DE CEM BER 1999

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

Anal y sis.—Sum mary of eco nomic in di ca tors ............................................................... 3

FED ERAL FIS CAL OP ER A TIONS

In tro duc tion.—Fed eral fis cal op er a tions ................................................................... 9

Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and fourth-quar ter re ceipts by source ................10

FFO-A.—Chart: Monthly re ceipts and out lays ............................................................. 12

FFO-B.—Chart: Bud get re ceipts by source................................................................12

FFO-1.—Sum mary of fis cal op er a tions ................................................................... 13

FFO-2.—On-budget and off-budget re ceipts by source....................................................... 14

FFO-3.—On-budget and off-budget out lays by agency....................................................... 16

FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by agency, September 1999 and other periods .... 18

AC COUNT OF THE U.S. TREA SURY

In tro duc tion.—Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury ........................... 19

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances........................... 19

FED ERAL DEBT

In tro duc tion.—Fed eral debt............................................................................ 21

FD-1.—Sum mary of Fed eral debt ....................................................................... 22

FD-2.—In ter est-bearing pub lic debt ..................................................................... 23

FD-3.—Gov ern ment ac count se ries......................................................................24

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................. 25

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors ..... 26

FD-6.—Debt sub ject to stat u tory lim i ta tion................................................................26

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies....................... 27

FD-A.—Chart: Av er age length of pri vately held mar ket able debt ..............................................29

PUB LIC DEBT OP ER A TIONS

In tro duc tion.—Pub lic debt op er a tions....................................................................30

TREA SURY FI NANCING ............................................................................ 30

PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties other than reg u lar weekly 

 and 52-week Trea sury bills out stand ing ........................................................... 33

PDO-2.—Of fer ings of bills ............................................................................ 38

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ......................... 39

PDO-4A.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties other than bills........................42

PDO-4B.—Al lot ments by in ves tor class of mar ket able pub lic debt se cu ri ties, 52-week bills ......................... 44

 Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly 

 se ries (his tor i cal) ........................................................................... 44

U.S. SAV INGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes ..................................................................45

SBN-1.—Sales and re demp tions by se ries, cu mu la tive ....................................................... 45

SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined..........................46

SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I........................................... 46

OWN ER SHIP OF FED ERAL SE CU RITIES

In tro duc tion.—Own er ship of Fed eral se cu ri ties ............................................................48

OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues................................. 49

OFS-2.—Es ti mated own er ship of pub lic debt se cu ri ties by pri vate in ves tors......................................50

MARKET YIELDS

In tro duc tion.—Mar ket yields ........................................................................... 51

MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes, and bonds ................................. 51

MY-A.—Chart: Yields of Trea sury se cu ri ties ..............................................................52

MY-2.—Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ................................... 53

MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ............................. 56

U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

In tro duc tion.—U.S. currency and coin out stand ing and in cir cu la tion ........................................... 57

USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency, coin ............................................. 57

Con tents
USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive to tals................... 58

IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

In tro duc tion.—In ter na tional fi nan cial sta tis tics ............................................................. 61

IFS-1.—U.S. Re serve as sets............................................................................ 61

IFS-2.—Se lected U.S. li a bil i ties to for eign ers..............................................................62

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions

 and other res i dents of for eign coun tries ............................................................63

CAP I TAL MOVE MENTS

In tro duc tion.—Cap i tal move ments ......................................................................64

SEC TION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal li a bil i ties by type of holder ............................................................... 65

CM-I-2.—To tal li a bil i ties by type, pay able in dol lars ........................................................66

CM-I-3.—To tal li a bil i ties by coun try ..................................................................... 67

CM-I-4.—To tal li a bil i ties by type and coun try ............................................................. 69

CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to

 se lected coun tries............................................................................. 71

SEC TION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-II-1.—To tal claims by type ......................................................................... 72

CM-II-2.—To tal claims by coun try......................................................................73

CM-II-3.—To tal claims on for eign ers by type and coun try ................................................... 75

CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to 

 se lected coun tries............................................................................. 77

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED

 STATES

CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar eas not reg u larly re ported sep a rately . . 78

SEC TION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED BY NONBANKING BUSI NESS

 EN TER PRISES IN THE UNITED STATES

CM-IV-1.—To tal li a bil i ties and claims by type ............................................................. 79

CM-IV-2.—To tal li a bil i ties by coun try ................................................................... 80

CM-IV-3.—To tal li a bil i ties by type and coun try ............................................................82

CM-IV-4.—To tal claims by coun try......................................................................84

CM-IV-5.—To tal claims by type and coun try ..............................................................86

CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun tries ..................... 88

SEC TION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES

CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type ..............................89

CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type................................89

CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try ........................... 90

CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, 

 dur ing third quar ter 1999 ..................................................................... 92

CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try,

 dur ing cal en dar year 1998 ....................................................................94

CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors................................... 96

FOR EIGN CUR RENCY PO SI TIONS

In tro duc tion.—For eign cur rency po si tions ................................................................97

SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS

FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants ....................................................... 98

FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants ......................................................99

FCP-I-3.—Quar terly re port of large mar ket par tic i pants ......................................................99

SEC TION II.—GER MAN MARK PO SI TIONS

FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants ..................................................... 100

FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants .................................................... 101

FCP-II-3.—Quar terly re port of large mar ket par tic i pants .................................................... 101

IV

Con tents
SEC TION III.—JAP A NESE YEN PO SI TIONS

FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 102

FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants.................................................... 103

FCP-III-3.—Quar terly re port of large mar ket par tic i pants ................................................... 103

SEC TION IV.—SWISS FRANC PO SI TIONS

FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 104

FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants.................................................... 105

FCP-IV-3.—Quar terly re port of large mar ket par tic i pants.................................................... 105

SEC TION V.—STER LING PO SI TIONS

FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants ..................................................... 106

FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants .................................................... 107

FCP-V-3.—Quar terly re port of large mar ket par tic i pants .................................................... 107

SEC TION VI.—U.S. DOL LAR PO SI TIONS

FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 108

FCP-VI-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... 109

FCP-VI-3.—Quar terly re port of large mar ket par tic i pants ................................................... 109

SEC TION VII.—EURO PO SI TIONS

FCP-VII-1.—Weekly re port of ma jor mar ket par tic i pants.................................................... 110

FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants................................................... 111

FCP-VII-3.—Quar terly re port of large mar ket par tic i pants................................................... 111

EX CHANGE STA BI LI ZA TION FUND

In tro duc tion.—Ex change Sta bi li za tion Fund .............................................................. 112

ESF-1.—Bal ance sheet............................................................................... 112

ESF-2.—In come and ex pense ......................................................................... 113

SPE CIAL RE PORTS

TRUST FUNDS

In tro duc tion.—Trust funds ............................................................................ 117

TF-A.—Chart: Ma jor trust funds, to tal net in crease or de crease in as sets........................................ 117

TF-B.—Chart: To tal re ceipts of ma jor trust funds .......................................................... 118

TF-C.—Chart: To tal ex pen di tures of ma jor trust funds ...................................................... 119

TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund....................................................... 120

TF-2.—Fed eral Hos pi tal In sur ance Trust Fund ............................................................121

TF-3.—Fed eral Dis abil ity In sur ance Trust Fund ........................................................... 122

TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund ................................................ 123

TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund................................................ 124

TF-6.—Na tional Ser vice Life In sur ance Fund ............................................................. 125

TF-7.—Rail road Re tire ment Ac count ................................................................... 126

TF-8.—Un em ploy ment Trust Fund..................................................................... 127

TF-9.—In vest ments of spec i fied trust ac counts in pub lic debt se cu ri ties by is sue ................................. 129

In tro duc tion.—High way Trust Fund ....................................................................130

TF-15A.—High way Trust Fund, high way ac count ......................................................... 130

RE SEARCH PAPER IN DEX..........................................................................131

GLOS SARY....................................................................................... 132

ORDER FORM FOR TREA SURY PUB LI CA TIONS ........................................... In side back cover

NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of

round ing; p= Pre lim i nary; n.a.= Not avail able; r= Re vised.

V

Con tents
VI

Nonquarterly Ta bles and Re ports

For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports

are listed be low along with the is sues in which they ap pear.

 Is sues

 March June Sept. Dec.

Fed eral Fis cal Op er a tions

FFO-5.—Sum mary of in ter nal rev e nue col lec tions by States 

and other ar eas ....................................

Spe cial Re ports

Fi nan cial Report of the United States Gov ern ment ex cerpt............

State ment of Li a bil i ties and Other Fi nan cial Com mit ments 

of the United States Gov ern ment .............................

Trust Fund Re ports:

Air port and Air way Trust Fund ...............................

Aquatic Re sources Trust Fund ...............................

Black Lung Dis abil ity Trust Fund .............................

Civil Ser vice Re tire ment and Dis abil ity Fund ...................

Fed eral Dis abil ity In sur ance Trust Fund ........................

Fed eral Hos pi tal In sur ance Trust Fund .........................

Fed eral Old-Age and Sur vi vors In sur ance Trust Fund .............

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund.............

Har bor Main te nance Trust Fund ..............................

Haz ard ous Sub stance Superfund ..............................

High way Trust Fund .......................................

In land Wa ter ways Trust Fund ................................

In vest ments of spec i fied trust ac counts.........................

Leaking Un der ground Stor age Tank Trust Fund ..................

Na tional Rec re ational Trails Trust Fund ........................

Na tional Ser vice Life In sur ance Fund ..........................

Nu clear Waste Fund .......................................

Oil Spill Li a bil ity Trust Fund ................................

Rail road Re tire ment Ac count ................................

Re for es ta tion Trust Fund....................................

Un em ploy ment Trust Fund ..................................

Ura nium En rich ment De con tam i na tion and 

De com mis sioning Fund ..................................

Vac cine In jury Com pen sa tion Trust Fund .......................

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√

√

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3

Pro file of the Econ omy

[Source: Of fice of Mac ro eco nomic Anal y sis]

Real gross do mes tic prod uct (GDP)

Fig ures on GDP and other na tional in come ac counts mea sures

were re cently re vised back to 1959, re flect ing a pe ri odic up dat ing 

of meth od ol o gies, def i ni tions

and source data. The new fig -

ures show that growth in real

GDP was a lit tle stron ger over

the 1959-through-1998 pe riod,

post ing a 3.4 per cent an nual rate 

in crease com pared with 3.2 per -

cent pre vi ously. On the new ba -

sis, real GDP ac cel er ated to a

4.8 per cent an nual rate in the

third quar ter of 1999 from 1.9

per cent in the sec ond quar ter. So

far, in 1999 real GDP has risen

at a 3.5 per cent pace, a bit

slower than growth over the

prior 3 years.

The pickup in the third quar -

ter was mostly ac counted for

by an in crease in in ven tory in -

vest ment fol low ing a de cline

in the sec ond quar ter. Do mes -

tic fi nal de mand con tin ued to

per form ex tremely well in the third quar ter, al though growth

in that mea sure slowed to about a 4.8 per cent an nual rate in the

lat est two quar ters from much larger gains early in the year and 

in 1998. Busi ness fixed in vest ment grew at al most a 15 per -

cent pace in the lat est quar ter, led by a surge in the newly de -

fined equip ment and soft ware com po nent. Real con sumer

spend ing in creased at a healthy 4.3 per cent rate in the third

quar ter.

The for eign trade def i cit has

wid ened through most of the

past 3-1/2 years but de te ri o ra -

tion mod er ated in the third

quar ter. Ex port growth at a 12.4 

per cent an nual rate was more

than three times as fast as in the

sec ond quar ter, led by a boost in 

de liv er ies of com mer cial air -

craft to over seas cus tom ers.

Im ports rose at a 17.2 per cent

pace in the third quar ter, just

slightly higher than the 14.4

per cent in the pre vi ous quar ter.

The na tional ac counts mea -

sures of in fla tion in di cate lit tle

up ward pres sure on prices. The

GDP price in dex slowed to a

1.0 per cent an nual rate in the

third quar ter from 1.3 per cent

in the sec ond and 2.0 per cent in

the first. Growth in the do mes -

tic pur chases in dex, which in cludes im ports and ex cludes ex -

ports to re flect only prices paid by U.S. res i dents, rose at a 1.6

per cent pace in the third quar ter. Af ter ex clud ing food and en -

ergy, it also was up at a 1.0 per cent rate.

Growth o f Real GDP

0.5

1.2

4.1

2.2

4.2

2.2

4.2

4.3

4.6

3.5

0

1

2

3

4

5

6

90 91 92 93 94 95 96 97 98 99*

(Percent change, fourth quarter to fourth quarter)

*Bas ed on first three quarters

Inflation

The rate of in fla tion has picked up a lit tle this year from the

mod est pace of the last 2 years. This re sulted from a turn -

around in the en ergy area, where prices have jumped this year

for pe tro leum-based en ergy prod ucts. Fur ther back in the pro -

duc tion chain prices have turned higher, but la bor costs have

con tin ued to rise at only a mod er ate pace. Over all, fun da men -

tals seem to fa vor low in fla tion.

Dur ing the first 10 months of the year, the Consumer Price

In dex (CPI) moved up at a 2.8 per cent an nual rate. This was a

lit tle more than one per cent age point above the pace of the pre -

vi ous 2 years. Prices for pe tro leum-based en ergy prod ucts

were re spon si ble for the ac cel er a tion in 1999. These are up by

close to 31 per cent at an an nual rate this year fol low ing de -

clines of about 7 per cent and 15 per cent in 1997 and 1998, re -

spec tively. Food prices have in creased at a 2.1 per cent an nual

rate, down from a 2.3 per cent ad vance in 1998 but some what

faster than the 1.5 per cent rise in 1997. The an nual rate of in -

crease in the core CPI (ex clud ing food and en ergy) has slowed

to 1.9 per cent from 2.2 per cent in 1997, which was the small est 

yearly in crease since 1965, and 2.4 per cent in 1998. (Meth od -

olog i cal changes over the last sev eral years, de signed to im -

prove the ac cu racy of the CPI, have been a fac tor in low er ing

the rate of in crease in the in dex.)
4 PRO FILE OF THE ECON OMY

0

2

4

6

8

8 9 90 91 92 93 94 95 9 6 97 98 99

Exc luding foo d and en e rgy

Tota l

Co nsume rPric e s

(Pe rc ent chan ge from a ye ar e a rlie r)

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99

Excluding food and energy

Total

Produc e r Pric e s - Finis hed Go ods

(Percent change from a year earlier)

Employment and unemployment

La bor mar kets con tin ued to tighten at the start of the fourth

quar ter of 1999, with the un em ploy ment rate de clin ing to a

new low in Oc to ber. Wage growth re mains tame.

Growth of nonfarm pay roll em ploy ment has slowed slightly 

this year, with 211,000 jobs cre ated monthly on av er age

through Oc to ber of this year com pared to 244,000 dur ing all

of 1998. De mand for la bor has re mained par tic u larly strong in

the pri vate ser vice-producing sec tor. Growth in con struc tion

in dus try em ploy ment has slowed com pared to last year, al -

though strong gains were reg is tered in both Sep tem ber and

Oc to ber. Em ploy ment in man u fac tur ing and min ing has con -

tin ued to de cline, but there have been ten ta tive signs of im -

prove ment in re cent months. Since early 1998, job losses have 

reached 534,000 (2.8 per cent) in man u fac tur ing and 77,000

(nearly 13 per cent) in min ing. 

The un em ploy ment rate de clined to 4.1 per cent in Oc to ber

and was the low est since Jan u ary 1970, when un em ploy ment

stood at 3.9 per cent. The share of the work ing-age pop u la tion

em ployed has de clined slightly since hit ting a record-breaking 64.5 per cent in Jan u ary, but at 64.2 per cent still

re mains quite high. Ac cord ing to these in di ca tors, the econ -

omy con tin ues to op er ate at a very high level of la bor

uti li za tion. 

Wage gains in nom i nal terms have re mained sur pris ingly

low. Av er age hourly earn ings of pro duc tion and other

nonsupervisory work ers inched ahead by 0.1 per cent to

$13.37 in Oc to ber, and over the past 12 months have risen by

only 3.5 per cent. This rep re sents a slow ing from 12-month

growth near 4-1/2 per cent in early 1998. Growth of earn ings

in real terms re mains pos i tive, but the 0.8 per cent in crease

posted over the 12 months ended in Oc to ber is con sid er ably

be low the very rapid in creases of more than 3 per cent in early

1998.

Pro ducer prices for fin ished goods are up at a 2.9 per cent an -

nual rate dur ing the first 10 months of this year fol low ing no

change in 1998 and a de cline of 1.2 per cent in 1997. En ergy

prices have jumped by 19 per cent at an an nual rate af ter drop -

ping close to 12 per cent in 1998 and 6-1/2 per cent in 1997.

Food prices are up by 0.4 per cent at an an nual rate. The core

Pro ducer Price In dex (PPI) for fin ished goods (ex clud ing food

and en ergy) has moved up at a mod est 0.9 per cent an nual pace

so far this year fol low ing an in crease of 2.5 per cent in 1998.

Core prices for crude and in ter me di ate goods have moved

higher fol low ing de clines last year.

Hourly com pen sa tion in the nonfarm busi ness sec tor in -

creased at a 4.6 per cent an nual rate in the first three quar ters of

1999, off a lit tle from 5.3 per cent dur ing 1998. The in crease in

hourly com pen sa tion out paced a 2.5 per cent rise in pro duc tiv -

ity, re sult ing in a 2.1 per cent rise in unit la bor costs—the same

as dur ing 1998. The em ploy ment cost in dex for to tal com pen -

sa tion, a sep a rate com pen sa tion mea sure com puted by the Bu -

reau of La bor Sta tis tics, rose by only 3.1 per cent for the

12-month pe riod end ing in Sep tem ber, a de cel er a tion of 0.6

per cent age point from the 3.7 per cent dur ing the year end ing in

Sep tem ber 1998.
PRO FILE OF THE ECON OMY 5

Establis hment Em ployme nt

2 59

32 0

233

243

22 4

275

20 9 2 10

1 81

310

0

1 00

2 00

3 00

4 00

9 7-II IV 98-I II III IV 99 -I II II IV*

(Ave rag e monthly ch ange in thou s an ds )

*Ba s ed on Oc tob er data

Une mplo yme nt Ra te

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 9 5 96 97 98 9 9

(Pe rc e nt)

Real disposable personal income

and consumer spending

Real dis pos able (af ter-tax) per sonal in come rose at a 2.5 per -

cent an nual rate in the third quar ter and so far this year has in -

creased at a 3.3 per cent pace. Growth over the first three

quar ters of 1999 is down some what from a 4.2 per cent ad vance 

dur ing all of 1998. An uptick in in fla tion in re sponse to higher

oil prices has been a ma jor fac tor in re strain ing real in come

gains this year. In nom i nal terms, dis pos able in come has risen

at just over a 5 per cent an nual rate so far in 1999—about the

same as last year. In come growth in the third quar ter slowed to

a 4-1/2 per cent an nual rate from about 5-1/2 per cent in the first

two quar ters of the year, as hur ri cane dam age cut into pro pri -

etors’ and rental in come. Wages and sal a ries con tin ued to in -

crease rap idly at nearly a 7 per cent an nual rate.

Real con sumer spend ing rose at a still strong 4.3 per cent an -

nual rate in the third quar ter, fol low ing even big ger ad vances at 

a 6.5 per cent pace in the first quar ter and 5.1 per cent rate in the

sec ond. Large spend ing in creases for dis cre tion ary items such

as fur ni ture and ap pli ances, rec re ational ser vices and cloth ing

sug gest con tin ued con sumer con fi dence in the out look for the

econ omy.

The greater in crease in spend ing than in dis pos able in come

in the third quar ter pulled the per sonal sav ing rate down fur -

ther to 2.1 per cent from 2.5 per cent in the sec ond quar ter. The

sav ing rate has been de clin ing steadily from a re cent high of

8.7 per cent in 1992. (Note that U.S. per sonal sav ing has re -

cently been broad ened to in clude Gov ern ment pen sion funds

in or der to con form to the treat ment of pri vate-sector pen sion

funds.) The def i ni tion of sav ing in the na tional in come and

prod uct ac counts on which per sonal sav ing is based does not

in clude cap i tal gains. The wealth as so ci ated with the re cent

boom ing stock mar ket has been an im por tant fac tor in the will -

ing ness of con sum ers to in crease spend ing faster than in comes 

are grow ing, and thus re duce sav ing. 

In dus trial pro duc tion

and ca pac ity uti li za tion

In dus trial pro duc tion in man u fac tur ing, min ing and util i ties

climbed by 0.7 per cent in Oc to ber fol low ing a weather-related

de cline of 0.1 per cent in Sep tem ber. So far this year, in dus trial

out put has grown by 3.4 per cent at an an nual rate. While still

mod er ate com pared to gains av er ag ing 5.0 per cent be tween

1992 and 1997, this rep re sents a vast im prove ment over the

slug gish 1.6 per cent gain re corded over the 12 months of last

year. 

Much of the re cent ac cel er a tion has been cen tered in the

man u fac tur ing sec tor, which ac counts for nearly 89 per cent of

to tal in dus trial pro duc tion. In Oc to ber, fac tory pro duc tion

jumped by 0.6 per cent—the larg est in crease since Oc to ber

1998, when re sump tion of mo tor ve hi cle pro duc tion fol low ing 

the GM strike boosted out put. The strong Oc to ber ad vance,

which fol lowed a hur ri cane-depressed rise of 0.1 per cent in

Sep tem ber, brought the in crease since last De cem ber to 3.3

per cent at an an nual rate. This com pares to the mod est 2.3 per -

cent rise in man u fac tur ing reg is tered over the 12 months of

1998. In creased pro duc tion in the du ra ble goods pro duc ing

sec tor, es pe cially in the high tech in dus tries, is re spon si ble for

much of the re cent im prove ment.

The pro duc tion re bound re corded in Oc to ber lifted the rate

of in dus trial ca pac ity uti li za tion to a 10-month high of 80.7

per cent. Nev er the less, ca pac ity uti li za tion still re mains 4 per -
6 PRO FILE OF THE ECON OMY

cent age points be low the ex pan sion high of 84.7 per cent

reached in early 1995 and 1.4 points be low its long-term av er -

age of 82.1 per cent. Uti li za tion dropped off sharply last year,

bot tom ing out at a 6-1/2 year low of 80.2 per cent in Feb ru ary.

The rel a tively low rates of uti li za tion posted since the be gin -

ning of 1998 re flect not only a slower pace of pro duc tion but

also a con tin u ing rapid buildup in ca pac ity.

Nonfarm pro duc tiv ity and unit la bor costs

Nonfarm busi ness pro duc tiv ity (real out put per hour

worked) ac cel er ated to a 4.2 per cent an nual rate in the third

quar ter af ter in creases av er ag ing 1.7 per cent in the pre vi ous

two quar ters. Mea sured over the past four quar ters to smooth

the vol a til ity in the se ries, pro duc tiv ity has in creased at a rapid

2.9 per cent an nual rate, ex tend ing the fa vor able per for mance

ob served since the mid 1990s. The av er age in crease posted

since the end of 1995 has been 2.6 per cent at an an nual rate,

well above long-term trend pro duc tiv ity growth now es ti -

mated to be 1.6 per cent based on re vised data. 

Hourly com pen sa tion costs in the nonfarm busi ness sec tor

rose at a 4.8 per cent an nual rate in the third quar ter, in line with 

in creases ear lier in the year. The large gain in pro duc tiv ity off -

set much of the rise in the cost of com pen sat ing la bor. As a re -

sult, la bor costs per unit of out put rose at a mod er ate 0.6

per cent an nual rate in the third quar ter af ter jump ing by 4.2

per cent in the pre vi ous quar ter. Growth of unit la bor costs has

av er aged a mod er ate 1.7 per cent over the past four quar ters,

help ing to keep in fla tion sub dued.

Pro duc tiv ity growth in the man u fac tur ing sec tor has slowed

over the course of the year. In the third quar ter, out put per hour

in this sec tor rose by 3.4 per cent at an an nual rate af ter post ing

in creases of 4.5 per cent in the sec ond quar ter and 6.3 per cent

in the first. Hourly com pen sa tion costs in man u fac tur ing rose

at a 6.2 per cent pace in the July-to-September pe riod, faster

than in creases in the prior three quar ters. Unit la bor costs in

this sec tor have ac cel er ated over the past year, turn ing from a

de cline of 2.3 per cent at an an nual rate in the fi nal quar ter of

1998 to an in crease of 2.7 per cent by the most re cent quar ter.

Cur rent ac count bal ance

The cur rent ac count is a sum mary of U.S. in ter na tional

trans ac tions, mea sur ing trade in goods and ser vices as well as

the net flow of in vest ment in come and net uni lat eral cur rent

trans fers. Ex cept for a sur plus of $4.3 bil lion in 1991, the cur -

rent ac count has been in def i cit al most con tin u ously since the

early 1980s. Since 1991, the def i cit wid ened sub stan tially,

reach ing a re cord high in the sec ond quar ter of $322.7 bil lion

at an an nual rate. That rep re sented a 3.5 per cent share of GDP

(based on newly re vised GDP fig ures), match ing the share

posted in the fi nal quar ter of 1986 as an all-time high. 

Over the past sev eral years, U.S. eco nomic growth has out -

paced that of ma jor trad ing part ners, caus ing im ports to grow

much more rap idly than ex ports. The sharp ap pre ci a tion of the 

dol lar in more re cent years wid ened the trade gap fur ther. De -

te ri o ra tion in the cur rent ac count bal ance has pri mar ily re -

flected a deep en ing of the def i cit on trade in goods. In

ad di tion, what had been a pos i tive bal ance on in vest ment in -

come shifted to a neg a tive as the in flow of cap i tal into the

United States boosted pay ments of earn ings and in ter est to

for eign ers. 

The cur rent ac count def i cit is matched by off set ting trans ac -

tions in the fi nan cial and cap i tal ac counts. In the sec ond quar -

ter, the fi nan cial ac count (which mea sures net fi nan cial flows)

re corded a net in flow of $467.5 bil lion at an an nual rate, as fi -

nan cial in flows for for eign-owned as sets in the United States

far ex ceeded fi nan cial out flows for U.S.-owned as sets abroad. 

Net cap i tal ac count trans ac tions (which con sist mainly of debt 

for give ness and im mi grants’ trans fers) were $0.7 bil lion at an

an nual rate. The dif fer ence be tween the sum of trans ac tions in

the fi nan cial and cap i tal ac counts ($468.2 bil lion) and the

$322.7 bil lion def i cit in the cur rent ac count is the sta tis ti cal

dis crep ancy and is usu ally taken to con sist largely of un re -

corded fi nan cial flows.

Ex change rate of the dol lar

The ex change rate of the dol lar against a broad in dex of cur -

ren cies of im por tant U.S. trad ing part ners has been fairly

steady this year. Af ter ris ing a bit in the first few months of the

year, it held about flat through the spring and sum mer be fore

dip ping back slightly since July. This steady per for mance con -

trasts with last year, when the value of the dol lar spiked in Au -

gust due to ef fects of global fi nan cial un cer tainty, then

dropped back sharply once the cri sis had passed. Prior to last

sum mer, the dol lar had con sis tently ap pre ci ated against the

broad in dex of im por tant trad ing part ners since 1995.

Since July, the ex change rate of the dol lar against the broad

trade-weighted in dex has dipped by about 1-3/4 per cent. From 

July through mid-November, de pre ci a tion against ma jor cur -

ren cies (con sist ing of the euro plus the cur ren cies of other ma -

jor part ners such as Can ada, Ja pan and the U.K.) just about

off set mod est ap pre ci a tion against the cur ren cies of other im -

por tant trad ing part ners.

Much of the de pre ci a tion against the in dex of ma jor cur ren -

cies re flected de pre ci a tion of the dol lar against the yen. The

yen has been strength en ing amid signs of re cov ery in the Jap a -

nese econ omy and the en act ment of new fis cal stim u lus pro -

grams by the Jap a nese gov ern ment. Be tween mid-May and

mid-September, the dol lar de pre ci ated by about 15 per cent

against the yen, but held about flat in Oc to ber and No vem ber.

The ex change rate of the dol lar against the euro was down

about 11 per cent over the first 7 months of 1999 be fore

strength en ing by about 2 per cent from July through

mid-November.
PRO FILE OF THE ECONOMY 7

4.0

4.5

5.0

5.5

6.0

6.5

7.0

Long -term Inte re st Rates

30-ye a r bond

10-ye a r note

(Pe rc ent)

 1997 1998 1999

3.5

4.0

4.5

5.0

5.5

6.0

Short-te rm Inte re st Rate s

Dis count rate

Federal funds

3-month Treas ury bills

(Percent)

1997 1998 1999

Interest rates

The Fed eral Re serve Board’s Open Mar ket Com mit tee in -

creased short-term in ter est rates for the third time this year in

No vem ber, rais ing the Fed eral funds tar get rate (the rate that

banks charge one an other for over night bor row ing) from 5.25

per cent to 5.50 per cent and the dis count rate (the rate the Fed -

eral Re serve charges banks for short-term funds) from 4.75

per cent to 5.0 per cent. The in creases re flected a judg ment by

the Fed eral Re serve that the con tin ued growth of the econ omy

above its po ten tial rate posed a risk that in fla tion ary pres sures

may be gin to emerge. In clud ing two pre vi ous rate in creases

that were made in June and Au gust, the Fed eral funds tar get is

up 3/4 per cent age point this year and the dis count rate 1/2

point. The mar ket in ter est rate for the 3-month Trea sury bill,

which tends to cen ter around the level of the dis count rate, was

about 5 per cent in No vem ber.

The in ter est rate in creases in 1999 re versed the cuts that the

Fed eral Re serve made last fall. At that time, the Fed eral Re -

serve low ered rates in or der to stem a rapid pro cess of

deleveraging and a rush to li quid ity which re sulted from global

fears of de fault. The Fed eral funds tar get was cut by a to tal of

3/4 point in three moves in the months of Sep tem ber, Oc to ber

and No vem ber of 1998, and the dis count rate was cut by a to tal

of 1/2 point.

Rates on long-term Trea sury se cu ri ties dropped dur ing the

cri sis re flect ing the flight to li quid ity, but then in creased as in -

ter na tional fi nan cial con di tions strength ened and U.S. eco -

nomic growth con tin ued to ex pand at a rapid pace. Long-term

rates con tin ued to rise through 1999. The in ter est rate on the

30-year Trea sury bond in creased from a low of just un der 5

per cent in Oc to ber 1998 to about 6 per cent this No vem ber.

Yields on the 10-year note fol lowed a sim i lar pat tern, ris ing

from 4.4 per cent last year, a more than 30-year low, to over 6

per cent in No vem ber.

Mort gage rates also have in creased. Through out 1998 the in -

ter est rate on a con ven tional 30-year fixed rate loan was at or

be low 7 per cent, dip ping to as low as 6.7 per cent last fall.

Those rates were the low est since the mid-1960s and con trib -

uted to a re cord-setting pace of home sales in 1998. Mort gage

in ter est rates have moved up over the course of this year and

ap proached 8 per cent in early Au gust be fore eas ing back

slightly to 7.8 per cent in No vem ber.

Housing

Housing has been one of the stron gest sec tors of the econ omy

in the past few years. Growth was fu eled by ex cep tion ally low

mort gage in ter est rates, sound eco nomic fun da men tals such as

grow ing em ploy ment and in come, and by the wealth ef fects of

ris ing stock prices. Af ter reach ing peak lev els of ac tiv ity ear lier

this year, how ever, hous ing in di ca tors ap pear to be lev el ing off.

Sales of new sin gle-family homes, which in creased by more

than 10 per cent in 1998 to their high est an nual to tal on re cord,

have fallen back this year, es pe cially in the third quar ter when

hur ri cane weather may have de pressed re sults. De spite the

slow down, new home sales still av er aged an ex cep tion ally high

908,000 units at an an nual rate over the first three quar ters of the

year. Re sales of ex ist ing homes also posted a re cord year in

1998, reach ing 4.8 mil lion, and con tin ued to climb to a new
8 PRO FILE OF THE ECON OMY

Net na tional sav ing and in vest ment

Net na tional sav ing av er aged 7.5 per cent of net na tional

prod uct (NNP) in 1998 as well as the first half of 1999. This

read ing is nearly dou ble the post-World War II low of 3.9 per -

cent reached in 1992 and

1993. (Net sav ing and NNP

ex clude de pre ci a tion to re -

place wornout or ob so lete

equip ment, soft ware and

struc tures used in pro duc -

tion.) The swing in the Fed -

eral bud get from large def i cit

to sur plus has more than ac -

counted for the im prove -

ment. As a re sult, pub lic

sav ing has moved from

dissaving equiv a lent to 5.4

per cent of NNP in 1992 to

sav ing of 1.9 per cent so far

this year. De spite the prog -

ress, net sav ing still re mains

well be low the 12 per cent of

NNP av er aged in the 1960s.

(Note that these fig ures re -

flect re cent bench mark

re vi sions and defi ni tional changes to the na tional in come and

prod uct ac counts that ex tend back to 1959.)

Pri vate sav ing has de clined since 1992 as a sharp fall in sav -

ing by house holds has more than off set a gain in cor po rate sav -

ing. In creased wealth gen er ated by a surg ing stock mar ket is an 

im por tant fac tor in the re duced

de sire of house holds to save out

of cur rent in come. In the first

half of 1999, per sonal sav ing

was equiv a lent to only 2.3 per -

cent of NNP, down from 7.4 per -

cent in 1992. Strong growth of

cor po rate prof its, on the other

hand, lifted net cor po rate sav ing 

from 2.2 per cent of NNP in 1992 

to about 3-1/2 per cent dur ing

the past 3-1/2 years. 

Net do mes tic in vest ment (by

Gov ern ment and pri vate in dus -

try in struc tures, equip ment,

soft ware and in ven tory) in -

creased from 5.2 per cent of

NNP in 1991 to about 9-1/2 per -

cent in 1998 and the first half of

1999. Even so, net do mes tic in -

vest ment re mains well be low

the 11.6 per cent of NNP av er -

aged in the 1960s.

Ne t National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Note: 1999 bas ed on first tw o quarters.

Total

(Saving as a percent of NNP)

peak of 5.6 mil lion at an an nual rate in June be fore eas ing back

from July through Sep tem ber. The homeownership rate rose to

67.0 per cent in the third quar ter of 1999, an all-time re cord.

The high level of new home sales last year spurred rapid

gains in new con struc tion, and mild win ter weather in many re -

gions of the coun try boosted the num ber of new hous ing starts

on a sea son ally ad justed ba sis in the first quar ter of 1999. Starts 

of new homes surged to 1.77 mil lion units at an an nual rate in

the first quar ter, their high est quar terly rate in more than 12

years, but gave back some of that gain and av er aged a 1.64 mil -

lion-unit pace in the sec ond and third quar ters. Real res i den tial

in vest ment grew by al most 11 per cent at an an nual rate on av -

er age over the four quar ters of 1998 and the first half of 1999,

but fell in the third quar ter due to the pull back in starts.

Federal budget

The Fed eral bud get posted a sur plus of $122.7 bil lion in fis -

cal 1999, more than $53 bil lion above the sur plus in fis cal

1998. These were the first back-to-back sur pluses since 1956

to 1957, and re sulted in a nearly $140 bil lion re duc tion in the

amount of Fed eral debt held by the pub lic. The 1999 sur plus

rep re sented 1.3 per cent of GDP, the high est such ra tio since

1951. Achieve ment of bud get sur pluses re sulted from strong

eco nomic growth and pas sage of def i cit re duc tion pro grams,

which placed the def i cit on a down ward course af ter it reached

an all-time high of $290 bil lion in fis cal 1992.

Since 1992, growth in Fed eral out lays have been con tained

while re ceipts have been boosted by ex pan sion in jobs and in -

come and cap i tal gains. In fis cal 1999, re ceipts rose by a

healthy 6.1 per cent, al though this was less than the 9.0 per cent

in crease in the pre vi ous fis cal year and the slow est since 1993.

A de cline in net cor po rate tax pay ments of 2.1 per cent was

mainly re spon si ble for the slow down, and growth in in di vid ual 

tax re ceipts mod er ated as well. Growth in out lays was held to

3.2 per cent, in line with the in crease in fis cal 1998. Out lays in

re la tion to GDP dipped to 19.3 per cent in fis cal 1999, the low -

est ra tio in 25 years.

The Ad min is tra tion’s Mid-Session Re view of the “Fis cal

Year 2000 Bud get” es ti mates the sur plus will con tinue to in -

crease through the year 2009. These re sults are sim i lar to es ti -

mates from the Con gres sio nal Bud get Of fice. Af ter re serv ing

much of the sur plus for So cial Se cu rity and Medicare fund ing,

the amount of debt held by the pub lic is pro jected to be cut al -

most in half be tween fis cal 2000 and 2009, drop ping as a per -

cent age of GDP from about 40 per cent cur rently to less than 12

per cent by fis cal 2009.
9

IN TRO DUC TION: Fed eral Fis cal Op er a tions

Bud get au thor ity usu ally takes the form of ap pro pri a tions

that al low ob li ga tions to be in curred and pay ments to be made.

Reappropriations are Con gres sio nal ac tions that ex tend the

avail abil ity of unobligated amounts that have ex pired or would

oth er wise ex pire. These are counted as new bud get au thor ity in

the fis cal year of the leg is la tion in which the reappropriation act

is in cluded, re gard less of when the amounts were orig i nally ap -

pro pri ated or when they would oth er wise lapse.

Ob li ga tions gen er ally are liq ui dated by the is su ance of

checks or the dis burse ment of cash—out lays. Ob li ga tions may 

also be liq ui dated (and out lays re corded) by the ac crual of in -

ter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an 

in crease in re demp tion value of bonds out stand ing); or by the

is su ance of bonds, de ben tures, notes, mon e tary cred its, or

elec tronic pay ments.

Re funds of col lec tions gen er ally are treated as re duc tions

of col lec tions, whereas pay ments for earned-income tax cred -

its in ex cess of tax li a bil i ties are treated as out lays. Out lays

dur ing a fis cal year may be for pay ment of ob li ga tions in curred 

in prior years or in the same year. Out lays, there fore, flow in

part from un ex pended bal ances of prior year bud get au thor ity

and from bud get au thor ity pro vided for the year in which the

money is spent. To tal out lays in clude both bud get and

off-budget out lays and are stated net of off set ting col lec tions.

Re ceipts are re ported in the ta bles as ei ther bud get re -

ceipts or off set ting col lec tions. They are col lec tions from the

pub lic, ex clud ing re ceipts off set against out lays. These, also

called gov ern men tal re ceipts, con sist mainly of tax re ceipts

(in clud ing so cial in sur ance taxes), re ceipts from court fines,

cer tain li censes, and de pos its of earn ings by the Fed eral Re -

serve sys tem. Re funds of re ceipts are treated as de duc tions

from gross re ceipts. To tal Gov ern ment re ceipts are com pared

with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.

Off setting col lec tions from other Gov ern ment ac counts

or the pub lic are of a busi ness-type or mar ket-oriented na ture.

They are clas si fied as ei ther col lec tions cred ited to ap pro pri a -

tions or fund ac counts, or off set ting re ceipts (i.e., amounts de -

pos ited in re ceipt ac counts). The for mer nor mally can be used

with out ap pro pri a tion act by Con gress. These oc cur in two in -

stances: (1) when au tho rized by law, amounts col lected for

ma te ri als or ser vices are treated as re im burse ments to ap pro -

pri a tions. For ac count ing pur poses, earned re im burse ments

are also known as rev e nues. These off set ting col lec tions are

net ted against gross out lays in de ter min ing net out lays from

such ap pro pri a tions; and (2) in the three types of re volv ing

funds (pub lic en ter prise, intragovernmental and trust); off set -

ting col lec tions are net ted against spend ing, and out lays are re -

ported as the net amount.

Off setting re ceipts in re ceipt ac counts can not be used

with out ap pro pri a tion. They are sub di vided into three cat e go -

ries: (1) pro pri etary re ceipts, or col lec tions from the pub lic,

off set against out lays by agency and by func tion; (2)

intragovernmental trans ac tions, or pay ments into re ceipt ac -

counts from gov ern men tal ap pro pri a tion or fund ac counts.

They fi nance op er a tions within and be tween Gov ern ment

agen cies and are cred ited with col lec tions from other Gov ern -

ment ac counts; and (3) off set ting gov ern men tal re ceipts

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

cat e go ries: (1) interfund trans ac tions—pay ments are from

one fund group (ei ther Fed eral funds or trust funds) to a re ceipt 

ac count in the other fund group; (2) Fed eral intrafund trans ac -

tions—pay ments and re ceipts both oc cur within the Fed eral

fund group; and (3) trust intrafund trans ac tions—pay ments

and re ceipts both oc cur within the trust fund group.

Off setting re ceipts are gen er ally de ducted from bud get au -

thor ity and out lays by func tion, subfunction, or agency. There

are four types of re ceipts, how ever, that are de ducted from bud -

get to tals as un dis trib uted off set ting re ceipts. They are: (1)

agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral 

en ti ties) as em ploy ers into em ploy ees’ re tire ment funds; (2) in -

ter est re ceived by trust funds; (3) rents and roy al ties on the

Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that

col lected on Outer Con ti nen tal Shelf money in de posit funds

when such money is trans ferred into the bud get).

The Gov ern ment has used the uni fied bud get con cept set

forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get

Con cepts” as a foun da tion for its bud get ary anal y sis and pre -

sen ta tion since 1969. The con cept calls for the bud get to in clude 

all of the Gov ern ment’s fis cal trans ac tions with the pub lic.

Since 1971, how ever, var i ous laws have been en acted re mov ing 

sev eral Fed eral en ti ties from (or cre at ing them out side of) the

bud get. Other laws have moved cer tain off-budget Fed eral en ti -

ties onto the bud get. Un der cur rent law, the off-budget Fed eral

en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral

Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity In -

sur ance Trust Fund, and the Postal Ser vice.

Al though an off-budget Fed eral en tity’s re ceipts, out lays,

and sur plus or def i cit or di narily are not sub ject to tar gets set by

the Con gres sio nal res o lu tion, the Bal anced Bud get and Emer -

gency Def i cit Con trol Act of 1985 [com monly known as the

Gramm-Rudman-Hollings Act as amended by the Bud get En -

force ment Act of 1990 (2 United States Code 900-922)] in cluded

off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der

that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, at -

ten tion has fo cused on both on- and off-budget re ceipts, out lays

and def i cit of the Gov ern ment.

Ta bles FFO-1, FFO-2 and FFO-3 are pub lished quar terly

and cover 5 years of data, es ti mates for 2 years, de tail for 13

months, and fis cal year-to-date data. They pro vide a sum mary of

data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en tities and dis burs ing of fi cers, and daily re ports from the FRBs.

They also de tail ac count ing trans ac tions af fect ing re ceipts and

out lays of the Gov ern ment and off-budget Fed eral en ti ties and

their re lated ef fect on as sets and li a bil i ties of the Gov ern ment.

Data are de rived from the “Monthly Trea sury State ment of Re -

ceipts and Out lays of the United States Gov ern ment.”
10 FED ERAL FIS CAL OP ER A TIONS

! Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts,

out lays, and sur plus or def i cit, as well as trans ac tions in Fed -

eral se cu ri ties, mon e tary as sets and bal ances in Trea sury op er -

at ing cash.

! Ta ble FFO-2 in cludes on- and off-budget re ceipts by

source. Amounts rep re sent in come taxes, so cial in sur ance

taxes, net con tri bu tions for other in sur ance and re tire ment, ex -

cise taxes, es tate and gift taxes, cus toms du ties and net mis cella neous re ceipts.

! Ta ble FFO-3 de tails on- and off-budget out lays by

agency.

! Ta ble FFO-4 sum ma rizes on- and off-budget re ceipts

by source and out lays by func tion as re ported to each ma jor

fund group clas si fi ca tion for the cur rent quar ter and the cur -

rent fis cal year to date. 

! Ta ble FFO-5 sum ma rizes in ter nal rev e nue col lec tions

by States and other ar eas and by type of tax. Amounts re ported

are col lec tions made in a fis cal year. They span sev eral tax li a -

bil ity years be cause they con sist of pre pay ments (es ti mated

tax pay ments and taxes with held by em ploy ers for in di vid ual

in come and So cial Se cu rity taxes), pay ments made with tax

re turns and sub se quent pay ments made af ter tax re turns are

due or are filed (i.e., pay ments with de lin quent re turns or on

de lin quent ac counts). 

It is im por tant to note that these data do not nec es sar ily re -

flect the Fed eral tax bur den of in di vid ual States. Amounts are

re ported based on the pri mary fil ing ad dress pro vided by each

tax payer or re port ing en tity. For multistate cor po ra tions, the

ad dress may re flect only the State where such a cor po ra tion re -

ported its taxes from a prin ci pal of fice rather than other States

where in come was earned or where in di vid ual in come and So -

cial Se cu rity taxes were with held. In ad di tion, an in di vid ual

may re side in one State and work in an other.

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and Fourth-Quarter Re ceipts by Source

[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

Fourth-Quarter Re ceipts

The fol low ing cap sule anal y sis of bud get re ceipts,

by source, for the fourth quar ter of fis cal 1999 sup -

ple ments fis cal data re ported in the September is sue 

of the “Trea sury Bul le tin.” At the time of that is sue’s

re lease, not enough data were avail able to an a lyze

ad e quately col lec tions for the quar ter.

In di vid ual in come taxes—In di vid ual in come tax re ceipts,

net of re funds, were $209.9 bil lion for the fourth quar ter of fis -

cal 1999. This is an in crease of $5.2 bil lion over the com pa ra ble 

prior year quar ter. With held re ceipts in creased by $3.7 bil lion

and non-withheld re ceipts in creased by $2.7 bil lion dur ing this

period. Re funds in creased by $1.2 bil lion over the com pa ra ble

fiscal 1998 quar ter. Menwhile, there was a de crease of $8.7 bil -

lion in ac count ing ad just ments be tween in di vid ual in come tax

re ceipts and the So cial Se cu rity and Medicare trust funds over

the com pa ra ble quar ter in fiscal 1998.

Cor po rate in come taxes—Net cor po rate in come tax re -

ceipts were $47.3 bil lion for the fourth quar ter of fiscal 1999. 

This is an in crease of $5.0 bil lion com pared to the prior year

fourth quar ter. The $5.0 bil lion change is com prised of an in -

crease of $5.3 bil lion in es ti mated and fi nal pay ments, and an

in crease of $0.3 bil lion in cor po rate re funds.

Em ploy ment taxes and con tri bu tions—Em ploy ment

taxes and con tri bu tions re ceipts for the fourth quar ter of fis cal

1999 were $144.1 bil lion, an in crease of $18.5 bil lion over the

com pa ra ble prior year quar ter. Re ceipts to the Fed eral Old-Age

and Sur vi vors In sur ance, Fed eral Dis abil ity In sur ance, and

Fed eral Hos pi tal In sur ance trust funds changed by $10.0 bil -

lion, $1.6 bil lion and $6.4 bil lion re spec tively. There was a $4.6 

bil lion ac count ing ad just ment for prior years em ploy ment tax

li a bil i ties made in the fourth quar ter of fiscal 1999, while there

was a -$4.1 bil lion ad just ment in the fourth quar ter of fiscal

1998.

Un em ploy ment in sur ance—Un em ploy ment in sur ance

re ceipts, net of re funds, for the fourth quar ter of fiscal 1999

were $6.0 bil lion, a neg li gi ble change over the com pa ra ble

quar ter of fiscal 1998. Net de pos its by States of $4.7 bil lion

and Fed eral Un em ploy ment Tax Act tax de pos its of $1.2 bil -

lion were not sig nif i cantly dif fer ent than the prior year same

quar ter amounts.

Con tri bu tions for other in sur ance and re tirement—Con tri bu tions for other re tire ment were $1.1 bil lion

for the fourth quar ter of fis cal 1999. This is a $0.1 bil lion in -

crease over the com pa ra ble quar ter of fis cal 1998. The

growth in con tri bu tions will re main rel a tively flat over the

next few years as the num ber of em ploy ees cov ered by the

Fed eral Em ployees’ Re tire ment Sys tem grows slowly rel a -

tive to those cov ered un der the Civil Ser vice Re tire ment

Sys tem.

Ex cise taxes—Net ex cise tax re ceipts for the fourth quar -

ter of fiscal 1999 were $18.3 bil lion, an in crease of $6.0 bil -

lion over the com pa ra ble prior year quar ter. The ma jor ity of

this dif fer ence is at trib ut able to a change in de posit rules. To -

tal ex cise tax re funds for the quar ter were $0.6 bil lion, a de -

crease of $0.2 bil lion over the com pa ra ble prior year quar ter.

Es tate and gift taxes—Net es tate and gift tax re ceipts

were $6.4 bil lion for the fourth quar ter of fiscal 1999. These

re ceipts rep re sent an in crease of $0.5 bil lion over the same

quar ter in fiscal 1998.

Cus toms du ties— Cus toms re ceipts net of re funds were

$5.3 bil lion for the fourth quar ter of fiscal 1999. This is an in -

crease of $0.1 bil lion over the com pa ra ble prior year quar ter.

