . . . . . . . . . . . . 2,834 32,259 62,691 48,071 51,250 14,840 

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

7,717 47,864 143,068 57,295 98,075 32,541 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

1

 Annual average.

(Note: To facilitate comparison of net purchases

during 1995 with those in prior years, the chart depicts data for all periods at an annualized rate.)

CAPITAL MOVEMENTS 103
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. 

The substantial revisions in this issue’s quarterly reports of

large market participants correct for an error in the program

that aggregates data for publication. This adjustment does not

affect the underlying data series or other Foreign Currency

Positions tables.

104 FOREIGN CURRENCY POSITIONS
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

07/05/95. . . . . . . . . . . . . . . . . . . . . . . 186,083 175,851 -2,999 1.3691

07/12/95. . . . . . . . . . . . . . . . . . . . . . . 188,876 178,699 -2,206 1.3561

07/19/95. . . . . . . . . . . . . . . . . . . . . . . 195,138 184,888 -2,124 1.3648

07/26/95. . . . . . . . . . . . . . . . . . . . . . . 197,159 186,567 -2,058 1.3582

08/02/95. . . . . . . . . . . . . . . . . . . . . . . 201,472 190,348 -2,153 1.3577

08/09/95. . . . . . . . . . . . . . . . . . . . . . . 199,090 191,163 -2,008 1.3591

08/16/95. . . . . . . . . . . . . . . . . . . . . . . 202,424 192,076 -2,257 1.3589

08/23/95. . . . . . . . . . . . . . . . . . . . . . . 199,442 189,975 -2,224 1.3582

08/30/95. . . . . . . . . . . . . . . . . . . . . . . 215,792 204,011 -2,186 1.3407

09/06/95. . . . . . . . . . . . . . . . . . . . . . . 211,608 201,588 -2,599 1.3374

09/13/95. . . . . . . . . . . . . . . . . . . . . . . 232,746 220,103 -3,041 1.3591

09/20/95. . . . . . . . . . . . . . . . . . . . . . . 224,376 214,326 -3,007 1.3584

09/27/95. . . . . . . . . . . . . . . . . . . . . . . 239,212 228,802 -2,865 1.3500

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 228,779 218,562 -2,426 1.3319

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 235,221 224,510 -3,049 1.3360

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 225,630 216,509 -3,023 1.3396

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 252,155 241,117 -3,036 1.3685

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 271,957 263,029 -3,451 1.3497

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 267,616 258,683 -3,182 1.3535

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 260,896 251,682 -2,973 1.3546

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 259,853 251,083 -3,111 1.3540

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 278,009 270,079 -3,021 1.3576

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 258,198 250,386 -3,074 1.3651

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 266,007 257,343 -2,300 1.3772

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 235,674 228,334 -2,402 1.3676

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 227,039 218,583 -2,558 1.3580

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 - Jan.. . . . . . . . 212,150 210,144 49,339 47,410 14,216 14,739 17,494 15,098 -2,051 72,382 1.4073

Feb. . . . . . . . 215,922 212,306 47,467 46,493 14,961 16,874 19,393 16,375 -2,464 69,099 1.3905

Mar. . . . . . . . 208,704 204,873 44,638 43,917 13,809 16,179 16,252 14,463 -2,210 72,505 1.3996

Apr.. . . . . . . . 194,797 192,023 44,872 44,675 15,600 15,935 15,653 13,051 -1,095 70,152 1.3565

May. . . . . . . . 198,106 196,685 43,893 40,355 15,552 17,037 16,384 12,750 -2,985 66,517 1.3708

June . . . . . . . 189,407 184,766 48,658 48,502 12,800 14,254 13,896 10,324 -2,990 67,809 1.3727

July . . . . . . . . 197,500 194,495 46,280 45,288 13,665 15,386 13,480 11,516 -2,033 71,184 1.3641

Aug. . . . . . . . 210,101 205,626 45,864 43,755 15,941 17,658 14,606 13,132 -2,140 71,654 1.3441

Sept.. . . . . . . 222,737 219,004 46,366 44,822 15,618 17,683 15,526 13,698 -2,849 74,738 1.3426

Oct.. . . . . . . . 278,621 275,970 53,312 51,338 19,904 21,528 21,595 18,806 -2,874 74,791 1.3452

Nov. . . . . . . . 266,541 263,402 44,019 42,400 16,917 19,332 21,441 17,800 -2,912 77,606 1.3610

Dec. . . . . . . . 220,483 218,268 47,226 45,725 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

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 - Mar. . . . . . . . 38,972 36,702 60,107 54,014 2,371 2,347 5,609 3,033 -1,060 13,653 1.3839

June. . . . . . . . 39,719 38,881 59,441 56,447 5,191 4,156 2,983 3,068 193 13,784 1.3835

Sept. . . . . . . . 42,737 40,219 57,946 50,298 5,600 4,487 3,217 3,228 691 14,209 1.3435

Dec. . . . . . . . . 38,697 37,175 46,169 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Mar. . . . . . . . 38,520 37,364 47,654 43,554 3,333 2,651 2,872 2,432 310 15,770 1.3996

June. . . . . . . . 36,743 34,162 53,599 49,194 3,326 3,219 2,886 2,285 575 15,363 1.3727

Sept. . . . . . . . 44,321 37,370 59,875 52,930 3,944 3,490 4,055 2,436 608 15,816 1.3426

Dec. . . . . . . . . 21,198 21,746 4,962 4,672 2,579 3,056 3,328 2,728 -172 3,095 1.3646

FOREIGN CURRENCY POSITIONS 105
07/05/95. . . . . . . . . . . . . . . . . . . . . . . 1,588,315 1,564,515 8,840 1.3805

07/12/95. . . . . . . . . . . . . . . . . . . . . . . 1,688,716 1,670,640 10,655 1.4033

07/19/95. . . . . . . . . . . . . . . . . . . . . . . 1,699,234 1,674,694 11,010 1.3761

07/26/95. . . . . . . . . . . . . . . . . . . . . . . 1,649,356 1,629,937 9,842 1.3882

08/02/95. . . . . . . . . . . . . . . . . . . . . . . 1,697,417 1,679,438 9,274 1.3985

08/09/95. . . . . . . . . . . . . . . . . . . . . . . 1,684,676 1,672,554 10,561 1.4059

08/16/95. . . . . . . . . . . . . . . . . . . . . . . 1,876,286 1,862,097 10,879 1.4780

08/23/95. . . . . . . . . . . . . . . . . . . . . . . 1,760,817 1,746,710 11,354 1.4835

08/30/95. . . . . . . . . . . . . . . . . . . . . . . 1,820,754 1,808,315 10,205 1.4770

09/06/95. . . . . . . . . . . . . . . . . . . . . . . 1,738,296 1,725,808 9,751 1.4772

09/13/95. . . . . . . . . . . . . . . . . . . . . . . 1,784,219 1,770,827 6,154 1.4945

09/20/95. . . . . . . . . . . . . . . . . . . . . . . 1,730,919 1,712,466 8,810 1.4617

09/27/95. . . . . . . . . . . . . . . . . . . . . . . 1,787,056 1,766,110 6,330 1.4250

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 1,764,241 1,740,591 5,908 1.4360

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 1,713,935 1,693,749 6,923 1.4268

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 1,665,470 1,647,228 5,588 1.4247

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 1,720,941 1,705,467 6,987 1.3913

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 1,663,995 1,648,420 4,559 1.4170

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 1,631,673 1,619,896 4,604 1.4210

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 1,700,719 1,683,658 5,058 1.4071

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 1,548,842 1,538,148 6,383 1.4106

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 1,712,922 1,700,341 5,807 1.4375

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 1,680,831 1,666,929 5,978 1.4440

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 1,652,229 1,639,814 5,499 1.4506

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 1,549,197 1,536,507 5,676 1.4370

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 1,484,265 1,470,569 3,429 1.4341

