MARCH 1998

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

Introduction: Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Analysis.--Budget results and financing of the U.S. Government and fourth-quarter receipts by source . . . . . . . . . . . . . . . . . . 8

FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

FFO-4.--Internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

ACCOUNT OF THE U.S. TREASURY

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

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

FEDERAL DEBT

Introduction: Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS

Introduction: Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

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

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

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

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

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

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

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

U.S. SAVINGS BONDS AND NOTES

Introduction: Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

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

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

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

OWNERSHIP OF FEDERAL SECURITIES

Introduction: Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

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

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

MARKET YIELDS

Introduction: Market yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

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

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction: International financial statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

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

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

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

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

CAPITAL MOVEMENTS

Introduction: Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

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

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

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

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

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

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

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

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

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

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

CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

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

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

 STATES

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

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

 ENTERPRISES IN THE UNITED STATES

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

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

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

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

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

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

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

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

CM-V-2.--U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

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

IV

Contents
CM-V-4.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country,

 during (fourth quarter). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

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

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

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

FOREIGN CURRENCY POSITIONS

Introduction: Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

SECTION I.--CANADIAN DOLLAR POSITIONS

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

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

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

SECTION II.--GERMAN MARK POSITIONS

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

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

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

SECTION III.--JAPANESE YEN POSITIONS

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

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

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

SECTION IV.--SWISS FRANC POSITIONS

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

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

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

SECTION V.--STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

Introduction: Exchange Stabilization Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

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

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

SPECIAL REPORTS

STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS

Introduction: Statement of liabilities and other financial commitments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

SLOFC-1.--Summary of liabilities of the United States Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

SLOFC-A.--Chart: Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TRUST FUNDS

Introduction: Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Introduction: Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Introduction: Black Lung Disability Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

TF-12.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

 V

Contents
Introduction: Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Introduction: Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

TF-14.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Introduction: Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Introduction: Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

Introduction: Leaking Underground Storage Tank Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

TF-17.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

Introduction: Nuclear Waste Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

TF-18.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

Introduction: Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

TF-19.--Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

TF-D.--Chart: Major trust funds, interest on investments, fiscal 1996 and 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

TF-E.--Chart: Major trust funds, receipts and expenses, fiscal 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Introduction: Aquatic Resources Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

TF-20.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

Introduction: Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

TF-21.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Introduction: Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

TF-22.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

Introduction: National Recreational Trails Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

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

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

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

VI

Contents
Nonquarterly Tables and Reports

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

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

√

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VII
Profile of the Economy

Real gross domestic product

Growth in real GDP accelerated to a 3.9 percent annual rate

in the fourth-quarter of 1997, capping a very strong year for

the U.S. economy. Fourth-quarter growth exceeded the previous quarter’s 3.1 percent pace and followed advances of 4.9

percent and 3.3 percent in the first and second quarters, respectively. The robust performance this year brought growth over

the four quarters of the year to 3.8 percent, the largest such gain

since 1987. 

A speed up in inventory accumulation helped boost fourthquarter growth after holding it down in the third quarter. In

contrast, consumer spending slowed after posting a large 5.6

percent gain in the third quarter. The other major negative

factor in the fourth quarter was a 3.5 percent decline in real

business fixed investment, the first decline since 1991. Investment in equipment fell back after very strong gains of over 20

percent in each of the two previous quarters and investment in

structures decreased at a 4.3 percent rate.

The broad measures of inflation carried in the national income accounts were very tame in the fourth quarter. The chain

weighted GDP price index and the gross domestic purchases

index (which subtracts exports and adds imports to get a

measure of prices paid by U.S. residents) both rose at a 1.4

percent pace. Over the four quarters of 1997, the chain

weighted GDP price index rose by 1.8 percent while the

domestic purchases index increased by 1.4 percent, the smallest annual increases for both of these measures in more than

three decades.

Inflation

Inflation and cost readings were very subdued in 1997. A

sharp decline in energy prices and an easing in food prices were

important factors in keeping inflation contained. However,

even ‘‘core’’ inflation, which excludes the volatile food and

energy components, was well behaved and labor costs remained low despite rising wages.

For the entire year, the consumer price index (CPI) rose by

only 1.7 percent, well below the 3.3 percent advance posted in

1996. This was the smallest increase since 1986, when a steep

drop in energy prices held growth in the CPI to just 1.1 percent.

Much of the deceleration was due to food and energy prices,

but a widespread deceleration in other consumer prices and a

slowdown in the growth of medical care costs also helped

restrain the index in 1997. The core CPI advanced by 2.2

percent----the smallest increase since 1965 and well below the

pace of the last several years.

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

3

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

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.
Declining food and energy prices at the producer level

caused finished goods prices to fall in 9 out of 12 months of

1997, and led to a retreat in the producer price index. For the

year as a whole, the index was down 1.2 percent after rising

2.8 percent in 1996. On a core basis, finished goods prices rose

a scant 0.1 percent, the smallest annual increase on record for

this series, which began in 1974.

The cost of compensating labor, which tends to increase

when labor markets are tight, remained moderate in 1997.

Wages started to rise but productivity growth more than offset

gains in hourly compensation, leaving unit labor costs

up only 1.8 percent in 1997

compared with gains of 2 percent or more in each of the

past 4 years. The employment

cost index climbed 3.3 percent over the 12 months ending in December, above the

2.9 percent increase posted

over the same period in 1996

and the largest advance in 4

years. An increase in wage

and salary costs was offset by

a slowdown in growth of

benefit costs. 

Real disposable

personal income and

consumer spending

Real disposable (after-tax)

personal income increased at

a healthy 4.7 percent annual

rate in the fourth quarter, the

largest quarterly gain in 3

years. Growth during the entire year totaled 3.7 percent,

up from 2 percent in 1996 and

the highest in 5 years. Real

income in 1997 was boosted

by rapid growth in wages and

salaries due to the expanding

economy and rising wage

rates. Real wages and salaries

rose at a sharp 7.5 percent annual rate in the fourth quarter

and by 5.5 percent over the

four quarters of the year, the fastest yearly increase since 1984.

(Personal income also includes such items as transfer payments, proprietors income, dividends and interest, but does not

include capital gains.)

Real consumer spending slowed to a 3.2 percent annual rate

increase in the final quarter of 1997 after soaring 5.6 percent

in the previous quarter. A surge in motor vehicle purchases

fueled much of the strong growth in third-quarter spending and

this moderated in the fourth quarter. For the year, spending

advanced by 3.8 percent, faster than the 2.7 percent increase

recorded in 1996.

As income growth outpaced spending in the fourth quarter,

the share of after-tax income devoted to personal saving rose

to 3.9 percent from a very low 3.5 percent in the third quarter.

The personal saving rate averaged only 3.8 percent for the year,

down from 4.2 percent in 1996 and the lowest since 1939. This

low rate may reflect increased net worth associated with rising

stock prices, reducing the need for households to save out of

current income.

Industrial production and capacity utilization

Industrial production in

manufacturing, mining, and

utilities was flat in January,

pulled down by a sharp decline

in utilities output because of

unusually warm weather. Production grew 5.8 percent during the 12 months of 1997,

compared with 4.7 percent

during 1996 and 2.3 percent

during 1995.

Manufacturing output,

which accounts for about

86 percent of total industrial

production, was up 0.3 percent

in January, and rose at a big

6.3 percent rate last year.

Manufacturing growth in 1997

was spurred by huge advances

in computers and office equipment and semiconductors.

Production of motor vehicles

and parts also increased significantly last year.

The industrial capacity utilization rate fell to 83 percent in

January from 83.3 percent in

December. The utilization rate

is currently about 1-1/2 percentage points below the

84.6 percent reached at the beginning of 1995, the peak for

the current business cycle expansion, but it remains above

its long-term average of 82.1

percent.

Employment and unemployment

Labor markets remained very strong at the start of the new

year. Job growth maintained the rapid pace of the fourth quarter

and the unemployment rate has held at levels not seen since

1973. 

Increases in jobs on nonfarm payrolls accelerated over the

course of last year, averaging 358,000 per month in the final 3

months of 1997. This was much faster than the average 237,000

pace over the first 9 months of last year and above the 212,000

per month averaged in 1996. Growth in January extended the

rapid fourth-quarter pace, with payroll employment increasing

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
by another 358,000. The January gain was widespread, including continued increases in construction and manufacturing

jobs.

The unemployment rate was unchanged at 4.7 percent in

January and was near its lowest in 24 years. Labor force

participation has been rising and the share of the working-age

population that is employed increased to a new peak of 64.2

percent in January. These indicators show that the economy

continues to operate at a very high level of labor utilization.

Average hourly earnings of production and other nonsupervisory workers rose to $12.51 in January. Growth in hourly

wages over the past 12 months was 3.8 percent in nominal

terms. Slow growth in consumer prices last year contributed to

an acceleration in growth of earnings in real terms, which rose

by 2.1 percent over the year ending December 1997 compared

with 0.7 percent over the year ending December 1996.

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

rose by 2.2 percent during the four quarters of 1997, following

a 1.7 percent increase during all of 1996. These results exceeded the long-term trend growth rate of 1.1 percent per year,

and they represent a marked improvement over the prior 3

years, when productivity was almost flat.

Hourly compensation costs in the nonfarm business sector

rose by 4.1 percent during all of 1997. Labor costs per unit of

output in the nonfarm business sector, which combine the

impact of growth of compensation with that of productivity,

were up at a 1.8 percent rate during the four quarters of 1997,

compared to an increase of 2.2 percent during all of 1996. The

1997 rate of advance suggests that inflationary pressures remain contained.

Productivity in manufacturing grew at a 4.8 percent rate

during all of 1997, after a 4.4 percent increase during 1996.

Unit labor costs in manufacturing declined by 0.7 percent

during 1997, following a 1.3 percent decline during 1996.

Current account balance

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

transactions, measuring trade in goods and services as well as

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

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

The current account deficit was roughly $40 billion in each

of the first three quarters of 1997, an annual rate of $160 billion.

This represents a substantial widening from a recent low of $6

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

then compared with that of our major trading partners has

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

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

United States boosted payments of earnings and interest to

foreigners.

The current account deficit so far in 1997, though large, is

still $8 billion below the all-time peak deficit in 1987. The

deficit relative to GDP has improved, dropping from 3.6 percent as a share of GDP in 1987 to about 2.2 percent in the first

three quarters of 1997.

The widening deficit in 1997 mainly reflected the swing

from surplus to deficit on investment income, primarily interest

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

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

Exchange rate of the dollar

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

1995, accelerated in 1997 and continued through early 1998.

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

the dollar against the currencies of other G-10 industrialized

nations, the dollar rose by 11 percent over the course of 1997,

more than the 4.9 percent increase recorded in 1996. In January

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

mark on this basis since 1987 but holding well below the peak

recorded in 1985.

