JUNE 1996

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

FFO-A.--Chart: Monthly receipts and outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Analysis.--Summary of budget results for the second quarter fiscal 1996; First-quarter receipts . . . . . . . . . . . . . . . . . . . . . . . . 8

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

FFO-4.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

FEDERAL OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

ACCOUNT OF THE U.S. TREASURY

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

FEDERAL DEBT

FD-1.--Summary of Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 24

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . . 25

FD-A.--Chart: Average length of marketable debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

PUBLIC DEBT OPERATIONS

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

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

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

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

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

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

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

U.S. SAVINGS BONDS AND NOTES

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

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

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

OWNERSHIP OF FEDERAL SECURITIES

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

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

MARKET YIELDS

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

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

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

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

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

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

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

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

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

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

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

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

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

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

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

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

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

 selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

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

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

CM-II-3.--Total claims on foreigners by type and country reported by banks in the United States . . . . . . . . . . . . . . . . . . . . . . 77

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. . . . 79

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 80

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

 IN THE UNITED STATES

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

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

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

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

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

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

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

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

CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (first quarter) . . . . . . . . . . . . . . . . . . . . . 94

CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . 96

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

FOREIGN CURRENCY POSITIONS

SUMMARY POSITIONS

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

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

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

IV

Contents
GERMAN MARK POSITIONS

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

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

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

JAPANESE YEN POSITIONS

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

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

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

SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

STERLING POSITIONS

FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

FCP-V-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

FCP-V-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

EXCHANGE STABILIZATION FUND

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

SPECIAL REPORTS

TRUST FUNDS

TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

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

GROWTH IN REAL GROSS DOMESTIC PRODUCT (GDP) accelerated in the first quarter of 1996 from the sluggish pace at

the end of 1995. GDP expanded at a 2.8 percent annual rate

in the first quarter and that would have been even faster if

not for the General Motors strike. GDP increased 0.5 percent at an annual rate in the fourth quarter of 1995. During

the four quarters of 1995, growth was just 1.3 percent.

Consumer spending improved and rose at a 3.5 percent

pace in the first quarter versus 1.2 percent in the fourth quarter of 1995. Business investment grew to a 12 percent rate

from 3 percent in the final quarter of 1995. There was also a

rebound in Federal spending after the shutdown contributed

to a sharp decline in the fourth quarter. Deterioration in the

net export balance was a major negative element in the first

quarter.

Inflation, as measured by the chain-weighted price index

for GDP, increased at a 2.5 percent annual rate in the first

quarter, only a little faster than the 2.2 percent gain the previous quarter. Prices paid by U.S. residents, excluding exports and including imports, also rose at a 2.5 percent rate.

During the rest of 1996, GDP growth is projected to moderate to a steady pace that is consistent with low inflation.

Private forecasters and the Administration expect growth in

the 2 to 2-1/2 percent range for the entire year.

Consumer and producer prices

Inflation was very moderate in 1995. The consumer price

index (CPI) rose by only 2.5 percent over the year, the

fourth straight year that consumer inflation was below 3 percent. So far in 1996 price gains accelerated slightly, mainly

due to temporary increases in energy and food prices.

Through the first 4 months of the year, the CPI rose at a 4.1

percent annual rate, while growth in core inflation, excluding food and energy, was just 3 percent, the same as in 1995.

The producer price index (PPI) for finished goods has

also registered some acceleration early in 1996, particularly

for energy. After rising by 2.3 percent in 1995, the PPI was

up at a 3.0 percent annual pace in the first 4 months. Excluding food and energy, however, that gain was just 0.4 percent

at an annual rate compared with growth of 2.6 percent in

1995. Core prices at earlier stages of processing have also

been very well behaved so far this year.

The cost of compensating labor has shown little evidence

of inflationary pressures. The employment cost index (ECI)

rose by 3 percent over the 12 months ending in March,

about in line with the gain during 1995. Benefit costs actually edged down in the first quarter, while growth in wage

costs picked up slightly from previous quarters.

Real disposable personal income and consumer spending

Real disposable (after tax) personal income has continued

to grow into 1996, after a solid performance last year. Following a 3 percent rise during the course of 1995, disposable (after-tax) personal income adjusted for inflation rose

by 3.2 percent at an annual rate in the first quarter. This was

a good performance, especially in view of the General Motors strike, which cut into wages in March.

Consumer spending increased at a healthy 3.5 percent annual rate in the first quarter, after a lackluster 2 percent rise

during 1995. Nonautomotive discretionary goods (such as

furniture and apparel) and gas and electricity (needed for

the severe winter weather) led the first quarter gains.

The share of after-tax income devoted to personal saving

was 4.8 percent in the first quarter, little changed from the

fourth quarter but up from 4.5 percent for all of 1995 and

the weak 3.8 percent in 1994. Recent figures remain low

compared to the 7.7 percent averaged from 1959 to 1986.

Industrial production and capacity utilization

Growth of industrial production in manufacturing, mining, and utilities improved in the first quarter from a weak

pace at the end of 1995. Production expanded by 2.7 percent at an annual rate in the first quarter compared with

growth of just 0.6 percent in the fourth.

Contributing to the growth in the first quarter was a rebound in the production of aircraft and parts, which had

been affected by a strike at Boeing late in 1995. The pace in

the first quarter would have been even higher if not for

some special factors such as a strike against General Motors, which held down motor vehicle output. In the first

quarter, industrial production growth was at a strong 4.3 percent annual rate, excluding motor vehicles and parts.

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
The capacity utilization rate was 82.7 percent in the first

quarter, slightly above its long-term average but well below

the 15-year high that was reached early in 1995.

Employment and unemployment

Employment growth continued to accelerate in the first

quarter of 1996 to an average of 221,000 jobs per month

compared with 142,000 in the final quarter of 1995. While

job growth has risen since the second quarter of 1995, results for April 1996 showed virtually no improvement, but

technical factors could have affected the figures.

The private service-producing sector added most of the

new jobs. Increases in this sector totaled 1.7 million in

1995, with an additional 650,000 new jobs added through

the first four months of 1996. In contrast, the manufacturing sector has been weak. Factory jobs fell by 338,000 between March 1995 and April 1996 after steady gains

through 1994.

The unemployment rate fell steadily during 1994, and

since October of that year has hovered in a narrow range of

5.4 percent to 5.8 percent. By historical standards, this band

is quite low.

Nonfarm productivity and unit labor costs

Nonfarm productivity, or output per hour worked, increased at a sluggish 0.7 percent in 1995. Productivity

growth so far during the 1990’s has averaged a 1 percent annual rate, the same as during the 1980’s, but down from 1.9

percent during the 1970’s and 2.9 percent during the 1960’s.

Hourly compensation costs in the nonfarm business sector rose by 4.1 percent over the four quarters of 1995, up

from 2.5 percent during 1994. As a result of the more rapid

increases in compensation than in productivity, labor costs

per unit of output accelerated to 3.4 percent in 1995, the biggest increase in 5 years.

Productivity in manufacturing, a component of the nonfarm sector, grew at a much more rapid pace than in the

nonfarm business sector as a whole, rising by 3.7 percent

during the four quarters of 1995. As a result of the faster

gains in productivity, unit labor costs in the manufacturing

sector improved, declining in 1995 for the second consecutive year.

Current account balance

The current account balance encompasses U.S. international trade in goods, services, and income payments. The

current account deficit had widened sharply in recent years

as the economic recovery here brought in imports at a faster

pace than the rate of expansion in exports. That deterioration slowed in 1995. Last year the deficit was $153 billion,

just slightly above the $151 billion in 1994. An improved

merchandise trade balance was primarily responsible.

The merchandise trade deficit narrowed to an average of

$13.1 billion a month from August through December in

1995, compared with $15.6 billion earlier in the year. For

1995 as a whole, however, the merchandise trade deficit totaled $174.6 billion, the largest on record.

International trade in services showed a $63 billion surplus in 1995. That was a little better than figures for the 3

previous years.

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

surplus of $9 million in 1993 to a deficit of $11.4 in 1995.

The main contributor to that deficit was Federal Government interest payments to the rest of the world.

Exchange rate of the dollar

The dollar strengthened over the second half of 1995 and

on into 1996 after steady deterioration beginning in early

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

index of the dollar against G-10 currencies, the dollar

dropped close to an all-time low in April 1995. Through the

end of 1995 the dollar increased by 4 percent and a further

2.8 percent in the first four months of 1996.

Most of the dollar deterioration was against the yen and

the deutschemark, and the improvement was also greatest

against these currencies. Since April 1995, the dollar has increased by almost 9 percent against the deutschemark and

by 28 percent against the yen.

Despite the improvement, the dollar remains about 10 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency

markets. The large U.S. current account deficit likely

played a role in the earlier downward movement of the dollar. Underlying economic fundamentals in the United States

remain sound, however.

Interest rates

Long-term interest rates have moved higher in 1996 after

declining over the second half of last year. The yield on the

30-year Treasury bond increased from a recent low of 6.0

percent in January to a current rate of about 6.8 percent.

Stronger jobs and income growth contributed to the upward

movement.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Mortgage interest rates have also increased but remain extremely favorable. Earlier this year the rate for a 30-year

fixed-rate conventional loan was 7 percent, close to the 25-

year lows reached in October 1993. Rates are currently at

about 7.9 percent, still quite low by historical standards.

Short-term interest rates have moved lower this year. The

Federal Reserve Board eased monetary policy in January

for the third time in the current cycle. Since last July, the

Board has reduced the target for the Federal funds rate by a

total of 75 basis points, to 5-1/2 percent, and has lowered

the discount rate by a total of 25 basis points, to 5 percent.

Net national saving and investment

Net national saving is the saving available for investment

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

workers. Depreciation to replace obsolete capital is included in gross saving. In 1995, net national savings rose to

4.9 percent of net national product (NNP) from 3.9 percent

in 1994 and 2.7 percent in 1992. That was the lowest in the

history of the series. Net savings had averaged as high as 12

percent of NNP in the 1960’s.

Gains over the past 3 years reflect the narrowing of the

Federal deficit, which has reduced Government dissaving to

1.6 percent of NNP in 1995 from 3.9 percent in 1992. Private savings, of households and businesses, was equivalent

to 6.9 percent of NNP in 1995, up from the historical low of

6.4 percent in 1994. Private saving had averaged nearly 10

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

Net domestic investment equaled 7.2 percent of NNP in

1995, up from a low of 4.1 percent in 1991. Foreign inflows

accounted for 2.2 percent of NNP in 1995, or nearly onethird of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, only half the shares of

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

Housing

Housing activity has improved after the unusually severe

weather in January. Housing starts averaged 1.47 million

units at an annual rate in the first quarter, close to their expansion high of 1.48 million units in the fourth quarter of

1994. Both single- and multi-family housing starts were

strong in the first quarter.

Single-family home sales have been brisk, as improvements in employment growth and consumer confidence as

well as lower mortgage interest rates have stimulated housing market activity. New home sales dipped in March, but

were quite strong in January and February. Existing home

sales have expanded rapidly in the past few months, spurred

by the low mortgage rates at the beginning of the year.

Although rates have risen from levels that were near 25-

year lows in January and February, they are still quite moderate by historical standards. Favorable rates and growing

employment should continue to support the housing market, but it is unlikely there will be additional large gains.

The level of housing activity is fairly high for this stage of

the business cycle, and further rapid expansion is doubtful.

Federal budget deficit

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

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

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

Administration.

Outlays rose by only 4 percent in fiscal 1995, while receipts expanded by 7.8 percent. The deficit represented 2.3

percent of gross domestic product (GDP), well below the

4.9 percent share in fiscal 1992 and the lowest in 16 years.

The deficit is projected to fall further in fiscal 1996, to

$146 billion or just 2 percent of GDP. So far through the

first half of fiscal 1996, indications suggest that the deficit

will come in a bit below that figure. The budget is projected

to reach balance in fiscal 2001 under the Administration’s

economic assumptions.

Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

checks or the disbursement of cash—outlays. Obligations may

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts.

Offsetting collections from other Government accounts

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

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

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

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

for materials or services are treated as reimbursements to

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

(public enterprise, intragovernmental, and trust); collections

are netted against spending, and outlays are reported as the net

amount.

Offsetting receipts in receipt accounts cannot be used

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

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

intra-governmental funds, or payments into receipt accounts

from governmental appropriation or fund accounts. They finance operations within and between Government agencies

and are credited with collections from other Government

accounts.

Intrabudgetary transactions are subdivided into three

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

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

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

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

and receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

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

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

The Government has used the unified budget concept as

a foundation for its budgetary analysis and presentation since

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

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

however, various laws have been enacted removing several

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

Other laws have moved certain off-budget Federal entities

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

entities consist of the two Social Security trust funds, Federal

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

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

and surplus or deficit ordinarily are not subject to targets set

by the congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 (commonly known as

the Gramm-Rudman-Hollings Act) included off-budget surplus or deficit in calculating deficit targets under that act and

in calculating excess deficit. Partly for this reason, attention

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

deficit of the Government.

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

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

Federal entities and disbursing officers, and daily reports from

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

off-budget Federal entities and their related effect on assets

and liabilities of the Government. Data are derived from the

“Monthly Treasury Statement of Receipts and Outlays of the

United States Government.”

 Table FFO-1 summarizes the amount of total receipts,

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

Federal securities, monetary assets, and balances in Treasury

operating cash.

6 FEDERAL FISCAL OPERATIONS
CHART FFO-B.—

Budget Receipts by

Source, through Second

Quarter, Fiscal Years

1995-1996

(In billions of dollars)

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency. 

Table FFO-4 (revised from March issue) summarizes

internal revenue collections by States and other areas and by

type of tax. Amounts reported are collections made in a fiscal

year. They span several tax liability years because they consist

of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security

taxes), of payments made with tax returns, and of subsequent

payments made after tax returns are due or are filed (i.e.,

payments with delinquent returns or on delinquent accounts).

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

inadvertently imported into the Unemployment Insurance and

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

State distribution only.

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

CHART FFO-A.—

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

FEDERAL FISCAL OPERATIONS 7
Summary of Budget Results for the Second Quarter, Fiscal 1996

Only modest improvement

in the Federal budget balance

was registered in the second

quarter of fiscal 1996, according to the officially tabulated numbers which show

that the deficit narrowed to

$72.3 billion from $73.3 billion a year earlier. However,

the budget results were impacted by a number of special factors which severely

distorted the year-to-year

comparison. After rough adjustments for all these special

developments, continuation of the pattern of significant improvement in the budget balance is indicated.

Among the special factors impacting second quarter comparisons, the Federal shutdown in the first fiscal quarter of the

year apparently resulted in the shift of some outlays into the

second quarter. Also, because of happenstance of the calendar

the number of military pay periods and some other payments

were artificially reduced in the second quarter of the current

fiscal year. The amount of individual income tax refund checks

and earned income tax credit payments had been unusually

small in the quarter a year earlier, when the Internal Revenue

Service was putting in place additional precautions to combat

fraud. Finally, there was a decline in flows of funds to the

deposit insurance agencies (counted as negative outlays in

budget accounting).

Many of these same special factors distort comparisons of

budget totals for the first half of the current fiscal year with

figures for a year earlier. The actual budget data show an

$18.4 billion narrowing of the deficit from $146.6 billion in

the first half of fiscal 1995 to $128.2 billion so far in fiscal

1996. Adjusting for the various special factors suggests that

the underlying improvement was somewhat greater than that.

Administration budget projections released in March show

the deficit declining to $146 billion for all of fiscal 1996 from

$164 billion in fiscal 1995. The Congressional Budget Office

has projected a slightly narrower deficit of $144 billion for the

current fiscal year. More recent data on revenue flows suggest

the likelihood of an even smaller deficit.

For the fiscal year to date, total revenues were up from a

year earlier by 5.0 percent, or close to the 5.3 percent pace

projected in the budget for the entire fiscal year. Leading the

increase were corporate income tax revenues, reflecting the

sizable rise in the December quarterly payment. Withheld

individual income and employment taxes rose by 6.7 percent,

or 1.1 percentage points faster than growth of the wage and

salary tax base now carried in the national income and product

accounts.

Total outlays increased by 1.6 percent in the first two

quarters of the fiscal year, or about one-half the pace projected

for the entire year. Some of the major outlay components are

discussed below.

 Total defense function spending fell by 3.6 percent, after

adjustment for differences in the number of military pay

periods. That included a steep decline in the procurement

account, which covers big-ticket items such as aircraft, ships,

and other hard goods. Falling procurement spending has contributed more than four-fifths of the total drop in defense

outlays from the peak reached in 1989. That has been reflected

in the drop of one-third during that span in employment in

defense related industries, as tabulated by the Bureau of Labor

Statistics. Budget projections show the procurement account

flattening out over the next few years, at least in nominal

terms, and orders placed with defense goods producers already

show a bottoming out through 1995 and some increases recently. That suggests that the bulk of the downsizing in the

defense goods industry may already have been witnessed.

 Outlays for health care (Medicare, Medicaid, and other

health care) increased by 6.7 percent in the first half of fiscal

1996 (adjusted for unusual timing of Medicare payments to

HMO’s). Growth of health-care spending has been tapering

sharply from a recent peak of 18.7 percent reached in 1992

and grew by an adjusted 9.6 percent in fiscal 1995. Growth of

outlays for Medicare in the first half of the fiscal year were in

line with the 11 percent pace projected in the budget for the

entire year, but spending under other health-care components

rose only marginally.

Net interest outlays were up by 6.1 percent in the first half

of the fiscal year. That reflects a 4.7 percent increase in the

outstanding publicly held debt, and a narrow increase in the

effective interest rate.

 Farm support payments were down sharply, reflecting high

prices for major farm crops.

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

[In millions of dollars]

January-March

Actual fiscal year

to date

Budget estimates

(February 1996)

full fiscal 1996

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,282 645,154 1,426,775

On-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,205 474,378 1,059,334

Off-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,078 170,776 367,441

Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,577 773,372 1,572,411

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,132 627,804 1,270,292

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,445 145,568 302,119

Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -72,296 -128,218 -145,636

On-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . -83,929 -153,426 -210,958

Off-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . 11,633 25,208 65,322

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . 80,464 113,798 165,272

Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . -1,379 16,075 -2,051

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6,788 -1,655 -17,585

Total on- and off-budget financing. . . . . . . . . . . . . . . . . . 72,296 128,218 145,636

8 FEDERAL FISCAL OPERATIONS
First Quarter Fiscal 1996 Net Budget Receipts, by Source

[In billions of dollars]

Source October November December 

Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.8 39.5 53.2

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 1.7 38.0

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.5 34.9 37.2

Unemployment insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 2.9 0.2

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 5.2 4.9

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1.3 1.4

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.6 1.4

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2.1 2.5 1.6

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

95.6 89.9 138.3

First-Quarter Receipts

The following capsule analysis of budget receipts, by

source, for the first quarter of fiscal 1996 supplements

fiscal data reported in the March issue of the “Treasury

Bulletin.” At the time of that issue’s release, not enough

data were available to analyze adequately collections

for the quarter.

Individual income taxes—Individual income tax receipts

were $144.5 billion for the first quarter, an increase of $10.2

billion over the comparable quarter for fiscal 1995. Withheld

receipts increased by $8.4 billion, and non-withheld receipts

by $1.7 billion during this period. There was no change in

refunds over the comparable 1995 quarter. There was an increase of $1.0 billion in accounting adjustments between individual income tax receipts and the Social Security and

Medicare trust funds over the comparable 1995 quarter.

Corporate income taxes—Net corporate receipts totaled

$41.9 billion. This was $5.4 billion higher than net receipts for

the comparable 1995 quarter. The $5.4 billion figure consists

of $6.0 billion in higher estimated and final payments less $0.6

billion in higher refunds. The increase in net receipts mainly

reflects higher corporate profits.

Employment taxes and contributions—Employment

taxes and contributions receipts were $102.6 billion, an increase of $1.9 billion over the comparable 1995 quarter. Receipts to the Old-Age Survivors Insurance and Hospital

Insurance Trust Funds increased by $15.8 billion, and $0.4

billion, respectively. Receipts to the Disability Insurance Trust

Fund decreased by $13.5 billion. There was a -$0.4 billion

accounting adjustment for prior years’ employment tax liabilities made in the first quarter of fiscal 1995, while there was a

-$1.4 billion adjustment made in the first quarter of fiscal 1996.

Contributions for other insurance and retirement—Contributions for other retirement were $1.1 billion,

with a negligible change in receipts from the first quarter of

fiscal 1995. Growth in contributions will remain flat over the

next few years as the number of employees covered by the

Federal employees’ retirement system (FERS) grows slowly

relative to those covered under the civil service retirement

system (CSRS).

Unemployment insurance—Unemployment insurance receipts were $4.4 billion, $0.2 billion less than in the comparable 1995 quarter. State taxes deposited in the U.S. Treasury

decreased by $0.2 billion, and Federal Unemployment Tax Act

(FUTA) receipts increased by $0.01 billion. Railroad unemployment tax receipts were approximately the same as in the

comparable 1995 quarter.

Excise taxes—Net excise tax receipts were $14.5 billion,

an increase of $0.1 billion over the comparable 1995 quarter.

Total excise tax refunds were $0.3 billion, unchanged over the

comparable prior year quarter.

Estate and gift taxes—Estate and gift tax receipts were

$3.9 billion, an increase of $0.1 billion over the previous

quarter, and an increase of $0.4 billion over the same quarter

in 1995.

Customs duties—Customs receipts net of refunds were

$4.8 billion. This is a decrease of $0.6 billion from the comparable 1995 quarter and is due to a decrease in tariffs resulting

from implementation of recently enacted trade agreements.

Miscellaneous receipts—Net miscellaneous receipts were

$6.2 billion, a decrease of $0.3 billion over the comparable

prior year quarter.

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

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . 8,140 121,002 165,272 2,051 * * * -17,585 * 145,636

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

1995 - Mar. . . . . . . . 4 -4,135 13,645 -17,747 494 -606 563 19,525 77 50,543

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

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

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

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

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

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

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

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

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

1996 - Jan. . . . . . . . -104 4,685 -4,747 16,959 -258 1,073 -340 2,907 - -19,274

Feb. . . . . . . . 8,033 -10,282 47,022 -6,297 327 -1,678 503 -9,872 - 44,295

Mar. . . . . . . . -666 62,211 38,189 -9,283 -57 207 434 387 - 47,275

Fiscal 1996 to date . 8,547 40,079 113,798 -16,075 14 -308 565 -1,386 * 128,218

Means of financing—net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

1

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

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

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . 1,426,775 1,059,334 367,441 1,572,411 1,270,292 302,119 -145,636 -210,958 65,322 278,133

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

1995 - Mar. . . . . . . . 92,532 61,970 30,562 143,074 117,123 25,951 -50,543 -55,153 4,610 9,506

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

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

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

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

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

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

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

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

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

1996 - Jan. . . . . . . . 142,922 110,615 32,307 123,647 98,056 25,591 19,274 12,558 6,716 42

Feb. . . . . . . . 89,349 60,913 28,437 133,644 105,711 27,933 -44,295 -44,799 504 28,707

Mar. . . . . . . . 89,011 56,677 32,334 136,286 108,365 27,921 -47,275 -51,688 4,413 101,066

Fiscal 1996 to date . 645,154 474,378 170,776 773,372 627,804 145,568 -128,218 -153,426 25,208 145,331

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

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . . . . 534,281 186,071 89,479 630,873 185,127 18,019 167,108 797,981 469,289 - 469,289

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

1995 - Mar. . . . . . . . . . . . 44,561 4,302 22,016 26,845 17,238 2,375 14,863 41,709 38,234 - 38,234

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal 1996 to date . . . . . 281,367 51,256 39,039 293,584 74,794 10,589 64,205 357,789 219,191 750 218,443

1991 1. . . . . . . . . . . 3,792 -8 3,801 370,526 21,068 146 20,922 4,454 108 4,563

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . 3,897 - 3,897 473,186 29,810 - 29,810 4,449 90 4,539

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

1995 - Mar. . . . . . . . 414 2 412 38,646 337 17 320 406 7 413

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal 1996 to date . 2,076 88 1,987 220,430 8,292 31 8,261 2,238 56 2,294

Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

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

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

Social insurance

taxes and 

contributions,

con.

Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . . 53,886 15,924 - 15,924 19,313 - 19,313 23,752 8,384 32,136 1,059,334 367,441

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

1995 - Mar. . . . . . . . . . 5,143 1,248 30 1,218 1,781 311 1,470 3,015 597 3,612 61,970 30,562

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

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

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

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

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

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

Oct. . . . . . . . . . 4,453 1,207 46 1,160 1,883 97 r

 1,786 1,756 314 2,070 72,200 23,393

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

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

1996 - Jan. . . . . . . . . . 4,241 1,321 33 1,288 1,574 92 1,482 2,159 206 2,364 110,615 32,307

Feb. . . . . . . . . . 4,308 1,120 31 1,090 1,525 68 1,456 872 644 1,517 60,913 28,437

Mar. . . . . . . . . . 4,133 1,170 34 1,137 1,608 80 1,528 2,051 416 2,467 56,677 32,334

Fiscal 1996 to date . . . 27,159 7,604 198 7,405 9,831 547 9,284 10,344 2,188 12,532 474,378 170,776

1991 1. . . . . . . . . . . . . . . 396,011 4,919 10 4,910 652 - 652 17,331 352 16,979 20,472 582 19,890

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . . . . 507,535 2,281 - 2,281 620 - 620 24,554 - 24,554 26,431 - 26,431

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

1995 - Mar. . . . . . . . . . . . 39,379 428 - 428 54 - 54 1,599 - 1,599 3,502 440 3,061

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal 1996 to date . . . . . 230,985 1,490 16 1,474 294 - 294 11,356 395 10,961 14,579 148 14,430

1

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

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

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

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

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

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

Executive Funds apLegis- Office propriated 

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

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . . 2,695 3,297 206 10,445 54,840 3,789 254,325 32,255 30,404 14,678

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

1995 - Mar. . . . . . . . . . 166 348 16 168 5,513 291 25,977 2,674 2,691 1,588

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

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

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

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

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

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

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

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

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

1996 - Jan. . . . . . . . . . 262 320 18 1,073 4,250 363 19,371 2,718 3,624 1,139

Feb. . . . . . . . . . 199 212 15 2,340 3,682 307 20,478 2,853 2,568 1,285

Mar. . . . . . . . . . 162 215 25 825 3,916 287 21,556 2,664 2,620 1,222

Fiscal 1996 to date . . . 1,129 1,366 99 6,357 28,437 1,842 122,926 16,194 15,096 8,022

1991 1. . . . . . . . . . . . . 217,969 22,751 6,094 8,244 34,048 4,252 30,504 286,022 -9,128 31,213 5,770

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . . 327,429 26,432 6,939 12,964 34,404 5,500 38,994 344,628 20,328 37,606 6,329

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

1995 - Mar. . . . . . . . . . 28,559 2,694 671 915 3,093 411 3,208 20,693 4,375 4,616 678

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

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

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

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

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

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

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

Nov. . . . . . . . . . 26,828 2,350 477 985 2,821 341 3,300 26,006 -1,053 3,262 538

Dec. . . . . . . . . . 25,767 2,701 499 838 2,431 439 3,122 60,676 1,146 4,416 435

1996 - Jan. . . . . . . . . . 25,452 2,646 536 1,112 3,533 300 3,115 20,923 406 2,152 595

Feb. . . . . . . . . . 26,203 2,162 624 933 2,520 423 2,979 20,977 6,870 2,884 526

Mar. . . . . . . . . . 26,366 3,122 485 920 2,990 432 2,914 20,739 7,171 3,288 481

Fiscal 1996 to date . . . 155,035 14,069 3,262 5,596 16,811 2,466 18,567 170,951 14,507 17,620 3,059

 Department of

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

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

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

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

See footnotes at end of table.

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

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

National Undistributed offsetting receipts 

Aeronautics Rents and

General and Office of Small Social Other Employer Interest royalties

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

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

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

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

1992 1

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

1993 1

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

1994 1

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

1995 1

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

1996 - Est. . . . . . . . . . 469 14,190 42,374 957 377,255 9,192 -33,429 -97,598 -4,489 -4,350 -647 1,270,292 302,119

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

1995 - Mar. . . . . . . . . 544 1,284 3,556 77 32,057 -710 -2,671 -251 -158 - - 117,123 25,951

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

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

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

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

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

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

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

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

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

1996 - Jan. . . . . . . . . -393 1,208 3,379 -9 28,961 -527 -2,491 -65 -322 * - 98,056 22,591

Feb. . . . . . . . . 382 1,073 3,252 23 31,206 552 -2,559 -1,028 -295 - - 105,711 27,933

Mar. . . . . . . . . 396 1,057 3,758 41 31,384 -117 -2,282 -143 -8 -200 - 108,365 27,921

Fiscal 1996 to date . . 1,591 6,558 20,959 386 182,683 1,806 -14,663 -47,851 -1,306 -200 - 627,804 145,568

* Less than $500,000.

1

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

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

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

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

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

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

 Individual income and employment taxes 

Individual Individual 

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

State and district1

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

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

Alabama . . . . . . . . . . . . 13,890,651 12,124,400 2,425,372 9,621,016 2,207 75,806 1,379,924 179,720 206,606

Alaska . . . . . . . . . . . . . . 2,489,526 2,316,113 546,805 1,757,414 773 11,121 124,704 5,517 43,193

Arizona . . . . . . . . . . . . . 13,532,212 12,089,931 2,784,157 9,228,106 1,889 75,780 969,064 185,373 287,844

Arkansas . . . . . . . . . . . . 11,457,981 8,708,700 1,442,045 7,176,319 4,743 85,593 2,306,120 78,898 364,262

California . . . . . . . . . . . . 149,185,087 124,027,728 26,267,610 96,772,849 319,213 668,057 18,298,922 2,303,974 4,554,462

Colorado . . . . . . . . . . . . 21,031,976 18,409,798 3,478,001 14,835,453 13,419 82,925 1,707,769 151,872 762,537

Connecticut . . . . . . . . . . 26,300,140 22,042,069 3,820,245 18,135,127 1,066 85,631 3,799,563 298,634 159,874

Delaware . . . . . . . . . . . . 7,564,656 4,465,893 613,812 3,830,725 -9 21,364 2,883,357 56,252 159,155

Florida . . . . . . . . . . . . . . 57,318,910 51,702,619 13,835,756 37,077,223 533,632 256,009 3,817,296 1,419,131 379,865

Georgia . . . . . . . . . . . . . 39,661,869 30,342,440 4,674,093 25,467,605 3,529 197,213 7,037,284 318,260 1,963,884

Hawaii . . . . . . . . . . . . . . 4,461,739 3,968,349 834,124 3,113,111 4 21,110 371,960 60,410 61,020

Idaho . . . . . . . . . . . . . . . 5,131,023 3,993,740 799,585 3,165,857 391 27,908 994,407 41,499 101,377

Illinois. . . . . . . . . . . . . . . 82,711,685 66,223,891 11,252,907 54,368,943 294,046 307,996 11,850,186 752,976 3,884,631

Indiana. . . . . . . . . . . . . . 23,638,678 20,981,338 3,826,962 17,021,690 20,675 112,011 2,147,350 172,250 337,741

Iowa. . . . . . . . . . . . . . . . 10,454,252 8,865,989 1,786,385 7,016,623 11,582 51,398 1,422,745 85,214 80,304

Kansas. . . . . . . . . . . . . . 11,960,417 10,007,377 1,867,260 7,804,452 273,521 62,144 865,400 108,128 979,513

Kentucky . . . . . . . . . . . . 13,550,453 11,235,778 2,020,236 9,137,278 5,602 72,662 1,186,739 127,022 1,000,914

Louisiana . . . . . . . . . . . . 14,353,150 12,725,191 2,530,616 10,110,212 18,149 66,214 1,228,337 169,752 229,871

Maine. . . . . . . . . . . . . . . 3,713,028 3,322,443 701,766 2,595,625 4,836 20,216 251,433 56,807 82,345

Maryland (including

District of Columbia) . . 38,674,452 34,484,026 4,684,727 29,320,088 368,285 110,925 3,152,399 374,292 663,735

Massachusetts . . . . . . . 37,824,643 32,844,064 5,903,341 26,762,257 19,507 158,960 4,219,963 341,002 419,614

Michigan . . . . . . . . . . . . 56,903,363 49,646,862 5,885,142 43,442,133 58,540 261,046 6,588,676 366,738 301,087

Minnesota . . . . . . . . . . . 37,677,226 31,604,380 3,649,336 27,208,632 615,645 130,767 4,944,705 193,334 934,806

Mississippi . . . . . . . . . . . 6,798,916 6,005,092 1,305,085 4,656,780 2,323 40,903 507,085 70,740 215,999

Missouri . . . . . . . . . . . . . 30,961,576 24,350,021 3,642,163 20,537,253 35,427 135,177 5,141,148 240,738 1,229,670

Montana . . . . . . . . . . . . 2,355,299 2,094,444 626,340 1,441,142 14,498 12,464 174,039 22,641 64,174

Nebraska . . . . . . . . . . . . 9,745,664 8,127,765 1,175,120 6,432,898 480,602 39,145 1,463,082 52,846 101,970

Nevada . . . . . . . . . . . . . 7,026,998 6,107,100 1,843,668 4,224,293 119 39,021 732,302 109,333 78,262

New Hampshire. . . . . . . 5,051,755 4,570,494 906,152 3,640,609 106 23,627 381,446 60,173 39,642

New Jersey . . . . . . . . . . 65,681,332 52,881,105 7,254,751 45,348,006 55,688 222,660 10,328,461 489,459 1,982,308

New Mexico. . . . . . . . . . 4,446,153 3,999,094 882,777 3,091,300 365 24,652 267,260 55,356 124,443

New York. . . . . . . . . . . . 129,498,946 104,765,636 17,147,007 86,978,329 239,045 401,256 22,052,876 1,893,064 787,369

North Carolina . . . . . . . . 28,704,092 24,181,535 4,523,664 19,500,918 1,301 155,652 4,047,564 312,899 162,093

North Dakota . . . . . . . . . 2,006,739 1,835,967 478,681 1,346,094 1,096 10,095 136,844 12,330 21,598

Ohio, Cincinnati . . . . . . . 62,667,820 50,885,604 6,930,532 43,673,038 23,993 258,040 8,227,604 529,416 3,025,196

Oklahoma . . . . . . . . . . . 15,106,548 9,935,428 1,889,168 7,989,019 1,739 55,503 1,255,411 125,244 3,790,465

Oregon . . . . . . . . . . . . . 13,407,129 11,695,202 2,564,902 9,097,934 1,105 31,261 1,451,209 137,085 123,633

Pennsylvania . . . . . . . . . 64,578,284 53,771,122 8,607,380 44,472,168 429,240 262,334 8,322,711 578,801 1,905,648

Rhode Island . . . . . . . . . 4,685,099 3,950,438 659,845 3,269,126 - 21,467 671,460 53,898 9,303

South Carolina. . . . . . . . 12,262,248 11,087,804 1,851,643 9,164,628 913 70,621 948,391 96,830 129,223

South Dakota. . . . . . . . . 2,319,112 2,069,548 625,782 1,428,345 3,815 11,606 215,450 14,435 19,680

Tennessee. . . . . . . . . . . 23,945,747 20,578,129 3,394,911 17,047,610 19,431 116,177 2,764,776 179,511 423,332

Texas. . . . . . . . . . . . . . . 92,342,282 69,706,333 13,452,124 55,902,766 30,871 320,572 10,677,881 822,211 11,135,857

Utah. . . . . . . . . . . . . . . . 7,006,969 5,999,582 1,246,078 4,711,283 2,724 39,498 778,007 71,208 158,172

Vermont. . . . . . . . . . . . . 1,965,670 1,795,815 385,970 1,396,008 3,358 10,480 133,086 22,180 14,588

Virginia. . . . . . . . . . . . . . 29,325,962 25,074,568 4,514,072 20,044,760 380,257 135,479 2,948,141 353,553 949,700

Washington . . . . . . . . . . 25,510,715 23,020,921 4,894,628 17,996,811 2,316 127,165 1,933,699 202,014 354,082

West Virginia . . . . . . . . . 4,394,085 3,956,311 759,007 3,175,639 245 21,420 295,080 40,296 102,398

Wisconsin . . . . . . . . . . . 25,062,424 21,235,148 3,529,925 17,578,594 1,713 124,917 3,403,621 188,593 235,061

Wyoming . . . . . . . . . . . . 1,698,322 1,351,257 445,173 898,878 134 7,072 57,035 30,700 259,330

International operations. 11,689,175 8,657,991 1,564,103 7,040,567 8,617 44,704 2,881,437 50,125 99,622

Undistributed:

Presidental Election

Campaign Fund 5

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

Other, including Federal

tax deposits 6

. . . . . . 1,999,659 1,362,067 211,042 1,055,287 17,816 77,922 676,764 481,660 -520,833

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

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

1

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

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

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

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

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

in another State, or throughout several States.

