DECEMBER 1996

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY

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

FEDERAL DEBT

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

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

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

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

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

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

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

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

FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

PUBLIC DEBT OPERATIONS

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

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

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

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

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

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

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

U.S. SAVINGS BONDS AND NOTES

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

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

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

OWNERSHIP OF FEDERAL SECURITIES

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

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

MARKET YIELDS

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

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

Contents
INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

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

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

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

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

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

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

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

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

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

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

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

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

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

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

SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES

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

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

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

 IN THE UNITED STATES

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

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

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

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

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

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

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS

 IN THE UNITED STATES

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

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

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

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

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

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

FOREIGN CURRENCY POSITIONS

CANADIAN DOLLAR POSITIONS

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

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

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

GERMAN MARK POSITIONS

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

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

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

JAPANESE YEN POSITIONS

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

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

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

IV

Contents
SWISS FRANC POSITIONS

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

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

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

STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

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

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

SPECIAL REPORTS

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1995

(EXCERPTED)

United States Government Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

United States Government Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

Chart: Revenues and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Chart: Sources of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Chart: Categories of expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Chart: Major categories of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Chart: Assets, liabilities, and accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Chart: Gross accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Chart: Gross loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Chart: Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

Chart: Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

Chart: Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Chart: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Chart: Types of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

TRUST FUNDS

TF-A.--Chart: Major trust funds, total net increase or decrease in assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

TF-B.--Chart: Total receipts of major trust funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TF-C.--Chart: Total expenditures of major trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

TF-1.--Civil Service Retirement and Disability Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

TF-2.--Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

TF-3.--Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

TF-4.--Federal Old-Age and Survivors Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

TF-5.--Federal Supplementary Medical Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

TF-6.--National Service Life Insurance Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

TF-7.--Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

TF-8.--Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

TF-9.--Investments of specified trust accounts in public debt securities by issue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

TF-15a.--Highway trust fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

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

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

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

 V

Contents
Nonquarterly Tables and Reports

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

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

√

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√

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VI
Profile of the Economy

Real gross domestic product

Economic growth slowed in the third quarter, with real

gross domestic product (GDP) rising at a 2.2 percent annual

rate following an increase of 4.7 percent in the second quarter. Despite the slowdown, growth so far this year is 2.9 percent at an annual rate, better than the performance in 1995

when real GDP rose by just 1.3 percent.

The third quarter was held down by a sharp slowing in

consumer spending, which edged up at a 0.4 percent rate after rising at a rapid 3-1/2 percent pace over the first half. Net

exports continued to be a drag on growth, and government

purchases declined. Total real final sales grew at only a 0.3

percent rate in the third quarter, with large accumulation of

inventories accounting for almost all of the gain in total

GDP in the quarter.

One bright spot in the third quarter was a pickup in nonresidential fixed investment, particularly for equipment.

Equipment investment rose at almost a 19 percent annual

rate, its fastest in 2 years.

Inflation, as measured by the chain-weighted price index

for GDP, moderated in the third quarter to 1.9 percent at an

annual rate from 2.2 percent in the first half. Prices paid by

U.S. residents, excluding exports and including imports,

rose at a 1.8 percent rate.

Consumer and producer prices

Inflation has remained moderate through most of 1996 despite some acceleration in energy and food prices early in

the year and again in recent months. Underlying inflation,

excluding food and energy, has stayed low throughout the

year.

The consumer price index (CPI) rose by an annual rate of

3.3 percent through the first 10 months of this year compared with an increase of 2.5 percent in 1995. Most of the

pickup was due to higher energy and food prices. Excluding

those items, the “core” rate of inflation was just 2.8 percent

in the first 10 months, below the rate of increase last year.

The producer price index (PPI) for finished goods has

been favorable. The PPI was up at a 2.4 percent annual pace

in the first 10 months of this year after rising by 2.3 percent

over all of 1995. Excluding food and energy, this year’s gain

has been just 0.4 percent at an annual rate, well below the

2.6 percent increase last year. Core prices at earlier stages of

processing also have been very well behaved so far this year. 

The cost of compensating labor has shown little evidence

of driving up prices, as more rapid growth in wages and salaries in the first 3 quarters of the year has been partly offset

by slower growth in benefit costs. The employment cost index (ECI) rose by 2.8 percent over the 12 months ending in

September, a shade above the 2.7 percent gain during 1995.

Real disposable personal income and consumer spending

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

strong 4.9 percent annual rate in the third quarter. So far this

year, growth has averaged a more moderate 2.7 percent annual rate, a little less than the 3.1 percent increase over all of

1995. The composite of growth this year is nonetheless favorable. Real wage and salary income has increased faster

this year than last. A smaller rise in interest income with

higher tax payments, reflecting in part the last installment of

the 1993 tax hike on upper-bracket incomes, accounts for

most of the slowdown in total after-tax income. 

 Real consumer spending has picked up this year, averaging a 2.4 percent rate of growth over the first 3 quarters of

1996, compared to 1.9 percent over all of 1995. Spending

rose at a 3-1/2 percent annual rate during the first half of the

year but slowed abruptly to only 0.4 percent in the third

quarter.

With income growing but spending little changed in the

third quarter, the share of after-tax income devoted to personal saving rose to 5.4 percent from 4.3 percent in the second quarter. The personal saving rate has averaged 4.9

percent so far this year, up slightly from 4.7 percent in 1995

and a low 3.8 percent in 1994.

Industrial production and capacity utilization

Industrial production in manufacturing, mining, and utilities has risen at a 3.7 percent annual rate this year compared

to only 1.1 percent during all of 1995. Production fell 0.5

percent in October, after increases averaging 0.4 percent in

the prior months of the year. Strikes affecting motor vehicle

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.

3

[Source: Office of Economic Policy, Office of Financial Analysis]
assemblies at General Motors accounted for most of the

drop, but even excluding motor vehicles, output edged down

0.1 percent in October. One area of continued strength is the

manufacture of computer equipment.

Expansion of industrial capacity has picked up to a 4 percent annual rate this year, roughly doubling its pace of

growth from earlier in the decade. Faster growth of capacity,

combined with weak growth of production during 1995, has

allowed the industrial capacity utilization rate to retreat from

a 15-year high of 85.1 percent reached in January 1995 to

83.4 percent in July through September 1996. Utilization

fell further to 82.7 percent of capacity in October, reflecting

the drop in industrial production.

Employment and unemployment

Job growth of nonfarm establishment payrolls has accelerated in 1996 to 209,000 a month from 185,000 a month, or a

total of 2.2 million jobs, last year. While less than monthly

gains averaging 318,000 during 1994, the current pace of advance still amounts to a 2 percent annual rate. That is about

double the growth in the working-age population. Job

growth turned slightly negative in September, pulling the average monthly increase for the third quarter down to

160,000. In October, the number of jobs rose by 210,000.

Strength over the past several years has been centered in

the private service-producing sector of the economy, which

accounted for virtually all of the 2.2 million job growth last

year. An additional 1.8 million private service-sector jobs

have been added over the first 10 months of 1996. Manufacturing has been weak during the past year and a half, losing

more than 320,000 jobs since March 1995.

The unemployment rate fluctuated in a narrow band near

5.5 percent between late 1994 and spring of 1996. Unemployment began to ease further and by August had fallen to

5.1 percent of the civilian labor force, the lowest reading

since March 1989. In September, the unemployment rate

edged up to 5.2 percent, where it remained in October. 

Nonfarm productivity and unit labor costs

Nonfarm productivity, or real output per workhour, edged

up at only a 0.2 percent annual rate in the third quarter and

by a 0.9 percent pace over the first 3 quarters of 1996.

Growth so far this year reflects improvement from increases

of just 0.5 percent and 0.3 percent, respectively, during 1994

and 1995, and a small decline during 1993.

Hourly compensation costs in the nonfarm business sector

rose at a 3.9 percent annual rate in the third quarter, and are

up at a 3.7 percent pace this year compared to 4.1 percent

last year. With productivity improving and compensation

costs slowing, labor costs per unit of output in the nonfarm

sector, a key indicator of potential inflationary pressure,

have slowed to a 2.8 percent annual rate of growth so far

this year, from 3.8 percent last year. Results for 1996 are influenced by a low result for the first quarter. Growth in the

second and third quarter averaged 3.5 percent.

Productivity in manufacturing, included in the nonfarm

sector, remains strong. Factory productivity was up at a 4.8

percent annual rate over the first 3 quarters of 1996, contributing to a 1.2 percent annual rate of decline in unit labor

costs. 

Current account balance

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

goods and services but income flows as well. The current account deficit widened sharply in recent years as the economic recovery here brought in imports at a faster pace than

the rate of expansion in exports.

The deficit grew from a recent low of $10 billion in 1991

to a high of $148 billion in both 1994 and 1995. Through

the first half of this year, the current account deficit was little changed from the pace of last year.

The merchandise trade component posted a $173 billion

deficit in 1995, the largest on record. In the first half of

1996, the merchandise trade deficit widened even further, to

$179 billion at an annual rate. 

International trade in services showed a $68 billion surplus in 1995, a new record. In the first part of 1996, the surplus in services trade continued to grow, to a $75 billion

annual rate.

The balance on income payments, which includes interest,

dividends, and direct investment income, shifted from a surplus of $10 billion in 1993 to a deficit of $8 billion in 1995.

Much of that deficit reflected Federal Government interest

payments to the rest of the world. The deficit on income payments narrowed in the first half of 1996.

Exchange rate of the dollar

The dollar has strengthened since the middle of 1995 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 dropped to close at an alltime low in April 1995. Since then, the dollar has risen by 7-

1/2 percent. There was some deterioration in July and

August, but the dollar improved in September and October.

Most of the dollar deterioration in 1994 was against the

yen and the deutschemark, and the improvement was also

greatest against these currencies. Since April 1995, the dollar has increased by more than 10 percent against the deutschemark and by 34 percent against the yen.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Despite the improvement, the dollar remains about 9 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 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 moved higher early in 1996 as the

economy expanded and there was some upward pressure on

prices, but rates have eased recently with reports of slower

economic growth and moderating inflation. The yield on the

30-year Treasury bond dipped from a recent high of 7.1 percent in September to about 6.5 percent currently. 

Mortgage interest rates have been favorable. Early this

year the rate for a 30-year fixed-rate conventional loan was

7 percent, close to the 25-year lows reached in October

1993. A pickup during the middle of the year apparently had

little dampening effect on the housing market, and since the

summer, rates have declined to less than 7-3/4 percent. This

is quite low by historical standards.

Short-term interest rates have fluctuated around 5 percent

through most of the year. The Federal Reserve Board has

kept short-term rates stable since January as economic

growth reached a moderate pace consistent with low inflation.

Net national saving and investment

In the first half of 1996, net national savings, excluding depreciation to replace worn-out or obsolete equipment and

structures used in production, rose to 5.8 percent of net national product (NNP) from 5.1 percent averaged in 1995 and

as low as 2-3/4 percent in both 1992 and 1993. Despite the

gains, net saving remains less than half as high as the 12 percent of NNP averaged in the 1960’s.

Recent improvement is mainly the result of narrowing of

the Federal deficit. That has reduced Government dissavings

to 1 percent of NNP in the first half of 1996 from 4.8 percent in 1992. Private saving, of households and businesses,

was equivalent to 7.3 percent of NNP in the first half, up a

little from a historical low of 6.4 percent in 1994. Even so,

private saving is still well below the nearly 10 percent of

NNP averaged in the 1960’s and 1970’s. 

Net domestic investment equaled 7 percent of NNP in the

first half, up from a low of 4.1 percent in 1991. Foreign inflows accounted for 2.1 percent of NNP this year, or nearly

one-third of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, less than half the

share of NNP averaged in the 1960’s and 1970’s.

Housing

Housing activity remained very strong through most of

1996 despite some upturn in mortgage interest rates in midyear. Housing starts in the first 10 months averaged 1.47 million units at an annual rate. If growth is maintained through

the rest of the year, 1996 would be the best year for home

building since 1988.

Sales of new homes eased slightly in September, but remained close to the 10-year high set in August. Over the

first 9 months of the year, sales of new single-family homes

were nearly 15 percent higher than in the same period last

year. The homeownership rate rose to 65.6 percent in the

third quarter, the highest in 15 years.

Higher mortgage interest rates were expected to dampen

housing activity, but strong growth in employment and consumer confidence and a shift toward lower-cost adjustable

rate loans have kept housing demand high. Fixed rates for a

30-year loan rose from levels of about 7 percent in January

and February, which were near 25-year lows, to nearly 8-1/2

percent during the summer. Since then mortgage rates have

come back down to 7.6 percent, very favorable by historical

standards.

Federal budget deficit

The Federal budget deficit fell to $107.3 billion in fiscal

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

level of the previous fiscal year. As a share of gross domestic product (GDP), the deficit is 1.4 percent, the smallest

share since 1974. 

The deficit has been shrinking since fiscal 1992, when it

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

Budget Reconciliation Act of 1993 set the deficit on its

downward course.

In fiscal 1996, receipts grew by 7.6 percent due to strong

growth in jobs and income, corporate profits, and stock market returns. Growth in outlays was held to 3 percent over the

fiscal year. Receipts as a share of GDP rose to their highest

level since the early 1980’s, while the outlay share declined

to its lowest since fiscal 1979.

 The deficit is projected to fall further in succeeding fiscal

years. It will reach balance by 2002 under either Administration or Congressional Budget Office economic and technical

assumptions.

Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts.

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

“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.

6 FEDERAL FISCAL OPERATIONS
• 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 (revised from March 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).

During the preparation of Table FFO-4, incorrect figures were

inadvertently imported into the Unemployment Insurance and

Estate and Gift columns. Revisions resulted in a change to the

State distribution only.

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

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

Receipts by Source

(Source: Office of Tax Analysis)

Third-Quarter Receipts

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

1996 supplements fiscal data reported in the September 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 $198.2 billion for the third quarter of fiscal 1996. This is

an increase of $30.6 billion from the comparable quarter of

fiscal 1995. Withheld receipts increased by $3.5 billion and

non-withheld receipts increased by $26.0 billion during this

period. Refunds increased by $1.1 billion from the comparable fiscal 1995 quarter. There was a decrease of $7.4 billion in

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

the comparable quarter in fiscal 1995.

Corporate income taxes—Net corporate receipts for the

third quarter totaled $64.5 billion. This was $2.9 billion higher

than net receipts for the comparable quarter of fiscal 1995.

The $2.9 billion figure consists of $2.5 billion in higher estimated and final payments plus $0.4 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 third quarter were $139.6

billion, an increase of $11.3 billion more than the comparable

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

increased by $6.2 billion, $1.1 billion, and $4.0 billion, respectively. There was a -$1.8 billion accounting adjustment

for prior years’ employment tax liabilities made in the third

quarter of fiscal 1995, while there was a $5.6 billion adjustment made in the third quarter of fiscal 1996.

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

quarter. There was a negligible increase in receipts from the

comparable quarter of fiscal 1995. The growth in contributions will remain flat during 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 third quarter were $14.2 billion, which is $0.2

billion less than they were for the comparable quarter of fiscal

1995. State taxes deposited in the U.S. Treasury decreased by

$0.01 billion, and Federal Unemployment Tax Act (FUTA)

receipts increased by $0.2 billion. Railroad unemployment

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

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

Source April May June

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107.5 29.9 60.8

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.9 2.6 37.0

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.6 38.1 44.9

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 10.2 0.4

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 4.1 4.3

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 1.4 1.1

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 1.4 1.5

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.9 1.7

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203.4 90.0 152.0

tax receipts were unchanged from the comparable quarter of

fiscal 1995. 

Excise taxes—Net excise tax receipts for the third quarter

were $13.0 billion, a decrease of $1.3 billion from the comparable prior year quarter. Total excise tax refunds for the quarter

were $0.4 billion, a decrease of $0.1 billion from the comparable prior year quarter. The decrease in net receipts mainly

reflects the expiration of certain excise taxes.

Estate and gift taxes—Estate and gift tax receipts were

$5.3 billion for the third quarter. These receipts represent an

increase of $1.7 billion from the previous quarter, as well as an

increase of $1.0 billion more than the same quarter in the

previous year.

Customs duties—Customs receipts net of refunds were

$4.3 billion for the third quarter. This is approximately $100

million less than the customs duties received in the Treasury

from the comparable prior year quarter. This difference is

attributable to recently enacted trade agreements that have

decreased the duty rate on merchandise imports.

Miscellaneous receipts—Net miscellaneous receipts for the

third quarter were $5.3 billion, a decrease of $2.9 billion from

the comparable prior year quarter. Deposits of earnings by

Federal Reserve banks decreased by $2.8 billion from the

comparable prior year quarter.

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

Receipts by Source, con.

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

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

Fourth quarter (July - Sept.) Fiscal 1996

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,477 1,452,763 

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,513 1,085,271 

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,963 367,492 

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,035 1,560,094 

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,603 1,259,638 

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,432 300,455 

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -33,557 -107,331 

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -36,091 -174,367 

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 67,036 

Means of financing:

Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,366 129,713 

Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6,193 -6,276 

Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 -16,106 

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,557 107,331 

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

Receipts by Source, Fiscal

Year to Date, 1996-1997

(In billions of dollars)

Source: “Monthly Treasury Statement of Receipts and Outlays of

the United States Government”

CHART FFO-A.--

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

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

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . -1,748 127,226 164,326 - * * * -24,235 * 140,091

1995 - 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 r -4,420 * r 22,578

Nov. . . . . . . . 970 -33,891 38,339 4,912 85 -3,548 -126 r 1,436 * r 38,452

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

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

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

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

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

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

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

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

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

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

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

Means of financing--net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

1

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

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

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

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

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

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

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

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

1996 1

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

1997 - Est. . . . . . . . . 1,495,238 1,107,223 388,015 1,635,329 1,317,655 317,674 -140,091 -210,432 70,341 293,300

1995 - Sept.. . . . . . . 143,219 112,510 30,710 135,933 105,098 30,836 7,286 7,412 -126 3,590

Oct. . . . . . . . r 95,674 r 72,280 23,393 r 118,252 r 92,051 26,201 r -22,578 r -19,771 -2,807 11,958

Nov. . . . . . . . r

 90,086 r 63,729 26,357 r 128,538 r 101,847 26,691 r -38,452 r -38,117 -334 3,478

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

1996 - Jan. . . . . . . . r

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

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

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

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

May . . . . . . . r 90,122 r

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

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

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

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

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

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

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

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . . . . . 549,952 187,818 92,668 645,102 203,488 18,510 184,978 830,080 496,785 - 496,785

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . 3,959 - 3,959 500,744 30,841 - 30,841 4,500 90 4,590

1995 - 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

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

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

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

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

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

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

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

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

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

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

 Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

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

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

Social insurance

taxes and 

contributions,

 con.

 Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

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

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

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

19961

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

1997 - Est. . . . . . . . . . . 59,628 17,077 - 17,077 20,454 - 20,454 22,580 9,244 31,824 1,107,223 388,015

1995 - 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 1,786 1,756 r 394 r 2,150 r 72,280 23,393

Nov. . . . . . . . . . 5,154 1,375 26 1,349 1,709 116 1,593 2,117 r 457 r 2,574 r 63,729 26,357

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1997 - Est. . . . . . . . . . . . . 536,175 6,251 - 6,251 633 - 633 24,904 - 24,904 27,840 - 27,840

1995 - 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

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

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

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

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

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

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

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

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

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

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

1

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

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

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

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

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

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

Executive Funds apLegis- Office propriated 

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

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

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

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

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

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

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

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

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

1995 - Sept.. . . . . . . . . 199 221 17 843 3,779 224 25,041 2,759 2,956 1,870

Oct. . . . . . . . . . 175 197 14 722 5,810 353 r 17,093 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 - 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 r 2,510 531 3,138 21,631 -30 1,619 484

Nov. . . . . . . . . . 26,828 2,350 477 985 r 2,814 341 3,300 26,006 -1,053 3,262 538

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

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

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

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

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

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

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

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

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

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

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

 Department of

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

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

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

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

See footnotes at end of table.

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

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

National Undistributed offsetting receipts 

Aeronautics Rents and

 General and Office of Small Social Other Employer Interest royalties

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

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

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

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

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

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

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

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

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

1995 - 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 r 726 -2,404 -415 -361 * - r 92,051 26,201

Nov. . . . . . . . . . 389 1,119 3,418 238 30,121 r 611 -2,365 -5,736 -200 * - r 101,847 26,691

Dec. . . . . . . . . . 477 973 3,576 76 32,778 r 819 -2,562 r -40,467 -121 r 

- - r 121,832 11,231

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

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

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

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

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

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

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

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

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

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

* Less than $500,000.

1

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

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

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

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

14 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

of its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

[In millions of dollars. Source: Funds Control Branch, Financial Management Service]

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3 Reserve accounts)

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

See footnotes at end of table.

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

than Government account series, and taxes.

2

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

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

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

3

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

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

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

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

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

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

individual estimated income taxes beginning October 1988.

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

and Tax and Loan Note Account Balances, con.

[In millions of dollars. Source: Funds Control Branch, Financial Management Service]

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

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

information is published in the “Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the “Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.”

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

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

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

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

Government agencies. Federal agency borrowing has declined

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

provided financing to other Federal agencies. (Federal agency

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

Government.”)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. 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.

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

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

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

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

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

 Marketable

Other

Total interest- securities:

End of bearing Federal

fiscal year public Treasury Treasury Treasury Financing Nonmarketable

or month debt Total bills notes bonds Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings Foreign series account government Domestic

or month bonds Government series series series Other

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

Airport Federal

 and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

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

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

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

1995 - 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

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

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

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

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

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

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

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

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

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

FEDERAL DEBT 21
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance]

Amount

End of outstanding Maturity classes

fiscal year privately Within 1-5 5-10 10-20 20 years

or month held 1 1 year years years years and more Average length 

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

TABLE FD-6.--Debt Subject to Statutory Limitation

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

End of Statutory Debt outstanding Interest-bearing debt Non-interest-bearing

fiscal year debt subject to limitation subject to limitation public debt subject

or month limit Total Public debt Other debt 2 Public debt Other debt to limitation

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

1 Beginning September 1976 the maturity distribution and average length was calculated on

the interest-bearing marketable debt privately held. Published data was changed for the end

of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

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.

1995 - 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.

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

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

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

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

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

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

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

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

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

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,315,571 4,315,358 213 4,313,976 213 1,382

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,605,338 4,605,226 112 4,603,700 112 1,526

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,884,605 4,884,518 87 4,863,076 87 21,442

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956

1995 - 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

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

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

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

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

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

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

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

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

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

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

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

 or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

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

1993. . . . . . . . . . . . . . . . - - - 2,673 2,332 - 8,959

1994. . . . . . . . . . . . . . . . - - - 2,612 2,617 783 8,484

1995. . . . . . . . . . . . . . . . 5,354 91 563 6,745 2,563 1,647 7,714

1996. . . . . . . . . . . . . . . . 6,430 113 647 13,398 2,456 3,123 6,909

1995 - 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

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

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

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

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

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

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

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

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

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

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

1993. . . . . . . . . . . . . . . . 183,196 24,745 1,685 8,926 8,682 - -

1994. . . . . . . . . . . . . . . . 163,642 16,909 2,112 8,855 8,529 - -

1995. . . . . . . . . . . . . . . . 134,892 - - - - 8,596 12,161

1996. . . . . . . . . . . . . . . . 117,290 - - - - 3,273 12,042

1995 - 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

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

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

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

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

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

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

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

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

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

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

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

1992. . . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957

1993. . . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599

1994. . . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995. . . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996. . . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

1995 - 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

1996 - Jan.. . . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883

Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941

Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032

Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111

May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126

June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126

July . . . . . . . . . 47,233 1 1,994 2,736 4,498 9,231 5,142

Aug. . . . . . . . . . 46,971 1 1,994 2,736 4,752 9,231 5,080

Sept. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

24 FEDERAL DEBT
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Sept. 30, 1996

5 Years, 3 Months

Years

FEDERAL DEBT 25
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

Contents of this chart are unavailable in electronic form.

26 FEDERAL DEBT
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: JULY-SEPTEMBER

JULY

Auction of 10-Year Notes 

July 3 Treasury announced it would auction $10,000

million of 10-year notes to refund $7,004 million of notes

maturing July 15 and to raise about $3,000 million new cash.

The notes offered were Treasury notes of Series C-2006, dated

July 15, 1996, due July 15, 2006, with interest payable January

15 and July 15 until maturity. An interest rate of 7 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 July 9, and totaled $26,618 million, of which

$10,005 million was accepted at yields ranging from 7.005

percent, price 99.964, up to 7.019 percent, price 99.865. Tenders at the high yield were allotted 86 percent. Noncompetitive

tenders were accepted in full at the average yield, 7.016

percent, price 99.886. These totaled $385 million. Competitive

tenders accepted from private investors totaled $9,620 million.

In addition to the $10,005 million of tenders accepted in

the auction process, $800 million was awarded to Federal

Reserve banks as agents for foreign and international monetary

authorities, and $721 million was accepted from Federal Reserve banks for their own account.

The notes of Series C-2006 may be held in STRIPS form.

The minimum par amount required is $200,000.

Auction of 2-Year and 5-Year Notes

July 17 Treasury announced it would auction $18,750

million of 2-year notes of Series AH-1998 and $12,500 million

of 5-year notes of Series L-2001 to refund $27,768 million of

securities maturing July 31 and to raise about $3,475 million

new cash.

The notes of Series AH-1998 were dated July 31, 1996,

due July 31, 1998, with interest payable January 31 and July

31 until maturity. An interest rate of 6-1/4 percent was set after

the determination as to which tenders were accepted on a yield

auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on July 23, and totaled $40,761 million, of which

$18,786 million was accepted. All competitive tenders at

yields lower than 6.288 percent were accepted in full. Tenders

at 6.288 percent were allotted 68 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.288 percent with an equivalent price of

99.930. The median yield was 6.270 percent; and the low yield

was 6.239 percent. Noncompetitive tenders totaled $1,537

million. Competitive tenders accepted from private investors

totaled $17,249 million.

In addition to the $18,786 million of tenders accepted in

the auction process, $1,900 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: JULY-SEPTEMBER, con.

authorities, and $817 million was accepted from Federal Reserve banks for their own account.

The notes of Series L-2001 were dated July 31, 1996, due

July 31, 2001, with interest payable January 31 and July 31

until maturity. An interest rate of 6-5/8 percent was set after

the determination as to which tenders were accepted on a yield

auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on July 24, and totaled $27,061 million, of which

$12,510 million was accepted. All competitive tenders at

yields lower than 6.625 percent were accepted in full. Tenders

at 6.625 were allotted 9 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.625 percent with an equivalent price of 100.000. The

median yield was 6.572 percent; and the low yield was 6.537

percent. Noncompetitive tenders totaled $512 million. Competitive tenders accepted from private investors totaled

$11,998 million.

In addition to the $12,510 million of tenders accepted in

the auction process, $900 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $700 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

July 12 tenders were invited for approximately $19,250

million of 364-day Treasury bills to be dated July 25, 1996,

and to mature July 24, 1997. The issue was to refund $18,359

million of maturing 52-week bills and to raise about $900

million new cash. The bills were auctioned on July 18. Tenders

totaled $48,582 million, of which $19,372 million was accepted, including $930 million of noncompetitive tenders from

the public and $5,226 million of the bills issued to Federal

Reserve banks for themselves and as agents for foreign and

international monetary authorities. An additional $795 million

was issued to Federal Reserve banks as agents for foreign and

international monetary authorities for new cash. The average

bank discount rate was 5.49 percent.

AUGUST

August Quarterly Financing

July 31 Treasury announced it would auction $19,000

million of 3-year notes of Series Y-1999, $10,000 million of

9-year 11-month 7 percent notes of Series C-2006, and

$10,000 million of 30-year bonds of August 2026 to refund

$17,596 million of Treasury securities maturing August 15 and

to raise about $21,400 million new cash.

The notes of Series Y-1999 were dated August 15, 1996,

due August 15, 1999, with interest payable February 15 and

August 15 until maturity. An interest rate of 6 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 August 6, and totaled $43,675 million, of which

$19,007 million was accepted at yields ranging from 6.110

percent, price 99.703, up to 6.124 percent, price 99.665. Tenders at the high yield were allotted 12 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.118 percent, price 99.681. These totaled $621 million. Competitive

tenders accepted from private investors totaled $18,386 million.

In addition to the $19,007 million of tenders accepted in

the auction process, $1,881 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,780 million was accepted from Federal

Reserve banks for their own account.

The 7 percent notes of Series C-2006 were an additional

issue of notes dated July 15, 1996, due July 15, 2006, with

interest payable January 15 and July 15 until maturity. Accrued

interest of $5.89674 per $1,000, covering the period from July

15, 1996, to August 15, 1996, was payable with each accepted

tender.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on August 7, and totaled $22,192 million, of which

$10,000 million was accepted at yields ranging from 6.514

percent, price 103.494, up to 6.553 percent, price 103.207.

Tenders at the high yield were allotted 95 percent. Noncompetitive tenders were accepted in full at the average yield,

6.535 percent, price 103.339. These totaled $385 million.

Competitive tenders accepted from private investors totaled

$9,615 million.

In addition to the $10,000 million of tenders accepted in

the auction process, $300 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $900 million was accepted from Federal Reserve banks for their own account. The notes of Series C-2006

may be held in STRIPS form. The minimum par amount

required is $200,000.

The bonds of August 2026 were dated August 15, 1996,

due August 15, 2026, with interest payable February 15 and

August 15 until maturity. An interest rate of 6-3/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders for the bonds were received prior to 12 noon,

e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for

competitive tenders on August 8, and totaled $22,615 million,

of which $10,001 million was accepted at yields ranging from

6.764 percent, price 99.821, up to 6.778 percent, price 99.643.

Tenders at the high yield were allotted 61 percent. Noncompetitive tenders were accepted in full at the average yield,

6.768 percent, price 99.770. These totaled $317 million. Competitive tenders accepted from private investors totaled $9,684

million.

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JULY-SEPTEMBER, con.

In addition to the $10,001 million of tenders accepted in

the auction process, $900 million was accepted from Federal

Reserve banks for their own account.

 The bonds of August 2026 may be held in STRIPS form.

The minimum par amount required is $800,000.

Auction of 2-Year and 5-Year Notes

 August 21 Treasury announced it would auction $18,750

million of 2-year notes of Series AJ-1998 and $12,500 million

of 5-year notes of Series M-2001 to refund $27,808 million of

securities maturing August 31 and to raise about $3,450 million new cash.

The notes of Series AJ-1998 were dated September 3,

1996, due August 31, 1998, with interest payable the last

calendar day of February and August until maturity. An interest

rate of 6-1/8 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on August 27, and totaled $41,737 million, of which

$18,752 million was accepted. All competitive tenders at

yields lower than 6.170 percent were accepted in full. Tenders

at 6.170 percent were allotted 21 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.170 percent with an equivalent price of

99.917.

The median yield was 6.150 percent; and the low yield

was 6.119 percent. Noncompetitive tenders totaled $1,517

million. Competitive tenders accepted from private investors

totaled $17,235 million.

In addition to the $18,752 million of tenders accepted in

the auction process, $2,350 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $784 million was accepted from Federal Reserve banks for their own account.

The notes of Series M-2001 were dated September 3,

1996, due August 31, 2001, with interest payable the last

calendar day of February and August until maturity. An interest

rate of 6-1/2 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on August 28, and totaled $26,681 million, of which

$12,502 million was accepted. All competitive tenders at

yields lower than 6.568 percent were accepted in full. Tenders

at 6.568 percent were allotted 86 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.568 percent with an equivalent price of

99.715.

The median yield was 6.535 percent; and the low yield

was 5.530 percent. Noncompetitive tenders totaled $534 million. Competitive tenders accepted from private investors totaled $11,968 million.

In addition to the $12,502 million of tenders accepted in

the auction process, $950 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $525 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

August 9 tenders were invited for approximately $19,250

million of 364-day Treasury bills to be dated August 22, 1996,

and to mature August 21, 1997. The issue was to refund

$18,464 million of maturing 52-week bills and to raise about

$775 million new cash. The bills were auctioned on August 15.

Tenders totaled $48,788 million, of which $19,386 million was

accepted, including $902 million of noncompetitive tenders

from the public and $5,610 million of the bills issued to Federal

Reserve banks for themselves and as agents for foreign and

international monetary authorities.

An additional $1,171 million was issued to Federal Reserve banks as agents for foreign and international monetary

authorities for new cash. The average bank discount rate was

5.36 percent.

Cash Management Bills

August 27 tenders were invited for approximately

$30,000 million of 14-day bills to be dated September 3, 1996,

and to mature September 17, 1996. The issue was to raise new

cash.

Tenders were opened on August 29. They totaled $60,065

million, of which $30,010 million was accepted. The average

bank discount rate was 5.24 percent.

