SEPTEMBER 1997

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY

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

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

FEDERAL DEBT

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS

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

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

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

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

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

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

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

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

U.S. SAVINGS BONDS AND NOTES

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

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

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

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

OWNERSHIP OF FEDERAL SECURITIES

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

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

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

MARKET YIELDS

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

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

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

Contents
INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

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

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

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

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

CAPITAL MOVEMENTS

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

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

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

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

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

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

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

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

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

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

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

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

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 77

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

 STATES

CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 78

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

 ENTERPRISES IN THE UNITED STATES

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

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

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

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

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

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

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

 BROKERS IN THE UNITED STATES

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

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

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

CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (second 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

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

SECTION I.--CANADIAN DOLLAR POSITIONS

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

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

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

SECTION II.--GERMAN MARK POSITIONS

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

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

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

IV

Contents
SECTION III.--JAPANESE YEN POSITIONS

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

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

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

SECTION IV.--SWISS FRANC POSITIONS

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

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

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

SECTION V.--STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

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

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

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

SPECIAL REPORTS

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1996 (EXCERPTED)

Introduction.--Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Statement of financial position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

United States Government Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

Statement of net cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Notes to the statement of net cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

United States Government Consolidated Statement of Net Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Statement of changes in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

United States Government Consolidated Statement of Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

Chart: Exchange and non-exchange revenues and cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Chart: Sources of non-exchange revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Chart: Sources of exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Chart: Gross cost by function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

Chart: Major categories of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

Chart: Gross accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

Chart: Gross loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

Chart: Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Chart: Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Chart: Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Chart: Interest expense for Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Chart: Types of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

TRUST FUNDS

Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

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

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised.

 V

Contents
Nonquarterly Tables and Reports

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

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

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VI
Profile of the Economy

Real gross domestic product

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

possibly boosted by the impact of unseasonably mild weather

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

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

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

percent.

Growth in the first quarter was led by accelerated consumer

spending, which surged at a 6.4 percent annual rate compared

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

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

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

quarter, accounting for 1.7 percentage points of the 5.6 percent

increase in GDP.

Deterioration in the net export balance held growth down. A

dramatic improvement in the trade deficit in the fourth quarter,

which may have reflected difficulties of seasonal adjustment,

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

Inflation generally remained moderate in the first quarter.

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

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

but most of the acceleration reflected the fact that declines in

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

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

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

Consumer and producer prices

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

prices have moderated following some acceleration last year,

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

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

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

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

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

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

pace for the early 1990’s.

 Declines in food and energy prices at the producer level have

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

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

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

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

Price pressures have been largely absent at earlier stages of

processing.

The cost of compensating labor, which typically rises when

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

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

2.7 percent increase of 1995, and roughly maintained that pace

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

salaries was partially offset by a further slowdown in benefit

costs.

Real disposable personal income and consumer spending

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

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

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

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

unseasonably mild winter weather which boosted employment

in the quarter and hence aggregate wages and salaries.

Growth in real consumer spending also accelerated in the

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

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

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

spending may have been pulled into the first quarter by the

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

spending is likely to show much slower growth in the second

quarter.

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

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

Industrial production and capacity utilization

Industrial production in manufacturing, mining, and utilities

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

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

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.

3

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

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

since last December. Within manufacturing, the production of

computer equipment has shown big advances. Production of

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

utilities was strong in April because of the unusually cool

weather.

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

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

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

was 82.1 percent.

Employment and unemployment

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

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

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

1973.

Increases in jobs on nonfarm payrolls averaged 140,000 per

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

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

line with average increases in 1996.

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

the private service-producing sector. Manufacturing jobs, in

contrast, have been about flat since January and construction

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

Despite weaker job growth, hours worked in the manufacturing

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

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

the most since this series began in 1956.

The low 4.9 percent unemployment rate in April suggests a

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

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

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

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

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

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

growth.

Hourly compensation costs in the nonfarm business sector

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

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

the nonfarm business sector, which combine the impact of

growth of compensation with that of productivity and are also a

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

inflationary pressures remain moderate.

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

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

falling 0.7 percent during 1996.

Current account balance

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

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

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

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

compared with growth for most of our major trading partners.

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

growth of exports.

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

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

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

$167 billion.

The widening deficit in 1996 reflected a large deterioration in

the balance on goods and a smaller deterioration in the balance

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

improved. Growth in the investment income deficit was mainly

due to rising interest payments on the rapidly growing foreign

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

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

strength of the U.S. dollar.

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

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

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

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

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

the final quarter of 1996 and also reflected the continued strong

growth of the U.S. economy.

Exchange rate of the dollar

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

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

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

April 1995. Appreciation rapidly accelerated in 1997, and over

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

May.

Most of the dollar deterioration in 1994 was against the yen

and the deutschemark, and the improvement has also been

greatest against these currencies. Between April 1995 and April

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

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

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

the level of exchange rates in international currency markets.

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

confidence in the dollar is high. 

Interest rates

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

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

in monetary conditions since late 1995 and early 1996 when the

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

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

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

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

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

again.

Mortgage interest rates have exhibited a similar pattern. The

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

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

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

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

which helped to support growth in the housing market in 1996

and in the first quarter of 1997.

Net national saving and investment

In 1996, net national saving, which excludes depreciation to

replace worn-out or obsolete equipment and structures used in

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

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

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

12.5 percent of NNP averaged in the 1960’s. 

Recent improvement is mainly the result of the narrowing of

the Federal deficit, which has reduced Government dissaving

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

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

6.9 percent in 1994 but still lower than readings exceeding 10

percent in the 1960’s and 1970’s.

Net domestic investment equaled 7.5 percent of NNP in

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

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

averaged in the 1960’s through 1970’s.

Housing

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

boosted by unseasonably mild winter weather through much

of the country. Underlying fundamentals have also been very

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

the best for housing in many years, and current conditions

should provide further support for the housing market. 

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

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

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

surge in February. Since then starts have moderated somewhat

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

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

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

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

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

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

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

in future months to a more moderate level.

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

the housing market in 1996, and these trends have continued

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

were slightly below that level.

Federal budget deficit

The Federal budget deficit fell to $107.3 billion in fiscal

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

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

was 1.4 percent, the smallest share since 1974.

The deficit has been shrinking since fiscal 1992, when it

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

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

Strong economic growth and passage of the Omnibus Budget

Reconciliation Act of 1993 set the deficit on its downward

course.

Further deficit reduction is expected over the next 6 years.

The deficit in fiscal 1997 is likely to be substantially below

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

2002.

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts or

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

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

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

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

for materials or services are treated as reimbursements to

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

are netted against gross outlays in determining net outlays

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

offsetting collections are netted against spending, and outlays

are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

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

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

governmental appropriation or fund accounts. They finance

operations within and between Government agencies and are

credited with collections from other Government accounts;

and (3) offsetting governmental receipts which include foreign

cash contributions.

Intrabudgetary transactions are subdivided into three

categories: (1) interfund transactions--payments are from one

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

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

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

receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

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

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

The Government has used the unified budget concept set

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

Concepts’’ as a foundation for its budgetary analysis and

presentation since 1969. The concept calls for the budget to

include all of the Government’s fiscal transactions with the

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

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

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

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

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

and surplus or deficit ordinarily are not subject to targets set

by the Congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known as

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

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

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

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

outlays, and deficit of the Government.

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

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

Federal entities and disbursing officers, and daily reports from

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

off-budget Federal entities and their related effect on assets and

liabilities of the Government. Data are derived from the

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

United States Government.’’

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

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

Federal securities, monetary assets, and balances in Treasury

operating cash.

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency. 

• Table FFO-4 summarizes internal revenue collections

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

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

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

individual income and Social Security taxes), of payments

made with tax returns, and of subsequent payments made after

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

returns or on delinquent accounts). 

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

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

Receipts by Source

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

Individual income taxes----Individual income tax receipts

were $161.1 billion for the second quarter of fiscal 1997. This

was an increase of $12.0 billion over the comparable quarter

for fiscal 1996. Withheld receipts increased by $9.9 billion and

non-withheld receipts increased by $2.8 billion during this

period. Refunds increased by $0.6 billion over the comparable

fiscal 1996 quarter. There was a decrease of $4.1 billion in

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

the comparable quarter in fiscal 1996.

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

first quarter of fiscal 1997 totaled $25.8 billion. This was $3.5

billion higher than net receipts for the comparable quarter of

fiscal 1996. The $3.5 billion figure consisted of $3.4 billion in

higher estimated and final payments plus $0.1 billion in lower

refunds. The increase in net receipts mainly reflected higher

corporate profits.

Employment taxes and contributions----Employment

taxes and contributions receipts for the second quarter of fiscal

1997 were $129.8 billion, an increase of $11.9 billion over the

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

trust funds changed by $8.7 billion, -$0.6 billion, and $3.2

billion, respectively, over receipts from the comparable prior

year quarter. There were no adjustments for prior years liabilities made in the second quarter of fiscal 1997. This resulted in an increase of $4.1 billion from the comparable

quarter of the prior year.

Contributions for other insurance and retirement----

Contributions for other retirement were $1.1 billion for the

second quarter of fiscal 1997. There was a negligible decrease

in receipts from the comparable quarter of fiscal 1996. The

growth in contributions will remain flat over the next few

years as the number of employees covered by the Federal

employees’ retirement system (FERS) falls slowly relative to

those covered under the civil service retirement system

(CSRS).

Unemployment insurance----Unemployment insurance

receipts for the second quarter of fiscal 1997 were $3.9 billion,

which represented a negligible decrease over the comparable

quarter of fiscal 1996. State taxes deposited in the U.S. Treasury decreased by $0.1 billion, Federal Unemployment Tax Act

(FUTA) receipts increased $0.1 billion, and Railroad Unemployment tax receipts changed little from the comparable

quarter of fiscal 1995.

Excise taxes----Net excise tax receipts for the second quarter of fiscal 1997 were $13.3 billion, an increase of $0.6

billion over the comparable prior year quarter. Total excise

Second-Quarter Receipts

The following capsule analysis of budget receipts,

by source, for the second quarter of fiscal 1997 supplements fiscal data reported in the June 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.

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

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

Source January February March

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.2 37.4 36.4

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 2.2 18.7

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.3 39.0 43.5

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

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 2.4 0.3

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 5.1 4.0

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 1.2 1.5

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.4 1.3

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 1.2 2.0

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

150.7 90.3 108.0

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

tax refunds for the quarter were $0.5 billion, an increase of

$0.3 billion over the comparable prior year quarter.

Estate and gift taxes----Net estate and gift tax receipts

were $4.3 billion for the January through March quarter of

fiscal 1997. These receipts decreased $0.1 billion from the

previous quarter, but increased $0.7 billion from the same

quarter in fiscal 1996.

Custom duties----Net customs receipts were $4.2 billion

for the second quarter of fiscal 1997. This was approximately

$0.3 billion less than the customs duties received in the Treasury from the comparable prior year quarter. This difference

was attributable to a decrease in dutiable imports.

Miscellaneous receipts----Net miscellaneous receipts for

the second quarter of fiscal 1997 were $5.7 billion, a decrease

of $0.6 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks decreased by $1.0

billion over the same time period from the prior year.

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

Receipts by Source, con.

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

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

 Third quarter Actual fiscal year 

 April-June to date

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,442 1,191,545

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,066 897,638

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,377 293,907

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,475 1,202,415

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,847 981,834

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,628 220,581

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,968 -10,870

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,219 -84,196

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,749 73,326

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -69,202 27,549

Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -17,763 -7,034

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13,003 -9,645

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-99,968 10,870

8 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year to

Date, 1996-1997

(In billions of dollars)

Source for both charts: ‘‘Monthly

Treasury Statement of Receipts

and Outlays of the United States

Government’’

CHART FFO-A.--

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

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

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . 520 41,599 -8,619 33,519 9 346 50 8,203 - -34,340

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

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

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

Oct. . . . . . . . 203 7,763 15,588 -18,592 48 456 91 r

 6,228 -

r

 39,813

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

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

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

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

Mar. . . . . . . . -240 2,032 28,833 18,274 214 -297 r

 -186 10,465 30 21,323

Apr. . . . . . . . 168 13,092 -39,001 55,908 -153 2,545 -187 3,176 - -93,939

May . . . . . . . 251 8,886 -19,054 -72,532 324 -1,268 302 -5,626 - 48,494

June . . . . . . . -617 42,278 -11,147 34,387 -26 67 -160 -9,148 40 -54,523

Fiscal 1997 to date . -1,376 123,120 27,549 7,034 364 -1,210 -1,621 -12,264 150 10,870

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 fiscal1998 budget, released by

the Office of Management and Budget on February 6, 1997.

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

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . 151,995 116,794 35,201 117,654 103,997 13,657 34,340 12,797 21,544 32,460

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

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

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

Oct. . . . . . . . 99,656 73,644 26,012 r 139,469 113,290 r

 26,179 r -39,813 -39,646 r -167 23,149

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

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

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

Feb. . . . . . . . 90,293 r 59,673 30,620 r

 134,303 r 104,964 29,339 -44,010 -45,291 1,281 35,535

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

Apr. . . . . . . . 228,588 187,997 40,591 134,650 107,843 26,807 93,939 80,155 13,784 -26,078

May . . . . . . . 94,493 63,147 31,347 142,988 112,626 30,362 -48,494 -49,479 985 -10,419

June . . . . . . . 173,361 135,922 37,439 118,837 105,378 13,459 54,523 30,543 23,980 31,748

Fiscal 1997 to date . 1,191,545 897,638 293,907 1,202,415 981,834 220,581 -10,870 -84,196 73,326 152,045

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

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . . . 35,941 26,936 2,061 60,816 37,950 992 36,957 97,773 44,930 - 44,930

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . . . 45,582 110,886 22,177 134,291 29,547 2,125 27,422 161,713 50,505 - 50,505

May . . . . . . . . . . . 48,097 5,893 23,300 30,690 5,005 752 4,253 34,943 39,476 - 39,476

June . . . . . . . . . . . 44,802 31,404 1,825 74,381 40,541 1,169 39,373 113,754 47,904 - 47,904

Fiscal 1997 to date . . . . . 440,798 206,336 87,404 559,730 156,064 17,089 138,975 698,705 376,904 - 376,904

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . -42 * -42 44,888 400 - 400 289 6 295

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

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

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

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

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

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

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

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

r 393

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

r

 338

Apr. . . . . . . . 266 - 266 50,771 3,557 25 3,532 336 6 341

May . . . . . . . 362 2 359 39,835 9,974 11 9,963 416 6 422

June . . . . . . . 29 * 30 47,933 351 8 343 330 6 336

Fiscal 1997 to date . 2,913 7 2,906 379,809 21,945 72 21,873 3,259 55 3,314

Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

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

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

Social insurance

taxes and 

contributions,

con.

Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . 4,310 1,177 36 1,141 1,548 99 1,450 1,456 282 1,738 116,794 35,201

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

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

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

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

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

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

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

Feb. . . . . . . . . . 5,106 1,210 31 1,180 1,505 126 1,379 776 433 r

 1,206 59,674 30,620

Mar. . . . . . . . . . 3,998 1,491 23 1,468 1,482 167 1,315 1,311 651 r

 1,964 73,869 34,230

Apr. . . . . . . . . . 4,768 3,367 60 3,308 1,615 123 1,492 2,117 545 2,662 187,997 40,591

May . . . . . . . . . 4,808 1,444 32 1,412 1,523 80 1,443 1,334 332 1,667 63,147 31,347

June . . . . . . . . . 5,185 1,530 35 1,494 1,633 111 1,522 2,421 372 2,793 135,922 37,439

Fiscal 1997 to date . . . 41,244 15,151 361 14,789 14,424 1,634 12,790 14,941 4,081 19,022 897,638 293,907

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . . . 45,583 - - - 51 - 51 2,099 -542 2,642 2,242 624 1,618

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . . . 54,644 310 - 310 56 - 56 2,251 - 2,251 2,425 274 2,151

May . . . . . . . . . . . 50,220 853 17 836 47 - 47 2,076 493 1,584 1,878 -463 2,340

June . . . . . . . . . . . 48,612 564 - 564 47 - 47 2,174 - 2,174 2,441 41 2,400

Fiscal 1997 to date . . . . . 404,996 3,081 28 3,053 436 - 436 18,286 708 17,578 20,448 271 20,178

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 fiscal 1998 budget, released by the Office of Management and Budget on February 6, 1997.

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

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

Executive Funds apLegis- Office propriated 

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

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . 167 206 14 437 3,558 239 18,532 2,635 2,194 1,422

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

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

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

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

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

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

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

Feb. . . . . . . . . . 134 217 17 r 519 3,409 270 19,995 2,853 3,293 977

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

Apr. . . . . . . . . . 174 209 18 995 3,332 243 20,979 2,821 2,338 1,052

May . . . . . . . . . 199 399 24 283 3,284 332 25,150 2,881 1,954 1,170

June . . . . . . . . . 221 221 19 130 3,045 394 19,766 2,672 1,981 1,341

Fiscal 1997 to date . . . 1,816 2,435 171 8,229 39,813 2,852 192,889 25,282 22,368 10,704

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . 23,661 1,348 497 945 2,528 332 3,194 59,749 1,753 1,566 478

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . 29,119 2,061 422 1,049 2,902 540 2,962 21,698 3,990 3,335 474

May . . . . . . . . . 31,465 2,709 539 1,242 2,453 243 3,333 27,517 2,173 4,325 468

June . . . . . . . . . 25,990 1,878 408 1,360 2,463 368 3,218 64,374 992 1,586 543

Fiscal 1997 to date . . . 254,076 21,457 4,927 10,959 23,198 4,057 28,568 289,954 25,182 29,235 4,507

 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 On- Offor month tration tration ment tration istration agencies retirement funds Shelf lands Other budget budget

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

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

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

1996 - June . . . . . . . . . 423 1,155 3,893 38 32,685 -2,226 -2,558 -41,135 -78 * 103,997 13,657

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

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

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

Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 r

 1,536 -2,407 -347 -370 - 113,290 r 26,179

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

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

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

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

r 104,964 29,339

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

Apr. . . . . . . . . . 419 1,066 3,975 39 32,610 -766 -2,530 -602 -273 * 107,843 26,807

May . . . . . . . . . -540 1,296 3,557 -35 35,058 1,634 -2,677 -5,996 -36 -1,415 112,626 30,362

June . . . . . . . . . 557 1,211 3,928 -17 34,206 -1,167 -2,491 -44,290 -842 -5,224 105,378 13,459

Fiscal 1997 to date . . . 929 10,608 33,787 217 294,682 -1,545 -22,660 -102,449 -3,562 -10,269 981,834 220,581

* 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 fiscal1998 budget, released by

the Office of Management and Budget on February 6, 1997.

14 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3

Reserve accounts)

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

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

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

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

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

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

1996 - June . . . . . . . . . 318,757 17,596 332,410 60,307 30,732

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

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

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

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

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

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

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

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

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

Apr.. . . . . . . . . . 472,071 15,947 441,750 68,513 58,875

May. . . . . . . . . . 331,495 13,624 392,160 57,537 83,027

June . . . . . . . . . 391,682 18,361 398,846 83,568 60,376

See footnotes at end of table.

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

than Government account series, and taxes.

2

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

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

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

3

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

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

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

under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes

beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation

income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning

April 1970, and individual estimated income taxes beginning October 1988.

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1996 - June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . . 52,215 37,189 52,215 37,728 3,446 5,093 12,996 21,802

May . . . . . . . . . . 5,174 11,698 38,653 38,811 4,799 11,698 11,513 29,912

June . . . . . . . . . 16,368 34,891 19,285 37,501 4,280 4,694 8,848 21,786

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

of the ‘‘Treasury Bulletin’’ reflect the total. Further detailed

information is published in the ‘‘Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the ‘‘Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.’’

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

holdings of Federal securities by particular classes of investors,

see the ownership tables, OFS-1 and OFS-2.)

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

• Table FD-4 presents interest-bearing securities issued

by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing

Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the

‘‘Monthly Treasury Statement of Receipts and Outlays of the

United States Government.’’)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. 

The average length hit a low of 2 years 5 months in

December 1975. The length then increased gradually until it

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

the average length decreased. For example, during most of

1996 the average length was at 5 years, 3 months. 

In March 1971, Congress enacted a limited exception to

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

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

securities maturing in more than 7 years at current market

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

definition of a bond was changed to include those securities

longer than 10 years to maturity. This exception has expanded

since 1971, authorizing Treasury to continue to issue longterm securities. The ceiling on Treasury bonds was repealed

on November 10, 1988. 

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

for Treasury bills, notes, and bonds. The average length is

comprised of an average of remaining periods to maturity,

weighted by the amount of each security held by private

investors. In other words, computations of average length

exclude Government accounts and the Federal Reserve banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

• Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain

Federal agencies are authorized to borrow money from the

Treasury, largely to finance direct loan programs. In addition,

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

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

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

1996 - June . . . . . . . . . 5,196,893 5,161,076 35,817 1,430,049 1,422,443 7,606 3,766,844 3,738,633 28,211

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . 5,388,003 5,353,971 34,032 1,527,656 1,520,050 7,606 3,860,347 3,833,921 26,426

May . . . . . . . . . 5,379,245 5,344,961 34,284 1,536,705 1,529,099 7,606 3,842,540 3,815,862 26,678

June . . . . . . . . . 5,409,818 5,376,151 33,667 1,578,930 1,571,583 7,348 3,830,888 3,804,568 26,319

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

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

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

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

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

1996 - June . . . . . . . . . 5,196,893 78,272 5,118,621 1,430,049 5,113 1,424,936 3,766,844 73,159 3,693,685

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . 5,388,003 76,375 5,311,628 1,527,656 6,734 1,520,922 3,860,347 69,641 3,790,706

May . . . . . . . . . 5,379,245 77,785 5,301,460 1,536,705 6,897 1,529,808 3,842,540 70,888 3,771,652

June . . . . . . . . . 5,409,818 77,227 5,332,592 1,578,930 6,844 1,572,087 3,830,888 70,383 3,760,505

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

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

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

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

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

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

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

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

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

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

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

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

1996 - June . . . . . 5,126,748 3,348,433 773,612 2,025,761 534,061 - 15,000 1,778,315

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

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

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

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

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

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

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

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

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

Apr. . . . . . 5,348,249 3,464,512 741,401 2,126,823 565,416 15,872 15,000 1,883,737

May . . . . . 5,308,468 3,415,897 719,679 2,099,890 565,416 15,912 15,000 1,892,570

June . . . . . 5,370,459 3,433,058 704,135 2,132,574 565,416 15,933 15,000 1,937,401

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

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

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

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

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

1996 - June . . . . . . . . . . . . . . . . . . 183,770 37,781 1,428,508 97,832 29,995 427

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . . . . . . . . . . . 182,625 35,559 1,529,858 105,698 29,995 1

May . . . . . . . . . . . . . . . . . . 182,624 35,509 1,538,241 106,200 29,995 1

June . . . . . . . . . . . . . . . . . . 182,664 35,359 1,581,467 107,915 29,995 1

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

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

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

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

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

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

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

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

1996 - June . . . . . . . . 1,428,508 9,049 21,446 16,672 4,185 47,579 361,133 129,890 7,941 496,715

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

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

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

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

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

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

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

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

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

Apr. . . . . . . . . 1,529,858 6,306 25,313 17,479 15,320 57,928 377,879 121,635 10,865 536,848

May . . . . . . . . 1,538,241 6,730 25,335 17,699 15,388 58,418 375,583 116,190 11,368 538,005

June . . . . . . . . 1,581,467 7,107 25,933 17,773 15,460 61,359 388,702 123,001 11,338 556,344

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

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

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

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

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

1996 - June . . . . . . . 475 24,898 100 10,961 12,232 1,837 14,208 68 53,598 215,521

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

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

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

Oct. . . . . . . . 721 26,707 97 10,817 11,935 1,190 14,935 77 53,190 227,680

Nov. . . . . . . . 747 26,845 96 11,368 11,876 82 15,018 77 54,386 236,046

Dec. . . . . . . . 797 28,489 98 11,448 12,293 283 14,865 77 54,278 234,785

1997 - Jan.. . . . . . . . . 1,480 28,004 97 11,927 12,217 863 15,238 78 52,532 234,400

Feb. . . . . . . . 1,481 29,274 - 21,874 12,129 1,213 15,525 73 52,870 225,502

Mar. . . . . . . . 1,502 30,666 - 22,193 12,032 1,827 15,696 73 50,908 224,392

Apr. . . . . . . . 1,566 31,339 - 22,433 11,944 2,702 15,938 73 51,182 223,108

May . . . . . . . 1,613 31,482 - 22,641 11,861 1,994 17,100 73 60,515 226,246

June . . . . . . . 1,623 33,412 - 22,836 12,279 1,599 17,123 73 60,847 224,658

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

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

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

1996 - June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497

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

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

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

Oct. . . . . . . . . . . . . . . . . . 35,246 - 126 82 1,261 28,884 4,406 486

Nov. . . . . . . . . . . . . . . . . . 34,355 - 126 84 1,261 27,991 4,406 487

Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489

1997 - Jan.. . . . . . . . . . . . . . . . . . . 34,227 - 95 144 1,261 27,831 4,406 490

Feb. . . . . . . . . . . . . . . . . . 34,105 - 95 146 1,261 27,714 4,406 483

Mar. . . . . . . . . . . . . . . . . . 33,864 - 95 26 1,261 27,594 4,406 481

Apr. . . . . . . . . . . . . . . . . . 34,032 - 95 31 1,261 27,756 4,406 482

May . . . . . . . . . . . . . . . . . 34,284 - 95 32 1,261 28,005 4,406 483

June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485

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, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

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

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

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

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

or month limit Total Public debt Other debt 2

Public debt Other debt to limitation

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

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

the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in

1997) are excluded from the average length calculation. Published data was changed for the

end of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1992 . . . . . . . . . . . . . . . . . . . 2,363,802 808,705 866,329 295,921 84,706 308,141 5 yrs. 11 mos.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,345 324,479 5 yrs. 10 mos.

1994 . . . . . . . . . . . . . . . . . . . 2,719,861 877,932 1,128,322 289,998 88,208 335,401 5 yrs. 8 mos.

1995 . . . . . . . . . . . . . . . . . . . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

1996 . . . . . . . . . . . . . . . . . . . 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1996 - June . . . . . . . . . . . . . . 2,943,097 1,052,190 1,168,683 299,042 111,395 311,787 5 yrs. 3 mos.

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

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

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

Oct. . . . . . . . . . . . . . . 3,021,881 1,062,308 1,207,999 317,522 111,893 322,160 5 yrs. 3 mos.

Nov. . . . . . . . . . . . . . . 3,028,647 1,084,720 1,198,931 302,951 128,832 313,214 5 yrs. 3 mos.

Dec. . . . . . . . . . . . . . . 3,032,551 1,061,459 1,231,746 301,103 128,054 310,188 5 yrs. 3 mos.

1997 - Jan.. . . . . . . . . . . . . . . 3,025,762 1,049,217 1,230,524 302,878 128,679 314,464 5 yrs. 3 mos.

Feb. . . . . . . . . . . . . . . 3,052,688 1,062,767 1,225,904 315,125 126,023 322,870 5 yrs. 4 mos.

Mar. . . . . . . . . . . . . . . 3,082,541 1,087,199 1,224,620 323,173 125,228 322,322 5 yrs. 3 mos.

Apr. . . . . . . . . . . . . . . 2,997,163 1,035,135 1,199,000 327,320 119,853 315,855 5 yrs. 3 mos.

May . . . . . . . . . . . . . . 2,988,194 1,024,615 1,182,510 331,276 143,676 306,117 5 yrs. 5 mos.

June . . . . . . . . . . . . . . 2,989,260 1,007,563 1,206,304 330,005 141,299 304,090 5 yrs. 4 mos.

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

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

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

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

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

1996 - June . . . . . . . . . . . . . . . . . . . 5,500,000 5,073,418 5,073,357 62 5,041,023 62 32,334

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

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

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

Oct. . . . . . . . . . . . . . . . . . . . 5,500,000 5,160,483 5,160,401 82 5,158,468 82 1,933

Nov. . . . . . . . . . . . . . . . . . . . 5,500,000 5,209,847 5,209,763 84 5,178,684 84 31,079

Dec. . . . . . . . . . . . . . . . . . . . 5,500,000 5,236,827 5,236,743 84 5,232,875 84 3,868

1997 - Jan.. . . . . . . . . . . . . . . . . . . . . 5,500,000 5,227,348 5,227,324 24 5,223,489 24 3,835

Feb. . . . . . . . . . . . . . . . . . . . 5,500,000 5,263,191 5,263,165 26 5,258,449 26 4,716

Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,294,243 5,294,217 26 5,289,542 26 4,675

Apr. . . . . . . . . . . . . . . . . . . . 5,500,000 5,268,449 5,268,413 31 5,263,766 31 4,647

May . . . . . . . . . . . . . . . . . . . 5,500,000 5,258,093 5,258,061 32 5,222,642 32 35,419

June . . . . . . . . . . . . . . . . . . . 5,500,000 5,289,840 5,289,803 37 5,285,185 37 4,618

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

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

or month Service Service Service Education Administration Administration programs

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

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

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

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

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

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

1996 - June . . . . . . . . . 6,169 108 563 14,351 2,398 1,579 6,909

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

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

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

Oct. . . . . . . . . . 6,720 145 647 24,300 2,456 3,123 6,909

Nov. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

Dec. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

1997 - Jan.. . . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Feb. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Mar. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Apr. . . . . . . . . . 6,720 145 647 24,306 2,488 3,123 6,909

May . . . . . . . . . 6,720 145 647 24,306 2,618 3,123 6,909

June . . . . . . . . . 6,620 145 647 24,527 2,618 3,123 6,174

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

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

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

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

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

1996 - June . . . . . . . . . 119,917 - - - - 3,141 12,731

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

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

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

Oct. . . . . . . . . . 132,215 - - - - 6,932 12,827

Nov. . . . . . . . . . 130,363 - - - - 7,029 12,822

Dec. . . . . . . . . . 135,835 - - - - 6,981 13,324

1997 - Jan.. . . . . . . . . . . 139,361 - - - - 9,530 13,352

Feb. . . . . . . . . . 139,774 - - - - 9,653 13,352

Mar. . . . . . . . . . 135,921 - - - - 9,389 13,384

Apr. . . . . . . . . . 135,755 - - - - 8,982 13,398

May . . . . . . . . . 131,146 - - - - 8,875 13,396

June . . . . . . . . . 134,336 - - - - 8,505 13,204

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

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

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

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

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

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

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

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

1996 - June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126

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

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

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

Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001

Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101

Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485

1997 - Jan.. . . . . . . . . . . 42,635 * 2,150 2,741 6,051 9,956 8,531

Feb. . . . . . . . . . 42,634 * 2,150 2,741 6,325 9,956 8,548

Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611

Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698

May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451

June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439

* Less than $500,000. 

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

June 30, 1997

5 Years, 4 Months

Years

FEDERAL DEBT 25
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the ‘‘Monthly Statement of the

Public Debt of the United States.’’ The information in this

section of the ‘‘Treasury Bulletin’’ pertains only to marketable

Treasury securities, current bills, notes, and bonds.

• Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve banks, so that the

‘‘all other investors’’ category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: APRIL-JUNE

APRIL

Auction of 9-3/4-Year Inflation-Indexed Notes

April 2, 1997, Treasury announced it would auction

$8,000 million of 9-3/4-year 3-3/8 percent inflation-indexed

notes of Series A-2007 to raise cash. The 3-3/8 percent notes

of Series A-2007 were an additional issue of notes dated

January 15, 1997, due January 15, 2007, with interest payable

July 15 and January 15 until maturity. Adjusted accrued interest of $8.43846 per $1,000, covering the period from January

15, 1997, to April 15, 1997, 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 April 8, and totaled $18,062 million, of which $8,003

million was accepted. All competitive tenders at yields lower

than 3.650 percent were accepted in full. Tenders at 3.650

percent were allotted 46 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 3.650 percent with an equivalent adjusted price of

98.307. The median yield was 3.590 percent, and the low yield

was 3.450 percent. Noncompetitive tenders totaled $36 million. Competitive tenders accepted from private investors totaled $7,967 million.

In addition to the $8,003 million of tenders accepted in

the auction process, $400 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series A-2007 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

April 16 Treasury announced it would auction $17,000

million of 2-year notes of Series AE-1999 and $12,500 million

of 5-year notes of Series F-2002 to refund $28,449 million of

securities maturing April 30 and to raise about $1,050 million

new cash.

The notes of Series AE-1999 were dated April 30, 1997,

due April 30, 1999, with interest payable October 31 and April

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 April 22, and totaled $41,366 million, of which

$17,009 million was accepted. All competitive tenders at

yields lower than 6.460 percent were accepted in full. Tenders

at 6.460 percent were allotted 49 percent. All noncompetitive

and successful competitive bidders were allotted securities at

[Source: Bureau of the Public Debt, Office of Financing]

26 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: APRIL-JUNE, con.

the high yield of 6.460 percent with an equivalent price of

99.843. The median yield was 6.445 percent, and the low yield

was 6.400 percent. Noncompetitive tenders totaled $1,312

million. Competitive tenders accepted from private investors

totaled $15,697 million.

In addition to the $17,009 million of tenders accepted in

the auction process, $1,300 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $980 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series F-2002 were dated April 30, 1997, due

April 30, 2002, with interest payable October 31 and April 30

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 April 23, and totaled $32,297 million, of which

$12,506 million was accepted. All competitive tenders at

yields lower than 6.745 percent were accepted in full. Tenders

at 6.745 were allotted 81 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 6.745 percent with an equivalent price of 99.498.

The median yield was 6.729 percent, and the low yield was

6.690 percent. Noncompetitive tenders totaled $667 million.

Competitive tenders accepted from private investors totaled

$11,839 million.

In addition to the $12,506 million of tenders accepted in

the auction process, $1,200 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $720 million was accepted from Federal Reserve banks for their own accounts.

52-Week Bills

April 18 tenders were invited for approximately $13,750

million of 364-day Treasury bills to be dated May 1, 1997, and

to mature April 30, 1998. The issue was to refund $13,721

million of maturing 52-week bills and to raise about $25

million new cash. The bills were auctioned on April 24. Tenders totaled $66,501 million, of which $13,949 million was

accepted, including $1,122 million of noncompetitive tenders

from the public and $290 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. An additional $980 million was issued to Federal

Reserve banks as agents for foreign and international monetary

authorities for new cash. In addition, $5,740 million was

awarded to the Federal Reserve banks for their own accounts.

The average bank discount rate was 5.72 percent.

Cash Management Bills

March 25 tenders were invited for approximately $10,000

million of 14-day bills to be issued April 3, 1997, representing

an additional amount of bills dated October 17, 1996, maturing

April 17, 1997. The issue was to raise new cash. Tenders were

opened on April 1. They totaled $41,764 million, of which

$10,039 million was accepted. The average bank discount rate

was 5.37 percent.

In the same announcement on March 25, tenders were

invited for approximately $17,000 million of 19-day bills to

be dated April 3, 1997, and to mature April 22, 1997. The issue

was to raise new cash. Tenders were opened on April 1. They

totaled $51,886 million, of which $17,066 million was accepted. The average bank discount rate was 5.42 percent.

MAY

May Quarterly Financing

April 30 Treasury announced it would auction $17,000

million of 3-year notes of Series V-2000 and $12,000 million

of 10-year notes of Series C-2007 to refund $27,442 million

of Treasury securities maturing May 15 and to raise about

$1,550 million new cash.

The notes of Series V-2000 were dated May 15, 1997, due

May 15, 2000, with interest payable November 15 and May 15

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 May 6, and totaled $35,364 million, of which $17,001

million was accepted at yields ranging from 6.430 percent,

price 99.852, up to 6.449 percent, price 99.801. Tenders at the

high yield were allotted 13 percent. Noncompetitive tenders

were accepted in full at the average yield, 6.438 percent, price

99.831. These totaled $967 million. Competitive tenders accepted from private investors totaled $16,034 million.

In addition to the $17,001 million of tenders accepted in

the auction process, $1,246 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $2,479 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series C-2007 were dated May 15, 1997, due

May 15, 2007, with interest payable November 15 and May 15

until maturity. An interest rate of 6-5/8 percent was set after

the determination as to which tenders were accepted on a yield

auction basis.

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 May 7, and totaled $22,308 million, of which $12,001

million was accepted at yields ranging from 6.716 percent,

price 99.345, up to 6.759 percent, price 99.037. Tenders at the

high yield were allotted 50 percent. Noncompetitive tenders

were accepted in full at the average yield, 6.740 percent, price

99.173. These totaled $383 million. Competitive tenders accepted from private investors totaled $11,618 million.

In addition to the $12,001 million of tenders accepted in

the auction process, $200 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: APRIL-JUNE, con.

authorities, and $1,750 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series C-2007 may be held in STRIPS

form. The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

May 21 Treasury announced it would auction $16,500

million of 2-year notes of Series AF-1999 and $12,000 million

of 5-year notes of Series G-2002 to refund $28,858 million of

securities maturing May 31 and to pay down about $350

million.

The notes of Series AF-1999 were dated June 2, 1997, due

May 31, 1999, with interest payable November 30 and May 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 May 28, and totaled $40,027 million, of which $16,501

million was accepted. All competitive tenders at yields lower

than 6.328 percent were accepted in full. Tenders at 6.328

percent were allotted 42 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.328 percent with an equivalent price of 99.856. The

median yield was 6.312 percent, and the low yield was 6.280

percent. Noncompetitive tenders totaled $1,410 million. Competitive tenders accepted from private investors totaled

$15,091 million.

In addition to the $16,501 million of tenders accepted in

the auction process, $1,360 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $653 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series G-2002 were dated June 2, 1997, due

May 31, 2002, with interest payable November 30 and May 31

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 May 29, and totaled $33,385 million, of which $12,001

million was accepted. All competitive tenders at yields lower

than 6.616 percent were accepted in full. Tenders at 6.616

percent were allotted 37 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.616 percent with an equivalent price of 99.513. The

median yield was 6.600 percent, and the low yield was 6.500

percent. Noncompetitive tenders totaled $738 million. Competitive tenders accepted from private investors totaled

$11,263 million.

In addition to the $12,001 million of tenders accepted in

the auction process, $1,000 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $475 million was accepted from Federal Reserve banks for their own accounts.

52-Week Bills

May 16 tenders were invited for approximately $13,750

million of 364-day Treasury bills to be dated May 29, 1997,

and to mature May 28, 1998. The issue was to refund $13,487

million of maturing 52-week bills and to raise about $275

million new cash. The bills were auctioned on May 22. Tenders

totaled $48,015 million, of which $13,777 million was accepted, including $1,099 million of noncompetitive tenders

from the public and $280 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. An additional $1,190 million was issued to Federal

Reserve banks as agents for foreign and international monetary

authorities for new cash. In addition, $5,840 million was

awarded to the Federal Reserve banks for their own accounts.

The average bank discount rate was 5.55 percent.

JUNE

Treasury Announces Change in Frequency of

10-Year Note Auctions

June 9, 1997, the Deputy Secretary of Treasury announced

that Treasury would cease offering conventional 10-year notes

in the months of July and October, effective immediately.

Auction of 2-Year and 5-Year Notes

June 18 Treasury announced it would auction $15,500

million of 2-year notes of Series AG-1999 and $11,500 million

of 5-year notes of Series H-2002 to refund $29,192 million of

securities maturing June 30 and to pay down about $2,200

million.

The notes of Series AG-1999 were dated June 30, 1997,

due June 30, 1999, with interest payable December 31 and June

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 June 24, and totaled $38,186 million, of which $15,506

million was accepted. All competitive tenders at yields lower

than 6.027 percent were accepted in full. Tenders at 6.027

percent were allotted 90 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.027 percent with an equivalent price of 99.950. The

median yield was 6.010 percent, and the low yield was 5.950

percent. Noncompetitive tenders totaled $1,146 million. Competitive tenders accepted from private investors totaled

$14,361 million.

In addition to the $15,506 million of tenders accepted in

the auction process, $1,660 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $644 million was accepted from Federal Reserve banks for their own accounts.

28 PUBLIC DEBT OPERATIONS
The notes of Series H-2002 were dated June 30, 1997, due

June 30, 2002, with interest payable December 31 and June 30

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 June 25, and totaled $36,661 million, of which $11,500

million was accepted. All competitive tenders at yields lower

than 6.298 percent were accepted in full. Tenders at 6.298

percent were allotted 87 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 6.298 percent with an equivalent price of 99.797. The

median yield was 6.290 percent, and the low yield was 6.250

percent. Noncompetitive tenders totaled $549 million. Competitive tenders accepted from private investors totaled

$10,951 million.

In addition to the $11,500 million of tenders accepted in

the auction process, $1,060 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $478 million was accepted from Federal Reserve banks for their own accounts.

52-Week Bills

June 13 tenders were invited for approximately $13,000

million of 364-day Treasury bills to be dated June 26, 1997,

and to mature June 25, 1998. The issue was to refund $14,221

million of maturing 52-week bills and to pay down about

$1,225 million. The bills were auctioned on June 19. Tenders

totaled $61,311 million, of which $13,011 million was accepted, including $977 million of noncompetitive tenders from

the public and $1,693 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. An additional $1,027 million was issued to Federal

Reserve banks as agents for foreign and international monetary

authorities for new cash. In addition, $5,375 million was

awarded to the Federal Reserve banks for their own accounts.

The average bank discount rate was 5.35 percent.

Cash Management Bills

May 27 tenders were invited for approximately $30,000

million of 14-day bills to be dated June 3, 1997, and to mature

June 17, 1997. The issue was to raise new cash. Tenders were

opened on June 2. They totaled $64,243 million, of which

$30,022 million was accepted. The average bank discount rate

was 5.25 percent.

TREASURY FINANCING: APRIL-JUNE, con.

PUBLIC DEBT OPERATIONS 29
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1997

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 18,952 287 18,665

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 2,283 17,968

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 574 10,535

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 781 18,602

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 666 11,473

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 936 18,179

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 876 7,984

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 390 10,993

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 732 18,108

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 603 9,205

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,523 17,338

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 286 11,240

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 1,222 17,466

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 1,125 18,039

Total. . . . . . . . . . . . . . . 262,095 16,780 245,315

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 12,339 781 11,558

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 1,129 17,958

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 3,898 17,182

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,667 29,203

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 1,962 19,757

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 635 8,154

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 545 11,680

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 951 20,455

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/16/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,752 17,474

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 905 11,453

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 795 20,315

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 1,727 20,327

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,711 7,983

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,422 20,141

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 645 11,044

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,530 9,813

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,515 17,903

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 09/03/96 21,949 1,009 20,940

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 666 12,353

See footnotes at end of table.

30 PUBLIC DEBT OPERATIONS
1998, con.

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK note 09/30/96 21,486 1,580 19,906

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 957 11,619

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 1,052 9,217

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 883 12,140

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 991 20,230

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 611 9,292

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 227 163 65

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,628 17,971

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 964 11,151

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 485 20,047

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 1,275 19,340

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,680 10,765

Total. . . . . . . . . . . . . . . 564,141 48,076 516,068

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 942 9,617

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/97 19,468 384 19,084

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 402 12,499

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 952 8,768

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,644 18,353

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC note 02/28/97 19,916 737 19,179

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 565 11,349

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,798 1,500 18,298

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,880 10,900

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,149 9,029

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-AE note 04/30/97 19,353 1,080 18,273

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,520 10,772

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,563 8,485

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,741 20,619

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 695 11,644

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 653 17,922

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,728 11,373

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AG note 06/30/97 17,862 1,409 16,453

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 379 9,627

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,615 10,795

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Ynote 08/15/96 22,708 2,232 20,476

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 846 9,318

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 901 11,496

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 12,152 563 11,589

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 687 10,087

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 3,166 19,704

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 610 11,324

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,455 11,068

Total. . . . . . . . . . . . . . . 437,271 37,483 399,789

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 31
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 740 9,364

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 612 11,616

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 1,009 9,664

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 805 19,616

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 1,144 11,352

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,313 11,876

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 430 10,105

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 1,089 11,344

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,799 17,964

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 743 12,009

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 766 11,698

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 405 11,934

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,133 9,947

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 585 11,337

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 1,024 10,987

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 11,520 841 10,679

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 475 11,882

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 966 11,855

Total. . . . . . . . . . . . . . . 254,685 17,896 236,788

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 965 11,851

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 903 10,410

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 825 11,995

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,545 12,636

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 930 12,850

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 912 11,486

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 851 12,871

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-K note 07/01/96 14,282 1,190 13,092

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 820 13,317

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,310 11,029

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 570 13,430

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 1,005 13,514

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 808 13,832

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 2,163 22,063

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 346 13,685

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 600 13,371

Total. . . . . . . . . . . . . . . 233,932 16,499 217,434

See footnotes at end of table.

32 PUBLIC DEBT OPERATIONS
2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 640 12,813

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 715 13,085

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 781 13,520

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 04/30/97 14,475 765 13,710

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-G note 06/02/97 13,504 475 13,029

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-H note 06/30/97 13,059 1,123 11,936

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,240 21,619

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 122,676 8,228 114,449

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 789 2,217

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/16/93 23,563 2,145 21,418

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 331 2,918

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 664 2,837

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,869 24,142

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 621 6,638

Total. . . . . . . . . . . . . . . 68,591 8,419 60,170

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 3,755 795 2,960

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,906 12,535

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 528 3,472

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 820 12,526

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 827 7,475

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,803 12,571

Total. . . . . . . . . . . . . . . 71,172 7,229 63,944

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,163 12,672

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 603 3,657

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-B note 05/15/95 14,740 2,200 12,540

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-3/4% bond 07/02/85 9,270 1,177 8,093

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,800 13,203

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/24/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,543 10,820 65,722

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 1,625 13,889

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 2,213 13,802

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 33
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2006, con.

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 1,681 21,060

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-D note 10/15/96 22,460 1,844 20,615

Total. . . . . . . . . . . . . . . 81,485 7,383 74,102

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-3/8%-A note 02/06/97 15,924 1,350 14,574

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-B note 02/18/97 13,104 540 12,564

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8%-C note 05/15/97 13,958 1,750 12,208

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 48,715 5,565 43,150

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 1,038 3,568

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,114 6,693

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 1,108 1,386

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total. . . . . . . . . . . . . . . 10,217 3,546 6,673

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,925

Total. . . . . . . . . . . . . . . 9,510 2,049 7,461

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,702 9,330

Total. . . . . . . . . . . . . . . 11,032 1,702 9,330

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,371 11,385

Total. . . . . . . . . . . . . . . 14,755 3,371 11,385

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 944 4,063

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 1,220 4,786

Total. . . . . . . . . . . . . . . 16,141 3,070 13,072

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,411 11,257

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 1,379 5,771

See footnotes at end of table.

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2015, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 857 6,043

Total. . . . . . . . . . . . . . . 26,718 3,647 23,071

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 880 6,387

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,463 17,361

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 2,133 16,731

Total. . . . . . . . . . . . . . . 44,955 4,476 40,479

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 1,051 17,143

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/15/87 14,017 915 13,102

Total. . . . . . . . . . . . . . . 32,211 1,966 30,245

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/16/88 8,709 397 8,312

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 331 8,702

Total. . . . . . . . . . . . . . . 17,742 728 17,014

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 808 18,443

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 1,837 18,377

Total. . . . . . . . . . . . . . . 39,465 2,645 36,820

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 851 9,378

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 957 9,202

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,417 20,002

Total. . . . . . . . . . . . . . . 41,807 3,225 38,582

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 968 10,145

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 848 11,111

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 800 11,363

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 980 31,818

Total. . . . . . . . . . . . . . . 68,033 3,596 64,437

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 445 9,908

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 470 10,230

Total. . . . . . . . . . . . . . . 21,053 915 20,138

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/16/93 18,374 1,213 17,161

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,185 21,724

Total. . . . . . . . . . . . . . . 41,283 2,398 38,885

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 475 10,995

Total. . . . . . . . . . . . . . . 11,470 475 10,995

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 700 11,025

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 35
2025, con.

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,145 11,457

Total . . . . . . . . . . . . . . . 24,327 1,845 22,482

2026

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 1,218 11,687

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 950 9,944

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2% bond 11/15/96 11,493 1,495 9,998

Total . . . . . . . . . . . . . . . 35,292 3,663 31,629

2027

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8% bond 02/18/97 10,456 450 10,006

Total . . . . . . . . . . . . . . . 10,456 450 10,006

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

36 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1

bids tendered Total amount petitive basis 2petitive basis 3new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1997 - Mar. 6 . . . . . . June 5 91 53,360.7 13,109.8 11,594.8 1,515.0 14,080.8 173,091.9

Sept. 4 182 47,355.8 13,096.2 11,928.5 1,167.7 12,121.3 336,936.2

13 . . . . . June 12 91 52,669.0 12,093.8 10,689.2 1,404.5 13,054.4 161,350.8

Sept. 11182 40,232.9 12,136.2 10,970.5 1,165.7 11,191.7 337,588.1

20 . . . . . June 19 91 46,924.6 11,738.1 10,285.2 1,452.9 13,027.1 171,802.9

Sept. 18 182 42,331.0 11,935.0 10,750.2 1,184.8 11,104.8 337,766.4

27 . . . . . June 26 90 53,577.5 11,669.9 10,368.0 1,301.9 13,023.0 159,997.7

Sept. 25 181 44,762.8 11,545.7 10,354.2 1,191.5 11,548.8 337,585.0

Apr. 3 . . . . . . July 3 91 41,777.4 10,860.2 9,415.7 1,444.5 13,528.1 157,329.8

Oct. 2 182 40,152.1 10,036.2 8,808.6 1,227.6 13,670.5 333,950.7

10 . . . . . July 10 91 42,000.2 11,392.0 9,890.6 1,501.5 12,645.9 156,075.9

Oct. 9 182 39,559.6 10,322.5 9,086.5 1,236.0 13,164.5 331,108.7

17 . . . . . July 17 91 39,798.0 10,106.7 8,610.9 1,495.8 11,665.2 154,517.5

Oct. 16 182 40,361.8 9,590.6 8,404.9 1,185.7 13,058.9 327,640.4

24 . . . . . July 24 91 44,008.6 10,055.7 8,700.4 1,355.3 11,640.6 152,932.6

Oct. 23 182 39,171.2 8,998.7 7,949.4 1,049.3 13,137.1 323,502.0

May 1 . . . . . . July 31 91 48,577.3 11,186.3 9,761.3 1,425.0 11,577.7 152,541.2

Aug. 7 182 45,182.9 10,104.8 8,928.3 1,176.6 14,037.8 319,569.0

8 . . . . . . Aug. 7 91 67,298.5 11,368.3 9,828.4 1,539.9 12,543.8 151,365.7

Nov. 6 182 47,690.4 10,621.3 9,316.5 1,304.8 14,288.5 315,901.8

15 . . . . . Aug. 14 91 44,873.6 11,272.4 9,826.7 1,445.8 13,115.6 150,698.0

Nov. 13 182 40,686.1 11,074.3 9,918.9 1,155.4 14,094.4 316,548.9

22 . . . . . Aug. 21 90 36,497.3 11,508.8 10,133.6 1,375.3 13,220.6 149,653.9

Nov. 20 181 34,623.7 10,498.5 9,338.5 1,159.9 14,139.0 312,261.3

29 . . . . . Aug. 28 90 42,680.7 11,242.6 9,847.6 1,395.0 13,275.3 148,665.4

Nov. 28 181 47,235.9 11,033.5 9,946.8 1,086.7 14,082.1 313,500.2

June 5 . . . . . . Sept. 4 91 38,030.1 11,541.5 10,196.2 1,345.3 13,109.8 149,129.7

Dec. 4 182 42,238.7 11,007.5 9,820.7 1,186.8 14,136.0 313,420.3

12 . . . . . Sept. 11 91 50,368.4 10,413.7 9,146.7 1,267.1 12,093.8 147,973.8

Dec. 11 182 41,915.5 10,961.8 9,819.6 1,142.2 13,126.3 310,096.7

19 . . . . . Sept. 18 91 45,068.5 10,752.8 9,386.6 1,366.2 11,738.1 148,144.5

Dec. 18 182 37,154.0 10,050.8 8,920.8 1,130.0 13,032.9 310,438.3

26 . . . . . Sept. 25 90 38,428.7 10,405.9 9,200.6 1,205.3 11,669.9 146,709.8

Dec. 26 181 38,175.9 11,479.1 10,417.4 1,061.7 13,087.8 308,488.0

52 week:

1996 - June 7 . . . . . . 1997 - Mar. 6 364 39,126.6 19,072.4 18,057.5 1,014.9 17,352.4 242,373.6

Apr. 4 . . . . . . Apr. 3 364 56,041.7 20,688.0 17,953.2 1,140.8 17,574.2 243,744.0

May 2 . . . . . . May 1 364 53,986.3 20,831.3 17,841.6 1,123.5 17,953.4 245,252.0

May 30 . . . . . May 29 364 55,662.8 19,327.0 17,820.2 1,045.4 18,579.6 244,490.7

June 27 . . . . . June 26 364 56,160.4 19,596.1 17,820.2 996.4 19,322.4 245,524.9

July 25 . . . . . July 24 364 49,393.5 20,184.9 19,238.4 946.5 18,359.0 247,350.8

Aug. 22 . . . . . Aug. 21 364 49,972.9 20,571.4 19,655.0 916.4 18,464.3 249,457.9

Sept. 19 . . . . . Sept. 18 364 52,210.1 19,906.7 19,037.3 869.4 19,275.3 250,089.3

Oct. 17 . . . . . Oct. 16 364 49,840.5 20,190.4 19,425.4 765.0 18,482.5 251,797.2

Nov. 14 . . . . . Nov. 13 364 58,249.9 20,141.8 19,422.3 719.5 18,869.7 253,069.3

Dec. 12 . . . . . Dec. 11 364 45,506.0 20,542.5 19,734.5 808.0 18,006.7 255,605.1

1997 - Jan. 9 . . . . . . 1998 - Jan. 8 364 67,862.1 20,609.8 19,683.7 926.1 18,910.5 257,304.4

Feb. 6 . . . . . . Feb. 5 364 53,634.2 20,983.2 19,747.9 1,235.3 18,899.7 259,387.9

Mar. 6 . . . . . . Mar. 5 364 51,822.3 20,840.5 20,100.8 739.8 18,795.1 261,433.3

Apr. 3 . . . . . . Apr. 2 364 67,862.2 19,072.4 18,057.5 1,014.9 18,944.6 261,561.1

May 1 . . . . . . Apr. 30 364 73,240.0 20,688.0 19,547.2 1,140.8 19,461.4 262,787.7

May 29 . . . . . May 28 364 55,069.5 20,831.3 19,707.9 1,123.5 19,327.0 264,292.0

June 26 . . . . . June 25 364 67,729.9 19,429.6 18,435.5 994.1 19,596.1 264,125.5

Cash management:

1997 - Apr. 3 . . . . . . 1997 - Apr. 17 14 41,764.0 10,039.4 - - - 10,039.4

3 . . . . . . Apr. 22 19 51,885.7 17,066.1 - - - 27,105.5

June 3 . . . . . . June 25 14 64,243.0 30,022.0 - - - 57,127.5

PUBLIC DEBT OPERATIONS 37
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or

52 weeks.

2

 For bills issued on or after May 2, 1974, includes amounts exchanged on a noncompetitive

basis by Government accounts and Federal Reserve banks.

3

 For 13-week, 26-week, and 52-week bills, tenders of $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 $575,000 at 98.703 percent.

6

 Except $500,000 at 94.924 percent.

Regular weekly:

1997 - Mar. 6 . . . . . 98.711 5.10 5.24 5.11 98.708 5.09 98.713

97.376 5.19 5.40 5.20 97.371 5.19 97.376

13 . . . . 98.721 5.06 5.20 5.06 98.721 5.04 98.726

97.381 5.18 5.39 5.18 97.381 5.16 97.391

20 . . . . 98.703 5.13 5.27 5.13 98.703 5.09 98.713

97.341 5.26 5.48 5.26 97.341 5.24 97.351

27 . . . . 98.670 5.26 5.41 5.27 98.668 5 5.26 98.670

97.305 5.33 5.55 5.33 97.305 5.32 97.310

1997 - Apr. 3 . . . . . 98.691 5.18 5.32 5.19 98.688 5.17 98.693

97.316 5.31 5.53 5.31 97.316 5.29 97.326

10 . . . . 98.701 5.14 5.28 5.14 98.701 5.12 98.706

97.321 5.30 5.52 5.30 97.321 5.28 97.331

17 . . . . 98.698 5.15 5.29 5.15 98.698 5.14 98.701

97.260 5.42 5.65 5.42 97.260 5.40 97.270

24 . . . . 98.683 5.21 5.35 5.21 98.683 5.18 98.691

97.280 5.38 5.61 5.38 97.280 5.36 97.290

May 1 . . . . . 98.681 5.22 5.36 5.22 98.691 5.21 98.683

97.245 5.45 5.68 5.46 97.280 5.45 97.245

8 . . . . . 98.701 5.14 5.28 5.14 98.701 5.13 98.703

97.285 5.37 5.60 5.37 97.285 5.35 97.295

15 . . . . 98.716 5.08 5.22 5.08 98.716 5.07 98.718

97.321 5.30 5.52 5.31 97.316 5.28 97.331

22 . . . . 98.693 5.17 5.31 5.17 98.693 5.14 98.701

97.295 5.35 5.58 5.36 97.290 5.34 97.300

29 . . . . 98.729 5.03 5.16 5.03 98.729 5.02 98.731

97.326 5.26 5.48 5.27 97.321 5.25 97.331

June 5 . . . . . 98.754 4.93 5.06 4.94 98.751 4.90 98.761

97.361 5.22 5.44 5.22 97.361 5.21 97.366

12 . . . . 98.751 4.94 5.07 4.95 98.749 4.93 98.754

97.371 5.20 5.41 5.20 97.371 5.18 97.381

19 . . . . 98.766 4.88 5.01 4.89 98.764 4.87 98.769

97.422 5.10 5.31 5.10 97.422 5.09 97.427

26 . . . . 98.751 4.94 5.07 4.95 98.749 4.91 98.759

97.433 5.05 5.25 5.06 97.428 5.04 97.438

52 week:

1996 - June 27 . . . . 94.378 5.56 5.89 5.57 94.368 5.55 94.388

July 25 . . . . 94.449 5.49 5.81 5.49 94.449 5.47 94.469

Aug. 22 . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Sept. 19 . . . . 94.368 5.57 5.90 5.57 94.368 5.56 94.378

Oct. 17 . . . . 94.601 5.34 5.64 5.35 94.591 5.33 94.611

Nov. 14 . . . . 94.742 5.20 5.49 5.21 94.732 6 5.19 94.752

Dec. 12 . . . . 94.783 5.16 5.45 5.16 94.783 5.13 94.813

1997 - Jan. 9 . . . . . 94.631 5.31 5.61 5.32 94.621 5.29 94.651

Feb. 6 . . . . . 94.601 5.34 5.64 5.35 94.591 5.32 94.621

Mar. 6 . . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Apr. 3 . . . . . 94.277 5.66 6.00 5.66 94.277 5.64 94.297

May 1 . . . . . 94.216 5.72 6.06 5.72 94.216 5.71 94.227

May 29 . . . . 94.388 5.55 5.88 5.56 94.378 5.53 94.409

June 26 . . . . 94.591 5.35 5.65 5.35 94.591 5.34 94.601

Cash management:

1997 - Apr. 3 . . . . . 99.791 5.37 5.46 5.39 99.790 5.34 99.792

1997 - Apr. 3 . . . . . 99.714 5.42 5.51 5.43 99.713 5.40 99.715

1997 - June 3 . . . . . 99.796 5.25 5.33 5.28 99.795 5.23 99.797

38 PUBLIC DEBT OPERATIONS
See footnotes at end of table.

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 7

08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 8

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 9

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 10

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 11

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 12

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 13

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 14

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 15

11/02/95 11/03/95 5.37% bill--12/21/95-reopening 48d 29,372 6,008

11/02/95 11/03/95 5.30% bill--01/25/96-reopening 83d 33,200 8,061

11/14/95 11/15/95 5.77% bill--11/24/95-reopening 9d 56,685 35,706

11/14/95 11/15/95 5.64% bill--12/21/95-reopening 36d 55,750 26,053

11/15/95 11/16/95 5.15% bill--11/14/96 364d 49,175 18,872

11/20/95 11/24/95 5-1/2% note--11/15/98-Z 3y 55,665 20,598 16

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 17

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 18

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 19

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 20

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 21

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 22

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 23

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 24

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 25

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 26

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 27

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 28

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 29

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 30

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 31

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 32

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 33

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 34

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 35

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 36

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 37

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 38

PUBLIC DEBT OPERATIONS 39
07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5

 11,536 39

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 40

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 41

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 42

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 43

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 44

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 45

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 46

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 47

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 48

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 49

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 50

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 51

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 52

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 53

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 54

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 55

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 56

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 57

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 58

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 59

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 60

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 61

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 62

02/12/97 6 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 63

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 64

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 65

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 66

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 67

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 68

03/26/97 04/03/97 5.66% bill--04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill--04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill--04/22/97 19d 51,886 17,066

04/08/97 6

 04/15/97 3-3/8% ii note--01/15/07-A-reopening 9y 9m 18,464 5 8,405 69

04/22/97 04/30/97 6-3/8% note--04/30/99-AE 2y 43,708 19,351 70

04/23/97 04/30/97 6-5/8% note--04/30/02-F 5y 34,266 14,475 71

04/24/97 05/01/97 5.72% bill--04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note--05/15/00-V 3y 39,125 20,763 72

05/07/97 05/15/97 6-5/8% note--05/15/07-C 10y 24,266 5 13,958 73

05/22/97 05/29/97 5.55% bill--05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note--05/31/99-AF 2y 42,092 18,567 74

05/29/97 06/02/97 6-1/2% note--05/31/02-G 5y 34,876 13,492 75

06/02/97 06/03/97 5.25% bill--06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill--06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note--06/30/99-AG 2y 40,541 17,861 76

06/25/97 06/30/97 6-1/4% note--06/30/02-H 5y 38,218 13,058 77

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

See footnotes at end of table.

40 PUBLIC DEBT OPERATIONS
1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan. 

7 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).

8 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).

9 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).

10 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction.

11 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction.

12 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction.

13 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction.

14 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

15 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

16 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).

17 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).

18 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction.

19 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

20 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

21 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

22 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

23 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction.

24 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).

25 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).

26 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).

27 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

28 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

29 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

30 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction.

31 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

32 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

33 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).

34 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).

35 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction.

36 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction.

37Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

38 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

39 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).

40 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

41 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

42 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).

43 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).

44 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).