2

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

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

income (SECA). 

3

 Includes fiduciary income tax collections of $5.3 billion.

4

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

990T).

5

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

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

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

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

million returns.

6

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

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

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

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

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

Act.

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

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

current year receipts.

FEDERAL FISCAL OPERATIONS 15
INTRODUCTION: Federal Obligations

[Because the Department of the Treasury no longer collects the data that were depicted in the Federal Obligationssection of the “Treasury Bulletin,” this section will no longer

be published.]

16 FEDERAL OBLIGATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

as in tax and loan accounts in other financial institutions.

Major information sources include the Daily Balance Wire

received from the FRBs and branches, and electronic transfers

through the Letter of Credit Payment, Fedline Payment, and

Fedwire Deposit Systems. As the FRB accounts are depleted,

funds are called in (withdrawn) from thousands of tax and loan

accounts at financial institutions throughout the country.

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

of its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

remittance option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3

Reserve accounts)

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

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

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

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

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

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

1995 - Mar. . . . . . . . . . 327,127 18,080 347,552 51,621 67,020

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

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

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

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

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

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

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

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

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

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

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

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

See footnotes at end of table.

ACCOUNT OF THE U.S. TREASURY 17
1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other

than Government account series, and taxes.

2

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

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

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

3

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

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

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

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

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

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

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

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1995 - Mar. . . . . . . . . . 4,543 13,554 7,967 24,367 3,461 5,128 5,141 9,864

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

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

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

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

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

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

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

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

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

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

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

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

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

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

information is published in the ‘‘Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the ‘‘Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.’’

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

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

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

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

Government agencies. Federal agency borrowing has declined

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

provided financing to other Federal agencies. (Federal agency

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

Government.’’)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. Average maturity has increased gradually since it hit a low of 2 years, 5 months, in

December 1975. In March 1971, Congress enacted a limited

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

bonds. This permitted Treasury to offer securities maturing in

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

time since 1965. This exception has expanded since 1971

authorizing Treasury to continue to issue long-term securities,

and the ceiling on Treasury bonds was repealed on November

10, 1988. The volume of privately held Treasury marketable

securities by maturity class reflects the remaining period to

maturity of Treasury bills, notes, and bonds. The average

length is comprised of an average of remaining periods to

maturity, weighted by the amount of each security held by

private investors. In other words, computations of average

length exclude Government accounts and the Federal Reserve

banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

• Table FD-7 details Treasury holdings of securities issued

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

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

FEDERAL DEBT 19
TABLE FD-1.--Summary of Federal Debt

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

1995 - Mar. . . . . . . . . . 4,890,575 4,864,116 26,459 1,254,674 1,254,657 17 3,635,901 3,609,459 26,442

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 - Mar. . . . . . . . . . 4,890,575 80,106 4,810,469 1,254,674 2,055 1,252,619 3,635,901 78,051 3,557,850

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

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

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

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

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

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

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

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

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

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

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

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

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)

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

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

 Marketable

Other

Total interest- securities:

End of bearing Federal

fiscal year public Treasury Treasury Treasury Financing Nonmarketable

or month debt Total bills notes bonds Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings Foreign series account government Domestic

or month bonds Government series series series Other

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

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

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

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

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

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

1995 - Mar. . . . . . 4,860,502 3,227,333 756,447 1,938,223 517,664 15,000 1,633,169

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

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

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

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

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

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

Oct. . . . . . 4,981,739 3,293,172 738,605 2,016,925 522,642 15,000 1,688,567

Nov. . . . . . 4,985,790 3,351,483 785,682 2,029,642 521,159 15,000 1,634,308

Dec. . . . . . 4,964,371 3,307,179 760,680 2,010,340 521,158 15,000 1,657,191

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

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

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

1991 . . . . . . . . . . . . . . . . . . . . . . . 133,512 41,639 908,406 158,117 29,995 429

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

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

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

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

1995 - Mar. . . . . . . . . . . . . . . . . . . 178,839 41,797 1,259,184 122,908 29,995 444

Apr. . . . . . . . . . . . . . . . . . . 179,458 41,662 1,275,568 122,154 29,995 442

May . . . . . . . . . . . . . . . . . . 179,824 41,614 1,283,765 123,246 29,995 438

June . . . . . . . . . . . . . . . . . . 180,136 41,442 1,322,041 121,145 29,995 434

July . . . . . . . . . . . . . . . . . . 180,547 41,237 1,320,685 112,750 29,995 434

Aug. . . . . . . . . . . . . . . . . . . 180,785 41,261 1,314,973 113,688 29,995 434

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

Oct. . . . . . . . . . . . . . . . . . . 181,819 40,800 1,325,155 110,367 29,995 432

Nov. . . . . . . . . . . . . . . . . . . 182,203 40,800 1,273,059 107,819 29,995 432

Dec. . . . . . . . . . . . . . . . . . . 181,918 40,805 1,299,585 104,458 29,995 431

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

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

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

FEDERAL DEBT 21
TABLE FD-3.--Government Account Series

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

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

1991 . . . . . . . . . . . . . 908,406 15,194 6,108 11,140 2,378 12,854 246,631 109,327 6,839 255,557

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

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

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

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

1995 - Mar. . . . . . . . . 1,259,184 11,455 18,570 15,385 4,629 26,545 331,978 129,750 5,352 419,354

Apr. . . . . . . . . 1,275,568 11,205 18,475 15,303 2,956 29,382 329,939 133,765 5,996 430,268

May . . . . . . . . 1,283,765 11,354 19,206 15,642 882 30,281 327,880 131,222 5,255 431,146

June . . . . . . . . 1,322,041 11,692 21,522 15,519 1,536 32,676 340,191 135,559 5,736 446,143

July . . . . . . . . 1,320,685 11,626 21,335 15,684 2,019 33,334 338,044 134,013 5,806 446,735

Aug. . . . . . . . . 1,314,973 11,547 22,112 15,849 2,642 34,071 336,400 130,931 5,683 445,944

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

Oct. . . . . . . . . 1,325,155 11,424 21,643 15,896 3,020 35,306 355,367 127,495 6,283 444,667

Nov. . . . . . . . . 1,273,059 11,636 21,713 16,109 3,032 35,882 313,492 126,554 7,066 442,999

Dec. . . . . . . . . 1,299,585 12,182 21,170 15,973 2,937 37,572 311,955 131,443 7,264 458,612

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

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

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

1991 . . . . . . . . . . . . 966 16,241 148 10,146 11,150 3,339 9,097 151 47,228 143,912

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

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

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

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

1995 - Mar. . . . . . . . 1,077 19,814 111 9,349 11,919 3,010 10,850 131 37,645 202,260

Apr. . . . . . . . 1,086 20,875 110 9,859 11,832 3,707 11,054 135 38,058 201,563

May . . . . . . . 739 20,448 108 9,703 11,748 4,387 11,205 127 47,076 205,356

June . . . . . . . 945 20,900 109 9,631 12,176 3,871 11,253 135 46,663 205,784

July . . . . . . . 1,014 21,755 109 9,815 12,114 5,024 11,498 139 45,991 204,630

Aug. . . . . . . . 497 17,673 107 9,373 12,028 6,048 11,720 118 48,617 203,613

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

Oct. . . . . . . . 112 14,197 105 7,982 11,880 - 12,193 156 46,862 210,567

Nov. . . . . . . . 199 13,529 104 8,022 11,821 2,961 12,545 161 48,112 197,122

Dec. . . . . . . . 270 13,035 103 8,561 12,240 980 12,443 189 47,995 204,661

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

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

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

22 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 Cedit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

1991 . . . . . . . . . . . . . . . . . . . 17,751 95 6,124 336 - 10,503 - 694

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

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

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

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

1995 - Mar. . . . . . . . . . . . . . . 26,459 - 158 65 1,261 24,459 - 515

Apr. . . . . . . . . . . . . . . 26,479 - 158 70 1,261 24,472 - 516

May . . . . . . . . . . . . . . 26,663 - 158 78 1,261 24,665 - 500

June . . . . . . . . . . . . . . 26,861 - 158 81 1,261 24,858 - 502

July . . . . . . . . . . . . . . 26,854 - 158 84 1,261 24,846 - 503

Aug. . . . . . . . . . . . . . . 27,022 - 158 83 1,261 25,025 - 495

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

Oct. . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 - 497

Nov. . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 - 499

Dec. . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500

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

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

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

FEDERAL DEBT 23
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

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

Amount

End of outstanding Maturity classes

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

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

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

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

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

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

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

or month limit Total Public debt Other debt 2

Public debt Other debt to limitation

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

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

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

of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1991 . . . . . . . . . . . . . . . . . . . 2,113,799 713,778 761,243 280,574 84,900 273,304 6 yrs. 0 mos.

1992 . . . . . . . . . . . . . . . . . . . 2,363,802 808,705 866,329 295,921 84,706 308,141 5 yrs. 11 mos.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,345 324,479 5 yrs. 10 mos.

1994 . . . . . . . . . . . . . . . . . . . 2,719,861 877,932 1,128,322 289,998 88,208 335,401 5 yrs. 8 mos.

1995 . . . . . . . . . . . . . . . . . . . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

1995 - Mar. . . . . . . . . . . . . . . 2,841,506 963,767 1,171,125 280,798 96,284 329,533 5 yrs. 5 mos.

Apr. . . . . . . . . . . . . . . 2,795,125 952,570 1,148,083 269,784 95,990 328,699 5 yrs. 5 mos.

May . . . . . . . . . . . . . . 2,851,360 980,967 1,173,686 278,581 89,857 328,269 5 yrs. 5 mos.

June . . . . . . . . . . . . . . 2,847,129 980,975 1,170,628 277,926 89,447 328,153 5 yrs. 4 mos.

July . . . . . . . . . . . . . . 2,878,926 1,007,159 1,174,571 278,600 89,897 328,699 5 yrs. 3 mos.

Aug. . . . . . . . . . . . . . . 2,896,671 999,545 1,187,061 290,211 86,847 333,006 5 yrs. 5 mos.

Sept. . . . . . . . . . . . . . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

Oct. . . . . . . . . . . . . . . 2,901,629 1,007,132 1,182,933 290,311 87,397 333,856 5 yrs. 4 mos.

Nov. . . . . . . . . . . . . . . 2,954,168 1,065,179 1,176,195 292,576 93,490 326,727 5 yrs. 3 mos.

Dec. . . . . . . . . . . . . . . 2,901,387 1,049,518 1,142,392 291,881 92,636 324,959 5 yrs. 3 mos.

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

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

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 3,569,300 3,568,964 336 3,567,793 336 1,171

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

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

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

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

1995 - Mar. . . . . . . . . . . . . . . . . . . . 4,900,000 4,774,497 4,774,432 65 4,772,614 65 1,818

Apr. . . . . . . . . . . . . . . . . . . . 4,900,000 4,763,157 4,763,087 70 4,744,114 70 18,973

May . . . . . . . . . . . . . . . . . . . 4,900,000 4,815,153 4,815,075 78 4,813,316 78 1,759

June . . . . . . . . . . . . . . . . . . . 4,900,000 4,861,342 4,861,261 81 4,859,554 81 1,707

July . . . . . . . . . . . . . . . . . . . 4,900,000 4,870,313 4,870,229 84 4,868,559 84 1,670

Aug. . . . . . . . . . . . . . . . . . . . 4,900,000 4,881,088 4,881,005 83 4,879,298 83 1,707

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

Oct. . . . . . . . . . . . . . . . . . . . 4,900,000 4,896,552 4,896,464 89 4,894,826 89 1,638

Nov. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,882 93 4,898,227 93 1,655

Dec. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,878 97 4,877,515 97 22,363

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

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

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

24 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)

1991 . . . . . . . . . . . . . . - - - 731 1,672 7,323 7,458

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

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

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

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

1995 - Mar. . . . . . . . . . 5,690 88 680 7,499 2,612 762 7,714

Apr. . . . . . . . . . 5,690 88 680 7,499 2,612 762 7,714

May . . . . . . . . . 5,690 88 680 7,499 2,652 762 7,714

June . . . . . . . . . 5,710 91 680 7,499 2,652 762 7,714

July . . . . . . . . . 5,528 91 680 7,499 2,702 762 7,714

Aug. . . . . . . . . . 5,528 91 680 7,505 2,802 762 7,714

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

Oct. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

Nov. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

Dec. . . . . . . . . . 6,304 108 563 14,351 2,563 1,579 7,714

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

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

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

1991 . . . . . . . . . . . . . . 251,996 21,794 - 8,649 17,837 - -

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

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

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

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

1995 - Mar. . . . . . . . . . 153,059 - - - - 10,992 12,416

Apr. . . . . . . . . . 151,082 - - - - 11,660 12,418

May . . . . . . . . . 148,412 - - - - 11,619 12,382

June . . . . . . . . . 143,212 - - - - 11,082 12,145

July . . . . . . . . . 142,009 - - - - 10,214 12,145

Aug. . . . . . . . . . 139,549 - - - - 9,418 12,144

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

Oct. . . . . . . . . . 140,031 - - - - 9,566 12,381

Nov. . . . . . . . . . 132,466 - - - - 2,317 12,389

Dec. . . . . . . . . . 133,609 - - - - 2,282 13,039

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

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

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

FEDERAL DEBT 25
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

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

1991 . . . . . . . . . . . . . . 179,234 1,730 - - 4,660 - 910

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

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

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

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

1995 - Mar. . . . . . . . . . 83,266 1 2,011 2,662 6,427 7,289 2,951

Apr. . . . . . . . . . 80,374 1 2,011 2,662 6,693 7,289 2,932

May . . . . . . . . . 77,739 1 2,011 2,662 6,692 7,289 2,934

June . . . . . . . . . 75,638 1 2,011 2,662 4,189 7,289 3,090

July . . . . . . . . . 73,892 1 2,011 2,662 4,454 8,341 3,316

Aug. . . . . . . . . . 71,776 1 2,011 2,663 4,702 8,341 3,413

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

Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238

Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280

Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370

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

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

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

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

Marketable Debt

[Charts are plotted from figures in Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Mar. 31, 1996

5 Years, 2 Months

Years

FEDERAL DEBT 27
CHART FD-B.—Private Holdings of

Treasury Marketable Debt, by Maturity*

(In billions of dollars)

* Source: Department of the Treasury, Office of Market Finance

As of December 31

28 FEDERAL DEBT
INTRODUCTION: Public Debt Operations

The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)

allows the Secretary of the Treasury to borrow money by

issuing Treasury securities. The Secretary determines the

terms and conditions of issue, conversion, maturity, payment,

and interest rate. New issues of Treasury notes mature in 2 to

10 years. Bonds mature in more than 10 years from the issue

date. Each marketable security is listed in the “Monthly Statement of the Public Debt of the United States”. The information

in this section of the “Treasury Bulletin” pertains only to

marketable Treasury securities, current bills, notes, and bonds.

 Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve banks, so that the

“all other investors” category includes all private holdings.

Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every fourth week. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1

million for bills and $5 million for notes and bonds in each

auction of securities to encourage participation of individuals

and smaller institutions.

 Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2; and data for cash

management bills. The maturities of cash management bills

coincide with those of regular issues of Treasury bills.

 Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: JANUARY-MARCH

JANUARY

Auction of 2-Year and 5-Year Notes

January 17 Treasury announced it would auction $18,250

million of 2-year notes of Series AB-1998 and $12,000 million

of 5-year notes of Series E-2001 to refund $26,245 million of

securities maturing January 31 and to raise about $4,000

million new cash.

The notes of Series AB-1998 were dated January 31,

1996, due January 31, 1998, with interest payable on July 31

and January 31 until maturity. An interest rate of 5 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on January 23, and totaled $44,814 million, of which

$18,251 million was accepted. All competitive tenders at

yields lower than 5.068 percent were accepted in full. Tenders

at 5.068 percent were allotted 99 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.068 percent with an equivalent price of

99.872. The median yield was 5.050 percent, and the low yield

was 5.010 percent. Noncompetitive tenders totaled $1,642

million, including $950 million awarded to foreign official

institutions. Competitive tenders accepted from private investors totaled $16,609 million.

In addition to the $18,251 million of tenders accepted in

the auction process, $807 million was accepted from Federal

Reserve banks for their own account.

The notes of Series E-2001 were dated January 31, 1996,

due January 31, 2001, with interest payable on July 31 and

January 31 until maturity. An interest rate of 5-1/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on January 24, and totaled $26,689 million, of which

$12,005 million was accepted. All competitive tenders at

yields lower than 5.360 percent were accepted in full. Tenders

at 5.360 were allotted 35 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 5.360 percent with an equivalent price of 99.523.

The median yield was 5.304 percent, and the low yield was

5.260 percent. Noncompetitive tenders totaled $341 million,

including $50 million awarded to foreign official institutions.

Competitive tenders accepted from private investors totaled

$11,664 million.

In addition to the $12,005 million of tenders accepted in

the auction process, $800 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

December 29, 1995, tenders were invited for approximately $18,750 million of 364-day Treasury bills to be dated

January 11, 1996, and to mature January 9, 1997. The issue

was to refund $17,351 million of maturing 52-week bills and

to raise about $1,400 million new cash. The bills were auctioned on January 4. Tenders totaled $57,784 million, of which

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: JANUARY-MARCH, con.

$18,894 million was accepted, including $941 million of noncompetitive tenders from the public and $4,550 million of the

bills issued to Federal Reserve banks for themselves. The

average bank discount rate was 4.89 percent.

FEBRUARY

February Quarterly Financing

January 31 Treasury announced it would auction $18,500

million of 3-year notes of Series W-1999, $14,000 million of

10-year notes of Series A-2006, and $12,000 million of 30-

year bonds of February 2026 to refund $31,296 million of

Treasury securities maturing February 15 and to raise about

$13,200 million new cash.

The notes of Series W-1999 were dated February 15,

1996, due February 15, 1999, with interest payable on August

15 and February 15 until maturity. An interest rate of 5 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on February 6, and totaled $49,441 million, of which

$18,506 million was accepted at yields ranging from 5.037

percent, price 99.898, up to 5.046 percent, price 99.873. Tenders at the high yield were allotted 51 percent. Noncompetitive

tenders were accepted in full at the average yield, 5.043

percent, price 99.882. These totaled $857 million, including

$250 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $17,649

million.

In addition to the $18,506 million of tenders accepted in

the auction process, $3,472 million was accepted from Federal

Reserve banks for their own account.

The notes of Series A-2006 were dated February 15, 1996,

due February 15, 2006, with interest payable on August 15 and

February 15 until maturity. An interest rate of 5-5/8 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on February 7, and totaled $28,207 million, of which

$14,009 million was accepted at yields ranging from 5.639

percent, price 99.894, up to 5.660 percent, price 99.736. Tenders at the high yield were allotted 82 percent. Noncompetitive

tenders were accepted in full at the average yield, 5.649

percent, price 99.819. These totaled $540 million, including

$100 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $13,469

million.

In addition to the $14,009 million of tenders accepted in

the auction process, $1,500 million was accepted from Federal

Reserve banks for their own account.

The notes of Series A-2006 may be held in STRIPS

form. The minimum par amount required is $320,000.

The bonds of February 2026 were dated February 15,

1996, due February 15, 2026, with interest payable on August

15 and February 15 until maturity. An interest rate of 6 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders for the bonds were received prior to 12 noon,

e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for

competitive tenders on February 8, and totaled $24,686 million, of which $12,001 million was accepted at yields ranging

from 6.110 percent, price 98.496, up to 6.130 percent, price

98.226. Tenders at the high yield were allotted 81 percent. Noncompetitive tenders were accepted in full at the

average yield, 6.119 percent, price 98.374. These totaled $324

million. Competitive tenders accepted from private investors

totaled $11,677 million.

In addition to the $12,001 million of tenders accepted in

the auction process, $900 million was accepted from Federal

Reserve banks for their own account.

The bonds of February 2026 may be held in STRIPS form.

The minimum par amount required is $100,000.

Auction of 2-Year and 5-Year Notes

February 21 Treasury announced it would auction

$18,250 million of 2-year notes of Series AC-1998 and

$12,000 million of 5-year notes of Series F-2001 to refund

$26,868 million of securities maturing February 29 and to raise

about $3,375 million new cash.

The notes of Series AC-1998 were dated February 29,

1996, due February 28, 1998, with interest payable on the last

calendar day of August and February until maturity. An interest

rate of 5-1/8 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on February 27, and totaled $42,639 million, of which

$18,258 million was accepted. All competitive tenders at

yields lower than 5.235 percent were accepted in full. Tenders

at 5.235 percent were allotted 15 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.235 percent with an equivalent price of

99.794. The median yield was 5.220 percent, and the low yield

was 5.190 percent. Noncompetitive tenders totaled $1,719

million, including $950 million awarded to foreign official

institutions. Competitive tenders accepted from private investors totaled $16,539 million.

In addition to the $18,258 million of tenders accepted in

the auction process, $903 million was accepted from Federal

Reserve banks for their own account.

The notes of Series F-2001 were dated February 29, 1996,

due February 28, 2001, with interest payable on the last

calendar day of August and February until maturity. An interest

rate of 5-5/8 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive

tenders on February 28, and totaled $26,012 million, of which

$12,003 million was accepted. All competitive tenders at

yields lower than 5.680 percent were accepted in full. Tenders

30 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JANUARY-MARCH, con.

at 5.680 percent were allotted 77 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.680 percent with an equivalent price of

99.763. The median yield was 5.639 percent, and the low yield

was 5.600 percent. Noncompetitive tenders totaled $327 million. Competitive tenders accepted from private investors

totaled $11,676 million.

In addition to the $12,003 million of tenders accepted in

the auction process, $800 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

January 26 tenders were invited for approximately

$18,750 million of 364-day Treasury bills to be dated February

8, 1996, and to mature February 6, 1997. The issue was to

refund $17,445 million of maturing 52-week bills and to raise

about $1,300 million new cash. The bills were auctioned on

February 1. Tenders totaled $58,931 million, of which $18,880

million was accepted, including $1,039 million of noncompetitive tenders from the public and $4,500 million of the bills

issued to Federal Reserve banks for themselves. The average

bank discount rate was 4.64 percent.

February 23 tenders were invited for approximately

$18,750 million of 364-day Treasury bills to be dated March

7, 1996, and to mature March 6, 1997. The issue was to refund

$17,352 million of maturing 52-week bills and to raise about

$1,400 million new cash. The bills were auctioned on February 29. Tenders totaled $39,112 million, of which $18,780

million was accepted, including $960 million of noncompetitive tenders from the public and $4,400 million of the bills

issued to Federal Reserve banks for themselves. The average

bank discount rate was 4.98 percent.

Cash Management Bills

January 31 tenders were invited for approximately $8,000

million of 7-day bills to be issued February 15, 1996, representing an additional amount of bills dated August 24, 1995,

maturing February 22, 1996. The issue was to raise new cash.

Tenders were opened on February 8. They totaled $41,694

million, of which $8,055 million was accepted. The average

bank discount rate was 5.14 percent.

February 21 tenders were invited for approximately

$29,000 million of 55-day bills to be issued February 23, 1996,

representing an additional amount of bills dated October 19,

1995, maturing April 18, 1996. The issue was to raise new

cash. Tenders were opened on February 22. They totaled

$85,706 million, of which $29,192 million was accepted. The

average bank discount rate was 5.02 percent.

February 27 tenders were invited for approximately

$6,000 million of 13-day bills to be issued March 1, 1996,

representing an additional amount of bills dated September 14,

1995, maturing March 14, 1996. The issue was to raise new

cash. Tenders were opened on February 28. They totaled

$32,082 million, of which $6,003 million was accepted. The

average bank discount rate was 5.06 percent.

MARCH

2-Year and 5-Year Notes

March 20 Treasury tentatively announced it would auction $18,250 million of 2-year notes of Series AD-1998 and

$12,000 million of 5-year notes of Series G-2001 to refund

$25,562 million of Treasury securities maturing March 31 and

to raise about $4,700 million new cash.

March 25 Treasury announced that it was postponing

these auctions because Congress had not completed action on

legislation to increase the statutory debt limit to permit issuance of the notes on April 1. March 28 Treasury announced

the revised schedule and terms of these auctions, which were

held in April.

52-Week Bills

March 22 Treasury tentatively announced the auction

schedule and terms of the 52-week bill offering. March 27

Treasury announced that it was postponing the auction of

52-week bills originally scheduled for March 28 because

action on legislation to increase the statutory debt limit to

permit issuance of the bills on April 4 had not been completed.

March 28 Treasury announced the revised schedule and terms

of this auction, which was held in April.

Cash Management Bills

March 12 tenders were invited for approximately $9,000

million of 42-day bills to be issued March 14, 1996, representing an additional amount of bills dated October 26, 1995,

maturing April 25, 1996. The issue was to raise new cash.

Tenders were opened on March 13. They totaled $47,387

million, of which $9,060 million was accepted. The average

bank discount rate was 5.11 percent.

PUBLIC DEBT OPERATIONS 31
1996

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-3/8%-F note 04/17/89 7,782 787 6,995

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8%-N note 04/30/91 9,496 926 8,570

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-AF note 05/02/94 18,806 800 18,006

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/8%-C note 05/15/86 20,086 2,074 18,012

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1/4%-Y note 05/17/93 19,264 2,228 17,036

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8%-P note 05/31/91 9,617 393 9,224

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 05/31/94 18,927 753 18,174

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-Q note 07/01/91 9,770 412 9,358

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 06/30/94 19,859 1,765 18,094

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-G note 07/17/89 7,725 721 7,004

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-R note 07/31/91 9,869 270 9,599

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 08/01/94 19,416 1,247 18,169

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-Z note 08/16/93 20,670 3,174 17,496

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-S note 09/03/91 9,825 499 9,326

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AK note 08/31/94 19,292 860 18,432

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-T note 09/30/91 10,088 381 9,707

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AL note 09/30/94 19,639 1,200 18,439

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-H note 10/16/89 7,989 375 7,614

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-U note 10/31/91 28,331 1,435 26,896

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-D note 11/15/86 20,259 1,129 19,130

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-AB note 11/15/93 22,065 4,528 17,537

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-V note 12/02/91 9,871 210 9,661

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-AN note 11/30/94 18,940 265 18,675

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-W note 12/31/91 9,635 200 9,435

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-AP note 01/03/95 19,608 1,250 18,358

Total. . . . . . . . . . . . . . . 386,829 27,882 358,947

1997

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 01/16/90 7,852 599 7,254

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-Z note 01/31/95 19,002 430 18,572

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 01/31/92 9,464 150 9,314

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-V note 02/15/94 19,832 1,700 18,133

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-AB note 02/28/95 18,816 575 18,241

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-J note 03/02/92 9,948 472 9,476

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-K note 03/31/92 11,302 659 10,643

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-AC note 03/31/95 19,354 1,050 18,304

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 662 7,198

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 965 10,476

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 400 18,308

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 05/15/87 9,921 564 9,357

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 3,415 18,335

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-M note 06/01/92 11,049 403 10,646

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AE note 05/31/95 18,937 825 18,112

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 06/30/92 11,054 430 10,624

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AF note 06/30/95 19,260 792 18,467

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 871 7,515

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

32 PUBLIC DEBT OPERATIONS
1997, con.

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 18,952 337 18,615

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 2,263 17,988

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 624 10,485

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 720 18,663

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 541 11,598

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 879 18,237

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 731 8,129

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 315 11,068

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 550 18,290

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 600 9,208

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 2,910 17,951

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 276 11,250

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 452 18,236

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 501 11,662

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 880 18,284

Total. . . . . . . . . . . . . . . 507,645 28,438 479,209

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 828 8,298

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 596 11,743

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 807 18,280

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 3,141 17,939

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,357 29,513

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,395 11,754

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 545 11,680

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,444 17,782

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 855 11,503

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,245 8,449

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 472 11,217

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 834 10,509

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,180 18,238

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 591 12,428

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 900 11,676

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 969 9,300

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 510 9,393

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 232 162 70

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,530 18,069

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 879 11,236

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

PUBLIC DEBT OPERATIONS 33
TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1998, con.

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,580 10,865

Total. . . . . . . . . . . . . . . 350,490 31,652 318,842

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 856 9,703

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 377 12,524

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 693 9,027

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,472 18,525

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 435 11,479

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,074 9,104

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,128 8,920

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 587 11,752

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,644 11,457

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 347 9,659

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,029 11,382

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 768 9,396

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 751 11,646

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,129 11,707

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 498 11,654

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 667 10,107

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 335 11,599

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,405 11,118

Total. . . . . . . . . . . . . . . 253,362 20,696 232,667

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 532 11,696

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 857 9,816

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 920 11,576

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,146 12,043

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 360 10,175

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 653 11,781

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 627 12,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 725 11,739

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 400 11,939

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 894 10,186

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 515 11,407

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 575 11,436

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 11,520 816 10,704

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 350 12,007

34 PUBLIC DEBT OPERATIONS
2000, con.

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 800 12,021

Total. . . . . . . . . . . . . . . 213,501 11,877 201,624

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 800 12,016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 678 10,635

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 800 12,020

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 892 11,506

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,095 11,244

Aug. 15, 96-01 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% bond 08/16/76 1,485 758 727

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 1,418 22,808

Total. . . . . . . . . . . . . . . 94,154 7,197 86,958

2002

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 40,085 3,679 36,406

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 654 2,352

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/15/93 23,563 2,095 21,468

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 231 3,018

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 426 3,075

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,620 24,391

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 449 6,810

Total. . . . . . . . . . . . . . . 68,591 7,475 61,114

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 3,755 649 3,106

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,881 12,560

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 191 3,809

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 750 12,596

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 519 7,783

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,603 12,771

Total. . . . . . . . . . . . . . . 71,172 6,143 65,030

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,150 12,685

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 214 4,046

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-B note 05/15/95 14,740 2,000 12,740

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-3/4% bond 07/02/85 9,270 525 8,745

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

PUBLIC DEBT OPERATIONS 35
2005, con.

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 9,566 66,976

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 20 4,736

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,500 14,014

Total. . . . . . . . . . . . . . . 20,270 1,520 18,750

2007

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 5,729 1,925 3,804

2008

Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,666 3,564

Total. . . . . . . . . . . . . . . 7,333 2,455 4,878

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 963 3,643

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,039 6,768

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total. . . . . . . . . . . . . . . 10,217 3,296 6,923

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,044 3,565

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 885 4,015

Total. . . . . . . . . . . . . . . 9,510 1,929 7,580

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,612 9,420

Total. . . . . . . . . . . . . . . 11,032 1,612 9,420

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,016 11,740

Total. . . . . . . . . . . . . . . 14,755 3,016 11,740

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 610 4,397

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 856 4,273

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 2,661 13,481

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,336 11,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 905 6,245

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

36 PUBLIC DEBT OPERATIONS
TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2015, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 517 6,383

Total. . . . . . . . . . . . . . . 26,718 2,758 23,960

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1

 9-1/4% bond 02/15/86 7,267 830 6,437

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 995 17,829

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,070 17,794

Total. . . . . . . . . . . . . . . 44,955 2,895 42,060

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 544 17,650

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/15/87 14,017 920 13,097

Total. . . . . . . . . . . . . . . 32,211 1,464 30,747

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 297 8,412

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/15/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 553 17,189

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 608 18,643

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 1,495 18,719

Total. . . . . . . . . . . . . . . 39,465 2,103 37,362

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 641 9,588

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 490 9,669

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 765 20,654

Total. . . . . . . . . . . . . . . 41,807 1,896 39,911

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 425 10,688

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1

 8-1/8% bond 05/15/91 11,959 490 11,469

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 360 11,803

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 805 31,993

Total. . . . . . . . . . . . . . . 68,033 2,080 65,953

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 400 9,953

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 470 10,230

Total. . . . . . . . . . . . . . . 21,053 870 20,183

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1

 7-1/8% bond 02/15/93 18,374 1,107 17,267

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/15/93 22,909 1,030 21,879

Total. . . . . . . . . . . . . . . 41,283 2,137 39,146

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 450 11,020

Total. . . . . . . . . . . . . . . 11,470 450 11,020

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 700 11,025

PUBLIC DEBT OPERATIONS 37
2025, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8% bond 08/15/95 12,602 1,100 11,502

Total. . . . . . . . . . . . . . . 24,327 1,800 22,527

2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 900 12,005

Total. . . . . . . . . . . . . . . 12,905 900 12,005

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the “Monthly Statement of the Public

Debt of the United States.”

38 PUBLIC DEBT OPERATIONS
TABLE PDO-2.—Offerings of Bills

[Dollar figures in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1

bids tendered Total amount petitive basis 2petitive basis 3new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1995 - Dec. 7 . . . . . . 1996 - Mar. 7 91 51,963.7 14,052.5 12,530.7 1,521.8 12,167.9 162,909.6

June 6 182 47,003.4 14,036.8 12,746.5 1,290.3 14,260.6 347,748.6

14 . . . . . Mar. 14 91 66,881.2 14,079.9 12,602.5 1,477.4 12,673.5 164,316.0

June 13 182 46,482.2 14,115.5 12,866.0 1,249.5 14,299.9 347,564.2

21 . . . . . Mar. 21 91 52,259.4 14,091.5 12,624.7 1,466.8 11,461.9 166,945.6

June 20 182 43,872.4 14,075.0 12,901.4 1,173.6 14,362.1 347,277.1

28 . . . . . Mar. 28 91 41,236.4 13,024.0 11,756.8 1,267.2 11,561.0 168,408.6

June 27 182 41,510.9 13,071.5 12,026.1 1,045.4 14,416.0 345,932.6

1996 - Jan. 4 . . . . . . Apr. 4 91 46,413.7 14,103.9 12,783.0 1,320.9 12,749.5 169,763.0

July 5 183 46,019.7 14,061.3 12,903.1 1,158.2 14,852.8 345,141.1

11 . . . . . Apr. 11 91 44,908.4 14,089.4 12,491.9 1,597.5 13,170.6 170,681.8

July 11 182 58,572.1 14,100.2 12,743.3 1,356.9 14,531.0 344,710.3

18 . . . . . Apr. 18 91 47,987.9 12,568.3 11,039.3 1,529.0 13,057.7 170,192.4

July 18 182 51,371.1 12,547.4 11,061.1 1,486.3 14,403.8 342,853.9

25 . . . . . Apr. 25 91 56,112.9 11,575.3 10,227.7 1,347.6 6,051.5 175,716.2

July 25 182 56,643.1 11,608.0 10,421.8 1,186.2 13,292.5 341,169.4

Feb. 1 . . . . . . May 2 91 45,153.6 14,103.8 12,711.7 1,392.1 12,656.4 177,163.6

Aug. 1 182 45,226.8 14,020.0 12,766.8 1,253.2 13,006.0 342,183.4

8 . . . . . . May 9 91 56,628.0 16,227.7 14,584.2 1,643.5 14,665.5 178,725.8

Aug. 8 182 61,026.7 16,456.3 15,086.6 1,369.7 13,183.8 345,455.9

15 . . . . . May 16 91 51,321.4 13,836.4 12,355.5 1,480.9 14,621.6 177,940.6

Aug. 15 182 60,796.3 13,803.5 12,537.5 1,266.0 12,486.0 346,773.4

22 . . . . . May 23 91 47,892.0 13,334.1 11,867.3 1,466.8 12,621.4 178,653.3

Aug. 22 182 48,603.3 13,222.0 12,025.6 1,196.4 12,136.5 347,858.9

29 . . . . . May 30 91 54,270.8 12,426.0 11,021.4 1,404.6 14,051.3 177,028.0

Aug. 29 182 55,738.0 12,401.0 11,200.7 1,200.3 12,433.0 347,826.9

Mar. 7 . . . . . . June 6 91 57,344.3 15,258.9 13,683.4 1,575.5 14,052.5 178,234.4

Sept. 5 182 62,962.0 15,392.3 14,214.7 1,177.6 12,375.1 350,844.1

14 . . . . . June 13 91 41,366.7 12,745.3 11,276.5 1,468.8 14,079.9 176,899.8

Sept. 12 182 48,671.9 12,746.6 11,648.1 1,098.5 13,560.1 350,030.6

21 . . . . . June 20 91 44,401.4 13,532.0 12,029.4 1,502.6 14,091.5 176,340.3

Sept. 19 182 39,750.3 13,550.1 12,320.9 1,229.2 11,436.2 352,144.5

28 . . . . . June 27 91 42,496.2 13,627.5 12,206.1 1,421.4 13,024.0 176,943.8

Sept. 26 182 50,939.5 13,544.8 12,261.3 1,283.5 11,690.6 353,998.7

52 week:

1995 - Mar. 9 . . . . . . 1996 - Mar. 7 364 48,315.7 17,352.4 15,967.1 1,385.3 16,531.3 221,580.1

Apr. 6 . . . . . . Apr. 4 364 43,045.6 17,574.2 16,355.4 1,218.8 16,622.7 222,531.6

May 4 . . . . . . May 2 364 64,539.0 17,953.4 16,849.5 1,103.9 16,593.2 223,891.8

June 1 . . . . . . May 30 364 42,862.6 18,579.6 17,517.4 1,062.2 16,912.9 225,558.5

June 29 . . . . . June 27 364 42,836.2 19,322.4 18,413.9 908.5 16,756.5 228,124.4

July 27 . . . . . July 25 364 43,775.8 18,359.0 17,519.3 839.7 16,963.4 229,520.0

Aug. 24 . . . . . Aug. 22 364 51,493.8 18,464.3 17,591.9 872.4 16,837.2 231,147.1

Sept. 21 . . . . . Sept. 19 364 58,636.5 19,275.4 18,427.7 847.7 16,805.1 233,617.4

Oct. 19 . . . . . Oct. 17 364 57,318.5 18,482.5 17,730.1 752.4 17,276.1 234,823.8

Nov. 16 . . . . . Nov. 14 364 49,174.6 18,869.7 18,083.1 786.6 17,480.2 236,213.3

Dec. 14 . . . . . Dec. 12 364 49,995.6 18,792.2 18,006.7 785.5 17,078.4 232,860.9

1996 - Jan. 11 . . . . . 1997 - Jan. 9 364 57,799.9 18,910.5 17,953.2 957.3 17,351.2 235,176.7

Feb. 8 . . . . . . Feb. 6 364 58,950.5 18,899.7 17,841.6 1,058.1 17,455.2 236,268.3

Mar. 7 . . . . . . Mar. 6 364 39,126.6 18,795.1 17,820.2 974.9 17,352.4 237,656.0

Cash management:

1996 - Feb. 15 . . . . . 1996 - Feb. 22 7 41,693.6 8,055.4 - - - 8,055.4

23 . . . . . Apr. 18 55 85,705.7 29,191.8 - - - 37,247.2

Mar. 1 . . . . . . Mar. 14 13 32,082.2 6,003.2 - - - 43,250.3

14 . . . . . Apr. 25 42 47,386.7 9,059.9 - - - 52,310.2

PUBLIC DEBT OPERATIONS 39
TABLE PDO-2.—Offerings of Bills, con.