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 - Jan.. . . . . . . . 1,976,170 1,963,539 175,102 175,127 231,138 217,252 261,017 308,020 14,876 201,236 1.5257

Feb. . . . . . . . 2,065,092 2,057,248 195,168 203,814 241,010 222,530 284,960 331,150 15,791 200,670 1.4625

Mar. . . . . . . . 2,003,201 1,991,118 205,012 210,671 254,620 240,544 288,660 324,873 11,909 198,629 1.3746

Apr.. . . . . . . . 1,807,608 1,799,971 200,160 208,359 231,542 217,387 255,334 294,924 12,837 203,720 1.3872

May. . . . . . . . 1,836,042 1,822,733 200,210 212,095 243,971 235,844 284,396 314,382 7,556 201,221 1.4160

June . . . . . . . 1,700,903 1,678,404 195,946 209,622 215,632 200,825 252,084 272,505 9,350 203,901 1.3828

July . . . . . . . . 1,639,921 1,622,436 191,039 202,785 215,241 205,812 246,303 274,214 10,592 207,797 1.3869

Aug. . . . . . . . 1,799,378 1,787,245 203,692 217,513 244,280 230,577 285,745 310,152 10,776 211,486 1.4680

Sept. . . . . . . . 1,739,516 1,718,769 202,909 214,645 232,296 222,975 269,409 282,682 6,928 208,361 1.4280

Oct.. . . . . . . . 1,661,290 1,647,435 204,462 210,599 240,801 234,777 274,263 289,897 4,356 213,583 1.4090

Nov. . . . . . . . 1,720,784 1,704,012 195,514 204,369 242,923 240,411 278,358 293,319 4,384 221,223 1.4466

Dec. . . . . . . . 1,401,280 1,389,800 194,859 206,035 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1994 - Mar. . . . . . . . 331,151 319,728 93,221 92,629 33,603 31,980 46,847 42,939 -543 15,062 1.6735

June. . . . . . . . 372,839 354,105 92,839 89,100 44,654 44,964 44,280 44,355 1,505 15,328 1.5874

Sept. . . . . . . . 347,408 332,738 93,524 90,389 33,661 32,350 34,487 36,306 772 16,932 1.5520

Dec. . . . . . . . . 304,637 287,651 94,872 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Mar. . . . . . . . 300,395 273,267 107,444 105,175 30,803 32,772 41,500 31,069 -5,248 20,957 1.3746

June. . . . . . . . 274,708 273,116 109,250 103,668 21,738 23,370 39,604 32,021 -4,392 21,931 1.3828

Sept. . . . . . . . 290,521 308,667 109,449 105,755 19,385 21,080 29,982 26,246 -2,914 25,024 1.4280

Dec. . . . . . . . . 166,686 162,960 16,576 18,451 9,101 8,776 9,683 10,264 107 2,859 1.4385

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)

106 FOREIGN CURRENCY POSITIONS
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 - Jan.. . . . . . . . 130,267 131,432 18,410 18,383 12,607 11,598 14,401 16,090 1,098 31,142 99.6900

Feb. . . . . . . . 125,522 126,543 18,461 18,056 13,421 12,469 14,298 15,752 1,132 31,497 96.7600

Mar. . . . . . . . 126,222 126,783 20,277 19,602 13,694 12,839 14,802 16,316 708 28,056 86.6000

Apr.. . . . . . . . 117,755 118,746 19,585 18,447 12,190 11,728 13,861 15,715 742 30,924 84.2000

May. . . . . . . . 116,119 117,032 19,604 19,142 12,350 11,939 14,677 16,558 901 31,445 84.6000

June . . . . . . . 112,347 114,273 20,099 19,098 11,345 10,849 25,152 26,543 797 31,896 84.7300

July . . . . . . . . 114,240 116,304 19,748 19,137 12,361 11,555 26,973 29,540 1,014 31,838 88.4000

Aug. . . . . . . . 130,612 132,908 20,527 19,819 15,356 14,535 21,821 23,245 1,242 34,219 97.4500

Sept.. . . . . . . 132,427 134,518 21,585 20,576 15,241 15,569 22,163 24,163 1,101 34,704 99.6500

Oct.. . . . . . . . 133,583 136,121 21,641 20,373 14,515 14,019 21,534 22,867 985 34,256 102.1200

Nov. . . . . . . . 132,164 134,987 21,389 19,804 14,378 13,801 20,026 21,301 1,188 35,587 102.1000

Dec. . . . . . . . 119,445 122,102 21,615 20,675 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1994 - Mar. . . . . . . . 14,820 16,061 5,738 4,449 1,951 2,074 2,619 2,221 -75 2,806 102.7000

June. . . . . . . . 16,180 17,300 6,259 4,810 2,473 2,580 3,169 3,198 -68 3,239 98.6000

Sept. . . . . . . . 15,318 16,817 6,337 5,253 2,054 2,645 3,517 2,697 -352 3,529 99.2000

Dec. . . . . . . . . 16,042 18,154 5,869 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,336 19,897 4,410 4,444 1,531 1,514 3,404 2,206 24 4,385 86.6000

June. . . . . . . . 17,128 17,846 4,541 4,346 1,353 1,417 3,016 1,878 -137 4,390 84.7300

Sept. . . . . . . . 18,865 20,715 5,246 4,655 1,539 1,679 3,312 2,258 -563 5,013 99.6500

Dec. . . . . . . . . 12,613 12,071 1,175 1,629 747 790 874 902 17 2,461 103.4200

SECTION III.--Japanese Yen Positions

TABLE FCP-III-1.--Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Yen

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

07/05/95. . . . . . . . . . . . . . . . . . . . . . . 106,682 108,696 856 84.9000

07/12/95. . . . . . . . . . . . . . . . . . . . . . . 113,089 115,072 722 87.4200

07/19/95. . . . . . . . . . . . . . . . . . . . . . . 116,862 118,815 889 87.3700

07/26/95. . . . . . . . . . . . . . . . . . . . . . . 116,230 118,197 935 87.8800

08/02/95. . . . . . . . . . . . . . . . . . . . . . . 118,867 120,997 1,015 91.0000

08/09/95. . . . . . . . . . . . . . . . . . . . . . . 118,395 120,648 988 91.6100

08/16/95. . . . . . . . . . . . . . . . . . . . . . . 128,790 131,159 983 97.7100

08/23/95. . . . . . . . . . . . . . . . . . . . . . . 124,145 127,146 1,043 96.6400

08/30/95. . . . . . . . . . . . . . . . . . . . . . . 128,475 131,159 1,227 99.0400

09/06/95. . . . . . . . . . . . . . . . . . . . . . . 130,209 133,078 1,380 98.8800

09/13/95. . . . . . . . . . . . . . . . . . . . . . . 140,266 142,235 1,272 102.8000

09/20/95. . . . . . . . . . . . . . . . . . . . . . . 135,599 137,881 1,017 102.7500

09/27/95. . . . . . . . . . . . . . . . . . . . . . . 140,388 142,772 1,019 100.5000

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 132,544 134,979 1,042 101.0300

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 127,165 129,875 1,131 101.0500

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 129,716 131,603 1,155 100.9500

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 131,457 133,883 1,095 101.1500

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 133,846 136,299 1,014 103.2000

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 131,911 134,215 1,124 102.6000

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 133,998 136,788 1,355 101.5000

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 132,777 135,381 1,247 100.9000

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 135,754 138,004 1,242 101.6100

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 130,484 132,997 1,343 101.4700

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 128,936 131,012 1,374 101.7000

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 124,490 126,866 1,211 101.8000

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 123,356 125,997 1,302 102.8700

FOREIGN CURRENCY POSITIONS 107
07/05/95. . . . . . . . . . . . . . . . . . . . . . . 295,434 301,108 5,737 1.1455

07/12/95. . . . . . . . . . . . . . . . . . . . . . . 306,909 311,666 6,302 1.1680

07/19/95. . . . . . . . . . . . . . . . . . . . . . . 328,716 333,373 6,034 1.1471