Mis cel la neous re ceipts—Net mis cel la neous re ceipts for

the fourth quar ter of fiscal 1999 were $10.1 bil lion, an in -

crease of $0.8 bil lion over the com pa ra ble prior year quar ter. 

This change is due in part to de pos its of earn ings by Fed eral

Re serve Banks in creas ing by $0.3 bil lion.
FED ERAL FIS CAL OP ER A TIONS 11

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and Fourth-Quarter Re ceipts by Source, con.

To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Fourth quar ter July - Sept. Fis cal 1999 

To tal on- and off-budget re sults:

To tal re ceipts ................................................. 448,615 1,827,285

On-budget re ceipts........................................... 340,789 1,382,817

Off-budget re ceipts........................................... 107,827 444,468

To tal out lays.................................................. 419,861 1,704,545

On-budget out lays ............................................ 324,164 1,383,767

Off-budget out lays ............................................ 95,697 320,778

To tal sur plus or def i cit (-) ........................................ 28,753 122,740

On-budget sur plus or def i cit (-) .................................. 16,625 -951

Off-budget sur plus or def i cit (-) .................................. 12,130 123,691

Means of fi nanc ing:

Bor rowing from the pub lic ....................................... -20,055 -88,323

Re duc tion of op er at ing cash ..................................... -3,356 -17,580

Other means ................................................. -5,343 -16,837

To tal on- and off-budget fi nanc ing ...............................

-28,753 -122,740

Fourth-Quarter Net Bud get Re ceipts by Source, Fis cal 1999

[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Source July Aug. Sept.

In di vid ual in come taxes......................................... 60.0 60.7 89.3

Cor po rate in come taxes......................................... 3.4 3.7 40.2

Em ploy ment taxes and con tri bu tions............................... 44.4 45.0 54.8

Un em ploy ment in sur ance ....................................... 1.6 4.1 0.3

Con tri bu tions for other in sur ance and re tire ment...................... 0.4 0.3 0.4

Ex cise taxes .................................................. 5.7 5.4 7.2

Es tate and gift taxes............................................ 1.9 2.2 2.3

Cus toms du ties ............................................... 1.7 1.8 1.7

Mis cel la neous re ceipts.......................................... 2.8 3.1 4.2

To tal bud get re ceipts .........................................

121.9 126.3 200.4

 Note: De tail may not sum to to tals due to in de pend ent round ing.
12 FED ERAL FIS CAL OP ER A TIONS

CHART FFO-B.—

Budget Receipts

by Source, Fiscal

Year to Date,

1999-2000

0

25

50

75

100

Individual

inc ome

t axe s

Corporate

income

taxes

Soc ia l

in suran ce

ta xes

Excis e

t axe s

E st ate/gift

taxe s

C ustoms

duties

Misc.

rec eipts

(In billions of do l ars)

2 00 0

1 99 9 *

* Prior-year data are for the com pa ra ble pe riod.

CHART FFO-A.—

Monthly Receipts and Outlays, 1999-2000

-50

0

50

100

150

200

250

O N D J F M A M J J A S O

(In billio ns of dollars)

On-budget

receipts

Off-budget

receipts

On-budget

o utlays

Off-budget

o utlays
FED ERAL FIS CAL OP ER A TIONS 13

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing

 -net trans ac tions

 Bor rowing from

 To tal on-budget and off-budget re sults the pub lic—

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) se cu ri ties

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

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 1............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039

1999 1............. -449 216,105 -88,323 17,580 2,178 783 -1,173 -16,055 1,009 -122,740

1999 - Est. .......... -815 203,366 -66,831 6,122 * * * -25,885 * -98,838

1998 - Sept ......... -252 8,362 -46,413 2,451 307 -1,322 476 9,885 218 -38,222

Oct .......... -326 r 19,372 r 15,309 -2,661 273 371 623 r 15,737 - 32,440

Nov.......... -17 r 10,327 r 22,313 -20,334 14 1,310 -223 r -24,609 - 16,937

Dec.......... 189 r 28,105 r -5,383 1,621 210 -1,202 1,177 r 12,345 - 5,156

1999 - Jan .......... -281 27,344 r -31,250 39,566 -137 1,228 40 r 1,442 - -70,505

Feb .......... -177 r 8,170 r 1,692 -52,432 -991 -3,708 179 r -16,299 - 42,345

Mar .......... 74 r -7,317 r 37,073 16,988 1,208 2,452 285 r 6,288 -19 22,409

Apr .......... -137 r 18,279 r -85,211 36,512 -48 1,484 -176 r 9,518 6 -113,459

May.......... -1 r 19,108 r -547 -32,495 151 7 -1,366 -9,183 - 23,969

June ......... 205 r 56,707 r -22,264 27,460 -65 -1,261 -228 r -5,919 521 -53,568

July .......... -158 -2,190 1,193 -13,553 206 1,719 * 12,343 - 25,164

Aug .......... -103 6,864 26,470 -3,160 871 1 -1,579 -27,534 - 2,803

Sept ......... 283 31,335 -47,718 20,069 488 -1,616 94 9,823 500 -56,430

Fis cal 1999.......... -449 216,105 -88,323 17,580 2,178 783 -1,173 -16,055 1,009 -122,740

Means of fi nanc ing—net transactions, con.

Bor rowing from the pub lic— Cash and mon e tary assets (de duct)

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

ments of U.S. on the U.S. not ap plied

Agency Gov ern- Trea sury Spe cial quota in to year’s

securi- ment To tal op er at ing draw ing the IMF sur plus or To tal

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit fi nanc ing

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

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form frame -

work.

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 1............. 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831

1999 1............. 1,827,285 1,382,817 444,468 1,704,545 1,383,767 320,778 122,740 -951 123,691 128,230

1999 - Est. ......... 1,826,340 1,381,924 444,416 1,727,502 1,406,683 320,819 98,838 -24,759 123,597 137,350

1998 - Sept ......... 180,947 149,737 31,210 142,725 107,911 34,814 38,222 41,826 -3,604 -37,799

Oct ......... 119,974 90,064 29,910 152,413 123,752 28,661 -32,440 -33,688 1,249 35,006

Nov ......... 113,978 81,836 32,142 130,915 99,975 30,940 -16,937 -18,139 1,202 32,657

Dec ......... 178,646 143,338 35,309 183,803 149,258 34,544 -5,156 -5,921 765 22,533

1999 - Jan ......... r 171,728 r 129,927 41,801 r 101,223 r 102,385 -1,162 70,505 27,542 42,963 -3,624

Feb ......... r 99,502 r 65,146 34,356 r 141,847 r 110,656 31,192 -42,345 -45,509 3,164 10,039

Mar ......... r 130,416 r 92,548 37,867 r 152,825 r 122,211 30,614 -22,409 -29,662 7,253 29,681

Apr ......... r 266,229 r 219,490 46,739 r 152,770 r 123,474 29,296 113,459 96,016 17,443 -66,795

May ......... r 98,663 r 62,723 35,940 r 122,631 r 91,435 31,197 -23,969 -28,712 4,744 18,562

June ........ r 199,507 r 156,929 42,578 r 145,939 r 136,141 9,798 53,568 20,788 32,779 34,238

July ......... 121,923 87,959 33,964 147,086 117,652 29,434 -25,164 -29,693 4,530 -839

Aug ......... 126,324 91,554 34,770 129,127 97,983 31,143 -2,803 -6,430 3,627 33,437

Sept ........ 200,396 161,304 39,093 143,966 108,846 35,120 56,430 52,458 3,973 -16,665

Fis cal 1999 ........ 1,827,285 1,382,817 444,468 1,704,545 1,383,767 320,778 122,740 -951 123,691 128,230
14 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 So cial insurance

and re tire ment re ceipts 

 Em ploy ment and gen eral re tire ment 

In come taxes Old-age, dis abil ity, and

Fis cal year In di vid ual Cor po ra tion Net in come hos pi tal in sur ance

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net

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

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 1............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335

1999 1............. 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472

1999 - Est. .......... 4,474 - 4,474 576,983 26,719 - 26,719 4,248 71 4,319

1998 - Sept ......... 323 * 323 42,540 210 4 206 327 6 333

Oct .......... 330 1 328 39,690 1,147 5 1,142 400 5 405

Nov.......... 480 1 478 42,940 2,658 3 2,655 325 6 331

Dec.......... 340 - 340 47,869 315 - 315 412 6 417

1999 - Jan .......... 348 * 348 53,725 873 6 867 331 6 337

Feb .......... 445 * 445 43,735 2,595 1 2,594 346 7 353

Mar .......... 462 * 462 48,592 279 11 269 348 7 355

Apr .......... 375 * 375 60,186 4,584 37 4,547 424 4 428

May.......... 246 3 243 45,617 7,797 66 7,731 343 7 350

June......... -67 * -67 54,380 379 8 370 388 6 393

July .......... 394 * 394 44,392 1,597 24 1,573 396 7 403

Aug .......... 459 * 459 44,960 4,097 12 4,085 340 4 344

Sept ......... 340 2 339 54,794 335 3 332 348 8 356

Fis cal 1999 ......... 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472

 So cial in sur ance and re tire ment re ceipts, con. 

 Em ploy ment and gen eral re tire ment, con. Net for other

Net Un em ploy ment in sur ance in sur ance and re tire ment

em ploy ment Net Fed eral

Fis cal year Rail road re tire ment and gen eral un em ploy ment em ploy ees Other

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal

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

See foot note at end of ta ble.

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 1.............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662

1999 1.............. 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736

1999 - Est............ 886,657 - - 886,657 179,494 - 179,494 1,066,151 572,509 - 572,509

1998 - Sept.......... 53,353 39,854 2,729 90,479 38,928 2,128 36,800 127,279 44,288 2,071 42,217

Oct........... 54,277 7,099 1,120 60,255 6,547 4,789 1,758 62,013 39,361 - 39,361

Nov .......... 52,530 2,215 3,404 51,341 4,805 1,364 3,440 54,781 42,461 - 42,461

Dec .......... 69,628 7,094 734 75,988 45,123 2,749 42,374 118,362 47,529 - 47,529

1999 - Jan........... 58,527 42,325 r 988 r 99,863 7,185 2,055 5,130 r 104,993 53,377 - 53,377

Feb .......... 59,055 2,956 r 19,131 r 42,880 3,641 2,465 1,176 r 44,056 43,290 - 43,290

Mar .......... 69,559 7,260 r 26,227 r 50,591 23,131 4,578 18,553 r 69,144 48,130 - 48,130

Apr ........... 55,484 145,948 r 36,513 r 164,919 27,118 5,419 21,699 r 186,618 59,812 - 59,812

May.......... 50,727 4,131 r 24,197 r 30,661 5,176 1,229 3,948 r 34,609 45,374 - 45,374

June.......... 57,716 37,714 r 2,410 r 93,020 40,610 1,346 39,264 r 132,284 54,447 - 54,447

July .......... 59,717 3,264 2,989 59,992 5,303 1,898 3,405 63,397 43,998 - 43,998

Aug .......... 57,476 5,164 1,921 60,719 5,115 1,418 3,697 64,416 44,501 - 44,501

Sept.......... 49,244 43,078 3,072 89,250 42,571 2,336 40,235 129,485 55,962 1,508 54,455

Fis cal 1999.......... 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736
FED ERAL FIS CAL OP ER A TIONS 15

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.

[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

So cial in sur ance

 and re tire ment 

re ceipts,

con.

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

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

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits Uni ver sal ser-

 Net of earn ings vice fund To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

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

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 1............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1999 1............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468

1999 - Est........... 70,655 28,441 - 28,441 17,994 - 17,994 26,065 9,013 35,078 1,381,924 444,416

1998 - Sept.......... 2,961 2,405 49 2,356 1,784 84 1,701 2,599 974 3,572 149,737 31,210

Oct .......... 9,630 2,140 51 2,089 1,868 93 1,776 2,603 626 3,228 r 90,064 29,910

Nov ......... 6,021 2,195 63 2,132 1,559 179 1,380 3,023 716 3,738 81,836 32,142

Dec ......... 5,446 2,304 65 2,239 1,616 143 1,472 1,715 812 2,527 143,338 35,309

1999 - Jan.......... 4,806 2,229 23 2,206 1,351 65 1,286 2,852 657 3,509 r 129,927 41,801

Feb .......... 3,892 1,645 45 1,600 1,475 72 1,403 1,279 589 1,868 r 65,146 34,356

Mar.......... 5,880 2,209 37 2,172 1,640 94 1,546 1,760 697 2,457 r 92,548 37,867

Apr .......... 5,579 5,192 54 5,138 1,465 115 1,350 1,737 646 2,383 r 219,490 46,739

May ......... 4,978 1,979 37 1,942 1,339 83 1,256 1,661 519 2,181 r 62,723 35,940

June......... 5,880 1,922 65 1,857 1,688 88 1,599 2,203 539 2,742 r 156,929 42,578

July ......... 5,723 1,988 50 1,938 1,792 67 1,725 1,904 867 2,771 87,959 33,964

Aug ......... 5,397 2,234 59 2,175 1,905 91 1,814 2,390 740 3,131 91,554 34,770

Sept ......... 7,167 2,348 54 2,294 1,788 61 1,727 2,789 1,453 4,242 161,304 39,093

Fis cal 1999 ......... 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468

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 1.............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810

1999 1.............. 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236

1999 - Est. ........... 608,021 10,397 - 10,397 638 - 638 38,464 - 38,464 21,156 - 21,156

1998 - Sept .......... 43,079 -276 13 -289 68 - 68 -304 73 -376 4,178 621 3,557

Oct ........... 41,237 1,782 6 1,775 40 - 40 8,127 152 7,975 -288 -127 -161

Nov ........... 45,926 1,003 - 1,003 54 - 54 2,469 - 2,469 2,539 44 2,495

Dec ........... 48,601 694 -52 746 51 - 51 2,293 6 2,287 2,469 107 2,361

1999 - Jan ........... 54,928 632 - 632 60 - 60 2,767 1 2,766 1,415 68 1,348

Feb ........... 46,683 717 24 692 53 - 53 1,801 314 1,488 1,682 23 1,659

Mar ........... 49,216 419 -1 420 35 - 35 2,656 14 2,642 2,856 73 2,783

Apr ........... 65,162 734 -1 735 58 - 58 2,971 - 2,971 1,887 72 1,815

May .......... 53,698 797 12 785 53 - 53 2,703 215 2,489 1,662 10 1,652

June .......... 55,144 823 * 823 34 - 34 r 3,063 -1 r 3,064 r 2,036 78 r 1,958

July ........... 46,368 767 - 767 52 - 52 2,815 - 2,815 2,150 60 2,089

Aug ........... 49,389 867 10 857 57 - 57 3,957 - 3,957 876 349 527

Sept .......... 55,481 1,162 6 1,156 48 - 48 4,702 448 4,254 1,475 -234 1,710

Fis cal 1999 .......... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-ses sion Re view” of the

fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form frame -

work.
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

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

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 1.............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1999 1.............. 2,621 3,793 62,885 5,036 261,379 33,521 16,079 359,700 32,736 7,773 18,318 32,459

1999 - Est............ 2,853 3,912 62,678 4,796 268,570 34,323 15,544 371,260 32,988 8,580 18,648 32,885

1998 - Sept.......... 283 303 6,158 402 23,574 2,738 1,375 29,010 3,990 781 1,037 2,227

Oct........... 326 370 6,652 397 24,183 2,758 1,439 33,425 2,930 684 1,285 2,409

Nov .......... 202 250 8,643 507 16,640 2,442 1,281 24,542 2,049 599 1,555 2,228

Dec .......... 243 292 6,469 524 25,756 3,080 1,705 32,703 3,359 1,006 1,471 2,516

1999 - Jan........... 199 353 7,137 320 18,262 3,132 922 26,282 2,793 457 1,472 3,018

Feb .......... 189 308 3,964 382 19,883 3,130 1,240 28,438 1,937 826 1,322 2,650

Mar .......... 188 310 4,974 362 24,230 4,258 1,169 32,359 2,344 600 1,506 3,218

Apr ........... 196 374 4,018 389 24,049 2,194 1,224 34,225 1,969 481 1,946 3,056

May.......... 203 309 3,450 380 18,162 2,538 1,315 25,202 2,855 510 1,306 2,619

June.......... 263 293 6,020 506 22,808 2,101 1,581 31,187 2,616 500 1,823 2,560

July .......... 199 307 3,603 379 24,793 1,973 1,335 32,700 2,290 668 1,333 2,757

Aug .......... 212 311 3,555 430 19,661 2,422 1,317 27,446 2,816 638 1,638 2,769

Sept.......... 201 317 4,399 460 22,951 3,492 1,551 31,187 4,776 805 1,661 2,656

Fis cal 1999 .......... 2,621 3,793 62,885 5,036 261,379 33,521 16,079 359,700 32,736 7,773 18,318 32,459

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 1.............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

1999 1.............. 6,464 41,819 353,511 33,769 43,169 4,186 32,008 6,752 416 4,040 -46 10,059

1999 - Est............ 7,034 41,913 354,651 33,799 43,913 4,209 32,311 6,666 387 3,120 361 10,497

1998 - Sept.......... 370 4,224 20,878 -2,129 3,467 460 2,590 608 11 226 -126 666

Oct........... 504 3,743 20,655 2,126 5,463 298 2,636 486 13 381 29 -105

Nov .......... 808 3,660 25,440 61 1,825 484 2,632 515 46 665 424 4,157

Dec .......... 816 3,679 69,882 2,556 5,145 501 2,654 639 105 782 -414 314

1999 - Jan........... 374 2,739 19,828 r 1,201 1,824 262 2,678 447 18 434 -31 768

Feb .......... 485 2,484 19,870 r 11,216 3,562 312 2,682 516 74 238 -62 976

Mar .......... 499 2,888 21,278 r 8,199 3,675 347 2,693 593 20 343 165 568

Apr ........... 583 3,020 20,337 r 4,259 5,483 235 2,707 573 40 184 66 1,121

May.......... 434 3,212 25,383 r 1,771 1,886 257 2,666 537 21 194 -26 427

June.......... 373 4,129 70,054 r 3,012 3,628 r 285 2,666 666 19 328 104 728

July .......... 612 3,705 19,223 1,780 5,142 364 2,664 563 20 130 -65 -3

Aug .......... 477 4,040 21,776 -305 1,904 352 2,668 608 20 211 -167 347

Sept.......... 497 4,518 19,785 -2,106 3,633 490 2,662 609 21 151 -69 761

Fis cal 1999.......... 6,464 41,819 353,511 33,769 43,169 4,186 32,008 6,752 416 4,040 -46 10,059

 De part ment of 

 De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year ment Transpor- on the Trea sury, Vet erans o f civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram

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

See foot note at end of ta ble.
FED ERAL FIS CAL OP ER A TIONS 17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Other Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity indepen- share, re ceived on the Outer ances To tal outays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get

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

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 1.............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

1999 1.............. 13,664 3,285 47,515 58 419,790 6,865 -35,594 -118,634 -3,098 -1,754 1,383,767 320,778

1999 - Est............ 14,043 3,259 48,268 -814 420,509 6,482 -35,498 -119,104 -3,442 -2,099 1,406,683 320,819

1998 - Sept .......... 1,335 289 4,083 -443 34,309 8,944 -6,067 -1,006 -354 -1,488 107,911 34,814

Oct........... 1,085 249 3,890 16 36,349 2,217 -2,861 -1,404 -217 * 123,752 28,661

Nov .......... 1,114 249 3,912 39 31,729 436 -2,347 -5,390 -481 * 99,975 30,940

Dec .......... 1,452 240 4,061 34 66,316 -577 -2,746 -50,164 -316 -281 149,258 34,544

1999 - Jan........... 988 278 3,732 156 2,826 939 -2,544 -55 14 - r 102,385 -1,162

Feb .......... 889 247 3,694 -828 34,539 489 -2,522 -1,110 -178 - r 110,656 31,192

Mar .......... 1,178 253 4,104 49 34,781 -128 -2,583 -825 -379 -414 r 122,211 30,614

Apr ........... 1,111 249 3,814 34 37,120 1,295 -2,827 -606 -149 * 123,474 29,296

May .......... 1,140 261 3,963 12 32,362 -2,417 -2,606 -5,438 -33 -226 91,435 31,197

June.......... 1,281 328 4,047 114 38,842 -2,468 -2,711 -51,177 -567 * 136,141 9,798

July .......... 1,051 294 4,079 21 37,246 1,168 -3,151 -31 -6 -56 117,652 29,434

Aug .......... 1,113 339 3,856 160 32,659 327 -2,620 -1,381 -475 - 97,983 31,143

Sept .......... 1,261 299 4,363 249 35,020 5,580 -6,076 -1,052 -311 -777 108,846 35,120

Fis cal 1999 .......... 13,664 3,285 47,515 58 419,790 6,865 -35,594 -118,634 -3,098 -1,754 1,383,767 320,778

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fis cal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form

framework.
18 FED ERAL FIS CAL OP ER A TIONS

Bud get re ceipts:

In di vid ual in come taxes....................... 879,419 61 - 879,480 828,523 63 - 828,587

Cor po ra tion in come taxes..................... 184,670 - 10 184,680 188,598 - 79 188,677

So cial in sur ance and re tire ment re ceipts:

 Em ploy ment and

 gen eral re tire ment (off-budget) ............ - - 444,468 444,468 - - 415,800 415,800

 Em ploy ment and

 gen eral re tire ment (on-budget) ............ - - 136,411 136,411 - - 124,215 124,215

 Un em ploy ment in sur ance .................. - - 26,480 26,480 - - 27,484 27,484

 Other re tire ment.......................... - - 4,472 4,472 - - 4,335 4,335

Ex cise taxes ............................... 18,958 443 50,998 70,399 21,223 439 36,007 57,669

Es tate and gift taxes ......................... 27,782 - - 27,782 24,076 - - 24,076

Cus toms du ties............................. 12,007 5,720 609 18,336 11,860 5,725 711 18,297

Mis cel la neous re ceipts ....................... 27,614 6,731 432 34,777 27,030 4,809 486 32,325

 To tal re ceipts...........................

1,150,449 12,956 663,881 1,827,285 1,101,310 11,037 609,119 1,721,465

 (On-budget)...........................

1,150,449 12,956 219,412 1,382,817 1,101,310 11,037 193,319 1,305,666

 (Off-budget)...........................

- - 444,468 444,468 - - 415,800 415,800

Bud get out lays:

Leg is la tive branch........................... 2,462 141 17 2,621 2,345 236 19 2,600

Ju di cial branch ............................. 3,642 120 31 3,793 3,413 21 30 3,463

De part ment of Ag ri cul ture..................... 43,899 18,961 -21 62,839 44,093 9,817 40 53,950

De part ment of Com merce..................... 5,059 -34 11 5,036 4,225 -169 -10 4,047

De part ment of De fense-military ................ 260,354 864 161 261,379 255,471 493 160 256,124

De part ment of Ed u ca tion ..................... 33,555 -34 * 33,521 31,634 -136 * 31,498

De part ment of En ergy ........................ 17,257 -1,180 2 16,079 16,215 -1,774 3 14,444

De part ment of Health and Hu man Ser vices....... 238,583 53 121,063 359,700 222,779 -8 127,800 350,571

De part ment of Hous ing and Ur ban De vel op ment... 37,236 -4,500 * 32,736 33,781 -3,556 - 30,224

De part ment of the In te rior..................... 7,322 291 174 7,787 6,927 68 237 7,232

De part ment of Jus tice ........................ 12,375 938 5,005 18,318 11,551 931 3,687 16,169

De part ment of La bor......................... 7,515 -660 25,604 32,459 7,194 -1,222 24,031 30,002

De part ment of State ......................... 6,228 -44 279 6,463 5,073 45 255 5,373

De part ment of Transportation.................. 4,784 -57 37,091 41,819 8,935 67 30,465 39,467

De part ment of theTreasury:

 In ter est on the pub lic debt.................. 353,511 - - 353,511 363,824 - - 363,824

 Other .................................. 33,679 -580 95 33,195 24,981 1,241 48 26,270

De part ment of Vet er ans Af fairs ................. 43,746 -1,587 1,010 43,169 41,206 -445 1,015 41,776

Corps of En gi neers.......................... 3,978 -97 305 4,186 3,416 -148 565 3,833

Other de fense civil pro grams .................. 15,314 2 16,692 32,008 15,175 * 16,041 31,216

En vi ron men tal Pro tec tion Agency............... 5,731 * 1,021 6,752 5,353 -4 939 6,288

Ex ec u tive Of fice of the Pres i dent ............... 416 * 1 416 222 * 13 236

Fed eral Emer gency Man age ment Agency ........ 4,109 -69 * 4,040 2,562 -462 * 2,101

Gen eral Ser vices Ad min is tra tion................ 175 -222 * -46 238 856 * 1,095

In ter na tional As sis tance Pro gram ............... 11,092 -1,565 534 10,061 10,832 -1,778 -74 8,980

Na tional Aero nau tics and Space Ad min is tra tion .... 13,663 - 1 13,664 14,205 - 1 14,206

Na tional Sci ence Foun da tion .................. 3,244 * 42 3,285 3,144 - 44 3,188

Of fice of Per son nel Man age ment ............... 25,982 -11 21,544 47,515 25,539 -27 20,796 46,307

Small Busi ness Ad min is tra tion ................. 529 -471 * 58 312 -390 * -78

So cial Se cu rity Ad min is tra tion.................. 40,579 -2 379,212 419,790 38,135 * 370,068 408,202

Other in de pend ent agen cies................... 8,004 -1,945 870 6,929 11,257 -4,931 4,326 10,653

Un dis trib uted off set ting re ceipts:

 In ter est................................. - - -118,634 -118,634 - - -113,839 -113,839

 Other .................................. -3,854 -997 -35,594 -40,446 -10,878 -1,448 -34,872 -47,197

 To tal out lays...........................

1,240,172 7,317 456,518 1,704,006 1,203,158 -2,724 451,789 1,652,224

 (On-budget)...........................

1,240,172 6,296 136,761 1,383,228 1,203,158 -2,940 135,404 1,335,622

 (Off-budget)...........................

- 1,021 319,757 320,778 - 217 316,385 316,602

 Sur plus (+) or def i cit (-) ...................

-89,723 5,639 207,363 123,279 -101,848 13,760 157,329 69,242

 (On-budget)...........................

-89,723 6,660 82,651 -412 -101,848 13,977 57,915 -29,956

 (Off-budget)...........................

- -1,021 124,712 123,691 - -217 99,414 99,198

- No trans ac tions.

* Less than $500,000.

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency, 

Sep tem ber 1999 and Other Pe riods

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

This fis cal year to date Prior fis cal year to date

Clas si fi ca tion 

Gen eral funds

(1)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

 (2)

 Trust funds

 (3)

To tal funds

(4) 

Gen eral funds

 (5)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

(6)

Trust 

funds

 (7)

 To tal funds

(8)
19

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The De part ment of Trea sury’s (Trea sury) op er at ing cash

is main tained in ac counts with the Fed eral Re serve Banks

(FRBs) and branches, as well as in tax and loan ac counts in

other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude

the Daily Bal ance Wire re ceived from the FRBs and branches,

and elec tronic trans fers through the Let ter of Credit Pay ment,

Fedline Pay ment and Fedwire De posit Sys tems. As the FRB

ac counts are de pleted, funds are called in (with drawn) from

thou sands of tax and loan ac counts at fi nan cial in sti tu tions

through out the coun try.

Un der au thor ity of Pub lic Law 95-147, Trea sury im ple -

mented a pro gram on No vem ber 2, 1978, to in vest a por tion of

its op er at ing cash in ob li ga tions of depositaries main tain ing tax 

and loan ac counts. Un der the Trea sury tax and loan in vest ment

pro gram, de pos i tary fi nan cial in sti tu tions se lect the man ner in

which they will par tic i pate. Fi nan cial in sti tu tions wish ing to

re tain funds de pos ited into their tax and loan ac counts in in ter -

est-bearing ob li ga tions par tic i pate un der the Note Op tion. The

pro gram per mits Trea sury to col lect funds through fi nan cial in -

sti tu tions and to leave the funds in Note Op tion depositaries

and in the fi nan cial com mu ni ties in which they arise un til Trea -

sury needs the funds for its op er a tions. In this way, Trea sury is

able to neu tral ize the ef fect of its fluc tu at ing op er a tions on

Note Op tion fi nan cial in sti tu tion re serves and on the econ omy.

Like wise, those in sti tu tions wish ing to re mit the funds to the

Trea sury’s ac count at FRBs do so un der the Re mit tance Op -

tion.

De posits to tax and loan ac counts oc cur as cus tom ers of fi -

nan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to pur chase Gov ern ment se cu ri ties. In most

cases, this in volves a trans fer of funds from a cus tomer’s ac -

count to the tax and loan ac count in the same fi nan cial in sti tu -

tion. Also, Trea sury can di rect the FRBs to in vest ex cess funds

in tax and loan ac counts di rectly from the Trea sury ac count at

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

[In mil lions of dol lars. Source: Fi nan cial Man age ment Service]

See foot notes at end of ta ble.

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 

1998 ............... 4,238,957 259,197 4,500,895 969,668 971,671 

1999 ............... 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

1998 - Sept.......... 342,862 24,424 369,039 92,010 87,807 

Oct. .......... 286,216 20,048 306,776 72,447 74,597 

Nov. .......... 364,049 21,110 384,380 67,868 88,981 

Dec. .......... 406,620 31,232 436,984 110,726 109,972 

1999 - Jan. .......... 326,580 22,904 347,947 78,185 40,156 

Feb. .......... 369,971 20,951 394,007 72,921 122,268 

Mar .......... 432,087 25,994 457,245 94,848 78,696 

Apr ........... 638,403 20,287 654,024 97,109 65,263 

May .......... 376,386 16,401 397,771 74,694 102,205 

June.......... 460,130 22,476 480,942 110,685 84,890 

July .......... 352,815 17,805 372,356 81,092 92,909 

Aug .......... 443,460 17,931 460,817 80,137 83,871 

Sept .......... 436,562 21,880 457,360 107,408 88,422 

Credits and with draw als

Fed eral Re serve ac counts

Credits 1 Tax and loan note ac counts

Fis cal year

or month Re ceived di rectly

Re ceived through Re mit -

tance Op tion tax and

loan depositaries With drawals 2 Taxes 3

With drawals

(trans fers to Fed eral

Re serve ac counts)

(1) (2) (3) (4) (5)
20 AC COUNT OF THE U.S. TREA SURY

1

 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions

of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds

out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in -

come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

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 r .............. 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

1998 r .............. 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

1999 ............... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

1998 - Sept ......... 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 

Oct. .......... 4,440 31,776 6,382 36,389 4,440 4,153 5,407 19,314 

Nov. ......... 5,219 10,663 6,056 31,776 4,056 10,663 5,135 18,680 

Dec. ......... 6,086 11,417 10,174 51,804 3,837 1,442 5,923 24,419 

1999 - Jan. .......... 7,623 49,446 8,001 58,264 4,960 11,417 6,597 30,760 

Feb. ......... 4,538 100 6,334 32,580 3,777 100 4,800 6,874 

 Mar.......... 5,374 16,252 10,305 21,963 4,671 5,213 5,463 12,082 

Apr. .......... 10,040 48,098 10,052 65,585 3,873 1,557 6,379 16,489 

May.......... 5,056 20,586 10,040 48,098 4,095 18,897 5,421 28,434 

June ......... 6,720 46,382 8,021 57,036 3,838 923 5,929 24,022 

July.......... 4,984 34,565 6,141 38,665 4,566 15,642 5,221 27,191 

Aug.......... 5,559 30,831 5,703 34,565 4,439 3,018 5,076 9,184 

Sept ......... 6,641 49,817 10,128 65,300 4,146 3,714 6,389 29,293 

Bal ances

Dur ing pe riod

End of pe riod High Low Av er age

Fis cal year

or month

Fed eral

Reserve

Tax and loan

note accounts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

(6) (7) (8) (9) (10) (11) (12) (13)
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed -

eral agen cies ac count ing for the rest. Ta bles in this sec tion of

the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for -

ma tion is pub lished in the “Monthly State ment of the Pub lic

Debt of the United States.” Like wise, in for ma tion on agency

se cu ri ties and on in vest ments of Fed eral Gov ern ment ac -

counts in Fed eral se cu ri ties is pub lished in the “Monthly Trea -

sury State ment of Re ceipts and Out lays of the United States

Gov ern ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing pub -

lic debt and agency se cu ri ties held by the pub lic, in clud ing the

Fed eral Re serve. It also in cludes debt held by Fed eral agen -

cies, largely by the So cial Se cu rity and other Fed eral re tire -

ment trust funds. The net un am or tized pre mium and dis count

also are listed by to tal Fed eral se cu ri ties, se cu ri ties held by

Gov ern ment ac counts and se cu ri ties held by the pub lic. The

dif fer ence be tween the out stand ing face value of the Fed eral

debt and the net un am or tized pre mium and dis count is clas si -

fied as the ac crual amount. (For greater de tail on hold ings of

Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the

own er ship ta bles, OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar ket -

able and non mar ket able Trea sury se cu ri ties. The dif fer ence

be tween in ter est-bearing and to tal pub lic debt se cu ri ties re -

flects out stand ing ma tured Trea sury se cu ri ties—that is, un re -

deemed se cu ri ties that have ma tured and are no lon ger

ac cru ing in ter est. Be cause the Fed eral Fi nancing Bank is un -

der the su per vi sion of Trea sury, its se cu ri ties are held by a U.S. 

Gov ern ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held

by U.S. Gov ern ment ac counts are sum ma rized by is sues to

par tic u lar funds within Gov ern ment. Many of the funds in vest

in par value spe cial se ries nonmarketables at in ter est rates de -

ter mined by law. Oth ers in vest in mar ket-based spe cial Trea -

sury se cu ri ties whose terms mir ror those of mar ket able

se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued

by Gov ern ment agen cies. Fed eral agency bor row ing has de -

clined in re cent years, in part be cause the Fed eral Fi nancing

Bank has pro vided fi nanc ing to other Fed eral agen cies. (Fed -

eral agency bor row ing from Trea sury is pre sented in the

“Monthly Trea sury State ment of Re ceipts and Out lays of the

United States Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket able

in ter est-bearing pub lic debt held by pri vate in ves tors and the

ma tu rity dis tri bu tion of that debt. 

The av er age length hit a low of 2 years, 5 months in De -

cem ber 1975. The length then grad u ally in creased un til it 

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

the av er age length has de creased. For ex am ple, dur ing most

of 1996 the av er age length was at 5 years, 3 months. 

In March 1971, Con gress en acted a lim ited ex cep tion to

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

could be held by the pub lic. This per mit ted Trea sury to of fer

se cu ri ties ma tur ing in more than 7 years at cur rent mar ket in -

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

def i ni tion of a bond was changed to in clude those se cu ri ties

lon ger than 10 years to ma tu rity. This ex cep tion has ex panded

since 1971, au tho riz ing Trea sury to con tinue to is sue

long-term se cu ri ties. The ceil ing on Trea sury bonds was re -

pealed on No vem ber 10, 1988. 

The vol ume of pri vately held Trea sury mar ket able se cu ri -

ties by ma tu rity class re flects the re main ing pe riod to ma tu rity

of Trea sury bills, notes and bonds. The av er age length is com -

prised of an av er age of re main ing pe ri ods to ma tu rity,

weighted by the amount of each se cu rity held by pri vate in ves -

tors. In other words, com pu ta tions of av er age length ex clude

Gov ern ment ac counts and the FRBs.

• In ta ble FD-6, the debt ceil ing is com pared with the out -

stand ing debt sub ject to lim i ta tion by law. The other debt cat e -

gory in cludes Fed eral debt Con gress has des ig nated as be ing

sub ject to the debt ceil ing. Changes in the non-interest-bear -

ing debt shown in the last col umn re flect ma tu ri ties of Trea -

sury se cu ri ties on non busi ness days, which can be re deemed

on the next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is -

sued by Gov ern ment cor po ra tions and other agen cies. Cer tain

Fed eral agen cies are au tho rized to bor row money from the

Trea sury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are au -

tho rized to bor row from the Trea sury to fi nance cap i tal pro -

jects. Trea sury, in turn, fi nances these loans by sell ing

Trea sury se cu ri ties to the pub lic.

21
22 FED ERAL DEBT

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

1998 ............ 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1999 ............ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

1998 - Sept ........ 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

Oct......... 5,588,301 5,559,255 29,046 1,789,068 1,788,351 717 3,799,233 3,770,904 28,329

Nov ........ 5,621,009 5,591,979 29,030 1,799,471 1,798,755 717 3,821,538 3,793,224 28,313

Dec ........ 5,643,435 5,614,217 29,218 1,827,543 1,826,826 717 3,815,892 3,787,391 28,501

1999 - Jan......... 5,639,054 5,610,117 28,937 1,854,971 1,854,253 717 3,784,083 3,755,864 28,220

Feb ........ 5,650,706 5,621,946 28,760 1,864,805 1,864,089 717 3,785,901 3,757,857 28,043

Mar ........ 5,680,450 5,651,615 28,835 1,857,783 1,857,066 717 3,822,667 3,794,549 28,118

Apr ......... 5,614,538 5,585,840 28,698 1,876,571 1,875,854 717 3,737,967 3,709,986 27,981

May ........ 5,632,895 5,604,198 28,697 1,896,258 1,895,541 717 3,736,637 3,708,657 27,980

June ........ 5,667,682 5,638,780 28,902 1,954,247 1,953,613 634 3,713,435 3,685,167 28,268

July ........ 5,667,400 5,638,656 28,744 1,952,587 1,951,953 634 3,714,813 3,686,703 28,110

Aug ........ 5,701,027 5,672,386 28,641 1,959,698 1,959,064 634 3,741,329 3,713,322 28,007

Sept ........ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

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

1998 ............ 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

1999 ............ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

1998 - Sept ........ 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

Oct......... 5,588,301 74,904 5,513,397 1,789,068 11,093 1,777,975 3,799,233 63,811 3,735,422

Nov ........ 5,621,009 74,973 5,546,037 1,799,471 10,992 1,788,479 3,821,538 63,981 3,757,558

Dec ........ 5,643,435 74,677 5,568,759 1,827,543 10,952 1,816,591 3,815,892 63,725 3,752,168

1999 - Jan......... 5,639,054 74,201 5,564,854 1,854,971 11,035 1,843,935 3,784,083 63,166 3,720,919

Feb ........ 5,650,706 75,990 5,574,716 1,864,805 12,697 1,852,109 3,785,901 63,293 3,722,607

Mar ........ 5,680,450 75,979 5,604,472 1,857,783 12,935 1,844,848 3,822,667 63,044 3,759,624

Apr ......... 5,614,538 76,997 5,537,540 1,876,571 13,446 1,863,124 3,737,967 63,551 3,674,416

May ........ 5,632,895 76,793 5,556,101 1,896,258 14,021 1,882,236 3,736,637 62,772 3,673,865

June ........ 5,667,682 77,138 5,590,544 1,954,247 15,322 1,938,925 3,713,435 61,816 3,651,619

July ........ 5,667,400 77,853 5,589,547 1,952,587 15,852 1,936,735 3,714,813 62,001 3,652,812

Aug ........ 5,701,027 78,146 5,622,881 1,959,698 16,099 1,943,599 3,741,329 62,047 3,679,282

Sept ........ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

TA BLE FD-1.—Sum mary of Fed eral Debt

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Se cu ri ties held by

Amount outstanding Gov ern ment ac counts The pub lic

End of fis cal year

 or month To tal

Pub lic debt

securities

 Agency

 se cu ri ties To tal

 Pub lic debt 

 se cu ri ties

 Agency

 se cu ri ties To tal

 Pub lic debt

 se cu ri ties

 Agency

 se cu ri ties

Fed eral debt se cu ri ties Se cu ri ties held by Gov ern ment ac counts Se cu ri ties held by the pub lic

End of fis cal year

or month

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

 Ac crual 

 amount 

Amount out -

stand ing face

value

 Net

 unamortized

 premium

 and dis count

Ac crual

amount

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

Ac crual

amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
FED ERAL DEBT 23

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

1998........... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1999........... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

1998 - Sept ....... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

Oct ....... 5,515,449 3,308,852 651,414 1,964,603 610,444 67,391 15,000 2,206,597

Nov ....... 5,584,548 3,363,372 685,481 1,974,251 621,166 67,474 15,000 2,221,176

Dec ....... 5,605,401 3,355,457 690,986 1,960,668 621,166 67,637 15,000 2,249,944

1999 - Jan........ 5,568,063 3,292,804 662,725 1,917,738 621,166 76,174 15,000 2,275,260

Feb ....... 5,580,223 3,294,534 667,495 1,903,388 632,516 76,134 15,000 2,285,689

Mar ....... 5,643,138 3,361,344 725,517 1,912,003 632,516 76,307 15,000 2,281,795

Apr ....... 5,577,369 3,272,572 650,083 1,891,214 632,516 83,759 15,000 2,304,797

May ....... 5,563,128 3,240,626 648,489 1,860,612 632,516 84,009 15,000 2,322,502

June....... 5,629,535 3,248,509 647,844 1,868,541 632,516 84,608 15,000 2,381,026

July ....... 5,599,069 3,223,689 654,796 1,829,279 632,516 92,097 15,000 2,375,380

Aug ....... 5,663,351 3,280,999 689,895 1,840,312 643,695 92,097 15,000 2,382,352

Sept ....... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

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

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1

1998 - Sept .............. 180,816 35,079 1,777,329 164,431 29,995 1

Oct............... 181,210 32,792 1,798,579 164,019 29,995 1

Nov .............. 181,469 34,417 1,811,934 163,360 29,995 1

Dec .............. 180,326 34,322 1,840,012 165,287 29,995 1

1999 - Jan ............... 180,426 34,122 1,866,255 164,460 29,995 1

Feb .............. 180,579 33,922 1,875,939 165,252 29,995 1

Mar .............. 180,614 33,522 1,870,215 167,447 29,995 1

Apr ............... 180,750 32,922 1,889,400 171,728 29,995 1

May .............. 179,952 31,846 1,908,341 172,366 29,995 1

June .............. 179,979 30,920 1,967,542 172,589 29,995 1

July .............. 180,087 30,920 1,964,756 169,621 29,995 1

Aug .............. 179,973 30,745 1,973,088 168,550 29,995 1

Sept .............. 180,019 30,970 2,005,166 168,091 29,995 1

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Mar ket able

End of fis cal year

or month

To tal 

 in ter est-bearing

pub lic debt To tal 

 Trea sury

 bills

 Trea sury 

 notes 

 Trea sury

 bonds

 Trea sury

 in fla tion-indexed

notes

 Fed eral

 Fi nancing

 Bank

 Non mar ket able

 To tal

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

Non mar ket able, con.

End of fis cal year

or month

U.S. savings 

se cu ri ties For eign se ries

Gov ern ment 

ac count se ries

 State and lo cal

 gov ern ment se ries

 Do mes tic

 se ries Other

(9) (10) (11) (12) (13) (14)
24 FED ERAL DEBT

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

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

1998 - Sept ........ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

Oct ........ 1,798,579 10,213 27,456 18,972 16,046 77,191 442,427 115,067 14,708 655,461

Nov ........ 1,811,934 10,849 27,817 19,657 15,926 77,543 440,081 117,520 15,211 656,371

Dec ........ 1,840,012 12,075 27,982 19,539 14,418 78,215 454,464 120,739 15,307 662,376

1999 - Jan......... 1,866,255 11,047 27,564 19,405 14,472 82,319 451,983 126,973 15,307 692,979

Feb ........ 1,875,939 11,151 27,757 19,937 19,271 82,947 449,664 125,385 15,600 695,930

Mar ........ 1,870,215 10,950 28,046 19,995 14,557 83,845 447,221 124,181 14,761 701,098

Apr ........ 1,889,400 11,096 28,094 20,112 12,902 86,127 445,029 128,550 16,405 716,667

May ........ 1,908,341 11,309 28,158 19,892 12,922 86,841 442,726 131,905 16,803 720,469

June........ 1,967,542 11,861 28,428 20,413 13,546 90,867 456,921 139,591 16,954 749,287

July ........ 1,964,756 12,042 27,995 20,439 13,427 91,270 454,718 139,604 17,709 753,396

Aug ........ 1,973,088 12,312 28,650 20,729 13,328 91,586 452,324 141,955 17,898 755,857

Sept........ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

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

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153

1998 - Sept ....... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

Oct ........ 2,067 38,480 - 25,771 11,939 - 20,007 78 69,928 252,768

Nov ....... 2,076 40,532 - 26,622 11,872 - 20,029 75 71,222 258,531

Dec ....... 2,083 46,296 - 23,950 12,253 - 20,127 75 71,760 258,353

1999 - Jan........ 2,105 42,118 - 21,097 12,184 - 20,237 74 70,103 256,288

Feb........ 2,114 43,434 - 21,783 12,110 - 20,508 75 70,420 257,853

Mar........ 2,126 42,008 - 22,485 12,001 - 20,805 72 68,000 258,064

Apr ........ 2,136 38,269 - 23,920 11,909 - 20,887 70 67,988 259,239

May ....... 2,146 36,407 - 24,553 11,837 - 21,141 70 76,250 264,912

June ....... 2,163 35,954 - 25,168 12,211 - 21,586 70 76,946 265,576

July ....... 2,207 32,600 - 25,612 12,132 - 21,858 70 76,304 263,373

Aug ....... 2,229 32,303 - 26,333 12,055 - 22,136 71 78,782 264,540

Sept ....... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153

Ta ble FD-3.—Gov ern ment Ac count Series

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of fis cal year

or month To tal 

Air port 

and Air way 

 Trust 

 Fund 

Bank 

 In sur ance 

 Fund 

 Em ployees 

 Life In sur -

ance Fund

Ex change

 sta bi li za tion

fund

Fed eral

Disability

 In sur ance

Trust Fund

Fed eral 

em ployees 

re tire ment 

 funds 

Fed eral

Hos pi tal

 In sur ance

Trust Fund

 Fed eral

Housing

 Ad min is tra -

tion

Fed eral

Old-age and

Sur vi vors

 In sur ance

Trust Fund

End of fis cal year

or month

Fed eral

Sav ings and

Loan

Cor po ra tion,

res o lu tion

fund

Fed eral

Sup ple men -

tary Med i cal 

 In sur ance 

Trust Fund 

Gov ern ment

 life in sur ance 

fund

High way

Trust Fund

Na tional

Ser vice Life

In sur ance

fund

Postal

Ser vice fund

Rail road

Re tire ment 

Ac count

 Trea sury

 de posit

 funds

 Un em ploy -

ment Trust

Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
FED ERAL DEBT 25

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

1998 ................. 29,372 - 63 174 1,261 26,685 717 471

1999 ................. 28,910 - 63 114 1,261 26,378 634 460

1998 - Sept .............. 29,372 - 63 174 1,261 26,685 717 471

Oct .............. 29,046 - 63 188 1,261 26,344 717 473

Nov .............. 29,030 - 63 205 1,261 26,309 717 474

Dec .............. 29,218 - 63 205 1,261 26,496 717 475

1999 - Jan .............. 28,937 - 63 70 1,261 26,349 717 476

Feb .............. 28,760 - 63 69 1,261 26,174 717 476

Mar .............. 28,835 - 63 80 1,261 26,237 717 477

Apr .............. 28,698 - 63 84 1,261 26,094 717 478

May .............. 28,697 - 63 88 1,261 26,088 717 479

June.............. 28,902 - 63 99 1,261 26,364 634 481

July .............. 28,744 - 63 105 1,261 26,198 634 482

Aug .............. 28,641 - 63 109 1,261 26,101 634 472

Sept.............. 28,910 - 63 114 1,261 26,378 634 460

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

Fed eral De posit

In sur ance Cor po ra tion

End of fis cal year

or month

To tal

out stand ing

 Bank

 In sur ance

 Fund

 Fed eral

 Sav ings

 and Loan

 In sur ance

 Cor po ra tion,

 resolution

 fund

 De part ment

 of Housing

 and Ur ban

 De vel op ment

 Fed eral

 Housing

 Ad min is tra tion

 Farm

 Credit

 System

 Fi nan cial

 As sis tance

 Corp.

 Other

 in de pend ent

 Ten nes see

 Val ley

 Au thor ity

 Postal

 Ser vice Other

(1) (2) (3) (4) (5) (6) (7) (8)
26 FED ERAL DEBT

1Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on

the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in

1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the

end of the fis cal years back through 1967.

2 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

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.

1998 .............. 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

1999 .............. 2,728,011 915,146 946,041 331,115 149,703 298,750 5 yrs. 9 mos.

1998 - Sept ........... 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

Oct ........... 2,837,432 945,953 1,069,335 327,268 159,593 335,283 5 yrs. 8 mos.

Nov ........... 2,884,352 981,135 1,068,719 335,700 164,364 334,433 5 yrs. 8 mos.

Dec ........... 2,887,273 986,500 1,072,170 368,435 123,614 336,554 5 yrs. 6 mos.

1999 - Jan ........... 2,825,086 953,672 1,035,290 376,570 123,614 335,940 5 yrs. 7 mos.

Feb ........... 2,820,023 954,337 1,021,966 374,166 141,265 328,289 5 yrs. 9 mos.

