JUNE 1998

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Analysis.--Budget results and financing of the U.S. Government and first-quarter receipts by source . . . . . . . . . . . . . . . . . . . . 9

FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

ACCOUNT OF THE U.S. TREASURY

Introduction.-- Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

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

FEDERAL DEBT

Introduction.--Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

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 privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

PUBLIC DEBT OPERATIONS

Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

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 marketable public debt securities other than bills. . . . . . . . . . . . . . . . . . . . . . . . 44

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

U.S. SAVINGS BONDS AND NOTES

Introduction.--Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

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

Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

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

Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

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

Introduction.--U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

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

Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

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

Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

SECTION I.--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

SECTION II.--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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 79

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

 STATES

CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 80

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

 ENTERPRISES IN THE UNITED STATES

CM-IV-1.--Total liabilities and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 90

SECTION V.--U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES

CM-V-1.--U.S. transactions with foreigners in long-term domestic securities by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

CM-V-2.--U.S. transactions with foreigners in 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.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country,

 during (first quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

CM-V-5.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, 

 during (calendar year). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

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

FOREIGN CURRENCY POSITIONS

Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

SECTION I.--CANADIAN DOLLAR POSITIONS

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

IV

Contents
FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

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

SECTION II.--GERMAN MARK POSITIONS

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

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

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

SECTION III.--JAPANESE YEN POSITIONS

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

FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

SECTION IV.--SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

SECTION V.--STERLING POSITIONS

FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

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

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

EXCHANGE STABILIZATION FUND

Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

SPECIAL REPORTS

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1997 

(EXCERPT)

Introduction.--Consolidated Financial Statements excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

Consolidated Financial Statements excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

TRUST FUNDS

Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127

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 (GDP)

Real GDP grew at a 4.2 percent annual rate in the first quarter

of 1998, extending the pattern of strong U.S. economic growth

during 1997. The first-quarter increase followed a gain of

3.7 percent in the previous quarter and marked the sixth

straight quarter growth has exceeded 3 percent.

Growth in the first quarter was led by rebounds in consumer

spending and business investment in equipment, and by a boost

in residential construction that was partially related to the

unusually warm winter. Real consumer spending rose at a

5.7 percent annual rate, more than double the 2.5 percent pace

in the fourth quarter. Real investment in equipment jumped by

28.8 percent at an annual rate following little change in the

previous quarter and gains of more than 20 percent in each of

the prior two quarters. Residential construction was up at a

17.6 percent annual rate. The major negative in the first quarter

was a sharp deterioration in the foreign trade balance that partly

reflected the turmoil in Asia. This subtracted almost 2 percentage points from real growth in the first quarter.

The broad measures of inflation carried in the national income accounts were very low in the first quarter of 1998. The

chain-weighted GDP price index increased at a 0.9 percent

annual rate, half the 1.8 percent pace during 1997 and the

smallest quarterly rise in almost 35 years. The gross domestic

purchases index, which subtracts exports and adds imports to

get a measure of prices paid by U.S. residents, was unchanged

in the first quarter, reflecting the impact of plunging petroleum

prices. The last time the index registered no change was in the

third quarter of 1954.

Inflation

Inflation continued to moderate in the early part of 1998,

with energy prices falling at a more rapid rate than in 1997 and

the rate of increase in food prices continuing to slow. ‘‘Core’’

inflation, which excludes the volatile food and energy components, has picked up a bit but still remains well behaved. Wages

have been accelerating, leading to a pickup in labor costs in the

last two quarters.

During the first 4 months of the year, the consumer price

index (CPI) rose at an annual rate of only 0.9 percent, off from

a gain of 1.7 percent last year and well below the 3.3 percent

advance posted in 1996. Much of the deceleration this year is

due to energy prices, which are falling at an annual rate of close

to 17 percent. Food prices are up at an annual rate of just over

1 percent. The core CPI has advanced by 2.6 percent at an

annual rate through April. This is up slightly from the 2.2 percent increase last year (the smallest increase since 1965) but

close to the pace of the preceding few years.

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

3

[Source: Office of Economic Policy, Office of Financial Analysis]

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.
Declining food and energy prices at the producer level continue to push finished goods prices lower. So far this year,

finished goods prices are down at a 2.5 percent annual rate after

falling by 1.2 percent in 1997. On a core basis, finished goods

prices are rising at a 0.8 percent pace follow no change last

year. Core prices for crude and intermediate goods have also

fallen this year, indicating no imminent price pressures further

back in the production chain.

Productivity growth in the nonfarm business sector slowed

in the first quarter while hourly compensation continued up at

the same pace as last year,

pushing unit labor costs up at

a 3.8 percent annual rate following an increase of 2.0 percent last year. Revisions to the

first quarter could bring the

productivity data more in line

with last year’s numbers. The

employment cost index for

total compensation rose by a

modest 0.7 percent for the 3

months ending in March, or at

a 2.7 percent annual rate. This

followed a jump of 1.0 percent for the 3 months ending

in December. The index has

increased by 3.3 percent over

the latest 12 months, as wages

and salaries advanced by

3.7 percent while benefit

costs rose by only 2.2 percent. 

Real disposable

personal income and

consumer spending

Real disposable (after-tax)

personal income soared at a

6.8 percent annual rate in the

first quarter of 1998, following an increase of 4.5 percent

in the fourth quarter. The firstquarter gain was the strongest

in nearly 5 years, reflecting

both a rapid advance in nominal terms and almost no inflation. Recent growth has been

driven by large increases in

wages and salaries, as both employment and wage rates have

been on the rise. Real wages and salaries surged at an 8.5

percent annual rate in the first quarter, on top of a sharp 7.7

percent pace of advance in the fourth quarter. (Personal income

also includes such items as transfer payments, proprietors’

income, dividends, and interest, but does not include capital

gains.)

Real consumer spending increased at a 5.7 percent annual

rate in the first quarter, after slowing to a 2.5 percent pace in

the fourth. Strength in the first quarter was widespread among

discretionary items, such as motor vehicles, furniture and

appliances, and clothing. 

Since even the high rate of spending was outpaced by income

growth in the first quarter, the share of after-tax income devoted

to personal saving rose for a second successive quarter from a

very low 3.5 percent in the third quarter of 1997 to 3.9 percent

in the fourth quarter and 4.2 percent in the first quarter of 1998.

The personal saving rate averaged only 3.9 percent in 1997, the

lowest for any year since 1947. Recent improvement still

leaves personal saving rates much below an average approaching 8 percent from 1950 to 1986. Increased net worth associated with rising stock prices may have caused households to

feel less need to save out of

current income in recent years.

Industrial production

and capacity utilization

Industrial production in

manufacturing, mining and

utilities edged up by 0.1 percent in April, boosted by an

increase in manufacturing output. During the first quarter,

production grew at only a 1.0

percent annual rate. This represents a significant slowdown

from 7.2 percent in the fourth

quarter and 5.8 percent during

all of last year.

Manufacturing output,

which accounts for about 86

percent of total industrial production, was up by 0.3 percent

in April, after 2 months of

weakness. Production in this

sector rose only 2.0 percent in

the first quarter----far slower

than the 8.1 percent advance

registered in the fourth quarter.

Recent softness may be related

to the economic situation in

Asia, which has curbed exports of U.S. goods.

The industrial capacity utilization rate fell to 81.9 percent

in April from 82.2 percent in

March. Capacity utilization

has been trending downward

since January and currently

stands at its lowest point since

March of 1996, well below the

expansion high of 84.6 percent reached at the beginning of

1995 and also below its long-term average of 82.1 percent.

Employment and unemployment

Labor markets continue to expand in early 1998, although at

a somewhat more tempered pace than late last year. The unemployment rate nonetheless fell sharply in April to the lowest

point since February 1970.

Increases in jobs on nonfarm payrolls have slowed to an

average of 224,000 a month over the first 4 months of 1998

from the torrid 358,000-a-month pace of the final quarter of

1997. Growth so far this year is still not much different from

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
the 267,000 per month averaged for all of 1997. Demand for

labor remains high in the service-producing sector (particularly in computer software, engineering, temporary help, and

finance, insurance and real estate), as well as in construction.

Manufacturing employment, on the other hand, has softened

noticeably over the past 3 months, at least in part a response to

the reduction in U.S. exports to the troubled Asian countries.

The unemployment rate plunged from 4.7 percent in March

to 4.3 percent in April, the lowest in more than 28 years. The

share of the working-age population employed returned to an

all-time high of 64.2 percent registered in the first 2 months of

the year. These indicators show that the economy continues to

operate at a very high rate of labor utilization.

Average hourly earnings of production and other nonsupervisory workers rose to $12.67 in April, 4.4 percent in nominal

terms above the year-earlier level. Slow growth in consumer

prices has contributed to an acceleration in growth of earnings

in real terms, to 2.9 percent over the latest 12 months----a pace

unmatched since 1972.

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

rose at an annual rate of 0.2 percent in the first quarter, much

slower than the 1.4 percent pace registered in the fourth quarter.

However, first-quarter results are preliminary and partially

reflect statistical complications. Revisions later in the year

could boost the first-quarter figure. Productivity growth over

the past 2 years averaged 1.9 percent, a marked improvement

over the prior 3 years, when productivity was almost flat. Trend

productivity growth is estimated to be slightly higher than 1.0

percent annually.

Hourly compensation costs in the nonfarm business sector

grew at a 4.1 percent annual rate in the first 3 months of 1998,

following a rapid 5.2 percent increase in the final quarter of

last year. Labor costs per unit of output in this sector, which

combine the effects of both compensation and productivity,

were up at a 3.8 percent annual rate, the same as in the previous

quarter. The two latest quarterly increases in unit labor costs

are well above the 2.0 percent pace registered during all of

1997.

Productivity in manufacturing edged up by 0.5 percent at an

annual rate in the first quarter after advancing 4.3 percent in

the fourth quarter. The small first-quarter increase primarily

reflected a sharp deceleration in factory output growth, although factory work hours also grew at a slower pace in the

first quarter. Unit labor costs in manufacturing jumped up by

2.3 percent at an annual rate, but over the past four quarters

were down 0.3 percent.

Current account balance

The current account is a summary of U.S. international

transactions, measuring trade in goods and services as well as

the flow of investment income on assets. On an annual basis,

the current account has been in deficit since the early 1980’s.

The current account deficit totaled $166 billion in 1997. This

represents a substantial widening from a recent low of $6

billion in 1991. The faster pace of U.S. economic growth since

then compared with that of our major trading partners has

brought in imports at a more rapid rate than exports. In addition, what had been a positive balance on investment income

shifted to a negative in 1997 as the inflow of capital into the

United States boosted payments of earnings and interest to

foreigners.

The current account deficit in 1997, though large, was $2

billion below the all-time peak deficit in 1987. Relative to

GDP, the deficit has improved, dropping from 3.6 percent as a

share of GDP in 1987 to just 2.1 percent last year.

The widening deficit in 1997 mainly reflected the swing

from surplus to deficit on investment income, primarily interest

payments on the rapidly growing foreign holdings of U.S.

Treasury securities. The balance on trade in goods also deteriorated in 1997, but the surplus in services improved.

The current account deficit is matched by offsetting transactions in the capital account. The large inflow of foreign capital

in 1997 led to a $691 billion increase in foreign assets in the

U.S. in 1997, exceeding the increase in U.S. assets abroad by

$264 billion. This was the largest net capital inflow on record,

apparently reflecting the strength of the U.S. domestic economic situation. The difference between the $264 billion reported capital inflow and the $166 billion current account

deficit represented unrecorded capital flows (the statistical

discrepancy).

Exchange rate of the dollar

The appreciation of the dollar, which began in the middle of

1995 accelerated in 1997, and continued through early 1998.

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

the dollar against the currencies of other G-10 industrialized

nations, the dollar rose by 11.4 percent over the course of 1997,

more than the 4.3 percent increase recorded in 1996. In January

1998, the dollar rose a further 1.4 percent, reaching its highest

mark on this basis since 1989, but holding well below the peak

recorded in 1985. In the 3 succeeding months, the dollar has

held steady.

Among the G-10 currencies, the dollar’s appreciation has

been greatest against the yen and the deutschemark. Since the

dollar’s recent low in April 1995, the dollar appreciated by a

total of 50 percent through the end of 1997 against the yen and

by 29 percent against the deutschemark. In the first 4 months

of 1998, the dollar appreciated an additional 1.6 percent against

the yen and 1.9 percent against the deutschemark.

Financial crises in several newly-industrialized Asian countries in 1997 led in some cases to currency devaluation, raising

the dollar’s value against those currencies. One result was to

make imports from those countries cheaper in dollar terms, a

factor that contributed to the low U.S. inflation performance

last year. Another result was to raise the relative price of U.S.

exports, which contributed to a decline in exports in the first

quarter and is expected to continue to act as a drag on U.S.

export growth through the year.

Interest rates

Short-term market interest rates have declined slightly in

recent months. After starting the year at close to 5.3 percent,

the rate on the 3-month bill edged back below 5.0 percent by

early May.

The Federal Reserve Board has not altered monetary policy

since raising the Federal funds rate target by one-quarter of a

point in March 1997, to 5.50 percent. The discount rate was

left unchanged at 5.0 percent, where it has been since January

1996. At recent meetings the Board has decided to continue to

leave monetary policy unchanged, partly because of the uncerPROFILE OF THE ECONOMY 5
tainties surrounding the potential effects on the U.S. economy

of the Asian financial crisis and partly because inflation remains so low.

After falling over much of the second half of last year,

long-term interest rates have flattened out so far this year. The

yield on the 30-year Treasury bond declined from over 7 percent in April 1997, to an all-time low of 5.8 percent in January.

The rate has edged up slightly since then to about the 6 percent

mark. Mortgage rates have followed suit, falling from above

8 percent last April for a conventional 30-year fixed rate

loan to under 7 percent in January. Currently they are slightly

above the 7.1 percent level.

These low rates have spurred a

new wave of mortgage refinancings and have helped stimulate

further growth in the housing

market.

Net national saving and

investment

Net national saving, which

excludes depreciation to replace

worn-out or obsolete equipment

and structures used in production, rose to 7.3 percent of net

national product (NNP) in 1997

from 6.4 percent in 1996 and as

low as 3.4 percent in 1992.

While complete data for the

first quarter are not yet available, an additional gain appears

likely. Despite the progress, net

saving remains well below the

12.1 percent of NNP averaged

in the 1950’s and 1960’s. 

Recent improvement is almost entirely the result of the

significant narrowing of the

Federal deficit, which has

moved the combined accounts

of Federal and State and local

governments from dissaving

equivalent to 4.7 percent of

NNP in 1992, to narrowly positive saving of 0.1 percent of

NNP in 1997. Private saving (of

households and businesses) has

declined over that period, as increased wealth generated by a

rising stock market appears to have reduced households’ desire

to save. Gains in corporate profits have led to somewhat higher

business saving.

Net domestic investment equaled 8.4 percent of NNP in

1997. This was up from a low 4.9 percent in 1991 and was the

highest reading in a decade. About one-quarter of investment

in 1997 was financed by foreign inflows, which were equivalent to 2.2 percent of NNP. U.S. sources provided investment

equal to 6.1 percent of NNP, only about half as much as

averaged in the 1950’s and 1960’s.

Housing

After a very strong year in 1997, housing activity surged even

higher in the first quarter of 1998. Part of that boost was related

to unseasonably mild winter

weather, which may have

pulled activity into the early

months of the year from the

normal spring buying and

construction season. However, underlying conditions

for the housing market also

contributed to that growth

and are still present, including strong economic conditions, tight inventories of

houses for sale, and low

mortgage interest rates.

Starts of new homes totaled 1.53 million units in the

fourth quarter of 1997 and

rose even further to a 1.59

million-unit pace in the first

quarter of 1998. Those were

the highest quarterly rates in

about 10 years. Housing

starts exceeded the 1.5 million-unit mark for 7 straight

months beginning last September, a string not seen

since the last building boom

of the 1980’s.

Sales of single-family

homes have outpaced starts,

leaving the inventory of unsold homes very tight. Sales

of new single-family homes

reached 800,000 units in

1997, well above the 1996

total of 757,000 and the

highest since 1978. In the

first quarter they speeded up

to almost an 850,000 unit annual rate aided by mild

weather conditions. Gains in

both the new and resale

housing markets have fueled

a large increase in spending

for new appliances and other

home furnishings.

The rapid growth in home sales pushed the homeownership

rate to its highest level since data were first collected in 1965,

reaching 65.7 percent for all of 1997 and 65.9 percent in the

first quarter of 1998.

Short-term Interest Rates

 

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

Long-term Interest Rates

6 PROFILE OF THE ECONOMY
Federal budget

The Federal budget is on track in the current fiscal year to

post a surplus, which would be the first Federal budget surplus

since 1969 and only the ninth since World War II. Surpluses

are expected to occur in each succeeding year through at least

2003, the last year for which Administration projections are

available.

Strong economic growth and passage of deficit reduction

programs have placed the deficit on a downward course since

1992. Since the all-time high of $290 billion in that year, the

deficit was reduced to just $22 billion in fiscal 1997, a 92

percent cut. With about half of the current fiscal year already

completed, the budget is projected to show a surplus of $39

billion in fiscal 1998.

Growth in receipts has been very strong over the past 5 years

and so far in fiscal 1998, receipts have been boosted by expansion in jobs and income, rising corporate profits, and stock

market gains. In fiscal 1997, receipts rose by 8.7 percent.

Nonwithheld individual income taxes made an especially notable jump, up more than 16 percent over the year. Through

half of the current fiscal year, total receipts were 10 percent

higher than during the comparable period of the previous fiscal

year.

Growth in Federal spending was held to a moderate 2.6

percent in fiscal 1997 and continued to rise slowly in fiscal

1998. Slow growth in outlays last year was aided by large

spectrum auction proceeds and asset sales in the deposit insurance account, both of which are treated as negative outlays in

budget accounting. Excluding these components, outlay

growth was about 4 percent in fiscal 1997. So far this year,

outlays are about 2 percent higher than during the comparable

period last year. 

PROFILE OF THE ECONOMY 7
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts or

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

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

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

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

for materials or services are treated as reimbursements to

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

are netted against gross outlays in determining net outlays

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

offsetting collections are netted against spending, and outlays

are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

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

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

governmental appropriation or fund accounts. They finance

operations within and between Government agencies and are

credited with collections from other Government accounts;

and (3) offsetting governmental receipts which include foreign

cash contributions.

Intrabudgetary transactions are subdivided into three

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

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

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

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

receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

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

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

The Government has used the unified budget concept set

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

Concepts’’ as a foundation for its budgetary analysis and

presentation since 1969. The concept calls for the budget to

include all of the Government’s fiscal transactions with the

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

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

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

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

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

and surplus or deficit ordinarily are not subject to targets set

by the Congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known as

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

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

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

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

outlays, and deficit of the Government.

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

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

Federal entities and disbursing officers, and daily reports from

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

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

liabilities of the Government. Data are derived from the

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

United States Government.’’

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

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

Federal securities, monetary assets, and balances in Treasury

operating cash.

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency. 

• Table FFO-4 summarizes internal revenue collections

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

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

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

individual income and Social Security taxes), of payments

made with tax returns, and of subsequent payments made after

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

returns or on delinquent accounts). 

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

Budget Results and Financing of the U.S. Government

 and First-Quarter Receipts by Source

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

First-Quarter Receipts

The following capsule analysis of budget receipts,

by source, for the first quarter of fiscal 1998 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 $176.3 billion for the first quarter of fiscal 1998. This

was an increase of $16.6 billion over the comparable prior year

quarter. Withheld receipts increased by $18.9 billion and nonwithheld receipts decreased by $1.6 billion during this period.

Refunds increased by $0.7 billion over the comparable fiscal

1997 quarter. There was a decrease of $1.3 billion in accounting adjustments between individual income tax receipts and

the Social Security and Medicare trust funds over the comparable quarter in fiscal 1997.

Corporation income taxes----Corporate income tax receipts were $51.2 billion for the first quarter of fiscal 1998.

This was an increase of $9.0 billion over the prior year first

quarter. The $9 billion figure consists of $6.6 billion in higher

estimated and final payments plus $2.4 billion in lower refunds. 

Employment taxes and contributions----Employment

taxes and contributions receipts for the October through December quarter of fiscal 1997 were $120.9 billion, an increase

of $9.4 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance and Hospital Insurance trust funds increased $7.6 billion and $1.9 billion,

respectively. Receipts to the Disability Insurance trust fund

decreased negligibly. There was a $0.7 billion accounting

adjustment for prior years’ employment tax liabilities made in

the first quarter of fiscal 1997, while there was a $2.0 billion

adjustment made in the first quarter of fiscal 1998.

Unemployment insurance----Unemployment insurance

receipts for the first quarter of fiscal 1998 were $4.4 billion,

which was a $0.2 billion increase over the comparable quarter

of fiscal 1997. State taxes deposited in the U.S. Treasury

increased by $0.2 billion. Federal Unemployment Tax Act

receipts and Railroad Unemployment tax receipts increased

negligibly from the comparable quarter of fiscal 1997. 

Contributions for other insurance and retirement---- Contributions for other retirement were $1.2 billion for the

first quarter of fiscal 1998. There was a negligible increase

over receipts from the comparable quarter of fiscal 1997. The

growth in contributions will remain flat over the next few

years as the number of employees covered by the Federal

employees’ retirement system grows slowly relative to those

covered under the civil service retirement system.

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

of fiscal 1998 were $15.5 billion, an increase of $2.3 billion

over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.2 billion, unchanged over the

comparable prior year quarter.

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

were $5.2 billion in the October through December quarter of

fiscal 1998. These receipts represented an increase of $0.1

billion over the previous quarter and an increase of $0.9

billion over the same quarter in fiscal 1997.

FEDERAL FISCAL OPERATIONS 9
First-Quarter Net Budget Receipts by Source, Fiscal 1998

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

Source October November December

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.7 46.6 69.1

Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 3.9 44.0

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9 39.6 44.3

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 2.5 0.4

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 5.2 5.2

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 1.5 1.5

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

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 2.5 1.7

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114.9 103.5 168.0

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

$4.6 billion for the first quarter of fiscal 1998. This was an

increase of $0.4 billion over the comparable prior year quarter.

Miscellaneous receipts----Net miscellaneous receipts for

the first quarter of fiscal 1998 were $7.2 billion, an increase of

$1.2 billion over the comparable prior year quarter. This

increase was mainly due to deposits of earnings by Federal

Reserve Banks increasing by $1.2 billion over the comparable

prior year quarter.

Budget Results and Financing of the U.S. Government

and First-Quarter Receipts by Source, con.

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

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 1998)

full fiscal 1998

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,492 1,960,795 1,657,858 

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,066 1,469,189 1,241,867 

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,426 491,605 415,991 

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,675 2,101,006 1,667,815 

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,204 1,732,804 1,348,140 

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,471 368,202 319,675 

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -30,184 -140,210 -9,957 

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . -51,138 -263,614 -106,273 

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . 20,955 123,404 96,316 

Means of financing:

Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,895 107,797 25,668 

Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,253 46,645 3,621

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 -14,231 -19,332

Total on- and off-budget financing. . . . . . . . . . . . . . . . . . . . . . . . 30,184 140,210 9,957

10 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year

 to Date, 1997-1998

(In billions of dollars)

Source for both charts: ‘‘Monthly

Treasury Statement of Receipts

and Outlays of the United States

Government’’

CHART FFO-A.--

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

FEDERAL FISCAL OPERATIONS 11
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)

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

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

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

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

1997 1 . . . . . . . . . . . . . . -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

1998 - Est. . . . . . . . . . . . -4,130 148,214 25,668 -3,621 * * * -19,332 * 9,957

1999 - Est. . . . . . . . . . . . -1,055 184,056 10,474 - * * * -19,993 * -9,519

1997 - Mar. . . . . . . . . . . -240 2,032 28,833 18,274 214 -297 -186 10,465 30 21,323

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

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

June . . . . . . . . . . -617 42,278 -11,147 34,387 -26 67 -160 -9,260 40 -54,635

July . . . . . . . . . . 99 -1,241 -1,408 -23,748 -213 1,040 -124 3,986 - 25,624

Aug. . . . . . . . . . . -259 445 30,348 -15,435 175 -35 280 -10,181 7 35,189

Sept. . . . . . . . . . -320 27,283 -18,318 31,545 12 -2,829 82 -2,473 315 -49,286

Oct. . . . . . . . . . . -35 7,408 6,315 -23,360 135 4,644 204 r

 11,276 - r 35,968

Nov. . . . . . . . . . . 171 6,412 29,108 -483 -12 429 325 -11,500 - 17,349

Dec. . . . . . . . . . . 302 42,057 -1,771 12,106 -94 -1,129 3,499 2,516 - -13,639

1998 - Jan.. . . . . . . . . . . -3,181 8,919 -24,807 8,423 -29 -417 -31 7,374 - -25,379

Feb. . . . . . . . . . . -73 423 30,565 -24,027 219 670 95 -11,938 80 41,750

Mar. . . . . . . . . . . 145 2,188 20,137 11,351 -109 -388 -156 4,374 - 13,813

Fiscal 1998 to date . . . . -2,671 67,407 59,545 -15,990 111 3,811 3,936 2,102 80 69,862

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 fiscal1999 budget, released by

the Office of Management and Budget on February 2, 1998.

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

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

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

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

1997 1 . . . . . . . . . . . . . . 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

1998 - Est. . . . . . . . . . . . 1,657,858 1,241,867 415,991 1,667,815 1,348,140 319,675 -9,957 -106,273 96,316 178,012

1999 - Est. . . . . . . . . . . . 1,742,736 1,308,608 434,128 1,733,217 1,404,355 328,862 9,519 -95,747 105,266 195,585

1997 - Mar. . . . . . . . . . . 108,099 73,869 34,230 129,422 100,427 28,995 -21,323 -26,558 5,234 31,106

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

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

June . . . . . . . . . . 173,361 135,922 37,439 118,726 105,267 13,459 54,635 30,655 23,980 31,748

July . . . . . . . . . . 109,178 79,600 29,578 134,802 107,050 27,752 -25,624 -27,450 1,826 -2,747

Aug. . . . . . . . . . . 103,483 70,902 32,580 138,672 109,810 28,862 -35,189 -38,908 3,719 31,051

Sept. . . . . . . . . . 174,770 138,847 35,923 125,484 91,678 33,806 49,286 47,169 2,118 9,285

Oct. . . . . . . . . . . 114,898 87,082 27,816 r 150,866 r

 123,866 27,000 r -35,968 r -36,784 816 13,757

Nov. . . . . . . . . . . 103,481 73,689 29,792 120,830 91,326 29,504 -17,349 -17,637 287 35,349

Dec. . . . . . . . . . . 167,998 135,341 32,657 154,359 146,648 7,711 13,639 -11,307 24,946 39,984

1998 - Jan.. . . . . . . . . . . 162,610 123,368 39,243 137,231 108,844 28,388 25,379 14,524 10,855 -12,708

Feb. . . . . . . . . . . 97,952 65,051 32,900 139,701 109,393 30,308 -41,750 -44,342 2,592 31,061

Mar. . . . . . . . . . . 117,930 80,647 37,283 131,743 101,967 29,775 -13,813 -21,320 7,508 22,180

Fiscal 1998 to date . . . . 764,869 565,178 199,691 834,731 682,044 152,687 -69,862 -116,866 47,004 129,623

12 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

and retirement receipts 2

Employment and general retirement 

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)

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

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

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

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

1997 1 . . . . . . . . . . . . . 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

1998 - Est. . . . . . . . . . . 4,104 - 4,104 538,124 28,922 - 28,922 4,251 77 4,328

1999 - Est. . . . . . . . . . . 4,114 - 4,114 560,868 30,533 - 30,533 4,414 71 4,485

1997 - Mar. . . . . . . . . . 466 -6 472 43,547 323 12 311 333 6 338

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

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

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

July . . . . . . . . . 411 1 411 38,066 2,099 18 2,081 418 7 425

Aug. . . . . . . . . . 349 4 346 41,861 4,013 11 4,002 331 7 338

Sept. . . . . . . . . 388 * 388 47,013 251 4 247 336 5 342

Oct. . . . . . . . . . 362 -1 364 36,928 1,448 5 1,443 408 5 414

Nov. . . . . . . . . . 317 - 317 39,629 2,526 - 2,526 328 6 334

Dec. . . . . . . . . . 311 1 310 44,297 432 7 425 420 7 427

1998 - Jan. . . . . . . . . . 378 * 378 50,395 1,040 4 1,036 326 7 333

Feb. . . . . . . . . . 439 5 434 41,825 2,589 1 2,589 329 6 335

Mar. . . . . . . . . . 494 8 486 47,389 315 13 301 331 6 337

Fiscal 1998 to date . . . 2,302 12 2,289 260,462 8,350 30 8,320 2,143 37 2,179

 Social insurance and retirement receipts, con. 2 

 Employment and general retirement, con. 2

 Net for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement and general unemployment employees Other

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

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

See footnotes at end of table.

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

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

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

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

1997 1 . . . . . . . . . . . . . . . 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

1998 - Est. . . . . . . . . . . . . 767,768 - - 767,768 190,842 - 190,842 958,610 534,020 - 534,020

1999 - Est. . . . . . . . . . . . . 791,454 - - 791,454 197,965 - 197,965 989,419 556,754 - 556,754

1997 - Mar. . . . . . . . . . . . 49,994 6,395 19,955 36,434 21,059 2,335 18,724 55,158 43,076 - 43,076

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

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

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

July . . . . . . . . . . . 51,812 4,007 1,950 53,868 5,442 1,739 3,703 57,571 37,656 - 37,656

Aug. . . . . . . . . . . . 43,156 4,245 1,732 45,669 3,854 1,575 2,279 47,948 41,516 - 41,516

Sept. . . . . . . . . . . 44,442 36,231 2,474 78,199 39,133 1,795 37,338 115,537 47,676 1,051 46,625

Oct. . . . . . . . . . . . 55,270 6,299 889 60,680 6,357 3,103 3,254 63,934 36,564 - 36,564

Nov. . . . . . . . . . . . 47,581 2,054 3,040 46,596 4,900 987 3,913 50,509 39,312 - 39,312

Dec. . . . . . . . . . . . 64,604 5,240 784 69,060 44,973 936 44,037 113,097 43,987 - 43,987

1998 - Jan. . . . . . . . . . . . 56,628 40,040 870 95,798 6,888 2,481 4,407 100,205 50,017 - 50,017

Feb. . . . . . . . . . . . 54,225 2,925 14,941 42,209 3,598 2,769 829 43,038 41,391 - 41,391

Mar. . . . . . . . . . . . 55,290 7,345 22,973 39,662 23,153 3,661 19,491 59,153 46,903 - 46,903

Fiscal 1998 to date . . . . . 333,597 63,904 43,496 354,005 89,868 13,937 75,931 429,936 258,173 - 258,173

FEDERAL FISCAL OPERATIONS 13
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

 and retirement 

receipts,

 con. 2

 Net social insur- Excise taxes

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

or month retirement receipts 2 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)

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

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

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

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

1997 1 . . . . . . . . . . . . . 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

1998 - Est. . . . . . . . . . . 55,540 20,436 - 20,436 18,363 - 18,363 24,991 8,544 33,535 1,241,867 415,991

1999 - Est. . . . . . . . . . . 72,009 20,541 - 20,541 18,175 - 18,175 24,642 22,064 46,706 1,308,608 434,128

1997 - Mar. . . . . . . . . . 3,998 1,491 23 1,468 1,482 167 1,315 1,311 651 1,964 73,869 34,230

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

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

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

July . . . . . . . . . 5,369 1,609 57 1,552 1,900 101 1,799 1,902 413 2,315 79,600 29,578

Aug. . . . . . . . . . 4,593 1,699 44 1,655 1,819 70 1,749 925 413 1,338 70,902 32,580

Sept. . . . . . . . . 5,719 1,897 49 1,849 1,730 139 1,590 1,868 607 2,474 138,847 35,923

Oct. . . . . . . . . . 5,082 2,240 41 2,198 1,904 102 1,802 2,661 436 3,097 87,082 27,816

Nov. . . . . . . . . . 5,202 1,562 52 1,510 1,507 184 1,323 2,173 277 2,450 73,689 29,792

Dec. . . . . . . . . . 5,167 1,539 41 1,498 1,585 169 1,416 1,267 404 1,671 135,341 32,657

1998 - Jan. . . . . . . . . . 4,679 1,827 19 1,808 1,496 109 1,387 2,128 640 2,768 123,368 39,243

Feb. . . . . . . . . . 4,791 1,551 51 1,500 1,529 75 1,454 1,832 588 2,420 65,051 32,900

Mar. . . . . . . . . . 4,499 1,892 47 1,845 1,540 129 1,412 2,066 928 2,994 80,647 37,283

Fiscal 1998 to date . . . 29,419 10,611 251 10,360 9,560 767 8,793 12,126 3,273 15,400 565,178 199,691

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

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

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

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

1997 1 . . . . . . . . . . . . . . . 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

1998 - Est. . . . . . . . . . . . . 571,374 7,975 - 7,975 640 - 640 26,063 - 26,063 20,862 - 20,862

1999 - Est. . . . . . . . . . . . . 595,886 10,038 - 10,038 662 - 662 38,614 - 38,614 22,695 - 22,695

1997 - Mar. . . . . . . . . . . . 44,197 1,138 - 1,138 53 - 53 2,169 - 2,169 1,037 400 638

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

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

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

July . . . . . . . . . . . 40,572 264 - 264 57 - 57 2,348 - 2,348 2,758 56 2,701

Aug. . . . . . . . . . . . 46,201 547 - 547 49 - 49 2,200 - 2,200 2,161 365 1,797

Sept. . . . . . . . . . . 47,601 152 8 144 72 - 72 1,832 90 1,742 4,000 239 3,762

Oct. . . . . . . . . . . . 38,784 1,443 4 1,439 32 - 32 2,716 209 2,507 930 -174 1,104

Nov. . . . . . . . . . . . 42,488 666 - 666 58 - 58 2,457 - 2,457 2,085 64 2,021

Dec. . . . . . . . . . . . 45,149 835 - 835 58 - 58 2,338 1 2,337 1,988 50 1,938

1998 - Jan. . . . . . . . . . . . 51,765 589 - 589 51 - 51 2,645 - 2,645 1,428 34 1,395

Feb. . . . . . . . . . . . 44,749 613 - 613 59 - 59 2,455 - 2,455 1,715 51 1,664

Mar. . . . . . . . . . . . 48,027 557 - 557 48 - 48 1,907 - 1,907 2,326 339 1,987

Fiscal 1998 to date . . . . . 270,962 4,704 4 4,699 305 - 305 14,517 210 14,307 10,471 364 10,107

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.

2

 Column title changes are in accordance with the fiscal 1999 budget realignment.

 Note.--On-budget and off-budget estimates are based on the fiscal 1999 budget, released by

the Office of Management and Budget on February 2, 1998.