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

been greatest against the yen and the deutschemark, although

the pattern has been erratic recently. Since the dollar’s recent

low in April 1995, the dollar appreciated by a total of 50 percent

through the end of 1997 against the yen and by 29 percent

against the deutschemark. In the first month of 1998, the dollar

dipped back against the yen but appreciated slightly further

against the deutschemark.

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

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

make imports from those countries cheaper in dollar terms, a

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

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

exports, which is expected to act as a drag on U.S. export

growth in 1998.

Interest rates

Short-term market interest rates have been somewhat volatile

in the fourth quarter and so far in 1998. After dipping to 4.9

percent in late September and early October, the rate on the

3-month bill moved up to 5.3 percent by the end of December.

Since then it has dipped back again, to about 5.1 percent in

January.

The Federal Reserve Board has not altered monetary policy

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

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

left unchanged at 5 percent, where it has been since January

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

leave monetary policy unchanged, partly because of the uncertainties surrounding the potential effects on the U.S. economy

of the Asian financial crisis.

Long-term interest rates have been falling since last spring.

The yield on the 30-year Treasury bond declined from over

7 percent in April 1997 to 5.8 percent by January. Mortgage

rates have followed suit, falling from above 8 percent in April

for a conventional 30-year fixed-rate loan to near 7 percent

recently. These low rates have spurred a new wave of mortgage

refinancings and have helped stimulate further growth in the

housing market.

PROFILE OF THE ECONOMY 5
Net national saving and investment

Net national saving, which excludes depreciation to replace

worn-out or obsolete equipment and structures used in production, rose to 7.2 percent of net national product (NNP) in the

first three quarters of 1997 from 6.4 percent in 1996 and a weak

3.4 percent in 1992. Despite the progress, net saving remains

well below the 12.1 percent of NNP averaged in the 1950’s and

1960’s. 

Recent improvement is almost entirely the result of the

significant narrowing of the

Federal deficit, which has cut

Government dissaving from a

large 4.7 percent of NNP in

1992 to zero in 1997. Private

saving (of households and businesses) has declined over that

period, as increased wealth generated by a rising stock market

appears to have reduced households’ desire to save. Gains in

corporate profits have led to

somewhat higher business saving.

Net domestic investment

equaled 8.3 percent of NNP in

the three quarters of 1997. This

was up from a low 4.9 percent

in 1991 and was the first time

since the late 1980’s that domestic investment has topped 8

percent. About one-quarter of

investment in 1997 was financed by foreign inflows,

which were equivalent to

2.2 percent of NNP. U.S.

sources provided investment

equal to 6.1 percent of NNP,

only about half as much as averaged in the 1950’s and

1960’s.

Housing

Housing activity was very

strong in 1997. Robust job and

income growth, high levels of

consumer confidence and relatively low mortgage rates supported the housing sector

throughout the year and suggest

continued upward momentum

in the housing market in the

months ahead.

Starts of new homes totaled

1.476 million units in 1997, just slightly under the 1996 total,

which was the highest since 1988. The high level of starts in

1997 was supported by the market for multi-family homes. In

contrast, starts of new single-family homes were 2.4 percent

lower than the previous year.

Sales of single-family homes outpaced new single-family

starts, leaving the inventory of unsold new homes very tight at

the end of 1997. For the year as a whole, sales of new homes

climbed to 800,000 units, well above the 1996 total of 757,000

and the highest since 1978. At 4.21 million units, resales of

existing homes were also very strong last year, setting a new

record for this series which began in 1968.

The rapid growth in home sales pushed the home ownership

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

reaching 65.7 percent for the year.

Federal budget

The Federal budget deficit

is expected to fall to a low

$10 billion in fiscal 1998 and

to show a surplus of $9.5 billion in fiscal 1999. That

would be the first Federal

budget surplus since 1969

and only the ninth since

World War II. Surpluses are

projected for each year

thereafter through the forecast period ending in 2003.

Strong economic growth

and passage of deficit reduction programs have placed

the deficit on its downward

course since 1992. Since the

all-time high of $290 billion

in that year, the deficit fell to

$22 billion in fiscal

1997.The large 1992 deficit

represented 4.7 percent of

GDP, while the $10 billion

deficit projected for the current fiscal year would represent just 0.1 percent of GDP.

Surpluses are expected to

grow from the $9.5 billion

projected in fiscal 1999 to

about $83 billion in fiscal

2003. 

Growth in receipts has

been very strong over the

past 4 years, boosted by expansion in jobs and income,

rising corporate profits, and

stock market gains. In fiscal

1997, receipts rose by 8.7

percent, with an especially

notable jump for nonwithheld individual income

taxes, up more than 16 percent over the year.

Growth in Federal spending was held to a moderate 2.6

percent in fiscal 1997. Slower growth in outlays was aided by

large spectrum auction proceeds and asset sales in the deposit

insurance account, both of which are treated as negative outlays in budget accounting. Excluding these components, outlay

growth was about 4 percent in fiscal 1997, still much lower

than the growth in receipts.

Short-term Interest Rates

 

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

Long-term Interest Rates

6 PROFILE OF THE ECONOMY
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts or

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

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

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

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

for materials or services are treated as reimbursements to

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

are netted against gross outlays in determining net outlays

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

offsetting collections are netted against spending, and outlays

are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

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

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

governmental appropriation or fund accounts. They finance

operations within and between Government agencies and are

credited with collections from other Government accounts;

and (3) offsetting governmental receipts which include foreign

cash contributions.

Intrabudgetary transactions are subdivided into three

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

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

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

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

receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

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

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

The Government has used the unified budget concept set

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

Concepts’’ as a foundation for its budgetary analysis and

presentation since 1969. The concept calls for the budget to

include all of the Government’s fiscal transactions with the

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

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

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

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

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

and surplus or deficit ordinarily are not subject to targets set

by the Congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known as

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

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

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

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

outlays, and deficit of the Government.

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

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

Federal entities and disbursing officers, and daily reports from

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

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

liabilities of the Government. Data are derived from the

FEDERAL FISCAL OPERATIONS 7
‘‘Monthly Treasury Statement of Receipts and Outlays of the

United States Government.’’

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

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

Federal securities, monetary assets, and balances in Treasury

operating cash.

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency. 

• Table FFO-4 summarizes internal revenue collections

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

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

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

individual income and Social Security taxes), of payments

made with tax returns, and of subsequent payments made after

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

returns or on delinquent accounts). 

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

Budget Results and Financing of the U.S. Government

 and Fourth-Quarter Receipts by Source

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

Fourth-Quarter Receipts

The following capsule analysis of budget receipts,

by source, for the fourth quarter of fiscal 1997 supplements fiscal data reported in the December issue of the ‘‘Treasury Bulletin.’’ At the time of that

issue’s release, not enough data were available to

analyze adequately collections for the quarter.

Individual income taxes----Individual income tax receipts

were $177.7 billion for the fourth quarter of fiscal 1997. This

is an increase of $13.1 billion over the comparable prior year

quarter. Withheld receipts increased by $8.0 billion and nonwithheld receipts increased by $6.2 billion during this period.

Refunds increased by $1.0 billion over the comparable fiscal

1996 quarter. There was an increase of $1.4 billion in accounting adjustments between individual income tax receipts and

the Social Security and Medicare trust funds over the comparable quarter in fiscal 1996.

Corporation income taxes----Net corporate income tax receipts were $43.3 billion for the fourth quarter of fiscal 1997.

Gross receipts were $2.7 billion higher and refunds were $2.5

billion higher than the comparable prior year quarter, resulting

in net increase of $0.2 billion.

Employment taxes and contributions----Employment

taxes and contributions receipts for the July-September 1997

quarter were $127.0 billion, an increase of $10.7 billion over

the comparable prior year quarter. Receipts to the Old-Age

Survivors Insurance and Hospital Insurance trust funds increased $9.0 billion and $1.5 billion, respectively. Receipts to

the Disability Insurance and Hospital Insurance trust funds

increased negligibly. There was a -$0.3 billion accounting

adjustment for prior years’ employment tax liabilities made in

the fourth quarter of fiscal 1997, while there was a $1.1 billion

adjustment made in the fourth quarter of fiscal 1996.

Unemployment insurance----Unemployment insurance

receipts for the fourth quarter of fiscal 1997 were $6.3 billion,

which is a $0.2 billion increase over the comparable quarter of

fiscal 1996. State taxes deposited in the U.S. Treasury increased by $0.2 billion. Federal Unemployment Tax Act

(FUTA) receipts and Railroad Unemployment tax receipts

increased negligibly from the comparable quarter of fiscal

1996. 

Contributions for other insurance and retirement----

Contributions for other retirement were $1.1 billion for the

fourth quarter of fiscal 1997. There was a negligible decrease

over receipts from the comparable quarter of fiscal 1996. The

growth in contributions will remain flat over the next few

years as the number of employees covered by the Federal

employees’ retirement system (FERS) grows slowly relative

to those covered under the civil service retirement system

(CSRS).

Excise taxes----Net excise tax receipts for the fourth quarter of fiscal 1997 were $15.7 billion, an increase of $1.8

billion over the comparable prior year quarter. Total excise tax

refunds for the quarter were $0.8 billion, a decrease of $0.3

billion over the comparable prior year quarter.

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

were $5.1 billion for the July through September quarter of

fiscal 1997. These receipts are a decrease of $1.2 billion over

the previous quarter and an increase of $0.5 billion over the

same quarter in fiscal 1996.

8 FEDERAL FISCAL OPERATIONS
Fourth-Quarter Net Budget Receipts by Source, Fiscal 1997

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

Source July August September

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.9 45.7 78.2

Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 2.3 37.3

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.1 41.9 47.0

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 4.0 0.2

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 4.6 5.7

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 1.7 1.8

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

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 1.3 2.5

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.2 103.5 174.8

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

$5.2 billion for the fourth quarter of fiscal 1997. This is

approximately the same amount as the customs duties received in the Treasury from the comparable prior year quarter.

Miscellaneous receipts----Net miscellaneous receipts for

the fourth quarter of fiscal 1997 were $6.1 billion, a decrease

of $0.5 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks decreased by $0.9

billion over the comparable prior year quarter.

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, con.

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

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

 

 First quarter (Oct. - Dec.) Actual fiscal year to date

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,377 386,377

On-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,113 296,113

Off-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,264 90,264

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426,052 426,052

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,836 361,836

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,216 64,216

Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -39,675 -39,675

On-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,723 -65,723

Off-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,049 26,049

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,651 33,651

Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,737 11,737

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,713 -5,713

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,675 39,675

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

FEDERAL FISCAL OPERATIONS 9
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year

 to Date, 1997-1998

(In billions of dollars)

Source for both charts: ‘‘Monthly

Treasury Statement of Receipts

and Outlays of the United States

Government’’

CHART FFO-A.--

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

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

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . -136 39,101 -12,321 6,487 -48 214 -81 403 - -18,490

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . -35 7,408 6,315 -23,360 135 4,644 204 11,272 - 35,964

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

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

Fiscal 1997 to date . 438 55,877 33,651 -11,737 30 3,946 4,028 2,288 - 39,675

Means of financing--net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

1

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

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

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

fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997.