[Dollar figures in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26-weeks or

52-weeks.

2

 For bills issue on or after May 2, 1974, includes amounts exchanged on noncompetitive basis

by Government accounts and Federal Reserve banks.

3

 For 13-week, 26-week, and 52-week bills tenders $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4 Equivalent coupon-issue yield.

5

 Except $1,000,000 at 98.779 percent.

6

 Except $1,500,000 at 97.589 percent.

7

 Except $1,500,000 at 98.764 percent.

8

 Except $1,500,000 at 97.492 percent.

9

 Except $1,533,000 at 97.457 percent. 

10 Except $2,000,000 at 93.822 percent.

11 Except $1,600,000 at 94.762 percent.

12 Except $10,000,000 at 99.819 percent.

Regular weekly:

1995 - Dec. 7 . . . . . 98.663 5.29 5.45 5.29 98.663 5.27 98.668

97.376 5.19 5.42 5.19 97.376 5.17 97.386

14 . . . . 98.660 5.30 5.46 5.30 98.660 5.29 98.663

97.371 5.20 5.43 5.20 97.371 5.19 97.376

21 . . . . 98.698 5.15 5.31 5.17 98.693 5.15 98.698

97.396 5.15 5.38 5.15 97.396 5.14 97.401

28 . . . . 98.759 4.91 5.05 4.91 98.759 4.87 98.769

97.452 5.04 5.26 5.04 97.452 5.03 97.457

29 . . . . 98.648 5.35 5.51 5.35 98.648 5.31 98.658

97.300 5.34 5.58 5.34 97.300 5.32 97.310

1996 - Jan. 4 . . . . . 98.726 5.04 5.19 5.05 98.723 5.02 98.731

97.443 5.03 5.25 5.03 97.443 5.01 97.453

11 . . . . 98.729 5.03 5.18 5.04 98.726 5.01 98.734

97.462 5.02 5.24 5.02 97.462 5.00 97.472

18 . . . . 98.731 5.02 5.17 5.02 98.731 5.00 98.736

97.508 4.93 5.14 4.93 97.508 4.92 97.513

25 . . . . 98.739 4.99 5.14 4.99 98.739 4.97 98.744

97.533 4.88 5.09 4.88 97.533 4.87 97.538

Feb. 1 . . . . . 98.734 5.01 5.16 5.02 98.731 4.96 98.746

97.523 4.90 5.11 4.90 97.523 4.86 97.543

8 . . . . . 98.766 4.88 5.03 4.88 5

 98.766 4.86 98.772

97.578 4.79 4.99 4.79 97.578 4.77 97.589

15 . . . . 98.787 4.80 4.94 4.80 98.787 4.77 98.794

97.624 4.71 4.90 4.71 97.619 4.70 97.624

22 . . . . 98.792 4.78 4.92 4.78 98.792 4.75 98.799

97.599 4.75 4.95 4.75 97.599 4.72 97.614

29 . . . . 98.772 4.86 4.99 4.86 98.772 4.84 98.777

97.573 4.80 4.99 4.80 6

 97.573 4.79 97.578

Mar. 7 . . . . . 98.764 4.89 5.02 4.90 98.761 4.87 98.769

97.573 4.80 4.99 4.81 97.568 4.79 97.578

14 . . . . 98.749 4.95 5.08 4.95 7

 98.749 4.92 98.756

97.472 5.00 5.20 5.00 8

 97.472 4.99 97.477

21 . . . . 98.731 5.02 5.16 5.02 98.731 4.98 98.741

97.442 5.06 5.26 5.06 9

 97.442 5.05 97.447

28 . . . . 98.739 4.99 5.12 4.99 98.739 4.96 98.746

97.487 4.97 5.17 4.97 97.487 4.96 97.492

52 week

1995 - Mar. 9 . . . . . 93.772 6.16 6.57 6.16 10 93.772 6.14 93.792

Apr. 6 . . . . . 93.913 6.02 6.41 6.03 93.903 6.00 93.933

May 4 . . . . . 94.034 5.90 6.28 5.91 94.024 5.88 94.055

June 1 . . . . . 94.398 5.54 5.88 5.56 94.378 5.51 94.429

June 29 . . . . 94.722 5.22 5.53 5.23 94.712 5.20 94.742

July 27 . . . . 94.560 5.38 5.70 5.38 94.560 5.36 94.580

Aug. 24 . . . . 94.388 5.55 5.89 5.55 94.388 5.50 94.439

Sept. 21 . . . . 94.732 5.21 5.52 5.21 11 94.732 5.20 94.742

Oct. 19 . . . . 94.641 5.30 5.62 5.30 94.641 5.29 94.651

Nov. 16 . . . . 94.793 5.15 5.45 5.15 94.793 5.12 94.823

Dec. 14 . . . . 94.884 5.06 5.35 5.06 94.884 5.04 94.904

1996 - Jan. 11 . . . . 95.056 4.89 5.16 4.89 95.056 4.88 95.066

Feb. 8 . . . . . 95.308 4.64 4.89 4.64 95.308 4.62 95.329

Mar. 7 . . . . . 94.965 4.98 5.25 4.99 94.955 4.95 94.995

Cash management:

1996 - Feb. 15 . . . . 99.900 5.14 5.23 5.17 99.899 5.12 99.900

23 . . . . 99.233 5.02 5.14 5.02 99.233 5.00 99.236

Mar. 1 . . . . . 99.817 5.06 5.15 5.07 12 99.817 5.03 99.818

14 . . . . 99.404 5.11 5.21 5.12 99.403 5.10 99.405

40 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]

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)

03/03/94 03/10/94 4.03% bill—03/09/95 364d 43,994 16,531

03/22/94 03/31/94 5-1/8% note—03/31/96-AE 2y 47,401 19,579 7

03/23/94 03/31/94 5-7/8% note—03/31/99-L 5y 29,915 12,780 8

03/29/94 03/31/94 3.47% bill—04/21/94-reopening 21d 47,750 14,006

03/31/94 04/07/94 4.30% bill—04/06/95 364d 44,256 16,623

04/26/94 05/02/94 5-1/2% note—04/30/96-AF 2y 47,711 18,804 9

04/28/94 05/02/94 6-1/2% note—04/30/99-M 5y 24,745 12,291 10

04/28/94 05/05/94 4.77% bill—05/04/95 364d 49,343 16,594

05/10/94 05/16/94 6-1/2% note—05/15/97-W 3y 52,896 21,749 11

05/11/94 6 05/16/94 7-1/4% note—05/15/04-B 10y 25,019 5 14,440 12

05/24/94 05/31/94 5-7/8% note—05/31/96-AG 2y 41,031 18,927 13

05/25/94 05/31/94 6-3/4% note—05/31/99-N 5y 32,927 12,339 14

05/26/94 06/02/94 5.01% bill—06/01/95 364d 59,706 16,912

06/01/94 06/03/94 4.09% bill—06/16/94-reopening 13d 55,795 14,007

06/21/94 06/30/94 6% note—06/30/96-AH 2y 47,720 19,858 15

06/22/94 06/30/94 6-3/4% note—06/30/99-P 5y 32,369 13,100 16

06/23/94 06/30/94 5.04% bill—06/29/95 364d 50,142 16,756

07/13/94 07/15/94 5.20% bill—09/22/94 69d 41,740 6,035

07/21/94 07/28/94 5.20% bill—07/27/95 364d 54,251 16,963

07/26/94 08/01/94 6-1/8% note—07/31/96-AJ 2y 48,410 19,407 17

07/27/94 08/01/94 6-7/8% note—07/31/99-Q 5y 29,554 12,403 18

08/09/94 08/15/94 6-1/2% note—08/15/97-X 3y 47,220 20,241 19

08/10/94 08/15/94 7-1/4% note—08/15/04-C 10y 30,416 5 13,346 20

08/11/94 6 08/15/94 7-1/2% bond—11/15/24 30y 3m 22,053 5 11,469 21

08/11/94 08/15/94 4.37% bill—09/22/94 38d 29,573 7,005

08/18/94 08/25/94 5.36% bill—08/24/95 364d 43,661 16,837

08/23/94 08/31/94 6-1/4% note—08/31/96-AK 2y 58,453 19,283 22

08/24/94 08/31/94 6-7/8% note—08/31/99-R 5y 36,882 12,396 23

08/31/94 09/06/94 4.58% bill—09/22/94 16d 27,540 7,005

09/09/94 09/09/94 4.65% bill—09/16/94 7d 25,060 4,003

09/15/94 09/22/94 5.38% bill—09/21/95 364d 53,447 16,804

09/27/94 09/30/94 6-1/2% note—09/30/96-AL 2y 46,392 19,626 24

09/28/94 09/30/94 7-1/8% note—09/30/99-S 5y 38,031 12,820 25

10/12/94 10/17/94 4.98% bill—02/22/94-reopening 66d 49,580 15,040

10/13/94 10/20/94 5.72% bill—10/19/95 364d 51,239 17,275

10/25/94 10/31/94 6-7/8% note—10/31/96-U-reopening 2y 43,267 18,952 26

10/26/94 10/31/94 7-1/2% note—10/31/99-T 5y 34,155 12,115 27

11/08/94 11/15/94 7-3/8% note—11/15/97-Y 3y 53,312 20,831 28

11/09/94 11/15/94 7-7/8% note—11/15/04-D 10y 30,055 5 14,369 29

11/10/94 11/15/94 5.11% bill—12/22/94-reopening 37d 49,807 12,009

11/10/94 11/17/94 6.09% bill—11/16/95 364d 55,604 17,479

11/21/94 11/30/94 7-1/4% note—11/30/96-AN 2y 48,945 18,938 30

11/22/94 11/30/94 7-3/4% note—11/30/99-U 5y 33,840 11,932 31

11/30/94 12/02/94 5.45% bill—12/22/94-reopening 20d 35,751 8,105

12/08/94 12/15/94 6.75% bill—12/14/95 364d 42,002 17,076

12/21/94 01/03/95 7-1/2% note—12/31/96-AP 2y 51,681 19,602 32

12/22/94 01/03/95 7-3/4% note—12/31/99-V 5y 25,948 12,520 33

12/29/94 01/03/95 5.59% bill—01/19/95-reopening 16d 42,975 14,009

01/05/95 01/12/95 6.86% bill—01/11/96 364d 49,929 17,349

01/24/95 01/31/95 7-1/2% note—01/31/97-Z 2y 52,018 18,998 34

01/25/95 01/31/95 7-3/4% note—01/31/00-G 5y 34,143 12,226 35

02/02/95 02/09/95 6.59% bill—02/08/96 364d 51,445 17,452

02/07/95 02/15/95 7-1/4% note—02/15/98-W 3y 50,836 21,078 36

02/08/95 02/15/95 7-1/2% note—02/15/05-A 10y 29,807 5 13,834 37

02/09/95 02/15/95 7-5/8% bond—02/15/25 30y 30,681 5 11,725 38

02/09/95 02/15/95 5.76% bill—04/20/95-reopening 64d 50,051 9,118

02/22/95 02/28/95 6-7/8% note—02/28/97-AB 2y 43,401 18,805 39

02/23/95 02/28/95 7-1/8% note—02/29/00-H 5y 28,709 12,486 40

03/01/95 03/07/95 5.81% bill—03/16/95-reopening 9d 38,684 8,033

03/02/95 03/09/95 6.16% bill—03/07/96 364d 48,316 17,351

03/28/95 03/31/95 6-5/8% note—03/31/97-AC 2y 44,394 19,352 41

PUBLIC DEBT OPERATIONS 41
03/29/95 03/31/95 6-7/8% note—03/31/00-J 5y 26,061 13,186 42

03/30/95 04/03/95 5.97% bill—04/20/95-reopening 17d 100,412 25,109

03/30/95 04/06/95 6.02% bill—04/04/96 364d 43,046 17,574

04/25/95 05/01/95 6-1/2% note—04/30/97-AD 2y 42,158 18,706 43

04/26/95 05/01/95 6-3/4% note—04/30/00-K 5y 35,573 12,433 44

04/27/95 05/04/95 5.90% bill—05/02/96 364d 64,539 17,953

05/09/95 05/15/95 6-1/8% note—05/15/98-X 3y 38,313 21,223 45

05/10/95 05/15/95 6-1/2% note—05/15/05-B 10y 23,167 5 14,739 46

05/11/95 05/15/95 5.81% bill—06/22/95-reopening 38d 66,505 17,136

05/23/95 05/31/95 6-1/8% note—05/31/97-AE 2y 48,653 18,936 47

05/24/95 05/31/95 6-1/4% note—05/31/00-L 5y 30,382 12,752 48

05/25/95 06/01/95 5.54% bill—05/30/96 364d 42,863 18,579

05/31/95 06/02/95 5.85% bill—06/15/95-reopening 13d 57,101 17,126

06/22/95 06/29/95 5.22% bill—06/27/96 364d 42,836 19,321

06/27/95 06/30/95 5-5/8% note—06/30/97-AF 2y 43,818 19,256 49

06/28/95 06/30/95 5-7/8% note—06/30/00-M 5y 33,504 12,463 50

07/20/95 07/27/95 5.38% bill—07/25/96 364d 43,776 18,359

07/25/95 07/31/95 5-7/8% note—07/31/97-AG 2y 42,293 18,951 51

07/26/95 07/31/95 6-1/8% note—07/31/00-N 5y 31,033 12,338 52

08/08/95 08/15/95 5-7/8% note—08/15/98-Y 3y 42,039 22,418 53

08/09/95 08/15/95 6-1/2% note—08/15/05-C 10y 34,029 5 15,003 54

08/10/95 08/15/95 6-7/8% bond—08/15/25 30y 28,442 5 12,602 55

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 56

08/23/95 08/31/95 6-1/4% note—08/31/00-P 5y 28,072 11,922 57

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 58

09/27/95 10/02/95 6-1/8% note—09/30/00-Q 5y 27,544 12,011 59

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 60

10/25/95 10/31/95 5-3/4% note—10/31/00-R 5y 32,407 12,081 61

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 62

11/21/95 6 11/24/95 5-7/8% note—11/15/05-D 10y 31,730 5 15,210 63

11/28/95 11/30/95 5-3/8% note—11/30/97-AL 2y 55,484 18,687 64

11/29/95 11/30/95 5-5/8% note—11/30/00-S 5y 31,773 12,357 65

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 66

12/21/95 01/02/96 5-1/2% note—12/31/00-T 5y 31,507 12,821 67

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 68

01/24/96 01/31/96 5-1/4% note—01/31/01-E 5y 27,500 12,816 69

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 70

02/07/96 02/15/96 5-5/8% note—02/15/06-A 10y 29,711 5 15,514 71

02/08/96 02/15/96 6% bond—02/15/26 30y 25,590 5 12,905 72

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 73

02/28/96 02/29/96 5-5/8% note—02/28/01-F 5y 26,829 12,820 74

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

TABLE PDO-3.—Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

See footnotes at end of table.

42 PUBLIC DEBT OPERATIONS
1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening. 

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS. 

6 Interest began to accrue before the issue date (settlement date) of this loan. 

7 Accepted yields ranged up to 5.15% (price 99.953) in this single-price auction.

8

 Accepted yields ranged up to 5.91% (price 99.850) in this single-price auction.

9

 Accepted yields ranged up to 5.59% (price 99.832) in this single-price auction.

10 Accepted yields ranged up to 6.60% (price 99.580) in this single-price auction.

11 Yields accepted ranged from 6.54% (price 99.893) up to 6.55% (price 99.866) with the

average at 6.54% (price 99.893).

12 Yields accepted ranged from 7.33% (price 99.439) up to 7.40% (price 99.953) with the

average at 7.36% (price 99.230).

13 Accepted yields ranged up to 5.94% (price 99.879) in this single-price auction.

14 Accepted yields ranged up to 6.78% (price 99.875) in this single-price auction.

15 Accepted yields ranged up to 6.04% (price 99.926) in this single-price auction.

16 Accepted yields ranged up to 6.77% (price 99.916) in this single-price auction.

17 Accepted yields ranged up to 6.17% (price 99.917) in this single-price auction.

18 Accepted yields ranged up to 6.98% (price 99.563) in this single-price auction.

19 Yields accepted ranged from 6.59% (price 99.759) up to 6.62% (price 99.678) with the

average at 6.61% (price 99.705).

20 Yields accepted ranged from 7.32% (price 99.510) up to 7.33% (price 99.440) with the

average at 7.33% (price 99.440).

21 Yields accepted ranged from 7.55% (price 99.373) up to 7.59% (price 98.904) with the

average at 7.56% (price 99.256).

22 Accepted yields ranged up to 6.27% (price 99.963) in this single-price auction.

23 Accepted yields ranged up to 6.91% (price 99.854) in this single-price auction.

24 Accepted yields ranged up to 6.55% (price 99.908) in this single-price auction.

25 Accepted yields ranged up to 7.18% (price 99.772) in this single-price auction.

26 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction.

27 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction.

28 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the

average at 7.41% (price 99.907).

29 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the

average at 7.96% (price 99.421).

30 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction.

31 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 

32 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction.

33 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction.

34 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction.

35 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction.

36 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the

average at 7.34% (price 99.762).

37 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the

average at 7.54% (price 99.723).

38 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the

average at 7.65% (price 99.708).

39 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction.

40 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction.

41 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction.

42 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction.

43 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

44 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

45 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the

average at 6.165% (price 99.892).

46 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the

average at 6.608% (price 99.219).

47 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

48 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction.

49 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

50 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

51 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

52 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

53 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).

54 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).

55 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).

56 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction.

57 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction.

58 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction.

59 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction.

60 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

61 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

62 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).

63 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).

64 Accepted yields ranged up to 5.479% (price 99.806) in this single-price auction.

65 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

66 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

67 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

68 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

69 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction.

70 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).

71 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).

72 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).

73 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

74 Accepted yields ranged up to 5.680% (price 99.763) 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 43
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills

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

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

06/30/94 6% note--06/30/96-AH 19,859 1,650 835 1,204 8 1 1,759 13 72 111 12,217 1,989

06/30/94 6-3/4% note--06/30/99-P 13,101 1,542 610 752 36 1 1,004 142 * 1 8,256 757

08/01/94 6-1/8% note--07/31/96-AJ 19,416 827 517 1,434 8 7 856 8 5 11 14,343 1,400

08/01/94 6-7/8% note--07/31/99-Q 12,411 800 280 912 50 1 1,452 9 - 2 795 8,110

08/15/94 6-1/2% note--08/15/97-X 20,250 2,013 411 1,487 20 2 1,321 10 * 15 13,344 1,627

08/15/94 7-1/4% note--08/15/04-C 13,346 750 71 475 * * 967 3 * 1 10,449 630

08/15/94 7-1/2% bond--11/15/24 11,470 450 89 297 5 - 926 30 20 6 9,564 83

08/31/94 6-1/4% note--08/31/96-AK 19,292 450 648 1,575 91 4 2,743 12 370 5 11,306 2,089

08/31/94 6-7/8% note--08/31/99-R 12,297 426 1,409 723 11 11 913 7 5 60 7,578 1,155

09/30/94 6-1/2% note--09/30/96-AL 19,639 1,125 694 1,532 261 5 1,507 22 1 7 13,018 1,467

09/30/94 7-1/8% note--09/30/99-S 12,836 1,079 433 753 46 26 1,475 5 1 90 8,028 902

10/31/94

6-7/8% note--10/31/99-U

reopening 18,983 450 375 1,156 62 26 1,573 8 1 325 13,388 1,619

10/31/94 7-1/2% note--10/31/99-T 12,152 412 240 752 1 16 1,174 3 1 7 8,285 1,261

11/15/94 7-3/8% note--11/15/97-Y 20,861 2,800 231 897 21 5 1,246 11 1 52 14,593 1,004

11/15/94 7-7/8% note--11/15/04-D 14,374 1,603 197 565 7 5 518 27 2 12 10,778 660

11/30/94 7-1/4% note--11/15/96-AN 18,940 265 1,258 1,172 22 10 3,434 12 13 48 10,972 1,734

11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121

01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405

01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 

01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458

01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028

02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916

02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640

02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61

02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454

02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583

03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987

03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285

05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215

05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666

05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills, con.

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

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318

05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267

05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985

06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871

06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615

07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249

07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017

08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715

08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235

08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44

08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412

08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

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

* 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 45
TABLE PDO-4B.--Allotments by Investor Classes for Public Marketable Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of Public Debt]

Allotments by investor classes

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2

brokers All other 3

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

1

 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2

 Exclusive of banks and insurance companies.

3 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

03/10/94 03/09/95 4.03 16,531 3,800 357 1,543 9,439 1,392

04/07/94 04/06/95 4.30 16,623 3,850 938 98 10,816 921

05/05/94 05/04/95 4.77 16,593 4,100 357 1,233 9,729 1,174

06/02/94 06/01/95 5.01 16,913 4,050 862 369 10,137 1,495

06/30/94 06/29/95 5.04 16,756 4,350 449 253 10,301 1,403

07/28/94 07/27/95 5.20 16,963 4,250 378 106 10,784 1,445

08/25/94 08/24/95 5.36 16,837 4,200 808 47 10,571 1,211

09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904

10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061

11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360

12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629

01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640

02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108

03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736

04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664

05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,160

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,337

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,018

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,026

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 686

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

46 PUBLIC DEBT OPERATIONS
TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Mar. 31, 1996

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division]

 Amount outstanding

Sales plus Matured

Accrued accrued Interest- non-interestSeries Sales 1

discount discount Redemptions 1bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 337,145 175,526 512,671 328,657 182,992 2,498

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

862 667 1,529 1,150 345 -

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

373,908 178,570 552,478 368,079 183,337 2,502

1

 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds

for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds

beginning January 1972; however, they exclude exchanges of series E bonds for series H and

HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be found

in the February 1952 and previous issues of the “Treasury Bulletin.”

Fiscal years:

1935-90 . . . . . . . . . . 313,968 126,664 440,632 316,706 252,569 64,137 122,470 1,440

1991 . . . . . . . . . . . . 9,154 9,852 19,006 7,510 4,499 3,010 133,844 1,525

1992 . . . . . . . . . . . . 13,591 8,739 22,330 7,384 4,415 2,970 148,604 1,720

1993 . . . . . . . . . . . . 17,262 9,292 26,554 7,790 4,965 2,825 167,373 1,716

1994 . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

Calendar years:

1935-91 . . . . . . . . . . 325,486 138,643 464,130 325,994 258,166 68,826 136,258 1,864

1992 . . . . . . . . . . . . 17,659 8,816 26,475 7,361 4,445 2,917 155,297 1,969

1993 . . . . . . . . . . . . 13,370 9,453 22,822 8,146 5,106 3,040 169,775 2,145

1994 . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 2,335

1995 . . . . . . . . . . . . 6,794 9,584 16,378 11,866 7,317 4,549 182,266 2,724

1995 - Mar. . . . . . . . . . 648 754 1,402 1,069 704 366 179,190 2,175

Apr. . . . . . . . . . 577 956 1,633 954 558 396 181,938 2,135

May . . . . . . . . . 615 704 1,319 989 581 408 182,270 2,101

June . . . . . . . . . 515 723 1,238 948 595 353 182,554 2,074

July. . . . . . . . . . 494 829 1,323 946 558 388 180,895 2,042

Aug. . . . . . . . . . 509 763 1,272 1,054 668 386 181,134 2,017

Sept.. . . . . . . . . 470 753 1,223 856 483 373 181,529 1,993

Oct. . . . . . . . . . 512 1,000 1,512 879 667 211 181,818 1,988

Nov. . . . . . . . . . 511 733 1,244 867 573 294 182,551 1,981

Dec. . . . . . . . . . 613 768 1,381 925 439 486 182,266 2,724

1996 - Jan. . . . . . . . . . 614 909 1,523 1,300 733 567 182,584 2,628

Feb. . . . . . . . . . 539 829 1,368 988 497 490 183,037 2,547

Mar. . . . . . . . . . 462 787 1,249 998 576 422 183,337 2,502

TABLE SBN-2.—Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division]

 Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1

discount 1bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers

only). Series F and G were sold from May 1, 1941, through

April 30, 1952. Series H was sold from June 1, 1952, through

December 31, 1979. Series HH bonds were sold for cash from

January 1, 1980, through October 31, 1982. Series J and K

were sold from May 1, 1952, through April 30, 1957. U.S.

savings notes were on sale May 1, 1967, through June 30,

1970. The notes were eligible for purchase by individuals with

the simultaneous purchase of series E savings bonds.

The principal terms and conditions for purchase and

redemption and information on investment yields of savings

notes appear in the “Treasury Bulletin”s of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 47
 Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Fiscal years:

1941-90 . . . . . . . . . . 264,485 124,265 388,750 261,370 199,638 61,731 12,960 112,975 1,425

1991 . . . . . . . . . . . . . 9,154 9,852 19,006 6,952 3,942 3,010 857 124,095 1,509

1992 . . . . . . . . . . . . . 13,591 8,739 22,330 6,909 3,939 2,970 1,038 138,286 1,701

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

Calendar years:

1941-91 . . . . . . . . . . 276,010 136,175 412,184 269,969 204,551 65,419 14,024 126,099 1,836

1992 . . . . . . . . . . . . 17,659 8,816 26,475 6,909 3,992 2,917 1,170 144,724 1,939

1993 . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . 6,789 9,576 16,365 11,124 6,575 4,549 898 170,690 2,700

1995 - Mar. . . . . . . . . . 648 754 1,402 999 633 366 83 167,747 2,151

Apr. . . . . . . . . . 577 956 1,633 888 491 396 78 168,354 2,112

May . . . . . . . . . 615 704 1,319 927 519 408 79 168,702 2,078

June . . . . . . . . . 515 723 1,238 885 532 353 85 168,997 2,051

July. . . . . . . . . . 494 828 1,322 880 491 388 64 169,403 2,025

Aug. . . . . . . . . . 509 761 1,270 991 605 386 87 169,622 2,001

Sept.. . . . . . . . . 470 752 1,222 801 427 373 63 170,005 1,977

Oct. . . . . . . . . . 509 999 1,508 823 611 211 69 170,278 1,972

Nov. . . . . . . . . . 514 731 1,245 811 517 294 79 170,998 1,958

Dec. . . . . . . . . . 608 767 1,375 873 387 486 70 170,690 2,700

1996 - Jan. . . . . . . . . . 598 909 1,507 1,235 668 567 87 170,969 2,606

Feb. . . . . . . . . . 534 829 1,366 923 435 490 110 171,380 2,526

Mar. . . . . . . . . . 465 787 1,252 932 511 422 114 171,633 2,478

Series E and EE

Series H and HH

Fiscal years:

1952-90 . . . . . . . . . . 13,573 - 13,573 17,028 17,028 - 12,960 9,495 11

1991 . . . . . . . . . . . . -37 - -37 557 557 - 857 9,749 13

1992 . . . . . . . . . . . . 9 - 9 476 476 - 1,038 10,319 15

1993 . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

Calendar years:

1952-91 . . . . . . . . . . 13,542 - 13,542 17,703 17,703 - 14,024 9,825 25

1992 . . . . . . . . . . . . -31 - -31 453 453 - 1,170 10,573 25

1993 . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . 43 - 43 742 742 - 898 11,576 24

1995 - Mar. . . . . . . . . . 4 - 4 70 70 - 83 11,443 19

Apr. . . . . . . . . . -2 - -2 67 67 - 78 11,454 19

May . . . . . . . . . 1 - 1 62 62 - 79 11,472 18

June . . . . . . . . . -6 - -6 63 63 - 85 11,489 17

July. . . . . . . . . . 6 - 6 67 67 - 64 11,492 17

Aug. . . . . . . . . . -4 - -4 63 63 - 87 11,512 17

Sept.. . . . . . . . . 5 - 5 56 56 - 63 11,524 16

Oct. . . . . . . . . . 3 - 3 56 56 - 69 11,541 16

Nov. . . . . . . . . . -3 - -3 56 56 - 79 11,553 23

Dec. . . . . . . . . . 5 - 5 52 52 - 70 11,576 24

1996 - Jan. . . . . . . . . . 16 - 16 65 65 - 87 11,615 22

Feb. . . . . . . . . . 5 - 5 64 64 - 110 11,657 20

Mar. . . . . . . . . . -3 - -3 66 66 - 114 11,704 20

48 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, and notes

that the Treasury issues. The tables also detail debt issued by

other Federal agencies under special financing authorities.

(See the Federal debt (FD) tables for a more complete description of the Federal debt.)

 Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

 Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 49
TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 3,683,054 3,662,759 919,573 11,318 908,255 264,708

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1995 - Mar. . . . . . . . . . . . . . . . . . . . 4,890,575 4,860,502 1,254,674 1,519 1,253,155 369,300

Apr. . . . . . . . . . . . . . . . . . . . 4,878,806 4,831,533 1,271,236 1,519 1,269,717 371,304

May . . . . . . . . . . . . . . . . . . . 4,930,589 4,900,346 1,278,619 1,519 1,277,100 373,578

June. . . . . . . . . . . . . . . . . . . 4,978,233 4,947,814 1,316,581 1,519 1,315,062 388,965

July . . . . . . . . . . . . . . . . . . . 4,987,006 4,956,625 1,315,204 1,519 1,313,685 375,524

Aug. . . . . . . . . . . . . . . . . . . . 4,997,778 4,967,192 1,310,019 1,519 1,308,500 372,873

Sept. . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

Oct. . . . . . . . . . . . . . . . . . . . 5,012,433 4,981,739 1,319,624 1,519 1,318,105 373,517

Nov. . . . . . . . . . . . . . . . . . . . 5,017,472 4,985,790 1,285,894 1,519 1,284,375 380,802

Dec. . . . . . . . . . . . . . . . . . . . 5,016,910 4,964,371 1,304,456 1,519 1,302,937 390,959

1996 - Jan. . . . . . . . . . . . . . . . . . . . 5,015,577 4,983,247 1,309,154 1,519 1,307,635 378,208

Feb. . . . . . . . . . . . . . . . . . . . 5,053,215 5,012,872 1,291,214 1,506 1,289,708 376,519

Mar. . . . . . . . . . . . . . . . . . . . 5,153,294 5,082,952 1,353,767 1,506 1,352,261 380,952

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 2,478,478 2,114,634 363,844 2,544 17,751 176 17,575

1992 . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

1993 . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994 . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1995 - Mar. . . . . . . . . . . . . . . . . . . . 3,236,528 2,856,515 380,013 3,614 26,459 17 26,442

Apr. . . . . . . . . . . . . . . . . . . . 3,188,993 2,809,430 379,562 20,795 26,479 17 26,462

May . . . . . . . . . . . . . . . . . . . 3,248,149 2,866,367 381,781 3,580 26,663 17 26,646

June. . . . . . . . . . . . . . . . . . . 3,242,268 2,862,136 380,132 3,558 26,861 17 26,844

July . . . . . . . . . . . . . . . . . . . 3,265,897 2,893,934 371,963 3,527 26,854 17 26,837

Aug. . . . . . . . . . . . . . . . . . . . 3,284,300 2,911,665 372,635 3,564 27,022 16 27,006

Sept. . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

Oct. . . . . . . . . . . . . . . . . . . . 3,288,598 2,918,136 370,462 3,523 27,171 16 27,155

Nov. . . . . . . . . . . . . . . . . . . . 3,319,094 2,969,162 349,933 3,540 28,142 16 28,126

Dec. . . . . . . . . . . . . . . . . . . . 3,268,956 2,914,701 354,254 24,294 28,245 16 28,229

1996 - Jan. . . . . . . . . . . . . . . . . . . . 3,295,885 2,952,109 343,776 4,188 28,141 - 28,141

Feb. . . . . . . . . . . . . . . . . . . . 3,345,139 3,009,097 336,042 4,168 36,174 7,865 28,309

Mar. . . . . . . . . . . . . . . . . . . . 3,348,233 2,992,597 355,636 34,834 35,508 7,865 27,643

50 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 State and local government have been redefined to include their fully defeased debt that is

backed by nonmarketable Federal securities. Includes State and local pension funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in the United States public debt issues. Estimates reflect 1978 benchmark to December 1984;

the 1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.—Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4

securities companies funds rations 5 ments 6national 7investors 8

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

1985 - Mar. . . . . 1,254.1 192.6 1,061.5 145.1 75.4 69.7 66.6 26.7 50.8 r 260.5 199.6 r 312.1

June . . . . 1,292.0 195.6 1,096.4 148.7 76.7 72.0 69.1 24.8 54.9 r

 279.4 213.8 r 305.7

Sept. . . . 1,338.2 196.2 1,142.0 151.4 78.2 73.2 73.4 22.7 59.0 r

 290.0 222.9 r 322.6

Dec. . . . . 1,417.2 189.4 1,227.8 154.8 79.8 75.0 80.5 25.1 59.0 r

 359.6 224.8 r 324.1

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 r

 374.9 232.6 r 338.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 r

 405.7 250.9 r 320.2

Sept. . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 r

 411.6 265.5 r 339.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 r

 446.6 263.4 r 332.6

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 r

 481.7 272.8 r 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 r

 492.7 281.1 r 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 r

 499.0 279.5 r 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 r

 500.3 299.7 r 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 r

 509.2 332.5 r 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 r

 506.0 345.4 r 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 r

 500.4 345.9 r 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 r

 509.1 362.2 r 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 r

 489.1 376.6 r 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 r

 481.9 369.1 r 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 r

 482.4 394.9 r 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 r

 489.5 429.6 r 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 r

 528.8 421.8 r 504.4

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 r

 538.7 427.3 r 510.3

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 r

 543.2 440.3 r 538.9

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 r

 542.5 458.4 r 588.9

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 r

 559.7 464.3 r 583.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.4 130.8 r

 561.8 473.6 r 579.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 r

 572.0 477.3 r 587.3

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 r

 579.2 491.7 r 583.3

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 r

 594.8 507.9 r 598.1

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 r

 587.8 529.6 r 605.8

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 r

 578.9 535.2 r 627.7

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 r

 563.3 549.7 r 673.5

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 r

 578.9 564.2 r 658.9

June . . . . 2,938.4 307.2 2,631.2 303.0 166.5 136.4 217.8 76.2 206.1 r

 599.9 567.7 r 660.5

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 r

 603.5 591.3 r 648.6

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 r

 605.9 622.9 r 658.3

1994 - Mar. . . . . 3,094.6 r

 344.4 r 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 r 600.9 633.3 r 681.9

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 r

 584.1 633.1 r 695.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 r

 534.8 655.6 r 764.1

Dec. . . . . 3,168.0 290.1 2,877.9 331.2 180.5 150.7 240.1 67.6 226.5 r

 483.4 688.6 r 840.5

1995 - Mar. . . . . 3,239.2 307.7 2,931.5 342.8 181.4 161.4 r

 245.7 67.7 230.3 r 467.1 729.0 r 848.8

June . . . . 3,245.0 298.0 2,947.0 344.2 182.6 161.6 r

 248.3 58.7 227.7 r 433.9 784.1 r 850.1

Sept. . . . 3,279.5 289.0 2,990.5 345.9 183.5 162.4 r

 249.8 64.2 224.1 r 384.9 848.1 r 873.5

Dec. . . . . 3,294.9 r

 280.1 r 3,014.8 347.7 185.0 162.7 r 252.6 71.3 r 228.8 r 343.8 861.8 r 908.8

1996 - Mar. . . . . 3,382.8 p

 281.0 3,101.8 347.2 185.8 161.4 p 254.5 p 87.3 p 229.0 p 343.0 p 930.1 p 910.7

OWNERSHIP OF FEDERAL SECURITIES 51
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

 Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart, is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

Treasury obtains quotations from the Federal Reserve

Bank of New York, which compiles quotations provided by

five primary dealers. Treasury uses these composite quotations

to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon

equivalent yields of bank discount rates at which Treasury

bills trade in the market. The Board of Governors of the

Federal Reserve System publishes the Treasury constant maturity data series in its weekly H.15 press release.