14 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"]

Depart- Department Department

Legis- Depart- Depart- ment of Depart- Depart- of Health of Housing Depart- Depart- Depart-

 Fiscal year lative Judicial ment of ment of Defense, ment of ment of and Human and Urban ment of ment of ment of

or month branch branch Agriculture Commerce military Education Energy Services Development the Interior Justice Labor

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1993 1 . . . . . . . . . . . . . 2,406 2,579 63,143 2,798 278,576 30,414 16,801 282,774 25,185 6,728 10,197 44,738

1994 1 . . . . . . . . . . . . . 2,561 2,659 60,812 2,915 268,635 24,699 17,840 310,837 25,774 6,910 10,005 36,919

1995 1 . . . . . . . . . . . . . 2,621 2,903 56,667 3,403 259,565 31,321 17,618 303,074 29,045 7,415 10,781 32,170

1996 1 . . . . . . . . . . . . . 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1 . . . . . . . . . . . . . 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

1998 - Est. . . . . . . . . . . 2,855 3,719 55,015 4,065 251,385 30,747 14,366 359,106 30,950 7,937 15,474 32,125

1999 - Est. . . . . . . . . . . 2,833 3,967 54,291 4,584 252,650 33,915 15,240 380,761 31,614 7,928 18,153 35,973

1997 - Mar. . . . . . . . . . 168 342 3,958 247 19,022 2,237 1,127 26,215 1,119 496 1,064 2,716

Apr. . . . . . . . . . 174 209 3,332 243 20,979 2,338 1,052 29,119 2,061 422 1,049 2,902

May . . . . . . . . . 199 399 3,284 332 25,150 1,954 1,170 31,465 2,709 539 1,242 2,453

June . . . . . . . . . 221 221 3,045 394 19,766 1,981 1,341 25,990 1,878 406 1,360 2,463

July . . . . . . . . . 200 350 3,300 295 21,956 1,526 1,253 28,883 2,852 677 1,260 2,833

Aug. . . . . . . . . . 170 222 3,202 288 23,306 2,257 1,197 30,014 3,102 398 1,102 2,351

Sept. . . . . . . . . 176 252 6,242 345 20,179 3,862 1,316 26,520 422 720 970 2,081

Oct. . . . . . . . . . 373 299 6,277 294 25,302 2,369 1,249 32,733 3,535 625 1,110 2,404

Nov. . . . . . . . . . 213 363 4,568 324 16,729 2,933 1,113 24,621 1,707 465 1,220 2,015

Dec. . . . . . . . . . 210 185 6,010 419 25,787 2,752 1,399 33,051 2,116 951 1,543 2,100

1998 - Jan. . . . . . . . . . 191 223 5,755 224 19,842 3,142 1,155 29,286 3,205 535 1,263 2,858

Feb. . . . . . . . . . 188 372 3,460 319 19,459 4,799 997 27,890 1,904 591 1,423 2,413

Mar. . . . . . . . . . 179 240 3,815 281 19,310 1,183 1,070 27,589 1,926 544 1,320 2,713

Fiscal 1998 to date . . . 1,355 1,682 29,885 1,860 126,429 17,178 6,984 175,168 14,393 3,711 7,880 14,504

1993 1 . . . . . . . . . . . . . 5,384 34,457 292,502 6,209 35,487 - 29,262 5,925 194 - 743 11,527

1994 1 . . . . . . . . . . . . . 5,718 37,278 296,278 10,981 37,401 - 30,402 5,855 229 - 334 10,511

1995 1 . . . . . . . . . . . . . 5,347 38,776 332,414 16,027 37,770 - 31,664 6,349 213 - 708 11,163

1996 1 . . . . . . . . . . . . . 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1 . . . . . . . . . . . . . 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

1998 - Est. . . . . . . . . . . 5,261 40,465 362,120 25,102 43,074 4,064 31,494 6,440 240 3,698 944 9,609

1999 - Est. . . . . . . . . . . 5,340 41,289 366,617 32,625 43,216 3,458 32,439 7,107 251 3,071 214 9,461

1997 - Mar. . . . . . . . . . 367 2,819 21,581 7,706 1,758 - 2,795 526 26 - 300 601

Apr. . . . . . . . . . 540 2,962 21,698 3,990 3,335 - 2,821 474 18 - 419 995

May . . . . . . . . . 243 3,333 27,517 2,173 4,325 - 2,881 468 24 - -540 283

June . . . . . . . . . 368 3,218 64,374 992 1,586 - 2,672 543 19 - 557 130

July . . . . . . . . . 406 3,688 21,398 1,187 3,408 - 2,841 514 17 - 593 919

Aug. . . . . . . . . . 364 3,743 23,570 76 4,809 - 2,789 501 14 - 443 154

Sept. . . . . . . . . 409 3,840 20,874 -2,859 1,826 - 2,921 645 16 - 304 888

Oct. . . . . . . . . . 457 3,914 21,771 933 5,259 273 2,532 493 18 228 486 424

Nov. . . . . . . . . . 206 3,013 26,407 631 1,848 339 2,568 413 16 106 -775 710

Dec. . . . . . . . . . 879 3,703 67,795 1,496 4,920 427 2,569 612 17 195 533 3,853

1998 - Jan.. . . . . . . . . . . 332 2,783 21,176 748 3,323 266 2,617 446 14 146 404 397

Feb. . . . . . . . . . 368 2,744 21,609 10,591 3,376 310 2,616 479 20 122 -487 -135

Mar. . . . . . . . . . 370 2,948 21,781 6,857 1,869 242 2,628 535 17 225 461 698

Fiscal 1998 to date . . . 2,612 19,107 180,539 21,256 20,595 1,858 15,530 2,977 104 1,022 622 5,946

 Department of 

 Depart- the Treasury, Depart- Depart- Other Environ- Federal General Interment of interest ment of the ment of Corps Defense, mental Executive Emergency Services national

Fiscal year Department Transpor- on the Treasury, Veterans of civil Protection Office of the Management Admin- Assistance

or month of State tation Public Debt other Affairs Engineers 2 programs 3 Agency President Agency 4 istration Program 5

 (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 15
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

 and National Office of Small Social Other Employer Interest royalties

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

Fiscal year Adminis- Foun- Manage- Adminis- Admin- dent employee by trust Continental On- Offor month tration dation 6 ment tration istration agencies retirement funds Shelf lands Other budget budget

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)

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

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

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

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

1997 1. . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

1998 - Est. . . . . . . . . . . 13,729 3,165 46,418 -62 410,480 13,997 -35,063 -112,681 -4,663 -7,760 1,348,140 319,675

1999 - Est. . . . . . . . . . . 13,503 3,441 48,603 -421 425,674 16,985 -35,744 -119,043 -4,187 -2,591 1,404,355 328,862

1997 - Mar. . . . . . . . . . 1,192 - 3,986 14 30,315 -221 -2,458 -250 -352 - 100,427 28,995

Apr. . . . . . . . . . 1,066 - 3,975 39 32,610 -767 -2,530 -602 -273 * 107,843 26,807

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

June . . . . . . . . . 1,211 - 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459

July. . . . . . . . . . 1,367 - 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752

Aug. . . . . . . . . . 1,215 - 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862

Sept.. . . . . . . . . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806

Oct. . . . . . . . . . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000

Nov. . . . . . . . . . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504

Dec. . . . . . . . . . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711

1998 - Jan.. . . . . . . . . . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388

Feb. . . . . . . . . . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308

Mar. . . . . . . . . . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775

Fiscal 1998 to date . . . 7,108 1,491 22,798 248 200,202 2,974 -15,283 -55,016 -2,258 -732 682,044 152,687

* 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.

2

 Beginning in fiscal 1998, amounts previously posted under "Department of Defense-Civil" are

now divided among "Other Defense, civil programs" and "Corps of Engineers," in accordance

with the fiscal 1999 budget realignment.

3

 Beginning in fiscal 1998, "Other Defense, civil programs," include amounts previously posed

under "Independent agencies," including activities of the American Battle Monument and the

Selective Service in accordance with the fiscal 1999 budget realignment.

4

 Beginning in fiscal 1998, "Federal Emergency Management Agency" includes activity

previously posted under "Independent agencies’ in accordance with the fiscal 1999 budget

realignment.

5

 The column formerly entitled "Funds Appropriated to the President" is labeled "International

Assistance Program," in accordance with the fiscal 1999 budget realignment.

6

 Beginning in fiscal 1998, activity that was previously included in "Independent agencies" is

now reported separately for the "National Science Foundation" in accordance with the fiscal

1999 budget realignment. 

 Note.--On-budget and off-budget estimates are based on the fiscal1999 budget, released by the Office of Management and Budget on February 2, 1998.

16 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3 Reserve accounts)

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

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

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

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

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

1997 . . . . . . . . . . . . . . 4,263,210 191,134 4,454,345 775,799 776,394

1997 - Mar. . . . . . . . . . 312,744 15,480 327,537 65,576 47,990

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

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

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

July. . . . . . . . . . 310,189 15,184 336,725 66,583 78,977

Aug. . . . . . . . . . 303,302 14,953 318,568 62,642 77,763

Sept.. . . . . . . . . 393,353 20,742 411,105 90,484 61,930

Oct.. . . . . . . . . . 316,403 19,041 338,521 69,379 89,663

Nov. . . . . . . . . . 280,717 18,383 298,590 65,276 66,270

Dec. . . . . . . . . . 401,757 28,440 429,879 106,946 95,157

1998 - Jan . . . . . . . . . . 329,140 21,239 350,270 77,218 68,903

Feb. . . . . . . . . . 359,589 18,336 378,440 71,071 94,585

Mar. . . . . . . . . . 351,851 22,149 373,547 88,946 78,048

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 March 15, 1968; Federal Unemployment Tax Act taxes beginning

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

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

1997 . . . . . . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386

1997 - Mar. . . . . . . . . . 5,945 27,551 12,885 33,331 4,347 7,737 5,840 18,769

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

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

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

July . . . . . . . . . . 5,014 22,496 6,562 34,000 3,544 9,919 4,750 18,768

Aug. . . . . . . . . . 4,700 7,376 5,947 17,638 3,876 6,214 4,855 11,751

Sept. . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386

Oct. . . . . . . . . . . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914

Nov. . . . . . . . . . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198

Dec. . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922

1998 - Jan. . . . . . . . . . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257

Feb.. . . . . . . . . . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489

Mar.. . . . . . . . . . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531

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. The average length has

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

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

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

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

months. In March 1971, Congress enacted a limited exception

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

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

offer securities maturing in more than 7 years at current market

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

the definition of a bond was changed to include those securities

longer than 10 years to maturity. This exception has expanded

since 1971 authorizing Treasury to continue to issue long-term

securities, and the ceiling on Treasury bonds was repealed on

November 10, 1988. The volume of privately held Treasury

marketable securities by maturity class reflects the remaining

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

average length is comprised of an average of remaining periods

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

private investors. In other words, computations of average

length exclude Government accounts and the Federal Reserve

banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

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

Federal agencies are authorized to borrow money from the

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

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

FEDERAL DEBT 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)

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

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

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

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

1997. . . . . . . . . . . . . . . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

1997 - Mar. . . . . . . . . . 5,414,754 5,380,890 33,864 1,514,391 1,506,784 7,606 3,900,363 3,874,106 26,258

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

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

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

July . . . . . . . . . 5,406,995 5,373,229 33,766 1,577,530 1,570,183 7,348 3,829,465 3,803,046 26,418

Aug. . . . . . . . . . 5,437,927 5,404,420 33,507 1,578,406 1,571,058 7,348 3,859,521 3,833,362 26,159

Sept. . . . . . . . . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

Oct. . . . . . . . . . 5,460,376 5,427,225 33,151 1,613,510 1,606,412 7,098 3,846,866 3,820,813 26,053

Nov. . . . . . . . . . 5,495,944 5,462,622 33,322 1,620,346 1,613,248 7,098 3,875,598 3,849,374 26,224

Dec. . . . . . . . . . 5,536,012 5,502,388 33,624 1,662,780 1,655,682 7,098 3,873,232 3,846,706 26,526

1998 - Jan.. . . . . . . . . . 5,520,507 5,490,064 30,443 1,672,306 1,667,708 4,598 3,848,201 3,822,356 25,845

Feb. . . . . . . . . . 5,551,039 5,520,668 30,371 1,672,707 1,668,108 4,598 3,878,332 3,852,560 25,773

Mar. . . . . . . . . . 5,572,942 5,542,426 30,516 1,674,976 1,670,378 4,598 3,897,966 3,872,048 25,918

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

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

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

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

1997. . . . . . . . . . . . . . . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

1997 - Mar. . . . . . . . . . 5,414,754 77,217 5,337,537 1,514,391 6,561 1,507,830 3,900,363 70,656 3,829,707

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

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

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

July . . . . . . . . . 5,406,995 77,053 5,329,943 1,577,530 6,685 1,570,846 3,829,465 70,368 3,759,097

Aug. . . . . . . . . . 5,437,927 77,192 5,360,736 1,578,406 7,116 1,571,290 3,859,521 70,076 3,789,445

Sept. . . . . . . . . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

Oct. . . . . . . . . . 5,460,376 76,954 5,383,423 1,613,510 7,544 1,605,967 3,846,866 69,410 3,777,456

Nov. . . . . . . . . . 5,495,944 77,001 5,418,943 1,620,346 7,967 1,612,379 3,875,598 69,034 3,806,564

Dec. . . . . . . . . . 5,536,012 76,784 5,459,228 1,662,780 8,344 1,654,436 3,873,232 68,440 3,804,792

1998 - Jan.. . . . . . . . . . 5,520,507 77,168 5,443,339 1,672,306 8,952 1,663,354 3,848,201 68,216 3,779,985

Feb. . . . . . . . . . 5,551,039 76,712 5,474,327 1,672,707 8,929 1,663,778 3,878,332 67,783 3,810,549

Mar. . . . . . . . . . 5,572,942 76,290 5,496,652 1,674,976 9,010 1,665,966 3,897,966 67,280 3,830,686

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"]

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

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

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

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

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

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

1997 . . . . . . . . . . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

1997 - Mar. . . . . . 5,375,139 3,504,361 785,558 2,131,003 565,416 7,383 15,000 1,870,778

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

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

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

July . . . . . 5,367,593 3,433,094 706,149 2,122,205 565,415 24,325 15,000 1,934,499

Aug. . . . . . 5,367,587 3,430,768 722,074 2,093,189 576,151 24,354 15,000 1,936,819

Sept. . . . . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

Oct. . . . . . 5,421,664 3,438,686 703,011 2,111,648 576,151 32,876 15,000 1,982,978

Nov. . . . . . 5,426,155 3,433,599 718,906 2,079,406 587,335 32,952 15,000 1,992,556

Dec. . . . . . 5,494,913 3,456,817 715,394 2,106,049 587,335 33,039 15,000 2,038,096

1998 - Jan. . . . . . 5,450,015 3,398,110 688,846 2,065,496 587,335 41,432 15,000 2,051,905

Feb. . . . . . 5,482,059 3,424,126 705,129 2,063,935 598,669 41,392 15,000 2,057,933

Mar. . . . . . 5,535,273 3,467,093 720,077 2,091,895 598,669 41,452 15,000 2,068,180

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

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

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

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

1997 . . . . . . . . . . . . . . . . . . . . . . . 182,665 34,909 1,608,478 111,863 29,995 1

1997 - Mar. . . . . . . . . . . . . . . . . . . 182,619 36,767 1,516,631 104,766 29,995 1

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

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

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

July . . . . . . . . . . . . . . . . . . 182,683 35,209 1,580,082 106,528 29,995 1

Aug. . . . . . . . . . . . . . . . . . . 182,641 35,059 1,580,074 109,048 29,995 1

Sept. . . . . . . . . . . . . . . . . . 182,665 34,909 1,608,478 111,863 29,995 1

Oct. . . . . . . . . . . . . . . . . . . 182,853 34,609 1,616,693 118,826 29,995 1

Nov. . . . . . . . . . . . . . . . . . . 183,055 34,459 1,622,966 122,080 29,995 1

Dec. . . . . . . . . . . . . . . . . . . 181,209 36,159 1,666,650 124,081 29,995 1

1998 - Jan. . . . . . . . . . . . . . . . . . . 181,118 36,059 1,677,313 127,419 29,995 1

Feb. . . . . . . . . . . . . . . . . . . 181,281 35,859 1,678,618 132,179 29,995 1

Mar. . . . . . . . . . . . . . . . . . . 181,215 36,359 1,681,468 139,142 29,995 1

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)

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

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

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

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

1997 . . . . . . . . . . . . . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

1997 - Mar. . . . . . . . . 1,516,631 6,438 24,025 17,514 15,253 55,845 379,930 122,194 10,183 525,960

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

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

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

July . . . . . . . . 1,580,082 7,149 25,935 17,811 15,425 61,828 386,674 118,801 11,773 560,560

Aug. . . . . . . . . 1,580,074 6,942 25,801 17,884 15,386 62,450 384,586 115,352 11,975 562,551

Sept. . . . . . . . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

Oct. . . . . . . . . 1,616,693 7,657 26,406 18,124 15,532 63,638 405,111 112,707 13,671 567,914

Nov. . . . . . . . . 1,622,966 8,062 26,204 18,205 15,482 63,861 402,873 113,798 13,671 567,453

Dec. . . . . . . . . 1,666,650 8,202 26,624 18,227 15,561 66,318 417,503 116,441 13,671 589,082

1998 - Jan. . . . . . . . . 1,677,313 8,375 26,267 18,070 15,632 67,964 416,963 118,056 13,475 598,426

Feb. . . . . . . . . 1,678,618 8,485 26,436 18,672 15,698 68,558 414,579 116,518 14,327 600,256

Mar. . . . . . . . . 1,681,468 8,570 27,097 18,715 15,627 69,601 412,213 116,904 14,173 605,741

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

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

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

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

1997 . . . . . . . . . . . . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

1997 - Mar. . . . . . . . 1,502 30,666 - 22,193 12,032 1,827 15,696 73 50,908 224,392

Apr. . . . . . . . 1,566 31,339 - 22,433 11,944 2,702 15,938 73 51,182 223,108

May . . . . . . . 1,613 31,482 - 22,641 11,861 1,994 17,100 73 60,515 226,246

June . . . . . . . 1,623 33,412 - 22,836 12,279 1,599 17,123 73 60,847 224,658

July . . . . . . . 1,655 33,411 - 23,478 12,199 2,033 17,240 73 60,511 223,526

Aug. . . . . . . . 1,727 33,101 - 22,860 12,117 2,662 17,480 74 63,293 223,833

Sept. . . . . . . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

Oct. . . . . . . . 1,834 33,596 - 22,223 11,952 14 17,412 74 61,253 237,575

Nov. . . . . . . . 1,862 35,177 - 23,105 11,880 14 17,371 75 62,743 241,130

Dec. . . . . . . . 1,873 35,053 - 24,137 12,291 14 17,316 75 63,324 240,938

1998 - Jan. . . . . . . . 1,985 35,555 - 25,442 12,206 15 17,336 76 61,661 239,809

Feb. . . . . . . . 1,996 35,100 - 24,946 12,122 - 17,476 77 62,411 240,961

Mar. . . . . . . . 2,018 35,120 - 25,508 12,025 - 17,612 74 60,362 240,108

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 Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

1997 . . . . . . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478

1997 - Mar. . . . . . . . . . . . . . . . . . 33,864 - 95 26 1,261 27,594 4,406 481

Apr. . . . . . . . . . . . . . . . . . 34,032 - 95 31 1,261 27,756 4,406 482

May . . . . . . . . . . . . . . . . . 34,284 - 95 32 1,261 28,005 4,406 483

June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485

July . . . . . . . . . . . . . . . . . 33,766 - 95 43 1,261 27,732 4,148 486

Aug. . . . . . . . . . . . . . . . . . 33,507 - 95 46 1,261 27,478 4,148 479

Sept. . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478

Oct. . . . . . . . . . . . . . . . . . 33,151 - 95 68 1,261 27,350 3,898 479

Nov. . . . . . . . . . . . . . . . . . 33,322 - 95 93 1,261 27,494 3,898 481

Dec. . . . . . . . . . . . . . . . . . 33,624 - 95 102 1,261 27,786 3,898 482

1998 - Jan. . . . . . . . . . . . . . . . . . 30,443 - 63 133 1,261 27,104 1,398 483

Feb. . . . . . . . . . . . . . . . . . 30,371 - 63 79 1,261 27,095 1,398 474

Mar. . . . . . . . . . . . . . . . . . 30,516 - 63 97 1,261 27,221 1,398 475

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, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

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

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

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

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

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

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

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

the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in

1997) are excluded from the average length calculation. Published data was changed for the

end of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,346 324,479 5 yrs. 10 mos.

1994 . . . . . . . . . . . . . . . . . . . 2,719,861 877,932 1,128,322 289,998 88,208 335,401 5 yrs. 8 mos.

1995 . . . . . . . . . . . . . . . . . . . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

1996 . . . . . . . . . . . . . . . . . . . 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1997. . . . . . . . . . . . . . . . . . . . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

1997 - Mar. . . . . . . . . . . . . . . 3,082,541 1,087,199 1,224,620 323,173 125,228 322,322 5 yrs. 3 mos.

Apr. . . . . . . . . . . . . . . 2,997,163 1,035,135 1,199,000 327,320 119,853 315,855 5 yrs. 3 mos.

May . . . . . . . . . . . . . . 2,988,194 1,024,615 1,182,510 331,276 143,676 306,117 5 yrs. 5 mos.

June . . . . . . . . . . . . . . 2,989,260 1,007,563 1,206,304 330,005 141,299 304,090 5 yrs. 4 mos.

July. . . . . . . . . . . . . . . 3,002,678 1,016,588 1,208,014 331,086 142,476 304,514 5 yrs. 4 mos.

Aug. . . . . . . . . . . . . . . 2,995,863 1,033,763 1,184,038 321,471 155,967 300,624 5 yrs. 5 mos.

Sept.. . . . . . . . . . . . . . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

Oct. . . . . . . . . . . . . . . 2,998,692 1,020,602 1,200,942 320,882 154,778 301,488 5 yrs. 4 mos.

Nov. . . . . . . . . . . . . . . 2,988,004 1,039,059 1,155,293 330,129 153,997 309,526 5 yrs. 5 mos.

Dec. . . . . . . . . . . . . . . 2,988,654 1,027,280 1,170,833 328,855 153,224 308,462 5 yrs. 5 mos.

1998 - Jan.. . . . . . . . . . . . . . . 2,954,877 1,011,181 1,139,318 338,503 155,193 310,681 5 yrs. 5 mos.

Feb. . . . . . . . . . . . . . . 2,978,212 1,029,311 1,147,184 326,495 154,836 320,386 5 yrs. 6 mos.

Mar. . . . . . . . . . . . . . . 3,010,826 1,040,573 1,173,036 326,381 152,471 318,365 5 yrs. 5 mos.

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

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

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

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

1997 . . . . . . . . . . . . . . . . . . . . . . . . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1997 - Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,294,243 5,294,217 26 5,289,542 26 4,675

Apr. . . . . . . . . . . . . . . . . . . . 5,500,000 5,268,449 5,268,413 31 5,263,766 31 4,647

May . . . . . . . . . . . . . . . . . . . 5,500,000 5,258,093 5,258,061 32 5,222,642 32 35,419

June . . . . . . . . . . . . . . . . . . . 5,500,000 5,289,840 5,289,803 37 5,285,185 37 4,618

July . . . . . . . . . . . . . . . . . . . 5,500,000 5,287,052 5,287,010 43 5,282,448 43 4,562

Aug. . . . . . . . . . . . . . . . . . . . 5,950,000 5,318,320 5,318,275 46 5,282,514 46 35,761

Sept. . . . . . . . . . . . . . . . . . . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

Oct. . . . . . . . . . . . . . . . . . . . 5,950,000 5,341,344 5,341,263 81 5,336,771 81 4,492

Nov. . . . . . . . . . . . . . . . . . . . 5,950,000 5,376,574 5,376,481 93 5,341,084 93 35,397

Dec. . . . . . . . . . . . . . . . . . . . 5,950,000 5,416,458 5,416,357 101 5,409,952 101 6,405

1998 - Jan. . . . . . . . . . . . . . . . . . . . 5,950,000 5,403,697 5,403,621 76 5,364,640 76 38,981

Feb. . . . . . . . . . . . . . . . . . . . 5,950,000 5,434,237 5,434,158 79 5,396,617 79 37,541

Mar. . . . . . . . . . . . . . . . . . . . 5,950,000 5,456,497 5,456,401 96 5,450,316 96 6,085

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)

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

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

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

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

1997 . . . . . . . . . . . . . . 6,676 157 670 23,532 2,499 3,639 6,174

1997 - Mar. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

Apr. . . . . . . . . . 6,720 145 647 24,306 2,488 3,123 6,909

May . . . . . . . . . 6,720 145 647 24,306 2,618 3,123 6,909

June . . . . . . . . . 6,620 145 647 24,527 2,618 3,123 6,174

July . . . . . . . . . 6,620 146 647 24,527 2,491 3,123 6,174

Aug. . . . . . . . . . 6,620 146 647 24,527 2,499 3,123 6,174

Sept. . . . . . . . . 6,676 157 670 23,532 2,499 3,639 6,174

Oct. . . . . . . . . . 7,764 189 670 33,987 2,499 3,639 6,174

Nov. . . . . . . . . . 7,764 189 670 33,987 2,449 3,639 6,174

Dec. . . . . . . . . . 7,764 189 670 33,987 2,449 3,639 6,174

1998 - Jan. . . . . . . . . . 7,764 189 670 33,987 2,509 4,139 6,174

Feb. . . . . . . . . . 8,055 189 670 33,987 2,509 4,139 6,211

Mar. . . . . . . . . . 8,055 189 670 33,987 2,509 4,139 6,211

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

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

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

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

1997 . . . . . . . . . . . . . . 133,301 ---- 9,818 12,925

1997 - Mar. . . . . . . . . . 135,921 ---- 9,389 13,384

Apr. . . . . . . . . . 135,755 ---- 8,982 13,398

May . . . . . . . . . 131,146 ---- 8,875 13,396

June . . . . . . . . . 134,336 ---- 8,505 13,204

July . . . . . . . . . 132,215 ---- 8,181 13,279

Aug. . . . . . . . . . 130,245 ---- 7,939 13,279

Sept. . . . . . . . . 133,301 ---- 9,818 12,925

Oct. . . . . . . . . . 147,133 ---- 13,416 14,157

Nov. . . . . . . . . . 147,170 ---- 14,969 14,141

Dec. . . . . . . . . . 150,798 ---- 14,880 14,134

1998 - Jan. . . . . . . . . . 153,892 ---- 17,896 14,134

Feb. . . . . . . . . . 153,855 ---- 17,762 13,848

Mar. . . . . . . . . . 152,979 ---- 17,957 13,858

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)

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

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

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

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

1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

1997 - Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611

Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698

May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451

June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439

July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270

Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324

Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

Oct. . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772

Nov. . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699

Dec. . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492

1998 - Jan. . . . . . . . . . 33,321 * 1,411 8,932 3,140 6,113 13,508

Feb. . . . . . . . . . 32,340 * 1,411 8,932 3,421 6,368 14,008

Mar. . . . . . . . . . 30,487 * 1,411 9,559 3,421 6,626 13,896

* Less than $500,000. 

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

Marketable Debt

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

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Mar. 31, 1998

5 Years, 5 Months

Years

FEDERAL DEBT 27
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the ‘‘Monthly Statement of the

Public Debt of the United States.’’ The information in this

section of the ‘‘Treasury Bulletin’’ pertains only to marketable

Treasury securities, current bills, notes, and bonds.

• Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve Banks, so that the

‘‘all other investors’’ category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve Banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: JANUARY-MARCH

JANUARY

Auction of 10-Year Inflation-Indexed Notes

December 31, 1997, Treasury announced it would auction

$8,000 million of 10-year inflation-indexed notes to raise cash.

The notes offered were Treasury Series A-2008, dated January

15, 1998, issued January 15, 1998, due January 15, 2008, with

interest payable July 15 and January 15 until maturity. An

interest rate of 3-5/8 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 January 8, and totaled $23,556 million, of which $8,009

million was accepted. All competitive tenders at yields lower

than 3.730 percent were accepted in full. Tenders at 3.730

percent were allotted 73 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 3.730 percent with an equivalent adjusted price of

99.130. The median yield was 3.699 percent and the low yield

was 3.580 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $7,971 million.

In addition to the $8,009 million of tenders accepted in

the auction process, $400 million was accepted from Federal

Reserve Banks for their own account.

The minimum par amount required for STRIPS of notes

of Series A-2008 is $1.6 million.

Auction of 2-Year and 5-Year Notes

January 21, 1998, Treasury announced it would auction

$15,000 million of 2-year notes of Series Y-2000 and $11,000

million of 5-year notes of Series C-2003 to refund $29,575

million of securities maturing January 31 and to pay down

about $3,575 million.

The notes of Series Y-2000 were dated January 31, 1998,

due January 31, 2000, with interest payable July 31 and January 31 until maturity. An interest rate of 5-3/8 percent was set

after the determination as to which tenders were accepted on

a yield auction basis. Accrued interest of $0.29696 per $1,000,

covering the period from January 31 to February 2, 1998, was

payable with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on January 27, and totaled $33,773 million, of which $15,004

million was accepted. All competitive tenders at yields lower

[Source: Bureau of the Public Debt, Office of Financing]

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JANUARY-MARCH, con.

than 5.440 percent were accepted in full. Tenders at 5.440

percent were allotted 51 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.440 percent with an equivalent price of 99.878. The

median yield was 5.424 percent, and the low yield was 5.380

percent. Noncompetitive tenders totaled $1,017 million. Competitive tenders accepted from private investors totaled

$13,987 million.

In addition to the $15,004 million of tenders accepted in

the auction process, $1,380 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,066 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series Y-2000 is $1.6

million.

The notes of Series C-2003 were dated January 31, 1998,

due January 31, 2003, with interest payable July 31 and January 31 until maturity. An interest rate of 5-1/2 percent was set

after the determination as to which tenders were accepted on

a yield auction basis. Accrued interest of $0.30387 per $1,000,

covering the period from January 31 to February 2, 1998, was

payable with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on January 28, and totaled $22,812 million, of which $11,001

million was accepted. All competitive tenders at yields lower

than 5.558 percent were accepted in full. Tenders at 5.558 were

allotted 25 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of

5.558 percent with an equivalent price of 99.749. The median

yield was 5.530 percent and the low yield was 5.480 percent.

Noncompetitive tenders totaled $397 million. Competitive

tenders accepted from private investors totaled $10,604 million.

In addition to the $11,001 million of tenders accepted in

the auction process, $1,300 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $785 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series C-2003 is

$400,000.

52-Week Bills

December 24, 1997, tenders were invited for approximately $12,000 million of 364-day Treasury bills to be dated

January 8, 1998, and to mature January 7, 1999. The issue was

to refund $14,870 million of maturing 52-week bills and to pay

down about $2,875 million. The bills were auctioned on January 6. Tenders totaled $42,615 million, of which $12,074

million was accepted, including $1,058 million of noncompetitive tenders from the public and $900 million of the bills

issued to Federal Reserve Banks as agents for foreign and

international monetary authorities. In addition, $5,740 million

of the bills were issued to Federal Reserve Banks for themselves. The average Bank discount rate was 5.065 percent.

January 23 tenders were invited for approximately

$12,000 million of 364-day Treasury bills to be dated February

5, 1998, and to mature February 4, 1999. The issue was to

refund $14,778 million of maturing 52-week bills and to pay

down about $2,775 million. The bills were auctioned on January 29. Tenders totaled $41,268 million, of which $12,045

million was accepted, including $1,097 million of noncompetitive tenders from the public and $1,610 million issued to

Federal Reserve Banks as agents for foreign and international

monetary authorities. An additional $920 million was issued

to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. Another $6,205

million was awarded to Federal Reserve Banks for their own

accounts. The average Bank discount rate was 4.965 percent.

FEBRUARY

February Quarterly Financing

February 4 Treasury announced it would auction $13,000

million of 3-year notes of Series S-2001, $12,000 million of

10-year notes of Series B-2008, and $10,000 million of 29-3/4

year 6-1/8 percent bonds of November 2027. The issues were

to refund $25,961 million of Treasury securities maturing

February 15 and to raise about $9,050 million new cash.

The notes of Series S-2001 were dated February 15, 1998,

issued February 17, 1998, due February 15, 2001, with interest

payable August 15 and February 15 until maturity. An interest

rate of 5-3/8 percent was set after the determination as to which

tenders were accepted on a yield auction basis. Accrued interest of $0.29696 per $1,000, covering the period from February

15 to February 17, 1998, was payable with each accepted

tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on February 10, and totaled $32,987 million, of which $13,023

million was accepted at yields ranging from 5.404 percent,

price 99.920, up to 5.420 percent, price 99.876. Tenders at the

high yield were allotted 87 percent. Noncompetitive tenders

were accepted in full at the average yield, 5.414 percent, price

99.893. These totaled $804 million. Competitive tenders accepted from private investors totaled $12,219 million.

In addition to the $13,023 million of tenders accepted in

the auction process, $780 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,533 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series S-2001 is $1.6

million. 

The notes of Series B-2008 were dated February 15, 1998,

issued February 17, 1998, due February 15, 2008, with interest

payable August 15 and February 15 until maturity. An interest

rate of 5-1/2 percent was set after the determination as to which

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: JANUARY-MARCH, con.

tenders were accepted on a yield auction basis. Accrued interest of $0.30387 per $1,000, covering the period from February 15 to February 17, 1998, was payable with each accepted

tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on February 11, and totaled $29,837 million, of which $12,005

million was accepted at yields ranging from 5.550 percent,

price 99.620, up to 5.564 percent, price 99.514. Tenders at the

high yield were allotted 86 percent. Noncompetitive tenders

were accepted in full at the average yield, 5.558 percent, price

99.559. These totaled $259 million. Competitive tenders accepted from private investors totaled $11,746 million.

In addition to the $12,005 million of tenders accepted in

the auction process, $150 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,420 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series B-2008 is

$400,000.

The 29-3/4-year 6-1/8 percent bonds of November 2027

were dated November 15, 1997, issued February 17, 1998, due

November 15, 2027, with interest payable May 15 and November 15 until maturity. Accrued interest of $15.90470 per

$1,000, covering the period from November 15, 1997 to February 17, 1998, was payable with each accepted tender.

Tenders for the bonds were received prior to 12 noon e.s.t.

for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on February 12, and totaled $21,208 million,

of which $10,007 million was accepted at yields ranging from

5.800 percent, price 104.558, up to 5.830 percent, price

104.122. Tenders at the high yield were allotted 92 percent.

Noncompetitive tenders were accepted in full at the average

yield, 5.822 percent, price 104.238. These totaled $143 million. Competitive tenders accepted from private investors totaled $9,864 million.

In addition to the $10,007 million of tenders accepted in

the auction process, $1,325 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of the Bonds of November 2027

is $1.6 million.

Auction of 2-Year and 5-Year Notes

February 18 Treasury announced it would auction

$15,000 million of 2-year notes of Series Z-2000 and $11,000

million of 5-year notes of Series D-2003 to refund $28,278

million of securities maturing February 28 and to pay down

about $2,275 million.

The notes of Series Z-2000 were dated February 28, 1998,

issued March 2, 1998, due February 29, 2000, with interest

payable the last calendar day of August and February through

February 29, 2000. An interest rate of 5-1/2 percent was set

after the determination as to which tenders were accepted on

a yield auction basis. Accrued interest of $0.29891 per $1,000,

covering the period from February 28 to March 2, 1998, was

payable with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on February 24, and totaled $33,544 million, of which $15,001

million was accepted. All competitive tenders at yields lower

than 5.537 percent were accepted in full. Tenders at 5.537

percent were allotted 37 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.537 percent with an equivalent price of 99.930. The

median yield was 5.520 percent and the low yield was 5.480

percent. Noncompetitive tenders totaled $908 million. Competitive tenders accepted from private investors totaled

$14,093 million.