07/26/95. . . . . . . . . . . . . . . . . . . . . . . 314,362 320,673 6,381 1.1520

08/02/95. . . . . . . . . . . . . . . . . . . . . . . 331,865 337,492 6,078 1.1585

08/09/95. . . . . . . . . . . . . . . . . . . . . . . 328,863 335,026 6,175 1.1636

08/16/95. . . . . . . . . . . . . . . . . . . . . . . 339,943 345,864 4,735 1.2306

08/23/95. . . . . . . . . . . . . . . . . . . . . . . 342,527 347,944 4,477 1.2265

08/30/95. . . . . . . . . . . . . . . . . . . . . . . 344,557 350,037 5,332 1.2127

09/06/95. . . . . . . . . . . . . . . . . . . . . . . 333,486 339,700 5,672 1.2140

09/13/95. . . . . . . . . . . . . . . . . . . . . . . 353,479 360,038 5,918 1.2198

09/20/95. . . . . . . . . . . . . . . . . . . . . . . 354,142 361,178 7,656 1.1725

09/27/95. . . . . . . . . . . . . . . . . . . . . . . 376,386 382,477 7,462 1.1530

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 355,151 361,295 6,277 1.1539

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 347,156 352,984 6,899 1.1570

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 334,171 340,599 6,150 1.1576

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 333,634 339,549 6,200 1.1320

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 332,297 338,885 6,260 1.1395

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 344,168 351,668 6,507 1.1455

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 343,512 350,245 6,490 1.1375

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 320,064 326,365 6,147 1.1378

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 351,945 358,703 5,618 1.1655

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 359,934 365,228 5,402 1.1688

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 359,951 366,154 5,734 1.1770

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 342,316 345,414 n.a. 1.1550

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 313,859 318,873 n.a. 1.1575

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 - Jan.. . . . . . . . 372,700 376,525 23,836 27,700 40,225 36,897 36,285 37,774 3,892 129,912 1.2860

Feb. . . . . . . . 380,467 385,030 24,940 28,432 42,348 39,548 40,811 40,947 4,490 131,452 1.2371

Mar. . . . . . . . 353,641 357,848 23,578 27,079 39,075 35,441 32,780 35,539 4,481 127,433 1.1325

Apr.. . . . . . . . 348,978 352,199 22,864 27,217 39,123 34,725 34,338 37,925 3,317 127,323 1.1450

May. . . . . . . . 348,572 355,863 25,287 27,451 44,804 40,460 37,331 41,153 7,111 126,846 1.1675

June . . . . . . . 325,683 329,617 24,519 27,681 29,792 23,838 27,562 29,257 5,372 125,660 1.1500

July . . . . . . . . 317,312 320,646 25,149 27,941 30,912 25,430 30,247 32,576 6,135 121,742 1.1530

Aug. . . . . . . . 350,391 356,093 24,542 28,966 34,268 30,652 35,851 35,259 5,629 122,940 1.2025

Sept. . . . . . . . 362,668 369,289 26,589 30,097 34,828 31,043 34,186 40,204 6,942 118,553 1.1550

Oct.. . . . . . . . 330,737 338,283 27,040 30,295 40,185 34,178 39,858 44,878 6,343 117,606 1.1370

Nov. . . . . . . . 364,568 371,464 25,007 28,322 41,473 37,558 41,056 48,378 5,907 114,942 1.1775

Dec. . . . . . . . 303,365 309,490 25,281 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1994 - Mar. . . . . . . . 47,496 43,048 13,796 12,954 3,621 2,650 4,272 4,087 345 15,478 1.4130

June. . . . . . . . 53,943 47,367 13,404 13,548 4,690 3,937 4,896 5,120 512 15,624 1.3335

Sept. . . . . . . . 44,637 37,273 13,511 13,861 3,476 2,807 3,542 3,217 386 17,418 1.2880

Dec. . . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Mar. . . . . . . . 44,418 34,393 13,949 14,181 1,535 1,872 2,882 1,542 155 20,131 1.1325

June. . . . . . . . 33,466 23,938 14,679 15,102 1,531 1,931 2,528 1,969 136 20,174 1.1500

Sept. . . . . . . . 43,981 34,657 14,191 15,048 2,338 2,395 3,195 2,663 -150 21,041 1.1550

Dec. . . . . . . . . 10,057 9,898 1,426 1,761 565 535 932 915 n.a. 4,283 1.1545

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)

108 FOREIGN CURRENCY POSITIONS
07/05/95. . . . . . . . . . . . . . . . . . . . . . . 336,151 334,818 530 1.5950

07/12/95. . . . . . . . . . . . . . . . . . . . . . . 332,850 330,360 518 1.5910

07/19/95. . . . . . . . . . . . . . . . . . . . . . . 332,313 329,784 676 1.5991

07/26/95. . . . . . . . . . . . . . . . . . . . . . . 330,563 328,767 1,007 1.5938

08/02/95. . . . . . . . . . . . . . . . . . . . . . . 331,857 329,567 629 1.6002

08/09/95. . . . . . . . . . . . . . . . . . . . . . . 324,408 322,002 100 1.5990

08/16/95. . . . . . . . . . . . . . . . . . . . . . . 332,060 330,099 -564 1.5430

08/23/95. . . . . . . . . . . . . . . . . . . . . . . 335,611 332,475 -218 1.5422

08/30/95. . . . . . . . . . . . . . . . . . . . . . . 334,635 332,045 188 1.5461

09/06/95. . . . . . . . . . . . . . . . . . . . . . . 322,749 319,125 -32 1.5505

09/13/95. . . . . . . . . . . . . . . . . . . . . . . 326,669 323,376 318 1.5490

09/20/95. . . . . . . . . . . . . . . . . . . . . . . 296,061 292,507 320 1.5507

09/27/95. . . . . . . . . . . . . . . . . . . . . . . 309,330 307,258 630 1.5755

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 304,813 303,051 1,076 1.5817

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 293,559 290,626 555 1.5718

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 282,781 280,724 1,029 1.5675

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 287,260 283,824 1,335 1.5790

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 287,029 283,628 1,296 1.5785

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 289,214 283,367 1,043 1.5785

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 303,821 299,854 1,205 1.5570

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 298,062 293,611 1,037 1.5635

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 332,598 329,941 1,097 1.5330

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 319,795 317,143 1,272 1.5420

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 322,668 320,424 1,501 1.5333

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 304,208 302,194 1,328 1.5405

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 287,810 286,620 1,311 1.5590

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - Jan.. . . . . . . . 327,173 323,278 50,996 53,124 21,310 22,329 19,997 21,595 441 49,440 1.5785

Feb. . . . . . . . 359,721 356,547 48,869 51,668 23,000 23,844 22,117 21,974 77 50,261 1.5820

Mar. . . . . . . . 332,402 329,090 49,077 52,134 24,361 25,761 23,466 24,216 48 50,950 1.6215

Apr.. . . . . . . . 335,343 332,627 50,984 52,635 21,095 22,189 20,757 21,894 99 52,728 1.6115

May. . . . . . . . 360,887 357,320 56,176 56,925 22,611 23,849 21,943 22,326 576 50,474 1.5860

June . . . . . . . 351,477 349,283 51,662 50,808 21,297 21,674 20,101 21,759 670 51,253 1.5945

July . . . . . . . . 334,628 332,054 52,807 52,156 22,602 22,857 20,675 22,412 645 51,535 1.5960

Aug. . . . . . . . 334,022 329,891 49,796 52,763 27,200 26,593 22,410 24,009 -31 51,969 1.5496

Sept. . . . . . . . 305,414 302,914 51,154 53,547 22,906 22,641 19,316 20,857 552 51,500 1.5825

Oct.. . . . . . . . 288,201 285,928 53,700 55,422 22,414 22,027 20,285 22,748 1,393 50,923 1.5805

Nov. . . . . . . . 332,306 327,875 54,224 60,089 26,188 25,546 24,548 27,259 1,315 51,212 1.5320