 Table MY-2 shows average yields of long-term Treasury,

corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate bond average yield is developed by Treasury by

calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors

Service. The municipal bond average yield prior to 1991 was

compiled by Treasury. Beginning with January 1991, the average yield is the “Municipal Bond Yield Average,” published

by Moody’s Investors Service for 20-year reoffering yields on

selected Aa-rated general obligations. See the footnotes for

further explanation.

Monthly average

1995 - Apr.. . . . . . . . . . 5.84 6.05 6.27 6.57 6.68 6.86 6.95 7.06 7.36

May . . . . . . . . . . 5.85 5.93 6.00 6.17 6.27 6.41 6.50 6.63 6.95

June . . . . . . . . . 5.64 5.66 5.64 5.72 5.80 5.93 6.05 6.17 6.57

July . . . . . . . . . . 5.59 5.62 5.59 5.78 5.89 6.01 6.20 6.28 6.72

Aug. . . . . . . . . . 5.57 5.65 5.75 5.98 6.10 6.24 6.41 6.49 6.86

Sept. . . . . . . . . . 5.43 5.54 5.62 5.81 5.89 6.00 6.13 6.20 6.55

Oct. . . . . . . . . . . 5.44 5.56 5.59 5.70 5.77 5.86 5.97 6.04 6.37

Nov. . . . . . . . . . 5.52 5.51 5.43 5.48 5.57 5.69 5.83 5.93 6.26

Dec. . . . . . . . . . 5.29 5.35 5.31 5.32 5.39 5.51 5.63 5.71 6.06

1996 - Jan. . . . . . . . . . 5.15 5.13 5.09 5.11 5.20 5.36 5.54 5.65 6.05

Feb.. . . . . . . . . . 4.96 4.97 4.94 5.03 5.14 5.38 5.64 5.81 6.24

Mar.. . . . . . . . . . 5.10 5.16 5.34 5.66 5.79 5.97 6.19 6.27 6.60

End of month

1995 - Apr.. . . . . . . . . . 5.87 6.08 6.32 6.60 6.72 6.88 6.95 7.07 7.34

May . . . . . . . . . . 5.81 5.83 5.80 5.89 5.95 6.08 6.18 6.30 6.67

June . . . . . . . . . 5.60 5.59 5.65 5.79 5.88 5.98 6.12 6.21 6.63

July . . . . . . . . . . 5.60 5.63 5.67 5.88 6.02 6.16 6.35 6.45 6.86

Aug. . . . . . . . . . 5.45 5.53 5.65 5.85 5.95 6.07 6.21 6.28 6.65

Sept. . . . . . . . . . 5.40 5.57 5.65 5.83 5.91 6.01 6.11 6.17 6.49

Oct. . . . . . . . . . . 5.48 5.55 5.55 5.61 5.70 5.81 5.92 6.03 6.34

Nov. . . . . . . . . . 5.48 5.46 5.36 5.36 5.41 5.53 5.68 5.76 6.14

Dec. . . . . . . . . . 5.10 5.17 5.18 5.18 5.25 5.38 5.49 5.58 5.96

1996 - Jan. . . . . . . . . . 5.05 4.97 4.90 4.93 5.06 5.25 5.46 5.60 6.03

Feb.. . . . . . . . . . 5.02 5.05 5.23 5.44 5.56 5.73 5.99 6.13 6.48

Mar.. . . . . . . . . . 5.13 5.20 5.41 5.79 5.91 6.10 6.30 6.34 6.67

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

52 MARKET YIELDS
CHART MY-A.—Yields of Treasury Securities, 

Mar. 31, 1996 *

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

* Source: Department of the Treasury, Office of Market Finance

Years

(Year tick marks correspond with June data.)

MARKET YIELDS 53
TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1985

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 12.46 9.11

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.39 9.26

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.81 12.85 9.52

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.45 9.16

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.05 11.85 8.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45 11.33 8.46

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.28 8.73

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.56 11.61 8.96

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.61 11.66 9.04

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.51 9.00

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06 11.19 8.45

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.54 10.42 8.44

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

54 MARKET YIELDS
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.

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

MARKET YIELDS 55
TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.57 5.57

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.

56 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.)

MARKET YIELDS 57
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

“Treasury Bulletin.” The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, Mar. 31, 1996

[Source: Financial Management Service’s General Ledger Branch]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $530,413,463,732 $506,724,922,834 $506,144,368,026 $322,083,116 $258,471,692

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 312,859,519 55,425,292 11,701,637 43,527,339 196,316

Federal Reserve banks . . . . . . . . 

113,819,921,781 113,240,812,348 113,240,808,673 - 3,675

Amounts in circulation . . . . . . . . . . . 

$416,280,682,432 $393,428,685,194 $392,891,857,716 $278,555,777 $258,271,701

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $23,688,540,898 $2,024,703,898 $21,663,837,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 257,434,227 169,407,002 88,027,225

The Federal Reserve banks. . . . . 

579,109,433 53,593,603 525,515,830

Amounts in circulation . . . . . . . . . . . 

$22,851,997,238 $1,801,703,293 $21,050,293,945

See footnotes following table USCC-2.

58 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,046,024,130 $5,897,666,092 $143,481 $148,214,557

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049,874,404 917,235,364 132,626,466 12,574

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,140,614,620 6,996,954,260 110,716,810 32,943,550

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,278,560,500 13,255,581,890 5,950 22,972,660

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,101,119,140 80,081,015,360 3,380 20,100,400

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,779,383,800 47,767,891,950 - 11,491,850

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,714,698,500 237,657,651,300 35,059,600 21,987,600

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,959,500 144,771,500 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,230,000 168,025,000 - 205,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

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

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$393,428,685,194 $392,891,857,716 $278,555,777 $258,271,701

Mar. 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,280 1,573.15

Feb. 29, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,976 1,565.45

Jan. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 412,696 1,561.53

Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15

Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14

Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45

Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48

June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08

June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39

June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14

June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90

TABLE USCC-2.—Amounts Outstanding and in Circulation, Mar. 31, 1996

[Source: Financial Management Service’s General Ledger Branch]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1

notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation— (in millions) capita 5

selected dates (1) (2)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59
60

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61

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62

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INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or

dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including gold stock and special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF). The

table also shows U.S. reserve holdings and holdings of convertible

foreign currencies in the IMF.

• Table IFS-2 contains statistics on liabilities to foreign official

institutions, and selected liabilities to all other foreigners, which

are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

Treasury issues to official institutions and other residents of

foreign countries.

• Table IFS-4, which presented a trade-weighted index of the

foreign currency value of the dollar, has been discontinued. The

‘‘Treasury Bulletin’’ first published an index of effective exchange

rate changes for the dollar, as Table IFS-7, in June 1974. In the

intervening time, many other indices have been developed that

are widely accepted indicators of general movement of the dollar.

The index presented in IFS-4 used a simple functional form and

publicly available information so that the index can be easily

replicated by those who find it useful.

TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1

stock 2rights 1, 3 currencies 4 Fund 1, 5

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

1991. . . . . . . . . . . . . . . . . . . . . . . . 77,721 11,059 11,240 45,934 9,488

1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995 - Apr.. . . . . . . . . . . . . . . . . . . 88,756 11,055 11,743 51,752 14,206

May . . . . . . . . . . . . . . . . . . . 90,549 11,054 11,923 53,294 14,278

June . . . . . . . . . . . . . . . . . . 90,063 11,054 11,869 52,864 14,276

July . . . . . . . . . . . . . . . . . . . 91,534 11,053 11,487 54,233 14,761

Aug.. . . . . . . . . . . . . . . . . . . 86,648 11,053 11,146 49,979 14,470

Sept. . . . . . . . . . . . . . . . . . . 87,152 11,051 11,035 50,385 14,681

Oct. . . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700

Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572

Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312

Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813

Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249

Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF are also valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these

are valued at current market exchange rates or, where appropriate, at such other rates as may

be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve position

in the IMF automatically if needed. Under appropriate conditions, the United States could

purchase additional amounts related to the U.S. quota.

INTERNATIONAL FINANCIAL STATISTICS 63
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6 organizations 7 

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

1991 . . . . . . . . . . 1,216,772 349,905 131,088 204,096 4,856 9,863 597,123 250,754 93,732 157,022 17,990

1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 . . . . . . . . . . 1,646,949 498,467 212,956 254,100 6,109 25,302 767,104 361,797 114,839 246,958 19,581

1995 - Mar. . . . . . 1,707,073 520,899 226,097 262,061 6,135 26,606 780,000 384,892 113,151 271,741 21,282

Apr. . . . . . . 1,721,599 530,509 232,454 265,219 6,174 26,662 776,545 393,438 118,439 274,999 21,107

May . . . . . . 1,739,673 536,287 239,694 263,512 6,210 26,871 774,733 407,893 116,619 291,274 20,760

June . . . . . 1,786,695 554,445 246,343 274,383 6,245 27,474 791,617 418,964 116,129 302,835 21,669

July . . . . . . 1,820,659 578,639 253,622 291,173 6,287 27,557 771,558 446,085 128,658 317,427 24,377

Aug.. . . . . . . 1,862,808 587,162 262,481 290,809 6,329 27,543 789,726 463,769 119,536 344,233 22,151

Sept. . . . . . 1,845,527 594,027 273,502 286,284 6,366 27,875 771,274 455,083 117,327 337,756 25,143

Oct. . . . . . . 1,875,039 592,165 265,352 291,989 6,408 28,416 799,821 460,458 123,757 336,701 22,595

Nov. . . . . . 1,896,990 607,231 280,882 291,074 6,449 28,826 788,127 479,166 126,614 352,552 22,466

Dec. . . . . . 1,889,249 604,984 275,512 293,725 6,492 29,255 799,240 462,167 121,282 340,885 22,858

1996 - Jan. . . . . . 1,901,552 619,277 277,718 306,340 6,120 29,099 794,502 464,943 122,970 341,973 22,830

Feb.. . . . . . 1,919,795 644,897 294,284 315,021 6,158 29,434 777,815 475,117 125,633 349,484 21,966

Mar.. . . . . . 1,926,550 656,962 301,696 319,769 6,199 29,298 775,016 473,002 121,937 351,065 21,570

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. 

64 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759

1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 - Mar. . . . . . . . . . . . . . . . . . 6,135 6,135 895 4,262 978

Apr. . . . . . . . . . . . . . . . . . . 6,174 6,174 900 4,290 984

May . . . . . . . . . . . . . . . . . . 6,210 6,210 906 4,319 985

June . . . . . . . . . . . . . . . . . 6,245 6,245 911 4,343 991

July . . . . . . . . . . . . . . . . . . 6,287 6,287 917 4,372 998

Aug. . . . . . . . . . . . . . . . . . 6,329 6,329 922 4,402 1,005

Sept. . . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011

Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018

Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025

Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039

Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045

Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052

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. Remaining face value

of issue is $6,685 million.

2

 Includes current value of the following zero-coupon Treasury bond issues to the government

of Mexico: beginning March 1988, 20-year maturity issue. Face value is $1,058 million;

beginning March 1990, 30-year maturity issue. Remaining face value of issue is $24,010 million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 65
INTRODUCTION: Capital Movements

Treasury collects information about the transference of

financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding

companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury,

Washington, D.C., 20220, or from district Federal Reserve

banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

United States liabilities arising from the deposits of dollars

with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit

may be to foreign official institutions or to residents of another

country.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings

of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is

reported opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items to foreigners in countries not

shown separately on the monthly reports. Quarterly reports are

filed for liabilities and claims denominated in foreign currencies in relation to foreigners. The exemption level applicable

to these banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more during the covered

quarter.

Nonbanking enterprises also report each month their U.S.

dollar denominated deposit and certificates of deposit claims

of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad (own

foreign offices) or with their foreign parent companies, and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

• Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners also reported by

U.S. banks and other depository institutions, brokers, and

dealers. Data on bank claims held for their own account are

collected monthly. Information on claims held for their domestic customers as well as foreign currency claims, is collected

on a quarterly basis only. Maturity data are reported according

to time remaining to maturity. Reporting also covers certain

items held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. (Note: Beginning with the September 1994

issue of the ‘‘Treasury Bulletin,’’ former table CM-III-1, Dollar

Claims on Nonbank Foreigners, will no longer appear. Former

table CM-III-2, Dollar Liabilities to, and Dollar Claims on,

Foreigners in Countries and Areas Not Regularly Reported

Separately, has been redesignated as table CM-III-1. This

semiannual data series will now appear in each issue of the

‘‘Treasury Bulletin.’’)

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

•Section V contains information on transactions in all types

of long-term domestic and foreign securities with foreigners

reported by banks, brokers, and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

66 CAPITAL MOVEMENTS
domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. Also, some transactions classified as direct

investments in the balance of payments accounts may be

included. However, the data do not include nonmarketable

Treasury bonds and notes shown in table IFS-3.

In the case of outstanding securities, the geographical

breakdown of the transactions data does not necessarily reflect

the ultimate owners of or the original issuers of the securities.

This is because the path of a security is not tracked prior to its

being purchased from, or after it is sold to, a foreigner in a TIC

reportable transaction. That is, before it enters and after it

departs the reporting system, ownership of a security may be

transferred between foreigners of different countries. Such

transfers may occur any number of times and are concealed

among the net figures for U.S. transactions opposite individual

countries. Hence, the geographical breakdown shows only the

country of domicile of the foreign buyers and sellers of securities in a particular round of transactions.

SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2

 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

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

1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129

1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 r . . . . . . . . . . . . . 1,104,041 212,956 212,956 - 881,943 793,195 88,748 9,142 8,606 536 358,076 67,447

1995 - Mar. r . . . . . . . . 1,129,943 226,097 226,097 - 893,151 798,364 94,787 10,695 9,343 1,352 351,696 73,680

Apr. r . . . . . . . . 1,137,974 232,454 232,454 - 894,984 800,197 94,787 10,536 9,184 1,352 340,532 73,680

May r . . . . . . . . 1,141,288 239,694 239,694 - 891,352 796,565 94,787 10,242 8,890 1,352 346,962 73,680

June r . . . . . . . 1,165,041 246,343 246,343 - 907,746 802,111 105,635 10,952 9,966 986 356,670 85,057

July r . . . . . . . . 1,167,009 253,622 253,622 - 900,216 794,581 105,635 13,171 12,185 986 353,980 85,057

Aug. r . . . . . . . 1,183,048 262,481 262,481 - 909,262 803,627 105,635 11,305 10,319 986 367,995 85,057

Sept. r . . . . . . . 1,176,470 273,502 273,502 - 888,601 787,889 100,712 14,367 13,011 1,356 359,638 78,944

Oct. r . . . . . . . . 1,200,580 265,352 265,352 - 923,578 822,866 100,712 11,650 10,294 1,356 372,690 78,944

Nov. . . . . . . . . . 1,206,773 280,882 280,882 - 914,741 814,029 100,712 11,150 9,794 1,356 364,603 78,944

Dec. . . . . . . . . . 1,208,014 275,512 275,512 - 920,522 809,042 111,480 11,980 10,939 1,041 369,624 85,708

1996 - Jan. . . . . . . . . . 1,206,837 277,718 277,718 - 917,472 805,992 111,480 11,647 10,606 1,041 368,694 85,708

Feb. p . . . . . . . 1,209,256 294,284 294,284 - 903,448 791,968 111,480 11,524 10,483 1,041 369,339 85,708

Mar. p. . . . . . . . 1,209,166 301,696 301,696 - 896,953 785,473 111,480 10,517 9,476 1,041 362,587 85,708

 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 67
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2

certificates liabilities 2

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

1991 . . . . . . . . . . . . . . . . . . . . . . . . 8,981 43 2,714 1,730 4,494

1992 . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993 . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 - Mar. . . . . . . . . . . . . . . . . . . . 9,343 31 3,699 314 5,299

Apr. . . . . . . . . . . . . . . . . . . . 9,184 214 3,798 763 4,409

May . . . . . . . . . . . . . . . . . . . 8,890 34 3,550 510 4,796

June . . . . . . . . . . . . . . . . . . . 9,966 114 4,579 312 4,961

July . . . . . . . . . . . . . . . . . . . 12,185 43 5,057 551 6,534

Aug. r . . . . . . . . . . . . . . . . . . 10,319 40 4,642 826 4,811

Sept. . . . . . . . . . . . . . . . . . . 13,011 24 4,315 354 8,318

Oct. r . . . . . . . . . . . . . . . . . . 10,294 77 3,901 1,342 4,974

Nov. . . . . . . . . . . . . . . . . . . . 9,794 33 3,631 962 5,168

Dec. . . . . . . . . . . . . . . . . . . . 10,939 21 4,656 350 5,912

1996 - Jan. . . . . . . . . . . . . . . . . . . . 10,606 30 4,385 764 5,427

Feb. p. . . . . . . . . . . . . . . . . . 10,483 43 3,379 555 6,506

Mar. p. . . . . . . . . . . . . . . . . . 9,476 16 3,584 564 5,312

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits certi- biliyear or month tries Demand Time 2

icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 icates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1991 . . . . . . . . . . . . . . . 747,085 2,626 16,504 92,692 19,266 8,648 82,857 7,471 94,190 329,099 9,004 57,574 8,841 18,313

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 r . . . . . . . . . . . . . . 1,006,151 1,564 23,511 139,570 48,311 10,633 111,171 11,240 149,754 395,558 11,160 48,532 11,766 43,381

1995 - Mar. r . . . . . . . . . 1,024,461 1,905 23,981 141,716 58,495 10,878 106,788 15,735 154,874 396,938 10,138 50,574 12,393 40,046

Apr. . . . . . . . . . . 1,032,651 1,485 25,719 146,417 58,833 10,701 100,277 15,727 163,525 391,528 10,555 53,616 12,643 41,625

May . . . . . . . . . . 1,036,259 1,575 27,433 154,575 56,111 11,406 102,842 14,444 164,420 386,834 10,555 51,993 12,524 41,547

June r. . . . . . . . . 1,048,454 1,398 27,454 154,517 62,974 10,554 111,368 15,021 154,008 395,031 10,186 51,836 12,354 41,753

July . . . . . . . . . . 1,048,203 1,429 29,578 159,654 62,961 12,121 104,407 15,535 160,258 373,602 10,511 52,751 12,881 52,515

Aug. r. . . . . . . . . 1,066,108 1,547 31,774 157,516 71,644 10,061 108,681 15,489 162,395 387,465 10,131 52,004 13,487 43,914

Sept. r . . . . . . . . 1,061,391 1,362 32,242 163,093 76,805 11,818 98,668 16,170 157,162 386,744 10,500 52,929 13,453 40,445

Oct. r . . . . . . . . . 1,088,218 1,646 30,634 157,277 75,795 11,341 114,401 16,429 166,364 390,574 10,097 53,596 13,527 46,537

Nov. . . . . . . . . . . 1,094,911 1,690 30,627 171,366 77,199 11,232 105,401 16,687 170,119 383,976 10,159 54,225 12,830 49,400

Dec. . . . . . . . . . . 1,084,554 2,098 30,970 168,534 73,910 11,746 103,837 15,869 163,770 392,538 10,585 53,775 12,588 44,334

1996 - Jan. . . . . . . . . . . 1,083,710 1,522 27,919 173,949 74,328 10,247 110,665 15,992 165,623 380,495 10,383 55,544 12,773 44,270

Feb. p. . . . . . . . . 1,086,252 1,655 29,710 191,188 71,731 10,948 104,436 17,947 169,312 363,692 10,861 54,497 13,705 46,570

Mar. p. . . . . . . . . 1,087,169 1,423 31,696 198,382 70,195 11,813 101,088 15,967 164,203 370,465 11,149 56,651 13,792 40,345

68 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 1995 1996

Country 1992 1993 1994 r Nov. Dec. Jan. Feb. p Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,809 2,203 4,109 5,779 4,269 4,169 3,728 3,604

Belgium-Luxembourg . . . . . . . . . . 23,781 31,609 26,475 34,297 31,348 31,387 33,688 32,066

Bulgaria . . . . . . . . . . . . . . . . . . . . 419 99 611 860 752 307 400 309

Czechoslovakia . . . . . . . . . . . . . . 580 817 953 1,415 1,667 952 928 965

Denmark. . . . . . . . . . . . . . . . . . . . 3,111 4,650 3,137 3,946 3,517 3,575 4,457 3,472

Finland . . . . . . . . . . . . . . . . . . . . . 1,546 2,569 1,569 2,513 3,035 2,625 2,613 1,972

France . . . . . . . . . . . . . . . . . . . . . 47,994 48,658 52,805 48,405 49,233 49,726 51,128 51,384

Germany . . . . . . . . . . . . . . . . . . . 24,616 33,433 32,355 33,745 31,661 33,614 32,321 32,829

Greece . . . . . . . . . . . . . . . . . . . . . 920 1,527 1,402 2,294 2,036 2,023 2,088 1,991

Hungary . . . . . . . . . . . . . . . . . . . . 177 1,491 1,095 1,100 2,055 1,582 1,183 527

Ireland . . . . . . . . . . . . . . . . . . . . . 2,181 2,323 1,987 2,138 2,615 2,415 1,786 2,071

Italy. . . . . . . . . . . . . . . . . . . . . . . . 12,211 14,546 13,418 14,916 16,325 15,066 17,918 16,925

Netherlands . . . . . . . . . . . . . . . . . 9,023 17,788 17,259 16,859 14,972 12,598 13,421 14,037

Norway . . . . . . . . . . . . . . . . . . . . . 3,451 3,071 2,339 1,376 1,424 1,097 1,276 1,114

Poland . . . . . . . . . . . . . . . . . . . . . 2,191 2,292 2,316 5,436 5,690 6,690 7,121 7,590

Portugal . . . . . . . . . . . . . . . . . . . . 2,484 3,488 2,997 2,928 2,951 3,245 3,121 3,033

Romania. . . . . . . . . . . . . . . . . . . . 117 125 529 244 246 191 142 302

Spain . . . . . . . . . . . . . . . . . . . . . . 10,307 21,365 15,612 12,379 12,029 13,855 13,606 20,993

Sweden . . . . . . . . . . . . . . . . . . . . 3,093 2,813 3,157 3,877 3,375 2,685 2,943 2,386

Switzerland. . . . . . . . . . . . . . . . . . 43,144 45,746 41,917 43,399 46,211 43,390 44,594 41,667

Turkey . . . . . . . . . . . . . . . . . . . . . 2,958 3,584 3,378 4,113 4,311 4,537 4,746 4,290

United Kingdom . . . . . . . . . . . . . . 125,388 150,912 187,130 171,927 161,009 174,536 168,867 166,011

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 577 2,532 2,726 8,990 7,950 7,858 9,180 9,321

Yugoslavia 2

. . . . . . . . . . . . . . . . . 504 373 245 171 177 163 163 143

Other Europe . . . . . . . . . . . . . . . . 24,000 26,524 20,965 18,005 14,255 10,366 12,957 11,875

Total Europe . . . . . . . . . . . . . . . 

346,582 424,538 440,486 441,112 423,113 428,652 434,375 430,877

Canada . . . . . . . . . . . . . . . . . . . . . . 

23,467 21,577 26,522 29,436 27,897 30,159 28,968 28,893

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 9,633 14,591 17,273 13,102 12,357 13,645 11,885 12,106

Bahamas . . . . . . . . . . . . . . . . . . . 83,167 74,844 104,922 88,441 96,525 98,384 92,737 89,615

Bermuda. . . . . . . . . . . . . . . . . . . . 7,314 8,372 8,631 6,648 4,956 4,692 4,761 5,094

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,676 5,384 9,290 28,043 24,317 23,235 22,281 21,982

British West Indies . . . . . . . . . . . . 159,240 199,955 237,518 250,410 249,273 243,573 237,620 250,836

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,115 3,314 3,173 2,785 2,890 3,043 2,837 2,880

Colombia . . . . . . . . . . . . . . . . . . . 4,628 3,220 4,674 3,541 3,754 3,801 3,978 3,934

Cuba. . . . . . . . . . . . . . . . . . . . . . . 3 33 13 8 8 7 7 7

Ecuador . . . . . . . . . . . . . . . . . . . . 1,035 899 886 1,315 1,324 1,245 1,210 1,283

Guatemala . . . . . . . . . . . . . . . . . . 1,400 1,224 1,136 1,225 1,288 1,071 1,087 1,072

Jamaica . . . . . . . . . . . . . . . . . . . . 379 425 541 463 498 517 512 520

Mexico . . . . . . . . . . . . . . . . . . . . . 19,960 28,374 12,409 21,051 24,606 23,694 23,950 24,583

Netherlands Antilles . . . . . . . . . . . 5,980 5,277 5,748 6,303 5,184 4,960 4,973 4,914

Panama . . . . . . . . . . . . . . . . . . . . 4,319 3,887 4,775 4,529 4,413 4,178 4,313 4,173

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,116 966 913 934 987 1,038 1,105 973

Trinidad and Tobago . . . . . . . . . . 306 398 637 476 453 423 415 443

Uruguay . . . . . . . . . . . . . . . . . . . . 2,027 1,664 1,649 1,952 1,868 1,832 1,759 1,941

Venezuela . . . . . . . . . . . . . . . . . . 12,183 13,334 14,501 11,948 12,119 12,971 12,920 13,457

Other Latin America and

Caribbean . . . . . . . . . . . . . . . . . 5,939 6,084 6,115 6,682 7,244 7,242 7,489 7,549

Total Latin America and

Caribbean . . . . . . . . . . . . . . . 

327,420 372,245 434,804 449,856 454,064 449,551 435,839 447,362

See footnotes at end of table.

CAPITAL MOVEMENTS 69
Calendar year 1995 1996

Country 1992 1993 1994 r Nov. Dec. Jan. Feb. p Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 3,275 4,011 10,066 29,875 33,765 35,748 32,215 24,445

Taiwan . . . . . . . . . . . . . . . . . . . 8,460 10,684 9,971 11,393 11,743 12,340 12,984 15,542

Hong Kong . . . . . . . . . . . . . . . . . . 20,639 17,724 17,954 21,403 23,374 23,377 25,356 23,257

India . . . . . . . . . . . . . . . . . . . . . . . 1,404 1,123 2,340 3,279 3,413 3,303 3,567 4,030

Indonesia . . . . . . . . . . . . . . . . . . . 1,494 2,001 1,610 2,507 2,743 2,046 2,384 2,204

Israel . . . . . . . . . . . . . . . . . . . . . . 3,785 4,453 5,160 4,116 4,096 4,371 5,803 5,366

Japan . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 87,298 131,231 140,161 137,696 144,334 148,280

Korea . . . . . . . . . . . . . . . . . . . . . . 3,367 4,963 5,226 5,693 5,880 5,190 5,705 5,971

Lebanon . . . . . . . . . . . . . . . . . . . . 417 469 503 575 631 475 775 654

Malaysia. . . . . . . . . . . . . . . . . . . . 1,775 1,833 1,704 1,964 2,426 2,040 2,008 2,088

Pakistan . . . . . . . . . . . . . . . . . . . . 989 1,216 1,309 2,049 1,703 1,256 1,336 1,607

Philippines . . . . . . . . . . . . . . . . . . 2,294 2,041 2,722 2,887 3,097 2,402 2,374 2,344

Singapore. . . . . . . . . . . . . . . . . . . 10,566 8,746 8,537 11,227 11,565 11,785 14,512 11,326

Syria. . . . . . . . . . . . . . . . . . . . . . . 245 365 608 875 858 896 902 824

Thailand . . . . . . . . . . . . . . . . . . . . 5,587 6,155 6,475 12,150 12,290 13,132 13,400 12,169

Oil-exporting countries 3

. . . . . . . . 21,469 15,943 15,535 16,574 16,057 14,892 13,966 14,710

Other Asia . . . . . . . . . . . . . . . . . . 2,104 2,783 3,315 2,280 2,410 2,663 3,268 3,054

Total Asia . . . . . . . . . . . . . . . . . 

165,605 163,751 180,333 260,078 276,212 273,612 284,889 277,871

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,475 2,218 1,885 1,907 2,137 1,849 2,376 2,058

Ghana . . . . . . . . . . . . . . . . . . . . . 107 153 233 240 229 238 234 238

Liberia . . . . . . . . . . . . . . . . . . . . . 372 816 323 372 368 309 338 308

Morocco . . . . . . . . . . . . . . . . . . . . 80 100 97 61 104 99 52 65

South Africa . . . . . . . . . . . . . . . . . 191 451 440 1,206 810 1,288 736 482

Zaire. . . . . . . . . . . . . . . . . . . . . . . 19 12 9 9 10 11 8 11

Oil-exporting countries 4

. . . . . . . . 1,362 1,308 1,381 1,867 1,837 1,814 2,008 1,746

Other Africa . . . . . . . . . . . . . . . . . 1,328 1,612 2,222 2,528 2,271 2,196 2,191 2,306

Total Africa . . . . . . . . . . . . . . . . 

5,934 6,670 6,590 8,190 7,766 7,804 7,943 7,214

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,068 3,919 5,249 5,833 5,749 4,431 4,608 5,344

All other . . . . . . . . . . . . . . . . . . . . 1,126 909 915 1,118 1,233 981 1,110 1,088

Total other countries . . . . . . . . . 

4,194 4,828 6,164 6,951 6,982 5,412 5,718 6,432

Total foreign countries. . . . . . 

873,202 993,609 1,094,899 1,195,623 1,196,034 1,195,190 1,197,732 1,198,649

International and regional:

International . . . . . . . . . . . . . . . . . 7,676 7,179 7,888 9,453 9,982 10,405 10,191 8,720

European regional . . . . . . . . . . . . 80 51 53 135 119 61 55 59

Latin American regional . . . . . . . . 1,676 3,276 798 744 1,152 608 591 1,017

Asian regional . . . . . . . . . . . . . . . 183 274 194 314 194 337 474 455

African regional . . . . . . . . . . . . . . 238 503 170 467 496 199 178 231

Middle Eastern regional . . . . . . . . 

- 39 39 37 37 37 35 35

Total international

and regional. . . . . . . . . . . . . . 

9,853 11,322 9,142 11,150 11,980 11,647 11,524 10,517

Grand total. . . . . . . . . . . . . . . 883,055 1,004,931 1,104,041 1,206,773 1,208,014 1,206,837 1,209,256 1,209,166

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

as independent states 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 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]

70 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 3,604 2,872 732 1,788 1,084 41 951 995 547 177 43 91 24 3 12

Belgium-Luxembourg. . . 32,066 25,560 6,506 22,713 2,847 215 9,803 1,024 2,713 9,870 364 467 138 966 585

Bulgaria . . . . . . . . . . . . . 309 309 - 131 178 12 23 178 83 4 1 7 - 1 -

Czechoslovakia . . . . . . . 965 964 1 317 647 61 8 647 215 23 3 7 - - -

Denmark. . . . . . . . . . . . . 3,472 2,876 596 2,202 674 30 397 169 1,914 318 18 6 - 24 -

Finland . . . . . . . . . . . . . . 1,972 1,768 204 1,532 236 14 384 173 516 614 8 49 10 - 49

France . . . . . . . . . . . . . . 51,384 41,355 10,029 28,869 12,486 279 12,333 9,789 5,266 10,504 140 588 588 1,868 515

Germany . . . . . . . . . . . . 32,829 25,203 7,626 19,487 5,716 427 4,652 5,136 9,860 3,754 223 435 349 367 163

Greece . . . . . . . . . . . . . . 1,991 1,966 25 1,087 879 62 180 850 383 168 49 233 13 28 13

Hungary . . . . . . . . . . . . . 527 526 1 130 396 51 - 34 397 23 8 6 - 7 -

Ireland . . . . . . . . . . . . . . 2,071 1,947 124 1,448 499 81 225 151 303 187 44 246 54 656 28

Italy. . . . . . . . . . . . . . . . . 16,925 11,475 5,450 10,324 1,151 352 4,470 822 4,185 816 161 258 11 400 128

Netherlands . . . . . . . . . . 14,037 12,789 1,248 6,697 6,092 132 3,560 3,907 2,570 1,772 96 148 315 289 51

Norway. . . . . . . . . . . . . . 1,114 1,084 30 618 466 21 131 226 587 61 19 25 2 12 -

Poland . . . . . . . . . . . . . . 7,590 7,269 321 5,262 2,007 36 94 2,007 4,847 272 7 6 - - -

Portugal . . . . . . . . . . . . . 3,033 2,843 190 935 1,908 32 426 1,833 314 70 20 78 22 48 23

Romania. . . . . . . . . . . . . 302 302 - 302 - 9 125 - 123 43 1 1 - - -

Russia 4

. . . . . . . . . . . . . 9,321 9,321 - 1,454 7,867 320 53 7,865 1,010 22 14 28 1 8 1

Spain . . . . . . . . . . . . . . . 20,993 18,976 2,017 11,088 7,888 277 3,169 6,270 7,585 544 85 954 47 45 41

Sweden . . . . . . . . . . . . . 2,386 2,256 130 1,882 374 35 421 79 243 995 11 38 201 233 15

Switzerland. . . . . . . . . . . 41,667 39,083 2,584 10,460 28,623 534 2,198 25,687 4,137 4,092 195 837 1,010 393 1,293

Turkey . . . . . . . . . . . . . . 4,290 4,103 187 1,791 2,312 90 603 2,295 859 121 17 61 3 54 -

United Kingdom . . . . . . . 166,011 144,129 21,882 129,724 14,405 554 28,544 5,892 19,606 75,645 991 2,006 2,534 8,357 2,766

Yugoslavia 5

. . . . . . . . . . 143 143 - 143 - 11 16 - 103 - 3 10 - - -

Other Europe . . . . . . . . . 11,875 11,431 444 7,294 4,137 143 3,910 4,025 2,617 499 16 130 33 58 1

Total Europe . . . . . . . . 

430,877 370,550 60,327 267,678 102,872 3,819 76,676 80,054 70,983 110,594 2,537 6,715 5,355 13,817 5,684

Canada . . . . . . . . . . . . . . . 