In addition to the $15,001 million of tenders accepted in

the auction process, $1,235 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,497 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series Z-2000 is

$400,000.

The notes of Series D-2003 were dated February 28, 1998,

issued March 2, 1998, due February 28, 2003, with interest

payable the last calendar day of August and February through

February 28, 2003. An interest rate of 5-1/2 percent was set

after the determination as to which tenders were accepted on

a yield auction basis. Accrued interest of $0.29891 per $1,000,

covering the period from February 28 to March 2, 1998, was

payable with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on February 25, and totaled $29,947 million, of which $11,000

million was accepted. All competitive tenders at yields lower

than 5.605 percent were accepted in full. Tenders at 5.605

percent were allotted 31 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.605 percent with an equivalent price of 99.547. The

median yield was 5.580 percent and the low yield was 5.550

percent. Noncompetitive tenders totaled $310 million. Competitive tenders accepted from private investors totaled

$10,690 million.

In addition to the $11,000 million of tenders accepted in

the auction process, $1,561 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,095 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series D-2003 is

$400,000.

52-Week Bills

February 20 tenders were invited for approximately

$12,000 million of 364-day Treasury bills to be dated March

5, 1998, and to mature March 4, 1999. The issue was to refund

$14,996 million of maturing 52-week bills and to pay down

about $3,000 million. The bills were auctioned on February

30 PUBLIC DEBT OPERATIONS
26. Tenders totaled $47,187 million, of which $12,103 million

was accepted, including $1,052 million of noncompetitive

tenders from the public and $1,440 million issued to Federal

Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,845 million was awarded to

Federal Reserve Banks for their own accounts. The average

Bank discount rate was 5.125 percent.

Cash Management Bills

February 10 tenders were invited for approximately

$22,000 million of 65-day bills to be issued February 17, 1998,

representing an additional amount of bills dated October 23,

1997, maturing April 23, 1998. The issue was to raise new cash.

Tenders were opened on February 12. They totaled $85,000

million, of which $22,389 million was accepted, including

$200 million issued to Federal Reserve Banks as agents for

foreign and international monetary authorities. The average

Bank discount rate was 5.29 percent.

February 24 tenders were invited for approximately

$23,000 million of 44-day bills to be issued March 3, 1998,

representing an additional amount of bills dated October 16,

1997, maturing April 16, 1998. The issue was to raise new cash.

Tenders were opened on February 26. They totaled $95,905

million, of which $23,376 million was accepted, including

$100 million issued to Federal Reserve Banks as agents for

foreign and international monetary authorities. The average

Bank discount rate was 5.37 percent.

MARCH

Auction of 2-Year and 5-Year Notes

March 18 Treasury announced it would auction $14,000

million of 2-year notes of Series AB-2000 and $11,000 million

of 5-year notes of Series E-2003 to refund $31,726 million of

securities maturing March 31 and to pay down about $6,725

million.

The notes of Series AB-2000 were dated March 31, 1998,

due March 31, 2000, with interest payable September 30 and

March 31 until maturity. An interest rate of 5-1/2 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on March 24, and totaled $36,479 million, of which $14,014

million was accepted. All competitive tenders at yields lower

than 5.500 percent were accepted in full. Tenders at 5.500

percent were allotted 93 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.500 percent with an equivalent price of 100.000. The

median yield was 5.491 percent and the low yield was 5.450

percent. Noncompetitive tenders totaled $1,215 million. Competitive tenders accepted from private investors totaled

$12,798 million.

In addition to the $14,014 million of tenders accepted in

the auction process, $1,390 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,758 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series AB-2000 is

$400,000.

The notes of Series E-2003 were dated March 31, 1998,

due March 31, 2003, with interest payable September 30 and

March 31 until maturity. An interest rate of 5-1/2 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on March 25, and totaled $22,622 million, of which $11,012

million was accepted. All competitive tenders at yields lower

than 5.620 percent were accepted in full. Tenders at 5.620

percent were allotted 59 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.620 percent with an equivalent price of 99.483. The

median yield was 5.592 percent and the low yield was 5.550

percent. Noncompetitive tenders totaled $330 million. Competitive tenders accepted from private investors totaled

$10,683 million.

In addition to the $11,012 million of tenders accepted in

the auction process, $1,764 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,385 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series E-2003 is

$400,000.

52-Week Bills

March 20 tenders were invited for approximately $11,000

million of 364-day Treasury bills to be dated April 2, 1998, and

to mature April 1, 1999. The issue was to refund $13,578

million of maturing 52-week bills and to pay down about

$2,575 million. The bills were auctioned on March 26. Tenders

totaled $37,356 million, of which $11,029 million was accepted, including $1,092 million of noncompetitive tenders

from the public and $1,237 million issued to Federal Reserve

Banks as agents for foreign and international monetary

authorities. An additional $203 million was issued to Federal

Reserve Banks as agents for foreign and international monetary authorities for new cash. Another $5,495 million was

issued to Federal Reserve Banks for their own accounts. The

average Bank discount rate was 5.110 percent.

TREASURY FINANCING: JANUARY-MARCH, con.

PUBLIC DEBT OPERATIONS 31
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1998

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 685 8,103

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 675 11,550

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 1,426 19,980

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 898 8,267

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 4,092 17,134

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 855 11,503

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 1,185 19,925

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,177 20,877

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,711 7,983

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 685 11,004

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,157 20,406

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,480 9,863

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,540 17,878

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 648 12,371

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 09/03/96 21,949 2,070 19,879

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 973 11,603

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK note 09/30/96 21,486 1,219 20,267

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 1,002 9,267

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 938 12,085

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 995 20,226

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 546 9,357

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,722 17,877

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 226 162 64

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 953 11,162

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 919 19,613

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,680 10,765

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 915 19,700

Total. . . . . . . . . . . . . . . 427,610 37,778 389,832

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 892 9,667

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 789 12,112

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/97 19,468 1,245 18,223

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 1,049 8,671

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,644 18,353

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 715 11,199

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC note 02/28/97 19,916 1,249 18,667

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,895 10,885

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,798 1,499 18,299

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

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-AE note 04/30/97 19,353 1,300 18,053

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,638 8,410

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,919 20,441

See footnotes at end of table.

32 PUBLIC DEBT OPERATIONS
1999, con.

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 687 11,652

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 738 17,837

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,645 11,456

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-%-AG note 06/30/97 17,862 644 17,218

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 349 9,657

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,531 10,879

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AH note 07/31/97 16,839 1,097 15,743

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 944 9,220

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y note 08/15/96 22,708 2,282 20,426

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 996 11,401

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 09/02/97 17,215 1,305 15,910

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,079 11,757

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-K note 09/30/97 17,487 642 16,845

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 568 11,584

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 10/31/97 16,824 502 16,322

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 814 9,960

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 2,891 19,979

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 1,188 10,746

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AM note 12/01/97 17,051 573 16,478

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 12/31/97 16,747 796 15,951

Total. . . . . . . . . . . . . . . 539,435 44,185 495,250

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-Y note 02/02/98 17,502 1,096 16,406

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 1,135 11,093

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 1,086 9,587

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 969 19,452

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 1,322 11,174

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-Z note 03/02/98 17,776 1,497 16,279

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,422 11,767

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-AB note 03/31/98 17,205 1,758 15,447

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 383 10,152

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 1,024 11,409

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,807 17,956

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 843 11,909

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 740 11,724

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 643 11,696

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,158 9,922

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-%-W note 08/15/97 18,053 1,470 16,583

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 696 11,226

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 1,009 11,002

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 537 11,543

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 33
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2000, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 881 10,639

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-X note 11/17/97 16,036 1,736 14,300

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 646 11,711

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 891 11,930

Total. . . . . . . . . . . . . . . 341,258 26,921 314,337

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 841 11,975

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 11,313 958 10,355

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-S note 02/17/98 15,367 1,533 13,835

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 1,051 11,769

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,600 12,581

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 999 12,782

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 1,223 11,175

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 997 12,725

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-K note 07/01/96 14,282 1,175 13,107

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 907 13,230

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,400 10,939

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/98 14,000 879 13,121

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 1,037 13,482

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 883 13,757

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 2,441 21,785

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 476 13,555

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 625 13,346

Total. . . . . . . . . . . . . . . 249,300 19,779 229,521

2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 1,005 12,448

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 958 12,842

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 1,301 13,000

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 04/30/97 14,475 1,110 13,365

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 1,071 10,643

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-G note 06/02/97 13,504 949 12,555

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 06/30/97 13,059 796 12,263

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-5/8%-J note 07/15/97 16,968 1,855 15,113

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-%-K note 07/31/97 12,231 340 11,891

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,247 21,612

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 12,732 701 12,031

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-M note 09/30/97 12,807 460 12,347

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-N note 10/31/97 11,737 390 11,347

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-P note 12/01/97 12,121 400 11,721

See footnotes at end of table.

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

2002, con.

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-Q note 12/31/97 12,053 585 11,468

Total. . . . . . . . . . . . . . . 213,325 14,676 198,649

2003

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-C note 02/02/98 13,101 785 12,316

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 739 2,267

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/16/93 23,563 2,145 21,418

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-D note 03/02/98 13,670 1,095 12,575

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-E note 03/31/98 14,173 1,395 12,778

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 331 2,918

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 514 2,987

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,785 24,226

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 751 6,508

Total. . . . . . . . . . . . . . . 109,534 11,541 97,993

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 650 12,305

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,906 12,535

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 528 3,472

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 845 12,501

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 947 7,355

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,753 12,621

Total. . . . . . . . . . . . . . . 71,173 7,399 63,774

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,205 12,630

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 728 3,532

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-B note 05/15/95 14,740 2,015 12,725

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-3/4% bond 07/02/85 9,270 1,213 8,057

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,800 13,203

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/15/95 15,210 1,775 13,435

Total. . . . . . . . . . . . . . . 76,541 10,913 65,628

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 33 4,723

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,590 13,924

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 2,075 13,940

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 2,456 20,285

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-D note 10/15/96 22,460 2,433 20,027

Total. . . . . . . . . . . . . . . 81,485 8,587 72,899

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-3/8%-A note 02/06/97 16,071 845 15,226

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-B note 02/18/97 13,104 540 12,564

PUBLIC DEBT OPERATIONS 35
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2007, con.

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8%-C note 05/15/97 13,958 1,750 12,208

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8%-D note 08/15/97 25,637 2,175 23,462

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 74,499 7,234 67,265

2008

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-1/2%-A note 01/15/98 8,412 400 8,012

Feb. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-B note 02/17/98 13,583 1,420 12,163

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. . . . . . . . . . . . . . . 20,916 4,275 25,054

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 1,013 3,593

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,089 6,718

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 1,217 1,771

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,296 3,441

Total. . . . . . . . . . . . . . . 10,218 3,370 6,848

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,925

Total. . . . . . . . . . . . . . . 9,509 2,049 7,460

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 3,303 11,453

Total. . . . . . . . . . . . . . . 14,755 3,303 11,453

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 919 4,088

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 951 4,178

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 3,065 13,076

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 1,267 5,883

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 1,742 5,158

Total. . . . . . . . . . . . . . . 26,718 4,345 22,373

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 930 6,337

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,308 17,516

See footnotes at end of table.

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, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2016, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,528 17,336

Total. . . . . . . . . . . . . . . 44,955 3,766 41,189

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 1,950 16,244

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 1,204 12,813

Total. . . . . . . . . . . . . . . 32,211 3,154 29,057

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 497 8,212

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 753 16,989

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 1,118 18,133

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 2,326 17,888

Total. . . . . . . . . . . . . . . 39,465 3,444 36,021

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 1,111 9,118

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 1,067 9,092

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,567 19,852

Total. . . . . . . . . . . . . . . 41,806 3,744 38,062

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 801 10,313

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 938 11,021

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 680 11,483

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 1,475 31,323

Total. . . . . . . . . . . . . . . 68,034 3,894 64,141

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 505 9,848

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 720 9,980

Total. . . . . . . . . . . . . . . 21,052 1,225 19,827

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/16/93 18,374 1,511 16,863

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,287 21,622

Total. . . . . . . . . . . . . . . 41,283 2,798 38,485

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 505 10,965

Total. . . . . . . . . . . . . . . 11,470 505 10,965

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 835 10,890

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,260 11,342

Total. . . . . . . . . . . . . . . 24,327 2,095 22,232

2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 1,024 11,881

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 37
2026, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 1,070 9,824

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2% bond 11/15/96 11,493 1,550 9,943

Total. . . . . . . . . . . . . . . 35,292 3,644 31,648

2027

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8% bond 02/18/97 10,456 480 9,976

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8% bond 08/15/97 10,736 730 10,006

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8% bond 11/17/97 22,519 2,505 20,014

Total. . . . . . . . . . . . . . . 43,710 3,715 39,995

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

38 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1 bids tendered Total amount petitive basis 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1997 - Dec. 4 . . . . . . 1998 - Mar. 5 91 40,741.1 10,851.7 9,573.2 1,278.5 11,138.9 142,528.8

June 4 182 37,918.7 10,979.2 9,878.5 1,100.7 11,007.7 313,276.8

11 . . . . . . Mar. 12 91 55,375.4 11,355.0 10,065.5 1,289.5 11,672.1 142,211.7

June 11 182 35,231.1 11,321.2 10,209.5 1,111.7 10,962.3 313,635.7

18 . . . . . . Mar. 18 91 36,756.3 10,834.6 9,502.4 1,332.2 11,287.9 141,758.5

June 18 182 36,003.0 11,323.9 10,214.6 1,109.3 10,051.0 314,908.6

26 . . . . . . Mar. 26 90 34,079.8 10,448.5 9,229.5 1,219.0 10,989.6 141,217.4

June 25 181 32,109.4 10,494.8 9,519.0 975.8 11,479.4 313,924.0

1998 - Jan. 2 . . . . . . Apr. 2 90 33,509.7 11,104.6 9,863.6 1,241.1 10,885.9 141,436.1

July 2 181 33,808.5 10,761.9 9,688.3 1,073.6 12,039.3 312,646.6

8 . . . . . . Apr. 9 91 41,894.1 11,460.8 10,074.0 1,386.7 10,800.9 142,096.0

July 9 182 43,930.0 12,275.5 11,064.6 1,210.8 11,963.6 312,958.4

15 . . . . . . Apr. 16 91 33,009.0 11,278.7 9,806.5 1,472.2 11,285.2 142,089.4

July 16 182 35,027.5 11,785.4 10,342.9 1,442.5 12,134.4 312,609.4

22 . . . . . . Apr. 23 91 33,737.0 10,868.0 9,621.9 1,246.1 10,688.8 142,268.7

July 23 182 42,590.9 10,929.1 9,773.2 1,155.9 11,687.0 311,851.4

29 . . . . . . Apr. 30 91 31,081.6 10,810.3 9,475.2 1,335.1 10,596.4 142,482.6

July 30 182 38,093.5 10,331.6 9,069.1 1,262.4 12,160.2 310,022.8

Feb. 5 . . . . . . May 7 91 34,734.3 11,550.4 10,010.2 1,540.2 11,084.4 142,948.6

Aug. 6 182 38,307.9 11,502.2 10,125.7 1,376.5 13,236.5 308,288.5

12 . . . . . . May 14 91 47,396.5 11,142.8 9,737.9 1,404.9 11,422.9 142,668.5

Aug. 13 182 40,409.7 10,845.9 9,561.7 1,284.2 12,321.4 306,813.1

19 . . . . . . May 21 91 47,888.9 10,928.4 9,536.9 1,391.6 10,942.6 142,654.4

Aug. 20 182 41,346.1 11,353.5 10,160.6 1,192.9 11,642.6 306,523.9

26 . . . . . . May 28 91 42,940.3 10,794.7 9,438.9 1,355.7 10,577.7 142,871.4

Aug. 27 182 32,553.3 10,864.0 9,703.9 1,160.2 12,066.6 305,321.4

Mar. 5 . . . . . . June 4 91 50,185.5 11,627.4 10,237.8 1,389.6 10,852.1 143,646.7

Sept. 3 182 38,374.9 10,842.7 9,712.6 1,130.2 12,899.5 303,264.6

12 . . . . . . June 11 91 39,648.9 10,203.3 8,939.6 1,263.7 11,354.9 142,495.1

Sept. 10 182 38,665.5 11,376.7 11,376.7 1,138.9 11,840.8 302,800.6

19 . . . . . . June 18 91 43,372.2 9,460.5 8,092.5 1,368.0 10,834.7 141,120.9

Sept. 17 182 40,463.7 10,976.7 9,804.3 1,172.4 10,999.0 302,778.3

26 . . . . . . June 25 91 44,764.6 9,298.3 8,065.0 1,233.3 10,448.8 139,970.4

Sept. 24 182 34,735.3 10,382.8 9,233.6 1,149.2 10,499.8 302,661.3

52-week:

1997 - Mar. 6.. . . . . . 1998- Mar. 5 364 51,822.3 20,840.5 20,100.8 739.8 18,795.1 261,433.3

Apr. 3 . . . . . . Apr. 2 364 67,862.2 19,073.1 18,058.3 1,014.9 18,944.6 261,561.1

May 1 . . . . . . Apr. 30 364 73,240.0 20,689.2 19,548.4 1,140.8 19,461.4 262,787.7

May 29 . . . . . . May 28 364 55,069.5 20,832.6 19,709.1 1,123.5 19,327.0 264,292.0

June 26 . . . . . . June 25 364 67,729.9 19,430.4 18,436.3 994.1 19,596.1 264,125.5

July 24 . . . . . . July 23 364 65,035.2 18,829.8 17,860.5 969.4 20,184.9 262,769.8

Aug. 21 . . . . . . Aug. 20 364 62,453.8 18,783.2 17,842.4 940.8 20,571.4 260,981.7

Sept. 18 . . . . . . Sept. 17 364 80,766.5 18,301.9 17,461.0 840.9 19,906.7 259,376.6

Oct. 16 . . . . . . Oct. 15 364 60,298.6 18,774.1 17,981.5 792.6 18,482.5 259,668.1

Nov. 13 . . . . . . Nov. 12 364 85,598.2 18,451.4 17,713.2 738.2 20,141.9 257,978.8

Dec. 11 . . . . . . Dec. 10 364 46,305.7 18,011.0 17,162.4 848.6 20,542.5 255,448.9

1998 - Jan. 8 . . . . . . 1999- Jan. 7 364 48,378.5 17,836.8 16,755.3 1,081.5 20,609.8 255,205.8

Feb. 5 . . . . . . Feb. 4 364 48,414.5 19,190.2 18,071.8 1,118.3 20,983.2 253,412.7

Mar. 5 . . . . . . Mar. 4 364 53,056.7 17,973.1 16,895.7 1,077.4 20,840.5 250,545.2

Cash management:

1998 - Feb. 17 . . . . . . 1998 - Apr. 23 65 85,000.0 17,836.9 - - - 17,836.9

Mar. 3 . . . . . . Apr. 16 44 95,905.0 23,376.4 - - - 41,213.3

PUBLIC DEBT OPERATIONS 39
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52

weeks. 

2

 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis

by Government accounts and Federal Reserve Banks.

3

 For 13-week , 26-week, and 52-week bills, tenders $1 million 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 $2 million at 98.695. 

6

 Except $3.365 million at 98.761. 

7

 Except $5 million at 97.553, and $1.604 million at 97.551. 

8

 Except $10,000 at 98.745. 

Regular weekly:

1997 - Dec. 4. . . . . . 98.708 5.11 5.25 5.11 98.708 5.08 98.716

97.374 5.20 5.41 5.20 97.371 5.18 97.381

11. . . . . . 98.698 5.15 5.29 5.16 98.697 5.14 98.701

97.336 5.27 5.49 5.28 97.333 5.25 97.346

18. . . . . . 98.718 5.07 5.21 5.07 98.718 5.05 98.723

97.384 5.18 5.39 5.18 97.384 5.15 97.396

26. . . . . . 98.676 5.30 5.44 5.30 98.675 5.28 98.681

97.328 5.32 5.54 5.32 97.325 5.30 97.338

1998 - Jan. 2. . . . . . 98.679 5.29 5.43 5.29 98.678 5 5.25 98.688

97.343 5.29 5.50 5.29 97.340 5.27 97.350

8. . . . . . 98.707 5.12 5.25 5.12 98.707 5.11 98.708

97.407 5.13 5.34 5.13 97.407 5.11 97.417

15. . . . . . 98.745 4.97 5.10 4.98 98.741 6 4.94 98.751

97.518 4.91 5.10 4.92 97.513 7 4.88 97.533

22. . . . . . 98.741 4.98 5.11 4.99 98.740 4.96 98.746

97.475 5.00 5.20 5.00 97.475 4.99 97.477

29. . . . . . 98.718 5.07 5.21 5.07 98.718 8 5.03 98.729

97.460 5.03 5.23 5.03 97.460 5.02 97.462

Feb. 5. . . . . . 98.711 5.10 5.24 5.11 98.710 5.08 98.716

97.427 5.09 5.30 5.09 97.427 5.07 97.437

12. . . . . . 98.712 5.10 5.23 5.10 98.711 5.07 98.718

97.434 5.08 5.28 5.08 97.434 5.04 97.452

19. . . . . . 98.717 5.08 5.21 5.08 98.716 5.05 98.723

97.437 5.07 5.28 5.07 97.437 5.06 97.444

26. . . . . . 98.701 5.14 5.28 5.15 98.699 5.11 98.708

97.455 5.04 5.24 5.04 97.452 5.01 97.467

Mar. 5. . . . . . 98.706 5.12 5.26 5.12 98.706 5.12 98.706

97.409 5.13 5.33 5.13 97.409 5.11 97.417

12. . . . . . 98.744 4.97 5.10 4.98 98.742 4.97 98.745

97.467 5.01 5.21 5.01 97.467 5.00 97.472

19. . . . . . 98.740 4.99 5.12 4.99 98.740 4.97 98.744

97.460 5.03 5.23 5.03 97.460 5.01 97.467

26. . . . . . 98.729 5.03 5.16 5.03 98.729 5.02 98.731

97.477 4.99 5.19 5.00 97.475 4.97 97.487

52-week:

1997 - Mar. 6. . . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Apr. 3. . . . . . 94.277 5.66 6.00 5.66 94.277 5.64 94.297

May 1. . . . . . 94.216 5.72 6.06 5.72 94.216 5.71 94.227

May 29. . . . . . 94.388 5.55 5.88 5.56 94.378 5.53 94.409

June 26. . . . . . 94.591 5.35 5.65 5.35 94.591 5.34 94.601

July 24. . . . . . 94.682 5.26 5.56 5.26 94.682 5.25 94.692

Aug. 21. . . . . . 94.661 5.28 5.58 5.28 94.661 5.27 94.671

Sept. 18. . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

Oct. 16. . . . . . 94.742 5.20 5.49 5.20 97.742 5.19 97.752

Nov. 13. . . . . . 94.803 5.14 5.42 5.15 94.793 5.14 94.803

Dec. 11. . . . . . 94.762 5.18 5.47 5.18 94.762 5.17 94.778

1998 - Jan. 8. . . . . . 94.879 5.07 5.34 5.07 94.879 5.06 94.889

Feb. 5. . . . . . 94.980 4.97 5.23 4.97 94.980 4.95 94.995

Mar. 5. . . . . . 94.818 5.13 5.41 5.13 94.818 5.12 94.823

Cash management:

1998 - Feb. 17. . . . . . 99.045 5.29 5.41 5.30 99.043 5.28 99.047

Mar. 3. . . . . . 99.344 5.37 5.48 5.37 99.344 5.36 99.345

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, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 * and bonds

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

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 7

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 8

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 9

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 10

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 11

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 12

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 13

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 14

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 15

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 16

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 17

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 18

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 19

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 20

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 21

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 22

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 23

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 24

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 25

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 26

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 27

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 28

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 29

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 30

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 31

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 32

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 33

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 34

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 35

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 36

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 37

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 38

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 39

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 40

02/12/97 6 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 41

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 42

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 43

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 44

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 45

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 46

PUBLIC DEBT OPERATIONS 41
03/26/97 04/03/97 5.66% bill--04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill--04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill--04/22/97 19d 51,886 17,066

04/08/97 6

 04/15/97 3-3/8% ii note--01/15/07-A-reopening 9y 9m 18,464 5 8,405 47

04/22/97 04/30/97 6-3/8% note--04/30/99-AE 2y 43,708 19,351 48

04/23/97 04/30/97 6-5/8% note--04/30/02-F 5y 34,266 14,475 49

04/24/97 05/01/97 5.72% bill--04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note--05/15/00-V 3y 39,125 20,763 50

05/07/97 05/15/97 6-5/8% note--05/15/07-C 10y 24,266 513,958 51

05/22/97 05/29/97 5.55% bill--05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note--05/31/99-AF 2y 42,092 18,567 52

05/29/97 06/02/97 6-1/2% note--05/31/02-G 5y 34,876 13,492 53

06/02/97 06/03/97 5.25% bill--06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill--06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note--06/30/99-AG 2y 40,541 17,861 54

06/25/97 06/30/97 6-1/4% note--06/30/02-H 5y 38,218 13,058 55

07/09/97 07/15/97 3-5/8% ii note--07/15/02-J 5y 26,858 5 8,404 56

07/17/97 07/24/97 5.26% bill--07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note--07/31/99-AH 2y 40,533 16,840 57

07/23/97 07/31/97 6% note--07/31/02-K 5y 33,845 12,231 58

07/31/97 08/01/97 5.35% bill--09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note--08/15/00-W 3y 41,313 18,053 59

08/06/97 08/15/97 6-1/8% note--08/15/07-D 10y 27,869 5 13,036 60

08/07/97 08/15/97 6-3/8% bond--08/15/27 30y 27,355 5 10,736 61

08/14/97 08/21/97 5.28% bill--08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note--08/31/99-AJ 2y 40,541 17,214 62

08/27/97 09/02/97 6-1/4% note--08/31/02-L 5y 27,996 12,732 63

08/28/97 09/02/97 5.47% bill--09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill--09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note--09/30/99-AK 2y 39,868 5

 17,486 64

09/24/97 09/30/97 5-7/8% note--09/30/02-M 5y 35,396 5 12,806 65

10/08/97 6 10/15/97 3-5/8% ii note--07/15/02-J-reopening 4y 9m 28,953 5 8,413 66

10/09/97 10/16/97 5.20% bill--10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note--10/31/99-AL 2y 36,128 5

 16,822 67

10/29/97 10/31/97 5-3/4% note--10/31/02-N 5y 25,473 5 11,736 68

10/30/97 11/03/97 5.18% bill--01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note--11/15/00-X 3y 36,663 5

 16,036 69

11/05/97 6 11/17/97 6-1/8% note--08/15/07-D-reopening 9y 9m 28,400 5 12,599 70

11/06/97 11/17/97 6-1/8% bond--11/15/27 30y 29,354 5 11,185 71

11/06/97 11/13/97 5.14% bill--11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note--11/30/99-AM 2y 41,982 5

 17,055 72

11/25/97 12/01/97 5-3/4% note--11/30/02-P 5y 33,892 5 12,120 73

11/25/97 12/01/97 5.56% bill--12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill--12/10/98 364d 46,306 18,013

12/22/97 12/31/97 5-5/8% note--12/31/99-AN 2y 35,878 5

 16,748 74

12/23/97 12/31/97 5-5/8% note--12/31/02-Q 5y 29,949 5 12,053 75

01/06/98 01/08/98 5.341% bill--01/07/99 364d 48,379 17,837

01/08/98 01/15/98 3-5/8% ii note--01/05/08-A 10y 23,958 8,410 76

01/27/98 02/02/98 5-3/8% note--01/31/00-Y 2y 36,269 17,500 77

01/28/98 02/02/98 5-1/2% note--01/31/03-C 5y 24,911 13,099 78

01/29/98 02/05/98 4.965% bill--02/04/99 364d 48,415 19,191

02/10/98 02/17/98 5-3/8% note--02/15/01-S 3y 35,326 15,362 79

02/11/98 02/17/98 5-1/2% note--02/15/08-B 10y 31,416 13,584 80

02/12/98 6 02/17/98 6-1/8% bond--11/15/27-reopening 29y 9m 22,536 11,334 81

02/12/98 02/17/98 5.29% bill--04/23/98 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note--02/29/00-Z 2y 36,313 17,770 82

02/25/98 03/02/98 5-1/2% note--02/28/03-D 5y 32,617 13,670 83

02/26/98 03/05/98 5.125% bill--03/04/99 364d 53,057 17,973

02/26/98 03/03/98 5.37% bill--04/16/98 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note--03/31/00-AB 2y 39,671 17,205 84

03/25/98 03/31/98 5-1/2% note--03/31/03-E 5y 25,782 14,173 85

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 * and bonds

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

See footnotes at end of table.

42 PUBLIC DEBT OPERATIONS
TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5

 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan.

7

 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

8

 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction.

9

 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

10 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

11 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

12 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

13 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction.

14 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction.

15 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

16 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

17 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

18 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

19 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

20 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

21 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

22 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

23 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

24 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction.

25 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

26 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

27 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

28 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

29 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

30 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

31 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

32 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the

average at 6.619% (price 98.457).

33 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

34 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction.

35 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

36 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

37 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

38 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

39 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

40 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the

average at 5.997% (price 99.670).

41 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the

average at 6.374% (price 99.092).

42 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the

average at 6.640% (price 99.804).

43 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

44 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

45 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

46 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

47 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

48 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction.

49 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction.

50 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the

average at 6.438% (price 99.831).

51 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the

average at 6.740% (price 99.173).

52 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction.

53 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction.

54 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction.

55 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction.

56 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of

an inflation-indexed note.

57 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

58 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction.

59 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the

average at 6.041% (price 99.889).

60 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the

average at 6.205% (price 99.411).

61 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the

average at 6.445% (price 99.076).

62 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction.

63 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction.

64 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 65 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction.

66 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction

of an inflation-indexed note.

67 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction.

68 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction.

69 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the

average at 5.762% (price 99.967).

70 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

average at 5.955% (price 101.221).

71 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the

average at 6.201% (price 98.970).

72 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction.

73 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction.

74 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

75 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction.

76 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of

an inflation-indexed note.

77 Accepted yields ranged up to 5.440% ( price 99.878) in this single-price auction.

78 Accepted yields ranged up to 5.558% ( price 99.749) in this single-price auction.

79 Yields accepted ranged from 5.404% ( price 99.920) up to 5.420% (price 99.876) with the

average at 5.414% (price 99.893).

80 Yields accepted ranged from 5.550% ( price 99.620) up to 5.564% (price 99.514) with the

average at 5.558% (price 99.559).

81 Yields accepted ranged from 5.800% ( price 104.558) up to 5.830% (price 104.122) with

the average at 5.822% (price 104.238).

82 Accepted yields ranged up to 5.537% ( price 99.930) in this single-price auction.

83 Accepted yields ranged up to 5.605% ( price 99.547) in this single-price auction.

84 Accepted yields ranged up to 5.500% ( price 100.000) in this single-price auction.

85 Accepted yields ranged up to 5.620% ( price 99.483) 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. 

*As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS.

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C 11,204 900 382 351 - * 1,062 * - 6 7,744 759

-reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

-reopening

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation-indexed note 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

--01/15/07-A 

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% inflation-indexed note 8,405 400 664 43 10 - 817 52 455 - 5,327 637

--01/15/07-A-reopening

04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note--07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218

07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note--09/31/99-AK 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795

09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

10/15/97 3-5/8% note--10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209

10/31/97 5-5/8% note--10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322

10/31/97 5-3/4% note--10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383

11/15/97 5-3/4% note--11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385

11/15/97 6-1/8% note--08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301

11/15/97 6-1/8% bond--11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5

12/01/97 5-5/8% note--11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813

12/01/97 5-3/4% note--11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799

12/31/97 5-5/8% note--12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071

12/31/97 5-5/8% note--12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627

01/15/98 3-5/8% note--1/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093

01/31/98 5-3/8% note--1/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463

01/31/98 5-1/2% note--1/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340

02/15/98 5-3/8% note--2/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789

02/15/98 5-1/2% note--2/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181

02/15/98 6-1/8% note--2/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71

03/02/98 5-1/2% note--2/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469

03/02/98 5-1/2% note--2/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644

03/31/98 5-1/2% note--3/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399

03/31/98 5-1/2% note--3/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788

* 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 Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

Total amount

Date of Average rate issued Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks banks Corporations 1 brokers All other 2 

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

1 Exclusive of banks and insurance companies.

2 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. 