SEPTEMBER

Auction of 2-Year and 5-Year Notes

September 18 Treasury announced it would auction

$18,250 million of 2-year notes of Series AK-1998 and

$12,500 million of 5-year notes of Series N-2001 to refund

$28,146 million of securities maturing September 30 and to

raise about $2,600 million new cash.

The notes of Series AK-1998 were dated September 30,

1996, due September 30, 1998, with interest payable March

31 and September 30 until maturity. An interest rate of 6

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 September 25, and totaled $48,171 million, of

which $18,255 million was accepted. All competitive tenders

at yields lower than 6.080 percent were accepted in full.

Tenders at 6.080 percent were allotted 17 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.080 percent with an equivalent price

of 99.851.

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: JULY-SEPTEMBER, con.

The median yield was 6.060 percent; and the low yield

was 6.011 percent. Noncompetitive tenders totaled $1,452

million. Competitive tenders accepted from private investors

totaled $16,803 million.

In addition to the $18,255 million of tenders accepted in

the auction process, $2,250 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $931 million was accepted from Federal Reserve banks for their own account.

The notes of Series N-2001 were dated September 30,

1996, due September 30, 2001, with interest payable March

31 and September 30 until maturity. An interest rate of 6-3/8

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.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on September 26, and totaled $32,178 million, of

which $12,502 million was accepted. All competitive tenders

at yields lower than 6.409 percent were accepted in full.

Tenders at 6.409 percent were allotted 3 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.409 percent with an equivalent price

of 99.856. The median yield was 6.390 percent; and the low

yield was 6.350 percent.

Noncompetitive tenders totaled $477 million. Competitive tenders accepted from private investors totaled $12,025

million.

In addition to the $12,502 million of tenders accepted in

the auction process, $1,350 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $650 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

September 6 tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated September 19, 1996, and to mature September 18, 1997. The issue was

to refund $19,275 million of maturing 52-week bills and to pay

down about $25 million. The bills were auctioned on September 12.

Tenders totaled $51,680 million, of which $19,376 million was accepted, including $856 million of noncompetitive

tenders from the public and $6,493 million of the bills issued

to Federal Reserve banks for themselves and as agents for

foreign and international monetary authorities. An additional

$517 million was issued to Federal Reserve banks as agents

for foreign and international monetary authorities for new

cash. The average bank discount rate was 5.57 percent.

30 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996

[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)

1996

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-H note 10/16/89 7,989 375 7,614

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-U note 10/31/91 28,331 1,395 26,936

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-D note 11/15/86 20,259 1,129 19,130

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 9,871 235 9,636

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-AN note 11/30/94 18,940 265 18,675

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 1,275 18,333

Total. . . . . . . . . . . . . . . 136,698 9,402 127,296

1997

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 01/16/90 7,852 607 7,246

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-Z note 01/31/95 19,002 425 18,577

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 01/31/92 9,464 150 9,314

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-V note 02/15/94 19,832 1,795 18,038

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-AB note 02/28/95 18,816 647 18,169

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-J note 03/02/92 9,948 472 9,476

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-K note 03/31/92 11,302 484 10,818

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-AC note 03/31/95 19,354 1,150 18,204

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 776 7,084

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 965 10,476

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 735 17,973

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 05/15/87 9,921 564 9,357

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 4,065 17,685

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 18,937 770 18,167

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 19,260 707 18,552

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 998 7,388

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-P note 07/31/92 12,104 400 11,704

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 07/31/95 18,952 426 18,526

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-5/8%-B note 08/15/87 9,363 497 8,866

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-X note 08/15/94 20,250 2,467 17,784

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 574 10,535

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 845 18,538

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 19,117 774 18,341

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 777 8,083

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 18,840 552 18,288

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 600 9,208

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,286 17,575

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 276 11,250

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 702 17,986

PUBLIC DEBT OPERATIONS 31
1997, con.

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 601 11,562

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 1,080 18,084

Total. . . . . . . . . . . . . . . 507,645 30,881 476,765

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 878 8,248

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 646 11,693

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 957 18,130

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 440 8,719

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,289 17,791

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,444 29,426

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AD note 04/10/96 21,720 1,598 20,121

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 495 11,730

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 976 20,430

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,462 17,764

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 805 11,553

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 671 20,439

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,177 20,877

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,375 8,319

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 867 20,696

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 472 11,217

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,011 10,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,566 17,852

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ-note 09/03/96 21,949 784 21,165

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 591 12,428

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK-note 09/30/96 21,485 931 20,554

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 944 11,632

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 969 9,300

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 535 9,368

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 230 162 70

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,560 18,039

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 929 11,186

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,580 10,865

Total. . . . . . . . . . . . . . . 501,775 39,801 461,979

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 892 9,667

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 377 12,524

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 845 8,875

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,472 18,525

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 435 11,479

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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)

32 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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)

1999, con.

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,124 9,054

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,250 11,042

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,208 8,840

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 622 11,717

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,602 20,758

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,800 11,301

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 349 9,657

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,146 11,264

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y-note 08/15/96 22,708 1,780 20,928

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 798 9,366

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 701 11,696

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,079 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 12,152 508 11,644

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 709 10,065

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 462 11,472

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,400 11,123

Total. . . . . . . . . . . . . . . 299,430 25,840 273,590

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 12,229 662 11,566

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 832 9,841

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 978 11,518

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,206 11,983

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 1,105 11,329

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 642 12,110

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 740 11,724

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 385 11,954

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 844 10,236

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 656 11,266

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 774 11,237

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 537 11,543

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 866 10,654

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 380 11,977

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 840 11,981

Total. . . . . . . . . . . . . . . 213,501 12,977 200,524

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 800 12,016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 678 10,635

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 800 12,020

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,559 12,622

PUBLIC DEBT OPERATIONS 33
2001, con.

Apr. 30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 865 12,915

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 892 11,506

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 705 13,017

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-K note 07/01/96 14,282 1,100 13,182

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 700 13,437

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,115 11,224

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 525 13,475

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N-note 09/30/96 14,516 1,900 12,616

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 1,568 22,658

Total. . . . . . . . . . . . . . . 191,287 13,963 177,325

2002

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 40,085 3,679 36,406

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 739 2,267

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/15/93 23,563 2,122 21,441

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 256 2,993

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 433 3,069

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,620 24,391

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 518 6,741

Total. . . . . . . . . . . . . . . 68,591 7,688 60,902

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 550 12,405

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,911 12,530

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 367 3,633

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 880 12,466

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 519 7,783

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,833 12,541

Total. . . . . . . . . . . . . . . 71,172 6,830 64,343

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,150 12,685

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 214 4,046

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-B note 05/15/95 14,740 2,000 12,740

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-3/4% bond 07/02/85 9,270 892 8,378

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,840 13,163

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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)

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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)

2005, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/15/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,543 9,973 66,569

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 20 4,736

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,500 14,014

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 1,700 14,315

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 1,621 21,120

Total. . . . . . . . . . . . . . . 59,025 4,841 54,185

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 4,606 983 3,623

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,059 6,748

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 1,311 3,426

Total. . . . . . . . . . . . . . . 10,217 3,346 6,873

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 885 4,016

Total. . . . . . . . . . . . . . . 9,510 1,959 7,551

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,677 9,355

Total. . . . . . . . . . . . . . . 11,032 1,677 9,355

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,441 11,315

Total. . . . . . . . . . . . . . . 14,755 3,441 11,315

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 869 4,138

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 2,970 13,172

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,336 11,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 905 6,245

PUBLIC DEBT OPERATIONS 35
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 502 6,398

Total. . . . . . . . . . . . . . . 26,718 2,743 23,975

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 830 6,437

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,570 17,254

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,185 17,679

Total. . . . . . . . . . . . . . . 44,955 3,585 41,370

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 794 17,400

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 835 13,182

Total. . . . . . . . . . . . . . . 32,211 1,629 30,582

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 297 8,412

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 553 17,189

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 593 18,658

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 1,725 18,489

Total. . . . . . . . . . . . . . . 39,465 2,318 37,147

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 591 9,638

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 605 9,554

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,138 20,281

Total. . . . . . . . . . . . . . . 41,807 2,334 39,473

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 538 10,575

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 734 11,225

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 385 11,778

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 855 31,943

Total. . . . . . . . . . . . . . . 68,033 2,512 65,521

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 495 9,858

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 520 10,180

Total. . . . . . . . . . . . . . . 21,053 1,015 20,038

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/15/93 18,374 1,082 17,292

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,010 21,899

Total. . . . . . . . . . . . . . . 41,283 2,092 39,191

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 450 11,020

Total. . . . . . . . . . . . . . . 11,470 450 11,020

36 PUBLIC DEBT OPERATIONS
2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 700 11,025

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,100 11,502

Total. . . . . . . . . . . . . . . 24,327 1,800 22,527

2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 900 12,005

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 900 9,994

Total. . . . . . . . . . . . . . . 23,799 1,800 21,999

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, 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 eligible for stripping. See table V1 of the “Monthly Statement of the Public

Debt of the United States.”

PUBLIC DEBT OPERATIONS 37
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1 bids tendered Total amount petitive basis 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1996 - June 6 . . . . . . 1996 - Sept. 5 91 55,231.2 14,582.4 13,088.2 1,494.2 15,258.9 171,744.5

Dec. 5 182 59,844.3 14,715.0 13,419.5 1,295.5 14,036.8 351,616.5

13 . . . . . Sept. 12 91 53,826.3 15,755.7 14,303.9 1,451.8 12,745.3 174,754.9

Dec. 12 182 57,861.5 15,596.8 14,361.8 1,235.0 14,115.5 353,097.8

20 . . . . . Sept. 19 91 66,899.8 13,559.0 12,064.6 1,494.4 13,532.0 174,781.9

Dec. 19 182 54,676.5 13,559.5 12,340.7 1,218.8 14,075.0 352,582.3

27 . . . . . Sept. 26 92 58,302.2 13,110.2 11,687.8 1,422.4 13,627.6 174,264.5

Dec. 26 182 50,788.2 13,154.1 12,016.5 1,137.6 13,071.5 352,664.9

July 5 . . . . . . Oct. 3 90 52,844.2 14,771.0 13,354.8 1,416.2 13,681.4 175,354.1

1997 - Jan. 2 181 49,119.7 15,052.6 13,711.8 1,340.8 14,061.3 353,656.2

11 . . . . . 1996 - Oct. 10 91 43,494.9 14,619.0 13,220.5 1,398.5 13,613.5 176,359.6

1997 - Jan. 9 182 46,300.5 14,665.4 13,301.8 1,363.6 14,100.2 354,221.4

18 . . . . . 1996 - Oct. 17 91 55,016.1 14,309.4 12,811.7 1,497.7 10,156.5 180,512.5

1997 - Jan. 16 182 52,225.9 14,545.1 12,968.5 1,576.6 12,547.4 356,219.1

25 . . . . . 1996 - Oct. 24 91 48,455.7 13,673.8 12,321.5 1,352.3 11,563.8 182,622.5

1997 - Jan. 23 182 54,890.3 14,058.1 12,767.9 1,290.2 11,607.8 358,669.4

Aug. 1 . . . . . . 1996 - Oct. 31 91 42,590.1 13,073.1 11,669.6 1,403.5 13,559.9 182,135.7

1997 - Jan. 30 182 50,182.6 13,186.4 11,820.4 1,366.0 14,019.9 357,835.9

8 . . . . . . 1996 - Nov. 7 91 61,725.6 13,274.1 11,683.7 1,590.4 13,697.1 181,712.7

1997 - Feb. 6 182 50,044.3 13,104.3 11,660.5 1,443.8 16,456.4 354,483.8

15 . . . . . 1996 - Nov. 14 91 52,283.3 13,709.3 12,251.7 1,457.6 13,628.4 181,793.6

1997 - Feb. 13 182 39,351.9 12,549.4 11,232.7 1,316.7 13,803.5 353,229.7

22 . . . . . 1996 - Nov. 21 91 57,006.2 12,836.2 11,382.5 1,453.7 13,715.4 180,914.4

1997 - Feb. 20 182 45,100.6 13,019.4 11,753.5 1,265.9 13,222.0 353,027.1

29 . . . . . 1996 - Nov. 29 92 45,604.9 12,026.2 10,653.6 1,372.6 14,127.4 178,813.2

1997 - Feb. 27 182 45,761.6 12,066.9 10,781.0 1,285.9 12,401.0 352,693.0

Sept. 5 . . . . . . 1996 - Dec. 5 91 47,471.7 12,123.3 10,698.5 1,424.8 14,582.4 176,354.1

1997 - Mar. 6 182 45,765.6 12,121.3 10,907.8 1,213.5 15,392.2 349,422.1

12 . . . . . 1996 - Dec. 12 91 68,696.7 11,081.8 9,706.4 1,375.4 15,755.7 171,680.2

1997 - Mar. 13 182 44,435.6 11,191.7 10,093.2 1,098.5 12,746.6 347,867.2

19 . . . . . 1996 - Dec. 19 91 55,154.7 11,095.1 9,605.0 1,490.1 13,615.8 169,159.5

1997 - Mar. 20 182 42,694.8 11,104.8 9,821.9 1,282.9 13,550.1 345,421.9

26 . . . . . 1996 - Dec. 26 91 46,449.9 11,587.9 10,227.5 1,360.4 13,110.2 167,637.2

1997 - Mar. 27 182 44,433.4 11,548.8 10,277.7 1,271.1 13,545.0 343,425.7

52 week:

1995 - Sept. 21 . . . . . 1996 - 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

1996 - Jan. 11 . . . . . 1997 - Jan. 9 364 57,799.9 18,910.5 17,953.2 957.3 17,351.2 239,486.4

Feb. 8 . . . . . . Feb. 6 364 58,950.5 18,899.7 17,841.6 1,058.1 17,455.2 240,930.9

Mar. 7 . . . . . . Mar. 6 364 39,126.6 18,795.1 17,820.2 974.9 17,352.4 242,373.6

Apr. 4 . . . . . . Apr. 3 364 56,041.7 18,944.6 17,953.2 1,148.6 17,574.2 243,744.0

May 2 . . . . . . May 1 364 53,986.3 19,461.4 17,841.6 1,024.3 17,953.4 245,252.0

May 30 . . . . . May 29 364 55,662.8 19,327.0 17,820.2 1,045.4 18,579.6 244,490.7

June 27 . . . . . June 26 364 56,160.4 19,596.1 17,820.2 996.4 19,322.4 245,524.9

July 25 . . . . . July 24 364 49,393.5 20,184.9 19,238.4 946.5 18,359.0 247,350.8

Aug. 22 . . . . . Aug. 21 364 49,972.9 20,571.4 19,655.0 916.4 18,464.3 249,457.9

Sept. 19 . . . . . Sept. 18 364 52,210.1 19,906.7 19,037.3 869.4 19,275.3 250,089.3

Cash management:

1996 - Sept. 3 . . . . . . 1996 - Sept. 17 14 60,065.0 30,010.4 - - - 30,010.4

38 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or

52 weeks.

2

 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive

basis by Government accounts and Federal Reserve banks.

3

 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4 Equivalent coupon-issue yield.

5

 Except $1,200,000 at 97.386 percent.

6

 Except $100,000 at 98.736 percent.

 7 Except $5,100,000 at 98.749 percent.

 8 Except $20,000 at 98.698 percent and $20,000 at 97.346 percent.

 9 Except $1,600,000 at 94.762 percent.

Regular weekly:

1996 - June 6 . . . . . 98.713 5.09 5.23 5.09 98.713 5.07 98.718

97.366 5.21 5.43 5.21 97.366 5 5.20 97.371

13 . . . . 98.696 5.16 5.30 5.16 98.696 5.14 98.701

97.300 5.34 5.57 5.35 97.295 5.33 97.305

20 . . . . 98.716 5.08 5.22 5.09 98.713 6 5.07 98.718

97.336 5.27 5.49 5.27 97.336 5.25 97.346

27 . . . . 98.711 5.10 5.24 5.10 98.711 7 5.08 98.716

97.356 5.23 5.45 5.23 97.356 5.21 97.366

July 5 . . . . . 98.720 5.12 5.26 5.13 98.718 5.09 98.728

97.376 5.22 5.43 5.22 97.376 5.20 97.386

11 . . . . 98.683 5.21 5.35 5.21 98.683 5.19 98.688

97.265 5.41 5.64 5.41 97.265 5.38 97.280

18 . . . . 98.688 5.19 5.33 5.20 98.686 5.17 98.693

97.290 5.36 5.59 5.37 97.285 5.35 97.295

25 . . . . 98.701 5.14 5.28 5.15 98.698 5.12 98.706

97.321 5.30 5.52 5.30 97.321 5.28 97.331

Aug. 1 . . . . . 98.686 5.20 5.34 5.21 98.683 8 5.18 98.691

97.300 5.34 5.57 5.34 97.300 5.32 97.310

8 . . . . . 98.716 5.08 5.22 5.09 98.713 5.06 98.721

97.407 5.13 5.34 5.13 97.407 5.12 97.412

15 . . . . 98.726 5.04 5.18 5.04 98.726 5.01 98.734

97.432 5.08 5.29 5.08 97.432 5.06 97.442

22 . . . . 98.721 5.06 5.20 5.06 98.721 5.03 98.729

97.407 5.13 5.34 5.13 97.407 5.12 97.412

29 . . . . 98.704 5.07 5.21 5.07 98.704 5.05 98.709

97.391 5.16 5.37 5.16 97.391 5.15 97.396

Sept. 5 . . . . . 98.688 5.19 5.33 5.19 98.688 5.17 98.693

97.280 5.38 5.61 5.38 97.280 5.36 97.290

12 . . . . 98.693 5.17 5.31 5.17 98.693 5.16 98.696

97.321 5.30 5.52 5.30 97.321 5.28 97.331

19 . . . . 98.718 5.07 5.21 5.07 98.718 5.06 98.721

97.376 5.19 5.40 5.19 97.376 5.17 97.386

26 . . . . 98.691 5.18 5.32 5.18 98.691 5.16 98.696

97.321 5.30 5.52 5.30 97.321 5.29 97.326

52 week:

1995 - Sept. 21 . . . . 94.732 5.21 5.52 5.21 94.732 9 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

1996 - Jan. 11 . . . . 95.056 4.89 5.16 4.89 95.056 4.88 95.066

Feb. 8 . . . . . 95.308 4.64 4.89 4.64 95.308 4.62 95.329

Mar. 7 . . . . . 94.965 4.98 5.25 4.99 94.955 4.95 94.995

Apr. 4 . . . . . 94.773 5.17 5.46 5.17 94.773 5.15 94.793

May 2 . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

May 30 . . . . 94.621 5.32 5.62 5.32 94.621 5.30 94.641

June 27 . . . . 94.378 5.56 5.89 5.57 94.368 5.55 94.388

July 25 . . . . 94.449 5.49 5.81 5.49 94.449 5.47 94.469

Aug. 22 . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Sept. 19 . . . . 94.368 5.57 5.90 5.57 94.368 5.56 94.378

Cash management:

1996 - Apr. 1 . . . . . 99.867 5.31 5.40 5.34 99.867 5.27 99.868

3 . . . . . 99.780 5.29 5.37 5.31 99.779 5.27 99.780

99.679 5.25 5.34 5.25 99.679 5.23 99.680

May 15 . . . . 99.495 5.05 5.15 5.05 99.495 5.04 99.496

June 3 . . . . . 99.856 5.17 5.26 5.20 99.856 5.14 99.857

99.783 5.20 5.29 5.23 99.782 5.15 99.785

Sept. 3 . . . . . 99.796 5.24 5.33 5.26 99.795 5.21 99.797

PUBLIC DEBT OPERATIONS 39
See footnotes at end of table.

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 and bonds

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

10/25/94 10/31/94 6-7/8% note--10/31/96-U-reopening 2y 43,267 18,952 7

10/26/94 10/31/94 7-1/2% note--10/31/99-T 5y 34,155 12,115 8

11/08/94 11/15/94 7-3/8% note--11/15/97-Y 3y 53,312 20,831 9

11/09/94 11/15/94 7-7/8% note--11/15/04-D 10y 30,055 5 14,369 10

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 11

11/22/94 11/30/94 7-3/4% note--11/30/99-U 5y 33,840 11,932 12

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 13

12/22/94 01/03/95 7-3/4% note--12/31/99-V 5y 25,948 12,520 14

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 15

01/25/95 01/31/95 7-3/4% note--01/31/00-G 5y 34,143 12,226 16

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 17

02/08/95 02/15/95 7-1/2% note--02/15/05-A 10y 29,807 5 13,834 18

02/09/95 02/15/95 7-5/8% bond--02/15/25 30y 30,681 5 11,725 19

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 20

02/23/95 02/28/95 7-1/8% note--02/29/00-H 5y 28,709 12,486 21

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 22

03/29/95 03/31/95 6-7/8% note--03/31/00-J 5y 26,061 13,186 23

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 24

04/26/95 05/01/95 6-3/4% note--04/30/00-K 5y 35,573 12,433 25

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 26

05/10/95 05/15/95 6-1/2% note--05/15/05-B 10y 23,167 5 14,739 27

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 28

05/24/95 05/31/95 6-1/4% note--05/31/00-L 5y 30,382 12,752 29

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 30

06/28/95 06/30/95 5-7/8% note--06/30/00-M 5y 33,504 12,463 31

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 32

07/26/95 07/31/95 6-1/8% note--07/31/00-N 5y 31,033 12,338 33

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 34

08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 35

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 36

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 37

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 38

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 39

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 40

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 41

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 42

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

40 PUBLIC DEBT OPERATIONS
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 43

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 44

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 45

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 46

11/30/95 12/01/95 5.63% bill--12/14/95-reopening 13d 35,646 10,017

11/30/95 12/01/95 5.39% bill--12/28/95-reopening 27d 35,232 10,007

12/07/95 12/14/95 5.06% bill--12/12/96 364d 49,996 18,792

12/20/95 01/02/96 5-1/4% note--12/31/97-AM 2y 40,661 19,165 47

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 48

01/04/96 01/11/96 4.89% bill--01/09/97 364d 57,800 18,910

01/23/96 01/31/96 5% note--01/31/98-AB 2y 45,650 19,087 49

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 50

02/01/96 02/08/96 4.64% bill--02/06/97 364d 58,951 18,900

02/06/96 02/15/96 5% note--02/15/99-W 3y 52,932 21,997 51

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 52

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 53

02/08/96 02/15/96 5.14% bill--02/22/96-reopening 7d 41,694 8,055

02/22/96 02/23/96 5.02% bill--04/18/96-reopening 55d 85,706 29,192

02/27/96 02/29/96 5-1/8% note--02/28/98-K-reopening 2y 43,564 19,184 54

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 55

02/28/96 03/01/96 5.06% bill--03/14/96-reopening 13d 32,082 6,003

02/29/96 03/07/96 4.98% bill--03/06/97 364d 39,127 18,795

03/13/96 03/14/96 5.11% bill--04/25/96-reopening 42d 47,387 9,060

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 56

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 57

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 58

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 59

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 60

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 61

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 62

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 63

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 64

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 65

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 66

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 67

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 68

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 69

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 70

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 71

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 72

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 73

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 74

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 75

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) 2 tendered issued 3,4 and bonds

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 41
1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening. 

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan. 

7 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction.

8

 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction.

9 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).

10 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).

11 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction.

12 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 

13 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction. 14 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction.

15 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction.

16 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction. 17 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).

18 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).

19 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).

20 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction.

21 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction.

22 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction.

23 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction.

24 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

25 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

26 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).

27 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).

28 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

29 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 30 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

31 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

32 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

33 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

34 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).

35 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).

36 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).

37 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 38 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 39 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction.

40 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 41 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

42 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

43 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).

44 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).

45 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 46 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

47 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

48 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

49 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

50 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 51 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the

average at 5.043% (price 99.882).

52 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the

average at 5.649% (price 99.819).

53 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the

average at 6.119% (price 98.374).

54 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

55 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

56 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

57 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 58 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 59 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

60 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

61 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

62 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 63 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 64Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

65 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

66 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

67 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

68 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

69 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

70 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

71 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

72 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 73 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 74 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

75 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only. 

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

42 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

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

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

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance]

 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)

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752

01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220

01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198

01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453

02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254

02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391

02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195

02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064

02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C 11,204 900 382 351 - * 1,062 * - 6 7,744 759

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,516 650 62 433 - * 32 4 * * 11,982 1,352

* Less than $500,000. 

1

 Includes trust companies, bank dealers, and stock savings banks. 

2

 Includes partnerships and personal trust accounts.

3

 Exclusive of banks and insurance companies. 

4

 Consists of trust, sinking, and investment funds of State and local governments and their

agencies.

5

 Includes savings and loan associations, nonprofit institutions, and foreign and international

investments. Also included are certain Government deposit accounts and Government-sponsored agencies.

 Note.--For detail of offerings see table PDO-3.

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt]

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. 

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 1,159

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

PUBLIC DEBT OPERATIONS 45
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Sept. 30, 1996

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

 Amount outstanding

Sales plus Matured

 Accrued accrued Interest- non-interestSeries Sales 1 discount discount Redemptions 1 bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 339,854 179,544 519,398 335,184 184,147 2,292

Series F and G . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3

Series J and K . . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - -

Savings notes . . . . . . . . . . . . . . . . . 862 673 1,535 1,162 341 -

Total . . . . . . . . . . . . . . . . . . . . . . . 376,617 182,594 559,211 374,618 184,488 2,296

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:

1935-91 . . . . . . . . . . 323,122 136,516 459,638 324,216 257,068 67,147 133,844 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

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

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 . . . . . . . . . . . . . 8,857 11,980 20,837 14,444 8,947 5,527 182,266 2,724

1995 - 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

1996 - Jan.. . . . . . . . . . . 614 909 1,523 1,300 733 567 182,584 2,628

Feb. . . . . . . . . . 539 829 1,368 988 497 490 183,037 2,547

Mar. . . . . . . . . . 462 787 1,249 998 576 422 183,337 2,498

Apr. . . . . . . . . . 564 1,040 1,604 1,138 662 476 183,826 2,456

May . . . . . . . . . 462 688 1,162 1,079 613 466 183,938 2,415

June . . . . . . . . . 426 715 1,141 1,001 552 449 184,114 2,378

July. . . . . . . . . . 461 851 1,312 1,164 690 474 184,292 2,348

Aug. . . . . . . . . . 417 777 1,194 1,137 660 477 184,379 2,319

Sept.. . . . . . . . . 379 724 1,103 1,021 572 449 184,488 2,292

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

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

 Amount outstanding

Sales plus Redemptions Matured

 Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1 discount 1 bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the “Treasury Bulletins” of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

46 U.S. SAVINGS BONDS AND NOTES
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

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

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952-91 . . . . . . . . . . 13,536 - 13,536 17,504 17,504 - 13,998 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

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 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 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1995 - 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

1996 - Jan. . . . . . . . . . 16 - 16 65 65 - 87 11,615 22

Feb. . . . . . . . . . 5 - 5 64 64 - 110 11,657 20

Mar. . . . . . . . . . -3 - -3 66 66 - 114 11,704 20

Apr. . . . . . . . . . 17 - 17 67 67 - 117 11,752 19

May . . . . . . . . . -13 - -13 70 70 - 126 11,797 18

June . . . . . . . . . -4 - -4 52 52 - 92 11,851 18

July. . . . . . . . . . 10 - 10 73 73 - 99 11,887 17

Aug. . . . . . . . . . -9 - -9 72 72 - 115 11,920 16

Sept.. . . . . . . . . -1 - -1 59 59 - 95 11,956 16

Fiscal years:

1941-91 . . . . . . . . . . 278,076 133,004 411,080 268,279 203,577 64,701 13,998 124,095 1,509

1992 . . . . . . . . . . . . . 13,591 8,739 22,330 6,909 3,939 2,970 1,038 138,286 1,701

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

Calendar years:

1941-91 . . . . . . . . . . 276,010 136,175 412,184 269,969 204,551 65,419 14,024 126,099 1,836

1992 . . . . . . . . . . . . . 17,659 8,816 26,475 6,909 3,992 2,917 1,170 144,724 1,939

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . 8,852 9,185 18,037 9,238 8,259 979 898 170,690 2,700

1995 - 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

1996 - Jan. . . . . . . . . . 598 909 1,507 1,235 668 567 87 170,969 2,606

Feb. . . . . . . . . . 534 829 1,366 923 435 490 110 171,380 2,526

Mar. . . . . . . . . . 465 787 1,252 932 511 422 114 171,633 2,478

Apr. . . . . . . . . . 547 1,040 1,587 1,070 595 475 117 172,074 2,438

May . . . . . . . . . 475 688 1,163 1,010 544 466 126 172,142 2,397

June . . . . . . . . . 430 715 1,145 949 500 450 92 172,280 2,361

July. . . . . . . . . . 461 851 1,311 1,091 617 474 99 172,421 2,332

Aug. . . . . . . . . . 417 776 1,204 1,065 588 477 115 172,475 2,302

Sept . . . . . . . . . 389 724 1,113 962 513 449 95 172,548 2,276

U.S. SAVINGS BONDS AND NOTES 47
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, 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.)

48 OWNERSHIP OF FEDERAL SECURITIES
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1995 - 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

1996 - Jan. . . . . . . . . . . . . . . . . . . . 5,015,577 4,983,247 1,309,154 1,519 1,307,635 378,208

Feb. . . . . . . . . . . . . . . . . . . . 5,053,215 5,012,872 1,291,214 1,506 1,289,708 376,519

Mar. . . . . . . . . . . . . . . . . . . . 5,153,294 5,082,952 1,353,767 1,506 1,352,261 380,952

Apr. . . . . . . . . . . . . . . . . . . . 5,137,712 5,097,989 1,374,268 1,506 1,372,762 381,806

May . . . . . . . . . . . . . . . . . . . 5,163,807 5,124,422 1,380,619 1,506 1,379,113 387,050

June . . . . . . . . . . . . . . . . . . . 5,196,893 5,126,748 1,422,443 1,506 1,420,937 391,000

July . . . . . . . . . . . . . . . . . . . 5,224,199 5,184,908 1,420,680 1,506 1,419,174 397,836

Aug. . . . . . . . . . . . . . . . . . . . 5,243,459 5,173,734 1,424,120 1,506 1,422,614 391,329

Sept. . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

1993 . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994 . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1995 - 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

1996 - Jan. . . . . . . . . . . . . . . . . . . . 3,295,885 2,952,109 343,776 4,188 28,141 - 28,141

Feb. . . . . . . . . . . . . . . . . . . . 3,345,139 3,009,097 336,042 4,168 36,174 7,865 28,309

Mar. . . . . . . . . . . . . . . . . . . . 3,348,233 2,992,597 355,636 34,834 35,508 7,865 27,643

Apr. . . . . . . . . . . . . . . . . . . . 3,341,915 2,983,885 358,030 4,060 35,663 7,865 27,798

May . . . . . . . . . . . . . . . . . . . 3,356,753 2,998,631 358,122 4,087 35,298 7,606 27,692

June . . . . . . . . . . . . . . . . . . . 3,313,305 2,955,927 357,378 34,327 35,817 7,606 28,211

July . . . . . . . . . . . . . . . . . . . 3,366,392 3,011,848 354,544 3,981 35,310 7,606 27,704

Aug. . . . . . . . . . . . . . . . . . . . 3,358,285 3,003,125 355,160 34,570 35,156 7,606 27,550

Sept. . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

OWNERSHIP OF FEDERAL SECURITIES 49
1

 U.S. savings bonds, series A-F and J, are included at current redemption value.

2

 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New

York investment companies majority owned by foreign banks, and Edge Act corporations owned

by domestically chartered and foreign banks.

3

 Includes partnerships and personal trust accounts.

4

 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970.

5

 Exclusive of banks and insurance companies.