45 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

46 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction.

47 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

48 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

49 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

50 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

51 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

52 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

53 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

54 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380) with the

average at 6.619% (price 98.457).

55 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

56 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction.

57 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

58 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

59 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

60 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

61 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

62 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the

average at 5.997% (price 99.670).

63 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the

average at 6.374% (price 99.092).

64 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the

average at 6.640% (price 99.804).

65 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

66 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

67 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

68 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

69 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

70 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction.

71 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction.

72 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the

average at 6.438% (price 99.831).

73 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the

average at 6.740% (price 99.173).

74 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction.

75 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction.

76 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction.

77 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only. 

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

PUBLIC DEBT OPERATIONS 41
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752

01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220

01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198

01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453

02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254

02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391

02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195

02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064

02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C- 11,204 900 382 351 - * 1,062 * - 6 7,744 759

reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

42 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D- 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

reopening

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation-indexed note-- 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

01/15/07-A (first issue of 

this kind; dated 01/15/97)

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/15/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/15/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% inflation-indexed note-- 8,405 400 664 43 10 - 817 52 455 - 5,327 637

01/15/07-A reopening

04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

* Less than $500,000. 

1

 Includes trust companies, bank dealers, and stock savings banks. 

2

 Includes partnerships and personal trust accounts.

3

 Exclusive of banks and insurance companies. 

4

 Consists of trust, sinking, and investment funds of State and local governments and their

agencies.

5

 Includes savings and loan associations, nonprofit institutions, and foreign and international

investments. Also included are certain Government deposit accounts and Government-sponsored agencies.

 Note.--For detail of offerings see table PDO-3.

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2

brokers All other 3

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

1

 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2

 Exclusive of banks and insurance companies.

3 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,159

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

44 PUBLIC DEBT OPERATIONS
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through June 30, 1997

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

Accrued accrued Interest- non-interestSeries Sales 1

discount discount Redemptions 1bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 344,012 186,312 530,324 346,530 182,587 3,746

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

862 680 1,542 1,177 331 -

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

380,775 189,369 570,144 385,979 182,918 3,750

1

 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds

for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds

beginning January 1972; however, they exclude exchanges of series E bonds for series H and

HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be found

in the February 1952 and previous issues of the ‘‘Treasury Bulletin.’’

Fiscal years:

1935-92 . . . . . . . . . . 336,713 145,255 481,968 331,600 261,483 70,117 148,604 1,720

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,790 4,965 2,825 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

Calendar years:

1935-92 . . . . . . . . . . 343,145 147,459 464,130 333,355 262,611 70,744 155,297 1,969

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 8,146 5,106 3,040 169,775 2,145

1994 . . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 6,854 11,463 18,317 15,544 2,773 6,701 183,938 4,222

1996 - June . . . . . . . . . 426 715 1,141 1,001 552 449 184,114 2,378

July. . . . . . . . . . 461 851 1,312 1,164 690 474 184,292 2,348

Aug. . . . . . . . . . 417 777 1,194 1,137 660 477 184,379 2,319

Sept.. . . . . . . . . 379 724 1,103 1,021 572 449 184,488 2,292

Oct. . . . . . . . . . 481 974 1,455 1,309 758 550 184,642 2,268

Nov. . . . . . . . . . 451 656 1,107 1,059 566 493 184,719 2,240

Dec. . . . . . . . . . 572 686 1,258 1,214 724 490 182,781 4,222

1997 - Jan. . . . . . . . . . 556 811 1,367 1,701 989 713 182,476 4,194

Feb. . . . . . . . . . 402 734 1,136 1,200 577 623 182,566 4,043

Mar. . . . . . . . . . 437 734 1,171 1,209 713 422 182,542 3,938

Apr. . . . . . . . . . 419 845 1,264 1,340 743 597 182,548 3,878

May . . . . . . . . . 421 684 1,105 1,175 633 542 182,547 3,807

June . . . . . . . . . 426 719 1,145 1,162 649 513 182,587 3,746

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1

discount 1bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the ‘‘Treasury Bulletins’’ of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 45
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952-92 . . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

Calendar years:

1952-92 . . . . . . . . . . 13,511 - 13,511 18,156 18,156 - 15,194 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 50 - 50 992 992 - 1,623 11,797 18

1996 - June . . . . . . . . . -4 - 4 52 52 - 92 11,851 18

July. . . . . . . . . . 10 - 10 73 73 - 99 11,887 17

Aug. . . . . . . . . . -9 - -9 72 72 - 115 11,920 16

Sept.. . . . . . . . . -1 - -1 59 59 - 95 11,956 16

Oct. . . . . . . . . . 16 - 16 71 71 - 109 11,978 16

Nov. . . . . . . . . . -1 - -1 59 59 - 93 12,011 15

Dec. . . . . . . . . . 16 - 16 71 71 - 109 12,038 23

1997 - Jan. . . . . . . . . . 2 - 2 83 83 - 114 12,072 22

 Feb.. . . . . . . . . 2 - 2 76 76 - 114 12,113 21

 Mar.. . . . . . . . . -8 - -8 83 83 - 121 12,143 20

 Apr. . . . . . . . . . 2 - 2 86 86 - 107 12,167 19

 May . . . . . . . . . -3 - -3 87 87 - 109 12,200 19

 June . . . . . . . . -4 - -4 88 88 - 106 12,230 18

Fiscal years:

1941-92 . . . . . . . . . . 291,667 141,743 433,410 275,188 207,516 67,671 15,036 138,286 1,701 

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694 

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835 

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977 

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276 

Calendar years:

1941-92 . . . . . . . . . . 293,669 144,991 438,659 269,969 208,543 68,336 15,194 144,724 1,939

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 4,688 7,895 12,583 10,467 5,722 4,745 1,055 170,744 4,198

1996 - June . . . . . . . . . 430 715 1,145 949 500 450 92 172,280 2,361

July. . . . . . . . . . 461 851 1,312 1,091 617 474 99 172,421 2,332

Aug. . . . . . . . . . 417 776 1,193 1,065 588 477 115 172,475 2,302

Sept.. . . . . . . . . 389 724 1,113 962 513 449 95 172,548 2,276

Oct. . . . . . . . . . 481 974 1,455 1,238 687 550 109 172,665 2,252

Nov. . . . . . . . . . 451 656 1,107 1,000 507 493 93 172,707 2,225

Dec. . . . . . . . . . 572 684 1,256 1,150 660 490 95 170,744 4,198

1997 - Jan. . . . . . . . . . 558 811 1,369 1,618 905 713 114 170,405 4,173

Feb. . . . . . . . . . 404 734 1,138 1,124 501 623 114 170,453 4,022

Mar. . . . . . . . . . 428 671 1,099 1,126 631 422 121 170,399 3,938

Apr. . . . . . . . . . 422 844 1,266 1,254 657 597 107 170,381 3,878

May . . . . . . . . . 419 684 1,103 1,100 558 542 109 170,348 3,807

June . . . . . . . . . 423 719 1,142 1,090 576 513 106 170,357 3,746

46 U.S. SAVINGS BONDS AND NOTES
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes, and

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 47
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1996 - June . . . . . . . . . . . . . . . . . . . 5,196,893 5,126,748 1,422,443 1,506 1,420,937 391,000

July . . . . . . . . . . . . . . . . . . . 5,224,199 5,184,908 1,420,680 1,506 1,419,174 397,836

Aug. . . . . . . . . . . . . . . . . . . . 5,243,459 5,173,734 1,424,120 1,506 1,422,614 391,329

Sept. . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

Oct. . . . . . . . . . . . . . . . . . . . 5,282,566 5,243,339 1,454,847 1,254 1,453,593 392,917

Nov. . . . . . . . . . . . . . . . . . . . 5,330,904 5,263,423 1,457,953 1,254 1,456,699 400,210

Dec. . . . . . . . . . . . . . . . . . . . 5,357,391 5,317,188 1,497,178 1,254 1,495,924 410,878

1997 - Jan . . . . . . . . . . . . . . . . . . . . 5,348,224 5,308,048 1,504,854 1,254 1,503,600 399,448

Feb. . . . . . . . . . . . . . . . . . . . 5,384,042 5,344,143 1,504,423 1,254 1,503,169 401,575

Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,375,139 1,506,784 1,254 1,505,530 405,559

Apr. . . . . . . . . . . . . . . . . . . . 5,388,003 5,348,249 1,520,050 1,254 1,518,796 452,885

May . . . . . . . . . . . . . . . . . . . 5,379,245 5,308,468 1,528,826 1,254 1,527,572 412,569

June . . . . . . . . . . . . . . . . . . . 5,409,818 5,370,459 1,571,583 1,254 1,570,329 426,362

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1996 - June . . . . . . . . . . . . . . . . . . . 3,313,305 2,955,927 357,378 34,327 35,817 7,606 28,211

July . . . . . . . . . . . . . . . . . . . 3,366,392 3,011,848 354,544 3,981 35,310 7,606 27,704

Aug. . . . . . . . . . . . . . . . . . . . 3,358,285 3,003,125 355,160 34,570 35,156 7,606 27,550

Sept. . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

Oct. . . . . . . . . . . . . . . . . . . . 3,395,575 3,036,889 358,687 3,980 35,246 7,606 27,640

Nov. . . . . . . . . . . . . . . . . . . . 3,405,260 3,043,179 362,081 33,126 34,355 7,606 26,749

Dec. . . . . . . . . . . . . . . . . . . . 3,409,132 3,047,559 361,573 5,984 34,219 7,606 26,613

1997 - Jan . . . . . . . . . . . . . . . . . . . . 3,403,746 3,040,766 362,979 5,949 34,227 7,606 26,621

Feb. . . . . . . . . . . . . . . . . . . . 3,438,145 3,074,706 363,439 5,794 34,105 7,606 26,499

Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,097,548 365,248 5,751 33,864 7,606 26,258

Apr. . . . . . . . . . . . . . . . . . . . 3,375,314 3,010,373 364,941 5,722 34,032 7,606 26,426

May . . . . . . . . . . . . . . . . . . . 3,367,073 3,002,074 364,998 36,494 34,284 7,606 26,678

June . . . . . . . . . . . . . . . . . . . 3,372,514 3,005,442 367,072 5,692 33,667 7,348 26,319

48 OWNERSHIP OF FEDERAL SECURITIES
1

 U.S. savings bonds, series A-F and J, are included at current redemption value.

2

 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New

York investment companies majority owned by foreign banks, and Edge Act corporations

owned by domestically chartered and foreign banks.

3

 Includes partnerships and personal trust accounts.

4

 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970.

5

 Exclusive of banks and insurance companies.

6 The "State and local governments" category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4

securities companies funds rations 5 ments 6national 7investors 8

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

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 562.7 549.7 674.2

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 582.5 564.2 655.2

June . . . . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 596.1 567.7 662.1

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 596.8 591.3 655.3

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 609.2 622.9 655.0

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 569.1 655.8 729.6

Dec. . . . . 3,168.0 290.4 2,877.6 331.2 180.5 150.7 240.1 67.6 224.5 540.2 688.6 785.5

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 342.8 181.4 161.4 244.2 67.7 230.3 525.3 729.2 791.6

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 485.5 784.2 801.2

Sept. . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 454.2 848.4 808.1

Dec. . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 421.5 862.2 843.0

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 423.2 931.5 842.7

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 234.4 82.1 230.9 402.8 959.8 809.4

Sept. . . . . 3,386.2 274.8 3,111.4 353.8 186.8 167.0 235.6 85.2 249.1 382.3 1,030.9 774.5

Dec. . . . . 3,411.2 261.7 3,149.5 356.6 187.0 169.6 235.9 91.6 258.5 358.0 1,131.8 717.1

1997 - Mar. . . . . 3,451.7 r 282.3 r 3,169.4 355.4 186.5 168.9 r

 238.2 r 84.0 262.5 r 360.7 r 1,204.1 r 664.5

June . . . . 3,361.7 p 290.0 3,071.7 355.4 186.3 169.1 p

 239.0 p 76.3 p 261.0 p 358.0 p 1,240.2 p 541.8

OWNERSHIP OF FEDERAL SECURITIES 49
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury

average yield is the 30-year constant maturity yield. The

corporate bond average yield is developed by Treasury by

calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors

Service. The municipal bond average yield prior to 1991 was

compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published

by Moody’s Investors Service for 20-year reoffering yields on

selected Aa-rated general obligations. See the footnotes for

further explanation.

Monthly average:

1996 - July. . . . . . . . . . 5.30 5.52 5.85 6.27 6.45 6.64 6.76 6.87 7.03

Aug. . . . . . . . . . 5.19 5.34 5.67 6.03 6.21 6.39 6.52 6.64 6.84

Sept. . . . . . . . . . 5.24 5.45 5.83 6.23 6.41 6.60 6.73 6.83 7.03

Oct. . . . . . . . . . . 5.12 5.32 5.55 5.91 6.08 6.27 6.42 6.53 6.81

Nov. . . . . . . . . . 5.17 5.27 5.42 5.70 5.82 5.97 6.10 6.20 6.48

Dec. . . . . . . . . . 5.04 5.24 5.47 5.78 5.91 6.07 6.20 6.30 6.55

1997 - Jan. . . . . . . . . . 5.17 5.31 5.61 6.01 6.16 6.33 6.47 6.58 6.83

Feb.. . . . . . . . . . 5.14 5.27 5.53 5.90 6.03 6.20 6.32 6.42 6.69

Mar.. . . . . . . . . . 5.28 5.48 5.80 6.22 6.38 6.54 6.65 6.69 6.93

Apr. . . . . . . . . . . 5.30 5.60 5.99 6.45 6.61 6.76 6.86 6.89 7.09

May . . . . . . . . . . 5.20 5.53 5.87 6.28 6.42 6.57 6.66 6.71 6,94

June . . . . . . . . . 5.07 5.34 5.69 6.09 6.24 6.38 6.46 6.49 6.77

End of month:

1996 - July. . . . . . . . . . 5.32 5.47 5.85 6.22 6.39 6.57 6.68 6.80 6.98

Aug. . . . . . . . . . 5.29 5.49 5.91 6.34 6.54 6.73 6.86 6.96 7.13

Sept. . . . . . . . . . 5.14 5.37 5.71 6.10 6.28 6.46 6.60 6.72 6.93

Oct. . . . . . . . . . . 5.17 5.30 5.44 5.77 5.92 6.10 6.24 6.37 6.66

Nov. . . . . . . . . . 5.13 5.25 5.38 5.59 5.70 5.84 5.97 6.06 6.36

Dec. . . . . . . . . . 5.21 5.33 5.51 5.88 6.04 6.21 6.34 6.43 6.65

1997 - Jan. . . . . . . . . . 5.15 5.28 5.58 5.94 6.08 6.26 6.40 6.53 6.80

Feb.. . . . . . . . . . 5.22 5.39 5.67 6.09 6.23 6.39 6.50 6.56 6.80

Mar.. . . . . . . . . . 5.35 5.55 6.02 6.45 6.60 6.77 6.89 6.92 7.10

Apr. . . . . . . . . . . 5.28 5.53 5.90 6.29 6.42 6.57 6.68 6.72 6.95

May . . . . . . . . . . 4.96 5.46 5.78 6.22 6.37 6.51 6.61 6.67 6.92

June . . . . . . . . . 5.25 5.34 5.67 6.08 6.25 6.40 6.49 6.51 6.80

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

50 MARKET YIELDS
CHART MY-A.--Yields of Treasury Securities,

June 30, 1997 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

* Source: Office of Market Finance

Years

(Year tick marks correspond with June data.)

MARKET YIELDS 51
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

52 MARKET YIELDS
1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

MARKET YIELDS 53
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.77 7.71 5.39

1

 Treasury series based on 3-week moving average of reoffering yields of new corporate

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2

 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.

54 MARKET YIELDS
CHART MY-B.--Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

(Year tick marks correspond with June data.)

* Source: Office of Market Finance

MARKET YIELDS 55
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

‘‘Treasury Bulletin.’’ The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, June 30, 1997

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $567,473,546,562 $542,728,614,664 $542,199,050,515 $272,859,616 $256,704,533

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 348,885,327 24,601,330 24,040,757 361,239 199,334 

The Federal Reserve banks. . . . . 

113,564,634,606 113,072,626,872 113,072,621,906 475 4,491 

Amounts in circulation . . . . . . . . . . . 

$453,560,026,629 $429,631,386,462 $429,102,387,852 $272,497,902 $256,500,708

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $24,744,931,898 $2,024,703,898 $22,720,228,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 324,283,997 92,144,631 232,139,366

The Federal Reserve banks. . . . . 

492,007,734 53,960,552 438,047,182

Amounts in circulation . . . . . . . . . . . 

$23,928,640,167 $1,878,598,715 $22,050,041,452

See footnotes following table USCC-2.

56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
1 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents value of certain partial denominations not presented for redemption.

5 Based on Bureau of the Census estimates of population.

$1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,365,144,588 $6,217,528,765 $143,481 $147,472,342

$2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105,973,004 973,430,162 132,530,266 12,576

$5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,398,194,050 7,255,510,435 110,483,735 32,199,880

$10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,479,307,730 13,456,611,840 5,950 22,689,940

$20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,265,338,240 83,245,237,500 3,380 20,097,360

$50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,734,760,050 46,723,270,450 - 11,489,600

$100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,965,281,200 270,913,960,700 29,331,000 21,989,500

$500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,458,000 144,270,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,724,000 167,518,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4 

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

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 

$429,631,386,462 $429,102,387,852 $272,497,902 $256,500,708

June 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . $453,560 $1,694.72 

May 31, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . 451,064 1,686.60

Apr. 30, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . 446,610 1,671.08

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, June 30, 1997

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1

notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation-- (in millions) capita 5

selected dates (1) (2)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
58

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59

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60

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TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1

stock 2rights 1, 3 currencies 4 Fund 1, 5

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

1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - July. . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665

Aug. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597

Sept.. . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421

Oct.. . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517

Nov. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516

Dec. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372

Feb. . . . . . . . . . . . . . . . . . . 67,479 11,048 9,866 32,528 14,037

Mar. . . . . . . . . . . . . . . . . . . 67,222 11,050 9,879 32,447 13,846

Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660

May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962

June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805

July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF are also valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve

position in the IMF automatically if needed. Under appropriate conditions, the United States

could purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners, and its

international financial position. All monetary figures are in dollars

or dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF),

holdings of convertible foreign currencies, and reserve position in

the IMF.

• Table IFS-2 contains statistics on liabilities to foreign

official institutions, and selected liabilities to all other foreigners,

which are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

Treasury issues to official institutions and other residents of

foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 61
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6

 organizations 7 

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

1992. . . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993. . . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994. . . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995. . . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055

1996 - June r . . . . 1,967,529 670,670 305,479 327,862 5,941 31,388 763,213 511,042 125,976 385,066 22,604

July r. . . . . 2,007,412 675,082 299,564 337,491 5,980 32,047 755,778 554,800 130,967 423,833 21,752

Aug. r . . . . 2,008,413 680,546 300,818 341,078 6,018 32,632 745,155 559,986 127,436 432,550 22,726

Sept. r. . . . 2,040,636 696,586 298,753 358,266 6,057 33,510 759,806 559,554 129,297 430,257 24,690

Oct. r. . . . . 2,096,336 698,871 296,175 363,104 5,892 33,700 788,311 581,704 132,501 449,203 27,450

Nov. r . . . . 2,111,160 712,326 304,764 366,944 5,929 34,689 777,061 597,409 129,571 467,838 24,364

Dec. r . . . . 2,172,598 727,350 305,617 380,606 5,968 35,159 782,642 638,042 137,347 500,695 24,564

1997- Jan. r . . . . . 2,191,758 737,677 307,717 388,437 6,007 35,516 770,944 658,054 143,933 514,121 25,083

Feb. . . . . . 2,245,758 748,274 307,762 398,560 6,044 35,908 784,861 686,855 153,150 533,705 25,768

Mar. . . . . . 2,269,536 759,354 311,429 405,666 6,084 36,175 795,489 691,670 142,685 548,985 23,023

Apr.. . . . . . 2,303,764 755,825 300,965 413,048 5,692 36,120 807,970 715,639 148,909 566,730 24,330

May p . . . . 2,325,852 760,709 301,852 416,425 5,730 36,702 818,328 723,366 152,104 571,262 23,449

June p. . . . 2,338,257 753,972 284,211 427,159 5,767 36,835 826,841 731,432 146,660 584,772 26,012

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as

follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990,

30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies,

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign

currencies to foreign banks and to ‘‘other foreigners.’’

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the ‘‘Capital

Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

62 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1992. . . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993. . . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994. . . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995. . . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074

July. . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081

Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088

Sept.. . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095

Oct.. . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103

Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110

Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997 - Jan.. . . . . . . . . . . . . . . . . . . 6,007 6,007 1,021 3,861 1,125

Feb. . . . . . . . . . . . . . . . . . 6,044 6,044 1,027 3,885 1,132

Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140

Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147

May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155

June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the government of Mexico. The remaining face value of the issue is $20,412

million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 63
INTRODUCTION: Capital Movements

Treasury collects information about the transference of financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit

claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices), and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

•Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

reported by banks, brokers, and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

domestic customers. This includes transactions in newly issued

securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. This is because the path

of a security is not tracked prior to its being purchased from,

or after it is sold to, a foreigner in a reportable transaction. That

64 CAPITAL MOVEMENTS
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)

1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 - June r . . . . . . . . 1,208,167 305,479 305,479 - 889,189 778,879 110,310 13,499 12,158 1,341 355,524 80,985

July r. . . . . . . . . 1,199,392 299,564 299,564 - 886,745 776,435 110,310 13,083 11,742 1,341 344,280 80,985

Aug. r . . . . . . . . 1,187,430 300,818 300,818 - 872,591 762,281 110,310 14,021 12,680 1,341 341,322 80,985

Sept. r. . . . . . . . 1,203,998 298,753 298,753 - 889,103 779,662 109,441 16,142 14,443 1,699 342,774 76,897

Oct. r. . . . . . . . . 1,235,352 296,175 296,175 - 920,812 811,371 109,441 18,365 16,666 1,699 345,135 76,897

Nov. r . . . . . . . . 1,227,867 304,764 304,764 - 906,632 797,191 109,441 16,471 14,772 1,699 349,559 76,897

Dec. r . . . . . . . . 1,241,134 305,617 305,617 - 919,989 818,270 101,719 15,528 13,864 1,664 352,945 71,782

1997 - Jan. r . . . . . . . . 1,239,107 307,717 307,717 - 914,877 813,158 101,719 16,513 14,849 1,664 344,091 71,782

Feb. . . . . . . . . . 1,262,063 307,762 307,762 - 938,011 836,292 101,719 16,290 14,626 1,664 354,819 71,782

Mar. . . . . . . . . . 1,263,458 311,429 311,429 - 938,174 830,599 107,575 13,855 12,192 1,663 350,836 75,791

Apr.. . . . . . . . . . 1,272,546 300,965 300,965 - 956,879 849,304 107,575 14,702 13,039 1,663 346,165 75,791

May p . . . . . . . . 1,286,262 301,852 301,852 - 970,432 862,857 107,575 13,978 12,315 1,663 349,832 75,791

June p. . . . . . . . 1,273,303 284,211 284,211 - 973,501 865,926 107,575 15,591 13,928 1,663 359,261 75,791

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

CAPITAL MOVEMENTS 65
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2

certificates liabilities 2

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993 . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 . . . . . . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - June . . . . . . . . . . . . . . . . . . . 12,158 123 4,052 874 7,109

July . . . . . . . . . . . . . . . . . . . 11,742 22 3,747 865 7,108

Aug. . . . . . . . . . . . . . . . . . . . 12,680 49 4,738 345 7,548

Sept. . . . . . . . . . . . . . . . . . . 14,443 26 5,441 399 8,577

Oct. . . . . . . . . . . . . . . . . . . . 16,666 67 6,003 600 9,996

Nov. . . . . . . . . . . . . . . . . . . . 14,772 46 4,906 1,088 8,732

Dec. . . . . . . . . . . . . . . . . . . . 13,864 29 5,784 244 7,807

1997 - Jan. . . . . . . . . . . . . . . . . . . . 14,849 55 5,792 494 8,508

Feb. . . . . . . . . . . . . . . . . . . . 14,626 51 5,035 219 9,321

Mar. . . . . . . . . . . . . . . . . . . . 12,192 49 6,952 226 4,965

Apr. . . . . . . . . . . . . . . . . . . . 13,039 30 5,238 154 7,617

May . . . . . . . . . . . . . . . . . . . 12,315 16 4,857 102 7,340

June . . . . . . . . . . . . . . . . . . . 13,928 775 6,645 65 6,443

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2

icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 . . . . . . . . . . . . . . . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 - June r . . . . . . . . . 1,084,358 2,211 38,896 187,171 77,201 12,380 90,737 18,241 167,539 364,006 12,655 56,007 12,322 44,992

July r . . . . . . . . . 1,075,999 2,211 37,117 186,061 74,175 11,809 95,507 18,091 164,628 355,433 10,950 57,481 12,531 50,005

Aug. r. . . . . . . . . 1,063,099 1,459 37,668 189,726 71,965 11,116 95,289 18,670 156,617 353,153 10,523 59,250 11,208 46,455

Sept. r . . . . . . . . 1,078,415 2,049 34,862 182,122 79,720 12,764 92,293 18,556 170,152 356,600 10,665 60,276 11,401 46,955

Oct. r . . . . . . . . . 1,107,546 1,316 35,254 186,180 73,425 11,156 96,080 16,865 168,672 386,097 11,319 59,609 10,964 50,609

Nov. r. . . . . . . . . 1,101,955 2,180 34,826 197,692 70,066 13,304 94,175 14,227 168,816 377,098 12,107 58,000 12,039 47,425

Dec. r. . . . . . . . . 1,123,887 1,511 33,336 193,435 77,335 13,692 90,811 13,886 161,006 401,528 11,802 58,069 13,010 54,466

1997 - Jan. r . . . . . . . . . 1,120,875 1,290 32,646 188,076 85,705 12,898 90,123 13,969 158,843 393,392 11,985 58,707 12,188 61,053

Feb. . . . . . . . . . . 1,144,054 1,378 34,457 191,090 80,837 11,642 89,723 13,289 162,428 406,060 12,013 61,042 13,219 66,876

Mar. . . . . . . . . . . 1,142,028 2,390 32,691 191,548 84,800 13,360 88,784 13,996 158,235 413,539 12,264 61,446 12,501 56,474

Apr. . . . . . . . . . . 1,150,269 2,345 33,428 183,628 81,564 14,909 83,540 14,177 166,145 421,624 12,461 61,654 13,189 61,605

May p. . . . . . . . . 1,164,709 1,857 36,627 176,268 87,100 12,957 81,585 11,223 165,497 439,491 11,664 61,278 13,390 65,772

June p . . . . . . . . 1,150,137 1,559 39,793 161,984 80,875 14,954 80,416 23,025 182,293 418,578 12,515 59,452 12,803 61,890

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 1997

Country 1994 r 1995 r 1996 r Feb. Mar. Apr. May p June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,109 4,269 5,661 4,570 4,903 3,383 3,651 3,508

Belgium-Luxembourg. . . . . . . . . . 26,475 31,298 30,577 30,538 28,477 25,134 27,266 47,068

Bulgaria . . . . . . . . . . . . . . . . . . . . 611 752 418 364 462 941 1,078 1,076

Czech Republic . . . . . . . . . . . . . . 953 1,667 353 259 207 233 258 242

Denmark. . . . . . . . . . . . . . . . . . . . 3,137 3,517 2,790 1,934 2,100 2,055 2,382 2,411

Finland . . . . . . . . . . . . . . . . . . . . . 1,569 3,035 1,536 1,411 1,424 2,154 1,360 1,748

France . . . . . . . . . . . . . . . . . . . . . 52,816 49,220 41,827 42,919 41,959 47,325 45,542 47,784

Germany . . . . . . . . . . . . . . . . . . . 32,356 31,065 31,672 31,260 32,875 33,162 33,465 34,911

Greece . . . . . . . . . . . . . . . . . . . . . 1,409 2,039 1,820 1,940 2,415 1,763 2,292 1,698

Hungary . . . . . . . . . . . . . . . . . . . . 1,095 2,055 1,142 2,381 2,092 1,114 1,329 1,078

Ireland . . . . . . . . . . . . . . . . . . . . . 1,987 2,615 1,671 1,907 3,027 2,783 2,654 2,163

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,419 16,045 15,445 15,354 12,904 13,647 13,888 14,398

Netherlands . . . . . . . . . . . . . . . . . 17,259 14,993 12,143 12,094 12,957 13,924 10,574 10,175

Norway . . . . . . . . . . . . . . . . . . . . . 2,339 1,424 1,464 1,714 2,071 1,532 1,296 1,016

Poland . . . . . . . . . . . . . . . . . . . . . 2,316 5,690 5,546 5,225 5,247 4,595 3,757 3,759

Portugal . . . . . . . . . . . . . . . . . . . . 2,997 2,916 1,967 1,763 1,885 2,124 1,957 1,950

Romania. . . . . . . . . . . . . . . . . . . . 529 246 275 292 456 536 314 349

Russia 1

. . . . . . . . . . . . . . . . . . . . 2,726 7,948 7,573 6,821 7,774 7,866 9,534 12,264

Spain . . . . . . . . . . . . . . . . . . . . . . 15,612 11,960 19,739 20,782 20,207 19,090 16,421 17,653

Sweden . . . . . . . . . . . . . . . . . . . . 3,157 3,376 1,836 2,028 2,441 2,750 2,160 1,966

Switzerland. . . . . . . . . . . . . . . . . . 42,126 46,210 47,078 49,545 47,373 45,861 47,732 43,031

Turkey . . . . . . . . . . . . . . . . . . . . . 3,378 4,311 6,798 6,823 7,268 6,677 6,834 6,622

United Kingdom . . . . . . . . . . . . . . 187,081 161,112 180,031 185,935 183,819 186,304 190,595 182,278

Yugoslavia 2

. . . . . . . . . . . . . . . . . 245 177 295 328 254 272 330 234

Other Europe . . . . . . . . . . . . . . . . 20,966 14,255 13,331 15,987 15,623 15,029 15,013 15,849

Total Europe . . . . . . . . . . . . . . . 

440,667 422,195 432,988 444,174 440,220 440,254 441,682 455,231

Canada . . . . . . . . . . . . . . . . . . . . . . 