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992

02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616

03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463

46 PUBLIC DEBT OPERATIONS
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Mar. 31, 1998

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

 Accrued accrued Interest- non-interestSeries Sales 1 discount discount Redemptions 1 bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 347,810 193,193 541,003 357,332 181,141 5,007

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 . . . . . . . . . . . . . . . . . 862 689 1,551 1,195 272 -

Total . . . . . . . . . . . . . . . . . . . . . . . 384,573 196,259 580,832 396,799 181,413 5,011

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:

1935-93 . . . . . . . . . . 353,975 154,547 508,522 339,390 266,448 72,942 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 . . . . . . . . . . . . . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

Calendar years:

1935-94 . . . . . . . . . . 365,514 166,358 531,872 351,397 273,895 77,502 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 . . . . . . . . . . . . . 5,717 9,766 15,483 15,881 8,851 7,030 181,133 5,359

1997 - Mar. . . . . . . . . . 437 734 1,171 1,209 713 422 182,542 3,938

Apr. . . . . . . . . . 419 845 1,264 1,340 743 597 182,548 3,878

May . . . . . . . . . 421 684 1,105 1,175 633 542 182,547 3,807

June . . . . . . . . . 426 719 1,145 1,162 649 513 182,587 3,746

July. . . . . . . . . . 415 843 1,258 1,294 741 552 182,607 3,692

Aug. . . . . . . . . . 383 760 1,143 1,241 697 544 182,565 3,637

Sept.. . . . . . . . . 376 697 1,073 1,087 646 441 182,589 3,601

Oct. . . . . . . . . . 389 872 1,256 1,121 590 532 182,777 3,547

Nov. . . . . . . . . . 396 676 1,072 912 480 432 182,980 3,506

Dec. . . . . . . . . . 525 705 1,231 1,225 669 556 181,133 5,359

1998 - Jan . . . . . . . . . . 520 854 1,384 1,583 942 641 181,043 5,249

Feb. . . . . . . . . . 389 756 1,145 1,133 523 610 181,206 5,098

Mar. . . . . . . . . . 402 720 1,121 1,277 705 571 181,141 5,007

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

 Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1 discount 1 bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the ‘‘Treasury Bulletins’’ of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 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;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952-92 . . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

1997 . . . . . . . . . . . . . 10 - 10 893 893 - 1,254 12,294 17

Calendar years:

1952-93 . . . . . . . . . . 13,493 - 13,493 18,338 18,638 - 16,264 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 17 - 17 789 789 - 1,266 12,038 23

1997 . . . . . . . . . . . . . 44 - 44 926 926 - 1,210 12,331 23

1997 - Mar. . . . . . . . . . -8 - -8 83 83 - 121 12,143 20

Apr. . . . . . . . . . 2 - 2 86 86 - 107 12,167 19

May . . . . . . . . . -3 - -3 87 87 - 109 12,200 19

June . . . . . . . . . -4 - -4 88 88 - 106 12,230 18

July. . . . . . . . . . 8 - 8 80 80 - 99 12,257 18

Aug. . . . . . . . . . -8 - -8 74 74 - 101 12,276 18

Sept.. . . . . . . . . -1 - -1 67 67 - 87 12,294 17

Oct. . . . . . . . . . -6 - -6 74 74 - 91 12,305 17

Nov. . . . . . . . . . - - - 58 58 - 77 12,324 16

Dec. . . . . . . . . . - - - 70 70 - 84 12,331 23

1998 - Jan . . . . . . . . . . 9 - 9 85 85 - 95 12,352 22

Feb. . . . . . . . . . 1 - 1 78 78 - 99 12,374 21

Mar. . . . . . . . . . -1 - -1 85 85 - 107 12,397 20

Fiscal years:

1941-93 . . . . . . . . . . 312,414 151,035 463,449 282,523 212,025 74,073 16,262 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 . . . . . . . . . . . . . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

Calendar years:

1941-94 . . . . . . . . . . 316,038 163,890 479,928 286,937 218,754 75,093 17,119 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997 . . . . . . . . . . . . . 5,139 9,022 14,161 13,767 7,225 6,467 1,210 168,802 5,359

1997 - Mar. . . . . . . . . . 428 671 1,099 1,126 631 422 121 170,399 3,938

Apr. . . . . . . . . . 422 844 1,266 1,254 657 597 107 170,381 3,878

May . . . . . . . . . 419 684 1,103 1,100 558 542 109 170,348 3,807

June . . . . . . . . . 423 719 1,142 1,090 576 513 106 170,357 3,746

July. . . . . . . . . . 415 844 1,259 1,214 661 552 99 170,350 3,692

Aug. . . . . . . . . . 383 762 1,145 1,167 622 544 101 170,289 3,637

Sept.. . . . . . . . . 377 698 1,075 1,018 577 441 87 170,295 3,601

Oct. . . . . . . . . . 389 873 1,262 1,048 516 532 91 170,472 3,547

Nov. . . . . . . . . . 396 677 1,073 854 422 432 77 170,656 3,506

Dec. . . . . . . . . . 525 705 1,231 1,225 599 556 84 168,802 5,359

1998 - Jan . . . . . . . . . . 520 854 1,384 1,583 857 641 96 181,043 5,249

 Feb.. . . . . . . . . 389 756 1,145 1,133 445 610 99 181,206 5,098

 Mar.. . . . . . . . . 402 720 1,120 1,277 620 705 107 181,141 5,007

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, notes, and

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 49
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 . . . . . . . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1997 - Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,375,139 1,506,784 1,254 1,505,530 405,559

Apr. . . . . . . . . . . . . . . . . . . . 5,388,003 5,348,249 1,520,050 1,254 1,518,796 452,885

May . . . . . . . . . . . . . . . . . . . 5,379,245 5,308,468 1,529,099 1,254 1,527,845 412,569

June . . . . . . . . . . . . . . . . . . . 5,409,818 5,370,459 1,571,583 1,254 1,570,329 426,362

July . . . . . . . . . . . . . . . . . . . 5,406,995 5,367,593 1,570,183 1,254 1,568,929 414,157

Aug. . . . . . . . . . . . . . . . . . . . 5,437,927 5,367,587 1,571,058 1,254 1,569,804 419,947

Sept. . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

Oct. . . . . . . . . . . . . . . . . . . . 5,460,376 5,421,664 1,606,412 1,254 1,605,158 420,613

Nov. . . . . . . . . . . . . . . . . . . . 5,495,944 5,426,155 1,613,248 1,254 1,611,994 430,280

Dec. . . . . . . . . . . . . . . . . . . . 5,536,012 5,494,913 1,655,682 1,254 1,654,428 451,901

1998 - Jan. . . . . . . . . . . . . . . . . . . . 5,520,507 5,450,015 1,667,708 1,254 1,666,454 428,821

Feb. . . . . . . . . . . . . . . . . . . . 5,551,039 5,482,059 1,668,108 1,254 1,666,854 432,245

Mar. . . . . . . . . . . . . . . . . . . . 5,572,942 5,535,273 1,670,378 1,254 1,669,124 400,005

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)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994 . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997 . . . . . . . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1997 - Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,097,548 365,248 5,751 33,864 7,606 26,258

Apr. . . . . . . . . . . . . . . . . . . . 3,375,314 3,010,373 364,941 5,722 34,032 7,606 26,426

May . . . . . . . . . . . . . . . . . . . 3,366,800 3,002,074 364,725 36,494 34,284 7,606 26,678

June . . . . . . . . . . . . . . . . . . . 3,372,514 3,005,442 367,072 5,692 33,667 7,348 26,319

July . . . . . . . . . . . . . . . . . . . 3,383,253 3,017,683 365,570 5,635 33,766 7,348 26,418

Aug. . . . . . . . . . . . . . . . . . . . 3,376,582 3,009,567 367,015 36,834 33,507 7,348 26,159

Sept. . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

Oct. . . . . . . . . . . . . . . . . . . . 3,394,639 3,016,819 377,820 5,562 33,151 7,098 26,053

Nov. . . . . . . . . . . . . . . . . . . . 3,382,627 3,002,065 380,562 36,467 33,322 7,098 26,224

Dec. . . . . . . . . . . . . . . . . . . . 3,387,330 3,003,662 383,668 7,475 33,624 7,098 26,526

1998 - Jan. . . . . . . . . . . . . . . . . . . . 3,353,486 2,968,035 385,451 40,049 30,443 4,598 25,845

Feb. . . . . . . . . . . . . . . . . . . . 3,381,706 2,990,627 391,079 38,609 30,371 4,598 25,773

Mar. . . . . . . . . . . . . . . . . . . . 3,464,890 3,065,834 399,056 7,153 30,516 4,598 25,918

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 The "State and local governments" category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4 securities companies funds rations 5 ments 6 national 7 investors 8

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. . . . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. . . . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. . . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec.. . . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 r

 566.0 549.7 r 670.9

1993 - Mar. . . . . r

 2,895.2 310.2 r 2,585.0 297.7 163.6 134.1 208.0 77.9 199.3 r 582.6 564.2 r 655.3

June . . . . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 r

 594.7 567.7 r 663.6

Sept. . . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 r

 598.6 591.3 r 653.6

Dec.. . . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 r

 610.8 622.9 r 653.4

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. . . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 r

 567.7 655.8 r 731.0

Dec.. . . . . . 3,168.0 290.4 2,877.6 r

 331.1 180.5 150.7 240.1 67.6 224.5 r 541.0 r 688.7 r 784.6

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 r

 342.7 181.4 161.4 244.2 67.7 230.3 r 531.7 729.2 r 785.3

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 r

 488.6 784.2 r 798.1

Sept. . . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 r

 480.2 848.4 r 782.1

Dec.. . . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 r

 469.6 862.2 r 794.9

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 r

 479.1 936.6 r 781.8

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 229.5 r

 82.4 230.9 r 492.9 960.3 r 723.5

Sept. . . . . 3,386.2 r

 275.0 r 3,111.2 353.7 186.8 167.0 226.8 85.2 249.1 r 485.7 1,026.1 r 684.6

Dec.. . . . . . 3,411.2 r

 261.8 r 3,149.4 356.6 187.0 169.6 214.1 91.6 258.5 r 482.5 1,135.6 r 610.5

1997 - Mar. . . . . 3,451.7 282.3 3,169.4 355.4 186.5 168.9 214.3 r

 84.2 262.5 r 478.1 r 1,192.5 r 582.4

June . . . . 3,361.7 r

 265.9 r 3,095.8 355.4 186.3 169.1 r 217.7 77.4 261.0 r 488.3 r 1,221.9 r 474.2

Sept. . . . . 3,388.9 r

 261.8 r 3,127.1 354.8 186.2 168.6 r 222.7 75.8 266.5 r 486.8 r 1,266.0 r 454.5

Dec.. . . . . . 3,393.4 r

 269.8 r 3,123.6 354.9 186.5 168.4 r 224.9 r 88.9 265.0 r 493.0 r 1,278.0 r 418.8

1998 - Mar. . . . . 3,430.7 p

 275.0 3,155.7 p 352.1 p 186.3 p 165.8 p 225.5 p 84.8 p 268.1 p 494.6 p 1,288.0 p 442.5

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. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury

average yield is the 30-year constant maturity yield. The

corporate bond average yield is developed by Treasury by

calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors

Service. The municipal bond average yield prior to 1991 was

compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published

by Moody’s Investors Service for 20-year reoffering yields on

selected Aa-rated general obligations. See the footnotes for

further explanation.

Monthly average:

1997 - Apr.. . . . . . . . . . 5.30 5.60 5.99 6.45 6.61 6.76 6.86 6.89 7.09

May . . . . . . . . . . 5.20 5.53 5.87 6.28 6.42 6.57 6.66 6.71 6.94

June . . . . . . . . . 5.07 5.34 5.69 6.09 6.24 6.38 6.46 6.49 6.77

July . . . . . . . . . . 5.19 5.33 5.54 5.89 6.00 6.12 6.20 6.22 6.51

Aug . . . . . . . . . . 5.28 5.40 5.56 5.94 6.06 6.16 6.29 6.30 6.58

Sept. . . . . . . . . . 5.08 5.30 5.52 5.88 5.98 6.11 6.20 6.21 6.50

Oct. . . . . . . . . . . 5.11 5.30 5.46 5.77 5.84 5.93 6.05 6.03 6.33

Nov . . . . . . . . . . 5.28 5.38 5.46 5.71 5.76 5.80 5.90 5.88 6.11

Dec . . . . . . . . . . 5.30 5.45 5.53 5.72 5.74 5.77 5.83 5.81 5.99

1998 - Jan . . . . . . . . . . 5.18 5.23 5.24 5.36 5.38 5.42 5.53 5.54 5.81

Feb.. . . . . . . . . . 5.23 5.27 5.31 5.42 5.43 5.49 5.60 5.57 5.89

Mar.. . . . . . . . . . 5.16 5.25 5.39 5.56 5.57 5.61 5.71 5.65 5.95

End of month: 

1997 - Apr.. . . . . . . . . . 5.28 5.53 5.90 6.29 6.42 6.57 6.68 6.72 6.95

May . . . . . . . . . . 4.96 5.46 5.78 6.22 6.37 6.51 6.61 6.67 6.92

June . . . . . . . . . 5.25 5.34 5.67 6.08 6.25 6.40 6.49 6.51 6.80

July . . . . . . . . . . 5.25 5.33 5.45 5.74 5.81 5.90 5.99 6.02 6.30

Aug . . . . . . . . . . 5.24 5.39 5.59 5.97 6.10 6.22 6.33 6.34 6.61

Sept. . . . . . . . . . 5.06 5.28 5.47 5.80 5.88 6.00 6.11 6.12 6.41

Oct. . . . . . . . . . . 5.21 5.32 5.36 5.63 5.70 5.72 5.87 5.84 6.15

Nov . . . . . . . . . . 5.22 5.43 5.52 5.76 5.80 5.83 5.89 5.86 6.04

Dec . . . . . . . . . . 5.36 5.45 5.51 5.66 5.68 5.71 5.77 5.75 5.93

1998 - Jan . . . . . . . . . . 5.19 5.24 5.24 5.32 5.35 5.39 5.51 5.53 5.82

Feb.. . . . . . . . . . 5.32 5.33 5.41 5.55 5.55 5.59 5.67 5.62 5.92

Mar.. . . . . . . . . . 5.16 5.27 5.41 5.60 5.61 5.64 5.74 5.67 5.94

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

52 MARKET YIELDS
Years to Maturity

* Source: Office of Market Finance

CHART MY-A.--Yields of Treasury Securities,

Mar. 31, 1998 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon

issues due in less than 3 months are excluded.

MARKET YIELDS 53
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

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

54 MARKET YIELDS
1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

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

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

MARKET YIELDS 55
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.77 7.71 5.39

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.51 7.44 5.27

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.58 7.30 5.27

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.50 7.04 5.25

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.33 6.90 5.26

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.11 6.79 5.23

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.99 6.68 5.07

1998

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.81 6.62 4.93

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.89 6.66 4.96

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.95 6.63 5.10

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

* Source: Office of Market Finance

Aa Corporate Bonds

Treasury 30-yr. Bonds

Aa Municipal Bonds

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, 1998

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1 notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $578,754,228,818 $553,616,700,920 $553,090,040,787 $270,822,616 $255,837,517

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 262,467,444 9,038,219 8,827,757 20,739 189,723

Federal Reserve Banks . . . . . . . . 103,512,965,883 102,995,156,948 102,995,153,338 - 3,610

Amounts in circulation . . . . . . . . . . . $474,978,795,491 $450,612,505,753 $450,086,059,692 $270,801,877 $255,644,184

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $25,137,527,898 $2,024,703,898 $23,112,824,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 253,429,225 46,161,259 207,267,966

Federal Reserve Banks . . . . . . . . 517,808,935 58,910,442 458,898,493

Amounts in circulation . . . . . . . . . . . $24,366,289,738 $1,919,632,197 $22,446,657,541

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,428,507,478 $6,281,226,920 $143,481 $147,137,077

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,295,750 1,001,789,322 132,493,966 12,462

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,446,247,295 7,304,074,560 110,362,210 31,810,525

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,283,351,020 13,260,796,620 5,950 22,548,450

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,716,154,960 82,696,050,520 3,380 20,101,060

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,687,063,750 46,675,569,850 - 11,493,900

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,600,123,900 292,550,339,900 27,792,800 21,991,200

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,177,000 143,989,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,389,000 167,183,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,440,000 3,340,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . $450,612,505,753 $450,086,059,692 $270,801,877 $255,644,184

Mar. 31, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . $474,979 $1,762.42

Feb. 28, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,939 1,752.25

Jan. 31, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,245 1,739.51

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, 1998

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1 notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation-- (in millions) capita 5

selected dates (1) (2)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59
60

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61

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62

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TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1 stock 2 rights 1, 3 currencies 4 Fund 1, 5

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

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996. . . . . . . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660

May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962

June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805

July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677

Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959

Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042

Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243

Nov. . . . . . . . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571

Dec. . . . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071

1998 - Jan.. . . . . . . . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039

Feb. . . . . . . . . . . . . . . . . . . 70,632 11,050 10,217 31,230 18,135

Mar. . . . . . . . . . . . . . . . . . . 69,353 11,049 10,108 30,220 17,976

Apr.. . . . . . . . . . . . . . . . . . . 70,328 11,048 10,188 30,874 18,218

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 also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve

position in the IMF automatically if needed. Under appropriate conditions, the United States

could purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners, and its

international financial position. All monetary figures are in

dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the

Special Drawing Account in the International Monetary Fund

(IMF), holdings of convertible foreign currencies, and reserve

position in the IMF.

• Table IFS-2 contains statistics on liabilities to foreign

official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

the Treasury issues to official institutions and other residents

of foreign countries.

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)

1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995 . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055

1996 . . . . . . . . . . 2,185,162 733,311 312,019 379,538 5,968 35,786 796,578 630,601 141,322 489,279 24,672

1997 - Mar. r . . . . 2,267,048 764,437 317,013 404,435 6,084 36,905 805,303 674,240 147,500 526,740 23,068

Apr. r. . . . . 2,300,585 759,346 305,470 411,390 5,692 36,794 818,670 698,209 153,164 545,045 24,360

May r . . . . 2,320,032 763,835 305,689 414,997 5,730 37,419 826,711 705,795 157,171 548,624 23,691

June r . . . . 2,334,609 758,690 289,787 425,388 5,767 37,748 836,817 713,662 153,399 560,263 25,440

July r. . . . . 2,354,220 759,073 291,167 422,975 5,805 39,126 843,515 728,080 163,001 565,079 23,552

Aug. r . . . . 2,371,035 770,866 294,181 431,210 5,843 39,632 839,376 738,674 157,471 581,203 22,119

Sept. r. . . . 2,405,452 781,123 299,886 434,301 5,879 41,057 843,936 756,894 163,994 592,900 23,499

Oct. r. . . . . 2,448,648 776,112 307,087 421,453 5,918 41,654 852,254 794,911 172,069 622,842 25,371

Nov. . . . . . 2,478,918 768,660 297,898 423,284 5,955 41,523 884,865 801,047 164,547 636,500 24,346

Dec. . . . . . 2,508,756 753,479 283,327 422,917 5,994 41,241 931,805 801,433 172,354 629,079 22,039

1998 - Jan. . . . . . 2,496,743 756,501 286,120 421,728 6,033 42,620 907,833 809,998 174,740 635,258 22,411

Feb. p . . . . 2,524,193 756,094 283,495 422,970 6,069 43,560 913,276 827,334 183,227 644,107 27,489

Mar. p . . . . 2,494,024 765,772 286,610 429,104 6,110 43,948 878,721 821,483 188,396 633,087 28,048

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)

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997 - Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140

Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147

May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155

June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163

July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171

Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179

Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186

Oct.. . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194

Nov. . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202

Dec. . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211

1998 - Jan. . . . . . . . . . . . . . . . . . 6,033 6,033 1,097 3,717 1,219

Feb. . . . . . . . . . . . . . . . . . 6,069 6,069 1,103 3,740 1,226

Mar. . . . . . . . . . . . . . . . . . 6,110 6,110 1,110 3,765 1,235

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Beginning March 1990, indicates current value of zero-coupon, 30 year maturity Treasury bond

issue to the government of Mexico. The remaining face value of the issue is $20,412 million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 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.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit

claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices), and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

• Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

reported by banks, brokers, and other entities in the United

66 CAPITAL MOVEMENTS
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)

1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 . . . . . . . . . . . . . . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 - Mar. r . . . . . . . . 1,283,706 317,013 317,013 - 952,803 844,364 108,439 13,890 12,227 1,663 350,706 76,613

Apr. r. . . . . . . . . 1,292,026 305,470 305,470 - 971,834 863,395 108,439 14,722 13,059 1,663 346,041 76,613

May r . . . . . . . . 1,303,781 305,689 305,689 - 983,882 875,443 108,439 14,210 12,547 1,663 349,796 76,613

June r . . . . . . . . 1,295,012 289,787 289,787 - 990,216 881,049 109,167 15,009 13,952 1,057 359,015 74,532

July r. . . . . . . . . 1,310,536 291,167 291,167 - 1,006,516 897,349 109,167 12,853 11,796 1,057 362,041 74,532

Aug. r . . . . . . . . 1,302,654 294,181 294,181 - 996,847 887,680 109,167 11,626 10,569 1,057 366,041 74,532

Sept. r. . . . . . . . 1,320,436 299,886 299,886 - 1,007,930 888,639 119,291 12,620 11,806 814 359,659 85,285

Oct. r. . . . . . . . . 1,346,138 307,087 307,087 - 1,024,323 905,032 119,291 14,728 13,914 814 379,345 85,285

Nov. . . . . . . . . . 1,360,593 297,898 297,898 - 1,049,412 930,121 119,291 13,283 12,469 814 388,989 85,285

Dec. . . . . . . . . . 1,400,072 283,327 283,327 - 1,104,159 988,617 115,542 12,586 11,390 1,196 407,336 85,434

1998 - Jan . . . . . . . . . . 1,381,129 286,120 286,120 - 1,082,573 967,031 115,542 12,436 11,240 1,196 386,385 85,434

Feb. p . . . . . . . . 1,397,646 283,495 283,495 - 1,096,503 980,961 115,542 17,648 16,452 1,196 390,834 85,434

Mar. p . . . . . . . . 1,370,738 286,610 286,610 - 1,067,117 951,575 115,542 17,011 15,815 1,196 373,608 85,434

 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.

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. This is because the path

of a security is not tracked prior to its being purchased from,

or after it is sold to, a foreigner in a reportable transaction. That

is, before it enters and after it departs the reporting system,

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.

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)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 . . . . . . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 . . . . . . . . . . . . . . . . . . . . . . . . 13,972 29 5,784 352 7,807

1997 - Mar. . . . . . . . . . . . . . . . . . . . 12,227 49 6,952 246 4,980

Apr. . . . . . . . . . . . . . . . . . . . 13,059 30 5,238 174 7,617

May . . . . . . . . . . . . . . . . . . . 12,547 16 4,857 122 7,552

June . . . . . . . . . . . . . . . . . . . 13,952 775 6,669 65 6,443

July . . . . . . . . . . . . . . . . . . . 11,796 86 4,726 47 6,937

Aug. . . . . . . . . . . . . . . . . . . . 10,569 217 4,879 166 5,307

Sept. . . . . . . . . . . . . . . . . . . 11,806 771 5,967 53 5,015

Oct. . . . . . . . . . . . . . . . . . . . 13,914 36 5,161 148 8,569

Nov. . . . . . . . . . . . . . . . . . . . 12,469 43 6,310 46 6,070

Dec. . . . . . . . . . . . . . . . . . . . 11,390 16 5,466 69 5,839

1998 - Jan . . . . . . . . . . . . . . . . . . . . 11,240 175 5,023 85 5,957

Feb. p. . . . . . . . . . . . . . . . . . 16,452 74 5,416 149 10,813

Mar. p. . . . . . . . . . . . . . . . . . 15,815 98 5,987 247 9,483

1 Includes Bank for International Settlements. 

2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2 icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 . . . . . . . . . . . . . . . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 . . . . . . . . . . . . . . . 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 - Mar. . . . . . . . . . . 1,161,377 2,368 32,691 196,219 85,735 13,014 87,692 19,088 163,530 413,540 12,244 61,444 14,521 59,291

Apr. . . . . . . . . . . 1,168,865 2,341 33,428 186,432 83,269 14,451 82,414 19,567 172,174 421,625 12,430 61,652 15,214 63,868

May . . . . . . . . . . 1,181,132 1,855 36,677 178,366 88,791 12,686 80,273 14,127 171,694 439,492 11,647 61,276 15,279 68,969

June r. . . . . . . . . 1,170,836 1,482 39,901 163,950 84,454 14,800 79,231 27,115 187,820 418,684 12,488 61,105 14,662 65,144

July r . . . . . . . . . 1,188,516 1,711 42,245 161,270 85,941 13,700 80,031 28,642 199,158 412,817 12,158 62,350 12,671 75,822

Aug. r . . . . . . . . . 1,181,861 2,181 40,418 165,453 86,129 13,323 81,790 30,629 195,458 409,009 11,369 63,395 12,873 69,834

Sept. r . . . . . . . . 1,188,525 1,745 39,984 161,610 96,547 13,852 76,683 30,012 192,137 411,961 11,964 65,206 14,271 72,553

Oct. r . . . . . . . . . 1,212,119 2,034 41,770 153,283 110,000 18,354 83,162 33,085 194,889 403,473 13,079 63,658 13,699 81,633

Nov. . . . . . . . . . . 1,228,019 1,891 39,716 150,102 106,189 21,316 84,621 32,995 200,990 425,652 12,440 61,323 13,333 77,451

Dec. . . . . . . . . . . 1,271,944 2,314 41,120 148,301 91,592 17,527 83,770 31,915 198,100 484,951 12,247 68,151 13,040 78,916

1998 - Jan. . . . . . . . . . . 1,253,151 1,682 38,306 145,609 100,523 15,974 79,573 27,607 207,036 462,101 11,885 64,817 11,580 86,458

Feb. p. . . . . . . . . 1,264,456 1,910 36,842 144,324 100,419 16,084 75,789 30,620 200,592 474,649 11,619 65,450 11,471 94,687

Mar. p . . . . . . . . 1,238,185 2,051 39,360 153,335 91,864 18,330 71,040 28,499 206,511 438,799 11,962 66,974 9,490 99,970

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 1997 1998

Country 1994 1995 1996 Nov. Dec. Jan. Feb. p Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,109 4,269 5,688 2,942 3,388 3,458 3,445 3,041

Belgium-Luxembourg. . . . . . . . . . 26,475 31,298 31,085 52,373 46,246 44,257 43,417 38,488

Bulgaria . . . . . . . . . . . . . . . . . . . . 611 752 418 945 729 692 696 756

Czech Republic . . . . . . . . . . . . . . 953 1,667 653 475 1,324 755 663 649

Denmark. . . . . . . . . . . . . . . . . . . . 3,137 3,517 2,905 2,436 1,903 2,014 1,604 1,483

Finland . . . . . . . . . . . . . . . . . . . . . 1,569 3,035 2,031 2,796 2,869 2,800 2,759 2,172

France . . . . . . . . . . . . . . . . . . . . . 52,816 49,220 42,540 52,105 52,148 50,314 50,531 49,600

Germany . . . . . . . . . . . . . . . . . . . 32,356 31,065 31,778 29,894 30,589 28,840 30,142 27,672

Greece . . . . . . . . . . . . . . . . . . . . . 1,409 2,039 1,845 1,236 1,521 1,682 1,669 1,994

Hungary . . . . . . . . . . . . . . . . . . . . 1,095 2,055 1,142 1,472 1,064 675 810 843

Ireland . . . . . . . . . . . . . . . . . . . . . 1,987 2,615 2,021 3,786 4,376 4,776 4,842 5,920

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,419 16,045 15,690 14,082 15,498 13,974 13,924 13,748

Netherlands . . . . . . . . . . . . . . . . . 17,259 14,993 12,258 7,982 8,359 7,261 8,017 9,182

Norway . . . . . . . . . . . . . . . . . . . . . 2,339 1,424 1,464 1,848 341 979 869 370

Poland . . . . . . . . . . . . . . . . . . . . . 2,316 5,690 5,546 5,025 5,112 5,265 6,086 6,216

Portugal . . . . . . . . . . . . . . . . . . . . 2,997 2,916 3,664 2,108 3,736 2,989 2,911 2,900

Romania. . . . . . . . . . . . . . . . . . . . 529 246 275 966 734 827 781 803

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,726 7,948 7,625 6,943 7,979 5,584 6,129 6,477

Spain . . . . . . . . . . . . . . . . . . . . . . 15,612 11,960 20,526 22,172 19,878 20,302 21,026 17,208

Sweden . . . . . . . . . . . . . . . . . . . . 3,157 3,376 2,168 2,473 2,834 2,621 3,261 3,173

Switzerland. . . . . . . . . . . . . . . . . . 42,126 46,210 47,402 47,950 46,300 44,382 44,224 42,778

Turkey . . . . . . . . . . . . . . . . . . . . . 3,378 4,311 6,813 4,305 4,068 3,673 4,061 4,168

United Kingdom . . . . . . . . . . . . . . 187,081 161,112 182,035 207,134 212,790 207,343 222,067 205,034

Yugoslavia 2 . . . . . . . . . . . . . . . . . 245 177 295 234 239 292 244 236

Other Europe . . . . . . . . . . . . . . . . 20,966 14,255 13,331 18,832 14,251 13,488 13,354 13,270

Total Europe . . . . . . . . . . . . . . . 440,667 422,195 441,198 492,514 488,276 469,243 487,532 458,181

Canada . . . . . . . . . . . . . . . . . . . . . . 26,523 32,002 41,438 35,884 33,185 33,879 34,314 31,976

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 17,273 12,356 13,971 18,435 20,279 19,295 18,358 18,915

Bahamas . . . . . . . . . . . . . . . . . . . 104,934 96,525 90,244 94,026 114,319 119,559 112,880 111,144

Bermuda. . . . . . . . . . . . . . . . . . . . 8,631 4,956 5,813 6,183 7,138 6,506 8,510 8,500

Brazil . . . . . . . . . . . . . . . . . . . . . . 9,292 24,317 27,749 33,110 31,407 32,227 33,396 34,387

British West Indies . . . . . . . . . . . . 237,571 249,273 259,860 277,719 283,441 273,075 277,912 267,382

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,174 2,891 3,050 3,349 4,126 4,568 4,504 4,050

Colombia . . . . . . . . . . . . . . . . . . . 4,674 3,747 3,279 3,357 3,668 3,600 3,895 4,192

Cuba. . . . . . . . . . . . . . . . . . . . . . . 13 8 21 57 66 63 58 55

Ecuador . . . . . . . . . . . . . . . . . . . . 886 1,323 1,779 1,709 2,084 1,873 2,003 1,761

Guatemala . . . . . . . . . . . . . . . . . . 1,136 1,289 1,287 1,364 1,497 1,495 1,385 1,440

Jamaica . . . . . . . . . . . . . . . . . . . . 541 498 652 468 475 474 462 456

Mexico . . . . . . . . . . . . . . . . . . . . . 12,392 24,611 32,396 34,236 35,295 34,553 34,934 36,970

Netherlands Antilles . . . . . . . . . . . 5,748 5,185 6,388 5,918 5,446 6,138 5,778 11,709

Panama . . . . . . . . . . . . . . . . . . . . 4,775 4,412 4,198 4,360 4,269 3,949 4,115 3,986

Peru . . . . . . . . . . . . . . . . . . . . . . . 913 987 847 916 901 884 920 886

Trinidad and Tobago . . . . . . . . . . 641 456 601 605 597 570 531 467

Uruguay . . . . . . . . . . . . . . . . . . . . 1,649 1,869 1,907 2,274 2,403 2,222 2,268 2,249

Venezuela . . . . . . . . . . . . . . . . . . 14,504 12,117 17,566 22,396 21,771 22,509 22,057 21,647

Other Latin America

 and Caribbean . . . . . . . . . . . . . 6,115 7,241 8,176 8,392 9,068 8,914 9,066 9,810

Total Latin America

and Caribbean. . . . . . . . . . . . 434,862 454,061 479,784 518,874 548,250 542,474 543,032 540,006

See footnotes at end of table.

CAPITAL MOVEMENTS 69
Calendar year 1997 1998

Country 1994 1995 1996 Nov. Dec. Jan. Feb. p Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 10,066 33,765 30,438 17,433 18,252 20,153 18,575 20,743

Taiwan . . . . . . . . . . . . . . . . . . . 9,971 11,743 16,018 13,610 11,779 12,955 12,961 13,638

Hong Kong . . . . . . . . . . . . . . . . . . 17,956 22,588 19,443 20,402 19,216 19,496 19,291 19,309

India . . . . . . . . . . . . . . . . . . . . . . . 2,340 3,378 3,932 4,937 4,574 5,338 5,272 5,593

Indonesia . . . . . . . . . . . . . . . . . . . 1,610 2,743 2,307 3,139 3,616 2,971 3,051 4,077

Israel . . . . . . . . . . . . . . . . . . . . . . 5,160 4,064 6,062 3,747 6,282 7,191 7,198 7,591

Japan . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 158,076 171,576 166,860 168,601 165,875

Korea . . . . . . . . . . . . . . . . . . . . . . 5,176 5,797 6,009 10,136 13,006 11,750 12,577 11,280

Lebanon . . . . . . . . . . . . . . . . . . . . 503 631 1,180 1,200 1,102 1,272 1,020 849

Malaysia. . . . . . . . . . . . . . . . . . . . 1,704 2,415 2,048 1,802 1,737 2,089 1,703 2,099

Pakistan . . . . . . . . . . . . . . . . . . . . 1,309 1,703 996 1,874 1,335 982 1,193 1,312

Philippines . . . . . . . . . . . . . . . . . . 2,722 3,100 3,383 2,567 3,255 2,535 2,877 3,014

Singapore. . . . . . . . . . . . . . . . . . . 8,537 11,564 10,794 19,739 18,412 24,381 18,895 20,770

Syria. . . . . . . . . . . . . . . . . . . . . . . 608 858 53 77 35 50 35 38

Thailand . . . . . . . . . . . . . . . . . . . . 6,475 12,291 10,921 5,828 6,505 5,862 4,680 9,077

Oil-exporting countries 3 . . . . . . . . 15,547 16,057 16,784 14,358 15,480 16,580 16,473 16,741

Other Asia . . . . . . . . . . . . . . . . . . 3,315 2,413 2,804 3,731 3,873 4,673 4,392 4,032

Total Asia . . . . . . . . . . . . . . . . . 180,303 274,166 271,320 282,656 300,035 305,138 298,794 306,038

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,886 2,137 2,013 1,837 1,667 1,953 1,674 1,453

Ghana . . . . . . . . . . . . . . . . . . . . . 233 229 251 259 302 257 183 285

Liberia . . . . . . . . . . . . . . . . . . . . . 323 368 351 258 257 270 313 279

Morocco . . . . . . . . . . . . . . . . . . . . 97 104 112 69 138 131 73 88

South Africa . . . . . . . . . . . . . . . . . 440 810 517 1,681 2,163 1,690 1,830 2,552

Zaire. . . . . . . . . . . . . . . . . . . . . . . 9 10 10 5 10 7 4 10

Oil-exporting countries 4

. . . . . . . . 1,381 1,837 2,630 3,136 3,143 3,553 3,562 4,358

Other Africa . . . . . . . . . . . . . . . . . 2,223 2,271 2,306 2,541 2,766 2,529 2,130 2,459

Total Africa . . . . . . . . . . . . . . . . 6,592 7,766 8,190 9,786 10,446 10,390 9,769 11,484

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,250 5,732 6,511 6,376 6,377 6,458 5,539 5,062

All other . . . . . . . . . . . . . . . . . . . . 915 1,163 1,478 1,220 917 1,111 1,018 980

Total other countries . . . . . . . . . 6,165 6,895 7,989 7,596 7,294 7,569 6,557 6,042

Total foreign countries. . . . . . 1,095,112 1,197,085 1,249,919 1,347,310 1,387,486 1,368,693 1,379,998 1,353,727

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 7,888 10,179 13,459 11,617 11,292 11,091 15,934 15,975

European regional . . . . . . . . . . . . 53 119 60 166 111 118 135 197

Latin American regional . . . . . . . . 798 1,152 1,643 1,104 493 1,044 1,286 605

Asian regional . . . . . . . . . . . . . . . 194 194 157 263 562 139 255 179

African regional . . . . . . . . . . . . . . 170 496 281 133 123 44 38 45

Middle Eastern regional . . . . . . . . 39 37 36 - 5 - - 10

Total international

and regional. . . . . . . . . . . . . . 9,142 12,177 15,636 13,283 12,586 12,436 17,648 17,011

Grand total. . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,360,593 1,400,072 1,381,129 1,397,646 1,370,738

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

70 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 3,041 2,370 671 1,789 581 98 734 170 991 188 24 144 6 15 16

Belgium-Luxembourg. . . 38,488 33,249 5,239 12,937 20,312 597 2,485 7,723 12,112 5,781 199 501 252 3,599 329

Bulgaria . . . . . . . . . . . . . 756 756 - 105 651 8 30 651 62 - - 5 - - -

Czech Republic . . . . . . . 649 620 29 435 185 33 67 180 249 18 3 65 5 - -

Denmark. . . . . . . . . . . . . 1,483 1,094 389 548 546 27 114 91 770 63 13 12 2 2 155

Finland . . . . . . . . . . . . . . 2,172 1,549 623 661 888 15 282 786 266 105 9 13 - 73 27

France . . . . . . . . . . . . . . 49,600 44,059 5,541 31,620 12,439 373 6,157 9,183 4,198 20,500 270 559 23 2,796 732

Germany . . . . . . . . . . . . 27,672 20,820 6,852 16,890 3,930 823 2,699 2,075 8,449 3,589 216 684 70 2,215 1,623

Greece . . . . . . . . . . . . . . 1,994 1,988 6 1,054 934 100 108 870 428 85 44 288 11 54 24

Hungary . . . . . . . . . . . . . 843 840 3 200 640 37 - 34 752 6 3 8 - - -

Ireland . . . . . . . . . . . . . . 5,920 5,113 807 2,348 2,765 236 200 440 1,501 97 95 189 268 2,087 352

Italy. . . . . . . . . . . . . . . . . 13,748 9,628 4,120 8,729 899 418 2,488 456 4,358 1,261 148 323 9 167 81

Netherlands . . . . . . . . . . 9,182 8,208 974 5,238 2,970 314 1,659 452 2,617 1,865 178 217 74 832 248