6 The State and local governments category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4 securities companies funds rations 5 ments 6 national 7 investors 8

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

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 374.9 232.6 338.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 405.7 250.9 320.2

Sept. . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 411.6 265.5 339.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 446.6 263.4 332.6

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 r

 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 528.8 421.8 504.4

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 538.7 427.3 510.3

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 543.2 440.3 538.9

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 542.5 458.4 588.9

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 559.7 464.3 583.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.4 130.8 561.8 473.6 579.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 572.0 477.3 587.3

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 579.2 491.7 583.3

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 594.8 507.9 598.1

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 587.8 529.6 605.8

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 578.9 535.2 627.7

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 563.3 549.7 673.5

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 578.9 564.2 658.9

June . . . . 2,938.4 307.2 2,631.2 303.0 166.5 136.4 217.8 76.2 206.1 599.9 567.7 660.5

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 603.5 591.3 648.6

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 605.9 622.9 658.3

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 600.9 633.3 681.9

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 584.1 r 633.1 r 695.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 534.8 r 655.6 r

 764.1

Dec. . . . . 3,168.0 290.1 2,877.9 331.2 180.5 150.7 240.1 67.6 226.5 483.4 r

 688.6 840.5

1995 - Mar. . . . . 3,239.2 307.7 2,931.5 342.8 181.4 161.4 245.7 67.7 230.3 467.1 r 729.0 r

 848.8

June . . . . 3,245.0 298.0 2,947.0 344.2 182.6 161.6 248.3 58.7 227.7 433.9 r 784.1 r

 850.1

Sept. . . . 3,279.5 289.0 2,990.5 345.9 183.5 162.4 249.8 64.2 224.1 389.8 r 848.1 r

 868.6

Dec. . . . . 3,294.9 r 280.1 r

 3,014.8 347.7 185.0 162.7 250.8 71.3 228.8 352.2 r 861.8 r 902.2

1996 - Mar. . . . . 3,382.8 r

 281.0 r 3,101.8 347.2 185.8 161.4 256.0 87.3 229.0 336.8 r 930.3 r 915.2

June . . . . 3,347.3 285.0 3,062.3 347.6 186.5 161.1 258.0 82.2 230.9 340.0 r 958.2 r 845.4

Sept. . . . . 3,396.2 p

 280.0 3,116.2 354.0 186.8 p 167.2 p 240.0 85.3 p 249.1 p 300.0 p 1,027.7 p 860.1

50 OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury,

corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate

bond average yield is developed by Treasury by calculating

reoffering yields on new long-term securities maturing in at

least 20 years and rated Aa by Moody’s Investors Service. The

municipal bond average yield prior to 1991 was compiled by

Treasury. Beginning with January 1991, the average yield is

the “Municipal Bond Yield Average,” published by Moody’s

Investors Service for 20-year reoffering yields on selected

Aa-rated general obligations. See the footnotes for further

explanation.

Monthly average:

1995 - 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

1996 - Jan. . . . . . . . . . 5.15 5.13 5.09 5.11 5.20 5.36 5.54 5.65 6.05

Feb. . . . . . . . . . 4.96 4.97 4.94 5.03 5.14 5.38 5.64 5.81 6.24

Mar. . . . . . . . . . 5.10 5.16 5.34 5.66 5.79 5.97 6.19 6.27 6.60

Apr. . . . . . . . . . 5.09 5.27 5.54 5.96 6.11 6.30 6.48 6.51 6.79

May . . . . . . . . . 5.15 5.33 5.64 6.10 6.27 6.48 6.66 6.74 6.93

June . . . . . . . . . 5.23 5.46 5.81 6.30 6.49 6.69 6.83 6.91 7.06

July . . . . . . . . . . 5.30 5.52 5.85 6.27 6.45 6.64 6.76 6.87 7.03

Aug. . . . . . . . . . 5.19 5.34 5.67 6.03 6.21 6.39 6.52 6.64 6.84

Sept. . . . . . . . . . 5.24 5.45 5.83 6.23 6.41 6.60 6.73 6.83 7.03

End of month:

1995 - 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

1996 - Jan. . . . . . . . . . 5.05 4.97 4.90 4.93 5.06 5.25 5.46 5.60 6.03

Feb. . . . . . . . . . 5.02 5.05 5.23 5.44 5.56 5.73 5.99 6.13 6.48

Mar. . . . . . . . . . 5.13 5.20 5.41 5.79 5.91 6.10 6.30 6.34 6.67

Apr. . . . . . . . . . 5.14 5.30 5.62 6.03 6.19 6.40 6.58 6.66 6.89

May . . . . . . . . . 5.18 5.36 5.77 6.27 6.44 6.64 6.78 6.85 7.00

June . . . . . . . . . 5.18 5.37 5.70 6.11 6.30 6.47 6.61 6.73 6.90

July . . . . . . . . . . 5.32 5.47 5.85 6.22 6.39 6.57 6.68 6.80 6.98

Aug. . . . . . . . . . 5.29 5.49 5.91 6.34 6.54 6.73 6.86 6.96 7.13

Sept. . . . . . . . . . 5.14 5.37 5.71 6.10 6.28 6.46 6.60 6.72 6.93

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 51
CHART MY-A.--Yields of Treasury Securities,

Sept. 30, 1996 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

* Source: Office of Market Finance

Years

(Year tick marks correspond with June data.)

52 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1985

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 12.46 9.11

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.39 9.26

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.81 12.85 9.52

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.45 9.16

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.05 11.85 8.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45 11.33 8.46

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.28 8.73

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.56 11.61 8.96

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.61 11.66 9.04

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.51 9.00

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06 11.19 8.45

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.54 10.42 8.44

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

MARKET YIELDS 53
1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

54 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

1

 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds

rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2

 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.

MARKET YIELDS 55
CHART MY-B.--Average Yields of Long-Term Treasury,

Corporate, and Municipal Bonds

Monthly averages (in percentages)

Calendar Years

(Year tick marks correspond with June data.)

* Source: Office of Market Finance

56 MARKET YIELDS
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

“Treasury Bulletin.” The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, Sept. 30, 1996

[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. . . . . . . . . . . . $558,179,844,756 $533,968,822,858 $533,392,100,762 $318,987,216 $257,734,880 

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 185,408,265 7,059,016 6,509,823 361,239 187,954 

The Federal Reserve banks. . . . . 127,467,216,817 126,870,727,814 126,870,724,474 - 3,340

Amounts in circulation . . . . . . . . . . . $430,527,219,674 $407,091,036,028 $406,514,866,465 $318,625,977 $257,543,586 

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $24,211,021,898 $2,024,703,898 $22,186,318,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 178,349,249 123,174,733 55,174,516 

The Federal Reserve banks. . . . . 596,489,003 68,728,515 527,760,488 

Amounts in circulation . . . . . . . . . . . $23,436,183,646 $1,832,800,650 $21,603,382,996 

See footnotes following table USCC-2.

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
1 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents value of certain partial denominations not presented for redemption.

5 Based on Bureau of the Census estimates of population.

$1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,177,185,149 $6,029,137,923 $143,481 $147,903,745

$2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069,984,764 937,378,722 132,593,466 12,576

$5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,251,162,255 7,107,906,860 110,620,310 32,635,085

$10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,417,342,920 13,394,481,760 5,950 22,855,210

$20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,571,993,640 81,551,888,200 3,380 20,102,060

$50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,139,555,800 47,128,061,800 - 11,494,000

$100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,145,783,400 250,048,532,700 75,259,300 21,991,400

$500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,774,500 144,586,500 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,033,000 167,827,000 - 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 . . . . . . . . . . . . . . . . . . . . . . . . . $407,091,036,028 $406,514,866,465 $318,625,977 $257,543,586

Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . $430,527 $1,619.20

Aug. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,143 1,626.56

July 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,788 1,615.29

Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15

Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14

Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45

Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48

June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08

June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39

June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14

June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,229 $182.90

TABLE USCC-2.--Amounts Outstanding and in Circulation, Sept. 30, 1996

[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)

58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
59

Page Intentionally Left Blank
60

Page Intentionally Left Blank
TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1 stock 2 rights 1, 3 currencies 4 Fund 1, 5

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

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 - 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

Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813

Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249

Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117

May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227

June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282

July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665

Aug.. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597

Sept. . . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421

Oct. . . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF are also valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these

are valued at current market exchange rates or, where appropriate, at such other rates as may

be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve position

in the IMF automatically if needed. Under appropriate conditions, the United States could

purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or

dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position in the

IMF.

• Table IFS-2 contains statistics on liabilities to foreign official

institutions, and selected liabilities to all other foreigners, which are

used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

Treasury issues to official institutions and other residents of

foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 61
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries 

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6 organizations 7 

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

1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 4,858 9,863 597,123 250,754 93,732 157,022 17,990

1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 r . . . . . . . . . 1,647,292 498,468 212,957 254,100 6,109 25,302 767,384 361,859 114,901 246,958 19,581

1995 - Sept. r. . . . 1,850,599 594,397 273,872 286,284 6,366 27,875 775,838 455,138 117,382 337,756 25,226

Oct. r . . . . . 1,879,756 592,519 265,706 291,989 6,408 28,416 804,079 460,480 123,779 336,701 22,678

Nov. r . . . . 1,901,751 607,368 281,012 291,080 6,449 28,827 792,657 479,177 126,631 352,546 22,549

Dec. r . . . . 1,890,756 605,356 275,877 293,731 6,492 29,256 800,267 462,092 121,213 340,879 23,041

1996 - Jan. r . . . . 1,903,612 619,434 277,868 306,346 6,120 29,100 796,316 464,884 122,907 341,977 22,978

Feb. r. . . . . . 1,922,664 645,050 294,430 315,027 6,158 29,435 779,847 475,045 125,557 349,488 22,722

Mar. r. . . . . . 1,926,098 657,715 302,442 319,775 6,199 29,299 773,312 472,899 121,745 351,154 22,172

Apr. r . . . . . 1,941,969 661,793 297,670 328,028 6,238 29,857 771,477 486,103 126,076 360,027 22,596

May . . . . . . 1,951,525 664,072 293,262 334,510 5,903 30,397 768,348 495,588 128,385 367,203 23,517

June . . . . . 1,967,206 670,609 305,418 327,862 5,941 31,388 764,635 509,275 125,965 383,310 22,687

July . . . . . . 2,006,743 674,995 299,477 337,491 5,980 32,047 757,016 552,897 130,955 421,942 21,835

Aug. . . . . . 2,004,872 680,489 300,761 341,078 6,018 32,632 745,555 556,024 125,837 430,187 22,804

Sept. . . . . . 2,035,512 696,122 298,289 358,266 6,057 33,510 760,649 554,497 127,560 426,937 24,244

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments: Mexico,

beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity

issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning

April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and

private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign

currencies to foreign banks and to “other foreigners.”

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the “Capital

Movements” section. Table excludes International Monetary Fund “holdings of dollars” and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

62 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1991 . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759

1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 - 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

1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039

Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045

Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052

Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059

May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067

June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074

July . . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081

Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088

Sept. . . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095

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 with remaining face value of $1,058

million; and beginning March 1990, 30-year maturity issue with remaining face value of $21,652

million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 63
INTRODUCTION: Capital Movements

Treasury collects information about the transference of

financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding

companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury,

Washington, D.C., 20220, or from district Federal Reserve

banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

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

64 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.

SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2

 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

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

1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129

1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 r . . . . . . . . . . . . . 1,104,384 212,957 212,957 - 882,285 793,513 88,772 9,142 8,606 536 358,076 67,447

1995 - Sept. r. . . . . . . . 1,181,459 273,872 273,872 - 893,220 792,356 100,864 14,367 13,011 1,356 359,638 79,003

Oct. r . . . . . . . . 1,205,214 265,706 265,706 - 927,858 826,994 100,864 11,650 10,294 1,356 372,690 79,003

Nov. r . . . . . . . . 1,211,450 281,012 281,012 - 919,288 818,424 100,864 11,150 9,794 1,356 364,603 79,003

Dec. r . . . . . . . . 1,209,437 275,877 275,877 - 921,480 812,874 108,606 12,080 11,039 1,041 369,589 85,708

1996 - Jan. r . . . . . . . . 1,208,803 277,868 277,868 - 919,223 810,617 108,606 11,712 10,671 1,041 369,308 85,708

Feb. r . . . . . . . . 1,212,031 294,430 294,430 - 905,404 796,798 108,606 12,197 11,156 1,041 370,230 85,708

Mar. r . . . . . . . . 1,208,535 302,442 302,442 - 895,057 789,067 105,990 11,036 9,512 1,524 363,756 82,203

Apr. r . . . . . . . . 1,208,058 297,670 297,670 - 897,553 791,563 105,990 12,835 11,311 1,524 359,415 82,203

May . . . . . . . . . 1,203,513 293,262 293,262 - 896,733 790,743 105,990 13,518 11,994 1,524 356,477 82,203

June . . . . . . . . . 1,209,517 305,418 305,418 - 890,600 780,290 110,310 13,499 12,158 1,341 354,858 80,985

July . . . . . . . . . 1,200,531 299,477 299,477 - 887,971 777,661 110,310 13,083 11,742 1,341 344,014 80,985

Aug. p . . . . . . . 1,186,169 300,761 300,761 - 871,392 761,082 110,310 14,016 12,675 1,341 341,047 80,985

Sept. p . . . . . . 1,202,111 298,289 298,289 - 888,209 777,899 110,310 15,613 14,272 1,341 340,930 80,985

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

CAPITAL MOVEMENTS 65
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2 certificates liabilities 2

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 8,981 43 2,714 1,730 4,494

1992 . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993 . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 - Sept.. . . . . . . . . . . . . . . . . . . 13,011 24 4,315 354 8,318

Oct. . . . . . . . . . . . . . . . . . . . 10,294 77 3,901 1,342 4,974

Nov. . . . . . . . . . . . . . . . . . . . 9,794 33 3,631 962 5,168

Dec. . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Jan. r . . . . . . . . . . . . . . . . . . 10,671 30 4,434 764 5,443

Feb. r . . . . . . . . . . . . . . . . . . 11,156 43 3,526 555 7,032

Mar. r . . . . . . . . . . . . . . . . . . 9,512 16 3,563 564 5,369

Apr. r . . . . . . . . . . . . . . . . . . 11,311 28 4,024 426 6,833

May . . . . . . . . . . . . . . . . . . . 11,994 34 3,442 376 8,142

June . . . . . . . . . . . . . . . . . . . 12,158 123 4,052 874 7,109

July . . . . . . . . . . . . . . . . . . . 11,742 22 3,747 865 7,108

Aug. p . . . . . . . . . . . . . . . . . 12,675 49 4,738 345 7,543

Sept. p . . . . . . . . . . . . . . . . . 14,272 26 5,461 399 8,386

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2 icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1991 . . . . . . . . . . . . . . . 747,085 2,626 16,504 92,692 19,266 8,648 82,857 7,471 94,190 329,099 9,004 57,574 8,841 18,313

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 r . . . . . . . . . . . . . . 1,006,470 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,558 11,160 48,532 11,822 43,387

1995 - Sept. r. . . . . . . . . 1,066,228 1,362 32,262 163,093 77,155 11,818 98,544 16,384 157,191 391,037 10,500 52,929 13,503 40,450

Oct. r . . . . . . . . . 1,092,700 1,646 30,676 157,277 76,107 11,341 114,284 16,445 166,367 394,778 10,097 53,596 13,540 46,546

Nov. r . . . . . . . . . 1,099,436 1,690 30,597 171,366 77,359 11,232 105,310 16,690 170,323 388,238 10,159 54,225 12,843 49,404

Dec. r . . . . . . . . . 1,088,751 2,098 30,716 168,534 74,529 11,758 103,623 15,872 163,871 396,537 10,571 53,707 12,599 44,336

1996 - Jan. r . . . . . . . . . 1,088,485 1,522 28,069 173,949 74,328 10,247 110,432 15,995 165,621 385,415 10,375 55,475 12,787 44,270

Feb. r . . . . . . . . . 1,091,228 1,655 29,904 191,188 71,683 10,948 104,228 17,947 169,288 368,830 10,849 54,426 13,705 46,577

Mar. r . . . . . . . . . 1,091,509 1,423 32,470 198,382 70,167 10,970 101,047 15,967 164,193 375,145 10,946 56,530 13,792 40,477

Apr. r . . . . . . . . . 1,089,233 1,679 36,652 186,638 72,701 11,468 96,238 16,801 167,781 373,199 10,785 55,071 13,241 46,979

May . . . . . . . . . . 1,084,005 1,504 32,671 188,321 70,766 10,663 89,120 17,584 169,849 375,142 11,124 55,769 14,542 46,950

June. . . . . . . . . . 1,085,708 2,211 38,929 187,171 77,107 12,380 90,717 18,241 167,785 365,202 12,650 56,001 12,322 44,992

July . . . . . . . . . . 1,077,138 2,211 36,841 186,061 74,364 11,809 95,353 18,091 164,079 357,374 10,947 57,472 12,531 50,005

Aug. p . . . . . . . . 1,061,843 1,459 37,097 189,726 72,479 11,107 95,004 18,670 155,570 354,894 10,521 59,240 11,208 44,868

Sept. p . . . . . . . . 1,076,188 2,060 34,255 182,122 79,852 12,759 91,998 18,556 169,312 357,714 10,665 60,209 11,401 45,285

66 CAPITAL MOVEMENTS
TABLE CM-I-3.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996

Country 1993 1994 r 1995 r May June July Aug. p Sept. p

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,203 4,109 4,269 4,279 3,699 3,492 5,173 6,507

Belgium-Luxembourg. . . . . . . . . . 31,609 26,475 31,348 31,891 28,402 29,639 32,701 29,831

Bulgaria . . . . . . . . . . . . . . . . . . . . 99 611 752 362 325 384 372 319

Czechoslovakia . . . . . . . . . . . . . . 817 953 1,667 799 872 773 652 385

Denmark. . . . . . . . . . . . . . . . . . . . 4,650 3,137 3,517 3,042 3,164 3,239 2,869 3,020

Finland . . . . . . . . . . . . . . . . . . . . . 2,569 1,569 3,035 2,383 2,057 1,668 1,581 1,280

France . . . . . . . . . . . . . . . . . . . . . 48,658 52,816 49,220 50,171 52,551 48,310 49,330 49,067

Germany . . . . . . . . . . . . . . . . . . . 33,433 32,356 31,065 30,720 32,742 31,241 29,994 30,465

Greece . . . . . . . . . . . . . . . . . . . . . 1,527 1,409 2,039 1,709 1,730 1,851 1,762 1,892

Hungary . . . . . . . . . . . . . . . . . . . . 1,491 1,095 2,055 1,258 593 842 1,187 1,643

Ireland . . . . . . . . . . . . . . . . . . . . . 2,323 1,987 2,615 2,526 2,307 2,588 2,406 1,817

Italy. . . . . . . . . . . . . . . . . . . . . . . . 14,546 13,419 16,045 15,067 16,867 17,549 17,316 17,273

Netherlands . . . . . . . . . . . . . . . . . 17,788 17,259 14,993 14,184 13,842 13,546 13,143 11,309

Norway . . . . . . . . . . . . . . . . . . . . . 3,071 2,339 1,424 869 1,425 1,472 1,593 1,659

Poland . . . . . . . . . . . . . . . . . . . . . 2,292 2,316 5,690 5,548 5,786 5,921 6,008 5,170

Portugal . . . . . . . . . . . . . . . . . . . . 3,488 2,997 2,916 2,133 1,526 1,909 1,453 1,598

Romania. . . . . . . . . . . . . . . . . . . . 125 529 246 423 574 399 307 291

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,532 2,726 7,948 7,381 6,938 6,047 4,988 4,741

Spain . . . . . . . . . . . . . . . . . . . . . . 21,365 15,612 11,960 21,574 22,060 21,112 19,251 22,105

Sweden . . . . . . . . . . . . . . . . . . . . 2,813 3,157 3,376 2,710 3,422 3,467 2,321 2,544

Switzerland. . . . . . . . . . . . . . . . . . 45,746 42,126 46,210 39,615 41,790 42,410 41,857 45,009

Turkey . . . . . . . . . . . . . . . . . . . . . 3,584 3,378 4,311 4,933 5,094 5,787 7,440 8,160

United Kingdom . . . . . . . . . . . . . . 150,912 187,161 161,193 170,292 170,610 165,316 163,916 160,040

Yugoslavia 2 . . . . . . . . . . . . . . . . . 373 245 177 147 217 208 207 214

Other Europe . . . . . . . . . . . . . . . . 26,524 20,966 14,255 15,339 12,673 15,066 15,920 11,973

Total Europe . . . . . . . . . . . . . . . 424,538 440,747 422,326 429,355 431,266 424,236 423,747 418,312

Canada . . . . . . . . . . . . . . . . . . . . . . 21,577 26,523 32,002 35,122 36,194 31,614 33,525 36,002

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 14,591 17,273 12,356 11,868 13,644 12,566 13,385 12,054

Bahamas . . . . . . . . . . . . . . . . . . . 74,844 104,934 96,525 87,645 87,026 95,123 89,755 88,386

Bermuda. . . . . . . . . . . . . . . . . . . . 8,372 8,631 4,956 5,139 4,527 4,420 4,365 5,095

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,384 9,292 24,317 20,561 26,083 23,364 24,699 24,038

British West Indies . . . . . . . . . . . . 199,955 237,571 249,273 250,680 242,591 241,328 233,395 241,546

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,314 3,174 2,891 2,917 2,986 2,898 2,527 3,270

Colombia . . . . . . . . . . . . . . . . . . . 3,220 4,674 3,747 3,447 3,671 3,358 3,292 2,918

Cuba. . . . . . . . . . . . . . . . . . . . . . . 33 13 8 8 10 10 14 33

Ecuador . . . . . . . . . . . . . . . . . . . . 899 886 1,323 1,292 1,312 1,416 1,444 1,460

Guatemala . . . . . . . . . . . . . . . . . . 1,224 1,136 1,288 1,083 1,079 1,098 1,182 1,187

Jamaica . . . . . . . . . . . . . . . . . . . . 425 541 498 567 553 581 644 642

Mexico . . . . . . . . . . . . . . . . . . . . . 28,374 12,392 24,611 23,266 25,827 27,366 25,453 27,863

Netherlands Antilles . . . . . . . . . . . 5,277 5,748 5,184 5,215 5,344 5,713 3,796 5,477

Panama . . . . . . . . . . . . . . . . . . . . 3,887 4,775 4,413 4,114 3,914 3,888 4,030 3,986

Peru . . . . . . . . . . . . . . . . . . . . . . . 966 913 987 1,076 1,025 1,041 1,089 948

Trinidad and Tobago . . . . . . . . . . 398 641 456 435 547 520 504 567

Uruguay . . . . . . . . . . . . . . . . . . . . 1,664 1,649 1,869 1,780 1,816 1,883 1,846 1,798

Venezuela . . . . . . . . . . . . . . . . . . 13,334 14,504 12,117 14,951 15,091 15,453 15,221 15,788

Other Latin America

and Caribbean . . . . . . . . . . . . . 6,084 6,115 7,241 8,307 7,854 7,847 8,090 8,442

Total Latin America

and Caribbean. . . . . . . . . . . . 372,245 434,862 454,060 444,351 444,900 449,873 434,731 445,498

See footnotes at end of table.

CAPITAL MOVEMENTS 67
Calendar year 1996

Country 1993 1994 r 1995 r May June July Aug. p Sept. p

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 4,011 10,066 33,765 24,857 25,486 28,590 34,227 32,071

Taiwan . . . . . . . . . . . . . . . . . . . 10,684 9,971 11,743 14,624 16,651 16,130 14,781 15,728

Hong Kong . . . . . . . . . . . . . . . . . . 17,724 17,956 22,694 19,434 19,135 18,683 20,364 18,845

India . . . . . . . . . . . . . . . . . . . . . . . 1,123 2,340 3,378 3,942 4,019 3,961 4,019 3,800

Indonesia . . . . . . . . . . . . . . . . . . . 2,001 1,610 2,743 2,396 2,350 2,595 2,195 2,238

Israel . . . . . . . . . . . . . . . . . . . . . . 4,453 5,160 4,064 5,128 5,211 4,487 4,407 4,177

Japan . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,045 139,915 139,201 138,184 134,705 137,973

Korea . . . . . . . . . . . . . . . . . . . . . . 4,963 5,226 5,847 5,813 6,724 5,670 5,454 5,956

Lebanon . . . . . . . . . . . . . . . . . . . . 469 503 631 678 506 616 527 600

Malaysia. . . . . . . . . . . . . . . . . . . . 1,833 1,704 2,415 2,280 2,342 2,288 2,084 2,165

Pakistan . . . . . . . . . . . . . . . . . . . . 1,216 1,309 1,703 1,264 2,262 1,348 1,803 1,712

Philippines . . . . . . . . . . . . . . . . . . 2,041 2,722 3,097 2,902 2,975 3,046 2,544 3,434

Singapore. . . . . . . . . . . . . . . . . . . 8,746 8,537 11,564 11,607 9,652 9,929 10,307 12,084

Syria. . . . . . . . . . . . . . . . . . . . . . . 365 608 858 991 1,173 286 94 60

Thailand . . . . . . . . . . . . . . . . . . . . 6,155 6,475 12,291 13,396 12,275 11,735 10,713 11,781

Oil-exporting countries 3 . . . . . . . . 15,943 15,547 16,057 14,833 13,971 13,539 14,483 15,307

Other Asia . . . . . . . . . . . . . . . . . . 2,783 3,315 2,413 2,699 2,898 3,236 3,377 3,281

Total Asia . . . . . . . . . . . . . . . . . 163,751 180,353 274,308 266,759 266,831 264,323 266,084 271,212

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,218 1,886 2,137 1,874 1,832 2,115 1,921 1,895

Ghana . . . . . . . . . . . . . . . . . . . . . 153 233 229 249 211 224 193 225

Liberia . . . . . . . . . . . . . . . . . . . . . 816 323 368 267 306 279 297 277

Morocco . . . . . . . . . . . . . . . . . . . . 100 97 104 113 115 133 121 78

South Africa . . . . . . . . . . . . . . . . . 451 440 810 813 730 712 696 546

Zaire. . . . . . . . . . . . . . . . . . . . . . . 12 9 10 16 6 13 6 6

Oil-exporting countries 4 . . . . . . . . 1,308 1,381 1,837 1,928 2,040 1,955 2,102 2,078

Other Africa . . . . . . . . . . . . . . . . . 1,612 2,223 2,271 2,267 2,375 2,233 2,029 2,440

Total Africa . . . . . . . . . . . . . . . . 6,670 6,592 7,766 7,527 7,615 7,664 7,365 7,545

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,919 5,250 5,732 5,833 8,091 8,497 5,626 5,632

All other . . . . . . . . . . . . . . . . . . . . 909 915 1,163 1,048 1,121 1,241 1,075 2,297

Total other countries . . . . . . . . . 4,828 6,165 6,895 6,881 9,212 9,738 6,701 7,929

Total foreign countries. . . . . . 993,609 1,095,242 1,197,357 1,189,995 1,196,018 1,187,448 1,172,153 1,186,498

International and regional:

International . . . . . . . . . . . . . . . . . 7,179 7,888 10,082 11,836 11,924 11,403 12,088 13,590

European regional . . . . . . . . . . . . 51 53 119 73 66 69 109 153

Latin American regional . . . . . . . . 3,276 798 1,152 909 768 1,072 1,265 1,434

Asian regional . . . . . . . . . . . . . . . 274 194 194 437 405 353 349 299

African regional . . . . . . . . . . . . . . 503 170 496 228 301 151 170 102

Middle Eastern regional . . . . . . . . 39 39 37 35 35 35 35 35

Total international

and regional. . . . . . . . . . . . . . 11,322 9,142 12,080 13,518 13,499 13,083 14,016 15,613

Grand total. . . . . . . . . . . . . . . 1,004,931 1,104,384 1,209,437 1,203,513 1,209,517 1,200,531 1,186,169 1,202,111

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized

by the United States. Data for entities of the former Yugoslavia recognized as independent states

by the United States are reported under “Other Europe” as follows: Beginning in December 1992

for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former

Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

68 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 6,507 6,017 490 3,008 3,009 128 1,070 2,961 1,382 266 57 123 27 3 12

Belgium-Luxembourg. . . 29,831 22,285 7,546 20,203 2,082 289 7,729 615 2,983 8,856 232 379 166 1,036 492

Bulgaria . . . . . . . . . . . . . 319 314 5 109 205 15 3 205 86 3 - 2 - - -

Czechoslovakia . . . . . . . 385 384 1 384 - 55 22 - 283 11 2 11 - - -

Denmark. . . . . . . . . . . . . 3,020 2,652 368 2,052 600 27 712 131 1,564 185 16 16 - 1 -

Finland . . . . . . . . . . . . . . 1,280 812 468 570 242 16 166 228 180 158 8 45 11 - -

France . . . . . . . . . . . . . . 49,067 37,101 11,966 30,299 6,802 478 12,228 5,752 3,642 13,249 136 296 54 1,266 86

Germany . . . . . . . . . . . . 30,465 23,599 6,866 18,159 5,440 443 4,841 5,154 9,025 2,678 223 555 97 583 134

Greece . . . . . . . . . . . . . . 1,892 1,852 40 1,198 654 54 153 600 474 244 47 225 12 43 18

Hungary . . . . . . . . . . . . . 1,643 1,637 6 271 1,366 39 2 915 662 15 1 3 - - -

Ireland . . . . . . . . . . . . . . 1,817 1,645 172 1,192 453 84 209 117 516 329 43 71 34 242 33

Italy. . . . . . . . . . . . . . . . . 17,273 12,509 4,764 12,020 489 326 4,844 179 5,414 1,103 180 283 29 151 113

Netherlands . . . . . . . . . . 11,309 9,626 1,683 6,788 2,838 119 2,566 820 3,066 2,513 78 163 104 197 32

Norway. . . . . . . . . . . . . . 1,659 1,622 37 549 1,073 28 20 51 1,364 84 20 37 5 13 1

Poland . . . . . . . . . . . . . . 5,170 4,863 307 2,870 1,993 29 37 1,993 2,549 249 4 2 - - -

Portugal . . . . . . . . . . . . . 1,598 1,473 125 849 624 46 402 580 171 101 20 110 10 33 17

Romania. . . . . . . . . . . . . 291 284 7 158 126 13 5 125 97 41 2 1 - - -

Russia 4 . . . . . . . . . . . . . 4,741 4,741 - 2,256 2,485 242 20 2,250 2,106 30 21 59 6 7 228

Spain . . . . . . . . . . . . . . . 22,105 20,359 1,746 8,219 12,140 268 2,388 10,193 5,845 620 118 838 39 50 22

Sweden . . . . . . . . . . . . . 2,544 1,815 729 1,583 232 150 520 89 295 336 15 40 70 300 16

Switzerland. . . . . . . . . . . 45,009 42,225 2,784 15,044 27,181 855 2,060 24,146 6,759 6,148 158 795 937 367 1,272

Turkey . . . . . . . . . . . . . . 8,160 7,992 168 1,742 6,250 109 538 6,115 770 259 23 154 12 12 1

United Kingdom . . . . . . . 160,040 133,210 26,830 121,261 11,949 1,395 24,523 4,195 17,440 71,205 708 1,958 2,225 9,561 2,415

Yugoslavia 5 . . . . . . . . . . 214 214 - 213 1 5 20 - 130 1 3 11 - 44 1

Other Europe . . . . . . . . . 11,973 11,559 414 9,347 2,212 197 4,871 1,446 4,145 530 23 206 43 98 1

Total Europe . . . . . . . . 418,312 350,790 67,522 260,344 90,446 5,410 69,949 68,860 70,948 109,214 2,138 6,383 3,881 14,007 4,894

Canada . . . . . . . . . . . . . . . 36,002 33,199 2,803 26,401 6,798 267 4,663 2,102 4,160 14,307 729 1,870 854 4,247 101

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 12,054 11,989 65 8,519 3,470 261 1,656 2,981 995 538 541 4,476 142 399 293

Bahamas . . . . . . . . . . . . 88,386 86,587 1,799 70,887 15,700 46 4,235 152 14,820 63,641 134 1,319 1,233 1,007 643

Bermuda. . . . . . . . . . . . . 5,095 4,880 215 2,202 2,678 29 238 309 1,582 229 75 418 513 1,487 238

Brazil . . . . . . . . . . . . . . . 24,038 23,857 181 22,783 1,074 287 15,091 3 4,318 383 617 2,912 40 206 123

British West Indies . . . . . 241,546 233,346 8,200 147,826 85,520 117 7,240 73 90,246 113,575 404 6,958 1,323 13,410 326

Chile. . . . . . . . . . . . . . . . 3,270 3,205 65 2,639 566 96 402 - 474 76 184 1,369 39 565 479

Colombia . . . . . . . . . . . . 2,918 2,889 29 2,768 121 58 617 - 341 37 200 1,546 12 78 106

Cuba. . . . . . . . . . . . . . . . 33 33 - 33 - 1 - - 6 - - 21 - 5 -

Ecuador . . . . . . . . . . . . . 1,460 1,449 11 1,337 112 111 248 26 233 84 141 560 6 40 16

Guatemala . . . . . . . . . . . 1,187 1,181 6 1,018 163 45 67 78 82 4 110 741 13 41 33

Jamaica . . . . . . . . . . . . . 642 623 19 577 46 48 214 28 200 35 24 68 1 5 2

Mexico . . . . . . . . . . . . . . 27,863 26,811 1,052 16,424 10,387 260 1,838 8,417 5,546 1,326 1,056 7,049 441 878 438

Netherlands Antilles . . . . 5,477 5,295 182 4,240 1,055 34 187 47 259 776 57 720 652 2,563 55