Dec. . . . . . . . 285,039 280,494 53,648 58,666 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1994 - Mar. . . . . . . . 48,395 56,924 34,033 30,438 3,517 3,747 5,030 4,134 -600 4,236 1.4830

June. . . . . . . . 45,478 46,147 33,981 29,757 3,505 3,581 4,671 3,841 -366 4,798 1.5435

Sept. . . . . . . . 47,811 47,759 34,595 30,518 3,725 3,937 5,338 4,308 -585 4,934 1.5760

Dec. . . . . . . . . 43,912 42,884 33,974 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,620 35,998 35,475 30,766 3,328 3,712 4,469 2,736 -239 6,389 1.6215

June. . . . . . . . 38,147 39,071 37,244 31,721 3,168 3,623 3,976 2,611 -327 6,468 1.5945

Sept. . . . . . . . 33,792 36,147 37,626 31,725 2,207 2,064 2,947 1,947 -309 6,911 1.5825

Dec. . . . . . . . . 16,479 16,470 3,255 3,484 n.a. n.a. n.a. 1,007 11 231 1.5500

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)

FOREIGN CURRENCY POSITIONS 109
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a), 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 (losses) for the fund are profits (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 (loss) account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. ‘‘Profit (loss) on foreign

exchange’’ includes realized profits or losses on currencies

held. ‘‘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 Mar. 31, 1995, and June 30, 1995

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

June 30, 1995, 

Assets, liabilities, and capital June 30, 1995 through Sept. 30, 1995 Sept. 30, 1995

Assets

U.S. dollars:

Held at Federal Reserve Bank of New York . . 

1,124,701 858,227 1,982,928

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 

410,935 5,636 416,571

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 

11,868,577 -833,353 11,035,224

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 

7,153,215 -358,080 6,795,135

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 

12,843,895 -2,334,576 10,509,319

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 

9,000,000 2,500,000 11,500,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 

171,589 225,131 396,720

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 

42,572,912 62,985 42,635,897

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 

59,889 -5,548 54,341

Total current liabilities . . . . . . . . . . . . . . . . . . 

59,889 -5,548 54,341

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 

8,018,000 2,150,000 10,168,000

Special drawing rights allocations . . . . . . . . . . 

7,686,176 -305,921 7,380,255

Total other liabilities . . . . . . . . . . . . . . . . . . . 

15,704,176 1,844,079 17,548,255

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 

200,000 - 200,000

Net income (loss) (see table ESF-2) . . . . . . . . 

26,608,847 -1,775,546 24,833,301

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 

26,808,847 -1,775,546 25,033,301

Total liabilities and capital . . . . . . . . . . . . . 

42,572,912 62,985 42,635,897

See footnotes on the following page.

110 EXCHANGE STABILIZATION FUND
Current quarter Fiscal year to date 

July 1, 1995, through Sept. 30, 1995 Oct. 1, 1994, through Sept. 30, 1995

Income and expense

Profit (loss) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2,053,714 808,236

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . -167,731 91,220

Interest (net charges) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,528 167,426

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,283 264,693

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,088 1,041,719

Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 17

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,775,546 2,373,311

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-1,775,546 2,373,311

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

1

 Beginning July 1974, the International Monetary Fund (IMF) 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 Dec. 31, 1938,

have been published in the ‘‘Treasury Bulletin.’’ Data from inception to Sept. 30, 1978, may be

found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

EXCHANGE STABILIZATION FUND 111
112.

Page Intentionally Left Blank
113

Page Intentionally Left Blank
114

Page Intentionally Left Blank
Section 1995 1994 

Liabilities:

Borrowing from the public:

Public debt securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,973,985 4,692,751

Plus premium on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,236 1,333

Less discount on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

81,232 78,631

Total public debt securities net of premium and discount . . . . . . . . . . . . . . . . . . . . 4,893,989 4,615,453

Agency securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

26,961 1 28,185

Total Federal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,920,950 1

 4,643,638

Less net Federal securities held as investments of Government accounts . . . . . . . . . . 

1,317,612 1 1,211,588

Total borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,603,338 1

 3,432,050

Accrued interest payable to the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,611 43,287

Deposit funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,186 1

 7,327

Miscellaneous liability accounts, includes checks outstanding . . . . . . . . . . . . . . . . . . . . . . . 4,813 4,938

Accounts payable and accruals of Government agencies 2

. . . . . . . . . . . . . . . . . . . . . . . . . 

216,369 243,055

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,883,317 3 3,730,657

CHART SLOFC-A.--

Commitments and

Contingencies

This report contains totals for commitments of the Government that represent the value of goods and services

ordered and obligated but not yet

received. It also includes other commitments against appropriations, all pursuant

to section 1311 of the Supplemental

Appropriation Act of 1955 (31 U.S.C.

200). Contingencies represent conditional

commitments that may become liabilities

due to events beyond the control of the

Government. The amounts are agency

projections stated in terms of maximum

theoretical risk exposure. The data for

commitments and contingencies come

from agency notes reports, which have

been submitted to the Financial Management Service.

Note.--Financial Management Service (FMS) expects to compile 1995 contingencies data by May 31, 1996. A copy of the detailed schedules can be

obtained from the Financial Reports Branch (202) 874-9922. Amounts presented in Chart SLOFC-A were compiled from reports submitted by the agencies in accordance with vol. I, part 2, chapter 4000 of the "Treasury Financial Manual " (Transmittal Letter No. 559). The information furnished by some

reporting agencies was based on estimates. Amounts presented in Table SLOFC-1 were compiled from "Schedule 1-U.S. General Ledger Account Balances, 1995 Annual Report-Appendix" and Treasury internal documents.

(In billions of dollars)

1

 This is a revised fiscal 1994 amount obtained from "Schedule 1-U.S. Summary General Ledger Account Balances,

1995 Annual Report-Appendix."

2

 Figures includes both public and Federal accounts. 

3

 Revised fiscal 1994 amount.

TABLE SLOFC-1.--Summary of Liabilities of the United States Government

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

Statement of Liabilities and Other Financial Commitments

The Statement of Liabilities and Other Financial Commitments of the United States Government is compiled in accordance with 31 U.S.C. 331 (b). The report discloses the liabilities as of September 30, 1994 and 1995. Commitments and contingencies are disclosed as of September 30, 1993 and 1994.

115
United States Government Consolidated Statement of Financial Position,

as of September 30, 1994 (Unaudited) 

(In billions of dollars)

Assets

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.3

Other monetary assets (Note 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.2

Accounts receivable, net of allowances (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.6

Inventories and related properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224.1

Loans receivable, net of allowances (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118.8

Advances and prepayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9

Property, plant, and equipment, net of accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589.9

Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151.1

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,355.9

Liabilities 

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.4

Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.1

Accrued payroll and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2

Unearned revenue (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0

Federal debt held by the public (Note 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,432.3

Pensions and actuarial liabilities (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526.2

Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251.9

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

5,357.1

Accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-4,001.2

INTRODUCTION: Consolidated Financial Statements

The following pages are excerpted from the ‘‘Consolidated Financial Statements of the United States Government,’’ (CFS) Prototype 1994. The statements and

accompanying information, published annually by the Financial Management Service, are modeled after corporate-type

reports and are developed on an accrual basis of accounting.

The excerpts represent some of the most noteworthy information contained in the statements.

Data for the CFS are compiled from program agency accounting systems Governmentwide and are captured in the

Statement of Financial Position and the Statement of Operations. Customary notes to the financial statements as well as

several broad supplementary tables--from accounts and

loans receivable due from the public to Federal obligations--

complete the publication.