Norway. . . . . . . . . . . . . . 370 346 24 249 97 48 27 43 154 7 20 14 1 32 1

Poland . . . . . . . . . . . . . . 6,216 6,130 86 3,780 2,350 52 144 2,332 3,129 192 2 7 1 271 -

Portugal . . . . . . . . . . . . . 2,900 1,426 1,474 923 503 54 459 362 119 178 17 110 7 120 3

Romania. . . . . . . . . . . . . 803 802 1 322 480 16 18 480 232 49 4 3 - - -

Russia 4 . . . . . . . . . . . . . 6,477 6,466 11 2,517 3,949 92 17 3,400 2,735 37 13 158 - 14 8

Spain . . . . . . . . . . . . . . . 17,208 16,319 889 9,485 6,834 202 605 2,781 10,169 1,310 102 798 50 302 328

Sweden . . . . . . . . . . . . . 3,173 1,967 1,206 1,162 805 47 719 404 187 74 26 64 186 260 25

Switzerland. . . . . . . . . . . 42,778 35,736 7,042 19,078 16,658 749 1,168 6,953 12,262 12,139 223 656 799 787 4,706

Turkey . . . . . . . . . . . . . . 4,168 4,154 14 1,516 2,638 101 207 2,589 730 303 20 198 2 4 16

United Kingdom . . . . . . . 205,034 174,148 30,886 159,690 14,458 2,918 25,508 3,126 19,692 97,488 1,189 1,768 1,319 21,140 5,339

Yugoslavia 5 . . . . . . . . . . 236 236 - 235 1 16 1 - 156 - 1 9 - 53 1

Other Europe . . . . . . . . . 13,270 12,368 902 9,897 2,471 163 5,411 1,162 4,823 274 86 365 40 44 864

Total Europe . . . . . . . . 458,181 390,392 67,789 291,408 98,984 7,537 51,307 46,743 91,141 145,609 2,905 7,158 3,125 34,867 14,878

Canada . . . . . . . . . . . . . . . 31,976 27,132 4,844 20,830 6,302 606 3,312 2,760 3,760 11,561 828 1,739 185 2,381 245

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 18,915 18,835 80 13,981 4,854 283 6,805 4,092 1,281 240 565 4,630 153 786 163

Bahamas . . . . . . . . . . . . 111,144 109,042 2,102 84,301 24,741 55 2,645 211 24,957 72,950 140 1,509 486 6,089 1,199

Bermuda. . . . . . . . . . . . . 8,500 8,273 227 4,256 4,017 38 604 485 2,292 37 47 266 808 3,696 101

Brazil . . . . . . . . . . . . . . . 34,387 34,017 370 30,906 3,111 881 15,694 472 12,205 446 619 3,301 69 330 163

British West Indies . . . . . 267,382 260,330 7,052 154,814 105,516 69 4,287 101 94,195 117,556 497 7,678 2,033 33,914 957

Chile. . . . . . . . . . . . . . . . 4,050 3,996 54 3,359 637 268 184 99 783 491 236 1,564 117 254 75

Colombia . . . . . . . . . . . . 4,192 4,176 16 4,014 162 53 295 - 912 92 244 2,490 7 83 148

Cuba. . . . . . . . . . . . . . . . 55 55 - 55 - 1 - - 7 - - 41 - 6 -

Ecuador . . . . . . . . . . . . . 1,761 1,755 6 1,399 356 115 171 - 586 83 156 604 12 28 18

Guatemala . . . . . . . . . . . 1,440 1,437 3 1,372 65 68 215 - 158 56 129 756 7 48 36

Jamaica . . . . . . . . . . . . . 456 431 25 421 10 28 137 4 91 31 30 104 3 3 1

Mexico . . . . . . . . . . . . . . 36,970 35,647 1,323 20,586 15,061 167 4,284 9,773 8,177 1,198 1,155 9,409 362 1,122 534

Netherlands Antilles . . . . 11,709 11,348 361 10,417 931 92 223 14 359 294 42 633 564 9,127 192

Panama . . . . . . . . . . . . . 3,986 3,958 28 3,536 422 66 354 4 259 844 202 1,760 100 369 76

Peru . . . . . . . . . . . . . . . . 886 878 8 842 36 37 20 - 59 26 97 607 8 24 20

Trinidad and Tobago . . . 467 466 1 445 21 12 101 - 171 7 23 133 3 16 4

Uruguay . . . . . . . . . . . . . 2,249 2,228 21 2,096 132 50 126 3 445 639 80 751 24 110 61

Venezuela . . . . . . . . . . . 21,647 21,477 170 14,595 6,882 223 2,190 4,865 3,932 220 1,225 8,349 102 371 159

Other Latin America

and Caribbean . . . . . . 9,810 9,772 38 8,380 1,392 295 2,289 748 1,469 300 605 3,290 103 673 242

Total Latin America

and Caribbean. . . . . 540,006 528,121 11,885 359,775 168,346 2,801 40,624 20,871 152,338 195,510 6,092 47,875 4,961 57,049 4,149

TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 71
Asia:

China:

Mainland . . . . . . . . . . . 20,743 20,743 - 5,220 15,523 202 1,209 7,533 10,457 687 53 288 16 298 136

Taiwan . . . . . . . . . . . . 13,638 13,619 19 9,458 4,161 307 2,112 3,768 4,406 657 230 1,833 32 274 176

Hong Kong . . . . . . . . . . . 19,309 17,815 1,494 13,783 4,032 524 1,263 199 3,252 6,287 332 3,417 368 2,173 37

India . . . . . . . . . . . . . . . . 5,593 5,586 7 2,429 3,157 251 46 2,580 1,050 1,192 41 219 1 206 36

Indonesia . . . . . . . . . . . . 4,077 4,015 62 1,811 2,204 248 31 2,160 587 713 48 219 1 8 9

Israel . . . . . . . . . . . . . . . 7,591 7,590 1 2,657 4,933 99 89 4,197 1,260 760 68 804 55 258 247

Japan . . . . . . . . . . . . . . . 165,875 137,700 28,175 60,114 77,586 1,315 2,927 73,231 7,762 49,857 338 732 393 1,145 1,494

Korea . . . . . . . . . . . . . . . 11,280 11,233 47 7,500 3,733 369 706 1,354 2,850 5,563 31 214 15 131 63

Lebanon . . . . . . . . . . . . . 849 849 - 814 35 45 182 - 515 11 7 55 12 22 19

Malaysia. . . . . . . . . . . . . 2,099 2,031 68 1,509 522 176 - 507 686 345 18 298 1 - -

Pakistan . . . . . . . . . . . . . 1,312 1,304 8 833 471 66 46 421 315 398 12 41 - 5 2

Philippines . . . . . . . . . . . 3,014 3,009 5 2,125 884 391 217 110 1,444 211 75 524 1 36 35

Singapore. . . . . . . . . . . . 20,770 20,346 424 17,790 2,556 1,528 2,909 1,256 3,845 9,948 336 331 121 72 8

Syria. . . . . . . . . . . . . . . . 38 38 - 35 3 4 1 - 6 - 5 19 3 - -

Thailand . . . . . . . . . . . . . 9,077 9,073 4 1,625 7,448 486 54 7,378 345 691 21 97 1 - -

Other Asia . . . . . . . . . . . 20,773 20,250 523 16,632 3,618 608 2,227 2,642 5,667 7,867 142 440 85 572 290

Total Asia . . . . . . . . . . 306,038 275,201 30,837 144,335 130,866 6,619 14,019 107,336 44,447 85,187 1,757 9,531 1,105 5,200 2,552

Africa

Egypt . . . . . . . . . . . . . . . 1,453 1,449 4 796 653 64 160 543 518 70 14 48 2 30 12

Ghana . . . . . . . . . . . . . . 285 285 - 257 28 30 34 25 149 14 10 20 - 3 3

Liberia . . . . . . . . . . . . . . 279 277 2 172 105 1 - 2 3 - 26 138 66 41 18

Morocco . . . . . . . . . . . . . 88 88 - 74 14 15 9 - 43 6 2 12 - 1 -

South Africa . . . . . . . . . . 2,552 2,547 5 966 1,581 106 123 1,535 640 3 23 51 5 61 2

Zaire. . . . . . . . . . . . . . . . 10 10 - 9 1 2 - - 1 6 1 - - - -

Other Africa . . . . . . . . . . 6,817 6,729 88 5,557 1,172 2,074 672 1,130 2,028 410 126 186 2 101 31

Total Africa . . . . . . . . . 11,484 11,385 99 7,831 3,554 2,292 998 3,235 3,382 509 202 455 75 237 66

Other countries:

Australia . . . . . . . . . . . . . 5,062 4,989 73 2,559 2,430 508 133 796 2,809 302 132 71 24 214 478

All other . . . . . . . . . . . . . 980 965 15 831 134 18 7 93 498 121 46 145 15 22 16

Total other

countries . . . . . . . . . 6,042 5,954 88 3,390 2,564 526 140 889 3,307 423 178 216 39 236 494

Total foreign

countries. . . . . . . . 1,353,727 1,238,185 115,542 827,569 410,616 20,381 110,400 181,834 298,375 438,799 11,962 66,974 9,490 99,970 22,384

International and 

regional orgs.:

International . . . . . . . . . . 15,975 14,900 1,075 14,730 170 77 5,770 123 8,930 - - - - - -

European regional . . . . . 197 145 52 21 124 7 - 124 14 - - - - - -

Latin American

regional . . . . . . . . . . . . 605 536 69 534 2 3 215 - 318 - - - - - -

Asian regional . . . . . . . . 179 179 - 154 25 - - - 179 - - - - - -

African regional . . . . . . . 45 45 - 45 - 1 2 - 42 - - - - - -

Middle Eastern

regional . . . . . . . . . . . . 10 10 - 10 - 10 - - - - - - - - -

Total international

and regional. . . . . . . 17,011 15,815 1,196 15,494 321 98 5,987 247 9,483 - - - - - -

Grand total . . . . . . 1,370,738 1,254,000 116,738 843,063 410,937 20,479 116,387 182,081 307,858 438,799 11,962 66,974 9,490 99,970 22,384

1 These data as of Dec. 31, 1997. 

2 Excludes negotiable time certificates of deposit, which are included in ‘‘Other liabilities.’’ 

3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in ‘‘Other Asia’’ and ‘‘Other Africa’’ amount to $1,700 million. 

4 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

5 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

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)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1994 1995 1996 1997 March 1998

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 187,081 161,112 182,035 212,790 205,034 

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 253,586 261,083 259,163 275,486 253,147 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 361,659 360,351 366,503 414,613 402,721 

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 171,576 165,875 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,999 135,110 133,172 128,459 140,163 

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,629 1,056,712 1,079,021 1,202,924 1,166,940 

All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 121,625 152,550 186,534 197,148 203,798 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,400,072 1,370,738 

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 1996 1997

Type of claim 1995 June Sept. Dec. Mar. r June r Sept. Dec. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 732,482 763,085 820,915 881,463 909,295 926,780 949,175

Payable in dollars. . . . . . . . . . . . . . . . . . 655,211 659,103 687,575 743,919 798,536 813,725 825,412 857,967

Banks’ own claims on foreigners . . . . 532,444 535,064 543,982 599,925 636,564 651,468 655,419 708,233

Foreign public borrowers. . . . . . . . . 22,518 23,036 23,075 22,216 28,838 29,400 28,875 20,660

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 37,771 34,131 35,376 33,826 39,225 37,586 31,056 31,042

Other . . . . . . . . . . . . . . . . . . . . . . 63,824 71,382 74,180 79,856 79,223 81,959 73,688 78,182

Own foreign offices. . . . . . . . . . . . . . . 307,427 306,555 310,708 341,574 360,341 379,426 374,452 431,685

All other foreigners . . . . . . . . . . . . . . . 100,904 99,960 100,643 122,453 128,937 123,097 147,348 146,664

Claims of banks’

domestic customers . . . . . . . . . . . . 122,767 124,039 143,593 143,994 161,972 162,257 169,993 149,734

Deposits . . . . . . . . . . . . . . . . . . . . . 58,519 70,403 80,695 77,657 95,147 94,591 100,460 73,110

Negotiable and readily

transferable instruments. . . . . . . . . 44,161 37,331 46,491 51,207 49,518 50,301 51,514 53,967

Collections and other. . . . . . . . . . . . 20,087 16,305 16,407 15,130 17,307 17,365 18,019 22,657

Payable in foreign currencies. . . . . . . . . 80,161 73,379 75,510 76,996 82,927 95,570 101,368 91,208

Banks’ own claims on foreigners . . . . 74,016 65,825 68,120 66,018 72,731 85,305 91,158 82,732

Claims of banks’

domestic customers . . . . . . . . . . . . 6,145 7,554 7,390 10,978 10,196 10,265 10,210 8,476

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . . 255,035 241,577 239,052 261,076 274,005 276,151 276,511 302,833

Payable in dollars . . . . . . . . . . . . . . . . 202,411 198,171 195,850 219,600 229,961 232,366 229,642 256,668

Payable in foreign currencies . . . . . . . 52,624 43,406 43,202 41,476 44,044 43,785 46,869 46,165

Customer liability on acceptances . . . . . 8,410 9,303 9,362 10,388 11,202 11,437 10,881 9,624

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 14,995 14,962 15,983 15,411 19,935 17,979 20,123 12,134

On all other unaffiliated foreigners . . . . . 163,862 170,868 173,012 196,448 203,901 192,903 197,826 193,725

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,522 8,101 6,897 6,790 8,903 11,406 8,752 8,525

On all other unaffiliated foreigners . . . . . 38,553 34,614 37,115 39,457 43,478 49,726 54,267 62,174

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]

See footnotes at end of table.

Calendar year 1996 1997

Country 1995 June Sept. Dec. Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 1,961 2,077 2,000 3,611 5,084 5,562 4,659 4,731

Belgium-Luxembourg. . . . . . . . . . . 12,124 10,544 11,177 11,264 12,917 13,265 14,404 10,850

Bulgaria . . . . . . . . . . . . . . . . . . . . . 7 2 2 66 3111

Czech Republic . . . . . . . . . . . . . . . 166 111 247 172 621 192 263 867

Denmark . . . . . . . . . . . . . . . . . . . . 2,027 2,287 2,939 3,125 2,574 3,808 3,433 2,713

Finland . . . . . . . . . . . . . . . . . . . . . . 1,569 1,182 1,677 1,143 1,797 1,617 2,163 1,477

France . . . . . . . . . . . . . . . . . . . . . . 24,031 23,794 26,712 29,148 39,308 30,173 32,612 28,910

Germany . . . . . . . . . . . . . . . . . . . . 20,814 25,793 23,569 21,535 25,654 30,705 30,367 31,030

Greece. . . . . . . . . . . . . . . . . . . . . . 923 940 835 948 1,142 1,189 856 926

Hungary . . . . . . . . . . . . . . . . . . . . . 24 18 72 61 95 53 62 87

Ireland . . . . . . . . . . . . . . . . . . . . . . 1,143 1,006 1,277 1,824 2,461 2,150 2,695 3,168

Italy . . . . . . . . . . . . . . . . . . . . . . . . 8,789 9,805 9,235 9,868 10,429 12,578 11,476 10,110

Netherlands . . . . . . . . . . . . . . . . . . 9,200 10,615 11,180 10,600 13,939 17,716 18,651 13,883

Norway. . . . . . . . . . . . . . . . . . . . . . 735 1,654 1,709 1,020 1,865 1,203 2,233 826

Poland . . . . . . . . . . . . . . . . . . . . . . 1,474 2,080 1,047 1,142 2,561 883 2,030 1,438

Portugal . . . . . . . . . . . . . . . . . . . . . 1,042 942 732 553 645 727 1,214 930

Romania . . . . . . . . . . . . . . . . . . . . 179 71 172 175 164 167 237 145

Russia 1 . . . . . . . . . . . . . . . . . . . . . 1,069 748 1,791 2,725 3,530 3,680 3,922 1,319

Spain . . . . . . . . . . . . . . . . . . . . . . . 3,842 3,428 5,449 4,503 8,311 8,011 7,082 6,514

Sweden . . . . . . . . . . . . . . . . . . . . . 9,367 5,451 6,927 6,738 8,842 8,366 8,276 8,233

Switzerland . . . . . . . . . . . . . . . . . . 18,568 19,347 19,062 26,692 30,241 31,116 37,402 39,351

Turkey . . . . . . . . . . . . . . . . . . . . . . 2,834 3,069 3,112 3,053 3,199 2,974 3,683 5,837

United Kingdom . . . . . . . . . . . . . . . 103,375 110,982 128,441 129,301 147,623 142,428 141,063 151,753

Yugoslavia 2

. . . . . . . . . . . . . . . . . . 150 164 87 115 87 75 78 52

Other Europe . . . . . . . . . . . . . . . . . 3,901 2,314 3,398 4,378 4,336 4,389 5,747 5,400

Total Europe. . . . . . . . . . . . . . . . 229,314 238,424 262,849 273,760 327,428 323,028 334,609 330,551

Canada . . . . . . . . . . . . . . . . . . . . . . . 35,840 36,783 43,576 43,948 59,391 60,867 48,283 51,333

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 6,759 6,859 7,426 7,779 7,321 7,982 8,087 9,811

Bahamas . . . . . . . . . . . . . . . . . . . . 61,477 63,946 65,691 74,332 70,187 70,214 71,267 94,458

Bermuda . . . . . . . . . . . . . . . . . . . . 6,226 5,129 5,171 5,172 7,105 8,390 9,919 9,355

Brazil . . . . . . . . . . . . . . . . . . . . . . . 14,826 16,827 17,199 21,714 19,818 21,569 21,518 24,688

British West Indies. . . . . . . . . . . . . 148,626 131,150 131,856 135,411 135,247 158,780 179,534 171,475

Chile. . . . . . . . . . . . . . . . . . . . . . . . 5,184 4,639 4,648 5,356 6,123 5,941 6,596 8,294

Colombia . . . . . . . . . . . . . . . . . . . . 4,892 4,908 5,060 7,345 6,383 6,580 6,793 7,149

Cuba . . . . . . . . . . . . . . . . . . . . . . . --------

Ecuador . . . . . . . . . . . . . . . . . . . . . 846 994 991 1,056 1,174 1,159 1,241 1,333

Guatemala . . . . . . . . . . . . . . . . . . . 472 468 525 632 660 691 808 931

Jamaica . . . . . . . . . . . . . . . . . . . . . 329 365 346 352 838 343 380 430

Mexico . . . . . . . . . . . . . . . . . . . . . . 21,375 19,565 20,247 22,042 22,525 22,852 22,308 22,279

Netherlands Antilles. . . . . . . . . . . . 9,850 13,371 11,703 25,774 19,031 14,518 20,552 18,071

Panama . . . . . . . . . . . . . . . . . . . . . 3,347 2,762 2,444 2,886 3,322 3,469 3,793 4,637

Peru . . . . . . . . . . . . . . . . . . . . . . . . 1,880 2,442 2,576 2,764 2,535 2,620 3,085 3,521

Trinidad and Tobago . . . . . . . . . . . 485 513 491 531 600 681 813 854

Uruguay . . . . . . . . . . . . . . . . . . . . . 534 696 568 654 786 754 781 670

Venezuela . . . . . . . . . . . . . . . . . . . 2,536 2,105 2,156 2,358 2,227 2,428 2,361 2,715

Other Latin America

and Caribbean . . . . . . . . . . . . . . 2,982 3,634 3,576 2,745 2,942 3,135 2,663 3,387

Total Latin America

and Caribbean. . . . . . . . . . . . . 292,626 280,373 282,674 318,903 308,824 332,106 362,499 384,058

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 for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1996 1997

Country 1995 June Sept. Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,176 2,325 1,905 1,601 1,638 2,280 3,059 1,793

Taiwan . . . . . . . . . . . . . . . . . . . 1,836 1,612 1,821 2,068 1,843 2,021 1,373 1,086

Hong Kong . . . . . . . . . . . . . . . . . . 16,770 19,159 16,425 16,261 17,901 20,848 19,013 18,094

India . . . . . . . . . . . . . . . . . . . . . . . 1,946 1,931 2,125 2,140 2,433 2,532 2,336 2,560

Indonesia . . . . . . . . . . . . . . . . . . . 2,016 1,923 2,002 2,213 2,547 3,005 3,227 3,266

Israel . . . . . . . . . . . . . . . . . . . . . . 5,345 5,056 5,008 4,935 4,886 4,757 5,022 4,753

Japan . . . . . . . . . . . . . . . . . . . . . . 98,745 84,713 84,914 92,172 89,813 91,084 83,159 86,609

Korea . . . . . . . . . . . . . . . . . . . . . . 14,324 19,632 18,114 19,425 20,444 21,409 20,517 19,613

Lebanon . . . . . . . . . . . . . . . . . . . . 44 38 43 50 54 49 52 70

Malaysia. . . . . . . . . . . . . . . . . . . . 1,170 1,173 1,172 1,162 1,307 1,481 1,099 1,034

Pakistan . . . . . . . . . . . . . . . . . . . . 571 1,140 1,502 941 1,120 1,529 1,682 712

Philippines . . . . . . . . . . . . . . . . . . 1,449 1,492 1,464 1,848 1,726 2,272 1,723 1,903

Singapore. . . . . . . . . . . . . . . . . . . 6,383 9,257 7,953 9,061 10,537 9,773 12,587 11,277

Syria. . . . . . . . . . . . . . . . . . . . . . . 94 91 3 1 2 - 74 3

Thailand . . . . . . . . . . . . . . . . . . . . 2,806 3,308 2,852 2,964 3,704 3,688 2,781 2,542

Oil-exporting countries 3

. . . . . . . . 10,562 9,856 11,179 11,375 10,892 9,824 8,485 11,563

Other Asia . . . . . . . . . . . . . . . . . . 484 419 368 368 460 487 341 585

Total Asia . . . . . . . . . . . . . . . . . 165,721 163,125 158,850 168,585 171,307 177,039 166,530 167,463

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 233 219 263 265 272 359 284 283

Ghana . . . . . . . . . . . . . . . . . . . . . 18 17 13 24 18 22 47 25

Liberia . . . . . . . . . . . . . . . . . . . . . 550 525 474 574 534 446 579 521

Morocco . . . . . . . . . . . . . . . . . . . . 720 1,048 842 777 700 839 747 709

South Africa . . . . . . . . . . . . . . . . . 606 615 656 744 600 723 834 960

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 26 1 - - -

Oil-exporting countries 4

. . . . . . . . 654 563 473 476 641 1,177 1,155 1,271

Other Africa . . . . . . . . . . . . . . . . . 682 593 687 587 624 518 467 439

Total Africa . . . . . . . . . . . . . . . . 3,464 3,581 3,409 3,473 3,390 4,084 4,113 4,208

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 4,919 5,352 7,708 7,799 6,757 8,011 7,351 7,647

All other . . . . . . . . . . . . . . . . . . . . 1,557 1,791 2,294 1,821 2,831 2,225 1,349 1,426

Total other

countries . . . . . . . . . . . . . . . . 6,476 7,143 10,002 9,620 9,588 10,236 8,700 9,073

Total foreign

countries. . . . . . . . . . . . . . . 733,441 729,429 761,360 818,289 879,928 907,360 924,734 946,686

International

 and regional orgs.:

International . . . . . . . . . . . . . . . . . 1,837 2,910 1,575 2,416 1,351 1,768 1,875 2,233

European regional . . . . . . . . . . . . - - 8 1 10 - 2 -

Latin American regional . . . . . . . . 94 141 142 209 174 167 169 255

Asian regional . . . . . . . . . . . . . . . - - ------

African regional . . . . . . . . . . . . . . - 2 ------

Middle Eastern regional . . . . . . . . - - - - - - - 1

Total international

and regional. . . . . . . . . . . . . . 1,931 3,053 1,725 2,626 1,535 1,935 2,046 2,489

Grand total. . . . . . . . . . . . . . . 735,372 732,482 763,085 820,915 881,463 909,295 926,780 949,175

76 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,731 1,583 1,036 318 229 4 3,148 3,148 -

Belgium-Luxembourg . . . . . . . . . . 10,850 8,442 5,064 1,577 1,801 - 2,408 2,343 65

Bulgaria . . . . . . . . . . . . . . . . . . . . 1 1 1 - -----

Czech Republic . . . . . . . . . . . . . . 867 855 762 63 30 - 12 - 12

Denmark. . . . . . . . . . . . . . . . . . . . 2,713 1,037 816 164 57 - 1,676 1,662 14

Finland . . . . . . . . . . . . . . . . . . . . . 1,477 1,432 65 1,168 199 - 45 3 42

France . . . . . . . . . . . . . . . . . . . . . 28,910 17,989 4,964 11,275 1,750 47 10,921 10,627 294

Germany. . . . . . . . . . . . . . . . . . . . 31,030 20,128 6,518 6,158 7,452 2 10,902 10,449 453

Greece . . . . . . . . . . . . . . . . . . . . . 926 426 400 2 24 - 500 471 29

Hungary . . . . . . . . . . . . . . . . . . . . 87 75 42 16 17 - 12 - 12

Ireland. . . . . . . . . . . . . . . . . . . . . . 3,168 2,965 1,357 355 1,253 - 203 190 13

Italy. . . . . . . . . . . . . . . . . . . . . . . . 10,110 9,177 3,457 2,773 2,947 3 933 795 138

Netherlands . . . . . . . . . . . . . . . . . 13,883 7,019 4,442 1,699 878 32 6,864 6,829 35

Norway . . . . . . . . . . . . . . . . . . . . . 826 663 466 89 108 - 163 148 15

Poland . . . . . . . . . . . . . . . . . . . . . 1,438 1,146 1,096 50 - - 292 214 78

Portugal . . . . . . . . . . . . . . . . . . . . 930 894 482 295 117 6 36 28 8

Romania . . . . . . . . . . . . . . . . . . . . 145 53 53 - - - 92 92 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,319 1,304 1,092 156 56 17 15 1 14

Spain . . . . . . . . . . . . . . . . . . . . . . 6,514 4,643 1,233 1,709 1,701 6 1,871 1,816 55

Sweden. . . . . . . . . . . . . . . . . . . . . 8,233 2,105 870 984 251 1 6,128 6,043 85

Switzerland. . . . . . . . . . . . . . . . . . 39,351 32,804 2,496 26,350 3,958 56 6,547 6,523 24

Turkey. . . . . . . . . . . . . . . . . . . . . . 5,837 1,601 1,485 73 43 171 4,236 3,346 890

United Kingdom . . . . . . . . . . . . . . 151,753 121,647 30,105 73,038 18,504 192 30,106 28,776 1,330

Yugoslavia 2 . . . . . . . . . . . . . . . . . 52 52 52 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 5,400 3,555 3,112 102 341 3 1,845 1,707 138

Total Europe . . . . . . . . . . . . . . . 330,551 241,596 71,466 128,414 41,716 540 88,955 85,211 3,744

Canada . . . . . . . . . . . . . . . . . . . . . . 51,333 33,923 12,426 14,750 6,747 20 17,410 15,625 1,785

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 9,811 9,456 7,805 1,119 532 102 355 254 101

Bahamas . . . . . . . . . . . . . . . . . . . 94,458 91,948 9,979 79,400 2,569 110 2,510 2,320 190

Bermuda. . . . . . . . . . . . . . . . . . . . 9,355 8,935 8,780 2 153 8 420 420 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 24,688 21,756 16,773 4,923 60 1,021 2,932 2,689 243

British West Indies . . . . . . . . . . . . 171,475 154,906 35,446 110,025 9,435 188 16,569 16,523 46

Chile . . . . . . . . . . . . . . . . . . . . . . . 8,294 8,070 7,657 256 157 5 224 203 21

Colombia . . . . . . . . . . . . . . . . . . . 7,149 6,966 6,840 105 21 150 183 179 4

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - -----

Ecuador . . . . . . . . . . . . . . . . . . . . 1,333 1,314 1,209 102 3 51 19 18 1

Guatemala . . . . . . . . . . . . . . . . . . 931 917 772 114 31 50 14 10 4

Jamaica . . . . . . . . . . . . . . . . . . . . 430 424 385 39 - 1 6 6 -

Mexico . . . . . . . . . . . . . . . . . . . . . 22,279 20,020 18,857 661 502 511 2,259 1,382 877

Netherlands Antilles . . . . . . . . . . . 18,071 18,001 13,079 4,759 163 - 70 69 1

Panama . . . . . . . . . . . . . . . . . . . . 4,637 4,470 2,224 2,140 106 26 167 154 13

Peru . . . . . . . . . . . . . . . . . . . . . . . 3,521 3,499 3,222 269 8 94 22 21 1

Trinidad and Tobago . . . . . . . . . . 854 838 818 13 7 28 16 15 1

Uruguay . . . . . . . . . . . . . . . . . . . . 670 646 468 161 17 2 24 24 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,715 2,303 2,044 85 174 17 412 406 6

Other Latin America

and Caribbean. . . . . . . . . . . . . . 3,387 3,344 3,043 246 55 128 43 41 2

Total Latin America

and Caribbean . . . . . . . . . . . . 384,058 357,813 139,401 204,419 13,993 2,492 26,245 24,734 1,511

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1997

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

See footnotes at end of table.

CAPITAL MOVEMENTS 77
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1997, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,793 1,581 1,310 269 2 106 212 210 2

Taiwan . . . . . . . . . . . . . . . . . . . 1,086 927 475 446 6 28 159 89 70

Hong Kong . . . . . . . . . . . . . . . . . . 18,094 15,981 5,249 8,741 1,991 139 2,113 2,045 68

India . . . . . . . . . . . . . . . . . . . . . . . 2,560 2,212 1,923 277 12 539 348 289 59

Indonesia . . . . . . . . . . . . . . . . . . . 3,266 2,761 2,452 182 127 421 505 455 50

Israel . . . . . . . . . . . . . . . . . . . . . . 4,753 782 295 473 14 1 3,971 3,967 4

Japan . . . . . . . . . . . . . . . . . . . . . . 86,609 76,233 11,621 47,919 16,693 443 10,376 9,619 757

Korea . . . . . . . . . . . . . . . . . . . . . . 19,613 18,205 11,275 6,848 82 4,036 1,408 1,330 78

Lebanon . . . . . . . . . . . . . . . . . . . . 70 23 23 - - 11 47 47 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,034 859 285 430 144 8 175 173 2

Pakistan . . . . . . . . . . . . . . . . . . . . 712 699 519 173 7 14 13 6 7

Philippines . . . . . . . . . . . . . . . . . . 1,903 1,696 1,239 450 7 223 207 203 4

Singapore. . . . . . . . . . . . . . . . . . . 11,277 9,209 2,477 6,414 318 22 2,068 2,041 27

Syria. . . . . . . . . . . . . . . . . . . . . . . 3 - - - - - 3 3 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,542 2,289 799 1,460 30 264 253 219 34

Other Asia . . . . . . . . . . . . . . . . . . 12,148 11,570 4,194 6,806 570 115 578 577 1

Total Asia . . . . . . . . . . . . . . . . . 167,463 145,027 44,136 80,888 20,003 6,370 22,436 21,273 1,163

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 283 254 222 25 7 29 29 18 11

Ghana . . . . . . . . . . . . . . . . . . . . . 25 23 22 1 - - 2 2 -

Liberia . . . . . . . . . . . . . . . . . . . . . 521 521 500 - 21 - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 709 532 510 1 21 8 177 177 -

South Africa . . . . . . . . . . . . . . . . . 960 870 780 25 65 64 90 21 69

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - ------

Other Africa . . . . . . . . . . . . . . . . . 1,710 1,459 1,414 30 15 4 251 246 5

Total Africa . . . . . . . . . . . . . . . . 4,208 3,659 3,448 82 129 105 549 464 85

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 7,647 5,370 2,894 2,405 71 90 2,277 2,192 85

All other . . . . . . . . . . . . . . . . . . . . 1,426 1,114 314 727 73 7 312 209 103

Total other

countries . . . . . . . . . . . . . . . . 9,073 6,484 3,208 3,132 144 97 2,589 2,401 188

Total foreign

countries. . . . . . . . . . . . . . . 946,686 788,502 274,085 431,685 82,732 9,624 158,184 149,708 8,476

International and

regional orgs.:

International . . . . . . . . . . . . . . . . . 2,233 2,207 2,207 - - - 26 26 -

European regional . . . . . . . . . . . . - - - ------

Latin American regional . . . . . . . . 255 255 255 ------

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . 1 1 1 - - - - - -

Total international

and regional. . . . . . . . . . . . . . 2,489 2,463 2,463 - - - 26 26 -

Grand total. . . . . . . . . . . . . . . 949,175 790,965 276,548 431,685 82,732 9,624 158,210 149,734 8,476

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

78 CAPITAL MOVEMENTS
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 1997 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 86,645 96,820 103,375 129,301 151,753

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 144,459 178,798

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 197,395 208,408 229,526 243,575 297,996

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 92,172 86,609

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,581 58,836 66,976 76,413 80,854

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,731 565,702 624,561 685,920 796,010

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 108,772 107,701 110,811 134,995 153,165

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,503 673,403 735,372 820,915 949,175

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 79
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

* Less than $500,000. 

 Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates

for the ‘‘Other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’

Total liabilities Total banks’ own claims

Calendar year 1997 Calendar year 1997 

Country 1996 June Dec. p 1996 June Dec. p

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 170 242 155 54 59 58

Iceland . . . . . . . . . . . . . . . . . . . . . n.a. 67 83 n.a. 4 n.a.

Monaco . . . . . . . . . . . . . . . . . . . . 607 1,182 471 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 145 184 177 7 n.a. 18

Barbados . . . . . . . . . . . . . . . . . . . 1,033 684 1,079 65 n.a. 119

Belize . . . . . . . . . . . . . . . . . . . . . . 94 108 195 52 10 14

Bolivia. . . . . . . . . . . . . . . . . . . . . . 779 1,197 833 371 374 426

Costa Rica . . . . . . . . . . . . . . . . . . 990 1,208 1,340 233 260 365

Dominica . . . . . . . . . . . . . . . . . . . 8 13 16 37 5 n.a.

Dominican Republic . . . . . . . . . . . 1,130 1,156 1,297 454 510 513

El Salvador. . . . . . . . . . . . . . . . . . 1,159 1,019 1,169 621 683 845

French West Indies and . . . . . . . 

French Guiana . . . . . . . . . . . . . 27 21 33 n.a. n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 441 375 360 30 33 29

Honduras . . . . . . . . . . . . . . . . . . . 748 1,060 1,019 230 256 334

Nicaragua. . . . . . . . . . . . . . . . . . . 101 146 118 14 13 47

Paraguay . . . . . . . . . . . . . . . . . . . 681 705 698 182 144 183

Suriname . . . . . . . . . . . . . . . . . . . 101 123 121 n.a. n.a. 51

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 45 44 56 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 3 4 10 n.a. - -

Jordan . . . . . . . . . . . . . . . . . . . . . 243 277 290 80 92 95

Macau . . . . . . . . . . . . . . . . . . . . . n.a. 101 114 n.a. n.a. -

Sri Lanka . . . . . . . . . . . . . . . . . . . 210 129 257 94 67 52

Yemen . . . . . . . . . . . . . . . . . . . . . 155 100 128 n.a. 2 7

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 197 162 282 15 n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 16 20 20 n.a. n.a. n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . 185 297 183 n.a. n.a. 2

Guinea . . . . . . . . . . . . . . . . . . . . . 7 11 n.a. n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 50 n.a. 59 19 n.a. n.a.