Panama . . . . . . . . . . . . . 3,986 3,950 36 3,509 441 57 195 37 222 1,027 265 1,751 124 272 105

Peru . . . . . . . . . . . . . . . . 948 936 12 916 20 36 28 - 108 34 100 614 3 13 10

Trinidad and Tobago . . . 567 565 2 474 91 9 54 - 193 60 21 191 9 28 3

Uruguay . . . . . . . . . . . . . 1,798 1,751 47 1,639 112 68 103 7 293 479 67 635 30 69 50

Venezuela . . . . . . . . . . . 15,788 15,596 192 13,011 2,585 124 2,373 1,573 2,577 227 1,046 7,130 126 420 742

Other Latin America

and Caribbean . . . . . . 8,442 8,364 78 6,999 1,365 271 1,328 827 1,008 464 605 3,190 62 609 381

Total Latin America

and Caribbean. . . . . 445,498 433,307 12,191 307,801 125,506 1,958 36,114 14,558 123,503 182,995 5,647 41,668 4,769 22,095 4,043

TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 69
Asia:

China:

Mainland . . . . . . . 32,071 32,068 3 4,714 27,354 289 1,307 9,307 18,888 1,734 30 328 35 150 15

Taiwan . . . . . . . . 15,728 15,698 30 9,216 6,482 347 2,178 6,101 4,681 411 194 1,564 29 193 216

Hong Kong . . . . . . . 18,845 17,937 908 15,282 2,655 420 1,458 404 2,936 8,336 355 2,799 179 1,050 189

India . . . . . . . . . . . . 3,800 3,793 7 1,696 2,097 387 10 1,774 526 615 34 336 2 109 7

Indonesia . . . . . . . . 2,238 2,204 34 1,356 848 269 61 816 344 239 90 369 - 16 5

Israel . . . . . . . . . . . 4,177 4,134 43 1,623 2,511 135 160 2,173 707 369 50 372 92 76 152

Japan . . . . . . . . . . . 137,973 112,572 25,401 34,507 78,065 1,242 3,686 74,889 7,839 21,201 365 641 819 1,890 182

Korea . . . . . . . . . . . 5,956 5,906 50 4,721 1,185 228 668 740 1,067 2,153 42 989 4 15 12

Lebanon . . . . . . . . . 600 600 - 591 9 26 200 - 273 7 19 67 7 1 1

Malaysia. . . . . . . . . 2,165 1,941 224 1,350 591 163 244 570 349 275 25 313 2 - -

Pakistan . . . . . . . . . 1,712 1,704 8 1,298 406 50 107 380 223 859 21 58 - 6 1

Philippines . . . . . . . 3,434 3,429 5 1,560 1,869 196 16 699 1,698 177 82 532 1 28 29

Singapore. . . . . . . . 12,084 11,871 213 10,270 1,601 437 1,398 1,175 1,842 6,224 101 199 343 152 6

Syria. . . . . . . . . . . . 60 60 - 57 3 21 1 - 4 - 6 25 2 1 1

Thailand . . . . . . . . . 11,781 11,759 22 864 10,895 129 46 10,870 351 254 45 60 1 3 -

Other Asia . . . . . . . 18,588 17,994 594 14,755 3,239 552 2,775 1,848 3,968 6,960 224 563 275 829 562

Total Asia . . . . . . 271,212 243,670 27,542 103,860 139,810 4,891 14,315 111,746 45,696 49,814 1,683 9,215 1,791 4,519 1,378

Africa:

Egypt . . . . . . . . . . . 1,895 1,894 1 910 984 108 197 966 430 69 34 83 - 7 9

Ghana . . . . . . . . . . 225 225 - 194 31 26 24 31 86 33 6 19 - - -

Liberia . . . . . . . . . . 277 268 9 197 71 1 - - - - 15 177 28 47 22

Morocco . . . . . . . . . 78 78 - 76 2 27 3 - 23 11 9 5 - - -

South Africa . . . . . . 546 482 64 473 9 86 3 1 329 2 16 38342

Zaire. . . . . . . . . . . . 6 6 -422 - -12 - -1 - -

Other Africa . . . . . . 4,518 4,486 32 4,086 400 702 905 380 1,697 268 129 385 4 16 14

Total Africa . . . . . 7,545 7,439 106 5,940 1,499 952 1,132 1,378 2,566 385 209 707 36 74 47

Other countries:

Australia . . . . . . . . . 5,632 5,522 110 3,435 2,087 1,127 73 2,011 1,246 492 130 77 45 321 2

All other . . . . . . . . . 2,297 2,261 36 2,184 77 214 7 23 1,045 507 129 289 25 22 1

Total other

countries . . . . . 7,929 7,783 146 5,619 2,164 1,341 80 2,034 2,291 999 259 366 70 343 3

Total foreign

 countries. . . . 1,186,498 1,076,188 110,310 709,965 366,223 14,819 126,253 200,678 249,164 357,714 10,665 60,209 11,401 45,285 10,466

International

and regional:

International . . . . . . 13,590 12,490 1,100 12,204 286 13 4,851 286 7,340 - - - - - -

European regional . 153 153 - 139 14 6 103 14 30 ------

Latin American

regional . . . . . . . . 1,434 1,193 241 1,150 43 5 451 43 694 - - - - - -

Asian regional . . . . 299 299 - 92 207 - 1 56 242 - - - - - -

African regional . . . 102 102 - 52 50 2 20 - 80 - - - - - -

Middle Eastern

regional . . . . . . . . 35 35 - 35 - - 35 - - - - - - - -

Total international

and regional. . . 15,613 14,272 1,341 13,672 600 26 5,461 399 8,386 - - - - - -

Grand total. . . . 1,202,111 1,090,460 111,651 723,637 366,823 14,845 131,714 201,077 257,550 357,714 10,665 60,209 11,401 45,285 10,466

1

 These data as of June 30, 1996. 

2

 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in "Other Asia" and "Other Africa" amount to $842 million. 

4

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

5

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under "Other Europe" as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

70 CAPITAL MOVEMENTS
CHART CM-A.--U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1992 1993 1994 1995 Sept. 1996

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 125,388 150,912 187,161 161,193 160,040 

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 221,194 273,626 253,586 261,133 258,272 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 260,020 292,335 361,659 360,351 344,490 

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 87,304 139,045 137,973 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,870 84,510 93,049 135,263 133,239 

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,207 880,624 982,759 1,056,985 1,034,014 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 110,848 124,307 121,625 152,452 168,097 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883,055 1,004,931 1,104,384 1,209,437 1,202,111 

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

concentrated in international financial centers. The

chart and table show that close to two-thirds of U.S.

liabilities are currently reported opposite the United

Kingdom, the rest of Europe and, most notably, the

offshore banking centers in the Caribbean. Also significant are the U.S. liabilities to foreigners reported

against Japan and the rest of Asia.

Total U.S. banking liabilities to foreigners, which

expanded $105.1 billion in 1995, declined by $7.3

billion through the third quarter of 1996. Liabilities

to foreigners in the United Kingdom, other Europe,

Japan, and other Asia fell a combined $7.1 billion,

reflecting very marginal changes from 1995 levels.

Liabilities opposite the United Kingdom and other

Europe have remained in a narrow range in recent

years, whereas the growth in liabilities to Japan and

other Asia that occurred in 1995 appears to have

slowed. Also, U.S. liabilities to foreigners in the

Caribbean banking centers dropped by $15.9 billion

through the third quarter, resulting in the lowest level

of liabilities opposite these centers since 1993.

Meanwhile, offsetting these declines was an increase

of $15.6 billion in U.S. liabilities to “all other countries.”

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 71
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar Year 1994 1995 1996

Type of claim 1993 Dec. r Mar. r June r Sept. r Dec. r Mar. June p 

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

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 650,689 671,138 698,479 743,672 729,258 735,678 735,409 734,644

Payable in dollars. . . . . . . . . . . . . . . . . . 575,818 599,549 616,948 656,373 653,076 655,518 659,897 661,316

Banks’ own claims on foreigners . . . . 488,497 483,270 494,436 527,762 523,456 532,751 531,842 536,239

Foreign public borrowers. . . . . . . . . 29,228 23,416 23,809 23,815 22,454 22,522 27,751 22,950

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 49,892 59,250 53,676 59,152 51,089 37,658 42,153 33,998

Other . . . . . . . . . . . . . . . . . . . . . . 50,973 49,978 53,622 55,612 59,791 63,752 61,365 71,350

Own foreign offices . . . . . . . . . . . . . . . 285,510 283,183 292,367 305,180 302,661 307,509 298,122 307,792

All other foreigners . . . . . . . . . . . . . . . 72,894 67,443 70,962 84,003 87,461 101,310 102,451 100,149

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 87,321 116,279 122,512 128,611 129,620 122,767 128,055 125,077

Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 64,829 67,152 69,579 66,810 58,519 68,837 71,441

Negotiable and readily

transferable instruments . . . . . . . 31,186 36,008 38,305 39,237 44,223 44,161 41,401 37,331

Collections and other. . . . . . . . . . . . 14,401 15,442 17,055 19,795 18,587 20,087 17,817 16,305

Payable in foreign currencies. . . . . . . . . 74,871 71,589 81,531 87,299 76,182 80,160 75,512 73,328

Banks’ own claims on foreigners . . . . 62,017 60,711 72,652 77,055 69,558 74,015 69,159 65,864

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 12,854 10,878 8,879 10,244 6,624 6,145 6,353 7,464

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . 236,968 253,009 256,547 265,851 254,637 255,036 245,794 241,509

Payable in dollars . . . . . . . . . . . . . . . . 194,699 212,096 206,695 211,092 206,208 202,412 199,104 198,043

Payable in foreign currencies . . . . . . . 42,269 40,913 49,852 54,759 48,429 52,624 46,690 43,466

Customer liability on acceptances . . . . . 7,920 8,427 8,439 8,792 8,821 8,410 9,031 9,335

Claims with remaining maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 17,828 15,435 15,482 15,822 14,192 15,015 19,567 14,847

On all other unaffiliated foreigners . . . . . 154,834 152,924 151,309 172,481 167,814 163,770 174,175 171,129

Claims with remaining maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 10,874 7,838 8,150 7,892 8,220 7,506 8,104 8,130

On all other unaffiliated foreigners . . . . . 19,030 23,873 26,882 26,184 30,213 38,850 31,712 34,388

72 CAPITAL MOVEMENTS
TABLE CM-II-2.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995 1996

Country 1993 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 950 1,889 1,760 1,831 2,098 1,961 2,348 2,078

Belgium-Luxembourg. . . . . . . . . . 8,944 10,166 10,742 8,187 10,764 12,124 10,078 10,544

Bulgaria . . . . . . . . . . . . . . . . . . . . 68 7 7 6 83 7 4 2

Czechoslovakia . . . . . . . . . . . . . . 135 84 68 41 70 166 153 111

Denmark. . . . . . . . . . . . . . . . . . . . 1,236 1,562 1,578 1,872 1,778 2,027 2,317 2,287

Finland . . . . . . . . . . . . . . . . . . . . . 933 813 787 1,028 1,470 1,569 2,148 1,182

France . . . . . . . . . . . . . . . . . . . . . 19,175 21,493 24,486 24,329 25,310 24,031 27,063 23,788

Germany . . . . . . . . . . . . . . . . . . . 15,947 18,425 20,601 21,633 19,159 20,814 18,689 25,783

Greece . . . . . . . . . . . . . . . . . . . . . 1,621 1,105 1,118 905 792 923 885 940

Hungary . . . . . . . . . . . . . . . . . . . . 46 41 143 13 9 24 31 18

Ireland . . . . . . . . . . . . . . . . . . . . . 366 513 411 499 621 1,143 1,391 1,006

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,951 10,550 10,767 11,160 9,468 8,789 9,977 9,802

Netherlands . . . . . . . . . . . . . . . . . 4,894 5,354 6,781 8,670 9,126 9,200 9,972 10,582

Norway. . . . . . . . . . . . . . . . . . . . . 517 544 1,569 1,260 1,719 735 1,326 1,654

Poland . . . . . . . . . . . . . . . . . . . . . 454 413 383 473 1,153 1,474 2,875 2,076

Portugal . . . . . . . . . . . . . . . . . . . . 1,093 1,177 1,225 2,149 1,204 1,042 995 942

Romania. . . . . . . . . . . . . . . . . . . . 117 238 222 210 199 179 192 71

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,453 1,395 1,001 926 793 1,069 1,132 748

Spain . . . . . . . . . . . . . . . . . . . . . . 6,977 5,583 6,639 6,407 4,841 3,842 6,705 3,441

Sweden . . . . . . . . . . . . . . . . . . . . 6,799 8,930 7,191 7,582 7,712 9,367 6,408 6,329

Switzerland. . . . . . . . . . . . . . . . . . 12,520 12,955 16,190 18,885 20,291 18,568 13,369 19,340

Turkey . . . . . . . . . . . . . . . . . . . . . 3,280 3,032 2,495 2,826 2,901 2,834 2,852 2,960

United Kingdom . . . . . . . . . . . . . . 86,628 96,829 101,465 99,992 89,167 103,375 109,670 111,085

Yugoslavia 2 . . . . . . . . . . . . . . . . . 491 275 253 235 240 150 121 164

Other Europe . . . . . . . . . . . . . . . . 847 720 798 436 518 3,901 3,037 2,318

Total Europe . . . . . . . . . . . . . . . 190,442 204,093 218,680 221,555 211,486 229,314 233,738 239,251

Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 33,067 41,964 41,749 39,609 35,840 31,625 37,579

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 4,631 6,075 6,461 6,786 6,392 6,759 6,563 6,871

Bahamas . . . . . . . . . . . . . . . . . . . 65,745 69,894 67,510 69,340 65,833 61,477 68,778 63,955

Bermuda. . . . . . . . . . . . . . . . . . . . 9,101 8,666 8,952 8,640 6,207 6,226 6,144 5,059

Brazil . . . . . . . . . . . . . . . . . . . . . . 12,739 10,574 12,090 12,866 14,916 14,826 15,641 16,844

British West Indies . . . . . . . . . . . . 116,444 125,436 121,119 137,766 147,209 148,513 143,681 131,119

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,876 4,376 4,812 4,707 4,728 5,344 4,824 4,641

Colombia . . . . . . . . . . . . . . . . . . . 3,566 4,369 4,310 4,355 4,705 4,892 4,873 4,940

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - -1 - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 750 717 593 778 830 846 992 999

Guatemala . . . . . . . . . . . . . . . . . . 309 385 391 356 378 472 482 476

Jamaica . . . . . . . . . . . . . . . . . . . . 205 262 291 404 292 329 338 367

Mexico . . . . . . . . . . . . . . . . . . . . . 24,365 23,405 22,354 23,196 21,213 21,379 19,903 19,564

Netherlands Antilles . . . . . . . . . . . 2,770 1,426 1,236 3,183 6,273 9,850 11,547 13,374

Panama . . . . . . . . . . . . . . . . . . . . 2,964 2,293 2,593 2,647 2,909 3,347 2,942 2,762

Peru . . . . . . . . . . . . . . . . . . . . . . . 686 1,072 1,142 1,406 1,513 1,880 1,957 2,442

Trinidad and Tobago . . . . . . . . . . 497 473 516 484 487 485 478 513

Uruguay . . . . . . . . . . . . . . . . . . . . 1,010 554 406 438 453 534 693 696

Venezuela . . . . . . . . . . . . . . . . . . 4,069 2,803 2,500 2,525 2,318 2,536 2,293 2,161

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,218 3,504 3,293 3,291 3,505 2,979 3,188 3,696

Total Latin America

and Caribbean . . . . . . . . . . . . . 256,945 266,284 260,569 283,168 290,162 292,674 295,317 280,479

See footnotes at end of table.

CAPITAL MOVEMENTS 73
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized

by the United States. Data for entities of the former Yugoslavia recognized as independent states

by the United States are reported under “Other Europe” as follows: Beginning in December

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the

Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1994 1995 1996

Country 1993 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p

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

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 2,371 888 962 1,423 1,476 1,176 2,699 2,342

Taiwan . . . . . . . . . . . . . . . . . . . 2,670 1,548 1,639 1,906 1,685 1,836 1,896 1,602

Hong Kong . . . . . . . . . . . . . . . . . . 13,571 11,541 17,113 18,816 19,545 16,864 18,246 19,159

India . . . . . . . . . . . . . . . . . . . . . . . 665 1,069 1,149 1,335 2,052 1,946 1,989 1,942

Indonesia . . . . . . . . . . . . . . . . . . . 1,856 1,717 1,770 2,771 3,983 2,016 1,990 1,872

Israel . . . . . . . . . . . . . . . . . . . . . . 5,944 5,533 5,987 6,018 5,431 5,345 5,254 5,056

Japan . . . . . . . . . . . . . . . . . . . . . . 90,387 93,196 97,255 108,044 100,155 98,737 88,284 84,862

Korea . . . . . . . . . . . . . . . . . . . . . . 7,714 10,508 12,466 13,650 13,182 14,438 17,673 19,830

Lebanon . . . . . . . . . . . . . . . . . . . . 53 57 57 63 62 44 38 38

Malaysia. . . . . . . . . . . . . . . . . . . . 739 758 1,010 1,351 1,298 1,170 806 1,190

Pakistan . . . . . . . . . . . . . . . . . . . . 858 641 846 1,005 1,140 571 997 1,143

Philippines . . . . . . . . . . . . . . . . . . 1,513 757 646 1,008 812 1,481 1,352 1,501

Singapore. . . . . . . . . . . . . . . . . . . 7,280 5,376 5,277 9,206 6,914 6,383 6,703 9,258

Syria. . . . . . . . . . . . . . . . . . . . . . . 45 73 74 65 75 94 63 91

Thailand . . . . . . . . . . . . . . . . . . . . 2,451 3,094 3,004 3,223 2,858 2,806 3,260 3,308

Oil-exporting countries 3

. . . . . . . . 15,948 14,450 13,688 13,521 12,804 10,562 8,302 9,856

Other Asia . . . . . . . . . . . . . . . . . . 650 523 567 439 347 484 381 353

Total Asia . . . . . . . . . . . . . . . . . 154,715 151,729 163,510 183,844 173,819 165,953 159,933 163,403

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 207 249 223 224 222 233 268 219

Ghana . . . . . . . . . . . . . . . . . . . . . 22 6 8 9 8 18 6 17

Liberia . . . . . . . . . . . . . . . . . . . . . 996 598 564 532 576 576 608 525

Morocco . . . . . . . . . . . . . . . . . . . . 752 876 620 845 823 720 882 1,048

South Africa . . . . . . . . . . . . . . . . . 662 768 751 677 546 606 657 615

Zaire. . . . . . . . . . . . . . . . . . . . . . . 43232111

Oil-exporting countries 4

. . . . . . . . 1,184 1,003 848 761 717 654 615 563

Other Africa . . . . . . . . . . . . . . . . . 606 506 542 527 790 682 581 598

Total Africa . . . . . . . . . . . . . . . . 4,433 4,009 3,558 3,578 3,684 3,490 3,618 3,586

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,063 5,441 4,153 5,002 5,927 4,919 5,583 5,502

All other . . . . . . . . . . . . . . . . . . . . 1,046 1,599 2,063 2,076 1,672 1,557 1,781 1,791

Total other countries . . . . . . . . . 6,109 7,040 6,216 7,078 7,599 6,476 7,364 7,293

Total foreign countries. . . . . . 648,220 666,222 694,497 740,972 726,359 733,747 731,595 731,591

International and regional:

International . . . . . . . . . . . . . . . . . 2,393 4,783 3,887 2,536 2,811 1,837 3,726 2,985

European regional . . . . . . . . . . . . 2 40 15 96 - - 3 -

Latin American regional . . . . . . . . 69 93 80 68 88 94 85 66

Asian regional . . . . . . . . . . . . . . . --------

African regional . . . . . . . . . . . . . . - - - - - - -2

Middle Eastern regional . . . . . . . . 5 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 2,469 4,916 3,982 2,700 2,899 1,931 3,814 3,053

Grand total. . . . . . . . . . . . . . . 650,689 671,138 698,479 743,672 729,258 735,678 735,409 734,644

74 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,078 1,154 901 187 66 17 924 904 20

Belgium-Luxembourg . . . . . . . . . . 10,544 8,271 5,198 1,723 1,350 2 2,273 2,213 60

Bulgaria . . . . . . . . . . . . . . . . . . . . 221 -1 - - - -

Czechoslovakia . . . . . . . . . . . . . . 111 97 42 50 5 - 14 1 13

Denmark. . . . . . . . . . . . . . . . . . . . 2,287 514 317 115 82 - 1,773 1,697 76

Finland . . . . . . . . . . . . . . . . . . . . . 1,182 1,128 184 829 115 - 54 31 23

France . . . . . . . . . . . . . . . . . . . . . 23,788 15,480 7,185 4,583 3,712 18 8,308 7,830 478

Germany. . . . . . . . . . . . . . . . . . . . 25,783 14,319 5,949 5,882 2,488 2 11,464 10,946 518

Greece . . . . . . . . . . . . . . . . . . . . . 940 595 543 20 32 1 345 313 32

Hungary . . . . . . . . . . . . . . . . . . . . 18 5 5 - - - 13 - 13

Ireland. . . . . . . . . . . . . . . . . . . . . . 1,006 866 664 154 48 - 140 129 11

Italy. . . . . . . . . . . . . . . . . . . . . . . . 9,802 8,157 3,487 2,234 2,436 8 1,645 1,283 362

Netherlands . . . . . . . . . . . . . . . . . 10,582 6,789 3,609 2,937 243 6 3,793 3,693 100

Norway . . . . . . . . . . . . . . . . . . . . . 1,654 1,280 379 864 37 - 374 362 12

Poland . . . . . . . . . . . . . . . . . . . . . 2,076 1,752 1,378 65 309 1 324 206 118

Portugal . . . . . . . . . . . . . . . . . . . . 942 867 378 326 163 14 75 67 8

Romania . . . . . . . . . . . . . . . . . . . . 71 71 48 23 - - - - -

Russia 1 . . . . . . . . . . . . . . . . . . . . 748 600 409 31 160 6 148 6 142

Spain . . . . . . . . . . . . . . . . . . . . . . 3,441 2,745 1,232 1,287 226 6 696 640 56

Sweden. . . . . . . . . . . . . . . . . . . . . 6,329 3,025 1,137 1,662 226 - 3,304 3,113 191

Switzerland. . . . . . . . . . . . . . . . . . 19,340 15,879 2,474 9,671 3,734 15 3,461 3,386 75

Turkey. . . . . . . . . . . . . . . . . . . . . . 2,960 968 857 76 35 111 1,992 1,957 35

United Kingdom . . . . . . . . . . . . . . 111,085 86,372 27,858 47,955 10,559 217 24,713 23,479 1,234

Yugoslavia 2 . . . . . . . . . . . . . . . . . 164 164 164 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 2,318 1,304 955 152 197 3 1,014 972 42

Total Europe . . . . . . . . . . . . . . . 239,251 172,404 65,354 80,826 26,224 427 66,847 63,228 3,619

Canada . . . . . . . . . . . . . . . . . . . . . . 37,579 24,424 10,486 11,760 2,178 9 13,155 12,522 633

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,871 6,554 5,420 1,028 106 73 317 308 9

Bahamas . . . . . . . . . . . . . . . . . . . 63,955 61,382 6,921 53,687 774 20 2,573 2,572 1

Bermuda. . . . . . . . . . . . . . . . . . . . 5,059 4,812 3,620 - 1,192 14 247 247 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 16,844 15,081 11,688 3,388 5 1,235 1,763 1,558 205

British West Indies . . . . . . . . . . . . 131,119 113,257 22,152 80,517 10,588 98 17,862 17,855 7

Chile . . . . . . . . . . . . . . . . . . . . . . . 4,641 4,564 4,222 166 176 24 77 75 2

Colombia . . . . . . . . . . . . . . . . . . . 4,940 4,541 4,500 38 3 62 399 397 2

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 999 966 863 99 4 52 33 33 -

Guatemala . . . . . . . . . . . . . . . . . . 476 452 447 5 - 22 24 24 -

Jamaica . . . . . . . . . . . . . . . . . . . . 367 359 354 5 - 3 8 8 -

Mexico . . . . . . . . . . . . . . . . . . . . . 19,564 17,365 16,645 175 545 687 2,199 1,073 1,126

Netherlands Antilles . . . . . . . . . . . 13,374 13,298 12,771 117 410 - 76 76 -

Panama . . . . . . . . . . . . . . . . . . . . 2,762 2,719 1,670 897 152 106 43 43 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 2,442 2,405 2,216 179 10 58 37 29 8

Trinidad and Tobago . . . . . . . . . . 513 507 504 - 3266 -

Uruguay . . . . . . . . . . . . . . . . . . . . 696 624 404 219 1 8 72 72 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,161 1,566 1,345 45 176 6 595 594 1

Other Latin America

and Caribbean. . . . . . . . . . . . . . 3,696 3,591 2,251 1,316 24 95 105 105 -

Total Latin America

and Caribbean . . . . . . . . . . . . 280,479 254,043 97,993 141,881 14,169 2,565 26,436 25,075 1,361

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1996

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

See footnotes at end of table.

CAPITAL MOVEMENTS 75
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1996, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 2,342 2,161 1,936 205 20 53 181 181 -

Taiwan . . . . . . . . . . . . . . . . . . . 1,602 1,491 489 1,001 1 78 111 66 45

Hong Kong . . . . . . . . . . . . . . . . . . 19,159 17,473 7,066 8,931 1,476 119 1,686 1,628 58

India . . . . . . . . . . . . . . . . . . . . . . . 1,942 1,809 1,644 150 15 300 133 80 53

Indonesia . . . . . . . . . . . . . . . . . . . 1,872 1,640 1,400 162 78 174 232 202 30

Israel . . . . . . . . . . . . . . . . . . . . . . 5,056 621 424 196 1 20 4,435 4,434 1

Japan . . . . . . . . . . . . . . . . . . . . . . 84,862 73,222 14,520 39,485 19,217 804 11,640 10,713 927

Korea . . . . . . . . . . . . . . . . . . . . . . 19,830 19,338 12,357 6,904 77 4,107 492 241 251

Lebanon . . . . . . . . . . . . . . . . . . . . 38 26 24 2 - 11 12 12 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,190 1,012 261 684 67 3 178 140 38

Pakistan . . . . . . . . . . . . . . . . . . . . 1,143 1,097 529 561 7 29 46 38 8

Philippines . . . . . . . . . . . . . . . . . . 1,501 1,396 967 331 98 49 105 99 6

Singapore. . . . . . . . . . . . . . . . . . . 9,258 7,604 2,727 3,629 1,248 38 1,654 1,607 47

Syria. . . . . . . . . . . . . . . . . . . . . . . 91 90 90 - - - 1 1 -

Thailand . . . . . . . . . . . . . . . . . . . . 3,308 3,225 1,068 2,126 31 296 83 58 25

Other Asia . . . . . . . . . . . . . . . . . . 10,209 9,022 1,867 6,638 517 81 1,187 1,158 29

Total Asia . . . . . . . . . . . . . . . . . 163,403 141,227 47,369 71,005 22,853 6,162 22,176 20,658 1,518

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 219 205 181 17 7 22 14 13 1

Ghana . . . . . . . . . . . . . . . . . . . . . 17 17 17 - - 1 - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 525 525 525 - - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 1,048 649 638 1 10 28 399 399 -

South Africa . . . . . . . . . . . . . . . . . 615 540 515 - 25 19 75 31 44

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,161 852 814 32 6 23 309 301 8

Total Africa . . . . . . . . . . . . . . . . 3,586 2,789 2,691 50 48 93 797 744 53

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,502 2,662 1,250 1,263 149 75 2,840 2,683 157

All other . . . . . . . . . . . . . . . . . . . . 1,791 1,505 275 1,007 223 4 286 167 119

Total other countries . . . . . . . . . 7,293 4,167 1,525 2,270 372 79 3,126 2,850 276

Total foreign countries. . . . . . 731,591 599,054 225,418 307,792 65,844 9,335 132,537 125,077 7,460

International and regional:

International . . . . . . . . . . . . . . . . . 2,985 2,981 2,961 - 20 - 4 - 4

European regional . . . . . . . . . . . . - - -------

Latin American regional . . . . . . . . 66 66 66 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . 2 2 2 ------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 3,053 3,049 3,029 - 20 - 4 - 4

Grand total. . . . . . . . . . . . . . . 734,644 602,103 228,447 307,792 65,864 9,335 132,541 125,077 7,464

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

76 CAPITAL MOVEMENTS
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Total liabilities Total banks’ own claims

Calendar year 1996 Calendar year 1996

Country 1994 1995 June 1994 1995 June

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

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 183 266 160 11 n.a. n.a.

Iceland . . . . . . . . . . . . . . . . . . . . . 36 41 32 14 9 13

Monaco . . . . . . . . . . . . . . . . . . . . 777 768 574 64 n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 152 196 142 13 9 9

Barbados . . . . . . . . . . . . . . . . . . . 545 795 944 n.a. n.a. n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 71 72 84 n.a. 21 14

Bolivia. . . . . . . . . . . . . . . . . . . . . . 438 653 692 207 253 291

Costa Rica . . . . . . . . . . . . . . . . . . 1,014 1,037 1,091 404 292 229

Dominica . . . . . . . . . . . . . . . . . . . 28 8 13 n.a. n.a. n.a.

Dominican Republic . . . . . . . . . . . 879 1,133 1,180 254 364 446

El Salvador. . . . . . . . . . . . . . . . . . 762 826 967 330 591 538

French West Indies and

French Guiana . . . . . . . . . . . . . n.a. 35 32 1 2 n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 241 318 286 7 17 18

Honduras . . . . . . . . . . . . . . . . . . . 633 650 689 151 174 190

Nicaragua. . . . . . . . . . . . . . . . . . . 191 201 n.a. 10 9 7

Paraguay . . . . . . . . . . . . . . . . . . . 592 554 656 138 153 168

Suriname . . . . . . . . . . . . . . . . . . . 61 94 114 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 71 60 49 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . n.a. 13 16 - n.a. n.a.

Cambodia (formerly Kampuchea) n.a. n.a. n.a. - n.a. -

Jordan . . . . . . . . . . . . . . . . . . . . . 192 244 238 71 89 82

Macau . . . . . . . . . . . . . . . . . . . . . 32 61 78 n.a. 24 n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . n.a. 147 148 n.a. - n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . 229 n.a. 135 189 n.a. n.a.

Vietnam . . . . . . . . . . . . . . . . . . . . 555 527 n.a. n.a. n.a. n.a.

Yemen (Aden) . . . . . . . . . . . . . . . ----- -

Yemen (Sanaa) . . . . . . . . . . . . . . 161 92 183 n.a. n.a. 5

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 72 145 126 n.a. n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 6 14 11 2 1 3

Djibouti . . . . . . . . . . . . . . . . . . . . . n.a. 72 n.a. n.a. * n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . 337 n.a. 252 15 10 10

Guinea . . . . . . . . . . . . . . . . . . . . . 14 19 10 1 n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 40 47 n.a. 15 n.a. 14

Kenya. . . . . . . . . . . . . . . . . . . . . . 224 114 240 19 2 35

Madagascar . . . . . . . . . . . . . . . . . 14 21 15 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 48 98 67 n.a. 4 n.a.

Mozambique. . . . . . . . . . . . . . . . . 88 119 96 n.a. * n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 3 2 4 - - n.a.

Rwanda . . . . . . . . . . . . . . . . . . . . n.a. 37 49 - n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. n.a. 10 6 3 n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 21 14 18 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 38 31 31 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 191 288 247 4 n.a. n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 53 32 56 77 92 154

Uganda. . . . . . . . . . . . . . . . . . . . . 200 n.a. n.a. 8 8 5

Zambia . . . . . . . . . . . . . . . . . . . . . 72 36 53 n.a. n.a. n.a.

Zimbabwe. . . . . . . . . . . . . . . . . . . 143 138 108 25 46 26

All other:

New Zealand . . . . . . . . . . . . . . . . n.a. 758 569 900 n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. n.a. 117 2 n.a. 9

* Less than $500,000. 

 Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates

for the “other” geographical categories in the regular monthly series in the “Treasury Bulletin.”

CAPITAL MOVEMENTS 77
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are highly

concentrated in international financial centers. The

chart and table show that close to two-thirds of U.S.

claims are currently reported opposite the United

Kingdom, other Europe and, most notably, the offshore banking centers in the Caribbean. Also significant are U.S. claims on foreigners reported against

Japan and other Asia.

Total U.S. banking claims on foreigners, which

expanded $64.6 billion in 1995, were almost unchanged through the first half of 1996, falling just

$1.1 billion. This marginal net decline is the result of

offsetting changes in claims on different regions.