26,523 32,002 40,605 36,479 40,525 42,982 40,961 40,497

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 17,273 12,356 13,888 17,112 16,813 14,131 16,453 18,251

Bahamas . . . . . . . . . . . . . . . . . . . 104,934 96,525 89,653 99,469 90,682 106,086 101,336 90,689

Bermuda. . . . . . . . . . . . . . . . . . . . 8,631 4,956 5,585 9,089 8,468 7,469 6,537 5,448

Brazil . . . . . . . . . . . . . . . . . . . . . . 9,292 24,317 27,710 23,906 23,722 23,402 25,434 26,042

British West Indies . . . . . . . . . . . . 237,571 249,273 259,181 256,966 263,104 259,641 276,484 278,619

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,174 2,891 3,050 3,594 3,345 3,184 3,306 3,438

Colombia . . . . . . . . . . . . . . . . . . . 4,674 3,747 3,279 2,878 2,826 3,184 2,795 2,855

Cuba. . . . . . . . . . . . . . . . . . . . . . . 13 8 21 19 18 52 54 55

Ecuador . . . . . . . . . . . . . . . . . . . . 886 1,323 1,779 1,645 1,492 1,477 1,616 1,474

Guatemala . . . . . . . . . . . . . . . . . . 1,136 1,289 1,287 1,415 1,385 1,521 1,464 1,504

Jamaica . . . . . . . . . . . . . . . . . . . . 541 498 652 600 607 547 494 487

Mexico . . . . . . . . . . . . . . . . . . . . . 12,392 24,611 32,386 28,598 27,935 29,059 29,251 32,694

Netherlands Antilles . . . . . . . . . . . 5,748 5,185 6,266 6,374 3,779 5,639 3,983 6,408

Panama . . . . . . . . . . . . . . . . . . . . 4,775 4,412 4,176 4,234 3,921 3,785 4,079 4,043

Peru . . . . . . . . . . . . . . . . . . . . . . . 913 987 847 930 942 897 1,133 935

Trinidad and Tobago . . . . . . . . . . 641 456 601 477 526 474 584 567

Uruguay . . . . . . . . . . . . . . . . . . . . 1,649 1,869 1,905 1,874 1,859 1,772 2,079 2,170

Venezuela . . . . . . . . . . . . . . . . . . 14,504 12,117 17,564 18,328 19,022 19,536 19,465 19,503

Other Latin America

 and Caribbean . . . . . . . . . . . . . 6,115 7,241 8,158 7,347 7,287 8,380 8,873 8,796

Total Latin America

 and Caribbean . . . . . . . . . . . 

434,862 454,061 477,988 484,855 477,733 490,236 505,420 503,978

See footnotes at end of table.

CAPITAL MOVEMENTS 67
Calendar year 1997

Country 1994 r 1995 r 1996 r Feb. Mar. Apr. May p June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 10,066 33,765 30,438 31,631 31,370 28,580 29,432 7,284

Taiwan . . . . . . . . . . . . . . . . . . . 9,971 11,743 16,013 15,642 15,818 14,691 12,463 12,378

Hong Kong . . . . . . . . . . . . . . . . . . 17,956 22,588 19,390 20,716 20,942 19,778 20,211 20,983

India . . . . . . . . . . . . . . . . . . . . . . . 2,340 3,378 3,932 4,748 5,433 4,759 4,371 4,244

Indonesia . . . . . . . . . . . . . . . . . . . 1,610 2,743 2,306 2,482 2,680 2,449 2,796 2,536

Israel . . . . . . . . . . . . . . . . . . . . . . 5,160 4,064 6,053 6,208 6,007 6,144 6,460 5,796

Japan . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 127,844 129,535 138,734 137,598 137,337 135,666

Korea . . . . . . . . . . . . . . . . . . . . . . 5,176 5,797 6,009 6,317 6,596 7,204 7,902 7,680

Lebanon . . . . . . . . . . . . . . . . . . . . 503 631 1,174 1,025 1,134 1,145 1,576 1,701

Malaysia. . . . . . . . . . . . . . . . . . . . 1,704 2,415 2,048 2,305 2,588 2,357 2,689 2,244

Pakistan . . . . . . . . . . . . . . . . . . . . 1,309 1,703 996 1,193 997 1,106 1,474 1,579

Philippines . . . . . . . . . . . . . . . . . . 2,722 3,100 3,383 2,442 2,395 2,341 2,393 2,475

Singapore. . . . . . . . . . . . . . . . . . . 8,537 11,564 10,744 15,240 14,708 11,357 14,622 14,217

Syria. . . . . . . . . . . . . . . . . . . . . . . 608 858 53 67 54 54 57 30

Thailand . . . . . . . . . . . . . . . . . . . . 6,475 12,291 10,921 10,761 9,400 10,367 7,814 6,165

Oil-exporting countries 3

. . . . . . . . 15,547 16,057 14,802 13,266 14,167 14,585 14,731 13,403

Other Asia . . . . . . . . . . . . . . . . . . 3,315 2,413 2,804 3,132 2,847 2,977 3,036 3,334

Total Asia . . . . . . . . . . . . . . . . . 

180,303 274,166 258,910 266,710 275,870 267,492 269,364 241,715

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,886 2,137 2,013 2,034 2,002 2,057 2,249 1,978

Ghana . . . . . . . . . . . . . . . . . . . . . 233 229 251 274 252 258 306 252

Liberia . . . . . . . . . . . . . . . . . . . . . 323 368 316 377 292 349 255 257

Morocco . . . . . . . . . . . . . . . . . . . . 97 104 112 97 107 129 91 66

South Africa . . . . . . . . . . . . . . . . . 440 810 517 779 900 857 2,077 1,843

Zaire. . . . . . . . . . . . . . . . . . . . . . . 9 10 10 7 9 4 9 39

Oil-exporting countries 4

. . . . . . . . 1,381 1,837 2,612 2,471 3,037 3,450 2,837 3,259

Other Africa . . . . . . . . . . . . . . . . . 2,223 2,271 2,306 2,145 2,126 2,096 2,189 2,448

Total Africa . . . . . . . . . . . . . . . . 

6,592 7,766 8,137 8,184 8,725 9,200 10,013 10,142

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,250 5,732 5,500 4,104 5,116 6,388 3,423 4,757

All other . . . . . . . . . . . . . . . . . . . . 915 1,163 1,478 1,267 1,414 1,292 1,421 1,392

Total other countries . . . . . . . . . 

6,165 6,895 6,978 5,371 6,530 7,680 4,844 6,149

Total foreign countries. . . . . . 

1,095,112 1,197,085 1,225,606 1,245,773 1,249,603 1,257,844 1,272,284 1,257,712

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 7,888 10,179 13,351 14,360 11,656 13,055 12,025 13,657

European regional . . . . . . . . . . . . 53 119 60 90 183 162 101 109

Latin American regional . . . . . . . . 798 1,152 1,643 1,524 1,675 1,266 1,651 1,287

Asian regional . . . . . . . . . . . . . . . 194 194 157 200 207 143 120 416

African regional . . . . . . . . . . . . . . 170 496 281 84 116 70 75 102

Middle Eastern regional . . . . . . . . 39 37 36 32 18 6 6 20

Total international

and regional. . . . . . . . . . . . . . 

9,142 12,177 15,528 16,290 13,855 14,702 13,978 15,591

Grand total. . . . . . . . . . . . . . . 1,104,254 1,209,262 1,241,134 1,262,063 1,263,458 1,272,546 1,286,262 1,273,303

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 . . . . . . . . . . . . . . 3,508 3,194 314 1,888 1,306 115 378 505 1,648 385 27 131 1 4 13

Belgium-Luxembourg. . . 47,068 40,698 6,370 16,169 24,529 536 5,711 12,795 13,318 6,069 300 310 271 1,388 216

Bulgaria . . . . . . . . . . . . . 1,076 1,076 - 227 849 28 59 849 127 - - 5 - 8 -

Czech Republic . . . . . . . 242 240 2 235 5 97 28 - 47 50 3 10 5 - -

Denmark. . . . . . . . . . . . . 2,411 2,003 408 1,504 499 41 211 156 1,431 142 12 7 1 2 -

Finland . . . . . . . . . . . . . . 1,748 1,341 407 982 359 18 356 312 438 165 7 7 38 - 7

France . . . . . . . . . . . . . . 47,784 40,686 7,098 32,578 8,108 521 5,437 6,510 4,183 20,342 174 340 52 3,127 172

Germany . . . . . . . . . . . . 34,911 27,446 7,465 22,658 4,788 573 4,063 4,369 12,297 3,952 195 601 92 1,304 202

Greece . . . . . . . . . . . . . . 1,698 1,675 23 981 694 93 74 645 459 61 60 223 13 47 28

Hungary . . . . . . . . . . . . . 1,078 1,075 3 149 926 51 5 338 673 4 2 2 - - -

Ireland . . . . . . . . . . . . . . 2,163 1,994 169 1,255 739 216 162 50 626 341 63 76 135 325 76

Italy. . . . . . . . . . . . . . . . . 14,398 10,170 4,228 9,282 888 493 3,529 323 4,111 872 174 287 175 206 125

Netherlands . . . . . . . . . . 10,175 8,226 1,949 5,698 2,528 209 1,411 252 2,610 3,023 118 119 54 430 158

Norway. . . . . . . . . . . . . . 1,016 841 175 739 102 23 2 8 726 20 11 28 6 17 41

Poland . . . . . . . . . . . . . . 3,759 3,515 244 1,695 1,820 47 108 1,787 1,319 249 2 2 1 - -

Portugal . . . . . . . . . . . . . 1,950 1,821 129 1,354 467 85 644 250 279 196 23 91 77 176 14

Romania. . . . . . . . . . . . . 349 348 1 246 102 11 29 101 150 54 2 1 - - -

Russia 4

. . . . . . . . . . . . . 12,264 12,261 3 3,702 8,559 204 61 8,550 3,311 23 17 84 2 9 6

Spain . . . . . . . . . . . . . . . 17,653 16,237 1,416 8,053 8,184 202 1,532 5,383 7,299 806 88 837 37 53 31

Sweden . . . . . . . . . . . . . 1,966 1,406 560 778 628 87 240 99 238 213 22 54 344 109 17

Switzerland. . . . . . . . . . . 43,031 38,973 4,058 15,585 23,388 652 1,114 17,371 8,152 9,463 219 790 687 525 1,941

Turkey . . . . . . . . . . . . . . 6,622 6,530 92 1,754 4,776 136 609 4,700 668 287 13 77 4 36 15

United Kingdom . . . . . . . 182,278 152,706 29,572 138,316 14,390 1,203 25,308 4,571 23,573 73,393 1,243 1,855 3,219 18,341 3,198

Yugoslavia 5

. . . . . . . . . . 234 228 6 227 1 7 7 - 155 1 1 6 - 51 1

Other Europe . . . . . . . . . 15,849 15,330 519 12,056 3,274 163 5,159 1,174 7,509 787 21 230 50 237 2

Total Europe . . . . . . . . 

455,231 390,020 65,211 278,111 111,909 5,811 56,237 71,098 95,347 120,898 2,797 6,173 5,264 26,395 6,263

Canada . . . . . . . . . . . . . . . 

40,497 37,090 3,407 29,821 7,269 370 5,095 1,162 4,894 15,199 891 2,530 464 6,485 425

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 18,251 18,177 74 15,968 2,209 194 6,765 1,639 2,218 1,700 601 4,562 144 354 70

Bahamas . . . . . . . . . . . . 90,689 89,434 1,255 73,067 16,367 173 4,810 211 16,410 63,708 248 1,568 926 1,380 862

Bermuda. . . . . . . . . . . . . 5,448 5,176 272 2,437 2,739 32 219 319 1,752 39 149 203 518 1,945 375

Brazil . . . . . . . . . . . . . . . 26,042 26,013 29 19,985 6,028 487 13,098 203 7,817 669 573 2,896 66 204 72

British West Indies . . . . . 278,619 269,210 9,409 183,040 86,170 184 8,647 156 84,693 154,427 833 4,313 1,322 14,635 270

Chile. . . . . . . . . . . . . . . . 3,438 3,371 67 3,082 289 66 726 66 548 92 227 1,362 34 250 88

Colombia . . . . . . . . . . . . 2,855 2,836 19 2,753 83 55 419 - 508 55 235 1,459 8 97 73

Cuba. . . . . . . . . . . . . . . . 55 55 - 55 - 3 - - 7 - - 39 - 6 -

Ecuador . . . . . . . . . . . . . 1,474 1,466 8 1,189 277 90 175 14 336 116 152 537 9 37 17

Guatemala . . . . . . . . . . . 1,504 1,497 7 1,394 103 56 219 25 158 3 117 859 7 53 36

Jamaica . . . . . . . . . . . . . 487 465 22 451 14 32 176 12 98 27 43 74 - 3 1

Mexico . . . . . . . . . . . . . . 32,694 31,357 1,337 20,211 11,146 154 3,751 8,894 6,334 988 1,300 8,550 365 1,021 499

Netherlands Antilles . . . . 6,408 6,103 305 5,338 765 361 277 8 409 359 69 801 637 3,182 84

Panama . . . . . . . . . . . . . 4,043 3,969 74 3,430 539 53 184 37 145 1,154 172 1,723 122 379 99

Peru . . . . . . . . . . . . . . . . 935 919 16 896 23 53 9 - 105 23 102 608 - 19 15

Trinidad and Tobago . . . 567 566 1 541 25 12 94 - 142 54 23 217 6 18 3

Uruguay . . . . . . . . . . . . . 2,170 2,154 16 1,976 178 71 148 6 477 501 107 667 23 154 92

Venezuela . . . . . . . . . . . 19,503 18,935 568 13,741 5,194 125 2,540 2,763 4,278 184 1,148 7,582 98 217 718

Other Latin America

and Caribbean . . . . . . 8,796 8,733 63 7,417 1,316 268 1,294 753 1,240 273 642 3,234 171 858 224

Total Latin America

and Caribbean. . . . . 

503,978 490,436 13,542 356,971 133,465 2,469 43,551 15,106 127,675 224,372 6,741 41,254 4,456 24,812 3,598

TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1997, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin 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 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 69
Asia:

China:

Mainland . . . . . . . . . . . 7,284 7,284 - 3,763 3,521 239 1,149 649 4,396 399 26 260 22 144 14

Taiwan . . . . . . . . . . . . 12,378 12,356 22 8,377 3,979 290 1,777 3,519 4,186 527 176 1,582 41 258 193

Hong Kong . . . . . . . . . . . 20,983 20,147 836 16,007 4,140 658 1,426 660 2,946 8,761 403 2,936 1,327 1,030 99

India . . . . . . . . . . . . . . . . 4,244 4,241 3 1,653 2,588 214 86 2,215 601 822 42 148 - 113 48

Indonesia . . . . . . . . . . . . 2,536 2,528 8 1,337 1,191 255 98 1,105 561 211 59 231 1 7 1

Israel . . . . . . . . . . . . . . . 5,796 5,749 47 1,269 4,480 109 180 3,589 937 247 46 473 110 58 669

Japan . . . . . . . . . . . . . . . 135,666 112,998 22,668 39,207 73,791 1,094 3,277 70,774 6,715 27,692 365 862 834 1,385 150

Korea . . . . . . . . . . . . . . . 7,680 7,629 51 5,816 1,813 178 768 1,402 1,098 3,415 41 601 - 126 10

Lebanon . . . . . . . . . . . . . 1,701 1,701 - 889 812 83 239 770 510 8 7 68 15 1 1

Malaysia. . . . . . . . . . . . . 2,244 2,057 187 1,558 499 175 387 475 533 178 18 289 2 - -

Pakistan . . . . . . . . . . . . . 1,579 1,572 7 1,121 451 54 65 418 290 686 11 42 - 6 1

Philippines . . . . . . . . . . . 2,475 2,469 6 1,979 490 283 375 180 916 186 54 446 2 27 27

Singapore. . . . . . . . . . . . 14,217 13,654 563 11,530 2,124 427 1,758 1,664 1,545 7,698 166 155 54 187 3

Syria. . . . . . . . . . . . . . . . 30 30 - 28 2 1 2 - 4 - 6 15 2 - -

Thailand . . . . . . . . . . . . . 6,165 6,159 6 1,120 5,039 316 63 5,010 357 280 36 92 2 3 -

Other Asia . . . . . . . . . . . 16,737 15,976 761 13,113 2,863 559 2,303 2,169 4,235 5,555 153 565 95 342 72

Total Asia . . . . . . . . . . 

241,715 216,550 25,165 108,767 107,783 4,935 13,953 94,599 29,830 56,665 1,609 8,765 2,507 3,687 1,288

Africa:

Egypt . . . . . . . . . . . . . . . 1,978 1,977 1 954 1,023 85 154 1,011 448 193 11 71 - 4 6

Ghana . . . . . . . . . . . . . . 252 252 - 210 42 24 40 42 72 50 16 7 - 1 -

Liberia . . . . . . . . . . . . . . 257 251 6 174 77 1 - - 4 - 26 140 25 55 35

Morocco . . . . . . . . . . . . . 66 66 - 61 5 18 1 - 24 6 5 11 - 1 -

South Africa . . . . . . . . . . 1,843 1,770 73 1,001 769 131 83 651 695 31 16 155 2 6 3

Zaire. . . . . . . . . . . . . . . . 39 39 - 38 1 12 - - 1 11 14 1 - - -

Other Africa . . . . . . . . . . 5,707 5,598 109 4,957 641 1,720 1,018 570 1,680 300 124 152 2 32 25

Total Africa . . . . . . . . . 

10,142 9,953 189 7,395 2,558 1,991 1,296 2,274 2,924 591 212 537 29 99 69

Other countries:

Australia . . . . . . . . . . . . . 4,757 4,739 18 3,780 959 904 65 676 1,954 496 132 61 65 386 7

All other . . . . . . . . . . . . . 1,392 1,349 43 1,231 118 33 12 94 544 357 133 132 18 26 1

Total other

countries . . . . . . . . . 

6,149 6,088 61 5,011 1,077 937 77 770 2,498 853 265 193 83 412 8

Total foreign

 countries . . . . . . . 

1,257,712 1,150,137 107,575 786,076 364,061 16,513 120,209 185,009 263,168 418,578 12,515 59,452 12,803 61,890 11,651

International

and regional orgs.:

International . . . . . . . . . . 13,657 12,273 1,384 12,165 108 739 6,008 33 5,492 - - 1 - - -

European regional . . . . . 109 46 63 27 19 5 - 19 22 - - - - - -

Latin American regional . 1,287 1,071 216 1,061 10 9 634 10 418 - - - - - -

Asian regional . . . . . . . . 416 416 - 123 293 1 - 3 412 - - - - - -

African regional . . . . . . . 102 102 - 76 26 1 2 - 99 - - - - - -

Middle Eastern regional . 20 20 - 20 - 20 - - - - - - - - -

Total international

and regional. . . . . . . 

15,591 13,928 1,663 13,472 456 775 6,644 65 6,443 - - 1 - - -

Grand total . . . . . . 1,273,303 1,164,065 109,238 799,548 364,517 17,288 126,853 185,074 269,611 418,578 12,515 59,453 12,803 61,890 11,651

1

 These data as of Mar. 31, 1997. 

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 $826 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, June 30, 1997, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin 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 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

70 CAPITAL MOVEMENTS
CHART CM-A.--U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 June 1997

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 150,912 187,081 161,112 180,031 182,278 

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 273,626 253,586 261,083 252,957 272,953 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 292,335 361,659 360,351 364,861 385,207 

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 127,844 135,666 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,510 92,999 135,110 131,066 106,049 

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

880,624 982,629 1,056,712 1,056,759 1,082,153 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

124,307 121,625 152,550 184,375 191,150 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,262 1,241,134 1,273,303 

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

concentrated in international financial centers. The

chart and table show that as of June 1997, two-thirds

of U.S. liabilities were reported opposite the United

Kingdom, the rest of Europe and, most notably, the

offshore banking centers in the Caribbean. An additional 19.0 percent of U.S. liabilities were held by

foreigners located in Japan and the rest of Asia.

Total U.S. banking liabilities to foreigners

through the first half of the year were up $32.2 billion

over yearend 1996 to $1.3 trillion, an increase of 2.6

percent. This moderate growth is the result of a $22.4

billion expansion in liabilities during the first quarter, followed by an increase of $9.8 billion in the

second. The growth of U.S. liabilities through the

first half of the year was widespread. In dollar terms,

liabilities rose most heavily opposite Europe, excluding the United Kingdom, and the Caribbean

banking centers, up $20.0 billion and $20.3 billion

through June, respectively. Liabilities also increased

to the United Kingdom and Japan, up $10.2 billion

combined over yearend 1996, as well as to ‘‘all other

countries,’’ up $6.8 billion. These increases, however, were largely offset by the decline in liabilities

to other Asia; year-to-date, U.S. liabilities to this

region were down $25.1 billion, or 19.2 percent. 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 71
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996 1997

Type of claim 1994 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 673,403 733,450 735,372 734,900 733,329 763,776 821,687 880,563

Payable in dollars. . . . . . . . . . . . . . . . . . 601,814 657,266 655,211 659,352 659,950 688,266 744,691 798,617

Banks’ own claims on foreigners . . . . 485,432 527,388 532,444 531,184 535,911 544,673 600,676 636,645

Foreign public borrowers. . . . . . . . . 23,416 22,443 22,518 27,856 23,081 22,924 22,241 28,898

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 59,368 51,144 37,771 42,274 34,131 35,376 33,826 37,284

Other . . . . . . . . . . . . . . . . . . . . . . 51,042 62,743 63,824 61,425 71,382 74,170 79,679 81,112

Own foreign offices. . . . . . . . . . . . . . . 283,015 302,569 307,427 297,616 307,413 311,615 342,508 360,340

All other foreigners . . . . . . . . . . . . . . . 68,591 88,489 100,904 102,013 99,904 100,588 122,422 129,011

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 116,382 129,878 122,767 128,168 124,039 143,593 144,015 161,972

Deposits . . . . . . . . . . . . . . . . . . . . . 64,829 66,835 58,519 68,950 70,403 80,695 77,673 95,147

Negotiable and readily

transferable instruments. . . . . . . . . 36,111 44,456 44,161 41,401 37,331 46,491 51,207 49,518

Collections and other. . . . . . . . . . . . 15,442 18,587 20,087 17,817 16,305 16,407 15,135 17,307

Payable in foreign currencies. . . . . . . . . 71,589 76,184 80,161 75,548 73,379 75,510 76,996 81,946

Banks’ own claims on foreigners . . . . 60,711 69,560 74,016 69,164 65,825 68,120 66,018 72,589

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 10,878 6,624 6,145 6,384 7,554 7,390 10,978 9,357

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . . 253,009 254,633 255,035 245,878 241,577 239,052 261,076 273,871

Payable in dollars . . . . . . . . . . . . . . . . 212,096 206,204 202,411 199,188 198,171 195,850 219,600 229,967

Payable in foreign currencies . . . . . . . 40,913 48,429 52,624 46,690 43,406 43,202 41,476 43,904

Customer liability on acceptances . . . . . 8,427 8,766 8,410 9,032 9,335 9,396 10,437 11,247

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 15,435 14,165 14,995 19,645 14,982 16,003 15,411 19,910

On all other unaffiliated foreigners . . . . . 154,976 171,568 163,862 174,225 170,896 173,044 196,329 203,907

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,838 8,236 7,522 8,131 8,126 6,922 6,815 8,861

On all other unaffiliated foreigners . . . . . 24,033 30,494 38,553 31,434 34,530 37,028 39,369 43,402

72 CAPITAL MOVEMENTS
Calendar year 1995 1996 1997

Country 1994 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,889 2,099 1,961 2,348 2,077 2,000 3,611 5,084

Belgium-Luxembourg. . . . . . . . . . 10,351 11,071 12,124 10,078 10,544 11,177 11,264 12,917

Bulgaria . . . . . . . . . . . . . . . . . . . . 7 83 7 4 2 2 66 3

Czech Republic . . . . . . . . . . . . . . 84 70 166 153 111 247 172 618

Denmark. . . . . . . . . . . . . . . . . . . . . 1,562 1,778 2,027 2,317 2,287 2,939 3,125 2,574

Finland . . . . . . . . . . . . . . . . . . . . . 813 1,472 1,569 2,148 1,182 1,677 1,143 1,797

France . . . . . . . . . . . . . . . . . . . . . 21,496 25,310 24,031 27,061 23,794 26,712 29,148 39,454

Germany . . . . . . . . . . . . . . . . . . . 18,440 19,159 20,814 18,706 25,793 23,569 21,535 25,653

Greece . . . . . . . . . . . . . . . . . . . . . 1,105 792 923 885 940 835 948 1,142

Hungary . . . . . . . . . . . . . . . . . . . . 41 9 24 31 18 72 61 95

Ireland . . . . . . . . . . . . . . . . . . . . . 513 621 1,143 1,391 1,006 1,277 1,824 2,461

Italy. . . . . . . . . . . . . . . . . . . . . . . . 10,551 9,474 8,789 9,984 9,805 9,235 9,868 10,429

Netherlands . . . . . . . . . . . . . . . . . 5,355 9,184 9,200 9,979 10,582 11,144 10,563 13,905

Norway. . . . . . . . . . . . . . . . . . . . . 544 1,721 735 1,326 1,654 1,709 1,020 1,865

Poland . . . . . . . . . . . . . . . . . . . . . 413 1,166 1,474 2,879 2,080 1,047 1,142 2,516

Portugal . . . . . . . . . . . . . . . . . . . . 1,177 1,204 1,042 995 942 732 553 645

Romania. . . . . . . . . . . . . . . . . . . . 238 199 179 192 71 172 175 164

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,395 793 1,069 1,132 748 1,791 2,725 3,530

Spain . . . . . . . . . . . . . . . . . . . . . . 5,589 4,834 3,842 6,706 3,428 5,449 4,503 8,307

Sweden . . . . . . . . . . . . . . . . . . . . 8,930 7,712 9,367 6,408 6,329 7,852 7,672 8,842

Switzerland. . . . . . . . . . . . . . . . . . 12,956 20,311 18,568 13,376 19,347 19,062 26,692 30,244

Turkey . . . . . . . . . . . . . . . . . . . . . 3,032 2,901 2,834 2,852 3,069 3,112 3,053 3,195

United Kingdom . . . . . . . . . . . . . . 96,820 89,261 103,375 109,522 110,982 128,431 129,124 147,591

Yugoslavia 2

. . . . . . . . . . . . . . . . . 275 240 150 121 164 87 115 87

Other Europe . . . . . . . . . . . . . . . . 1,235 838 3,901 3,037 2,314 3,398 4,378 4,336

Total Europe . . . . . . . . . . . . . . . 204,811 212,302 229,314 233,631 239,269 263,728 274,480 327,454

Canada . . . . . . . . . . . . . . . . . . . . . . 33,073 39,625 35,840 31,625 36,783 43,576 43,948 59,377

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,106 6,394 6,759 6,564 6,859 7,426 7,779 7,321

Bahamas . . . . . . . . . . . . . . . . . . . 69,894 65,833 61,477 68,778 63,946 65,691 74,332 70,187

Bermuda. . . . . . . . . . . . . . . . . . . . . 8,719 6,217 6,226 6,184 5,103 5,145 5,146 7,068

Brazil . . . . . . . . . . . . . . . . . . . . . . 10,574 14,915 14,826 15,656 16,827 17,199 21,718 19,818

British West Indies . . . . . . . . . . . . 126,068 147,991 148,626 143,800 131,150 131,856 135,411 135,196

Chile. . . . . . . . . . . . . . . . . . . . . . . 4,376 4,728 5,184 4,664 4,639 4,648 5,356 6,123

Colombia . . . . . . . . . . . . . . . . . . . 4,369 4,705 4,892 4,908 4,908 5,060 7,345 6,383

Cuba. . . . . . . . . . . . . . . . . . . . . . . - 1 - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 717 830 846 1,007 994 991 1,056 1,174

Guatemala . . . . . . . . . . . . . . . . . . 385 378 472 482 468 525 632 660

Jamaica . . . . . . . . . . . . . . . . . . . . 262 292 329 338 365 346 352 838

Mexico . . . . . . . . . . . . . . . . . . . . . 23,445 21,215 21,375 19,913 19,565 20,051 22,042 21,834

Netherlands Antilles . . . . . . . . . . . 1,434 6,093 9,850 11,547 13,371 11,703 25,774 19,031

Panama . . . . . . . . . . . . . . . . . . . . 2,293 2,907 3,347 2,942 2,762 2,444 2,886 3,333

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,072 1,513 1,880 1,981 2,442 2,576 2,764 2,535

Trinidad and Tobago . . . . . . . . . . 473 487 485 478 513 491 531 600

Uruguay . . . . . . . . . . . . . . . . . . . . 554 453 534 693 696 568 654 786

Venezuela . . . . . . . . . . . . . . . . . . 2,804 2,319 2,536 2,293 2,105 2,156 2,358 2,223

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,507 3,507 2,982 3,235 3,634 3,576 2,745 2,942

Total Latin America

and Caribbean. . . . . . . . . . . . 

267,052 290,778 292,626 295,463 280,347 282,452 318,881 308,052

TABLE CM-II-2.--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.

CAPITAL MOVEMENTS 73
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1995 1996 1997

Country 1994 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 888 1,476 1,176 2,681 2,325 1,905 1,601 1,628

Taiwan . . . . . . . . . . . . . . . . . . . 1,548 1,685 1,836 1,906 1,612 1,821 2,068 1,843

Hong Kong . . . . . . . . . . . . . . . . . . 11,602 19,484 16,770 17,861 19,159 16,425 16,261 17,774

India . . . . . . . . . . . . . . . . . . . . . . . 1,069 2,052 1,946 1,979 1,931 2,125 2,140 2,433

Indonesia . . . . . . . . . . . . . . . . . . . 1,719 3,983 2,016 2,010 1,923 2,002 2,213 2,545

Israel . . . . . . . . . . . . . . . . . . . . . . 5,533 5,431 5,345 5,254 5,056 5,008 4,935 4,886

Japan . . . . . . . . . . . . . . . . . . . . . . 93,647 102,860 98,745 88,052 84,713 84,914 92,189 89,813

Korea . . . . . . . . . . . . . . . . . . . . . . 10,508 13,132 14,324 17,573 19,660 18,148 19,482 20,486

Lebanon . . . . . . . . . . . . . . . . . . . . 57 62 44 38 38 43 50 54

Malaysia. . . . . . . . . . . . . . . . . . . . 759 1,297 1,170 1,037 1,173 1,172 1,162 1,303

Pakistan . . . . . . . . . . . . . . . . . . . . 641 1,140 571 994 1,140 1,502 941 1,120

Philippines . . . . . . . . . . . . . . . . . . 758 813 1,449 1,313 1,492 1,464 1,848 1,726

Singapore. . . . . . . . . . . . . . . . . . . 5,380 6,915 6,383 6,704 9,257 7,953 9,061 10,534

Syria. . . . . . . . . . . . . . . . . . . . . . . 73 75 94 63 91 3 1 2

Thailand . . . . . . . . . . . . . . . . . . . . 3,094 2,858 2,806 3,260 3,308 2,852 2,964 3,704

Oil-exporting countries 3

. . . . . . . . 14,684 13,033 10,562 8,302 9,856 11,179 11,375 10,891

Other Asia . . . . . . . . . . . . . . . . . . 523 347 484 381 419 368 368 461

Total Asia . . . . . . . . . . . . . . . . . 152,483 176,643 165,721 159,408 163,153 158,884 168,659 171,203

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 249 222 233 268 219 263 265 272

Ghana . . . . . . . . . . . . . . . . . . . . . 6 8 18 6 17 13 24 18

Liberia . . . . . . . . . . . . . . . . . . . . . 598 549 550 583 525 474 574 534

Morocco . . . . . . . . . . . . . . . . . . . . 876 823 720 882 1,048 842 777 700

South Africa . . . . . . . . . . . . . . . . . 771 546 606 657 615 656 744 566

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 2 1 1 1 1 26 1

Oil-exporting countries 4

. . . . . . . . 1,003 717 654 615 563 473 476 641

Other Africa . . . . . . . . . . . . . . . . . 506 818 682 581 593 687 587 624

Total Africa . . . . . . . . . . . . . . . . 4,012 3,685 3,464 3,593 3,581 3,409 3,473 3,356

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,447 5,928 4,919 5,583 5,352 7,708 7,799 6,755

All other . . . . . . . . . . . . . . . . . . . . 1,609 1,590 1,557 1,783 1,791 2,294 1,821 2,831

Total other

countries . . . . . . . . . . . . . . . . 