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

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

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

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

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

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

1996 - Dec. . . . . . . . 148,489 119,527 28,961 129,999 120,762 9,237 18,490 -1,234 19,724 26,917

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

Feb. . . . . . . . 90,293 59,673 30,620 134,303 104,964 29,339 -44,010 -45,291 1,281 35,535

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

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

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

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

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

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

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

Oct. . . . . . . . 114,898 87,082 27,816 150,862 123,862 27,000 -35,964 -36,780 816 13,757

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

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

Fiscal 1997 to date . 386,377 296,113 90,264 426,052 361,836 64,216 -39,675 -65,723 26,049 89,090

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

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . 271 * 271 40,057 259 - 259 364 7 371

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

Feb. . . . . . . . . . . 439 * 439 38,969 2,425 2 2,423 385 6 393

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

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

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

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

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

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

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

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

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

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

Fiscal 1997 to date . . . . 990 -1 991 120,853 4,406 12 4,394 1,156 18 1,174

 Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . 52,690 7,582 850 59,423 40,436 1,479 38,956 98,379 39,786 - 39,786

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal 1997 to date . . . . . 167,455 13,593 4,713 176,336 56,230 5,026 51,204 227,540 119,862 - 119,862

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

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

Social insurance

taxes and 

contributions,

 con.

 Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 4,559 1,438 67 1,371 1,618 98 1,520 1,605 367 1,973 119,527 28,961

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

Feb. . . . . . . . . . 5,106 1,210 31 1,180 1,505 126 1,379 776 433 1,206 59,673 30,620

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

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

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

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

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

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

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

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

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

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

Fiscal 1997 to date . . . 15,451 5,340 133 5,207 4,995 455 4,540 6,101 1,117 7,218 296,113 90,264

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . 40,687 429 - 429 50 - 50 1,899 1 1,898 2,229 47 2,182

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal 1997 to date . . . . . 126,421 2,944 4 2,940 147 - 147 7,511 210 7,301 5,002 -60 5,062

1

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

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

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

fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997.

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

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

Executive Funds apLegis- Office propriated 

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

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

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

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

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

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

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

1997 1 . . . . . . . . . . . . . 2,361 3,259 219 10,191 52,558 3,780 258,330 33,833 30,013 14,470

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

1996 - Dec. . . . . . . . . . 186 209 17 802 5,346 332 21,896 2,805 1,962 1,304

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

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

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

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

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

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

July . . . . . . . . . 200 350 17 919 3,300 295 21,956 2,841 1,526 1,253

Aug. . . . . . . . . . 170 222 14 154 3,202 288 23,306 2,789 2,257 1,197

Sept. . . . . . . . . 176 252 16 888 6,242 345 20,179 2,921 3,862 1,316

Oct. . . . . . . . . . 373 299 18 431 6,277 294 25,302 2,801 2,369 1,243

Nov. . . . . . . . . . 213 363 16 717 4,568 324 16,729 2,902 2,933 1,113

Dec. . . . . . . . . . 210 185 17 3,859 6,010 419 25,787 2,992 2,752 1,399

Fiscal 1997 to date . . . 796 847 52 5,006 16,855 1,037 67,818 8,694 8,053 3,755

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

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

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

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

1997 1 . . . . . . . . . . . . . 339,492 27,833 6,724 14,291 30,461 5,237 39,838 355,796 23,585 39,279 6,167

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

1996 - Dec. . . . . . . . . . 27,853 1,667 615 1,141 2,707 843 3,224 63,993 311 3,074 655

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

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

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

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

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

June . . . . . . . . . 25,990 1,878 406 1,360 2,463 368 3,218 64,374 992 1,586 543

July . . . . . . . . . 28,883 2,852 677 1,260 2,833 406 3,688 21,398 1,187 3,408 514

Aug. . . . . . . . . . 30,014 3,102 398 1,102 2,351 364 3,743 23,570 76 4,809 501

Sept. . . . . . . . . 26,520 422 720 970 2,081 409 3,840 20,874 -2,859 1,826 645

Oct. . . . . . . . . . 32,732 3,535 621 1,110 2,404 457 3,914 21,771 934 5,259 493

Nov. . . . . . . . . . 24,620 1,707 465 1,220 2,015 206 3,013 26,407 631 1,848 413

Dec. . . . . . . . . . 33,051 2,116 951 1,543 2,100 879 3,703 67,795 1,496 4,920 612

Fiscal 1997 to date . . . 90,401 7,358 2,036 3,873 6,519 1,543 10,631 115,973 3,061 12,027 1,518

 Department of

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

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

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

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

See footnotes at end of table.

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

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

National Undistributed offsetting receipts 

Aeronautics Rents and

 General and Office of Small Social Other Employer Interest royalties

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

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

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

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

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

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

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

1997 1. . . . . . . . . . . . . . 1,083 14,358 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

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

1996 - Dec. . . . . . . . . . 610 1,275 3,950 167 31,865 1,552 -2,451 -43,522 -762 -3,627 120,762 9,237

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

Feb. . . . . . . . . . -549 1,097 3,522 23 32,514 -210 -2,592 -1,525 -458 - 104,964 29,339

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

Apr. . . . . . . . . . 419 1,066 3,975 39 32,610 -767 -2,530 -602 -273 * 107,843 26,807

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

June . . . . . . . . . 557 1,211 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459

July. . . . . . . . . . -593 1,367 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752

Aug. . . . . . . . . . 443 1,215 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862

Sept.. . . . . . . . . 304 1,168 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806

Oct. . . . . . . . . . 486 1,254 3,744 -6 35,130 1,038 -2,579 -359 -482 * 123,862 27,000

Nov. . . . . . . . . . -775 1,209 3,746 50 30,692 1,735 -2,413 -5,635 -48 -152 91,326 29,504

Dec. . . . . . . . . . 533 1,422 3,920 21 35,620 689 -2,635 -47,009 -994 -1 146,648 7,711

Fiscal 1997 to date . . . 244 3,886 11,411 66 101,440 3,459 -7,627 -53,003 -1,523 -153 361,836 64,216

* Less than $500,000.

1

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

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

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

fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997.

FEDERAL FISCAL OPERATIONS 15
TABLE FFO-4.--Internal Revenue Collections by States and Other Areas, Fiscal 1997

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

 Individual income and employment taxes 

Individual Individual 

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

State, ect.1 collections Total andSECA 2,3 FICA 2

 retirement insurance income taxes 4 gift taxes Excise taxes 

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

Alabama . . . . . . . . . . . . 5,392,055 5,111,702 2,888,446 2,212,159 472 10,626 148,092 49,459 82,801

Alaska . . . . . . . . . . . . . . 1,016,133 1,003,219 632,168 369,112 191 1,748 5,954 399 6,560

Arizona . . . . . . . . . . . . . 26,185,210 22,489,520 4,393,103 17,949,568 1,293 145,556 2,358,049 399,095 938,546

Arkansas . . . . . . . . . . . . 3,991,808 3,357,139 1,599,567 1,743,475 849 13,247 529,890 13,959 90,821

California . . . . . . . . . . . . 182,757,599 152,216,860 37,335,126 114,093,546 76,559 711,630 23,292,167 3,024,158 4,224,413

Colorado . . . . . . . . . . . . 37,413,381 32,425,042 4,726,992 27,488,300 27,488 182,263 3,176,379 593,788 1,218,171

Connecticut . . . . . . . . . . 37,173,115 29,505,930 5,583,636 23,813,598 1,075 107,621 6,787,861 521,713 357,610

Delaware . . . . . . . . . . . . 2,171,251 1,616,570 705,836 907,240 5 3,490 389,321 29,951 135,409

Florida . . . . . . . . . . . . . . 71,152,260 64,071,826 19,435,789 43,904,186 442,576 289,274 4,945,677 1,674,539 460,217

Georgia . . . . . . . . . . . . . 46,169,507 37,299,327 6,493,911 30,582,340 3,539 219,537 6,986,834 325,586 1,557,760

Hawaii . . . . . . . . . . . . . . 1,628,595 1,578,392 907,482 668,712 5 2,193 31,092 9,708 9,403

Idaho . . . . . . . . . . . . . . . 1,878,440 1,761,382 1,004,920 754,496 87 1,879 106,668 7,538 2,852

Illinois. . . . . . . . . . . . . . . . 96,137,873 76,536,879 15,007,813 60,987,047 224,616 317,403 15,449,652 1,055,416 3,095,926

Indiana. . . . . . . . . . . . . . 29,072,083 26,277,856 4,700,518 21,406,061 55,297 115,980 2,172,226 302,456 319,545

Iowa. . . . . . . . . . . . . . . . 4,263,870 3,966,622 2,265,484 1,693,212 1,193 6,734 257,282 23,034 16,932

Kansas. . . . . . . . . . . . . . . 4,930,638 4,328,450 2,349,620 1,822,626 147,635 8,570 299,647 56,953 245,588

Kentucky . . . . . . . . . . . . 4,894,289 4,507,505 2,476,349 2,021,082 971 9,103 171,591 46,160 169,034

Louisiana . . . . . . . . . . . . 34,318,212 29,988,966 3,569,077 26,240,254 5,972 173,663 3,515,453 376,991 436,803

Maine. . . . . . . . . . . . . . . 1,558,073 1,483,722 866,437 613,050 1,063 3,173 45,642 11,100 17,608

Maryland (including

District of Columbia) . . 51,840,438 42,998,378 6,470,910 36,090,058 299,586 137,824 7,668,390 599,479 574,192

Massachusetts . . . . . . . 54,371,697 47,149,674 8,765,185 38,141,559 24,809 218,120 5,986,224 748,981 486,817

Michigan . . . . . . . . . . . . 65,110,990 56,467,843 7,930,704 48,259,476 11,051 266,612 7,689,395 714,768 238,984

Minnesota . . . . . . . . . . . 46,275,569 39,561,944 5,466,225 33,853,769 72,239 169,711 5,384,091 326,598 1,002,936

Mississippi . . . . . . . . . . . 2,741,557 2,630,913 1,552,918 1,072,149 381 5,466 55,271 10,079 45,294

Missouri . . . . . . . . . . . . . 43,845,496 35,773,650 4,711,668 30,125,341 743,419 193,223 5,566,400 562,842 1,942,603

Montana . . . . . . . . . . . . 1,054,661 1,029,065 691,277 333,219 2,661 1,908 14,236 6,404 4,956

Nebraska . . . . . . . . . . . . 3,245,722 3,058,172 1,506,297 1,429,587 116,836 5,452 144,537 25,451 17,562

Nevada . . . . . . . . . . . . . 3,622,182 3,431,652 2,371,103 1,055,093 3 5,452 70,392 23,676 96,462

New Hampshire. . . . . . . 2,147,398 2,063,840 1,269,043 791,487 88 3,221 54,853 21,819 6,886