116 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
United States Government Consolidated Statement of Operations

for the Year Ended September 30, 1994 (Unaudited)

(In billions of dollars)

Revenues

Levied under the Government’s sovereign power:

Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543.1

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.4

Social insurance taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461.5

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.2

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1

Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0

1,257.5

Earned through Government business-type operations:

Sale of goods and services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82.1

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6

Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.9

Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,386.1

Expenses by agency

Legislative branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

Judicial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6

Executive branch:

Funds appropriated to the President 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Departments:

Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.5

Commerce. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2

Defense (military) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280.9

Defense (civil) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5

Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1

Health and Human Services, except Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300.8

Health and Human Services, Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330.1

Housing and Urban Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0

Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7

Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.3

State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.5

Treasury:

Interest on debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.7

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1

Veterans Affairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1

Independent agencies 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586.6

Veterans Affairs adjustment for actuarial liability change 3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65.6

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,521.0

Expenses in excess of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -134.9

1

 Includes Executive Office of the President.

2

 Includes EPA, GSA, NASA, OPM, SBA, and other independent agencies.

3

 The net decrease in the actuarial present value of future liability of C&P benefits from

1993 to 1994 is mainly caused by the change in the discount rate. For more information,

see VA’s 1995 Accountability Report.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 117
Revenues and Expenses

The chart at right shows the amounts of

the U.S. Federal Government revenues

and expenses for fiscal 1994. The charts

below show categories of revenues by

source, and a breakdown of the Government’s expenses by agency. All charts

are in billions of dollars. All revenues levied under the Government’s sovereign

power are reported on the cash basis.

Revenues earned through Government

business-type operations and the data supporting the graph of expenses by agency

are reported on the accrual basis.

Sources of Revenues

Categories of

Expenses

1

 Includes EPA, GSA, NASA, OPM, SBA, and other independent agencies.

2

 Does not include interest on investments held by Government agencies.

3

 Refer to Veterans Affairs adjustment for actuarial liability change, and footnote 2, page 12 of the CFS.

4

 Departmental agencies with expenses less than $50 billion.

118 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Major Categories of Assets as of

September 30, 1994

Assets are resources owned by or owed to the

Federal Government that are available to pay liabilities or to provide future public services. The

chart below is derived from the Statement of Financial Position. It depicts the major categories

of assets as of September 30, 1994, as a percentage of total assets.

Total Assets:

$1,355.9 billion

Assets, Liabilities, and

Accumulated Position,

as of September 30, 1994

The chart at right depicts assets,

liabilities, and accumulated

position reported in the Statement

of Financial Position, as of

September 30, 1994.

(In billions of dollars)

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 119
Gross Accounts and Loans Receivable

The amounts in these graphs were derived from the

agencies’ adjusted trial balances (ATB) as reported on the

Federal Agencies’ Centralized Trial-Balance System

(FACTS). These amounts, less allowances, are included

in the Statement of Financial Position. Accounts Receivable

Total: $144.5 billion

Loans Receivable

Total: $181.4 billion

* These funds are primarily liquidating accounts for the Foreign Military Loan Account, the Economic Support

Fund, Agency for International Development loans, and the Functional Development Assistance Program.

120 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Commitments and

Contingencies

Commitments are long-term contracts for

which appropriations have not been provided

by the Congress and undelivered orders representing obligations. Contingencies are liabilities involving uncertainty as to a possible loss

to the Government that will be resolved when

one or more future events occur or fail to occur.

Commitments

Total: $398.6 billion

Contingencies (at face value)

Total: $6.1 trillion

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 121
Federal Debt

The following charts represent different facets of the net Federal debt, excluding intragovernment investments.

Types of Securities as of

September 30, 1994

(In billions of dollars)

Interest Expense for

Federal Debt Held by the

Public, Fiscal 1990-1994

(In billions of dollars)

Federal Debt

Held by the

Public, Fiscal

1990-1994

(In billions of dollars)

122 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
TABLE TF-10.--Airport and Airway Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Description Internal Revenue Code section (26 U.S.C.) Amount

INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund was established on

the books of the Treasury in fiscal 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49

U.S.C. 1742 (a)]. The trust fund was re-established in the

Internal Revenue Code (26 U.S.C. 9502) as a result of the Tax

Equity and Fiscal Responsibility Act of 1982 (Public Law

97-248, dated September 3, 1982), effective September 1,

1982.

Amounts equivalent to the taxes received in the Treasury

on transportation of persons and property by air, gasoline and

jet fuel used in noncommercial aircraft, and an international

departure tax are appropriated from the general fund of the

Treasury to the trust fund. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5,

1990) increased rates for the excise taxes transferred to the

fund.

These transfers are made based on estimates made by the

Secretary of the Treasury, subject to adjustments in later

transfers in the amount of actual tax receipts.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund. Additional sums from the general fund are also

credited as authorized and made available by law, if necessary,

to meet outlay requirements.

Amounts required for outlays to carry out the airport and

airway program are made available to the Federal Aviation

Administration, Department of Transportation.

Other charges to the trust fund are made by the Secretary

of the Treasury for transfers of certain refunds of taxes and

certain outfits under section 34 of the Internal Revenue Code

of 1986.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury, after

consultation with the Secretary of Transportation. These reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$12,386,206,700

Receipts:

Excise taxes (transferred from general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,531,000

Gasoline - commercial 9 cents tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - noncommercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,209,300

Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,767,634,000

Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,952,000

Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,315,000

Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

5,572,641,300

Less refunds of taxes (reimbursed to general fund):

Aircraft use tax and principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Any liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - retailers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - manufacturers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,862,260

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

38,862,260

Net taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,533,779,040

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,669,211

Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

178,677,247

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

6,291,125,498

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

71,750,340

Outlays:

Interest on refunds and credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Expenses:

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,545,854,200

Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825,651,059

Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,637,813,090

Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,271,710

DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,426,000

Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,560,381

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

7,309,576,440

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

71,750,340

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

11,367,755,758

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

TRUST FUNDS 123
INTRODUCTION: Uranium Enrichment

Decontamination and Decommissioning Fund

The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury

in fiscal 1993, according to provisions of the Energy Policy Act

of 1992 [42 U.S.C. 2297 (g)]. Receipts represent (1) fees

collected from domestic public utilities based on their pro rata

share of purchases of separative work units from the Department of Energy and (2) appropriations toward the Government

contribution based on the balance of separative work unit

purchases.

Expenditures from the fund are for the purpose of (1)

decontamination and decommissioning of the three gaseous

diffusion plants, (2) remedial actions and related environmental

restoration costs at the gaseous diffusion plants, and (3) reimbursement to uranium/thorium producers for the costs of decontamination, decommissioning, reclamation, and remedial

action of uranium/thorium sites that are incident to sales to the

U.S. Government. Amounts available in the fund exceeding

current needs may be invested by the Secretary of the Treasury

in obligations of the United States (1) having maturities congruent with the needs of the fund, and (2) bearing interest at

rates determined appropriate, taking into consideration the

current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity

comparable to these investments.

The Secretary of the Treasury is required by 42 U.S.C.

2297 (g) to provide an annual report to Congress, after consultation with the Secretary of Energy. This report must present the

financial condition and the results of operations of the fund

during the preceding fiscal year.

The Energy Policy Act of 1992 [42 U.S.C. 2297 (g)(1)]

authorizes appropriations to ensure annual deposits to the fund

of $480 million before adjustments for inflation. Between fiscal

1993 and 1995, Government contributions of $1,022.4 million

were authorized. However, only $332 million was appropriated. In fiscal 1995, $348.2 million was authorized and only

$133.7 million was appropriated. The shortfall of Government

contributions from appropriations is approximately $690.4

million.