28,893 27,359 1,534 20,808 6,551 303 4,306 4,015 3,652 11,417 646 1,198 626 1,196 78

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 12,106 11,985 121 9,533 2,452 262 3,057 2,059 720 803 645 4,078 117 244 118

Bahamas . . . . . . . . . . . . 89,615 88,081 1,534 74,943 13,138 46 3,971 318 11,932 68,115 136 1,315 1,158 1,090 530

Bermuda. . . . . . . . . . . . . 5,094 5,035 59 2,434 2,601 5 201 300 1,283 118 102 308 522 2,196 376

Brazil . . . . . . . . . . . . . . . 21,982 21,462 520 20,642 820 708 13,394 4 3,220 459 529 2,858 48 242 384

British West Indies . . . . . 250,836 240,646 10,190 148,102 92,544 134 9,405 155 94,439 115,889 235 5,155 2,574 12,660 304

Chile. . . . . . . . . . . . . . . . 2,880 2,815 65 2,646 169 113 404 1 461 214 216 1,246 39 121 98

Colombia . . . . . . . . . . . . 3,934 3,846 88 3,689 157 37 1,110 100 582 51 213 1,686 14 53 35

Cuba. . . . . . . . . . . . . . . . 7 7 - 7 - 1 - - 3 - - 2 - 1 -

Ecuador . . . . . . . . . . . . . 1,283 1,274 9 1,098 176 66 105 70 315 51 160 467 12 28 16

Guatemala . . . . . . . . . . . 1,072 1,059 13 998 61 37 69 1 59 3 155 693 16 26 28

Jamaica . . . . . . . . . . . . . 520 503 17 474 29 31 123 25 198 37 40 45 1 3 3

Mexico . . . . . . . . . . . . . . 24,583 24,532 51 15,233 9,299 140 1,721 7,826 4,334 1,399 1,264 6,888 507 453 449

Netherlands Antilles . . . . 4,914 4,402 512 3,667 735 69 209 27 228 745 76 877 543 1,628 33

Panama . . . . . . . . . . . . . 4,173 4,025 148 3,574 451 64 242 - 269 982 176 1,852 140 300 89

Peru . . . . . . . . . . . . . . . . 973 960 13 920 40 50 39 18 84 25 90 632 1 21 15

Trinidad and Tobago . . . 443 441 2 383 58 9 36 - 165 9 19 184 4 15 3

Uruguay . . . . . . . . . . . . . 1,941 1,908 33 1,753 155 175 86 10 324 456 81 629 48 99 42

Venezuela . . . . . . . . . . . 13,457 13,148 309 10,605 2,543 115 1,569 1,566 1,292 208 1,088 6,829 136 345 153

Other Latin America

and Caribbean . . . . . . 7,549 7,385 164 6,315 1,070 240 965 792 826 366 625 3,030 125 416 70

Total Latin America

and Caribbean. . . . . 

447,362 433,514 13,848 307,016 126,498 2,302 36,706 13,272 120,734 189,930 5,850 38,774 6,005 19,941 2,746

TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 To foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks 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- liabili- 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 71
Asia:

China:

Mainland . . . . . . . . 24,445 24,430 15 3,583 20,847 224 1,576 14,830 7,085 136 32 454 33 60 42

Taiwan . . . . . . . . . 15,542 15,513 29 12,021 3,492 332 2,195 3,094 7,146 685 198 1,622 47 194 179

Hong Kong . . . . . . . . 23,257 20,187 3,070 17,412 2,775 829 1,083 1,047 2,591 10,735 318 2,782 74 728 256

India . . . . . . . . . . . . . 4,030 3,990 40 1,830 2,160 391 25 1,860 691 781 46 95 1 100 7

Indonesia . . . . . . . . . 2,204 2,169 35 1,592 577 236 82 536 489 357 64 397 - 8 5

Israel . . . . . . . . . . . . 5,366 5,343 23 1,417 3,926 86 100 3,601 423 491 53 434 108 47 109

Japan . . . . . . . . . . . . 148,280 117,312 30,968 40,739 76,573 986 4,177 71,694 7,871 27,617 371 571 963 3,062 276

Korea . . . . . . . . . . . . 5,971 5,873 98 4,774 1,099 252 516 477 1,233 2,086 32 1,258 6 13 7

Lebanon . . . . . . . . . . 654 654 - 643 11 29 271 - 256 9 16 63 8 2 1

Malaysia. . . . . . . . . . 2,088 1,849 239 1,491 358 176 311 338 372 323 17 312 - - -

Pakistan . . . . . . . . . . 1,607 1,598 9 1,073 525 69 92 498 331 516 51 36 - 5 1

Philippines . . . . . . . . 2,344 2,336 8 1,233 1,103 176 9 827 584 112 102 477 1 48 36

Singapore. . . . . . . . . 11,326 10,911 415 9,675 1,236 341 1,388 813 1,685 6,062 106 179 214 123 9

Syria. . . . . . . . . . . . . 824 824 - 822 2 160 240 - 397 - 7 18 2 - -

Thailand . . . . . . . . . . 12,169 12,158 11 880 11,278 193 43 10,750 696 366 31 79 - - 270

Other Asia . . . . . . . . 17,764 17,287 477 14,677 2,610 909 1,928 1,807 4,009 7,045 249 552 231 557 122

Total Asia . . . . . . . 

277,871 242,434 35,437 113,862 128,572 5,389 14,036 112,172 35,859 57,321 1,693 9,329 1,688 4,947 1,320

Africa:

Egypt . . . . . . . . . . . . 2,058 2,057 1 818 1,239 63 217 1,222 378 84 18 64 - 11 7

Ghana . . . . . . . . . . . 238 238 - 198 40 29 32 40 90 25 7 13 - 2 -

Liberia . . . . . . . . . . . 308 299 9 173 126 - - - - - 17 150 49 83 25

Morocco . . . . . . . . . . 65 65 - 65 - 20 - - 25 6 8 6 - - -

South Africa . . . . . . . 482 411 71 254 157 36 4 150 155 - 13 45 3 5 2

Zaire. . . . . . . . . . . . . 11 11 - 10 1 5 - - - 3 2 - 1 - -

Other Africa . . . . . . . 4,052 4,008 44 3,648 360 824 649 326 1,513 326 169 164 15 22 14

Total Africa . . . . . . 

7,214 7,089 125 5,166 1,923 977 902 1,738 2,161 444 234 442 68 123 48

Other countries:

Australia . . . . . . . . . . 5,344 5,239 105 2,243 2,996 415 148 2,812 779 594 145 67 39 240 128

All other . . . . . . . . . . 1,088 984 104 682 302 31 10 286 230 165 44 126 11 81 1

Total other

countries . . . . . . 

6,432 6,223 209 2,925 3,298 446 158 3,098 1,009 759 189 193 50 321 129

Total foreign

countries. . . . . 

1,198,649 1,087,169 111,480 717,455 369,714 13,236 132,784 214,349 234,398 370,465 11,149 56,651 13,792 40,345 10,005

International

and regional:

International . . . . . . . 8,720 7,938 782 7,564 374 7 3,321 318 4,292 - - - - - -

European regional . . 59 59 - 40 19 5 - 19 35 - - - - - -

Latin American

regional . . . . . . . . . 1,017 758 259 755 3 2 225 3 528 - - - - - -

Asian regional . . . . . 455 455 - 43 412 - - 166 289 - - - - - -

African regional . . . . 231 231 - 121 110 2 3 58 168 - - - - - -

Middle Eastern

regional . . . . . . . . . 35 35 - 35 - - 35 - - - - - - - -

Total international

and regional. . . . 

10,517 9,476 1,041 8,558 918 16 3,584 564 5,312 - - - - - -

Grand total . . . 1,209,166 1,096,645 112,521 726,013 370,632 13,252 136,368 214,913 239,710 370,465 11,149 56,651 13,792 40,345 10,005

1

 These data as of Dec. 31, 1995. 

2

 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in "Other Asia" and "Other Africa" amount to $737 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 as independent states by the United States. Data for entities of the former Yugoslavia

recognized as independent states by the United States are reported under ‘‘Other Europe’’ as

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 To foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks 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- liabili- 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)

72 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)

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that about two-thirds

or more of U.S. liabilities are reported opposite the

United Kingdom, the rest of Europe, and, most notably, the offshore banking centers in the Caribbean.

Also significant are the U.S. liabilities to foreigners

reported against Japan and the rest of Asia.

Total U.S. banking liabilities to foreigners, which

expanded $104 billion in 1995, rose just $1.2 billion

in the first quarter of 1996. This small net increase is

the result of offsetting changes in liabilities to different regions: U.S. liabilities to foreigners in the

United Kingdom, other Europe, and Japan increased

$15.9 billion as of March 1996, while liabilities to

the Caribbean banking centers, other Asia, and ‘‘All

other countries’’ declined by $14.8 billion.

By region, the direction and magnitude of

changes in U.S. banking liabilities in the first quarter

were varied. The largest change was the $8.1 billion

increase in liabilities to Japan, which continued a

long upward trend and resulted in a new high of

$148.3 billion.

[In millions of dollars]

Country 1992 1993 1994 1995 March 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 125,388 150,912 187,130 161,009 166,011 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 221,194 273,626 253,356 262,104 264,866 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 260,020 292,335 361,594 360,351 354,632 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 87,298 140,161 148,280 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,870 84,510 93,035 136,051 129,591 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,207 880,624 982,413 1,059,676 1,063,380 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 110,848 124,307 121,628 148,338 145,786 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

883,055 1,004,931 1,104,041 1,208,014 1,209,166 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 73
SECTION II.—Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.—Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Type of claim 1993 June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Total claims 1

. . . . . . . . . . . . . . . . . . . . . . . 650,484 656,515 658,919 671,088 697,600 737,909 721,267 730,137

Payable in dollars. . . . . . . . . . . . . . . . . . 575,613 583,070 580,241 599,521 615,989 650,527 645,193 649,118

Banks’ own claims on foreigners . . . . 488,497 483,336 480,962 483,242 493,477 521,916 515,573 526,351

Foreign public borrowers. . . . . . . . . 29,228 21,545 25,159 23,416 23,809 23,810 22,439 22,500

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 49,892 52,456 52,026 59,250 53,611 58,852 50,767 37,343

Other . . . . . . . . . . . . . . . . . . . . . . 50,973 48,782 49,031 49,978 52,814 53,925 56,765 61,357

Own foreign offices . . . . . . . . . . . . . . . 285,510 291,461 284,588 283,183 292,367 301,424 298,241 303,902

All other foreigners . . . . . . . . . . . . . . . 72,894 69,092 70,158 67,415 70,876 83,905 87,361 101,249

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 87,116 99,734 99,279 116,279 122,512 128,611 129,620 122,767

Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 50,860 51,906 64,829 67,152 69,579 66,067 57,529

Negotiable and readily

transferable instruments. . . . . . . . . 31,186 32,512 31,831 36,008 38,305 39,237 45,190 45,265

Collections and other. . . . . . . . . . . . 14,196 16,362 15,542 15,442 17,055 19,795 18,363 19,973

Payable in foreign currencies. . . . . . . . . 74,871 73,445 78,678 71,567 81,611 87,382 76,074 81,019

Banks’ own claims on foreigners . . . . 62,017 57,788 64,491 60,689 72,732 77,138 69,450 74,874

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 12,854 15,657 14,187 10,878 8,879 10,244 6,624 6,145

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . . 236,968 238,966 243,334 253,009 256,642 265,837 254,558 254,964

Payable in dollars . . . . . . . . . . . . . . . . 194,699 199,982 197,652 212,096 206,695 210,982 206,137 202,320

Payable in foreign currencies . . . . . . . 42,269 38,984 45,682 40,913 49,947 54,855 48,421 52,644

Customer liability on acceptances . . . . . 7,918 7,524 7,574 8,427 8,439 8,792 8,821 8,379

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers . . . . . . . . 17,828 13,178 16,981 15,435 15,482 15,817 14,177 14,993

On all other unaffiliated foreigners . . . 154,834 146,613 147,446 152,896 150,409 170,495 164,489 161,350

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers . . . . . . . . 10,874 8,145 7,928 7,838 8,150 7,892 8,220 7,506

On all other unaffiliated foreigners . . . 19,030 23,708 23,965 23,873 26,823 25,976 30,090 38,498

1

 Large revisions in claims since 1993 are due in part to a special Treasury survey. See “Report on

the Survey of Selected Foreign Financial Assets” in the March 1996 issue of the “Treasury Bulletin.”

74 CAPITAL MOVEMENTS
TABLE CM-II-2.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Country 1993 r June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 950 1,571 1,399 1,889 1,760 1,831 2,098 1,961

Belgium-Luxembourg. . . . . . . . . . 8,944 9,509 9,442 10,166 10,742 8,187 10,714 12,099

Bulgaria . . . . . . . . . . . . . . . . . . . . 68 105 63 7 7 6 83 7

Czechoslovakia . . . . . . . . . . . . . . 135 276 196 84 68 41 69 166

Denmark. . . . . . . . . . . . . . . . . . . . . 1,235 1,006 1,233 1,562 1,578 1,872 1,727 2,028

Finland . . . . . . . . . . . . . . . . . . . . . 933 917 893 813 787 1,028 1,470 1,569

France . . . . . . . . . . . . . . . . . . . . . 19,175 21,346 23,929 21,492 24,385 23,715 24,750 23,816

Germany . . . . . . . . . . . . . . . . . . . 15,946 16,395 17,871 18,424 20,601 21,613 18,859 20,509

Greece . . . . . . . . . . . . . . . . . . . . . 1,617 1,343 1,152 1,105 1,118 905 792 903

Hungary . . . . . . . . . . . . . . . . . . . . 46 31 31 41 143 13 9 24

Ireland . . . . . . . . . . . . . . . . . . . . . 366 696 526 513 411 499 621 1,159

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,889 11,921 9,771 10,550 10,862 11,249 9,512 8,873

Netherlands . . . . . . . . . . . . . . . . . 4,882 5,256 5,298 5,354 6,781 8,669 8,773 8,905

Norway. . . . . . . . . . . . . . . . . . . . . 517 887 769 544 1,569 1,260 1,719 735

Poland . . . . . . . . . . . . . . . . . . . . . 454 798 1,159 413 383 473 1,152 1,474

Portugal . . . . . . . . . . . . . . . . . . . . 1,092 1,213 1,410 1,177 1,225 2,149 1,204 1,075

Romania. . . . . . . . . . . . . . . . . . . . 117 112 105 238 222 210 199 179

Spain . . . . . . . . . . . . . . . . . . . . . . 6,969 5,626 5,398 5,583 6,639 6,407 4,784 3,955

Sweden . . . . . . . . . . . . . . . . . . . . 6,799 5,836 7,009 8,930 7,191 7,532 7,512 9,242

Switzerland. . . . . . . . . . . . . . . . . . 12,520 12,711 10,988 12,955 16,188 18,885 19,991 18,193

Turkey . . . . . . . . . . . . . . . . . . . . . 3,276 2,913 2,796 3,032 2,495 2,810 2,892 2,816

United Kingdom . . . . . . . . . . . . . . 86,626 88,134 88,932 96,791 101,315 99,600 88,781 103,235

U.S.S.R.1

. . . . . . . . . . . . . . . . . . . 2,453 2,134 1,723 1,395 1,001 926 793 1,069

Yugoslavia 2

. . . . . . . . . . . . . . . . . 491 292 280 275 253 235 240 150

Other Europe . . . . . . . . . . . . . . . . 846 1,045 1,243 720 778 416 497 3,880

Total Europe . . . . . . . . . . . . . . . 190,346 192,073 193,616 204,053 218,502 220,531 209,241 228,022

Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 38,842 34,976 33,067 41,828 37,911 34,264 31,232

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 4,613 5,716 5,851 6,075 6,461 6,786 6,392 6,759

Bahamas . . . . . . . . . . . . . . . . . . . 65,745 66,332 65,210 69,894 67,510 69,340 65,830 61,917

Bermuda. . . . . . . . . . . . . . . . . . . . . 9,101 6,908 6,305 8,666 8,928 8,619 6,185 6,203

Brazil . . . . . . . . . . . . . . . . . . . . . . 12,739 12,603 11,445 10,572 12,090 12,866 14,860 14,826

British West Indies . . . . . . . . . . . . 116,443 121,015 124,835 125,436 121,106 137,734 147,188 148,531

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,867 3,905 3,829 4,376 4,812 4,707 4,728 5,344

Colombia . . . . . . . . . . . . . . . . . . . 3,549 3,745 3,876 4,369 4,310 4,355 4,705 4,892

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 1 -

Ecuador . . . . . . . . . . . . . . . . . . . . 746 829 692 717 593 778 830 846

Guatemala . . . . . . . . . . . . . . . . . . 306 332 328 385 391 356 378 472

Jamaica . . . . . . . . . . . . . . . . . . . . 205 202 213 262 291 404 292 329

Mexico . . . . . . . . . . . . . . . . . . . . . 24,359 25,743 24,053 23,399 22,345 23,165 21,208 21,382

Netherlands Antilles . . . . . . . . . . . 2,770 2,776 1,651 1,426 1,236 3,183 6,273 9,850

Panama . . . . . . . . . . . . . . . . . . . . 2,963 2,317 2,511 2,293 2,593 2,647 2,909 3,357

Peru . . . . . . . . . . . . . . . . . . . . . . . 682 991 1,037 1,072 1,142 1,406 1,513 1,880

Trinidad and Tobago . . . . . . . . . . 496 473 481 473 516 484 487 485

Uruguay . . . . . . . . . . . . . . . . . . . . 1,008 675 791 554 406 438 453 534

Venezuela . . . . . . . . . . . . . . . . . . 4,061 3,396 3,052 2,803 2,500 2,525 2,318 2,536

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,205 3,392 3,461 3,504 3,293 3,291 3,505 2,969

Total Latin America

and Caribbean. . . . . . . . . . . . 

256,858 261,350 259,621 266,276 260,523 283,084 290,055 293,112

See footnotes at end of table.

CAPITAL MOVEMENTS 75
TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized as independent states by the United States. Data for entities of the former Yugoslavia

recognized as independent states by the United States are reported under “Other Europe” as

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1994 1995

Country 1993 r June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 2,375 871 1,270 888 962 1,423 1,481 1,176

Taiwan . . . . . . . . . . . . . . . . . . . 2,665 2,084 1,413 1,548 1,639 1,906 1,685 1,836

Hong Kong . . . . . . . . . . . . . . . . . . 13,571 10,934 15,477 11,541 17,113 18,801 19,524 16,843

India . . . . . . . . . . . . . . . . . . . . . . . 665 863 1,049 1,069 1,149 1,335 2,052 1,946

Indonesia . . . . . . . . . . . . . . . . . . . 1,855 1,537 1,609 1,717 1,770 2,755 3,958 1,998

Israel . . . . . . . . . . . . . . . . . . . . . . 5,941 5,733 5,720 5,533 5,987 6,018 5,431 5,345

Japan . . . . . . . . . . . . . . . . . . . . . . 90,387 89,526 91,318 93,196 96,776 107,328 100,000 98,585

Korea . . . . . . . . . . . . . . . . . . . . . . 7,714 8,588 9,306 10,508 12,466 13,650 13,182 14,485

Lebanon . . . . . . . . . . . . . . . . . . . . 52 62 51 57 57 63 62 44

Malaysia. . . . . . . . . . . . . . . . . . . . 739 868 738 758 1,010 1,347 1,294 1,225

Pakistan . . . . . . . . . . . . . . . . . . . . 858 964 1,319 641 846 1,005 1,140 571

Philippines . . . . . . . . . . . . . . . . . . 1,512 719 665 757 646 1,008 811 1,490

Singapore. . . . . . . . . . . . . . . . . . . 7,275 6,289 7,379 5,376 5,277 9,206 6,914 6,392

Syria. . . . . . . . . . . . . . . . . . . . . . . 44 47 44 73 74 65 75 94

Thailand . . . . . . . . . . . . . . . . . . . . 2,451 3,201 3,030 3,094 2,970 3,171 2,807 2,790

Oil-exporting countries 3

. . . . . . . . 15,946 17,325 16,012 14,450 13,688 13,521 12,804 10,562

Other Asia . . . . . . . . . . . . . . . . . . 650 654 589 523 567 439 347 484

Total Asia . . . . . . . . . . . . . . . . . 154,700 150,265 156,989 151,729 162,997 183,041 173,567 165,866

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 207 301 275 248 223 224 222 233

Ghana . . . . . . . . . . . . . . . . . . . . . 22 12 13 6 8 9 8 18

Liberia . . . . . . . . . . . . . . . . . . . . . 996 841 828 598 558 520 559 559

Morocco . . . . . . . . . . . . . . . . . . . . 752 973 895 876 620 845 823 720

South Africa . . . . . . . . . . . . . . . . . 660 657 667 768 751 677 546 606

Zaire. . . . . . . . . . . . . . . . . . . . . . . 4 4 4 3 2 3 2 1

Oil-exporting countries 4

. . . . . . . . 1,184 1,399 1,304 1,003 848 761 717 654

Other Africa . . . . . . . . . . . . . . . . . 606 649 444 506 542 527 766 658

Total Africa . . . . . . . . . . . . . . . . 4,431 4,836 4,430 4,008 3,552 3,566 3,643 3,449

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,059 4,607 4,364 5,440 4,153 5,001 5,927 4,935

All other . . . . . . . . . . . . . . . . . . . . 1,045 1,995 1,644 1,599 2,063 2,075 1,671 1,590

Total other countries . . . . . . . . . 6,104 6,602 6,008 7,039 6,216 7,076 7,598 6,525

Total foreign countries. . . . . . 648,015 653,968 655,640 666,172 693,618 735,209 718,368 728,206

International and regional:

International . . . . . . . . . . . . . . . . . 2,393 2,469 3,175 4,783 3,887 2,536 2,811 1,837

European regional . . . . . . . . . . . . 2 2 - 40 15 96 - -

Latin American regional . . . . . . . . 69 76 104 93 80 68 88 94

Asian regional . . . . . . . . . . . . . . . - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - -

Middle Eastern regional . . . . . . . . 5 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

2,469 2,547 3,279 4,916 3,982 2,700 2,899 1,931

Grand total. . . . . . . . . . . . . . . 650,484 656,515 658,919 671,088 697,600 737,909 721,267 730,137

76 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,961 677 393 172 112 - 1,284 1,280 4

Belgium-Luxembourg. . . . . . . . . . 12,099 10,274 6,729 870 2,675 - 1,825 1,784 41

Bulgaria . . . . . . . . . . . . . . . . . . . . 7 7 3 - 4 - - - -

Czechoslovakia . . . . . . . . . . . . . . 166 129 71 58 - 1 37 - 37

Denmark. . . . . . . . . . . . . . . . . . . . . 2,028 447 327 76 44 - 1,581 1,505 76

Finland . . . . . . . . . . . . . . . . . . . . . 1,569 1,128 228 827 73 - 441 411 30

France . . . . . . . . . . . . . . . . . . . . . 23,816 16,876 8,207 6,592 2,077 17 6,940 6,646 294

Germany . . . . . . . . . . . . . . . . . . . 20,509 12,073 3,423 5,441 3,209 - 8,436 7,883 553

Greece . . . . . . . . . . . . . . . . . . . . . 903 483 436 13 34 2 420 418 2

Hungary . . . . . . . . . . . . . . . . . . . . 24 17 17 - - - 7 - 7

Ireland . . . . . . . . . . . . . . . . . . . . . 1,159 1,091 882 172 37 - 68 64 4

Italy. . . . . . . . . . . . . . . . . . . . . . . . 8,873 7,618 2,707 2,657 2,254 11 1,255 763 492

Netherlands . . . . . . . . . . . . . . . . . 8,905 5,464 2,968 2,083 413 4 3,441 3,381 60

Norway. . . . . . . . . . . . . . . . . . . . . 735 672 390 275 7 - 63 60 3

Poland . . . . . . . . . . . . . . . . . . . . . 1,474 1,205 1,081 16 108 10 269 244 25

Portugal . . . . . . . . . . . . . . . . . . . . 1,075 1,056 153 735 168 - 19 14 5

Romania. . . . . . . . . . . . . . . . . . . . 179 70 50 20 - - 109 109 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,069 782 660 - 122 3 287 10 277

Spain . . . . . . . . . . . . . . . . . . . . . . 3,955 2,456 1,054 1,112 290 13 1,499 1,360 139

Sweden . . . . . . . . . . . . . . . . . . . . 9,242 2,317 970 1,090 257 - 6,925 6,857 68

Switzerland. . . . . . . . . . . . . . . . . . 18,193 13,499 2,311 4,763 6,425 8 4,694 4,637 57

Turkey . . . . . . . . . . . . . . . . . . . . . 2,816 806 723 62 21 90 2,010 2,005 5

United Kingdom . . . . . . . . . . . . . . 103,235 77,609 22,962 44,426 10,221 253 25,626 25,072 554

Yugoslavia 2

. . . . . . . . . . . . . . . . . 150 148 147 - 1 - 2 2 -

Other Europe . . . . . . . . . . . . . . . . 3,880 2,144 1,883 81 180 3 1,736 1,629 107

Total Europe . . . . . . . . . . . . . . . 

228,022 159,048 58,775 71,541 28,732 415 68,974 66,134 2,840

Canada . . . . . . . . . . . . . . . . . . . . . . 

31,232 18,584 8,931 7,174 2,479 57 12,648 12,361 287

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,759 6,560 4,882 1,557 121 99 199 169 30

Bahamas . . . . . . . . . . . . . . . . . . . 61,917 60,331 5,678 53,580 1,073 42 1,586 1,586 -

Bermuda. . . . . . . . . . . . . . . . . . . . . 6,203 6,030 5,695 23 312 8 173 173 -

Brazil . . . . . . . . . . . . . . . . . . . . . . 14,826 13,317 9,895 3,402 20 906 1,509 1,444 65

British West Indies . . . . . . . . . . . . 148,531 134,706 28,919 94,995 10,792 263 13,825 13,818 7

Chile. . . . . . . . . . . . . . . . . . . . . . . 5,344 5,245 4,801 223 221 45 99 99 -

Colombia . . . . . . . . . . . . . . . . . . . 4,892 4,555 4,468 82 5 86 337 335 2

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 846 832 762 63 7 65 14 14 -

Guatemala . . . . . . . . . . . . . . . . . . 472 460 457 - 3 34 12 12 -

Jamaica . . . . . . . . . . . . . . . . . . . . 329 323 319 4 - 1 6 6 -

Mexico . . . . . . . . . . . . . . . . . . . . . 21,382 18,635 17,663 365 607 722 2,747 1,221 1,526

Netherlands Antilles . . . . . . . . . . . 9,850 9,809 9,067 162 580 1 41 41 -

Panama . . . . . . . . . . . . . . . . . . . . 3,357 3,315 1,400 1,618 297 99 42 42 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,880 1,835 1,622 207 6 53 45 41 4

Trinidad and Tobago . . . . . . . . . . 485 482 478 - 4 5 3 3 -

Uruguay . . . . . . . . . . . . . . . . . . . . 534 472 308 158 6 11 62 62 -

Venezuela . . . . . . . . . . . . . . . . . . 2,536 1,819 1,648 13 158 6 717 716 1

Other Latin America

and Caribbean . . . . . . . . . . . . . 2,969 2,901 2,153 732 16 78 68 67 1

Total Latin America

and Caribbean. . . . . . . . . . . . 

293,112 271,627 100,215 157,184 14,228 2,524 21,485 19,849 1,636

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 1995

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Paya ble

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 77
TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 1995, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Paya ble

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 . . . . . . . . . . . . . . . . . . 1,176 1,044 932 91 21 38 132 132 -

Taiwan . . . . . . . . . . . . . . . . . . . 1,836 1,732 645 1,068 19 148 104 65 39

Hong Kong . . . . . . . . . . . . . . . . . . 16,843 15,274 6,653 6,242 2,379 100 1,569 1,440 129

India . . . . . . . . . . . . . . . . . . . . . . . 1,946 1,852 1,642 204 6 234 94 60 34

Indonesia . . . . . . . . . . . . . . . . . . . 1,998 1,707 1,381 297 29 200 291 200 91

Israel . . . . . . . . . . . . . . . . . . . . . . 5,345 757 528 211 18 21 4,588 4,583 5

Japan . . . . . . . . . . . . . . . . . . . . . . 98,585 86,063 19,744 41,564 24,755 1,286 12,522 11,909 613

Korea . . . . . . . . . . . . . . . . . . . . . . 14,485 14,154 8,512 5,624 18 2,657 331 288 43

Lebanon . . . . . . . . . . . . . . . . . . . . 44 30 28 2 - 11 14 14 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,225 1,024 189 586 249 - 201 155 46

Pakistan . . . . . . . . . . . . . . . . . . . . 571 497 301 193 3 24 74 69 5

Philippines . . . . . . . . . . . . . . . . . . 1,490 1,382 1,021 329 32 34 108 104 4

Singapore. . . . . . . . . . . . . . . . . . . 6,392 5,730 2,237 2,542 951 34 662 628 34

Syria. . . . . . . . . . . . . . . . . . . . . . . 94 89 89 - - - 5 5 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,790 2,643 1,077 1,520 46 343 147 63 84

Other Asia . . . . . . . . . . . . . . . . . . 11,046 10,326 3,173 6,781 372 86 720 717 3

Total Asia . . . . . . . . . . . . . . . . . 165,866 144,304 48,152 67,254 28,898 5,216 21,562 20,432 1,130

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 233 217 197 13 7 7 16 15 1

Ghana . . . . . . . . . . . . . . . . . . . . . 18 18 18 - - - - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 559 559 559 - - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 720 525 512 2 11 - 195 194 1

South Africa . . . . . . . . . . . . . . . . . 606 477 465 - 12 43 129 97 32

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,312 995 949 11 35 23 317 286 31

Total Africa . . . . . . . . . . . . . . . . 3,449 2,792 2,701 26 65 73 657 592 65

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 4,935 1,737 955 667 115 63 3,198 3,104 94

All other . . . . . . . . . . . . . . . . . . . . 1,590 1,202 789 56 357 31 388 295 93

Total other countries . . . . . . . . . 6,525 2,939 1,744 723 472 94 3,586 3,399 187

Total foreign countries. . . . . . 728,206 599,294 220,518 303,902 74,874 8,379 128,912 122,767 6,145

International and regional:

International . . . . . . . . . . . . . . . . . 1,837 1,837 1,837 - - - - - -

European regional . . . . . . . . . . . . - - - - - - - - -

Latin American regional . . . . . . . . 94 94 94 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

1,931 1,931 1,931 - - - - - -

Grand total. . . . . . . . . . . . . . . 730,137 601,225 222,449 303,902 74,874 8,379 128,912 122,767 6,145

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 as independent states 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.

78 CAPITAL MOVEMENTS
SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-I.—Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Total liabilities Total banks’ own claims

Calendar year 1995 Calendar year 1995 

Country 1994 r June Dec. p 1994 June Dec. p

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 183 252 266 11 27 n.a.

Iceland . . . . . . . . . . . . . . . . . . . . . 36 n.a. 41 14 12 9

Monaco . . . . . . . . . . . . . . . . . . . . 777 932 768 64 n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 152 159 196 13 n.a. 9

Barbados . . . . . . . . . . . . . . . . . . . 545 558 795 n.a. n.a. n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 71 76 72 n.a. 9 21

Bolivia. . . . . . . . . . . . . . . . . . . . . . 438 493 652 207 248 253

Costa Rica . . . . . . . . . . . . . . . . . . 1,014 1,009 1,037 404 317 292

Dominica . . . . . . . . . . . . . . . . . . . 28 17 11 n.a. n.a. n.a.

Dominican Republic . . . . . . . . . . . 879 1,039 1,134 254 305 364

El Salvador. . . . . . . . . . . . . . . . . . 762 859 826 330 438 591

French West Indies and 

French Guiana . . . . . . . . . . . . . n.a. 47 35 1 n.a. 2

Haiti . . . . . . . . . . . . . . . . . . . . . . . 241 363 318 7 11 17

Honduras . . . . . . . . . . . . . . . . . . . 633 666 667 151 141 174

Nicaragua. . . . . . . . . . . . . . . . . . . 191 201 201 10 10 11

Paraguay . . . . . . . . . . . . . . . . . . . 592 567 554 138 177 151

Suriname . . . . . . . . . . . . . . . . . . . 61 76 94 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 71 51 60 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . n.a. 16 13 - - n.a.

Cambodia (formerly Kampuchea) n.a. n.a. n.a. - - n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . 192 243 244 71 62 89

Macau . . . . . . . . . . . . . . . . . . . . . 32 n.a. 61 n.a. n.a. 24

Nepal . . . . . . . . . . . . . . . . . . . . . . n.a. n.a. 147 n.a. - -

Sri Lanka . . . . . . . . . . . . . . . . . . . 229 156 n.a. 189 n.a. n.a.

Vietnam . . . . . . . . . . . . . . . . . . . . 555 381 527 n.a. n.a. n.a.

Yemen (Sanaa) . . . . . . . . . . . . . . 161 113 92 n.a. n.a. n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 72 90 145 n.a. n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 6 5 14 2 2 1

Djibouti . . . . . . . . . . . . . . . . . . . . . n.a. n.a. 72 n.a. - *

Ethiopia, including Eritrea . . . . . . 337 274 n.a. 15 12 10

Guinea . . . . . . . . . . . . . . . . . . . . . 14 19 19 1 n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 40 47 47 15 19 n.a.

Kenya. . . . . . . . . . . . . . . . . . . . . . 224 125 114 19 7 2

Madagascar . . . . . . . . . . . . . . . . . 14 11 21 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 48 n.a. 98 n.a. n.a. 4

Mozambique. . . . . . . . . . . . . . . . . . 88 74 119 n.a. n.a. *

Niger. . . . . . . . . . . . . . . . . . . . . . . 3 3 2 - - -

Rwanda . . . . . . . . . . . . . . . . . . . . n.a. 16 37 - n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. 11 n.a. 6 5 3

Somalia . . . . . . . . . . . . . . . . . . . . 21 15 14 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 38 32 31 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 191 198 288 4 n.a. n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 53 30 32 77 94 92

Uganda. . . . . . . . . . . . . . . . . . . . . 200 n.a. n.a. 8 7 8

Zambia . . . . . . . . . . . . . . . . . . . . . 72 43 36 n.a. n.a. n.a.

Zimbabwe. . . . . . . . . . . . . . . . . . . 143 324 138 25 25 46

All other:

New Zealand . . . . . . . . . . . . . . . . n.a. 437 758 900 1,310 n.a.

Papua New Guinea . . . . . . . . . . . n.a. 13 n.a. 2 n.a. n.a.

* Less than $500,000. 

 Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates

for the “other” geographical categories in the regular monthly series in the “Treasury Bulletin.”

CAPITAL MOVEMENTS 79
CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that well more than

half of claims are reported opposite the United Kingdom, Japan, and, most notably, offshore banking

centers in the Caribbean. Also significant are claims

on foreigners reported against Europe excluding the

United Kingdom, and Asia excluding Japan.

Total U.S. banking claims on foreigners declined in 1992, recovered modestly over the next 2

years, and then surged $59 billion to a new high at

the end of 1995. Compared with yearend 1994,

claims on each area shown expanded in 1995 (except for the group “All other countries,” against

which claims declined marginally) reaching new

highs for all but Japan. The largest increase in U.S.

claims occurred opposite the Caribbean banking

centers, which expanded by $22.2 billion to $229.9

billion, the highest level since 1991. Increases in

U.S. claims opposite other Europe and other Asia

were also substantial at $17.5 billion and $8.8 billion, respectively.

[In millions of dollars]

Country 1991 1992 1993 1994 1995

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,688 90,388 86,626 96,791 103,235

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 78,460 90,425 103,720 107,262 124,787

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 222,172 192,681 197,022 207,715 229,858

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,385 106,443 90,387 93,196 98,585

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,947 63,390 64,313 58,533 67,281

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569,652 543,327 542,068 563,497 623,746

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 86,624 83,399 108,416 107,591 106,391

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

656,276 626,726 650,484 671,088 730,137

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

80 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 1994 1995

Type of liability or claim 1991 1992 1993 r Dec. r Mar. r June r Sept. Dec. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,494

Payable in dollars. . . . . . . . . . . . . . . . . . 39,029 37,456 37,442 38,298 35,903 34,281 33,908 33,949

Financial . . . . . . . . . . . . . . . . . . . . . . . 18,104 16,960 17,259 18,818 16,704 15,028 13,872 12,949

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,279 8,679 7,869 8,860 8,773 9,248 8,749 9,996

Advance receipts and other. . . . . . . 12,646 11,817 12,314 10,620 10,426 10,005 11,287 11,004

Payable in foreign currencies. . . . . . . . . 5,679 8,055 11,869 16,011 14,284 15,692 13,765 12,545

Financial . . . . . . . . . . . . . . . . . . . . . . . 4,414 6,881 10,681 14,136 13,071 14,254 12,365 11,338

Commercial:

Trade payables . . . . . . . . . . . . . . . . 973 887 933 1,145 1,071 1,279 1,312 1,017

Advance receipts and other. . . . . . . 292 287 255 730 142 159 88 190

Total claims 1

. . . . . . . . . . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,483

Payable in dollars. . . . . . . . . . . . . . . . . . 42,564 42,281 45,161 53,805 48,425 54,138 49,696 48,687

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 19,080 16,872 15,182 18,026 16,458 21,351 17,393 14,654

Other . . . . . . . . . . . . . . . . . . . . . . . . 6,910 7,890 10,862 14,306 11,275 11,370 10,689 10,976

Commercial:

Trade receivables . . . . . . . . . . . . . . 13,817 15,189 16,662 19,316 18,567 19,360 19,530 20,970

Advance payments and other . . . . . 2,757 2,330 2,455 2,157 2,125 2,057 2,084 2,087

Payable in foreign currencies. . . . . . . . . 2,698 2,792 3,998 4,083 3,793 3,913 3,728 3,796

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 1,000 823 535 481 657 695 581 479

Other . . . . . . . . . . . . . . . . . . . . . . . . 892 924 1,192 1,084 1,216 1,158 1,228 1,289

Commercial:

Trade receivables . . . . . . . . . . . . . . 651 818 1,763 1,842 1,848 1,966 1,879 2,003

Advance payments and other . . . . . 155 227 508 676 72 94 40 25

1

 Large revisions in claims since 1993 are due in part to a special Treasury survey. See “Report on

the Survey of Selected Foreign Financial Assets” in the March 1996 issue of the “Treasury Bulletin.”