U.S. claims on foreigners in the United Kingdom,

other Europe, Asia excluding Japan, and “all other

countries” increased $25.9 billion as of the end of

June 1996, with claims on the United Kingdom alone

rising $7.7 billion. Claims on the Caribbean banking

centers and Japan fell a total of $27 billion. The

largest change in U.S. claims through the first half of

1996 is the $13.9 billion, or 14 percent, drop in claims

on Japan, the lowest level of U.S. claims on Japan

over the period shown.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1992 1993 1994 1995 June 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 86,628 96,829 103,375 111,085 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,264 125,939 128,166 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,024 207,715 229,413 216,269 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,737 84,862 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,328 58,533 67,216 78,541 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,181 563,537 624,680 618,923 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 108,508 107,601 110,998 115,721 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626,726 650,689 671,138 735,678 734,644 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

78 CAPITAL MOVEMENTS
SECTION IV.--Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.--Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Type of liability or claim 1992 1993 1994 June Sept. Dec. Mar. June p

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

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 49,973 47,673 46,448 49,907 48,971

Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 34,281 33,908 33,903 36,273 35,366

Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 15,028 13,872 12,903 13,831 12,185

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 9,248 8,749 9,996 9,934 10,130

Advance receipts and other. . . . . . . 11,817 12,314 10,620 10,005 11,287 11,004 12,508 13,051

Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 15,692 13,765 12,545 13,634 13,605

Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 14,254 12,365 11,338 12,739 12,632

Commercial:

Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,279 1,312 1,017 881 959

Advance receipts and other. . . . . . . 287 255 730 159 88 190 14 14

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 58,051 53,424 52,509 55,394 58,829

Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 54,138 49,696 48,711 50,995 53,984

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 21,351 17,393 14,654 17,044 17,926

Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 11,370 10,689 10,976 11,278 13,217

Commercial:

Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 19,360 19,530 20,993 20,195 20,307

Advance payments and other . . . . . 2,330 2,455 2,157 2,057 2,084 2,088 2,478 2,534

Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,913 3,728 3,798 4,399 4,845

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 695 581 479 551 438

Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,158 1,228 1,289 1,887 2,397

Commercial:

Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,966 1,879 2,005 1,928 1,969

Advance payments and other . . . . . 227 508 676 94 40 25 33 41

CAPITAL MOVEMENTS 79
TABLE CM-IV-2.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 June Sept. Dec. Mar. June p

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 130 107 58 70 49 56 44 30 43

Belgium-Luxembourg. . . . . . . . . . 464 712 414 736 1,089 696 700 853 824

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 13 3 5 7 3 1 2 1

Czechoslovakia . . . . . . . . . . . . . . 4 14 8 6 7 21 26 21 4

Denmark. . . . . . . . . . . . . . . . . . . . 63 38 49 277 598 619 138 143 150

Finland . . . . . . . . . . . . . . . . . . . . . 449 387 362 236 210 192 179 277 307

France . . . . . . . . . . . . . . . . . . . . . 3,145 2,323 3,194 2,455 1,605 1,893 1,480 2,327 1,539

Germany . . . . . . . . . . . . . . . . . . . 1,734 1,618 1,659 2,565 2,145 2,330 2,741 3,028 2,689

Greece . . . . . . . . . . . . . . . . . . . . . 178 201 252 196 21 68 89 44 48

Hungary . . . . . . . . . . . . . . . . . . . . 26 67 3647987

Ireland . . . . . . . . . . . . . . . . . . . . . 702 614 485 449 417 401 414 399 353

Italy. . . . . . . . . . . . . . . . . . . . . . . . 606 430 485 359 347 291 374 486 485

Netherlands . . . . . . . . . . . . . . . . . 1,766 1,141 1,222 1,274 978 1,040 966 1,138 1,061

Norway. . . . . . . . . . . . . . . . . . . . . 527 283 359 176 333 276 209 389 277

Poland . . . . . . . . . . . . . . . . . . . . . 32 31 15 17 12 7 7 13 32

Portugal . . . . . . . . . . . . . . . . . . . . 55 16 24 35 38 43 35 20 26

Romania. . . . . . . . . . . . . . . . . . . . 40 33 6 8 5 4 3 6 8

Spain . . . . . . . . . . . . . . . . . . . . . . 412 161 164 127 147 170 171 120 162

Sweden . . . . . . . . . . . . . . . . . . . . 355 322 286 242 212 243 233 214 240

Switzerland. . . . . . . . . . . . . . . . . . 983 919 1,009 1,015 1,488 1,203 1,308 1,688 1,672

Turkey . . . . . . . . . . . . . . . . . . . . . 65 116 104 109 54 63 118 96 95

United Kingdom . . . . . . . . . . . . . . 8,825 11,115 15,335 17,987 15,040 13,869 13,706 13,771 14,056

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 59 62 60 84 119 96 177 143 63

Yugoslavia 2 . . . . . . . . . . . . . . . . . 39 10 9 12 5 6 6 6 73

Other Europe . . . . . . . . . . . . . . . . 36 52 36 30 69 67 188 153 143

Total Europe . . . . . . . . . . . . . . . 20,704 20,785 25,601 28,476 24,999 23,664 23,322 25,375 24,358

Canada . . . . . . . . . . . . . . . . . . . . . . 1,306 1,546 1,738 1,666 2,039 2,016 1,672 2,125 1,949

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 22 86 36 88 92 91 136 120 147

Bahamas . . . . . . . . . . . . . . . . . . . 540 382 137 120 84 80 60 106 66

Bermuda. . . . . . . . . . . . . . . . . . . . 424 421 350 425 535 363 352 696 537

Brazil . . . . . . . . . . . . . . . . . . . . . . 225 228 232 368 165 254 155 185 127

British West Indies . . . . . . . . . . . . 3,631 2,883 1,387 1,021 1,042 935 922 956 836

Chile. . . . . . . . . . . . . . . . . . . . . . . 41 51 89 44 46 61 76 100 134

Colombia . . . . . . . . . . . . . . . . . . . 16 19 34 19 56 41 63 44 92

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - 1 1 1 - 11

Ecuador . . . . . . . . . . . . . . . . . . . . 15 13 18 33 18 45 26 28 34

Guatemala . . . . . . . . . . . . . . . . . . 6 9 6 8 9 5 4 5 12

Jamaica . . . . . . . . . . . . . . . . . . . . 6 9 6 14 15 16 18 14 18

Mexico . . . . . . . . . . . . . . . . . . . . . 314 469 498 574 423 360 428 484 486

Netherlands Antilles . . . . . . . . . . . 642 626 633 645 657 624 635 628 12

Panama . . . . . . . . . . . . . . . . . . . . 6 36 8 50 16 6 23 4 13

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 10 13 30 43 55 21 21 37

Trinidad and Tobago . . . . . . . . . . 17 17 18 25 12 13 13 26 47

Uruguay . . . . . . . . . . . . . . . . . . . . 1 3 1 1 3 3 3 4 13

Venezuela . . . . . . . . . . . . . . . . . . 98 148 128 281 208 178 223 245 284

Other Latin America

and Caribbean . . . . . . . . . . . . . 125 176 218 145 361 380 364 320 364

Total Latin America

and Caribbean. . . . . . . . . . . . 6,139 5,586 3,812 3,891 3,786 3,511 3,523 3,986 3,270

See footnotes at end of table.

80 CAPITAL MOVEMENTS
TABLE CM-IV-2.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 June Sept. Dec. Mar. June p

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

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 621 566 723 597 605 543 579 483 649

Taiwan . . . . . . . . . . . . . . . . . . . 773 810 579 853 420 559 451 412 269

Hong Kong . . . . . . . . . . . . . . . . . . 801 884 785 805 682 686 646 729 728

India . . . . . . . . . . . . . . . . . . . . . . . 61 164 91 59 127 212 196 220 291

Indonesia . . . . . . . . . . . . . . . . . . . 176 207 363 296 317 330 350 263 281

Israel . . . . . . . . . . . . . . . . . . . . . . 124 181 229 141 77 118 99 132 110

Japan . . . . . . . . . . . . . . . . . . . . . . 7,837 8,362 9,201 11,869 10,672 9,783 8,751 9,705 9,994

Korea . . . . . . . . . . . . . . . . . . . . . . 1,549 1,722 1,701 1,736 1,756 1,490 1,433 1,305 1,472

Lebanon . . . . . . . . . . . . . . . . . . . . 3 16 22 14 20 47 61 36 60

Malaysia. . . . . . . . . . . . . . . . . . . . 304 613 475 178 234 309 297 298 525

Pakistan . . . . . . . . . . . . . . . . . . . . 25 21 26 27 39 98 80 39 68

Philippines . . . . . . . . . . . . . . . . . . 25 53 57 50 70 62 60 52 60

Singapore. . . . . . . . . . . . . . . . . . . 578 590 733 622 703 739 819 742 690

Syria. . . . . . . . . . . . . . . . . . . . . . . 2 50 11 24 23 29 50 22 11

Thailand . . . . . . . . . . . . . . . . . . . . 255 179 259 194 312 403 392 421 436

Oil-exporting countries 3

. . . . . . . . 1,511 1,908 1,557 1,611 1,815 1,672 1,939 1,773 1,810

Other Asia . . . . . . . . . . . . . . . . . . 70 86 79 68 129 142 206 232 286

Total Asia . . . . . . . . . . . . . . . . . 14,715 16,412 16,891 19,144 18,001 17,222 16,409 16,864 17,740

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 158 89 111 48 56 115 157 163 216

Ghana . . . . . . . . . . . . . . . . . . . . . - - 1 - 6 7 16 17 8

Liberia . . . . . . . . . . . . . . . . . . . . . - 2 1 - 15 16 - 4 1

Morocco . . . . . . . . . . . . . . . . . . . . 36 28 41 29 37 22 24 23 23

South Africa . . . . . . . . . . . . . . . . . 79 59 55 32 41 63 42 104 130

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 5 1 1 1 - - - -

Oil-exporting countries 4

. . . . . . . . 331 309 290 379 374 363 376 376 496

Other Africa . . . . . . . . . . . . . . . . . 114 82 86 74 102 152 154 152 122

Total Africa . . . . . . . . . . . . . . . . 721 574 586 563 632 738 769 839 996

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 974 503 517 372 331 348 461 517 525

All other . . . . . . . . . . . . . . . . . . . . 108 88 148 153 152 129 230 139 70

Total other countries . . . . . . . . . 1,082 591 665 525 483 477 691 656 595

Total foreign countries. . . . . . 44,667 45,494 49,293 54,265 49,940 47,628 46,386 49,845 48,908

International and regional:

International . . . . . . . . . . . . . . . . . - - - - - - 2 2 -

European regional . . . . . . . . . . . . 40 17 18 44 33 45 60 60 63

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . ---------

Middle Eastern regional . . . . . . . . 1 - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 41 17 18 44 33 45 62 62 63

Grand total. . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 49,973 47,673 46,448 49,907 48,971

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 81
TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1996, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 43 1 - 1 42

Belgium-Luxembourg. . . . . . . . . . 824 498 231 267 326

Bulgaria . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Czechoslovakia . . . . . . . . . . . . . . 4 - - - 4

Denmark. . . . . . . . . . . . . . . . . . . . 150 51 - 51 99

Finland . . . . . . . . . . . . . . . . . . . . . 307 152 151 1 155

France . . . . . . . . . . . . . . . . . . . . . 1,539 861 180 681 678

Germany . . . . . . . . . . . . . . . . . . . 2,689 1,850 1,191 659 839

Greece . . . . . . . . . . . . . . . . . . . . . 48 - - - 48

Hungary . . . . . . . . . . . . . . . . . . . . 7 2 2 - 5

Ireland . . . . . . . . . . . . . . . . . . . . . 353 283 279 4 70

Italy. . . . . . . . . . . . . . . . . . . . . . . . 485 148 33 115 337

Netherlands . . . . . . . . . . . . . . . . . 1,061 444 425 19 617

Norway. . . . . . . . . . . . . . . . . . . . . 277 82 1 81 195

Poland . . . . . . . . . . . . . . . . . . . . . 32 - - - 32

Portugal . . . . . . . . . . . . . . . . . . . . 26 21 4 17 5

Romania. . . . . . . . . . . . . . . . . . . . 8 - - - 8

Russia 1 . . . . . . . . . . . . . . . . . . . . 63 6 3 3 57

Spain . . . . . . . . . . . . . . . . . . . . . . 162 41 4 37 121

Sweden . . . . . . . . . . . . . . . . . . . . 240 27 2 25 213

Switzerland. . . . . . . . . . . . . . . . . . 1,672 1,156 435 721 516

Turkey . . . . . . . . . . . . . . . . . . . . . 95 19 18 1 76

United Kingdom . . . . . . . . . . . . . . 14,056 10,790 5,558 5,232 3,266

Yugoslavia 2 . . . . . . . . . . . . . . . . . 73 - - - 73

Other Europe . . . . . . . . . . . . . . . . 143 2 2 - 141

Total Europe . . . . . . . . . . . . . . . 24,358 16,434 8,519 7,915 7,924

Canada . . . . . . . . . . . . . . . . . . . . . . 1,949 951 451 500 998

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 147 12 12 - 135

Bahamas . . . . . . . . . . . . . . . . . . . 66 31 31 - 35

Bermuda. . . . . . . . . . . . . . . . . . . . 537 28 28 - 509

Brazil . . . . . . . . . . . . . . . . . . . . . . 127 8 8 - 119

British West Indies . . . . . . . . . . . . 836 826 683 143 10

Chile. . . . . . . . . . . . . . . . . . . . . . . 134 21 21 - 113

Colombia . . . . . . . . . . . . . . . . . . . 92 1 1 - 91

Cuba. . . . . . . . . . . . . . . . . . . . . . . 11 - - - 11

Ecuador . . . . . . . . . . . . . . . . . . . . 34 3 3 - 31

Guatemala . . . . . . . . . . . . . . . . . . 12 - - - 12

Jamaica . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Mexico . . . . . . . . . . . . . . . . . . . . . 486 11 11 - 475

Netherlands Antilles . . . . . . . . . . . 12 - - - 12

Panama . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Peru . . . . . . . . . . . . . . . . . . . . . . . 37 - - - 37

Trinidad and Tobago . . . . . . . . . . 47 2 2 - 45

Uruguay . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Venezuela . . . . . . . . . . . . . . . . . . 284 1 1 - 283

Other Latin America

and Caribbean . . . . . . . . . . . . . 364 25 25 - 339

Total Latin America

and Caribbean. . . . . . . . . . . . 3,270 969 826 143 2,301

See footnotes at end of table.

82 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 649 25 25 - 624

Taiwan . . . . . . . . . . . . . . . . . . . 269 16 1 15 253

Hong Kong . . . . . . . . . . . . . . . . . . 728 151 143 8 577

India . . . . . . . . . . . . . . . . . . . . . . . 291 2 1 1 289

Indonesia . . . . . . . . . . . . . . . . . . . 281 32 32 - 249

Israel . . . . . . . . . . . . . . . . . . . . . . 110 10 10 - 100

Japan . . . . . . . . . . . . . . . . . . . . . . 9,994 6,051 2,053 3,998 3,943

Korea . . . . . . . . . . . . . . . . . . . . . . 1,472 11 11 - 1,461

Lebanon . . . . . . . . . . . . . . . . . . . . 60 1 1 - 59

Malaysia. . . . . . . . . . . . . . . . . . . . 525 12 2 10 513

Pakistan . . . . . . . . . . . . . . . . . . . . 68 - - - 68

Philippines . . . . . . . . . . . . . . . . . . 60 - - - 60

Singapore. . . . . . . . . . . . . . . . . . . 690 3 - 3 687

Syria. . . . . . . . . . . . . . . . . . . . . . . 11 - - - 11

Thailand . . . . . . . . . . . . . . . . . . . . 436 - - - 436

Other Asia . . . . . . . . . . . . . . . . . . 2,096 37 37 - 2,059

Total Asia . . . . . . . . . . . . . . . . . 17,740 6,351 2,316 4,035 11,389

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 216 - - - 216

Ghana . . . . . . . . . . . . . . . . . . . . . 8 - - - 8

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 23 - - - 23

South Africa . . . . . . . . . . . . . . . . . 130 2 - 2 128

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 618 70 70 - 548

Total Africa . . . . . . . . . . . . . . . . 996 72 70 2 924

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 525 37 - 37 488

All other . . . . . . . . . . . . . . . . . . . . 70 3 3 - 67

Total other countries . . . . . . . . . 595 40 3 37 555

Total foreign countries. . . . . . 48,908 24,817 12,185 12,632 24,091

International and regional:

International . . . . . . . . . . . . . . . . . - - - - -

European regional . . . . . . . . . . . . 63 - - - 63

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international 

and regional. . . . . . . . . . . . . . 63 - - - 63

Grand total. . . . . . . . . . . . . . . 48,971 24,817 12,185 12,632 24,154

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1996, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

 Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 83
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1995 1996

Country 1991 1992 1993 1994 June Sept. Dec. Mar. June p

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 71 88 123 99 91 114 118 84

Belgium-Luxembourg. . . . . . . . . . 207 197 318 299 373 384 424 406 390

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 13 32 37 25 35 29 17 13

Czechoslovakia . . . . . . . . . . . . . . 18 46 48 52 52 33 53 34 26

Denmark. . . . . . . . . . . . . . . . . . . . 97 154 103 81 76 71 107 95 171

Finland . . . . . . . . . . . . . . . . . . . . . 160 169 171 173 113 116 185 116 128

France . . . . . . . . . . . . . . . . . . . . . 1,854 2,301 2,773 2,681 2,399 2,459 2,633 2,818 2,337

Germany . . . . . . . . . . . . . . . . . . . 1,238 1,259 1,544 1,567 1,379 1,298 1,506 1,730 1,631

Greece . . . . . . . . . . . . . . . . . . . . . 52 114 149 136 139 193 193 185 177

Hungary . . . . . . . . . . . . . . . . . . . . 21 30 6 72 43 38 50 34 32

Ireland . . . . . . . . . . . . . . . . . . . . . 91 419 416 315 142 140 290 296 257

Italy. . . . . . . . . . . . . . . . . . . . . . . . 853 1,041 883 812 1,009 894 1,029 1,023 1,211

Netherlands . . . . . . . . . . . . . . . . . 979 1,067 925 740 942 860 969 928 969

Norway. . . . . . . . . . . . . . . . . . . . . 121 196 132 242 253 191 169 171 206

Poland . . . . . . . . . . . . . . . . . . . . . 43 74 116 122 99 88 78 107 81

Portugal . . . . . . . . . . . . . . . . . . . . 141 176 191 217 157 62 64 48 50

Romania. . . . . . . . . . . . . . . . . . . . 4 12 5 17 20 13 16 6 8

Spain . . . . . . . . . . . . . . . . . . . . . . 335 332 459 484 558 454 537 473 547

Sweden . . . . . . . . . . . . . . . . . . . . 217 282 460 352 248 243 288 296 219

Switzerland. . . . . . . . . . . . . . . . . . 876 852 962 1,080 1,126 968 1,018 1,049 1,063

Turkey . . . . . . . . . . . . . . . . . . . . . 101 257 246 216 243 225 256 217 182

United Kingdom . . . . . . . . . . . . . . 13,620 8,346 5,962 7,205 7,259 7,403 6,959 8,175 8,820

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 274 232 228 254 241 296 300 182 225

Yugoslavia 2 . . . . . . . . . . . . . . . . . 113 52 55 39 10 9 13 7 13

Other Europe . . . . . . . . . . . . . . . . 133 90 132 160 122 138 153 174 213

Total Europe . . . . . . . . . . . . . . . 21,634 17,782 16,404 17,476 17,127 16,702 17,433 18,705 19,053

Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,708 5,497 4,802 7,314 6,847

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 214 242 299 347 377 381 396 388 461

Bahamas . . . . . . . . . . . . . . . . . . . 840 806 1,347 2,433 2,376 1,578 1,995 1,568 2,196

Bermuda. . . . . . . . . . . . . . . . . . . . 272 295 307 261 295 280 353 350 348

Brazil . . . . . . . . . . . . . . . . . . . . . . 778 1,043 1,114 1,132 1,279 1,596 1,728 1,828 2,079

British West Indies . . . . . . . . . . . . 9,097 11,787 12,770 15,311 17,096 11,882 10,472 10,194 13,111

Chile. . . . . . . . . . . . . . . . . . . . . . . 84 129 221 229 276 276 248 224 292

Colombia . . . . . . . . . . . . . . . . . . . 118 129 120 396 450 414 413 394 399

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 1 1 1 1 5

Ecuador . . . . . . . . . . . . . . . . . . . . 95 40 81 112 108 147 123 105 106

Guatemala . . . . . . . . . . . . . . . . . . 14 23 32 46 54 47 48 58 59

Jamaica . . . . . . . . . . . . . . . . . . . . 25 30 27 42 37 42 41 51 57

Mexico . . . . . . . . . . . . . . . . . . . . . 1,054 1,369 1,862 1,966 1,744 1,513 1,547 1,331 1,413

Netherlands Antilles . . . . . . . . . . . 38 26 37 65 60 33 32 53 31

Panama . . . . . . . . . . . . . . . . . . . . 38 66 90 102 150 134 156 204 161

Peru . . . . . . . . . . . . . . . . . . . . . . . 91 115 148 175 139 222 221 227 220

Trinidad and Tobago . . . . . . . . . . 20 9 26 27 27 34 36 34 27

Uruguay . . . . . . . . . . . . . . . . . . . . 7 8 8 25 27 29 32 28 24

Venezuela . . . . . . . . . . . . . . . . . . 243 374 454 383 346 375 317 348 336

Other Latin America

and Caribbean . . . . . . . . . . . . . 342 443 553 600 687 720 705 580 643

Total Latin America

and Caribbean. . . . . . . . . . . . 13,372 16,936 19,498 23,653 25,529 19,704 18,864 17,966 21,968

84 CAPITAL MOVEMENTS
TABLE CM-IV-4.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 June Sept. Dec. Mar. June p

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 212 282 378 526 444 504 696 610 677

Taiwan . . . . . . . . . . . . . . . . . . . 368 307 411 512 502 533 532 461 510

Hong Kong . . . . . . . . . . . . . . . . . . 267 267 298 442 479 451 454 509 420

India . . . . . . . . . . . . . . . . . . . . . . . 105 135 147 202 264 293 323 290 325

Indonesia . . . . . . . . . . . . . . . . . . . 159 138 354 423 361 367 367 383 427

Israel . . . . . . . . . . . . . . . . . . . . . . 174 168 218 195 257 276 267 271 301

Japan . . . . . . . . . . . . . . . . . . . . . . 2,249 2,571 3,167 3,608 2,482 3,402 2,741 3,181 2,729

Korea . . . . . . . . . . . . . . . . . . . . . . 423 361 549 650 832 915 933 767 665

Lebanon . . . . . . . . . . . . . . . . . . . . 11 50 65 58 80 66 48 61 34

Malaysia. . . . . . . . . . . . . . . . . . . . 55 90 477 457 455 457 496 451 424

Pakistan . . . . . . . . . . . . . . . . . . . . 50 53 32 40 33 30 42 41 29

Philippines . . . . . . . . . . . . . . . . . . 79 105 111 151 137 130 123 96 114

Singapore. . . . . . . . . . . . . . . . . . . 248 291 390 427 402 436 573 541 588

Syria. . . . . . . . . . . . . . . . . . . . . . . 5 8 5 6 9 14 12 14 13

Thailand . . . . . . . . . . . . . . . . . . . . 118 127 174 183 223 235 199 176 190

Oil-exporting countries 3

. . . . . . . . 625 696 707 849 710 779 977 1,037 888

Other Asia . . . . . . . . . . . . . . . . . . 83 81 188 124 81 98 108 101 120

Total Asia . . . . . . . . . . . . . . . . . 5,231 5,730 7,671 8,853 7,751 8,986 8,891 8,990 8,454

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 92 177 137 261 93 88 160 207 166

Ghana . . . . . . . . . . . . . . . . . . . . . 1 5 7 7 6 13 16 7 67

Liberia . . . . . . . . . . . . . . . . . . . . . 38 34 19 9 8 8 13 11 10

Morocco . . . . . . . . . . . . . . . . . . . . 23 37 45 53 16 102 57 41 32

South Africa . . . . . . . . . . . . . . . . . 108 81 108 142 140 173 321 319 247

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 29 18 30 9 10 11 10 12

Oil-exporting countries 4

. . . . . . . . 96 87 73 67 69 80 92 112 88

Other Africa . . . . . . . . . . . . . . . . . 123 187 185 258 275 258 260 237 263

Total Africa . . . . . . . . . . . . . . . . 487 637 592 827 616 732 930 944 885

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 570 702 945 1,218 1,039 1,497 1,310 1,220 1,343

All other . . . . . . . . . . . . . . . . . . . . 180 152 208 269 264 272 270 236 262

Total other countries . . . . . . . . . 750 854 1,153 1,487 1,303 1,769 1,580 1,456 1,605

Total foreign countries. . . . . . 45,237 45,058 49,131 57,865 58,034 53,390 52,500 55,375 58,812

International and regional:

International . . . . . . . . . . . . . . . . . 22 13 28 19 17 34 8 17 11

European regional . . . . . . . . . . . . 2 2 - 4 - - 1 2 -

Latin American regional . . . . . . . . - - - - - - - - 6

Asian regional . . . . . . . . . . . . . . . 1 - - - - - - - -

African regional . . . . . . . . . . . . . . - - -------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 25 15 28 23 17 34 9 19 17

Grand total. . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 58,051 53,424 52,509 55,394 58,829

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized

by the United States. Data for entities of the former Yugoslavia recognized as independent states

by the United States are reported under “Other Europe” as follows: Beginning in December

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the

Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 85
TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1996, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 21 16 5 63

Belgium-Luxembourg. . . . . . . . . . 390 151 139 12 239

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 11 9 2 2

Czechoslovakia . . . . . . . . . . . . . . 26 6 5 1 20

Denmark. . . . . . . . . . . . . . . . . . . . 171 113 16 97 58

Finland . . . . . . . . . . . . . . . . . . . . . 128 4 - 4 124

France . . . . . . . . . . . . . . . . . . . . . 2,337 679 646 33 1,658

Germany . . . . . . . . . . . . . . . . . . . 1,631 296 284 12 1,335

Greece . . . . . . . . . . . . . . . . . . . . . 177 71 71 - 106

Hungary . . . . . . . . . . . . . . . . . . . . 32 26 26 - 6

Ireland . . . . . . . . . . . . . . . . . . . . . 257 194 193 1 63

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,211 210 193 17 1,001

Netherlands . . . . . . . . . . . . . . . . . 969 488 483 5 481

Norway. . . . . . . . . . . . . . . . . . . . . 206 31 9 22 175

Poland . . . . . . . . . . . . . . . . . . . . . 81 33 33 - 48

Portugal . . . . . . . . . . . . . . . . . . . . 50 2 1 1 48

Romania. . . . . . . . . . . . . . . . . . . . 8 - - - 8

Russia 1 . . . . . . . . . . . . . . . . . . . . 225 80 74 6 145

Spain . . . . . . . . . . . . . . . . . . . . . . 547 53 11 42 494

Sweden . . . . . . . . . . . . . . . . . . . . 219 101 94 7 118

Switzerland. . . . . . . . . . . . . . . . . . 1,063 461 454 7 602

Turkey . . . . . . . . . . . . . . . . . . . . . 182 33 32 1 149

United Kingdom . . . . . . . . . . . . . . 8,820 6,169 5,288 881 2,651

Yugoslavia 2 . . . . . . . . . . . . . . . . . 13 - - - 13

Other Europe . . . . . . . . . . . . . . . . 213 8 7 1 205

Total Europe . . . . . . . . . . . . . . . 19,053 9,241 8,084 1,157 9,812

Canada . . . . . . . . . . . . . . . . . . . . . . 6,847 4,773 4,271 502 2,074

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 461 141 140 1 320

Bahamas . . . . . . . . . . . . . . . . . . . 2,196 2,168 2,157 11 28

Bermuda. . . . . . . . . . . . . . . . . . . . 348 84 82 2 264

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,079 1,242 505 737 837

British West Indies . . . . . . . . . . . . 13,111 13,008 12,952 56 103

Chile. . . . . . . . . . . . . . . . . . . . . . . 292 9 4 5 283

Colombia . . . . . . . . . . . . . . . . . . . 399 157 155 2 242

Cuba. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Ecuador . . . . . . . . . . . . . . . . . . . . 106 38 38 - 68

Guatemala . . . . . . . . . . . . . . . . . . 59 12 12 - 47

Jamaica . . . . . . . . . . . . . . . . . . . . 57 1 1 - 56

Mexico . . . . . . . . . . . . . . . . . . . . . 1,413 392 280 112 1,021

Netherlands Antilles . . . . . . . . . . . 31 11 11 - 20

Panama . . . . . . . . . . . . . . . . . . . . 161 96 96 - 65

Peru . . . . . . . . . . . . . . . . . . . . . . . 220 54 54 - 166

Trinidad and Tobago . . . . . . . . . . 27 4 4 - 23

Uruguay . . . . . . . . . . . . . . . . . . . . 24 - - - 24

Venezuela . . . . . . . . . . . . . . . . . . 336 23 22 1 313

Other Latin America

and Caribbean . . . . . . . . . . . . . 643 188 184 4 455

Total Latin America

 and Caribbean . . . . . . . . . . . 21,968 17,628 16,697 931 4,340

See footnotes at end of table.

86 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1996, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 677 25 24 1 652

Taiwan . . . . . . . . . . . . . . . . . . . 510 1 - 1 509

Hong Kong . . . . . . . . . . . . . . . . . . 420 36 29 7 384

India . . . . . . . . . . . . . . . . . . . . . . . 325 13 4 9 312

Indonesia . . . . . . . . . . . . . . . . . . . 427 196 193 3 231

Israel . . . . . . . . . . . . . . . . . . . . . . 301 4 2 2 297

Japan . . . . . . . . . . . . . . . . . . . . . . 2,729 852 664 188 1,877

Korea . . . . . . . . . . . . . . . . . . . . . . 665 21 20 1 644

Lebanon . . . . . . . . . . . . . . . . . . . . 34 - - - 34

Malaysia. . . . . . . . . . . . . . . . . . . . 424 292 288 4 132

Pakistan . . . . . . . . . . . . . . . . . . . . 29 3 - 3 26

Philippines . . . . . . . . . . . . . . . . . . 114 15 12 3 99

Singapore. . . . . . . . . . . . . . . . . . . 588 34 27 7 554

Syria. . . . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Thailand . . . . . . . . . . . . . . . . . . . . 190 18 11 7 172

Other Asia . . . . . . . . . . . . . . . . . . 1,008 61 61 - 947

Total Asia . . . . . . . . . . . . . . . . . 8,454 1,571 1,335 236 6,883

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 166 2 2 - 164

Ghana . . . . . . . . . . . . . . . . . . . . . 67 - - - 67

Liberia . . . . . . . . . . . . . . . . . . . . . 10 7 7 - 3

Morocco . . . . . . . . . . . . . . . . . . . . 32 7 7 - 25

South Africa . . . . . . . . . . . . . . . . . 247 86 86 - 161

Zaire. . . . . . . . . . . . . . . . . . . . . . . 12 - - - 12

Other Africa . . . . . . . . . . . . . . . . . 351 95 95 - 256

Total Africa . . . . . . . . . . . . . . . . 885 197 197 - 688

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,343 488 482 6 855

All other . . . . . . . . . . . . . . . . . . . . 262 80 77 3 182

Total other countries . . . . . . . . . 1,605 568 559 9 1,037

Total foreign countries. . . . . . 58,812 33,978 31,143 2,835 24,834

International and regional:

International . . . . . . . . . . . . . . . . . 11 - - - 11

European regional . . . . . . . . . . . . -----

Latin American regional . . . . . . . . 6 - - -6

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international

and regional. . . . . . . . . . . . . . 17 - - - 17

Grand total. . . . . . . . . . . . . . . 58,829 33,978 31,143 2,835 24,851

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 87
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ transactions in long-term U.S.

securities (i.e., U.S. Treasury and Government

agency bonds and notes, and U.S. corporate bonds

and stocks) are conducted largely through international financial centers. The table presents aggregate

net purchases on an annual basis for 1993 through

1995, and on a year-to-date and most recent quarter

basis for 1996. 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.