Balance Oct. 1,1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$4,148,093

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,847,321

Penalties collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,139,905

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

304,987,473

Outlays:

DOE, decontamination and decommissioning activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,685,566

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-39,550,948

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

309,134,618

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

948

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

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

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

Expected Condition and Results of Operations, Fiscal Years 1996-2000

[Source: Financial Management Service]

1996 1997 1998 1999 2000

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$948 $180 $221 $875 $477

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,628 540,080 558,414 577,417 597,113

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,420 28,314 38,982 50,470 50,881

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

510,048 568,394 597,396 627,887 647,994

Outlays:

DOE, decontamination and decommissioning fund . . . . . . . . . . . . . . . . . 287,816 298,354 310,741 323,285 332,539

Costs of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,000 270,000 286,000 305,000 315,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

510,816 568,354 596,741 628,285 647,539

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

180 221 875 477 932

124 TRUST FUNDS
INTRODUCTION: Black Lung Disability Trust Fund

The Black Lung Disability Trust Fund was established on

the books of the Treasury in fiscal 1978 according to the Black

Lung Benefits Revenue Act of 1977 (Public Law 95-227). The

Black Lung Benefits Revenue Act of 1981 (Public Law 97-

119), re-established the fund in the IRC, 26 U.S.C. 9501.

The Consolidated Omnibus Budget Reconciliation Act of

1985 (Public Law 99-272), enacted April 7, 1986, provided for

an increase in the coal tax effective April 1, 1986, through

December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest

payments ended on September 30, 1990. Payment of interest

on advances resumed in fiscal 1991. The Omnibus Budget

Reconciliation Act of 1987 (Public Law 100-203), signed

December 22, 1987, extends the temporary increase in the coal

tax through December 31, 2013.

The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury

to the trust fund: excise taxes on mined coal, taxable expenditures of self-dealing by, and excess contributions to, private

black lung benefit trusts; reimbursements by responsible mine

operators; and related fines, penalties, and interest charges.

Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust

fund subject to adjustments in later transfers to actual tax

receipts.

After retirement of the current indebtedness, amounts

available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in

interest-bearing public debt securities. Any interest earned

will be credited to the fund. Also credited, if necessary, will

be repayable advances from the general fund to meet outlay

requirements exceeding available revenues.

To carry out the program, amounts are made available to

the Department of Labor. Also charged to the fund are administrative expenses incurred by the Department of Health and

Human Services and the Department of the Treasury, repayments of advances from the general fund and interest on

advances.

The Code requires the Secretary of the Treasury to submit

an annual report to Congress after consultation with the Secretary of Labor and the Secretary of Health and Human Services (26 U.S.C. 9602(a). The report must present the financial

condition and results of operations of the fund during the past

fiscal year and the expected condition and operations of the

fund during the next 5 fiscal years.

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

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$2,896,287

Receipts:

Excise taxes (transferred from general fund):

$1.10 tax on underground coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,951,000

$0.55 tax on surface coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,411,000

4.4 percent tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,466,000

4.4 percent tax on surface coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,057,000

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,923,034

Collection--responsible mine operators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,850,864

Recovery of prior year funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,000

Repayable advances from the general fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,100,000

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

995,323,898

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

995,323,898

Outlays:

Treasury administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,309

Salaries and expenses--Labor--DM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,188,000

Salaries and expenses--Labor--OIG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,000

Salaries and expenses--Labor--ESA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,799,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

51,502,309

Expenses:

Program expenses--Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,562,958

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418,656,306

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

944,219,264

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2,498,612

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

TRUST FUNDS 125
TABLE TF-12.--Black Lung Disability Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1996-2000

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

1996 1997 1998 1999 2000

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2,499 - - - -

Receipts:

Excise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620,000 633,000 645,000 658,000 671,000

Advances from general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,379 374,000 375,000 372,000 367,000

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,000 2,000 2,000 2,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

984,379 1,009,000 1,022,000 1,032,000 1,040,000

Outlays:

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,169 495,478 485,758 474,974 462,123

Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,709 48,522 50,242 52,026 53,877

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,000 465,000 486,000 505,000 524,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

986,878 1,009,000 1,022,000 1,032,000 1,040,000

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

- - - - -

126 TRUST FUNDS
INTRODUCTION: Harbor Maintenance Trust Fund

The Harbor Maintenance Trust Fund was established on

the books of the Treasury on April 1, 1987, according to the

Water Resources Development Act of 1986 (Public Law 99-

962, November 17, 1986) (26 U.S.C. 9505).

The Harbor Maintenance Trust Fund consists of such

amounts as may be appropriated provided by section 9505 (b),

transferred by the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of

May 13, 1954, or credited as provided in section 9602 (b).

Amounts are appropriated equivalent to the user fees in the

Treasury under section 4461 (relating to harbor maintenance

tax).

Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures

to carry out section 210 (a) of the Water Resources Development Act of 1986. The appropriations act for the Department

of Transportation for fiscal 1995 (Public Law 103-331, September 28, 1994), section 13, waived collection of charges or

tolls on the Saint Lawrence Seaway in accordance with section

13 (b) of the Act of May 13, 1954 (as in effect on April 1,

1987). Legislation was passed in the North American Free

Trade Agreement (NAFTA) Implementation Act of 1994

(Public Law 103-182, Sec. 683), which amends paragraph (3)

of section 9505 (c) of the Internal Revenue Code of 1986, to

authorize payment of up to $5 million annually to the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S. Army

Corps of Engineers, and the Department of Commerce related

to the administration of subchapter A of chapter 36 (relating

to harbor maintenance tax).

A summary judgment issued October 25, 1995, by the

United States Court of International Trade in the case United

States Shoe Corp. v. The United States (Court No. 94-11-00668)

found the Harbor Maintenance fee unconstitutional under the

Export Clause of the Constitution (Article I, Section 9, Clause

5), and enjoined the Customs Service for collecting the tax.

However, a motion to stay the execution of the judgment

pending appeal was granted. Until a decision is rendered in the

appellate process, the fee collections and expenditures from

the trust fund will continue as usual.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) to be submitted by the Secretary of the Treasury.

These reports are required to cover the financial condition and

the results of operations of the fund during the past fiscal year

and its expected condition and operations during the next 5

fiscal years. However, at press time, Congress and the Administration had not reached a balanced budget agreement, which

will impact outyear projections. Therefore, only actual results

of operations for fiscal 1995 are provided at this time. Expected condition and operations projections will be forthcoming after outyear budget ceilings are provided to agencies by

the Office of Management and Budget.

TABLE TF-13.--Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$451,385,039

Receipts:

Excise taxes:

Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,763,679

Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,957,751

Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,287,403

Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197,978

Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,325,434

Toll receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,246

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,185,597

Interest income discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

700,891,089

Expenses: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Corps of engineers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,196,150

SLSDC/DOT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,374,000

Treasury administrative cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,512,432

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

531,082,582

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

621,193,546

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

TRUST FUNDS 127
INTRODUCTION: Hazardous Substance Superfund

The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal 1981, in

accordance with provisions of the Hazardous Substance Response Revenue Act of 1980 (42 U.S.C. 9631 (a)). Effective

fiscal 1987, the trust fund was re-established as the Hazardous

Substance Superfund (Superfund) in accordance with provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980 (Public Law

96-510), as amended by the Superfund Amendments and

Re-authorization Act (SARA) of 1986 (Public Law 99-499,

dated October 17, 1986).

The Internal Revenue Service collects excise taxes on

petroleum and chemicals, and an environmental tax from all

corporations with modified alternative minimum taxable income in excess of $2 million. In addition, the Superfund is

authorized to be appropriated general revenues from the general fund not otherwise appropriated. Cost recoveries, and

other miscellaneous receipts (e.g. interest revenue) are deposited directly to the Superfund. Also appropriated to the Superfund, if required, are repayable advances from the general fund

to meet outlay requirements in excess of available revenues.

Amounts available in the Superfund, in excess of current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

Superfund.

To carry out the Superfund program, amounts are appropriated from the Superfund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses, repayment of advances to the general fund, and interest

expense associated with outstanding advances from the general fund.

An annual report to Congress by the Secretary of Treasury

is required by section 9633 (b) (1) of CERCLA, as amended.

These reports present the financial condition of the Superfund

and the results of operation for the past fiscal year, and its

expected condition and operations during the next 5 years.