CAPITAL MOVEMENTS 81
TABLE CM-IV-2.—Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Country 1990 1991 1992 1993 r Dec. r Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 139 130 107 58 70 49 49 56 44

Belgium-Luxembourg. . . . . . . . . . 669 464 712 414 736 883 1,089 696 700

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 9 13 3 5 4 7 3 1

Czechoslovakia . . . . . . . . . . . . . . 15 4 14 8 6 5 7 21 26

Denmark. . . . . . . . . . . . . . . . . . . . . 101 63 38 49 277 446 598 619 138

Finland . . . . . . . . . . . . . . . . . . . . . 160 449 387 362 236 220 210 192 179

France . . . . . . . . . . . . . . . . . . . . . 2,328 3,145 2,323 3,194 2,455 2,688 1,605 1,893 1,480

Germany . . . . . . . . . . . . . . . . . . . 1,891 1,734 1,618 1,659 2,565 2,237 2,145 2,330 2,741

Greece . . . . . . . . . . . . . . . . . . . . . 199 178 201 252 196 108 21 68 89

Hungary . . . . . . . . . . . . . . . . . . . . 5 26 67 3 6 5 4 7 9

Ireland . . . . . . . . . . . . . . . . . . . . . n.a. 702 614 485 449 403 417 401 414

Italy. . . . . . . . . . . . . . . . . . . . . . . . 590 606 430 485 359 313 347 291 374

Netherlands . . . . . . . . . . . . . . . . . 1,924 1,766 1,141 1,222 1,274 1,169 978 1,040 966

Norway. . . . . . . . . . . . . . . . . . . . . 991 527 283 359 176 232 333 276 209

Poland . . . . . . . . . . . . . . . . . . . . . 33 32 31 15 17 20 12 7 7

Portugal . . . . . . . . . . . . . . . . . . . . 37 55 16 24 35 38 38 43 35

Romania. . . . . . . . . . . . . . . . . . . . 34 40 33 6 8 5 5 4 3

Spain . . . . . . . . . . . . . . . . . . . . . . 534 412 161 164 127 125 147 170 171

Sweden . . . . . . . . . . . . . . . . . . . . 438 355 322 286 242 208 212 243 233

Switzerland. . . . . . . . . . . . . . . . . . 1,424 983 919 1,009 1,015 1,210 1,488 1,203 1,308

Turkey . . . . . . . . . . . . . . . . . . . . . 53 65 116 104 109 69 54 63 118

United Kingdom . . . . . . . . . . . . . . 9,149 8,825 11,115 15,335 17,987 13,612 15,040 13,869 13,706

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 74 59 62 60 84 76 119 96 177

Yugoslavia 2

. . . . . . . . . . . . . . . . . 69 39 10 9 12 9 5 6 6

Other Europe . . . . . . . . . . . . . . . . 771 36 52 36 30 49 69 67 188

Total Europe . . . . . . . . . . . . . . . 

21,637 20,704 20,785 25,601 28,476 24,183 24,999 23,664 23,322

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,490 1,306 1,546 1,738 1,666 3,052 2,039 2,016 1,672

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 30 22 86 36 88 57 92 91 136

Bahamas . . . . . . . . . . . . . . . . . . . 382 540 382 137 120 143 84 80 69

Bermuda. . . . . . . . . . . . . . . . . . . . . 538 424 421 350 425 409 535 363 357

Brazil . . . . . . . . . . . . . . . . . . . . . . 145 225 228 232 368 154 165 254 155

British West Indies . . . . . . . . . . . . 3,191 3,631 2,883 1,387 1,021 1,097 1,042 935 954

Chile. . . . . . . . . . . . . . . . . . . . . . . 24 41 51 89 44 37 46 61 76

Colombia . . . . . . . . . . . . . . . . . . . 19 16 19 34 19 28 56 41 63

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - 2 1 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 15 15 13 18 33 24 18 45 26

Guatemala . . . . . . . . . . . . . . . . . . 5 6 9 6 8 11 9 5 4

Jamaica . . . . . . . . . . . . . . . . . . . . 3 6 9 6 14 11 15 16 18

Mexico . . . . . . . . . . . . . . . . . . . . . 480 314 469 498 574 366 423 360 428

Netherlands Antilles . . . . . . . . . . . 634 642 626 633 645 630 657 624 635

Panama . . . . . . . . . . . . . . . . . . . . 22 6 36 8 50 25 16 6 23

Peru . . . . . . . . . . . . . . . . . . . . . . . 14 10 10 13 30 24 43 55 21

Trinidad and Tobago . . . . . . . . . . 25 17 17 18 25 13 12 13 13

Uruguay . . . . . . . . . . . . . . . . . . . . 10 1 3 1 1 1 3 3 3

Venezuela . . . . . . . . . . . . . . . . . . 134 98 148 128 281 278 208 178 223

Other Latin America

and Caribbean . . . . . . . . . . . . . 154 125 176 218 145 123 361 380 364

Total Latin America

and Caribbean. . . . . . . . . . . . 

5,824 6,139 5,586 3,812 3,891 3,433 3,786 3,511 3,569

See footnotes at end of table.

82 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 1994 1995

Country 1990 1991 1992 1993 r Dec. r Mar. r June r Sept. Dec. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 468 621 566 723 597 644 605 543 579

Taiwan . . . . . . . . . . . . . . . . . . . 639 773 810 579 853 408 420 559 451

Hong Kong . . . . . . . . . . . . . . . . . . 806 801 884 785 805 705 682 686 646

India . . . . . . . . . . . . . . . . . . . . . . . 29 61 164 91 59 98 127 212 196

Indonesia . . . . . . . . . . . . . . . . . . . 127 176 207 363 296 284 317 330 350

Israel . . . . . . . . . . . . . . . . . . . . . . 173 124 181 229 141 160 77 118 99

Japan . . . . . . . . . . . . . . . . . . . . . . 7,716 7,837 8,362 9,201 11,869 11,292 10,672 9,783 8,751

Korea . . . . . . . . . . . . . . . . . . . . . . 1,556 1,549 1,722 1,701 1,736 1,640 1,756 1,490 1,433

Lebanon . . . . . . . . . . . . . . . . . . . . 3 3 16 22 14 16 20 47 61

Malaysia. . . . . . . . . . . . . . . . . . . . 124 304 613 475 178 214 234 309 297

Pakistan . . . . . . . . . . . . . . . . . . . . 38 25 21 26 27 26 39 98 80

Philippines . . . . . . . . . . . . . . . . . . 10 25 53 57 50 75 70 62 60

Singapore. . . . . . . . . . . . . . . . . . . 626 578 590 733 622 586 703 739 819

Syria. . . . . . . . . . . . . . . . . . . . . . . 53 2 50 11 24 21 23 29 50

Thailand . . . . . . . . . . . . . . . . . . . . 277 255 179 259 194 243 312 403 392

Oil-exporting countries 3

. . . . . . . . 2,022 1,511 1,908 1,557 1,611 1,814 1,815 1,672 1,939

Other Asia . . . . . . . . . . . . . . . . . . 111 70 86 79 68 81 129 142 206

Total Asia . . . . . . . . . . . . . . . . . 

14,779 14,715 16,412 16,891 19,144 18,307 18,001 17,222 16,409

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 173 158 89 111 48 62 56 115 157

Ghana . . . . . . . . . . . . . . . . . . . . . * - - 1 - 3 6 7 16

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - 2 1 - - 15 16 -

Morocco . . . . . . . . . . . . . . . . . . . . 20 36 28 41 29 22 37 22 24

South Africa . . . . . . . . . . . . . . . . . 123 79 59 55 32 42 41 63 42

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 3 5 1 1 - 1 - -

Oil-exporting countries 4

. . . . . . . . 422 331 309 290 379 370 374 363 376

Other Africa . . . . . . . . . . . . . . . . . 101 114 82 86 74 120 102 152 154

Total Africa . . . . . . . . . . . . . . . . 

847 721 574 586 563 619 632 738 769

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,108 974 503 517 372 414 331 348 461

All other . . . . . . . . . . . . . . . . . . . . 482 108 88 148 153 144 152 129 230

Total other countries . . . . . . . . . 

1,590 1,082 591 665 525 558 483 477 691

Total foreign countries. . . . . . 

46,166 44,667 45,494 49,293 54,265 50,152 49,940 47,628 46,432

International and regional:

International . . . . . . . . . . . . . . . . . 184 - - - - - - - 2

European regional . . . . . . . . . . . . 41 40 17 18 44 35 33 45 60

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . * 1 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

226 41 17 18 44 35 33 45 62

Grand total. . . . . . . . . . . . . . . 46,392 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,494

* Less than $500,000.

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized as independent states 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 83
TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 44 21 16 5 23

Belgium-Luxembourg. . . . . . . . . . 700 369 256 113 331

Bulgaria . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Czechoslovakia . . . . . . . . . . . . . . 26 13 - 13 13

Denmark. . . . . . . . . . . . . . . . . . . . . 138 62 1 61 76

Finland . . . . . . . . . . . . . . . . . . . . . 179 2 1 1 177

France . . . . . . . . . . . . . . . . . . . . . 1,480 999 458 541 481

Germany . . . . . . . . . . . . . . . . . . . 2,741 1,974 1,149 825 767

Greece . . . . . . . . . . . . . . . . . . . . . 89 - - - 89

Hungary . . . . . . . . . . . . . . . . . . . . 9 2 2 - 7

Ireland . . . . . . . . . . . . . . . . . . . . . 414 336 280 56 78

Italy. . . . . . . . . . . . . . . . . . . . . . . . 374 92 34 58 282

Netherlands . . . . . . . . . . . . . . . . . 966 466 422 44 500

Norway. . . . . . . . . . . . . . . . . . . . . 209 11 11 - 198

Poland . . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Portugal . . . . . . . . . . . . . . . . . . . . 35 5 5 - 30

Romania. . . . . . . . . . . . . . . . . . . . 3 - - - 3

Russia 1

. . . . . . . . . . . . . . . . . . . . 177 9 9 - 168

Spain . . . . . . . . . . . . . . . . . . . . . . 171 49 5 44 122

Sweden . . . . . . . . . . . . . . . . . . . . 233 18 7 11 215

Switzerland. . . . . . . . . . . . . . . . . . 1,308 895 397 498 413

Turkey . . . . . . . . . . . . . . . . . . . . . 118 38 38 - 80

United Kingdom . . . . . . . . . . . . . . 13,706 10,138 5,672 4,466 3,568

Yugoslavia 2

. . . . . . . . . . . . . . . . . 6 - - - 6

Other Europe . . . . . . . . . . . . . . . . 188 123 2 121 65

Total Europe . . . . . . . . . . . . . . . 23,322 15,622 8,765 6,857 7,700

Canada . . . . . . . . . . . . . . . . . . . . . . 1,672 632 269 363 1,040

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 136 12 12 - 124

Bahamas . . . . . . . . . . . . . . . . . . . 69 68 68 - 1

Bermuda. . . . . . . . . . . . . . . . . . . . . 357 152 152 - 205

Brazil . . . . . . . . . . . . . . . . . . . . . . 155 57 57 - 98

British West Indies . . . . . . . . . . . . 954 898 777 121 56

Chile. . . . . . . . . . . . . . . . . . . . . . . 76 21 21 - 55

Colombia . . . . . . . . . . . . . . . . . . . 63 - - - 63

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 26 2 2 - 24

Guatemala . . . . . . . . . . . . . . . . . . 4 - - - 4

Jamaica . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Mexico . . . . . . . . . . . . . . . . . . . . . 428 12 10 2 416

Netherlands Antilles . . . . . . . . . . . 635 600 600 - 35

Panama . . . . . . . . . . . . . . . . . . . . 23 - - - 23

Peru . . . . . . . . . . . . . . . . . . . . . . . 21 - - - 21

Trinidad and Tobago . . . . . . . . . . 13 1 1 - 12

Uruguay . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Venezuela . . . . . . . . . . . . . . . . . . 223 2 2 - 221

Other Latin America

and Caribbean . . . . . . . . . . . . . 364 4 4 - 360

Total Latin America

and Caribbean. . . . . . . . . . . . 

3,569 1,829 1,706 123 1,740

See footnotes at end of table.

84 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 579 21 18 3 558

Taiwan . . . . . . . . . . . . . . . . . . . 451 20 - 20 431

Hong Kong . . . . . . . . . . . . . . . . . . 646 203 183 20 443

India . . . . . . . . . . . . . . . . . . . . . . . 196 4 1 3 192

Indonesia . . . . . . . . . . . . . . . . . . . 350 30 30 - 320

Israel . . . . . . . . . . . . . . . . . . . . . . 99 9 9 - 90

Japan . . . . . . . . . . . . . . . . . . . . . . 8,751 5,436 1,563 3,873 3,315

Korea . . . . . . . . . . . . . . . . . . . . . . 1,433 165 165 - 1,268

Lebanon . . . . . . . . . . . . . . . . . . . . 61 1 1 - 60

Malaysia. . . . . . . . . . . . . . . . . . . . 297 14 1 13 283

Pakistan . . . . . . . . . . . . . . . . . . . . 80 - - - 80

Philippines . . . . . . . . . . . . . . . . . . 60 - - - 60

Singapore. . . . . . . . . . . . . . . . . . . 819 51 50 1 768

Syria. . . . . . . . . . . . . . . . . . . . . . . 50 - - - 50

Thailand . . . . . . . . . . . . . . . . . . . . 392 - - - 392

Other Asia . . . . . . . . . . . . . . . . . . 2,145 34 34 - 2,111

Total Asia . . . . . . . . . . . . . . . . . 16,409 5,988 2,055 3,933 10,421

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 157 20 20 - 137

Ghana . . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Liberia . . . . . . . . . . . . . . . . . . . . . - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 24 - - - 24

South Africa . . . . . . . . . . . . . . . . . 42 1 - 1 41

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 530 129 129 - 401

Total Africa . . . . . . . . . . . . . . . . 769 150 149 1 619

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 461 59 1 58 402

All other . . . . . . . . . . . . . . . . . . . . 230 7 4 3 223

Total other countries . . . . . . . . . 

691 66 5 61 625

Total foreign countries. . . . . . 46,432 24,287 12,949 11,338 22,145

International and regional:

International . . . . . . . . . . . . . . . . . 2 - - - 2

European regional . . . . . . . . . . . . 60 - - - 60

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

62 - - - 62

Grand total. . . . . . . . . . . . . . . 46,494 24,287 12,949 11,338 22,207

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 as independent states by the United States. Data for entities of the former Yugoslavia

recognized as independent states by the United States are reported under “Other Europe” as

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 85
TABLE CM-IV-4.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1994 1995

Country 1990 1991 1992 1993 Dec. r Mar. June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 48 84 71 88 123 121 99 91 114

Belgium-Luxembourg. . . . . . . . . . 288 207 197 318 299 345 373 384 424

Bulgaria . . . . . . . . . . . . . . . . . . . . 10 2 13 32 37 34 25 35 29

Czechoslovakia . . . . . . . . . . . . . . 16 18 46 48 52 34 52 33 53

Denmark. . . . . . . . . . . . . . . . . . . . . 64 97 154 103 81 51 76 71 107

Finland . . . . . . . . . . . . . . . . . . . . . 53 160 169 171 173 136 113 116 185

France . . . . . . . . . . . . . . . . . . . . . 1,611 1,854 2,301 2,773 2,681 2,598 2,399 2,459 2,633

Germany . . . . . . . . . . . . . . . . . . . 1,173 1,238 1,259 1,544 1,567 1,504 1,379 1,298 1,506

Greece . . . . . . . . . . . . . . . . . . . . . 69 52 114 149 136 151 139 193 193

Hungary . . . . . . . . . . . . . . . . . . . . 18 21 30 6 72 47 43 38 50

Ireland . . . . . . . . . . . . . . . . . . . . . n.a. 91 419 416 315 319 142 140 290

Italy. . . . . . . . . . . . . . . . . . . . . . . . 609 853 1,041 883 812 852 1,009 894 1,029

Netherlands . . . . . . . . . . . . . . . . . 820 979 1,067 925 740 930 942 860 969

Norway. . . . . . . . . . . . . . . . . . . . . 212 121 196 132 242 216 253 191 169

Poland . . . . . . . . . . . . . . . . . . . . . 23 43 74 116 122 121 99 88 78

Portugal . . . . . . . . . . . . . . . . . . . . 95 141 176 191 217 182 157 62 64

Romania. . . . . . . . . . . . . . . . . . . . 9 4 12 5 17 24 20 13 16

Spain . . . . . . . . . . . . . . . . . . . . . . 295 335 332 459 484 454 558 454 536

Sweden . . . . . . . . . . . . . . . . . . . . 251 217 282 460 352 401 248 243 288

Switzerland. . . . . . . . . . . . . . . . . . 658 876 852 962 1,080 1,046 1,126 968 1,018

Turkey . . . . . . . . . . . . . . . . . . . . . 96 101 257 246 216 246 243 225 256

United Kingdom . . . . . . . . . . . . . . 9,746 13,620 8,346 5,962 7,205 6,428 7,259 7,403 6,958

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 171 274 232 228 254 234 241 296 300

Yugoslavia 2

. . . . . . . . . . . . . . . . . 160 113 52 55 39 11 10 9 13

Other Europe . . . . . . . . . . . . . . . . 196 133 90 132 160 92 122 138 153

Total Europe . . . . . . . . . . . . . . . 16,689 21,634 17,782 16,404 17,476 16,577 17,127 16,702 17,431

Canada . . . . . . . . . . . . . . . . . . . . . . 

4,008 3,763 3,119 3,813 5,569 5,858 5,708 5,497 4,801

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 165 214 242 299 347 346 377 381 396

Bahamas . . . . . . . . . . . . . . . . . . . 1,104 840 806 1,347 2,433 957 2,376 1,578 1,995

Bermuda. . . . . . . . . . . . . . . . . . . . . 249 272 295 307 261 245 295 280 353

Brazil . . . . . . . . . . . . . . . . . . . . . . 394 778 1,043 1,114 1,132 1,223 1,279 1,596 1,727

British West Indies . . . . . . . . . . . . 4,675 9,097 11,787 12,770 15,311 13,586 17,096 11,882 10,472

Chile. . . . . . . . . . . . . . . . . . . . . . . 108 84 129 221 229 265 276 276 247

Colombia . . . . . . . . . . . . . . . . . . . 136 118 129 120 396 417 450 414 413

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2 1 2 1 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 98 95 40 81 112 76 108 147 123

Guatemala . . . . . . . . . . . . . . . . . . 34 14 23 32 46 66 54 47 48

Jamaica . . . . . . . . . . . . . . . . . . . . 34 25 30 27 42 29 37 42 40

Mexico . . . . . . . . . . . . . . . . . . . . . 837 1,054 1,369 1,862 1,966 1,689 1,744 1,513 1,539

Netherlands Antilles . . . . . . . . . . . 50 38 26 37 65 66 60 33 32

Panama . . . . . . . . . . . . . . . . . . . . 70 38 66 90 102 95 150 134 156

Peru . . . . . . . . . . . . . . . . . . . . . . . 52 91 115 148 175 107 139 222 221

Trinidad and Tobago . . . . . . . . . . 25 20 9 26 27 18 27 34 36

Uruguay . . . . . . . . . . . . . . . . . . . . 13 7 8 8 25 21 27 29 32

Venezuela . . . . . . . . . . . . . . . . . . 217 243 374 454 383 322 346 375 317

Other Latin America

and Caribbean . . . . . . . . . . . . . 313 342 443 553 600 719 687 720 700

Total Latin America

and Caribbean. . . . . . . . . . . . 

8,577 13,372 16,936 19,498 23,653 20,249 25,529 19,704 18,848

See footnotes at end of table.

86 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 1994 1995

Country 1990 1991 1992 1993 Dec. r Mar. June r Sept. Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 163 212 282 378 526 467 444 504 695

Taiwan . . . . . . . . . . . . . . . . . . . 406 368 307 411 512 522 502 533 532

Hong Kong . . . . . . . . . . . . . . . . . . 253 267 267 298 442 409 479 451 454

India . . . . . . . . . . . . . . . . . . . . . . . 132 105 135 147 202 187 264 293 323

Indonesia . . . . . . . . . . . . . . . . . . . 144 159 138 354 423 396 361 367 367

Israel . . . . . . . . . . . . . . . . . . . . . . 191 174 168 218 195 240 257 276 267

Japan . . . . . . . . . . . . . . . . . . . . . . 1,983 2,249 2,571 3,167 3,608 2,532 2,482 3,402 2,739

Korea . . . . . . . . . . . . . . . . . . . . . . 378 423 361 549 650 710 832 915 932

Lebanon . . . . . . . . . . . . . . . . . . . . 11 11 50 65 58 64 80 66 48

Malaysia. . . . . . . . . . . . . . . . . . . . 46 55 90 477 457 464 455 457 496

Pakistan . . . . . . . . . . . . . . . . . . . . 60 50 53 32 40 31 33 30 42

Philippines . . . . . . . . . . . . . . . . . . 75 79 105 111 151 144 137 130 123

Singapore. . . . . . . . . . . . . . . . . . . 459 248 291 390 427 548 402 436 573

Syria. . . . . . . . . . . . . . . . . . . . . . . 52 5 8 5 6 12 9 14 12

Thailand . . . . . . . . . . . . . . . . . . . . 128 118 127 174 183 187 223 235 199

Oil-exporting countries 3

. . . . . . . . 468 625 696 707 849 693 710 779 977

Other Asia . . . . . . . . . . . . . . . . . . 36 83 81 188 124 98 81 98 107

Total Asia . . . . . . . . . . . . . . . . . 

4,987 5,231 5,730 7,671 8,853 7,704 7,751 8,986 8,886

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 121 92 177 137 261 74 93 88 160

Ghana . . . . . . . . . . . . . . . . . . . . . 1 1 5 7 7 6 6 13 16

Liberia . . . . . . . . . . . . . . . . . . . . . 15 38 34 19 9 8 8 8 13

Morocco . . . . . . . . . . . . . . . . . . . . 14 23 37 45 53 12 16 102 57

South Africa . . . . . . . . . . . . . . . . . 98 108 81 108 142 158 140 173 321

Zaire. . . . . . . . . . . . . . . . . . . . . . . 25 6 29 18 30 21 9 10 11

Oil-exporting countries 4

. . . . . . . . 67 96 87 73 67 80 69 80 92

Other Africa . . . . . . . . . . . . . . . . . 185 123 187 185 258 250 275 258 260

Total Africa . . . . . . . . . . . . . . . . 

526 487 637 592 827 609 616 732 930

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 450 570 702 945 1,218 923 1,039 1,497 1,310

All other . . . . . . . . . . . . . . . . . . . . 63 180 152 208 269 267 264 272 268

Total other countries . . . . . . . . . 

513 750 854 1,153 1,487 1,190 1,303 1,769 1,578

Total foreign countries. . . . . . 

35,299 45,237 45,058 49,131 57,865 52,187 58,034 53,390 52,474

International and regional:

International . . . . . . . . . . . . . . . . . * 22 13 28 19 30 17 34 8

European regional . . . . . . . . . . . . 16 2 2 - 4 1 - - 1

Latin American regional . . . . . . . . 33 - - - - - - - -

Asian regional . . . . . . . . . . . . . . . * 1 - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

* - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

49 25 15 28 23 31 17 34 9

Grand total. . . . . . . . . . . . . . . 35,348 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,483

* Less than $500,000.

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under “Other Europe.”

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized as independent states 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 87
TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 1995, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 114 20 16 4 94

Belgium-Luxembourg. . . . . . . . . . 424 193 155 38 231

Bulgaria . . . . . . . . . . . . . . . . . . . . 29 11 9 2 18

Czechoslovakia . . . . . . . . . . . . . . 53 6 5 1 47

Denmark. . . . . . . . . . . . . . . . . . . . . 107 39 22 17 68

Finland . . . . . . . . . . . . . . . . . . . . . 185 2 - 2 183

France . . . . . . . . . . . . . . . . . . . . . 2,633 803 755 48 1,830

Germany . . . . . . . . . . . . . . . . . . . 1,506 436 399 37 1,070

Greece . . . . . . . . . . . . . . . . . . . . . 193 94 94 - 99

Hungary . . . . . . . . . . . . . . . . . . . . 50 31 31 - 19

Ireland . . . . . . . . . . . . . . . . . . . . . 290 201 201 - 89

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,029 123 117 6 906

Netherlands . . . . . . . . . . . . . . . . . 969 517 501 16 452

Norway. . . . . . . . . . . . . . . . . . . . . 169 23 16 7 146

Poland . . . . . . . . . . . . . . . . . . . . . 78 36 36 - 42

Portugal . . . . . . . . . . . . . . . . . . . . 64 2 1 1 62

Romania. . . . . . . . . . . . . . . . . . . . 16 - - - 16

Russia 1

. . . . . . . . . . . . . . . . . . . . 300 66 60 6 234

Spain . . . . . . . . . . . . . . . . . . . . . . 536 61 13 48 475

Sweden . . . . . . . . . . . . . . . . . . . . 288 97 79 18 191

Switzerland. . . . . . . . . . . . . . . . . . 1,018 498 486 12 520

Turkey . . . . . . . . . . . . . . . . . . . . . 256 31 31 - 225

United Kingdom . . . . . . . . . . . . . . 6,958 4,303 4,135 168 2,655

Yugoslavia 2

. . . . . . . . . . . . . . . . 13 - - - 13

Other Europe . . . . . . . . . . . . . . . . 153 16 16 - 137

Total Europe . . . . . . . . . . . . . . . 17,431 7,609 7,178 431 9,822

Canada . . . . . . . . . . . . . . . . . . . . . . 4,801 2,851 2,370 481 1,950

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 396 47 46 1 349

Bahamas . . . . . . . . . . . . . . . . . . . 1,995 1,965 1,955 10 30

Bermuda. . . . . . . . . . . . . . . . . . . . . 353 81 79 2 272

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,727 830 349 481 897

British West Indies . . . . . . . . . . . . 10,472 10,393 10,393 - 79

Chile. . . . . . . . . . . . . . . . . . . . . . . 247 6 6 - 241

Colombia . . . . . . . . . . . . . . . . . . . 413 170 169 1 243

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 123 31 31 - 92

Guatemala . . . . . . . . . . . . . . . . . . 48 19 17 2 29

Jamaica . . . . . . . . . . . . . . . . . . . . 40 - - - 40

Mexico . . . . . . . . . . . . . . . . . . . . . 1,539 554 370 184 985

Netherlands Antilles . . . . . . . . . . . 32 11 11 - 21

Panama . . . . . . . . . . . . . . . . . . . . 156 99 99 - 57

Peru . . . . . . . . . . . . . . . . . . . . . . . 221 72 72 - 149

Trinidad and Tobago . . . . . . . . . . 36 4 4 - 32

Uruguay . . . . . . . . . . . . . . . . . . . . 32 - - - 32

Venezuela . . . . . . . . . . . . . . . . . . 317 32 27 5 285

Other Latin America

and Caribbean . . . . . . . . . . . . . 700 186 181 5 514

Total Latin America

and Caribbean. . . . . . . . . . . . 

18,848 14,500 13,809 691 4,348

See footnotes at end of table.

88 CAPITAL MOVEMENTS
TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 1995, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 695 32 31 1 663

Taiwan . . . . . . . . . . . . . . . . . . . 532 21 18 3 511

Hong Kong . . . . . . . . . . . . . . . . . . 454 41 37 4 413

India . . . . . . . . . . . . . . . . . . . . . . . 323 6 3 3 317

Indonesia . . . . . . . . . . . . . . . . . . . 367 187 187 - 180

Israel . . . . . . . . . . . . . . . . . . . . . . 267 3 2 1 264

Japan . . . . . . . . . . . . . . . . . . . . . . 2,739 871 758 113 1,868

Korea . . . . . . . . . . . . . . . . . . . . . . 932 4 - 4 928

Lebanon . . . . . . . . . . . . . . . . . . . . 48 - - - 48

Malaysia. . . . . . . . . . . . . . . . . . . . 496 302 294 8 194

Pakistan . . . . . . . . . . . . . . . . . . . . 42 3 - 3 39

Philippines . . . . . . . . . . . . . . . . . . 123 13 13 - 110

Singapore. . . . . . . . . . . . . . . . . . . 573 41 34 7 532

Syria. . . . . . . . . . . . . . . . . . . . . . . 12 - - - 12

Thailand . . . . . . . . . . . . . . . . . . . . 199 13 10 3 186

Other Asia . . . . . . . . . . . . . . . . . . 1,084 42 39 3 1,042

Total Asia . . . . . . . . . . . . . . . . . 8,886 1,579 1,426 153 7,307

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 160 3 3 - 157

Ghana . . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Liberia . . . . . . . . . . . . . . . . . . . . . 13 7 7 - 6

Morocco . . . . . . . . . . . . . . . . . . . . 57 8 8 - 49

South Africa . . . . . . . . . . . . . . . . . 321 157 157 - 164

Zaire. . . . . . . . . . . . . . . . . . . . . . . 11 - - - 11

Other Africa . . . . . . . . . . . . . . . . . 352 101 101 - 251

Total Africa . . . . . . . . . . . . . . . . 930 276 276 - 654

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,310 502 490 12 808

All other . . . . . . . . . . . . . . . . . . . . 268 81 81 - 187

Total other countries . . . . . . . . . 1,578 583 571 12 995

Total foreign countries. . . . . . 

52,474 27,398 25,630 1,768 25,076

International and regional:

International . . . . . . . . . . . . . . . . . 8 - - - 8

European regional . . . . . . . . . . . . 1 - - - 1

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

9 - - - 9

Grand total. . . . . . . . . . . . . . . 52,483 27,398 25,630 1,768 25,085

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 as independent states 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 89
CHART CM-C.—Net Foreign Purchases of Long-Term

Domestic Securities by Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ transactions in long-term domestic securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate

bonds and stocks), are conducted largely through

international financial centers. The table presents

aggregate net purchases on an annual basis for 1992

through 1995, and on a year-to-date basis for 1996.

The figures show that there has been overall a steady

increase in foreigners’ net purchases, or gross purchases minus gross sales, of U.S. securities.

On an annualized basis, net purchases by foreigners accelerated in the first quarter of 1996 for all

regions shown except the United Kingdom and the

Caribbean banking centers. Net purchases opposite

Japan in the first quarter were vigorous compared to

1995, but still lagged behind the high pace of net

purchases in 1994. After peaking at $100 billion in

1995, net purchases opposite the United Kingdom

slackened somewhat in the first quarter, but remained strong. The only substantial reversal occurred opposite the Caribbean banking centers,

which saw a year of very robust acquisitions followed by a large sell-off of U.S. securities, or negative net purchases, in the first quarter of 1996.

[In millions of dollars]

Country 1992 1993 1994 1995 Jan. - Mar. 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 33,304 30,442 55,847 99,999 18,776 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . -1,171 430 26,474 24,663 23,764 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 2,112 12,345 -3,581 48,344 -8,014 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,769 32,464 36,441 16,388 8,261 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,428 20,089 21,424 25,625 15,470 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,442 95,770 136,605 215,019 58,257 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 8,790 15,360 3,994 16,226 13,935 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

73,232 111,130 140,599 231,245 72,192 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases during the first quarter of

1996 with those in prior years, the chart depicts data for all periods at an

annualized rate.)