7,056 7,518 6,476 7,366 7,143 10,002 9,620 9,586

Total foreign

countries. . . . . . . . . . . . . . . 

668,487 730,551 733,441 731,086 730,276 762,051 819,061 879,028

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 4,783 2,811 1,837 3,726 2,985 1,650 2,491 1,426

European regional . . . . . . . . . . . . 40 - - 3 - 8 1 10

Latin American regional . . . . . . . . 93 88 94 85 66 67 134 99

Asian regional . . . . . . . . . . . . . . . - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - 2 - - -

Middle Eastern regional . . . . . . . . - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

4,916 2,899 1,931 3,814 3,053 1,725 2,626 1,535

Grand total. . . . . . . . . . . . . . . 673,403 733,450 735,372 734,900 733,329 763,776 821,687 880,563

74 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 5,084 2,064 1,703 208 153 24 3,020 3,005 15

Belgium-Luxembourg . . . . . . . . . . 12,917 10,763 6,342 2,097 2,324 - 2,154 2,105 49

Bulgaria . . . . . . . . . . . . . . . . . . . . 3 3 2 - 1 - - - -

Czech Republic . . . . . . . . . . . . . . 618 483 404 51 28 - 135 80 55

Denmark. . . . . . . . . . . . . . . . . . . . 2,574 677 337 209 131 - 1,897 1,854 43

Finland . . . . . . . . . . . . . . . . . . . . . 1,797 1,760 151 1,533 76 - 37 9 28

France . . . . . . . . . . . . . . . . . . . . . 39,454 27,039 12,484 12,445 2,110 40 12,415 11,166 1,249

Germany. . . . . . . . . . . . . . . . . . . . 25,653 14,650 6,869 5,102 2,679 - 11,003 9,690 1,313

Greece . . . . . . . . . . . . . . . . . . . . . 1,142 827 506 249 72 1 315 284 31

Hungary . . . . . . . . . . . . . . . . . . . . 95 86 66 13 7 - 9 - 9

Ireland. . . . . . . . . . . . . . . . . . . . . . 2,461 2,359 1,730 309 320 - 102 95 7

Italy. . . . . . . . . . . . . . . . . . . . . . . . 10,429 9,418 3,491 2,936 2,991 2 1,011 842 169

Netherlands . . . . . . . . . . . . . . . . . 13,905 8,666 3,212 4,404 1,050 19 5,239 5,074 165

Norway . . . . . . . . . . . . . . . . . . . . . 1,865 1,297 1,108 118 71 - 568 540 28

Poland . . . . . . . . . . . . . . . . . . . . . 2,516 2,273 2,154 105 14 1 243 228 15

Portugal . . . . . . . . . . . . . . . . . . . . 645 606 277 144 185 8 39 31 8

Romania . . . . . . . . . . . . . . . . . . . . 164 66 58 8 - - 98 98 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 3,530 3,370 1,758 270 1,342 22 160 76 84

Spain . . . . . . . . . . . . . . . . . . . . . . 8,307 7,109 4,063 2,570 476 8 1,198 1,063 135

Sweden. . . . . . . . . . . . . . . . . . . . . 8,842 2,648 1,420 891 337 1 6,194 6,074 120

Switzerland. . . . . . . . . . . . . . . . . . 30,244 23,414 2,507 18,348 2,559 21 6,830 6,713 117

Turkey. . . . . . . . . . . . . . . . . . . . . . 3,195 1,263 1,136 100 27 189 1,932 1,920 12

United Kingdom . . . . . . . . . . . . . . 147,591 116,495 31,173 67,956 17,366 281 31,096 29,053 2,043

Yugoslavia 2

. . . . . . . . . . . . . . . . . 87 87 87 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 4,336 1,754 1,459 227 68 4 2,582 2,505 77

Total Europe . . . . . . . . . . . . . . . 

327,454 239,177 84,497 120,293 34,387 621 88,277 82,505 5,772

Canada . . . . . . . . . . . . . . . . . . . . . . 

59,377 38,978 13,357 22,425 3,196 36 20,399 19,603 796

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 7,321 7,102 5,844 1,151 107 107 219 146 73

Bahamas . . . . . . . . . . . . . . . . . . . 70,187 69,055 12,258 55,470 1,327 65 1,132 1,126 6

Bermuda. . . . . . . . . . . . . . . . . . . . 7,068 6,890 6,206 10 674 12 178 177 1

Brazil. . . . . . . . . . . . . . . . . . . . . . . 19,818 17,771 13,957 3,795 19 1,342 2,047 1,879 168

British West Indies . . . . . . . . . . . . 135,196 108,379 25,029 73,749 9,601 184 26,817 26,549 268

Chile . . . . . . . . . . . . . . . . . . . . . . . 6,123 5,928 5,648 136 144 29 195 166 29

Colombia . . . . . . . . . . . . . . . . . . . 6,383 6,142 5,993 106 43 101 241 237 4

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 1,174 1,162 1,056 99 7 54 12 11 1

Guatemala . . . . . . . . . . . . . . . . . . 660 648 608 21 19 23 12 8 4

Jamaica . . . . . . . . . . . . . . . . . . . . 838 366 362 4 - 1 472 472 -

Mexico . . . . . . . . . . . . . . . . . . . . . 21,834 20,084 19,144 372 568 607 1,750 1,530 220

Netherlands Antilles . . . . . . . . . . . 19,031 19,011 18,627 299 85 - 20 19 1

Panama . . . . . . . . . . . . . . . . . . . . 3,333 3,190 1,569 1,541 80 58 143 135 8

Peru . . . . . . . . . . . . . . . . . . . . . . . 2,535 2,514 2,301 209 4 40 21 20 1

Trinidad and Tobago . . . . . . . . . . 600 586 559 1 26 6 14 14 -

Uruguay . . . . . . . . . . . . . . . . . . . . 786 750 424 317 9 7 36 36 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,223 1,666 1,488 28 150 19 557 551 6

Other Latin America

and Caribbean. . . . . . . . . . . . . . 2,942 2,803 2,636 138 29 96 139 135 4

Total Latin America

and Caribbean . . . . . . . . . . . . 

308,052 274,047 123,709 137,446 12,892 2,751 34,005 33,211 794

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1997

[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, Mar. 31, 1997, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,628 1,458 1,286 170 2 89 170 170 -

Taiwan . . . . . . . . . . . . . . . . . . . 1,843 1,719 746 963 10 104 124 46 78

Hong Kong . . . . . . . . . . . . . . . . . . 17,774 15,937 6,017 8,126 1,794 155 1,837 1,738 99

India . . . . . . . . . . . . . . . . . . . . . . . 2,433 2,214 1,925 269 20 492 219 146 73

Indonesia . . . . . . . . . . . . . . . . . . . 2,545 2,129 1,847 234 48 336 416 203 213

Israel . . . . . . . . . . . . . . . . . . . . . . 4,886 618 380 232 6 16 4,268 4,267 1

Japan . . . . . . . . . . . . . . . . . . . . . . 89,813 75,083 13,076 43,407 18,600 780 14,730 14,029 701

Korea . . . . . . . . . . . . . . . . . . . . . . 20,486 19,980 12,782 7,161 37 4,745 506 435 71

Lebanon . . . . . . . . . . . . . . . . . . . . 54 24 22 2 - 9 30 30 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,303 1,037 219 743 75 2 266 129 137

Pakistan . . . . . . . . . . . . . . . . . . . . 1,120 1,079 724 348 7 11 41 33 8

Philippines . . . . . . . . . . . . . . . . . . 1,726 1,610 1,046 554 10 162 116 94 22

Singapore. . . . . . . . . . . . . . . . . . . 10,534 8,815 2,650 5,552 613 48 1,719 1,691 28

Syria. . . . . . . . . . . . . . . . . . . . . . . 2 1 1 - - - 1 1 -

Thailand . . . . . . . . . . . . . . . . . . . . 3,704 3,508 1,105 2,324 79 542 196 111 85

Other Asia . . . . . . . . . . . . . . . . . . 11,352 10,880 3,459 6,964 457 92 472 466 6

Total Asia . . . . . . . . . . . . . . . . . 171,203 146,092 47,285 77,049 21,758 7,583 25,111 23,589 1,522

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 272 250 225 19 6 43 22 8 14

Ghana . . . . . . . . . . . . . . . . . . . . . 18 17 12 5 - - 1 1 -

Liberia . . . . . . . . . . . . . . . . . . . . . 534 534 533 - 1 - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 700 485 472 1 12 19 215 215 -

South Africa . . . . . . . . . . . . . . . . . 566 476 457 13 6 20 90 40 50

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 - - - - - 1 1 -

Other Africa . . . . . . . . . . . . . . . . . 1,265 1,010 957 41 12 109 255 240 15

Total Africa . . . . . . . . . . . . . . . . 3,356 2,772 2,656 79 37 191 584 505 79

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 6,755 4,188 2,927 1,174 87 54 2,567 2,340 227

All other . . . . . . . . . . . . . . . . . . . . 2,831 2,454 368 1,874 212 11 377 213 164

Total other

countries . . . . . . . . . . . . . . . . 

9,586 6,642 3,295 3,048 299 65 2,944 2,553 391

Total foreign

countries. . . . . . . . . . . . . . . 

879,028 707,708 274,799 360,340 72,569 11,247 171,320 161,966 9,354

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 1,426 1,422 1,402 - 20 - 4 1 3

European regional . . . . . . . . . . . . 10 5 5 - - - 5 5 -

Latin American regional . . . . . . . . 99 99 99 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

1,535 1,526 1,506 - 20 - 9 6 3

Grand total. . . . . . . . . . . . . . . 880,563 709,234 276,305 360,340 72,589 11,247 171,329 161,972 9,357

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
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 March 1997 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 86,645 96,820 103,375 129,124 147,591 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 145,356 179,863 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 197,395 208,408 229,526 243,549 234,815 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 92,189 89,813 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,581 58,836 66,976 76,470 81,390 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

543,731 565,702 624,561 686,688 733,472 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

108,772 107,701 110,811 134,999 147,091 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,503 673,403 735,372 821,687 880,563 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that as of March 1997

close to two-thirds of U.S. claims were reported

opposite the United Kingdom, other Europe and,

most notably, the offshore banking centers in the

Caribbean. An additional 19.4 percent of U.S. claims

are on foreigners located in Japan and the rest of Asia.

Total U.S. bank-reported claims on foreigners

continued to expand in the first quarter, rising $58.9

billion, or 7.2 percent, to $880.6 billion, a new high.

Large gains were reported opposite the United Kingdom and other Europe, against which claims grew

$18.5 billion and $34.5 billion, respectively. Claims

also increased moderately opposite Asia (excluding

Japan) and ‘‘all other countries,’’up $17 billion combined. In each of the foregoing cases, U.S. bank-reported claims reached record levels. Offsetting these

increases, though, were declines of $8.7 billion and

$2.6 billion, respectively, opposite the Caribbean

banking centers and Japan. Claims on Japan at the

end of the first quarter were at the lowest level over

the period shown. The overall expansion during the

first quarter is due to increases in banks’ own dollar

claims (up $35.9 billion); the dollar claims of banks’

domestic customers ($18 billion); and total foreign

currency-denominated claims ($5 billion).

CAPITAL MOVEMENTS 77
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

* Less than $500,000. 

 Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates

for the ‘‘Other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’

Total liabilities Total banks’ own claims

Calendar year 1996 Calendar year 1996

Country 1995 June Dec. 1995 June Dec. 

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 266 160 170 n.a. n.a. 54

Iceland . . . . . . . . . . . . . . . . . . . . . 41 32 n.a. 9 13 n.a.

Monaco . . . . . . . . . . . . . . . . . . . . 768 574 607 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 196 142 145 9 9 7

Barbados . . . . . . . . . . . . . . . . . . . 795 938 1,033 n.a. n.a. 65

Belize . . . . . . . . . . . . . . . . . . . . . . 72 84 94 21 14 68

Bolivia. . . . . . . . . . . . . . . . . . . . . . 652 691 779 253 299 375

Costa Rica . . . . . . . . . . . . . . . . . . 1,037 1,090 990 292 229 229

Dominica . . . . . . . . . . . . . . . . . . . 8 14 8 n.a. n.a. 48

Dominican Republic . . . . . . . . . . . 1,133 1,180 1,130 364 446 443

El Salvador. . . . . . . . . . . . . . . . . . 826 967 1,159 591 538 621

French West Indies and . . . . . . . 

French Guiana . . . . . . . . . . . . . 35 32 27 2 n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 318 286 441 17 18 30

Honduras . . . . . . . . . . . . . . . . . . . 650 689 748 174 190 230

Nicaragua. . . . . . . . . . . . . . . . . . . 201 n.a. 101 9 7 14

Paraguay . . . . . . . . . . . . . . . . . . . 554 656 681 153 168 182

Suriname . . . . . . . . . . . . . . . . . . . 94 114 101 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 60 49 45 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 13 16 3 n.a. n.a. n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . 244 238 243 89 82 80

Macau . . . . . . . . . . . . . . . . . . . . . 61 78 n.a. 24 n.a. n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . 147 148 n.a. - n.a. n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . n.a. 135 210 n.a. n.a. 94

Vietnam . . . . . . . . . . . . . . . . . . . . 527 n.a. n.a. n.a. n.a. n.a.

Yemen . . . . . . . . . . . . . . . . . . . . . 92 183 155 n.a. 5 n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 145 126 197 n.a. n.a. 15

Cameroon . . . . . . . . . . . . . . . . . . 14 11 16 1 3 n.a.

Djibouti . . . . . . . . . . . . . . . . . . . . . 72 n.a. n.a. * n.a. n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . n.a. 252 185 10 10 n.a.

Guinea . . . . . . . . . . . . . . . . . . . . . 19 10 7 n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 47 n.a. 50 n.a. 14 19

Kenya. . . . . . . . . . . . . . . . . . . . . . 114 240 118 2 35 45

Madagascar . . . . . . . . . . . . . . . . . 21 15 n.a. n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 98 67 52 4 n.a. 9

Mozambique. . . . . . . . . . . . . . . . . . 119 96 91 * n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 2 4 6 - n.a. -

Rwanda . . . . . . . . . . . . . . . . . . . . 37 49 n.a. n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. 10 n.a. 3 n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 14 18 25 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 31 31 28 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 288 247 244 n.a. n.a. 3

Tunisia . . . . . . . . . . . . . . . . . . . . . 32 56 73 92 154 144

Uganda. . . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. 8 5 9

Zambia . . . . . . . . . . . . . . . . . . . . . 36 53 30 n.a. n.a. *

Zimbabwe. . . . . . . . . . . . . . . . . . . 138 108 163 46 26 15

All other:

New Zealand . . . . . . . . . . . . . . . . 758 569 796 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. 117 88 n.a. 10 n.a.

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 1996 1997

Type of liability or claim 1993 1994 1995 Mar. June Sept. r Dec. Mar. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 49,907 48,990 51,695 54,822 54,619

Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 36,273 35,385 36,465 39,003 39,394

Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 13,831 12,212 11,319 11,374 11,241

Commercial:

Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 9,996 9,934 10,122 10,761 11,683 10,608

Advance receipts and other. . . . . . . 12,314 10,620 11,004 12,508 13,051 14,385 15,946 17,545

Payable in foreign currencies. . . . . . . . . 11,869 16,011 12,545 13,634 13,605 15,230 15,819 15,225

Financial . . . . . . . . . . . . . . . . . . . . . . . 10,681 14,136 11,338 12,739 12,632 14,173 14,715 14,208

Commercial:

Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 881 959 1,030 1,037 912

Advance receipts and other. . . . . . . 255 730 190 14 14 27 67 105

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 55,406 60,195 59,048 63,604 63,835

Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 51,007 55,350 53,884 58,592 58,498

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 17,044 19,069 19,182 20,631 18,137

Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 11,290 13,347 12,234 12,069 15,383

Commercial:

Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 20,195 20,384 20,160 23,457 22,433

Advance payments and other . . . . . 2,455 2,157 2,088 2,478 2,550 2,308 2,435 2,545

Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 4,399 4,845 5,164 5,012 5,337

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 551 438 695 773 1,103

Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 1,887 2,397 2,089 1,795 1,777

Commercial:

Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 1,928 1,969 2,250 2,256 2,265

Advance payments and other . . . . . 508 676 25 33 41 130 188 192

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 1996 1997

Country 1992 1993 1994 1995 Mar. June Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 107 58 70 44 30 43 57 67 82

Belgium-Luxembourg. . . . . . . . . . 712 414 736 700 853 824 974 1,111 1,412

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 3 5 1 2 1 3 2 14

Czech Republic . . . . . . . . . . . . . . 14 8 6 26 21 4 5 22 22

Denmark. . . . . . . . . . . . . . . . . . . . . 38 49 277 138 143 150 168 93 121

Finland . . . . . . . . . . . . . . . . . . . . . 387 362 236 179 277 157 152 161 173

France . . . . . . . . . . . . . . . . . . . . . 2,323 3,194 2,455 1,480 2,327 1,689 1,877 1,771 1,893

Germany . . . . . . . . . . . . . . . . . . . 1,618 1,659 2,565 2,741 3,028 2,689 3,235 2,836 2,634

Greece . . . . . . . . . . . . . . . . . . . . . 201 252 196 89 44 48 55 72 55

Hungary . . . . . . . . . . . . . . . . . . . . 67 3 6 9 8 7 8 12 10

Ireland . . . . . . . . . . . . . . . . . . . . . 614 485 449 414 399 353 469 449 612

Italy. . . . . . . . . . . . . . . . . . . . . . . . 430 485 359 374 486 485 487 911 1,057

Netherlands . . . . . . . . . . . . . . . . . 1,141 1,222 1,274 966 1,138 1,061 1,187 1,322 1,060

Norway. . . . . . . . . . . . . . . . . . . . . 283 359 176 209 389 277 412 424 421

Poland . . . . . . . . . . . . . . . . . . . . . 31 15 17 7 13 32 13 30 42

Portugal . . . . . . . . . . . . . . . . . . . . 16 24 35 35 20 26 54 33 31

Romania. . . . . . . . . . . . . . . . . . . . 33 6 8 3 6 8 7 9 7

Spain . . . . . . . . . . . . . . . . . . . . . . 161 164 127 171 120 162 212 222 239

Sweden . . . . . . . . . . . . . . . . . . . . 322 286 242 233 214 240 293 204 196

Switzerland. . . . . . . . . . . . . . . . . . 919 1,009 1,015 1,308 1,688 1,672 1,239 1,323 1,180

Turkey . . . . . . . . . . . . . . . . . . . . . 116 104 109 118 96 95 106 129 142

United Kingdom . . . . . . . . . . . . . . 11,115 15,335 17,987 13,706 13,771 14,056 13,548 14,527 13,921

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 62 60 84 177 143 63 85 105 115

Yugoslavia 2

. . . . . . . . . . . . . . . . . 10 9 12 6 6 73 9 9 5

Other Europe . . . . . . . . . . . . . . . . 52 36 30 188 153 135 180 165 100

Total Europe . . . . . . . . . . . . . . . 

20,785 25,601 28,476 23,322 25,375 24,350 24,835 26,009 25,544

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,546 1,738 1,666 1,672 2,125 1,949 2,118 2,491 1,672

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 86 36 88 136 120 147 269 272 220

Bahamas . . . . . . . . . . . . . . . . . . . 382 137 120 60 106 66 83 299 327

Bermuda. . . . . . . . . . . . . . . . . . . . . 421 350 425 352 696 537 380 347 506

Brazil . . . . . . . . . . . . . . . . . . . . . . 228 232 368 155 185 127 255 274 282

British West Indies . . . . . . . . . . . . 2,883 1,387 1,021 922 956 836 779 1,044 941

Chile. . . . . . . . . . . . . . . . . . . . . . . 51 89 44 76 100 134 95 160 115

Colombia . . . . . . . . . . . . . . . . . . . 19 34 19 63 44 92 83 123 112

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - 1 - 11 2 5 4

Ecuador . . . . . . . . . . . . . . . . . . . . 13 18 33 26 28 34 34 27 30

Guatemala . . . . . . . . . . . . . . . . . . 9 6 8 4 5 12 13 12 12

Jamaica . . . . . . . . . . . . . . . . . . . . 9 6 14 18 14 18 13 16 13

Mexico . . . . . . . . . . . . . . . . . . . . . 469 498 574 428 484 486 464 682 653

Netherlands Antilles . . . . . . . . . . . 626 633 645 635 628 12 28 53 251

Panama . . . . . . . . . . . . . . . . . . . . 36 8 50 23 4 13 9 12 18

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 13 30 21 21 37 44 44 34

Trinidad and Tobago . . . . . . . . . . 17 18 25 13 26 47 118 144 125

Uruguay . . . . . . . . . . . . . . . . . . . . 3 1 1 3 4 13 9 6 10

Venezuela . . . . . . . . . . . . . . . . . . 148 128 281 223 245 284 342 329 319

Other Latin America

and Caribbean . . . . . . . . . . . . . 176 218 145 364 320 364 545 393 435

Total Latin America

and Caribbean. . . . . . . . . . . . 

5,586 3,812 3,891 3,523 3,986 3,270 3,565 4,242 4,407

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 1996 1997

Country 1992 1993 1994 1995 Mar. June Sept. r Dec. Mar. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 566 723 597 579 483 649 777 990 1,239

Taiwan . . . . . . . . . . . . . . . . . . . 810 579 853 451 412 269 424 697 780

Hong Kong . . . . . . . . . . . . . . . . . . 884 785 805 646 729 728 683 610 629

India . . . . . . . . . . . . . . . . . . . . . . . 164 91 59 196 220 291 277 181 221

Indonesia . . . . . . . . . . . . . . . . . . . 207 363 296 350 263 281 282 314 289

Israel . . . . . . . . . . . . . . . . . . . . . . 181 229 141 99 132 110 273 205 206

Japan . . . . . . . . . . . . . . . . . . . . . . 8,362 9,201 11,869 8,751 9,705 9,994 10,752 10,460 10,274

Korea . . . . . . . . . . . . . . . . . . . . . . 1,722 1,701 1,736 1,433 1,305 1,472 1,505 1,558 1,363

Lebanon . . . . . . . . . . . . . . . . . . . . 16 22 14 61 36 60 22 72 82

Malaysia. . . . . . . . . . . . . . . . . . . . 613 475 178 297 298 525 576 586 708

Pakistan . . . . . . . . . . . . . . . . . . . . 21 26 27 80 39 68 67 77 80

Philippines . . . . . . . . . . . . . . . . . . 53 57 50 60 52 60 79 110 158

Singapore. . . . . . . . . . . . . . . . . . . 590 733 622 819 742 690 756 908 901

Syria. . . . . . . . . . . . . . . . . . . . . . . 50 11 24 50 22 11 15 61 23

Thailand . . . . . . . . . . . . . . . . . . . . 179 259 194 392 421 436 437 473 364

Oil-exporting countries 3

. . . . . . . . 1,908 1,557 1,611 1,939 1,773 1,810 1,976 2,193 2,567

Other Asia . . . . . . . . . . . . . . . . . . 86 79 68 206 232 286 306 327 441

Total Asia . . . . . . . . . . . . . . . . . 

16,412 16,891 19,144 16,409 16,864 17,740 19,207 19,822 20,325

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 89 111 48 157 163 216 224 198 226

Ghana . . . . . . . . . . . . . . . . . . . . . - 1 - 16 17 8 26 29 48

Liberia . . . . . . . . . . . . . . . . . . . . . 2 1 - - 4 1 1 - 1

Morocco . . . . . . . . . . . . . . . . . . . . 28 41 29 24 23 23 30 21 19

South Africa . . . . . . . . . . . . . . . . . 59 55 32 42 104 130 172 154 161

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 1 1 - - - - - -

Oil-exporting countries 4

. . . . . . . . 309 290 379 376 376 523 611 532 479

Other Africa . . . . . . . . . . . . . . . . . 82 86 74 154 152 95 109 144 132

Total Africa . . . . . . . . . . . . . . . . 

574 586 563 769 839 996 1,173 1,078 1,066

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 503 517 372 461 517 525 577 945 991

All other . . . . . . . . . . . . . . . . . . . . 88 148 153 230 139 70 104 125 503

Total other

countries . . . . . . . . . . . . . . . . 

591 665 525 691 656 595 681 1,070 1,494

Total foreign

countries. . . . . . . . . . . . . . . 

45,494 49,293 54,265 46,386 49,845 48,900 51,579 54,712 54,508

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - 2 2 27 55 55 55

European regional . . . . . . . . . . . . 17 18 44 60 60 63 61 55 42

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - 12

African regional . . . . . . . . . . . . . . - - - - - - - - 2

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

17 18 44 62 62 90 116 110 111

Grand total. . . . . . . . . . . . . . . 45,511 49,311 54,309 46,448 49,907 48,990 51,695 54,822 54,619

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, Mar. 31, 1997, 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 . . . . . . . . . . . . . . . . . . . . . 82 2 1 1 80

Belgium-Luxembourg. . . . . . . . . . 1,412 769 238 531 643

Bulgaria . . . . . . . . . . . . . . . . . . . . 14 12 - 12 2

Czech Republic . . . . . . . . . . . . . . 22 - - - 22

Denmark. . . . . . . . . . . . . . . . . . . . . 121 16 - 16 105

Finland . . . . . . . . . . . . . . . . . . . . . 173 45 2 43 128

France . . . . . . . . . . . . . . . . . . . . . 1,893 1,205 620 585 688

Germany . . . . . . . . . . . . . . . . . . . 2,634 1,589 1,044 545 1,045

Greece . . . . . . . . . . . . . . . . . . . . . 55 - - - 55

Hungary . . . . . . . . . . . . . . . . . . . . 10 2 2 - 8

Ireland . . . . . . . . . . . . . . . . . . . . . 612 555 371 184 57

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,057 591 54 537 466

Netherlands . . . . . . . . . . . . . . . . . 1,060 507 388 119 553

Norway. . . . . . . . . . . . . . . . . . . . . 421 38 12 26 383

Poland . . . . . . . . . . . . . . . . . . . . . 42 - - - 42

Portugal . . . . . . . . . . . . . . . . . . . . 31 21 6 15 10

Romania. . . . . . . . . . . . . . . . . . . . 7 - - - 7

Russia 1

. . . . . . . . . . . . . . . . . . . . 115 4 4 - 111

Spain . . . . . . . . . . . . . . . . . . . . . . 239 92 6 86 147

Sweden . . . . . . . . . . . . . . . . . . . . 196 27 - 27 169

Switzerland. . . . . . . . . . . . . . . . . . 1,180 694 237 457 486

Turkey . . . . . . . . . . . . . . . . . . . . . 142 29 28 1 113

United Kingdom . . . . . . . . . . . . . . 13,921 9,756 3,994 5,762 4,165

Yugoslavia 2

. . . . . . . . . . . . . . . . . 5 - - - 5

Other Europe . . . . . . . . . . . . . . . . 100 8 2 6 92

Total Europe . . . . . . . . . . . . . . . 25,544 15,962 7,009 8,953 9,582

Canada . . . . . . . . . . . . . . . . . . . . . . 1,672 602 201 401 1,070

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 220 117 14 103 103

Bahamas . . . . . . . . . . . . . . . . . . . 327 284 284 - 43

Bermuda. . . . . . . . . . . . . . . . . . . . . 506 27 25 2 479

Brazil . . . . . . . . . . . . . . . . . . . . . . 282 75 10 65 207

British West Indies . . . . . . . . . . . . 941 927 756 171 14

Chile. . . . . . . . . . . . . . . . . . . . . . . 115 23 23 - 92

Colombia . . . . . . . . . . . . . . . . . . . 112 1 1 - 111

Cuba. . . . . . . . . . . . . . . . . . . . . . . 4 - - - 4

Ecuador . . . . . . . . . . . . . . . . . . . . 30 7 3 4 23

Guatemala . . . . . . . . . . . . . . . . . . 12 - - - 12

Jamaica . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Mexico . . . . . . . . . . . . . . . . . . . . . 653 16 8 8 637

Netherlands Antilles . . . . . . . . . . . 251 240 240 - 11

Panama . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Peru . . . . . . . . . . . . . . . . . . . . . . . 34 2 - 2 32

Trinidad and Tobago . . . . . . . . . . 125 2 2 - 123

Uruguay . . . . . . . . . . . . . . . . . . . . 10 - - - 10

Venezuela . . . . . . . . . . . . . . . . . . 319 1 - 1 318

Other Latin America

and Caribbean . . . . . . . . . . . . . 435 112 112 - 323

Total Latin America

and Caribbean. . . . . . . . . . . . 

4,407 1,834 1,478 356 2,573

See footnotes at end of table.

82 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,239 47 40 7 1,192

Taiwan . . . . . . . . . . . . . . . . . . . 780 189 151 38 591

Hong Kong . . . . . . . . . . . . . . . . . . 629 142 140 2 487

India . . . . . . . . . . . . . . . . . . . . . . . 221 3 1 2 218

Indonesia . . . . . . . . . . . . . . . . . . . 289 55 37 18 234

Israel . . . . . . . . . . . . . . . . . . . . . . 206 35 35 - 171

Japan . . . . . . . . . . . . . . . . . . . . . . 10,274 5,771 1,981 3,790 4,503

Korea . . . . . . . . . . . . . . . . . . . . . . 1,363 13 13 - 1,350

Lebanon . . . . . . . . . . . . . . . . . . . . 82 5 5 - 77

Malaysia. . . . . . . . . . . . . . . . . . . . 708 7 2 5 701

Pakistan . . . . . . . . . . . . . . . . . . . . 80 - - - 80

Philippines . . . . . . . . . . . . . . . . . . 158 - - - 158

Singapore. . . . . . . . . . . . . . . . . . . 901 2 - 2 899

Syria. . . . . . . . . . . . . . . . . . . . . . . 23 - - - 23

Thailand . . . . . . . . . . . . . . . . . . . . 364 - - - 364

Other Asia . . . . . . . . . . . . . . . . . . 3,008 78 78 - 2,930

Total Asia . . . . . . . . . . . . . . . . . 

20,325 6,347 2,483 3,864 13,978

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 226 - - - 226

Ghana . . . . . . . . . . . . . . . . . . . . . 48 - - - 48

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 19 - - - 19

South Africa . . . . . . . . . . . . . . . . . 161 19 - 19 142

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 611 10 10 - 601

Total Africa . . . . . . . . . . . . . . . . 

1,066 29 10 19 1,037

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 991 263 2 261 728

All other . . . . . . . . . . . . . . . . . . . . 503 357 3 354 146

Total other countries . . . . . . . . . 

1,494 620 5 615 874

Total foreign countries. . . . . . 

54,508 25,394 11,186 14,208 29,114

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 55 55 55 - -

European regional . . . . . . . . . . . . 42 - - - 42

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . 12 - - - 12

African regional . . . . . . . . . . . . . . 2 - - - 2

Middle Eastern regional . . . . . . . . 

- - - - -

Total international 

and regional. . . . . . . . . . . . . . 