In the first three quarters of 1996, foreigners’

total net purchases of U.S. securities reached a record high of $250.1 billion. On an annualized basis,

net purchases by foreigners in other Europe, Japan,

and other Asia through the third quarter heavily

outpaced the rate of net purchases in 1995. And

opposite the United Kingdom, foreign net purchases

of U.S. securities edged past the 1995 rate, mostly

due to the massive $40.1 billion in net purchases in

the third quarter alone. The Caribbean banking centers showed diminished annualized net purchases

through the most recent period, but third quarter

activity increased. Net purchases by “all other countries” were down substantially.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 Jan. - Sept. 1996 July - Sept. 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 30,442 55,598 100,435 83,974 40,087 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 430 26,474 24,795 56,677 19,026 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 12,345 -3,581 48,344 14,159 9,325 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,464 36,441 16,388 35,294 14,236 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,089 21,424 25,625 50,372 21,752 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,770 136,356 215,587 240,476 104,426 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 15,360 3,994 16,309 9,621 2,152 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,130 140,350 231,896 250,097 106,578 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.)

88 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

 purchases Net Gross Gross Net Gross Gross

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . -47,864 -15,605 513,589 529,194 -32,259 150,051 182,310

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,836 -48,545 889,471 938,016 -50,291 345,540 395,831

1996 - Jan. - Sept. p . . . . . . . . . . . . -74,032 -27,635 798,031 825,666 -46,397 327,921 374,318

1995 - Sept.. . . . . . . . . . . . . . . . . . . -13,471 -5,511 81,036 86,547 -7,960 28,715 36,675

Oct. . . . . . . . . . . . . . . . . . . . -13,583 -8,097 76,903 85,000 -5,486 29,382 34,868

Nov. . . . . . . . . . . . . . . . . . . . -8,237 -6,519 78,647 85,166 -1,718 30,317 32,035

Dec. . . . . . . . . . . . . . . . . . . . -10,652 -4,050 80,328 84,378 -6,602 32,369 38,971

1996 - Jan. . . . . . . . . . . . . . . . . . . . -11,018 -4,584 84,638 89,222 -6,434 33,481 39,915

Feb. . . . . . . . . . . . . . . . . . . . -7,108 -1,404 95,201 96,605 -5,704 37,464 43,168

Mar. . . . . . . . . . . . . . . . . . . . -16,383 -6,038 93,345 99,383 -10,345 36,115 46,460

Apr. . . . . . . . . . . . . . . . . . . . -6,859 -153 81,256 81,409 -6,706 37,764 44,470

May . . . . . . . . . . . . . . . . . . . -3,694 -527 82,453 82,980 -3,167 43,515 46,682

June . . . . . . . . . . . . . . . . . . . -9,414 -1,887 82,907 84,794 -7,527 36,728 44,255

July . . . . . . . . . . . . . . . . . . . -7,035 -3,396 80,703 84,099 -3,639 37,643 41,282

Aug. p . . . . . . . . . . . . . . . . . -6,357 -5,215 84,448 89,663 -1,142 34,016 35,158

Sept. p . . . . . . . . . . . . . . . . . -6,164 -4,431 113,080 117,511 -1,733 31,195 32,928

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by Banks

and Brokers in the United States

TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1 Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 2,241,537 2,202,249 18,291 111,186 92,895 20,789 103,736 82,947 -5,136 221,367 226,503

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995 r . . . . . . . . . . . . . . . 134,074 39,631 93,921 522 2,981,395 2,847,321 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 - Jan. - Sept. p . . . . 148,263 64,535 86,058 -2,330 2,506,765 2,358,502 34,757 111,432 76,675 57,213 178,421 121,208 9,864 443,311 433,447

1995 - Sept.. . . . . . . . . . . -11,072 -4,525 -6,477 -70 235,538 246,610 5,085 12,474 7,389 5,343 15,713 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 5,924 15,655 9,731 -1,368 41,492 42,860

Nov. . . . . . . . . . . . 15,307 -909 15,845 371 252,075 236,768 3,990 12,130 8,140 6,911 19,512 12,601 2,932 42,003 39,071

Dec. . . . . . . . . . . . -9,454 2,651 -11,667 -438 196,646 206,100 -1,743 9,401 11,144 2,646 12,619 9,973 2,107 46,479 44,372

1996 - Jan. r . . . . . . . . . . 14,018 12,615 1,098 305 280,627 266,609 4,178 10,715 6,537 4,714 15,903 11,189 1,626 43,574 41,948

Feb. r . . . . . . . . . . 15,451 8,681 7,511 -741 321,158 305,707 3,369 13,222 9,853 5,792 19,547 13,755 1,177 52,260 51,083

Mar. r . . . . . . . . . . 7,025 4,748 1,666 611 259,427 252,402 6,902 15,890 8,988 7,931 24,094 16,163 831 55,281 54,450

Apr. r . . . . . . . . . . 15,751 8,253 8,873 -1,375 224,652 208,901 329 8,579 8,250 5,096 15,551 10,455 4,273 53,047 48,774

May . . . . . . . . . . . 13,896 6,482 7,176 238 268,561 254,665 2,815 12,693 9,878 7,880 22,096 14,216 1,484 57,552 56,068

June . . . . . . . . . . . 8,648 -6,648 16,107 -811 223,176 214,528 3,780 13,303 9,523 5,540 21,705 16,165 1,013 43,374 42,361

July . . . . . . . . . . . 47,825 9,629 38,632 -436 330,513 282,688 4,284 10,707 6,423 5,985 17,020 11,035 -2,654 49,488 52,142

Aug. p . . . . . . . . . 11,868 3,587 8,245 36 268,862 256,994 4,376 13,565 9,189 6,838 18,519 11,681 2,065 46,136 44,071

Sept. p . . . . . . . . . 13,781 17,188 -3,250 -157 329,789 316,008 4,724 12,758 8,034 7,437 23,986 16,549 49 42,599 42,550

CAPITAL MOVEMENTS 89
1996 1996 1996 1996

Country

Calendar

year

1995 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995 r

Jan.

through 

Sept.

July

through 

Sept. p

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,454 542 -2,908 -46 6 -13 -29 48 8 -89 102 -52

Belgium-Luxembourg. . . . . . . . . . 591 1,100 523 1,469 2,814 275 -298 773 522 -1,616 416 295

Bulgaria . . . . . . . . . . . . . . . . . . . . -6 - - - - - - - - -6 -8 3

Czechoslovakia . . . . . . . . . . . . . . -36 131 90 - - - 68 - - 2 -1 -1

Denmark. . . . . . . . . . . . . . . . . . . . 974 -414 -292 126 4 -1 74 -224 -67 4 133 33

Finland . . . . . . . . . . . . . . . . . . . . . -56 -431 -121 93 75 -11 21 72 42 2 9 9

France . . . . . . . . . . . . . . . . . . . . . 482 2,559 457 230 -137 -51 913 4,252 1,119 -1,099 -823 -506

Germany . . . . . . . . . . . . . . . . . . . 6,136 10,311 1,436 1,073 1,628 70 4,865 3,506 1,151 -1,837 1,011 361

Greece . . . . . . . . . . . . . . . . . . . . . 667 -126 -373 10 - -1 96 -1 -3 -14 68 -22

Hungary . . . . . . . . . . . . . . . . . . . . 2,429 510 399 199 221 296 75 -5 - 2 56 1

Ireland . . . . . . . . . . . . . . . . . . . . . -1,277 112 348 100 -9 -102 918 1,597 400 266 103 -80

Italy. . . . . . . . . . . . . . . . . . . . . . . . 603 1,222 194 360 -139 33 -302 -201 34 -636 -704 -27

Netherlands . . . . . . . . . . . . . . . . . 1,891 -1,690 573 25 837 614 1,438 829 218 3,507 1,518 330

Norway. . . . . . . . . . . . . . . . . . . . . -97 488 -59 17 98 -34 87 -59 32 10 170 91

Poland . . . . . . . . . . . . . . . . . . . . . 1,271 2,441 345 10 - - 2 13 -14 -22 -2 -1

Portugal . . . . . . . . . . . . . . . . . . . . 255 -49 54 -10 30 30 8 -75 -120 -8 -219 -211

Romania. . . . . . . . . . . . . . . . . . . . 2 1 - - - - - - - 3 -3 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,372 -179 -152 28 -3 - -5 -1 - 45 12 1

Spain . . . . . . . . . . . . . . . . . . . . . . -3,881 11,133 10,737 -39 3 -5 80 441 130 -123 40 31

Sweden . . . . . . . . . . . . . . . . . . . . 358 2,200 471 170 43 -5 190 58 71 667 738 317

Switzerland. . . . . . . . . . . . . . . . . . -472 1,650 383 145 195 59 349 770 707 -2,283 2,350 1,030

Turkey . . . . . . . . . . . . . . . . . . . . . 144 7 -92 3 - - 11 25 -8 24 -18 -12

United Kingdom . . . . . . . . . . . . . . 34,778 44,299 24,961 17,126 9,924 3,639 40,465 28,686 9,951 8,066 1,065 1,536

Yugoslavia 2 . . . . . . . . . . . . . . . . . 1 - - - - - -4 - - 3 1 1

Other Europe . . . . . . . . . . . . . . . . 1,417 2,549 -180 120 68 210 87 65 19 44 44 -3

Total Europe . . . . . . . . . . . . . . . 50,000 78,366 36,794 21,209 15,658 5,003 49,109 40,569 14,192 4,912 6,058 3,124

Canada . . . . . . . . . . . . . . . . . . . . . . 252 5,260 537 1,006 152 99 1,563 3,071 1,011 -1,517 784 -28

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 2,706 167 189 28 114 23 81 -26 -125 65 229 94

Bahamas . . . . . . . . . . . . . . . . . . . 2,643 847 165 549 79 88 550 806 256 -48 -701 -561

Bermuda. . . . . . . . . . . . . . . . . . . . -6,017 1,693 1,064 1,144 764 601 1,887 1,619 1,314 585 - 542

Brazil . . . . . . . . . . . . . . . . . . . . . . 3,607 -1,435 -975 21 134 5 -12 -179 -118 -105 6 -1

British West Indies . . . . . . . . . . . . 17,365 2,097 2,633 -380 6,539 853 1,290 2,390 526 1,077 2,165 505

Chile. . . . . . . . . . . . . . . . . . . . . . . 257 343 -109 3 14 - 14 122 8 24 -34 -4

Colombia . . . . . . . . . . . . . . . . . . . 1,220 -246 -396 8 17 6 11 2 2 -18 22 6

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 757 109 45 -73 18 3 -6 13 32 -11 -52 4

Guatemala . . . . . . . . . . . . . . . . . . 18 20 -2 4 5 2 -1 10 5 -6 13 8

Jamaica . . . . . . . . . . . . . . . . . . . . -70 -70 -41 -5 39 6 1 -1 - 2 -2 -3

Mexico . . . . . . . . . . . . . . . . . . . . . 2,511 305 -122 209 340 137 131 22 58 85 121 14

Netherlands Antilles . . . . . . . . . . . 23,459 -7,982 1,497 31 314 44 -197 963 206 3,989 1,931 -517

Panama . . . . . . . . . . . . . . . . . . . . 6 143 30 201 34 -84 85 125 68 125 333 95

Peru . . . . . . . . . . . . . . . . . . . . . . . 2 25 26 1 1 - 2 13 3 -6 -3 -1

Trinidad and Tobago . . . . . . . . . . -10 -1 - -3 -7 1 30 8 -2 11 87 -3

Uruguay . . . . . . . . . . . . . . . . . . . . 262 70 18 - 36 20 25 62 28 -9 64 27

Venezuela . . . . . . . . . . . . . . . . . . -2 -184 117 -21 83 47 90 52 26 34 81 16

Other Latin America

and Caribbean . . . . . . . . . . . . . -105 26 2 168 141 66 275 140 122 20 -2 -

Total Latin America

and Caribbean. . . . . . . . . . . . 48,609 -4,073 4,141 1,885 8,665 1,818 4,256 6,141 2,409 5,814 4,258 221

See footnotes at end of table.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

 bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

90 CAPITAL MOVEMENTS
1996 1996 1996 1996

Country

Calendar

year

1995 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1995

Jan.

through 

Sept.

July

through 

Sept. p

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 703 13,286 1,463 855 1,836 1,093 14 253 189 -11 -9 -9

Taiwan . . . . . . . . . . . . . . . . . . . -3,405 1,036 4,002 -495 -755 -152 -63 57 30 -177 85 23

Hong Kong . . . . . . . . . . . . . . . . . . 4,887 7,823 5,722 -58 973 236 956 1,761 138 226 -332 -64

India . . . . . . . . . . . . . . . . . . . . . . . -160 90 -77 2 1 - -5 -2 - -15 -33 -30

Indonesia . . . . . . . . . . . . . . . . . . . -388 985 156 8 -3 - -7 3 - -11 -42 6

Israel . . . . . . . . . . . . . . . . . . . . . . 1,601 -377 1,757 91 146 -22 204 121 18 -205 -224 -59

Japan . . . . . . . . . . . . . . . . . . . . . . 16,863 26,040 10,083 1,069 5,111 4,215 1,181 3,906 1,236 -2,725 237 -1,298

Korea . . . . . . . . . . . . . . . . . . . . . . 2,259 1,532 -416 1,800 122 -14 40 87 59 -23 -48 -11

Lebanon . . . . . . . . . . . . . . . . . . . . 6 12 8 - 1 1 -3 - 1 15 17 -4

Malaysia. . . . . . . . . . . . . . . . . . . . -839 78 1,462 -1 43 39 -12 12 5 -70 15 -5

Pakistan . . . . . . . . . . . . . . . . . . . . -48 3 - 4 1 - 3 - - 5 2 -4

Philippines . . . . . . . . . . . . . . . . . . -117 408 121 90 392 214 -11 -3 5 13 -37 -9

Singapore. . . . . . . . . . . . . . . . . . . 8,875 5,641 976 268 1,121 52 -258 1,529 760 5,579 885 -2,111

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 9 3

Thailand . . . . . . . . . . . . . . . . . . . . -546 3,927 919 - 1 - 1 57 5 21 7 3

Oil-exporting countries 3

. . . . . . . . 3,075 9,492 5,073 1,453 642 418 416 -141 53 -337 -1,553 -347

Other Asia . . . . . . . . . . . . . . . . . . -447 -568 69 -152 263 104 138 -84 -102 -121 -172 5

Total Asia . . . . . . . . . . . . . . . . . 32,319 69,408 31,318 4,934 9,895 6,184 2,594 7,556 2,397 2,166 -1,193 -3,911

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,031 1,068 3 244 365 148 82 -22 -9 -5 -12 -5

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Liberia . . . . . . . . . . . . . . . . . . . . . 255 71 111 -271 23 -3 91 -20 16 -32 -54 -12

Morocco . . . . . . . . . . . . . . . . . . . . - - - -1 - - - - - 4 6 1

South Africa . . . . . . . . . . . . . . . . . 70 -36 1 - 4 - 125 2 2 3 41 -4

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 2 1 - 1 - - 1 - - 4 13 6

Other Africa . . . . . . . . . . . . . . . . . 106 8 47 -30 6 2 -8 -14 1 29 -67 8

Total Africa . . . . . . . . . . . . . . . . 1,464 1,112 162 -57 398 147 291 -54 10 2 -73 -6

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . -411 1,679 1,011 205 18 19 182 -42 181 389 -370 17

All other . . . . . . . . . . . . . . . . . . . . 1,319 -1,159 68 -135 -171 20 -6 -82 60 -321 436 56

Total other countries . . . . . . . . . 908 520 1,079 70 -153 39 176 -124 241 68 66 73

Total foreign countries. . . . . . 133,552 150,593 74,031 29,047 34,615 13,290 57,989 57,159 20,260 11,445 9,900 -527

International and regional:

International . . . . . . . . . . . . . . . . . 92 -1,355 -734 -399 14 -18 -148 41 9 10 -129 -5

European regional . . . . . . . . . . . . -45 29 - 72 37 - - - - - - -

Latin American regional . . . . . . . . 261 -1,025 254 48 31 92 -11 7 -4 -211 83 -11

Asian regional . . . . . . . . . . . . . . . 93 -99 -63 -19 41 7 -6 -4 -5 -3 9 2

African regional . . . . . . . . . . . . . . 83 -16 7 -20 19 13 34 10 - -1 1 1

Middle Eastern regional . . . . . . . . 38 136 -21 - - - -5 - - - - -

Total international

and regional. . . . . . . . . . . . . . 522 -2,330 -557 -318 142 94 -136 54 - -205 -36 -13

Grand total. . . . . . . . . . . . . . . 134,074 148,263 73,474 28,729 34,757 13,384 57,853 57,213 20,260 11,240 9,864 -540

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

CAPITAL MOVEMENTS 91
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Third Quarter 1996, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 5,357 4,747 2 25 358 111 114 8,397 7,655 15 17 410 187 113

Belgium-Luxembourg. . 12,673 5,382 395 977 3,351 1,916 652 11,089 4,859 120 455 3,056 1,836 763

Bulgaria . . . . . . . . . . . . 122 - - - 4 118 - 66 - - - 1 65 -

Czechoslovakia . . . . . . 967 930 - - - 9 28 877 840 - - 1 8 28

Denmark. . . . . . . . . . . . 4,166 2,092 500 45 219 1,025 285 3,943 2,384 501 112 186 446 314

Finland . . . . . . . . . . . . . 3,596 3,203 3 102 18 155 115 3,981 3,324 14 60 9 271 303

France . . . . . . . . . . . . . 35,176 21,243 349 1,891 4,267 5,046 2,380 34,990 20,786 400 772 4,773 5,505 2,754

Germany . . . . . . . . . . . 35,955 23,018 215 2,449 3,465 3,975 2,833 36,231 21,582 145 1,298 3,104 6,651 3,451

Greece . . . . . . . . . . . . . 1,028 794 1 2 173 14 44 1,424 1,167 2 5 195 9 46

Hungary . . . . . . . . . . . . 1,711 1,355 296 15 1 33 11 1,031 956 - 15 - 38 22

Ireland . . . . . . . . . . . . . 8,237 5,598 232 617 753 597 440 7,922 5,250 334 217 833 639 649

Italy. . . . . . . . . . . . . . . . 9,606 3,704 49 491 2,041 2,651 670 9,281 3,510 16 457 2,068 2,323 907

Netherlands . . . . . . . . . 13,255 4,543 964 360 3,394 1,202 2,792 11,899 3,970 350 142 3,064 1,200 3,173

Norway. . . . . . . . . . . . . 1,889 867 5 53 281 228 455 1,809 926 39 21 190 187 446

Poland . . . . . . . . . . . . . 1,551 1,465 - 5 3 56 22 1,280 1,120 - 19 4 72 65

Portugal . . . . . . . . . . . . 1,003 756 30 25 47 72 73 1,212 702 - 145 258 17 90

Romania. . . . . . . . . . . . 5 - - - - 5 - - - - - - - -

Russia 1 . . . . . . . . . . . . 3,295 2,831 - - 18 429 17 3,547 2,983 - - 17 445 102

Spain . . . . . . . . . . . . . . 17,191 14,057 11 236 351 1,760 776 6,054 3,320 16 106 320 1,682 610

Sweden . . . . . . . . . . . . 6,355 2,932 - 98 1,097 656 1,572 4,952 2,461 5 27 780 439 1,240

Switzerland. . . . . . . . . . 20,430 4,923 111 1,260 10,319 1,573 2,244 18,066 4,540 52 553 9,289 1,220 2,412

Turkey . . . . . . . . . . . . . 1,155 1,056 - 2 34 17 46 1,293 1,148 - 10 46 20 69

United Kingdom . . . . . . 621,423 366,394 8,696 31,690 35,090 138,080 41,473 593,571 341,433 5,057 21,739 33,554 147,935 43,853

Yugoslavia 2 . . . . . . . . . 7 - - - 7 - - 16 - - - 6 - 10

Other Europe . . . . . . . . 5,328 4,450 213 35 314 214 102 5,275 4,630 3 16 317 232 77

Total Europe . . . . . . . 811,481 476,340 12,072 40,378 65,605 159,942 57,144 768,206 439,546 7,069 26,186 62,481 171,427 61,497

Canada . . . . . . . . . . . . . . 145,105 90,887 635 2,300 11,967 31,515 7,801 141,579 90,350 536 1,289 11,995 29,973 7,436

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 11,945 682 43 184 224 10,219 593 11,100 493 20 309 130 9,464 684

Bahamas . . . . . . . . . . . 16,033 6,296 419 1,075 3,541 4,163 539 16,330 6,131 331 819 4,102 4,372 575

Bermuda. . . . . . . . . . . . 62,044 24,178 5,203 2,944 13,239 14,813 1,667 62,205 23,114 4,602 1,630 12,697 18,358 1,804

Brazil . . . . . . . . . . . . . . 37,661 23,514 24 123 177 11,774 2,049 38,871 24,489 19 241 178 11,501 2,443

British West Indies . . . . 61,551 23,041 7,412 3,771 13,231 11,868 2,228 57,290 20,408 6,559 3,245 12,726 12,065 2,287

Chile. . . . . . . . . . . . . . . 1,187 383 5 23 161 545 70 1,247 492 5 15 165 509 61

Colombia . . . . . . . . . . . 911 703 7 4 48 92 57 1,288 1,099 1 2 42 84 60

Cuba. . . . . . . . . . . . . . . 1 - - - - - 1 - - - - - - -

Ecuador . . . . . . . . . . . . 919 615 16 33 26 228 1 791 570 13 1 22 185 -

Guatemala . . . . . . . . . . 97 - 2 6 38 46 5 83 2 - 1 30 48 2

Jamaica . . . . . . . . . . . . 13 - 6 - 7 - - 51 41 - - 10 - -

Mexico . . . . . . . . . . . . . 11,500 6,793 156 260 260 2,282 1,749 11,631 6,915 19 202 246 2,457 1,792

Netherlands Antilles . . . 68,639 44,394 462 1,799 13,200 5,141 3,643 67,787 42,897 418 1,593 13,717 5,584 3,578

Panama . . . . . . . . . . . . 2,073 212 440 152 623 507 139 2,811 182 524 84 528 1,345 148

Peru . . . . . . . . . . . . . . . 173 27 - 15 19 27 85 400 1 - 12 20 25 342

Trinidad and Tobago . . 50 - 1 6 5 24 14 80 - - 8 8 32 32

Uruguay . . . . . . . . . . . . 1,258 38 22 194 129 788 87 950 20 2 166 102 602 58

Venezuela . . . . . . . . . . 1,411 231 53 42 157 885 43 1,049 114 6 16 141 750 22

Other Latin America

and Caribbean . . . . . 2,349 141 127 713 215 1,095 58 2,135 139 61 591 215 1,081 48

Total Latin America

and Caribbean. . . . 279,815 131,248 14,398 11,344 45,300 64,497 13,028 276,099 127,107 12,580 8,935 45,079 68,462 13,936

92 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 11,396 9,568 1,207 276 34 272 39 8,795 8,105 114 87 43 418 28

Taiwan . . . . . . . . . . . 6,688 5,616 155 42 474 112 289 2,848 1,614 307 12 451 143 321

Hong Kong . . . . . . . . . . 41,450 31,148 564 427 1,758 2,703 4,850 36,935 25,426 328 289 1,822 3,081 5,989

India . . . . . . . . . . . . . . . 511 339 - 1 38 10 123 698 416 - 1 68 27 186

Indonesia . . . . . . . . . . . 824 472 - - 37 21 294 1,249 316 - - 31 579 323

Israel . . . . . . . . . . . . . . 4,555 4,027 13 37 252 86 140 3,749 2,270 35 19 311 748 366

Japan . . . . . . . . . . . . . . 142,796 104,365 5,824 2,212 6,759 10,663 12,973 125,387 94,282 1,609 976 8,057 7,376 13,087

Korea . . . . . . . . . . . . . . 2,283 1,248 110 60 26 502 337 2,871 1,664 124 1 37 380 665

Lebanon . . . . . . . . . . . . 108 10 1 1 56 39 1 84 2 - - 60 19 3

Malaysia. . . . . . . . . . . . 3,891 3,116 56 5 66 92 556 2,356 1,654 17 - 71 44 570

Pakistan . . . . . . . . . . . . 43 1 - - 15 11 16 53 1 - - 19 3 30

Philippines . . . . . . . . . . 882 265 216 12 59 166 164 589 144 2 7 68 134 234

Singapore. . . . . . . . . . . 41,794 34,397 233 1,318 2,391 2,245 1,210 43,078 33,421 181 558 4,502 3,038 1,378

Syria. . . . . . . . . . . . . . . 7 - - - 5 - 2 5 - - - 2 - 3

Thailand . . . . . . . . . . . . 3,097 2,756 - 5 14 17 305 2,302 1,837 - - 11 106 348

Other Asia . . . . . . . . . . 17,361 13,244 1,111 474 1,676 282 574 11,918 8,102 589 523 2,018 425 261

Total Asia . . . . . . . . . 277,686 210,572 9,490 4,870 13,660 17,221 21,873 242,917 179,254 3,306 2,473 17,571 16,521 23,792

Africa:

Egypt . . . . . . . . . . . . . . 245 18 148 11 36 17 15 104 15 - 20 41 9 19

Ghana . . . . . . . . . . . . . 1 - - - 1 - - 8 - - - 1 - 7

Liberia . . . . . . . . . . . . . 457 232 22 25 90 69 19 351 121 25 9 102 81 13

Morocco . . . . . . . . . . . . 2 - - - 2 - - 7 - - - 1 4 2

South Africa . . . . . . . . . 161 8 - 2 15 18 118 242 7 - - 19 19 197

Zaire. . . . . . . . . . . . . . . 4 - - - - - 4 14 - - - - - 14

Other Africa . . . . . . . . . 376 150 2 1 133 31 59 334 103 - - 119 39 73

Total Africa . . . . . . . . 1,246 408 172 39 277 135 215 1,060 246 25 29 283 152 325

Other countries:

Australia . . . . . . . . . . . . 17,544 9,768 31 482 1,148 3,700 2,415 15,748 8,757 12 301 1,131 3,531 2,016

All other . . . . . . . . . . . . 1,990 534 24 85 225 921 201 1,729 466 4 25 169 838 227

Total other

countries . . . . . . . . 19,534 10,302 55 567 1,373 4,621 2,616 17,477 9,223 16 326 1,300 4,369 2,243

Total foreign

countries. . . . . . . 1,534,867 919,757 36,822 59,498 138,182 277,931 102,677 1,447,338 845,726 23,532 39,238 138,709 290,904 109,229

International

and regional:

International . . . . . . . . 8,913 8,389 85 16 29 227 167 9,754 9,123 103 7 34 349 138

European regional . . . . 151 124 - - - 27 - 126 124 - - - 2 -

Latin American regional 750 596 100 11 7 36 - 401 342 8 15 18 18 -

Asian regional . . . . . . . 164 130 10 - 4 10 10 204 193 3 5 2 - 1

African regional . . . . . . 95 81 13 - 1 - - 74 74 -----

Middle Eastern

regional . . . . . . . . . . . 87 87 - - - - - 108 108 - - - - -

Total international

and regional . . . . . 10,160 9,407 208 27 41 300 177 10,667 9,964 114 27 54 369 139

Grand total . . . . . . 1,545,027 929,164 37,030 59,525 138,223 278,231 102,854 1,458,005 855,690 23,646 39,265 138,763 291,273 109,368

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Third Quarter 1996, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 93
Europe:

Austria . . . . . . . . . . . . . 16,908 14,662 7 123 1,321 395 400 14,906 12,208 53 152 1,410 499 584

Belgium-Luxembourg. . 41,402 16,138 3,678 3,983 9,175 6,367 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. . . . . . . . . . . . 20,408 11,853 4,021 185 936 2,548 865 20,213 10,879 3,895 111 932 3,218 1,178

Finland . . . . . . . . . . . . . 16,920 15,332 118 26 68 493 883 17,875 15,388 25 5 66 1,217 1,174

France . . . . . . . . . . . . . 128,790 84,323 871 3,469 10,367 19,679 10,081 128,696 83,841 641 2,556 11,466 18,698 11,494

Germany . . . . . . . . . . . 103,199 67,988 1,533 7,635 9,595 5,816 10,632 93,862 61,852 460 2,770 11,432 6,334 11,014

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 24,541 15,849 814 1,625 1,329 2,683 2,241

Italy. . . . . . . . . . . . . . . . 35,717 16,281 724 620 9,745 4,757 3,590 38,122 15,678 364 922 10,381 5,639 5,138

Netherlands . . . . . . . . . 67,914 35,131 1,281 2,264 17,435 3,004 8,799 65,096 33,240 1,256 826 13,928 6,153 9,693

Norway. . . . . . . . . . . . . 11,455 7,398 26 101 657 2,237 1,036 12,397 7,495 9 14 647 2,456 1,776

Poland . . . . . . . . . . . . . 4,600 4,358 10 3 5 205 19 3,399 3,087 - 1 27 200 84

Portugal . . . . . . . . . . . . 2,493 2,101 8 61 81 38 204 2,445 1,846 18 53 89 36 403

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 38,141 26,994 84 538 1,355 4,711 4,459

Sweden . . . . . . . . . . . . 18,127 6,154 199 321 3,233 4,188 4,032 18,998 5,796 29 131 2,566 3,613 6,863

Switzerland. . . . . . . . . . 67,740 22,703 492 4,304 29,490 4,191 6,560 71,359 23,175 347 3,955 31,773 4,752 7,357

Turkey . . . . . . . . . . . . . 2,600 1,901 27 28 213 217 214 2,404 1,757 24 17 189 73 344

United Kingdom . . . . . . 1,968,652 1,156,450 38,295 93,921 126,800 421,054 132,132 1,896,901 1,121,672 21,169 53,456 118,734 440,053 141,817

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 . . . . . . . 2,613,872 1,546,132 52,815 120,809 224,128 483,021 186,967 2,536,767 1,496,132 31,606 71,700 219,216 510,132 207,981

Canada . . . . . . . . . . . . . . 477,897 217,755 2,249 7,310 47,195 181,345 22,043 484,545 217,503 1,243 5,747 48,712 189,525 21,815

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 8,463 199,123 88,458 9,490 5,698 38,857 48,978 7,642

Brazil . . . . . . . . . . . . . . 30,287 9,094 175 101 402 17,163 3,352 29,423 5,487 154 113 507 18,408 4,754

British West Indies . . . . 199,234 114,832 20,577 5,952 34,934 16,498 6,441 180,122 97,467 20,957 4,662 33,857 16,529 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 . . . . . . . . . . . . . 23,323 8,100 385 416 1,402 5,292 7,728 21,477 5,589 176 285 1,317 6,223 7,887

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. . . . 731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,977 319,594 36,984 19,506 128,391 129,509 44,993

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.

94 CAPITAL MOVEMENTS
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 . . . . . . . . . . 116,552 77,871 1,874 1,713 6,599 9,991 18,504 112,112 72,984 1,932 757 6,373 9,383 20,683

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 . . . . . . . . . . . . . . 15,435 13,630 243 276 642 184 460 14,784 12,029 152 72 847 678 1,006

Japan . . . . . . . . . . . . . . 616,554 464,283 16,676 6,945 20,997 55,579 52,074 625,238 447,420 15,607 5,764 23,722 61,179 71,546

Korea . . . . . . . . . . . . . . 11,085 5,965 2,110 171 125 922 1,792 8,875 3,706 310 131 148 1,151 3,429

Lebanon . . . . . . . . . . . . 176 20 - 1 120 27 8 147 14 - 4 105 21 3

Malaysia. . . . . . . . . . . . 6,218 2,980 36 20 247 375 2,560 8,970 3,819 37 32 317 2,350 2,415

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 . . . . . . . . . . . . 9,142 7,493 - 6 90 203 1,350 9,977 8,039 - 5 69 524 1,340

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 . . . . . . . . . 1,018,447 760,083 29,360 14,864 51,614 78,903 83,623 1,010,490 727,764 24,426 12,270 49,448 86,518 110,064

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 1,815 235 684 91 414 356 35

Morocco . . . . . . . . . . . . 28 - - - 10 16 2 28 - 1 - 6 20 1

South Africa . . . . . . . . . 1,029 204 - 130 30 235 430 1,169 134 - 5 27 199 804

Zaire. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 1,458 606 50 24 478 74 226 1,317 498 79 31 445 101 163

Total Africa . . . . . . . . 6,376 2,603 732 479 1,057 745 760 5,003 1,139 789 188 1,055 712 1,120

Other countries:

Australia . . . . . . . . . . . . 48,013 20,393 296 631 3,951 15,180 7,562 47,659 20,804 91 449 3,562 14,232 8,521

All other . . . . . . . . . . . . 12,670 7,666 530 89 624 2,609 1,152 11,739 6,347 665 95 945 2,628 1,059

Total other

countries . . . . . . . . 60,683 28,059 826 720 4,575 17,789 8,714 59,398 27,151 756 544 4,507 16,860 9,580

Total foreign

countries. . . . . . . 4,909,182 2,922,835 124,851 167,944 462,774 885,560 345,218 4,775,180 2,789,283 95,804 109,955 451,329 933,256 395,553

International

and regional:

International r . . . . . . . 50,753 46,955 317 17 84 3,083 297 51,568 46,863 716 165 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 r . . . 63,707 58,560 602 136 176 3,911 322 64,649 58,038 920 272 381 4,760 278

Grand total r . . . . . 4,972,889 2,981,395 125,453 168,080 462,950 889,471 345,540 4,839,829 2,847,321 96,724 110,227 451,710 938,016 395,831

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

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under “Other Europe” as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity

throughout the 1980’s. The 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 1993

through 1995, and on a year-to-date and most recent

quarter basis for 1996.