New Jersey . . . . . . . . . . 74,106,277 59,535,885 10,174,048 49,074,100 56,720 231,017 11,872,402 709,410 1,988,580

New Mexico. . . . . . . . . . 1,864,244 1,803,750 1,100,043 699,726 20 3,960 29,709 9,272 21,513

New York. . . . . . . . . . . . 150,306,439 124,627,080 25,183,659 98,723,242 312,912 407,266 22,420,332 2,264,017 995,010

North Carolina . . . . . . . . 44,517,989 38,219,366 6,136,520 31,743,294 102,900 236,652 5,461,743 529,479 307,401

North Dakota . . . . . . . . . 882,331 859,259 540,323 317,105 320 1,510 15,508 2,445 5,119

Ohio. . . . . . . . . . . . . . . . 71,766,433 59,081,167 9,383,302 49,402,917 24,261 270,687 9,727,310 654,914 2,303,041

Oklahoma . . . . . . . . . . . 26,358,120 18,172,189 2,374,347 15,649,296 5,136 143,411 3,361,389 343,574 4,480,968

Oregon . . . . . . . . . . . . . 5,837,441 5,472,000 3,285,614 2,182,966 257 3,162 327,661 7,314 30,466

Pennsylvania . . . . . . . . . 74,186,548 62,834,064 11,757,009 50,388,591 412,118 276,346 8,685,673 762,452 1,904,360

Rhode Island . . . . . . . . . 1,697,620 1,659,519 808,535 848,249 1 2,734 25,398 5,641 7,062

South Carolina. . . . . . . . 4,791,055 4,615,920 2,412,598 2,193,670 182 9,471 127,638 24,557 22,939

South Dakota. . . . . . . . . 1,063,390 1,041,874 702,568 336,815 918 1,573 14,982 3,156 3,378

Tennessee. . . . . . . . . . . 40,771,126 34,217,754 4,685,323 29,336,508 8,294 187,629 4,853,411 442,472 1,257,489

Texas. . . . . . . . . . . . . . . 110,626,230 84,124,883 18,390,754 65,283,013 36,623 414,493 13,546,657 1,027,180 11,927,509

Utah. . . . . . . . . . . . . . . . 3,153,204 2,854,185 1,606,859 1,240,313 585 6,428 175,786 8,328 114,905

Vermont. . . . . . . . . . . . . 844,536 819,465 489,975 327,832 338 1,320 14,523 7,540 3,009

Virginia. . . . . . . . . . . . . . . 37,242,390 31,802,311 6,225,587 25,055,654 364,398 156,672 3,883,114 493,926 1,063,040

Washington . . . . . . . . . . 47,180,171 41,072,048 6,764,556 34,103,210 5,029 199,253 4,751,629 639,062 717,433

West Virginia . . . . . . . . . 1,625,758 1,548,894 852,031 694,038 91 2,734 26,039 20,570 30,255

Wisconsin . . . . . . . . . . . 46,254,099 38,057,766 4,854,288 32,180,131 807,105 216,242 7,323,343 504,933 368,058

Wyoming . . . . . . . . . . . . 948,554 924,202 712,142 210,843 21 1,196 11,090 3,206 10,056

International operations. 11,072,396 6,504,536 2,397,911 4,018,166 45,241 43,219 4,367,000 50,619 150,240

Undistributed:

Presidental Election

Campaign Fund 5 . . . 66,936 66,936 - 66,936 - - - - -

Other, including 

Federal tax deposits 6 -184,382 77,555 194,860 175,233 -2,682 60,609 166,728 280,236 -708,901

Total . . . . . . . . . . . . . 1,623,272,071 1,353,617,713 278,710,454 1,064,256,246 4,442,748 6,208,265 204,492,336 20,356,401 44,805,621

1

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

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

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

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

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

in another State, or throughout several States.

2

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

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

income (SECA). 

3

 Includes fiduciary income tax collections of $11.2 billion.

4

 Includes taxes of $484.9 million on unrelated business income of exempt organizations (Forms

990T).

5

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

income tax returns processed during the fiscal year ended September 30, 1997 of $3 per single

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

Number 20-0101 to Account Number 20-5081. A total of $66.9 million was designated on 14.8

million returns.

6

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

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

collections but are not classified by State or district until applied to taxpayer accounts. Also

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

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

Act. 

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

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

current year receipts.

16 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3 Reserve accounts)

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 382,441 19,452 399,006 76,102 72,499

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

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

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

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

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

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

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

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

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

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

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

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

See footnotes at end of table.

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

than Government account series, and taxes.

2

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

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

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

3

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

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

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

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

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

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

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

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 7,742 25,052 10,304 33,981 3,145 900 5,749 13,190

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

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

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

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

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

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

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

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

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

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

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

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

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

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

information is published in the ‘‘Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the ‘‘Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.’’

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

holdings of Federal securities by particular classes of investors,

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

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

• Table FD-4 presents interest-bearing securities issued

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

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

‘‘Monthly Treasury Statement of Receipts and Outlays of the

United States Government.’’)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. 

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

December 1975. The length then increased gradually until it

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

the average length decreased. For example, during most of

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

In March 1971, Congress enacted a limited exception to

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

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

securities maturing in more than 7 years at current market

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

definition of a bond was changed to include those securities

longer than 10 years to maturity. This exception has expanded

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

on November 10, 1988. 

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

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

comprised of an average of remaining periods to maturity,

weighted by the amount of each security held by private

investors. In other words, computations of average length

exclude Government accounts and the Federal Reserve banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

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

Federal agencies are authorized to borrow money from the

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

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

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

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 5,357,391 5,323,172 34,219 1,504,784 1,497,178 7,606 3,852,607 3,825,994 26,613

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 5,357,391 76,763 5,280,629 1,504,784 5,838 1,498,947 3,852,607 70,925 3,781,682

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

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

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

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

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

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

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

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

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

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

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

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

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

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

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

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

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

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

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

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

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

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

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

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

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

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

1996 - Dec. . . . . . 5,317,188 3,459,691 777,414 2,112,315 554,962 - 15,000 1,857,497

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . . . . . . . . 182,442 37,427 1,505,937 101,274 29,995 422

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

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

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

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

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

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

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

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

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

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

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

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

FEDERAL DEBT 21
TABLE FD-3.--Government Account Series

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

Airport Federal

 and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

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

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

Federal

Federal Sav- Suppleings and Loan mentary National

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . 1,505,937 7,978 22,670 16,505 11,965 52,912 386,031 126,701 9,868 513,894

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . 797 28,489 98 11,448 12,293 283 14,865 77 54,278 234,785

1997 - Jan . . . . . . . . 1,480 28,004 97 11,927 12,217 863 15,238 78 52,532 234,400

Feb. . . . . . . . 1,481 29,274 - 21,874 12,129 1,213 15,525 73 52,870 225,502

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

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

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

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

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

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

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

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

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

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

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

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489

1997 - Jan . . . . . . . . . . . . . . . . . . 34,227 - 95 144 1,261 27,831 4,406 490

Feb. . . . . . . . . . . . . . . . . . 34,105 - 95 146 1,261 27,714 4,406 483

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

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

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

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

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

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

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

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

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

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

FEDERAL DEBT 23
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

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

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

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

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

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

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

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

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

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

end of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . . . . 3,032,551 1,061,459 1,231,746 301,103 128,054 310,188 5 yrs. 3 mos.

1997 - Jan.. . . . . . . . . . . . . . . 3,025,762 1,049,217 1,230,524 302,878 128,679 314,464 5 yrs. 3 mos.

Feb. . . . . . . . . . . . . . . 3,052,688 1,062,767 1,225,904 315,125 126,023 322,870 5 yrs. 4 mos.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . . . . . . . . . . . 5,500,000 5,236,827 5,236,743 84 5,232,875 84 3,868

1997 - Jan . . . . . . . . . . . . . . . . . . . . 5,500,000 5,227,348 5,227,324 24 5,223,489 24 3,835

Feb. . . . . . . . . . . . . . . . . . . . 5,500,000 5,263,191 5,263,165 26 5,258,449 26 4,716

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

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

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

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

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

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

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

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

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

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

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

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

 or month Service Service Service Education Administration Administration programs

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

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

Feb. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 - Dec. . . . . . . . . . 135,835 ---- 6,981 13,324

1997 - Jan . . . . . . . . . . 139,361 ---- 9,530 13,352

Feb. . . . . . . . . . 139,774 ---- 9,653 13,352

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

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

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

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

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

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

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

Oct. . . . . . . . . . 147,133 ---- 13,416 14,157

Nov. . . . . . . . . . 147,170 ---- 14,969 14,141

Dec. . . . . . . . . . 150,798 ---- 14,880 14,134

FEDERAL DEBT 25
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

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

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

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

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

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

1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

1996 - Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485

1997 - Jan . . . . . . . . . . 42,635 * 2,150 2,741 6,051 9,956 8,531

Feb. . . . . . . . . . 42,634 * 2,150 2,741 6,325 9,956 8,548

Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611

Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698

May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451

June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439

July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270

Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324

Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

Oct. . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772

Nov. . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699

Dec. . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492

* Less than $500,000. 

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

Marketable Debt

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

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Dec. 31, 1997

5 Years, 5 Months

Years

FEDERAL DEBT 27
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the ‘‘Monthly Statement of the

Public Debt of the United States.’’ The information in this

section of the ‘‘Treasury Bulletin’’ pertains only to marketable

Treasury securities, current bills, notes, and bonds.

• Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve banks, so that the

‘‘all other investors’’ category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: OCTOBER-DECEMBER

OCTOBER

Auction of 4-3/4-Year Inflation-Indexed Notes

October 1, 1997, Treasury announced it would auction

$8,000 million of 4-3/4-year 3-5/8 percent inflation-indexed

notes of Series J-2002 to raise cash. This was an additional

issue of notes dated July 15, 1997, due July 15, 2002, with

interest payable January 15 and July 15 until maturity. Adjusted accrued interest of $9.08969 per $1,000, covering the

period from July 15 to October 15, 1997, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders on October 8, and totaled $28,552 million, of which

$8,012 million was accepted. All competitive tenders at yields

lower than 3.600 percent were accepted in full. Tenders at

3.600 percent were allotted 15 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 3.600 percent with an equivalent adjusted price

of 100.400. The median yield was 3.580 percent, and the low

yield was 3.499 percent. Noncompetitive tenders totaled $33

million. Competitive tenders accepted from private investors

totaled $7,979 million.

In addition to the $8,012 million of tenders accepted in

the auction process, $400 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series J-2002 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

October 22 Treasury announced it would auction $15,000

million of 2-year notes of Series AL-1999 and $11,000 million

of 5-year notes of Series N-2002 to refund $29,356 million of

securities maturing October 31 and to pay down about $3,350

million.