Mar ........... 2,879,622 1,010,698 1,027,821 373,913 140,849 326,341 5 yrs. 6 mos.

Apr ........... 2,783,211 928,597 1,007,440 373,146 140,587 333,441 5 yrs. 8 mos.

May........... 2,745,144 926,147 982,625 369,372 135,759 331,241 5 yrs. 9 mos.

June .......... 2,747,670 920,996 989,891 369,607 135,759 331,415 5 yrs. 8 mos.

July ........... 2,725,180 919,082 962,199 376,718 135,759 331,421 5 yrs. 8 mos.

Aug ........... 2,774,834 950,892 973,938 378,017 149,703 322,284 5 yrs. 8 mos.

Sept .......... 2,728,011 915,146 946,041 331,115 149,703 298,750 5 yrs. 9 mos.

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

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

1998 - Sept ............... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

Oct................ 5,950,000 5,474,401 5,474,220 181 5,431,478 181 42,742

Nov ............... 5,950,000 5,507,224 5,507,026 198 5,500,657 198 6,369

Dec ............... 5,950,000 5,529,676 5,529,477 198 5,521,723 198 7,754

1999 - Jan................ 5,950,000 5,525,832 5,525,769 63 5,484,777 63 40,992

Feb ............... 5,950,000 5,536,058 5,535,990 68 5,495,329 68 40,661

Mar ............... 5,950,000 5,565,670 5,565,591 79 5,558,174 79 7,417

Apr ................ 5,950,000 5,498,836 5,498,754 83 5,491,343 83 7,411

May ............... 5,950,000 5,517,432 5,517,346 87 5,477,336 87 40,010

June ............... 5,950,000 5,551,588 5,551,497 91 5,543,311 91 8,186

July ............... 5,950,000 5,551,257 5,551,160 98 5,512,631 98 38,529

Aug ............... 5,950,000 5,584,349 5,584,248 102 5,576,271 102 7,977

Sept ............... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Ma tu rity classes

End of fis cal year

or month

 Amount

 outstanding

 pri vately held

 Within

 1 year 1-5 years 5-10 years 10-20 years

 20 years

 or more Av er age length 1

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

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing

sub ject to lim i ta tion

In ter est-bearing debt 

sub ject to lim i ta tion

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 2Pub lic debt Other debt

 Non-interest-

 bear ing debt

 sub ject to

 lim i ta tion

 (1) (2) (3) (4) (5) (6) (7)
FED ERAL DEBT 27

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

1998 ............ 7,808 203 642 35,610 2,499 6,579 5,293

1999 ............ 8,506 261 761 52,440 2,515 7,996 4,628

1998 - Sept ......... 7,808 203 642 35,610 2,499 6,579 5,293

Oct ......... 7,808 203 641 48,872 2,499 6,579 4,628

Nov ......... 9,027 255 641 48,873 2,499 6,579 4,628

Dec ......... 9,027 255 641 48,873 2,499 6,579 4,628

1999 - Jan ......... 9,027 255 641 48,878 2,499 6,579 4,628

Feb ......... 9,027 255 641 48,878 2,559 6,579 4,628

Mar ......... 9,027 255 641 48,878 2,559 6,579 4,628

Apr ......... 9,027 255 641 48,878 2,559 6,579 4,628

May......... 9,027 255 641 56,397 2,485 6,579 4,628

June ........ 9,027 255 641 56,395 2,435 6,579 4,628

July ......... 9,027 255 641 56,395 2,435 6,579 4,628

Aug ......... 9,027 255 803 57,095 2,435 6,579 4,628

Sept ........ 8,506 261 761 52,440 2,515 7,996 4,628

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

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

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

1998 .............. 154,155 - - - - 19,937 13,295

1999 .............. 183,033 - - - - 32,625 13,882

1998 - Sept ........... 154,155 - - - - 19,937 13,295

Oct ........... 170,738 - - - - 23,809 13,930

Nov ........... 167,018 - - - - 20,901 14,573

Dec ........... 170,662 - - - - 23,024 14,433

1999 - Jan ........... 174,747 - - - - 27,122 14,433

Feb ........... 175,639 - - - - 28,021 14,428

Mar ........... 176,133 - - - - 29,122 14,452

Apr ........... 176,819 - - - - 29,444 14,460

May........... 184,810 - - - - 30,260 14,460

June .......... 187,986 - - - - 32,361 14,435

July ........... 184,512 - - - - 32,422 14,437

Aug ........... 185,506 - - - - 32,523 14,508

Sept........... 183,033 - - - - 32,625 13,882

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued

 by Gov ern ment Cor po ra tions and Other Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment of Ag ri cul ture

End of fis cal year

or month To tal

 Com mod ity

 Credit

 Cor po ra tion

 Ru ral

 De vel op ment

 Ad min is tra tion

 Ru ral

 Elec tri fi ca tion

 Ad min is tra tion

 Farmers

 Home

 Ad min is tra tion

Farm-Service

Agency

Ru ral Util ities 

Ser vice

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

De part ment of Ag ri cul ture, con.

De part ment of

En ergy

De part ment of Housing

and Ur ban De vel op ment

End of fis cal year

or month

Ru ral Housing

and Com mu nity

 De vel op ment

Ser vice

 Ru ral Busi ness

 and Co op er a tive

 Development

 Ser vice

 For eign

 Ag ri cul tural

 Ser vice

 De part ment

 of Ed u ca tion

 Bonneville

 Power

 Ad min is tra tion

 Fed eral

 Housing

 Ad min is tra tion

 Other

 hous ing

 pro grams

(8) (9) (10) (11) (12) (13) (14)
28 FED ERAL DEBT

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

1998 .......... 34,036 - - 3,956 4,993 9,559 9,745

1999 .......... 28,115 - - 6,603 4,848 9,825 10,030

1998 - Sept ...... 34,036 - - 3,956 4,993 9,559 9,745

Oct....... 33,028 - - 3,931 5,260 9,559 9,989

Nov....... 29,823 - - 4,217 5,493 9,559 9,950

Dec....... 29,128 - - 4,217 5,762 9,559 12,039

1999 - Jan ....... 28,802 - - 4,217 6,024 9,559 12,083

Feb....... 28,150 - - 4,217 6,254 9,699 12,306

Mar....... 26,453 - - 5,135 6,501 9,699 12,207

Apr ....... 26,637 - - 5,135 6,748 9,699 12,131

May ...... 26,131 - - 5,135 6,981 9,699 12,133

June ...... 25,585 - - 6,586 7,237 9,699 12,125

July....... 24,900 - - 6,586 4,361 9,699 12,148

Aug....... 24,340 - - 6,798 4,596 9,699 12,224

Sept ...... 28,115 - - 6,603 4,848 9,825 10,030

* Less than $500,000. 

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment

Cor po ra tions and Other Agencies, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment

of Trea sury De part ment of Vet erans Af fairs

End of fis cal year

or month

Fed eral

Fi nancing Bank

 Di rect loan

 fund

 Loan quaranty

 fund

 Ex port-Import

 Bank of the

 United States

 Rail road

 Re tire ment

 Board

 Small

 Busi ness

 Ad min is tra tion Other

(15) (16) (17) (18) (19) (20) (21)
FED ERAL DEBT 29

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

0

2

4

6

8

10

12

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01

5

5.5

6

J F M A M J J A S O N D

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Sep tem ber 30, 1999

5 Years, 9 Months

Years
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of Trea sury to bor row money by is su ing Trea -

sury se cu ri ties. The Sec re tary de ter mines the terms and con di -

tions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.

New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds

ma ture in more than 10 years from the is sue date. Each mar ket -

able se cu rity is listed in the “Monthly State ment of the Pub lic

Debt of the United States.” The in for ma tion in this sec tion of

the “Trea sury Bul le tin” per tains only to mar ket able Trea sury

se cu ri ties, cur rent bills, notes and bonds.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in terest-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly and 52-week bills. All unmatured Trea sury notes

and bonds are listed in ma tu rity or der, from ear li est to lat est. A

sep a rate break out is pro vided for the com bined hold ings of the

Gov ern ment ac counts and Fed eral Re serve Banks (FRBs), so

that the “all other in ves tors” cat e gory in cludes all pri vate hold -

ings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills,

which are held ev ery 4 weeks. Trea sury bills ma ture each

Thurs day. New is sues of 13-week bills are reopenings of

26-week bills. The 26-week bill is sued ev ery fourth week to

ma ture the same Thurs day as an ex ist ing 52-week bill is a re -

open ing of the ex ist ing 52-week bill. New is sues of cash man -

age ment bills are also pre sented. High, low and av er age yields

on ac cepted ten ders and the dol lar value of to tal bids are pre -

sented, with the dol lar value of awards made both on a com -

pet i tive and non com pet i tive ba sis.

Trea sury ac cepts non com pet i tive ten ders of up to $1 mil -

lion for bills and $5 mil lion for notes and bonds in each auc tion 

of se cu ri ties to en cour age par tic i pa tion of in di vid u als and

smaller in sti tu tions.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1, 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into 

in ves tor classes the ten ders in each auc tion of mar ket able se -

cu ri ties other than weekly auc tions of 13- and 26-week bills.

30

TREA SURY FI NANCING: JULY-SEPTEMBER

On Au gust 14, 1999, the Dep uty Sec re tary

of the Trea sury an nounced that the De -

part ment of the Trea sury (Trea sury) would 

no lon ger is sue 30-year bonds in No vem -

ber but would con tinue to is sue 30-year

bonds in Feb ru ary and Au gust.

JULY

Auction of 9-Year 6-Month Inflation-Indexed Notes

On June 30, 1999, Trea sury an nounced it would auc tion

$7,000 mil lion of 9-year 6-month, 3-7/8 per cent, in fla -

tion-indexed notes of se ries A-2009. The pur pose was to raise

cash. The 9-1/2 year 3-7/8 per cent notes of Series A-2009

were dated Jan u ary 15, 1999, and is sued July 15, 1999. They

are due Jan u ary 15, 2009, with in ter est pay able Jan u ary 15 and

July 15 un til ma tu rity.

Trea sury re ceived ten ders for the notes be fore 12 noon east -

ern day light time (e.d.t.) for non com pet i tive ten ders and be -

fore 1 p.m. e.d.t. for com pet i tive ten ders on July 7. Ten ders

to taled $14,728 mil lion; Trea sury ac cepted $7,000 mil lion. It

also ac cepted in full all com pet i tive ten ders at yields lower

than 4.040 per cent. Ten ders at 4.040 per cent were al lot ted 88

per cent. All non com pet i tive and suc cess ful com pet i tive bidders were al lot ted se cu ri ties at the high yield of 4.040 per cent

with an equiv a lent ad justed price of 100.033. The me dian

yield was 4.000 per cent, and the low yield was 3.920 per cent.

Non com pet i tive ten ders to taled $44 mil lion. Com pet i tive tenders ac cepted from pri vate in ves tors to taled $6,957 mil lion. 

In ad di tion to the $7,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $368 mil lion from Fed eral

Re serve Banks (FRBs) for their own ac counts. The min i mum

par amount re quired for STRIPS of in fla tion-indexed se cu rities is $1,000.

Auc tion of 2-Year Notes

On July 21, Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries AB-2001. The is sue was to

re fund $25,690 mil lion of se cu ri ties ma tur ing July 31 and to

pay down about $10,690 mil lion.

The notes of Se ries AB-2001 were dated July 31, 1999.

They are due July 31, 2001, with in ter est pay able Jan u ary 31

and July 31 un til ma tu rity. Trea sury set an in ter est rate of 5-1/2

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis. It paid ac crued in ter est of $0.29891 per

$1,000 with each ac cepted ten der. This in ter est cov ered the pe -

riod from July 31 to Au gust 2, 1999.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders July 28. Ten ders to taled $32,191 mil lion; Trea -

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
PUB LIC DEBT OP ER A TIONS 31

TREA SURY FI NANCING: JULY-SEPTEMBER, con.

sury ac cepted $15,001 mil lion. It also ac cepted in full all

com pet i tive ten ders at yields lower than 5.544 per cent. Ten -

ders at 5.544 per cent were al lot ted 1 per cent. All non com pet i -

tive and suc cess ful com pet i tive bid ders were al lot ted

se cu ri ties at the high yield of 5.544 per cent with an equiv a lent

price of 99.917. The me dian yield was 5.520 per cent, and the

low yield was 5.488 per cent. Non com pet i tive ten ders to taled

$1,600 mil lion. Com pet i tive ten ders ac cepted from pri vate in -

ves tors to taled $13,401 mil lion.

In ad di tion to the $15,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,950 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,560 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries AB-2001 is $400,000.

52-Week Bills

On July 15, 1999, Trea sury in vited ten ders for ap prox i -

mately $10,000 mil lion of 364-day Trea sury bills. The bills

were dated July 22, 1999, and will ma ture July 20, 2000. The

is sue was to re fund $25,504 mil lion of all ma tur ing bills and to

pay down about $504 mil lion. Trea sury auc tioned the bills on

July 20. Ten ders to taled $33,753 mil lion; Trea sury ac cepted

$10,013 mil lion. That in cluded $958 mil lion of non com pet i -

tive ten ders from the pub lic and $1,454 mil lion of the bills is -

sued to FRBs as agents for for eign and in ter na tional mon e tary

au thor i ties. Trea sury is sued an ad di tional $416 mil lion to

FRBs as agents for for eign and in ter na tional mon e tary au thor -

i ties for new cash. It also is sued $4,940 mil lion of the bills to

FRBs for their own ac counts. The high bank dis count rate was

4.710 per cent.

A U G U S T

Au gust Quar terly Fi nancing

On Au gust 4, Trea sury an nounced it would auc tion $15,000 

mil lion of 5-year notes of Se ries G-2004, $12,000 mil lion of

10-year notes of Se ries C-2009 and $10,000 mil lion of 30-year 

bonds. The is sue was to re fund $28,890 mil lion of Trea sury se -

cu ri ties ma tur ing Au gust 15 and to raise about $8,110 mil lion

of new cash. 

The notes of Se ries G-2004 were dated Au gust 15, 1999,

and is sued Au gust 16, 1999. They are due Au gust 15, 2004,

with in ter est pay able Feb ru ary 15 and Au gust 15 un til ma tu -

rity. Trea sury set an in ter est rate of 6 per cent af ter de ter min ing

which ten ders were ac cepted on a yield auc tion ba sis. It paid

ac crued in ter est of $0.16304 per $1,000 with each ac cepted

ten der. This in ter est cov ered the pe riod from Au gust 15 to 16,

1999.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com pet -

i tive ten ders on Au gust 10. Ten ders to taled $27,721 mil lion;

Trea sury ac cepted $15,004 mil lion. All non com pet i tive and

suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the

high yield of 6.014 per cent with an equiv a lent price of 99.940.

The me dian yield was 5.990 per cent, and the low yield was

5.949 per cent. Ten ders at the high yield were al lot ted 71 per -

cent. Non com pet i tive ten ders to taled $577 mil lion. Com pet i -

tive ten ders ac cepted from pri vate in ves tors to taled $14,427

mil lion.

In ad di tion to the $15,004 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,450 mil lion from FRBs 

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $1,617 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries G-2004 is $100,000. 

The 10-year notes of Se ries C-2009 were dated Au gust 15,

1999, and is sued Au gust 16, 1999. They are due Au gust 15,

2009, with in ter est pay able Feb ru ary l5 and Au gust 15 un til

ma tu rity. Trea sury set an in ter est rate of 6 per cent af ter de ter -

min ing which ten ders were ac cepted on a yield auc tion ba sis.

It paid ac crued in ter est of $0.16304 per $1,000 with each ac -

cepted ten der. This in ter est cov ered the pe riod from Au gust 15

to 16, 1999.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com pet -

i tive ten ders on Au gust 11. Ten ders to taled $24,831 mil lion;

Trea sury ac cepted $12,006 mil lion. All non com pet i tive and

suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the

high yield of 6.085 per cent with an equiv a lent price of 99.370.

The me dian yield was 6.070 per cent, and the low yield was

6.019 per cent. Ten ders at the high yield were al lot ted 58 per -

cent. Non com pet i tive ten ders to taled $131 mil lion. Com pet i -

tive ten ders ac cepted from pri vate in ves tors to taled $11,875

mil lion.

In ad di tion to the $12,006 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,450 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $1,290 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries C-2009 is $100,000.

The bonds of Au gust 2029 were dated Au gust 15, 1999, and 

is sued Au gust 16, 1999. They are due Au gust 15, 2029, with

in ter est pay able Feb ru ary 15 and Au gust 15 un til ma tu rity.

Trea sury set an in ter est rate of 6-1/8 per cent af ter de ter min ing

which ten ders were ac cepted on a yield auc tion ba sis. It paid

ac crued in ter est of $0.16644 per $1,000 with each ac cepted

ten der. This in ter est cov ered the pe riod from Au gust 15 to 16,

1999.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com pet -

i tive ten ders on Au gust 12. Ten ders to taled $22,158 mil lion;

Trea sury ac cepted $10,001 mil lion at the high yield of 6.144

per cent with an equiv a lent price of 99.741. The me dian yield

was 6.113 per cent, and the low yield was 6.049 per cent. Ten -

ders at the high yield were al lot ted 68 per cent. Non com pet i tive 

ten ders to taled $73 mil lion. Com pet i tive ten ders ac cepted

from pri vate in ves tors to taled $9,929 mil lion.

In ad di tion to the $10,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $100 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $1,075 mil lion from FRBs for their own ac -

count. The min i mum par amount re quired for STRIPS of

bonds of Au gust 2029 is $1,600,000.
32 PUB LIC DEBT OP ER A TIONS

Auc tion of 2-Year Notes

On Au gust 18, Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AC-2001. The is sue

was to re fund $26,356 mil lion of se cu ri ties ma tur ing Au gust

31 and to pay down about $11,356 mil lion.

The notes of Se ries AC-2001 were dated Au gust 31, 1999.

They are due Au gust 31, 2001, with in ter est pay able on the last 

day of Feb ru ary and Au gust un til ma tu rity. Trea sury set an in -

ter est rate of 5-1/2 per cent af ter de ter min ing which ten ders

were ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon

e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for

com pet i tive ten ders on Au gust 25. Ten ders to taled $27,989

mil lion; Trea sury ac cepted $15,000 mil lion. It also ac cepted in 

full all com pet i tive ten ders at yields lower than 5.557 per cent.

Ten ders at 5.557 per cent were al lot ted 54 per cent. All non -

com pet i tive and suc cess ful com pet i tive bid ders were al lot ted

se cu ri ties at the high yield of 5.557 per cent with an equiv a lent

price of 99.893. The me dian yield was 5.527 per cent, and the

low yield was 5.479 per cent. Non com pet i tive ten ders to taled

$1,397 mil lion. Com pet i tive ten ders ac cepted from pri vate in -

ves tors to taled $13,603 mil lion.

In ad di tion to the $15,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,850 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties.

Trea sury also ac cepted $3,256 mil lion from FRBs for their

own ac counts. The min i mum par amount re quired for STRIPS

of notes of Se ries AC-2001 is $400,000.

52-Week Bills

On Au gust 12, Trea sury in vited ten ders for ap prox i mately 

$10,000 mil lion of 364-day Trea sury bills. The bills were

dated Au gust 19, 1999, and will ma ture Au gust 17, 2000. The

is sue was to re fund $25,371 mil lion of all ma tur ing bills and to

raise about $629 mil lion of new cash. Trea sury auc tioned the

bills on Au gust 17. Ten ders to taled $25,082 mil lion; Trea sury

ac cepted $10,006 mil lion. That in cluded $920 mil lion of non -

com pet i tive ten ders from the pub lic and $1,644 mil lion is sued

to FRBs as agents for for eign and in ter na tional mon e tary au -

thor i ties. Trea sury is sued an ad di tional $26 mil lion to FRBs as

agents for for eign and in ter na tional mon e tary au thor i ties for

new cash. It also is sued $5,010 mil lion to FRBs for their own

ac counts. The high bank dis count rate was 4.945 per cent.

Cash Man age ment Bills

On Au gust 26, Trea sury in vited ten ders for ap prox i mately 

$33,000 mil lion of 15-day bills. The bills were is sued Au gust

31, 1999, and ma tured Sep tem ber 15, 1999. The is sue was to

raise new cash. Ten ders were opened on Au gust 26. They to -

taled $99,360 mil lion; Trea sury ac cepted $33,011 mil lion.

The high bank dis count rate was 5.18 per cent.

S E P T E M B E R 

Auc tion of 2-Year Notes

On Sep tem ber 22, Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AD-2001. The is sue

was to re fund $28,198 mil lion of se cu ri ties ma tur ing Sep tem -

ber 30 and to pay down about $13,198 mil lion.

The notes of Se ries AD-2001 were dated Sep tem ber 30,

1999. They are due Sep tem ber 30, 2001, with in ter est pay able

on March 31 and Sep tem ber 30 un til ma tu rity. Trea sury set an

in ter est rate of 5-5/8 per cent af ter de ter min ing which ten ders

were ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com pet -

i tive ten ders on Sep tem ber 29. Ten ders to taled $31,529 mil -

lion; Trea sury ac cepted $15,007 mil lion. It also ac cepted in

full all com pet i tive ten ders at yields lower than 5.665 per cent.

Ten ders at 5.665 per cent were al lot ted 58 per cent. All non -

com pet i tive and suc cess ful com pet i tive bid ders were al lot ted

se cu ri ties at the high yield of 5.665 per cent with an equiv a lent

price of 99.925. The me dian yield was 5.649 per cent, and the

low yield was 5.570 per cent. Non com pet i tive ten ders to taled

$1,326 mil lion. Com pet i tive ten ders ac cepted from pri vate in -

ves tors to taled $13,682 mil lion.

In ad di tion to the $15,007 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,650 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,125 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries AD-2001 is $320,000.

52-Week Bills

On Sep tem ber 9, Trea sury in vited ten ders for ap prox i -

mately $10,000 mil lion of 364-day Trea sury bills. The bills

were dated Sep tem ber 16, 1999, and will ma ture Sep tem ber

14, 2000. The is sue was to re fund $25,457 mil lion of all ma tur -

ing bills and to pay down about $1,457 mil lion. Trea sury auc -

tioned the bills on Sep tem ber 14. Ten ders to taled $28,679

mil lion; Trea sury ac cepted $10,003 mil lion. That in cluded

$901 mil lion of non com pet i tive ten ders from the pub lic and

$1,733 mil lion is sued to FRBs as agents for for eign and in ter -

na tional mon e tary au thor i ties. Trea sury is sued an ad di tional

$367 mil lion to FRBs as agents for for eign and in ter na tional

mon e tary au thor i ties for new cash. In ad di tion, Trea sury is -

sued $5,170 mil lion to FRBs for their own ac counts. The high

bank dis count rate was 5.000 per cent.

TREA SURY FI NANCING: JULY-SEPTEMBER, con.
PUB LIC DEBT OP ER A TIONS 33

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

See foot note at end of ta ble.

1999

Oct. 15............................................... 6%-H note 10/15/92 10,337 538 9,799

Oct. 31............................................... 7-1/2%-T note 10/31/94 12,152 1,632 10,520

Oct. 31...............................................

1 5-5/8%-AL note 10/31/97 16,824 1,049 15,775

Nov. 15 ..............................................

1 7-7/8%-D note 11/15/89 10,774 1,302 9,472

Nov. 15 .............................................. 5-7/8%-Z note 11/15/96 22,870 3,023 19,847

Nov. 30 .............................................. 7-3/4%-U note 11/30/94 11,934 1,597 10,337

Nov. 30 ..............................................

1 5-5/8%-AM note 12/01/97 17,051 1,546 15,505

Dec. 31 .............................................. 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Dec. 31 .............................................. 1 5-5/8%-AN note 12/31/97 16,747 796 15,951

To tal..................

131,212 12,863 118,349

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 1,906 15,596

Jan. 31............................................... 7-3/4%-G note 01/31/95 12,229 1,598 10,630

Feb. 15 ..............................................

1 8-1/2%-A note 02/15/90 10,673 1,304 9,369

Feb. 15 .............................................. 5-7/8%-U note 02/18/97 20,421 2,166 18,255

Feb. 29 .............................................. 7-1/8%-H note 02/28/95 12,496 1,578 10,918

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 1,402 11,787

Mar. 31 ..............................................

1 5-1/2%-AB note 03/31/98 17,206 1,998 15,208

Apr. 15............................................... 5-1/2%-F note 04/15/93 10,535 418 10,117

Apr. 30............................................... 1 5-5/8%-AC note 04/30/98 15,634 2,149 13,485

Apr. 30............................................... 6-3/4%-K note 05/01/95 12,433 1,720 10,713

May 15, 00-05 ......................................... 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15...............................................

1 8-7/8%-B note 05/15/90 10,496 486 10,010

May 15............................................... 6-3/8%-V note 05/15/97 20,763 2,877 17,886

May 31............................................... 6-1/4%-L note 05/31/95 12,752 1,614 11,139

May 31...............................................

1 5-1/2%-AD note 06/01/98 16,580 2,224 14,356

June 30 .............................................. 5-7/8%-M note 06/30/95 12,464 838 11,626

June 30 ..............................................

1 5-3/8%-AE note 06/30/98 14,939 1,418 13,521

July 31............................................... 6-1/8%-N note 07/31/95 12,339 869 11,469

July 31...............................................

1 5-3/8%-AF note 07/31/98 18,683 2,521 16,163

Aug. 15 .............................................. 1 8-3/4%-C note 08/15/90 11,081 1,538 9,542

Aug. 15 .............................................. 6%-W note 08/15/97 18,053 2,504 15,549

Aug. 31 .............................................. 6-1/4%-P note 08/31/95 11,922 1,226 10,696

Aug. 31 ..............................................

1 5-1/8%-AG note 08/31/98 20,029 2,994 17,034

Sept. 30.............................................. 6-1/8%-Q note 10/02/95 12,011 1,034 10,978

Sept. 30.............................................. 1 4-1/2%-AH note 09/30/98 19,269 2,242 17,027

Oct. 31............................................... 5-3/4%-R note 10/31/95 12,080 860 11,220

Oct. 31............................................... 4%-AJ note 11/02/98 20,525 2,798 17,727

Nov. 15 ..............................................

1 8-1/2%-D note 11/15/90 11,520 1,028 10,491

Nov. 15 .............................................. 1 5-3/4%-X note 11/17/97 16,036 2,182 13,854

Nov. 30 .............................................. 5-5/8%-S note 11/30/95 12,357 1,265 11,092

Nov. 30 .............................................. 4-5/8%-AK note 11/30/98 20,158 2,601 17,557

Dec. 31 .............................................. 5-1/2%-T note 01/02/96 12,821 891 11,930

Dec. 31 .............................................. 4-5/8%-AL note 12/31/98 19,475 2,555 16,920

To tal..................

510,774 59,168 451,605

2001

Jan. 31............................................... 5-1/4%-E note 01/31/96 12,816 801 12,015

Jan. 31............................................... 4-1/2%-U note 02/01/99 19,777 2,765 17,012

Feb. 15 .............................................. 11-3/4% bond 01/12/81 1,501 166 1,336

Feb. 15 ..............................................

1 7-3/4%-A note 02/15/91 11,313 1,209 10,104

Feb. 15 ..............................................

1 5-3/8%-S note 02/17/98 15,367 1,653 13,715

Feb. 28 .............................................. 5-5/8%-F note 02/29/96 12,820 1,204 11,616

Feb. 28 .............................................. 1 5%-V note 03/31/99 19,587 2,646 16,941
34 PUB LIC DEBT OP ER A TIONS

Mar. 31 .............................................. 6-3/8%-G note 04/10/96 14,181 1,649 12,532

Mar. 31 ..............................................

1 4-7/8%-W note 02/29/96 21,605 3,385 18,220

Apr. 30 ............................................... 6-1/4%-H note 03/31/99 13,780 1,411 12,370

Apr. 30 ...............................................

1 5%-X note 04/30/99 21,034 3,020 18,014

May 15............................................... 13-1/8% bond 04/02/81 1,750 221 1,529

May 15...............................................

1 8%-B note 05/15/91 12,398 1,683 10,715

May 15...............................................

1 5-5/8%-T note 05/15/98 12,874 2,270 10,604

May 31............................................... 6-1/2%-J note 05/31/96 13,722 1,403 12,319

May 31............................................... 1 5-1/4%-Y note 06/01/99 19,886 3,056 16,830

June 30 ..............................................

1 5-3/4%-Z note 06/30/99 19,001 2,484 16,517

June 30 .............................................. 6-5/8%-K note 07/01/96 14,282 1,343 12,939

July 31 ............................................... 6-5/8%-L note 07/31/96 14,137 1,532 12,605

July 31 ...............................................

1 5-1/2%-AB note 08/02/99 20,541 3,560 16,981

Aug. 15 .............................................. 1 7-7/8%-C note 08/15/91 12,339 1,601 10,738

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,226 12,774

Aug. 31 ..............................................

1 5-1/2%-AC note 08/31/99 20,119 3,256 16,862

Sept. 30.............................................. 6-3/8%-N note 09/30/96 14,519 1,453 13,065

Sept. 30.............................................. 1 5-5/8%-AD note 09/30/99 18,795 2,125 16,670

Oct. 31 ............................................... 6-1/4%-P note 10/31/96 14,640 965 13,675

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 228 1,525

Nov. 15 ..............................................

1 7-1/2%-D note 11/15/91 24,226 3,275 20,951

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 14,031 729 13,302

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 13,971 1,096 12,875

To tal ..................

442,518 53,671 388,848

2002

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,260 12,194

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 200 1,559

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,354 12,446

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 1,668 12,633

Apr. 30 ............................................... 6-5/8%-F note 04/30/97 14,475 1,977 12,498

May 15...............................................

1 7-1/2%-A note 05/15/92 11,714 1,554 10,161

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,634 11,870

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,094 11,965

July 15 ...............................................

1 3-5/8%-J note 07/15/97 17,503 900 16,603

July 31 ............................................... 6%-K note 07/31/97 12,231 782 11,449

Aug. 15 ..............................................

1 6-3/8%-B note 08/17/92 23,859 3,203 20,656

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,047 11,685

Sept. 30..............................................

1 5-7/8%-M note 09/30/97 12,807 735 12,072

Oct. 31 ...............................................

1 5-3/4%-N note 10/31/97 11,737 841 10,897

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116

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 1,335 10,786

Dec. 31 .............................................. 1 5-5/8%-Q note 12/31/97 12,052 830 11,222

To tal ..................

219,589 22,687 196,905

2003

Jan. 31...............................................

1 5-1/2%-C note 02/02/98 13,101 1,118 11,983

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 2,285 21,278

Feb. 28 ..............................................

1 5-1/2%-D note 03/02/98 13,670 1,787 11,883

Mar. 31 .............................................. 1 5-1/2%-E note 03/31/98 14,173 1,472 12,701

Apr. 30 ...............................................

1 5-3/4%-F note 04/30/98 12,573 1,653 10,920

May 15............................................... 10-3/4% bond 04/04/83 3,249 433 2,816

May 31...............................................

1 5-1/2%-G note 06/01/98 13,132 1,275 11,857

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts 

and Fed eral Re -

serve Banks

All other

in ves tors

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

See foot note at end of ta ble.

2001 con.
PUB LIC DEBT OP ER A TIONS 35

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

See foot note at end of ta ble.

June 30 .............................................. 1 5-3/8%-H note 06/30/98 13,127 1,309 11,818

Aug. 15, 03-08......................................... 8-3/8% bond 08/15/78 2,103 789 1,314

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 3,685 24,326

Aug. 15 ..............................................

1 5-1/4%-J note 08/17/98 19,852 2,834 17,018

Nov. 15, 03-08......................................... 8-3/4% bond 11/15/78 5,230 1,666 3,564

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 969 6,290

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,518 17,107

To tal .................

194,178 24,046 170,129

2004

Feb. 15 ..............................................

1 5-7/8%-A note 02/15/94 12,955 650 12,305

Feb. 15 ..............................................

1 4-3/4%-E note 02/16/99 17,823 2,013 15,810

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,013 3,593

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 1,941 12,500

May 15...............................................

1 5-1/4%-F note 05/17/99 18,925 2,562 16,364

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 13,346 875 12,471

Aug. 15 .............................................. 1 6%-G note 08/16/94 18,090 1,617 16,473

Nov. 15, 04-09......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125

Nov. 15 ..............................................

1 11-5/8% bond 10/30/84 8,302 1,110 7,192

Nov. 15 ..............................................

1 7-7/8%-D note 11/15/94 14,374 1,808 12,566

To tal .................

134,817 15,963 118,856

2005

Feb. 15, 05-10......................................... 11-3/4% bond 02/15/80 2,494 858 1,636

Feb. 15 .............................................. 1 7-1/2%-A note 02/15/95 13,835 1,477 12,358

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811

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 2,000 12,740

Aug. 15 ..............................................

1 10-3/4% bond 07/02/85 9,270 1,187 8,083

Aug. 15 ..............................................

1 6-1/2%-C note 08/15/95 15,003 2,015 12,988

Nov. 15, 05-10......................................... 12-3/4% bond 11/17/80 4,736 1,261 3,476

Nov. 15 ..............................................

1 5-7/8%-D note 11/15/95 15,210 1,960 13,250

To tal .................

82,536 12,663 69,874

2006

Feb. 15 ..............................................

1 9-3/8% bond 01/15/86 4,756 292 4,464

Feb. 15 .............................................. 1 5-5/8%-A note 02/15/96 15,514 1,918 13,596

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 4,609 1,074 3,535

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 3,095 19,646

Oct. 15...............................................

1 6-1/2%-D note 10/15/96 22,460 3,056 19,404

Nov. 15, 06-11......................................... 14% bond 11/16/81 4,901 975 3,925

To tal .................

90,995 12,485 78,510

2007

Jan. 15...............................................

1 3-3/8%-A note 02/06/97 16,578 1,010 15,568

Feb. 15 ..............................................

1 6-1/4%-B note 02/18/97 13,104 1,051 12,053

May 15...............................................

1 6-5/8%-C note 05/15/97 13,958 1,900 12,058

Aug. 15 ..............................................

1 6-1/8%-D note 08/15/97 25,637 3,489 22,148

Nov. 15, 07-12......................................... 10-3/8% bond 11/15/82 11,032 1,612 9,420

To tal .................

80,309 9,062 71,247

2003 con.
36 PUB LIC DEBT OP ER A TIONS

See foot note at end of ta ble.

2008

Jan. 15...............................................

1 3-5/8%-A note 01/15/98 17,345 1,260 16,085

Feb. 15 ..............................................

1 5-1/2%-B note 02/17/98 13,583 1,420 12,163

May 15............................................... 1 5-5/8%-C note 05/15/98 27,191 4,084 23,107

Aug. 15, 08-13......................................... 12% bond 08/15/83 14,755 3,041 11,715

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 2,475 22,608

To tal ..................

97,957 12,280 85,678

2009

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 5,007 869 4,138

Aug. 15, 09-14......................................... 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14.........................................

1 11-3/4% bond 11/15/84 6,006 1,195 4,811

Jan. 15...............................................

1 3-7/8%-A note 01/15/99 16,163 768 15,395

May 15...............................................

1 5-1/2%-B note 05/17/99 14,795 2,045 12,750

Aug. 15 .............................................. 1 6%-C note 08/16/99 14,757 1,290 13,467

To tal ..................

61,856 7,073 54,784

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 1,167 5,983

Nov. 15 ..............................................

1 9-7/8% bond 11/15/85 6,900 942 5,958

To tal ..................

26,718 3,445 23,273

2016

Feb. 15 ..............................................

1 9-1/4% bond 02/15/86 7,267 975 6,292

May 15...............................................

1 7-1/4% bond 05/15/86 18,824 1,098 17,726

Nov. 15 ..............................................

1 7-1/2% bond 11/15/86 18,864 1,378 17,486

To tal ..................

44,955 3,451 41,504

2017

May 15...............................................

1 8-3/4% bond 05/15/87 18,194 2,382 15,812

Aug. 15 ..............................................

1 8-7/8% bond 08/15/87 14,017 1,854 12,163

To tal ..................

32,211 4,236 27,975

2018

May 15...............................................

1 9-1/8% bond 05/16/88 8,709 1,096 7,613

Nov. 15 ..............................................

1 9% bond 11/22/88 9,033 474 8,559

To tal ..................

17,742 1,570 16,172

2019

Feb. 15 ..............................................

1 8-7/8% bond 02/15/89 19,251 1,655 17,596

Aug. 15 ..............................................

1 8-1/8% bond 08/15/89 20,214 1,841 18,373

To tal ..................

39,465 3,496 35,969

2020

Feb. 15 .............................................. 1 8-1/2% bond 02/15/90 10,229 1,336 8,893

May 15...............................................

1 8-3/4% bond 05/15/90 10,159 1,384 8,775

Aug. 15 ..............................................

1 8-3/4% bond 08/15/90 21,419 1,493 19,926

To tal ..................

41,807 4,213 37,594

2021

Feb. 15 ..............................................

1 7-7/8% bond 02/15/91 11,113 841 10,273

May 15...............................................

1 8-1/8% bond 05/15/91 11,959 1,260 10,699

Aug. 15 ..............................................

1 8-1/8% bond 08/15/91 12,163 1,425 10,738

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)
PUB LIC DEBT OP ER A TIONS 37

1

 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub lic Debt

of the United States.”

Nov. 15 ..............................................

1 8% bond 11/15/91 32,798 2,514 30,284

To tal ..................

68,033 6,040 61,994

2022

Aug. 15 ..............................................

1 7-1/4% bond 08/17/92 10,353 846 9,507

Nov. 15 ..............................................

1 7-5/8% bond 11/16/92 10,700 1,317 9,383

To tal ..................

21,053 2,163 18,890

2023

Feb. 15 ..............................................

1 7-1/8% bond 02/16/93 18,374 2,192 16,182

Aug. 15 ..............................................

1 6-1/4% bond 08/16/93 22,909 1,487 21,422

To tal ..................

41,283 3,679 37,604

2024

Nov. 15 ..............................................

1 7-1/2% bond 08/15/94 11,470 1,212 10,258

To tal ..................

11,470 1,212 10,258

2025

Feb. 15 ..............................................

1 7-5/8% bond 02/15/95 11,725 1,066 10,659

Aug. 15 ..............................................

1 6-7/8% bond 08/15/95 12,602 1,655 10,947

To tal ..................

24,327 2,721 21,606

2026

Feb. 15 ..............................................

1 6% bond 02/15/96 12,905 1,009 11,896

Aug. 15 .............................................. 1 6-3/4% bond 08/15/96 10,894 1,280 9,614

Nov. 15 ..............................................

1 6-1/2% bond 11/15/96 11,493 1,520 9,973

To tal ..................

35,292 3,809 31,483

2027

Feb. 15 ..............................................

1 6-5/8% bond 02/18/97 10,456 610 9,846

Aug. 15 ..............................................

1 6-3/8% bond 08/15/97 10,736 1,145 9,591

Nov. 15 ..............................................

1 6-1/8% bond 11/17/97 22,519 2,755 19,764

To tal ..................

43,711 4,510 39,201

2028

Apr. 15............................................... 1 3-5/8% bond 04/15/98 17,322 820 16,502

Aug. 15 ..............................................

1 5-1/2% bond 08/17/98 11,776 1,772 10,004

Nov. 15 .............................................. 1 5-1/4% bond 11/16/98 10,947 945 10,002

To tal ..................

40,045 3,537 36,508

2029

Feb. 15 ..............................................

1 5-1/4% bond 02/15/99 11,350 1,340 10,010

Apr. 15...............................................

1 3-7/8% bond 04/15/99 7,453 350 7,103

Aug. 15 ..............................................

1 6-1/8% bond 08/16/99 11,179 1,075 10,104

To tal ..................

29,982 2,765 27,217

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

2021 con.
38 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States” and al lot ments; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting]

Reg u lar weekly:

(13 week and 26 week)

1999 - June 3..... Sept. 2 91 26,026.6 11,604.1 10,245.5 1,358.7 11,724.6 143,807.5 98.832 4.62 4.75

Dec. 2 182 25,055.7 11,650.6 10,581.0 1,069.6 11,862.2 314,199.4 97.599 4.75 4.95

10 .... Sept. 9 91 32,685.1 11,571.4 10,271.8 1,299.5 11,539.4 143,839.5 98.860 4.51 4.64

Dec. 9 182 26,499.5 11,481.5 10,399.2 1,082.3 12,614.4 313,066.5 97.594 4.76 4.96

17 .... Sept. 16 91 27,487.3 11,605.2 10,272.8 1,332.4 11,594.6 143,850.2 98.832 4.62 4.75

Dec. 16 182 27,753.8 11,589.3 10,503.7 1,085.6 12,120.7 312,535.0 97.546 4.86 5.06

24 .... Sept. 23 91 29,467.3 10,885.3 9,587.9 1,297.4 9,958.2 144,777.3 98.835 4.61 4.74

Dec. 23 182 29,764.0 11,067.8 10,062.8 1,005.0 10,553.9 313,048.9 97.548 4.85 5.06

July 1..... Sept. 30 91 25,642.7 11,277.7 10,019.2 1,258.5 10,188.0 145,867.0 98.799 4.75 4.89

Dec. 30 182 27,344.2 12,604.2 11,572.2 1,032.0 11,059.3 314,593.8 97.492 4.96 5.17

8..... Oct. 7 91 32,948.1 10,959.5 9,614.5 1,345.0 10,268.6 146,557.8 98.840 4.59 4.72

2000 - Jan. 6 182 34,742.6 12,168.4 10,826.8 1,341.6 11,367.8 315,394.4 97.680 4.59 4.78

15 .... 1999 - Oct. 14 91 30,410.3 11,353.6 9,958.5 1,395.1 10,279.1 147,632.3 98.837 4.60 4.73

2000 - Jan. 13 182 31,712.6 12,523.8 11,225.2 1,298.6 11,583.0 316,335.2 97.705 4.54 4.72

22 .... 1999 - Oct. 21 91 29,862.4 11,269.7 10,061.2 1,208.5 11,316.9 147,585.1 98.857 4.52 4.65

2000 - Jan. 20 182 28,776.2 11,642.2 10,473.7 1,168.5 10,824.0 317,153.5 97.730 4.49 4.67

29 .... 1999 - Oct. 28 91 26,736.8 11,213.8 9,904.8 1,309.0 11,334.3 147,464.6 98.854 4.54 4.66

2000 - Jan. 27 182 26,777.5 11,540.2 10,331.2 1,209.0 11,082.7 317,611.0 97.715 4.52 4.70

Aug. 5..... 1999 - Nov. 4 91 30,095.9 12,392.4 10,947.3 1,445.1 12,080.7 147,776.3 98.813 4.70 4.83

2000 - Feb. 3 182 28,081.3 12,470.3 11,233.0 1,237.3 12,810.8 317,270.4 97.599 4.75 4.95

12 .... 1999 - Nov. 12 92 26,195.8 11,804.8 10,438.4 1,366.4 11,364.0 148,217.2 98.776 4.79 4.93

2000 - Feb. 10 182 27,021.6 12,289.1 11,053.4 1,235.7 11,646.4 317,913.1 97.515 4.92 5.13

19 .... 1999 - Nov. 18 91 26,247.2 12,198.4 10,830.8 1,367.6 11,604.0 148,811.6 98.817 4.68 4.82

2000 - Feb. 17 182 27,104.3 12,330.2 11,095.9 1,234.3 11,162.5 319,080.7 97.523 4.90 5.11

26 .... 1999 - Nov. 26 92 22,509.4 11,440.9 10,146.3 1,294.6 11,498.9 148,753.6 98.761 4.85 4.99

2000 - Feb. 24 182 24,318.7 11,372.4 10,202.7 1,169.8 11,423.2 319,030.0 67.498 4.95 5.16

Sept. 2..... 1999 - Dec. 2 91 28,013.7 11,462.2 10,078.5 1,383.7 11,609.6 148,606.2 98.768 4.88 5.02

2000 - Mar. 2 182 27,327.1 12,040.6 10,854.2 1,186.3 11,516.6 319,553.9 97.477 4.99 5.21

9..... 1999 - Dec. 9 91 29,317.2 10,373.5 9,091.3 1,282.2 11,592.5 147,387.1 98.807 4.72 4.86

2000 - Mar. 9 182 27,848.2 11,864.6 10,703.0 1,161.6 11,598.1 319,820.4 97.498 4.95 5.16

16 .... 1999 - Dec. 16 91 27,582.4 10,165.2 8,840.0 1,325.2 11,618.9 145,933.5 98.822 4.66 4.79

2000 - Mar. 16 182 28,329.9 11,380.9 10,189.4 1,191.6 11,112.5 320,088.8 97.510 4.93 5.14

23 .... 1999 - Dec. 23 91 25,208.1 9,838.6 8,590.1 1,248.5 10,901.5 144,870.6 98.822 4.66 4.79

2000 - Mar. 23 182 29,096.4 11,437.2 10,223.8 1,213.4 11,085.0 320,441.1 97.525 4.89 5.10

30 .... 1999 - Dec. 30 91 26,570.1 10,304.0 9,147.3 1,156.7 11,286.4 143,888.2 98.807 4.72 4.86

2000 - Mar. 30 182 28,185.2 11,181.6 10,009.3 1,172.2 11,649.0 319,973.6 97.568 4.81 5.01

 52 week:

1998 - Sept. 17 .... 1999 - Sept. 16 364 35,829.9 15,439.9 14,552.1 1,002.4 15,439.9 250,547.3 94.813 5.13 5.41

Oct. 15 .... Oct. 14 364 30,404.1 16,669.8 15,937.2 887.9 18,774.1 248,443.0 95.445 4.51 4.73

Nov. 12 .... Nov. 12 365 35,376.1 16,253.8 15,622.9 732.5 18,451.4 246,661.3 95.900 4.06 4.24

Dec. 10 .... Dec. 9 364 32,950.8 16,371.1 15,613.6 631.0 18,011.0 244,904.2 95.539 4.39 4.62

1999 - Jan. 7..... 2000 - Jan. 6 364 35,157.7 15,841.7 14,960.3 757.5 17,836.8 243,438.4 95.647 4.28 4.51

Feb. 4..... Feb. 3 364 33,234.6 15,401.4 14,340.4 881.4 19,190.2 240,089.9 95.617 4.34 4.55

Mar. 4..... Mar. 2 364 35,942.8 15,344.6 14,323.7 1,061.0 17,973.1 237,518.2 95.581 4.37 4.58

Apr. 1..... Mar. 30 364 32,541.9 15,884.2 14,805.1 1,020.9 16,751.0 236,111.8 95.283 4.67 4.92

Apr. 29 .... Apr. 27 364 34,989.6 15,017.1 13,950.2 1,079.1 15,022.5 236,973.5 95.455 4.50 4.73

May 27 .... May 25 364 27,950.8 15,288.1 14,291.8 1,067.0 15,540.1 236,450.6 95.460 4.49 4.73

June 24 .... June 22 364 28,802.6 14,848.6 13,890.6 996.3 15,093.2 236,645.5 95.319 4.63 4.88

July 22 .... July 20 364 39,109.3 15,368.8 14,448.6 958.1 15,372.6 236,121.5 95.238 4.71 4.97

Aug. 19 .... Aug. 17 364 30,118.0 15,042.1 14,140.7 920.3 15,047.5 236,442.8 95.000 4.95 5.22

Sept. 16 .... Sept. 14 364 34,215.7 15,540.2 15,540.2 901.4 15,542.3 235,942.7 94.944 5.00 5.29

De scrip tion of new is sue Amounts of bids ac cepted On to tal com pet i tive bids ac cepted

Ma tu rity

date

Num ber

of days to

ma tu rity 1

Amount

 of bids

 ten dered

To tal

amount

On com pet -

i tive ba sis 2

On noncom pet i tive 

ba sis 3

Amount

ma tur ing on 

is sue date

of new

 of fer ing

To tal

unmatured

is sues

out stand ing 

af ter new

is sues

High price

per

 hun dred

High dis -

count rate

(per cent)

High in vest -

ment rate

(per cent) 4

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

1 All 13-week bills rep re sent ad di tional is sue of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 52

weeks.

2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral

Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-price for -

mat as of No vem ber 2, 1998.