Kenya. . . . . . . . . . . . . . . . . . . . . . 118 146 179 45 46 24

Madagascar . . . . . . . . . . . . . . . . . n.a. 42 n.a. n.a. n.a. -

Mauritius. . . . . . . . . . . . . . . . . . . . 52 59 55 9 5 n.a.

Mozambique. . . . . . . . . . . . . . . . . . 91 129 129 n.a. n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 6 4 5 - n.a. n.a.

Rwanda . . . . . . . . . . . . . . . . . . . . n.a. n.a. 34 n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. 14 23 n.a. n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 25 18 17 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 28 38 33 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 244 267 379 3 n.a. 9

Tunisia . . . . . . . . . . . . . . . . . . . . . 73 85 n.a. 144 152 129

Uganda. . . . . . . . . . . . . . . . . . . . . n.a. n.a. 196 9 6 5

Zambia . . . . . . . . . . . . . . . . . . . . . 30 37 41 * 1 5

Zimbabwe. . . . . . . . . . . . . . . . . . . 163 162 159 15 12 2

All other:

New Zealand . . . . . . . . . . . . . . . . 796 611 400 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . 88 n.a. n.a. n.a. n.a. 1

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 1996 1997

Type of liability or claim 1993 1994 1995 Dec. Mar. r June r Sept. Dec. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 54,798 58,750 55,184 55,476 58,245

Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 38,956 39,944 38,494 39,583 41,838

Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 11,327 11,847 11,203 11,248 12,975

Commercial:

Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 9,996 11,683 10,600 10,203 10,020 9,595

Advance receipts and other. . . . . . . 12,314 10,620 11,004 15,946 17,497 17,088 18,315 19,268

Payable in foreign currencies. . . . . . . . . 11,869 16,011 12,545 15,842 18,806 16,690 15,893 16,407

Financial . . . . . . . . . . . . . . . . . . . . . . . 10,681 14,136 11,338 14,738 17,786 15,661 14,722 14,815

Commercial:

Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 1,037 915 919 941 1,305

Advance receipts and other. . . . . . . 255 730 190 67 105 110 230 287

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 63,642 66,202 67,039 68,646 65,287

Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 58,630 60,226 60,855 62,030 57,383

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 20,631 18,599 21,405 20,278 16,582

Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 12,069 15,381 13,337 14,795 11,576

Commercial:

Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 23,495 23,684 23,671 23,730 26,075

Advance payments and other . . . . . 2,455 2,157 2,088 2,435 2,562 2,442 3,227 3,150

Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 5,012 5,976 6,184 6,616 7,904

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 773 1,651 1,491 1,559 1,849

Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 1,795 3,016 3,257 3,313 4,193

Commercial:

Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 2,256 1,117 1,187 1,380 1,379

Advance payments and other . . . . . 508 676 25 188 192 249 364 483

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 1996 1997

Country 1992 1993 1994 1995 Dec. r Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 107 58 70 44 67 82 97 160 110

Belgium-Luxembourg. . . . . . . . . . 712 414 736 700 1,111 1,412 976 794 852

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 3 5 1 2 14 2 6 5

Czech Republic . . . . . . . . . . . . . . 14 8 6 26 22 22 24 96 38

Denmark. . . . . . . . . . . . . . . . . . . . . 38 49 277 138 93 121 133 138 170

Finland . . . . . . . . . . . . . . . . . . . . . 387 362 236 179 161 173 202 172 281

France . . . . . . . . . . . . . . . . . . . . . 2,323 3,194 2,455 1,480 1,771 1,885 1,989 2,117 2,447

Germany . . . . . . . . . . . . . . . . . . . 1,618 1,659 2,565 2,741 2,836 2,636 2,617 2,680 3,289

Greece . . . . . . . . . . . . . . . . . . . . . 201 252 196 89 72 55 75 40 89

Hungary . . . . . . . . . . . . . . . . . . . . 67 3 6 9 12 10 13 12 13

Ireland . . . . . . . . . . . . . . . . . . . . . 614 485 449 414 449 612 626 884 1,133

Italy. . . . . . . . . . . . . . . . . . . . . . . . 430 485 359 374 911 1,062 831 880 921

Netherlands . . . . . . . . . . . . . . . . . 1,141 1,222 1,274 966 1,322 1,060 756 960 933

Norway. . . . . . . . . . . . . . . . . . . . . 283 359 176 209 424 420 312 264 270

Poland . . . . . . . . . . . . . . . . . . . . . 31 15 17 7 30 42 55 46 7

Portugal . . . . . . . . . . . . . . . . . . . . 16 24 35 35 33 31 40 36 36

Romania. . . . . . . . . . . . . . . . . . . . 33 6 8 3 9 7 14 113 165

Spain . . . . . . . . . . . . . . . . . . . . . . 161 164 127 171 222 236 218 310 334

Sweden . . . . . . . . . . . . . . . . . . . . 322 286 242 233 204 196 182 238 244

Switzerland. . . . . . . . . . . . . . . . . . 919 1,009 1,015 1,308 1,323 1,175 1,021 1,046 1,151

Turkey . . . . . . . . . . . . . . . . . . . . . 116 104 109 118 129 137 81 158 281

United Kingdom . . . . . . . . . . . . . . 11,115 15,335 17,987 13,706 14,480 18,028 16,795 15,999 16,284

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 62 60 84 177 105 111 53 99 115

Yugoslavia 2

. . . . . . . . . . . . . . . . . 10 9 12 6 9 5 9 7 6

Other Europe . . . . . . . . . . . . . . . . 52 36 30 188 165 100 120 126 159

Total Europe . . . . . . . . . . . . . . . 20,785 25,601 28,476 23,322 25,962 29,632 27,241 27,381 29,333

Canada . . . . . . . . . . . . . . . . . . . . . . 1,546 1,738 1,666 1,672 2,491 1,670 1,592 1,549 2,357

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 86 36 88 136 272 220 224 201 218

Bahamas . . . . . . . . . . . . . . . . . . . 382 137 120 60 299 336 157 48 157

Bermuda. . . . . . . . . . . . . . . . . . . . . 421 350 425 352 347 506 452 244 432

Brazil . . . . . . . . . . . . . . . . . . . . . . 228 232 368 155 274 276 322 285 355

British West Indies . . . . . . . . . . . . 2,883 1,387 1,021 922 1,044 979 795 686 615

Chile. . . . . . . . . . . . . . . . . . . . . . . 51 89 44 76 160 115 121 117 150

Colombia . . . . . . . . . . . . . . . . . . . 19 34 19 63 123 112 143 101 117

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - 15422 -

Ecuador . . . . . . . . . . . . . . . . . . . . 13 18 33 26 27 30 44 26 22

Guatemala . . . . . . . . . . . . . . . . . . 9 6 8 4 12 12 15 23 30

Jamaica . . . . . . . . . . . . . . . . . . . . 9 6 14 18 16 13 13 17 18

Mexico . . . . . . . . . . . . . . . . . . . . . 469 498 574 428 682 649 609 638 590

Netherlands Antilles . . . . . . . . . . . 626 633 645 635 53 251 8 17 23

Panama . . . . . . . . . . . . . . . . . . . . 36 8 50 23 12 18 15 18 16

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 13 30 21 44 34 34 23 30

Trinidad and Tobago . . . . . . . . . . 17 18 25 13 144 125 86 72 75

Uruguay . . . . . . . . . . . . . . . . . . . . 3 1 1 3 6 10 20 22 20

Venezuela . . . . . . . . . . . . . . . . . . 148 128 281 223 329 319 305 323 260

Other Latin America

and Caribbean . . . . . . . . . . . . . 176 218 145 364 393 430 415 423 417

Total Latin America

and Caribbean. . . . . . . . . . . . 5,586 3,812 3,891 3,523 4,242 4,439 3,780 3,286 3,545

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 1996 1997

Country 1992 1993 1994 1995 Dec. r Mar. r June r Sept. Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 566 723 597 579 990 1,238 1,132 1,292 1,250

Taiwan . . . . . . . . . . . . . . . . . . . 810 579 853 451 697 772 979 1,051 936

Hong Kong . . . . . . . . . . . . . . . . . . 884 785 805 646 610 629 723 716 759

India . . . . . . . . . . . . . . . . . . . . . . . 164 91 59 196 181 221 224 202 170

Indonesia . . . . . . . . . . . . . . . . . . . 207 363 296 350 314 289 254 240 212

Israel . . . . . . . . . . . . . . . . . . . . . . 181 229 141 99 205 206 205 207 185

Japan . . . . . . . . . . . . . . . . . . . . . . 8,362 9,201 11,869 8,751 10,483 10,296 9,895 10,079 9,584

Korea . . . . . . . . . . . . . . . . . . . . . . 1,722 1,701 1,736 1,433 1,558 1,363 1,246 1,138 1,149

Lebanon . . . . . . . . . . . . . . . . . . . . 16 22 14 61 72 82 92 23 29

Malaysia. . . . . . . . . . . . . . . . . . . . 613 475 178 297 586 708 843 764 766

Pakistan . . . . . . . . . . . . . . . . . . . . 21 26 27 80 77 80 98 49 60

Philippines . . . . . . . . . . . . . . . . . . 53 57 50 60 110 158 183 223 221

Singapore. . . . . . . . . . . . . . . . . . . 590 733 622 819 908 901 976 1,016 1,251

Syria. . . . . . . . . . . . . . . . . . . . . . . 50 11 24 50 61 23 7 6 23

Thailand . . . . . . . . . . . . . . . . . . . . 179 259 194 392 473 364 359 479 405

Oil-exporting countries 3

. . . . . . . . 1,908 1,557 1,611 1,939 2,193 2,567 2,459 3,007 3,141

Other Asia . . . . . . . . . . . . . . . . . . 86 79 68 206 327 441 266 196 211

Total Asia . . . . . . . . . . . . . . . . . 16,412 16,891 19,144 16,409 19,845 20,338 19,941 20,688 20,352

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 89 111 48 157 198 226 163 74 90

Ghana . . . . . . . . . . . . . . . . . . . . . - 1 - 16 29 48 48 47 28

Liberia . . . . . . . . . . . . . . . . . . . . . 2 1 - - - 1 1 1 1

Morocco . . . . . . . . . . . . . . . . . . . . 28 41 29 24 21 19 23 46 49

South Africa . . . . . . . . . . . . . . . . . 59 55 32 42 154 161 204 221 251

Zaire. . . . . . . . . . . . . . . . . . . . . . . 511 - - -51 -

Oil-exporting countries 4

. . . . . . . . 309 290 379 376 532 479 423 504 408

Other Africa . . . . . . . . . . . . . . . . . 82 86 74 154 144 132 103 68 103

Total Africa . . . . . . . . . . . . . . . . 574 586 563 769 1,078 1,066 970 962 930

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 503 517 372 461 945 991 911 858 910

All other . . . . . . . . . . . . . . . . . . . . 88 148 153 230 125 503 646 640 810

Total other

countries . . . . . . . . . . . . . . . . 591 665 525 691 1,070 1,494 1,557 1,498 1,720

Total foreign

countries. . . . . . . . . . . . . . . 45,494 49,293 54,265 46,386 54,688 58,639 55,081 55,364 58,237

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - 2 55 55 55 55 -

European regional . . . . . . . . . . . . 17 18 44 60 55 42 43 46 8

Latin American regional . . . . . . . . - - - - - - 2 - -

Asian regional . . . . . . . . . . . . . . . - - - - - 12 3 10 -

African regional . . . . . . . . . . . . . . - - - - - 2 - 1 -

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 17 18 44 62 110 111 103 112 8

Grand total. . . . . . . . . . . . . . . 45,511 49,311 54,309 46,448 54,798 58,750 55,184 55,476 58,245

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 83
TABLE CM-IV-3.--Total Liabilities by Type and Country, Dec. 31, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 110 11 3 8 99

Belgium-Luxembourg. . . . . . . . . . 852 186 85 101 666

Bulgaria . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Czech Republic . . . . . . . . . . . . . . 38 - - - 38

Denmark. . . . . . . . . . . . . . . . . . . . . 170 11 10 1 159

Finland . . . . . . . . . . . . . . . . . . . . . 281 151 120 31 130

France . . . . . . . . . . . . . . . . . . . . . 2,447 1,684 1,008 676 763

Germany . . . . . . . . . . . . . . . . . . . 3,289 2,018 1,051 967 1,271

Greece . . . . . . . . . . . . . . . . . . . . . 89 - - - 89

Hungary . . . . . . . . . . . . . . . . . . . . 13 6 6 - 7

Ireland . . . . . . . . . . . . . . . . . . . . . 1,133 984 318 666 149

Italy. . . . . . . . . . . . . . . . . . . . . . . . 921 381 49 332 540

Netherlands . . . . . . . . . . . . . . . . . 933 494 338 156 439

Norway. . . . . . . . . . . . . . . . . . . . . 270 32 13 19 238

Poland . . . . . . . . . . . . . . . . . . . . . 7 1 - 1 6

Portugal . . . . . . . . . . . . . . . . . . . . 36 19 19 - 17

Romania. . . . . . . . . . . . . . . . . . . . 165 - - - 165

Russia 1 . . . . . . . . . . . . . . . . . . . . 115 9 4 5 106

Spain . . . . . . . . . . . . . . . . . . . . . . 334 113 48 65 221

Sweden . . . . . . . . . . . . . . . . . . . . 244 21 - 21 223

Switzerland. . . . . . . . . . . . . . . . . . 1,151 776 287 489 375

Turkey . . . . . . . . . . . . . . . . . . . . . 281 19 19 - 262

United Kingdom . . . . . . . . . . . . . . 16,284 12,201 5,914 6,287 4,083

Yugoslavia 2

. . . . . . . . . . . . . . . . . 6 - - - 6

Other Europe . . . . . . . . . . . . . . . . 159 4 3 1 155

Total Europe . . . . . . . . . . . . . . . 29,333 19,121 9,295 9,826 10,212

Canada . . . . . . . . . . . . . . . . . . . . . . 2,357 1,186 479 707 1,171

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 218 119 14 105 99

Bahamas . . . . . . . . . . . . . . . . . . . 157 141 141 - 16

Bermuda. . . . . . . . . . . . . . . . . . . . . 432 229 228 1 203

Brazil . . . . . . . . . . . . . . . . . . . . . . 355 143 14 129 212

British West Indies . . . . . . . . . . . . 615 604 494 110 11

Chile. . . . . . . . . . . . . . . . . . . . . . . 150 9 9 - 141

Colombia . . . . . . . . . . . . . . . . . . . 117 1 1 - 116

Cuba. . . . . . . . . . . . . . . . . . . . . . . -----

Ecuador . . . . . . . . . . . . . . . . . . . . 22 3 3 - 19

Guatemala . . . . . . . . . . . . . . . . . . 30 - - - 30

Jamaica . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Mexico . . . . . . . . . . . . . . . . . . . . . 590 26 9 17 564

Netherlands Antilles . . . . . . . . . . . 23 - - - 23

Panama . . . . . . . . . . . . . . . . . . . . 16 - - - 16

Peru . . . . . . . . . . . . . . . . . . . . . . . 30 - - - 30

Trinidad and Tobago . . . . . . . . . . 75 2 2 - 73

Uruguay . . . . . . . . . . . . . . . . . . . . 20 - - - 20

Venezuela . . . . . . . . . . . . . . . . . . 260 1 - 1 259

Other Latin America

and Caribbean . . . . . . . . . . . . . 417 108 107 1 309

Total Latin America

and Caribbean. . . . . . . . . . . . 3,545 1,386 1,022 364 2,159

See footnotes at end of table.

84 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,250 50 46 4 1,200

Taiwan . . . . . . . . . . . . . . . . . . . 936 40 1 39 896

Hong Kong . . . . . . . . . . . . . . . . . . 759 59 57 2 700

India . . . . . . . . . . . . . . . . . . . . . . . 170 6 2 4 164

Indonesia . . . . . . . . . . . . . . . . . . . 212 56 37 19 156

Israel . . . . . . . . . . . . . . . . . . . . . . 185 12 12 - 173

Japan . . . . . . . . . . . . . . . . . . . . . . 9,584 5,085 1,907 3,178 4,499

Korea . . . . . . . . . . . . . . . . . . . . . . 1,149 15 4 11 1,134

Lebanon . . . . . . . . . . . . . . . . . . . . 29 4 4 - 25

Malaysia. . . . . . . . . . . . . . . . . . . . 766 4 2 2 762

Pakistan . . . . . . . . . . . . . . . . . . . . 60 - - - 60

Philippines . . . . . . . . . . . . . . . . . . 221 1 - 1 220

Singapore. . . . . . . . . . . . . . . . . . . 1,251 23 23 - 1,228

Syria. . . . . . . . . . . . . . . . . . . . . . . 23 - - - 23

Thailand . . . . . . . . . . . . . . . . . . . . 405 - - - 405

Other Asia . . . . . . . . . . . . . . . . . . 3,352 39 38 1 3,313

Total Asia . . . . . . . . . . . . . . . . . 20,352 5,394 2,133 3,261 14,958

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 90 31 31 - 59

Ghana . . . . . . . . . . . . . . . . . . . . . 28 - - - 28

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 49 - - - 49

South Africa . . . . . . . . . . . . . . . . . 251 18 - 18 233

Zaire. . . . . . . . . . . . . . . . . . . . . . . -----

Other Africa . . . . . . . . . . . . . . . . . 511 11 10 1 500

Total Africa . . . . . . . . . . . . . . . . 930 60 41 19 870

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 910 39 1 38 871

All other . . . . . . . . . . . . . . . . . . . . 810 604 4 600 206

Total other countries . . . . . . . . . 1,720 643 5 638 1,077

Total foreign countries. . . . . . 58,237 27,790 12,975 14,815 30,447

International and regional orgs.:

International . . . . . . . . . . . . . . . . . -----

European regional . . . . . . . . . . . . 8 - - - 8

Latin American regional . . . . . . . . -----

Asian regional . . . . . . . . . . . . . . . -----

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international 

and regional. . . . . . . . . . . . . . 8 - - - 8

Grand total. . . . . . . . . . . . . . . 58,245 27,790 12,975 14,815 30,455

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.--Total Liabilities by Type and Country, Dec. 31, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

 Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 85
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1996 1997

Country 1992 1993 1994 1995 Dec. Mar. r June r Sept. Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 71 88 123 114 159 118 90 74 125

Belgium-Luxembourg. . . . . . . . . . 197 318 299 424 411 483 530 691 734

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 32 37 29 19 17 16 19 32

Czech Republic . . . . . . . . . . . . . . 46 48 52 53 34 27 32 95 42

Denmark. . . . . . . . . . . . . . . . . . . . . 154 103 81 107 101 87 72 105 154

Finland . . . . . . . . . . . . . . . . . . . . . 169 171 173 185 173 122 135 179 211

France . . . . . . . . . . . . . . . . . . . . . 2,301 2,773 2,681 2,633 2,338 2,274 2,057 2,754 2,808

Germany . . . . . . . . . . . . . . . . . . . 1,259 1,544 1,567 1,506 1,613 1,688 1,510 1,747 2,039

Greece . . . . . . . . . . . . . . . . . . . . . 114 149 136 193 148 113 89 345 386

Hungary . . . . . . . . . . . . . . . . . . . . 30 6 72 50 17 11 59 57 62

Ireland . . . . . . . . . . . . . . . . . . . . . 419 416 315 290 274 282 267 297 277

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,041 883 812 1,029 1,039 1,031 979 1,021 1,464

Netherlands . . . . . . . . . . . . . . . . . 1,067 925 740 969 1,055 1,149 1,132 1,337 1,274

Norway. . . . . . . . . . . . . . . . . . . . . 196 132 242 169 251 281 303 319 303

Poland . . . . . . . . . . . . . . . . . . . . . 74 116 122 78 108 109 111 119 124

Portugal . . . . . . . . . . . . . . . . . . . . 176 191 217 64 92 45 60 76 78

Romania. . . . . . . . . . . . . . . . . . . . 12 5 17 16 14 7 10 7 7

Spain . . . . . . . . . . . . . . . . . . . . . . 332 459 484 537 645 603 601 665 622

Sweden . . . . . . . . . . . . . . . . . . . . 282 460 352 288 372 376 345 640 503

Switzerland. . . . . . . . . . . . . . . . . . 852 962 1,080 1,018 1,116 988 836 829 985

Turkey . . . . . . . . . . . . . . . . . . . . . 257 246 216 256 222 237 210 381 379

United Kingdom . . . . . . . . . . . . . . 8,346 5,962 7,205 6,959 9,065 10,563 11,440 12,054 11,230

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 232 228 254 300 239 221 198 157 221

Yugoslavia 2

. . . . . . . . . . . . . . . . . 52 55 39 13 6 14 8 6 11

Other Europe . . . . . . . . . . . . . . . . 90 132 160 153 214 193 190 270 267

Total Europe . . . . . . . . . . . . . . . 17,782 16,404 17,476 17,433 19,725 21,039 21,280 24,244 24,338

Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 5,610 7,298 8,886 6,928 5,949

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 242 299 347 396 617 621 633 719 688

Bahamas . . . . . . . . . . . . . . . . . . . 806 1,347 2,433 1,995 1,487 1,934 2,093 2,464 2,486

Bermuda. . . . . . . . . . . . . . . . . . . . . 295 307 261 353 415 316 385 318 352

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,043 1,114 1,132 1,728 2,771 2,620 2,753 2,602 2,476

British West Indies . . . . . . . . . . . . 11,787 12,770 15,311 10,472 15,372 15,303 13,651 13,045 10,420

Chile. . . . . . . . . . . . . . . . . . . . . . . 129 221 229 248 374 353 313 303 328

Colombia . . . . . . . . . . . . . . . . . . . 129 120 396 413 422 320 392 387 423

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 1 15511 -

Ecuador . . . . . . . . . . . . . . . . . . . . 40 81 112 123 107 108 126 113 101

Guatemala . . . . . . . . . . . . . . . . . . 23 32 46 48 98 84 100 88 93

Jamaica . . . . . . . . . . . . . . . . . . . . 30 27 42 41 40 73 61 47 51

Mexico . . . . . . . . . . . . . . . . . . . . . 1,369 1,862 1,966 1,547 1,585 1,619 1,637 1,727 1,922

Netherlands Antilles . . . . . . . . . . . 26 37 65 32 114 35 141 110 153

Panama . . . . . . . . . . . . . . . . . . . . 66 90 102 156 109 102 123 118 145

Peru . . . . . . . . . . . . . . . . . . . . . . . 115 148 175 221 201 177 215 147 147

Trinidad and Tobago . . . . . . . . . . 9 26 27 36 25 30 26 32 20

Uruguay . . . . . . . . . . . . . . . . . . . . 8 8 25 32 42 41 47 44 49

Venezuela . . . . . . . . . . . . . . . . . . 374 454 383 317 388 352 472 433 612

Other Latin America

and Caribbean . . . . . . . . . . . . . 443 553 600 705 681 716 797 1,496 819

Total Latin America

and Caribbean. . . . . . . . . . . . 16,936 19,498 23,653 18,864 24,853 24,809 23,966 24,194 21,285

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 1996 1997

Country 1992 1993 1994 1995 Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 282 378 526 696 992 1,099 1,115 1,148 1,076

Taiwan . . . . . . . . . . . . . . . . . . . 307 411 512 532 511 610 724 700 813

Hong Kong . . . . . . . . . . . . . . . . . . 267 298 442 454 669 572 546 561 560

India . . . . . . . . . . . . . . . . . . . . . . . 135 147 202 323 402 336 423 447 439

Indonesia . . . . . . . . . . . . . . . . . . . 138 354 423 367 665 563 599 549 703

Israel . . . . . . . . . . . . . . . . . . . . . . 168 218 195 267 323 312 309 309 346

Japan . . . . . . . . . . . . . . . . . . . . . . 2,571 3,167 3,608 2,741 3,038 2,896 2,845 3,047 2,796

Korea . . . . . . . . . . . . . . . . . . . . . . 361 549 650 933 822 773 767 725 988

Lebanon . . . . . . . . . . . . . . . . . . . . 50 65 58 48 41 51 38 34 37

Malaysia. . . . . . . . . . . . . . . . . . . . 90 477 457 496 560 566 551 568 546

Pakistan . . . . . . . . . . . . . . . . . . . . 53 32 40 42 99 96 66 32 44

Philippines . . . . . . . . . . . . . . . . . . 105 111 151 123 245 202 200 171 143

Singapore. . . . . . . . . . . . . . . . . . . 291 390 427 573 781 719 648 787 774

Syria. . . . . . . . . . . . . . . . . . . . . . . 8 5 6 12 7 24 4 15 11

Thailand . . . . . . . . . . . . . . . . . . . . 127 174 183 199 288 387 400 334 278

Oil-exporting countries 3

. . . . . . . . 696 707 849 977 993 1,090 1,034 1,002 1,115

Other Asia . . . . . . . . . . . . . . . . . . 81 188 124 108 161 120 125 162 155

Total Asia . . . . . . . . . . . . . . . . . 5,730 7,671 8,853 8,891 10,597 10,416 10,394 10,591 10,824

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 177 137 261 160 155 140 144 152 286

Ghana . . . . . . . . . . . . . . . . . . . . . 5 7 7 16 15 18 27 43 9

Liberia . . . . . . . . . . . . . . . . . . . . . 34 19 9 13 29 36 32 9 8

Morocco . . . . . . . . . . . . . . . . . . . . 37 45 53 57 27 37 27 24 28

South Africa . . . . . . . . . . . . . . . . . 81 108 142 321 277 289 289 271 320

Zaire. . . . . . . . . . . . . . . . . . . . . . . 29 18 30 11 13 9 5 5 3

Oil-exporting countries 4

. . . . . . . . 87 73 67 92 180 114 96 223 134

Other Africa . . . . . . . . . . . . . . . . . 187 185 258 260 224 257 177 211 208

Total Africa . . . . . . . . . . . . . . . . 637 592 827 930 920 900 797 938 996

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 702 945 1,218 1,310 1,536 1,392 1,449 1,384 1,483

All other . . . . . . . . . . . . . . . . . . . . 152 208 269 270 265 278 257 286 389

Total other

countries . . . . . . . . . . . . . . . . 854 1,153 1,487 1,580 1,801 1,670 1,706 1,670 1,872

Total foreign

countries. . . . . . . . . . . . . . . 45,058 49,131 57,865 52,500 63,506 66,132 67,029 68,565 65,264

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 13 28 19 8 60 2 5 3 18

European regional . . . . . . . . . . . . 2 - 4 1 58 38 5 23 5

Latin American regional . . . . . . . . - - - - 2 1 - 3 -

Asian regional . . . . . . . . . . . . . . . - - - - 13 26 - 51 -

African regional . . . . . . . . . . . . . . - - - -33 -1 -

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 15 28 23 9 136 70 10 81 23

Grand total. . . . . . . . . . . . . . . 45,073 49,159 57,888 52,509 63,642 66,202 67,039 68,646 65,287

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 87
TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 125 52 22 30 73

Belgium-Luxembourg. . . . . . . . . . 734 406 377 29 328

Bulgaria . . . . . . . . . . . . . . . . . . . . 32 17 17 - 15

Czech Republic . . . . . . . . . . . . . . 42 8 8 - 34

Denmark. . . . . . . . . . . . . . . . . . . . . 154 49 5 44 105

Finland . . . . . . . . . . . . . . . . . . . . . 211 18 17 1 193

France . . . . . . . . . . . . . . . . . . . . . 2,808 1,015 992 23 1,793

Germany . . . . . . . . . . . . . . . . . . . 2,039 427 358 69 1,612

Greece . . . . . . . . . . . . . . . . . . . . . 386 276 276 - 110

Hungary . . . . . . . . . . . . . . . . . . . . 62 51 47 4 11

Ireland . . . . . . . . . . . . . . . . . . . . . 277 162 159 3 115

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,464 383 174 209 1,081

Netherlands . . . . . . . . . . . . . . . . . 1,274 677 637 40 597

Norway. . . . . . . . . . . . . . . . . . . . . 303 58 50 8 245

Poland . . . . . . . . . . . . . . . . . . . . . 124 58 44 14 66

Portugal . . . . . . . . . . . . . . . . . . . . 78 20 13 7 58

Romania. . . . . . . . . . . . . . . . . . . . 7 - - - 7

Russia 1 . . . . . . . . . . . . . . . . . . . . 221 30 24 6 191

Spain . . . . . . . . . . . . . . . . . . . . . . 622 77 53 24 545

Sweden . . . . . . . . . . . . . . . . . . . . 503 250 239 11 253

Switzerland. . . . . . . . . . . . . . . . . . 985 434 421 13 551

Turkey . . . . . . . . . . . . . . . . . . . . . 379 163 144 19 216

United Kingdom . . . . . . . . . . . . . . 11,230 7,578 4,414 3,164 3,652

Yugoslavia 2

. . . . . . . . . . . . . . . . . 11 - - - 11

Other Europe . . . . . . . . . . . . . . . . 267 31 29 2 236

Total Europe . . . . . . . . . . . . . . . 24,338 12,240 8,520 3,720 12,098

Canada . . . . . . . . . . . . . . . . . . . . . . 5,949 3,313 2,962 351 2,636

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 688 166 153 13 522

Bahamas . . . . . . . . . . . . . . . . . . . 2,486 2,459 2,441 18 27

Bermuda. . . . . . . . . . . . . . . . . . . . . 352 108 107 1 244

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,476 1,313 471 842 1,163

British West Indies . . . . . . . . . . . . 10,420 10,311 10,214 97 109

Chile. . . . . . . . . . . . . . . . . . . . . . . 328 10 6 4 318

Colombia . . . . . . . . . . . . . . . . . . . 423 126 47 79 297

Cuba. . . . . . . . . . . . . . . . . . . . . . . -----

Ecuador . . . . . . . . . . . . . . . . . . . . 101 6 6 - 95

Guatemala . . . . . . . . . . . . . . . . . . 93 26 20 6 67

Jamaica . . . . . . . . . . . . . . . . . . . . 51 3 1 2 48

Mexico . . . . . . . . . . . . . . . . . . . . . 1,922 537 463 74 1,385

Netherlands Antilles . . . . . . . . . . . 153 137 137 - 16

Panama . . . . . . . . . . . . . . . . . . . . 145 29 25 4 116

Peru . . . . . . . . . . . . . . . . . . . . . . . 147 15 14 1 132

Trinidad and Tobago . . . . . . . . . . 20 - - - 20

Uruguay . . . . . . . . . . . . . . . . . . . . 49 3 - 3 46

Venezuela . . . . . . . . . . . . . . . . . . 612 36 25 11 576

Other Latin America

and Caribbean . . . . . . . . . . . . . 819 258 233 25 561

Total Latin America

and Caribbean. . . . . . . . . . . . 21,285 15,543 14,363 1,180 5,742

See footnotes at end of table.

88 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,076 214 212 2 862

Taiwan . . . . . . . . . . . . . . . . . . . 813 55 55 - 758

Hong Kong . . . . . . . . . . . . . . . . . . 560 53 23 30 507

India . . . . . . . . . . . . . . . . . . . . . . . 439 71 67 4 368

Indonesia . . . . . . . . . . . . . . . . . . . 703 324 320 4 379

Israel . . . . . . . . . . . . . . . . . . . . . . 346 24 21 3 322

Japan . . . . . . . . . . . . . . . . . . . . . . 2,796 823 294 529 1,973

Korea . . . . . . . . . . . . . . . . . . . . . . 988 200 - 200 788

Lebanon . . . . . . . . . . . . . . . . . . . . 37 - - - 37

Malaysia. . . . . . . . . . . . . . . . . . . . 546 290 287 3 256

Pakistan . . . . . . . . . . . . . . . . . . . . 44 - - - 44

Philippines . . . . . . . . . . . . . . . . . . 143 3 3 - 140

Singapore. . . . . . . . . . . . . . . . . . . 774 28 25 3 746

Syria. . . . . . . . . . . . . . . . . . . . . . . 11 - - - 11

Thailand . . . . . . . . . . . . . . . . . . . . 278 8 8 - 270

Other Asia . . . . . . . . . . . . . . . . . . 1,270 40 37 3 1,230

Total Asia . . . . . . . . . . . . . . . . . 10,824 2,133 1,352 781 8,691

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 286 170 170 - 116

Ghana . . . . . . . . . . . . . . . . . . . . . 9 - - - 9

Liberia . . . . . . . . . . . . . . . . . . . . . 8 2 2 - 6

Morocco . . . . . . . . . . . . . . . . . . . . 28 5 5 - 23

South Africa . . . . . . . . . . . . . . . . . 320 100 99 1 220

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Other Africa . . . . . . . . . . . . . . . . . 342 42 41 1 300

Total Africa . . . . . . . . . . . . . . . . 996 319 317 2 677

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,483 456 449 7 1,027

All other . . . . . . . . . . . . . . . . . . . . 389 196 195 1 193

Total other

countries . . . . . . . . . . . . . . . . 1,872 652 644 8 1,220

Total foreign

countries. . . . . . . . . . . . . . . 65,264 34,200 28,158 6,042 31,064

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 18 - - - 18

European regional . . . . . . . . . . . . 5 - - - 5

Latin American regional . . . . . . . . -----

Asian regional . . . . . . . . . . . . . . . -----

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international

and regional. . . . . . . . . . . . . . 23 - - - 23

Grand total. . . . . . . . . . . . . . . 65,287 34,200 28,158 6,042 31,087

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 89
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1994 1995 1996 1997 Jan. - Mar. 1998

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 55,598 100,411 130,645 177,272 45,042 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 26,474 24,795 71,073 100,990 32,314 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . -3,581 48,344 41,081 25,227 6,791 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441 16,504 55,167 34,494 -8,411 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424 25,657 59,327 25,458 5,583 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,356 215,711 357,293 363,441 81,319 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 3,994 16,226 12,925 22,657 9,544 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,350 231,937 370,218 386,098 90,863 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1998 with those in prior years, the chart depicts data for all periods at an annualized rate.)

90 CAPITAL MOVEMENTS
TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents 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

of foreign foreign foreign foreign foreign foreign foreign

Calendar year securities purchases purchases sales purchases purchases sales

or month from U.S. from U.S. from U.S. to U.S. from U.S. from U.S. to U.S.