The notes of Series AL-1999 were dated October 31,

1997, due October 31, 1999, with interest payable April 30 and

October 31 until maturity. An interest rate of 5-5/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

October 28, and totaled $34,308 million, of which $15,003

million was accepted. All competitive tenders at yields lower

than 5.720 percent were accepted in full. Tenders at 5.720

percent were allotted 2 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

[Source: Bureau of the Public Debt, Office of Financing]

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: OCTOBER-DECEMBER, con.

yield of 5.720 percent with an equivalent price of 99.823. The

median yield was 5.690 percent, and the low yield was 5.640

percent. Noncompetitive tenders totaled $828 million. Competitive tenders accepted from private investors totaled

$14,175 million.

In addition to the $15,003 million of tenders accepted in

the auction process, $1,280 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $502 million was accepted from Federal Reserve banks for their own accounts.

As Treasury announced on September 17, all new Treasury marketable fixed-rate notes and bonds issued on and after

September 30, 1997, would be eligible for the Separate Trading of Registered Interest and Principal Securities (STRIPS)

program. (Notes and bonds issued prior to September 30, 1997,

that were not already eligible for the STRIPS program were

not made eligible for stripping at that time.) The notes of Series

AL-1999 may be held in STRIPS form. The minimum par

amount required is $320,000.

The notes of Series N-2002 were dated October 31, 1997,

due October 31, 2002, with interest payable April 30 and

October 31 until maturity. An interest rate of 5-3/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

October 29, and totaled $24,741 million, of which $11,003

million was accepted. All competitive tenders at yields lower

than 5.830 percent were accepted in full. Tenders at 5.830 were

allotted 2 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.830

percent with an equivalent price of 99.657. The median yield

was 5.791 percent, and the low yield was 5.750 percent.

Noncompetitive tenders totaled $312 million. Competitive

tenders accepted from private investors totaled $10,691 million.

In addition to the $11,003 million of tenders accepted in

the auction process, $350 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $365 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series N-2002 may be held in STRIPS form.

The minimum par amount required is $800,000.

52-Week Bills

October 3 tenders were invited for approximately $12,500

million of 364-day Treasury bills to be dated October 16, 1997,

and to mature October 15, 1998. The issue was to refund

$14,181 million of maturing 52-week bills and to pay down

about $1,675 million. The bills were auctioned October 9.

Tenders totaled $54,235 million, of which $12,710 million was

accepted, including $772 million of noncompetitive tenders

from the public and $1,227 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. An additional $33 million was issued to Federal

Reserve banks as agents for foreign and international monetary

authorities for new cash. In addition, $6,010 million was

awarded to the Federal Reserve banks for their own accounts.

The average bank discount rate was 5.20 percent.

Cash Management Bills

October 28 tenders were invited for approximately

$21,000 million of 80-day bills to be issued November 3, 1997,

representing an additional amount of bills dated July 24, 1997,

maturing January 22, 1998. The issue was to raise new cash.

Tenders were opened October 30. They totaled $66,320 million, of which $21,139 million was accepted. The average bank

discount rate was 5.18 percent.

NOVEMBER

November Quarterly Financing

October 29 Treasury announced it would auction $14,000

million of 3-year notes of Series X-2000, $11,000 million of

9-3/4-year 6-1/8 percent notes of Series D-2007, and $10,000

million of 30-year bonds of November 2027 to refund $26,543

million of Treasury securities maturing November 15 and to

raise about $8,450 million new cash.

The notes of Series X-2000 were dated November 15,

1997, issued November 17, 1997, due November 15, 2000,

with interest payable May 15 and November 15 until maturity.

An interest rate of 5-3/4 percent was set after the determination

as to which tenders were accepted on a yield auction basis.

Accrued interest of $0.31768 per $1,000, covering the period

from November 15 to November 17, 1997, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

November 4, and totaled $34,641 million, of which $14,014

million was accepted at yields ranging from 5.755 percent,

price 99.986, up to 5.768 percent, price 99.950. Tenders at the

high yield were allotted 92 percent. Noncompetitive tenders

were accepted in full at the average yield, 5.762 percent, price

99.967. These totaled $623 million. Competitive tenders accepted from private investors totaled $13,391 million.

In addition to the $14,014 million of tenders accepted in

the auction process, $342 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,651 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series X-2000 may be held in STRIPS form.

The minimum par amount required is $800,000.

The 6-1/8 percent notes of Series D-2007 were an additional issue of notes dated August 15, 1997, due August 15,

2007, with interest payable February 15 and August 15 until

maturity. Accrued interest of $15.64538 per $1,000, covering

the period from August 15 to November 17, 1997, was payable

with each accepted tender.

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: OCTOBER-DECEMBER, con.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on November 5, and totaled $26,803 million, of which $11,003

million was accepted at yields ranging from 5.941 percent,

price 101.324, up to 5.967 percent, price 101.133. Tenders at

the high yield were allotted 30 percent. Noncompetitive tenders were accepted in full at the average yield, 5.955 percent,

price 101.221. These totaled $331 million. Competitive tenders accepted from private investors totaled $10,672 million.

In addition to the $11,003 million of tenders accepted in

the auction process, $300 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,295 million was accepted from Federal

Reserve banks for their own account.

The notes of Series D-2007 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

The bonds of November 2027 were dated November 15,

1997, issued November 17, 1997, due November 15, 2027,

with interest payable May 15 and November 15 until maturity.

An interest rate of 6-1/8 percent was set after the determination

as to which tenders were accepted on a yield auction basis.

Accrued interest of $0.33840 per $1,000, covering the period

from November 15 to November 17, 1997, was payable with

each accepted tender.

Tenders for the bonds were received prior to 12 noon e.s.t.

for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders November 6, and totaled $28,173 million, of

which $10,003 million was accepted at yields ranging from

6.198 percent, price 99.010, up to 6.207 percent, price 98.889.

Tenders at the high yield were allotted 44 percent. Noncompetitive tenders were accepted in full at the average yield, 6.201

percent, price 98.970. These totaled $293 million. Competitive

tenders accepted from private investors totaled $9,710 million.

In addition to the $10,003 million of tenders accepted in

the auction process, $1,180 million was accepted from Federal

Reserve banks for their own account.

The bonds of November 2027 may be held in STRIPS

form. The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

November 19 Treasury announced it would auction

$15,000 million of 2-year notes of Series AM-1999 and

$11,000 million of 5-year notes of Series P-2002 to refund

$29,266 million of securities maturing November 30 and to

pay down about $3,275 million.

The notes of Series AM-1999 were dated November 30,

1997, issued December 1, 1997, due November 30, 1999, with

interest payable May 31 and November 30 until maturity. An

interest rate of 5-5/8 percent was set after the determination as

to which tenders were accepted on a yield auction basis.

Accrued interest of $0.15453 per $1,000, covering the period

from November 30 to December 1, 1997, was payable with

each accepted tender.

Tenders were received prior to 11 a.m. e.s.t. for noncompetitive tenders and prior to 11:30 a.m. e.s.t. for competitive

tenders November 24, and totaled $39,935 million, of which

$15,008 million was accepted. All competitive tenders at

yields lower than 5.700 percent were accepted in full. Tenders

at 5.700 percent were allotted 40 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.700 percent with an equivalent price of

99.860. The median yield was 5.680 percent, and the low yield

was 5.630 percent. Noncompetitive tenders totaled $729 million. Competitive tenders accepted from private investors totaled $14,279 million.

In addition to the $15,008 million of tenders accepted in

the auction process, $1,420 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $548 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series AM-1999 may be held in STRIPS

form. The minimum par amount required is $320,000.

The notes of Series P-2002 were dated November 30,

1997, issued December 1, 1997, due November 30, 2002, with

interest payable May 31 and November 30 until maturity. An

interest rate of 5-3/4 percent was set after the determination as

to which tenders were accepted on a yield auction basis.

Accrued interest of $0.15797 per $1,000, covering the period

from November 30 to December 1, 1997, was payable with

each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

November 25, and totaled $32,775 million, of which $11,003

million was accepted. All competitive tenders at yields lower

than 5.769 percent were accepted in full. Tenders at 5.769

percent were allotted 40 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.769 percent with an equivalent price of 99.918. The

median yield was 5.760 percent, and the low yield was 5.730

percent. Noncompetitive tenders totaled $311 million. Competitive tenders accepted from private investors totaled

$10,692 million.

In addition to the $11,003 million of tenders accepted in

the auction process, $700 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $400 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series P-2002 may be held in STRIPS form.

The minimum par amount required is $800,000.

52-Week Bills

October 31 tenders were invited for approximately

$12,000 million of 364-day Treasury bills to be dated November 13, 1997, and to mature November 12, 1998. The issue was

to refund $14,767 million of maturing 52-week bills and to pay

down about $2,775 million. The bills were auctioned November 6. Tenders totaled $79,482 million, of which $12,337

30 PUBLIC DEBT OPERATIONS
million was accepted, including $713 million of noncompetitive tenders from the public and $734 million of the bills issued

to Federal Reserve banks as agents for foreign and international

monetary authorities. An additional $716 million was issued to

Federal Reserve banks as agents for foreign and international

monetary authorities for new cash. In addition, $5,375 million

was awarded to the Federal Reserve banks for their own accounts. The average bank discount rate was 5.14 percent.

Cash Management Bills

November 21 tenders were invited for approximately

$35,000 million of 15-day bills to be dated December 1, 1997,

and to mature December 16, 1997. The issue was to raise new

cash. Tenders were opened November 25. They totaled $89,907

million, of which $35,209 million was accepted, including $50

million of the bills issued to Federal Reserve banks as agents

for foreign and international monetary authorities. The average

bank discount rate was 5.56 percent.

DECEMBER

Auction of 2-Year and 5-Year Notes

December 17 Treasury announced it would auction

$15,000 million of 2-year notes of Series AN-1999 and $11,000

million of 5-year notes of Series Q-2002 to refund $29,946

million of securities maturing December 31 and to pay down

about $3,950 million.

The notes of Series AN-1999 were dated December 31,

1997, due December 31, 1999, with interest payable June 30

and December 31 until maturity. An interest rate of 5-5/8

percent was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 11 a.m. e.s.t. for noncompetitive tenders and prior to 11:30 a.m. e.s.t. for competitive

tenders December 22, and totaled $34,133 million, of which

$15,003 million was accepted. All competitive tenders at yields

lower than 5.690 percent were accepted in full. Tenders at 5.690

percent were allotted 33 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.690 percent with an equivalent price of 99.879. The

median yield was 5.670 percent, and the low yield was 5.630

percent. Noncompetitive tenders totaled $725 million. Competitive tenders accepted from private investors totaled $14,277

million.

In addition to the $15,003 million of tenders accepted in

the auction process, $900 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $796 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series AN-1999 may be held in STRIPS form.

The minimum par amount required is $320,000.

The notes of Series Q-2002 were dated December 31,

1997, due December 31, 2002, with interest payable June 30

and December 31 until maturity. An interest rate of 5-5/8

percent was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

December 23, and totaled $28,898 million, of which $11,002

million was accepted. All competitive tenders at yields lower

than 5.685 percent were accepted in full. Tenders at 5.685

percent were allotted 87 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.685 percent with an equivalent price of 99.742. The

median yield was 5.669 percent, and the low yield was 5.600

percent. Noncompetitive tenders totaled $293 million. Competitive tenders accepted from private investors totaled $10,709

million.