4 Equiv a lent cou pon-issue yield.
PUB LIC DEBT OP ER A TIONS 39

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date Is sue date De scrip tion of se cu ri ties 1

 Pe riod to fi nal ma tu rity 

 (years, months, days) 2

 Amount

 ten dered

 Amount 

 ac cepted 3,4

Range

 of ac cepted

bids for notes 

and bonds

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

10/08/97 6 10/15/97 3-5/8% ii note—07/15/02-J-reopening 4y 9m 28,953 58,413 7

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 36,128 516,822 8

10/29/97 10/31/97 5-3/4% note—10/31/02-N 5y 25,473 511,736 9

10/30/97 6 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 36,663 516,036 10

11/05/97 6 11/17/97 6-1/8% note—08/15/07-D-reopening 9y 9m 28,400 512,599 11

11/06/97 11/17/97 6-1/8% bond—11/15/27 30y 29,354 511,185 12

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 41,982 517,055 13

11/25/97 12/01/97 5-3/4% note—11/30/02-P 5y 33,892 512,120 14

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 35,878 516,748 15

12/23/97 12/31/97 5-5/8% note—12/31/02-Q 5y 29,949 512,053 16

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 17

01/27/98 02/02/98 5-3/8% note—01/31/00-Y 2y 36,269 17,500 18

01/28/98 02/02/98 5-1/2% note—01/31/03-C 5y 24,911 13,099 19

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 20

02/11/98 02/17/98 5-1/2% note—02/15/08-B 10y 31,416 13,584 21

02/12/98 6 02/17/98 6-1/8% bond—11/15/27-reopening 29y 9m 22,536 11,334 22

02/12/98 6 02/17/98 5.29% bill—04/23/98-reopening 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note—02/29/00-Z 2y 36,313 17,770 23

02/25/98 03/02/98 5-1/2% note—02/28/03-D 5y 32,617 13,670 24

02/26/98 03/05/98 5.125% bill—03/04/99 364d 53,057 17,973

02/26/98 6 03/03/98 5.37% bill—04/16/98-reopening 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note—03/31/00-AB 2y 39,671 17,205 25

03/25/98 03/31/98 5-1/2% note—03/31/03-E 5y 25,782 14,173 26

03/26/98 04/02/98 5.110% bill—04/01/99 364d 43,080 16,752

04/01/98 6 04/03/98 5.45% bill—04/16/98-reopening 13d 70,638 19,125

04/08/98 04/15/98 3-5/8% bond—04/15/28 30y 21,016 8,404 27

04/23/98 04/30/98 5.125% bill—04/29/99 364d 47,705 15,345

04/28/98 04/30/98 5-5/8% note—04/30/00 2y 37,199 15,633 28

04/29/98 04/30/98 5-3/4% note—04/30/03 5y 27,756 12,573 29

05/12/98 05/15/98 5-5/8% note—05/15/01 3y 34,636 12,874 30

05/13/98 05/15/98 5-5/8% note—05/15/08 10y 31,447 14,775 31

05/21/98 05/28/98 5.150% bill—05/27/99 364d 47,168 15,540

05/27/98 06/01/98 5-1/2% note—05/31/00 2y 34,727 16,580 32

05/28/98 06/01/98 5-1/2% note—05/31/03 5y 31,273 13,132 33

06/02/98 06/03/98 5.30% bill—06/15/98 12d 48,059 15,004

06/18/98 06/25/98 5.130% bill—06/24/99 364d 48,064 15,093

06/23/98 06/30/98 5-3/8% note—06/30/00 2y 41,029 14,939 34

06/24/98 06/30/98 5-3/8% note—06/30/03 5y 28,428 13,127 35

07/08/98 6 07/15/98 3-5/8% bond—04/15/28-reopening 29y 9m 19,456 8,404 36

07/16/98 07/23/98 5.375% bill—07/22/99 364d 46,405 15,770

07/29/98 07/31/98 5-3/8% note—07/31/00 2y 40,835 18,683 37

08/11/98 08/17/98 5-1/4% note—08/15/03 5y 34,435 19,852 38

08/12/98 6 08/17/98 5-5/8% note—05/15/08-reopening 9y 9m 24,712 12,415 39

08/13/98 08/17/98 5-1/2% bond—08/15/28 30y 26,650 11,776 40

08/18/98 08/20/98 5.271% bill—08/19/99 364d 38,815 15,758

08/26/98 08/31/98 5-1/8% note—08/31/00 2y 37,908 20,030 41

08/27/98 08/31/98 5.54% bill—09/15/98 15d 60,925 40,010
40 PUB LIC DEBT OP ER A TIONS

09/15/98 09/17/98 4.730% bill—09/16/99 364d 35,830 15,440

09/23/98 09/30/98 4-1/2% note—09/30/00 2y 40,179 19,269 42

10/07/98 6 10/15/98 3-5/8% ii note—01/15/08-A-reopening 9y 3m 15,745 8,401 43

10/13/98 10/15/98 4.055% bill—10/14/99 364d 30,404 16,670

10/28/98 11/02/98 4% note—10/31/ 00-AJ 2y 36,124 20,527 44

11/02/98 6 11/03/98 4.67% bill—01/21/99-reopening 79d 53,977 25,000

11/03/98 11/16/98 4-1/4% note—11/15/03-K 5y 31,405 18,626 45

11/04/98 11/16/98 4-3/4% note—11/15/08-D 10y 19,744 13,488 46

11/05/98 11/16/98 5-1/4% bond—11/15/28 30y 17,228 10,947 47

11/09/98 11/12/98 4.40% bill—11/12/99 365d 35,376 16,254

11/24/98 11/30/98 4-5/8% note—11/30/00-AK 2y 38,800 20,158 48

11/30/98 12/01/98 4.86% bill—12/15/98 14d 42,919 23,012

12/08/98 12/10/98 4.305% bill—12/09/99 364d 32,951 16,371

12/29/98 12/31/98 4-5/8% note—12/31/00-AL 2y 42,988 19,478 49

01/05/99 01/07/99 4.335% bill—01/06/00 364d 35,158 15,842

01/06/99 01/15/99 3.875% note—01/15/09-A 10y 25,476 8,531 50

01/27/99 02/01/99 4.5% note—01/31/01-U 2y 36,637 19,772 51

02/02/99 02/04/99 4.370% bill—02/03/00 364d 33,235 15,401

02/09/99 02/16/99 4.75% note—02/15/04-E 5y 30,243 17,815 52

02/10/99 6 02/16/99 4.75% note—11/15/08-D-reopening 9y 9m 22,044 11,593 53

02/11/99 6 02/16/99 4.48% bill—04/22/99-reopening 65d 29,945 8,028

02/11/99 02/16/99 5.25% bond—02/15/29 30y 21,844 11,349 54

02/24/99 03/01/99 5% note—02/28/01-V 2y 31,961 19,576 55

02/25/99 6 03/01/99 4.74% bill—04/22/99-reopening 52d 77,425 42,000

03/02/99 03/03/99 4.79% bill—03/15/99 12d 46,945 19,041

03/02/99 03/04/99 4.665% bill—03/02/00 364d 35,943 15,345

03/24/99 03/31/99 4.875% note—03/31/01-W 2y 39,664 21,588 56

03/30/99 03/31/99 4.83% bill—04/19/99 19d 43,115 20,025

03/30/99 04/01/99 4.495% bill—03/30/00 364d 32,542 15,884

03/31/99 6 04/01/99 4.85% bill—04/15/99-reopening 14d 42,824 26,024

04/07/99 04/15/99 3.875% bond—04/15/29 30y 15,045 7,350 57

04/22/99 04/22/99 4.51% bill—04/23/99 1d 35,895 8,020

04/27/99 04/29/99 4.490% bill—04/27/00 364d 34,990 15,017

04/28/99 04/30/99 5% note—04/30/01-X 2y 40,875 21,027 58

05/11/99 05/17/99 5.25% note—05/15/04-F 5y 29,987 18,912 59

05/12/99 05/17/99 5.5% note—05/15/09-B 10y 22,281 14,798 60

05/25/99 05/27/99 4.630% bill—05/25/00 364d 27,951 15,288

05/26/99 06/01/99 5.25% note—05/31/01-Y 2y 35,124 19,870 61

05/27/99 06/01/99 4.73% bill—06/15/99 14d 39,756 11,030

06/02/99 06/03/99 4.70% bill—06/15/99 12d 64,870 20,007

06/22/99 06/24/99 4.890% bill—06/22/00 364d 28,803 14,849

06/23/99 06/30/99 5.75% note—06/30/01-Z 2y 29,693 18,986 62

07/07/99 

6 07/15/99 3-7/8% ii note—01/15/09-A-reopening 9y 6m 15,096 7,368 63

07/20/99 07/22/99 4.710% bill—07/20/00 364d 39,109 15,369

07/28/99 08/02/99 5-1/2% note—07/31/01-AB 2y 37,701 20,511 64

08/10/99 08/16/99 6% note—08/15/04-G 5y 30,788 18,071 65

08/11/99 08/16/99 6% note—08/15/09-C 10y 27,571 14,746 66

08/12/99 08/16/99 6-1/8% bond—08/15/29 30y 23,333 11,176 67

08/17/99 08/19/99 4.945% bill—08/17/00 364d 30,118 15,042 

08/25/99 08/31/99 5-1/2% note—08/31/01-AC 2y 33,095 20,106 68

08/26/99 08/31/99 5.18% bill—09/15/99 15d 99,360 33,011 

09/14/99 09/16/99 5.000% bill—09/14/00 364d 34,216 15,540 

09/29/99 09/30/99 5-5/8% note—09/30/01-AD 2y 35,304 18,783 69

TA BLE PDO-3.—Pub lic Of fer ings of Mar.ketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date Is sue date De scrip tion of se cu ri ties 1

Pe riod to fi nal ma tu rity 

(years, months, days) 2

Amount

 ten dered

Amount

ac cepted 3,4

Range

of ac cepted

bids for notes 

and bonds

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

See foot notes at end of ta ble.
PUB LIC DEBT OP ER A TIONS 41

TA BLE PDO-3.—Pub lic Of fer ings of Mar.ketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1 Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown is the av er age bank dis -

count rate up to Nov.em ber 1, 1998. Be gin ning on Nov.em ber 2, 1998, the rate shown is the

high bank dis count rate. For note and bond is sues, the rate shown is the in ter est rate. For details of bill of fer ings, see ta ble PDO-2. As of Oct.ober 1, 1997, all Trea sury is sues of notes and

bonds are el i gi ble for STRIPS.

2 From date of ad di tional is sue in case of a re open ing.

3

In reopenings, the amount ac cepted is in ad di tion to the amount of orig i nal of fer ings.

4

In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral Re serve Banks; and to

for eign and in ter na tional mon e tary au thor i ties, whether in ex change for ma tur ing se cu ri ties or

for new cash.

5All notes and bonds are el i gi ble for STRIPS.

6 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of this loan.

7Ac cepted yields ranged up to 3.600% (ad justed price 100.400) in this sin gle-price auc tion of

an in fla tion-indexed note.

8Ac cepted yields ranged up to 5.720% (price 99.823) in this sin gle-price auc tion.

9Ac cepted yields ranged up to 5.830% (price 99.657) in this sin gle-price auc tion.

10 Yields ac cepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the av -

er age at 5.762% (price 99.967).

11 Yields ac cepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

av er age at 5.955% (price 101.221).

1 2Yields ac cepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the av -

er age at 6.201% (price 98.970).

1 3Ac cepted yields ranged up to 5.700% (price 99.860) in this sin gle-price auc tion.

14 Ac cepted yields ranged up to 5.769% (price 99.918) in this sin gle-price auc tion.

15 Ac cepted yields ranged up to 5.690% (price 99.879) in this sin gle-price auc tion.

16 Ac cepted yields ranged up to 5.685% (price 99.742) in this sin gle-price auc tion.

17 Ac cepted yields ranged up to 3.730% (ad justed price 99.130) in this sin gle-price auc tion of

an in fla tion-indexed note.

18 Ac cepted yields ranged up to 5.440% (price 99.878) in this sin gle-price auc tion.

1 9Ac cepted yields ranged up to 5.558% (price 99.749) in this sin gle-price auc tion.

2 0Yields ac cepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the av -

er age at 5.414% (price 99.893).

2 1Yields ac cepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the av -

er age at 5.558% (price 99.559).

2 2Yields ac cepted ranged from 5.800% (price 104.558) up to 5.830% (price 104.122) with the

av er age at 5.822% (price 104.238).

2 3Ac cepted yields ranged up to 5.537% (price 99.930) in this sin gle-price auc tion.

2 4Ac cepted yields ranged up to 5.605% (price 99.547) in this sin gle-price auc tion.

2 5Ac cepted yields ranged up to 5.500% (price 100.000) in this sin gle-price auc tion.

2 6Ac cepted yields ranged up to 5.620% (price 99.483) in this sin gle-price auc tion.

27 Ac cepted yields ranged up to 3.740% (ad justed price 97.937) in this sin gle-price auc tion of

an in fla tion-indexed bond.

28 Ac cepted yields ranged up to 5.677% (price 99.903) in this sin gle-price auc tion.

2 9Ac cepted yields ranged up to 5.795% (price 99.807) in this sin gle-price auc tion.

3 0Yields ac cepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the

av er age at 5.633% (price 99.978).

3 1Yields ac cepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the av -

er age at 5.646% (price 99.841).

3 2Ac cepted yields ranged up to 5.530% (price 99.944) in this sin gle-price auc tion.

33 Ac cepted yields ranged up to 5.575% (price 99.676) in this sin gle-price auc tion.

34 Ac cepted yields ranged up to 5.495% (price 99.776) in this sin gle-price auc tion.

35 Ac cepted yields ranged up to 5.454% (price 99.658) in this sin gle-price auc tion.

36Ac cepted yields ranged up to 3.680% (ad justed price 99.550) in this sin gle-price auc tion of

an in fla tion-indexed bond.

37 Ac cepted yields ranged up to 5.475% (price 99.813) in this sin gle-price auc tion.

38 Ac cepted yields ranged up to 5.327% (price 99.665) in this sin gle-price auc tion.

39 Yields ac cepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the

av er age at 5.428% (price 101.457).

40Yields ac cepted ranged from 5.587% (price 98.740) up to 5.598% (price 98.583) with the

av er age at 5.590% (price 98.697).

41 Ac cepted yields ranged up to 5.125% (price 100.000) in this sin gle-price auc tion.

42 Ac cepted yields ranged up to 4.615% (price 99.783) in this sin gle-price auc tion.

43 Ac cepted yields ranged up to 3.650% (ad justed price 100.869) in this sin gle-price auc tion of

an in fla tion-indexed note.

44 Ac cepted yields ranged up to 4.025% (price 99.952) in this sin gle-price auc tion.

45 Ac cepted yields ranged up to 4.340% (price 99.599) in this sin gle-price auc tion.

46 Ac cepted yields ranged up to 4.825% (price 99.410) in this sin gle-price auc tion.

47 Ac cepted yields ranged up to 5.300% (price 99.253) in this sin gle-price auc tion.

48 Ac cepted yields ranged up to 4.629% (price 99.992) in this sin gle-price auc tion.

49 Ac cepted yields ranged up to 4.690% (price 99.877) in this sin gle-price auc tion.

50Ac cepted yields ranged up to 3.898% (ad justed price 99.811) in this sin gle-price auc tion of

an in fla tion-indexed note.

51 Ac cepted yields ranged up to 4.575% (price 99.858) in this sin gle-price auc tion.

52 Ac cepted yields ranged up to 4.767% (price 99.925) in this sin gle-price auc tion.

53 Ac cepted yields ranged up to 4.913% (price 98.735) in this sin gle-price auc tion.

54 Ac cepted yields ranged up to 5.298% (price 99.282) in this sin gle-price auc tion.

55 Ac cepted yields ranged up to 5.009% (price 99.983) in this sin gle-price auc tion.

56 Ac cepted yields ranged up to 4.995% (price 99.774) in this sin gle-price auc tion.

57 Ac cepted yields ranged up to 3.899% (ad justed price 99.578) in this sin gle-price auc tion of

an in fla tion-indexed bond.

58 Ac cepted yields ranged up to 5.017% (price 99.968) in this sin gle-price auc tion.

59 Ac cepted yields ranged up to 5.367% (price 99.493) in this sin gle-price auc tion.

60 Ac cepted yields ranged up to 5.510% (price 99.923) in this sin gle-price auc tion.

61 Ac cepted yields ranged up to 5.315% (price 99.878) in this sin gle-price auc tion.

62 Ac cepted yields ranged up to 5.754% (price 99.993) in this sin gle-price auc tion.

63 Ac cepted yields ranged up to 4.040% (ad justed price 100.033) in this sin gle-price auc tion of 

an in fla tion-indexed note.

64 Ac cepted yields ranged up to 5.544% (price 99.917) in this sin gle-price auc tion.

65 Ac cepted yields ranged up to 6.014% (price 99.940) in this sin gle-price auc tion.

66 Ac cepted yields ranged up to 6.085% (price 99.370) in this sin gle-price auc tion.

67 Ac cepted yields ranged up to 6.144% (price 99.741) in this sin gle-price auc tion.

68 Ac cepted yields ranged up to 5.557% (price 99.893) in this sin gle-price auc tion.

69 Ac cepted yields ranged up to 5.665% (price 99.925) in this sin gle-price auc tion.

 Note.—All notes and bonds were sold at auc tion through com pet i tive and non com pet i tive

bid ding. Starting with the Jan.uary 5, 1999, auc tion, amounts listed as ten dered and ac cepted

are amounts ten dered and awarded on auc tion day. Be fore the Jan.uary 5, 1999, auc tion,

amounts listed as ten dered and ac cepted are amounts ten dered and awarded on is sue day.
42 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

See foot notes at end of ta ble.

01/15/98 3-5/8% note—1/15/08-A 8,410 400 601 62 4,920 1 1,300 3 1,093 30

02/02/98 5-3/8% note—1/31/00-Y 17,502 1,066 315 877 13,313 9 319 1 1,440 162

02/02/98 5-1/2% note—1/31/03-C 13,101 785 526 288 9,495 3 278 79 1,340 307

02/15/98 5-1/2% note—2/15/08-B 13,583 1,420 611 179 9,456 2 1,555 101 182 77

02/15/98 6-1/8% bond—11/15/27-reopening 11,334 1,325 207 109 7,207 5 517 5 46 1,913

02/17/98 5-3/8% note—2/15/01-S 15,367 1,533 467 684 10,792 12 264 1 780 834

03/02/98 5-1/2% note—2/28/00-Z 17,776 1,497 642 733 12,683 5 314 * 1,460 442

03/02/98 5-1/2% note—2/28/03-D 13,670 1,095 1,669 244 8,374 1 215 30 1,643 399

03/31/98 5-1/2% note—3/31/00-AB 17,206 1,758 938 1,010 10,477 5 137 1 1,390 1,490

03/31/98 5-1/2% note—3/31/03-E 14,173 1,385 1,426 285 8,523 104 412 25 1,788 225

04/15/98 3-5/8% note—4/15/28 8,404 400 1,409 35 3,571 347 1,973 - 510 159

04/30/98 5-5/8% note—4/30/00-AC 15,634 1,191 151 1,099 9,726 2 1,019 1 1,650 795

04/30/98 5-3/4% note—4/30/03-F 12,573 1,010 312 258 9,757 7 31 * 909 289

05/15/98 5-5/8% note—5/15/01-T 12,874 2,270 163 513 8,339 5 772 1 595 216

05/15/98 5-5/8% note—5/15/08-C 14,775 2,720 1,001 87 7,347 * 3,560 - 52 8

06/01/98 5-1/2% note—5/31/00-AD 16,580 1,321 485 1,163 10,773 15 135 3 2,270 415

06/01/98 5-1/2% note—5/31/03-G 13,132 1,115 52 250 9,533 3 655 2 1,024 498

06/30/98 5-3/8% note—6/30/00-AE 14,939 1,383 258 1,140 9,439 7 214 1 1,535 962

06/30/98 5-3/8% note—6/30/03-H 13,127 1,265 12 220 8,486 3 1,510 1 1,152 478

07/15/98 3-5/8% bond—4/15/28-reopening 8,404 400 267 21 5,087 * 669 21 621 1,318

07/31/98 5-3/8% note—7/31/00-AF 18,683 1,842 378 1,453 9,576 11 1,826 2 2,150 1,445

08/17/98 5-1/4% note—8/15/03-J 19,852 2,834 895 465 13,340 100 125 * 1,105 988

08/17/98 5-5/8% note—5/15/08-C-reopening 12,416 1,364 1,595 60 8,852 * * - 98 447

08/17/98 5-1/2% note—8 /15/28-bond 11,776 1,772 411 30 5,832 * 3,593 - 5 133

08/31/98 5-1/8% note—8/31/00-AG 20,029 2,994 352 1,243 12,727 10 136 1 2,000 566

09/30/98 4-1/2% note—9/30/00-AH 19,269 2,242 235 1,060 13,302 4 191 * 2,136 99

10/15/98 3-5/8% note—1/15/08-A-reopening 8,401 400 308 12 5,566 1 488 100 262 1,264

11/02/98 4% note—10/30/00-AJ 20,525 2,463 193 796 14,680 7 111 1 2,235 39

11/16/98 4-1/4% note—11/15/03-K 18,626 1,518 41 298 14,943 223 141 1 1,272 189

11/16/98 4-3/4% note—11/15/08-D 13,488 1,135 201 45 11,231 1 371 10 429 65

Date of

fi nanc ing De scrip tion of se cu ri ties

To tal

 is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment

funds

In vest -

ment

funds

 In sur ance 

companies

For eign

and 

international Other 3

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
PUB LIC DEBT OP ER A TIONS 43

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

* Less than $500,000.

1

De pos i tory in sti tu tions in clude banks.

2

In cludes part ner ships and per sonal trust ac counts. 3

 Re sid ual. 

Date of 

fi nanc ing De scrip tion of se cu ri ties

Total

 is sue

Fed eral 

Re serve 

Banks

 De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

 and re -

tire ment

funds

In vest -

ment

funds

In sur ance

companies

For eign

and

international Other 3

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

11/16/98 5-1/4% bond—11/15/28 10,947 945 20 76 8,167 85 1,159 180 211 104

11/30/98 4-5/8% note—11/30/00-AK 20,158 2,032 411 696 12,992 6 1,513 2 2,185 321

12/31/98 4-5/8% note—12/31/00-AL 19,475 2,555 170 962 12,174 12 1,124 7 2,100 371

01/15/99 3-7/8% note—1/15/09-A 8,532 400 884 103 2,077 282 773 - 165 3,848

02/01/99 4-1/2% note—1/31/01-U 19,777 2,765 309 1,173 12,938 2 271 1 2,001 317

02/16/99 4-3/4% note—2/15/04-E 17,823 2,013 86 315 12,253 4 2,102 1 800 249

02/16/99 4-3/4% note—11/15/08-D-reopening 11,595 1,340 1,374 55 7,728 * 406 - 364 328

02/16/99 5-1/4% bond—2/15/29 11,350 1,340 5 54 8,515 455 369 290 35 287

03/01/99 5% note—2/28/01-V 19,587 2,571 95 994 13,554 6 150 4 2,105 108

03/31/99 4-7/8% note—3/31/99-W 21,605 3,385 235 1,297 11,861 2 444 1 3,375 1,005

04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412

04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272

05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338

05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662

06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549

06/30/99 5-3/4% note—6/30/01-Z 19,007 2,484 243 1,540 12,398 1 392 * 1,893 56

07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188 

08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51 

08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163 

08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68 

08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83 

08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185 

09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130 
44 PUB LIC DEBT OP ER A TIONS

1 Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

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

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

07/23/98 07/22/99 5.10 15,215 5,305 130 915 7,061 1,804

08/20/98 08/19/99 5.00 15,758 5,565 89 89 7,407 2,608

09/17/98 09/16/99 4.51 15,441 5,390 22 2,585 4,865 2,579

10/15/98 10/14/99 4.06 16,670 5,650 9 112 8,987 1,912

11/12/98 11/12/99 4.39 16,254 5,225 616 355 8,311 1,747

12/10/98 12/09/99 4.28 16,371 5,360 415 560 8,599 1,437

01/07/99 01/06/00 4.32 15,853 4,980 128 31 8,106 2,608

02/04/99 02/03/00 4.36 15,408 6,390 14 68 7,390 1,546

03/04/99 03/02/00 4.65 15,352 5,165 18 168 7,393 2,608

04/29/99 04/27/00 4.49 15,023 4,855 268 613 6,140 3,147

05/27/99 05/25/00 4.63 15,299 5,145 14 523 7,132 2,485

06/24/99 06/22/00 4.89 14,853 4,570 133 90 7,610 2,450

TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries (His tor i cal)

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 To tal amount 

is sued Al lot ments by in ves tor class

 Date of Date of ma tu rity 

 Av er age rate

(per cent) 52-week se ries

Fed eral Re serve

Banks

 Com mer -

cial banks Cor po ra tions 1

 Dealers 

and bro kers All other 2

 fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8)

TA BLE PDO-4B.—Al lot ments by In ves tor Class

 of Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills**

[Dol lar amounts in mil lions. Source: Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by in ves tor class

Date of

 fi nanc ing

Date of

maturity

 High rate

(per cent)

To tal

amount

 is sued

Fed eral

 Re serve 

Banks

De pos i tory 

in sti tu tions 1 In di vid uals 2

Dealers and

 bro kers

Pen sion and

 re tire ment

In vest ment

funds

In sur ance

com pa nies

For eign

and in ter -

na tional All other 3

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

07/22/99 7-20-2000 4.710 15,373 4,940 30 938 7,494 - 79 * 1,875 17

08/19/99 8-20-2000 4.945 15,048 5,010 12 920 7,366 - 50 1 1,670 19

09/16/99 9-14-2000 5.000 15,542 5,170 15 899 7,209 1 53 1 2,179 15

* Less than $500,000.

1

 De pos i tory in sti tu tions in clude banks.

2

 In cludes partnerships and per sonal trust ac counts.

3 Re sid ual.

** Be gin ning July 1999, Trea sury made changes to the pro ce dures and cat e go ries used to

clas sify bids by type of in ves tor. See PDO-4B (His tor i cal) be low for data be fore that date.

 Note.—For de tail of of fer ings, see ta ble PDO-3.
45

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Sept. 30, 1999

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est-bearing debt

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

1

 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and se ries I

bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gible for pur chase by in di vid u als with the si mul ta neous pur -

chase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and re -

demp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1

Se ries E, EE, H and HH.............. 355,557 205,787 561,344 369,290 179,950 6,188

Se ries I........................... 480 3 483 10 469 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3

Se ries J and K ..................... 3,556 198 3,754 3,753 - -

Sav ings notes .....................

862 703 1,565 1,216 167 -

 To tal...........................

392,800 208,870 601,670 408,788 180,586 6,192

2

 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”
46 U.S. SAV INGS BONDS AND NOTES

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount outstandng

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Se ries E and EE

Fis cal years:

1941-94 ......... 321,899 160,472 482,371 291,359 217,284 77,650 17,106 165,387 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

1998 ........... 4,765 9,141 13,906 14,136 6,954 7,182 1,190 180,744 5,091

1999 ........... 5,542 8,914 14,927 13,628 5,963 6,321 1,090 166,529 6,169

Cal en dar years:

1941-95 ......... 326,991 176,324 503,315 299,483 228,955 77,438 18,298 170,690 2,700

1996 ........... 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997 ........... 9,316 16,499 25,815 24,863 13,044 11,598 2,192 168,802 5,359

1998 ........... 3,123 6,173 9,296 10,054 4,952 4,394 858 180,615 5,157

1998 - Sept ........ 332 713 1,089 1,026 465 550 80 180,744 5,091

Oct......... 435 873 1,334 1,012 456 408 87 168,330 5,023

Nov......... 435 673 1,143 909 307 477 75 168,528 4,981

Dec......... 545 720 1,306 1,122 489 497 81 167,375 6,250

1999 - Jan......... 764 840 1,656 1,379 592 698 90 167,399 6,091

Feb......... 470 739 1,252 1,135 488 547 100 167,488 5,977

Mar......... 477 702 1,226 1,212 523 580 110 167,446 5,876

Apr ......... 459 853 1,353 1,222 554 574 95 167,527 5,789

May ........ 400 651 1,091 1,026 442 496 87 166,678 6,577

June........ 394 685 1,118 1,139 521 533 86 166,643 6,465

July......... 400 797 1,235 1,158 520 553 90 166,695 6,362

Aug......... 388 712 1,136 1,273 590 590 98 166,524 6,262

Sept ........ 375 669 1,077 1,041 481 368 91 166,529 6,169

 TA BLE SBN-2.—Sales and Re demp tions by Pe riod, 

All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1 dis count 1 bear ing debt bear ing debt

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

Fis cal years:

1935-94 ................. 363,460 163,984 527,444 348,780 272,261 76,459 176,766 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

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091

1999 ................. 6,257 8,924 14,955 14,214 8,267 6,324 179,950 6,188

Cal en dar years:

1935-95 ............... 376,477 188,372 564,849 369,368 285,004 84,364 182,266 2,724

1996 ................. 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 ................. 9,904 17,301 27,205 27,647 15,412 12,235 181,133 5,359

1998 ................. 3,123 6,175 9,298 10,054 4,608 5,446 180,615 5,157

1998 - Sept .............. 332 713 941 1,026 550 476 180,744 5,091

Oct ............... 435 873 1,336 1,010 516 408 181,138 5,042

Nov ............... 435 674 1,146 912 358 477 181,397 4,999

Dec ............... 545 721 1,307 1,176 545 497 180,254 6,273

1999 - Jan............... 820 841 1,661 1,446 661 696 180,354 6,113

Feb ............... 514 740 1,253 1,207 563 544 180,508 5,998

Mar ............... 523 702 1,226 1,291 598 583 180,543 5,897

Apr ............... 504 853 1,358 1,300 688 577 180,680 5,809

May .............. 443 651 1,094 1,088 767 494 179,882 6,600

June.............. 427 685 1,112 1,208 1,767 537 179,909 6,487

July ............... 441 799 1,240 1,235 593 553 180,017 6,383

Aug ............... 423 714 1,136 1,349 662 590 179,903 6,282

Sept .............. 415 671 1,086 992 549 368 179,950 6,188

See foot notes at end of ta ble.
U.S. SAV INGS BONDS AND NOTES 47

Se ries H and HH

Fis cal years:

1952-94......... 13,548 - 13,548 18,990 18,990 - 17,106 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

1998 ........... 56 - 56 941 941 - 1,108 12,541 19

1999 ........... 41 - 41 792 792 - 1,091 12,813 19

Cal en dar years:

 -

1952-95......... 13,536 - 13,536 19,831 20,131 - 18,212 11,576 24

1996 ........... 17 - 17 789 789 - 1,266 12,038 23

1997 ........... -7 - -7 1,693 1,693 - 2,193 12,331 23

1998 ........... 37 - 37 654 654 - 776 12,495 20

 -

1998 - Sept........ 25 - 25 85 85 - 80 12,515 20

Oct ......... 2 - 2 61 61 - 88 12,541 19

Nov ......... 3 - 3 50 50 - 75 12,571 19

Dec ......... 1 - 1 56 56 - 81 12,594 23

1999 - Jan......... 4 - 4 68 68 - 90 12,621 22

Feb ......... 1 - 1 74 74 - 100 12,646 21

Mar ......... 1 - 1 75 75 - 110 12,681 20

Apr ......... 5 - 5 73 73 - 95 12,699 20

May ........ 4 - 4 64 64 - 87 12,715 23

June........ 5 - 5 63 63 - 86 12,744 22

July ......... 5 - 5 71 71 - 90 12,768 21

Aug ......... 1 - 1 70 70 - 98 12,797 20

Sept ........ 9 - 9 67 67 - 91 12,813 19

Se ries I

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Fis cal year:

1999 ........... 403 3 406 6 6 - - 469 -

Cal en dar year:

1998 ........... 77 - 77 - - - - 77 -

1998 - Dec ........ 40 - 40 - - - - 117 -

1999 - Jan......... 52 - 52 - - - - 168 -

Feb......... 43 - 43 - - - - 211 -

Mar......... 46 - 46 - - - - 257 -

Apr......... 41 - 41 - - - - 297 -

May ........ 39 - 39 - - - - 335 -

June........ 39 - 39 - - - - 372 -

July......... 37 1 38 2 2 - - 407 -

Aug......... 34 1 35 2 2 - - 440 -

Sept ........ 32 1 33 2 2 - - 469 -

 Note.—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.
48

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes and

bonds that the Trea sury is sues. The ta bles also de tail debt is -

sued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non mar -

ket able se cu ri ties and debt is sued by other Fed eral agen cies

held by Gov ern ment ac counts, the FRBs and pri vate in ves tors.

So cial Se cu rity and Fed eral re tire ment trust fund in vest ments

com prise much of the Gov ern ment ac count hold ings. 

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a

means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is ob -

tained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

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

OWN ER SHIP OF FED ERAL SE CU RITIES 49

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

1998......................... 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

1999......................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

1998 - Sept.................... 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

Oct..................... 5,588,301 5,515,449 1,788,351 1,254 1,787,097 454,406

Nov .................... 5,621,009 5,584,548 1,798,755 1,171 1,797,584 462,890

Dec .................... 5,643,435 5,605,401 1,826,826 1,123 1,825,703 471,736

1999 - Jan..................... 5,639,054 5,568,063 1,854,253 1,123 1,853,130 478,329

Feb .................... 5,650,706 5,580,223 1,864,089 1,123 1,862,966 458,845

Mar .................... 5,680,450 5,643,138 1,857,066 1,123 1,855,943 464,517

Apr..................... 5,614,538 5,577,369 1,875,854 1,123 1,874,731 482,411

May.................... 5,632,895 5,563,128 1,895,541 1,123 1,894,418 488,419

June ................... 5,667,682 5,629,535 1,953,613 1,123 1,952,490 493,816

July .................... 5,667,400 5,599,069 1,951,953 1,123 1,950,830 489,141

Aug .................... 5,701,027 5,663,351 1,959,064 1,123 1,957,941 492,617

Sept.................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

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

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

1998......................... 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

1999......................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276

1998 - Sept.................... 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

Oct..................... 3,272,692 2,853,192 419,500 43,806 29,046 717 28,329

Nov .................... 3,322,903 2,899,311 423,592 7,431 29,030 717 28,313

Dec .................... 3,306,839 2,882,598 424,241 8,816 29,218 717 28,501

1999 - Jan..................... 3,235,481 2,813,352 422,130 42,054 28,937 717 28,220

Feb .................... 3,257,289 2,834,566 422,723 41,723 28,760 717 28,043

Mar .................... 3,321,555 2,895,704 425,852 8,477 28,835 717 28,118

Apr..................... 3,219,104 2,789,038 430,066 8,471 28,698 717 27,981

May.................... 3,179,168 2,751,084 428,084 41,070 28,697 717 27,980

June ................... 3,182,106 2,753,570 428,536 9,245 28,902 634 28,268

July .................... 3,157,975 2,733,425 424,550 39,587 28,744 634 28,110

Aug .................... 3,211,670 2,787,259 424,411 9,035 28,641 634 28,007

Sept.................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276
50 OWN ER SHIP OF FED ERAL SE CU RITIES

1

Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Face value.

2 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di -

tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral

Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.

3

 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209. 

4 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.

5 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Cur rent ac crual value.

6

In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift

Sav ings Plan "G Fund."

7

 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.

8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ketable for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury se cu ri -

ties held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of

New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to

De cem ber 1994 and the 1994 bench mark to date.

9 In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal

trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.

 Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date

own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties

[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

1989 - Mar ....... 2,740.9 837.5 1,903.4 239.0 112.2 r 109.3 r 127.3 119.7 118.5 355.9 373.5 r 348.1

June ...... 2,799.9 890.8 1,909.1 218.2 114.0 r 115.9 r 127.9 120.6 116.5 358.6 366.4 r 371.1

Sept....... 2,857.4 899.1 1,958.3 205.4 115.7 r 122.9 r 129.4 121.2 120.4 359.8 391.8 r 391.7

Dec ....... 2,953.0 935.6 2,017.4 204.2 117.7 r 131.5 r 128.6 123.9 124.9 369.1 426.1 r 391.4

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 r 121.6 r 139.0 132.3 142.7 401.1 445.4 r 395.8

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 r 128.4 r 144.6 133.7 141.2 405.0 451.0 r 399.9

Sept....... 3,233.3 1,026.0 2,207.3 214.8 123.9 r 133.2 r 146.4 136.4 147.6 407.3 463.8 r 434.0

Dec ....... 3,364.8 1,059.5 2,305.3 206.5 126.2 r 137.2 r 144.5 138.2 162.8 410.6 487.1 r 492.3

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 r 131.2 r 153.4 147.2 186.1 415.6 492.0 r 482.9

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 r 132.0 r 155.0 156.8 180.1 416.8 502.0 r 491.5

Sept....... 3,665.3 1,166.9 2,498.4 251.7 135.4 r 136.2 r 140.2 171.4 199.5 430.2 506.3 r 527.6

Dec ....... 3,801.7 1,223.2 2,578.5 271.5 138.1 r 137.7 r 141.7 181.8 221.8 435.5 520.9 r 529.5

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 r 128.5 r 140.7 188.4 227.9 460.0 536.4 r 541.4

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 r 129.3 r 146.7 192.8 235.2 435.6 558.2 r 554.1

Sept....... 4,064.6 1,282.4 2,782.2 337.1 150.3 r 133.3 r 166.4 194.8 245.1 429.3 562.8 r 563.2

Dec ....... 4,177.0 1,329.7 2,847.3 348.3 157.3 r 135.3 r 172.3 197.5 259.5 418.2 576.7 r 582.2

1993 - Mar ....... 4,230.6 1328.6 2,902.0 362.6 163.6 r 127.2 r 171.2 208.0 261.5 434.0 585.9 r 588.1

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 r 127.4 r 176.9 217.8 269.2 441.2 596.8 r 594.6

Sept....... 4,411.5 1,422.2 2,989.3 366.2 169.1 r 141.8 r 188.7 229.4 283.9 434.0 619.1 r 557.2

Dec ....... 4,535.7 1,476.1 3,059.6 373.0 171.9 r 136.8 r 186.3 234.5 294.0 447.8 650.3 r 565.0

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 r 138.0 r 195.0 233.4 278.0 443.4 661.1 r 578.6

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 r 145.0 r 193.4 238.1 271.6 425.2 659.9 r 604.2

Sept....... 4,692.8 1,562.8 3,130.0 364.0 178.6 r 131.7 r 191.9 243.7 265.3 398.2 682.0 r 674.6

Dec ....... 4,800.2 1,622.6 3,177.6 339.6 180.5 r 157.9 r 192.1 r 240.1 273.0 370.0 667.3 r 757.1

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 r 162.8 r 203.1 244.2 273.0 350.5 707.0 r 770.0

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 r 166.6 r 197.2 245.0 263.9 313.7 762.5 r 790.0

Sept....... 4,974.0 1,688.0 3,286.0 330.8 183.5 r 170.6 r 193.0 245.2 272.6 304.3 820.4 r 765.6

Dec ....... 4,988.7 1,681.0 3,307.7 315.4 185.0 r 176.5 r 191.7 241.5 286.5 289.8 835.2 r 786.1

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 r 180.4 r 198.9 239.4 310.4 283.6 908.1 r 758.0

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 r 183.9 r 208.2 229.5 306.5 283.3 929.7 r 708.1

Sept....... 5,224.8 1,831.6 3,393.2 310.9 186.8 r 186.9 r 202.4 226.8 308.4 263.8 993.4 r 713.8

Dec ....... 5,323.2 1,892.0 3,431.2 296.6 187.0 r 189.2 r 203.5 214.1 315.8 257.0 1,102.1 r 665.9

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 r 192.4 r 203.7 182.2 r 310.6 250.6 1,157.6 r 651.3

June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 r 195.9 r 209.3 183.6 r 305.4 243.3 1,182.7 r 570.6

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 r 199.7 r 219.7 187.3 r 311.4 237.7 1,230.5 r 536.2

Dec ........ 5,502.4 2,087.8 3,414.6 300.3 186.5 r 204.1 r 216.9 176.6 r 321.5 239.3 1,241.6 r 527.9

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 r 198.7 r 211.9 170.1 r 325.1 r 238.1 1,250.5 r 548.6

June ...... 5,547.9 2,198.6 3,349.3 r 290.7 186.0 r 204.8 r 214.8 161.9 r 319.4 r 258.5 1,256.0 r 331.0

Sept....... 5,526.2 2,213.0 3,313.2 244.4 186.0 r 208.2 r 211.2 150.7 r 319.7 r 266.4 1,224.2 r 502.4

Dec ....... 5,614.2 2,280.2 3,334.0 r 237.3 186.7 r 218.1 r 216.6 r 144.5 r 343.2 r 269.3 1,278.7 r 439.6

1999 - Mar ....... 5,651.6 2,324.0 3,327.6 p 247.7 186.6 r 220.0 r 217.2 p 143.8 351.1 p 272.5 r 1,272.1 r 416.6

June ...... 5,638.8 2,439.5 3,199.3 p 243.0 186.6 226.6 212.9 p 141.8 328.1 p 279.1 r 1,258.6 p 322.6

Sept....... 5,656.3 2,480.7 3,175.6 n.a. 186.3 n.a. n.a. n.a. n.a. n.a. p 1,281.3 n.a.

Fed eral

Re serve

and Gov ernment ac -

counts 2

Pen sion funds

3

To tal

pub lic

debt1

To tal

pri vately

held

 De pos i tory

in sti tu -

tions3,4

 U.S.

 sav ings

 bonds 5 Pri vate 6

State and

 lo cal gov ernments

 In sur ance 

companies3Mu tual 

funds 3,7

State

and lo cal

gov ernments 3

 For eign

and inter-

 na tional 8

 Other

 in ves tors 9

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con -

stant ma tu ri ties for bills, notes and bonds. The Trea sury yield

curve in the ac com pa ny ing chart is based on cur rent mar ket

bid quo ta tions on the most ac tively traded Trea sury se cu ri ties

as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the FRB of

New York to de rive the yield curve, based on semi an nual in -

ter est pay ments and read at con stant ma tu rity points to de -

velop a con sis tent data se ries. Yields on Trea sury bills are

cou pon equiv a lent yields of bank dis count rates at which

Trea sury bills trade in the mar ket. The Board of Gov er nors of

the Fed eral Re serve Sys tem pub lishes the Trea sury con stant

ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Trea -

sury, cor po rate and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The cor -

po rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in at least 20 years and rated Aa by Moody’s In ves tors Ser vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’s In ves tors Ser vice for 20-year reoffering yields on se -

lected Aa-rated gen eral ob li ga tions. See the foot notes for

further ex pla na tion.

MARKET YIELDS 51

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities:

Bills, Notes and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

* Rates are from the Trea sury yields curve.

Period 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)

Monthly av er age:

1998 - Oct................ 4.07 4.20 4.12 4.09 4.18 4.18 4.46 4.53 5.01

Nov ............... 4.53 4.59 4.53 4.54 4.57 4.54 4.78 4.83 5.25

Dec ............... 4.50 4.57 4.52 4.51 4.48 4.45 4.65 4.65 5.06

1999 - Jan................ 4.45 4.49 4.51 4.62 4.61 4.60 4.80 4.72 5.16

Feb ............... 4.56 4.61 4.70 4.88 4.90 4.91 5.10 5.00 5.37

Mar ............... 4.57 4.65 4.78 5.05 5.11 5.14 5.36 5.23 5.58

Apr ................ 4.41 4.54 4.69 4.98 5.03 5.08 5.28 5.18 5.55

May ............... 4.63 4.75 4.85 5.25 5.33 5.44 5.64 5.54 5.81

June............... 4.72 5.03 5.10 5.62 5.70 5.81 6.05 5.90 6.04

July ............... 4.69 4.75 5.03 5.55 5.62 5.68 5.94 5.79 5.98

Aug ............... 4.87 5.09 5.20 5.68 5.77 5.84 6.15 5.94 6.07

Sept............... 4.82 5.08 5.25 5.66 5.75 5.80 6.12 5.92 6.07

End of month: 

1998 - Oct................ 4.33 4.36 4.18 4.12 4.24 4.24 4.47 4.64 5.15

Nov ............... 4.57 4.58 4.53 4.54 4.54 4.51 4.70 4.74 5.08

Dec ............... 4.48 4.55 4.53 4.54 4.55 4.56 4.73 4.65 5.09

1999 - Jan................ 4.48 4.47 4.51 4.58 4.57 4.55 4.72 4.66 5.09

Feb ............... 4.66 4.70 4.88 5.13 5.16 5.21 5.39 5.29 5.57

Mar ............... 4.49 4.53 4.72 4.99 5.07 5.12 5.38 5.25 5.63

Apr ................ 4.55 4.66 4.78 5.08 5.17 5.24 5.42 5.36 5.68

May ............... 4.66 4.83 4.97 5.42 5.51 5.60 5.83 5.64 5.84

June............... 4.78 5.04 5.07 5.53 5.59 5.67 5.93 5.81 5.98

July ............... 4.75 4.85 5.13 5.63 5.70 5.82 6.10 5.92 6.11

Aug................ 4.98 5.21 5.30 5.73 5.82 5.88 6.20 5.98 6.07

Sept............... 4.88 4.99 5.22 5.63 5.70 5.78 6.10 5.90 6.06
 52 MARKET YIELDS

4.5

5

5.5

6

6.5

0 2 4 6 8 10 1 2 14 16 18 20 22 24 26 28 30

* Source: Of fice of Mar ket Fi nance

CHART MY-A.—Yields of Trea sury Se cu ri ties, September 30, 1999*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most ac -

tively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to ma tu rity
MARKET YIELDS 53

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Trea sury

30-yr.

bonds

 New Aa

Cor po rate 

bonds 1

New Aa

municipal

bonds 2

Pe riod (1) (2) (3)

See foot notes at end of ta ble.

1988

Jan ...................................................................................... 8.83 9.81 7.46

Feb ...................................................................................... 8.43 9.43 7.34

Mar ...................................................................................... 8.63 9.68 7.55

Apr ...................................................................................... 8.95 9.92 7.69

May...................................................................................... 9.23 10.25 7.63

June ..................................................................................... 9.00 10.08 7.67

July ...................................................................................... 9.14 10.12 7.63

Aug ...................................................................................... 9.32 10.27 7.62

Sept...................................................................................... 9.06 10.03 7.30

Oct ...................................................................................... 8.89 9.86 7.27

Nov ...................................................................................... 9.02 9.98 7.39

Dec ...................................................................................... 9.01 10.05 7.40

1989

Jan....................................................................................... 8.93 9.92 7.18

Feb....................................................................................... 9.01 10.11 7.31

Mar....................................................................................... 9.17 10.33 7.42

Apr. ...................................................................................... 9.03 10.11 7.30

May...................................................................................... 8.83 9.82 7.05

June ..................................................................................... 8.27 9.24 6.94

July ...................................................................................... 8.08 9.20 6.89

Aug....................................................................................... 8.12 9.09 6.73

Sept...................................................................................... 8.15 9.29 7.10

Oct. ...................................................................................... 8.00 9.04 7.13

Nov. ...................................................................................... 7.90 9.20 6.95

Dec. ...................................................................................... 7.90 9.23 6.76

1990

Jan....................................................................................... 8.26 9.56 6.95

Feb....................................................................................... 8.50 9.68 7.03

Mar....................................................................................... 8.56 9.79 7.09

Apr. ...................................................................................... 8.76 10.02 7.26

May...................................................................................... 8.73 9.97 7.14

June ..................................................................................... 8.46 9.69 6.98

July ...................................................................................... 8.50 9.72 7.03

Aug....................................................................................... 8.86 10.05 7.13

Sept...................................................................................... 9.03 10.17 7.15

Oct. ...................................................................................... 8.86 10.09 7.24

Nov. ...................................................................................... 8.54 9.79 6.87

Dec. ...................................................................................... 8.24 9.55 6.85

1991

Jan....................................................................................... 8.27 9.60 7.00

Feb....................................................................................... 8.03 9.14 6.61

Mar....................................................................................... 8.29 9.14 6.88

Apr. ...................................................................................... 8.21 9.07 6.81

May...................................................................................... 8.27 9.13 6.78

June ..................................................................................... 8.47 9.37 6.90

July ...................................................................................... 8.45 9.38 6.89

Aug....................................................................................... 8.14 8.88 6.66

Sept...................................................................................... 7.95 8.79 6.58

Oct. ...................................................................................... 7.93 8.81 6.44

Nov. ...................................................................................... 7.92 8.72 6.37

Dec. ...................................................................................... 7.70 8.55 6.43

MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES
 54 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

cor po rate

bonds 1

New Aa

mu nic i pal

bonds 2

(1) (2) (3)

See foot notes at end of ta ble.