111 55 55 - 56

Grand total. . . . . . . . . . . . . . . 54,619 25,449 11,241 14,208 29,170

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, Mar. 31, 1997, 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 1996 1997

Country 1992 1993 1994 1995 Mar. June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 71 88 123 114 118 84 180 159 118

Belgium-Luxembourg. . . . . . . . . . 197 318 299 424 406 390 339 410 483

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 32 37 29 17 13 18 19 17

Czech Republic . . . . . . . . . . . . . . 46 48 52 53 34 26 35 34 27

Denmark. . . . . . . . . . . . . . . . . . . . . 154 103 81 107 95 171 175 87 87

Finland . . . . . . . . . . . . . . . . . . . . . 169 171 173 185 116 128 133 173 122

France . . . . . . . . . . . . . . . . . . . . . 2,301 2,773 2,681 2,633 2,818 2,338 2,265 2,338 2,275

Germany . . . . . . . . . . . . . . . . . . . 1,259 1,544 1,567 1,506 1,730 1,631 1,512 1,612 1,684

Greece . . . . . . . . . . . . . . . . . . . . . 114 149 136 193 185 177 138 148 113

Hungary . . . . . . . . . . . . . . . . . . . . 30 6 72 50 34 32 36 17 11

Ireland . . . . . . . . . . . . . . . . . . . . . 419 416 315 290 296 257 249 274 282

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,041 883 812 1,029 1,023 1,229 948 1,039 1,023

Netherlands . . . . . . . . . . . . . . . . . 1,067 925 740 969 928 969 944 1,054 1,149

Norway. . . . . . . . . . . . . . . . . . . . . 196 132 242 169 171 206 209 251 281

Poland . . . . . . . . . . . . . . . . . . . . . 74 116 122 78 107 81 79 108 109

Portugal . . . . . . . . . . . . . . . . . . . . 176 191 217 64 48 50 52 92 44

Romania. . . . . . . . . . . . . . . . . . . . 12 5 17 16 6 8 13 12 7

Spain . . . . . . . . . . . . . . . . . . . . . . 332 459 484 537 473 547 605 645 602

Sweden . . . . . . . . . . . . . . . . . . . . 282 460 352 288 296 223 326 372 376

Switzerland. . . . . . . . . . . . . . . . . . 852 962 1,080 1,018 1,049 1,063 1,022 1,116 975

Turkey . . . . . . . . . . . . . . . . . . . . . 257 246 216 256 217 182 194 222 232

United Kingdom . . . . . . . . . . . . . . 8,346 5,962 7,205 6,959 8,175 10,084 9,118 9,065 8,700

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 232 228 254 300 182 225 251 239 220

Yugoslavia 2

. . . . . . . . . . . . . . . . . 52 55 39 13 7 13 17 6 14

Other Europe . . . . . . . . . . . . . . . . 90 132 160 153 174 213 185 214 193

Total Europe . . . . . . . . . . . . . . . 17,782 16,404 17,476 17,433 18,705 20,340 19,043 19,706 19,144

Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 7,314 6,847 6,584 5,610 7,197

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 242 299 347 396 388 461 555 617 621

Bahamas . . . . . . . . . . . . . . . . . . . 806 1,347 2,433 1,995 1,568 2,196 1,760 1,487 1,934

Bermuda. . . . . . . . . . . . . . . . . . . . . 295 307 261 353 350 348 403 415 316

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,043 1,114 1,132 1,728 1,828 2,080 2,401 2,759 2,605

British West Indies . . . . . . . . . . . . 11,787 12,770 15,311 10,472 10,206 13,127 12,928 15,372 14,973

Chile. . . . . . . . . . . . . . . . . . . . . . . 129 221 229 248 224 292 282 374 353

Colombia . . . . . . . . . . . . . . . . . . . 129 120 396 413 394 405 381 422 320

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 1 5 10 5 5

Ecuador . . . . . . . . . . . . . . . . . . . . 40 81 112 123 105 106 141 107 108

Guatemala . . . . . . . . . . . . . . . . . . 23 32 46 48 58 59 71 98 84

Jamaica . . . . . . . . . . . . . . . . . . . . 30 27 42 41 51 57 47 40 73

Mexico . . . . . . . . . . . . . . . . . . . . . 1,369 1,862 1,966 1,547 1,331 1,413 1,344 1,585 1,615

Netherlands Antilles . . . . . . . . . . . 26 37 65 32 53 31 69 114 35

Panama . . . . . . . . . . . . . . . . . . . . 66 90 102 156 204 161 115 109 102

Peru . . . . . . . . . . . . . . . . . . . . . . . 115 148 175 221 227 220 209 201 177

Trinidad and Tobago . . . . . . . . . . 9 26 27 36 34 27 22 25 30

Uruguay . . . . . . . . . . . . . . . . . . . . 8 8 25 32 28 24 31 42 41

Venezuela . . . . . . . . . . . . . . . . . . 374 454 383 317 348 336 336 388 352

Other Latin America

and Caribbean . . . . . . . . . . . . . 443 553 600 705 580 643 535 681 757

Total Latin America

and Caribbean. . . . . . . . . . . . 

16,936 19,498 23,653 18,864 17,978 21,991 21,640 24,841 24,501

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 1996 1997

Country 1992 1993 1994 1995 Mar. June r Sept. r Dec. Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 282 378 526 696 610 677 633 992 1,099

Taiwan . . . . . . . . . . . . . . . . . . . 307 411 512 532 461 510 474 511 602

Hong Kong . . . . . . . . . . . . . . . . . . 267 298 442 454 509 420 479 667 572

India . . . . . . . . . . . . . . . . . . . . . . . 135 147 202 323 290 325 392 402 318

Indonesia . . . . . . . . . . . . . . . . . . . 138 354 423 367 383 458 426 664 572

Israel . . . . . . . . . . . . . . . . . . . . . . 168 218 195 267 271 301 316 323 312

Japan . . . . . . . . . . . . . . . . . . . . . . 2,571 3,167 3,608 2,741 3,181 2,729 2,919 3,038 2,883

Korea . . . . . . . . . . . . . . . . . . . . . . 361 549 650 933 767 666 635 822 768

Lebanon . . . . . . . . . . . . . . . . . . . . 50 65 58 48 61 34 59 41 51

Malaysia. . . . . . . . . . . . . . . . . . . . 90 477 457 496 451 424 478 559 566

Pakistan . . . . . . . . . . . . . . . . . . . . 53 32 40 42 41 29 107 99 96

Philippines . . . . . . . . . . . . . . . . . . 105 111 151 123 96 114 116 245 206

Singapore. . . . . . . . . . . . . . . . . . . 291 390 427 573 541 588 705 781 719

Syria. . . . . . . . . . . . . . . . . . . . . . . 8 5 6 12 14 13 9 7 24

Thailand . . . . . . . . . . . . . . . . . . . . 127 174 183 199 176 190 283 288 363

Oil-exporting countries 3

. . . . . . . . 696 707 849 977 1,037 912 958 993 1,090

Other Asia . . . . . . . . . . . . . . . . . . 81 188 124 108 101 120 123 161 110

Total Asia . . . . . . . . . . . . . . . . . 

5,730 7,671 8,853 8,891 8,990 8,510 9,112 10,593 10,351

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 177 137 261 160 207 166 160 155 140

Ghana . . . . . . . . . . . . . . . . . . . . . 5 7 7 16 7 67 24 15 18

Liberia . . . . . . . . . . . . . . . . . . . . . 34 19 9 13 11 10 32 29 36

Morocco . . . . . . . . . . . . . . . . . . . . 37 45 53 57 41 32 32 27 37

South Africa . . . . . . . . . . . . . . . . . 81 108 142 321 319 247 272 276 288

Zaire. . . . . . . . . . . . . . . . . . . . . . . 29 18 30 11 10 12 10 13 9

Oil-exporting countries 4

. . . . . . . . 87 73 67 92 112 88 155 180 114

Other Africa . . . . . . . . . . . . . . . . . 187 185 258 260 237 263 223 224 258

Total Africa . . . . . . . . . . . . . . . . 

637 592 827 930 944 885 908 919 900

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 702 945 1,218 1,310 1,220 1,343 1,484 1,534 1,392

All other . . . . . . . . . . . . . . . . . . . . 152 208 269 270 236 262 270 265 278

Total other

countries . . . . . . . . . . . . . . . . 

854 1,153 1,487 1,580 1,456 1,605 1,754 1,799 1,670

Total foreign

countries. . . . . . . . . . . . . . . 

45,058 49,131 57,865 52,500 55,387 60,178 59,041 63,468 63,763

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 13 28 19 8 17 11 6 60 4

European regional . . . . . . . . . . . . 2 - 4 1 2 - 1 58 38

Latin American regional . . . . . . . . - - - - - 6 - 2 1

Asian regional . . . . . . . . . . . . . . . - - - - - - - 13 26

African regional . . . . . . . . . . . . . . - - - - - - - 3 3

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

15 28 23 9 19 17 7 136 72

Grand total. . . . . . . . . . . . . . . 45,073 49,159 57,888 52,509 55,406 60,195 59,048 63,604 63,835

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, Mar. 31, 1997, 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 . . . . . . . . . . . . . . . . . . . . . 118 56 50 6 62

Belgium-Luxembourg. . . . . . . . . . 483 119 110 9 364

Bulgaria . . . . . . . . . . . . . . . . . . . . 17 11 9 2 6

Czech Republic . . . . . . . . . . . . . . 27 3 3 - 24

Denmark. . . . . . . . . . . . . . . . . . . . . 87 21 19 2 66

Finland . . . . . . . . . . . . . . . . . . . . . 122 3 - 3 119

France . . . . . . . . . . . . . . . . . . . . . 2,275 761 734 27 1,514

Germany . . . . . . . . . . . . . . . . . . . 1,684 324 267 57 1,360

Greece . . . . . . . . . . . . . . . . . . . . . 113 14 14 - 99

Hungary . . . . . . . . . . . . . . . . . . . . 11 2 1 1 9

Ireland . . . . . . . . . . . . . . . . . . . . . 282 211 210 1 71

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,023 226 198 28 797

Netherlands . . . . . . . . . . . . . . . . . 1,149 567 538 29 582

Norway. . . . . . . . . . . . . . . . . . . . . 281 9 1 8 272

Poland . . . . . . . . . . . . . . . . . . . . . 109 52 52 - 57

Portugal . . . . . . . . . . . . . . . . . . . . 44 7 1 6 37

Romania. . . . . . . . . . . . . . . . . . . . 7 - - - 7

Russia 1

. . . . . . . . . . . . . . . . . . . . 220 42 36 6 178

Spain . . . . . . . . . . . . . . . . . . . . . . 602 42 14 28 560

Sweden . . . . . . . . . . . . . . . . . . . . 376 154 144 10 222

Switzerland. . . . . . . . . . . . . . . . . . 975 570 478 92 405

Turkey . . . . . . . . . . . . . . . . . . . . . 232 39 39 - 193

United Kingdom . . . . . . . . . . . . . . 8,700 6,075 5,830 245 2,625

Yugoslavia 2

. . . . . . . . . . . . . . . . . 14 - - - 14

Other Europe . . . . . . . . . . . . . . . . 193 9 8 1 184

Total Europe . . . . . . . . . . . . . . . 19,144 9,317 8,756 561 9,827

Canada . . . . . . . . . . . . . . . . . . . . . . 7,197 4,817 4,231 586 2,380

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 621 140 126 14 481

Bahamas . . . . . . . . . . . . . . . . . . . 1,934 1,894 1,880 14 40

Bermuda. . . . . . . . . . . . . . . . . . . . . 316 157 155 2 159

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,605 1,404 363 1,041 1,201

British West Indies . . . . . . . . . . . . 14,973 14,846 14,767 79 127

Chile. . . . . . . . . . . . . . . . . . . . . . . 353 5 3 2 348

Colombia . . . . . . . . . . . . . . . . . . . 320 93 85 8 227

Cuba. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Ecuador . . . . . . . . . . . . . . . . . . . . 108 34 33 1 74

Guatemala . . . . . . . . . . . . . . . . . . 84 30 28 2 54

Jamaica . . . . . . . . . . . . . . . . . . . . 73 2 1 1 71

Mexico . . . . . . . . . . . . . . . . . . . . . 1,615 517 458 59 1,098

Netherlands Antilles . . . . . . . . . . . 35 15 15 - 20

Panama . . . . . . . . . . . . . . . . . . . . 102 42 38 4 60

Peru . . . . . . . . . . . . . . . . . . . . . . . 177 10 8 2 167

Trinidad and Tobago . . . . . . . . . . 30 2 1 1 28

Uruguay . . . . . . . . . . . . . . . . . . . . 41 3 - 3 38

Venezuela . . . . . . . . . . . . . . . . . . 352 22 11 11 330

Other Latin America

and Caribbean . . . . . . . . . . . . . 757 237 220 17 520

Total Latin America

and Caribbean. . . . . . . . . . . . 

24,501 19,453 18,192 1,261 5,048

See footnotes at end of table.

86 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1997, 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 . . . . . . . . . . . . . . . . . . 1,099 256 253 3 843

Taiwan . . . . . . . . . . . . . . . . . . . 602 24 - 24 578

Hong Kong . . . . . . . . . . . . . . . . . . 572 50 32 18 522

India . . . . . . . . . . . . . . . . . . . . . . . 318 27 17 10 291

Indonesia . . . . . . . . . . . . . . . . . . . 572 301 300 1 271

Israel . . . . . . . . . . . . . . . . . . . . . . 312 3 2 1 309

Japan . . . . . . . . . . . . . . . . . . . . . . 2,883 831 520 311 2,052

Korea . . . . . . . . . . . . . . . . . . . . . . 768 26 25 1 742

Lebanon . . . . . . . . . . . . . . . . . . . . 51 - - - 51

Malaysia. . . . . . . . . . . . . . . . . . . . 566 288 286 2 278

Pakistan . . . . . . . . . . . . . . . . . . . . 96 1 - 1 95

Philippines . . . . . . . . . . . . . . . . . . 206 18 18 - 188

Singapore. . . . . . . . . . . . . . . . . . . 719 87 84 3 632

Syria. . . . . . . . . . . . . . . . . . . . . . . 24 - - - 24

Thailand . . . . . . . . . . . . . . . . . . . . 363 136 65 71 227

Other Asia . . . . . . . . . . . . . . . . . . 1,200 20 18 2 1,180

Total Asia . . . . . . . . . . . . . . . . . 10,351 2,068 1,620 448 8,283

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 140 3 3 - 137

Ghana . . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Liberia . . . . . . . . . . . . . . . . . . . . . 36 26 26 - 10

Morocco . . . . . . . . . . . . . . . . . . . . 37 6 6 - 31

South Africa . . . . . . . . . . . . . . . . . 288 99 92 7 189

Zaire. . . . . . . . . . . . . . . . . . . . . . . 9 - - - 9

Other Africa . . . . . . . . . . . . . . . . . 372 49 47 2 323

Total Africa . . . . . . . . . . . . . . . . 900 183 174 9 717

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,392 477 466 11 915

All other . . . . . . . . . . . . . . . . . . . . 278 85 81 4 193

Total other

countries . . . . . . . . . . . . . . . . 

1,670 562 547 15 1,108

Total foreign

countries. . . . . . . . . . . . . . . 

63,763 36,400 33,520 2,880 27,363

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 4 - - - 4

European regional . . . . . . . . . . . . 38 - - - 38

Latin American regional . . . . . . . . 1 - - - 1

Asian regional . . . . . . . . . . . . . . . 26 - - - 26

African regional . . . . . . . . . . . . . . 3 - - - 3

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

72 - - - 72

Grand total. . . . . . . . . . . . . . . 63,835 36,400 33,520 2,880 27,435

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’ net purchases of long-term U.S.

securities (i.e., U.S. Treasury and Government

agency bonds and notes, and U.S. corporate bonds

and stocks) are transacted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1994

through 1996, and on a year-to-date and most recent

quarter basis for 1997. The chart and table show,

overall, a steady increase in foreigners’ net purchases of U.S. securities over the last 3 full years,

with an accelerating level of activity through the

first half of 1997.

Foreigners’ net purchases of U.S. securities in

each of the first two quarters of 1997 were heavy,

keeping within close range of the record level of

activity in the fourth quarter of 1996. Net purchases

opposite the United Kingdom, which slowed somewhat in the second quarter, accounted for more than

40 percent of total net purchases in the first half of

the year. Another 18.5 percent of total net purchases

were attributable to Japan, where year-to-date net

purchases were up sharply from the same period in

1996. The pace of net purchases gained momentum

opposite other European countries, particularly in

the second quarter, with Spain showing the heaviest

activity. Meanwhile, net purchases from other Asia

continued to be strong. Activity in the Caribbean

banking centers, however, was off markedly from

1996, due mostly to large net sales from the Netherlands Antilles. Nearly 60 percent of foreigners’

total net purchases through the first half of the year

consisted of Treasury bonds and notes. 

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1994 1995 1996 Jan. - June 1997 Apr. - June 1997 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 55,598 100,411 127,090 89,712 38,814 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 26,474 24,795 72,023 38,753 24,513 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . -3,581 48,344 49,604 3,385 1,028 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441 16,504 54,662 41,027 27,657 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424 25,657 66,999 33,767 10,975 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

136,356 215,711 370,378 206,644 102,987 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

3,994 16,226 13,888 15,402 8,951 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,350 231,937 384,266 222,046 111,938 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

88 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

purchases Net Gross Gross Net Gross Gross

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 r . . . . . . . . . . . . . . . . . . . . . . . -105,915 -48,793 1,118,678 1,167,471 -57,122 456,826 513,948

1997 - Jan. - June p . . . . . . . . . . . . -38,085 -12,288 720,975 733,263 -25,797 316,685 342,482

1996 - June r . . . . . . . . . . . . . . . . . . -9,578 -2,035 82,833 84,868 -7,543 36,728 44,271

July r. . . . . . . . . . . . . . . . . . . -7,057 -3,418 80,692 84,110 -3,639 37,643 41,282

Aug. . . . . . . . . . . . . . . . . . . . -6,562 -5,339 84,386 89,725 -1,223 34,016 35,239

Sept.. . . . . . . . . . . . . . . . . . . -7,244 -5,419 113,089 118,508 -1,825 31,227 33,052

Oct.. . . . . . . . . . . . . . . . . . . . -8,421 -5,948 117,032 122,980 -2,473 40,185 42,658

Nov. . . . . . . . . . . . . . . . . . . . -5,134 -2,973 104,662 107,635 -2,161 46,838 48,999

Dec. . . . . . . . . . . . . . . . . . . . -16,849 -10,947 99,095 110,042 -5,902 41,850 47,752

1997 - Jan. r . . . . . . . . . . . . . . . . . . -4,356 -710 109,567 110,277 -3,646 47,084 50,730

Feb. . . . . . . . . . . . . . . . . . . . -5,979 -1,626 110,510 112,136 -4,353 50,139 54,492

Mar. . . . . . . . . . . . . . . . . . . . -6,806 -2,979 131,453 134,432 -3,827 47,780 51,607

Apr.. . . . . . . . . . . . . . . . . . . . 1,631 5,720 117,761 112,041 -4,089 49,725 53,814

May. . . . . . . . . . . . . . . . . . . . -5,423 -1,328 127,985 129,313 -4,095 57,612 61,707

June p. . . . . . . . . . . . . . . . . . -17,152 -11,365 123,699 135,064 -5,787 64,345 70,132

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 Gr oss

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996. . . . . . . . . . . . . . . . . 244,725 86,875 159,692 -1,842 3,723,973 3,479,248 48,382 164,937 116,555 79,231 257,312 178,081 11,928 623,760 611,832

1997 - Jan. - June p. . . . . 132,015 46,553 84,077 1,385 2,625,917 2,493,902 18,369 105,081 86,712 41,584 181,921 140,337 30,078 454,468 424,390

1996 - June . . . . . . . . . . . 8,520 -6,648 15,979 -811 224,691 216,171 3,730 13,303 9,573 5,684 21,849 16,165 1,013 43,374 42,361

July. . . . . . . . . . . . 47,960 9,629 38,767 -436 332,542 284,582 4,284 10,707 6,423 6,220 17,255 11,035 -4,154 49,557 53,711

Aug. . . . . . . . . . . . 12,340 3,587 8,717 36 269,098 256,758 4,376 13,565 9,189 7,046 18,768 11,722 2,065 46,136 44,071

Sept.. . . . . . . . . . . 14,738 17,188 -2,293 -157 374,195 359,457 4,674 12,708 8,034 8,842 24,666 15,824 49 42,599 42,550

Oct.. . . . . . . . . . . . 24,321 4,838 18,946 537 404,194 379,873 4,195 15,857 11,662 6,979 25,594 18,615 1,007 57,758 56,751

Nov. . . . . . . . . . . . 21,283 3,840 18,635 -1,192 367,570 346,287 6,322 20,195 13,873 6,006 26,418 20,412 2,135 65,571 63,436

Dec. . . . . . . . . . . . 47,662 13,662 32,857 1,143 387,444 339,782 3,505 17,800 14,295 6,724 25,254 18,530 422 57,051 56,629

1997 - Jan. r . . . . . . . . . . 20,791 7,831 13,426 -466 415,660 394,869 4,986 20,511 15,525 6,834 28,444 21,610 2,904 73,036 70,132

Feb. . . . . . . . . . . . 30,615 10,123 19,584 908 442,052 411,437 2,780 16,004 13,224 9,614 32,814 23,200 3,860 73,051 69,191

Mar. . . . . . . . . . . . 22,076 7,106 15,280 -310 404,293 382,217 313 13,926 13,613 5,038 29,529 24,491 297 68,450 68,153

Apr.. . . . . . . . . . . . 25,587 7,382 17,745 460 426,656 401,069 5,804 18,168 12,364 5,133 24,495 19,362 5,834 70,267 64,433

May p . . . . . . . . . . 7,752 3,377 4,532 -157 445,639 437,887 2,906 16,270 13,364 5,215 28,209 22,994 6,949 82,604 75,655

June p. . . . . . . . . . 25,194 10,734 13,510 950 491,617 466,423 1,580 20,202 18,622 9,750 38,430 28,680 10,234 87,060 76,826

CAPITAL MOVEMENTS 89
1997 1997 1997 1997

Country

Calendar

year

1996

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 979 3,542 1,080 64 179 102 150 110 21 69 346 238

Belgium-Luxembourg . . . . . . . . . . 1,486 1,986 1,198 972 704 217 -331 -606 252 114 2,319 1,555

Bulgaria . . . . . . . . . . . . . . . . . . . . -34 7 7 - - - -4 36 36 1 2 -1

Czech Republic . . . . . . . . . . . . . . 122 141 186 - - - - -11 -6 -1 1 2

Denmark. . . . . . . . . . . . . . . . . . . . -120 -248 -16 -69 -126 -146 -224 80 24 181 232 100

Finland . . . . . . . . . . . . . . . . . . . . . -247 782 250 130 -31 -16 113 -109 -9 13 17 18

France . . . . . . . . . . . . . . . . . . . . . 2,624 239 476 193 222 21 4,931 1,169 667 -2,354 965 315

Germany. . . . . . . . . . . . . . . . . . . . 17,647 -3,137 658 1,650 -436 -218 3,514 914 293 1,104 4,850 2,106

Greece . . . . . . . . . . . . . . . . . . . . . 41 -261 -312 -3 11 9 21 54 3 9 39 -53

Hungary . . . . . . . . . . . . . . . . . . . . 1,018 -440 -298 309 -38 -48 -5 - - 57 3 1

Ireland . . . . . . . . . . . . . . . . . . . . . 257 766 -566 110 272 82 1,901 387 -63 -701 208 258

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,960 909 509 -84 -3 36 -78 104 -2 -1,081 1,051 762

Netherlands . . . . . . . . . . . . . . . . . -582 1,416 1,198 1,500 1,119 1,083 940 647 116 1,389 1,252 886

Norway . . . . . . . . . . . . . . . . . . . . . 428 224 143 87 -1 11 -56 - -7 170 133 -45

Poland . . . . . . . . . . . . . . . . . . . . . 2,618 1,807 1,005 -15 -18 -8 28 -14 19 -4 3 2

Portugal . . . . . . . . . . . . . . . . . . . . -257 1,237 1,080 30 11 11 -48 543 475 -358 -3 1

Romania . . . . . . . . . . . . . . . . . . . . 1 - - - - - - - - -3 -3 -3

Russia 1

. . . . . . . . . . . . . . . . . . . . 603 161 268 -21 -1 - -4 5 5 -64 15 3

Spain . . . . . . . . . . . . . . . . . . . . . . 18,414 8,679 5,278 7 217 149 462 233 164 113 222 106

Sweden . . . . . . . . . . . . . . . . . . . . 2,343 -1,037 145 56 4 4 372 -52 -26 -387 964 223

Switzerland. . . . . . . . . . . . . . . . . . 327 937 1,135 208 201 82 845 -211 57 2,710 3,407 2,030

Turkey . . . . . . . . . . . . . . . . . . . . . 758 -56 -78 - -1 - 44 27 19 -24 18 -3

United Kingdom . . . . . . . . . . . . . . 65,381 47,956 18,355 12,806 7,795 2,551 44,784 24,596 11,851 4,119 9,365 6,057

Yugoslavia 2

. . . . . . . . . . . . . . . . . -34 25 21 - 8 - 8 - - 1 9 9

Other Europe . . . . . . . . . . . . . . . . 2,612 -936 -1,016 345 157 92 84 49 21 -27 155 130

Total Europe . . . . . . . . . . . . . . . 118,345 64,699 30,706 18,275 10,245 4,014 57,447 27,951 13,910 5,046 25,570 14,697

Canada . . . . . . . . . . . . . . . . . . . . . . 2,389 1,591 1,643 143 260 97 4,054 2,424 763 2,221 1,306 203

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 317 421 412 123 49 23 117 211 177 280 164 79

Bahamas . . . . . . . . . . . . . . . . . . . 1,402 -209 -100 103 9 71 1,102 792 490 -2,274 171 24

Bermuda. . . . . . . . . . . . . . . . . . . . 2,478 -3,235 -1,305 3,323 2,594 511 2,038 1,837 1,496 -340 402 420

Brazil . . . . . . . . . . . . . . . . . . . . . . -825 -151 -845 1,381 670 343 31 -58 -17 -8 -202 -184

British West Indies . . . . . . . . . . . . 8,593 15,671 4,159 8,697 -5,262 844 2,953 3,286 1,199 3,026 2,693 2,493

Chile . . . . . . . . . . . . . . . . . . . . . . . 88 859 58 38 17 1 198 106 89 -38 -93 -13

Colombia . . . . . . . . . . . . . . . . . . . 221 41 -162 19 - -1 5 12 10 34 123 105

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 1 - - - -1 -

Ecuador . . . . . . . . . . . . . . . . . . . . 137 27 1 -21 44 31 33 80 17 -38 6 6

Guatemala . . . . . . . . . . . . . . . . . . 22 4 1 4 1 1 8 -1 1 16 2 1

Jamaica . . . . . . . . . . . . . . . . . . . . -88 -6 - 78 19 -10 1 8 7 -1 1 -1

Mexico . . . . . . . . . . . . . . . . . . . . . 371 557 687 372 77 38 84 803 -72 150 48 8

Netherlands Antilles . . . . . . . . . . . 12,422 -15,434 -9,702 266 -18 56 899 573 841 4,078 -45 115

Panama . . . . . . . . . . . . . . . . . . . . 187 50 -38 59 3 1 197 -593 -643 395 100 96

Peru . . . . . . . . . . . . . . . . . . . . . . . -76 21 3 3 - - 10 17 12 -4 - -1

Trinidad and Tobago . . . . . . . . . . -1 -1 - -4 2 4 10 -7 -8 89 7 8

Uruguay . . . . . . . . . . . . . . . . . . . . 129 -375 -390 76 26 1 90 43 - 84 109 53

Venezuela . . . . . . . . . . . . . . . . . . -69 751 675 95 199 181 122 69 39 112 94 49

Other Latin America

and Caribbean. . . . . . . . . . . . . . 71 150 -28 223 247 108 167 356 242 2 71 56

Total Latin America

and Caribbean . . . . . . . . . . . . 

25,379 -859 -6,574 14,835 -1,323 2,203 8,066 7,534 3,880 5,563 3,650 3,314

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
1997 1997 1997 1997

Country

Calendar

year

1996

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1996 r

Jan.

through 

June

Apr.

through 

June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 14,453 8,426 5,322 2,756 58 -163 257 113 14 -2 45 38

Taiwan . . . . . . . . . . . . . . . . . . . 4,608 6,534 3,504 -1,129 -42 -138 8 -108 -62 74 225 65

Hong Kong . . . . . . . . . . . . . . . . . . 14,366 10,772 2,970 915 1,190 1,219 1,737 825 132 -301 -365 76

India . . . . . . . . . . . . . . . . . . . . . . . 104 151 -140 1 -88 -88 -3 2 1 -44 47 62

Indonesia . . . . . . . . . . . . . . . . . . . 1,189 1,802 453 -8 - - 4 2 1 -38 28 9

Israel . . . . . . . . . . . . . . . . . . . . . . -545 477 -1,010 308 354 190 210 66 20 -385 -108 -29

Japan . . . . . . . . . . . . . . . . . . . . . . 41,390 32,570 20,233 7,545 5,650 2,656 6,099 941 590 -372 1,866 4,178

Korea . . . . . . . . . . . . . . . . . . . . . . 2,247 -1,759 578 57 -463 -132 92 -56 -64 -69 27 5

Lebanon . . . . . . . . . . . . . . . . . . . . 2 60 53 1 - - -1 7 1 40 28 25

Malaysia. . . . . . . . . . . . . . . . . . . . -588 432 -228 294 -106 -17 1 11 5 12 -35 -27

Pakistan . . . . . . . . . . . . . . . . . . . . 4 -7 -6 2 1 - -1 - - 10 4 1

Philippines . . . . . . . . . . . . . . . . . . 313 -213 -109 664 310 145 28 35 9 -32 31 -5

Singapore. . . . . . . . . . . . . . . . . . . 7,802 -1,509 -2,525 1,341 290 83 1,095 971 496 2,200 -2,846 182

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 11 10 5

Thailand . . . . . . . . . . . . . . . . . . . . 2,995 -1,441 -1,604 1 2 1 59 2 2 -7 -10 -10

Oil-exporting countries 3

. . . . . . . . 10,227 8,255 1,811 1,557 1,557 -47 80 -53 -100 -1,598 156 121

Other Asia . . . . . . . . . . . . . . . . . . -566 -245 -34 241 59 62 141 -110 -104 -191 -34 -44

Total Asia . . . . . . . . . . . . . . . . . 98,001 64,305 29,268 14,546 8,772 3,771 9,806 2,648 941 -692 -931 4,652

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,022 298 295 468 258 128 -8 35 18 -37 -1 -4

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - 1 -

Liberia . . . . . . . . . . . . . . . . . . . . . 155 -18 -77 57 149 87 -8 74 -19 -49 -14 -19

Morocco . . . . . . . . . . . . . . . . . . . . - -1 -1 - - - - - - 8 2 3

South Africa . . . . . . . . . . . . . . . . . -33 - 1 4 -9 -1 -1 100 56 84 239 115

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 1 -6 -5 - 8 -1 1 7 6 24 24 26

Other Africa . . . . . . . . . . . . . . . . . 

-60 142 138 81 15 3 6 37 18 -111 -27 -43

Total Africa . . . . . . . . . . . . . . . . 1,085 415 351 610 421 216 -10 253 79 -81 224 78

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 2,528 348 1,778 4 20 23 -89 385 299 -489 203 9

All other . . . . . . . . . . . . . . . . . . . . -1,160 131 108 -150 -29 -29 -95 333 185 434 99 114

Total other

countries . . . . . . . . . . . . . . . . 

1,368 479 1,886 -146 -9 -6 -184 718 484 -55 302 123

Total foreign

countries. . . . . . . . . . . . . . . 