90 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

purchases Net Gross Gross Net Gross Gross

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . -47,864 -15,605 513,589 529,194 -32,259 150,051 182,310

1993. . . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994. . . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 r . . . . . . . . . . . . . . . . . . . . . . . -97,945 -47,159 889,143 936,302 -50,786 345,498 396,284

1996 - Jan. - Mar. p . . . . . . . . . . . . . -33,587 -11,347 272,825 284,172 -22,240 106,636 128,876

1995 - Mar. . . . . . . . . . . . . . . . . . . . -3,743 -887 79,170 80,057 -2,856 28,925 31,781

Apr. . . . . . . . . . . . . . . . . . . . -2,959 -824 53,639 54,463 -2,135 24,519 26,654

May . . . . . . . . . . . . . . . . . . . -8,021 -4,343 75,209 79,552 -3,678 29,236 32,914

June . . . . . . . . . . . . . . . . . . . -11,787 -7,378 96,268 103,646 -4,409 29,123 33,532

July . . . . . . . . . . . . . . . . . . . -12,267 -4,079 67,187 71,266 -8,188 28,582 36,770

Aug. r . . . . . . . . . . . . . . . . . . -9,731 -3,775 71,216 74,991 -5,956 30,867 36,823

Sept. r . . . . . . . . . . . . . . . . . -13,442 -5,483 81,022 86,505 -7,959 28,712 36,671

Oct. r . . . . . . . . . . . . . . . . . . -13,349 -7,580 76,889 84,469 -5,769 29,382 35,151

Nov. . . . . . . . . . . . . . . . . . . . -7,960 -6,235 78,563 84,798 -1,725 30,307 32,032

Dec. . . . . . . . . . . . . . . . . . . . -10,753 -3,923 80,310 84,233 -6,830 32,366 39,196

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . -10,904 -4,472 84,508 88,980 -6,432 33,481 39,913

Feb. p. . . . . . . . . . . . . . . . . . -6,794 -1,304 95,095 96,399 -5,490 37,407 42,897

Mar. p. . . . . . . . . . . . . . . . . . -15,889 -5,571 93,222 98,793 -10,318 35,748 46,066

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by Banks

and Brokers in the United States

TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1

Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 2,241,537 2,202,249 18,291 111,186 92,895 20,789 103,736 82,947 -5,136 221,367 226,503

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 38,241 130,316 92,075 1,877 350,593 348,716

1995 r . . . . . . . . . . . . . . . 133,991 39,625 93,927 439 2,981,096 2,847,105 28,729 125,453 96,724 57,350 167,577 110,227 11,175 462,884 451,709

1996-Jan-Mar. p . . . . . . . 36,399 26,044 10,180 175 860,938 824,539 14,479 39,853 25,374 17,633 58,673 41,040 3,681 150,400 146,719

1995 - Mar. . . . . . . . . . . . 9,211 4,022 5,085 104 256,520 247,309 2,569 10,332 7,763 4,933 15,058 10,125 -2,320 35,342 37,662

Apr. . . . . . . . . . . . 6,400 3,158 3,258 -16 181,310 174,910 2,086 7,470 5,384 1,966 10,693 8,727 868 30,100 29,232

May . . . . . . . . . . . 14,515 -1,707 16,275 -53 293,589 279,074 1,684 9,458 7,774 4,515 13,372 8,857 2,682 38,781 36,099

June . . . . . . . . . . . 22,631 10,871 11,561 199 294,719 272,088 2,607 11,448 8,841 6,497 16,491 9,994 2,227 45,445 43,218

July . . . . . . . . . . . 31,871 16,790 14,592 489 239,382 207,511 2,717 10,970 8,253 6,245 12,941 6,696 2,435 42,444 40,009

Aug. . . . . . . . . . . . 26,082 -364 26,806 -360 274,042 247,960 4,444 11,885 7,441 3,605 12,905 9,300 2,542 41,908 39,366

Sept. . . . . . . . . . . -11,072 -4,525 -6,477 -70 235,538 246,610 5,085 12,474 7,389 5,343 15,713 10,370 232 44,450 44,218

Oct. . . . . . . . . . . . 4,819 5,705 -1,055 169 256,062 251,243 1,350 10,818 9,468 5,875 15,606 9,731 -1,368 41,492 42,860

Nov. . . . . . . . . . . . 15,307 -915 15,851 371 252,075 236,768 3,990 12,130 8,140 6,911 19,512 12,601 2,866 41,937 39,071

Dec. . . . . . . . . . . . -9,454 2,651 -11,667 -438 196,646 206,100 -1,743 9,401 11,144 2,324 12,297 9,973 2,107 46,479 44,372

1996 - Jan.. . . . . . . . . . . . 14,008 12,615 1,088 305 280,614 266,606 4,178 10,715 6,537 4,687 15,876 11,189 1,626 43,574 41,948

Feb. p. . . . . . . . . . 15,451 8,681 7,511 -741 321,158 305,707 3,369 13,222 9,853 5,782 19,537 13,755 1,171 52,262 51,091

Mar. p. . . . . . . . . . 6,940 4,748 1,581 611 259,166 252,226 6,932 15,916 8,984 7,164 23,260 16,096 884 54,564 53,680

CAPITAL MOVEMENTS 91
1995 1996 1995 1996 1995 1996 1995 1996

Country

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,454 1,588 1,957 -46 2 - -29 -19 35 -89 -34 128

Belgium-Luxembourg. . . . . . . . . . 591 227 110 1,469 759 1,209 -298 698 95 -1,616 -205 -83

Bulgaria . . . . . . . . . . . . . . . . . . . . -6 -6 - - - - - - - -6 -2 -2

Czechoslovakia . . . . . . . . . . . . . . -36 21 44 - - - 68 76 - 2 - -1

Denmark. . . . . . . . . . . . . . . . . . . . 974 103 307 126 -49 -28 74 71 -21 4 -109 43

Finland . . . . . . . . . . . . . . . . . . . . . -56 -13 -19 93 101 54 21 - 17 2 2 6

France . . . . . . . . . . . . . . . . . . . . . 482 315 1,990 230 129 26 913 841 1,797 -1,099 -494 671

Germany . . . . . . . . . . . . . . . . . . . 6,136 3,335 4,170 1,073 236 756 4,733 1,007 1,478 -1,837 -137 298

Greece . . . . . . . . . . . . . . . . . . . . . 667 -434 226 10 6 1 96 5 - -14 41 93

Hungary . . . . . . . . . . . . . . . . . . . . 2,429 1,400 102 199 125 -47 75 17 - 2 3 -7

Ireland . . . . . . . . . . . . . . . . . . . . . -1,277 -362 -334 100 21 -12 918 668 518 266 58 104

Italy. . . . . . . . . . . . . . . . . . . . . . . . 603 -391 652 360 -47 -199 -302 -39 -127 -636 -226 -219

Netherlands . . . . . . . . . . . . . . . . . 1,891 1,374 -535 25 189 334 1,438 335 162 3,507 1,131 898

Norway. . . . . . . . . . . . . . . . . . . . . -97 -357 451 17 -8 2 87 63 -90 10 -15 64

Poland . . . . . . . . . . . . . . . . . . . . . 1,271 -26 1,218 10 10 - 2 2 34 -22 1 -3

Portugal . . . . . . . . . . . . . . . . . . . . 255 175 -169 -10 -8 - 8 5 22 -8 -10 -13

Romania. . . . . . . . . . . . . . . . . . . . 2 - 1 - - - - - - 3 2 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,372 -997 -53 28 9 1 -5 -5 - 45 3 11

Spain . . . . . . . . . . . . . . . . . . . . . . -3,881 70 -156 -39 -6 8 80 -145 118 -123 -223 -9

Sweden . . . . . . . . . . . . . . . . . . . . 358 -223 1,130 170 4 13 190 8 - 667 248 166

Switzerland. . . . . . . . . . . . . . . . . . -472 -1,058 225 145 -48 70 349 -84 -140 -2,283 867 784

Turkey . . . . . . . . . . . . . . . . . . . . . 144 -26 65 3 -17 - 11 -1 4 24 22 -6

United Kingdom . . . . . . . . . . . . . . 34,778 -9,033 5,093 17,126 3,651 3,270 40,094 8,872 11,041 8,001 2,698 -628

Yugoslavia 2

. . . . . . . . . . . . . . . . . 1 - - - - - -4 -4 - 3 2 -

Other Europe . . . . . . . . . . . . . . . . 1,417 -589 3,262 120 51 61 87 5 11 44 6 35

Total Europe . . . . . . . . . . . . . . . 50,000 -4,907 19,737 21,209 5,110 5,519 48,606 12,376 14,954 4,847 3,629 2,330

Canada . . . . . . . . . . . . . . . . . . . . . . 252 -1,699 3,765 1,006 49 -36 1,563 291 518 -1,517 156 1,082

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 2,706 382 -12 28 -12 68 81 48 26 65 52 72

Bahamas . . . . . . . . . . . . . . . . . . . 2,643 923 866 549 226 -1 550 387 -139 -48 -118 -143

Bermuda. . . . . . . . . . . . . . . . . . . . -6,017 -98 970 1,144 61 143 1,887 198 -64 585 -139 -169

Brazil . . . . . . . . . . . . . . . . . . . . . . 3,607 3,093 6,075 21 -12 65 -12 -22 25 -105 2 -20

British West Indies . . . . . . . . . . . . 17,365 6,099 -5,080 -380 -665 6,995 1,290 274 668 1,077 122 739

Chile. . . . . . . . . . . . . . . . . . . . . . . 257 -156 354 3 5 5 14 -21 102 24 24 -37

Colombia . . . . . . . . . . . . . . . . . . . 1,220 568 335 8 -2 7 11 5 -1 -18 1 8

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 757 290 15 -73 -93 - -6 -6 -1 -11 5 -59

Guatemala . . . . . . . . . . . . . . . . . . 18 17 19 4 -1 1 -1 -2 5 -6 - 3

Jamaica . . . . . . . . . . . . . . . . . . . . -70 -21 -11 -5 1 25 1 - -1 2 - -

Mexico . . . . . . . . . . . . . . . . . . . . . 2,511 354 629 209 67 84 131 23 11 85 43 73

Netherlands Antilles . . . . . . . . . . . 23,459 23,044 -14,615 31 41 32 -197 -87 405 3,989 -1,511 1,309

Panama . . . . . . . . . . . . . . . . . . . . 6 10 58 201 88 -107 85 18 46 125 120 73

Peru . . . . . . . . . . . . . . . . . . . . . . . 2 - -1 1 - - 2 1 4 -6 2 -

Trinidad and Tobago . . . . . . . . . . -10 -3 -1 -3 1 -6 30 1 4 11 8 3

Uruguay . . . . . . . . . . . . . . . . . . . . 262 -19 23 - -1 3 25 -7 7 -9 11 10

Venezuela . . . . . . . . . . . . . . . . . . -2 201 -279 -21 - 12 90 21 5 34 39 25

Other Latin America

and Caribbean. . . . . . . . . . . . 

-105 27 95 168 -4 82 275 -14 9 20 -1 -28

Total Latin America

and Caribbean . . . . . . . . 

48,609 34,711 -10,560 1,885 -300 7,408 4,256 817 1,111 5,814 -1,340 1,859

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

92 CAPITAL MOVEMENTS
1995 1996 1995 1996 1995 1996 1995 1996

Country

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1995

Oct.

through 

Dec.

Jan.

through 

Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 703 -1,185 8,345 855 49 145 14 1 31 -11 - 1

Taiwan . . . . . . . . . . . . . . . . . . . -3,405 -483 -4,158 -495 -201 -524 -63 -78 11 -177 -21 -

Hong Kong . . . . . . . . . . . . . . . . . . 4,887 391 1,987 -58 92 743 956 114 751 226 343 -403

India . . . . . . . . . . . . . . . . . . . . . . . -160 -25 48 2 2 - -5 -2 - -15 -12 5

Indonesia . . . . . . . . . . . . . . . . . . . -388 -107 559 8 11 -3 -7 -2 3 -11 -11 4

Israel . . . . . . . . . . . . . . . . . . . . . . 1,601 21 -625 91 85 74 204 48 49 -205 -37 -54

Japan . . . . . . . . . . . . . . . . . . . . . . 16,863 -14,494 8,131 1,069 -1,656 472 1,181 498 447 -2,725 881 -789

Korea . . . . . . . . . . . . . . . . . . . . . . 2,259 613 399 1,800 472 60 40 -16 2 -23 -5 -15

Lebanon . . . . . . . . . . . . . . . . . . . . 6 -2 1 - - - -3 - 1 15 3 16

Malaysia. . . . . . . . . . . . . . . . . . . . -839 -840 -1,409 -1 -3 4 -12 3 9 -70 -1 25

Pakistan . . . . . . . . . . . . . . . . . . . . -48 -1 3 4 1 1 3 -1 -1 5 - 2

Philippines . . . . . . . . . . . . . . . . . . -117 -40 362 90 63 9 -11 -6 4 13 5 -2

Singapore. . . . . . . . . . . . . . . . . . . 8,875 879 5,321 268 318 848 -258 597 23 5,579 551 717

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 3 2

Thailand . . . . . . . . . . . . . . . . . . . . -546 -622 3,250 - - - 1 - 52 21 13 -1

Oil-exporting countries 3

. . . . . . . . 3,075 -2,535 591 1,453 -85 -284 416 214 -231 -337 77 -826

Other Asia . . . . . . . . . . . . . . . . . . 

-447 -399 -328 -152 -253 84 138 -8 -31 -121 -426 -177

Total Asia . . . . . . . . . . . . . . . . . 32,319 -18,829 22,477 4,934 -1,105 1,629 2,594 1,362 1,120 2,166 1,363 -1,495

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,031 921 762 244 126 77 82 53 4 -5 -1 3

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Liberia . . . . . . . . . . . . . . . . . . . . . 255 191 32 -271 -249 -29 91 44 -36 -32 -52 -40

Morocco . . . . . . . . . . . . . . . . . . . . - - - -1 - - - - - 4 1 3

South Africa . . . . . . . . . . . . . . . . . 70 72 13 - - - 125 123 -1 3 -4 15

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 2 - 1 1 - - 1 1 - 4 3 1

Other Africa . . . . . . . . . . . . . . . . . 106 27 -82 -30 6 -4 -8 -1 -27 29 9 -82

Total Africa . . . . . . . . . . . . . . . . 1,464 1,211 726 -57 -117 44 291 220 -60 2 -44 -100

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . -411 189 452 205 109 -2 182 92 -11 389 -124 -209

All other . . . . . . . . . . . . . . . . . . . . 1,319 -106 -373 -135 -121 -70 -6 11 -63 -321 18 386

Total other countries . . . . . . . . . 908 83 79 70 -12 -72 176 103 -74 68 -106 177

Total foreign countries. . . . . . 133,552 10,570 36,224 29,047 3,625 14,492 57,486 15,169 17,569 11,380 3,658 3,853

International and regional:

International . . . . . . . . . . . . . . . . . 9 23 549 -399 -26 28 -148 -38 47 10 9 -136

European regional . . . . . . . . . . . . -45 36 18 72 20 37 - - - - - -

Latin American regional . . . . . . . . 261 27 -287 48 - -87 -11 -14 10 -211 -59 -39

Asian regional . . . . . . . . . . . . . . . 93 -12 -32 -19 -18 3 -6 -2 -3 -3 -2 3

African regional . . . . . . . . . . . . . . 83 47 -44 -20 -4 6 34 -5 10 -1 -1 -

Middle Eastern regional . . . . . . . . 38 -19 -29 - - - -5 - - - - -

Total international 

and regional . . . . . . . . . . . . 

439 102 175 -318 -28 -13 -136 -59 64 -205 -53 -172

Grand total. . . . . . . . . . . . . . . 133,991 10,672 36,399 28,729 3,597 14,479 57,350 15,110 17,633 11,175 3,605 3,681

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 as independent states 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 93
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1996, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 5,824 5,014 - 48 563 106 93 3,736 3,057 - 13 435 128 103

Belgium-Luxembourg. . 14,644 5,050 1,617 1,197 3,395 2,150 1,235 13,240 4,940 408 1,102 3,478 2,659 653

Bulgaria . . . . . . . . . . . . 102 5 - - - 97 - 97 5 - - 2 90 -

Czechoslovakia . . . . . . 777 759 - - 1 3 14 781 715 - - 2 8 56

Denmark. . . . . . . . . . . . 4,560 2,227 1,094 33 303 687 216 4,438 1,920 1,122 54 260 697 385

Finland . . . . . . . . . . . . . 5,505 5,076 100 40 17 63 209 6,046 5,095 46 23 11 633 238

France . . . . . . . . . . . . . 39,818 25,232 139 2,283 4,508 4,856 2,800 34,777 23,242 113 486 3,837 3,302 3,797

Germany . . . . . . . . . . . 38,442 25,928 970 2,453 3,763 2,389 2,939 33,898 21,758 214 975 3,465 2,942 4,544

Greece . . . . . . . . . . . . . 2,035 1,713 1 14 239 33 35 2,069 1,487 - 14 146 341 81

Hungary . . . . . . . . . . . . 1,275 1,244 2 - 2 18 9 1,228 1,142 49 - 9 17 11

Ireland . . . . . . . . . . . . . 9,876 6,419 57 765 602 1,476 557 9,770 6,753 69 247 498 1,327 876

Italy. . . . . . . . . . . . . . . . 10,741 4,829 9 128 2,957 1,762 1,056 11,212 4,177 208 255 3,176 2,001 1,395

Netherlands . . . . . . . . . 19,470 7,237 453 556 5,250 2,701 3,273 17,899 7,772 119 394 4,352 2,185 3,077

Norway. . . . . . . . . . . . . 3,035 2,050 4 16 240 324 401 2,933 1,599 2 106 176 455 595

Poland . . . . . . . . . . . . . 2,043 1,865 - 39 2 78 59 897 647 - 5 5 81 159

Portugal . . . . . . . . . . . . 602 484 - 30 28 15 45 876 653 - 8 41 26 148

Romania. . . . . . . . . . . . 2 1 - - 1 - - 1 - - - 1 - -

Russia 1

. . . . . . . . . . . . 2,595 2,502 2 - 56 26 9 2,633 2,555 1 - 45 20 12

Spain . . . . . . . . . . . . . . 12,346 9,974 8 171 244 1,296 653 12,697 10,130 - 53 253 968 1,293

Sweden . . . . . . . . . . . . 5,909 3,029 21 65 905 998 891 5,481 1,899 8 65 739 954 1,816

Switzerland. . . . . . . . . . 21,326 5,219 222 1,080 10,559 2,205 2,041 20,437 4,994 152 1,220 9,775 1,732 2,564

Turkey . . . . . . . . . . . . . 771 451 4 21 69 31 195 793 386 4 17 75 87 224

United Kingdom . . . . . . 595,186 327,208 8,415 30,383 38,038 148,188 42,954 582,478 322,115 5,145 19,342 38,666 151,844 45,366

Yugoslavia 2

. . . . . . . . . 5 - - - - 5 - 1 - - - - - 1

Other Europe . . . . . . . . 9,643 8,327 641 49 379 161 86 6,222 5,065 580 38 344 131 64

Total Europe . . . . . . . 806,532 451,843 13,759 39,371 72,121 169,668 59,770 774,640 432,106 8,240 24,417 69,791 172,628 67,458

Canada . . . . . . . . . . . . . . 121,879 66,776 1,028 2,733 14,812 29,712 6,818 120,762 63,011 1,064 2,215 13,730 32,421 8,321

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 7,030 696 91 158 246 5,378 461 7,608 708 23 132 174 6,041 530

Bahamas . . . . . . . . . . . 16,440 7,305 679 1,100 3,355 3,682 319 16,184 6,439 680 1,239 3,498 3,775 553

Bermuda. . . . . . . . . . . . 52,951 17,309 2,910 3,047 11,454 15,909 2,322 52,485 16,339 2,767 3,111 11,623 15,450 3,195

Brazil . . . . . . . . . . . . . . 24,542 12,422 66 111 126 10,851 966 18,224 6,347 1 86 146 10,075 1,569

British West Indies . . . . 67,868 28,725 12,124 3,480 13,175 7,429 2,935 64,440 33,805 5,129 2,812 12,436 7,678 2,580

Chile. . . . . . . . . . . . . . . 1,523 684 5 119 160 481 74 1,586 330 - 17 197 846 196

Colombia . . . . . . . . . . . 1,028 938 9 5 42 10 24 921 603 2 6 34 209 67

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 799 543 8 1 12 235 - 792 528 8 2 71 181 2

Guatemala . . . . . . . . . . 469 400 1 6 16 39 7 412 381 - 1 13 11 6

Jamaica . . . . . . . . . . . . 104 72 25 - 7 - - 98 83 - 1 7 1 6

Mexico . . . . . . . . . . . . . 8,347 3,967 117 406 360 1,979 1,518 9,031 3,338 33 395 287 3,155 1,823

Netherlands Antilles . . . 57,868 33,108 320 3,286 12,929 3,808 4,417 71,377 47,723 288 2,881 11,620 5,614 3,251

Panama . . . . . . . . . . . . 1,932 121 396 131 700 475 109 1,827 63 503 85 627 453 96

Peru . . . . . . . . . . . . . . . 99 - - 4 26 8 61 97 1 - - 26 4 66

Trinidad and Tobago . . 37 3 2 4 10 18 - 23 4 8 - 7 4 -

Uruguay . . . . . . . . . . . . 757 37 9 71 123 429 88 668 14 6 64 113 392 79

Venezuela . . . . . . . . . . 1,428 381 20 29 175 778 45 1,570 660 8 24 150 714 14

Other Latin America

and Caribbean. . . . 2,758 381 203 129 216 1,766 63 2,411 286 121 120 244 1,596 44

Total Latin America

and Caribbean . . 

245,980 107,092 16,985 12,087 43,132 53,275 13,409 249,754 117,652 9,577 10,976 41,273 56,199 14,077

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 12,920 11,779 303 98 39 689 12 4,283 3,434 158 67 38 510 76

Taiwan . . . . . . . . . . . 2,377 1,605 116 19 451 95 91 7,424 5,763 640 8 451 339 223

Hong Kong . . . . . . . . . . 36,249 23,990 1,227 898 2,044 2,096 5,994 35,770 22,003 484 147 2,447 2,177 8,512

India . . . . . . . . . . . . . . . 454 316 - - 53 18 67 739 268 - - 48 150 273

Indonesia . . . . . . . . . . . 2,553 2,067 - 3 43 35 405 2,229 1,508 3 - 39 252 427

Israel . . . . . . . . . . . . . . 3,860 3,226 127 66 240 57 144 4,765 3,851 53 17 294 171 379

Japan . . . . . . . . . . . . . . 152,929 114,709 3,482 1,734 9,729 9,779 13,496 152,912 106,578 3,010 1,287 10,518 10,079 21,440

Korea . . . . . . . . . . . . . . 2,988 1,852 181 35 33 375 512 2,927 1,453 121 33 48 475 797

Lebanon . . . . . . . . . . . . 82 1 - 1 62 15 3 55 - - - 46 6 3

Malaysia. . . . . . . . . . . . 1,851 900 10 9 144 52 736 3,428 2,309 6 - 119 152 842

Pakistan . . . . . . . . . . . . 39 4 1 - 26 2 6 40 1 - 1 24 - 14

Philippines . . . . . . . . . . 1,245 633 11 11 67 308 215 1,102 271 2 7 69 467 286

Singapore. . . . . . . . . . . 37,400 29,328 1,502 464 2,727 1,701 1,678 30,034 24,007 654 441 2,010 1,494 1,428

Syria. . . . . . . . . . . . . . . 21 - - - 9 - 12 21 - - - 7 - 14

Thailand . . . . . . . . . . . . 7,365 7,019 - 52 33 18 243 4,386 3,769 - - 34 202 381

Other Asia . . . . . . . . . . 12,766 8,093 845 770 2,629 142 287 14,249 7,830 1,045 1,032 3,632 197 513

Total Asia . . . . . . . . . 275,099 205,522 7,805 4,160 18,329 15,382 23,901 264,364 183,045 6,176 3,040 19,824 16,671 35,608

Africa:

Egypt . . . . . . . . . . . . . . 959 765 78 40 63 13 - 186 3 1 36 60 3 83

Ghana . . . . . . . . . . . . . - - - - - - - 286 - - - - 258 28

Liberia . . . . . . . . . . . . . 352 113 15 16 134 67 7 411 81 44 52 174 45 15

Morocco . . . . . . . . . . . . 7 - - - 7 - - 5 - - - 4 - 1

South Africa . . . . . . . . . 341 76 - - 31 135 99 703 63 - 1 16 131 492

Zaire. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 378 111 2 1 120 41 103 529 192 6 28 201 22 80

Total Africa . . . . . . . . 2,037 1,065 95 57 355 256 209 2,120 339 51 117 455 459 699

Other countries:

Australia . . . . . . . . . . . . 12,392 6,011 34 127 894 3,459 1,867 14,137 5,559 36 138 1,103 4,977 2,324

All other . . . . . . . . . . . . 3,241 1,344 3 11 640 706 537 2,742 1,717 73 74 254 390 234

Total other countries . 15,633 7,355 37 138 1,534 4,165 2,404 16,879 7,276 109 212 1,357 5,367 2,558

Total foreign countries. . . . . . . . . . . . . . 1,467,160 839,653 39,709 58,546 150,283 272,458 106,511 1,428,519 803,429 25,217 40,977 146,430 283,745 128,721

International and regional:

International . . . . . . . . . 17,747 17,070 75 94 46 338 124 17,325 16,521 47 47 182 391 137

European regional . . . . 137 89 37 - - 11 - 79 71 - - - 8 -

Latin America regional . 3,415 3,331 3 18 45 18 - 3,822 3,618 90 8 84 22 -

Asian regional . . . . . . . 293 249 13 5 25 - 1 340 281 10 8 22 1 18

African regional . . . . . . 135 108 16 10 1 - - 168 152 10 - 1 5 -

Middle Eastern regional 438 438 - - - - - 467 467 - - - - -

Total international

and regional. . . . . . 

22,165 21,285 144 127 117 367 125 22,201 21,110 157 63 289 427 155

Grand total. . . . . . . 1,489,325 860,938 39,853 58,673 150,400 272,825 106,636 1,450,720 824,539 25,374 41,040 146,719 284,172 128,876

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1996, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized as independent states 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
Europe:

Austria . . . . . . . . . . . . . 16,908 14,662 7 123 1,321 395 400 14,906 12,208 53 152 1,410 499 584

Belgium-Luxembourg. . 41,401 16,138 3,678 3,983 9,175 6,366 2,061 43,210 15,547 2,209 4,281 10,791 8,519 1,863

Bulgaria . . . . . . . . . . . . 272 43 - - 16 213 - 347 49 - - 22 273 3

Czechoslovakia . . . . . . 3,487 3,379 - 76 2 21 9 3,491 3,415 - 8 - 33 35

Denmark. . . . . . . . . . . . 20,408 11,853 4,021 185 936 2,548 865 20,213 10,879 3,895 111 932 3,218 1,178

Finland . . . . . . . . . . . . . 16,661 15,332 118 26 68 234 883 16,900 15,388 25 5 66 242 1,174

France . . . . . . . . . . . . . 128,790 84,323 871 3,469 10,367 19,679 10,081 128,696 83,841 641 2,556 11,466 18,698 11,494

Germany . . . . . . . . . . . 103,056 67,988 1,533 7,503 9,595 5,805 10,632 93,850 61,852 460 2,770 11,432 6,322 11,014

Greece . . . . . . . . . . . . . 6,335 4,994 17 129 549 497 149 5,425 4,327 7 33 563 268 227

Hungary . . . . . . . . . . . . 4,522 4,010 219 190 19 50 34 1,761 1,581 20 115 17 - 28

Ireland . . . . . . . . . . . . . 24,637 14,572 914 2,543 1,595 3,103 1,910 24,541 15,849 814 1,625 1,329 2,683 2,241

Italy. . . . . . . . . . . . . . . . 35,714 16,281 724 620 9,745 4,754 3,590 38,107 15,678 364 922 10,381 5,624 5,138

Netherlands . . . . . . . . . 67,914 35,131 1,281 2,264 17,435 3,004 8,799 65,310 33,240 1,256 826 13,928 6,153 9,907

Norway. . . . . . . . . . . . . 11,455 7,398 26 101 657 2,237 1,036 12,397 7,495 9 14 647 2,456 1,776

Poland . . . . . . . . . . . . . 4,600 4,358 10 3 5 205 19 3,399 3,087 - 1 27 200 84

Portugal . . . . . . . . . . . . 2,493 2,101 8 61 81 38 204 2,445 1,846 18 53 89 36 403

Romania. . . . . . . . . . . . 5 2 - - 3 - - - - - - - - -

Russia 1

. . . . . . . . . . . . 14,506 14,150 35 13 174 104 30 13,369 12,778 7 18 129 360 77

Spain . . . . . . . . . . . . . . 31,560 23,113 45 618 1,232 3,364 3,188 38,141 26,994 84 538 1,355 4,711 4,459

Sweden . . . . . . . . . . . . 18,127 6,154 199 321 3,233 4,188 4,032 18,994 5,796 29 131 2,566 3,611 6,861

Switzerland. . . . . . . . . . 67,736 22,703 492 4,304 29,490 4,190 6,557 71,357 23,175 347 3,955 31,773 4,751 7,356

Turkey . . . . . . . . . . . . . 2,600 1,901 27 28 213 217 214 2,404 1,757 24 17 189 73 344

United Kingdom . . . . . . 1,968,215 1,156,450 38,295 93,550 126,734 421,054 132,132 1,897,196 1,121,672 21,169 53,456 118,733 440,048 142,118

Yugoslavia 2

. . . . . . . . . 27 1 - - 22 - 4 23 - - 4 19 - -

Other Europe . . . . . . . . 21,596 19,095 295 196 1,395 480 135 19,786 17,678 175 109 1,351 344 129

Total Europe . . . . . . . 2,613,025 1,546,132 52,815 120,306 224,062 482,746 186,964 2,536,268 1,496,132 31,606 71,700 219,215 509,122 208,493

Canada . . . . . . . . . . . . . . 477,894 217,755 2,249 7,310 47,195 181,342 22,043 484,461 217,503 1,243 5,747 48,712 189,441 21,815

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 16,176 4,195 103 262 599 9,646 1,371 14,181 1,489 75 181 534 10,133 1,769

Bahamas . . . . . . . . . . . 51,384 22,863 3,308 2,964 10,787 10,373 1,089 48,658 20,220 2,759 2,414 10,835 11,206 1,224

Bermuda. . . . . . . . . . . . 194,738 82,441 10,634 7,585 39,442 46,173 8,463 199,035 88,458 9,490 5,698 38,857 48,890 7,642

Brazil . . . . . . . . . . . . . . 30,287 9,094 175 101 402 17,163 3,352 29,423 5,487 154 113 507 18,408 4,754

British West Indies . . . . 199,234 114,832 20,577 5,952 34,934 16,498 6,441 180,122 97,467 20,957 4,662 33,857 16,529 6,650

Chile. . . . . . . . . . . . . . . 3,952 1,864 37 116 414 1,025 496 3,588 1,607 34 102 390 857 598

Colombia . . . . . . . . . . . 4,441 3,982 87 40 168 65 99 3,574 2,762 79 29 186 299 219

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 2,041 1,521 77 14 53 373 3 2,513 764 150 20 64 1,505 10

Guatemala . . . . . . . . . . 305 194 5 6 70 21 9 284 176 1 7 76 12 12

Jamaica . . . . . . . . . . . . 196 90 8 4 86 8 - 273 160 13 3 84 13 -

Mexico . . . . . . . . . . . . . 23,323 8,100 385 416 1,402 5,292 7,728 21,002 5,589 176 285 1,317 5,748 7,887

Netherlands Antilles . . . 184,553 114,484 1,663 5,062 41,414 8,913 13,017 156,057 91,025 1,632 5,259 37,425 7,505 13,211

Panama . . . . . . . . . . . . 5,613 399 1,014 397 2,583 907 313 5,129 393 813 312 2,458 885 268

Peru . . . . . . . . . . . . . . . 504 3 1 10 71 54 365 640 1 - 8 77 102 452

Trinidad and Tobago . . 174 7 5 35 38 89 - 99 17 8 5 27 42 -

Uruguay . . . . . . . . . . . . 2,380 456 22 115 241 1,385 161 2,031 194 22 90 250 1,333 142

Venezuela . . . . . . . . . . 5,856 2,801 121 133 692 2,001 108 5,370 2,803 142 43 658 1,657 67

Other Latin America

and Caribbean . . . . . 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88

Total Latin America

and Caribbean. . . . 

731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,414 319,594 36,984 19,506 128,391 128,946 44,993

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

96 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 25,920 23,465 1,182 130 148 930 65 24,794 22,762 327 116 159 1,205 225

Taiwan . . . . . . . . . . . 8,367 5,061 383 54 1,548 941 380 12,065 8,466 878 117 1,725 344 535

Hong Kong . . . . . . . . . . 116,513 77,871 1,874 1,713 6,599 9,991 18,465 112,068 72,984 1,932 757 6,373 9,383 20,639

India . . . . . . . . . . . . . . . 492 131 2 9 150 16 184 1,104 291 - 14 165 107 527

Indonesia . . . . . . . . . . . 4,619 3,582 11 1 153 115 757 5,777 3,970 3 8 164 188 1,444

Israel. . . . . . . . . . . . . . . 15,435 13,630 243 276 642 184 460 14,784 12,029 152 72 847 678 1,006

Japan . . . . . . . . . . . . . . 616,504 464,283 16,676 6,945 20,997 55,529 52,074 625,186 447,420 15,607 5,764 23,722 61,128 71,545

Korea . . . . . . . . . . . . . . 11,085 5,965 2,110 171 125 922 1,792 8,875 3,706 310 131 148 1,151 3,429

Lebanon . . . . . . . . . . . . 176 20 - 1 120 27 8 147 14 - 4 105 21 3

Malaysia . . . . . . . . . . . . 6,218 2,980 36 20 247 375 2,560 8,970 3,819 37 32 317 2,350 2,415

Pakistan . . . . . . . . . . . . 215 62 4 7 76 - 66 262 110 - 4 71 1 76

Philippines . . . . . . . . . . 2,235 1,215 118 13 264 252 373 3,129 1,332 28 24 251 630 864

Singapore. . . . . . . . . . . 135,131 108,087 1,468 1,965 10,947 8,635 4,029 120,651 99,212 1,200 2,223 5,368 7,765 4,883

Syria . . . . . . . . . . . . . . . 35 - - - 25 - 10 29 - - - 23 1 5

Thailand . . . . . . . . . . . . 9,142 7,493 - 6 90 203 1,350 9,977 8,039 - 5 69 524 1,340

Other Asia . . . . . . . . . . 66,271 46,238 5,253 3,553 9,483 733 1,011 62,576 43,610 3,952 2,999 9,941 991 1,083

Total Asia . . . . . . . . . 1,018,358 760,083 29,360 14,864 51,614 78,853 83,584 1,010,394 727,764 24,426 12,270 49,448 86,467 110,019

Africa:

Egypt . . . . . . . . . . . . . . 2,001 1,303 269 143 157 78 51 651 272 25 61 162 36 95

Ghana. . . . . . . . . . . . . . 16 - - - - - 16 23 - - - 1 - 22

Liberia. . . . . . . . . . . . . . 1,844 490 413 182 382 342 35 1,815 235 684 91 414 356 35

Morocco . . . . . . . . . . . . 28 - - - 10 16 2 28 - 1 - 6 20 1

South Africa . . . . . . . . . 1,029 204 - 130 30 235 430 1,169 134 - 5 27 199 804

Zaire . . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 1,458 606 50 24 478 74 226 1,317 498 79 31 445 101 163

Total Africa . . . . . . . . 6,376 2,603 732 479 1,057 745 760 5,003 1,139 789 188 1,055 712 1,120

Other countries:

Australia . . . . . . . . . . . . 48,013 20,393 296 631 3,951 15,180 7,562 47,659 20,804 91 449 3,562 14,232 8,521

All other . . . . . . . . . . . . 12,670 7,666 530 89 624 2,609 1,152 11,719 6,347 665 95 945 2,622 1,045

Total other

countries . . . . . . . . 

60,683 28,059 826 720 4,575 17,789 8,714 59,378 27,151 756 544 4,507 16,854 9,566

Total foreign

countries. . . . . . . 

4,908,243 2,922,835 124,851 167,441 462,708 885,232 345,176 4,773,918 2,789,283 95,804 109,955 451,328 931,542 396,006

International

and regional:

International . . . . . . . . . 50,454 46,656 317 17 84 3,083 297 51,352 46,647 716 165 74 3,483 267

European regional . . . . 523 349 72 - - 102 - 411 394 - - - 17 -

Latin American

regional . . . . . . . . . . . 9,561 8,941 130 44 76 370 - 9,971 8,680 82 55 287 867 -

Asian regional. . . . . . . . 1,572 1,116 24 35 16 356 25 1,146 1,023 43 41 19 10 10

African regional . . . . . . 412 313 59 40 - - - 699 230 79 6 1 383 -

Middle Eastern

regional . . . . . . . . . . . 886 886 - - - - - 854 848 - 5 - - 1

Total international

and regional. . . . . . 

63,408 58,261 602 136 176 3,911 322 64,433 57,822 920 272 381 4,760 278

Grand total. . . . . . . 4,971,651 2,981,096 125,453 167,577 462,884 889,143 345,498 4,838,351 2,847,105 96,724 110,227 451,709 936,302 396,284

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized as independent states 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 97
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity

throughout the 1980’s. The robust growth in U.S. net

purchases of foreign securities is due largely to a

trend toward international diversification among

U.S. institutional investors. The table presents aggregate net purchases on an annual average basis for

1980 through 1989, on an annual basis for 1992

through 1995, and on a year-to-date basis for 1996.

 The chart and table show that U.S. net purchases

of foreign bonds and stocks have tended to rise and

fall together in recent years. However, the different

magnitudes of their movements suggest that purchases of foreign bonds are more sensitive to changing economic conditions than are purchases of foreign stocks. U.S. net purchases of foreign bonds rose

more than five-fold in 1993 to a record level, plunged

to a 5-year low in 1994, then reversed again in 1995.

On an annualized basis (see chart), net purchases of

foreign bonds in the first quarter of 1996 appear to

be in pace with last year’s activity. Although there

was a significant peak in 1993, U.S. net purchases of

foreign stocks have been strong and comparatively

stable throughout the 1990’s, particularly in 1994

and 1995. However, net purchases of foreign stocks

accelerated in the first quarter of 1996, surpassing,

on an annualized basis, the record rate of net purchases in 1993.

[In millions of dollars]

Type 1980-89 11992 1993 1994 1995 Jan. - Mar. 1996

Foreign bonds . . . . . . . . . . . . . . . 4,883 15,605 80,377 9,224 47,159 11,347 

Foreign stocks . . . . . . . . . . . . . . . 2,834 32,259 62,691 48,071 50,786 22,240 

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

7,717 47,864 143,068 57,295 97,945 33,587 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

1

 Annual average.

(Note: To facilitate comparison of net purchases

during the first quarter of 1996 with those in prior

years, the chart depicts data for all periods at an

annualized rate.)

98 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. 

This issue’s revision in the December 1995 quarterly reports of large market participants corrects errors appearing in

the March 1996 “Treasury Bulletin.” This adjustment does not

affect other dates in the quarterly reports or other Foreign

Currency Position tables.