1992

Jan. ...................................................................................... 7.58 8.36 6.29

Feb. ...................................................................................... 7.85 8.63 6.42

Mar. ...................................................................................... 7.97 8.62 6.59

Apr. ...................................................................................... 7.96 8.59 6.54

May ...................................................................................... 7.89 8.57 6.39

June ..................................................................................... 7.84 8.45 6.32

July ...................................................................................... 7.60 8.19 5.90

Aug. ...................................................................................... 7.39 7.96 5.81

Sept ...................................................................................... 7.34 7.99 6.05

Oct. ...................................................................................... 7.53 8.17 6.18

Nov. ...................................................................................... 7.61 8.25 6.22

Dec. ...................................................................................... 7.44 8.12 6.02

1993

Jan. ...................................................................................... 7.34 7.91 6.05

Feb. ...................................................................................... 7.09 7.73 5.74

Mar. ...................................................................................... 6.82 7.39 5.54

Apr. ...................................................................................... 6.85 7.48 5.64

May ...................................................................................... 6.92 7.52 5.61

June ..................................................................................... 6.81 7.48 5.54

July ...................................................................................... 6.63 7.35 5.40

Aug. ...................................................................................... 6.32 7.04 5.50

Sept ...................................................................................... 6.00 6.88 5.44

Oct. ...................................................................................... 5.94 6.88 5.23

Nov. ...................................................................................... 6.21 7.17 5.19

Dec. ...................................................................................... 6.25 7.22 5.27

1994

Jan. ...................................................................................... 6.29 7.16 5.19

Feb. ...................................................................................... 6.49 7.27 5.16

Mar. ...................................................................................... 6.91 7.64 5.47

Apr. ...................................................................................... 7.27 7.95 5.59

May ...................................................................................... 7.41 8.17 5.79

June ..................................................................................... 7.40 8.16 5.96

July ...................................................................................... 7.58 8.30 6.11

Aug. ...................................................................................... 7.49 8.25 6.07

Sept ...................................................................................... 7.71 8.48 6.10

Oct. ...................................................................................... 7.94 8.76 6.31

Nov. ...................................................................................... 8.08 8.89 6.79

Dec. ...................................................................................... 7.87 8.66 6.63

1995

Jan. ...................................................................................... 7.85 8.59 6.48

Feb. ...................................................................................... 7.61 8.39 6.09

Mar. ...................................................................................... 7.45 8.23 5.91

Apr. ...................................................................................... 7.36 8.10 5.80

May ...................................................................................... 6.95 7.68 5.75

June ..................................................................................... 6.57 7.42 5.61

July ...................................................................................... 6.72 7.54 5.69

Aug. ...................................................................................... 6.86 7.75 5.81

Sept ...................................................................................... 6.55 7.42 5.75

Oct. ...................................................................................... 6.37 7.29 5.80

Nov. ...................................................................................... 6.26 7.20 5.56

Dec. ...................................................................................... 6.06 7.02 5.46
MARKET YIELDS 55

1

 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

2

 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves tors

Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

corporate

bonds 1

New Aa 

mu nic i pal

bonds 2

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

Apr. ...................................................................................... 5.92 6.59 5.10

May ...................................................................................... 5.93 6.63 5.17

June ..................................................................................... 5.70 6.43 5.01

July ...................................................................................... 5.68 6.36 5.04

Aug....................................................................................... 5.54 6.34 5.06

Sept...................................................................................... 5.20 6.26 4.94

Oct. ...................................................................................... 5.01 6.21 4.82

Nov. ...................................................................................... 5.25 6.42 4.93

Dec. ...................................................................................... 5.06 6.13 4.90

1999

Jan. ...................................................................................... 5.16 6.14 4.94

Feb....................................................................................... 5.37 6.33 4.89

Mar....................................................................................... 5.58 6.52 5.02

Apr ...................................................................................... 5.55 6.58 5.00

May ...................................................................................... 5.81 6.86 5.15

June ..................................................................................... 6.04 7.21 5.31

July ...................................................................................... 5.98 7.20 5.30

Aug....................................................................................... 6.07 7.36 5.56

Sept...................................................................................... 6.07 7.38 5.67
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

 56 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 8 9 90 91 92 9 3 94 95 96 97 98 99

Aa corpor ate bonds

Treas ury 30-yr. bonds

Aa mu nicipal bonds
IN TRO DUC TION: U.S. Cur rency and Coin Out stand ing and in Cir cu la tion

The U.S. Cur rency and Coin Out stand ing and in Cir cu la -

tion (USCC) state ment informs the pub lic of the to tal face

value of cur rency and coin used as a me dium of ex change that

is in cir cu la tion at the end of a given ac count ing month. The

state ment de fines the to tal amount of cur rency and coin out -

stand ing and the por tion deemed to be in cir cu la tion. It in -

cludes some old and cur rent rare is sues that do not cir cu late or

that may do so to a lim ited ex tent. Trea sury in cludes them in

the state ment be cause the is sues were orig i nally in tended for

gen eral cir cu la tion.

The USCC state ment pro vides a de scrip tion of the var i -

ous is sues of pa per money. It also gives an es ti mated av er age

of cur rency and coin held by each in di vid ual, us ing es ti mates

of pop u la tion from the Bu reau of the Cen sus. USCC in for mation has been pub lished by Trea sury since 1888, and was pub -

lished sep a rately un til 1983, when it was in cor po rated into the

“Trea sury Bul le tin.” The USCC co mes from monthly re ports

com piled by Trea sury of fices, var i ous U.S. Mint of fices, the

Fed eral Re serve Banks and the Fed eral Re serve Board.

57

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Sept. 30, 1999

[Source: Fi nan cial Man age ment Ser vice]

To tal cur rency and

coin To tal Fed eral Re serve notes 1 U .S. notes

 Cur rency no 

lon ger is sued

Cur rency (1) (2) (3) (4) (5)

Amounts out stand ing. ................ $854,531,573,503 $827,596,545,805 $827,074,568,140 $267,804,316 $254,173,349

Less amounts held by:

The Trea sury. .................... 110,940,385 24,342,370 24,139,062 20,739 182,569

FRBs ........................... 310,337,624,480 310,039,524,754 310,039,521,874 200 2,680

Amounts in cir cu la tion................ $544,083,008,638 $517,532,678,681 $517,010,907,204 $267,783,377 $253,988,100 

 To tal Dol lars 3 Frac tional coins

Coins2 (1) (2) (3)

Amounts out stand ing. .................. $26,935,027,698 $2,038,423,898 $24,896,603,800

Less amounts held by:

The Trea sury. ....................... 86,598,015 13,477,115 73,120,900

FRBs ............................. 298,099,726 12,055,322 286,044,404

Amounts in cir cu la tion .................. $26,550,329,957 $2,012,891,461 $24,537,438,496 

See foot notes fol low ing ta ble USCC-2.
58 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

1 Is sued on or af ter July 1, 1929.

2

 Ex cludes coins sold to col lec tors at pre mium prices.

3

 In cludes $481,781,898 in stan dard sil ver dol lars.

4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.

5 Based on Bu reau of the Cen sus es ti mates of pop u la tion.

$1 ............................. $6,916,552,104 $6,770,011,909 $143,481 $146,396,714

$2 ............................. 1,184,520,172 1,052,066,330 132,441,266 12,576

$5 ............................. 7,938,344,395 7,797,075,765 110,136,610 31,132,020

$10 ............................ 13,772,450,640 13,750,140,420 5,950 22,304,270

$20 ............................ 90,864,002,220 90,843,895,080 3,380 20,103,760

$50 ............................ 52,295,951,750 52,284,454,900 - 11,496,850

$100 ........................... 344,245,211,300 344,198,166,300 25,052,600 21,992,400

$500 ........................... 143,573,500 143,385,500 - 188,000

$1,000.......................... 166,877,000 166,671,000 - 206,000

$5,000.......................... 1,755,000 1,700,000 - 55,000

$10,000......................... 3,440,000 3,340,000 - 100,000

Frac tional parts................... 485 - - 485

Par tial notes 4.................... 115 - 90 25

To tal cur rency .................. $517,532,678,681 $517,010,907,204 $267,783,377 $253,988,100

Sept. 30, 1999................................... 544,083 $1,988.24

Aug. 31, 1999.................................... 538,457 1,969.57

July 31, 1999 .................................... 533,492 1,953.25

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

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Sept. 30, 1999

[Source: Fi nan cial Man age ment Ser vice]

To tal Federal Re serve notes U.S. notes 

 Cur rency no

lon ger is sued

Cur rency in cir cu la tion by de nom i na tion (1) (2) (3) (4)

 Amount (in mil lions) Per ca pita 5

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates (1) (2)
61

TA BLE IFS-1.—U.S. Re serve As sets

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 ................ 69,954 11,047 10,027 30,809 18,071

1998 - Oct ............ 79,183 11,041 10,379 35,485 22,278

Nov ............ 77,683 11,041 10,393 34,200 22,049

Dec ............ 81,761 11,046 10,603 36,001 24,111

1999 - Jan ............ 80,677 11,048 10,465 35,035 24,129

Feb ............ 75,321 11,047 9,474 30,517 24,283

Mar ............ 74,359 11,049 9,682 30,397 23,231

Apr ............ 73,694 11,049 9,634 29,957 23,054

May ........... 72,121 11,049 9,784 29,599 21,689

June ........... 71,689 11,046 9,719 29,462 21,462

July ............ 73,305 11,048 9,925 30,870 21,462

Aug ............ 72,649 11,046 10,152 31,566 19,885

Sept ........... 73,414 11,047 10,284 32,105 19,978

Oct ............ 73,228 11,047 10,232 32,378 19,571

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng

the spe cial draw ing right (SDR) based on a weighted-average of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974. 

2

 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United

States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against

all gold held.

3 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs. 

4 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber

1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such

other rates as may be agreed upon by the par ties to the trans ac tions. 

5The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve 

po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United

States could pur chase ad di tional amounts re lated to the U.S. quota.

6 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Bor -

row in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments 

to Bor row in De cem ber 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on U.S. Gov -

ern ment re serve as sets, li a bil i ties to for eign ers and its in ter na -

tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or

dol lar equiv a lents.

 • Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock, spe cial draw ing rights held in the

Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies and re -

serve po si tion in the IMF.

 • Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for -

eign of fi cial in sti tu tions, and se lected li a bil i ties to all

other for eign ers, which are used in the U.S. bal ance of

pay ments sta tis tics.

 • Ta ble IFS-3 shows non mar ket able bonds and notes

that the Trea sury is sues to of fi cial in sti tu tions and other

res i dents of for eign coun tries.

End of cal en dar

To tal re serve

 as sets 1 Gold stock 2

Spe cial draw ing

rights 1,3 For eign cur ren cies 4

 Re serve po si -

tion in In ter na -

tional Mon e tary

 Fund 1,5,6

year or month (1) (2) (3) (4) (5)
62 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Li a bil i ties to for eign coun tries 

Li a bil i ties to

Of fi cial in sti tu tions 1other for eign ers LiabiliMar ket- Nonmarket- Other Liabili- Mar ket- ties

able U.S. able U.S. readily ties able U.S. to nonLi a bil i ties Trea sury Trea sury mar ket- re ported Trea sury mon e tary

End of re ported by bonds bonds able Liabili- by bonds in ter na tional 

cal en dar banks in and and liabili- ties to banks in and and re gional

year To tal To tal United States notes2notes 3ties 4banks 5To tal United States notes 2,6 or ga ni za tions7

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

1994 8.......... 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Se ries break ..... 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 ........... 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145

1998 -Sept ...... 2,513,479 708,391 259,358 406,009 6,351 36,673 965,793 820,194 198,968 621,226 19,101

Oct ....... 2,534,273 720,509 263,534 415,010 5,997 35,968 990,487 806,216 196,846 609,370 17,061

Nov....... 2,534,191 728,120 259,036 426,853 6,035 36,196 977,235 811,472 188,389 623,083 17,364

Dec. r ..... 2,556,206 736,402 260,055 432,127 6,074 38,146 985,536 818,021 190,786 627,235 16,247

1999 - Jan. r ..... 2,538,741 740,509 262,016 433,590 6,114 38,789 964,918 815,169 192,225 622,944 18,145

Feb. r ..... 2,533,438 742,013 266,224 429,891 6,151 39,747 953,376 814,477 202,016 612,461 23,572

Mar. r ..... 2,536,364 741,750 266,684 425,046 6,191 43,829 952,376 823,128 204,060 619,068 19,110

Apr. r ..... 2,532,681 742,607 271,496 418,350 6,231 46,530 948,898 821,496 198,989 622,507 19,680

May ...... 2,557,896 736,421 260,469 421,573 6,143 48,236 981,953 821,374 196,774 624,600 18,148

June ..... 2,584,265 741,593 264,698 421,970 5,982 48,943 1,007,362 813,327 189,939 623,388 21,983

July....... 2,536,061 749,286 273,365 420,197 6,022 49,702 950,521 813,811 194,876 618,935 22,443

Aug....... 2,601,188 758,262 279,719 422,590 6,060 49,892 985,665 834,542 199,153 635,389 22,719

Sept ...... 2,605,849 756,229 276,805 420,794 6,098 52,532 979,330 847,302 210,121 637,181 22,988

1

 Includes Bank for In ter na tional Set tle ments.

2

 Derived by ap ply ing re ported trans ac tions to bench mark data.

3

 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol -

lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and 

pri vate cor po ra tions.

5

 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur ren -

cies to for eign banks and to “other for eign ers.”

6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks. 

7 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank and the Asian De vel op ment Bank.

8 Data on the two lines shown for this date re flect dif fer ent bench mark bases for for eign ers’

hold ings of se lected U.S. long-term se cu ri ties. Fig ures on the first line are com pa ra ble to those

for ear lier dates; fig ures on the sec ond line are based in part on a bench mark sur vey as of

end-year 1994 and are com pa ra ble to those shown for fol low ing dates. 

 Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,

other de pos i tory in sti tu tions and bro kers in the United States. Data cor re spond gen er ally to

sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In ter -

na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and

non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga -

ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2Ven e zuela 3

year or month (1) (2) (3) (4) (5)

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 .......................... 5,994 5,994 1,091 3,692 1,211

1998 - Sept. .................... 6,351 6,351 1,151 3,915 1,285

Oct. ..................... 5,997 5,997 1,158 3,940 899

Nov. ..................... 6,035 6,035 1,165 3,965 905

Dec. ..................... 6,074 6,074 1,172 3,991 911

1999 - Jan. ..................... 6,114 6,114 1,179 4,018 917

Feb...................... 6,151 6,151 1,186 4,042 923

Mar...................... 6,191 6,191 1,193 4,069 929

Apr ...................... 6,231 6,231 1,200 4,096 935

May ..................... 6,143 6,143 1,207 4,123 813

June..................... 5,982 5,982 1,214 4,149 619

July ..................... 6,022 6,022 1,222 4,177 623

Aug...................... 6,060 6,060 1,229 4,204 627

1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Face value of the is sue is

$6,685 mil lion.

2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern -

ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma tu rity

is sue with re main ing face value of $20,412 mil lion.

3 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $3,249 mil lion. 
64

IN TRO DUC TION: Cap i tal Move ments

Trea sury col lects in for ma tion about the trans fer ence of fi -

nan cial as sets and other port fo lio cap i tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de pos i tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers, and nonbanking

en ter prises in the United States file cap i tal move ment re ports

with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re -

serve Board also per forms ser vices on be half of the Trea sury in

sup port of this data col lec tion sys tem.

Forms and in struc tions are de vel oped with the co op er a tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Copies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Pro -

gram Ser vices, Of fice of the As sis tant Sec re tary for In ter na -

tional Af fairs, Trea sury, Wash ing ton, D.C. 20220; the

In ter na tional Fi nance Di vi sion, Board of Gov er nors of the

Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict

FRBs.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graph ical area where the for eigner is lo cated, as shown on

re cords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re porting

in sti tu tions are not re quired to go be yond ad dresses shown on

their re cords and so may not be aware of the ac tual coun try of

do mi cile of the ul ti mate ben e fi ciary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the coun -

try that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or ga ni za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or ga ni za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de pos i tory in sti tu tions, bank hold ing com -

pa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties bro -

kers and deal ers, and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sid iar ies and other af fil i ates in the

United States of for eign bank ing and nonbanking firms. Those

with li a bil i ties, claims or se cu ri ties trans ac tions be low spec i -

fied ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions, and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i -

ties to, and dol lar claims on, for eign ers in a num ber of coun -

tries. Twice a year, June 30 and De cem ber 31, they also re port

the same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quar -

terly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers

and deal ers, and other en ter prises re port monthly their trans ac -

tions with for eign ers in long-term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate pur -

chases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers), and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the cov -

ered quar ter.

Nonbanking en ter prises also re port each month their ag gre -

gate U.S. dol lar de nom i nated de posit and cer tif i cates of de -

posit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

cap i tal move ments be tween the United States and other coun -

tries. The prin ci pal ex clu sions are the intercompany cap i tal

trans ac tions of nonbanking busi ness en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con sol i dated data on

all types of in ter na tional cap i tal trans ac tions are pub lished by

the De part ment of Com merce (Com merce) in its reg u lar re -

ports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, as well as bro kers and

deal ers. Dol lar li a bil i ties are re ported monthly; those de nom i -

nated in for eign cur ren cies are re ported quar terly. Re spon dents 

re port cer tain of their own li a bil i ties and a wide range of their

cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, bro kers and deal ers.

Data on banks’ claims held for their own ac count are col lected

monthly. In for ma tion on claims held for their do mes tic cus -

tom ers as well as on for eign cur rency claims is col lected on a

quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain items 

held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a bil i -

ties to, and dol lar claims on, coun tries not listed sep a rately on

the monthly re ports sub mit ted by banks, other de pos i tory in sti -

tu tions, bro kers and deal ers in the United States. The sup ple -

men tary re ports are filed semi an nu ally as of the end of June

and De cem ber. 

• Sec tion IV shows the li a bil i ties to, and claims on, un af fil i -

ated for eign ers of ex port ers, im port ers, in dus trial and com mer -

cial con cerns, fi nan cial in sti tu tions (other than banks, other

de pos i tory in sti tu tions and bro kers), and other nonbanking en -

ter prises in the United States. In for ma tion does not in clude ac -

counts of nonbanking en ter prises in the United States with

their own branches and sub sid iar ies abroad or with their for -

eign par ent com pa nies. These are re ported by busi ness en ter -

prises to Com merce on its di rect in vest ment forms. Data

ex clude claims on for eign ers held through banks in the United

States.
CAP I TAL MOVE MENTS 65

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the InterAmeri can De vel op ment Bank.3 Data as of pre ced ing quar ter for non-quarter-end months.

• Sec tion V con tains in for ma tion on trans ac tions with for -

eign ers in long-term do mes tic and for eign se cu ri ties as re -

ported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their do -

mes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of out -

stand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graph ical break down of the trans ac tions data does

not nec es sar ily re flect the do mi cile of the ul ti mate own ers or

the orig i nal is su ers of the se cu ri ties. This is be cause the path of

a se cu rity is not tracked prior to its be ing pur chased from, or

af ter it is sold to, a for eigner in a re port able trans ac tion. That is, 

be fore it en ters and af ter it de parts the re port ing sys tem, own -

er ship of a se cu rity may be trans ferred be tween for eign ers of

dif fer ent coun tries. Such trans fers may oc cur any num ber of

times and are con cealed among the net fig ures for U.S. trans -

ac tions op po site in di vid ual coun tries. Hence, the geo graph ical 

break down shows only the coun try of do mi cile of the for eign

buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac -

tions.

NOTE: Cur rent and his tor i cal data on United States trans -

ac tions with for eign ers in long-term se cu ri ties and on the gross 

for eign li a bil i ties and claims re ported by banks in the United

States are avail able on the Trea sury In ter na tional Cap i tal (TIC) re -

port ing sys tem website: http://www.ustreas.gov/tic . These data

may be down loaded as sep a rate time se ries for each coun try or

geo graph ical area reg u larly shown in the cap i tal move ments

ta bles. Also avail able on this website is a ta ble on “Ma jor For -

eign Holders of Trea sury Se cu ri ties,” show ing es ti mated to tal

hold ings of U.S. Trea sury bills, bonds and notes for cur rent

and re cent pe ri ods. All data se ries on the TIC website are up -

dated on the last busi ness day of each month . 

End of cal en dar 

year or month

For eign coun tries Mem o ran da

Of fi cial in sti tu tions 1 Banks and other for eign ers In ter na tional and re gional 2

To tal li a bil i ties to all

for eign ers re ported by

IBFs

 Total li a bil i -

ties To tal

Pay able in

dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able in 

dol lars

Pay able in

for eign cur -

ren cies 3

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3

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

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 ............... 1,400,551 283,685 283,685 - 1,103,980 987,652 116,328 12,886 11,690 1,196 407,336 86,232

1998 - Sept.......... 1,441,177 259,358 259,358 - 1,164,761 1,073,254 91,507 17,058 15,631 1,427 395,214 61,057

Oct ........... 1,465,223 263,534 263,534 - 1,187,333 1,095,826 91,507 14,356 12,929 1,427 388,041 61,057

Nov........... 1,439,419 259,036 259,036 - 1,165,624 1,074,117 91,507 14,759 13,332 1,427 378,832 61,057

Dec. r ......... 1,448,896 260,055 260,055 - 1,176,322 1,075,833 100,489 12,519 11,883 636 372,043 69,509

1999 - Jan. r......... 1,433,634 262,016 262,016 - 1,157,143 1,056,654 100,489 14,475 13,839 636 359,772 69,509

Feb. r ......... 1,441,959 266,224 266,224 - 1,155,392 1,054,903 100,489 20,343 19,707 636 361,535 69,509

Mar. r ......... 1,439,231 266,684 266,684 - 1,156,436 1,055,851 100,585 16,111 15,337 774 348,193 62,940

Apr. r ......... 1,436,078 271,496 271,496 - 1,147,887 1,047,302 100,585 16,695 15,921 774 350,225 62,940

May .......... 1,454,037 260,469 260,469 - 1,178,727 1,078,142 100,585 14,841 14,067 774 362,132 62,940

June .......... 1,480,469 264,698 264,698 - 1,197,301 1,099,964 97,337 18,470 17,987 483 356,699 57,516

July........... 1,437,708 273,365 273,365 - 1,145,397 1,048,060 97,337 18,946 18,463 483 350,185 57,516

Aug. p......... 1,483,488 279,719 279,719 - 1,184,818 1,087,481 97,337 18,951 18,468 483 358,557 57,516

Sept. p ........ 1,485,385 276,805 276,805 - 1,189,451 1,092,114 97,337 19,129 18,646 483 361,965 57,516
66 CAP I TAL MOVE MENTS

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1 In cludes Bank for In ter na tional Set tle ments. 

2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a -

bil i ties.” 

 Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter na -

tional Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank. 

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar

year or month

 To tal for -

eign coun -

tries

Of fi cial in sti tu tions 1Banks Other for eign ers

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

 Other li a -

bil i ties 2

De posits

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2

To own

for eign of -

fices

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2 De mand Time 2 De mand Time 2 De mand Time 2

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

 To tal De mand de pos its Time de pos its 2

U.S. Trea sury bills

 and cer tif i cates Other li a bil i ties 2 

End of cal en dar year or month (1) (2) (3) (4) (5) 

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 .......... 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 - Sept ..... 1,332,612 3,605 27,755 128,147 99,851 15,798 71,676 21,479 223,393 541,940 13,733 69,059 10,537 105,639

Oct...... 1,359,360 3,325 26,159 128,591 105,459 15,802 56,157 27,415 232,181 567,425 12,846 70,899 12,249 100,852

Nov ..... 1,333,153 2,757 25,705 133,672 96,902 15,119 51,319 35,124 228,579 555,587 13,995 66,965 13,551 93,878

Dec. r .... 1,335,888 3,003 29,602 134,177 93,273 14,071 46,219 35,359 226,552 562,846 12,310 70,612 13,322 94,542

1999 - Jan. r .... 1,318,670 3,912 24,176 137,106 96,822 15,327 46,741 35,090 220,768 546,503 13,738 70,377 12,477 95,633

Feb. r.... 1,321,127 3,107 25,988 138,235 98,894 15,275 46,704 34,134 223,636 533,138 13,117 73,369 11,970 103,560

Mar. r.... 1,322,535 3,393 23,840 141,941 97,510 13,985 49,101 36,737 219,165 532,803 13,341 72,361 13,612 104,746

Apr. r .... 1,318,798 3,599 29,049 135,765 103,083 13,344 50,206 29,636 224,448 530,679 14,224 72,101 12,558 100,106

May ..... 1,338,611 2,789 27,372 136,199 94,109 15,957 49,217 28,323 236,479 551,392 13,413 74,086 12,630 96,645

June..... 1,364,662 2,952 26,643 138,518 96,585 15,812 47,998 27,757 244,015 574,443 17,509 74,805 12,120 85,505

July ..... 1,321,425 2,652 26,845 147,492 96,376 14,086 49,540 28,284 223,506 537,768 26,379 73,126 11,143 84,228

Aug. p ... 1,367,200 2,537 24,856 153,499 98,827 15,436 49,872 26,314 240,892 555,814 26,936 74,052 11,387 86,778

Sept. p... 1,368,919 2,932 25,301 152,457 96,115 14,087 49,667 24,749 228,776 564,714 27,556 74,097 11,163 97,305

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 .......................... 11,690 16 5,466 69 6,139

1998 - Sept..................... 15,631 408 5,913 435 8,875

Oct...................... 12,929 22 5,418 509 6,980

Nov...................... 13,332 234 5,827 570 6,701

Dec...................... 11,883 172 5,793 636 5,282

1999 - Jan...................... 13,839 62 6,161 623 6,993

Feb...................... 19,705 407 7,215 549 11,534

Mar...................... 15,337 194 6,856 548 7,739

Apr. r .................... 15,921 13 6,324 555 9,029

May ..................... 14,067 25 5,840 616 7,586

June ..................... 17,987 49 7,231 956 9,751

July...................... 18,463 66 7,380 953 10,064

Aug. p .................... 18,468 31 6,419 896 11,122

Sept. p ................... 18,646 21 7,370 661 10,594
CAP I TAL MOVE MENTS 67

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Aus tria .................... 5,688 3,388 3,474 2,701 3,076 3,168 3,608 3,857

Bel gium-Luxembourg ........ 31,085 46,246 45,004 40,917 32,876 32,820 36,412 35,012

Bul garia ................... 418 729 776 474 291 382 385 399

Czech Re pub lic............. 653 564 323 615 387 441 369 402

Den mark .................. 2,905 1,903 1,720 1,533 1,187 1,369 2,037 2,129

Fin land.................... 2,031 2,869 2,098 1,793 1,448 1,422 1,399 1,286

France .................... 42,540 52,148 49,839 57,128 52,113 49,500 49,302 52,686

Ger many .................. 31,778 30,589 30,898 36,217 29,193 31,144 30,913 31,671

Greece.................... 1,845 1,558 2,085 2,709 2,746 3,177 3,130 3,367

Hun gary................... 1,142 1,064 911 823 1,002 1,230 1,244 1,222

Ire land .................... 2,021 4,376 8,485 7,637 9,055 9,000 9,612 9,440

It aly ...................... 15,690 15,498 10,103 8,782 9,853 10,087 9,501 9,892

Neth er lands................ 12,258 8,359 12,163 13,150 12,789 12,843 11,929 12,275

Nor way ................... 1,464 341 788 1,244 1,064 1,199 1,348 1,240

Po land .................... 5,546 5,112 6,053 5,705 5,089 5,031 5,068 4,164

Por tu gal................... 3,664 3,736 3,787 2,992 2,775 2,573 2,248 2,312

Ro ma nia .................. 275 734 311 299 172 459 675 675

Rus sia 1.................... 7,625 7,979 2,441 2,794 2,871 2,756 2,665 2,816

Spain ..................... 20,526 19,878 16,985 8,880 9,251 8,273 8,767 10,052

Swe den ................... 2,168 2,834 3,237 3,757 3,103 3,988 3,916 4,708

Swit zer land................ 47,402 46,065 53,891 68,584 68,181 62,972 78,390 72,567

Tur key .................... 6,813 4,068 4,358 5,875 6,022 7,894 7,991 8,476

United King dom ............. 182,035 212,790 202,280 201,079 209,967 222,695 215,088 219,116

Yu go sla via 2 ................ 295 239 233 242 254 289 270 266

Other Eu rope............... 13,331 14,394 14,383 13,514 13,946 11,651 12,691 12,834

To tal Eu rope .............. 441,198 487,461 476,626 489,444 478,711 486,363 498,958 502,864

Can ada..................... 41,438 33,185 34,708 34,435 35,856 35,302 35,849 35,138

Latin Amer ica and Ca rib bean:

Ar gen tina.................. 13,971 20,279 19,036 16,449 17,827 17,225 17,084 15,567

Ba ha mas .................. 90,244 114,319 126,029 124,513 131,041 129,957 139,934 146,593

Ber muda .................. 5,813 7,138 7,279 8,037 9,267 9,509 9,418 8,846

Brazil ..................... 27,749 31,407 16,468 18,253 15,262 15,955 15,965 16,774

Brit ish West In dies........... 259,860 283,470 309,076 343,393 356,687 303,527 325,118 320,223

Chile ..................... 3,050 4,126 5,042 7,273 5,986 6,812 5,873 6,669

Co lom bia .................. 3,279 3,668 4,631 4,878 4,628 4,647 4,465 4,721

Cuba ..................... 21 66 62 64 70 70 72 76

Ec ua dor................... 1,779 2,084 1,575 1,802 1,932 1,977 1,726 1,794

Gua te mala................. 1,287 1,497 1,335 1,450 1,470 1,427 1,523 1,473

Ja maica................... 652 475 604 598 567 511 573 590

Mex ico .................... 32,396 35,295 38,635 38,576 38,566 39,670 36,947 35,674

Neth er lands An til les ......... 6,388 5,446 5,308 4,236 5,752 3,102 3,498 3,017

Pan ama................... 4,198 4,269 3,869 4,045 4,131 3,845 3,817 4,030

Peru...................... 847 901 843 854 817 837 995 1,042

Trin i dad and To bago......... 601 597 475 435 457 393 406 545

Uru guay................... 1,907 2,403 2,522 2,352 2,591 2,358 2,186 2,214

Ven e zuela ................. 17,566 21,771 20,202 21,476 20,614 20,658 20,017 19,667

Other Latin Amer ica 

 and Ca rib bean............ 8,176 9,067 9,805 10,686 11,266 10,596 10,451 10,613

To tal Latin Amer ica 

and Ca rib bean ........... 479,784 548,278 572,796 609,370 628,931 573,076 600,068 600,128

 Cal en dar year 1999

Coun try 1996 1997 1998 r May r June July Aug. Sept. p
68 CAP I TAL MOVE MENTS

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Cal en dar year 1999

Coun try 1996 1997 1998 r May r June July Aug. Sept. p

Asia:

China:

Main land ................. 30,438 18,252 13,441 14,753 13,366 10,872 12,359 11,914

Tai wan................... 16,018 11,859 12,748 10,827 11,447 12,521 12,717 12,583

Hong Kong ................. 19,443 19,216 21,779 26,359 25,195 24,820 24,769 23,988

In dia...................... 3,932 4,574 5,372 5,607 5,474 5,917 5,461 5,678

In do ne sia .................. 2,307 3,616 8,326 6,264 6,585 7,364 6,688 6,523

Is rael ..................... 6,062 6,282 7,756 7,011 6,151 5,083 5,066 5,695

Ja pan ..................... 138,148 172,352 193,202 149,107 164,526 166,543 166,294 170,409

Ko rea ..................... 6,009 13,107 12,525 11,387 12,901 12,792 12,723 11,903

Leb a non................... 1,180 1,102 1,190 908 878 899 826 945

Ma lay sia................... 2,048 1,737 2,392 3,904 2,638 3,305 4,092 2,493

Pa ki stan................... 996 1,335 847 1,146 1,261 1,324 1,317 1,392

Phil ip pines ................. 3,383 3,255 3,564 2,796 2,822 2,726 2,738 2,963

Sin ga pore.................. 10,794 18,412 24,838 22,962 23,129 27,140 31,570 30,349

Syria...................... 53 35 40 76 58 52 52 59

Thai land................... 10,921 6,505 7,363 5,741 5,352 6,110 5,865 5,337

Oil-exporting coun tries 3 ....... 16,784 15,490 17,068 16,998 15,958 16,371 16,732 15,157

Other Asia ................. 2,804 3,873 3,975 3,965 3,953 4,156 4,482 4,586

To tal Asia ................ 271,320 301,002 336,426 289,811 301,694 307,995 313,751 311,974

Af rica:

Congo 4................... 10 10 5 12 16 13 13 13

Egypt ..................... 2,013 1,667 1,343 1,340 1,576 1,566 1,851 1,852

Ghana .................... 251 302 213 146 139 175 122 142

Li be ria .................... 351 257 269 263 231 222 231 259

Mo rocco................... 112 138 97 72 101 116 108 118

South Af rica ................ 517 2,163 1,539 1,149 1,162 1,120 956 824

Oil-exporting coun tries 5 ....... 2,630 3,143 3,177 2,591 2,328 2,362 2,591 2,889

Other Af rica ................ 2,306 2,766 2,492 2,337 2,090 2,092 1,946 2,126

To tal Af rica ............... 8,190 10,446 9,135 7,910 7,643 7,666 7,818 8,223

Other coun tries: ..............

Aus tra lia ................... 6,511 6,377 5,528 6,852 7,643 7,271 6,982 6,808

All other ................... 1,478 916 1,158 1,374 1,452 1,020 1,042 1,052

To tal other coun tries ........ 7,989 7,293 6,686 8,226 9,095 8,291 8,024 7,860

To tal for eign coun tries ..... 1,249,919 1,387,665 1,436,377 1,439,196 1,461,999 1,418,762 1,464,537 1,466,256

I nternational and re gional orgs.

In ter na tional................ 13,459 11,592 10,648 12,462 15,382 16,217 16,707 16,965

Eu ro pean re gional ........... 60 111 577 471 666 959 622 563

Latin Amer i can re gional....... 1,643 493 750 664 898 819 725 662

Asian re gional .............. 157 562 477 1,173 1,480 777 833 896

Af ri can re gional ............. 281 123 67 71 44 174 64 43

Mid dle East ern re gional....... 36 5 - - - - - -

To tal in ter na tional 

and re gional ............. 15,636 12,886 12,519 14,841 18,470 18,946 18,951 19,129

Grand to tal .............. 1,265,555 1,400,551 1,448,896 1,454,037 1,480,469 1,437,708 1,483,488 1,485,385

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.
CAP I TAL MOVE MENTS 69

To tal li a bil i ties

Li a bil i ties pay able in dol lars 

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Eu rope:

Aus tria ............. 3,857 3,459 398 2,055 1,404 211 714 343 1,687 8 13 167 40 276 125

Bel giumLux em bourg ....... 35,012 33,434 1,578 10,126 23,308 328 1,124 9,523 16,406 3,172 266 345 370 1,900 724

Bul garia ............ 399 399 - 126 273 4 3 273 114 - 1 4 - - -

Czech Re pub lic ...... 402 352 50 242 110 26 42 100 33 56 6 74 10 5 -

Den mark ........... 2,129 1,903 226 1,647 256 28 82 110 1,498 124 19 13 3 26 100

Fin land............. 1,286 1,222 64 442 780 30 - 257 668 167 6 19 2 73 -

France ............. 52,686 45,808 6,878 18,746 27,062 505 2,644 21,992 7,526 11,276 381 314 34 1,136 987

Ger many ........... 31,671 24,477 7,194 18,987 5,490 928 3,733 765 11,397 2,618 291 748 166 3,831 3,217

Greece............. 3,367 3,358 9 1,191 2,167 137 132 2,090 250 308 46 314 13 68 38

Hun gary............ 1,222 994 228 211 783 38 - 47 889 5 5 9 1 - -

Ire land ............. 9,440 9,288 152 3,965 5,323 333 97 360 2,166 440 249 262 277 5,104 774

It aly ............... 9,892 6,231 3,661 5,778 453 464 1,571 173 2,338 787 152 372 20 354 73

Neth er lands ......... 12,275 11,638 637 7,420 4,218 265 2,894 584 2,722 2,661 188 392 887 1,045 644

Nor way............. 1,240 1,225 15 1,095 130 28 222 11 449 338 17 21 10 129 -

Po land ............. 4,164 4,138 26 1,543 2,595 26 71 1,575 2,075 376 4 11 - - -

Por tu gal............ 2,312 1,976 336 635 1,341 64 38 1,250 250 192 24 102 36 20 3

Ro ma nia............ 675 673 2 138 535 12 1 260 383 10 2 5 - - -

Rus sia 4............. 2,816 2,816 - 2,535 281 404 7 125 1,957 201 25 84 - 13 10

Spain .............. 10,052 9,479 573 4,669 4,810 309 478 234 5,671 869 118 822 31 947 857

Swe den ............ 4,708 4,571 137 2,313 2,258 314 283 505 253 1,234 48 84 105 1,745 1,423

Swit zer land ......... 72,567 70,353 2,214 55,784 14,569 882 391 6,249 12,552 46,941 266 716 1,482 874 3,043

Tur key ............. 8,476 8,368 108 1,826 6,542 85 86 6,508 926 251 19 479 5 9 18

United King dom...... 219,116 196,459 22,657 182,481 13,978 1,768 19,848 1,660 25,297 118,422 16,204 1,554 809 10,897 5,441

Yugoslavia

5

......... 266 266 - 266 - 7 10 - 176 - 1 14 - 58 -

Other Eu rope........ 12,834 11,846 988 10,628 1,218 356 2,672 866 7,352 267 33 235 43 22 54

To tal Eu rope....... 502,864 454,733 48,131 334,849 119,884 7,552 37,143 55,860 105,035 190,723 18,384 7,160 4,344 28,532 17,531

Can ada.............. 35,138 29,698 5,440 16,741 12,957 325 1,179 1,433 5,311 7,425 745 3,008 104 10,168 471

Latin Amer ica 

and Ca rib bean:

Ar gen tina........... 15,567 15,544 23 12,092 3,452 161 4,265 2,204 1,832 377 536 5,037 202 930 89

Ba ha mas ........... 146,593 139,101 7,492 114,315 24,786 133 1,588 636 22,003 108,948 84 1,865 604 3,240 723

Ber muda ........... 8,846 8,747 99 5,219 3,528 24 225 143 2,442 2 63 355 327 5,166 179

Brazil .............. 16,774 16,208 566 14,555 1,653 283 5,214 840 3,748 1,045 587 3,693 259 539 198

Brit ish West In dies.... 320,223 310,904 9,319 187,063 123,841 88 3,050 164 106,021 156,722 400 7,084 1,746 35,629 659

Chile............... 6,669 6,601 68 5,650 951 190 695 55 722 1,357 281 2,289 114 898 375

Co lom bia ........... 4,721 4,708 13 4,517 191 33 352 - 740 55 312 2,926 16 274 119

Cuba .............. 76 76 - 76 - 2 - - 8 - - 47 - 19 -

Ec ua dor............ 1,794 1,792 2 1,645 147 100 56 - 171 120 233 1,040 14 58 28

Gua te mala.......... 1,473 1,471 2 1,319 152 27 42 - 269 43 111 919 6 54 15

Ja maica............ 590 550 40 548 2 21 116 - 191 21 16 182 1 2 1

Mex ico ............. 35,674 35,028 646 23,837 11,191 150 3,406 6,685 8,238 2,527 1,365 10,950 343 1,364 455

Neth er lands An til les ... 3,017 2,927 90 2,469 458 38 138 9 524 537 74 308 225 1,074 120

Pan ama............ 4,030 4,029 1 3,472 557 47 281 1 330 884 122 1,831 143 390 96

Peru............... 1,042 1,041 1 1,007 34 33 31 - 120 154 75 595 1 32 9

Trin i dad and To bago . . 545 543 2 536 7 73 94 - 215 11 14 129 1 6 5

Uru guay............ 2,214 2,175 39 2,008 167 28 4 - 268 1,009 62 635 23 146 61

Ven e zuela .......... 19,667 19,446 221 14,198 5,248 171 1,505 2,840 3,272 306 1,114 9,338 98 802 191

Other Latin Amer ica 

and Ca rib bean...... 10,613 10,507 106 8,910 1,597 227 2,349 492 1,916 646 563 3,673 114 527 194

To tal Latin Amer ica 

and Ca rib bean .... 600,128 581,398 18,730 403,436 177,962 1,829 23,411 14,069 153,030 274,764 6,012 52,896 4,237 51,150 3,517

See foot notes at end of ta ble.
70 CAP I TAL MOVE MENTS

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary, con.

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

 To tal li a bil i ties

Li a bil i ties pay able in dol lars

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 3

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1 These data as of Dec. 31, 1998. 

2 Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil i ties.” 

3 U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in

“Other Asia” and “Other Af rica” amount to $1,449 mil lion. 

4 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

6 For merly known as Zaire.

Asia:

China:

Main land ........ 11,914 11,914 - 4,678 7,236 383 1,444 493 8,185 295 68 404 92 550 15

Tai wan.......... 12,583 12,544 39 9,521 3,023 287 1,947 2,608 4,526 600 187 2,083 36 270 113

Hong Kong ........ 23,988 23,368 620 10,905 12,463 396 473 1,336 11,574 5,384 405 2,664 475 661 83

In dia ............. 5,678 5,625 53 2,530 3,095 201 42 2,546 1,043 1,297 69 236 1 190 5

In do ne sia......... 6,523 6,468 55 1,816 4,652 165 14 4,556 957 330 47 342 - 57 3

Is rael ............ 5,695 5,688 7 2,963 2,725 96 75 2,411 1,042 874 64 982 21 123 23

Ja pan ............ 170,409 149,518 20,891 64,521 84,997 763 4,311 79,277 6,168 52,982 539 1,025 1,457 2,996 1,500

Ko rea ............ 11,903 11,903 - 4,572 7,331 285 56 667 6,779 2,940 31 369 - 776 32

Leb a non.......... 945 945 - 915 30 46 354 - 441 8 4 77 13 2 1

Ma lay sia.......... 2,493 2,370 123 1,177 1,193 218 - 897 655 292 13 290 1 4 -

Pa ki stan.......... 1,392 1,385 7 1,256 129 51 48 88 245 863 22 63 - 5 6

Phil ip pines ........ 2,963 2,414 549 2,037 377 433 22 145 901 244 70 504 64 31 14

Sin ga pore......... 30,349 28,763 1,586 21,490 7,273 925 1,736 2,177 7,039 16,190 104 444 26 122 15

Syria............. 59 59 - 58 1 25 1 - 7 - 5 20 1 - -

Thai land.......... 5,337 5,281 56 1,387 3,894 167 64 3,871 277 713 24 158 1 6 2

Other Asia ........ 19,743 18,952 791 14,100 4,852 1,264 1,902 2,370 5,424 6,466 146 530 115 735 433

To tal Asia ....... 311,974 287,197 24,777 143,926 143,271 5,705 12,489 103,442 55,263 89,478 1,798 10,191 2,303 6,528 2,245

Af rica:

Congo 6 .......... 13 13 - 13 - 2 - - - 8 2 1 - - -

Egypt ............ 1,852 1,852 - 1,354 498 105 259 440 768 177 11 51 1 40 42

Ghana ........... 142 142 - 138 4 19 7 - 69 15 5 10 - 17 -

Li be ria ........... 259 258 1 164 94 1 - - 8 - 12 148 26 63 10

Mo rocco.......... 118 118 - 116 2 30 - - 28 6 3 50 - 1 -

South Africa ....... 824 753 71 547 206 102 1 - 331 35 52 80 64 88 25

Other Af rica ....... 5,015 4,929 86 3,775 1,154 848 474 1,035 1,621 429 131 257 4 130 11

To tal Af rica ...... 8,223 8,065 158 6,107 1,958 1,107 741 1,475 2,825 670 216 597 95 339 88

Other coun tries:

Aus tra lia.......... 6,808 6,789 19 3,625 3,164 472 4 876 2,927 1,508 307 80 31 584 507

All other .......... 1,052 1,039 13 922 117 29 1 51 500 146 94 165 49 4 -

To tal other 

coun tries....... 7,860 7,828 32 4,547 3,281 501 5 927 3,427 1,654 401 245 80 588 507

To tal for eign 

coun tries ..... 1,466,256 1,368,919 97,337 909,606 459,313 17,019 74,968 177,206 324,891 564,714 27,556 74,097 11,163 97,305 24,359

In ter na tional 

and re gional orgs:

In ter na tional ....... 16,965 16,570 395 16,377 193 13 6,974 193 9,386 - - 4 - - -

Eu ro pean re gional . . 563 475 88 7 468 2 1 468 4 - - - - - -

Latin Amer i can 

re gional ......... 662 662 - 653 9 4 381 - 277 - - - - - 8

Asian re gional ..... 896 896 - 646 250 1 - - 895 - - - - - -

Af ri can re gional .... 43 43 - 43 - 1 10 - 32 - - - - - -

Mid dle East ern 

re gional ......... - - - - - - - - - - - - - - -

To tal in ter na tional 

and re gional .... 19,129 18,646 483 17,726 920 21 7,366 661 10,594 - - 4 - - 8

Grand to tal ..... 1,485,385 1,387,565 97,820 927,332 460,233 17,040 82,334 177,867 335,485 564,714 27,556 74,101 11,163 97,305 24,367
CAP I TAL MOVE MENTS 71

CHART CM-A.—U.S. Li a bil i ties to For eigners

Re ported by U.S. Banks, Bro kers and Dealers

for Se lected Coun tries

0

1 00

2 00

3 00

4 00

5 00

6 00

1995 1996 19 97 1 998 Sep t. 19 99

(In bil lions of dol lars)

In the first three quar ters of

1999, U.S. bank ing li a bil i ties in -

creased $36 bil lion. 

For the year to date, in creases

op po site the Ca rib bean fi nan cial

cen ters ($31 bil lion) and Eu rope

($27 bil lion) more than off set sig -

nif i cant de creases in U.S. bank ing

li a bil i ties op po site Ja pan ($23 billion).

U.S. bank ing li a bil i ties to for -

eign ers, ex clud ing li a bil i ties rep -

re sented by long-term se cu ri ties,

are con cen trated in in ter na tional

fi nan cial cen ters. This page shows 

that nearly one-half of those li a bil -

i ties cur rently is re ported op po site

the United King dom and off shore

bank ing cen ters in the Ca rib bean.

For eigners in the rest of Eu rope

and Asia hold an ad di tional 40

per cent.

U.S. bank ing li a bil i ties in the

mid-1990s went through a growth

spurt. The an nual growth rate be -

tween 1993 and 1997 av er aged 10 

per cent. Growth in 1998 and the

first three quar ters of 1999 slowed 

to around 3 per cent per year,

which is more in line with 1989

through 1992 period. 

United Kingdom. ............. 161,112 182,035 212,790 202,280 219,116

All other Europe. ............. 261,083 259,163 274,671 274,346 283,748

Caribbean banking centers 1..... 360,351 366,503 414,642 451,561 482,709

Japan. ..................... 139,056 138,148 172,352 193,202 170,409

All other Asia ................ 135,110 133,172 128,650 143,224 141,565

Subtotal................... 1,056,712 1,079,021 1,203,105 1,264,613 1,297,547

All other countries............. 152,550 186,534 197,446 184,283 187,838

Grand total ................ 1,209,262 1,265,555 1,400,551 1,448,896 1,485,385

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1995 1996 1997 1998 Sept. 1999

All other Asia
72 CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States

TA BLE CM-II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total claims ...................... 820,915 944,081 937,316 964,863 1,000,119 974,800 954,596 989,839

Payable in dollars................. 743,919 852,852 847,181 889,223 923,765 875,920 862,902 898,428

Banks’ own claims on foreigners .... 599,925 708,225 692,368 736,347 765,502 735,058 710,938 750,859

Foreign public borrowers ........ 22,216 20,581 28,116 27,821 26,657 23,540 34,752 37,344

Un af fil i ated for eign banks:

Deposits .................... 33,826 30,995 25,529 22,737 30,671 27,196 25,040 24,164

Other ...................... 79,856 78,235 82,196 85,031 78,228 79,085 68,989 79,938

Own foreign offices.............. 341,574 431,685 407,173 443,393 483,326 484,525 468,018 488,803

All other foreigners .............. 122,453 146,729 149,354 157,365 146,620 120,712 114,139 120,610

Claims of banks’ 

domestic customers ............ 143,994 144,627 154,813 152,876 158,263 140,862 151,964 147,569

Deposits ..................... 77,657 73,110 85,406 86,008 89,814 78,491 91,380 93,597

Negotiable and readily transferable instruments ....... 51,207 53,967 51,594 52,171 53,362 48,752 47,990 43,616

Collections and other........... 15,130 17,550 17,813 14,697 15,087 13,619 12,594 10,356

Payable in foreign currencies........ 76,996 91,229 90,135 75,640 76,354 98,880 91,694 91,411

Banks’ own claims on foreigners .... 66,018 83,038 82,209 68,286 67,901 78,162 80,655 67,937

Claims of banks’ 

domestic customers ............ 10,978 8,191 7,926 7,354 8,453 20,718 11,039 23,474

Mem o ran da:

Claims reported by IBFs ........... 261,076 303,117 278,402 271,535 263,792 254,208 235,508 242,413

Payable in dollars ............... 219,600 256,646 232,418 239,887 233,304 219,123 200,904 208,453

Payable in foreign currencies ...... 41,476 46,471 45,984 31,648 30,488 35,085 34,604 33,960

Customer liability on acceptances .... 10,388 9,624 7,495 6,599 6,068 4,519 4,485 4,437

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers......... 15,411 12,081 16,874 16,997 14,842 13,699 20,921 24,658

On all other unaffiliated foreigners .... 196,448 193,700 197,885 194,589 193,868 172,954 154,569 162,205

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers......... 6,790 8,499 11,285 10,688 10,926 9,840 13,290 11,657

On all other unaffiliated foreigners .... 39,457 62,270 59,515 70,773 61,706 54,054 53,683 60,702

 

 1997 1998 1999

Type of claim

Cal en dar year

1996 Dec. Mar. June Sept. r Dec. r Mar. June p
CAP I TAL MOVE MENTS 73

TA BLE CM-II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 3,611 4,731 4,728 4,606 4,110 2,744 4,582 4,600

Belgium-Luxembourg........... 11,264 10,850 10,474 12,013 12,437 11,989 10,810 14,166

Bulgaria ..................... 66 1 2 4 1 3 2 3

Czech Republic ............... 172 867 247 255 262 162 238 212

Denmark .................... 3,125 2,713 3,110 3,886 3,581 4,367 4,534 3,529

Finland...................... 1,143 1,477 2,066 1,498 1,259 1,292 1,924 1,991

France ...................... 29,148 28,903 34,189 29,397 32,805 27,708 27,657 28,583

Germany .................... 21,535 31,030 38,925 40,109 42,442 46,117 44,416 49,633

Greece...................... 948 696 927 650 757 1,072 972 974

Hungary ..................... 61 87 60 37 60 54 194 40

Ireland ...................... 1,824 3,168 5,021 4,077 4,071 5,495 3,997 5,082

Italy ........................ 9,868 10,108 12,555 13,118 11,717 13,063 11,368 11,354

Netherlands .................. 10,600 13,883 13,793 14,242 12,358 15,868 19,244 20,716

Norway...................... 1,020 826 1,500 1,928 995 1,560 1,427 1,477

Poland ...................... 1,142 1,438 1,981 1,677 1,116 706 1,394 1,257

Portugal ..................... 553 929 745 1,099 1,191 866 1,362 1,471

Romania..................... 175 145 146 52 60 59 85 91

Russia 1...................... 2,725 1,319 1,192 1,077 983 858 1,040 823

Spain ....................... 4,503 6,513 8,996 10,020 13,309 7,760 4,276 8,198

Sweden ..................... 6,738 8,123 9,213 10,642 10,978 9,196 10,789 7,421

Switzerland .................. 26,692 39,351 39,422 41,948 61,088 53,678 57,040 82,719

Turkey ...................... 3,053 4,381 3,841 4,549 3,739 3,781 3,605 4,145

United Kingdom ............... 129,301 151,645 141,477 161,312 157,405 162,874 159,291 192,826

Yugoslavia 2 .................. 115 52 61 53 53 62 64 54

Other Europe ................. 4,378 5,400 4,816 6,719 6,206 5,427 8,405 8,124

Total Europe ................ 273,760 328,636 339,487 364,968 382,983 376,761 378,716 449,489

Canada.......................