246,567 130,630 57,280 48,263 18,366 10,295 79,179 41,528 20,057 12,002 30,121 23,067

International and regional orgs.:

International . . . . . . . . . . . . . . . . . -1,390 1,025 1,363 4 -8 - 37 10 3 -137 -9 -20

European regional . . . . . . . . . . . . 28 -9 -14 13 4 4 - - - - - -

Latin American regional . . . . . . . . -779 318 -123 39 -10 -8 8 30 30 51 -33 -30

Asian regional . . . . . . . . . . . . . . . -153 -122 12 41 - - -4 5 5 10 - 1

African regional . . . . . . . . . . . . . . -10 18 -1 22 17 -1 11 11 3 2 -1 -1

Middle Eastern regional . . . . . . . . 462 155 16 - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

-1,842 1,385 1,253 119 3 -5 52 56 41 -74 -43 -50

Grand total. . . . . . . . . . . . . . . 244,725 132,015 58,533 48,382 18,369 10,290 79,231 41,584 20,098 11,928 30,078 23,017

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 Second Quarter 1997, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 8,970 7,498 102 61 760 331 218 7,363 6,418 - 40 522 179 204

Belgium-Luxembourg. . 20,870 10,105 564 1,602 5,591 1,503 1,505 16,211 8,907 347 1,350 4,036 737 834

Bulgaria . . . . . . . . . . . . 125 18 - 36 - 62 9 96 11 - - 1 83 1

Czech Republic . . . . . . 961 874 - 5 29 48 5 762 688 - 11 27 9 27

Denmark. . . . . . . . . . . . 3,616 1,647 833 157 356 160 463 3,677 1,663 979 133 256 277 369

Finland . . . . . . . . . . . . . 2,188 1,508 40 5 30 336 269 2,049 1,258 56 14 12 346 363

France . . . . . . . . . . . . . 46,859 29,659 121 2,194 6,856 3,967 4,062 47,097 29,183 100 1,527 6,541 4,322 5,424

Germany . . . . . . . . . . . 44,199 28,428 252 1,044 6,271 2,323 5,881 40,282 27,770 470 751 4,165 2,159 4,967

Greece . . . . . . . . . . . . . 768 201 10 18 200 190 149 920 513 1 15 253 53 85

Hungary . . . . . . . . . . . . 1,283 1,209 50 - 6 6 12 1,653 1,507 98 - 5 8 35

Ireland . . . . . . . . . . . . . 11,048 7,106 358 717 800 1,248 819 11,877 7,672 276 780 542 1,476 1,131

Italy. . . . . . . . . . . . . . . . 11,321 5,152 79 246 3,132 1,594 1,118 10,102 4,643 43 248 2,370 1,466 1,332

Netherlands . . . . . . . . . 19,068 6,722 1,443 610 4,789 1,689 3,815 15,716 5,524 360 494 3,903 1,390 4,045

Norway. . . . . . . . . . . . . 2,921 2,020 23 42 206 159 471 2,732 1,877 12 49 251 151 392

Poland . . . . . . . . . . . . . 1,765 1,601 - 60 4 46 54 817 596 8 41 2 63 107

Portugal . . . . . . . . . . . . 4,138 3,233 12 506 37 83 267 2,609 2,153 1 31 36 172 216

Romania. . . . . . . . . . . . 11 - - - 2 - 9 23 - - - 5 5 13

Russia 1

. . . . . . . . . . . . 9,203 8,471 - 16 49 498 169 9,399 8,203 - 11 46 780 359

Spain . . . . . . . . . . . . . . 19,693 14,424 152 262 842 842 3,171 12,591 9,146 3 98 736 771 1,837

Sweden . . . . . . . . . . . . 6,074 1,644 9 56 1,507 391 2,467 5,183 1,499 5 82 1,284 318 1,995

Switzerland. . . . . . . . . . 26,476 5,535 321 1,470 13,781 1,624 3,745 22,962 4,400 239 1,413 11,751 1,920 3,239

Turkey . . . . . . . . . . . . . 1,003 757 - 33 30 55 128 1,102 835 - 14 33 70 150

United Kingdom . . . . . . 1,019,285 655,190 11,499 47,172 57,307 183,312 64,805 979,337 636,835 8,948 35,321 51,250 179,241 67,742

Yugoslavia 2

. . . . . . . . . 68 21 - - 13 - 34 11 - - - 4 1 6

Other Europe . . . . . . . . 8,092 6,850 114 59 667 132 270 8,780 7,866 22 38 537 75 242

Total Europe . . . . . . . 1,270,005 799,873 15,982 56,371 103,265 200,599 93,915 1,203,351 769,167 11,968 42,461 88,568 196,072 95,115

Canada . . . . . . . . . . . . . . 170,523 94,896 2,073 2,856 16,054 45,753 8,891 170,253 93,253 1,976 2,093 15,851 47,326 9,754

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 21,724 1,221 110 362 454 18,280 1,297 21,406 809 87 185 375 18,952 998

Bahamas . . . . . . . . . . . 29,434 6,039 579 1,952 7,133 11,174 2,557 29,958 6,139 508 1,462 7,109 11,915 2,825

Bermuda. . . . . . . . . . . . 99,977 26,415 14,991 6,217 29,558 18,286 4,510 99,545 27,720 14,480 4,721 29,138 18,710 4,776

Brazil . . . . . . . . . . . . . . 27,695 6,396 616 401 507 15,753 4,022 32,077 7,241 273 418 691 17,639 5,815

British West Indies . . . . 178,385 94,674 9,042 11,358 32,158 24,145 7,008 173,017 90,515 8,198 10,159 29,665 26,937 7,543

Chile. . . . . . . . . . . . . . . 2,532 259 3 126 272 1,703 169 1,263 201 2 37 285 343 395

Colombia . . . . . . . . . . . 1,234 858 2 35 162 96 81 1,487 1,020 3 25 57 102 280

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 966 495 62 54 41 310 4 1,011 494 31 37 35 413 1

Guatemala . . . . . . . . . . 72 11 1 7 32 17 4 71 10 - 6 31 21 3

Jamaica . . . . . . . . . . . . 24 - 2 7 4 10 1 27 - 12 - 5 9 1

Mexico . . . . . . . . . . . . . 22,756 14,786 65 1,743 507 3,435 2,220 24,044 14,099 27 1,815 499 4,986 2,618

Netherlands Antilles . . . 61,515 24,228 330 3,454 16,833 6,692 9,978 69,222 33,930 274 2,613 16,718 7,188 8,499

Panama . . . . . . . . . . . . 2,404 344 126 280 800 631 223 3,372 382 125 923 704 1,042 196

Peru . . . . . . . . . . . . . . . 333 3 - 37 19 183 91 552 - - 25 20 344 163

Trinidad and Tobago . . 42 - 8 4 14 16 - 26 - 4 12 6 4 -

Uruguay . . . . . . . . . . . . 2,067 61 36 78 243 1,470 179 2,375 451 35 78 190 1,467 154

Venezuela . . . . . . . . . . 2,361 876 279 69 275 733 129 1,627 201 98 30 226 911 161

Other Latin America

and Caribbean . . . . . 1,589 389 161 362 325 198 154 1,106 417 53 120 269 137 110

Total Latin America

and Caribbean. . . . 

455,110 177,055 26,413 26,546 89,337 103,132 32,627 462,186 183,629 24,210 22,666 86,023 111,120 34,538

92 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 14,123 13,147 343 30 99 394 110 8,651 7,825 506 16 61 119 124

Taiwan . . . . . . . . . . . 8,140 6,448 155 20 780 109 628 4,991 2,944 293 82 715 196 761

Hong Kong . . . . . . . . . . 48,512 33,766 1,663 398 1,684 2,137 8,864 43,390 30,796 444 266 1,608 1,783 8,493

India . . . . . . . . . . . . . . . 1,010 608 7 1 150 19 225 1,234 748 95 - 88 23 280

Indonesia . . . . . . . . . . . 1,848 1,220 - 1 55 32 540 1,968 767 - - 46 615 540

Israel . . . . . . . . . . . . . . 4,826 3,830 245 44 403 46 258 6,009 4,840 55 24 432 293 365

Japan . . . . . . . . . . . . . . 192,844 148,574 5,748 1,742 15,506 4,549 16,725 175,359 128,341 3,092 1,152 11,328 6,061 25,385

Korea . . . . . . . . . . . . . . 5,489 3,745 27 145 65 807 700 6,521 3,167 159 209 60 1,686 1,240

Lebanon . . . . . . . . . . . . 195 54 - 1 97 37 6 87 1 - - 72 7 7

Malaysia. . . . . . . . . . . . 3,976 2,532 31 43 37 90 1,243 4,458 2,760 48 38 64 611 937

Pakistan . . . . . . . . . . . . 68 3 - 1 37 11 16 247 9 - 1 36 1 200

Philippines . . . . . . . . . . 2,461 1,787 167 16 84 143 264 2,774 1,896 22 7 89 503 257

Singapore. . . . . . . . . . . 40,793 30,915 199 702 4,508 2,176 2,293 42,526 33,440 116 206 4,326 1,920 2,518

Syria. . . . . . . . . . . . . . . 25 - - - 16 2 7 44 - - - 11 1 32

Thailand . . . . . . . . . . . . 1,842 1,502 1 3 32 4 300 4,095 3,106 - 1 42 630 316

Other Asia . . . . . . . . . . 29,562 21,356 979 1,201 4,748 736 542 27,829 19,579 964 1,405 4,671 868 342

Total Asia . . . . . . . . . 355,714 269,487 9,565 4,348 28,301 11,292 32,721 330,183 240,219 5,794 3,407 23,649 15,317 41,797

Africa:

Egypt . . . . . . . . . . . . . . 561 355 130 22 33 2 19 122 60 2 4 37 3 16

Ghana . . . . . . . . . . . . . 5 - - - - 3 2 7 - - - - - 7

Liberia . . . . . . . . . . . . . 881 341 237 41 166 71 25 901 418 150 60 185 49 39

Morocco . . . . . . . . . . . . 13 - - - 5 - 8 4 1 - - 2 - 1

South Africa . . . . . . . . . 543 1 1 58 129 237 117 506 - 2 2 14 174 314

Zaire. . . . . . . . . . . . . . . 1 - - - - - 1 2 - - - - - 2

Other Africa . . . . . . . . . 539 161 8 29 187 52 102 478 28 6 5 204 45 190

Total Africa . . . . . . . . 2,543 858 376 150 520 365 274 2,020 507 160 71 442 271 569

Other countries:

Australia . . . . . . . . . . . . 20,977 10,770 56 542 1,939 4,986 2,684 18,916 8,992 33 243 1,930 4,381 3,337

All other . . . . . . . . . . . . 4,505 435 21 249 431 3,072 297 2,800 327 50 64 317 1,753 289

Total other

countries . . . . . . . . 

25,482 11,205 77 791 2,370 8,058 2,981 21,716 9,319 83 307 2,247 6,134 3,626

Total foreign

countries. . . . . . . 

2,279,377 1,353,374 54,486 91,062 239,847 369,199 171,409 2,189,709 1,296,094 44,191 71,005 216,780 376,240 185,399

International and

regional orgs.:

International . . . . . . . . . 10,235 9,747 1 9 59 150 269 8,746 8,384 1 6 79 22 254

European regional . . . . 4 - 4 - - - - 14 14 - - - - -

Latin America regional . 834 522 145 51 20 96 - 1,025 645 153 21 50 156 -

Asian regional . . . . . . . 106 93 - 5 4 - 4 84 81 - - 3 - -

African regional . . . . . . 75 63 4 7 1 - - 75 64 5 4 2 - -

Middle Eastern

regional . . . . . . . . . . . 113 113 - - - - - 97 97 - - - - -

Total international

and regional. . . . . . 

11,367 10,538 154 72 84 246 273 10,041 9,285 159 31 134 178 254

Grand total. . . . . . . 2,290,744 1,363,912 54,640 91,134 239,931 369,445 171,682 2,199,750 1,305,379 44,350 71,036 216,914 376,418 185,653

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Second Quarter 1997, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 93
Europe:

Austria . . . . . . . . . . . . . 25,428 22,324 81 207 1,787 485 544 24,193 21,345 17 57 1,718 519 537

Belgium . . . . . . . . . . . . 55,644 22,385 1,893 4,309 14,147 7,697 5,213 51,823 20,899 921 4,640 14,033 8,103 3,227

Bulgaria . . . . . . . . . . . . 742 5 - - 15 682 40 486 39 - 4 14 392 37

Czech Republic . . . . . . 2,854 2,759 - - 2 13 80 2,803 2,637 - - 3 23 140

Denmark. . . . . . . . . . . . 17,517 7,735 3,247 139 1,087 4,313 996 16,441 7,855 3,316 363 906 2,684 1,317

Finland . . . . . . . . . . . . . 14,444 12,254 257 220 102 764 847 15,590 12,501 127 107 89 1,503 1,263

France . . . . . . . . . . . . . 143,993 87,549 1,023 8,206 19,234 17,207 10,774 143,981 84,925 830 3,275 21,588 17,763 15,600

Germany . . . . . . . . . . . 146,223 94,265 2,324 8,597 14,965 11,863 14,209 130,120 76,618 674 5,083 13,861 15,515 18,369

Greece . . . . . . . . . . . . . 5,285 4,090 18 51 810 126 190 5,849 4,049 21 30 801 504 444

Hungary . . . . . . . . . . . . 6,020 5,254 486 30 75 118 57 4,615 4,236 177 35 18 79 70

Ireland . . . . . . . . . . . . . 37,270 24,070 794 3,011 2,407 4,332 2,656 36,881 23,813 684 1,110 3,108 4,583 3,583

Italy. . . . . . . . . . . . . . . . 41,436 17,229 181 1,705 10,613 7,745 3,963 42,024 15,269 265 1,783 11,694 7,284 5,729

Netherlands . . . . . . . . . 66,344 25,474 2,854 2,026 16,845 6,450 12,695 64,068 26,056 1,354 1,086 15,456 8,029 12,087

Norway. . . . . . . . . . . . . 9,993 5,356 148 126 1,159 1,187 2,017 10,483 4,928 61 182 989 2,029 2,294

Poland . . . . . . . . . . . . . 9,868 9,370 3 71 15 256 153 7,580 6,752 18 43 19 374 374

Portugal . . . . . . . . . . . . 3,695 2,946 30 127 172 154 266 4,683 3,203 - 175 530 245 530

Romania. . . . . . . . . . . . 8 1 - - 2 5 - 10 - - - 5 - 5

Russia 1

. . . . . . . . . . . . 15,051 13,813 2 - 124 1,011 101 14,665 13,210 23 4 188 947 293

Spain . . . . . . . . . . . . . . 60,051 48,518 37 995 1,562 5,597 3,342 40,879 30,104 30 533 1,449 5,050 3,713

Sweden . . . . . . . . . . . . 24,790 10,668 92 491 4,535 3,136 5,868 21,869 8,325 36 119 4,922 2,410 6,057

Switzerland. . . . . . . . . . 86,756 21,381 542 5,350 43,670 6,354 9,459 83,916 21,054 334 4,505 40,960 5,527 11,536

Turkey . . . . . . . . . . . . . 5,011 3,819 6 77 224 371 514 4,507 3,061 6 33 248 482 677

United Kingdom . . . . . . 2,662,901 1,580,135 40,188 134,870 160,950 568,429 178,329 2,573,698 1,514,754 27,382 90,086 156,831 590,211 194,434

Yugoslavia 2

. . . . . . . . . 322 - - 11 21 242 48 330 34 - 3 20 187 86

Other Europe . . . . . . . . 26,175 22,069 1,201 192 1,531 624 558 23,162 19,457 856 108 1,558 519 664

Total Europe . . . . . . . 3,467,821 2,043,469 55,407 170,811 296,054 649,161 252,919 3,324,656 1,925,124 37,132 113,364 291,008 674,962 283,066

Canada . . . . . . . . . . . . . . 544,842 320,355 3,279 10,927 56,162 124,077 30,042 542,314 317,966 3,136 6,873 53,941 126,932 33,466

Latin America

and Caribbean: 

Argentina . . . . . . . . . . . 40,819 2,545 217 782 999 33,739 2,537 40,553 2,228 94 665 719 33,822 3,025

Bahamas . . . . . . . . . . . 69,700 25,398 2,090 5,141 15,523 19,237 2,311 69,542 23,996 1,987 4,039 17,797 19,336 2,387

Bermuda. . . . . . . . . . . . 246,625 73,173 24,481 13,416 54,538 72,371 8,646 245,055 70,695 21,158 11,378 54,878 75,937 11,009

Brazil . . . . . . . . . . . . . . 115,700 60,087 1,745 658 668 45,575 6,967 117,230 60,912 364 627 676 45,172 9,479

British West Indies . . . . 275,837 109,109 34,313 17,623 58,501 43,955 12,336 252,588 100,516 25,616 14,670 55,475 44,300 12,011

Chile. . . . . . . . . . . . . . . 5,461 1,315 44 265 689 2,836 312 5,408 1,227 6 67 727 2,960 421

Colombia . . . . . . . . . . . 4,969 4,280 53 33 200 295 108 5,527 4,059 34 28 166 988 252

Cuba. . . . . . . . . . . . . . . 19 - - 2 1 14 2 13 - - 1 1 11 -

Ecuador . . . . . . . . . . . . 3,079 1,978 53 76 114 854 4 2,849 1,841 74 43 152 734 5

Guatemala . . . . . . . . . . 719 449 6 17 91 139 17 621 427 2 9 75 93 15

Jamaica . . . . . . . . . . . . 222 79 103 2 25 6 7 315 167 25 1 26 88 8

Mexico . . . . . . . . . . . . . 47,883 28,452 522 1,436 1,378 8,712 7,383 49,743 28,081 150 1,352 1,228 11,272 7,660

Netherlands Antilles . . . 242,843 136,255 2,056 10,805 55,275 19,542 18,910 221,682 123,833 1,790 9,906 51,197 18,405 16,551

Panama . . . . . . . . . . . . 8,996 619 1,856 627 3,020 2,342 532 8,661 432 1,797 430 2,625 2,873 504

Peru . . . . . . . . . . . . . . . 589 29 3 30 102 98 327 952 105 - 20 106 111 610

Trinidad and Tobago . . 309 3 16 37 137 101 15 228 4 20 27 48 95 34

Uruguay . . . . . . . . . . . . 4,497 438 95 467 657 2,380 460 3,773 309 19 377 573 2,167 328

Venezuela . . . . . . . . . . 6,297 1,162 147 194 780 3,731 283 5,724 1,231 52 72 668 3,490 211

Other Latin America

and Caribbean . . . . . 10,280 944 636 1,734 892 5,819 255 10,040 873 413 1,567 890 5,991 306

Total Latin America

and Caribbean. . . . 1,084,844 446,315 68,436 53,345 193,590 261,746 61,412 1,040,504 420,936 53,601 45,279 188,027 267,845 64,816

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks & notes agencies sales Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

94 CAPITAL MOVEMENTS
Asia:

 China:

Mainland . . . . . . . . 44,159 38,704 3,359 482 170 1,303 141 26,730 24,251 603 225 172 1,276 203

Taiwan. . . . . . . . . . 20,024 15,858 600 108 2,193 325 940 17,262 11,250 1,729 100 2,119 894 1,170

Hong Kong . . . . . . . . . . 149,413 100,117 2,813 3,018 7,709 12,122 23,634 140,339 85,751 1,898 1,281 8,010 15,190 28,209

India . . . . . . . . . . . . . . . 1,989 1,390 1 1 190 47 360 2,591 1,286 - 4 234 190 877

Indonesia . . . . . . . . . . . 6,823 4,978 - 4 178 265 1,398 7,009 3,789 8 - 216 1,519 1,477

Israel . . . . . . . . . . . . . . 16,689 13,907 431 271 1,162 306 612 19,060 14,452 123 61 1,547 1,368 1,509

Japan . . . . . . . . . . . . . . 603,919 447,584 18,717 10,138 35,578 34,515 57,387 555,145 406,194 11,172 4,039 35,950 30,788 67,002

Korea . . . . . . . . . . . . . . 13,068 7,942 694 251 118 2,128 1,935 14,114 5,695 637 159 187 3,545 3,891

Lebanon . . . . . . . . . . . . 432 16 1 4 265 138 8 313 14 - 5 225 57 12

Malaysia. . . . . . . . . . . . 11,756 8,212 366 16 388 224 2,550 14,189 8,800 72 15 376 1,942 2,984

Pakistan . . . . . . . . . . . . 216 9 2 1 105 22 77 223 5 - 2 95 13 108

Philippines . . . . . . . . . . 4,107 1,426 687 71 266 821 836 4,338 1,113 23 43 298 1,738 1,123

Singapore. . . . . . . . . . . 157,893 122,106 2,901 2,946 13,043 9,489 7,408 145,489 114,304 1,560 1,851 10,843 10,126 6,805

Syria. . . . . . . . . . . . . . . 73 - - - 33 20 20 75 - - - 22 27 26

Thailand . . . . . . . . . . . . 17,256 15,571 20 59 89 159 1,358 15,075 12,576 19 - 96 1,008 1,376

Other Asia . . . . . . . . . . 60,459 40,449 5,569 3,218 9,028 872 1,323 52,408 30,788 3,771 2,997 10,817 2,492 1,543

Total Asia . . . . . . . . . 1,108,276 818,269 36,161 20,588 70,515 62,756 99,987 1,014,360 720,268 21,615 10,782 71,207 72,173 118,315

Africa:

Egypt . . . . . . . . . . . . . . 1,987 1,092 481 96 256 42 20 677 70 13 104 293 33 164

Ghana . . . . . . . . . . . . . 6 - - - 1 3 2 312 - - - 1 259 52

Liberia . . . . . . . . . . . . . 1,854 517 309 98 553 315 62 1,676 362 252 106 602 291 63

Morocco . . . . . . . . . . . . 23 1 - - 17 2 3 40 1 - - 9 19 11

South Africa . . . . . . . . . 958 91 4 3 148 223 489 2,076 124 - 4 64 513 1,371

Zaire. . . . . . . . . . . . . . . 5 - - - - - 5 15 - - - - - 15

Other Africa . . . . . . . . . 1,744 589 87 38 505 158 367 1,706 648 6 31 592 95 334

Total Africa . . . . . . . . 6,577 2,290 881 235 1,480 743 948 6,502 1,205 271 245 1,561 1,210 2,010

Other countries:

Australia . . . . . . . . . . . . 63,181 32,678 207 1,009 3,703 16,003 9,581 65,695 30,150 203 1,098 4,192 19,689 10,363

All other . . . . . . . . . . . . 8,930 2,690 123 182 1,565 3,249 1,121 9,473 3,850 273 277 1,131 2,895 1,047

Total other

countries . . . . . . . . 

72,111 35,368 330 1,191 5,268 19,252 10,702 75,168 34,000 476 1,375 5,323 22,584 11,410

Total foreign

countries. . . . . . . 

6,284,471 3,666,066 164,494 257,097 623,069 1,117,735 456,010 6,003,504 3,419,499 116,231 177,918 611,067 1,165,706 513,083

International and

regional orgs.:

International . . . . . . . . . 53,127 51,355 170 133 129 727 613 54,866 52,745 166 96 266 915 678

European regional . . . . 376 286 37 - - 53 - 884 258 24 - - 602 -

Latin American

regional . . . . . . . . . . . 5,126 4,257 144 52 517 135 21 5,885 5,036 105 44 466 229 5

Asian regional . . . . . . . 922 609 55 18 42 28 170 1,018 762 14 22 32 14 174

African regional . . . . . . 305 247 37 12 3 - 6 287 257 15 1 1 5 8

Middle Eastern

regional . . . . . . . . . . . 1,159 1,153 - - - - 6 691 691 - - - - -

Total international

and regional . . . . . . . 

61,015 57,907 443 215 691 943 816 63,631 59,749 324 163 765 1,765 865

Grand total . . . . . . . . 6,345,486 3,723,973 164,937 257,312 623,760 1,118,678 456,826 6,067,135 3,479,248 116,555 178,081 611,832 1,167,471 513,948

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

have been sustained at historically high levels since

about 1993. The long-run increase in activity in foreign

securities appears to be linked to the continuing efforts

of U.S. institutional investors, including pension funds

and investment companies, to diversify and reallocate

their portfolios. The table presents aggregate U.S. net

purchases on an annual basis for 1993 through 1996,

as well as on a year-to-date and most recent quarter

basis for 1997.

U.S. net purchases of foreign securities through the

first half of 1997 were considerably slower than in the

previous 2 years. Net purchases of foreign bonds, in

particular, have slackened largely as a result of U.S.

investors’ reduced activity in European markets.

Through the first half of the year U.S. investors were

heavy net sellers of foreign bonds to Italy and the

United Kingdom ($7.5 billion combined). However,

U.S. net purchases remained strong opposite Latin

America and Asia, with Argentina, the Caribbean

banking centers, Japan and Korea accounting for

nearly three-fourths of the activity in those regions.

U.S. net purchases of foreign stocks were similarly

moderate in the first two quarters of the year. Year-todate net purchases were strongest opposite Europe and

Asia, with the United Kingdom and Japan accounting

for 88.6 percent of net acquisitions. Some emerging

markets fared notably well in the first half of the year,

among them Brazil, Mexico, Korea and Singapore (up

$4.6 billion combined). Offsetting year-to-date gains,

however, were large U.S. net sales of foreign stocks

opposite several countries, including Hong Kong,

Spain, and Sweden ($4 billion combined).

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1993 1994 1995 1996 Jan. - June 1997 Apr. - June 1997

Foreign bonds . . . . . . . . . . . . . . . 80,377 9,224 48,405 48,793 12,288 6,973 

Foreign stocks . . . . . . . . . . . . . . . 62,691 48,071 50,291 57,122 25,797 13,971 

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

143,068 57,295 98,696 105,915 38,085 20,944 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

96 CAPITAL MOVEMENTS
INTRODUCTION: Foreign Currency Positions

The ‘‘Treasury Bulletin’’ publishes series on foreign currency holdings of large foreign exchange market participants.

The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that

are increasingly used in establishing foreign exchange positions but were not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries,

branches, and agencies. U.S. subsidiaries of foreign entities

file only for themselves, not for their foreign parents. Filing is

required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September, or December). Such contracts

include the amounts of foreign exchange spot contracts bought

and sold, foreign exchange forward contracts bought and sold,

foreign exchange futures bought and sold, and one half the

notional amount of foreign exchange options bought and sold.

Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (‘‘Monthly

Consolidated Foreign Currency Report’’). 

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September, or December). Exemptions from

filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports, and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports.

Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. 

Principal exchanged under cross currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal is also separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.

FOREIGN CURRENCY POSITIONS 97
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 198,796 189,189 -4,168 1.3709

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 215,282 208,922 -4,253 1.3520

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 216,543 211,043 -4,531 1.3420

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 218,529 211,535 -4,410 1.3375

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 221,560 214,167 -4,633 1.3457

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 220,800 214,130 -4,752 1.3451

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 225,242 218,541 -5,856 1.3556

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 234,884 227,690 -5,979 1.3600

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 234,075 226,823 -3,555 1.3666

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 231,047 223,704 -3,825 1.3690

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 232,867 227,448 -3,747 1.3635

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 239,583 232,261 -3,724 1.3771

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 233,123 224,459 -3,673 1.3740

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 232,576 224,611 -4,663 1.3861

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 244,381 234,301 -5,215 1.3901

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 243,557 236,764 -4,599 1.3974

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 244,407 239,055 -4,514 1.3936

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 245,091 241,450 -5,011 1.3977

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 243,105 239,589 -4,174 1.3822

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 248,630 244,701 -4,698 1.3889

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 257,265 253,608 -4,395 1.3676

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 250,093 248,983 -4,797 1.3833

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 247,697 247,140 -4,601 1.3761

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 253,496 249,603 -4,087 1.3874

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 259,594 259,531 -3,825 1.3935

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 255,352 252,125 -4,414 1.3947

1994 - Dec. . . . . . . . 170,552 168,063 42,517 44,077 11,489 11,681 11,521 9,574 -1,354 71,264 1.4030

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - July. . . . . . . . 183,132 186,382 61,951 56,972 14,552 16,608 16,361 14,739 -3,270 88,608 1.3748

Aug. . . . . . . . 187,031 185,456 54,242 50,981 14,386 18,071 16,441 13,902 -3,879 94,258 1.3683

Sept.. . . . . . . 183,991 182,904 60,471 55,781 16,319 19,309 15,761 14,189 -3,991 91,838 1.3621

Oct.. . . . . . . . 196,696 196,600 56,750 51,801 25,352 26,888 17,160 16,129 -3,541 92,362 1.3382

Nov. . . . . . . . 198,576 196,936 51,290 45,874 18,064 19,518 19,701 18,293 -3,896 94,075 1.3517

Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,499 17,835 20,051 18,097 -3,411 94,012 1.3708

1997 - Jan.. . . . . . . . 224,209 222,930 59,023 53,315 26,134 28,049 27,697 21,215 -2,108 94,413 1.3475

Feb. . . . . . . . 229,328 229,794 62,352 54,601 29,040 32,974 32,396 21,598 -4,001 99,648 1.3683

Mar. . . . . . . . 230,960 227,862 61,518 55,317 31,069 35,781 30,308 21,894 -4,702 101,004 1.3854

Apr.. . . . . . . . 242,822 242,586 61,035 57,773 31,361 36,874 28,605 24,714 -4,976 100,989 1.3977

May. . . . . . . . 253,291 258,144 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785

June . . . . . . . 272,228 275,285 61,773 52,999 29,916 34,422 26,310 21,369 -3,856 124,865 1.3806

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

 Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

 June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

 Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

 Dec. . . . . . . . 50,635 44,181 54,725 44,618 n.a. n.a. 12,470 n.a. -656 12,096 1.3708

1997 - Mar. . . . . . . . 46,713 43,182 47,881 40,304 2,787 n.a. 2,607 n.a. -243 11,813 1.3854

98 FOREIGN CURRENCY POSITIONS
01/01/97. . . . . . . . . . . . . . . . . . . . . . . 1,592,193 1,598,907 7,895 1.5420

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 1,766,875 1,777,210 9,162 1.5749

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 1,857,111 1,873,981 9,433 1.5875

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 1,904,753 1,910,761 8,516 1.6418

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 1,984,268 1,993,117 8,467 1.6445

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 1,898,700 1,902,791 2,843 1.6440

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,070,086 2,074,398 4,305 1.6857

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,108,081 2,111,926 4,408 1.6990

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,149,107 2,154,159 9,604 1.6896

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 2,108,812 2,111,597 6,718 1.7123

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,126,781 2,128,583 8,315 1.6937

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,107,587 2,113,493 11,413 1.6815

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,087,622 2,100,516 11,022 1.6895

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 1,963,805 1,976,192 11,495 1.6760

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 2,105,077 2,125,081 7,932 1.7255

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 2,122,733 2,139,721 10,206 1.7288

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 2,094,644 2,107,377 10,921 1.7136

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 2,084,508 2,097,802 12,915 1.7316

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 2,133,900 2,143,511 13,484 1.7200

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 2,129,217 2,134,479 5,106 1.6945

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 2,200,252 2,210,835 6,131 1.6954

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 2,190,458 2,197,327 4,052 1.6955

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 2,217,505 2,217,976 8,328 1.7295

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 2,269,443 2,260,780 256 1.7163

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 2,083,914 2,085,537 -324 1.7341

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 2,053,511 2,051,984 -3,486 1.7239

1994 - Dec. . . . . . . . 1,652,725 1,656,590 171,778 173,397 186,072 172,292 214,518 256,228 14,686 195,003 1.5495