The chart and table show that U.S. net purchases

of foreign bonds and stocks continue to be strong in

1996. After slackening last period, net purchases of

foreign bonds surged in the third quarter to the

highest rate since fourth quarter 1995. However, net

purchases through the year remain below 1995 levels. U.S. net purchases of foreign stocks, which

accelerated rapidly through the first half of the year,

stalled in the third quarter of 1996. On an annualized

basis, though, foreign stock purchases remain set to

exceed 1995 levels.

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1980-89 1 1993 1994 1995 Jan. - Sept. 1996 July - Sept. 1996

Foreign bonds . . . . . . . . . . . . . . . 4,883 80,377 9,224 48,545 27,635 13,042 

Foreign stocks . . . . . . . . . . . . . . . 2,834 62,691 48,071 50,291 46,397 6,514 

Total . . . . . . . . . . . . . . . . . . . . . 7,717 143,068 57,295 98,836 74,032 19,556 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

1

 Annual average.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.)

96 CAPITAL MOVEMENTS
INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” publishes series on foreign currency holdings of large foreign exchange market participants.

The series provide information on positions in derivative

instruments, such as foreign exchange futures and options, that

are increasingly used in establishing foreign exchange positions but were not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries,

branches, and agencies. U.S. subsidiaries of foreign entities

file only for themselves, not for their foreign parents. Filing is

required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September, or December). Such contracts

include the amounts of foreign exchange spot contracts bought

and sold, foreign exchange forward contracts bought and sold,

foreign exchange futures bought and sold, and one half the

notional amount of foreign exchange options bought and sold.

Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (“Monthly

Consolidated Foreign Currency Report”). 

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September, or December). Exemptions from

filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports, and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports.

Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. 

Principal exchanged under cross currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal is also separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.

FOREIGN CURRENCY POSITIONS 97
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 191,324 184,537 -3,007 1.3579

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 187,728 180,672 -2,888 1.3575

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 200,767 194,468 -3,462 1.3570

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 200,766 193,273 -3,208 1.3656

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 187,478 181,611 -3,232 1.3614

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 192,508 185,438 -3,216 1.3670

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 192,613 187,832 -2,797 1.3773

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 187,792 183,352 -3,116 1.3728

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 195,223 190,927 -3,006 1.3762

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 187,547 183,933 -2,852 1.3658

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 195,292 191,488 -2,904 1.3671

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 184,008 181,032 -2,457 1.3685

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 182,008 178,127 -2,332 1.3605

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 185,475 180,960 n.a. 1.3611

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 185,684 180,999 -2,594 1.3676

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 182,913 178,944 -2,911 1.3730

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 181,472 178,062 -3,377 1.3715

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 181,900 179,057 -3,307 1.3748

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 184,597 182,307 -3,458 1.3729

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 181,910 179,563 -3,661 1.3748

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 182,015 178,788 -3,798 1.3743

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 186,125 182,153 -3,797 1.3664

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 183,585 176,577 -3,777 1.3697

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 185,428 180,356 -3,812 1.3718

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 178,479 172,453 -3,791 1.3723

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 182,758 177,716 -3,375 1.3665

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 - 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. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Jan.. . . . . . . . 213,946 213,264 52,386 50,272 13,755 15,437 17,691 14,165 -2,531 80,188 1.3741

Feb. . . . . . . . 206,090 204,098 48,854 45,320 13,736 15,589 18,412 13,646 -2,630 81,498 1.3708

Mar. . . . . . . . 191,613 190,724 52,846 50,254 14,142 15,017 16,819 13,350 -2,621 78,026 1.3595

Apr.. . . . . . . . 192,615 192,439 59,506 55,815 14,116 15,529 18,102 14,864 -3,256 77,427 1.3621

May. . . . . . . . 193,386 195,060 51,873 48,878 15,150 15,980 18,125 15,408 -2,453 78,349 1.3690

June . . . . . . . 182,857 185,075 54,681 50,748 16,874 14,668 15,284 12,584 n.a. 80,771 1.3639

July. . . . . . . . 183,132 186,382 61,951 56,972 14,552 16,608 16,361 14,739 -3,270 88,608 1.3748

Aug. . . . . . . . 187,031 185,456 54,242 50,981 14,386 18,071 16,441 13,902 -3,879 94,258 1.3683

Sept.. . . . . . . 184,050 182,916 60,473 55,781 16,319 19,309 15,761 14,189 -3,991 91,910 1.3621

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 - 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 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Mar. . . . . . . . 39,610 37,364 48,269 43,919 3,333 2,651 2,872 2,432 310 15,770 1.3996

 June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

 Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

June. . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

98 FOREIGN CURRENCY POSITIONS
04/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,526,295 1,534,854 9,379 1.4830

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,635,757 1,647,952 7,317 1.4978

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,565,073 1,574,905 6,244 1.5064

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,641,587 1,659,365 10,567 1.5206

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 1,782,484 1,799,252 12,048 1.5366

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 1,659,348 1,677,988 14,957 1.5175

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 1,644,314 1,669,332 14,386 1.5334

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 1,707,227 1,732,081 13,645 1.5435

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 1,669,846 1,689,980 12,749 1.5482

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 1,702,746 1,712,967 11,438 1.5309

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 1,635,476 1,654,128 9,910 1.5335

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 1,675,169 1,684,892 8,747 1.5219

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 1,653,353 1,664,444 8,000 1.5270

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,561,489 1,568,005 6,154 1.5211

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,643,563 1,648,740 7,244 1.5260

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,854,412 1,856,773 8,791 1.4862

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,779,441 1,786,741 9,222 1.4900

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 1,773,784 1,779,518 6,111 1.4723

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 1,765,893 1,769,611 4,122 1.4850

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 1,743,589 1,749,975 4,739 1.4898

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 1,780,985 1,787,839 3,354 1.4827

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 1,778,674 1,790,167 255 1.4773

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 1,793,876 1,801,616 -2,563 1.4808

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 1,908,652 1,917,632 -782 1.5109

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 1,818,822 1,824,850 1,005 1.5091

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 1,862,322 1,863,056 1,174 1.5165

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 - 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 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Jan.. . . . . . . . 1,633,455 1,634,077 244,345 251,491 242,730 228,184 275,738 291,938 6,695 250,805 1.4900

Feb. . . . . . . . 1,665,026 1,676,857 250,008 253,568 240,860 232,361 276,101 286,933 8,297 257,499 1.4735

Mar. . . . . . . . 1,577,310 1,591,989 239,743 243,594 232,172 227,185 263,391 274,710 9,907 258,772 1.4769

Apr.. . . . . . . . 1,709,850 1,727,707 255,201 259,203 249,552 239,877 294,513 308,450 11,260 260,277 1.5314

May. . . . . . . . 1,773,912 1,797,102 222,262 229,276 292,005 273,891 338,745 335,329 11,753 274,582 1.5238

June . . . . . . . 1,659,045 1,671,359 223,021 229,763 359,485 283,513 396,679 332,681 7,270 281,078 1.5250

July . . . . . . . . 1,794,700 1,800,737 231,869 232,197 391,716 330,392 443,124 352,833 6,141 300,144 1.4723

Aug. . . . . . . . 1,754,494 1,767,751 229,647 226,229 329,783 333,361 334,848 351,707 -1,336 310,092 1.4829

Sept. . . . . . . . 1,783,946 1,785,143 227,745 227,095 345,904 354,079 336,344 346,679 3,500 316,312 1.5254

1994 - Sept.. . . . . . . 347,408 332,738 93,524 90,389 33,661 32,350 34,487 36,306 772 16,932 1.5520

 Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Mar. . . . . . . . 301,610 273,531 107,995 105,483 30,803 32,772 41,500 31,069 -5,248 21,213 1.3746

 June . . . . . . . 275,411 273,485 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

 Sept. . . . . . . . 291,202 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280

 Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

June. . . . . . . . 228,280 235,647 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

SECTION II.--German Mark Positions

TABLE FCP-II-1.--Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 99
1994 - Dec. . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000

1995 - Oct.. . . . . . . . 133,583 136,121 21,641 20,373 14,515 14,019 21,534 22,867 985 34,322 102.1200

Nov. . . . . . . . 132,164 134,987 21,389 19,804 14,378 13,801 20,026 21,301 1,188 35,616 102.1000

Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Jan.. . . . . . . . 129,279 131,586 20,208 19,525 14,832 14,086 20,310 21,572 1,047 39,220 107.1300

Feb. . . . . . . . 132,259 134,213 20,571 19,829 15,892 15,172 21,299 22,277 756 39,615 105.3000

Mar. . . . . . . . 131,118 133,435 19,877 19,362 14,464 14,137 19,810 20,839 904 38,733 107.3100

Apr.. . . . . . . . 137,749 139,788 20,951 19,785 16,428 16,056 21,436 22,288 825 40,472 105.1900

May. . . . . . . . 134,984 136,765 19,746 18,772 17,084 16,506 22,829 23,592 626 42,524 108.1500

June . . . . . . . 138,772 141,404 22,592 21,841 16,512 16,394 20,925 21,920 829 43,446 109.7500

July. . . . . . . . 143,079 146,267 22,811 21,327 18,047 17,692 21,018 21,947 838 46,173 106.8700

Aug. . . . . . . . 133,294 136,916 22,237 21,479 17,095 16,631 19,792 20,736 794 47,132 108.9100

Sept.. . . . . . . 138,586 141,429 23,795 23,069 17,205 16,976 19,982 21,140 522 49,486 111.4500

1994 - 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 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,372 19,898 4,451 4,473 1,531 1,514 3,404 2,206 24 4,404 86.6000

June. . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

 Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

 Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

June. . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

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)

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 130,180 132,628 900 107.0600

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 132,575 134,607 823 108.4200

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 130,516 132,215 837 108.2800

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 131,348 133,359 871 106.5600

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 131,632 133,419 797 105.3800

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 129,984 131,673 767 105.2500

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 133,231 135,263 629 106.9800

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 128,545 130,366 919 107.2000

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 136,752 138,927 869 108.7000

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 134,912 137,260 688 109.0700

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 135,024 137,496 912 109.1200

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 136,854 139,386 887 107.9900

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 138,245 140,831 824 109.5500

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 133,633 136,094 798 110.4200

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 138,758 141,444 800 110.3700

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 142,837 145,868 736 108.8000

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 142,328 145,540 911 108.4800

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 141,607 145,084 826 106.8700

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 144,338 147,489 939 107.9900

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 142,252 145,670 816 108.1600

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 139,871 143,130 797 108.4700

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 144,233 147,850 816 108.4900

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 140,258 143,928 782 108.7900

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 144,184 147,835 730 110.4000

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 144,210 147,807 713 109.1500

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 143,039 146,479 619 110.4600

100 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100

1995 - 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 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Jan.. . . . . . . . 365,388 367,400 24,750 29,111 35,985 34,835 38,129 41,988 5,688 113,743 1.2140

Feb. . . . . . . . 380,360 383,396 23,408 27,313 44,638 41,405 41,203 42,150 6,402 113,268 1.2019

Mar. . . . . . . . 328,706 334,043 21,963 25,509 36,757 33,561 37,726 40,183 7,145 100,122 1.1910

Apr.. . . . . . . . 372,832 379,661 24,094 25,843 43,190 37,853 45,228 48,781 7,755 100,058 1.2445

May. . . . . . . . 423,618 432,475 22,465 26,981 51,448 46,168 53,405 59,700 10,511 100,602 1.2500

June . . . . . . . 423,691 433,067 21,142 27,125 52,771 46,853 53,823 60,985 11,183 98,403 1.2545

July . . . . . . . . 457,420 468,160 19,713 24,058 59,168 51,088 66,800 70,116 10,461 97,137 1.1979

Aug. . . . . . . . 432,124 442,632 18,593 22,540 55,691 48,601 65,370 67,119 9,716 96,569 1.2025

Sept. . . . . . . . 466,379 483,861 18,455 22,061 69,534 58,796 79,794 86,809 10,254 97,674 1.2550

1994 - 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. . . . . . . . 44,619 34,524 14,014 14,218 1,535 1,872 2,882 1,542 155 20,160 1.1325

June. . . . . . . . 33,662 24,077 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

 Sept. . . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550

 Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

June. . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

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)

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 318,505 324,873 7,165 1.1971

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 348,719 357,620 5,769 1.2149

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 351,009 359,925 7,110 1.2274

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 349,332 359,007 7,512 1.2309

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 377,276 386,501 8,357 1.2514

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 374,651 384,102 9,500 1.2346

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 374,141 384,486 8,957 1.2539

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 414,790 426,621 9,248 1.2690

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 401,268 412,565 10,429 1.2740

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 398,446 404,381 10,627 1.2580

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 417,549 427,656 10,102 1.2639

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 405,399 415,354 10,337 1.2530

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 417,093 430,121 9,755 1.2577

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 397,278 409,874 10,915 1.2532

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 415,893 431,084 13,112 1.2634

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 457,178 470,227 11,550 1.2120

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 454,543 466,520 9,434 1.2145

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 450,022 461,929 10,465 1.1979

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 437,466 449,534 9,413 1.2098

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 430,581 443,116 9,161 1.2100

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 449,655 460,142 9,187 1.2010

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 437,155 447,966 9,670 1.1930

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 432,635 445,048 10,009 1.2064

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 469,888 484,003 9,273 1.2356

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 467,737 486,028 12,253 1.2419

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 478,027 494,429 10,352 1.2415

FOREIGN CURRENCY POSITIONS 101
04/03/96. . . . . . . . . . . . . . . . . . . . . . . 299,727 296,451 1,522 1.5247

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 278,709 276,829 706 1.5126

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 281,604 279,864 1,223 1.5095

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 277,962 277,323 1,569 1.5150

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 295,547 294,502 1,606 1.4922

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 289,335 287,854 1,951 1.5235

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 281,665 279,895 1,691 1.5125

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 281,293 279,907 1,735 1.5085

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 287,205 284,470 2,109 1.5124

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 289,546 287,139 1,580 1.5480

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 304,766 300,115 1,315 1.5353

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 275,486 275,007 1,402 1.5440

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 285,908 285,141 1,974 1.5401

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 272,676 271,352 1,782 1.5629

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 289,420 287,164 786 1.5520

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 291,084 287,733 806 1.5452

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 287,589 284,183 1,243 1.5521

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 296,100 293,141 607 1.5557

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 307,357 304,856 714 1.5427

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 296,408 294,648 198 1.5490

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 301,657 299,898 327 1.5499

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 310,731 308,430 718 1.5591

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 320,473 316,834 851 1.5667

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 319,729 317,562 658 1.5547

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 307,693 304,027 738 1.5606

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 307,067 303,488 722 1.5617

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - 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 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Jan.. . . . . . . . 310,528 308,608 63,042 65,948 25,031 25,774 27,271 29,824 1,370 51,969 1.5120

Feb. . . . . . . . 321,322 317,931 60,063 63,872 29,083 27,607 25,010 29,011 1,906 51,699 1.5305

Mar. . . . . . . . 301,321 297,302 62,670 65,079 27,505 26,304 24,926 27,827 1,231 51,741 1.5261

Apr.. . . . . . . . 290,220 287,636 67,772 71,375 36,198 35,442 28,445 32,834 1,653 53,187 1.5069

May. . . . . . . . 299,506 297,708 60,105 66,019 43,912 42,422 34,609 39,439 2,054 53,757 1.5510

June . . . . . . . 289,658 289,140 64,406 68,953 47,078 49,810 39,878 44,732 2,330 55,190 1.5518

July . . . . . . . . 300,608 298,567 64,729 66,094 42,935 43,834 40,992 43,874 615 58,977 1.5557

Aug. . . . . . . . 293,683 291,969 63,601 65,884 41,615 43,348 40,972 43,653 740 59,100 1.5614

Sept. . . . . . . . 302,890 295,995 69,562 73,465 39,435 41,821 36,067 39,788 494 59,783 1.5646

1994 - 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 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,795 36,084 35,549 30,824 3,328 3,712 4,469 2,736 -239 6,389 1.6215

June. . . . . . . . 38,179 39,074 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

 Sept. . . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

 Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

June. . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

SECTION V.--Sterling Positions

TABLE FCP-V-1.--Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

102 FOREIGN CURRENCY POSITIONS
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 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 (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. “Profits (+) or losses (-) on

foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations”

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of Mar. 31, 1996, and June 30, 1996

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

See footnotes on the following page.

Mar. 31, 1996, 

Assets, liabilities, and capital Mar. 31, 1996 through June 30, 1996 June 30, 1996

Assets

U.S. dollars:

Held at Federal Reserve Bank of New York . . 426 -426 -

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 3,895,086 290,001 4,185,087

Special drawing rights 1. . . . . . . . . . . . . . . . . . . . 11,049,127 -3,302 11,045,825

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,715,503 -144,258 6,571,245

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 9,737,835 -210,131 9,527,704

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 10,500,000 - 10,500,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 345,460 5,829 351,289

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 42,243,437 -62,287 42,181,150

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 216,234 99,741 315,975

Total current liabilities . . . . . . . . . . . . . . . . . . 216,234 99,741 315,975

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 10,168,000 - 10,168,000

Special drawing rights allocations . . . . . . . . . . 7,159,235 -87,543 7,071,692

Total other liabilities . . . . . . . . . . . . . . . . . . . 17,327,235 -87,543 17,239,692

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 24,499,968 -74,485 24,425,483

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,699,968 -74,485 24,625,483

Total liabilities and capital . . . . . . . . . . . . . 42,243,437 -62,287 42,181,150

EXCHANGE STABILIZATION FUND 103
Current quarter Fiscal year to date 

Apr. 1, 1996, through June 30, 1996 Oct. 1, 1995, through June 30, 1996

Income and expense

Profits (+) or losses (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -418,703 -1,415,069

Adjustment for change in valuation of special drawing rights holdings and allocations 1 . . . -48,437 -160,980

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,672 115,290

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,359 137,852

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,624 936,257

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -74,485 -386,650

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -74,485 -386,650

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 adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

“Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the “Treasury Bulletin.” Data from inception to September 30,

1978, may be found on the statements published in the January 1979 “Treasury Bulletin.”

104 EXCHANGE STABILIZATION FUND
105

Page Intentionally Left Blank
106

Page Intentionally Left Blank
United States Government Consolidated Statement of Financial Position,

as of September 30 (Unaudited) 

(In billions of dollars)

Assets 1995 1994*

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.8 56.3

Other monetary assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.7 126.2

Accounts receivable, net of allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.2 76.6

Inventories and related properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.1 222.9

Loans receivable, net of allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.8 118.8

Advances and prepayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2 22.8

Property, plant, and equipment, net of accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503.4 576.2

Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.4 151.1

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,297.6 1,350.9

Liabilities 

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.2 48.4

Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.3 45.1

Accrued payroll and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 17.2

Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.8 36.0

Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,603.3 3,432.3

Pensions and other actuarial liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,628.2 1,526.2

Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425.5 251.9

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,810.6 5,357.1

Accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4,513.0 -4,006.2

INTRODUCTION: Consolidated Financial Statements

The following pages are excerpted from the “Consolidated Financial Statements of the United States Government,” (CFS) Prototype 1995. The statements and

accompanying information, prepared and 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.

* Amounts are restated due to Defense audit adjustments.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 107
United States Government Consolidated Statement of Operations

for the Year Ended September 30 (Unaudited)

(In billions of dollars)

Revenues 1995 1994 

Levied under the Government’s sovereign power:

Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590.2 543.1

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.0 140.4

Social insurance taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484.5 461.5

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.5 55.2

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8 15.2

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3 20.1

Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.3 22.0

1,350.6 1,257.5

Earned through Government business-type operations:

Sale of goods and services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.0 82.1

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4 10.6

Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0 35.9

Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,481.0 1,386.1

Expenses by agency

Legislative branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 2.5

Judicial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 2.6

Executive branch:

Funds appropriated to the President 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.2

Departments:

Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.1 73.6

Commerce. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 3.2

Defense (military) 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.6 274.1

Defense (civil) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2 26.5

Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.6 29.0

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 26.2

Health and Human Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342.5 301.2

Housing and Urban Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.6 29.0

Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 6.7

Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2 6.9

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.6 34.3

State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 6.9

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.2 37.6

Treasury:

Interest on debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.2 207.7

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.5 26.2

Veterans Affairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.5 21.1

Independent:

Social Security Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362.7 330.6

Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198.3 134.2

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,791.0 1,581.3

Veterans Affairs adjustment for actuarial liability change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65.6

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,791.0 1,515.7

Expenses in excess of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310.0 129.6

1

 Includes Executive Office of the President.

2

 Fiscal 1994 amount includes Defense audit adjustments.

3

 Includes EPA, GSA, NASA, OPM, SBA, and other independent agencies.

108 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Revenues and Expenses

The chart at right shows the amounts of

the U.S. Federal Government revenues

and expenses for fiscal 1995 and 1994.

The charts below show categories of

revenues by source, and a breakdown of

the Government’s expenses by agency.

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

 Departmental agencies with expenses less than $50 billion.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 109
Major Categories of Assets 

as of September 30, 1995

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, 1995, as a percentage of total assets.

Total Assets:

$1,298.3 billion

Assets, Liabilities, and

Accumulated Position,

as of September 30, 1995

and 1994

The chart at right depicts assets,

liabilities, and accumulated position

reported in the Statement of

Financial Position, as of September

30, 1995 and 1994.

(In billions of dollars)

110 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
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 gross amounts, less allowances of $79.4

billion and $68.8 billion for accounts receivable and

loans receivable, respectively, are included in the Statement of Financial Position.

Accounts Receivable

Total: $166.6 billion

Loans Receivable

Total: $189.6 billion

* Includes Executive Office of the President.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 111
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: $438.0 billion

Contingencies (at face value)

Total: $5,419.5 billion

112 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Federal Debt

The following charts represent different facets of the net Federal debt, excluding intragovernment investments.

Types of Securities as of

September 30, 1995 and 1994

(In billions of dollars)

Interest Expense for

Federal Debt Held by the

Public, Fiscal 1991-1995

(In billions of dollars)

Federal Debt

Held by the

Public, Fiscal

1991-1995

(In billions of dollars)

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 113
INTRODUCTION

The tables and charts in this section present the most

recent data available on various trust funds administered by

the Treasury. Trust funds are moneys held by the Government

in accounts established by law or by trust agreement for

specific purposes and designated by law as being trust funds. 

This report compiles data from many sources and provides

information in a consolidated manner. 

The Civil Service Retirement and Disability Fund is operated by the Office of Personnel Management. The Federal

Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds are under the auspices of the Department of

Health and Human Services’ Health Care Financing Administration. The Federal Old-age and Survivors Insurance and

Federal Disability Insurance Trust Funds are administered by

Social Security. 

In addition, the Department of Veterans Affairs’ Veterans

Benefits Administration disburses the National Service Life

Insurance Fund. And the Department of Labor, Employment

and Training Administration is responsible for the Unemployment Trust Fund. 

Data for the Railroad Retirement Trust Fund are also

included in this section. That trust fund is administered by the

Railroad Retirement Board, an independent agency. 

The following tables are published in the December issue

of the “Treasury Bulletin” each year. Most of the data for the

tables came from the “Monthly Treasury Statement of Receipts

and Outlays of the United States Government,” in which

monthly data are published. Estimated figures are based on the

“Budget of the United States Government, Fiscal Year 1997,”

released March 1996.

CHART TF-A.--Major Trust Funds

Total Net Increase or Decrease in Assets

(In billions of dollars)

Source: Directives Management Branch, Financial Management Service

114 TRUST FUNDS
CHART TF-B.--Total Receipts of Major Trust Funds

(In billions of dollars)

Source: Directives Management Branch, Financial Management Service

TRUST FUNDS 115
CHART TF-C.--Total Expenditures of Major Trust Funds

(In billions of dollars)

Source: Directives Management Branch, Financial Management Service

116 TRUST FUNDS
TABLE TF-1.--Civil Service Retirement and Disability Fund

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

 Receipts

Donations, service credit payments, and other Interest and

Fiscal year Agencies’ Employees’ Federal miscellaneous profits on

or month Total contributions contributions contributions receipts investments

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

1992. . . . . . . . . . . . . . . . . . . . . 59,554 11,999 4,551 19,101 181 23,721

1993. . . . . . . . . . . . . . . . . . . . . 62,258 12,568 4,516 19,793 226 25,155

1994. . . . . . . . . . . . . . . . . . . . . 63,491 13,055 4,420 19,793 179 26,139

1995. . . . . . . . . . . . . . . . . . . . . 65,699 13,206 4,318 19,950 168 28,056

1996. . . . . . . . . . . . . . . . . . . . . 67,336 13,632 4,251 20,060 154 29,239

1997 - Est . . . . . . . . . . . . . . . 69,040 14,139 4,183 20,947 - 29,771

1995 - Oct.. . . . . . . . . . . . . . . 1,135 795 320 - 17 3

Nov. . . . . . . . . . . . . . . 1,115 767 328 - 5 14

Dec. . . . . . . . . . . . . . . 15,441 964 398 - 14 14,065

1996 - Jan.. . . . . . . . . . . . . . . . 1,203 834 358 - 11 *

Feb. . . . . . . . . . . . . . . 1,422 881 384 - 11 146

Mar. . . . . . . . . . . . . . . 1,233 813 394 - 13 13

Apr. . . . . . . . . . . . . . . 1,504 796 334 - 14 361

May . . . . . . . . . . . . . . 1,608 938 392 - 21 258

June . . . . . . . . . . . . . . 15,209 921 278 - -87 14,095

July . . . . . . . . . . . . . . 1,311 804 355 - 110 42

Aug. . . . . . . . . . . . . . . 1,458 963 378 * 13 104

Sept. . . . . . . . . . . . . . 24,696 4,156 331 20,060 13 137

Fiscal 1996 . . . . . . . . . . . . . . 67,336 13,632 4,251 20,060 154 29,239

Fiscal year Total expenditures Net increase, Assets, end of period

or month other than investments or decrease (-), in assets Total Investments Unexpended balance

(7) (8) (9) (10) (11)

1992. . . . . . . . . . . . . . . . . . . . . 33,668 25,885 283,159 284,430 -1,271

1993. . . . . . . . . . . . . . . . . . . . . 34,906 27,352 310,511 311,705 -1,194

1994. . . . . . . . . . . . . . . . . . . . . 36,364 27,127 337,638 338,889 -1,251

1995. . . . . . . . . . . . . . . . . . . . . 38,435 27,264 364,901 366,126 -1,225

1996. . . . . . . . . . . . . . . . . . . . . 39,778 27,558 392,459 385,443 7,016

1997 - Est . . . . . . . . . . . . . . . 41,600 27,440 421,504 421,504 -

1995 - Oct.. . . . . . . . . . . . . . . 3,279 -2,144 362,758 363,980 -1,222

Nov. . . . . . . . . . . . . . . 3,243 -2,129 360,629 322,131 38,498

Dec. . . . . . . . . . . . . . . 3,258 12,183 372,811 320,276 52,535

1996 - Jan.. . . . . . . . . . . . . . . . 3,216 -2,012 370,799 320,434 50,365

Feb. . . . . . . . . . . . . . . 3,196 -1,773 369,026 305,690 63,336

Mar. . . . . . . . . . . . . . . 3,350 -2,117 366,909 359,610 7,299

Apr. . . . . . . . . . . . . . . 3,371 -1,867 365,043 357,781 7,262

May . . . . . . . . . . . . . . 3,375 -1,767 363,276 356,846 6,430

June . . . . . . . . . . . . . . 3,401 11,807 375,083 369,162 5,921

July . . . . . . . . . . . . . . 3,394 -2,084 372,999 367,648 5,351

Aug. . . . . . . . . . . . . . . 3,333 -1,875 371,125 364,173 6,952

Sept. . . . . . . . . . . . . . 3,362 21,335 392,459 385,443 7,016

Fiscal 1996 . . . . . . . . . . . . . . 39,778 27,558 392,459 385,443 7,016

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

TRUST FUNDS 117
TABLE TF-2.--Federal Hospital Insurance Trust Fund

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

 Receipts

Fiscal year Interest and profits

or month Total Net appropriations Federal payments Deposits by States on investments Other

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

1992. . . . . . . . . . . . . . . . . . . . . 92,591 81,005 706 4 10,054 822

1993. . . . . . . . . . . . . . . . . . . . . 95,219 82,682 495 2 10,581 1,460

1994. . . . . . . . . . . . . . . . . . . . . 106,114 91,513 2,247 * 10,593 1,762

1995. . . . . . . . . . . . . . . . . . . . . 114,786 97,489 4,504 * 10,870 1,922

1996. . . . . . . . . . . . . . . . . . . . . 123,501 106,422 4,696 1 10,389 1,992

1997 - Est . . . . . . . . . . . . . . . 127,215 112,231 5,007 - 9,907 70

1995 - Oct.. . . . . . . . . . . . . . . 7,165 7,016 -10 - 68 92

Nov. . . . . . . . . . . . . . . 8,633 8,452 - - 55 127

Dec. . . . . . . . . . . . . . . 14,202 9,076 - - 5,051 76

1996 - Jan.. . . . . . . . . . . . . . . . 9,555 8,202 1,154 - 6 193

Feb. . . . . . . . . . . . . . . 7,558 7,392 - - 22 145

Mar. . . . . . . . . . . . . . . 9,180 8,440 568 * 29 143

Apr. . . . . . . . . . . . . . . 15,632 13,756 1,717 * 21 139

May . . . . . . . . . . . . . . 8,087 7,913 - * 37 137

June . . . . . . . . . . . . . . 15,646 9,510 596 * 5,039 500

July . . . . . . . . . . . . . . 8,240 8,023 74 * 5 138

Aug. . . . . . . . . . . . . . . 8,083 7,891 - * 38 155

Sept. . . . . . . . . . . . . . 11,517 10,754 598 * 17 148

Fiscal 1996 . . . . . . . . . . . . . . 123,501 106,422 4,696 1 10,389 1,992

 Expenditures other than investments Net increase, Assets, end of period

Fiscal year Benefit Administrative or decrease Unexpended

or month Total payments expenses Other (-), in assets Total Investments balance

(7) (8) (9) (10) (11) (12) (13) (14)

1992. . . . . . . . . . . . . . . . . . . . . 81,971 80,784 1,188 1 10,620 118,602 120,647 -2,044

1993. . . . . . . . . . . . . . . . . . . . . 91,604 90,738 866 - 3,615 122,218 126,078 -3,860

1994. . . . . . . . . . . . . . . . . . . . . 102,770 101,535 1,235 * 3,344 125,562 128,716 -3,154

1995. . . . . . . . . . . . . . . . . . . . . 114,883 113,583 1,297 2 -97 125,465 129,864 -4,399

1996. . . . . . . . . . . . . . . . . . . . . 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

1997 - Est . . . . . . . . . . . . . . . 124,188 122,543 1,272 373 3,027 126,469 126,469 -

1995 - Oct.. . . . . . . . . . . . . . . 9,082 9,007 75 * -1,917 123,548 127,495 -3,947

Nov. . . . . . . . . . . . . . . 9,869 9,735 134 * -1,236 122,313 126,554 -4,241

Dec. . . . . . . . . . . . . . . 10,302 10,274 28 * 3,900 126,213 131,443 -5,230

1996 - Jan.. . . . . . . . . . . . . . . . 10,169 9,971 198 1 -615 125,598 130,649 -5,051

Feb. . . . . . . . . . . . . . . 10,709 10,648 60 * -3,150 122,448 127,583 -5,135

Mar. . . . . . . . . . . . . . . 10,410 10,335 75 * -1,230 121,218 126,072 -4,854

Apr. . . . . . . . . . . . . . . 10,947 10,869 78 * 4,685 125,903 130,357 -4,454

May . . . . . . . . . . . . . . 12,333 12,213 119 * -4,245 121,658 124,339 -2,681

June . . . . . . . . . . . . . . 8,880 8,771 108 1 6,766 128,424 129,890 -1,466

July . . . . . . . . . . . . . . 11,530 11,400 129 1 -3,290 125,134 127,355 -2,221

Aug. . . . . . . . . . . . . . . 11,372 11,269 102 1 -3,289 121,845 123,780 -1,935

Sept. . . . . . . . . . . . . . 9,713 9,595 117 1 1,804 123,649 125,805 -2,156

Fiscal 1996 . . . . . . . . . . . . . . 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

118 TRUST FUNDS
TABLE TF-3.--Federal Disability Insurance Trust Fund

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

Receipts Expenditures other than investments

Fiscal year Deposits Interest and profits Benefit

or month Total Appropriations by States on investments Other Total payments

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 31,144 29,846 1 1,080 217 31,295 30,394

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 32,028 30,786 -1 966 277 34,641 33,626

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 34,017 33,008 * 698 310 37,984 36,860

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 70,148 67,919 * 1,888 341 41,380 40,242

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 59,435 56,528 * 2,481 426 44,355 43,278

1997 - Est . . . . . . . . . . . . . . . . . . . . 59,191 56,011 - 3,176 4 48,511 47,095

1995 - Oct.. . . . . . . . . . . . . . . . . . . . 3,661 3,568 - 9 84 3,516 3,435

Nov. . . . . . . . . . . . . . . . . . . . 4,075 4,068 - 6 1 3,475 3,391

Dec. . . . . . . . . . . . . . . . . . . . 5,388 4,310 - 1,078 1 3,570 3,513

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . 5,166 5,071 - 3 93 3,581 3,452

Feb. . . . . . . . . . . . . . . . . . . . 4,408 4,393 - 13 2 3,671 3,582

Mar. . . . . . . . . . . . . . . . . . . . 4,974 4,959 * 10 4 3,786 3,714

Apr. . . . . . . . . . . . . . . . . . . . 6,661 6,511 * 56 94 3,751 3,678

May . . . . . . . . . . . . . . . . . . . 4,655 4,617 * 36 3 3,830 3,704

June . . . . . . . . . . . . . . . . . . . 6,659 5,420 * 1,237 2 3,804 3,719

July . . . . . . . . . . . . . . . . . . . 4,522 4,379 * 3 140 3,798 3,703

Aug. . . . . . . . . . . . . . . . . . . . 4,413 4,399 - 13 1 3,821 3,725

Sept. . . . . . . . . . . . . . . . . . . 4,853 4,832 - 19 2 3,751 3,663

Fiscal 1996 . . . . . . . . . . . . . . . . . . . 59,435 56,528 * 2,481 426 44,355 43,278

Expenditures other than investments, con.