43,948 51,071 52,254 50,591 63,212 73,577 63,896 54,653

Latin Amer ica and Ca rib bean:

Argentina .................... 7,779 9,800 9,633 9,233 9,587 10,910 11,048 11,371

Bahamas .................... 74,332 94,458 89,790 91,348 92,027 100,955 95,393 78,984

Bermuda .................... 5,172 9,355 9,822 10,139 11,415 5,418 4,413 6,336

Brazil ....................... 21,714 23,825 27,513 26,477 20,682 18,224 16,317 16,022

British West Indies............. 135,411 171,475 182,934 210,839 213,084 187,464 198,891 204,346

Chile........................ 5,356 8,284 8,413 8,748 8,525 8,503 8,238 7,624

Colombia .................... 7,345 7,147 6,969 7,193 6,849 6,687 6,238 5,686

Cuba ....................... - - - - - - - -

Ecuador ..................... 1,056 1,332 1,499 1,450 1,487 1,461 1,276 1,128

Guatemala ................... 632 930 944 968 1,189 1,149 1,077 1,066

Jamaica..................... 352 430 372 326 310 247 327 320

Mexico ...................... 22,042 21,771 22,999 22,929 22,909 24,026 22,072 20,673

Netherlands Antilles............ 25,774 18,071 17,790 14,378 10,384 6,816 6,684 5,536

Panama..................... 2,886 4,636 4,317 4,429 4,398 3,742 3,550 3,481

Peru ........................ 2,764 3,520 3,643 4,110 3,862 3,296 3,249 2,995

Trinidad and Tobago ........... 531 854 498 519 594 461 505 557

Uruguay ..................... 654 670 958 988 988 1,156 861 1,073

Venezuela ................... 2,358 2,715 2,685 2,716 2,868 3,217 3,734 3,747

Other Latin America 

and Caribbean............... 2,745 3,380 3,264 3,843 4,162 5,109 5,215 5,087

Total Latin America 

and Caribbean ............. 318,903 382,653 394,043 420,633 415,320 388,841 389,088 376,032

 

 1997 1998 1999

Country

Cal en dar year

1996 Dec. Mar. June Sept. r Dec. r Mar. June p
74 CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning 

in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in

June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland................... 1,601 1,775 2,971 2,077 1,359 1,297 3,384 3,772

Taiwan..................... 2,068 1,062 893 986 1,127 1,196 1,475 1,071

Hong Kong................... 16,261 17,851 15,547 16,827 13,207 10,408 9,255 9,008

India........................ 2,140 2,507 2,169 2,166 2,045 1,600 1,827 1,714

Indonesia.................... 2,213 3,119 2,742 2,259 2,256 2,239 1,971 1,810

Israel ....................... 4,935 4,753 4,761 4,529 4,504 4,586 4,502 5,262

Japan....................... 92,172 86,759 71,286 51,900 60,014 55,169 48,587 32,612

Korea....................... 19,425 18,775 11,801 11,223 10,008 8,432 9,284 11,483

Lebanon..................... 50 62 60 37 56 35 40 29

Malaysia..................... 1,162 899 985 1,080 1,173 1,096 1,427 1,426

Pakistan..................... 941 708 754 994 1,235 645 793 918

Philippines................... 1,848 1,877 1,912 1,579 1,318 1,664 1,568 1,702

Singapore.................... 9,061 11,309 8,771 7,447 7,021 7,591 5,091 4,390

Syria........................ 1 3 3 3 1 1 - -

Thailand..................... 2,964 2,523 2,264 1,972 2,206 1,885 1,770 1,875

Oil-exporting countries 3 ......... 11,375 11,502 9,544 9,084 13,346 20,132 14,492 11,576

Other Asia ................... 368 576 251 327 303 281 331 429

Total Asia .................. 168,585 166,060 136,714 114,490 121,179 118,257 105,797 89,077

Af rica:

Congo 4 ..................... 26 - - - 1 1 - 1

Egypt....................... 265 281 314 309 328 320 327 326

Ghana ...................... 24 25 31 27 29 26 19 17

Liberia ...................... 574 521 536 568 636 627 574 632

Morocco..................... 777 709 699 460 424 446 453 479

South Africa .................. 744 960 719 813 806 768 916 825

Oil-exporting countries 5 ........ 476 1,271 1,398 313 788 936 327 341

Other Africa .................. 587 436 485 275 334 379 633 355

Total Africa ................. 3,473 4,203 4,182 2,765 3,346 3,503 3,249 2,976

Other coun tries:

Australia..................... 7,799 7,555 7,007 7,820 8,209 9,459 8,382 12,856

All other..................... 1,821 1,414 675 671 543 772 748 609

Total other 

countries.................. 9,620 8,969 7,682 8,491 8,752 10,231 9,130 13,465

Total foreign countries ................ 818,289 941,592 934,362 961,938 994,792 971,180 949,889 985,765

In ter na tional and re gional orgs.:

International .................. 2,416 2,233 2,741 2,787 5,117 3,499 4,582 3,963

European regional............. 1 - 4 3 9 42 29 1

Latin American regional......... 209 255 203 121 78 79 96 107

Asian regional ................ - - - 5 114 - - 3

African regional............... - - - - - - - -

Middle Eastern regional.........

- 1 6 9 9 - - -

Total international 

and regional............... 2,626 2,489 2,954 2,925 5,327 3,620 4,707 4,074

Grand total ................ 820,915 944,081 937,316 964,863 1,000,119 974,800 954,596 989,839

 1997 1998 1999

Country

Cal en dar year

1996 Dec. Mar. June Sept. r Dec. r Mar. June p
CAP I TAL MOVE MENTS 75

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 1999

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Re porting banks’ own claims

On for eign pub lic bor -

row ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

Coun try To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

Eu rope:

Austria ................ 4,600 3,079 2,484 30 565 3 1,521 1,520 1

Belgium-Luxembourg..... 14,166 11,121 8,379 1,649 1,093 1 3,045 2,472 573

Bulgaria ............... 3 2 2 - - - 1 1 -

Czech Republic ......... 212 211 114 84 13 1 1 - 1

Denmark ............... 3,529 1,948 888 1,013 47 - 1,581 1,567 14

Finland ................ 1,991 1,836 250 1,480 106 - 155 5 150

France ................ 28,583 21,872 8,842 9,411 3,619 42 6,711 6,478 233

Germany .............. 49,633 30,826 10,064 10,729 10,033 44 18,807 18,223 584

Greece ................ 974 761 397 154 210 1 213 189 24

Hungary ............... 40 36 14 16 6 - 4 - 4

Ireland ................ 5,082 4,851 3,479 1,081 291 27 231 212 19

Italy................... 11,354 8,819 4,347 2,436 2,036 11 2,535 1,913 622

Netherlands............ 20,716 14,060 5,989 2,735 5,336 26 6,656 6,649 7

Norway ................ 1,477 814 607 110 97 - 663 650 13

Poland ................ 1,257 1,218 1,160 48 10 - 39 1 38

Portugal ............... 1,471 1,229 972 150 107 15 242 207 35

Romania ............... 91 91 87 4 - 1 - - -

Russia 1................ 823 786 758 10 18 - 37 37 -

Spain ................. 8,198 6,707 3,203 2,975 529 6 1,491 1,489 2

Sweden ............... 7,421 3,316 1,081 1,924 311 1 4,105 3,971 134

Switzerland............. 82,719 76,867 3,197 72,347 1,323 33 5,852 5,721 131

Turkey ................ 4,145 2,387 2,029 259 99 90 1,758 1,401 357

United Kingdom ......... 192,826 148,827 43,361 87,498 17,968 164 43,999 35,587 8,412

Yugoslavia 2 ............ 54 54 54 - - - - - -

Other Europe ...........

8,124 2,521 2,036 40 445 7 5,603 2,961 2,642

Total Europe ..........

449,489 344,239 103,794 196,183 44,262 473 105,250 91,254 13,996

Canada ................. 54,653 39,420 10,348 27,106 1,966 - 15,233 13,473 1,760

Latin Amer ica 

and Ca rib bean:

Argentina .............. 11,371 11,024 8,912 1,864 248 31 347 219 128

Bahamas .............. 78,984 77,799 3,901 68,095 5,803 24 1,185 1,180 5

Bermuda............... 6,336 6,225 6,011 100 114 15 111 111 -

Brazil ................. 16,022 15,010 12,215 2,655 140 601 1,012 828 184

British West Indies ....... 204,346 174,884 25,832 140,676 8,376 216 29,462 29,457 5

Chile.................. 7,624 7,596 7,515 16 65 3 28 27 1

Colombia .............. 5,686 5,575 5,417 153 5 13 111 111 -

Cuba.................. - - - - - - - - -

Ecuador ............... 1,128 1,115 978 91 46 16 13 13 -

Guatemala............. 1,066 1,057 932 101 24 31 9 9 -

Jamaica ............... 320 320 303 - 17 - - - -

Mexico ................ 20,673 19,404 18,420 218 766 190 1,269 885 384

Netherlands Antilles...... 5,536 5,535 1,187 4,297 51 - 1 1 -

Panama ............... 3,481 3,446 1,968 1,385 93 83 35 35 -

Peru .................. 2,995 2,986 2,503 472 11 9 9 9 -

Trinidad and Tobago ..... 557 556 477 71 8 1 1 1 -

Uruguay ............... 1,073 1,072 567 483 22 4 1 1 -

Venezuela ............. 3,747 3,671 3,232 247 192 4 76 75 1

Other Latin America 

and Caribbean.........

5,087 4,823 3,845 924 54 123 264 264 -

Total Latin America 

and Caribbean .......

376,032 342,098 104,215 221,848 16,035 1,364 33,934 33,226 708
76 CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 1999, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3For merly known as Zaire.

Re porting banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

To tal claims

To tal banks’

own claims

Cus tomers’

li a bil i ties on 

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

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

Asia:

China:

Mainland ............. 3,772 3,746 3,590 155 1 27 26 25 1

Taiwan .............. 1,071 915 468 402 45 4 156 28 128

Hong Kong............. 9,008 7,728 2,368 4,734 626 17 1,280 1,039 241

India.................. 1,714 1,610 1,332 237 41 71 104 89 15

Indonesia .............. 1,810 1,780 1,739 21 20 12 30 12 18

Israel ................. 5,262 1,976 1,588 367 21 2 3,286 3,282 4

Japan................. 32,612 29,892 5,503 21,590 2,799 112 2,720 1,651 1,069

Korea................. 11,483 11,352 8,657 2,660 35 1,990 131 46 85

Lebanon............... 29 26 26 - - 5 3 1 2

Malaysia............... 1,426 1,320 1,059 212 49 21 106 5 101

Pakistan............... 918 906 339 565 2 - 12 4 8

Philippines ............. 1,702 1,676 1,617 52 7 77 26 16 10

Singapore ............. 4,390 3,448 748 2,379 321 9 942 886 56

Syria.................. - - - - - - - - -

Thailand............... 1,875 1,861 258 1,592 11 6 14 7 7

Other Asia ............. 12,005 11,857 3,922 6,513 1,422 76 148 148 -

Total Asia ............ 89,077 80,093 33,214 41,479 5,400 2,429 8,984 7,239 1,745

Af rica:

Congo 3 ............... 1 1 - - 1 - - - -

Egypt................. 326 248 217 24 7 65 78 4 74

Ghana ................ 17 16 16 - - - 1 1 -

Liberia ................ 632 522 504 - 18 - 110 110 -

Morocco............... 479 476 453 1 22 - 3 2 1

South Africa ............ 825 757 695 29 33 83 68 12 56

Other Africa ............ 696 692 665 25 2 2 4 1 3

Total Africa ........... 2,976 2,712 2,550 79 83 150 264 130 134

Other coun tries:

Australia............... 12,856 5,718 3,623 2,013 82 20 7,138 2,170 4,968

All other ............... 609 369 239 95 35 - 240 77 163

Total other 

countries............ 13,465 6,087 3,862 2,108 117 20 7,378 2,247 5,131

Total foreign 

countries .......... 985,765 814,722 257,983 488,803 67,936 4,436 171,043 147,569 23,474

In ter na tional 

 and re gional orgs:

International............ 3,963 3,963 3,963 - - 1 - - -

European regional ....... 1 1 - - 1 - - - -

Latin American regional ... 107 107 107 - - - - - -

Asian regional .......... 3 3 3 - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ...

- - - - - - - - -

Total international 

and regional......... 4,074 4,074 4,073 - 1 1 - - -

Grand total .......... 989,839 818,796 262,056 488,803 67,937 4,437 171,043 147,569 23,474
CAP I TAL MOVE MENTS 77

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers and Dealers for Se lected Coun tries

United Kingdom ................... 103,375 129,301 151,645 162,874 192,826

All other Europe. .................. 125,939 144,459 176,991 213,887 256,663

Caribbean banking centers1. ......... 229,526 243,575 297,995 304,395 298,683

Japan. .......................... 98,745 92,172 86,759 55,169 32,612

All other Asia...................... 66,976 76,413 79,301 63,088 56,465

Subtotal........................ 624,561 685,920 792,691 799,413 837,249

All other countries.................. 110,811 134,995 151,390 175,387 152,590

Grand total ..................... 735,372 820,915 944,081 974,800 989,839

1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

Claims op po site Asia con tin ued to

fall in the first half of 1999 and now

stand $77 bil lion be low their

end-1997 level. 

Claims op po site the Ca rib bean bank -

ing cen ters and “All other coun tries”

also fell in the first half. Can ada rep -

re sented a large amount of the de -

crease in the lat ter group; U.S.

bank ing claims op po site Can ada fell

$18.9 bil lion in the first half of 1999. 

Claims op po site the United King dom 

and “All other Eu rope,” no ta bly

Swit zer land, in creased in the first

half.

U.S. bank ing claims on for eign ers,

ex clud ing claims rep re sented by

long-term se cu ri ties, are con cen trated 

in in ter na tional fi nan cial cen ters.

This page shows that over

three-quarters of U.S. claims cur -

rently is re ported op po site the United 

King dom, “All other Eu rope,” and,

most no ta bly, the off shore bank ing

cen ters in the Ca rib bean. For eigners

do mi ciled in Asia hold an ad di tional

10 per cent of U.S. claims.

Af ter ex tremely strong growth in the

mid-1990s, to tal U.S. bank ing claims 

on for eign ers are lev el ing off. An -

nual growth peaked at 15 per cent in

1997. Since then, claims have grown

at a much slower an nual rate of 3

per cent. In the first half of 1999, U.S. 

bank ing claims in creased $15 bil lion, 

to $989.8 bil lion. 

All other Eu rope

All other Asia

United King dom Ca rib bean bank ing cen ters

Ja pan All other coun tries

0

100

200

300

400

1995 1996 1997 1998 June 1999

In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem

Cal en dar years

Coun try 1995 1996 1997 1998 June 1999

(In bil lions of dol lars)
78 CAP I TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li a bil i ties andClaims Data

Re ported by Banksin the United States

TA BLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners

in Coun tries and Areas Not Reg u larly Re ported Sep a rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

* Less than $500,000. Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing

dates for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury

Bul le tin.”

Other Eu rope:

Cyprus .............................. 155 179 304 58 762 93

Iceland .............................. 83 n.a. 70 n.a. 14 18

Monaco ............................. 471 265 307 n.a. n.a. 179

Other Latin Amer ica and Ca rib bean:

Aruba ............................... 177 216 344 18 32 n.a.

Barbados ............................ 1,079 1,351 2,338 119 465 551

Belize............................... 195 92 90 14 18 27

Bolivia .............................. 833 713 704 426 624 620

Costa Rica ........................... 1,341 1,260 1,427 361 541 539

Dominica ............................ 10 n.a. n.a. n.a. n.a. n.a.

Dominican Republic.................... 1,303 1,422 1,416 518 606 613

El Salvador ........................... 1,170 985 955 845 830 951

French West Indies and French Guiana .... 33 31 48 n.a. n.a. n.a.

Haiti ................................ 360 497 390 29 24 22

Honduras ............................ 1,019 1,299 1,495 335 366 317

Nicaragua............................ 118 110 114 47 62 56

Paraguay ............................ 698 782 872 183 112 105

Suriname............................ 121 181 166 51 89 67

Other Asia:

Afghanistan .......................... 56 n.a. 105 n.a. n.a. n.a.

Burma .............................. 10 5 6 - - -

Jordan .............................. 290 287 260 95 78 74

Macau .............................. 114 81 37 - n.a. n.a.

Sri Lanka ............................ 257 135 116 52 45 n.a.

Yemen .............................. 128 95 139 7 n.a. n.a.

Other Af rica:

Angola .............................. 282 244 167 n.a. n.a. n.a.

Cameroon ........................... 20 35 18 n.a. n.a. n.a.

Ethiopia ............................. 183 162 211 2 n.a. n.a.

Guinea .............................. n.a. 70 37 n.a. - n.a.

Ivory Coast ........................... 59 80 54 n.a. 7 n.a.

Kenya............................... 179 173 221 n.a. 19 11

Madagascar.......................... n.a. 30 12 - - -

Mauritius ............................ 55 165 136 n.a. n.a. 1

Mozambique ......................... 129 179 114 n.a. n.a. n.a.

Niger ............................... 5 4 3 n.a. n.a. n.a.

Rwanda ............................. n.a. 34 52 n.a. n.a. n.a.

Senegal ............................. 23 49 36 n.a. n.a. 6

Somalia ............................. 17 16 15 - - -

Sudan .............................. 33 15 11 n.a. n.a. n.a.

Tanzania ............................ 379 253 241 9 n.a. n.a.

Tunisia .............................. n.a. 90 69 129 168 136

Uganda ............................. 196 n.a. 127 5 n.a. 2

Zambia .............................. 41 59 38 5 n.a. n.a.

Zimbabwe........................... 159 99 38 2 n.a. *

All other:

New Zealand ......................... 400 648 1,052 n.a. 388 271

Papua New Guinea .................... n.a. 56 28 n.a. 33 n.a.

To tal li a bil i ties To tal banks’ own claims

 Cal en dar year 1999

 1997 1998 June

 Cal en dar year 1999

Coun try 1997 1998 June 
CAP I TAL MOVE MENTS 79

SEC TION IV.—Li a bil i ties to, and Claims on, For eigners

Re ported by Nonbanking Busi ness En ter prises

in the United States

TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Total liabilities ....................... 46,448 61,782 57,382 51,433 49,279 46,570 46,663 49,337

Payable in dollars .................. 33,903 39,542 41,543 40,026 38,410 36,668 34,030 36,032

Financial ........................ 12,903 11,913 12,630 11,988 9,812 10,371 11,225 13,205

Com mer cial:

Trade payables ................. 9,996 11,683 9,599 8,573 9,118 10,133 8,765 9,837

Advance receipts and other ........ 11,004 15,946 19,314 19,465 19,480 16,164 14,040 12,990

Payable in foreign currencies ......... 12,545 22,240 15,839 11,407 10,869 9,902 12,633 13,305

Financial ........................ 11,338 21,136 14,247 10,334 9,519 8,884 11,233 11,853

Com mer cial:

Trade payables ................. 1,017 1,037 1,305 964 1,158 845 1,234 1,098

Advance receipts and other ........ 190 67 287 109 192 173 166 354

Total claims ........................ 52,509 65,897 68,128 63,188 67,976 77,462 68,973 63,767

Payable in dollars .................. 48,711 59,156 62,173 57,587 62,034 72,171 63,988 56,931

Fi nan cial:

Deposits ....................... 14,654 20,852 21,060 13,084 13,374 28,549 17,101 11,636

Other ......................... 10,976 12,374 11,806 14,904 19,867 14,049 17,419 14,762

Com mer cial:

Trade receivables................ 20,993 23,495 26,157 25,639 24,584 25,743 25,538 26,533

Advance payments and other....... 2,088 2,435 3,150 3,960 4,209 3,830 3,930 4,000

Payable in foreign currencies ......... 3,798 6,741 5,955 5,601 5,942 5,291 4,985 6,836

Fi nan cial:

Deposits ....................... 479 772 1,849 1,678 2,032 1,650 1,585 1,714

Other ......................... 1,289 3,525 2,244 2,675 1,989 2,012 2,031 3,765

Com mer cial:

Trade receivables................ 2,005 2,256 1,379 1,125 1,746 1,459 1,186 1,221

Advance payments and other....... 25 188 483 123 175 170 183 136

Cal en dar year 1998 1999

Type of li a bil ity or claim 1995 1996 1997 r June Sept. Dec. r Mar. June p
80 CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria...................... 70 44 67 112 128 101 118 79 88

Belgium-Luxembourg .......... 736 700 1,111 852 632 773 357 279 259

Bulgaria..................... 5 1 2 5 3 5 3 4 2

Czech Republic............... 6 26 22 38 94 99 105 82 84

Denmark .................... 277 138 93 170 86 65 132 110 87

Finland ..................... 236 179 161 281 258 101 83 56 42

France...................... 2,455 1,480 1,771 2,189 2,311 2,197 2,017 1,832 1,943

Germany .................... 2,565 2,741 2,836 3,232 3,660 3,575 3,455 2,994 3,102

Greece ..................... 196 89 72 89 92 162 120 100 168

Hungary .................... 6 9 12 13 27 6 3 5 6

Ireland...................... 449 414 449 1,136 1,211 1,212 1,307 1,154 807

Italy ........................ 359 374 911 923 1,125 1,081 1,177 1,047 665

Netherlands.................. 1,274 966 1,322 933 969 857 1,835 1,698 2,536

Norway ..................... 176 209 424 242 337 262 188 130 158

Poland...................... 17 7 30 7 9 11 11 48 17

Portugal..................... 35 35 33 36 30 32 29 15 15

Romania .................... 8 3 9 165 220 255 149 165 122

Russia 1..................... 84 177 105 115 179 178 82 124 71

Spain....................... 127 171 222 334 509 550 546 543 518

Sweden ..................... 242 233 204 244 240 218 171 184 156

Switzerland .................. 1,015 1,308 1,323 936 538 686 654 676 640

Turkey...................... 109 118 129 285 155 196 211 198 455

United Kingdom .............. 17,987 13,706 21,464 15,753 12,508 10,896 9,677 12,737 16,056

Yugoslavia 2 .................. 12 6 9 6 8 223 8 4 7

Other Europe ................ 30 188 165 159 126 174 181 414 292

Total Europe................ 28,476 23,322 32,946 28,255 25,455 23,915 22,619 24,678 28,296

Canada ...................... 1,666 1,672 2,491 3,549 1,745 1,893 2,083 2,378 1,990

Latin Amer ica 

and Ca rib bean:

Argentina.................... 88 136 272 219 201 161 118 145 172

Bahamas.................... 120 60 299 157 20 49 21 12 20

Bermuda .................... 425 352 347 432 258 241 299 303 232

Brazil....................... 368 155 274 363 322 410 304 244 243

British West Indies ............ 1,021 922 1,044 616 872 839 967 1,071 949

Chile....................... 44 76 160 150 195 151 111 127 87

Colombia.................... 19 63 123 120 160 85 72 86 83

Cuba....................... - 1 5 - 1 3 5 9 18

Ecuador..................... 33 26 27 22 22 18 19 25 25

Guatemala .................. 8 4 12 30 7 11 12 11 15

Jamaica..................... 14 18 16 18 4 11 12 19 18

Mexico...................... 574 428 682 591 608 534 406 459 509

Netherlands Antilles ........... 645 635 53 23 17 15 44 11 12

Panama..................... 50 23 12 16 8 9 16 39 63

Peru ....................... 30 21 44 30 25 23 35 21 39

Trinidad and Tobago........... 25 13 144 75 41 41 34 34 32

Uruguay .................... 1 3 6 20 15 10 8 8 9

Venezuela................... 281 223 329 262 197 231 204 157 150

Other Latin America 

and Caribbean .............. 145 364 393 418 632 349 426 359 367

Total Latin America 

and Caribbean............. 3,891 3,523 4,242 3,562 3,605 3,191 3,113 3,140 3,043

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 r June Sept. Dec. r Mar. June p
CAP I TAL MOVE MENTS 81

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 597 579 990 1,250 1,175 945 708 679 481

Taiwan ..................... 853 451 697 936 746 938 898 884 946

Hong Kong ................... 805 646 610 750 520 557 388 280 245

India........................ 59 196 181 170 169 276 387 464 513

Indonesia .................... 296 350 314 213 205 138 154 113 117

Israel ....................... 141 99 205 176 194 221 228 219 152

Japan....................... 11,869 8,751 10,483 8,602 7,864 7,533 7,439 6,052 5,788

Korea ....................... 1,736 1,433 1,558 1,150 1,024 1,002 945 843 785

Lebanon..................... 14 61 72 29 17 28 27 44 58

Malaysia..................... 178 297 586 766 321 201 141 112 122

Pakistan..................... 27 80 77 60 52 40 33 38 29

Philippines ................... 50 60 110 222 260 249 169 199 199

Singapore .................... 622 819 908 1,252 1,671 1,219 1,240 1,081 1,083

Syria........................ 24 50 61 23 9 68 15 14 29

Thailand..................... 194 392 473 405 376 362 362 236 186

Oil-exporting countries3 ......... 1,611 1,939 2,193 3,138 3,194 3,582 2,852 2,480 2,211

Other Asia ................... 68 206 327 211 129 185 141 165 312

Total Asia .................. 19,144 16,409 19,845 19,353 17,926 17,544 16,127 13,903 13,256

Af rica:

Congo 4..................... 1 - - - 5 - - - -

Egypt ....................... 48 157 198 90 27 55 39 53 79

Ghana ...................... - 16 29 28 33 6 9 7 11

Liberia ...................... - - - 1 - 3 9 - 1

Morocco..................... 29 24 21 49 65 49 41 42 36

South Africa .................. 32 42 154 255 231 190 189 122 151

Oil-exporting countries5......... 379 376 532 408 354 372 393 379 392

Other Africa .................. 74 154 144 103 235 166 142 155 191

Total Africa ................. 563 769 1,078 934 950 841 822 758 861

Other coun tries:

Australia..................... 372 461 945 911 744 807 949 959 1,010

All other ..................... 153 230 125 810 997 836 852 841 859

Total other 

countries.................. 525 691 1,070 1,721 1,741 1,643 1,801 1,800 1,869

Total foreign 

countries ................ 54,265 46,386 61,672 57,374 51,422 49,027 46,565 46,657 49,315

In ter na tional 

and re gional orgs.:

International.................. - 2 55 - - 7 - - -

European regional ............. 44 60 55 8 11 222 5 6 22

Latin American regional......... - - - - - 4 - - -

Asian regional ................ - - - - - 9 - - -

African regional ............... - - - - - 10 - - -

Middle Eastern regional......... - - - - - - - - -

Total international 

and regional ............... 44 62 110 8 11 252 5 6 22

Grand total ................ 54,309 46,448 61,782 57,382 51,433 49,279 46,570 46,663 49,337

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 r June Sept. Dec. r Mar. June p
82 CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign

cur ren cies

 Com mer cial 

 li a bil i ties

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

Eu rope:

Austria ...................... 88 5 2 3 83

Belgium-Luxembourg........... 259 70 47 23 189

Bulgaria ..................... 2 - - - 2

Czech Republic ............... 84 - - - 84

Denmark .................... 87 - - - 87

Finland ...................... 42 10 6 4 32

France ...................... 1,943 1,287 825 462 656

Germany .................... 3,102 1,959 1,550 409 1,143

Greece ...................... 168 2 2 - 166

Hungary ..................... 6 2 1 1 4

Ireland ...................... 807 628 359 269 179

Italy ........................ 665 23 7 16 642

Netherlands .................. 2,536 2,104 2,071 33 432

Norway ...................... 158 7 4 3 151

Poland ...................... 17 - - - 17

Portugal..................... 15 7 5 2 8

Romania..................... 122 - - - 122

Russia 1 ..................... 71 14 9 5 57

Spain ....................... 518 94 9 85 424

Sweden ..................... 156 2 1 1 154

Switzerland .................. 640 143 110 33 497

Turkey ...................... 455 16 16 - 439

United Kingdom ............... 16,056 13,097 5,379 7,718 2,959

Yugoslavia 2.................. 7 - - - 7

Other Europe ................. 292 108 3 105 184

Total Europe ................

28,296 19,578 10,406 9,172 8,718

Canada ....................... 1,990 320 78 242 1,670

Latin Amer ica 

and Ca rib bean:

Argentina .................... 172 45 10 35 127

Bahamas .................... 20 1 - 1 19

Bermuda .................... 232 52 - 52 180

Brazil ....................... 243 131 18 113 112

British West Indies............. 949 944 900 44 5

Chile........................ 87 8 8 - 79

Colombia .................... 83 1 1 - 82

Cuba ....................... 18 4 4 - 14

Ecuador..................... 25 1 1 - 24

Guatemala ................... 15 - - - 15

Jamaica ..................... 18 3 3 - 15

Mexico ...................... 509 19 14 5 490

Netherlands Antilles............ 12 - - - 12

Panama ..................... 63 - - - 63

Peru ........................ 39 1 - 1 38

Trinidad and Tobago ........... 32 3 3 - 29

Uruguay..................... 9 - - - 9

Venezuela ................... 150 1 - 1 149

Other Latin America 

and Caribbean............... 367 155 153 2 212

Total Latin America 

and Caribbean ............. 3,043 1,369 1,115 254 1,674
CAP I TAL MOVE MENTS 83

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign 

cur ren cies

 Com mer cial 

 li a bil i ties

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

Asia:

China:

Mainland ................... 481 70 54 16 411

Taiwan..................... 946 8 1 7 938

Hong Kong................... 245 24 13 11 221

India........................ 513 3 2 1 510

Indonesia .................... 117 13 6 7 104

Israel ....................... 152 1 1 - 151

Japan ....................... 5,788 3,035 1,453 1,582 2,753

Korea ....................... 785 1 - 1 784

Lebanon..................... 58 4 4 - 54

Malaysia..................... 122 - - - 122

Pakistan..................... 29 - - - 29

Philippines ................... 199 2 - 2 197

Singapore.................... 1,083 45 39 6 1,038

Syria........................ 29 - - - 29

Thailand..................... 186 - - - 186

Other Asia ................... 2,523 11 11 - 2,512

Total Asia .................. 13,256 3,217 1,584 1,633 10,039

Af rica:

Congo 3..................... - - - - -

Egypt ....................... 79 2 2 - 77

Ghana ...................... 11 - - - 11

Liberia ...................... 1 - - - 1

Morocco..................... 36 - - - 36

South Africa .................. 151 15 - 15 136

Other Africa .................. 583 12 12 - 571

Total Africa ................. 861 29 14 15 832

Other coun tries:

Australia..................... 1,010 49 1 48 961

All other ..................... 859 496 7 489 363

Total other countries.......... 1,869 545 8 537 1,324

Total foreign countries ....... 49,315 25,058 13,205 11,853 24,257

In ter na tional and re gional orgs.:

International.................. - - - - -

European regional ............. 22 - - - 22

Latin American regional ......... - - - - -

Asian regional ................ - - - - -

African regional ............... - - - - -

Middle Eastern regional .........

- - - - -

Total international 

and regional............... 22 - - - 22

Grand total ................ 49,337 25,058 13,205 11,853 24,279
84 CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 123 114 159 126 71 92 146 162 368

Belgium-Luxembourg........... 299 424 411 734 734 715 899 750 743

Bulgaria ..................... 37 29 19 32 15 14 11 7 7

Czech Republic ............... 52 53 34 42 54 61 67 49 39

Denmark .................... 81 107 101 155 107 108 81 193 99

Finland ...................... 173 185 173 211 256 286 244 318 258

France ...................... 2,681 2,633 2,338 2,811 2,751 3,238 3,035 3,086 3,460

Germany .................... 1,567 1,506 1,613 2,041 2,047 1,861 2,126 1,901 2,027

Greece ...................... 136 193 148 386 311 308 316 257 287

Hungary ..................... 72 50 17 62 69 65 66 66 62

Ireland ...................... 315 290 274 277 241 231 244 305 270

Italy ........................ 812 1,029 1,039 1,466 1,188 1,238 1,257 1,190 1,226

Netherlands .................. 740 969 1,055 1,274 1,467 1,330 1,342 1,370 1,348

Norway ...................... 242 169 251 303 336 283 165 185 203

Poland ...................... 122 78 108 124 104 84 111 78 73

Portugal..................... 217 64 92 78 115 103 153 99 57

Romania..................... 17 16 14 7 22 23 20 24 12

Russia 1..................... 254 300 239 221 223 246 232 214 220

Spain ....................... 484 537 645 623 591 638 527 600 779

Sweden ..................... 352 288 372 504 470 450 565 372 420

Switzerland .................. 1,080 1,018 1,116 988 821 955 897 897 889

Turkey ...................... 216 256 222 379 382 228 236 270 403

United Kingdom ............... 7,205 6,959 10,868 13,997 14,303 14,530 12,535 12,886 13,204

Yugoslavia 2.................. 39 13 6 11 10 36 14 18 24

Other Europe ................. 160 153 214 267 285 379 251 285 378

Total Europe ................ 17,476 17,433 21,528 27,119 26,973 27,502 25,540 25,582 26,856

Canada ....................... 5,569 4,802 5,607 5,973 5,799 6,381 5,120 6,094 5,672

Latin Amer ica 

and Ca rib bean:

Argentina .................... 347 396 617 688 863 974 893 869 1,030

Bahamas .................... 2,433 1,995 1,588 2,335 1,318 2,144 427 676 488

Bermuda .................... 261 353 415 352 407 236 575 541 622

Brazil ....................... 1,132 1,728 2,771 2,475 2,577 1,772 1,859 2,048 1,987

British West Indies............. 15,311 10,472 15,726 10,571 7,459 11,051 24,492 14,738 7,520

Chile........................ 229 248 374 327 315 293 320 250 252

Colombia .................... 396 413 422 424 427 328 279 287 248

Cuba ....................... 1 1 5 - - - - 3 1

Ecuador..................... 112 123 107 101 118 107 103 86 66

Guatemala ................... 46 48 98 93 97 102 88 83 92

Jamaica ..................... 42 41 40 52 48 49 45 41 37

Mexico ...................... 1,966 1,547 1,585 1,929 2,551 2,478 2,790 3,014 3,176

Netherlands Antilles............ 65 32 114 153 28 55 37 23 48

Panama ..................... 102 156 109 145 126 153 173 172 165

Peru ........................ 175 221 201 147 148 149 183 149 199

Trinidad and Tobago ........... 27 36 25 20 24 66 55 44 33

Uruguay..................... 25 32 42 49 36 55 59 54 51

Venezuela ................... 383 317 388 612 642 616 456 433 454

Other Latin America 

and Caribbean............... 600 705 681 820 865 903 1,176 1,244 1,284

Total Latin America 

and Caribbean ............. 23,653 18,864 25,308 21,293 18,049 21,531 34,010 24,755 17,753

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 June Sept. Dec. r Mar. June p
CAP I TAL MOVE MENTS 85

TA BLE CM-IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 526 696 992 1,076 873 839 825 821 809

Taiwan..................... 512 532 511 814 737 709 770 730 839

Hong Kong................... 442 454 669 562 404 358 331 247 293

India........................ 202 323 402 439 375 384 348 390 455

Indonesia .................... 423 367 665 704 736 449 417 307 372

Israel ....................... 195 267 323 347 360 358 327 369 333

Japan ....................... 3,608 2,741 3,038 2,799 2,643 2,717 2,875 2,428 2,458

Korea ....................... 650 933 822 988 866 900 1,084 1,130 1,243

Lebanon..................... 58 48 41 37 27 25 26 23 14

Malaysia..................... 457 496 560 547 414 456 492 446 480

Pakistan..................... 40 42 99 44 34 49 37 53 39

Philippines ................... 151 123 245 144 161 118 148 166 266

Singapore.................... 427 573 781 779 588 487 734 676 728

Syria........................ 6 12 7 11 7 105 12 13 6

Thailand..................... 183 199 288 280 227 222 489 460 452

Oil-exporting countries 3 ......... 849 977 993 1,118 1,139 980 1,144 1,294 1,470

Other Asia ................... 124 108 161 157 152 155 160 175 222

Total Asia .................. 8,853 8,891 10,597 10,846 9,743 9,311 10,219 9,728 10,479

Af rica:

Congo 4 ..................... 30 11 13 3 1 6 1 3 -

Egypt ....................... 261 160 155 286 126 165 136 176 159

Ghana ...................... 7 16 15 9 9 7 14 9 7

Liberia ...................... 9 13 29 8 11 8 11 5 4

Morocco..................... 53 57 27 28 23 26 29 26 34

South Africa .................. 142 321 277 322 310 315 272 315 360

Oil-exporting countries 5........... 67 92 180 134 131 144 181 142 207

Other Africa .................. 258 260 224 209 201 226 226 183 195

Total Africa ................. 827 930 920 999 812 897 870 859 966

Other coun tries:

Australia..................... 1,218 1,310 1,536 1,485 1,409 1,437 1,398 1,580 1,700

All other ..................... 269 270 265 390 376 255 286 295 337

Total other 

countries.................. 1,487 1,580 1,801 1,875 1,785 1,692 1,684 1,875 2,037

Total foreign 

countries ................

57,865 52,500 65,761 68,105 63,161 67,314 77,443 68,893 63,763

In ter na tional 

and re gional orgs.:

International.................. 19 8 60 18 15 60 15 22 -

European regional ............. 4 1 58 5 - 432 3 10 -

Latin American regional ......... - - 2 - 12 116 - 22 -

Asian regional ................ - - 13 - - 34 - 23 1

African regional ............... - - 3 - - 20 1 3 1

Middle Eastern regional .........

- - - - - - - - 2

Total international 

and regional ............... 23 9 136 23 27 662 19 80 4

Grand total ................ 57,888 52,509 65,897 68,128 63,188 67,976 77,462 68,973 63,767

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 June Sept. Dec. r Mar. June p
86 CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 368 279 264 15 89

Belgium-Luxembourg........... 743 457 448 9 286

Bulgaria..................... 7 - - - 7

Czech Republic ............... 39 22 22 - 17

Denmark .................... 99 9 7 2 90

Finland...................... 258 8 8 - 250

France ...................... 3,460 1,368 1,153 215 2,092

Germany .................... 2,027 367 239 128 1,660

Greece...................... 287 215 215 - 72

Hungary..................... 62 44 43 1 18

Ireland ...................... 270 191 190 1 79

Italy ........................ 1,226 120 77 43 1,106

Netherlands .................. 1,348 959 708 251 389

Norway...................... 203 82 82 - 121

Poland ...................... 73 6 4 2 67

Portugal..................... 57 8 6 2 49

Romania..................... 12 - - - 12

Russia1...................... 220 59 58 1 161

Spain ....................... 779 186 157 29 593

Sweden ..................... 420 158 140 18 262

Switzerland .................. 889 504 497 7 385

Turkey ...................... 403 200 200 - 203

United Kingdom............... 13,204 8,589 5,230 3,359 4,615

Yugoslavia2 ................... 24 2 2 - 22

Other Europe................. 378 65 60 5 313

Total Europe ................

26,856 13,898 9,810 4,088 12,958

Canada....................... 5,672 2,828 2,407 421 2,844

Latin Amer ica 

and Ca rib bean:

Argentina.................... 1,030 306 296 10 724

Bahamas .................... 488 467 459 8 21

Bermuda .................... 622 39 39 - 583

Brazil ....................... 1,987 1,102 1,083 19 885

British West Indies............. 7,520 7,393 7,368 25 127

Chile........................ 252 7 5 2 245

Colombia .................... 248 66 58 8 182

Cuba ....................... 1 - - - 1

Ecuador..................... 66 16 15 1 50

Guatemala................... 92 16 13 3 76

Jamaica..................... 37 2 - 2 35

Mexico ...................... 3,176 1,702 1,689 13 1,474

Netherlands Antilles ............ 48 3 3 - 45

Panama..................... 165 46 41 5 119

Peru........................ 199 6 3 3 193

Trinidad and Tobago ........... 33 3 1 2 30

Uruguay..................... 51 15 13 2 36

Venezuela ................... 454 71 64 7 383

Other Latin America 

and Caribbean............... 1,284 226 221 5 1,058

Total Latin America 

and Caribbean ............. 17,753 11,486 11,371 115 6,267

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
CAP I TAL MOVE MENTS 87

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland ................... 809 178 172 6 631

Taiwan ..................... 839 125 77 48 714

Hong Kong ................... 293 32 16 16 261

India ........................ 455 125 117 8 330

Indonesia .................... 372 144 143 1 228

Israel........................ 333 17 16 1 316

Japan ....................... 2,458 949 285 664 1,509

Korea ....................... 1,243 563 560 3 680

Lebanon ..................... 14 - - - 14

Malaysia ..................... 480 284 257 27 196

Pakistan ..................... 39 3 3 - 36

Philippines ................... 266 7 6 1 259

Singapore.................... 728 90 65 25 638

Syria........................ 6 - - - 6

Thailand ..................... 452 258 257 1 194

Other Asia ................... 1,692 26 24 2 1,666

Total Asia................... 10,479 2,801 1,998 803 7,678

Af rica:

Congo 3...................... - - - - -

Egypt ....................... 159 4 2 2 155

Ghana....................... 7 - - - 7

Liberia....................... 4 - - - 4

Morocco ..................... 34 5 5 - 29

South Africa .................. 360 187 187 - 173

Other Africa ..................

402 32 23 9 370

To tal Af rica ................. 966 228 217 11 738

Other coun tries:

Australia ..................... 1,700 545 520 25 1,155

All other ..................... 337 89 73 16 248

Total other 

countries.................. 2,037 634 593 41 1,403

Total foreign 

countries ................. 63,763 31,875 26,396 5,479 31,888

In ter na tional 

 and re gional orgs.:

International .................. - - - - -

European regional ............. - - - - -

Latin American regional ......... - - - - -

Asian regional................. 1 - - - 1

African regional ............... 1 - - - 1

Middle Eastern regional ......... 2 2 2 - -

Total international 

and regional ............... 4 2 2 - 2

Grand total ................ 63,767 31,877 26,398 5,479 31,890

Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

 De nom i nated in for eign 

 cur ren cies

 Com mer cial

 claims

 (1) (2) (3) (4) (5) 
88 CAP I TAL MOVE MENTS

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other Asia All other coun tries

0

50

100

150

200

1 996 1997 199 8 1999

Jan. - S ept.

19 99

July - Se pt.

This page pres ents ag gre gate net pur -

chases on an an nual ba sis for 1996

through 1998. It also shows cu mu la -

tive ac tiv ity for 1999. Fig ures confirm 

that for eign ers= an nual net pur chases

(gross pur chases mi nus gross sales) of 

U.S. se cu ri ties have main tained an ex -

tremely high level since 1996. 

U.S. banks, bro kers and other per sons 

re port for eign ers= trans ac tions in

long-term U.S. se cu ri ties (in clud ing

U.S. Trea sury and Fed eral agency

bonds and notes, as well as U.S. cor -

po rate bonds and stocks), which are

con ducted largely through in ter na -

tional fi nan cial cen ters. 

An nual net for eign pur chases of U.S.

se cu ri ties first sur passed $100 bil lion

in 1993. They reached a re cord high

of $388 bil lion in 1997. Since then,

an nual net pur chases have av er aged

about $300 bil lion. The larg est in -

creases in the third quar ter of 1999

were re ported op po site the United

King dom ($48 bil lion), the Ca rib bean

bank ing cen ters ($24 bil lion), and Ja -

pan ($19 bil lion). Sig nif i cant, but

much smaller, net pur chases of U.S.

se cu ri ties also were re ported op po site

Ger many and Can ada in the third

quar ter.

Over the past few years, the com po si -

tion of for eign ers’ net pur chases has

changed dra mat i cally. In the

mid-1990s, the ma jor ity of for eign ers’ 

net pur chases con sisted of U.S. Trea -

sury bonds and notes. Since 1997,

how ever, for eign ers in creas ingly have 

turned to other long-term se cu ri ties.

(In bil lions of dol lars)

Note: To fa cil i tate com par i son of net

pur chases dur ing 1999 with those in

prior years, the chart de picts data for all

pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1996 1997 1998

 1999 

Jan. - Sept.

1999 

July - Sept.

United Kingdom. ................... 130,645 174,918 137,973 89,870 48,948

All other Europe.................... 71,073 104,375 84,005 40,723 3,035

Caribbean banking centers1. .......... 41,081 24,999 11,729 44,664 23,893

Japan............................ 55,167 34,504 20,261 30,122 19,469

All other Asia....................... 59,327 26,669 11,035 26,075 4,485

Subtotal ......................... 357,293 365,465 265,003 231,454 99,830

All other countries................... 12,925 22,514 12,770 26,315 9,655

Grand total ...................... 370,218 387,979 277,773 257,769 109,485

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries
CAP I TAL MOVE MENTS 89

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and

is sues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long-Term Se cu ri ties

TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and fed er ally spon -

sored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and re -

gional 

Gross

for eign 

purchases 

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net for -

eign 

purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign 

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign pur -

chases of for -

eign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

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

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 ......... 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,358 350,873 266,515 69,597 1,097,958 1,028,361

1998 ......... 49,039 4,123 42,447 2,469 5,154,168 5,105,129 56,802 524,384 467,582 121,936 381,398 259,462 49,996 1,574,185 1,524,189

1999 - Jan. - Sept. p -1,256 -11,333 9,946 131 3,378,560 3,379,816 69,984 372,776 302,792 116,500 268,545 152,045 72,541 1,626,045 1,553,504

1998 - Sept ..... -5,270 -10,304 5,043 -9 554,963 560,233 -108 64,765 64,873 8,093 35,921 27,828 -10,477 137,424 147,901

Oct ...... -2,193 9,001 -11,856 662 531,532 533,725 -5,647 77,009 82,656 8,863 31,710 22,847 2,756 145,591 142,835

Nov...... 25,456 11,843 13,713 -100 448,440 422,984 9,655 54,512 44,857 11,704 27,381 15,677 7,068 126,764 119,696

Dec...... 10,549 5,274 4,152 1,123 290,260 279,711 7,519 33,741 26,222 10,281 25,327 15,046 4,564 139,201 134,637

1999 - Jan. r . .... -2,886 1,463 -4,291 -58 378,603 381,489 8,602 45,384 36,782 6,209 23,335 17,126 3,490 156,128 152,638

Feb...... -14,623 -3,699 -10,483 -441 405,890 420,513 3,695 42,014 38,319 15,287 33,155 17,868 4,138 159,703 155,565

Mar...... 1,532 -4,845 6,607 -230 418,560 417,028 11,814 42,645 30,831 12,956 34,456 21,500 2,961 179,801 176,840

Apr. ..... -3,271 -6,696 3,439 -14 347,181 350,452 11,263 41,749 30,486 11,265 28,295 17,030 17,593 222,900 205,307

May. ..... 5,638 3,223 2,093 322 397,876 392,238 6,562 36,732 30,170 10,851 29,826 18,975 8,538 185,646 177,108

June ..... -609 397 -1,212 206 378,389 378,998 5,028 41,299 36,271 10,344 26,270 15,926 11,907 179,785 167,878

July...... -6,242 -1,773 -4,453 -16 335,265 341,507 7,507 39,299 31,792 20,287 36,479 16,192 8,316 188,099 179,783

Aug. p .... 19,118 2,393 16,454 271 398,104 378,986 5,520 39,952 34,432 11,926 24,161 12,235 12,216 178,428 166,212

Sept. p .... 87 -1,796 1,792 91 318,692 318,605 9,993 43,702 33,709 17,375 32,568 15,193 3,382 175,555 172,173

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................. -89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957

1998 r ................ -11,123 -17,350 1,328,281 1,345,631 6,227 929,923 923,696

1999 - Jan. - Sept. p ........ 14,136 -7,592 623,857 631,449 21,728 825,442 803,714

1998 - Sept ............. 9,493 3,384 152,881 149,497 6,109 89,590 83,481

Oct. r ............. 24,022 15,980 102,202 86,222 8,042 90,509 82,467

Nov ............. -3,647 -918 55,573 56,491 -2,729 70,402 73,131

Dec ............. -3,840 -4,684 56,845 61,529 844 69,585 68,741

1999 - Jan. r............. 991 -2,304 56,072 58,376 3,295 77,984 74,689

Feb. r ............ 2,801 -255 66,198 66,453 3,056 74,004 70,948

Mar. r ............ 3,493 1,710 76,129 74,419 1,783 95,302 93,519

Apr. r ............. 356 -5,147 73,376 78,523 5,503 98,607 93,104

May ............. 1,956 -499 72,372 72,871 2,455 86,345 83,890

 June ............. 15,189 8,969 79,013 70,044 6,220 97,622 91,402

July ............. -7,013 -4,777 63,975 68,752 -2,236 106,264 108,500

Aug. p ............ -5,827 -6,421 70,061 76,482 594 91,851 91,257

Sept. p............ 2,190 1,132 66,661 65,529 1,058 97,463 96,405
Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 1999 1999

Coun try

Cal en dar

year

1998

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1998

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1998

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1998

Jan.

through

Sept.