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - July. . . . . . . . 1,794,700 1,800,737 231,869 232,197 391,716 330,392 443,124 352,833 6,141 300,144 1.4723

Aug. . . . . . . . 1,754,494 1,767,751 229,647 226,229 329,783 333,361 334,848 351,707 -1,336 310,092 1.4829

Sept.. . . . . . . 1,782,372 1,783,403 227,809 227,095 345,904 354,079 336,344 346,679 3,500 312,998 1.5254

Oct.. . . . . . . . 1,966,283 1,978,061 238,599 236,696 359,793 358,911 358,788 368,348 3,824 327,498 1.5179

Nov. . . . . . . . 1,830,046 1,836,430 241,730 239,529 398,910 394,886 394,211 403,428 4,124 332,373 1.5389

Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 363,503 366,198 363,287 375,390 6,143 331,422 1.5420

1997 - Jan.. . . . . . . . 1,949,905 1,950,969 257,178 254,161 421,087 414,644 450,872 453,454 10,664 341,024 1.6390

Feb. . . . . . . . 2,133,166 2,134,182 278,946 272,889 454,332 442,041 479,899 483,410 6,975 350,051 1.6903

Mar. . . . . . . . 2,113,694 2,116,806 283,714 283,697 465,360 473,646 490,816 497,336 10,656 340,467 1.6750

Apr.. . . . . . . . 2,107,219 2,127,918 304,490 303,525 462,734 473,283 453,327 507,369 12,933 348,550 1.7316

May. . . . . . . . 2,331,557 2,333,715 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061

June . . . . . . . 2,051,050 2,054,505 276,440 273,455 470,542 494,891 490,883 505,203 -1,468 350,493 1.7457

1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - June . . . . . . . 275,411 273,485 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

Sept.. . . . . . . 291,202 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280

Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

Sept.. . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. . . . . . . . 206,312 204,098 114,004 104,158 33,903 23,066 29,754 22,953 3,277 22,390 1.5420

1997 - Mar. . . . . . . . 273,353 274,683 125,229 110,858 40,492 30,229 41,055 30,838 -1,036 23,211 1.6750

SECTION II.--German Mark Positions

TABLE FCP-II-1.--Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 99
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - June . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

Sept.. . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

Sept.. . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec. . . . . . . . 15,669 16,566 7,296 6,967 1,371 1,408 2,023 1,525 -299 3,842 116.0000

1997 - Mar. . . . . . . . 12,357 13,911 8,601 7,406 1,182 1,373 1,730 1,294 -405 3,098 123.7500

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)

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 137,632 140,767 845 115.9000

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 140,725 143,728 809 115.8100

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 152,706 156,178 954 116.8400

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 144,080 147,247 808 119.0800

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 157,678 160,430 676 122.1200

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 156,327 159,170 820 123.3500

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 164,136 166,768 902 124.2200

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 159,256 161,996 1,408 124.4800

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 170,532 174,046 1,660 122.1500

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 168,130 171,518 1,677 121.2500

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 169,733 173,358 1,739 122.3500

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 165,283 169,133 1,841 122.8000

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 170,333 174,310 1,848 124.2000

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 168,572 172,599 1,547 123.2700

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 168,812 172,664 1,233 126.8000

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 170,747 173,569 1,285 125.7900

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 167,658 171,420 1,307 126.1000

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 172,245 175,950 1,158 127.1200

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 171,933 175,196 1,311 125.0500

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 178,376 183,149 1,641 117.2500

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 182,553 188,542 1,762 114.3800

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 178,743 183,289 1,643 115.9000

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 173,466 178,422 1,721 116.3000

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 180,881 185,530 1,500 111.2500

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 174,426 178,958 1,473 113.6600

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 171,512 175,792 1,331 114.0900

1994 - Dec. . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000

1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - July. . . . . . . . 143,223 146,128 22,811 21,327 18,047 17,692 21,018 21,947 838 46,178 106.8700

Aug. . . . . . . . 133,441 136,777 22,237 21,479 17,095 16,631 19,792 20,736 794 47,141 108.9100

Sept.. . . . . . . 138,544 141,020 23,785 23,069 17,736 17,378 20,419 21,566 522 49,018 111.4500

Oct.. . . . . . . . 144,238 146,793 23,741 23,325 18,919 19,131 22,339 23,462 360 51,046 114.0500

Nov. . . . . . . . 147,245 149,232 22,624 22,174 19,802 19,489 23,244 24,345 629 53,236 113.9000

Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Jan.. . . . . . . . 155,864 158,407 20,120 18,544 20,472 20,052 24,740 26,035 980 57,908 121.4800

Feb. . . . . . . . 170,186 172,914 21,114 19,720 21,845 21,273 25,345 27,312 1,627 60,382 120.2000

Mar. . . . . . . . 162,958 167,166 22,585 21,984 20,245 19,814 24,697 26,751 1,704 62,500 123.7500

Apr.. . . . . . . . 171,962 175,798 23,747 23,226 20,567 20,743 22,501 26,327 1,206 61,988 127.1200

May. . . . . . . . 175,562 182,207 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500

June . . . . . . . 168,515 172,073 25,091 24,393 25,984 26,252 27,999 29,024 1,296 61,248 114.6600

100 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - July. . . . . . . . 457,420 468,160 19,713 24,058 59,168 51,088 66,800 70,116 10,461 97,137 1.1979

Aug. . . . . . . . 432,124 442,632 18,593 22,540 55,691 48,601 65,370 67,119 9,716 96,569 1.2025

Sept.. . . . . . . 466,024 483,498 18,455 22,058 69,534 58,796 79,794 86,809 10,254 96,957 1.2550

Oct.. . . . . . . . 506,348 520,867 21,609 24,381 67,609 61,994 78,552 81,490 7,163 99,330 1.2690

Nov. . . . . . . . 528,308 537,826 21,064 24,966 81,905 85,293 84,532 96,242 6,213 100,652 1.3045

Dec. . . . . . . . 502,668 511,997 21,527 26,206 77,532 89,178 71,096 89,416 7,492 98,205 1.3420

1997 - Jan.. . . . . . . . 564,525 572,672 22,177 27,507 69,415 63,792 88,807 91,291 6,429 100,907 1.4248

Feb. . . . . . . . 614,072 623,922 23,309 30,444 71,947 67,027 93,948 99,168 2,091 111,155 1.4789

Mar. . . . . . . . 607,486 619,793 22,881 31,196 70,971 62,805 93,667 100,915 4,440 111,081 1.4480

Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735

May. . . . . . . . 640,463 657,023 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145

June . . . . . . . 612,152 624,766 26,259 35,851 63,145 58,445 92,660 106,737 4,116 120,439 1.4620

1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - June . . . . . . . 33,662 24,077 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

Sept.. . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550

Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec. . . . . . . . 45,049 54,712 13,769 15,598 3,215 2,838 4,334 4,499 -434 14,876 1.3420

1997 - Mar. . . . . . . . 51,798 72,243 16,779 17,455 4,194 5,291 6,877 7,653 -631 15,391 1.4480

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)

01/01/97. . . . . . . . . . . . . . . . . . . . . . . 483,602 496,654 7,724 1.3420

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 540,030 551,024 7,229 1.3648

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 541,150 557,137 8,924 1.3720

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 539,319 553,448 7,673 1.4300

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 585,426 598,590 6,880 1.4265

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 569,431 580,677 6,165 1.4238

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 599,718 612,025 6,089 1.4515

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 633,612 646,341 4,142 1.4853

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 647,675 661,365 3,604 1.4800

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 639,558 651,691 2,240 1.4819

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 649,183 660,584 2,885 1.4555

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 634,519 647,100 5,125 1.4440

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 627,633 639,631 4,681 1.4640

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 589,964 602,692 4,342 1.4435

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 626,279 638,721 3,601 1.4785

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 615,316 628,152 5,271 1.4725

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 600,843 614,603 4,709 1.4637

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 603,189 618,469 6,002 1.4735

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 610,133 626,248 6,762 1.4595

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 623,600 640,475 9,213 1.4365

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 668,989 686,759 9,311 1.4093

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 684,200 701,071 8,884 1.4115

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 641,543 659,578 7,785 1.4455

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 663,690 680,472 8,384 1.4390

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 611,610 630,071 7,757 1.4475

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 596,907 614,455 8,465 1.4380

FOREIGN CURRENCY POSITIONS 101
01/01/97. . . . . . . . . . . . . . . . . . . . . . . 315,197 304,018 -387 1.7105

01/08/97. . . . . . . . . . . . . . . . . . . . . . . 337,257 326,187 -392 1.6875

01/15/97. . . . . . . . . . . . . . . . . . . . . . . 349,851 338,750 -874 1.6840

01/22/97. . . . . . . . . . . . . . . . . . . . . . . 367,946 355,430 -465 1.6340

01/29/97. . . . . . . . . . . . . . . . . . . . . . . 374,106 362,296 -707 1.6200

02/05/97. . . . . . . . . . . . . . . . . . . . . . . 373,532 363,934 -54 1.6410

02/12/97. . . . . . . . . . . . . . . . . . . . . . . 375,920 368,407 -80 1.6310

02/19/97. . . . . . . . . . . . . . . . . . . . . . . 375,412 366,937 -51 1.6157

02/26/97. . . . . . . . . . . . . . . . . . . . . . . 366,508 357,176 -255 1.6340

03/05/97. . . . . . . . . . . . . . . . . . . . . . . 366,671 359,062 -269 1.6150

03/12/97. . . . . . . . . . . . . . . . . . . . . . . 386,869 378,994 -204 1.5980

03/19/97. . . . . . . . . . . . . . . . . . . . . . . 376,225 365,849 -22 1.5975

03/26/97. . . . . . . . . . . . . . . . . . . . . . . 377,302 361,849 731 1.6285

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 352,150 341,733 306 1.6428

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 353,552 344,561 1,011 1.6185

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 359,597 350,536 682 1.6242

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 361,771 353,066 747 1.6225

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 359,239 352,711 1,000 1.6237

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 391,944 381,274 1,338 1.6085

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 389,893 382,953 1,337 1.6465

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 395,425 384,810 914 1.6440

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 402,324 393,162 973 1.6390

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 392,354 384,177 946 1.6327

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 397,760 387,564 717 1.6370

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 380,953 369,040 674 1.6385

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 396,748 385,407 1,353 1.6628

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - July. . . . . . . . 300,608 298,567 64,729 66,094 42,935 43,834 40,992 43,874 615 58,977 1.5557

Aug. . . . . . . . 293,683 291,969 63,601 65,884 41,615 43,348 40,972 43,653 740 59,100 1.5614

Sept.. . . . . . . 302,300 295,350 69,562 73,519 39,435 41,821 36,067 39,788 494 58,548 1.5646

Oct.. . . . . . . . 342,988 334,369 69,099 72,923 48,323 50,299 45,937 48,445 -469 59,731 1.6265

Nov. . . . . . . . 352,406 345,749 67,155 71,503 54,005 55,727 51,282 53,361 -222 61,216 1.6812

Dec. . . . . . . . 319,811 308,666 70,639 72,805 48,830 49,889 45,236 47,500 -324 60,305 1.7120

1997 - Jan.. . . . . . . . 386,113 372,355 72,325 76,436 52,273 54,305 52,965 54,094 -200 62,506 1.6015

Feb. . . . . . . . 367,086 354,766 69,020 72,039 56,613 60,109 53,306 55,542 -309 63,558 1.6285

Mar. . . . . . . . 370,294 355,372 73,905 78,281 56,854 58,422 53,203 57,442 678 66,242 1.6392

Apr.. . . . . . . . 372,829 360,409 75,624 79,978 57,014 57,435 51,362 63,262 1,004 68,833 1.6237

May. . . . . . . . 391,017 378,238 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400

June . . . . . . . 392,242 376,730 67,556 73,677 54,783 54,343 53,566 61,723 1,448 70,914 1.6642

1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - June . . . . . . . 38,179 39,074 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

Sept.. . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

Sept.. . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. . . . . . . . 50,941 46,344 41,462 35,464 4,866 5,709 5,747 4,396 n.a. 5,117 1.7120

1997 - Mar. . . . . . . . 43,282 45,065 39,449 33,664 5,068 5,063 3,991 2,480 -201 5,047 1.6392

SECTION V.--Sterling Positions

TABLE FCP-V-1.--Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

102 FOREIGN CURRENCY POSITIONS
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing rights

(SDRs), and balances of foreign currencies. Principal sources

of income (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. ‘‘Profits (+) or losses (-) on

foreign exchange’’ includes realized profits or losses. ‘‘Adjustment for change in valuation of SDR holdings and allocations’’

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of Dec. 31, 1996, and Mar. 31, 1997

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

Dec. 31, 1996, 

Assets, liabilities, and capital Dec. 31, 1996 through Mar. 31, 1997 Mar. 31, 1997

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 11,964,888 3,287,831 15,252,719

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 10,312,295 -432,920 9,879,375

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,594,630 -463,341 6,131,289

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 9,017,399 -575,806 8,441,593

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 -3,500,000 -

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 119,498 -12,567 106,931

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 41,508,710 -1,696,803 39,811,907

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 52,485 -6,256 46,229

Total current liabilities . . . . . . . . . . . . . . . . . . 52,485 -6,256 46,229

Other liabilities:

Special drawing rights certificates . . . . . . . . . . . . 9,718,000 -518,000 9,200,000

Special drawing rights allocations . . . . . . . . . . . . 7,045,304 -250,207 6,795,097

Total other liabilities . . . . . . . . . . . . . . . . . . . . . 16,763,304 -768,207 15,995,097

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 24,492,921 -922,340 23,570,581

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,692,921 -922,340 23,770,581

Total liabilities and capital . . . . . . . . . . . . . 41,508,710 -1,696,803 39,811,907

EXCHANGE STABILIZATION FUND 103
Current quarter Fiscal year to date 

Jan. 1, 1997, through Mar. 31, 1997 Oct. 1, 1996, through Mar. 31, 1997

Income and expense

Profit (+) or losses (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,093,312 -1,476,378

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . -110,758 -114,632

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,885 61,166

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,316 349,748

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,529 192,433 

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -922,340 -987,663 

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-922,340 -987,663

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

‘‘Annual Report of the Secretary of the Treasury’’ and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30,

1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

104 EXCHANGE STABILIZATION FUND
105

Page Intentionally Left Blank
106

Page Intentionally Left Blank
INTRODUCTION: Consolidated Financial Statements

The following pages are excerpted from the “Consolidated

Financial Statements of the United States Government,” (CFS)

Prototype 1996. 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. 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.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 107
United States Government Consolidated Statement

of Financial Position as of September 30 (Unaudited) 

(In billions of dollars)

Assets 1996 1995

Cash and other monetary assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193.4 193.5

Accounts and loans receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171.7 161.8

Taxes receivable 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.8 46.2

Inventories and related properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232.1 219.9

Property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 969.1 934.4

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123.8 133.6

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,723.9 1,689.4

Liabilities and Net Position

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161.8 153.6

Federal debt securities held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,730.0 3,603.3

Pensions and other actuarial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651.5 1,628.2

Environmental liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246.5 227.2

Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283.6 228.7

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

6,073.4 5,841.0

Net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-4,349.5 -4,151.6

Statement of Financial Position

This statement shows the operating assets of the Government that were acquired under the reporting year and prior year

budgets and which remain available as resources to supply

Government goods or satisfy service needs in the future. It also

shows the Government’s operating liabilities, some of which

have not yet been funded by congressional appropriations. The

net position shown in the statement reflects debt held by the

public plus liabilities resulting from the application of accrual

accounting standards rather than budgetary accounting concepts.

The Statement of Financial Position does not include certain values such as stewardship assets, investments, and responsibilities (refer to the Statement of Federal Financial

Accounting Standard No. 8). Additional information on some

of the aforementioned can be found in Note 14 in the CFS on

Social Security and Medicare, and in the supplemental schedules regarded as additions to non-Federal economic resources.

1

 Taxes receivable for individual and corporate income taxes, net of allowances for loss, are reported by the Internal Revenue Service.

108 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Statement of Net Cost

This statement shows the annual net cost of Government operations which is funded by taxes, borrowing, or other means.

The statement reflects the cost incurred to carry out the priorities determined by appropriation acts and authorizing legislation. The statement contains two components: (1) the gross

cost of Government operations less (2) revenues earned from

the public for goods and services. (See page 15 for the consolidated statement.)

Gross costs

Gross cost includes the full cost of the functions and consist

of the direct costs and all other costs that can be directly traced,

assigned on a cause and effect basis, or reasonably allocated to

the function.

Exchange revenues

These are revenues that arise when the U.S. Government

provides goods and services to the public or to another Government entity for a price. The full amount of exchange revenues

is to be reported on the Statement of Net Cost.

Net costs

Net cost is the difference between a function’s gross cost

and its related exchange revenues. This amount represents the

net cost of operations of a function that is funded by sources

other than exchange revenues. The financing sources for net

cost of operations are reported on the Statement of Changes in

Net Position.

Notes to the Statement of Net Cost

Functions of Government and their cost

The Government has begun to implement a law to measure

performance and results. In arranging data on a functional basis, costs are classified according to the primary purpose of the

activity. To the extent feasible, this classification is made without regard to agency or organizational distinctions. Classifying

each activity solely in the function defining its most important

purpose—even though many activities serve more than one purpose—permits adding the cost of each function to obtain the total cost. 

The objectives of each of the Government’s functions are

described below. For additional information about agencies

and departments responsible for these functions, see their individual financial statements and the Budget of the United States

Government.

National defense

This function includes those programs directly related to the

common defense and security of the United States. Coverage

includes compensation and benefits for civilian and military

personnel, development and utilization of weapons systems,

and related programs. The areas falling within national defense’s responsibilities are: military activities, atomic energy

defense activities, and defense-related activities.

Education, training, employment,

and social services 

This function includes expenditures to promote extension of

knowledge and skills, enhance employment opportunities and

to provide public services. The programs included are: elementary, secondary and vocational education, higher education, research and general education aids, training and employment,

other labor services, and social services.

Health

This function includes those programs that have as their basic purpose the promotion of the physical and mental health of

the Nation’s population and the payments for or to persons for

which no current service is rendered (retirement pay). The programs included are: health care services, health research, education and training of the health care workforce, consumer and

occupational health and safety.

Medicare

This function includes the programs covered by Medicare:

hospital insurance and supplementary medical insurance.

 Income security

This function includes general retirement and disability insurance, Federal employee retirement and disability, unemployment compensation, housing assistance, food and nutrition

assistance, and other income security.

Social Security

This function includes the programs covered by Social Security: Old-age and survivors insurance and disability insurance,

Federal employees retirement and disability, unemployment

compensation, public assistance, and income supplements.

Veterans benefits and services

This function includes programs providing benefits and

services to eligible individuals with prior military service. The

programs included are: income security for veterans, veterans

education, training and rehabilitation, hospital and medical

care for veterans, veterans housing, and other veterans benefits

and services.

Energy

This function includes those programs designed to promote

an adequate supply and appropriate use of energy to serve the

needs of the economy. Areas within energy include: energy

supply, conservation, sciences, emergency energy preparedness, energy information, and policy and regulation.

Natural resources and environment

This function includes those programs whose primary purpose is to develop, manage, and maintain the Nation’s natural

resources and environment. Activities within this area include:

water resources, conservation and land management, recreaCONSOLIDATED FINANCIAL STATEMENTS EXCERPT 109
tional resources, pollution control and abatement, and other

natural resources.

Commerce and housing credit

This function includes the promotion and regulation of

commerce and the housing credit and thrift insurance industries. The programs included are: mortgage credit and thrift insurance, postal service, Federal Financing Bank and other

advancement and regulation of commerce.

Transportation 

This function includes all the programs with the primary

aim of providing for the transportation of the general public

and/or their property. The programs included are: ground transportation, air transportation, water transportation and other

transportation.

Community and regional development

This function includes all broad-based community, regional, urban and rural renewal, and development programs.

The programs included are: community development, area and

regional development, and disaster relief and insurance.

Under the Federal Emergency Management Agency

(FEMA), the Federal Insurance Administration program sponsored flood insurance coverage to individuals and businesses.

International affairs 

This function includes programs for the maintenance of

peaceful relations, commerce, and travel between the United

States and the remainder of the world. The areas falling within

international affairs are: foreign economic and financial assistance, military assistance, conduct of foreign affairs, foreign

information and exchange activities, and international financial programs.

General science, space, and technology

This function includes programs whose resources are allocated to general science and basic research, space flight, space

science, applications and technology, and supporting space activity.

Agriculture

This function includes those programs that promote the

economic stability of agriculture and the Nation’s capability

to maintain and increase agricultural production. The programs included are: farm income stabilization, and agricultural research and services. 

Administration of justice

This function includes those programs designated to provide judicial services, police protection, law enforcement and

the promotion of the general maintenance of domestic order.

The programs included are: Federal law enforcement activities, Federal litigative and judicial activities, Federal correction activities, and criminal justice assistance.

Interest

Interest costs are the amounts accrued on Federal securities

held by the public. Interest payments are made by the Treasury’s Bureau of Public Debt.

General Government

This function includes the general overhead costs of the

Federal Government, including legislative and executive activities, personnel, and property activities. The programs included are: legislative functions, executive direction and

management, central fiscal operations, general property and records management, central personnel management, and other

general Government.

110 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
The accompanying notes in the CFS are an integral part of this statement.

United States Government Consolidated Statement of Net Cost 

for the Year Ended September 30 (Unaudited) 

(In billions of dollars)

Gross Costs Exchange Revenues Net Costs

Costs of Government Functions 1996 1995 1996 1995 1996 1995

National defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230.2 194.6 9.4 11.1 220.8 183.5

Human resources:

Education, training, employment, and social services 54.5 82.5 1.6 3.2 52.9 79.3

Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.9 132.2 5.4 4.8 127.5 127.4

Medicare. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224.7 211.1 20.3 21.2 204.4 189.9

Income security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227.8 186.0 11.8 10.6 216.0 175.4

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380.8 364.1 1.1 - 379.7 364.1

Veterans’ benefits and services . . . . . . . . . . . . . . . . . 13.3 81.0 3.6 3.7 9.7 77.3

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034.0 1,056.9 43.8 43.5 990.2 1,013.4

Physical resources:

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.2 15.1 14.0 10.2 17.2 4.9

Natural resources and environment . . . . . . . . . . . . . . 29.8 23.8 3.0 2.9 26.8 20.9

Commerce and housing credit . . . . . . . . . . . . . . . . . . 73.2 70.0 66.2 68.9 7.0 1.1

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.7 37.4 2.1 2.5 51.6 34.9

Community and regional development. . . . . . . . . . . . 8.1 13.7 .9 1.5 7.2 12.2

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196.0 160.0 86.2 86.0 109.8 74.0

Net interest:

Interest on the public debt . . . . . . . . . . . . . . . . . . . . . 241.7 234.3 - - 241.7 234.3

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 .1 - - .1 .1

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241.8 234.4 - - 241.8 234.4

Other functions:

International affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 19.3 6.0 2.7 14.8 16.6

General science, space, and technology . . . . . . . . . . 16.5 17.9 - .1 16.5 17.8

Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7 7.0 2.8 2.9 13.9 4.1

Administration of justice . . . . . . . . . . . . . . . . . . . . . . . 21.5 16.9 1.0 1.1 20.5 15.8

General Government . . . . . . . . . . . . . . . . . . . . . . . . . 26.7 50.3 8.5 8.8 18.2 41.5

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.2 111.4 18.3 15.6 83.9 95.8

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

1,804.2 1,757.3 157.7 156.2 1,646.5 1,601.1

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 111
Statement of Changes in Net Position

The Statement of Changes in Net Position reports the beginning net position, the items which caused net position to

change during the reporting period, and the ending net position.

It shows the revenues generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and

penalties, as well as any prior period adjustments that affect the

net position.

Net cost of Government operations

Net cost of Government operations is the cost of operations

reported on the Statement of Net Cost. Financing sources from

non-exchange revenues are taxes and other non-exchange revenues, including donations, which the Federal Government is

able to demand or receive due to its sovereign powers.

Prior period adjustments

Prior period adjustments are limited to corrections of errors

and accounting changes with retroactive effects that can either

increase or decrease net position depending upon their nature,

including adjustments occasioned by the adoption of new Federal financial accounting standards. Adjustments are included

in the calculation of the net change in cumulative results of operations, rather than as an element of net results for the period.

Prior period statements should not be restated for prior period

adjustments.

Net position—beginning of period

The amount is the net position reported on the prior year’s

balance sheet.

Net position—end of period

This amount shall agree with the amount reported as net position on the current year’s balance sheet.

United States Government Consolidated Statement of Changes in Net Position for the Year Ended September 30 (Unaudited)

(In billions of dollars)

1996 1995 

Net cost of Government operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,646.5 -1,601.1

Less financing sources from non-exchange revenues:

From income taxes:

Individual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656.4 590.2

Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171.8 157.0

From employment taxes and contributions:

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371.4 355.0

Medicare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.0 96.0

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.6 28.9

From other taxes and Governmental receipts:

Excise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.0 57.5

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2 14.8

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7 19.3

Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 27.3

Total non-exchange revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448.6 1,346.0

Net results of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -197.9 -255.1

Prior period adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -.5 1

 109.7

Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -197.9 -145.4

Net position, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4,151.6 -4,006.2

Net position, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-4,349.5 -4,151.6

1 Prior period adjustments consist of: environmental clean-up cost of -$227.2 billion; Bureau of Indian Affairs, -$1.6 billion; defense inventories and fixed assets, -$82.4 billion; and depreciation,

$420.9 billion. (See note 6 in the CFS for explanation of adjustment for depreciation.)

112 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Exchange and Non-Exchange

Revenues and Cost

The graphs on this page and on the following page

show categories of revenues by source and the Government’s cost by function for fiscal 1996 and 1995.

Sources of non-exchange revenues levied under the

Government’s sovereign power are reported on the

cash basis. Sources of exchange revenues and gross

cost by function are reported on the accrual basis.

Sources of

Non-Exchange

Revenues

Sources of

Exchange

Revenues

(All charts in billions of dollars)

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 113
Gross Cost by Function

1

 See “Gross Costs” column in the United States Government Consolidated Statement of Net Cost on

page 15 of the CFS.

2

 Does not include interest on investments held by Government agencies.

114 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Major Categories

of Assets as of

September 30, 1996

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 (page 108 of this

issue of the Treasury Bulletin). It depicts the

major categories of assets as of September 30,

1996, as a percentage of total assets. The components for each of these categories are contained in Notes to Financial Statements in the

CFS.

Total Assets:

$1,724 billion

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 115
Gross Accounts and Loans Receivable

as of September 30, 1996

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 $14.4 billion and $62.3 billion for accounts and

loans receivable, respectively, are included in the Statement of Financial Position on page 108 of this issue of the Treasury Bulletin.

Gross Accounts

Receivable Total:

$59 billion

Gross Loans

Receivable Total:

$189 billion

116 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
Commitments and

Contingencies

For a breakdown of the figures illustrated in these

charts, see Commitments and Contingencies of the United

States Government for the Years Ended September 30,

1996 and 1995, on pages 32 and 33 of the CFS.

Commitments

Total: $405 billion

Contingencies (at face value)

Total: $5,447 billion

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 117
Federal Debt

The following graphs represent different facets of

the net Federal debt, excluding intragovernmental

investments. For a breakdown of the Federal debt,

see the tables on pages 22 through 24 of the CFS.

Types of

Securities as of

September 30,

1995-1996

Federal Debt Held by the Public,

Fiscal 1992-1996

(In billions of dollars)

Interest Expense for Federal Debt

Held by the Public,

Fiscal 1992-1996

(In billions of dollars)

118 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
TABLE TF-15A.--Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

‘‘unfunded authorizations’’ is the latest estimate received from

three Department of Transportation for fiscal 1996. The 24-

and 12-month revenue estimates for the highway and mass

transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

TRUST FUNDS 119
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9001. ‘‘Some Economic Aspects of the U.S. Health Care System.’’ James E. Duggan. August 1990.

9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990.

9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and

John S. Greenlees. December 1990.

9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991.

9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992.

9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992.

9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992.

9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’

Michael Cayton. February 1993.

9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

120 TECHNICAL PAPERS
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)----Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds----

meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)----Includes all issues by the Bureau of the Mint purposely intended

as a medium of exchange. Coins sold by the Bureau of the Mint

at premium prices are excluded; however, uncirculated coin

sets sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)----In Treasury bill auctions, purchasers tender competitive bids on a discount rate

basis. The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (‘‘Federal Fiscal Operations’’)----Congress passes laws giving budget authority to Government

entities, which gives the agencies the power to spend Federal

funds. Congress can stipulate various criteria for the spending

of these funds. For example, Congress can stipulate that a given

agency must spend within a specific year, number of years, or

any time in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period

of time during which Congress makes funds available may be

specified as 1-year, multiple-year, or no-year. The available

amount may be classified as either definite or indefinite; a

specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit----The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)----Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

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 June 1997, the debt limit

was $5,500,000 million; the limit may change from year to

year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount----The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)----The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (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)----Locations other than those included under the definition of the

United States. (See United States.)

Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions

and individuals living outside the United States, including U.S.

citizens living abroad, and branches, subsidiaries, and other

affiliates abroad of U.S. banks and business concerns; central

governments, central banks, and other official institutions of

countries other than the United States, and international and

regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by

reporting institutions to be acting for foreigners.

Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all

departments and agencies of national governments; central

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

121
of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)----Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)----Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the

Unemployment Trust Fund.

Interfund transactions (‘‘Federal Fiscal Operations’’)----

Transactions in which payments are made from one fund group

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

another group.

International Monetary Fund (‘‘Exchange Stabilization

Fund,’’ IFS-1)----(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (‘‘Federal Fiscal Operations’’)----These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)----The

value of outstanding savings bonds and notes that have reached

final maturity and no longer earn interest. Includes all Series

A-D, F, G, J, and K bonds. Series E bonds (issued between

May 1941 and November 1965), Series EE (issued since

January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate or

yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (‘‘Federal Fiscal Operations’’)----Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions

of law. Their receipts, outlays, and surplus or deficit are not

included in budget receipts, outlays, or deficits. Their budget

authority is not included in totals of the budget.

Outlays (‘‘Federal Fiscal Operations’’)----Payments on obligations in the form of cash, checks, the issuance of bonds or

notes, or the maturing of interest coupons.

Own foreign offices (‘‘Capital Movements’’)----Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United

States.

Par value----The face value of bonds or notes, including interest.

Quarterly financing (‘‘Treasury Financing Operations’’)---- Treasury has historically offered packages of several

‘‘coupon’’ security issues on the 15th of February, May, August, and November, or on the next working day. These issues

currently consist of a 3-year note, a 10-year note, and a 30-year

bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new

security issues. (See Reopening.)

Receipts (‘‘Federal Fiscal Operations’’)----Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)----The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (‘‘Exchange Stabilization Fund,’’

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

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comply with IRS arbitrage provisions. SLUGs are offered in

both time deposit and demand deposit forms. Time deposit

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand

deposit securities are 1-day certificates rolled over with a rate

adjustment daily.

Statutory debt limit (FD-6)----By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)----Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may

be divided into principal and interest-paying components,

which may be transferred and sold in amounts as small as

$1,000. STRIPS are sold at auction at a minimum par amount,

varying for each issue. The amount is an arithmetic function

of the issue’s interest rate.

Treasury bills----The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (‘‘Federal Fiscal Operations’’)----An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States----Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)----Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

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