In addition to the $11,002 million of tenders accepted in

the auction process, $450 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $585 million was accepted from Federal Reserve banks for their own accounts. 

The notes of Series Q-2002 may be held in STRIPS form.

The minimum par amount required is $320,000.

Treasury Announces Changes in Bill Auction

Regulations

November 4, 1997, Treasury announced that, beginning

with the weekly bills to be auctioned on November 10, 1997,

competitive bids in all 13-, 26-, and 52-week bill auctions must

be expressed as a discount rate with three decimals in increments of .005 percent, e.g., 7.100 percent, 7.105 percent, etc.

Competitive bids in cash management bill auctions are still to

be expressed as a discount rate with two decimals, e.g., 7.53

percent. Also beginning with the November 10 auction and

applying to all Treasury bill auctions, including cash management bills, the net long position reporting threshold was reduced from $2 billion to $1 billion.

52-Week Bills

November 26 tenders were invited for approximately

$12,000 million of 364-day Treasury bills to be dated December 11, 1997, and to mature December 10, 1998. The issue was

to refund $14,882 million of maturing 52-week bills and to pay

down about $2,875 million. The bills were auctioned on December 4. Tenders totaled $40,322 million, of which $12,029

million was accepted including $829 million of noncompetitive tenders from the public and $1,201 million of the bills

issued to Federal Reserve banks as agents for foreign and

international monetary authorities. An additional $304 million

was issued to Federal Reserve banks as agents for foreign and

international monetary authorities for new cash. In addition,

$5,660 million was awarded to the Federal Reserve banks for

their own accounts. The average bank discount rate was 5.180

percent.

TREASURY FINANCING: OCTOBER-DECEMBER, con.

PUBLIC DEBT OPERATIONS 31
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 878 8,248

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 756 11,583

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 1,095 17,992

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 440 8,719

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,888 17,192

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 2,674 28,196

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AD note 04/10/96 21,720 1,848 19,871

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 635 8,154

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 610 11,615

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 1,021 20,385

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 863 8,302

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 4,342 16,884

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 884 11,474

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 1,531 19,579

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,177 20,877

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,711 7,983

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 735 10,954

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,267 20,296

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,480 9,863

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 5,145 17,273

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 808 12,211

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 09/03/96 21,949 2,170 19,779

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 983 11,593

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK note 09/30/96 21,486 1,578 19,908

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 1,027 9,242

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 1,038 11,985

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 1,145 20,076

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 596 9,307

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,917 17,682

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 226 162 64

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 929 11,186

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 969 19,563

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,730 10,715

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 1,134 19,481

Total. . . . . . . . . . . . . . . 564,141 52,930 511,210

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 912 9,647

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 757 12,144

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/97 19,468 785 18,683

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 1,086 8,634

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,969 18,028

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 754 11,160

See footnotes at end of table.

32 PUBLIC DEBT OPERATIONS
1999, con.

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC note 02/28/97 19,916 1,249 18,667

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,798 1,675 18,123

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,084 9,094

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-AE note 04/30/97 19,353 1,548 17,805

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,638 8,410

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 3,584 19,776

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 1,037 11,302

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 1,194 17,381

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,645 11,456

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AG note 06/30/97 17,862 1,069 16,793

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 519 9,487

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,586 10,824

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AH note 07/15/97 16,839 1,197 15,643

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 859 9,305

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y note 08/15/96 22,708 2,402 20,306

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 980 11,417

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 17,215 1,520 15,695

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,079 11,757

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-K note 09/30/97 17,487 792 16,695

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 456 9,881

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 558 11,594

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 10/31/97 16,824 602 16,222

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 814 9,960

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 2,841 20,029

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 1,301 10,633

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AM note 12/01/97 17,051 568 16,483

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,450 11,073

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 12/31/97 16,747 1,981 14,767

Total. . . . . . . . . . . . . . . 539,435 48,586 490,849

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 689 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 864 11,364

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 986 9,687

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 847 19,574

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 1,322 11,174

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,392 11,797

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 410 10,125

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 1,074 11,359

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,857 17,906

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 968 11,784

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 740 11,724

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 455 11,884

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 33
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2000, con.

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,158 9,922

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-W note 08/15/97 18,053 1,385 16,668

Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 650 11,272

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 1,009 11,002

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 587 11,493

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 881 10,639

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-X note 11/17/97 16,036 1,651 14,385

Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 646 11,711

Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 916 11,905

Total . . . . . . . . . . . . . . . 288,775 21,969 266,805

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 841 11,975

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 930 10,383

Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 1,001 11,819

Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,635 12,546

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 1,439 12,342

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 1,207 11,191

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 912 12,810

June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-K note 07/01/96 14,282 1,175 13,107

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 873 13,264

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,575 10,764

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 173 1,580

Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 925 13,075

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 1,241 13,278

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 908 13,732

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 2,637 21,589

Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 595 13,436

Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 626 13,345

Total . . . . . . . . . . . . . . . 233,933 19,192 214,741

2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 857 12,596

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 920 12,880

Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 981 13,320

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 04/30/97 14,475 1,035 13,440

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 1,016 10,698

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-G note 06/02/97 13,504 949 12,555

June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 06/30/97 13,059 786 12,273

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-5/8%-J note 07/15/97 16,968 2,675 14,293

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-K note 07/31/97 12,231 295 11,936

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,247 21,612

Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 12,732 701 12,031

See footnotes at end of table.

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

2002, con.

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-M note 09/30/97 12,807 460 12,347

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-N note 10/31/97 11,737 390 11,347

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-P note 12/01/97 12,121 400 11,721

Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-Q note 12/31/02 12,053 585 11,468

Total . . . . . . . . . . . . . . . 213,325 14,805 198,520

2003

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 789 2,217

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/16/93 23,563 2,170 21,393

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 331 2,918

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 704 2,797

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,685 24,326

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 751 6,508

Total. . . . . . . . . . . . . . . 68,590 8,431 60,160

2004

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 650 12,305

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 915 2,840

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 2,047 12,394

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 13,346 810 12,536

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 1,062 7,240

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,838 12,536

Total. . . . . . . . . . . . . . . 71,173 7,850 63,323

2005

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,150 12,685

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 728 3,532

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-B note 05/15/95 14,740 2,000 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 1,800 13,203

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/15/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,541 10,742 65,799

2006

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 70 4,686

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,500 14,014

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 2,103 13,912

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 2,266 20,475

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-D note 10/15/96 22,460 2,433 20,027

Total. . . . . . . . . . . . . . . 81,485 8,372 73,113

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-3/8%-A note 02/06/97 16,071 1,650 14,421

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

PUBLIC DEBT OPERATIONS 35
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2007, con.

Feb. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-B note 02/18/97 13,104 540 12,564

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-5/8%-C note 05/15/97 13,958 1,750 12,208

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8%-D note 08/15/97 25,637 2,175 23,462

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total . . . . . . . . . . . . . . . 74,499 8,039 66,460

2008

Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,666 3,564

Total . . . . . . . . . . . . . . . 7,333 2,455 4,878

2009

May 15, 04-09. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 1,183 3,423

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total . . . . . . . . . . . . . . . 8,807 2,259 6,548

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total . . . . . . . . . . . . . . . 10,218 3,295 6,923

2011

May 15, 06-11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,174 3,435

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,925

Total . . . . . . . . . . . . . . . 9,509 2,149 7,360

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,862 9,170

Total . . . . . . . . . . . . . . . 11,032 1,862 9,170

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,151 11,605

Total . . . . . . . . . . . . . . . 14,755 3,151 11,605

2014

May 15, 09-14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 869 4,138

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,220 4,786

Total . . . . . . . . . . . . . . . 16,141 2,995 13,146

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

Total . . . . . . . . . . . . . . . 26,718 3,445 23,273

2016

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 1,005 6,262

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,445 17,379

See footnotes at end of table.

36 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2016, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,509 17,355

Total. . . . . . . . . . . . . . . 44,955 3,959 40,996

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/88 18,194 1,791 16,403

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 1,094 12,923

Total. . . . . . . . . . . . . . . 32,211 2,885 29,326

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/16/88 8,709 547 8,162

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 356 8,677

Total. . . . . . . . . . . . . . . 17,742 903 16,839

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 983 18,268

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 2,056 18,158

Total. . . . . . . . . . . . . . . 39,465 3,039 36,426

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 961 9,268

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 1,067 9,092

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,367 20,052

Total. . . . . . . . . . . . . . . 41,806 3,394 38,412

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 1,076 10,038

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 938 11,021

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 780 11,383

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 1,150 31,648

Total. . . . . . . . . . . . . . . 68,034 3,944 64,091

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 510 9,843

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 760 9,940

Total. . . . . . . . . . . . . . . 21,052 1,270 19,782

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/16/93 18,374 1,662 16,712

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,035 21,874

Total. . . . . . . . . . . . . . . 41,283 2,697 38,586

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 505 10,965

Total. . . . . . . . . . . . . . . 11,470 505 10,965

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 815 10,910

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,635 10,967

Total. . . . . . . . . . . . . . . 24,327 2,450 21,877

2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 1,009 11,896

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 37
2026, con.