FOREIGN CURRENCY POSITIONS 99
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 Wr itten Bought Written equivalent swaps U.S. dollar)

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

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 228,779 218,562 -2,426 1.3319

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 235,221 224,510 -3,049 1.3360

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 225,630 216,509 -3,023 1.3396

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 252,155 241,117 -3,036 1.3685

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 271,957 263,029 -3,451 1.3497

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 267,616 258,683 -3,182 1.3535

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 260,896 251,682 -2,973 1.3546

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 259,853 251,083 -3,111 1.3540

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 278,009 270,079 -3,021 1.3576

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 258,198 250,386 -3,074 1.3651

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 266,007 257,343 -2,300 1.3772

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 235,674 228,334 -2,402 1.3676

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 227,039 218,583 -2,558 1.3580

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 218,659 211,215 -2,478 1.3537

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 224,418 216,796 -2,722 1.3657

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 220,904 212,640 -2,660 1.3646

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 219,675 212,293 -2,484 1.3711

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 217,850 209,309 -2,708 1.3741

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 215,614 206,625 -2,469 1.3672

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 212,793 204,324 -2,280 1.3803

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 213,890 205,258 -2,376 1.3777

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 214,877 206,248 -2,256 1.3775

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 209,009 200,710 -2,832 1.3695

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 209,028 202,710 -3,114 1.3686

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 196,542 189,886 -3,148 1.3601

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 196,466 189,207 -2,891 1.3634

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 - Apr.. . . . . . . . 194,797 192,023 44,872 44,675 15,600 15,935 15,653 13,051 -1,095 70,152 1.3565

May. . . . . . . . 198,106 196,685 43,893 40,355 15,552 17,037 16,384 12,750 -2,985 66,517 1.3708

June . . . . . . . 189,407 184,766 48,658 48,502 12,800 14,254 13,896 10,324 -2,990 67,809 1.3727

July. . . . . . . . 197,500 194,495 46,280 45,288 13,665 15,386 13,480 11,516 -2,033 71,184 1.3641

Aug. . . . . . . . 210,101 205,626 45,864 43,755 15,941 17,658 14,606 13,132 -2,140 71,654 1.3441

Sept.. . . . . . . 222,737 219,004 46,366 44,822 15,618 17,683 15,526 13,698 -2,849 74,738 1.3426

Oct.. . . . . . . . 278,621 275,970 53,312 51,338 19,904 21,528 21,595 18,806 -2,874 74,791 1.3452

Nov. . . . . . . . 266,541 263,402 44,019 42,400 16,917 19,332 21,441 17,800 -2,912 77,606 1.3610

Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Jan.. . . . . . . . 219,594 216,495 52,386 50,272 13,755 15,438 17,691 14,165 -2,678 80,188 1.3741

Feb. . . . . . . . 211,560 207,231 48,854 45,320 13,736 15,589 18,412 13,646 -2,541 81,498 1.3708

Mar. . . . . . . . 191,613 190,724 52,846 50,254 14,142 15,017 16,819 13,350 -2,622 78,026 1.3595

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 Wr itten Bought Written equivalent swaps U.S. dollar)

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

1994 - Mar. . . . . . . . 38,972 36,702 60,107 54,014 2,371 2,347 5,609 3,033 -1,060 13,653 1.3839

 June . . . . . . . 39,719 38,881 59,441 56,447 5,191 4,156 2,983 3,068 193 13,784 1.3835

 Sept. . . . . . . . 42,737 40,219 57,946 50,298 5,600 4,487 3,217 3,228 691 14,209 1.3435

 Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Mar. . . . . . . . 39,610 37,364 48,269 43,919 3,333 2,651 2,872 2,432 310 15,770 1.3996

 June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

 Dec. r. . . . . . 40,940 37,808 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

100 FOREIGN CURRENCY POSITIONS
10/04/95. . . . . . . . . . . . . . . . . . . . . . . 1,764,241 1,740,591 5,908 1.4360

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 1,713,935 1,693,749 6,923 1.4268

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 1,665,470 1,647,228 5,588 1.4247

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 1,720,941 1,705,467 6,987 1.3913

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 1,663,995 1,648,420 4,559 1.4170

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 1,631,673 1,619,896 4,604 1.4210

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 1,700,719 1,683,658 5,058 1.4071

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 1,548,842 1,538,148 6,383 1.4106

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 1,712,922 1,700,341 5,807 1.4375

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 1,680,831 1,666,929 5,978 1.4440

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 1,652,229 1,639,814 5,499 1.4506

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 1,549,197 1,536,507 5,676 1.4370

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 1,484,265 1,470,569 3,429 1.4341

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,514,848 1,505,574 5,979 1.4463

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,566,279 1,562,907 9,084 1.4367

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,676,888 1,673,376 7,419 1.4720

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,622,064 1,615,034 6,579 1.4848

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 1,607,859 1,602,256 7,135 1.4900

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 1,622,030 1,618,175 9,691 1.4778

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 1,641,988 1,646,841 10,333 1.4648

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 1,731,634 1,735,073 10,466 1.4499

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 1,679,258 1,686,341 9,356 1.4667

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 1,620,137 1,629,276 7,240 1.4771

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 1,659,551 1,663,699 7,652 1.4708

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 1,625,733 1,634,622 9,179 1.4740

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 1,571,098 1,583,192 10,803 1.4860

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 - Apr.. . . . . . . . 1,807,608 1,799,971 200,160 208,359 231,542 217,387 255,334 294,924 12,837 203,720 1.3872

May. . . . . . . . 1,836,042 1,822,733 200,210 212,095 243,971 235,844 284,396 314,382 7,556 201,221 1.4160

June . . . . . . . 1,700,903 1,678,404 195,946 209,622 215,632 200,825 252,084 272,505 9,350 203,901 1.3828

July . . . . . . . . 1,639,921 1,622,436 191,039 202,785 215,241 205,812 246,303 274,214 10,592 207,797 1.3869

Aug. . . . . . . . 1,799,378 1,787,245 203,692 217,513 244,280 230,577 285,745 310,152 10,776 211,486 1.4680

Sept. . . . . . . . 1,739,516 1,718,769 202,909 214,645 232,296 222,975 269,409 282,682 6,928 208,361 1.4280

Oct.. . . . . . . . 1,661,290 1,647,435 204,462 210,599 240,801 234,777 274,263 289,897 4,356 213,583 1.4090

Nov. . . . . . . . 1,720,784 1,704,012 195,514 204,369 242,923 240,411 278,358 293,319 4,384 221,223 1.4466

Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Jan.. . . . . . . . 1,643,837 1,640,570 244,345 251,491 242,954 228,308 276,165 292,536 6,695 250,805 1.4900

Feb. . . . . . . . 1,676,011 1,684,827 250,008 253,568 240,993 232,415 276,208 287,101 8,389 257,499 1.4735

Mar. . . . . . . . 1,577,310 1,591,989 239,743 243,594 232,172 227,185 263,391 274,710 9,813 258,772 1.4769

1994 - Mar. . . . . . . . 331,151 319,728 93,221 92,629 33,603 31,980 46,847 42,939 -543 15,062 1.6735

 June . . . . . . . 372,839 354,105 92,839 89,100 44,654 44,964 44,280 44,355 1,505 15,328 1.5874

 Sept. . . . . . . . 347,408 332,738 93,524 90,389 33,661 32,350 34,487 36,306 772 16,932 1.5520

 Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Mar. . . . . . . . 301,380 273,301 107,995 105,483 30,803 32,772 41,500 31,069 -5,248 21,213 1.3746

 June . . . . . . . 275,109 273,183 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

 Sept. . . . . . . . 290,913 308,812 110,314 106,063 19,385 21,080 29,982 26,246 -2,914 25,280 1.4280

 Dec. r. . . . . . 233,491 243,159 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

SECTION II.—German Mark Positions

TABLE FCP-II-1.—Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

TABLE FCP-II-2.—Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Wr itten 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 Wr itten Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 101
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 - Apr.. . . . . . . . 117,755 118,746 19,585 18,447 12,190 11,728 13,861 15,715 742 30,924 84.2000

May. . . . . . . . 116,119 117,032 19,604 19,142 12,350 11,939 14,677 16,558 901 31,445 84.6000

June . . . . . . . 112,347 114,273 20,099 19,098 11,345 10,849 25,152 26,543 797 31,896 84.7300

July. . . . . . . . 114,240 116,304 19,748 19,137 12,361 11,555 26,973 29,540 1,014 31,838 88.4000

Aug. . . . . . . . 130,612 132,908 20,527 19,819 15,356 14,535 21,821 23,245 1,242 34,219 97.4500

Sept.. . . . . . . 132,427 134,518 21,585 20,576 15,241 15,569 22,163 24,163 1,101 34,704 99.6500

Oct.. . . . . . . . 133,583 136,121 21,641 20,373 14,515 14,019 21,534 22,867 985 34,256 102.1200

Nov. . . . . . . . 132,164 134,987 21,389 19,804 14,378 13,801 20,026 21,301 1,188 35,587 102.1000

Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Jan.. . . . . . . . 130,916 133,396 20,208 19,525 14,836 14,090 20,311 21,572 1,082 39,220 107.1300

Feb. . . . . . . . 133,890 136,010 20,571 19,829 15,895 15,176 21,300 22,277 739 39,615 105.3000

Mar. . . . . . . . 131,118 133,435 19,877 19,362 14,464 14,137 19,810 20,839 907 38,733 107.3100

1994 - Mar. . . . . . . . 14,820 16,061 5,738 4,449 1,951 2,074 2,619 2,221 -75 2,806 102.7000

 June . . . . . . . 16,180 17,300 6,259 4,810 2,473 2,580 3,169 3,198 -68 3,239 98.6000

 Sept. . . . . . . . 15,318 16,817 6,337 5,253 2,054 2,645 3,517 2,697 -352 3,529 99.2000

 Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,372 19,898 4,451 4,473 1,531 1,514 3,404 2,206 24 4,404 86.6000

 June . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

 Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

 Dec. r. . . . . . 16,679 17,877 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

SECTION III.—Japanese Yen Positions

TABLE FCP-III-1.—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Yen

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Wr itten 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 Wr itten Bought Written equivalent swaps dollar)

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

10/04/95. . . . . . . . . . . . . . . . . . . . . . . 132,544 134,979 1,042 101.0300

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 127,165 129,875 1,131 101.0500

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 129,716 131,603 1,155 100.9500

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 131,457 133,883 1,095 101.1500

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 133,846 136,299 1,014 103.2000

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 131,911 134,215 1,124 102.6000

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 133,998 136,788 1,355 101.5000

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 132,777 135,381 1,247 100.9000

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 135,754 138,004 1,242 101.6100

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 130,484 132,997 1,343 101.4700

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 128,936 131,012 1,374 101.7000

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 124,490 126,866 1,211 101.8000

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 123,356 125,997 1,302 102.8700

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 127,008 130,348 1,195 104.9500

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 129,827 132,771 1,169 104.9000

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 130,323 133,203 1,232 105.7000

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 127,776 130,957 1,158 106.9800

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 128,799 130,980 1,138 107.1300

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 131,973 134,228 1,016 106.1100

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 136,184 138,538 971 106.3500

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 138,058 140,278 1,066 104.9900

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 145,387 147,333 818 104.5800

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 131,775 133,834 854 105.4500

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 138,437 140,585 1,050 105.1500

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 135,853 138,150 873 106.4000

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 134,456 136,748 1,004 106.6000

102 FOREIGN CURRENCY POSITIONS
10/04/95. . . . . . . . . . . . . . . . . . . . . . . 355,151 361,295 6,277 1.1539

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 347,156 352,984 6,899 1.1570

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 334,171 340,599 6,150 1.1576

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 333,634 339,549 6,200 1.1320

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 332,297 338,885 6,260 1.1395

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 344,168 351,668 6,507 1.1455

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 343,512 350,245 6,490 1.1375

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 320,064 326,365 6,147 1.1378

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 351,945 358,703 5,618 1.1655

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 359,934 365,228 5,402 1.1688

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 359,951 366,154 5,734 1.1770

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 342,316 345,414 n.a. 1.1550

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 313,859 318,873 n.a. 1.1575

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 315,444 319,271 n.a. 1.1658

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 325,640 330,315 n.a. 1.1610

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 351,730 355,569 n.a. 1.1900

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 335,127 339,351 n.a. 1.1930

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 367,095 373,140 5,930 1.2140

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 376,992 382,996 5,865 1.2075

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 365,161 370,785 5,160 1.1965

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 374,922 380,348 5,767 1.1840

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 382,749 389,627 6,332 1.1956

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 364,359 370,908 6,366 1.2017

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 378,598 384,405 6,372 1.1882

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 343,226 349,033 6,745 1.1932

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 331,362 338,627 7,137 1.1979

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 - Apr.. . . . . . . . 348,978 352,199 22,864 27,217 39,123 34,725 34,338 37,925 3,317 127,323 1.1450

May. . . . . . . . 348,572 355,863 25,287 27,451 44,804 40,460 37,331 41,153 7,111 126,846 1.1675

June . . . . . . . 325,683 329,617 24,519 27,681 29,792 23,838 27,562 29,257 5,372 125,660 1.1500

July . . . . . . . . 317,312 320,646 25,149 27,941 30,912 25,430 30,247 32,576 6,135 121,742 1.1530

Aug. . . . . . . . 350,391 356,093 24,542 28,966 34,268 30,652 35,851 35,259 5,629 122,940 1.2025

Sept. . . . . . . . 362,668 369,289 26,589 30,097 34,828 31,043 34,186 40,204 6,942 118,553 1.1550

Oct.. . . . . . . . 330,737 338,283 27,040 30,295 40,185 34,178 39,858 44,878 6,343 117,606 1.1370

Nov. . . . . . . . 364,568 371,464 25,007 28,322 41,473 37,558 41,056 48,378 5,907 114,942 1.1775

Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Jan.. . . . . . . . 371,472 376,416 24,750 29,111 36,115 34,881 38,215 42,034 5,624 113,743 1.2140

Feb. . . . . . . . 388,650 395,181 23,408 27,313 44,698 41,405 41,263 42,147 6,399 113,268 1.2019

Mar. . . . . . . . 328,706 334,043 21,963 25,509 36,757 33,561 37,726 40,183 7,145 100,122 1.1910

1994 - Mar. . . . . . . . 47,496 43,048 13,796 12,954 3,621 2,650 4,272 4,087 345 15,478 1.4130

 June . . . . . . . 53,943 47,367 13,404 13,548 4,690 3,937 4,896 5,120 512 15,624 1.3335

 Sept. . . . . . . . 44,637 37,273 13,511 13,861 3,476 2,807 3,542 3,217 386 17,418 1.2880

 Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Mar. . . . . . . . 44,496 34,400 14,014 14,218 1,535 1,872 2,882 1,542 155 20,160 1.1325

 June . . . . . . . 33,529 23,944 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

 Sept. . . . . . . . 44,012 34,640 14,252 15,075 2,338 2,395 3,195 2,663 -150 21,070 1.1550

 Dec. r. . . . . . 32,640 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

TABLE FCP-IV-2.—Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

SECTION IV.—Swiss Franc Positions

TABLE FCP-IV-1.—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of Data Management]

 Spot, forward, Exchange rate

 and future contracts (Francs

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

FOREIGN CURRENCY POSITIONS 103
10/04/95. . . . . . . . . . . . . . . . . . . . . . . 304,813 303,051 1,076 1.5817

10/11/95. . . . . . . . . . . . . . . . . . . . . . . 293,559 290,626 555 1.5718

10/18/95. . . . . . . . . . . . . . . . . . . . . . . 282,781 280,724 1,029 1.5675

10/25/95. . . . . . . . . . . . . . . . . . . . . . . 287,260 283,824 1,335 1.5790

11/01/95. . . . . . . . . . . . . . . . . . . . . . . 287,029 283,628 1,296 1.5785

11/08/95. . . . . . . . . . . . . . . . . . . . . . . 289,214 283,367 1,043 1.5785

11/15/95. . . . . . . . . . . . . . . . . . . . . . . 303,821 299,854 1,205 1.5570

11/22/95. . . . . . . . . . . . . . . . . . . . . . . 298,062 293,611 1,037 1.5635

11/29/95. . . . . . . . . . . . . . . . . . . . . . . 332,598 329,941 1,097 1.5330

12/06/95. . . . . . . . . . . . . . . . . . . . . . . 319,795 317,143 1,272 1.5420

12/13/95. . . . . . . . . . . . . . . . . . . . . . . 322,668 320,424 1,501 1.5333

12/20/95. . . . . . . . . . . . . . . . . . . . . . . 304,208 302,194 1,328 1.5405

12/27/95. . . . . . . . . . . . . . . . . . . . . . . 287,810 286,620 1,311 1.5590

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 284,771 281,719 1,359 1.5512

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 292,746 288,141 1,173 1.5465

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 295,234 291,995 1,316 1.5210

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 302,428 300,894 1,046 1.5110

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 304,787 303,679 1,181 1.5120

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 311,690 310,713 1,468 1.5367

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 316,762 314,830 1,240 1.5418

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 321,103 318,221 1,527 1.5438

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 319,597 317,610 1,789 1.5326

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 317,261 314,933 1,439 1.5294

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 320,193 318,112 1,679 1.5235

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 305,397 302,951 1,615 1.5388

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 322,523 317,784 1,035 1.5185

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - Apr.. . . . . . . . 335,343 332,627 50,984 52,635 21,095 22,189 20,757 21,894 99 52,728 1.6115

May. . . . . . . . 360,887 357,320 56,176 56,925 22,611 23,849 21,943 22,326 576 50,474 1.5860

June . . . . . . . 351,477 349,283 51,662 50,808 21,297 21,674 20,101 21,759 670 51,253 1.5945

July . . . . . . . . 334,628 332,054 52,807 52,156 22,602 22,857 20,675 22,412 645 51,535 1.5960

Aug. . . . . . . . 334,022 329,891 49,796 52,763 27,200 26,593 22,410 24,009 -31 51,969 1.5496

Sept. . . . . . . . 305,414 302,914 51,154 53,547 22,906 22,641 19,316 20,857 552 51,500 1.5825

Oct.. . . . . . . . 288,201 285,928 53,700 55,422 22,414 22,027 20,285 22,748 1,393 50,923 1.5805

Nov. . . . . . . . 332,306 327,875 54,224 60,089 26,188 25,546 24,548 27,259 1,315 51,212 1.5320

Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Jan.. . . . . . . . 311,283 309,276 63,042 65,948 24,996 25,775 27,246 29,764 1,299 51,969 1.5120

Feb. . . . . . . . 322,318 318,942 60,063 63,872 29,083 27,607 25,010 29,011 1,905 51,699 1.5305

Mar. . . . . . . . 301,321 297,302 62,340 64,749 27,505 26,304 24,926 27,827 1,231 51,741 1.5261

1994 - Mar. . . . . . . . 48,395 56,924 34,033 30,438 3,517 3,747 5,030 4,134 -600 4,236 1.4830

June . . . . . . . 45,478 46,147 33,981 29,757 3,505 3,581 4,671 3,841 -366 4,798 1.5435

Sept.. . . . . . . 47,811 47,759 34,595 30,518 3,725 3,937 5,338 4,308 -585 4,934 1.5760

Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,711 36,000 35,549 30,824 3,328 3,712 4,469 2,736 -239 6,389 1.6215

June . . . . . . . 38,177 39,073 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

Sept.. . . . . . . 33,789 36,140 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

Dec. r. . . . . . 32,731 39,024 39,591 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

SECTION V.—Sterling Positions

TABLE FCP-V-1.—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

TABLE FCP-V-2.—Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

104 FOREIGN CURRENCY POSITIONS
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the

Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a), which

authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal

sources of income (losses) for the fund are profits (losses) on

SDRs and foreign exchange, as well as interest earned on

assets.

 Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (loss) account.

 Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. “Profit (loss) on foreign

exchange” includes realized profits or losses on currencies

held. “Adjustment for change in valuation of SDR holdings

and allocations” reflects net gain or loss on revaluation of

SDR holdings and allocations for the quarter.

TABLE ESF-1.—Balances as of Sept. 30, 1995, and Dec. 31, 1995

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

Sept. 30, 1995, 

Assets, liabilities, and capital Sept. 30, 1995 through Dec. 31, 1995 Dec. 31, 1995

Assets

U.S. dollars:

Held at Federal Reserve Bank of New York . . 1,982,928 -1,416,859 566,069

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 416,571 1,954,575 2,371,146

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 11,035,224 1,578 11,036,802

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,795,135 43,285 6,838,420

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 10,509,319 -433,866 10,075,433

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000 -350,000 11,150,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 

396,720 -2,854 393,866

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 

42,635,897 -204,161 42,431,736

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 

54,341 -2,457 51,884

Total current liabilities . . . . . . . . . . . . . . . . . . 

54,341 -2,457 51,884

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 10,168,000 - 10,168,000

Special drawing rights allocations . . . . . . . . . . 

7,380,255 -97,178 7,283,077

Total other liabilities . . . . . . . . . . . . . . . . . . . 

17,548,255 -97,178 17,451,077

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (loss) (see table ESF-2) . . . . . . . . 

24,833,301 -104,526 24,728,775

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 

25,033,301 -104,526 24,928,775

Total liabilities and capital . . . . . . . . . . . . . 

42,635,897 -204,161 42,431,736

See footnotes on the following page.

EXCHANGE STABILIZATION FUND 105
Current quarter Fiscal year to date 

Oct. 1, 1995, through Dec. 31, 1995 Oct. 1, 1995, through Dec. 31, 1995

Income and expense

Profit (loss) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -449,353 -449,353

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . -49,225 -49,225

Interest (net charges) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,840 39,840

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,892 37,892

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,320 316,320

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -104,526 -104,526

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-104,526 -104,526

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

“Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with Dec. 31, 1938,

have been published in the “Treasury Bulletin.” Data from inception to Sept. 30, 1978, may be

found on the statements published in the January 1979 “Treasury Bulletin.”

106 EXCHANGE STABILIZATION FUND
107

Page Intentionally Left Blank
108

Page Intentionally Left Blank
TABLE TF-10.—Airport and Airway Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Description Internal Revenue Code section (26 U.S.C.) Amount

INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund was established on

the books of the Treasury in fiscal 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49

U.S.C. 1742 (a)]. The trust fund was re-established in the

Internal Revenue Code (26 U.S.C. 9502) as a result of the Tax

Equity and Fiscal Responsibility Act of 1982 (Public Law

97-248, dated September 3, 1982), effective September 1,

1982.

Amounts equivalent to the taxes received in the Treasury

on transportation of persons and property by air, gasoline and

jet fuel used in noncommercial aircraft, and an international

departure tax are appropriated from the general fund of the

Treasury to the trust fund. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5,

1990) increased rates for the excise taxes transferred to the

fund.

These transfers are made based on estimates made by the

Secretary of the Treasury, subject to adjustments in later

transfers in the amount of actual tax receipts.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund. Additional sums from the general fund are also

credited as authorized and made available by law, if necessary,

to meet outlay requirements.

Amounts required for outlays to carry out the airport and

airway program are made available to the Federal Aviation

Administration, Department of Transportation.

Other charges to the trust fund are made by the Secretary

of the Treasury for transfers of certain refunds of taxes and

certain outfits under section 34 of the Internal Revenue Code

of 1986.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury, after

consultation with the Secretary of Transportation. These reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$12,386,206,700

Receipts:

Excise taxes (transferred from general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,531,000

Gasoline - commercial 9 cents tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - noncommercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,209,300

Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,767,634,000

Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,952,000

Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,315,000

Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

5,572,641,300

Less refunds of taxes (reimbursed to general fund):

Aircraft use tax and principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Any liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - retailers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gasoline - manufacturers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,862,260

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

38,862,260

Net taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,533,779,040

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,669,211

Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

178,677,247

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

6,291,125,498

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

71,750,340

Outlays:

Interest on refunds and credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Expenses:

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,545,854,200

Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825,651,059

Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,637,813,090

Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,271,710

DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,426,000

Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,560,381

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

7,309,576,440

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

71,750,340

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

11,367,755,758

TRUST FUNDS 109
TABLE TF-10.—Airport and Airway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal 1996-1997

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

1996 1997

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1

 11,365 8,290

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,411 6,384

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782 560

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,193 6,944

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,138 6,419

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 133

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

8,290 8,683

1

 Beginning balance reflects $3 million adjustment by the Office of Management and Budget

from balance reported above for September 30, 1995.

 Note.—Under the Department of Transportation’s reinvention proposal, Transportation

infrastructure programs previously funded under separate modal grant programs, including

airport grants, will be consolidated and replaced by Unified Transportation Infrastructure

Investment Program (UTIIP). All activities of the UTIIP will be funded from a new Transportation

Trust Fund. The Airport and Airway fund is a separate account under the new Transportation

Trust Fund.

110 TRUST FUNDS
INTRODUCTION: Harbor Maintenance Trust Fund

The Harbor Maintenance Trust Fund was established on

the books of the Treasury on April 1, 1987, according to the

Water Resources Development Act of 1986 (Public Law 99-

962, November 17, 1986) (26 U.S.C. 9505).

The Harbor Maintenance Trust Fund consists of such

amounts as may be appropriated provided by section 9505 (b),

transferred by the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of

May 13, 1954, or credited as provided in section 9602 (b).

Amounts are appropriated equivalent to the user fees in the

Treasury under section 4461 (relating to harbor maintenance

tax).

Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures to carry out section 210 (a) of the Water Resources

Development Act of 1986. The appropriations act for the

Department of Transportation for fiscal 1995 (Public Law

103-331, September 28, 1994), section 13, waived collection

of charges or tolls on the Saint Lawrence Seaway in accordance with section 13 (b) of the Act of May 13, 1954 (as in

effect on April 1, 1987). Legislation was passed in the North

American Free Trade Agreement (NAFTA) Implementation

Act of 1994 (Public Law 103-182, Sec. 683), which amends

paragraph (3) of section 9505 (c) of the Internal Revenue Code

of 1986, to authorize payment of up to $5 million annually to

the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S.

Army Corps of Engineers, and the Department of Commerce

related to the administration of subchapter A of chapter 36

(relating to harbor maintenance tax).

Legislation is being proposed in fiscal 1996 to authorize

payment from the fund of $45.5 million annually to the National Oceanic and Atmospheric Administration (NOAA) to

fund programs that benefit the commercial navigation industry. Legislation has also been proposed in the fiscal year 1997

appropriation language to expand the authorized uses of the

Harbor Maintenance Trust Fund to include construction.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) to be submitted by the Secretary of the Treasury.

These reports are required to cover the financial condition and

the results of operations of the fund during the past fiscal year

and its expected condition and operations during the next 5

fiscal years.

TABLE TF-13.—Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$451,385,039

Receipts:

Excise taxes:

Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,763,679

Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,957,751

Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,287,403

Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197,978

Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,325,434

Toll receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,246

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,185,597

Interest income discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

700,891,089

Expenses:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,196,150

SLSDC/DOT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,374,000

Treasury administrative cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,512,432

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

531,082,582

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

621,193,546

TRUST FUNDS 111
TABLE TF-13.—Harbor Maintenance Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1996-2000 1

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

1996 1997 1998 1999 2000

Balance Oct. 1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621.2 883.9 1,150.0 1,530.5 2,021.0

Receipts:

Harbor maintenance fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730.9 817.9 906.1 985.7 1,044.0

Transfer of tolls from SLSDC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

- - - - -

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.2 57.1 69.3 88.8 114.1

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 776.1 875.0 975.4 1,074.5 1,158.1

Outlays:

Corps of Engineers O&M and administrative expenses . . . . . . . . . . . . . 500.0 528.0 513.0 505.0 495.0

SLSDC/DOT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 10.4 10.4 9.5 9.5

Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

- - - - -

Administrative expenses for Treasury (Customs) . . . . . . . . . . . . . . . . . . 3.0 3.0 4.0 4.0 4.0

Pending legislation:

Corps of Engineers construction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

- 22.0 22.0 20.0 20.0

NOAA activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

- 45.5 45.5 45.5 45.5

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513.4 608.9 594.9 584.0 574.0

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883.9 1,105.0 1,530.5 2,021.0 2,605.1

1 Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. These are planning numbers and are not to be construed as

representing the “President’s Budget for Fiscal Year 1997.”

2

 Includes unrealized discounts on investments as reported by Department of Treasury

Financial Management Service’s Sept. 30, 1995, “Harbor Maintenance Trust Fund Income

Statement.”

112 TRUST FUNDS
INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books of

the Treasury in fiscal 1957, according to provisions of the

Highway Revenue Act of 1956. It has been amended and

extended by various highway and surface transportation acts

since 1959. The Intermodal Surface Transportation Efficiency

Act of 1991 extended the Highway Trust Fund and its taxes

through September 30, 1999. It has also been modified by the

Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation

Act of 1993. Amounts equivalent to taxes on gasoline, diesel

fuel, special motor fuels, certain tires, vehicles, and truck use,

are designated by the Act to be appropriated and transferred

from the general fund of the Treasury to the trust fund. These

transfers are made monthly based on estimates by the Secretary of the Treasury, subject to adjustments in later transfers

to the amount of actual tax receipts. Amounts available in the

fund exceeding outlay requirements are invested in public debt

securities and interest is credited to the fund.

Within the fund is a mass transit account, funded by a

portion of the excise tax collections under sections 4041, 4081,

and 4091 of the Internal Revenue Code (26 U.S.C.). The funds

from this account are used for expenditures according to

section 21 (a) (2) of the Urban Mass Transportation Act of

1964 or the Intermodal Surface Transportation Efficiency Act

of 1991. The remaining excise taxes collected are included in

a higher account within the trust fund, and expenditures from

this account are made according to the provisions of various

transportation Acts.

Amounts required for outlays to carry out the Federal

Highway program are made available to the Federal Highway

Administration, Department of Transportation. Other charges

to the trust fund are made by the Secretary of the Treasury for

transfer of certain taxes to the land and water conservation

fund and to the Aquatic Resources Trust Fund and refunds of

certain taxes.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) Internal Revenue Code as amended, to be submitted

by the Secretary of the Treasury, after consultation with the

Secretary of Transportation. These reports cover the financial

condition and results of operations of the fund for the past

fiscal year and expected condition and operations during the

next 5 fiscal years.

TABLE TF-15.—Highway Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

Description Internal Revenue Code section (26 U.S.C.) Amount

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,871,718,549

Receipts:

Excise taxes (transferred from general fund):

Trucks, buses, trailers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,705,829,400

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,008,840,000

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,930,103,300

Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,443,000

Cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660,836

Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681,792,000

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,681,007

Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,733,349,543

Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000

Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,020,000

Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,524,329,543

Less refunds of taxes (reimbursed to general fund):

Diesel-powered vehicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,916,770

Gasoline other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,957,230

Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,331,320

Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,359,960

Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,589,460

Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,361,230

Diesel fuel bus use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,726,180

Gas/diesel/alcohol mixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 912,242,150

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,612,087,393

Investment Income:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 934,225,365

Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,228,495

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,145,453,860

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,757,541,253

TRUST FUNDS 113
TABLE TF-15.—Highway Trust Fund

Results of Operations, Fiscal 1995, con.

[Source: Financial Management Service]

Internal Revenue

Code section

Description (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,112,922,065

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,748,995

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,441,000

Trust fund share of highway programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,067,969

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,289,861

Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,154

PA toll road demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265,632

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,782,573

Alabama HYW bypass demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,171

Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,840,000

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,392,533

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,535,708

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,582

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 713,146

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,964,801

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,616,442

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,178,768,188

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605,655

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,591,179

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,373

Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,840,868

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,953,393

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,058

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,091,086

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,427

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,060,968

Kentucky bridge demonstration program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,801

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,976,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

22,628,990,627

Outlays:

Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,017

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

19,000,184,158

114 TRUST FUNDS
TABLE TF-15.—Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1996-2000

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

Combined Statement Highway and Mass Transit Accounts

19961997199819992000

Highway Account

19961997199819992000

Mass Transit Account

19961997199819992000

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

19,000 21,386 23,922 27,273 33,052

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,554 24,904 25,240 25,672 26,127

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,306 1,402 1,525 1,723 1,983

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

25,860 26,306 26,765 27,395 28,110

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

23,474 23,770 23,114 21,916 20,070

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

21,386 23,922 27,573 33,052 41,092

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,579 10,080 9,808 9,844 10,173

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,932 2,960 2,988 3,033 3,080

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659 680 625 615 610

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,591 3,640 3,613 3,648 3,690

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,090 3,912 3,577 3,319 3,094

Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

10,080 9,808 9,844 10,173 10,769

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,421 11,307 14,115 17,730 22,880

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,622 21,944 22,252 22,639 23,047

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 722 900 1,108 1,373

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

22,270 22,666 23,152 23,747 24,420

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

20,384 19,858 19,537 18,597 16,976

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

11,307 14,115 17,730 22,880 30,324

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

39,253 41,425 - - -

Twenty-four month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

45,818 46,899 48,167 49,613 51,327

TRUST FUNDS 115
TABLE TF-15A.—Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

“unfunded authorizations” is the latest estimate received from

the Department of Transportation for fiscal 1995. 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 1995.

Highway Account

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

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,253

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,818

Mass Transit Account

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

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,938

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640

116 TRUST FUNDS
Expected Condition and Results of Operations 

Fiscal Years 1996-2000 1

[In millions of dollars]

 1996 1997 1998 1999 2000

TABLE TF-16.—Inland Waterways Trust Fund

Results of Operations, Fiscal 1995

[Source: Financial Management Service]

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the

Treasury in fiscal 1984, according to provisions of the Inland

Waterways Revenue Act of 1978 (Public Law 95-502) and

continued according to the Water Resources Development Act

of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury to be section 4042 of the Internal Revenue

Code of 1986 (relating to tax on fuel used in commercial

transportation on Inland Waterways) shall be appropriated to

the trust fund.

The Technical and Miscellaneous Revenue Act of 1988

(Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts

are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later

transfers to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing

obligations of the United States that portion of the trust fund,

in his judgment, not required to meet current withdrawals. The

interest on, and proceeds from the sale or redemption of, any

obligation held in the trust fund is credited to the trust fund.

The act provides that amounts in the trust fund shall be

available, by appropriations acts, for making construction and

rehabilitation expenditures for navigation on the inland and

intracoastal waterways of the United States described in 33

U.S.C. 1804. Expenditures must be otherwise authorized by

law.

Annual reports to Congress are required by 26 U.S.C.

9602 to be submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and the

results of operations of the fund during the past fiscal year and

its expected condition and operations during the next 5 fiscal

years.

Balance Oct. 1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

238.5 325.5 388.8 467.8 562.9

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125.0 131.0 137.0 142.0 147.0

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 18.3 21.0 25.1 30.2

Total receipts: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

140.4 149.3 158.0 167.1 177.2

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.4 86.0 79.0 72.0 65.0

Balance Sept. 30 2

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

325.5 388.8 467.8 562.9 675.1

Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$214,313,309

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,416,030

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,580,324

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

118,996,354

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,777,965

Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

238,531,698

1

 Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. These are planning numbers and are not to be construed as

representing the “President’s Budget for Fiscal Year 1997.”

2 Includes unrealized discounts on investments as reported by the Department of Treasury’s

Financial Management Service’s Sept. 30, 1995, “Inland Waterways Trust Fund Income

Statement.”

TRUST FUNDS 117
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9001. “Some Economic Aspects of the U.S. Health Care System.” James E. Duggan. August 1990.

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633.

118 TECHNICAL PAPERS
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)—Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type

bonds—meaning principal and interest are paid when bonds

are redeemed. Series G, H, HH, and K are current-income

bonds, and the semiannual interest paid to their holders is not

included in accrued discount.

Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended

as a medium of exchange. Coins sold by the Bureau of the Mint

at premium prices are excluded; however, uncirculated coin

sets sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate

basis. The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government

entities, which gives the agencies the power to spend Federal

funds. Congress can stipulate various criteria for the spending

of these funds. For example, Congress can stipulate that a

given agency must spend within a specific year, number of

years, or any time in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, and contract authority. The period of time

during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount

may be classified as either definite or indefinite; a specific

amount or an unspecified amount can be made available.

Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit—The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Capital (“Federal Obligations”)—Assets, such as land,

equipment, and financial reserves.

Cash management bills (PDO-2)—Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term cash needs of Treasury. Their sale, having higher

minimum and multiple purchase requirements than those of

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—A bid to purchase a stated amount of one issue of

Treasury securities at a specified yield or discount. The bid is

accepted if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue—The issue of bonds or notes (public debt).

Currency no longer issued (USCC)—Old and new series

gold and silver certificates, Federal Reserve notes, national

bank notes, and 1890 Series Treasury notes.

Current income bonds (“U.S. Savings Bonds and

Notes”)—Bonds paying semiannual interest to holders. Interest is not included in accrued discount.

Debt outstanding subject to limitation (FD-6)—The debt

incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of September 1995, the

debt limit was $4,900,000 million; the limit may change from

year to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount—The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)—The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver

coins.

Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their

member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve

notes—amounts outstanding” consists of new series issues.

The Federal Reserve note is the only class of currency currently issued.

Foreign (“Foreign Currency Positions,” IFS-2, -3)—(international) Locations other than those included under the definition of the United States. (See United States.)

Foreigner (“Capital Movements,” IFS-2)—All institutions

and individuals living outside the United States, including

U.S. citizens living abroad, and branches, subsidiaries, and

other affiliates abroad of U.S. banks and business concerns;

central governments, central banks, and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also,

refers to persons in the United States to the extent that they are

known by reporting institutions to be acting for foreigners.

Foreign official institutions (“Capital Movements”)—Includes central governments of foreign countries, including all

departments and agencies of national governments; central

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banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and

the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—Transactions in which payments are made from one

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

account in another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The

value of outstanding savings bonds and notes that have

reached final maturity and no longer earn interest. Includes all

Series A-D, F, G, J, and K bonds. Series E bonds (issued

between May 1941 and November 1965), Series EE (issued

since January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate

or yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Obligation (“Federal Obligations”)—An unpaid commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—Federally owned and controlled entities whose

transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are

not included in budget receipts, outlays, or deficits. Their

budget authority is not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—(expenditures, net

disbursements) Payments on obligations in the form of cash,

checks, the issuance of bonds or notes, or the maturing of

interest coupons.

Own foreign offices (“Capital Movements”)—Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United

States.

Par value—The face value of bonds or notes, including interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several “coupon”

security issues on the 15th of February, May, August, and

November, or on the next working day. These issues currently

consist of a 3-year note, a 10-year note, and a 30-year bond.

Treasury sometimes offers additional amounts of outstanding

long-term notes or bonds, rather than selling new security

issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)—The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,”

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.

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Spot (“Foreign Currency Positions”)—Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to

State and local governments as a means to invest proceeds

from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are

offered in both 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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