TABLE TF-14.--Hazardous Substance Superfund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$2,715,218,291

Receipts:

Crude and petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,913,000

Certain chemicals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,344,000

Corporate environmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 611,929,000

General fund appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000,000

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,846,521

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,324,514

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,020,170

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,422,879

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2,294,375,000

Undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Expenses:

EPA expense (after recission) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,258,377,600

Commerce expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,205,200

FEMA expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909,200

HHS expense (ATSDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,838,000

Interior expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 606,100

Labor expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,900

Corps of Engineers expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,331,285,000

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,655,852,291

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

128 TRUST FUNDS
INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books of

the Treasury in fiscal 1957, according to provisions of the

Highway Revenue Act of 1956. It has been amended and

extended by various highway and surface transportation acts

since 1959. The Intermodal Surface Transportation Efficiency

Act of 1991 extended the Highway Trust Fund and its taxes

through September 30, 1999. It has also been modified by the

Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation

Act of 1993. Amounts equivalent to taxes on gasoline, diesel

fuel, special motor fuels, certain tires, vehicles, and truck use,

are designated by the Act to be appropriated and transferred

from the general fund of the Treasury to the trust fund. These

transfers are made monthly based on estimates by the Secretary

of the Treasury, subject to adjustments in later transfers to the

amount of actual tax receipts. Amounts available in the fund

exceeding outlay requirements are invested in public debt

securities and interest is credited to the fund.

Within the fund is a mass transit account, funded by a

portion of the excise tax collections under sections 4041, 4081,

and 4091 of the Internal Revenue Code (26 U.S.C.). The funds

from this account are used for expenditures according to

section 21 (a) (2) of the Urban Mass Transportation Act of

1964 or the Intermodal Surface Transportation Efficiency Act

of 1991. The remaining excise taxes collected are included in

a higher account within the trust fund, and expenditures from

this account are made according to the provisions of various

transportation Acts.

Amounts required for outlays to carry out the Federal

Highway program are made available to the Federal Highway

Administration, Department of Transportation. Other charges

to the trust fund are made by the Secretary of the Treasury for

transfer of certain taxes to the land and water conservation

fund and to the Aquatic Resources Trust Fund and refunds of

certain taxes.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) Internal Revenue Code as amended, to be submitted

by the Secretary of the Treasury, after consultation with the

Secretary of Transportation. These reports cover the financial

condition and results of operations of the fund for the past

fiscal year and expected condition and operations during the

next 5 fiscal years.

TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Description Internal Revenue Code section (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,426,637,567

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,748,995

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Trust fund share of highway programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,067,969

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,289,861

Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,154

Airport executive demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000

Overseas highway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Mount Saint Helens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,392,533

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,535,708

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,582

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 713,146

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,616,442

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605,655

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,591,179

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,373

Nuclear waste transportation safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,953,393

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,058

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,091,086

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,427

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,060,968

Kentucky bridge demonstration program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,801

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

TRUST FUNDS 129
TABLE TF-16.--Inland Waterways Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the

Treasury in fiscal 1984, according to provisions of the Inland

Waterways Revenue Act of 1978 (Public Law 95-502) and

continued according to the Water Resources Development Act

of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury to be section 4042 of the Internal Revenue

Code of 1986 (relating to tax on fuel used in commercial

transportation on Inland Waterways) shall be appropriated to

the trust fund. The Technical and Miscellaneous Revenue Act

of 1988 (Public Law 100-647, approved November 10, 1988)

increased the tax each year, 1990 through 1995. These amounts

are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later

transfers to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing

obligations of the United States that portion of the trust fund,

in his judgment, not required to meet current withdrawals. The

interest on, and proceeds from the sale or redemption of, any

obligation held in the trust fund is credited to the trust fund.

The act provides that amounts in the trust fund shall be

available, by appropriations acts, for making construction and

rehabilitation expenditures for navigation on the inland and

intracoastal waterways of the United States described in 33

U.S.C. 1804. Expenditures must be otherwise authorized by

law.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) to be submitted by the Secretary of the Treasury.

These reports are required to cover the financial condition and

the results of operations of the fund during the past fiscal year

and its expected condition and operations during the next 5

fiscal years. However, at the time of publication, Congress and

the Administration had not reached a balanced budget agreement, which will impact outyear projections. Therefore, only

actual results of operations for fiscal 1995 are provided at this

time. Expected condition and operations projections will be

forthcoming after outyear budget ceilings are provided to

agencies by the Office of Management and Budget.

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$214,313,309

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,416,030

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,580,324

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

118,996,354

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,777,965

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

238,531,698

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

130 TRUST FUNDS
TABLE TF-17.--Leaking Underground Storage Tank Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

INTRODUCTION: Leaking Underground Storage Tank Trust Fund

The Leaking Underground Storage Tank (LUST) Trust

Fund was established in fiscal 1981 according to provisions of

the Comprehensive Environmental Response, Compensation,

and Liability Act (CERCLA) of 1980 (Public Law 96-510), as

amended by the Superfund Amendments and Re-authorization

Act (SARA) of 1986 (Public Law 99-499, dated October 17,

1986) and the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508, dated November 5, 1990).

The LUST Trust Fund is financed by taxes collected on

gasoline, diesel fuels, special motor fuels, aviation fuels, and

fuels used in commercial transportation on inland waterways.

Amounts available in the LUST Trust Fund, exceeding current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

LUST Trust Fund.

To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses.

An annual report to Congress by the Secretary of the

Treasury is required by 26 U.S.C. 9602 (a). These reports

present the financial condition of the LUST Trust Fund and

results of operations for the past fiscal year, and its expected

condition and operations during the next 5 fiscal years.

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$865,348,983

Receipts:

Taxes relating to highway, inland, and airport trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,796,700

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,909,757

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,162,417

Gross tax receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

219,868,874

Less reimbursements to general fund:

Refund of taxes and estimated tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,134,000

Net receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,734,874

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Undisbursed balances:

EPA LUST balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

EPA IG balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total undisbursed balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Expenses:

EPA LUST expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,300,900

EPA IG expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 669,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

72,969,900

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

 Note.-- The expected conditions and results of operations for fiscal years 1996 through 2000

were not available at the time of publication.

TRUST FUNDS 131
INTRODUCTION: Nuclear Waste Fund

The Nuclear Waste Fund was established on the books of

the Treasury in fiscal 1983, according to provisions of the

Nuclear Waste Policy Act of 1982 [42 U.S.C. 10222 (c)].

Receipts represent fees collected from public utilities based on

electricity generated by nuclear power reactors and spent

nuclear fuel. Expenditures from the fund are for purposes of

radioactive waste disposal activities.

Amounts available in the fund exceeding current needs

may be invested by the Secretary of the Treasury in obligations

of the United States (1) having maturities in tandem with the

needs of the waste fund, and (2) bearing interest at rates

determined appropriate, taking into consideration the current

average market yield on outstanding marketable obligations

of the United States with remaining periods to maturity comparable to the maturities of such investments, except that the

interest rate on such investments shall not exceed the average

interest rate applicable to existing borrowings.

An annual report to Congress by the Secretary of the

Treasury, after consultation with the Secretary of Energy, is

required by 42 U.S.C. 10222 (e) (1). This report must present

the financial condition and the results of operations of the

waste fund during the preceding fiscal year.

TABLE TF-18.--Nuclear Waste Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$1,961,788

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615,209,136

Penalties and interest on fee payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,162

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,922,335

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

964,132,633

Outlays:

Department of Energy radioactive waste disposal activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398,827,819

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576,291,145

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

975,118,964

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-9,024,543

132 TRUST FUNDS
INTRODUCTION: Reforestation Trust Fund

The Reforestation Trust Fund was established on the

books of the Treasury in fiscal 1981 to continue through

September 30, 1985, according to provisions of Title III--Reforestation, of the Recreational Boating Safety and Facilities

Improvement Act of 1980 [16 U.S.C. 1606a (a)].