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 965 9,929

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2% bond 11/15/96 11,493 1,820 9,673

Total . . . . . . . . . . . . . . . 35,292 3,794 31,498

2027

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8% bond 02/18/97 10,456 480 9,976

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8% bond 08/15/97 10,736 730 10,006

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8% bond 11/17/97 11,184 1,180 10,004

Total . . . . . . . . . . . . . . . 32,376 2,390 29,986

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

38 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1 bids tendered Total amount petitive basis 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1997 - Sept. 4 . . . . . . 1997 - Dec. 4 91 41,963.5 11,137.3 9,797.6 1,339.8 11,541.8 148,447.5

1998 - Mar. 5 182 46,680.4 12,899.0 11,745.1 1,153.9 13,096.2 307,610.1

11 . . . . . . 1997 - Dec. 11 91 51,507.5 11,671.6 10,473.8 1,197.9 10,414.1 149,705.5

1998 - Mar. 11 182 49,223.3 11,839.5 10,718.3 1,121.2 12,136.2 307,313.4

18 . . . . . . 1997 - Dec. 18 91 39,892.2 11,287.3 9,958.7 1,328.6 10,753.0 150,240.0

1998 - Mar. 19 182 43,941.1 10,998.3 9,735.2 1,263.0 11,935.0 306,736.6

25 . . . . . . 1997 - Dec. 26 92 45,504.6 10,989.3 9,766.1 1,223.2 10,406.5 150,823.4

1998 - Mar. 26 182 38,581.0 10,499.7 9,296.2 1,203.5 11,545.9 305,330.6

Oct. 2 . . . . . . Jan. 2 92 41,938.4 10,885.9 9,626.9 1,259.0 11,584.5 150,124.8

Apr. 2 182 39,437.8 11,033.0 9,877.3 1,155.7 10,037.0 306,326.6

9 . . . . . . Jan. 8 91 39,774.9 10,801.1 9,485.6 1,315.6 11,038.3 149,887.7

Apr. 9 182 41,586.0 10,760.1 9,573.8 1,186.3 10,322.8 306,763.9

16 . . . . . . Jan. 15 91 59,287.0 11,284.9 9,898.2 1,386.6 11,606.2 149,566.4

Apr. 16 182 39,107.4 11,161.9 9,987.8 1,174.1 9,591.1 308,334.7

23 . . . . . . Jan. 23 91 51,055.0 10,689.0 9,525.5 1,163.5 11,713.4 148,542.0

Apr. 23 182 43,132.9 10,692.2 9,709.1 983.1 8,999.2 310,027.7

30 . . . . . . Jan. 29 91 39,591.4 10,596.6 9,281.5 1,315.1 11,967.0 147,171.6

Apr. 30 182 43,871.0 11,580.9 10,459.2 1,121.8 10,107.3 311,501.3

Nov. 6 . . . . . . Feb. 5 91 49,556.4 11,084.4 9,615.4 1,469.0 12,039.0 146,217.0

May 7 182 49,894.6 10,978.8 9,765.3 1,213.5 10,622.4 311,857.8

13 . . . . . . Feb. 12 91 42,499.7 11,423.3 10,042.4 1,380.9 12,346.5 145,293.7

May 14 182 35,896.8 10,883.5 12,321.2 1,135.6 10,074.6 312,666.6

20 . . . . . . Feb. 19 91 41,550.9 10,942.8 9,576.6 1,366.2 12,112.9 144,123.6

May 21 182 35,630.2 10,843.9 9,678.9 1,165.0 10,498.8 313,011.7

28 . . . . . . Feb. 26 90 46,582.3 10,577.5 9,237.2 1,340.3 11,885.2 142,816.0

May 28 181 35,276.8 11,327.6 10,290.3 1,037.3 11,034.0 313,305.3

Dec. 4 . . . . . . Mar. 5 91 40,741.1 10,851.7 9,573.2 1,278.5 11,138.9 142,528.8

June 4 182 37,918.7 10,979.2 9,878.5 1,100.7 11,007.7 313,276.8

11 . . . . . . Mar. 12 91 55,375.4 11,355.0 10,065.5 1,289.5 11,672.1 142,211.7

June 11 182 35,231.1 11,321.2 10,209.5 1,111.7 10,962.3 313,635.7

18 . . . . . . Mar. 18 91 36,756.3 10,834.6 9,502.4 1,332.2 11,287.9 141,758.5

June 18 182 36,003.0 11,323.9 10,214.6 1,109.3 10,051.0 314,908.6

26 . . . . . . Mar. 26 90 34,079.8 10,448.5 9,229.5 1,219.0 10,989.6 141,217.4

June 25 181 32,109.4 10,494.8 9,519.0 975.8 11,479.4 313,924.0

52-week:

1996 - Dec. 12 . . . . . . 1997 - Dec. 11 364 45,506.0 20,542.5 19,734.5 808.0 18,006.7 255,605.1

1997 - Jan. 9 . . . . . . 1998 - Jan. 8 364 49,118.0 20,609.8 19,683.7 926.1 18,910.5 257,304.4

Feb. 6 . . . . . . Feb. 5 364 53,634.2 20,983.2 19,747.9 1,235.3 18,899.7 259,387.9

Mar. 6 . . . . . . Mar. 5 364 51,822.3 20,840.5 20,100.8 739.8 18,795.1 261,433.3

Apr. 3 . . . . . . Apr. 2 364 67,862.2 19,072.4 18,057.5 1,014.9 18,944.6 261,561.1

May 1 . . . . . . Apr. 30 364 73,240.0 20,688.0 19,547.3 1,140.8 19,461.4 262,787.7

May 29 . . . . . . May 28 364 55,069.5 20,831.3 19,707.8 1,123.5 19,327.0 264,292.0

June 26 . . . . . . June 25 364 67,729.9 19,429.6 18,435.5 994.1 19,596.1 264,125.5

July 24 . . . . . . July 23 364 65,035.2 18,829.2 17,859.8 969.4 20,184.9 262,769.8

Aug. 21 . . . . . . Aug. 20 364 62,453.8 18,783.3 17,842.6 940.8 20,571.4 260,981.7

Sept. 18 . . . . . . Sept. 17 364 80,766.5 18,301.6 17,460.7 840.9 19,906.7 259,376.6

Oct. 17 . . . . . . Oct. 16 364 60.298.6 18,774.0 17,981.4 792.6 18,482.5 259,668.1

Nov. 13 . . . . . . Nov. 12 364 85,598.2 18,452.6 17,714.4 738.2 20,141.9 257,978.8

Dec. 11 . . . . . . Dec. 10 364 46,305.7 18,012.6 17,164.0 848.6 20,542.5 255,448.9

Cash management:

1997 - Nov. 3 . . . . . . 1998 - Jan. 22 80 66,320.0 21,139.4 - - - 21,139.4

Dec. 1 . . . . . . Dec. 16 15 89,907.0 35,209.2 - - - 56,348.6

PUBLIC DEBT OPERATIONS 39
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26-weeks or

52-weeks. 

2

 Includes amounts issued on a noncompetitive basis to Federal Reserve banks for their own

accounts and to Federal Reserve banks as agents for foreign and international monetary

authorities.

3

 For 13-week , 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement. 

4

 Equivalent coupon-issue yield. 

5

 Except $10,000 at 97.472 percent. 

6

 Except $3,000,000 at 97.417 percent. 

7

 Except $10,000 at 98.711 percent. 

8

 Except $20,000 at 97.486 percent. 

Regular weekly:

Sept. 4. . . . . . 98.718 5.07 5.21 5.07 98.718 5.05 98.723

97.376 5.19 5.40 5.19 97.376 5.17 97.386

11. . . . . . 98.734 5.01 5.14 5.02 98.731 5.00 98.736

97.401 5.14 5.35 5.14 97.401 5.12 97.412

18. . . . . . 98.759 4.91 5.04 4.91 98.759 4.89 98.764

97.432 5.08 5.29 5.08 97.432 5.06 97.442

25. . . . . . 98.748 4.90 5.03 4.91 98.745 4.88 98.753

97.452 5.04 5.24 5.05 97.447 5.03 97.457

Oct. 2. . . . . . 98.740 4.93 5.06 4.94 98.738 4.89 98.750

97.432 5.08 5.29 5.08 97.432 5.06 97.442

9. . . . . . 98.754 4.93 5.06 4.93 98.754 4.91 98.759

97.467 5.01 5.21 5.01 97.467 4.99 97.477

16. . . . . . 98.741 4.98 5.11 4.98 98.741 4.97 98.744

97.412 5.12 5.33 5.12 97.412 5.10 97.422

23. . . . . . 98.746 4.96 5.09 4.96 98.746 4.94 98.751

97.396 5.15 5.36 5.15 97.396 5.14 97.401

30. . . . . . 98.744 4.97 5.10 4.97 98.744 4.95 98.749

97.432 5.08 5.29 5.08 97.432 5

 5.08 97.432

Nov. 6. . . . . . 98.706 5.12 5.26 5.12 98.706 5.11 98.708

97.407 5.13 5.34 5.14 97.401 6

 5.13 97.407

13. . . . . . 98.696 5.16 5.30 5.16 98.696 7 5.14 98.701

97.391 5.16 5.37 5.17 97.389 5.14 97.401

20. . . . . . 98.694 5.17 5.31 5.17 98.694 5.15 98.698

97.389 5.17 5.38 5.17 97.386 5.15 97.396

28. . . . . . 98.714 5.15 5.28 5.15 98.714 5.14 98.715

97.388 5.20 5.41 5.20 97.386 8

 5.19 97.393

Dec. 4. . . . . . 98.708 5.11 5.25 5.11 98.708 5.08 98.716

97.374 5.20 5.41 5.20 97.371 5.18 97.381

11. . . . . . 98.698 5.15 5.29 5.16 98.697 5.14 98.701

97.336 5.27 5.49 5.28 97.333 5.25 97.346

18. . . . . . 98.718 5.07 5.21 5.07 98.718 5.05 98.723

97.384 5.18 5.39 5.18 97.384 5.15 97.396

26. . . . . . 97.328 5.32 5.54 5.32 97.325 5.30 97.338

98.676 5.30 5.44 5.30 98.675 5.28 98.681

52-week:

1996 - Dec. 12. . . . . . 94.783 5.16 5.45 5.16 94.783 5.13 94.813

1997 - Jan. 9. . . . . . 94.631 5.31 5.61 5.32 94.621 5.29 94.651

Feb. 6. . . . . . 94.601 5.34 5.64 5.35 94.591 5.32 94.621

Mar. 6. . . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Apr. 3. . . . . . 94.277 5.66 6.00 5.66 94.277 5.64 94.267

May 1. . . . . . 94.216 5.72 6.06 5.72 94.216 5.71 94.227

May 29. . . . . . 94.388 5.55 5.88 5.56 94.378 5.53 94.409

June 26. . . . . . 94.591 5.35 5.65 5.35 94.591 5.34 94.601

July 24. . . . . . 94.682 5.26 5.56 5.26 94.682 5.25 94.692

Aug. 21. . . . . . 94.661 5.28 5.58 5.28 94.661 5.27 94.671

Sept. 18. . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

Oct. 16. . . . . . 94.742 5.20 5.49 5.20 97.742 5.19 97.752

Nov. 13. . . . . . 94.803 5.14 5.42 5.15 94.793 5.14 94.803

Dec. 11. . . . . . 94.762 5.18 5.47 5.18 94.762 5.17 94.778

Cash management:

1997 - Nov. 3. . . . . . 98.849 5.18 5.31 5.18 98.849 5.17 98.851

Dec. 1. . . . . . 99.768 5.56 5.66 5.56 99.768 5.53 99.770

40 PUBLIC DEBT OPERATIONS
See footnotes at end of table.

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 * and bonds

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

01/04/96 01/11/96 4.89% bill--01/09/97 364d 57,800 18,910

01/23/96 01/31/96 5% note--01/31/98-AB 2y 45,650 19,087 7

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 8

02/01/96 02/08/96 4.64% bill--02/06/97 364d 58,951 18,900

02/06/96 02/15/96 5% note--02/15/99-W 3y 52,932 21,997 9

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 10

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 11

02/08/96 02/15/96 5.14% bill--02/22/96-reopening 7d 41,694 8,055

02/22/96 02/23/96 5.02% bill--04/18/96-reopening 55d 85,706 29,192

02/27/96 02/29/96 5-1/8% note--02/28/98-K-reopening 2y 43,564 19,184 12

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 13

02/28/96 03/01/96 5.06% bill--03/14/96-reopening 13d 32,082 6,003

02/29/96 03/07/96 4.98% bill--03/06/97 364d 39,127 18,795

03/13/96 03/14/96 5.11% bill--04/25/96-reopening 42d 47,387 9,060

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 14

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 15

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 16

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 17

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 18

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 19

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 20

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 21

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 22

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 23

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 24

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 25

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 26

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 27

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 28

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 29

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 30

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 31

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 32

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 33

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 34

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 35

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 36

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 37

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 38

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 39

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 40

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 41

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 42

PUBLIC DEBT OPERATIONS 41
12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 43