July

through

Sept. p

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

90 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties 

by Type and Coun try

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Eu rope:

Austria ......... -1,432 -1,958 -535 272 668 -288 446 377 167 624 375 29

Belgium-Luxembourg . 3,805 1,425 154 1,326 1,226 26 5,977 3,252 1,061 5,007 4,355 181

Bulgaria ........ 125 11 -23 1 - - -5 -1 -1 10 1 1

Czech Republic .... 480 -333 -54 - - - 51 4 3 1 8 -

Denmark ........ -339 -172 225 187 236 29 267 149 32 913 771 282

Finland ......... -183 6 -197 167 244 131 65 -38 36 68 139 38

France ......... 5,418 -2,308 -2,430 234 346 205 3,152 1,150 426 5,672 3,168 360

Germany ........ 144 1,090 1,118 403 428 355 3,966 4,885 2,027 9,195 7,627 1,079

Greece ......... 500 629 18 18 3 1 73 36 8 -32 -103 -45

Hungary ........ -1,562 1,038 187 346 5 -181 - 19 20 -11 -8 2

Ireland ......... -1,167 -3,186 -311 377 545 80 2,122 2,258 1,166 178 1,667 301

Italy .......... 7,242 1,959 -1,696 26 581 250 86 199 402 6,408 3,942 2,564

Netherlands ...... -5,533 1,364 -1,194 2,695 2,089 712 748 -62 47 8,249 4,914 433

Norway ........ 76 671 42 28 343 312 -148 151 36 239 1 61

Poland ......... 2,665 -86 -159 -55 -67 - -32 - - -8 -13 -11

Portugal ........ 2,482 693 284 45 -5 11 38 6 26 60 10 -2

Romania ........ 79 150 161 490 120 180 -5 - - 3 2 -

Russia 1........ 1,063 472 -125 227 334 -18 40 2 2 14 32 15

Spain ......... -5,712 -14,488 -3,974 1,284 1,736 226 9 136 69 873 1,763 748

Sweden ........ 1,486 1,019 602 79 297 34 261 -24 77 1,138 121 -166

Switzerland ...... 5,240 -3,677 -696 2,905 604 383 1,921 2,698 1,140 5,001 5,180 -810

Turkey ......... -68 -270 -401 5 12 12 -259 48 61 26 23 8

United Kingdom .... 14,384 -20,734 -215 31,727 11,791 3,463 67,910 66,777 27,845 23,952 32,036 17,855

Yugoslavia 2...... - -10 -10 - - - - - - 26 9 1

Other Europe .....

-5,396 -4,242 -4,008 46 870 907 541 690 648 518 392 58

Total Europe .....

23,797 -40,937 -13,237 42,833 22,406 6,830 87,224 82,712 35,298 68,124 66,412 22,982

Canada ......... 615 8,336 4,180 484 1,472 558 5,637 1,830 613 -4,689 988 -824

Latin Amer ica 

and Ca rib bean:

Argentina ....... -906 -642 -486 545 285 45 -207 91 67 356 341 171

Bahamas ....... -412 -438 2,158 1,368 667 395 1,586 678 453 -34 168 -267

Bermuda ........ 5,142 4,290 3,240 -5,702 9,648 2,829 11,364 10,298 4,176 -1,736 -1,587 -1,914

Brazil.......... 2,704 1,577 18 -1,987 -40 153 -659 314 110 82 -210 73

British West Indies... 857 -6,750 -1,422 -389 7,983 2,610 9,523 6,798 2,434 4,572 9,222 4,483

Chile.......... 660 123 15 85 309 175 45 510 388 12 71 67

Colombia ....... -638 -169 -280 32 231 35 65 116 58 57 104 45

Cuba.......... - - - - - - - - - - - -

Ecuador ........ 292 -757 -205 55 98 20 -25 21 10 12 37 20

Guatemala....... 8 12 - 8 24 6 -1 25 15 22 17 11

Jamaica ........ -54 9 4 74 77 -7 -28 - - 20 23 7

Mexico ......... 546 3,470 1,328 1,456 211 114 1,003 1,245 339 69 339 295

Netherlands Antilles. . -13,244 5,283 7,646 8 241 392 801 456 201 -3,113 -4,190 -4,173

Panama ........ 128 181 57 361 303 68 307 952 257 342 461 170

Peru .......... 508 - -2 91 366 68 16 13 - -9 14 3

Trinidad and Tobago . 40 5 11 180 28 - 21 1 - 1 -2 1

Uruguay ........ -72 -31 102 38 75 30 71 85 53 21 117 65

Venezuela ....... 59 216 156 333 350 198 448 269 80 97 292 39

Other Latin America 

and Caribbean.... 720 615 51 2,160 625 238 892 377 126 -11 139 -2

Total Latin America 

and Caribbean ... -3,662 6,994 12,391 -1,284 21,481 7,369 25,222 22,249 8,767 760 5,356 -906
CAP I TAL MOVE MENTS 91

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in -

de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States). 

4

 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Asia:

China:

Mainland ...... 2,599 7,266 1,458 873 6,684 710 47 386 153 - 38 -15

Taiwan ....... -1,452 -2,204 -1,144 -1,570 1,049 341 26 224 195 -76 128 -38

Hong Kong...... 9,683 1,794 970 -508 3,887 1,035 48 237 48 -2,236 -927 -1,312

India ......... 293 698 100 4 - - 6 69 55 -18 3 -14

Indonesia ...... 463 1,805 219 -20 19 9 3 -25 -23 -13 77 40

Israel......... 2,209 -1,021 451 254 306 41 445 318 145 -221 -350 -229

Japan ........ 13,048 15,873 7,778 6,639 7,099 5,793 1,745 3,963 2,429 -1,171 3,187 3,469

Korea ........ 13,186 6,545 135 2,590 2,072 417 36 74 31 -84 -35 -14

Lebanon ....... - 5 3 2 3 - 1 12 3 13 119 34

Malaysia ....... -1,031 -375 -523 -24 - - 21 10 6 -173 5 -11

Pakistan ....... 2 2 - - - - -16 - - 21 34 11

Philippines ...... -143 384 -29 147 251 52 20 17 5 7 1 -

Singapore ...... 7,818 -14,626 -354 2,278 386 -100 -161 3,173 524 -8,429 -3,315 545

Syria......... - - - - - - - - - 17 17 1

Thailand ....... -2,446 1,709 348 - 25 10 5 26 2 -16 22 -2

Oil-exporting

countries 3..... -16,554 7,612 493 4,411 2,337 -210 586 -339 66 -1,449 -319 -125

Other Asia ......

-242 -138 -48 49 79 5 -278 -170 22 32 11 -7

Total Asia ..... 27,433 25,329 9,857 15,125 24,197 8,103 2,534 7,975 3,661 -13,796 -1,304 2,333

Af rica:

Congo 4 ....... - - - - - - - - - -1 -1 -1

Egypt......... 327 -1,232 -859 86 39 23 31 63 16 1 -8 11

Ghana ........ - - - - - - - - - -1 1 -

Liberia ........ 465 -177 -82 -5 224 -268 -35 165 67 -140 10 -17

Morocco ....... 3 -1 15 - - - -13 - - 12 7 -

South Africa ..... 8 75 -34 39 13 1 -49 3 - 695 55 -100

Oil-exporting”

countries 5..... 2 1 1 -1 8 5 2 - - 52 61 4

Other Africa .....

-54 -264 -143 37 139 202 98 11 -54 21 287 139

Total Africa..... 751 -1,598 -1,102 156 423 -37 34 242 29 639 412 36

Other coun tries:

Australia ....... -2,226 464 481 533 -137 -17 1,162 1,087 830 -571 564 352

All other ....... -138 25 47 -308 10 11 -271 -15 15 -91 119 -20

Total other 

countries..... -2,364 489 528 225 -127 -6 891 1,072 845 -662 683 332

Total foreign 

countries .... 46,570 -1,387 12,617 57,539 69,852 22,817 121,542 116,080 49,213 50,376 72,547 23,953

In ter na tional 

and re gional orgs.:

International ..... 1,502 -194 230 30 -41 203 225 410 346 -86 -13 -55

European regional . . -26 -89 -69 -21 - - - -10 -10 -4 - -

Latin American 

regional ...... 199 670 357 110 -14 -40 169 20 39 -295 -2 8

Asian regional .... 328 -255 -176 49 132 40 - - - 5 7 6

African regional ... 64 -19 - -905 55 - - - - - - -

Middle Eastern 

regional ...... 402 18 4 - - - - - - - 2 2

Total international 

and regional ...

2,469 131 346 -737 132 203 394 420 375 -380 -6 -39

Grand total .... 49,039 -1,256 12,963 56,802 69,984 23,020 121,936 116,500 49,588 49,996 72,541 23,914

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 1999 1999

Coun try

Cal en dar 

year

1998 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1998 

Jan.

through

Sept. 

July

through

Sept. p

Cal en dar 

year

1998 

Jan.

through

Sept.

July

through 

Sept. p

Cal en dar 

year

1998 

Jan.

through

Sept.

July

through

Sept. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
92 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1999, Pre lim i nary

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ........ 5,402 3,388 138 179 1,118 141 438 5,893 3,923 426 12 1,089 75 368

BelgiumLuxembourg ..... 23,329 6,581 1,665 2,096 8,823 1,252 2,912 21,552 6,427 1,639 1,035 8,642 1,125 2,684

Bulgaria ........ 116 101 - - 4 5 6 143 124 - 1 3 4 11

Czech Republic .... 1,173 1,137 - 3 15 - 18 1,215 1,191 - - 15 - 9

Denmark ....... 3,269 1,546 64 40 919 285 415 2,742 1,321 35 8 637 128 613

Finland ........ 3,045 1,113 297 65 154 73 1,343 2,822 1,310 166 29 116 27 1,174

France ........ 104,973 56,842 950 922 37,053 2,632 6,574 106,006 59,272 745 496 36,693 2,425 6,375

Germany ....... 48,624 15,141 1,369 2,481 16,613 2,457 10,563 48,902 14,023 1,014 454 15,534 6,763 11,114

Greece ........ 1,374 612 1 11 325 59 366 1,480 594 - 3 370 43 470

Hungary ........ 1,894 1,537 206 20 33 1 97 1,905 1,350 387 - 31 21 116

Ireland ......... 59,686 42,102 2,908 1,972 6,611 3,644 2,449 58,666 42,413 2,828 806 6,310 3,195 3,114

Italy .......... 50,506 31,313 1,151 567 11,059 578 5,838 47,765 33,009 901 165 8,495 736 4,459

Netherlands...... 29,664 8,564 1,909 388 10,607 1,361 6,835 29,720 9,758 1,197 341 10,174 2,222 6,028

Norway ........ 8,553 6,527 550 211 595 223 447 7,879 6,485 238 175 534 114 333

Poland ........ 524 454 - - 13 15 42 711 613 - - 24 1 73

Portugal ........ 3,250 2,262 35 40 616 27 270 2,915 1,978 24 14 618 8 273

Romania ....... 916 629 285 - 2 - - 576 468 105 - 2 - 1

Russia 1 ........ 352 75 7 2 81 32 155 434 200 25 - 66 3 140

Spain ......... 12,284 6,376 348 78 2,222 149 3,111 14,416 10,350 122 9 1,474 192 2,269

Sweden ........ 9,954 4,935 62 143 2,306 274 2,234 8,566 4,333 28 66 2,472 152 1,515

Switzerland ...... 42,970 8,386 1,498 1,618 22,357 971 8,140 41,446 9,082 1,115 478 23,167 822 6,782

Turkey ......... 7,783 106 12 63 63 7,395 144 8,147 507 - 2 55 7,514 69

United Kingdom .... 875,511 476,386 24,406 51,081 112,026 99,916 111,696 830,307 476,601 20,943 23,236 94,171 107,602 107,754

Yugoslavia 2 ...... 7 - - - 1 6 - 58 10 - - - 48 -

Other Europe ..... 11,257 5,743 1,051 692 1,498 552 1,721 13,648 9,751 144 44 1,440 302 1,967

Total Europe ....

1,306,416 681,856 38,912 62,672 235,114 122,048 165,814 1,257,914 695,093 32,082 27,374 212,132 133,522 157,711

Canada .........

112,969 59,202 1,472 2,821 18,964 19,348 11,162 108,669 55,022 914 2,208 19,788 19,128 11,609

Latin Amer ica 

and Ca rib bean:

Argentina ....... 4,639 289 186 242 790 2,469 663 4,187 775 141 175 619 1,962 515

Bahamas ....... 26,690 10,848 1,450 1,659 7,661 1,528 3,544 24,650 8,690 1,055 1,206 7,928 2,128 3,643

Bermuda ....... 174,288 54,469 7,685 7,186 78,320 21,185 5,443 166,252 51,229 4,856 3,010 80,234 20,925 5,998

Brazil ......... 9,480 1,347 189 135 970 3,618 3,221 9,171 1,329 36 25 897 3,913 2,971

British West Indies . . 238,706 46,621 41,729 7,610 121,841 6,558 14,347 231,230 48,043 39,119 5,176 117,358 6,273 15,261

Chile ......... 2,414 523 175 416 510 614 176 1,401 508 - 28 443 150 272

Colombia ....... 2,667 1,822 56 91 311 370 17 2,622 2,102 21 33 266 188 12

Cuba ......... - - - - - - - - - - - - - -

Ecuador ........ 321 111 48 13 88 52 9 508 316 28 3 68 89 4

Guatemala ...... 144 5 6 15 108 6 4 109 5 - - 97 5 2

Jamaica ........ 164 8 87 - 35 34 - 135 4 94 - 28 9 -

Mexico ........ 7,731 2,491 177 455 1,360 1,392 1,856 5,800 1,163 63 116 1,065 1,311 2,082

Netherlands Antilles. . 77,562 34,101 2,281 1,218 27,381 4,577 8,004 72,176 26,455 1,889 1,017 31,554 2,505 8,756

Panama ........ 2,346 153 190 287 1,246 299 171 1,624 96 122 30 1,076 163 137

Peru.......... 200 - 68 - 59 29 44 232 2 - - 56 35 139

Trinidad and Tobago . 74 35 - - 24 15 - 48 24 - - 23 - 1

Uruguay ........ 1,015 155 103 59 252 391 55 730 53 73 6 187 351 60

Venezuela....... 1,451 208 221 107 597 240 78 932 52 23 27 558 173 99

Other Latin America 

and Caribbean ... 2,149 427 311 180 820 278 133 1,866 376 73 54 822 249 292

Total Latin America 

and Caribbean... 552,041 153,613 54,962 19,673 242,373 43,655 37,765 523,673 141,222 47,593 10,906 243,279 40,429 40,244
CAP I TAL MOVE MENTS 93

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly known as Zaire.

Asia:

China:

Mainland ...... 16,708 13,467 2,364 189 330 293 65 14,230 12,009 1,654 36 345 92 94

Taiwan ....... 5,728 1,908 775 206 1,315 395 1,129 6,699 3,052 434 11 1,353 68 1,781

Hong Kong ...... 31,370 11,184 3,682 201 2,726 1,098 12,479 29,575 10,214 2,647 153 4,038 778 11,745

India.......... 1,293 822 - 55 205 13 198 1,185 722 - - 219 12 232

Indonesia ....... 1,179 613 10 13 172 30 341 774 394 1 36 132 17 194

Israel ......... 5,614 3,901 82 159 922 69 481 5,299 3,450 41 14 1,151 121 522

Japan ......... 170,545 72,692 13,868 3,567 23,778 6,517 50,123 160,769 64,914 8,075 1,138 20,309 7,259 59,074

Korea ......... 6,763 3,305 456 51 60 448 2,443 5,510 3,170 39 20 74 42 2,165

Lebanon........ 359 8 - 3 335 4 9 320 5 - - 301 6 8

Malaysia ....... 952 316 - 6 70 84 476 1,993 839 - - 81 1,002 71

Pakistan........ 110 - - - 102 5 3 98 - - - 91 4 3

Philippines ...... 1,457 833 52 13 131 181 247 1,645 862 - 8 131 469 175

Singapore ....... 36,421 22,564 1,448 1,437 3,740 1,838 5,394 35,043 22,918 1,548 913 3,195 1,812 4,657

Syria ......... 28 - - - 24 - 4 27 - - - 23 - 4

Thailand........ 3,554 3,277 10 2 61 7 197 3,142 2,929 - - 63 36 114

Other Asia....... 20,226 9,620 2,150 469 7,197 380 410 19,887 9,175 2,355 381 7,329 348 299

Total Asia ......

302,307 144,510 24,897 6,371 41,168 11,362 73,999 286,196 134,653 16,794 2,710 38,835 12,066 81,138

Af rica:

Congo 3 ........ 1 - - - - - 1 1 - - - 1 - -

Egypt ......... 374 134 31 48 112 7 42 1,187 993 8 32 101 4 49

Ghana ......... - - - - - - - - - - - - - -

Liberia ......... 2,027 325 1,393 81 205 4 19 2,331 407 1,661 14 222 7 20

Morocco........ 37 15 - - 18 - 4 19 - - - 18 - 1

South Africa ...... 615 182 1 - 196 31 205 915 216 - - 296 43 360

Other Africa ...... 1,323 138 207 34 622 53 269 1,131 280 - 88 479 47 237

Total Africa ..... 4,377 794 1,632 163 1,153 95 540 5,584 1,896 1,669 134 1,117 101 667

Other coun tries:

Australia ........ 20,995 8,784 728 1,024 2,702 2,437 5,320 19,470 8,303 745 194 2,350 3,722 4,156

All other ........ 2,494 229 43 37 373 1,512 300 2,347 182 32 22 393 1,475 243

Total other 

countries......

23,489 9,013 771 1,061 3,075 3,949 5,620 21,817 8,485 777 216 2,743 5,197 4,399

Total foreign 

countries.....

2,301,599 1,048,988 122,646 92,761 541,847 200,457 294,900 2,203,853 1,036,371 99,829 43,548 517,894 210,443 295,768

In ter na tional and

re gional orgs.:

International...... 2,832 1,993 243 399 129 43 25 2,095 1,763 40 53 184 41 14

European regional . . 848 129 - - - 95 624 719 198 - 10 - 162 349

Latin American 

regional ....... 795 520 4 48 94 100 29 448 163 44 9 86 116 30

Asian regional ..... 497 427 60 - 10 - - 628 603 20 - 4 1 -

African regional .... 2 - - - - 2 - - - - - - - -

Middle Eastern 

regional .......

6 4 - - 2 - - 1 - - - - - 1

Total international 

and regional.... 4,980 3,073 307 447 235 240 678 3,891 2,727 104 72 274 320 394

Grand total .... 2,306,579 1,052,061 122,953 93,208 542,082 200,697 295,578 2,207,744 1,039,098 99,933 43,620 518,168 210,763 296,162

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1999, Pre lim i nary, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
94 CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

 and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...... 19,228 13,016 483 539 3,332 585 1,273 18,866 14,448 211 93 2,708 445 961

BelgiumLuxembourg. . 89,663 25,986 4,271 11,596 32,174 7,227 8,409 71,772 22,181 2,945 5,619 27,167 5,474 8,386

Bulgaria ..... 700 528 1 - 18 89 64 542 403 - 5 8 64 62

Czech Republic . 4,961 4,671 - 54 39 44 153 4,333 4,191 - 3 38 46 55

Denmark..... 14,362 4,166 1,812 554 2,634 2,780 2,416 13,125 4,505 1,625 287 1,721 3,328 1,659

Finland ..... 7,326 3,456 356 180 218 870 2,246 7,830 3,639 189 115 150 764 2,973

France ...... 387,714 134,608 462 6,804 198,776 23,936 23,128 372,402 129,190 228 3,652 193,104 23,598 22,630

Germany .... 198,005 77,323 2,907 9,071 52,045 14,218 42,441 183,217 77,179 2,504 5,105 42,850 16,446 39,133

Greece ..... 7,712 4,799 25 144 1,410 452 882 7,285 4,299 7 71 1,442 499 967

Hungary ..... 5,983 3,298 2,321 20 39 15 290 7,205 4,860 1,975 20 50 15 285

Ireland ...... 163,608 70,239 20,423 4,634 11,861 48,433 8,018 163,893 71,406 20,046 2,512 11,683 49,337 8,909

Italy ....... 84,040 34,845 2,262 1,145 28,745 4,683 12,360 69,323 27,603 2,236 1,059 22,337 2,778 13,310

Netherlands ... 117,563 33,969 10,505 2,500 31,558 12,770 26,261 105,896 39,502 7,810 1,752 23,309 12,153 21,370

Norway ..... 11,770 5,183 445 465 2,505 448 2,724 12,054 5,107 417 613 2,266 1,494 2,157

Poland ...... 9,299 7,786 17 4 40 1,285 167 7,435 5,121 72 36 48 1,963 195

Portugal ..... 15,920 12,694 212 222 421 167 2,204 12,929 10,212 167 184 361 202 1,803

Romania..... 2,160 954 1,170 - 9 24 3 1,578 875 680 5 6 9 3

Russia1 ..... 11,173 7,328 396 45 209 2,373 822 9,891 6,265 169 5 195 2,248 1,009

Spain ...... 58,007 39,341 1,640 409 4,947 3,123 8,547 63,386 45,053 356 400 4,074 4,606 8,897

Sweden ..... 35,279 14,976 114 406 8,942 2,412 8,429 32,517 13,490 35 145 7,804 2,612 8,431

Switzerland ... 177,703 52,654 3,737 5,433 80,195 6,244 29,440 159,578 47,414 832 3,512 75,194 5,381 27,245

Turkey ...... 10,869 8,569 17 62 252 445 1,524 11,277 8,637 12 321 226 672 1,409

United Kingdom . 4,413,268 2,768,839 89,201 202,869 319,987 631,017 401,355 4,271,536 2,754,455 57,474 134,959 296,035 643,107 385,506

Yugoslavia 2... 55 - - - 46 6 3 32 - - - 20 6 6

Other Europe . . 24,082 15,084 335 620 4,796 1,559 1,688 27,938 20,480 289 79 4,278 950 1,862

Total Europe. .

5,870,450 3,344,312 143,112 247,776 785,198 765,205 584,847 5,635,840 3,320,515 100,279 160,552 717,074 778,197 559,223

Canada ...... 643,364 336,898 4,228 15,117 73,426 159,225 54,470 643,218 336,283 3,744 9,480 78,115 164,367 51,229

Latin Amer ica

 and Ca rib bean:

Argentina .... 49,289 1,457 966 779 2,569 37,791 5,727 50,492 2,363 421 986 2,213 39,299 5,210

Bahamas .... 227,601 86,748 49,489 25,779 25,295 34,230 6,060 225,035 87,160 48,121 24,193 25,329 33,083 7,149

Bermuda..... 593,722 129,632 99,982 28,089 214,868 105,201 15,950 586,576 124,490 105,684 16,725 216,604 104,916 18,157

Brazil ...... 105,010 23,902 2,384 399 2,132 52,316 23,877 104,277 21,198 4,371 1,058 2,050 51,607 23,993

British 

West Indies . . 659,943 218,467 138,284 34,952 188,829 48,706 30,705 650,264 217,610 138,673 25,429 184,257 49,844 34,451

Chile....... 7,685 3,670 108 141 1,513 1,067 1,186 7,799 3,010 23 96 1,501 1,901 1,268

Colombia .... 7,254 5,823 304 184 479 370 94 8,632 6,461 272 119 422 1,292 66

Cuba....... - - - - - - - 1 - - - - 1 -

Ecuador ..... 2,588 1,474 284 29 125 665 11 2,300 1,182 229 54 113 719 3

Guatemala.... 700 145 16 21 229 229 60 609 137 8 22 207 198 37

Jamaica ..... 426 4 185 15 78 103 41 299 58 111 43 58 12 17

Mexico ...... 37,944 13,779 1,564 2,130 3,292 8,048 9,131 36,768 13,233 108 1,127 3,223 10,900 8,177

Netherlands 

Antilles..... 294,379 112,797 1,445 2,733 115,937 17,855 43,612 314,862 126,041 1,437 1,932 119,050 17,329 49,073

Panama ..... 12,873 4,521 1,272 839 3,778 1,670 793 11,434 4,393 911 532 3,436 1,442 720

Peru ....... 2,087 553 130 48 206 545 605 1,233 45 39 32 215 450 452

Trinidad and 

Tobago .... 746 70 556 25 56 36 3 492 30 376 4 55 24 3

Uruguay ..... 7,066 912 270 168 958 3,901 857 7,220 984 232 97 937 4,277 693

Venezuela .... 12,084 5,868 878 910 1,682 2,057 689 11,491 5,809 545 462 1,585 2,436 654

Other Latin 

America and 

Caribbean . . 17,857 3,203 3,111 1,516 2,025 2,465 5,537 12,232 2,483 951 624 2,036 2,235 3,903

Total Latin 

America and 

Caribbean .

2,039,254 613,025 301,228 98,757 564,051 317,255 144,938 2,032,016 616,687 302,512 73,535 563,291 321,965 154,026

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal 

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and

Federal Financing Bank

bonds 

and

 notes

Bonds of 

U.S.

Gov’t.

corps. and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps. and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
CAP I TAL MOVE MENTS 95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly kown as Zaire.

Asia:

China:

Mainland .... 40,860 30,611 6,810 530 602 2,161 146 35,633 28,012 5,937 483 602 445 154

Taiwan ..... 18,788 10,899 926 107 3,502 1,144 2,210 21,532 12,351 2,496 81 3,578 329 2,697

Hong Kong .... 142,952 85,645 6,018 1,194 9,044 11,134 29,917 134,898 75,962 6,526 1,146 11,280 8,682 31,302

India ....... 3,424 1,888 5 27 869 68 567 3,071 1,595 1 21 887 25 542

Indonesia ..... 4,516 3,590 1 4 314 284 323 3,873 3,127 21 1 327 44 353

Israel ....... 25,854 19,483 589 723 2,553 299 2,207 23,588 17,274 335 278 2,774 1,149 1,778

Japan ...... 677,817 456,791 38,663 6,788 62,916 35,828 76,831 659,298 443,743 32,024 5,043 64,087 33,876 80,525

Korea....... 22,047 15,743 2,765 117 178 1,729 1,515 11,387 2,557 175 81 262 4,890 3,422

Lebanon ..... 860 2 2 4 636 94 122 792 2 - 3 623 31 133

Malaysia ..... 3,428 1,692 59 97 207 112 1,261 4,545 2,723 83 76 380 94 1,189

Pakistan ..... 550 7 - - 312 13 218 540 5 - 16 291 6 222

Philippines .... 6,043 4,554 242 47 470 273 457 7,128 4,697 95 27 463 1,297 549

Singapore .... 134,099 86,295 4,801 2,448 22,844 7,894 9,817 131,077 78,477 2,523 2,609 31,273 5,449 10,746

Syria ....... 154 - - - 100 1 53 137 - - - 83 - 54

Thailand ..... 15,807 15,270 - 5 125 59 348 18,408 17,716 - - 141 121 430

Other Asia .... 92,671 49,799 10,208 2,778 27,134 1,026 1,726 106,659 66,595 5,748 2,470 28,551 1,079 2,216

Total Asia ...

1,189,870 782,269 71,089 14,869 131,806 62,119 127,718 1,162,566 754,836 55,964 12,335 145,602 57,517 136,312

Af rica:

Congo 3 ..... 25 - - 2 10 7 6 20 - - 2 11 2 5

Egypt....... 2,612 1,759 194 104 342 51 162 2,161 1,432 108 73 341 46 161

Ghana ...... 8 - - - 2 - 6 6 - - - 3 1 2

Liberia ...... 3,294 1,411 313 376 879 187 128 3,343 946 318 411 1,019 544 105

Morocco ..... 54 5 - - 36 8 5 56 2 - 13 24 4 13

South Africa ... 3,564 756 44 56 1,538 508 662 3,790 748 5 105 843 576 1,513

Other Africa ... 2,853 393 86 140 1,349 243 642 2,679 445 50 40 1,276 143 725

Total Africa... 12,410 4,324 637 678 4,156 1,004 1,611 12,055 3,573 481 644 3,517 1,316 2,524

Other coun tries:

Australia ..... 92,941 48,142 2,431 2,368 9,975 16,295 13,730 95,172 50,368 1,898 1,206 10,546 15,457 15,697

All other 

countries .... 16,076 1,546 695 1,271 3,517 6,729 2,318 18,249 1,684 1,003 1,542 3,608 6,381 4,031

Total other 

countries ... 109,017 49,688 3,126 3,639 13,492 23,024 16,048 113,421 52,052 2,901 2,748 14,154 21,838 19,728

Total foreign 

countries . . 9,864,365 5,130,516 523,420 380,8361,572,129 1,327,832 929,632 9,599,116 5,083,946 465,881 259,2941,521,753 1,345,200 923,042

In ter na tional and 

re gional orgs.:

International ... 22,758 20,549 326 291 951 369 272 21,348 19,047 296 66 1,037 305 597

European 

regional ..... 155 135 4 - 2 2 12 245 161 25 - 6 44 9

Latin American 

regional ..... 2,396 724 283 271 1,068 50 - 2,227 525 173 102 1,363 55 9

Asian regional . . 1,635 1,489 80 - 35 26 5 1,283 1,161 31 - 30 24 37

African regional . 360 89 271 - - - - 1,203 25 1,176 - - 2 -

Middle Eastern 

regional ..... 670 666 - - - 2 2 267 264 - - - 1 2

Total international

and regional .

27,974 23,652 964 562 2,056 449 291 26,573 21,183 1,701 168 2,436 431 654

Grand total . . 9,892,339 5,154,168 524,384 381,3981,574,185 1,328,281 929,923 9,625,689 5,105,129 467,582 259,4621,524,189 1,345,631 923,696

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

To tal

purchases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and 

Fed eral

 Financing Bank

bonds

and

 notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
-50

0

50

100

150

1995 1996 1997 1998 1999

Jan.-Sept.

1999

July-Sept.

96 CAP I TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term

For eign Se cu ri ties by U.S. In ves tors

(In bil lions of dol lars)

To date in 1999, for eign net stock

sales to taled $21.7 bil lion. There

were strong net U.S. sales in the

sec ond quar ter, but the third quar -

ter showed a small amount of net

pur chases. U.S. in ves tors sold

stocks opposite Eu rope in the

amount of $49 bil lion. The bulk of 

these sales were made to the

United King dom, a fi nan cial cen -

ter. But net sales were the rule for

al most ev ery Eu ro pean coun try.

Con trary to the over all slow ing of

net pur chases of for eign se cu ri ties

by U.S investors, there is ev i dence 

that U.S. in ves tors are re turn ing to

East Asia. Net pur chases of Jap a -

nese stocks by U.S. in ves tors to -

taled $26 bil lion in 1999.

To date in 1999, for eign net bond

pur chases have to taled $7.6 bil -

lion. Af ter net sales in the sec ond

quar ter, the third quar ter showed

rel a tively strong net pur chases.

Net bond pur chases op po site Latin 

Amer ica, no ta bly Brazil and Mex -

ico, and the Ca rib bean fi nan cial

cen ters ac counted for all of the net

pur chases of for eign bonds by U.S. 

in ves tors in 1999.

Af ter av er ag ing about $100 bil lion 

in an nual net pur chases in the

mid-1990s, U.S. in ves tors have

sold more long-term for eign se cu -

ri ties in 1999 than they pur chased.

The de cline in net pur chases of

for eign se cu ri ties be gan in late

1997. At that time, for eign stock

pur chases by U.S. in ves tors dried

up. Al though bond pur chases re -

mained strong through the first

half of 1998, by the sec ond half of

1998 pur chases of bonds also dried 

up. In Oc to ber 1998 alone, U.S.

in ves tors’ net sales of for eign

bonds reached $16 bil lion . Not

since 1987 has there been net U.S

sales of for eign stocks. The Trea -

sury In ter na tional Cap i tal Re -

porting Sys tem has never re corded 

net sales in for eign bonds over the

course of a whole year. 

For eign bonds For eign stocks To tal for eign se cu ri ties

Note: To fa cil i tate com par i son of net pur chases dur ing

1999 with those of prior years, this chart de picts data

for all pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Cal en dar years

 Type

 1995 1996 1997 1998

Jan. - Sept. 

1999

 July - Sept.

1999

Foreign bonds ..... 48,405 51,369 48,144 17,350 7,592 10,066

Foreign stocks ..... 50,291 59,268 40,939 -6,227 -21,728 584

Total ......... 98,696 110,637 89,083 11,123 -14,136 10,650
97

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” re ports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were 

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign ex -

change mar ket par tic i pants on hold ings of six ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, pound ster ling and Euro) and the U.S. dol lar. For -

eign cur rency po si tions in the U.S. dol lar, which have been

col lected since Jan u ary 1999, are in tended to ap prox i mate "all

other" cur rency po si tions of re port ing in sti tu tions. U.S.-based

busi nesses file a con sol i dated re port for their do mes tic and

for eign sub sid iar ies, branches and agen cies. U.S. sub sid iar ies

of for eign en ti ties file only for them selves, not for their for eign 

par ents. Fil ing is re quired by law (31 United States Code

5315; 31 Code of Fed eral Reg u la tions 128, Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought

and sold. Ex emp tions from fil ing the monthly re port are given

to bank ing in sti tu tions that file the Fed eral Fi nan cial In sti tu -

tion Ex am i na tion Coun cil (FFIEC) 035 re port (“Monthly

Con sol i dated For eign Cur rency Re port”). 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change market par tic i pant that had

more than $1 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber or De cem ber). Ex emp tions from fil -

ing the quar terly re port are given to ma jor nonbank market

par tic i pants that file weekly and monthly re ports and bank ing

in sti tu tions that file FFIEC 035 re ports.

This in for ma tion is pub lished in seven sec tions cor re spond -

ing to each of the ma jor cur ren cies cov ered by the re ports. Ta -

bles I-1 through VII-1 pres ent the cur rency data re ported

weekly by ma jor market par tic i pants. Ta bles I-2 through

VII-2 pres ent more de tailed cur rency data of ma jor market

par tic i pants, based on monthly Trea sury and FFIEC 035 re -

ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated

cur rency data re ported by large market par tic i pants and

FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross-currency in ter est rate

swaps is re ported as part of pur chases or sales of for eign ex -

change. Such prin ci pal also was noted sep a rately on monthly

and quar terly re ports through De cem ber 1998, when this prac -

tice was dis con tin ued. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract. 
98 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Ca na dian

dol lars per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/07/99 ...................... 308,075 309,450 -4,540 1,4992

04/14/99 ...................... 311,445 316,568 -1,296 1.4941

04/21/99 ...................... 319,162 325,969 -717 1.4880

04/28/99 ...................... 325,253 333,004 -909 1.4750

05/05/99 ...................... 331,501 339,982 -381 1.4511

05/12/99 ...................... 327,294 330,953 244 1.4590

05/19/99 ...................... 338,149 354,421 -460 1.4688

05/26/99 ...................... 356,748 361,983 -330 1.4698

06/02/99 ...................... 344,483 347,236 -251 1.4805

06/09/99 ...................... 341,887 345,020 -352 1.4738

06/16/99 ...................... 326,769 329,835 -155 1.4595

06/23/99 ...................... 329,335 331,777 -481 1.4728

06/30/99 ...................... 329,319 335,511 -119 1.4632

07/07/99 ...................... 344,835 340,295 67 1.4706

07/14/99 ...................... 347,175 343,155 -476 1.4810

07/21/99 ...................... 345,143 349,830 -706 1.5002

07/28/99 ...................... 347,368 350,399 -1,275 1.5083

08/04/99 ...................... 344,982 347,478 -900 1.4908

08/11/99 ...................... 345,799 343,557 -1,040 1.4878

08/18/99 ...................... 342,697 342,478 -509 1.4840

08/25/99 ...................... 350,383 350,833 -549 1.4970

09/01/99 ...................... 341,750 347,285 -1,431 1.4903

09/08/99 ...................... 346,813 349,927 -1,442 1.4886

09/15/99 ...................... 345,378 345,975 -944 1.4766

09/22/99 ...................... 331,958 335,542 -1,210 1.4708

09/29/99 ...................... 360,902 363,337 -1,150 1.4661
FOR EIGN CUR RENCY PO SI TIONS 99

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Ca na dian

dol lars per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

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

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 - Dec. ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - Oct......... 374,133 370,411 74,617 61,612 78,344 81,768 74,330 73,097 -3,755 186,573 1.5435

Nov ........ 327,182 325,217 52,389 46,459 54,779 62,288 54,747 50,822 -3,508 162,832 1.5330

Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.5315

1999 - Jan......... 298,553 293,283 60,296 56,272 45,672 52,074 50,224 47,024 -3,853 n.a. 1.5117

Feb ........ 300,674 302,506 54,426 46,709 41,179 47,126 47,632 45,121 -3,367 n.a. 1.5083

Mar ........ 313,924 315,073 61,777 53,373 37,438 44,439 44,899 42,313 -4,424 n.a. 1.5092

Apr. ........ 333,064 338,919 66,983 58,614 33,601 36,387 36,637 37,243 -885 n.a. 1.4578

May......... 343,280 343,826 58,820 60,549 34,824 35,410 40,018 41,408 -299 n.a. 1.4736

June........ 330,928 333,743 60,591 53,318 33,424 34,989 33,934 36,357 -121 n.a. 1.4632

July ........ 344,584 340,670 62,555 57,291 37,269 37,713 35,642 38,165 -1,239 n.a. 1.5068

Aug ........ 403,965 402,546 53,590 50,370 34,911 35,492 31,307 34,558 -1,652 n.a. 1.4930

Sept........ 331,433 329,368 61,649 57,989 32,591 34,045 28,808 31,008 -895 n.a. 1.4678

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Ca na dian

dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dol lar)

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

1996 - 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 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

1998 - Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.4195

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.4690

Sept........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.5320

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.5315

1999 - Mar ........ 43,138 40,151 47,932 51,300 373 229 875 341 -2,849 n.a. 1.5092

June........ 26,185 25,679 50,571 45,768 378 n.a. n.a. 358 n.a. n.a. 1.4632
100 FOR EIGN CUR RENCY PO SI TIONS

04/07/99 ...................... 167,997 174,141 -2,159 2.1074

04/14/99 ...................... 158,873 168,229 -3,297 2.1123

04/21/99 ...................... 152,162 156,282 -4,625 2.0746

04/28/99 ...................... 143,721 149,209 -4,771 2.0797

05/05/99 ...................... 135,403 139,274 -4,321 2.1037

05/12/99 ...................... 120,915 125,057 -3,162 2.0830

05/19/99 ...................... 116,106 120,571 -2,681 2.0840

05/26/99 ...................... 115,026 119,580 -2,205 2.0439

06/02/99 ...................... 109,056 112,707 -2,199 2.0257

06/09/99 ...................... 118,248 121,320 -3,248 2.0480

06/16/99 ...................... 113,589 116,587 -3,084 2.0151

06/23/99 ...................... 107,016 110,766 -2,984 2.0202

06/30/99 ...................... 100,276 106,060 -2,492 2.0227

07/07/99 ...................... 101,204 108,639 -651 1.9979

07/14/99 ...................... 99,306 107,054 -928 1.9954

07/21/99 ...................... 94,246 102,942 -1,215 2.0601

07/28/99 ...................... 92,666 101,551 -876 2.0859

08/04/99 ...................... 86,176 99,639 102 2.1070

08/11/99 ...................... 82,650 91,611 411 2.0836

08/18/99 ...................... 79,213 87,385 488 2.0587

08/25/99 ...................... 76,849 87,249 -193 2.0370

09/01/99 ...................... 69,240 78,486 572 2.0697

09/08/99 ...................... 62,545 70,078 243 2.0722

09/15/99 ...................... 56,738 62,665 661 2.0333

09/22/99 ...................... 54,021 59,038 630 2.0425

09/29/99 ...................... 48,697 54,915 -956 2.0822

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Deut sche

marks per U.S. dol lar)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 101

1996 - 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 ........ 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.8493

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.8090

Sept........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.6675

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.9558

1999 - Mar ........ 34,889 30,558 77,822 76,972 5,273 3,681 6,945 3,443 -1,786 n.a. 1.7968

June........ 29,533 24,041 67,515 60,512 2,430 1,973 n.a. 2,189 n.a. n.a. 2.0227

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Deut sche 

marks per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

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 - 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 - Oct......... 3,082,739 3,001,543 365,064 361,925 895,424 840,511 843,204 875,990 976 486,314 1.6545

Nov ........ 2,579,333 2,509,441 269,532 269,293 678,618 667,183 634,741 651,355 2,088 419,021 1.6940

Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.9558

1999 - Jan......... 280,276 281,198 14,523 14,960 216,797 219,159 216,739 214,614 -2,849 n.a. 1.6824

Feb ........ 220,248 225,876 14,354 16,786 183,775 187,494 190,619 161,604 -2,991 n.a. 1.7313

Mar ........ 183,639 189,501 12,523 16,073 157,718 188,464 203,569 173,400 -3,341 n.a. 1.7968

Apr ......... 132,208 134,509 16,365 18,693 98,915 105,812 118,421 115,044 -4,833 n.a. 1.8152

May ........ 100,045 105,538 12,022 17,157 89,647 95,224 100,111 98,839 -2,240 n.a. 1.8183

June........ 99,703 105,555 10,835 15,126 66,310 68,253 76,727 73,867 -2,493 n.a. 1.8884

July ........ 86,584 95,882 10,329 15,563 52,785 n.a. 60,263 58,393 -871 n.a. 2.0922

Aug ........ 68,144 76,933 10,431 14,024 56,181 60,564 67,788 65,085 1,276 n.a. 2.0677

Sept........ 47,516 52,399 13,875 15,053 22,184 24,092 32,541 26,431 -673 n.a. 2.0918

SEC TION II.—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Dutsche

marks per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
102 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Jap a -

nese yen per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/07/99 ...................... 200,585 204,085 1,803 121.50

04/14/99 ...................... 196,800 199,742 1,683 118.68

04/21/99 ...................... 196,922 199,766 1,542 119.80

04/28/99 ...................... 196,986 200,103 1,622 119.20

05/05/99 ...................... 210,123 213,302 1,703 120.77

05/12/99 ...................... 190,676 193,661 1,583 120.95

05/19/99 ...................... 205,234 208,693 1,254 124.35

05/26/99 ...................... 199,139 202,419 1,156 122.26

06/02/99 ...................... 195,237 198,612 1,098 121.37

06/09/99 ...................... 203,556 207,152 1,251 119.00

06/16/99 ...................... 191,771 194,775 1,306 120.38

06/23/99 ...................... 187,804 190,864 1,476 121.93

06/30/99 ...................... 182,766 185,937 1,461 121.25

07/07/99 ...................... 181,760 183,678 1,126 122.28

07/14/99 ...................... 181,721 183,774 1,111 120.69

07/21/99 ...................... 193,552 196,746 1,150 118.11

07/28/99 ...................... 187,251 190,484 1,166 116.10

08/04/99 ...................... 186,233 189,049 985 114.45

08/11/99 ...................... 182,511 185,795 951 115.42

08/18/99 ...................... 187,365 190,624 860 111.92

08/25/99 ...................... 188,408 191,419 624 111.22

09/01/99 ...................... 185,542 189,691 805 109.13

09/08/99 ...................... 184,059 187,681 714 111.11

09/15/99 ...................... 195,029 198,987 636 104.50

09/22/99 ...................... 176,408 179,341 1,007 104.07

09/29/99 ...................... 177,991 181,969 1,026 106.97
FOR EIGN CUR RENCY PO SI TIONS 103

1996 - Dec ........ 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.00

1997 - Mar ........ 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.75

June ....... 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.66

Sept........ 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.38

Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58

1998 - Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30

1999 - Mar ........ 9,901 10,895 8,245 7,566 480 1,027 1,053 724 69 n.a. 118.90

June ....... 9,793 10,803 8,502 8,811 640 817 1,127 523 -77 n.a. 121.25

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Jap a nese

yen per U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

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

1996 - Dec ........ 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.00

1997 - Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58

1998 - Oct......... 268,583 274,223 33,329 34,122 59,676 57,765 80,198 81,392 2,137 79,469 116.20

Nov ........ 240,839 246,118 24,397 22,893 42,531 42,251 66,784 68,211 1,653 76,406 123.19

Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30

1999 - Jan......... 211,257 212,146 26,797 26,932 36,641 34,905 53,471 54,505 1,009 n.a. 116.40

Feb ........ 224,903 224,615 25,031 24,689 42,030 36,296 58,048 60,453 1,094 n.a. 119.10

Mar ........ 207,384 207,784 23,503 24,930 34,155 32,131 50,132 51,449 1,784 n.a. 118.90

Apr......... 197,175 198,089 21,564 21,146 33,154 31,541 52,227 46,669 1,665 n.a. 119.43

May ........ 195,249 197,202 19,375 19,021 35,589 33,232 47,452 48,636 1,418 n.a. 121.64

June ........ 184,612 185,525 19,844 19,248 32,556 29,902 40,123 41,431 1,186 n.a. 121.25

July ........ 188,240 188,795 27,372 25,729 32,000 30,068 41,131 41,372 1,082 n.a. 114.60

Aug ........ 185,739 187,133 28,036 26,103 30,597 28,023 38,653 40,315 928 n.a. 109.57

Sept ........ 178,117 181,879 28,834 26,540 30,762 29,721 46,166 48,465 1,000 n.a. 106.35

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Jap a nese

yen per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Swiss

francs per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/07/99 ...................... 420,543 414,246 384 1.4820

04/14/99 ...................... 418,971 411,213 -366 1.4842

04/21/99 ...................... 430,783 422,348 -629 1.5105

04/28/99 ...................... 441,696 433,263 -2,170 1.5115

05/05/99 ...................... 438,820 434,619 62 1.4935

05/12/99 ...................... 424,477 421,758 -707 1.5051

05/19/99 ...................... 434,406 443,025 -173 1.5037

05/26/99 ...................... 472,203 478,498 -297 1.5245

06/02/99 ...................... 428,909 447,268 -1,034 1.5377

06/09/99 ...................... 471,816 469,008 -1,519 1.5227

06/16/99 ...................... 410,593 409,112 -1,205 1.5483

06/23/99 ...................... 392,771 390,426 -1,270 1.5462

06/30/99 ...................... 397,679 400,917 -1,174 1.5507

07/07/99 ...................... 399,579 396,291 -1,382 1.5704

07/14/99 ...................... 402,253 404,603 -1,592 1.5740

07/21/99 ...................... 426,379 426,070 -425 1.5254

07/28/99 ...................... 438,068 441,882 1,826 1.4988

08/04/99 ...................... 430,077 431,133 605 1.4853

08/11/99 ...................... 426,873 429,051 -324 1.5045

08/18/99 ...................... 439,506 438,498 -679 1.5203

08/25/99 ...................... 459,585 458,496 -803 1.5388

09/01/99 ...................... 452,554 451,956 -561 1.5128

09/08/99 ...................... 452,565 447,705 -1,086 1.5107

09/15/99 ...................... 429,916 436,370 -2,945 1.5437

09/22/99 ...................... 429,287 410,678 -2,339 1.5374

09/29/99 ...................... 462,615 445,012 -1,430 1.5031
FOR EIGN CUR RENCY PO SI TIONS 105

1996 - Dec ........ 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar ........ 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June........ 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept........ 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

1998 - Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.5240

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.5210

Sept........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.3812

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.3745

1999 - Mar ........ 27,947 24,482 n.a. 19,202 n.a. n.a. 1,184 1,076 -298 n.a. 1.4820

June........ 29,812 31,250 25,519 15,996 1,748 n.a. 967 839 -396 n.a. 1.5507

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

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 - Dec ........ 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - Oct ......... 646,841 648,810 42,752 41,608 97,573 94,510 99,856 100,946 5,046 123,719 1.3519

Nov ........ 503,604 505,726 27,696 28,860 79,251 76,206 77,194 79,097 4,879 123,010 1.3944

Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.3745

1999 - Jan......... 450,636 446,627 26,369 29,264 81,695 76,531 71,407 75,559 -301 n.a. 1.4155

Feb ........ 451,113 446,586 29,233 32,622 82,594 78,255 73,355 80,096 3,755 n.a. 1.4475

Mar ........ 427,056 423,650 27,910 29,917 77,624 79,728 76,911 72,885 -192 n.a. 1.4820

Apr ......... 443,612 437,115 30,571 32,731 72,298 75,107 78,468 76,195 -1,474 n.a. 1.5245

May ........ 439,399 438,226 27,258 29,556 75,314 77,639 82,050 79,727 -602 n.a. 1.5277

June........ 411,523 406,598 28,287 29,000 75,294 74,288 83,326 82,349 -1,269 n.a. 1.5507

July ........ 433,797 434,944 28,411 30,052 67,535 67,260 71,354 71,919 1,108 n.a. 1.4912

Aug ........ 460,181 471,023 26,306 27,834 66,413 68,821 71,455 72,028 -490 n.a. 1.5140

Sept ........ 471,174 451,434 27,387 29,867 66,977 70,904 68,345 67,696 -869 n.a. 1.4954

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

04/07/99 ...................... 510,408 498,617 536 1.5955

04/14/99 ...................... 493,508 481,040 1,061 1.6133

04/21/99 ...................... 489,365 480,104 1,460 1.6062

04/28/99 ...................... 494,918 488,541 1,710 1.6140

05/05/99 ...................... 503,272 492,465 2,290 1.6367

05/12/99 ...................... 487,221 476,142 1,734 1.6173

05/19/99 ...................... 481,470 468,406 1,767 1.6170

05/26/99 ...................... 497,037 485,920 1,839 1.5943

06/02/99 ...................... 502,773 492,666 1,669 1.6047

06/09/99 ...................... 514,423 503,027 1,433 1.6027

06/16/99 ...................... 491,431 480,907 1,198 1.5880

06/23/99 ...................... 489,889 478,832 1,126 1.5800

06/30/99 ...................... 487,713 473,484 839 1.5768

07/07/99 ...................... 490,118 476,795 703 1.5596

07/14/99 ...................... 485,464 470,942 853 1.5630

07/21/99 ...................... 493,055 481,996 1,062 1.5792

07/28/99 ...................... 505,856 491,632 1,113 1.5965

08/04/99 ...................... 500,754 487,144 1,106 1.6216

08/11/99 ...................... 519,077 504,312 2,328 1.6120

08/18/99 ...................... 511,604 496,431 1,677 1.6022

08/25/99 ...................... 525,867 510,674 2,050 1.5849

09/01/99 ...................... 518,866 503,199 1,559 1.6043

09/08/99 ...................... 519,500 502,720 980 1.6184

09/15/99 ...................... 501,467 485,501 -22 1.6129

09/22/99 ...................... 498,641 473,755 -354 1.6292

09/29/99 ...................... 548,007 527,701 -323 1.6446

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (U.S. Dol -

lars per pound)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 107

1996 - Dec.......... 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar.......... 44,216 48,560 40,627 34,423 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 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar.......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.6720

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.6672

Sept.......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.6548

1999 - Mar.......... 33,546 38,906 49,167 38,023 1,339 1,970 3,120 3,484 -468 n.a. 1.6115

June ......... 32,816 38,434 61,034 48,668 1,652 1,822 1,848 n.a. -448 n.a. 1.5768

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward 

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

Net delta 

equivalent

Cross cur -

rency in ter -

est rate

swaps

Ex change 

rate 

(U.S.Dol lars

per pound)

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

1996 - Dec ........ 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - Oct......... 662,734 655,281 100,717 108,586 83,670 79,949 91,857 99,336 2,767 100,023 1.6745

Nov ........ 511,460 501,265 78,413 81,867 67,680 63,997 77,358 82,243 1,618 93,621 1.6479

Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.6548

1999 - Jan......... 487,583 477,056 90,272 92,204 62,385 61,423 80,018 81,100 1,433 n.a. 1.6460

Feb ........ 496,030 482,364 100,198 101,123 62,256 61,263 68,567 69,703 -747 n.a. 1.6025

Mar ........ 512,728 503,529 88,543 89,057 61,333 60,462 64,172 66,868 587 n.a. 1.6115

Apr ......... 489,904 479,923 92,073 91,496 55,849 55,365 62,432 63,531 1,102 n.a. 1.6090

May ........ 495,179 481,530 92,158 92,214 52,678 51,276 56,714 61,202 707 n.a. 1.6036

June........ 493,914 477,816 96,012 97,069 48,784 47,506 57,312 61,093 -194 n.a. 1.5768

July ........ 505,654 491,501 92,533 93,229 48,773 48,581 57,026 59,731 279 n.a. 1.6220

Aug ........ 520,016 500,258 97,350 98,928 52,052 54,874 66,158 75,327 405 n.a. 1.6052

Sept........ 546,347 527,938 93,162 93,517 48,100 51,086 57,149 58,340 -1,028 n.a. 1.6465

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

 Net delta

equiv a lent

Cross cur -

rency in ter -

est rate 

swaps

Ex change 

rate 

(U.S. Dol lars 

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions

TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions Ex change rate

Re port date (1) (2) (3) (4)

04/07/99 ......................... 5,191,958 5,216,282 -1,942 n.a.