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

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 . . . . . . . . . . . . . . . . . . . . . . . . -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 r . . . . . . . . . . . . . . . . . . . . . . . -87,484 -47,241 1,466,784 1,514,025 -40,243 719,145 759,388

1998 - Jan. - Mar. p . . . . . . . . . . . . . -4,432 -2,111 326,172 328,283 -2,321 209,919 212,240, 1997 - Mar. r . . . . . . . . . . . . . . . . . . -6,974 -3,163 127,201 130,364 -3,811 47,183 50,994

Apr. r. . . . . . . . . . . . . . . . . . . 1,462 5,546 114,838 109,292 -4,084 49,211 53,295

May. . . . . . . . . . . . . . . . . . . . -5,134 -1,357 123,165 124,522 -3,777 56,691 60,468

June r . . . . . . . . . . . . . . . . . . -19,139 -13,395 117,617 131,012 -5,744 63,399 69,143

July r. . . . . . . . . . . . . . . . . . . -18,902 -11,337 133,496 144,833 -7,565 68,845 76,410

Aug. r . . . . . . . . . . . . . . . . . . -13,107 -5,214 123,203 128,417 -7,893 60,734 68,627

Sept. r. . . . . . . . . . . . . . . . . . -8,340 -8,006 121,636 129,642 -334 62,690 63,024

Oct. r. . . . . . . . . . . . . . . . . . . -3,559 -739 163,626 164,365 -2,820 79,549 82,369

Nov. . . . . . . . . . . . . . . . . . . . -2,423 -4,468 111,000 115,468 2,045 70,286 68,241

Dec. . . . . . . . . . . . . . . . . . . . -1,521 -3,062 115,302 118,364 1,541 64,328 62,787

1998 - Jan. . . . . . . . . . . . . . . . . . . . -3,569 -3,725 95,481 99,206 156 62,333 62,177

Feb. p . . . . . . . . . . . . . . . . . . -3,914 -2,816 100,231 103,047 -1,098 66,652 67,750

Mar. p . . . . . . . . . . . . . . . . . . 3,051 4,430 130,460 126,030 -1,379 80,934 82,313

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents 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)

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996. . . . . . . . . . . . . . . . . 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997. . . . . . . . . . . . . . . . . 183,596 43,379 139,800 417 4,868,662 4,685,066 49,593 259,913 210,320 86,874 354,340 267,466 66,035 963,885 897,850

1998 - Jan. - Mar. p . . . . . 11,779 6,187 4,008 1,584 1,216,606 1,204,827 23,378 100,898 77,520 26,673 92,491 65,818 29,033 314,184 285,151

1997 - Mar. r . . . . . . . . . . 20,082 7,154 13,228 -300 384,664 364,582 3,735 13,331 9,596 5,332 27,937 22,605 759 64,035 63,276

Apr. r. . . . . . . . . . . 25,720 6,955 18,305 460 400,517 374,797 6,152 16,446 10,294 6,077 24,255 18,178 5,828 66,476 60,648

May r . . . . . . . . . . 7,029 3,607 3,579 -157 410,993 403,964 3,040 16,246 13,206 6,697 28,322 21,625 6,473 77,610 71,137

June r . . . . . . . . . . 22,980 10,391 11,639 950 443,054 420,074 1,829 18,786 16,957 10,230 37,510 27,280 10,078 82,289 72,211

July r. . . . . . . . . . . 2,671 -2,413 4,816 268 386,474 383,803 5,767 27,601 21,834 10,815 35,018 24,203 10,423 85,138 74,715

Aug. r . . . . . . . . . . 24,153 8,235 16,124 -206 450,926 426,773 7,636 30,873 23,237 6,703 31,749 25,046 8,133 84,953 76,820

Sept. r. . . . . . . . . . 15,174 3,091 11,697 386 397,580 382,406 1,745 22,169 20,424 7,763 28,540 20,777 5,118 80,546 75,428

Oct. r. . . . . . . . . . . 16,858 -12,848 29,942 -236 506,890 490,032 7,828 26,185 18,357 6,199 32,277 26,078 1,005 106,673 105,668

Nov. . . . . . . . . . . . 15,909 1,831 13,658 420 352,968 337,059 -558 28,563 29,121 4,418 24,069 19,651 5,016 85,149 80,133

Dec. . . . . . . . . . . . -9,398 -367 -7,421 -1,610 320,492 329,890 2,837 25,702 22,865 6,476 26,782 20,306 5,324 90,994 85,670

1998 - Jan.. . . . . . . . . . . . 5,512 -1,189 6,179 522 415,329 409,817 4,685 29,844 25,159 8,460 27,635 19,175 6,267 90,106 83,839

Feb. p . . . . . . . . . . 9,957 1,242 8,849 -134 375,387 365,430 8,430 35,871 27,441 8,993 31,543 22,550 10,008 99,236 89,228

Mar. p . . . . . . . . . . -3,690 6,134 -11,020 1,196 425,890 429,580 10,263 35,183 24,920 9,220 33,313 24,093 12,758 124,842 112,084

CAPITAL MOVEMENTS 91
1997 1998 1997 1998 1997 1998 1997 1998

Country

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,175 -677 -409 345 46 2 263 79 25 478 95 179

Belgium-Luxembourg. . . . . . . . . . 3,427 902 1,260 835 105 248 1,380 1,018 1,380 4,681 1,410 2,400

Bulgaria . . . . . . . . . . . . . . . . . . . . -8 3 10 2 2 - 4 - -5 - - 5

Czech Republic . . . . . . . . . . . . . . 77 -23 51 - - - 23 -1 24 -4 -4 14

Denmark. . . . . . . . . . . . . . . . . . . . 647 654 344 189 44 39 132 37 6 433 151 282

Finland . . . . . . . . . . . . . . . . . . . . . 457 -150 -310 40 -15 59 -44 53 -14 48 42 24

France . . . . . . . . . . . . . . . . . . . . . -2,083 -4,519 1,278 142 25 130 3,158 596 943 3,134 154 1,988

Germany . . . . . . . . . . . . . . . . . . . 22,471 13,154 2,008 497 245 393 2,245 -434 564 9,075 2,183 1,941

Greece . . . . . . . . . . . . . . . . . . . . . -637 -248 276 17 -2 11 24 13 2 226 106 -57

Hungary . . . . . . . . . . . . . . . . . . . . -968 -477 -885 -59 31 56 6 - - -2 -4 -3

Ireland . . . . . . . . . . . . . . . . . . . . . 1,229 526 977 588 27 244 1,128 285 478 750 268 443

Italy. . . . . . . . . . . . . . . . . . . . . . . . 2,300 1,102 2,211 123 25 41 4 -308 -221 2,829 685 2,285

Netherlands . . . . . . . . . . . . . . . . . 1,746 -816 -2,122 2,194 529 -81 1,382 450 211 3,833 1,745 1,310

Norway. . . . . . . . . . . . . . . . . . . . . 259 -92 -219 6 3 -83 418 306 17 524 315 206

Poland . . . . . . . . . . . . . . . . . . . . . 488 -996 664 -13 5 -3 -120 2 -13 12 - -3

Portugal . . . . . . . . . . . . . . . . . . . . 2,754 1,133 646 59 -11 11 583 - -38 -238 15 33

Romania. . . . . . . . . . . . . . . . . . . . -54 -54 18 -11 -11 - - - - -6 -1 3

Russia 1 . . . . . . . . . . . . . . . . . . . . -1,265 -1,064 264 -1 - - 7 - 2 339 49 40

Spain . . . . . . . . . . . . . . . . . . . . . . 10,351 -887 -1,131 903 412 376 227 -4 -72 576 7 411

Sweden . . . . . . . . . . . . . . . . . . . . -465 111 52 -18 -24 -3 -52 -8 15 2,084 879 468

Switzerland. . . . . . . . . . . . . . . . . . 6,028 4,932 4,279 390 163 1,367 -203 1,173 17 7,845 3,365 3,771

Turkey . . . . . . . . . . . . . . . . . . . . . -71 -1,633 846 -1 - 1 21 -17 -163 11 -5 -12

United Kingdom . . . . . . . . . . . . . . 98,253 22,627 14,349 9,644 -637 6,481 47,160 6,213 13,463 22,215 5,551 10,749

Yugoslavia 2

. . . . . . . . . . . . . . . . . 25 - - 8 - - - - - 12 3 27

Other Europe . . . . . . . . . . . . . . . . -1,216 -285 99 387 99 -53 289 54 182 186 51 257

Total Europe . . . . . . . . . . . . . . . 144,920 33,223 24,556 16,266 1,061 9,236 58,035 9,507 16,803 59,041 17,060 26,761

Canada . . . . . . . . . . . . . . . . . . . . . . -811 -2,132 -252 433 97 32 5,831 1,905 1,891 -1,174 -1,168 -178

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 215 -371 -129 154 96 -6 444 -37 42 386 124 125

Bahamas . . . . . . . . . . . . . . . . . . . -354 -459 1,425 709 421 228 2,289 854 840 683 -53 393

Bermuda. . . . . . . . . . . . . . . . . . . . -6,364 -1,407 -370 7,573 5,935 4,347 5,163 1,857 2,969 -1,926 -1,448 515

Brazil . . . . . . . . . . . . . . . . . . . . . . -2,589 -1,239 2,532 2,388 524 30 -190 -127 -623 18 19 81

British West Indies . . . . . . . . . . . . 4,312 -81 -108 3,791 1,774 2,389 5,148 1,460 2,534 4,548 -806 2,495

Chile. . . . . . . . . . . . . . . . . . . . . . . 1,331 169 481 34 11 11 239 86 13 -20 -4 -96

Colombia . . . . . . . . . . . . . . . . . . . 958 772 -89 121 94 24 19 3 52 175 31 15

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Ecuador . . . . . . . . . . . . . . . . . . . . 32 -37 -11 59 9 66 98 23 -12 25 4 -3

Guatemala . . . . . . . . . . . . . . . . . . -1 -4 21 8 6 -1 9 1 4 12 8 -

Jamaica . . . . . . . . . . . . . . . . . . . . -13 -5 -57 -14 -30 48 43 29 -38 1 2 2

Mexico . . . . . . . . . . . . . . . . . . . . . 979 287 758 840 692 408 705 -180 567 375 184 108

Netherlands Antilles . . . . . . . . . . . -2,660 10,308 -14,501 84 -11 3 1,974 128 77 -263 -4,265 3,205

Panama . . . . . . . . . . . . . . . . . . . . 103 63 23 160 45 123 -436 -71 93 693 172 111

Peru . . . . . . . . . . . . . . . . . . . . . . . 304 71 37 1 - 20 41 8 11 11 11 -2

Trinidad and Tobago . . . . . . . . . . 19 12 5 65 28 19 - 8 8 15 9 -

Uruguay . . . . . . . . . . . . . . . . . . . . 175 29 103 56 24 14 136 18 6 246 81 34

Venezuela . . . . . . . . . . . . . . . . . . 655 468 -26 918 169 310 217 82 27 303 84 60

Other Latin America

and Caribbean . . . . . . . . . . . . . 357 239 28 1,067 460 717 908 427 265 -17 -95 -103

Total Latin America

and Caribbean. . . . . . . . . . . . -2,541 8,815 -9,878 18,014 10,247 8,750 16,807 4,569 6,835 5,264 -5,942 6,940

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 to U.S. residents 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
1997 1998 1997 1998 1997 1998 1997 1998

Country

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Calendar

year

1997 r

Oct.

through 

Dec.

Jan.

through 

Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 8,158 -2,185 30 1,708 368 1,828 70 12 -27 62 -6 -1

Taiwan . . . . . . . . . . . . . . . . . . . 1,537 -1,718 -508 -705 -556 -124 -134 -38 25 428 -19 47

Hong Kong . . . . . . . . . . . . . . . . . . 12,253 4,316 2,172 3,832 825 795 1,758 268 64 -210 -283 -357

India . . . . . . . . . . . . . . . . . . . . . . . 510 124 387 -64 -1 1 -35 2 -13 -33 -41 7

Indonesia . . . . . . . . . . . . . . . . . . . 2 -1,882 -317 - - -1 2 1 2 20 -9 -22

Israel . . . . . . . . . . . . . . . . . . . . . . 3,125 1,389 201 612 72 124 179 59 148 -539 -209 -222

Japan . . . . . . . . . . . . . . . . . . . . . . 20,360 -8,484 -5,888 7,718 -1,765 398 1,636 325 280 4,780 1,489 -3,201

Korea . . . . . . . . . . . . . . . . . . . . . . -5,119 -4,265 1,502 -2,158 -1,245 108 -191 -88 -5 -5 -39 -51

Lebanon . . . . . . . . . . . . . . . . . . . . -2 -56 - -1 - - 10 -1 - 78 22 -31

Malaysia. . . . . . . . . . . . . . . . . . . . -2,559 -1,003 -674 -289 -17 27 9 -74 -19 -170 -91 -154

Pakistan . . . . . . . . . . . . . . . . . . . . -7 - - 1 - - - - -5 18 9 -1

Philippines . . . . . . . . . . . . . . . . . . -561 -326 205 302 15 80 49 11 -2 2 -19 -12

Singapore. . . . . . . . . . . . . . . . . . . -3,713 -420 363 1,531 795 468 1,176 - -228 -2,307 586 198

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 18 5 2

Thailand . . . . . . . . . . . . . . . . . . . . -1,904 -229 -744 -1 -3 - 15 - 1 -9 -13 -3

Oil-exporting countries 3

. . . . . . . . 7,116 -2,208 -677 1,863 207 1,099 -207 -49 321 171 114 -610

Other Asia . . . . . . . . . . . . . . . . . . -149 192 61 -64 -65 91 51 15 71 -72 69 -37

Total Asia . . . . . . . . . . . . . . . . . 39,047 -16,755 -3,887 14,285 -1,370 4,894 4,388 443 613 2,232 1,565 -4,448

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,090 129 194 384 71 15 37 3 11 65 56 4

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 1 -

Liberia . . . . . . . . . . . . . . . . . . . . . 122 -73 77 226 65 66 120 -81 13 -99 -56 -21

Morocco . . . . . . . . . . . . . . . . . . . . - 1 2 - - - - - -13 9 4 -1

South Africa . . . . . . . . . . . . . . . . . 93 88 1 29 7 1 134 81 -6 354 -14 76

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 12 - 1

Oil-exporting countries 4

. . . . . . . . -13 - 1 8 1 - 9 2 2 43 16 3

Other Africa . . . . . . . . . . . . . . . . . 231 86 12 21 6 -2 37 -7 19 85 44 68

Total Africa . . . . . . . . . . . . . . . . 1,523 231 287 668 150 80 337 -2 26 471 51 130

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,054 1,522 -616 -157 -74 169 582 11 149 250 -125 -168

All other . . . . . . . . . . . . . . . . . . . . -13 -109 -15 31 36 42 355 170 291 91 -36 42

Total other

countries . . . . . . . . . . . . . . . . 1,041 1,413 -631 -126 -38 211 937 181 440 341 -161 -126

Total foreign

countries. . . . . . . . . . . . . . . 183,179 24,795 10,195 49,540 10,147 23,203 86,335 16,603 26,608 66,175 11,405 29,079

International

and regional orgs.:

International . . . . . . . . . . . . . . . . . 552 -648 1,122 27 21 -3 37 45 29 -83 -20 -50

European regional . . . . . . . . . . . . -139 -191 -2 6 - -20 -69 -69 - - - -

Latin American regional . . . . . . . . 173 -77 13 -12 -9 95 581 514 36 -68 -34 1

Asian regional . . . . . . . . . . . . . . . -277 -323 -9 -20 -10 10 5 - - 10 -6 3

African regional . . . . . . . . . . . . . . 93 -109 75 52 -42 93 -15 - - -1 - -

Middle Eastern regional . . . . . . . . 15 -78 385 - - - - - - 2 - -

Total international

and regional. . . . . . . . . . . . . . 417 -1,426 1,584 53 -40 175 539 490 65 -140 -60 -46

Grand total. . . . . . . . . . . . . . . 183,596 23,369 11,779 49,593 10,107 23,378 86,874 17,093 26,673 66,035 11,345 29,033

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents 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.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During First Quarter 1998, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

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 . . . . . . . . . . . . . 4,600 3,364 13 54 680 120 369 4,673 3,773 11 29 501 114 245

Belgium-Luxembourg. . 21,181 6,555 636 2,759 7,902 1,517 1,812 14,983 5,295 388 1,379 5,502 922 1,497

Bulgaria . . . . . . . . . . . . 87 41 - - 8 30 8 68 31 - 5 3 28 1

Czech Republic . . . . . . 676 618 - 27 18 2 11 599 567 - 3 4 5 20

Denmark. . . . . . . . . . . . 3,842 1,541 553 79 570 482 617 3,493 1,197 514 73 288 696 725

Finland . . . . . . . . . . . . . 1,922 838 136 35 52 454 407 2,448 1,148 77 49 28 391 755

France . . . . . . . . . . . . . 54,558 32,744 223 2,243 9,965 4,455 4,928 51,072 31,466 93 1,300 7,977 4,682 5,554

Germany . . . . . . . . . . . 44,670 17,689 809 1,894 12,705 3,940 7,633 40,497 15,681 416 1,330 10,764 3,955 8,351

Greece . . . . . . . . . . . . . 1,571 994 11 7 394 49 116 1,418 718 - 5 451 96 148

Hungary . . . . . . . . . . . . 1,569 876 500 - 12 3 178 2,402 1,761 444 - 15 2 180

Ireland . . . . . . . . . . . . . 18,855 10,979 423 1,235 2,248 2,468 1,502 16,430 10,002 179 757 1,805 2,026 1,661

Italy. . . . . . . . . . . . . . . . 18,639 7,597 325 134 6,415 872 3,296 14,114 5,386 284 355 4,130 646 3,313

Netherlands . . . . . . . . . 24,876 7,413 1,511 591 6,648 2,957 5,756 24,655 9,535 1,592 380 5,338 3,343 4,467

Norway. . . . . . . . . . . . . 2,497 874 58 66 560 151 788 3,091 1,093 141 49 354 598 856

Poland . . . . . . . . . . . . . 1,798 1,318 - - 3 427 50 1,075 654 3 13 6 340 59

Portugal . . . . . . . . . . . . 3,125 2,539 11 17 100 38 420 2,499 1,893 - 55 67 25 459

Romania. . . . . . . . . . . . 34 31 - - 3 - - 13 13 - ----

Russia 1 . . . . . . . . . . . . 3,883 2,674 - 2 95 758 354 3,687 2,410 - - 55 799 423

Spain . . . . . . . . . . . . . . 15,769 11,094 382 45 1,244 715 2,289 15,922 12,225 6 117 833 688 2,053

Sweden . . . . . . . . . . . . 8,169 3,383 3 17 2,007 536 2,223 8,103 3,331 6 2 1,539 710 2,515

Switzerland. . . . . . . . . . 41,405 10,289 1,596 933 21,288 1,465 5,834 31,459 6,010 229 916 17,517 1,530 5,257

Turkey . . . . . . . . . . . . . 3,018 2,771 1 13 42 107 84 2,374 1,925 - 176 54 65 154

United Kingdom . . . . . . 1,079,018 685,542 17,567 52,400 78,345 156,714 88,450 1,034,595 671,193 11,086 38,937 67,596 159,497 86,286

Yugoslavia 2

. . . . . . . . . 36 - - - 28 - 8 11 - - - 1 5 5

Other Europe . . . . . . . . 7,737 5,449 43 205 1,180 285 575 7,272 5,350 96 23 923 198 682

Total Europe . . . . . . . 1,363,535 817,213 24,801 62,756 152,512 178,545 127,708 1,286,953 792,657 15,565 45,953 125,751 181,361 125,666

Canada . . . . . . . . . . . . . . 159,887 80,446 1,326 4,750 16,615 44,648 12,102 156,927 80,698 1,294 2,859 16,793 43,299 11,984

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 14,868 267 146 144 775 12,088 1,448 16,100 396 152 102 650 13,479 1,321

Bahamas . . . . . . . . . . . 38,306 17,277 2,934 2,846 5,707 8,368 1,174 36,003 15,852 2,706 2,006 5,314 8,273 1,852

Bermuda. . . . . . . . . . . . 130,251 22,153 23,928 6,587 47,661 26,563 3,359 121,511 22,523 19,581 3,618 47,146 24,983 3,660

Brazil . . . . . . . . . . . . . . 29,919 5,606 909 114 397 17,454 5,439 28,370 3,074 879 737 316 17,239 6,125

British West Indies . . . . 134,339 46,165 26,037 7,960 33,918 13,354 6,905 126,166 46,273 23,648 5,426 31,423 12,686 6,710

Chile. . . . . . . . . . . . . . . 1,914 1,009 16 47 263 238 341 1,447 528 5 34 359 161 360

Colombia . . . . . . . . . . . 2,355 1,908 155 64 94 97 37 2,370 1,997 131 12 79 116 35

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - ----

Ecuador . . . . . . . . . . . . 599 209 78 11 23 265 13 545 220 12 23 26 262 2

Guatemala . . . . . . . . . . 173 83 2 6 37 34 11 142 62 3 2 37 27 11

Jamaica . . . . . . . . . . . . 153 - 110 2 11 11 19 179 57 62 40956

Mexico . . . . . . . . . . . . . 10,507 3,653 458 1,033 624 1,798 2,941 8,806 2,895 50 466 516 2,489 2,390

Netherlands Antilles . . . 53,691 14,567 252 487 24,126 4,724 9,535 62,963 29,068 249 410 20,921 4,272 8,043

Panama . . . . . . . . . . . . 2,921 584 399 246 881 607 204 2,533 561 276 153 770 582 191

Peru . . . . . . . . . . . . . . . 333 37 20 24 28 147 77 294 - - 13 30 148 103

Trinidad and Tobago . . 101 12 70 9 8 2 - 82 7 51 1 8 14 1

Uruguay . . . . . . . . . . . . 2,246 229 46 44 275 1,382 270 2,150 126 32 38 241 1,498 215

Venezuela . . . . . . . . . . 3,490 1,652 355 273 370 623 217 3,412 1,678 45 246 310 928 205

Other Latin America

and Caribbean . . . . . 4,259 482 994 410 422 627 1,324 2,779 454 277 145 525 727 651

Total Latin America

and Caribbean. . . . 430,425 115,893 56,909 20,307 115,620 88,382 33,314 415,852 125,771 48,159 13,472 108,680 87,889 31,881

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 12,266 9,126 1,978 144 82 857 79 9,883 9,096 150 171 83 251 132

Taiwan . . . . . . . . . . . 4,760 2,899 65 38 701 269 788 5,133 3,407 189 13 654 65 805

Hong Kong . . . . . . . . . . 33,219 20,138 1,420 214 1,848 1,696 7,903 32,631 17,966 625 150 2,205 1,707 9,978

India . . . . . . . . . . . . . . . 1,115 779 1 1 125 24 185 720 392 - 14 118 3 193

Indonesia . . . . . . . . . . . 1,141 851 - 2 53 44 191 1,434 1,168 1 - 75 24 166

Israel . . . . . . . . . . . . . . 7,057 5,728 155 170 437 65 502 6,947 5,527 31 22 659 260 448

Japan . . . . . . . . . . . . . . 154,087 108,868 10,011 1,765 12,255 3,422 17,766 166,482 114,756 9,613 1,485 15,456 4,867 20,305

Korea . . . . . . . . . . . . . . 2,728 1,881 138 2 23 148 536 2,725 379 30 7 74 682 1,553

Lebanon . . . . . . . . . . . . 157 - - - 108 7 42 211 - - - 139 4 68

Malaysia. . . . . . . . . . . . 1,004 354 28 25 27 7 563 1,991 1,028 1 44 181 36 701

Pakistan . . . . . . . . . . . . 108 1 - - 46 2 59 194 1 - 5 47 4 137

Philippines . . . . . . . . . . 1,302 899 82 8 107 58 148 1,127 694 2 10 119 52 250

Singapore. . . . . . . . . . . 28,383 17,444 979 402 4,841 1,286 3,431 26,763 17,081 511 630 4,643 1,355 2,543

Syria. . . . . . . . . . . . . . . 54 - - - 41 1 12 51 - - - 39 - 12

Thailand . . . . . . . . . . . . 4,474 4,203 - 1 30 39 201 5,279 4,947 - - 33 87 212

Other Asia . . . . . . . . . . 17,480 9,465 1,952 859 4,527 294 383 17,303 10,081 762 467 5,174 294 525

Total Asia . . . . . . . . . 269,335 182,636 16,809 3,631 25,251 8,219 32,789 278,874 186,523 11,915 3,018 29,699 9,691 38,028

Africa:

Egypt . . . . . . . . . . . . . . 1,074 923 15 24 66 31 15 860 729 - 13 62 27 29

Ghana . . . . . . . . . . . . . 14 - - - - - 14 4 - - - - - 4

Liberia . . . . . . . . . . . . . 892 259 191 127 203 77 35 844 182 125 114 224 174 25

Morocco . . . . . . . . . . . . 6 2 - - 2 2 - 18 - - 13 3 - 2

South Africa . . . . . . . . . 679 25 6 7 244 251 146 902 24 5 13 168 248 444

Zaire. . . . . . . . . . . . . . . 11 - - 2 1 6 2 7 - - 2 - 2 3

Other Africa . . . . . . . . . 664 19 1 36 389 73 146 614 6 3 15 318 28 244

Total Africa . . . . . . . . 3,340 1,228 213 196 905 440 358 3,249 941 133 170 775 479 751

Other countries:

Australia . . . . . . . . . . . . 21,552 11,923 300 359 1,908 4,213 2,849 22,030 12,539 131 210 2,076 3,888 3,186

All other . . . . . . . . . . . . 4,366 313 275 394 1,027 1,658 699 3,743 328 233 103 985 1,565 529

Total other

countries . . . . . . . . 25,918 12,236 575 753 2,935 5,871 3,548 25,773 12,867 364 313 3,061 5,453 3,715

Total foreign

countries. . . . . . . 2,252,440 1,209,652 100,633 92,393 313,838 326,105 209,819 2,167,628 1,199,457 77,430 65,785 284,759 328,172 212,025

International

and regional orgs.:

International . . . . . . . . . 6,085 5,701 5 30 230 32 87 5,100 4,579 8 1 280 41 191

European regional . . . . 43 29 - - - 2 12 91 31 20 - - 32 8

Latin American regional 657 355 112 68 105 17 - 530 342 17 32 104 26 9

Asian regional . . . . . . . 259 213 20 - 11 14 1 257 222 10 - 8 10 7

African regional . . . . . . 203 75 128 - - - - 37 - 35 - - 2 -

Middle Eastern

regional . . . . . . . . . . . 583 581 - - - 2 - 196 196 - - - - -

Total international

and regional. . . . . . 7,830 6,954 265 98 346 67 100 6,211 5,370 90 33 392 111 215

Grand total. . . . . . . 2,260,270 1,216,606 100,898 92,491 314,184 326,172 209,919 2,173,839 1,204,827 77,520 65,818 285,151 328,283 212,240

TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During First Quarter 1998, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
Europe:

Austria . . . . . . . . . . . . . 24,063 18,819 389 404 2,590 997 864 22,140 17,644 44 141 2,112 1,318 881

Belgium-Luxembourg. . 84,668 40,390 2,403 7,206 22,525 6,360 5,784 71,763 36,963 1,568 5,826 17,844 5,091 4,471

Bulgaria . . . . . . . . . . . . 477 57 2 11 5 382 20 508 65 - 7 5 408 23

Czech Republic . . . . . . 4,116 3,880 - 47 45 85 59 4,023 3,803 - 24 49 43 104

Denmark. . . . . . . . . . . . 13,774 6,560 2,174 379 1,708 922 2,031 13,157 5,913 1,985 247 1,275 1,643 2,094

Finland . . . . . . . . . . . . . 11,678 8,456 151 98 171 1,070 1,732 12,168 7,999 111 142 123 1,294 2,499

France . . . . . . . . . . . . . 191,812 116,572 458 7,023 28,374 19,530 19,855 192,913 118,655 316 3,865 25,240 20,258 24,579

Germany . . . . . . . . . . . 196,881 119,990 2,054 6,422 31,103 11,678 25,634 160,323 97,519 1,557 4,177 22,028 10,677 24,365

Greece . . . . . . . . . . . . . 3,799 1,274 60 94 1,209 497 665 4,334 1,911 43 70 983 923 404

Hungary . . . . . . . . . . . . 3,018 2,640 231 11 27 36 73 4,360 3,608 290 5 29 29 399

Ireland . . . . . . . . . . . . . 49,932 29,583 1,193 3,828 4,184 5,789 5,355 46,138 28,354 605 2,700 3,434 5,447 5,598

Italy. . . . . . . . . . . . . . . . 52,763 21,135 501 1,194 15,155 7,792 6,986 45,378 18,835 378 1,190 12,326 5,418 7,231

Netherlands . . . . . . . . . 85,724 28,372 5,593 2,660 22,022 9,529 17,548 76,234 26,626 3,399 1,278 18,189 10,637 16,105

Norway. . . . . . . . . . . . . 12,816 7,296 74 595 1,849 921 2,081 12,021 7,037 68 177 1,325 1,267 2,147

Poland . . . . . . . . . . . . . 8,354 7,427 16 189 27 434 261 8,788 6,939 29 309 15 1,113 383

Portugal . . . . . . . . . . . . 14,004 11,476 72 652 296 527 981 11,190 8,722 13 69 534 319 1,533

Romania. . . . . . . . . . . . 11 - - - 2 - 9 91 54 11 - 8 5 13

Russia 1 . . . . . . . . . . . . 44,331 39,885 4 21 559 2,944 918 45,548 41,150 5 14 220 2,624 1,535

Spain . . . . . . . . . . . . . . 61,136 43,886 993 666 3,511 3,619 8,461 47,683 33,535 90 439 2,935 4,342 6,342

Sweden . . . . . . . . . . . . 29,238 11,046 31 154 7,217 1,550 9,240 26,898 11,511 49 206 5,133 2,336 7,663

Switzerland. . . . . . . . . . 122,974 28,285 895 5,593 63,737 6,910 17,554 108,066 22,257 505 5,796 55,892 6,970 16,646

Turkey . . . . . . . . . . . . . 7,757 6,435 - 61 272 284 705 8,032 6,506 1 40 261 328 896

United Kingdom . . . . . . 3,978,381 2,465,170 44,817 197,984 246,115 752,059 272,236 3,829,302 2,366,917 35,173 150,824 223,900 763,326 289,162

Yugoslavia 2

. . . . . . . . . 225 25 8 - 24 32 136 302 - - - 12 22 268

Other Europe . . . . . . . . 31,995 26,200 449 416 2,944 514 1,472 32,365 27,416 62 127 2,758 609 1,393

Total Europe . . . . . . . 5,033,927 3,044,859 62,568 235,708 455,671 834,461 400,660 4,783,725 2,899,939 46,302 177,673 396,630 846,447 416,734

Canada . . . . . . . . . . . . . . 605,768 308,369 5,626 14,258 65,307 171,040 41,168 605,283 309,180 5,193 8,427 66,481 173,539 42,463

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 80,914 2,905 560 1,177 1,977 68,578 5,717 85,976 2,690 406 733 1,591 74,369 6,187

Bahamas . . . . . . . . . . . 124,675 34,028 3,774 8,033 24,118 48,415 6,307 120,044 34,382 3,065 5,744 23,435 47,449 5,969

Bermuda. . . . . . . . . . . . 408,711 96,167 84,591 20,314 117,232 77,441 12,966 406,156 102,531 77,018 15,151 119,158 78,479 13,819

Brazil . . . . . . . . . . . . . . 119,329 19,782 3,340 1,285 2,018 74,214 18,690 125,636 22,371 952 1,475 2,000 77,967 20,871

British West Indies . . . . 451,027 192,023 38,568 28,945 102,905 61,144 27,442 438,384 187,711 34,777 23,797 98,357 66,752 26,990

Chile. . . . . . . . . . . . . . . 8,871 2,795 50 350 1,226 3,279 1,171 6,544 1,464 16 111 1,246 2,346 1,361

Colombia . . . . . . . . . . . 6,721 5,504 165 71 429 328 224 6,745 4,546 44 52 254 1,353 496

Cuba. . . . . . . . . . . . . . . - - - - - - - 1 - - -1 - -

Ecuador . . . . . . . . . . . . 3,400 1,735 83 238 166 1,166 12 3,300 1,703 24 140 141 1,288 4

Guatemala . . . . . . . . . . 341 62 10 30 127 84 28 297 63 2 21 115 75 21

Jamaica . . . . . . . . . . . . 320 3 139 48 27 95 8 450 16 153 5 26 241 9

Mexico . . . . . . . . . . . . . 43,092 10,070 958 5,303 2,349 12,269 12,143 43,401 9,091 118 4,598 1,974 15,654 11,966

Netherlands Antilles . . . 227,653 92,021 1,123 11,765 66,137 22,950 33,657 230,157 94,681 1,039 9,791 66,400 23,173 35,073

Panama . . . . . . . . . . . . 10,786 1,026 1,106 1,159 3,513 3,001 981 10,674 923 946 1,595 2,820 3,566 824

Peru . . . . . . . . . . . . . . . 1,601 312 1 101 111 647 429 1,789 8 - 60 100 1,003 618

Trinidad and Tobago . . 240 20 95 26 56 39 4 119 1 30 26 41 14 7

Uruguay . . . . . . . . . . . . 11,604 1,226 186 340 1,156 7,642 1,054 11,401 1,051 130 204 910 8,182 924

Venezuela . . . . . . . . . . 11,022 4,236 1,069 422 1,277 3,263 755 9,621 3,581 151 205 974 3,630 1,080

Other Latin America

and Caribbean . . . . . 11,665 1,752 1,406 2,463 1,313 3,406 1,325 8,776 1,395 339 1,555 1,330 3,344 813

Total Latin America

and Caribbean. . . . 1,521,972 465,667 137,224 82,070 326,137 387,961 122,913 1,509,471 468,208 119,210 65,263 320,873 408,885 127,032

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 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 . . . . . . . . . . 49,924 44,213 2,725 371 374 1,704 537 40,347 36,055 1,017 301 312 1,651 1,011

Taiwan . . . . . . . . . . . 26,246 18,987 477 111 3,363 661 2,647 24,729 17,450 1,182 245 2,935 426 2,491

Hong Kong . . . . . . . . . . 193,351 125,924 6,142 3,002 8,289 10,402 39,592 174,079 113,671 2,310 1,244 8,499 8,895 39,460

India . . . . . . . . . . . . . . . 3,875 2,625 33 11 395 122 689 5,069 2,115 97 46 428 1,000 1,383

Indonesia . . . . . . . . . . . 10,796 7,991 - 4 275 535 1,991 12,444 7,989 - 2 255 1,598 2,600

Israel . . . . . . . . . . . . . . 23,348 19,010 699 252 1,904 291 1,192 22,366 15,885 87 73 2,443 1,972 1,906

Japan . . . . . . . . . . . . . . 738,152 551,668 34,459 7,504 55,211 17,721 71,589 713,672 531,308 26,741 5,868 50,431 18,224 81,100

Korea . . . . . . . . . . . . . . 16,873 9,879 112 552 258 3,128 2,944 30,355 14,998 2,270 743 263 7,422 4,659

Lebanon . . . . . . . . . . . . 694 66 7 11 420 134 56 546 68 8 1 342 90 37

Malaysia. . . . . . . . . . . . 12,869 8,092 104 301 245 287 3,840 16,276 10,651 393 292 415 849 3,676

Pakistan . . . . . . . . . . . . 419 4 1 3 201 30 180 763 11 - 3 183 214 352

Philippines . . . . . . . . . . 7,608 5,034 390 85 414 533 1,152 9,964 5,595 88 36 412 2,563 1,270

Singapore. . . . . . . . . . . 142,545 103,526 2,096 2,455 16,022 8,024 10,422 146,784 107,239 565 1,279 18,329 7,314 12,058

Syria. . . . . . . . . . . . . . . 144 - - - 98 4 42 151 - - - 80 4 67

Thailand . . . . . . . . . . . . 10,701 9,373 2 16 125 137 1,048 13,913 11,277 3 1 134 1,538 960

Other Asia . . . . . . . . . . 91,814 62,013 5,058 3,650 17,880 1,475 1,738 82,921 55,046 3,259 3,806 17,781 1,438 1,591

Total Asia . . . . . . . . . 1,329,359 968,405 52,305 18,328 105,474 45,188 139,659 1,294,379 929,358 38,020 13,940 103,242 55,198 154,621

Africa:

Egypt . . . . . . . . . . . . . . 3,367 2,432 428 73 288 64 82 1,823 1,342 44 36 223 51 127

Ghana . . . . . . . . . . . . . 19 - - - 4 13 2 18 - - - 2 - 16

Liberia . . . . . . . . . . . . . 3,358 929 560 385 949 432 103 2,900 807 334 265 1,048 329 117

Morocco . . . . . . . . . . . . 33 1 - - 17 - 15 152 1 - - 8 122 21

South Africa . . . . . . . . . 1,973 123 40 140 624 369 677 2,820 30 11 6 270 895 1,608

Zaire. . . . . . . . . . . . . . . 29 - - - 14 - 15 9 - - - 2 - 7

Other Africa . . . . . . . . . 2,203 440 41 131 861 243 487 3,557 222 12 85 733 1,688 817

Total Africa . . . . . . . . 10,982 3,925 1,069 729 2,757 1,121 1,381 11,279 2,402 401 392 2,286 3,085 2,713

Other countries:

Australia . . . . . . . . . . . . 77,491 41,520 338 1,811 5,946 17,046 10,830 78,787 40,466 495 1,229 5,696 17,800 13,101

All other countries . . . . 16,029 2,227 311 594 2,061 9,223 1,613 14,803 2,240 280 239 1,970 8,353 1,721

Total other

countries . . . . . . . . 93,520 43,747 649 2,405 8,007 26,269 12,443 93,590 42,706 775 1,468 7,666 26,153 14,822 

Total foreign

countries. . . . . . . 8,595,528 4,834,972 259,441 353,498 963,353 1,466,040 718,224 8,297,727 4,651,793 209,901 267,163 897,178 1,513,307 758,385

International and

regional orgs.:

International . . . . . . . . . 31,043 29,594 54 86 288 357 664 30,453 29,042 27 49 371 285 679

European regional . . . . 388 129 6 100 - 30 123 652 268 - 169 - 1 214

Latin American regional 3,773 2,307 274 634 206 347 5 3,089 2,134 286 53 274 340 2

Asian regional . . . . . . . 1,088 913 - 5 35 8 127 1,428 1,190 20 - 25 92 101

African regional . . . . . . 481 323 138 17 1 2 - 356 230 86 32 2 - 6

Middle Eastern regional 428 424 - - 2 - 2 410 409 - - - - 1

Total international

and regional. . . . . . 37,201 33,690 472 842 532 744 921 36,388 33,273 419 303 672 718 1,003

Grand total. . . . . . . 8,632,729 4,868,662 259,913 354,340 963,885 1,466,784 719,145 8,334,115 4,685,066 210,320 267,466 897,850 1,514,025 759,388

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 97
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1993 1994 1995 1996 1997 Jan. - Mar. 1998

Foreign bonds . . . . . . . . . . . . . . . . 80,377 9,224 48,405 51,369 47,241 2,111 

Foreign stocks. . . . . . . . . . . . . . . . 62,691 48,071 50,291 59,268 40,243 2,321 

Total . . . . . . . . . . . . . . . . . . . . . . 143,068 57,295 98,696 110,637 87,484 4,432 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1998 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.