The act provides that the Secretary of the Treasury shall

transfer to the trust fund tariffs, limited to not more than $30

million for any fiscal year, received in the Treasury from

October 1, 1979, through September 30, 1985, on (1) rough

and primary wood products and wood waste; (2) lumber,

flooring, and moldings; and (3) wood veneers, plywood, and

other wood-veneer assemblies, and building boards. Public

Law 99-190 extended the receipts for the trust fund. Amounts

available in the reforestation trust fund exceeding current

withdrawals are invested in interest-bearing obligations of the

United States or in obligations guaranteed as to both principal

and interest by the United States. The interest on, and the

proceeds from the sale or redemption of, any obligations are

credited to the trust fund.

The Secretary of Agriculture is authorized to obligate

available sums in the trust fund (including any amounts not

obligated in previous years) for (1) reforestation and timber

stand improvement and (2) administrative costs of the Government for these activities.

Annual reports are required by 16 U.S.C. 1606 a (c) (1)

to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during

the past fiscal year and on its expected condition and operations during the next fiscal year.

TABLE TF-19.--Reforestation Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$6,094,749

Receipts:

Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000

Redemption of interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,790

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

30,247,790

Expenses:

Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,896,741

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

26,896,741

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,445,798

Expected Condition and Results of Operations, Fiscal 1995

[In thousands of dollars]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,446

Receipts:

Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

30,150

Outlays 30,000

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,596

TRUST FUNDS 133
CHARTS TF-D and E.--Major Trust Funds

Interest on

Investments,

Fiscal 1994-95

Receipts

and

Outlays,

Fiscal

1995

134 TRUST FUNDS
INTRODUCTION: Aquatic Resources Trust Fund

Aquatic Resources Trust Fund was established on the

books of the Treasury pursuant to the Deficit Reduction Act of

1984 (Public Law 98-369, approved July 18, 1984). The fund

consists of two accounts: the Sport Fish Restoration Account

and Boat Safety Account.

Motorboat fuel taxes are transferred, in amounts up to $70

million per fiscal year, from the Highway Trust Fund to the

Boat Safety Account. Authority for such transfers expires on

October 1, 1997.

Amounts equivalent to the excise taxes received on sport

fishing equipment and import duties on fishing tackle, yachts,

and pleasure craft are appropriated into the Sport Fish Restoration Account. Motorboat fuel taxes not transferred to the Boat

Safety Account or to the Land and Water Conservation Fund

are transferred from the Highway Trust Fund to the Sport Fish

Restoration Account. Transfers of motorboat fuel taxes from

the Highway Trust Fund to the Land and Water Conservation

Fund are limited to $1 million per fiscal year. In addition,

pursuant to the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508), small engine gasoline taxes are transferred to the Sport Fish Restoration Account.

Amounts in the Sport Fish Restoration Account are used,

as provided by appropriation acts, for the purposes of carrying

out "An Act to provide that the United States shall aid the States

in fish restoration and management projects, and for other

purposes," approved August 9, 1950 (as in effect on October 1,

1988) and the Coastal Wetlands Planning, Protection and Restoration Act, as in effect on November 29, 1990.

Amounts in the Boat Safety Account, as provided by

appropriations acts are available to carry out the purposes of

Public Law 92-75 related to recreational boating safety assistance.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the two accounts exceeding outlay requirements are invested in public debt securities with the

interest credited to the respective accounts.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$587,970,370

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,029,320

Fish equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,669,000

Electric trolling sonar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,586,000

Import duty equipment, yacht. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,199,391

Gas, small engines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,734,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,881,568

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-5,562,573

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

304,536,706

Equity:

Transfer from Boat Safety to Sport Fish Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Nonexpenditure transfers:

Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,490,900

Boat safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,350,000

Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

244,840,900

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

647,666,176

TABLE TF-20.--Aquatic Resources Trust Fund, Sport Fish Restoration

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

TRUST FUNDS 135
TABLE TF-20.--Aquatic Resources Trust Fund, Boat Safety

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$62,771,235

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,256,680

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,205,729

Interest on investment--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-366,666

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

66,095,743

Nonexpenditure transfers:

Boat safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,665,722

Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

58,665,722

Equity:

Transfer to Sport Fish Restoration from Boat Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

70,201,256

136 TRUST FUNDS
INTRODUCTION: Oil Spill Liability Trust Fund

The Oil Spill Liability Trust Fund was established on the

books of the Treasury by the Omnibus Budget Reconciliation

Act 1986 (Public Law 99-509). It was made effective on

January 1, 1990, by the Omnibus Budget Reconciliation Act of

1989 (Public Law 101-239), and amended by the Oil Pollution

Act of 1990 (Public Law 101-380).

Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil

Spill Liability Trust Fund rate, are appropriated to the fund. The

tax is not applied during any calendar quarter if the Secretary

of the Treasury estimates that, as of the close of the preceding

calendar quarter, the unobligated balance in the fund exceeds

$1 billion.

Certain amounts were transferred from other funds and

were appropriated to the Oil Spill Liability Trust Fund as

provided by U.S.C. 26 9509 (b). certain paid penalties and

amounts recovered for damages are also appropriated to the

fund.

Amounts in the fund are available for oil spill cleanup costs

and certain other related purposes as provided by appropriations acts or section 6002 (b) of the Oil Pollution Act of 1990.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities. Interest is credited to the

fund. 

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

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

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$974,923,808

Revenue:

Tax on crude oil/petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,963,000

Transfer from AK Pipeline Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,375,887

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,728,981

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,050,218

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,321,669

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 857,079

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

296,296,835

Outlays/nonexpenditure transfers:

Transfer to Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,872,500

Salaries and expense-Department of the Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,679

Transfer to Environmental Protection Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,903,000

Transfer to Department of Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Transfer to Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,721,739

Transfer to Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000

Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

133,426,918

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,137,793,725

TRUST FUNDS 137
INTRODUCTION: Vaccine Injury Compensation Trust Fund

The Vaccine Injury Compensation Trust Fund (VICTF)

was created on the books of the Treasury by the Revenue Act

of 1987 (Public Law 100-203, approved December 22, 1987).

Excise taxes on DPT, DT, MMR and polio vaccines (26 U.S.C.

4131) are appropriated into the fund which serves as a source

of funds to pay claims for compensation for vaccine-related

injury or death occurring after October 1, 1988. Under current

law, the excise tax imposed by the VICTF expires if the project

balance of the VICTF, as of the calendar quarter ending December 31, 1992, is not negative.

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

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

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$808,968,803

Receipts:

Excise tax receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,077,750

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,217,726

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,593,247

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

185,888,723

Outlays/nonexpenditure transfers:

U.S. Claims Court expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,287,153

U.S. Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,268

Health resources/transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,312,670

Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

51,742,091

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

943,115,435

138 TRUST FUNDS
INTRODUCTION: National Recreational Trails Trust Fund

Provisions relating to a National Recreational Trails Trust

Fund were enacted as part of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240, approved

December 18, 1991). The Act provides that amounts equivalent to the taxes imposed on fuel used in vehicles on recreational trails or back country terrain and in camp stoves and

other non-engine uses in outdoor recreational equipment shall

be paid from the Highway Trust Fund to the National Recreational Trails Trust Fund (26 U.S.C. 9503 (c) (6). Transfers to

the fund are limited to amounts obligated under section 1302

of the Act. Obligated amounts cannot exceed $30 million per

fiscal year over the 1992-97 period. Obligations cannot be

made until amounts are appropriated; there have not yet been

appropriations to the fund.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Note.-- No current figures or future projections are available because funds have yet to be

appropriated to the fund.

TRUST FUNDS 139
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.

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.

140 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, and contract authority. 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).

Capital (‘‘Federal Obligations’’)----Assets, such as land, equipment, and financial reserves.

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 September 1995, the

debt limit was $4,900,000 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)----(international) 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

Glossary

141
banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

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.

Obligation (‘‘Federal Obligations’’)----An unpaid commitment

to acquire goods or services.

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’’)----(expenditures, net

disbursements) 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.

Glossary

142
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

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

143