Payments

to railroad Net increase, Assets, end of period

Fiscal year retirement Administrative or decrease Unexpended

or month account expenses Other (-), in assets Total Investments balance

(8) (9) (10) (11) (12) (13) (14)

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 58 841 2 -151 13,891 12,918 973

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 83 932 - -2,613 11,278 10,237 1,041

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 106 1,018 1 -3,967 7,311 6,100 1,211

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 68 1,064 5 28,768 36,079 35,225 854

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 2 1,060 15 15,080 51,160 50,100 1,060

1997 - Est . . . . . . . . . . . . . . . . . . . . 57 1,253 106 10,680 60,330 60,330 -

1995 - Oct.. . . . . . . . . . . . . . . . . . . . - 80 1 145 36,224 35,381 843

Nov. . . . . . . . . . . . . . . . . . . . - 84 1 600 36,824 35,957 867

Dec. . . . . . . . . . . . . . . . . . . . - 56 * 1,818 38,642 37,647 995

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . - 128 1 1,586 40,228 39,212 1,016

Feb. . . . . . . . . . . . . . . . . . . . - 89 1 737 40,964 39,896 1,068

Mar. . . . . . . . . . . . . . . . . . . . - 71 1 1,188 42,153 41,087 1,066

Apr. . . . . . . . . . . . . . . . . . . . - 73 1 2,910 45,062 43,985 1,077

May . . . . . . . . . . . . . . . . . . . - 125 1 825 45,887 44,830 1,057

June . . . . . . . . . . . . . . . . . . . 2 81 2 2,854 48,742 47,654 1,088

July . . . . . . . . . . . . . . . . . . . - 93 2 724 49,466 48,491 975

Aug. . . . . . . . . . . . . . . . . . . . - 94 2 591 50,058 49,011 1,047

Sept. . . . . . . . . . . . . . . . . . . - 86 2 1,102 51,160 50,100 1,060

Fiscal 1996 . . . . . . . . . . . . . . . . . . . 2 1,060 15 15,080 51,160 50,100 1,060

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

TRUST FUNDS 119
TABLE TF-4.--Federal Old-Age and Survivors Insurance Trust Fund

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

Expenditures other than investments

Receipts Payments to railFiscal year Deposits Net earnings Benefit road retirement

or month Total Appropriations by States on investments Other Total payments account

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 308,825 278,311 6 22,557 5,950 256,290 251,317 3,148

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 319,035 287,233 9 25,822 5,972 269,960 264,582 3,353

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 341,973 308,134 -45 28,505 5,379 281,586 276,292 3,420

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 325,860 289,299 1 31,417 5,143 294,474 288,622 4,052

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 357,041 316,965 33 34,026 6,016 305,461 299,987 3,554

1997 - Est . . . . . . . . . . . . . . . . . . . . 384,023 333,335 - 36,185 14,503 321,730 313,575 3,781

1995 - Oct.. . . . . . . . . . . . . . . . . . . . 21,217 20,300 - 46 871 24,544 24,360 -

Nov. . . . . . . . . . . . . . . . . . . . 22,861 22,764 - 86 11 24,413 24,368 -

Dec. . . . . . . . . . . . . . . . . . . . 40,501 24,115 1 16,373 11 25,064 24,647 -

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . 29,373 27,771 - 15 1,588 25,126 25,019 -

Feb. . . . . . . . . . . . . . . . . . . . 24,650 24,578 * 55 17 25,163 25,040 -

Mar. . . . . . . . . . . . . . . . . . . . 27,882 27,757 -2 101 27 25,337 25,253 -

Apr. . . . . . . . . . . . . . . . . . . . 38,463 36,616 1 261 1,585 25,342 25,154 -

May . . . . . . . . . . . . . . . . . . . 26,023 25,835 * 171 18 25,329 25,148 -

June . . . . . . . . . . . . . . . . . . . 47,144 30,327 32 16,765 20 28,881 25,189 3,554

July . . . . . . . . . . . . . . . . . . . 26,618 24,751 -1 17 1,851 25,466 25,247 -

Aug. . . . . . . . . . . . . . . . . . . . 24,684 24,606 * 61 17 25,400 25,277 -

Sept. . . . . . . . . . . . . . . . . . . 27,624 27,546 3 75 * 25,397 25,283 -

Fiscal 1996 . . . . . . . . . . . . . . . . . . . 357,041 316,965 33 34,026 6,016 305,461 299,987 3,554

1992. . . . . . . . . . . . . . . . . . . . . 1,824 - 50,535 314,841 306,524 8,317

1993. . . . . . . . . . . . . . . . . . . . . 2,026 - 49,075 363,915 355,510 8,405

1994. . . . . . . . . . . . . . . . . . . . . 1,875 - 60,387 424,303 413,425 10,878

1995. . . . . . . . . . . . . . . . . . . . . 1,799 - 31,386 455,688 447,947 7,741

1996. . . . . . . . . . . . . . . . . . . . . 1,791 129 51,580 507,269 499,403 7,866

1997 - Est . . . . . . . . . . . . . . . 2,231 2,143 62,293 560,806 560,806 -

1995 - Oct.. . . . . . . . . . . . . . . 184 - -3,327 452,362 444,667 7,695

Nov. . . . . . . . . . . . . . . 45 - -1,552 450,810 442,999 7,811

Dec. . . . . . . . . . . . . . . 287 129 15,437 466,247 458,612 7,635

1996 - Jan.. . . . . . . . . . . . . . . . 106 - 4,248 470,494 462,720 7,774

Feb. . . . . . . . . . . . . . . 122 - -513 469,982 462,196 7,786

Mar. . . . . . . . . . . . . . . 84 - 2,546 472,527 464,737 7,790

Apr. . . . . . . . . . . . . . . 188 - 13,121 485,648 477,883 7,765

May . . . . . . . . . . . . . . 181 - 694 486,343 478,596 7,747

June . . . . . . . . . . . . . . 137 - 18,264 504,606 496,715 7,891

July . . . . . . . . . . . . . . 219 - 1,152 505,758 498,067 7,691

Aug. . . . . . . . . . . . . . . 123 - -716 505,042 497,196 7,846

Sept. . . . . . . . . . . . . . 114 - 2,227 507,269 499,403 7,866

Fiscal 1996 . . . . . . . . . . . . . . 1,791 129 51,580 507,269 499,403 7,866

120 TRUST FUNDS
TABLE TF-5.--Federal Supplementary Medical Insurance Trust Fund

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

 Receipts Expenditures other than investments

Fiscal year Federal Interest and profits Benefit

or month Total Premiums contributions on investments Other Total payments

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 53,129 11,564 38,684 1,696 1,184 50,285 48,627

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 60,799 13,255 44,227 1,888 1,429 54,254 52,409

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 57,367 15,212 38,355 2,116 1,685 59,724 58,006

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 58,169 17,126 36,988 1,935 2,120 65,213 63,491

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1997 - Est . . . . . . . . . . . . . . . . . . . . 88,422 18,898 67,323 2,201 - 85,918 83,888

1995 - Oct.. . . . . . . . . . . . . . . . . . . . 5,593 1,507 3,888 17 180 5,367 5,247

Nov. . . . . . . . . . . . . . . . . . . . 5,498 1,466 3,834 15 182 5,913 5,750

Dec. . . . . . . . . . . . . . . . . . . . 5,477 1,400 3,448 516 113 6,032 6,013

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . 6,848 1,538 5,128 14 167 5,758 5,498

Feb. . . . . . . . . . . . . . . . . . . . 6,390 1,307 4,833 17 233 5,043 4,887

Mar. . . . . . . . . . . . . . . . . . . . 13,359 1,386 11,783 21 169 5,367 5,222

Apr. . . . . . . . . . . . . . . . . . . . 6,287 1,350 4,718 49 171 5,793 5,668

May . . . . . . . . . . . . . . . . . . . 6,404 1,372 4,781 80 170 6,875 6,666

June . . . . . . . . . . . . . . . . . . . 6,963 1,380 4,808 600 175 4,815 4,667

July . . . . . . . . . . . . . . . . . . . 6,356 1,375 4,795 15 171 6,223 6,103

Aug. . . . . . . . . . . . . . . . . . . . 6,411 1,386 4,830 23 172 7,269 7,122

Sept. . . . . . . . . . . . . . . . . . . 6,441 1,391 4,854 21 174 4,492 4,333

Fiscal 1996 . . . . . . . . . . . . . . . . . . . 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1992. . . . . . . . . . . . . . . . . . . . 1,658 1 2,843 16,380 18,534 -2,154

1993. . . . . . . . . . . . . . . . . . . . 1,845 - 6,545 22,924 23,268 -344

1994. . . . . . . . . . . . . . . . . . . . 1,718 * -2,357 20,567 21,489 -922

1995. . . . . . . . . . . . . . . . . . . . 1,720 2 -7,044 13,523 13,513 10

1996. . . . . . . . . . . . . . . . . . . . 1,766 5 13,079 26,602 27,175 -573

1997 - Est . . . . . . . . . . . . . . . 1,869 161 2,504 27,339 27,339 -

1995 - Oct.. . . . . . . . . . . . . . . 120 * 226 13,749 14,197 -448

Nov. . . . . . . . . . . . . . . 163 * -416 13,333 13,529 -196

Dec. . . . . . . . . . . . . . . 19 * -555 12,779 13,035 -256

1996 - Jan.. . . . . . . . . . . . . . . 260 * 1,089 13,868 13,328 540

Feb. . . . . . . . . . . . . . . 156 * 1,347 15,215 14,345 870

Mar. . . . . . . . . . . . . . . 144 * 7,992 23,207 22,718 489

Apr. . . . . . . . . . . . . . . 125 * 494 23,701 23,258 443

May . . . . . . . . . . . . . . 208 * -471 23,230 22,577 653

June . . . . . . . . . . . . . . 147 1 2,148 25,378 24,898 480

July. . . . . . . . . . . . . . . 119 1 133 25,511 25,286 225

Aug. . . . . . . . . . . . . . . 146 1 -858 24,654 24,771 -117

Sept.. . . . . . . . . . . . . . 158 1 1,948 26,602 27,175 -573

Fiscal 1996 . . . . . . . . . . . . . . 1,766 5 13,079 26,602 27,175 -573

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

TRUST FUNDS 121
TABLE TF-6.--National Service Life Insurance Fund

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

Expenditures other

than investments

 Receipts (benefits,

Transfers from Interest net lending, Net increase, Assets, end of period

Fiscal year Premiums and general and and profits refunds, and or decrease Unexpended

or month Total other receipts special funds on investments and dividends) (-), in assets Total Investments balance

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

* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

1992. . . . . . . . . . . . . . . . . . . . 1,494 421 2 1,071 1,329 165 11,325 11,310 15

1993. . . . . . . . . . . . . . . . . . . . 1,480 393 2 1,085 1,127 352 11,677 11,666 11

1994. . . . . . . . . . . . . . . . . . . . 1,417 335 1 1,080 1,224 193 11,870 11,852 18

1995. . . . . . . . . . . . . . . . . . . . 1,348 272 2 1,074 1,249 98 11,968 11,954 14

1996. . . . . . . . . . . . . . . . . . . . 1,288 236 2 1,050 1,240 48 11,968 12,007 11,968

1997 - Est . . . . . . . . . . . . . . . 1,755 258 2 1,495 1,355 400 12,388 12,388 -

1995 - Oct.. . . . . . . . . . . . . . . 22 19 * 3 95 -72 11,896 11,880 16

Nov. . . . . . . . . . . . . . . . 20 17 * 3 80 -60 11,836 11,821 15

Dec. . . . . . . . . . . . . . . . 537 17 * 519 80 456 12,292 12,240 52

1996 - Jan.. . . . . . . . . . . . . . . 20 20 * * 103 -83 12,210 12,194 16

Feb. . . . . . . . . . . . . . . . 24 23 * 1 113 -90 12,120 12,099 21

Mar. . . . . . . . . . . . . . . . 23 22 * 1 127 -103 12,016 12,011 5

Apr. . . . . . . . . . . . . . . . 22 20 * 2 115 -93 11,923 11,906 17

May . . . . . . . . . . . . . . . 21 19 * 2 106 -85 11,838 11,825 13

June. . . . . . . . . . . . . . . 535 19 * 516 101 434 12,272 12,232 40

July . . . . . . . . . . . . . . . 26 25 * * 105 -80 12,192 12,175 17

Aug. . . . . . . . . . . . . . . . 20 19 * 1 102 -81 12,111 12,098 13

Sept. . . . . . . . . . . . . . . 18 16 * 2 113 -95 12,016 12,007 9

Fiscal 1996 . . . . . . . . . . . . . . 1,288 236 2 1,050 1,240 48 12,016 12,007 9

122 TRUST FUNDS
TABLE TF-7.--Railroad Retirement Account

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

 Receipts

Interest Expenditures other than investments

Fiscal year and profits Benefit

or month Total Appropriations on investments Other Total payments

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

1992. . . . . . . . . . . . . . . . . . . . . 8,787 4,018 1,054 3,715 7,473 2,829

1993. . . . . . . . . . . . . . . . . . . . . 8,391 3,870 889 3,632 7,667 2,901

1994. . . . . . . . . . . . . . . . . . . . . 7,660 3,755 587 3,318 7,794 2,944

1995. . . . . . . . . . . . . . . . . . . . . 9,093 3,942 1,033 4,118 7,917 2,915

1996. . . . . . . . . . . . . . . . . . . . . 4,958 3,872 1,108 -21 7,992 2,940

1997 - Est . . . . . . . . . . . . . . . 3,273 2,544 729 - 2,901 -

1995 - Oct.. . . . . . . . . . . . . . . 532 344 146 41 656 244

Nov.. . . . . . . . . . . . . . . 512 266 246 - 652 239

Dec.. . . . . . . . . . . . . . . 300 254 46 - 671 240

1996 - Jan.. . . . . . . . . . . . . . . . 518 380 77 61 691 243

Feb.. . . . . . . . . . . . . . . 446 330 116 - 690 246

Mar.. . . . . . . . . . . . . . . 419 412 6 - 643 247

Apr. . . . . . . . . . . . . . . . 489 390 37 63 666 242

May . . . . . . . . . . . . . . . 487 397 91 - 668 247

June . . . . . . . . . . . . . . -259 -41 31 -248 663 245

July . . . . . . . . . . . . . . . 584 463 58 62 665 246

Aug.. . . . . . . . . . . . . . . 479 327 152 - 663 255

Sept. . . . . . . . . . . . . . . 450 349 101 - 663 246

Fiscal 1996 . . . . . . . . . . . . . . 4,958 3,872 1,108 -21 7,992 2,940

1992. . . . . . . . . . . . . . . . . . . . 70 4,574 1,314 8,651 11,527 -3,466

1993. . . . . . . . . . . . . . . . . . . . 71 4,696 724 8,785 11,961 -3,176

1994. . . . . . . . . . . . . . . . . . . . 70 4,780 -134 8,651 12,203 -3,552

1995. . . . . . . . . . . . . . . . . . . . 71 4,931 1,176 9,827 14,440 -4,613

1996. . . . . . . . . . . . . . . . . . . . 71 4,981 -3,034 6,793 17,122 -10,329

1997 - Est . . . . . . . . . . . . . . . - - 372 12,890 12,890 -

1995 - Oct.. . . . . . . . . . . . . . . 5 407 -124 9,703 14,501 -4,798

Nov. . . . . . . . . . . . . . . 5 407 -140 9,563 14,851 -5,288

Dec. . . . . . . . . . . . . . . 6 426 -371 9,192 14,719 -5,527

1996 - Jan.. . . . . . . . . . . . . . . 7 442 -173 9,019 14,836 -5,817

Feb. . . . . . . . . . . . . . . 6 439 -244 8,775 15,156 -6,381

Mar. . . . . . . . . . . . . . . 5 391 -225 8,551 15,413 -6,862

Apr. . . . . . . . . . . . . . . 6 417 -177 8,374 16,030 -7,656

May . . . . . . . . . . . . . . 9 411 -181 8,194 16,405 -8,211

June . . . . . . . . . . . . . . 5 413 -922 7,272 16,468 -9,196

July. . . . . . . . . . . . . . . 7 413 -82 7,190 16,772 -9,582

Aug. . . . . . . . . . . . . . . 5 403 -184 7,006 17,009 -10,003

Sept.. . . . . . . . . . . . . . 5 412 -213 6,793 17,122 -10,329

Fiscal 1996 . . . . . . . . . . . . . . 71 4,981 -3,034 6,793 17,122 -10,329

TRUST FUNDS 123
TABLE TF-8.--Unemployment Trust Fund

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

 Receipts

Fiscal year State Federal Advances from the Deposits by Railroad Interest and profits

or month Total unemployment taxes unemployment taxes general fund Retirement Board on investments

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

Expenditures other than investments

Repayment of

Fiscal year State unem- State adminis- advances from Federal adminis- Railroad adminor month Total ployment benefits trative expenses the general fund trative expenses istrative expenses

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

See footnotes at end of table.

1992. . . . . . . . . . . . . . . . . . . . . 41,121 37,503 3,308 - 201 -

1993. . . . . . . . . . . . . . . . . . . . . 39,694 35,977 3,413 - 213 -

1994. . . . . . . . . . . . . . . . . . . . . 30,273 26,915 3,100 - 171 -

1995. . . . . . . . . . . . . . . . . . . . . 25,096 21,628 3,197 - 190 -

1996. . . . . . . . . . . . . . . . . . . . . 26,062 22,600 3,180 - 196 18

1997 - Est . . . . . . . . . . . . . . . 28,728 28,652 - - - -

1995 - Oct.. . . . . . . . . . . . . . . 1,774 1,537 223 - 9 -

Nov. . . . . . . . . . . . . . . 1,853 1,598 240 - 8 -

Dec. . . . . . . . . . . . . . . 2,118 1,772 337 - 1 -

1996 - Jan.. . . . . . . . . . . . . . . . 2,866 2,515 301 - 40 -

Feb. . . . . . . . . . . . . . . 2,579 2,300 231 - 38 -

Mar. . . . . . . . . . . . . . . 2,598 2,304 252 - 34 -

Apr. . . . . . . . . . . . . . . 2,489 2,177 295 - 10 -

May . . . . . . . . . . . . . . 2,118 1,792 307 - 12 -

June . . . . . . . . . . . . . . 1,836 1,587 232 - 11 -

July . . . . . . . . . . . . . . 2,124 1,833 275 - 11 -

Aug. . . . . . . . . . . . . . . 1,901 1,672 214 - 11 16

Sept. . . . . . . . . . . . . . 1,806 1,515 275 - 10 1

Fiscal 1996 . . . . . . . . . . . . . . 26,062 22,600 3,180 - 196 18

1992. . . . . . . . . . . . . . . . . . . . . 29,247 17,605 5,608 2,188 136 3,710

1993. . . . . . . . . . . . . . . . . . . . . 42,235 20,966 5,437 13,148 64 2,619

1994. . . . . . . . . . . . . . . . . . . . . 33,816 22,484 5,460 3,321 27 2,523

1995. . . . . . . . . . . . . . . . . . . . . 32,820 23,158 5,696 1,233 24 2,710

1996. . . . . . . . . . . . . . . . . . . . . 32,398 22,706 5,854 438 24 3,376

1997 - Est . . . . . . . . . . . . . . . 35,134 25,006 5,806 687 29 3,606

1994 - Oct.. . . . . . . . . . . . . . . 1,242 872 336 7 5 21

Nov. . . . . . . . . . . . . . . 3,001 2,540 400 50 * 12

Dec. . . . . . . . . . . . . . . 1,935 185 38 79 * 1,633

1996 - Jan.. . . . . . . . . . . . . . . . 1,095 792 285459

Feb. . . . . . . . . . . . . . . 2,622 1,996 550 69 1 7

Mar. . . . . . . . . . . . . . . 368 210 48 86 * 24

Apr. . . . . . . . . . . . . . . 3,657 2,129 1,493 6 6 24

May . . . . . . . . . . . . . . 10,264 8,644 1,510 102 1 7

June . . . . . . . . . . . . . . 2,093 355 45 63 * 1,629

July . . . . . . . . . . . . . . 1,998 1,382 552 52 6 6

Aug. . . . . . . . . . . . . . . 4,060 3,416 578 49 * 17

Sept. . . . . . . . . . . . . . 64 186 20 -129 * -13

Fiscal 1996 . . . . . . . . . . . . . . 32,398 22,706 5,854 438 24 3,376

124 TRUST FUNDS
* Less than $500,000.

 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year

1997,” released by the Office of Management and Budget March 19, 1996. 

TABLE TF-8.--Unemployment Trust Fund, con.

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

 Expenditures other than investments, con.

 Railroad unemployment insurance

Net increase, Assets, end of period

Fiscal year Benefit Administrative or decrease Unexpended 

or month payments expenses (-), in assets Total Investments balance

(12) (13) (14) (15) (16) (17)

1992. . . . . . . . . . . . . . . . . . . . 86 24 -11,874 44,533 35,133 9,400

1993. . . . . . . . . . . . . . . . . . . . 70 21 2,541 47,074 36,607 10,467

1994. . . . . . . . . . . . . . . . . . . . 67 20 3,543 50,618 39,788 10,830

1995. . . . . . . . . . . . . . . . . . . . 60 20 7,724 58,342 47,141 11,201

1996. . . . . . . . . . . . . . . . . . . . 65 3 6,336 64,678 53,893 10,785

1997 - Est . . . . . . . . . . . . . . . 76 - 6,406 60,596 60,596 -

1995 - Oct.. . . . . . . . . . . . . . . 5 1 -532 57,810 46,906 10,904

Nov.. . . . . . . . . . . . . . . 6 1 1,149 58,958 48,155 10,803

Dec.. . . . . . . . . . . . . . . 6 2 -183 58,775 48,038 10,737

1996 - Jan.. . . . . . . . . . . . . . . 8 2 -1,772 57,003 46,056 10,947

Feb.. . . . . . . . . . . . . . . 7 2 43 57,046 46,212 10,834

Mar. . . . . . . . . . . . . . . . 7 1 -2,230 54,816 44,123 10,693

Apr. . . . . . . . . . . . . . . . 6 1 1,168 55,984 44,292 11,692

May . . . . . . . . . . . . . . . 5 2 8,146 64,130 53,367 10,763

June . . . . . . . . . . . . . . 4 2 257 64,387 53,641 10,746

July . . . . . . . . . . . . . . . 4 2 -126 64,261 53,132 11,129

Aug.. . . . . . . . . . . . . . . 3 -14 2,159 66,420 55,629 10,791

Sept. . . . . . . . . . . . . . . 4 * -1,742 64,678 53,893 10,785

Fiscal 1996 . . . . . . . . . . . . . . 65 3 6,336 64,678 53,893 10,785

TRUST FUNDS 125
TABLE TF-9.--Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of Sept. 30, 1996

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

Federal Old-age Federal SuppleFederal Dis- Federal Hos- and Survivors mentary Medical Railroad

 Investment of securities ability Insur- pital Insur- Insurance Insurance Retirement Unemployment

Type and rate Payable date Issue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Account Trust Fund

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

Public issues:

Bonds:

3-1/2% . . . . . . . . . . . . . . . 11/15/98 10/03/60 5 - - - - 43

7-5/8 . . . . . . . . . . . . . . . . 02/15/02-07 02/15/77 10 - - - - -

8-1/4 . . . . . . . . . . . . . . . . 05/15/00-05 05/15/76 4-----

11-3/4 . . . . . . . . . . . . . . . 02/15/05-10 02/15/80 30 - - - - -

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 - - - - 43

Government account series:

Certificates:

6-3/4% . . . . . . . . . . . . . . . 10/01/96 09/03/96 - - - - 7,068 -

6-7/8 . . . . . . . . . . . . . . . . 09/30/97 06/28/96 - - - - - 53,849

7-1/8 . . . . . . . . . . . . . . . . 06/30/97 09/03/96 5,108 2,852 21,999 3,949 - -

Bonds:

6-1/4% . . . . . . . . . . . . . . . 06/30/97-08 06/30/93 - 12,180 54,860 2,675 - -

6-1/2 . . . . . . . . . . . . . . . . 06/30/97-10 06/30/95 24,541 12,205 58,918 - - -

7. . . . . . . . . . . . . . . . . . . . 06/30/97-11 06/28/96 16,562 3,368 76,944 11,440 - -

7-1/4 . . . . . . . . . . . . . . . . 06/30/97-09 06/30/94 - 11,250 70,889 1,853 - -

7-3/8 . . . . . . . . . . . . . . . . 06/30/97-07 06/30/92 1,059 15,997 52,378 1,590 - -

8-1/8 . . . . . . . . . . . . . . . . 06/30/97-06 06/30/91 1,169 14,527 46,306 1,901 - -

8-3/8 . . . . . . . . . . . . . . . . 06/30/97-01 06/30/86 - 6,204 3,624 - - -

8-5/8 . . . . . . . . . . . . . . . . 06/30/97-02 06/30/87 - 5,940 10,181 - - -

8-3/4 . . . . . . . . . . . . . . . . 06/30/97-05 06/30/79 1,612 25,946 75,723 3,766 - -

9-1/4 . . . . . . . . . . . . . . . . 06/30/97-03 06/30/88 - 10,052 19,354 - 710 -

9-7/8 . . . . . . . . . . . . . . . . 11/15/15 Various - - - - 600 -

10-3/8 . . . . . . . . . . . . . . . 06/30/98-00 06/30/85 - 2,132 3,753 - - -

10-5/8 . . . . . . . . . . . . . . . 08/15/15 Various - - - - 625 -

10-3/4 . . . . . . . . . . . . . . . 06/30/97-05 06/30/83-90 - 588 2,044 - 100 -

11-5/8 . . . . . . . . . . . . . . . 11/15/04 Various - - - - 200 -

12-3/8 . . . . . . . . . . . . . . . 08/05/04 04/27/88 - - - - 50 -

13-1/4 . . . . . . . . . . . . . . . 06/30/97 06/30/82 - 1,450 - - - -

13-3/4 . . . . . . . . . . . . . . . 06/30/97-04 06/30/84 - 1,113 2,431 - 355 -

Zero-coupon . . . . . . . . . . 08/15/06-14 06/30/95-96 - - - - 5,055 -

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,943 122,952 477,405 23,225 7,695 -

Total securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,100 125,804 499,404 27,174 14,763 53,892

126 TRUST FUNDS
TABLE TF-15A.--Highway Trust Fund

The following data on the status of the unfunded authorizations and future revenue estimates for the Highway Account

and Mass Transit Account of the Highway Trust Fund is

provided in accordance with the provisions of Section 9503 of

the Internal Revenue Code of 1986. The “Byrd Amendment”

for the Highway Account requires that unfunded authorizations at the end of any year be less than estimated income for

the following 2 years (24 months). The “Rostenkowski

Amendment” requires that the unfunded authorizations be less

than the income for the following year (12 months) for the

Mass Transit Account. Unfunded authorizations are defined as

commitments (i.e., unobligated balances and unpaid obligations) in excess of the cash balance in the trust fund account at

the end of any given year. 

The intent of the Byrd and Rostenkowski amendments is

to insure that the Highway and Mass Transit Accounts remain

solvent. If, for any year, the unfunded authorizations are

greater than the estimated income for the next 1 or 2 years, as

appropriate, across-the-board cuts in transit or highway apportionments are required.

The unfunded authorizations for the Highway and Mass

Transit Accounts are estimated by the Department of Transportation. The 24- and 12-month estimates of income are

derived from the Department of Treasury’s Office of Tax

Analysis and the Department of Transportation. 

As the data shows, both the Highway Account and Mass

Transit Account are solvent and meet the applicable requirement for income greater than the unfunded balance. Income to

the Highway Account is $11,040 million above the amount

required to cover the unfunded authorization at the end of

fiscal 1995. The cash balance in the Mass Transit Account is

greater than commitments, resulting in a negative unfunded

balance. New annual data appears in the March issue of the

“Treasury Bulletin.”

Highway Account

[In millions of dollars. Source: Department of Transportation]

Commitments (unobligated balances plus unpaid obligations, end-of-year fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,199

Less:

Cash balance (fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,421

Unfunded authorizations (fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,777

24-month income estimate (fiscal 1996 and 1997) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,817

 Note.--Income is greater than unfunded authorization, so the requirement is met. 

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Commitments (unobligated balances plus unpaid obligations, end-of-year fiscal 1995) 5,284

Less:

Cash balance (fiscal 1995) 9,579

Unfunded authorizations (fiscal 1995) -4,294

12-month income estimate (fiscal 1996) 3,640

 

 Note.--Income is greater than unfunded authorization, so the requirement is met. 

TRUST FUNDS 127
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.

128 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).

Cash management bills (PDO-2)—Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term cash needs of Treasury. Their sale, having higher

minimum and multiple purchase requirements than those of

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—A bid to purchase a stated amount of one issue of

Treasury securities at a specified yield or discount. The bid is

accepted if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue—The issue of bonds or notes (public debt).

Currency no longer issued (USCC)—Old and new series

gold and silver certificates, Federal Reserve notes, national

bank notes, and 1890 Series Treasury notes.

Current income bonds (“U.S. Savings Bonds and

Notes”)—Bonds paying semiannual interest to holders. Interest is not included in accrued discount.

Debt outstanding subject to limitation (FD-6)—The debt

incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of September 1996, the

debt limit was $5,500,000 million; the limit may change from

year to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount—The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)—The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver

coins.

Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their

member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve

notes—amounts outstanding” consists of new series issues.

The Federal Reserve note is the only class of currency currently issued.

Foreign (“Foreign Currency Positions,” IFS-2, -3)—(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

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

Glossary

129
and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and

the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—Transactions in which payments are made from one

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

account in another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The

value of outstanding savings bonds and notes that have reached

final maturity and no longer earn interest. Includes all Series

A-D, F, G, J, and K bonds. Series E bonds (issued between

May 1941 and November 1965), Series EE (issued since

January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate

or yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (“Federal Fiscal Operations”)—Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions

of law. Their receipts, outlays, and surplus or deficit are not

included in budget receipts, outlays, or deficits. Their budget

authority is not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—(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,”

IFS-1)—International assets created by IMF that serve to

increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among

eligible holders through IMF. (See IMF.)

 SDR allocations are the counterpart to SDRs issued by IMF

based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they

must be redeemed by ESF only in the event of liquidation of,

or U.S. withdrawal from, the SDR department of IMF or

cancellation of SDRs.

 SDR certificates are issued to the Federal Reserve System

against SDRs when SDRs are legalized as money. Proceeds of

monetization are deposited into an ESF account at the Federal

Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to

State and local governments as a means to invest proceeds

from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are

Glossary

130
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

131