04/14/99 ......................... 5,177,530 5,186,411 -3,460 n.a.

04/21/99 ......................... 5,187,635 5,167,506 -1,665 n.a.

04/28/99 ......................... 5,196,212 5,180,465 -2,825 n.a.

05/05/99 ......................... 5,295,698 5,301,506 -3,366 n.a.

05/12/99 ......................... 5,161,968 5,166,695 -4,439 n.a.

05/19/99 ......................... 5,246,131 5,241,583 -2,376 n.a.

05/26/99 ......................... 5,326,530 5,327,701 -2,664 n.a.

06/02/99 ......................... 5,186,503 5,189,732 271 n.a.

06/09/99 ......................... 5,430,866 5,448,005 1,453 n.a.

06/16/99 ......................... 5,141,112 5,168,892 2,265 n.a.

06/23/99 ......................... 5,089,513 5,129,918 -249 n.a.

06/30/99 ......................... 5,068,173 5,096,664 -607 n.a.

07/07/99 ......................... 5,019,808 5,075,408 -1,316 n.a.

07/14/99 ......................... 5,048,743 5,088,557 -2,324 n.a.

07/21/99 ......................... 5,255,062 5,288,783 -3,790 n.a.

07/28/99 ......................... 5,233,367 5,267,133 -3,790 n.a.

08/04/99 ......................... 5,223,275 5,263,155 -6,398 n.a.

08/11/99 ......................... 5,202,029 5,235,452 -4,933 n.a.

08/18/99 ......................... 5,249,219 5,285,871 -4,797 n.a.

08/25/99 ......................... 5,268,092 5,336,768 -2,277 n.a.

09/01/99 ......................... 5,230,315 5,274,123 -625 n.a.

09/08/99 ......................... 5,221,728 5,281,764 3,972 n.a.

09/15/99 ......................... 5,231,028 5,268,215 6,451 n.a.

09/22/99 ......................... 5,058,591 5,107,582 5,421 n.a.

09/29/99 ......................... 5,305,851 5,350,071 7,465 n.a.
FOR EIGN CUR RENCY PO SI TIONS 109

SEC TION VI.—U.S. Dol lar Po si tions, con.

TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate Exchange

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

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

1999 - Jan........ 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a.

Feb ........ 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a.

Mar ........ 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a.

Apr ........ 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a.

May ....... 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a.

June ....... 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a.

July........ 5,279,823 5,302,309 - - 628,617 606,469 610,172 582,079 -7,213 n.a.

Aug ........ 5,268,144 5,279,461 - - 641,397 622,160 623,278 592,968 -4,545 n.a.

Sept ....... 5,317,938 5,354,366 - - 644,972 624,798 702,227 547,030 3,703 n.a.

Report date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

 Ex change

 rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Mar....... 340,424 342,819 - - 44,981 n.a. 24,758 31,891 -2,548 n.a. n.a.

June ...... 342,722 370,516 - - 28,176 n.a. 12,908 31,435 -4,313 n.a. n.a.
110 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions

TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Euros per

U.S. dol lar)

Re port date (1) (2) (3) (4)

04/07/99 ...................... 1,412,156 1,418,220 -2,565 0.9281

04/14/99 ...................... 1,454,609 1,464,087 -2,342 0.9259

04/21/99 ...................... 1,445,261 1,446,862 -3,593 0.9428

04/28/99 ...................... 1,447,381 1,445,543 -3,981 0.9405

05/05/99 ...................... 1,464,065 1,474,074 -5,049 0.9297

05/12/99 ...................... 1,480,645 1,490,629 -3,478 0.9390

05/19/99 ...................... 1,492,178 1,494,774 -4,457 0.9385

05/26/99 ...................... 1,531,197 1,531,301 -4,937 0.9569

06/02/99 ...................... 1,494,925 1,500,792 -7,324 0.9655

06/09/99 ...................... 1,595,380 1,600,639 -5,202 0.9550

06/16/99 ...................... 1,447,979 1,458,906 -6,548 0.9706

06/23/99 ...................... 1,454,574 1,464,936 -4,536 0.9681

06/30/99 ...................... 1,456,870 1,466,820 -5,880 0.9669

07/07/99 ...................... 1,440,465 1,448,007 -7,322 0.9790

07/14/99 ...................... 1,463,814 1,476,073 -3,073 0.9802

07/21/99 ...................... 1,524,518 1,539,028 -1,994 0.9494

07/28/99 ...................... 1,501,724 1,518,344 -1,455 0.9376

08/04/99 ...................... 1,530,420 1,538,962 -537 0.9282

08/11/99 ...................... 1,510,444 1,524,622 -203 0.9387

08/18/99 ...................... 1,544,637 1,559,511 -2,347 0.9500

08/25/99 ...................... 1,591,487 1,608,972 -2,567 0.9602

09/01/99 ...................... 1,533,324 1,550,042 -3,564 0.9450

09/08/99 ...................... 1,587,056 1,600,868 -3,911 0.9438

09/15/99 ...................... 1,575,436 1,599,496 -3,830 0.9619

09/22/99 ...................... 1,586,180 1,591,799 -4,105 0.9576

09/29/99 ...................... 1,674,578 1,692,268 -4,504 0.9393
FOR EIGN CUR RENCY PO SI TIONS 111

SEC TION VII.—Euro Po si tions, con.

TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Jan........ 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.8800

Feb ....... 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.9072

Mar ....... 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.9289

Apr........ 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.9456

May ....... 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.9592

June....... 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.9669

July ....... 1,548,840 1,535,220 516,778 501,493 383,833 404,428 439,824 336,243 -1,453 0.9348

Aug ....... 1,548,312 1,546,834 443,457 422,338 480,873 493,330 449,582 331,725 -2,388 0.9459

Sept....... 1,696,687 1,689,902 433,942 412,149 485,119 475,029 399,095 350,204 -3,638 0.9350

1999 - Mar ....... 92,678 153,729 97,868 93,525 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289

June ...... 110,006 119,130 78,834 65,181 3,725 6,673 6,235 4,257 -2,594 n.a. 0.9669

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts

Net delta

equiv a lent

Cross cur -

rency in ter est 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written rate swaps

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
112

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Ex -

change Sta bi li za tion Fund (ESF) was es tab lished un der the

Gold Re serve Act of Jan u ary 30, 1934 (31 United States Code

5302), which au tho rized es tab lish ment of a Trea sury fund to

be op er ated un der the ex clu sive con trol of the Sec re tary, with

ap proval of the Pres i dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

 • Ta ble ESF-1 pres ents the as sets, li a bil i ties and cap i tal

of the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the ac -

crual method of ac count ing. The cap i tal ac count rep re sents the 

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 bil -

lion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary

Fund. Gains and losses are re flected in the cu mu la tive net in -

come (+) or loss (-) ac count.

• Ta ble ESF-2 shows the re sults of op er a tions by quar ter. 

Fig ures are in U.S. dol lars or their equiv a lents com puted ac -

cord ing to the ac crual method. “Profit (+) or loss (-) on for eign

ex change” in cludes re al ized prof its or losses. “Ad just ment for

change in val u a tion of SDR hold ings and al lo ca tions” re flects

net gain or loss on re val u a tion of SDR hold ings and al lo ca tions 

for the quar ter.

TA BLE ESF-1.—Bal ances as of Dec. 31, 1998, Mar. 31, 1999, and June 30, 1999

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

 

 As sets, li a bil i ties and cap i tal Dec. 31, 1998 

Jan. 1, 1999,

through 

Mar. 31, 1999 Mar. 31, 1999 

Apr. 1, 1999, 

through 

June 30, 1999 June 30, 1999

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties ................. 15,985,875 157,779 16,143,654 216,488 16,360,142 

Spe cial draw ing rights1 . ....................... 10,602,657 -920,778 9,681,879 37,076 9,718,955 

For eign ex change and se cu ri ties: 2

 Ger man marks ............................. 6,494,397 742,221 7,236,618 -292,017 6,944,601 

 Jap a nese yen ............................. 9,820,754 -1,852,213 7,968,541 -181,559 7,786,982 

Ac counts re ceiv able .......................... 114,721 -20,889 93,832 9,968 103,800 

 To tal as sets. .............................. 43,018,404 -1,893,880 41,124,524 -210,044 40,914,480 

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able .......................... 65,702 1,105 66,807 142,648 209,455 

 To tal cur rent li a bil i ties ..................... 65,702 1,105 66,807 142,648 209,455 

Other li a bil i ties:

 Spe cial draw ing rights cer tif i cates .............. 9,200,000 -1,000,000 8,200,000 - 8,200,000 

 Spe cial draw ing rights al lo ca tions .............. 6,898,657 -245,881 6,652,776 -107,642 6,545,134 

 To tal other li a bil i ties ....................... 16,098,657 -1,245,881 14,852,776 -107,642 14,745,134 

Cap i tal:

 Cap i tal ac count ............................ 200,000 - 200,000 - 200,000 

 Net in come (+) or loss (-) (see ta ble ESF-2)...... 26,654,045 -649,104 26,004,941 -245,050 25,759,891 

 To tal cap i tal ............................. 26,854,045 -649,104 26,204,941 -245,050 25,959,891 

 To tal li a bil i ties and cap i tal ................ 43,018,404 -1,893,880 41,124,524 -210,044 40,914,480 

See foot notes on the fol low ing page.
EX CHANGE STA BI LI ZA TION FUND 113

Pre vi ous quar ter

Jan. 1, 1999,

through 

Mar. 31, 1999

Pre vi ous fis cal 

year to date 

Oct. 1, 1998 

through 

Mar. 31, 1999

Cur rent quar ter 

Apr. 1, 1999, 

through 

June 30, 1999

Fis cal year to date 

Oct. 1, 1998, 

through 

June 30, 1999

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change. ................................

-817,377 882,061 -500,468 381,593 

 Ad just ment for change in val u a tion

 of spe cial draw ing rights hold ings and al lo ca tions1....... -112,932 -21,330 -51,449 -72,779 

 In ter est (+) or net charges (-) on:

 Spe cial draw ing rights .............................

 27,691 61,221 25,417 86,638 

 U.S. Gov ern ment se cu ri ties ......................... 209,768 407,761 190,800 598,561 

 For eign ex change................................. 43,746 104,390 55,104 159,494 

 Com mis sions ...................................... - - 35,546 35,546 

 In come from op er a tions .......................... -649,104 1,434,103 -245,050 1,189,053 

 Net in come (+) or loss (-) ....................... -649,104 1,434,103 -245,050 1,189,053 

1

 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

spe cial draw ing rights based on a weighted av er age of ex change rates for the cur ren cies of se -

lected mem ber coun tries. The U.S. spe cial draw ing rights hold ings and al lo ca tions are val ued

on this ba sis be gin ning July 1974.

2

 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery.

 Note.—An nual bal ance sheets for fis cal years 1934 through 1940 ap peared in the 1940 “An -

nual Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in subse quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,

have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,

may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]
IN TRO DUC TION: Trust Funds

117

CHART TF-A.—Ma jor Trust Funds

To tal Net In crease or De crease in As sets

(In bil lions of dol lars)

The ta bles and charts in this sec tion pres ent the most re - cent data avail able on var i ous trust funds ad min is tered by the

Trea sury. Trust funds are mon eys held by the Gov ern ment in

ac counts es tab lished by law or by trust agree ment for spe cific

pur poses and des ig nated by law as be ing trust funds. 

This re port com piles data from many sources and pro - vides in for ma tion in a con sol i dated man ner. 

The Civil Ser vice Re tire ment and Dis abil ity Fund is op er -

ated by the Of fice of Per son nel Man age ment. The Fed eral

Hos pi tal In sur ance and Fed eral Sup ple men tary Med i cal In -

sur ance Trust Funds are un der the aus pices of the De part ment

of Health and Hu man Ser vices’ Health Care Fi nancing Ad - min is tra tion. The Fed eral Old-age and Sur vi vors In sur ance

and Fed eral Dis abil ity In sur ance Trust Funds are ad min is tered

by So cial Se cu rity. 

In ad di tion, the De part ment of Vet erans Af fairs’ Vet erans

Ben e fits Ad min is tra tion dis burses the Na tional Ser vice Life

In sur ance Fund. The De part ment of La bor’s Em ploy ment and

Training Ad min is tra tion is re spon si ble for the Un em ploy ment 

Trust Fund. 

Data for the Rail road Re tire ment Trust Fund are also in - cluded in this sec tion. That trust fund is ad min is tered by the

Rail road Re tire ment Board, an in de pend ent agency. 

The fol low ing ta bles are pub lished in the De cem ber is sue

of the “Trea sury Bul le tin” each year. Most of the data for the

ta bles came from the “Monthly Trea sury State ment of Re -

ceipts and Out lays of the United States Gov ern ment,” in which 

monthly data are pub lished. Es ti mated fig ures are based on the 

“Bud get of the United States Gov ern ment, Fis cal Year 2000,”

re leased Feb ru ary 1, 1999.

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

1999

1998

Civil

Service

Retirement

and

Disability

Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust

Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Retirement

Ac count

Un em ploy -

ment Trust

Fund

Source: Fi nan cial Man age ment Ser vice
118 TRUST FUNDS

CHART TF-B.—To tal Re ceipts of Ma jor Trust Funds

(In bil lions of dol lars)

Source: Fi nan cial Man age ment Ser vice

0

50

100

150

200

250

300

350

400

450

500

1999

1998

Civil

Service

Retirement

and

Disability

Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Re tire ment

Ac count

Un em ploy -

ment Trust 

Fund
TRUST FUNDS 119

CHART TF-C.—To tal Ex pen di tures of Ma jor Trust Funds

(In bil lions of dol lars)

0

50

100

150

200

250

300

350

1999

1998

Civil Service 

Retirement

and Disability Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Re tire ment 

Ac count

Un em ploy -

ment Trust

Fund

Source: Fi nan cial Man age ment Ser vice
120 TRUST FUNDS

TA BLE TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

Re ceipts 

Do na tions, service credit payments, and other In ter est and

Fis cal year Agencies’ Em ployees’ Fed eral mis cel la neous prof its on

or month To tal con tri bu tions con tri bu tions con tri bu tions re ceipts in vest ments

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

1995 ................... 65,699 13,206 4,318 19,950 168 28,056

1996 ................... 67,336 13,632 4,251 20,060 154 29,239

1997 ................... 70,228 14,133 4,205 21,254 154 30,483

1998 ................... 72,229 14,828 4,124 21,357 153 31,766

1999 ................... 74,522 15,131 4,250 21,401 161 33,579

2000 - Est............... 76,329 15,502 4,346 21,812 28 34,641

1998 - Oct .............. 2,740 1,123 383 1,216 18 2

 Nov .............. 1,197 804 314 - 13 66

 Dec .............. 17,480 1,111 396 - 15 15,957

1999 - Jan .............. 1,245 910 322 - 11 2

 Feb .............. 1,267 895 337 - 11 24

 Mar .............. 1,290 915 337 - 13 26

 Apr............... 1,618 1,146 409 - 14 50

 May .............. 1,383 925 333 - 12 113

 June ............. 17,464 1,009 375 - 13 16,067

 July .............. 1,469 1,072 382 - 13 1

 Aug .............. 1,258 889 328 - 13 28

 Sept.............. 26,110 4,332 335 21,401 14 28

Fis cal 1999.............. 74,522 15,131 4,250 21,401 161 33,579

Fis cal year To tal ex pen di tures Net in crease, As sets, end of pe riod

or month other than in vest ments or de crease (-), in as sets To tal In vest ments Un ex pended bal ance

(7) (8) (9) (10) (11)

1995................... 38,435 27,264 364,901 366,126 -1,225

1996................... 39,778 27,558 392,459 385,443 7,016

1997................... 41,723 28,505 420,965 414,404 6,561

1998................... 43,058 29,170 450,135 446,757 3,378

1999................... 43,932 30,590 480,725 480,640 85

2000 - Est .............. 46,701 29,628 510,551 510,551 -

1998 - Oct.............. 3,638 -898 449,237 449,064 173

 Nov .............. 3,568 -2,371 446,866 446,682 184

 Dec .............. 3,570 13,910 460,776 460,597 179

1999 - Jan.............. 3,678 -2,433 458,343 458,150 193

 Feb .............. 3,628 -2,361 455,982 455,866 116

 Mar .............. 3,635 -2,345 453,637 453,456 181

 Apr .............. 3,753 -2,135 451,502 451,297 205

 May .............. 3,655 -2,272 449,231 449,025 206

 June ............. 3,640 13,824 463,055 462,898 157

 July .............. 3,700 -2,231 460,824 460,724 100

 Aug .............. 3,662 -2,404 458,420 458,282 138

 Sept ............. 3,805 22,305 480,725 480,640 85

Fis cal 1999 ............. 43,932 30,590 480,725 480,640 85

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 
TRUST FUNDS 121

TA BLE TF-2.—Fed eral Hos pi tal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year In ter est and prof its

or month To tal Net ap pro pri a tions Fed eral pay ments De posits by States on in vest ments Other

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

1995 ............. 114,786 97,489 4,504 * 10,870 1,922

1996 ............. 123,501 106,422 4,696 1 10,389 1,992

1997 ............. 128,583 112,137 4,319 17 9,758 2,353

1998 ............. 138,100 121,308 5,331 -2 9,154 2,308

1999 ............. 152,948 133,774 7,484 * 9,287 2,402

2000 - Est......... 152,387 136,111 7,052 - 9,068 156

1998 - Oct ........ 9,807 9,613 1 - 31 163

 Nov ........ 10,646 10,482 * * 7 156

 Dec ........ 16,962 12,383 1 - 4,423 156

1999 - Jan ........ 13,969 11,723 2,067 * 8 170

 Feb ........ 9,264 9,082 1 - 25 156

 Mar ........ 11,402 10,410 749 - 78 166

 Apr......... 15,429 13,228 1,989 - 51 160

 May ........ 9,792 9,590 * * 39 163

 June ....... 18,073 11,636 1,255 * 4,591 590

 July ........ 10,535 10,201 138 - 8 189

 Aug ........ 10,075 9,897 * - 11 167

 Sept........ 16,993 15,528 1,283 - 16 166

Fis cal 1999........ 152,948 133,774 7,484 * 9,287 2,402

Ex pen di tures other than investments Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended

or month To tal pay ments ex penses Other (-), in as sets To tal In vest ments bal ance

(7) (8) (9) (10) (11) (12) (13) (14)

1995 ............. 114,883 113,583 1,297 2 -97 125,465 129,864 -4,399

1996 ............. 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

1997 ............. 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767

1998 ............. 136,690 135,487 1,178 25 1,410 116,264 118,250 -1,986

1999 ............. 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314

2000 - Est ......... 146,046 135,307 1,299 9,440 6,341 123,976 123,976 -

1998 - Oct......... 12,195 12,081 114 - -2,388 113,876 115,067 -1,191

 Nov ......... 9,435 9,353 82 - 1,210 115,087 117,520 -2,433

 Dec ......... 12,351 12,216 134 - 4,612 119,698 120,739 -1,041

1999 - Jan......... 8,573 8,484 89 - 5,396 125,094 126,973 -1,879

 Feb ......... 10,109 10,005 104 - -844 124,250 125,385 -1,135

 Mar ......... 12,106 11,997 108 - -703 123,546 124,181 -635

 Apr ......... 13,441 13,416 25 - 1,988 125,534 128,550 -3,016

 May ........ 8,755 8,597 154 4 1,038 126,572 131,905 -5,333

 June ........ 11,237 11,109 122 6 6,836 133,408 139,591 -6,183

 July ......... 12,098 11,994 101 2 -1,563 131,845 139,604 -7,759

 Aug ......... 9,450 9,334 115 1 624 132,469 141,955 -9,486

 Sept ........ 11,010 10,874 135 2 5,983 138,453 153,767 -15,314

Fis cal 1999 ........ 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 
122 TRUST FUNDS

TA BLE TF-3.—Fed eral Dis abil ity In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Re ceipts Ex pen di tures other than in vest ments

Fis cal year De posits In ter est and prof its Ben e fit

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments

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

1995 ............... 70,148 67,919 * 1,888 341 41,380 40,242

1996 ............... 59,435 56,528 - 2,481 426 44,355 43,278

1997 ............... 60,112 56,135 6 3,526 446 46,701 45,430

1998 ............... 62,956 57,944 1 4,432 579 49,459 47,739

1999 ............... 67,792 61,884 * 5,223 684 52,142 50,488

2000 - Est........... 74,160 68,277 - 5,873 10 56,132 54,388

1998 - Oct........... 4,378 4,179 - 5 193 4,179 4,045

 Nov .......... 4,498 4,485 * 12 1 4,132 4,035

 Dec .......... 7,367 4,891 - 2,474 1 7,776 7,623

1999 - Jan .......... 5,989 5,810 * 2 177 765 637

 Feb .......... 4,803 4,789 - 13 1 4,278 4,162

 Mar .......... 5,286 5,270 - 14 2 4,341 4,215

 Apr........... 6,690 6,490 - 55 145 4,373 4,229

 May .......... 5,049 5,010 * 39 1 4,325 4,212

 June.......... 8,508 5,919 * 2,588 1 4,505 4,212

 July .......... 4,883 4,736 - -1 149 4,498 4,364

 Aug .......... 4,867 4,854 - 12 1 4,526 4,400

 Sept.......... 5,475 5,451 - 12 12 4,445 4,353

Fis cal 1999.......... 67,792 61,884 * 5,223 684 52,142 50,488

 Ex pen di tures other than investments, con.

Pay ments

to rail road Net in crease, As sets, end of pe riod

Fis cal year re tire ment Ad min is tra tive or de crease Un ex pended

or month ac count ex penses Other (-), in as sets To tal In vest ments bal ance

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

1995 .............. 68 1,064 5 28,768 36,079 35,225 854

1996 .............. 2 1,060 15 15,080 51,160 50,100 1,060

1997 .............. 59 1,160 52 13,411 64,571 63,562 1,009

1998 .............. 157 1,488 76 13,497 78,068 76,996 1,072

1999 .............. 135 1,480 40 15,650 93,718 92,666 1,052

2000 - Est ......... 122 1,540 82 18,028 110,038 110,038 -

1998 - Oct......... - 134 - 199 78,266 77,240 1,026

 Nov ......... - 96 - 366 78,633 77,592 1,041

 Dec ......... - 153 - -410 78,223 78,264 -41

1999 - Jan......... - 128 - 5,224 83,447 82,368 1,079

 Feb ......... - 116 - 525 83,972 82,996 976

 Mar ......... - 126 * 945 84,917 83,894 1,023

 Apr ......... - 143 - 2,317 87,234 86,176 1,058

 May ......... - 77 36 725 87,959 86,890 1,069

 June ........ 135 163 -4 4,003 91,962 90,916 1,046

 July ......... - 132 2 385 92,347 91,314 1,033

 Aug ........ - 123 3 340 92,688 91,630 1,058

 Sept ........ - 87 4 1,031 93,718 92,666 1,052

Fis cal 1999 ........ 135 1,480 40 15,650 93,718 92,666 1,052

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 
TRUST FUNDS 123

TA BLE TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Ex pen di tures other than in vest ments

Re ceipts Pay ments to railFis cal year De posits Net earn ings Ben e fit road re tire ment

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments ac count

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

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

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

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 

1995 ............. 325,860 289,299 1 31,417 5,143 294,474 288,622 4,052

1996 ............. 357,041 316,965 33 34,026 3,013 305,461 299,987 3,554

1997 ............. 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688

1998 ............. 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662

1999 ............. 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681

2000 - Est......... 468,252 398,780 - 50,619 18,853 354,990 346,941 3,508

1998 - Oct......... 29,444 26,299 - 29 3,115 27,460 27,282 -

 Nov ......... 28,282 28,225 * 44 13 27,438 27,305 -

 Dec ......... 53,509 30,986 - 22,510 14 53,764 53,549 -

1999 - Jan......... 39,351 36,560 * 5 2,785 1,880 1,735 -

 Feb ......... 30,236 30,136 - 78 21 27,815 27,648 -

 Mar ......... 33,291 33,167 - 97 27 27,952 27,753 -

 Apr ......... 43,516 40,849 - 327 2,340 27,944 27,799 -

 May ........ 31,844 31,531 * 297 16 27,966 27,835 -

 June ........ 60,578 37,259 * 23,303 16 31,787 27,917 3,681

 July ......... 31,965 29,864 - 15 2,086 27,936 27,802 -

 Aug ......... 30,624 30,552 - 61 12 27,864 27,851 -

 Sept ........ 34,337 34,277 - 80 -20 28,109 27,907 -

Fis cal 1999 ........ 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681

1995 ............. 1,799 - 31,386 455,688 447,947 7,741

1996 ............. 1,791 129 51,580 507,269 499,403 7,866

1997 ............. 2,001 - 67,916 575,185 567,445 7,740

1998 ............. 1,832 - 85,919 661,104 653,282 7,822

1999 ............. 1,851 - 109,061 770,165 762,226 7,939

2000 - Est......... 1,841 2,700 113,262 873,485 873,485 -

1998 - Oct......... 178 - 1,983 663,087 655,461 7,626

 Nov ......... 134 - 844 663,931 656,371 7,560

 Dec ......... 215 - -255 663,676 662,376 1,300

1999 - Jan......... 145 - 37,470 701,147 692,979 8,168

 Feb ......... 167 - 2,421 703,567 695,930 7,637

 Mar......... 199 - 5,339 708,906 701,098 7,808

 Apr ......... 145 - 15,572 724,478 716,667 7,811

 May ........ 131 - 3,879 728,357 720,469 7,888

 June ........ 189 - 28,790 757,147 749,287 7,860

 July......... 134 - 4,029 761,176 753,396 7,780

 Aug......... 14 - 2,760 763,936 755,857 8,079

 Sept ........ 202 - 6,229 770,165 762,226 7,939

Fis cal 1999 ........ 1,851 - 109,061 770,165 762,226 7,939
124 TRUST FUNDS

TA BLE TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other than in vest ments

Fis cal year Fed eral In ter est and prof its Ben e fit

or month To tal Pre miums con tri bu tions on in vest ments Other To tal pay ments

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

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

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

1995 ............... 58,169 17,126 36,988 1,935 2,120 65,213 63,491

1996 ............... 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1997 ............... 80,806 16,984 59,471 2,192 2,159 72,553 71,133

1998 ............... 81,955 17,153 59,919 2,606 2,277 76,272 74,837

1999 ............... 85,278 17,722 62,185 2,925 2,446 80,518 79,008

2000 - Est........... 100,912 21,441 68,221 2,928 8,322 101,720 91,644

1998 - Oct........... 6,688 1,452 5,030 15 191 8,426 8,328

 Nov ........... 6,657 1,440 5,011 11 195 4,415 4,302

 Dec........... 13,682 2,815 9,310 1,315 241 8,862 8,714

1999 - Jan........... 1,297 142 986 9 159 4,385 4,265

 Feb ........... 6,927 1,566 5,221 17 123 6,276 6,149

 Mar ........... 7,165 1,529 5,388 44 204 7,232 7,095

 Apr ........... 6,925 1,386 5,219 43 278 7,788 7,742

 May........... 6,997 1,486 5,261 45 206 5,230 4,956

 June .......... 8,176 1,461 5,225 1,274 215 7,233 7,078

 July ........... 6,886 1,450 5,195 24 217 8,300 8,185

 Aug ........... 6,986 1,576 5,265 18 127 5,527 5,508

 Sept .......... 6,892 1,418 5,074 109 291 6,843 6,685

Fis cal 1999 .......... 85,278 17,722 62,185 2,925 2,446 80,518 79,008

1995 .............. 1,720 2 -7,044 13,523 13,513 10

1996 .............. 1,733 5 13,079 26,602 27,175 -573

1997 .............. 1,403 17 8,252 34,855 34,464 391

1998 .............. 1,413 22 5,683 40,538 39,502 1,036

1999 .............. 1,493 17 4,760 45,297 26,528 18,769

2000 - Est .......... 1,593 8,483 -808 45,391 45,391 -

1998 - Oct .......... 98 - -1,738 38,800 38,480 320

 Nov .......... 113 - 2,242 41,042 40,532 510

 Dec .......... 148 - 4,819 45,861 46,296 -435

1999 - Jan .......... 120 - -3,089 42,772 42,118 654

 Feb .......... 128 - 650 43,423 43,434 -11

 Mar .......... 136 - -67 43,356 42,008 1,348

 Apr .......... 46 - -863 42,493 38,269 4,224

 May ......... 264 10 1,767 44,260 36,407 7,853

 June ......... 151 4 943 45,203 35,954 9,249

 July .......... 114 1 -1,414 43,789 32,600 11,189

 Aug .......... 18 1 1,459 45,248 32,303 12,945

 Sept ......... 157 1 49 45,297 26,528 18,769

Fis cal 1999 ......... 1,493 17 4,760 45,297 26,528 18,769

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 
TRUST FUNDS 125

TA BLE TF-6.—Na tional Ser vice Life In sur ance Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Ex pen di tures other

than in vest ments

 Re ceipts (ben e fits,

Trans fers from In ter est net lend ing, Net in crease, As sets, end of pe riod

Fis cal year Pre miums and gen eral and and prof its re funds, and or de crease Un ex pended

or month To tal other re ceipts spe cial funds on in vest ments div i dends) (-), in as sets To tal In vest ments bal ance

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

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 

1995............... 1,348 272 2 1,074 1,249 98 11,968 11,954 14

1996............... 1,288 236 2 1,050 1,240 48 12,016 12,007 9

1997............... 1,248 231 2 1,015 1,227 21 12,058 12,023 35

1998............... 1,196 217 2 977 1,210 -15 12,044 12,008 36

1999............... 1,146 204 6 936 1,201 -55 11,989 11,954 35

2000 - Est........... 1,560 196 2 1,362 1,782 -222 11,656 11,656 -

1998 - Oct .......... 20 17 * 3 94 -74 11,970 11,939 31

 Nov .......... 19 15 * 3 85 -66 11,904 11,872 32

 Dec .......... 481 18 * 463 96 384 12,288 12,253 35

1999 - Jan .......... 24 19 5 * 101 -77 12,211 12,184 27

 Feb .......... 18 17 * * 93 -75 12,136 12,110 26

 Mar .......... 22 21 * 1 122 -100 12,037 12,001 36

 Apr .......... 18 16 * 1 109 -91 11,946 11,909 37

 May .......... 16 15 * 2 99 -82 11,863 11,837 26

 June ......... 487 28 * 459 102 385 12,249 12,211 38

 July .......... 6 6 * * 92 -85 12,164 12,132 32

 Aug .......... 17 16 * 1 93 -76 12,088 12,055 33

 Sept.......... 18 15 * 2 117 -99 11,989 11,954 35

Fis cal 1999.......... 1,146 204 6 936 1,201 -55 11,989 11,954 35
126 TRUST FUNDS

TA BLE TF-7.—Rail road Re tire ment Ac count

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other

 In ter est than in vest ments

Fis cal year and prof its Ben e fit

or month To tal Ap pro pri a tions on in vest ments Other To tal pay ments

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

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

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

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999.

1995 ............. 9,093 3,942 1,033 4,118 7,917 2,915

1996 ............. 4,958 3,872 1,108 -21 7,992 2,940

1997 ............. 9,270 4,051 1,234 3,985 8,322 2,984

1998 ............. 10,443 4,353 2,017 4,073 8,391 2,984

1999 ............. 8,763 4,143 313 4,308 8,384 2,977

2000 - Est......... 3,831 2,839 992 - 3,136 -

1998 - Oct......... 560 328 150 81 680 243

 Nov ......... 518 478 40 - 676 248

 Dec ......... 441 339 102 - 678 250

1999 - Jan......... 520 348 94 78 681 252

 Feb ......... 177 445 -295 27 683 254

 Mar......... 610 462 148 - 678 252

 Apr ......... 602 375 142 85 681 252

 May ........ 85 242 -157 - 680 253

 June ........ 3,665 -67 -85 3,816 920 254

 July......... 687 393 73 221 672 247

 Aug......... 524 459 65 - 677 247

 Sept ........ 374 339 35 - 677 226

Fis cal 1999 ........ 8,763 4,143 313 4,308 8,384 2,977

1995 .............. 71 4,931 1,176 9,827 14,440 -4,613

1996 .............. 71 4,981 -3,034 6,793 17,122 -10,329

1997 .............. 86 5,252 948 7,741 19,239 -11,498

1998 .............. 87 5,321 2,052 9,793 21,811 -12,018

1999 .............. 88 5,319 379 10,172 24,345 -14,173

2000 - Est .......... - - 695 16,265 16,265 -

1998 - Oct .......... 8 429 -120 9,673 22,025 -12,352

 Nov ......... 7 421 -157 9,515 21,999 -12,484

 Dec ......... 9 420 -238 9,278 22,252 -12,974

1999 - Jan .......... 6 423 -161 9,116 22,388 -13,272

 Feb ......... 7 422 -506 8,611 22,568 -13,957

 Mar ......... 6 421 -68 8,543 22,879 -14,336

 Apr .......... 10 420 -79 8,464 22,967 -14,503

 May ......... 7 420 -595 7,869 23,218 -15,349

 June......... 8 659 2,745 10,614 23,650 -13,036

 July ......... 6 419 15 10,629 23,874 -13,245

 Aug ......... 8 422 -153 10,476 24,149 -13,673

 Sept......... 7 444 -304 10,172 24,345 -14,173

Fis cal 1999......... 88 5,319 379 10,172 24,345 -14,173
TRUST FUNDS 127

TA BLE TF-8.—Un em ploy ment Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year State Fed eral Ad vances from the De posits by Rail road In ter est and prof its

or month To tal un em ploy ment taxes un em ploy ment taxes gen eral fund Re tire ment Board on in vest ments

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

 Ex pen di tures other than in vest ments

Re pay ment of

Fis cal year State unem- State adminis- ad vances from Fed eral adminis- Rail road adminor month To tal ployment ben e fits trative ex penses the gen eral fund trative ex penses istrative ex penses

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

See foot notes at end of ta ble.

1995 ............. 25,096 21,628 3,197 - 190 -

1996 ............. 26,062 22,600 3,180 - 196 18

1997 ............. 24,203 20,829 3,088 - 208 2

1998 ............. 23,284 19,933 3,085 - 204 *

1999 ............. 24,752 21,180 3,361 - 140 *

2000 - Est......... 29,386 29,217 - - - -

1998 - Oct......... 1,652 1,333 305 - 9 -

 Nov ......... 1,591 1,341 236 - 9 -

 Dec......... 2,131 1,809 303 - 11 -

1999 - Jan......... 2,453 2,123 288 - 35 -

 Feb ......... 2,384 2,099 239 - 39 *

 Mar ......... 2,760 2,378 335 - 40 *

 Apr ......... 2,212 1,923 271 - 13 -

 May ........ 1,841 1,545 280 - 11 *

 June ........ 2,049 1,766 267 - 11 -

 July ......... 1,865 1,662 260 - -61 -

 Aug ......... 1,990 1,694 279 - 11 *

 Sept ........ 1,824 1,509 298 - 11 -

Fis cal 1999 ........ 24,752 21,180 3,361 - 140 *

1995 .............. 32,820 23,158 5,696 1,233 24 2,710

1996 .............. 32,398 22,706 5,854 438 24 3,376

1997 .............. 32,481 22,071 6,103 564 28 3,715

1998 .............. 32,297 21,047 6,369 508 68 4,305

1999 .............. 31,681 19,894 6,475 403 111 4,798

2000 - Est.......... 35,793 23,464 6,536 776 77 4,940

1998 - Oct.......... 1,164 759 362 4 22 17

 Nov ......... 2,717 2,213 437 55 5 7

 Dec ......... 2,670 269 46 13 * 2,342

1999 - Jan.......... 923 484 367 49 15 7

 Feb .......... 2,648 1,966 616 48 12 7

 Mar .......... 293 216 53 * * 24

 Apr .......... 4,610 1,596 2,924 41 28 22

 May ......... 7,799 7,352 378 63 1 5

 June......... 2,722 305 65 7 * 2,345

 July ......... 1,644 1,007 545 68 21 3

 Aug ......... 4,125 3,432 646 32 7 8

 Sept......... 366 296 36 22 * 12

Fis cal 1999 ......... 31,681 19,894 6,475 403 111 4,798
128 TRUST FUNDS

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999.

TA BLE TF-8.—Un em ploy ment Trust Fund, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

 Ex pen di tures other than in vest ments, con.

 Rail road un em ploy ment in sur ance

Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended 

or month pay ments ex penses (-), in as sets To tal In vest ments bal ance

(13) (14) (15) (16) (17) (18)

1995.............. 60 20 7,724 58,342 47,141 11,201

1996.............. 65 3 6,336 64,678 53,893 10,785

1997.............. 73 3 8,279 72,957 61,923 11,034

1998.............. 59 3 9,014 81,970 70,641 11,329

1999.............. 68 4 6,929 88,899 77,358 11,541

2000 - Est ......... 99 70 6,407 84,564 84,564 -

1998 - Oct ......... 5 * -488 81,482 69,971 11,511

 Nov ......... 5 * 1,126 82,609 71,222 11,387

 Dec ......... 8 - 539 83,148 71,760 11,388

1999 - Jan ......... 6 * -1,530 81,618 70,103 11,515

 Feb ......... 8 * 264 81,882 70,420 11,462

 Mar ......... 8 * -2,467 79,415 68,000 11,415

 Apr ......... 5 * 2,398 81,812 67,988 13,824

 May ......... 3 1 5,958 87,770 76,250 11,520

 June ........ 4 * 673 88,443 76,946 11,497

 July ......... 3 1 -221 88,222 76,304 11,918

 Aug ......... 5 * 2,135 90,357 78,782 11,575

 Sept ........ 6 * -1,458 88,899 77,358 11,541

Fis cal 1999 ........ 68 4 6,929 88,899 77,358 11,541
TRUST FUNDS 129

TA BLE TF-9A.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 1999

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Fed eral Old-age Fed eral SuppleFed eral Dis- Fed eral Hos- and Sur vi vors mentary Med i cal Rail road

 In vest ment of se cu ri ties abil ity Insur- pital Insur- In sur ance In sur ance Re tire ment Un em ploy ment

Type and rate Pay able date Is sue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Ac count Trust Fund

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

Pub lic is sues:

Bonds:

7-5/8%............... 02/15/02-07 02/15/77 10 - - - - -

8-1/4%............... 05/15/00-05 05/15/76 4 - - - - -

11-3/4%.............. 02/15/05-10 02/15/80 30 - - - - -

To tal pub lic is sues..................................

44 - - - - -

Gov ern ment ac count se ries:

Fed eral Dis abil ity Trust Fund .......................... 103,424 -10,802 92,622

Fed eral Hos pi tal In sur ance Trust Fund .................. 172,809 -19,042 153,767

Fed eral Old-age and Sur vi vors In sur ance Trust Fund ....... 815,409 -53,183 762,226

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund ...... 39,699 -13,171 26,528

Rail road Re tire ment Account .......................... 36,849 -14,502 22,347

Un em ploy ment Trust Fund............................

85,698 -8,341 77,357

To tal Government ac count se ries ....................

1,253,888 -119,041 1,134,847

TA BLE TF-9B.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 1999

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Type Is sued Re tired (-) or inflation ad justed Out stand ing

 (1) (2) (3)
130 TRUST FUNDS

TA BLE TF-15A.—High way Trust Fund

The fol low ing in for ma tion is re leased ac cord ing to the

pro vi sions of the Byrd Amend ment to the Intermodal Sur face

Trans por ta tion Ef fi ciency Act of 1991 and rep re sents data

con cern ing the High way Trust Fund. The fig ure de scribed as

“un funded au tho ri za tions” is the lat est es ti mate re ceived from

the De part ment of Trans por ta tion (DOT) for fis cal 1998.

The 24-month rev e nue es ti mates for the high way and

mass tran sit ac counts, re spec tively, in clude the lat est es ti -

mates re ceived from Trea sury’s Of fice of Tax Anal y sis for ex -

cise taxes, net of re funds. They rep re sent net high way re ceipts

for those pe ri ods be gin ning at the close of fis cal 1998.

High way Ac count

[In mil lions of dol lars. Source: DOT]

Un funded au tho ri za tions (EOY).................................................................................................. 41,277

24-month rev e nue es ti mate................................................................................................... . . 64,094

Un funded au tho ri za tions (EOY).................................................................................................. -4,922

24-month rev e nue es ti mate................................................................................................... . . 10,301

Mass Transit Ac count

[In mil lions of dol lars. Source: DOT]
Re search Pa per Se ries

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

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 ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECH NI CAL PA PERS 131
With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of re -

demp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B, 

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)— In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint 

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auc -

tions, pur chas ers ten der com pet i tive bids on a dis count rate ba -

sis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, au -

thor ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a spe -

cific amount or an un spec i fied amount can be made avail able.

Au thor ity may also be clas si fied as cur rent or per ma nent. Per -

ma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which bud -

get out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of September 1999, the

debt limit was $5,950,000 mil lion; the limit may change from

year to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and cer -

tain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (cou -

pon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Trea -

sury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 United States Code 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er ations”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Fed -

eral funds or trust funds). 

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Gov -

ern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency cur -

rently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo cations other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States, and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also,

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

132

Glos sary

Source: Fi nan cial Man age ment Ser vice
de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing sub -

or di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the cor -

po ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agen -

cies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted is -

sues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to in -

ter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be con -

verted to do mes tic (nor mal) Trea sury notes with the same ma -

tu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund stat -

utes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Trea -

sury ob li ga tions, and they may be re deemed at the op tion of

the holder. Roughly 80 per cent of these are is sued to five hold -

ers: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;

the civil ser vice re tire ment and dis abil ity fund; the Fed eral

Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;

and the Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

fund group (ei ther Fed eral funds or trust funds) to a re ceipt ac -

count in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions,

the IMF pro motes in ter na tional trade, sta bil ity of ex change

and mon e tary co op er a tion. Mem bers are al lowed to draw from 

the fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are ex -

cluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued be -

tween May 1941 and No vem ber 1965), Se ries EE (is sued

since Jan u ary 1980), Se ries H (is sued from June 1952 through

De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—Of fers by an in ves tor to pur chase Trea sury se cu ri -

ties at the price equiv a lent to the weighted av er age dis count

rate or yield of ac cepted com pet i tive ten ders in a Trea sury auc -

tion. Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er ations”)—Fed erally owned and con trolled en ti ties w hose

trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays or def i cits. Their bud -

get au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er ations”)—Trea sury has his tor i cally of fered pack ages of sev -

eral “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust and No vem ber, or on the next work ing day. These is -

sues cur rently con sist of a 3-year note, a 10-year note and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected

from sell ing land, cap i tal, or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties,

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new is -

sue. A re opened is sue will al ways have the same ma tu rity date, 

CUSIP-number and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to in -

crease in ter na tional li quid ity and pro vide ad di tional in ter national re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in ex -

change sta bi li za tion fund (ESF) state ments as li a bil i ties, they

must be re deemed by ESF only in the event of liq ui da tion of,

or U.S. with drawal from, the SDR de part ment of IMF or can -

cel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Spe -

cial non mar ket able cer tif i cates, notes and bonds of fered to

133

Glos sary
State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are of -

fered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes ma -

ture in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Trea -

sury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of 

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er ations”)—An intra-budgetary trans ac tion in which both pay -

ments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and 

pos ses sions.

U.S. notes (USCC)— Le gal ten der notes of five dif fer ent is -

sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

134

Glos sary