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)

10/01/97. . . . . . . . . . . . . . . . . . . . . . . 277,209 274,649 -4,673 1.3779

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 274,144 274,615 -4,623 1.3725

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 282,974 281,756 -4,670 1.3867

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 272,777 275,106 -4,000 1.3918

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 285,142 284,991 -4,417 1.4025

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 298,536 297,752 -5,222 1.4010

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 304,110 297,282 -5,461 1.4087

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 293,792 291,875 -5,292 1.4161

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 293,839 290,876 -5,447 1.4249

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 290,884 289,337 -5,017 1.4195

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 293,913 291,342 -4,637 1.4243

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 285,215 280,267 -5,095 1.4226

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 281,505 276,931 -4,752 1.4350

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 278,693 271,741 -5,065 1.4298

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 283,764 280,660 -5,315 1.4291

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 283,499 278,690 -5,569 1.4329

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 281,364 277,505 -4,927 1.4456

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 287,501 283,684 -4,921 1.4575

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 291,224 287,658 -3,308 1.4470

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 290,842 288,231 -2,193 1.4391

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 291,909 291,882 -1,684 1.4334

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 313,583 311,202 -2,220 1.4210

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 304,589 297,924 -3,486 1.4221

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 303,709 300,337 -3,243 1.4090

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 294,743 297,356 -3,781 1.4195

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 285,194 283,737 -4,828 1.4100

100 FOREIGN CURRENCY POSITIONS
SECTION I.--Canadian Dollar Positions, con.

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Apr.. . . . . . . . 242,822 242,586 60,854 57,593 31,361 36,874 28,605 24,714 -4,980 100,989 1.3977

May. . . . . . . . 253,855 258,709 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785

June . . . . . . . 272,820 275,873 61,773 52,999 30,003 34,527 28,242 21,382 -3,868 124,865 1.3806

July . . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787

Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885

Sept. . . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815

Oct.. . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088

Nov. . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240

Dec. . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - Jan.. . . . . . . . 303,599 295,094 74,223 64,726 48,844 56,506 40,699 33,080 -4,977 157,084 1.4548

Feb. . . . . . . . 321,125 312,496 75,047 67,529 43,959 50,726 43,789 39,724 -3,244 158,385 1.4240

 Mar. . . . . . . . 292,199 286,817 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

Dec. . . . . . . . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708

1997 - Mar. . . . . . . . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854

June . . . . . . . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806

Sept. . . . . . . . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815

Dec. . . . . . . . 39,503 36,143 58,892 54,054 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

FOREIGN CURRENCY POSITIONS 101
10/01/97. . . . . . . . . . . . . . . . . . . . . . . 2,201,758 2,188,987 6,103 1.7750

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 2,234,515 2,215,554 7,379 1.7487

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 2,241,967 2,229,032 7,866 1.7485

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 2,413,733 2,395,169 7,087 1.7860

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 2,604,993 2,581,669 6,043 1.7295

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 2,385,264 2,367,949 6,146 1.7180

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,418,121 2,397,688 5,162 1.7195

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,291,574 2,271,007 5,812 1.7325

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,287,242 2,266,074 6,799 1.7610

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 2,245,051 2,239,112 9,102 1.7728

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 2,406,948 2,403,924 4,789 1.7880

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 2,216,291 2,208,458 4,008 1.7741

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 2,160,805 2,153,916 2,930 1.7718

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 2,076,982 2,080,764 2,572 1.7990

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 2,301,939 2,304,432 3,058 1.8236

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 2,264,850 2,262,383 2,717 1.8220

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 2,285,063 2,274,453 1,730 1.8195

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 2,377,745 2,367,260 -2,961 1.8140

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,344,012 2,332,375 -6,378 1.8008

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,378,234 2,358,032 -8,768 1.8189

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,318,568 2,307,465 -7,637 1.8226

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,394,356 2,389,562 -8,845 1.8183

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,297,284 2,299,954 -9,612 1.8196

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,290,602 2,301,194 -8,935 1.8320

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,232,120 2,233,484 -10,773 1.8263

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,113,160 2,114,287 -11,562 1.8273

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)

102 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. . . . . . . . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420

1997 - Mar. . . . . . . . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750

June . . . . . . . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457

Sept. . . . . . . . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600

Dec. . . . . . . . 201,756 198,825 126,983 114,329 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Apr.. . . . . . . . 2,107,044 2,127,742 303,660 302,667 462,734 473,283 453,327 507,369 12,933 348,550 1.7316

May. . . . . . . . 2,337,897 2,339,518 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061

June . . . . . . . 2,067,449 2,070,361 276,440 273,455 493,601 518,626 512,910 525,801 -1,795 350,493 1.7457

July. . . . . . . . 2,141,471 2,135,371 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390

Aug. . . . . . . . 2,241,704 2,235,611 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090

Sept.. . . . . . . 2,198,306 2,190,905 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600

Oct.. . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248

Nov. . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647

Dec. . . . . . . . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

1998 - Jan. . . . . . . . 2,371,871 2,368,701 280,461 275,969 630,785 649,746 648,910 675,016 -5,939 397,674 1.8312

Feb. . . . . . . . 2,318,025 2,331,214 303,389 305,240 607,570 629,483 621,002 650,738 -9,397 400,350 1.8155

Mar. . . . . . . . 2,298,202 2,299,899 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493

SECTION II--German Mark Positions, con.

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 103
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)

10/01/97. . . . . . . . . . . . . . . . . . . . . . 172,902 176,089 928 120.9000

10/08/97. . . . . . . . . . . . . . . . . . . . . . 172,652 176,277 790 121.0800

10/15/97. . . . . . . . . . . . . . . . . . . . . . 170,469 173,785 845 121.2400

10/22/97. . . . . . . . . . . . . . . . . . . . . . 171,517 175,287 917 120.9700

10/29/97. . . . . . . . . . . . . . . . . . . . . . 184,937 188,684 787 120.6500

11/05/97. . . . . . . . . . . . . . . . . . . . . . 185,304 188,704 676 123.1300

11/12/97. . . . . . . . . . . . . . . . . . . . . . 189,810 191,940 683 126.6000

11/19/97. . . . . . . . . . . . . . . . . . . . . . 193,484 196,652 619 126.8900

11/26/97. . . . . . . . . . . . . . . . . . . . . . 195,980 199,152 732 127.0300

12/03/97. . . . . . . . . . . . . . . . . . . . . . 198,482 202,344 748 128.7500

12/10/97. . . . . . . . . . . . . . . . . . . . . . 202,397 206,637 679 129.4800

12/17/97. . . . . . . . . . . . . . . . . . . . . . 200,129 204,955 1,005 127.0900

12/24/97. . . . . . . . . . . . . . . . . . . . . . 186,923 191,516 865 129.7300

12/31/97. . . . . . . . . . . . . . . . . . . . . . 178,264 183,428 1,012 130.5800

01/07/98. . . . . . . . . . . . . . . . . . . . . . 192,985 198,644 1,423 131.3500

01/14/98. . . . . . . . . . . . . . . . . . . . . . 186,093 191,120 962 130.9000

01/21/98. . . . . . . . . . . . . . . . . . . . . . 193,445 197,892 1,216 127.0000

01/28/98. . . . . . . . . . . . . . . . . . . . . . 195,608 200,537 1,355 125.2800

02/04/98. . . . . . . . . . . . . . . . . . . . . . 191,368 195,847 1,265 123.6100

02/11/98. . . . . . . . . . . . . . . . . . . . . . 192,613 197,476 1,155 123.5700

02/18/98. . . . . . . . . . . . . . . . . . . . . . 185,309 189,726 1,048 126.4500

02/25/98. . . . . . . . . . . . . . . . . . . . . . 196,501 200,902 969 128.7600

03/04/98. . . . . . . . . . . . . . . . . . . . . . 186,794 191,338 1,234 126.7500

03/11/98. . . . . . . . . . . . . . . . . . . . . . 192,716 198,690 1,492 129.3500

03/18/98. . . . . . . . . . . . . . . . . . . . . . 186,930 191,840 1,647 130.0800

03/25/98. . . . . . . . . . . . . . . . . . . . . . 183,125 189,997 1,698 128.8800

104 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec. . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000

1997 - Mar. . . . . . . . 12,556 14,033 8,509 7,591 1,261 1,413 1,887 1,357 -507 3,178 123.7500

June . . . . . . . 12,855 14,465 9,322 8,438 1,734 1,587 2,419 1,847 -304 2,798 114.6600

Sept. . . . . . . . 13,076 15,716 10,472 9,462 1,840 1,940 3,016 2,589 -329 2,871 120.3800

Dec. . . . . . . . 12,488 14,626 9,380 9,037 1,317 1,475 2,265 1,594 -447 2,745 130.5800

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Apr.. . . . . . . . 171,897 175,797 23,746 23,226 20,567 20,743 22,501 26,327 1,206 65,508 127.1200

May. . . . . . . . 171,950 178,585 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500

June . . . . . . . 165,343 168,866 25,091 24,393 27,743 27,956 29,612 30,859 1,316 65,088 114.6600

July. . . . . . . . 172,696 176,619 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000

Aug. . . . . . . . 169,198 173,247 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500

Sept.. . . . . . . 171,566 175,094 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800

Oct.. . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500

Nov. . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500

Dec. . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800

1998 - Jan. . . . . . . . 192,380 198,150 31,921 30,067 35,123 34,659 48,956 49,167 1,194 71,697 127.1000

Feb. . . . . . . . 194,601 198,990 30,412 28,496 32,953 32,756 48,097 48,649 1,034 71,478 126.0800

Mar. . . . . . . . 187,464 196,128 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300

SECTION III.--Japanese Yen Positions, con.

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

FOREIGN CURRENCY POSITIONS 105
SECTION IV.--Swiss Franc Positions

TABLE FCP-IV-1.--Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Francs

Net options per U.S. Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

10/01/97 . . . . . . . . . . . . . . . . . . . . . . 626,958 639,916 6,378 1.4605

10/08/97 . . . . . . . . . . . . . . . . . . . . . . 633,619 649,137 8,760 1.4435

10/15/97 . . . . . . . . . . . . . . . . . . . . . . 661,521 676,036 8,519 1.4590

10/22/97 . . . . . . . . . . . . . . . . . . . . . . 713,611 728,391 9,029 1.4835

10/29/97 . . . . . . . . . . . . . . . . . . . . . . 738,020 754,089 11,843 1.4100

11/05/97 . . . . . . . . . . . . . . . . . . . . . . 664,484 680,531 9,333 1.4040

11/12/97 . . . . . . . . . . . . . . . . . . . . . . 690,570 707,421 9,738 1.3943

11/19/97 . . . . . . . . . . . . . . . . . . . . . . 669,231 683,205 8,481 1.4043

11/26/97 . . . . . . . . . . . . . . . . . . . . . . 672,785 687,567 6,204 1.4170

12/03/97 . . . . . . . . . . . . . . . . . . . . . . 669,063 680,654 6,029 1.4305

12/10/97 . . . . . . . . . . . . . . . . . . . . . . 686,758 698,688 4,664 1.4468

12/17/97 . . . . . . . . . . . . . . . . . . . . . . 646,992 656,080 4,136 1.4360

12/24/97 . . . . . . . . . . . . . . . . . . . . . . 595,579 605,706 3,961 1.4332

12/31/97 . . . . . . . . . . . . . . . . . . . . . . 578,556 588,085 3,308 1.4625

01/07/98 . . . . . . . . . . . . . . . . . . . . . . 609,013 632,418 3,474 1.4770

01/14/98 . . . . . . . . . . . . . . . . . . . . . . 609,453 630,031 2,058 1.4825

01/21/98 . . . . . . . . . . . . . . . . . . . . . . 626,660 647,446 2,660 1.4763

01/28/98 . . . . . . . . . . . . . . . . . . . . . . 614,956 641,669 4,232 1.4645

02/04/98 . . . . . . . . . . . . . . . . . . . . . . 634,498 655,580 6,120 1.4515

02/11/98 . . . . . . . . . . . . . . . . . . . . . . 605,520 624,495 3,888 1.4627

02/18/98 . . . . . . . . . . . . . . . . . . . . . . 609,595 626,091 4,699 1.4715

02/25/98 . . . . . . . . . . . . . . . . . . . . . . 609,352 625,514 5,036 1.4695

03/04/98 . . . . . . . . . . . . . . . . . . . . . . 592,326 609,792 4,117 1.4810

03/11/98 . . . . . . . . . . . . . . . . . . . . . . 585,396 607,175 5,122 1.4910

03/18/98 . . . . . . . . . . . . . . . . . . . . . . 545,377 569,654 6,312 1.4910

03/25/98 . . . . . . . . . . . . . . . . . . . . . . 540,253 556,630 5,646 1.4930

106 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec. . . . . . . . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar. . . . . . . . 52,103 72,396 16,886 17,636 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June . . . . . . . 46,905 66,991 18,222 16,751 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept.. . . . . . . 41,440 60,628 19,292 15,752 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec. . . . . . . . 33,930 45,671 19,549 15,730 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

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)

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735

May. . . . . . . . 647,810 664,778 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145

June . . . . . . . 615,964 628,748 26,259 35,851 69,180 60,238 95,784 110,400 6,933 120,439 1.4620

July . . . . . . . . 625,835 647,043 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125

Aug. . . . . . . . 588,976 606,536 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,041 1.4930

Sept. . . . . . . . 596,474 608,938 33,194 45,512 80,244 76,675 100,366 108,508 7,009 120,235 1.4485

Oct.. . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990

Nov. . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264

Dec. . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - Jan.. . . . . . . . 610,189 635,732 33,078 37,064 91,648 89,128 115,764 121,794 5,125 126,431 1.4780

Feb. . . . . . . . 589,924 610,252 38,139 42,129 90,116 88,884 118,321 123,453 4,993 132,498 1.4660

Mar. . . . . . . . 581,901 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240

SECTION IV.--Swiss Franc Positions, con.

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)

FOREIGN CURRENCY POSITIONS 107
10/01/97. . . . . . . . . . . . . . . . . . . . . . . 393,744 386,249 2,074 1.6145

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 385,812 375,902 1,273 1.6220

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 375,653 366,195 598 1.6225

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 395,023 386,068 1,257 1.6326

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 413,995 408,245 1,474 1.6719

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 401,087 394,234 1,092 1.6815

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 419,899 410,629 648 1.7030

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 421,587 412,959 857 1.6905

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 410,812 398,876 1,157 1.6732

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 416,766 405,512 583 1.6832

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 430,230 417,848 649 1.6495

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 410,760 397,737 1,023 1.6507

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 380,441 365,466 1,097 1.6680

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 378,507 366,581 806 1.6480

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 395,650 382,707 949 1.6260

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 411,005 394,237 1,563 1.6291

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 407,002 390,956 922 1.6307

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 417,648 401,601 703 1.6422

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 403,482 386,919 220 1.6565

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 429,254 412,673 1,097 1.6320

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 407,917 395,298 1,389 1.6372

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 405,663 393,768 1,211 1.6424

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 393,603 380,119 708 1.6465

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 396,235 383,025 1,343 1.6480

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 410,150 396,867 1,241 1.6720

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 388,759 378,814 1,732 1.6737

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)

108 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. . . . . . . . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar. . . . . . . . 43,731 48,560 40,627 33,938 5,237 5,228 4,291 2,693 -274 5,047 1.6392

June . . . . . . . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642

Sept. . . . . . . . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190

Dec. . . . . . . . 36,614 41,284 49,301 40,517 3,322 3,544 4,176 2,616 166 5,842 1.6480

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)

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Apr.. . . . . . . . 372,828 360,418 75,624 79,978 57,013 57,435 51,342 63,262 1,004 68,833 1.6237

May. . . . . . . . 400,433 387,643 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400

June . . . . . . . 402,121 386,557 67,556 73,677 56,131 55,764 55,287 63,555 1,436 70,914 1.6642

July. . . . . . . . 415,976 405,831 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400

Aug. . . . . . . . 391,844 383,011 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200

Sept.. . . . . . . 404,098 395,103 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190

Oct.. . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730

Nov. . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880

Dec. . . . . . . . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - Jan.. . . . . . . . 403,350 387,200 82,860 90,013 62,190 62,406 64,902 70,662 898 81,369 1.6330

Feb. . . . . . . . 397,701 384,655 84,991 91,886 63,940 63,777 65,722 69,576 1,308 82,546 1.6437

 Mar. . . . . . . . 409,133 400,344 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720

SECTION V.--Sterling Positions, con.

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)

FOREIGN CURRENCY POSITIONS 109
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing rights

(SDRs), and balances of foreign currencies. Principal sources

of income (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. ‘‘Profit (+) or loss (-) on

foreign exchange’’ includes realized profits or losses. ‘‘Adjustment for change in valuation of SDR holdings and allocations’’

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of Sept. 30, 1997, and Dec. 31, 1997

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

Sept. 30, 1997 

Assets, liabilities, and capital Sept. 30, 1997 through Dec. 31, 1997 Dec. 31, 1997

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 15,459,803 100,727 15,560,530

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 9,997,262 29,644 10,026,906

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 5,877,307 -61,702 5,815,605

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 8,663,006 -632,520 8,030,486

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 108,104 6,687 114,791

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 40,105,482 -557,164 39,548,318

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 46,522 7,642 54,164

Total current liabilities . . . . . . . . . . . . . . . . . . 46,522 7,642 54,164

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 9,200,000 - 9,200,000

Special drawing rights allocations . . . . . . . . . . 6,688,897 -78,202 6,610,695

Total other liabilities . . . . . . . . . . . . . . . . . . . 15,888,897 -78,202 15,810,695

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 23,970,063 -486,604 23,483,459

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,170,063 -486,604 23,683,459

Total liabilities and capital . . . . . . . . . . . . . 40,105,482 -557,164 39,548,318

110 EXCHANGE STABILIZATION FUND
Current quarter Fiscal year to date 

Sept. 30, 1997, through Dec. 31, 1997 October 1, 1997, through Dec. 31, 1997

Income and expense

Profit (+) or loss (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -753,633 -753,633

Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -42,293 -42,293

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,583 36,583

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,308 216,308

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,431 56,431

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -486,604 -486,604

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -486,604 -486,604

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

‘‘Annual Report of the Secretary of the Treasury’’ and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30,

1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

EXCHANGE STABILIZATION FUND 111
112

Page Intentionally Left Blank
113

Page Intentionally Left Blank
114

Page Intentionally Left Blank
Balance sheet

This statement shows the operating assets of the Government that were acquired under fiscal 1997, and prior

year budgets; and which remain available as resources to

supply Government goods and services in the future. It

also shows the Government’s operating liabilities including debt held by the public. It includes some liabilities

that have not yet been funded by appropriations. The net

position shown in the statement reflects operating assets

less liabilities.

The balance sheet does not include values for certain

assets or future responsibilities under social insurance

programs such as Social Security and Medicare. Excluded assets include land not used in general operations,

natural resources and assets held solely for their historical, cultural or artistic significance. The balance sheet

also does not reflect the Government’s power to tax. Deferred maintenance is not shown this year but will be disclosed in future years after agencies implement the new

accounting standard requiring such information.

The stewardship reporting section provides information on the Government’s future responsibilities for social insurance and on the Government’s land not used in

general operations. An explanation of the nature of the social insurance trust funds is included in Note 16 together

with information about the receipts, disbursements and assets of the major social insurance trust funds. The stewardship reporting section will be expanded in future years

to disclose additional information required by recently approved accounting standards.

The line item “commitments and contingencies” is displayed to inform the reader that a note disclosure is presented, relating to certain existing conditions, situations

or sets of circumstances involving uncertainty as to possible gain or loss. The amounts stated there are in terms of

maximum theoretical risk exposure. However, it is not

likely that the maximum loss will be incurred.

116 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
United States Government

Consolidated Balance Sheet

as of September 30, 1997

(In billions of dollars)

Assets:

Cash and other monetary assets (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.7

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.2

Loans receivable (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156.2

Taxes receivable (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.1

Inventories and related property (Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209.4

Property, plant and equipment (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,017.0

Other assets (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62.9

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601.5

Liabilities and net position:

Accounts payable (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.7

Federal debt securities held by the public (Note 9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,768.2

Federal employee and veteran benefits payable (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,243.7

Environmental liabilities (Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211.7

Benefits due and payable (Note 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.7

Loan guarantee liabilities (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.7

Other liabilities (Note 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.8

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,604.5

Commitments and contingencies (Note 14)

Net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,003.0

Total liabilities and net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601.5

The accompanying notes are an integral part of these financial statements.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 117
Statement of net cost

This statement shows the net cost of Government operations for fiscal 1997, which is funded by taxation or

through Federal borrowing. The statement reflects the

cost incurred to carry out the national priorities as determined by law.

Cost is divided among major functions, which are the

same as in the budget except that the allocation of cost to

the functions is based on accounting standards. Thus,

cost are reported on an accrual basis and allocated differently than in the budget. For example, the cost of pensions and retiree health benefits are allocated among all

the functions that employ workers rather than as a subfunction in the income security function. A description of

each of the functions and the component of net cost for

the activities included in such function is located immediately following the statement.

The statement contains the following three components for each function:

The gross cost of Government operations; the revenues

earned from the public for goods and services; and the net

cost of Government operations, which is the gross cost less

the revenue earned.

Gross cost

Gross cost includes the full cost of the functions.

These costs may be directly traced, assigned on a cause

and effect basis or reasonably allocated to the function.

Earned revenue

These are revenues that the U.S. Government has

earned by providing goods and services to the public at a

price.

Net cost

The net cost of Government operations is the gross

cost less the related revenues.

118 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
United States Government

Consolidated Statement of Net Cost for the year ended September 30, 1997

(In billions of dollars) Gross cost Earned revenue Net cost

National defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251.9 18.4 233.5

Human resources:

Education, training, employment and social services . . . . . . . . . . . . . . . . . . . 46.6 2.2 44.4

Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125.5 1.2 124.3

Medicare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.7 20.5 187.2

Income security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187.9 8.8 179.1

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364.1 - 364.1

Veterans benefits and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.1 2.2 33.9

Total human resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967.9 34.9 933.0

Physical resources:

Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 12.8 5.2

National resources and environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.1 1.9 27.2

Commerce and housing credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.7 72.4 14.3

Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.4 2.4 35.0

Community and regional development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 1.9 10.3

Total physical resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183.4 91.4 92.0

Net interest:

Treasury securities held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246.1 -.0 246.1

Other functions:

International affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8 5.3 19.5 

General science, space and technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 0.1 16.7

Agriculture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 2.5 12.6

Administration of justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.1 1.9 25.2

General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 3.3 24.7

Total other functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111.8 13.1 98.7

Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,761.1 157.8 1,603.3

The accompanying notes are an integral part of these financial statements.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 119
Statement of changes in net position

The statement of changes in net position reports the beginning net position, the items that caused net position to change

during the reporting period and the ending net position. It

shows the net cost of Government operations, revenues generated principally by the Government’s sovereign power to tax,

levy duties, and assess fines and penalties, as well as any adjustments and unreconciled transactions that affect the net position.

Net cost of Government operations

Net cost of Government operations is the cost of operations

reported in the statement of net cost.

Revenues: financing sources from non-exchange revenue

The main financing source for the net cost of operations is

non-exchange revenue, which consists of taxes and other revenue that the Federal Government generates under its governmental powers or receives by donation.

Other earned revenue

Other earned revenues are exchange revenues from the public with virtually no cost associated with these earnings. These

items include revenues from spectrum auctions and rents and

royalties on the outer continental shelf lands.

Unreconciled transactions

Unreconciled transactions are adjustments made to balance

the change in net position.

Net position–beginning of period

The amount is the net position reported as of the beginning

of the fiscal year.

Net position–end of period

This is the amount reported as net position on the current

year’s balance sheet.

120 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT
United States Government

Consolidated Statement of Changes in Net Position

for the year ended September 30, 1997

(In billions of dollars)

Net cost of Government operations . . . . . . . . . . . . . . . . . . . . . 1,603.3

Less:

Financing sources from non-exchange revenues:

Individual income tax and tax withholdings . . . . . . . . . . . . . . . . . . 1,247.5

Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179.8

Unemployment taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.8

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.8

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.7

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.0

Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1

Total non-exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 1,576.7

Other earned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6

Excess of costs over revenues before unreconciled

transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15.0

Unreconciled transactions affecting the change in net position

(Note 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4

Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2.6

Net position-beginning of period . . . . . . . . . . . . . . . . . . . . . . . . -5,000.4

Net position-end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,003.0

The accompanying notes are an integral part of these financial statements.

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 121
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 1997

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

Balance Oct. 1, 1996, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,621,182,405

Receipts:

Excise taxes (transferred from general fund):

Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887,873,083

Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Trucks, buses, trailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,913,942,720

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,348,000

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,341,566,453

Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,745,000

Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,884,992

Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,759,580

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,853,429

Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,887,973,257

Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,537,000

Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,666,436,257

Less refunds of taxes (reimbursed to general fund): 

Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,331,644

Gasoline 9.1/14.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,376,940

Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,270,140

Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,032,838

Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,198,798

Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,384,070

Diesel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,085,075

Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,872,000

Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 796,551,505

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,869,884,752

Investment income:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,360,948

Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,360,948

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,318,245,700

122 TRUST FUNDS
TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1997, con.

[Source: Department of Transportation]

Internal Revenue

Code section

Description (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,466,500,426

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,969

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,129,458

Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865,813

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,507

Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,802

Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,312

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,448

Alabama highway bypass demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441

Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,453,337

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,877

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,913

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563,274

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,454,853

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,662,696,553

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,969

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,516,453

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428,101

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,668

Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -269,576

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,096

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,032

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,741,112

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,786

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012,362

Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,182

Pennsylvania reconstruction demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,482

Mineola grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,518,743,830

Outlays:

Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,099

Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,323

Balance September 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,419,779,853

TRUST FUNDS 123
TABLE TF-15.--Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In millions of dollars. Source: Department of Transportation]

Combined Statement Highway and Mass Transit Accounts

Highway Account

Mass Transit Account

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,434 23,978 38,794 48,000 57,209

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . 26,063 38,614 33,201 33,812 34,448

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 1,461 2,243 2,670 3,129

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,479 40,075 35,444 36,482 37,577

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,935 25,259 26,239 27,273 27,755

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,978 38,794 48,000 57,209 67,031

1998 1999 2000 2001 2002

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,858 9,996 14,083 16,913 18,968

Receipts:

Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . 3,514 5,416 4,581 4,663 4,747

Interest, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 609 814 941 1,037

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,136 6,025 5,395 5,604 5,784

Outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,998 1,938 2,565 3,549 4,159

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,996 14,083 16,913 18,968 20,593

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,575 13,980 24,709 31,085 38,239

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . 22,549 33,198 28,620 29,149 29,701

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 852 1,429 1,729 2,092

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,343 34,050 30,049 30,878 31,793

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,938 23,321 23,673 23,724 23,595

Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,980 24,709 31,085 38,239 46,437

Unfunded authorizations, end of year . . . . . . . . . . . . . . . . 41,506 44,200 - - -

24-month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . 45,638 47,032 48,623 24,723 -

124 TRUST FUNDS
TABLE TF-15A.--Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

‘‘unfunded authorizations’’ is the latest estimate received from

three Department of Transportation for fiscal 1996. The 24-

and 12-month revenue estimates for the highway and mass

transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

TRUST FUNDS 125
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990.

9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and

John S. Greenlees. December 1990.

9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991.

9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992.

9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992.

9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992.

9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’

Michael Cayton. February 1993.

9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

9702. ‘‘An Improved Method for Estimating the Total Taxable Resources of the States.’’ Michael Compson and John Navratil.

December 1997.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

126 TECHNICAL PAPERS
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)----Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds---- meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)----Includes all issues by the Bureau of the Mint purposely intended

as a medium of exchange. Coins sold by the Bureau of the Mint

at premium prices are excluded; however, uncirculated coin

sets sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)----In Treasury bill auctions, purchasers tender competitive bids on a discount rate

basis. The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (‘‘Federal Fiscal Operations’’)----Congress passes laws giving budget authority to Government

entities, which gives the agencies the power to spend Federal

funds. Congress can stipulate various criteria for the spending

of these funds. For example, Congress can stipulate that a given

agency must spend within a specific year, number of years, or

any time in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period

of time during which Congress makes funds available may be

specified as 1-year, multiple-year, or no-year. The available

amount may be classified as either definite or indefinite; a

specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit----The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)----Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term cash needs of Treasury. Their sale, having higher

minimum and multiple purchase requirements than those of

other issues, is generally restricted to competitive bidders.

Competitive tenders (‘‘Treasury Financing Operations’’)----A bid to purchase a stated amount of one issue of

Treasury securities at a specified yield or discount. The bid is

accepted if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue----The issue of bonds or notes (public debt).

Currency no longer issued (USCC)----Old and new series

gold and silver certificates, Federal Reserve notes, national

bank notes, and 1890 Series Treasury notes.

Current income bonds (‘‘U.S. Savings Bonds and

Notes’’)----Bonds paying semiannual interest to holders. Interest is not included in accrued discount.

Debt outstanding subject to limitation (FD-6)----The debt

incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of March 1998, the debt

limit was $5,950,000 million; the limit may change from year

to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount----The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)----The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)----Include standard silver and nonsilver

coins.

Domestic series (FD-2)----Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (‘‘Federal Fiscal Operations’’)----Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)----Issues by the U.S. Government to the public through the Federal Reserve Banks and their

member banks. They represent money owed by the Government to the public. Currently, the item ‘‘Federal Reserve

notes----amounts outstanding’’ consists of new series issues.

The Federal Reserve note is the only class of currency currently

issued.

Foreign (‘‘Foreign Currency Positions,’’ IFS-2, -3)----Locations other than those included under the definition of the

United States. (See United States.)

Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions

and individuals living outside the United States, including U.S.

citizens living abroad, and branches, subsidiaries, and other

affiliates abroad of U.S. banks and business concerns; central

governments, central banks, and other official institutions of

countries other than the United States, and international and

regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by

reporting institutions to be acting for foreigners.

Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all

departments and agencies of national governments; central

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

127
of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)----Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)----Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the

Unemployment Trust Fund.

Interfund transactions (‘‘Federal Fiscal Operations’’)---- Transactions in which payments are made from one fund group

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

another group.

International Monetary Fund (‘‘Exchange Stabilization

Fund,’’ IFS-1)----(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (‘‘Federal Fiscal Operations’’)----These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)----The

value of outstanding savings bonds and notes that have reached

final maturity and no longer earn interest. Includes all Series

A-D, F, G, J, and K bonds. Series E bonds (issued between

May 1941 and November 1965), Series EE (issued since

January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate or

yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (‘‘Federal Fiscal Operations’’)----Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions

of law. Their receipts, outlays, and surplus or deficit are not

included in budget receipts, outlays, or deficits. Their budget

authority is not included in totals of the budget.

Outlays (‘‘Federal Fiscal Operations’’)----Payments on obligations in the form of cash, checks, the issuance of bonds or

notes, or the maturing of interest coupons.

Own foreign offices (‘‘Capital Movements’’)----Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United

States.

Par value----The face value of bonds or notes, including interest.

Quarterly financing (‘‘Treasury Financing Operations’’)---- Treasury has historically offered packages of several

‘‘coupon’’ security issues on the 15th of February, May, August, and November, or on the next working day. These issues

currently consist of a 3-year note, a 10-year note, and a 30-year

bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new

security issues. (See Reopening.)

Receipts (‘‘Federal Fiscal Operations’’)----Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)----The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (‘‘Exchange Stabilization Fund,’’

IFS-1)----International assets created by IMF that serve to

increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among

eligible holders through IMF. (See IMF.)

 SDR allocations are the counterpart to SDRs issued by IMF

based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they

must be redeemed by ESF only in the event of liquidation of,

or U.S. withdrawal from, the SDR department of IMF or

cancellation of SDRs.

 SDR certificates are issued to the Federal Reserve System

against SDRs when SDRs are legalized as money. Proceeds of

monetization are deposited into an ESF account at the Federal

Reserve Bank of New York.

Spot (‘‘Foreign Currency Positions’’)----Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)----(SLUGs) Special nonmarketable certificates, notes, and bonds offered to

State and local governments as a means to invest proceeds from

their own tax-exempt financing. Interest rates and maturities

Glossary

128
comply with IRS arbitrage provisions. SLUGs are offered in

both time deposit and demand deposit forms. Time deposit

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand

deposit securities are 1-day certificates rolled over with a rate

adjustment daily.

Statutory debt limit (FD-6)----By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)----Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may

be divided into principal and interest-paying components,

which may be transferred and sold in amounts as small as

$1,000. STRIPS are sold at auction at a minimum par amount,

varying for each issue. The amount is an arithmetic function

of the issue’s interest rate.

Treasury bills----The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (‘‘Federal Fiscal Operations’’)----An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States----Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)----Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

Glossary

129