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 44

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 45

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 46

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 47

02/12/97 6

 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 48

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 49

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 50

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 51

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 52

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 53

03/26/97 04/03/97 5.66% bill--04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill--04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill--04/22/97 19d 51,886 17,066

04/08/97 6

 04/15/97 3-3/8% ii note--01/15/07-A-reopening 9y 9m 18,464 5 8,405 54

04/22/97 04/30/97 6-3/8% note--04/30/99-AE 2y 43,708 19,351 55

04/23/97 04/30/97 6-5/8% note--04/30/02-F 5y 34,266 14,475 56

04/24/97 05/01/97 5.72% bill--04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note--05/15/00-V 3y 39,125 20,763 57

05/07/97 05/15/97 6-5/8% note--05/15/07-C 10y 24,266 513,958 58

05/22/97 05/29/97 5.55% bill--05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note--05/31/99-AF 2y 42,092 18,567 59

05/29/97 06/02/97 6-1/2% note--05/31/02-G 5y 34,876 13,492 60

06/02/97 06/03/97 5.25% bill--06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill--06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note--06/30/99-AG 2y 40,541 17,861 61

06/25/97 06/30/97 6-1/4% note--06/30/02-H 5y 38,218 13,058 62

07/09/97 07/15/97 3-5/8% ii note--07/15/02-J 5y 26,858 5 8,404 63

07/17/97 07/24/97 5.26% bill--07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note--07/31/99-AH 2y 40,533 16,840 64

07/23/97 07/31/97 6% note--07/31/02-K 5y 33,845 12,231 65

07/31/97 08/01/97 5.35% bill--09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note--08/15/00-W 3y 41,313 18,053 66

08/06/97 08/15/97 6-1/8% note--08/15/07-D 10y 27,869 5 13,036 67

08/07/97 08/15/97 6-3/8% bond--08/15/27 30y 27,355 5 10,736 68

08/14/97 08/21/97 5.28% bill--08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note--08/31/99-AJ 2y 40,541 17,214 69

08/27/97 09/02/97 6-1/4% note--08/31/02-L 5y 27,996 12,732 70

08/28/97 09/02/97 5.47% bill--09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill--09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note--09/30/99-AK 2y 39,868 5

 17,486 71

09/24/97 09/30/97 5-7/8% note--09/30/02-M 5y 35,396 5 12,806 72

10/08/97 6 10/15/97 3-5/8% ii note--07/15/02-J-reopening 4y 9m 28,953 5 8,413 73

10/09/97 10/16/97 5.20% bill--10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note--10/31/99-AL 2y 36,128 5

 16,822 74

10/29/97 10/31/97 5-3/4% note--10/31/02-N 5y 25,473 5

 11,736 75

10/30/97 11/03/97 5.18% bill--01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note--11/15/00-X 3y 36,663 5

 16,036 76

11/05/97 6 11/17/97 6-1/8% note--08/15/07-D-reopening 9y 9m 28,400 5 12,599 77

11/06/97 11/17/97 6-1/8% bond--11/15/27 30y 29,354 5 11,185 78

11/06/97 11/13/97 5.14% bill--11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note--11/30/99-AM 2y 41,982 5

 17,055 79

11/25/97 12/01/97 5-3/4% note--11/30/02-P 5y 33,892 5 12,120 80

11/25/97 12/01/97 5.56% bill--12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill--12/10/98 364d 46,306 18,013

12/22/97 12/31/97 5-5/8% note--12/31/99-AN 2y 35,878 5

 16,748 81

12/23/97 12/31/97 5-5/8% note--12/31/02-Q 5y 29,949 5 12,053 82

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1 (years, months, days) 2 tendered issued 3,4 * and bonds

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

See footnotes at end of table.

42 PUBLIC DEBT OPERATIONS
TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5

 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan.

7

 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

8

 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction.

9

 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the

average at 5.043% (price 99.882).

10 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the

average at 5.649% (price 99.819).

11 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the

average at 6.119% (price 98.374).

12 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

13 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

14 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

15 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction.

16 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

17 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

18 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

19 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

20 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction.

21 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction.

22 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

23 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

24 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

25 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

26 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

27 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

28 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

29 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

30 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

31 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction.

32 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

33 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

34 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

35 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

36 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

37 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

38 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

39 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the

average at 6.619% (price 98.457).

40 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

41 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction.

42 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

43 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

44 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

45 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

46 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

47 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the

average at 5.997% (price 99.670).

48 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the

average at 6.374% (price 99.092).

49 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the

average at 6.640% (price 99.804).

50 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

51 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

52 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

53 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

54 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

55 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction.

56 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction.

57 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the

average at 6.438% (price 99.831).

58 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the

average at 6.740% (price 99.173).

59 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction.

60 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction.

61 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction.

62 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction.

63 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of

an inflation-indexed note.

64 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

65 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction.

66 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the

average at 6.041% (price 99.889).

67 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the

average at 6.205% (price 99.411).

68 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the

average at 6.445% (price 99.076).

69 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction.

70 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction.

71 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 72 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction.

73 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction

of an inflation-indexed note.

74 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction.

75 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction.

76 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the

average at 5.762% (price 99.967).

77 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

average at 5.955% (price 101.221).

78 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the

average at 6.201% (price 98.970).

79 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction.

80 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction.

81 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

82 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only. 

*As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS.

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C 11,204 900 382 351 - * 1,062 * - 6 7,744 759

-reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

-reopening

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation-indexed note 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

--01/15/07-A 

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% inflation-indexed note 8,405 400 664 43 10 - 817 52 455 - 5,327 637

--01/15/07-A-reopening

04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note--07/15/02-J r 8,410 400 2,055 31 17 * 859 1 - 85 4,745 r

 218

07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note--09/31/99-AK r 17,488 617 183 757 1 3 837 13 * 4 13,278 r 1,795

09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

10/15/97 3-5/8% note--10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209

10/31/97 5-5/8% note--10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322

10/31/97 5-3/4% note--10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383

11/15/97 5-3/4% note--11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385

11/15/97 6-1/8% note--08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301

11/15/97 6-1/8% bond--11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5

12/01/97 5-5/8% note--11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813

12/01/97 5-3/4% note--11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799

12/31/97 5-5/8% note--12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071

12/31/97 5-5/8% note--12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627

* Less than $500,000. 

1 Includes trust companies, bank dealers, and stock savings banks. 

2

 Includes partnerships and personal trust accounts.

3 Exclusive of banks and insurance companies. 

4 Consists of trust, sinking, and investment funds of State and local governments and their

agencies.

5 Includes savings and loan associations, nonprofit institutions, and foreign and international

investments. Also included are certain Government deposit accounts and Government-sponsored agencies.

 Note.--For detail of offerings see table PDO-3.

PUBLIC DEBT OPERATIONS 45
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

Total amount

Date of Average rate issued Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks banks Corporations 1 brokers All other 2 

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

1 Exclusive of banks and insurance companies.

2 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

46 PUBLIC DEBT OPERATIONS
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Dec. 31, 1997

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

 Accrued accrued Interest- non-interestSeries Sales 1 discount discount Redemptions 1 bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 346,490 190,867 537,357 353,358 181,133 5,335

Series F and G . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3

Series J and K. . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - -

Savings notes . . . . . . . . . . . . . . . . . 862 686 1,548 1,191 287 -

Total . . . . . . . . . . . . . . . . . . . . . . . 383,253 193,930 577,183 392,821 181,420 5,339

1

 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds

for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds

beginning January 1972; however, they exclude exchanges of series E bonds for series H and

HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be found

in the February 1952 and previous issues of the ‘‘Treasury Bulletin.’’

Fiscal years:

1935 - 93 . . . . . . . . . 353,975 154,547 508,522 339,390 266,448 72,942 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 . . . . . . . . . . . . . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

Calendar years:

1935 - 93 . . . . . . . . . 356,515 156,912 513,427 341,501 267,717 73,784 169,775 2,145

1994 . . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 5,256 8,950 14,206 12,194 3,632 8,562 184,719 2,240

1997 . . . . . . . . . . . . . 5,717 9,766 15,483 15,881 8,851 7,030 181,133 5,359

1996 - Dec. . . . . . . . . . 572 686 1,258 1,214 724 490 182,781 4,222

1997 - Jan . . . . . . . . . . 556 811 1,367 1,701 989 713 182,476 4,194

Feb. . . . . . . . . . 402 734 1,136 1,200 577 623 182,566 4,043

Mar. . . . . . . . . . 437 734 1,171 1,209 713 422 182,542 3,938

Apr. . . . . . . . . . 419 845 1,264 1,340 743 597 182,548 3,878

May . . . . . . . . . 421 684 1,105 1,175 633 542 182,547 3,807

June . . . . . . . . . 426 719 1,145 1,162 649 513 182,587 3,746

July. . . . . . . . . . 415 843 1,258 1,294 741 552 182,607 3,692

Aug. . . . . . . . . . 383 760 1,143 1,241 697 544 182,565 3,637

Sept.. . . . . . . . . 376 697 1,073 1,087 646 441 182,589 3,601

Oct. . . . . . . . . . 389 872 1,256 1,121 590 532 182,777 3,547

Nov. . . . . . . . . . 396 676 1,072 912 480 432 182,980 3,506

Dec. . . . . . . . . . 525 705 1,231 1,225 669 556 181,133 5,359

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

 Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1 discount 1 bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the ‘‘Treasury Bulletins’’ of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 47
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952 - 92 . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

1997 . . . . . . . . . . . . . 10 - 10 893 893 - 1,254 12,294 17

Calendar years:

1952 - 92 . . . . . . . . . 13,511 - 13,511 18,156 18,156 - 15,194 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 33 - 33 718 718 - 1,157 12,011 15

1997 . . . . . . . . . . . . . 44 - 44 926 926 - 1,210 12,331 23

1996 - Dec. . . . . . . . . . -16 - -16 71 71 - 109 12,038 23

1997 - Jan . . . . . . . . . . 2 - 2 83 83 - 114 12,072 22

Feb. . . . . . . . . . 2 - 2 76 76 - 114 12,113 21

Mar. . . . . . . . . . -8 - -8 83 83 - 121 12,143 20

Apr. . . . . . . . . . 2 - 2 86 86 - 107 12,167 19

May . . . . . . . . . -3 - -3 87 87 - 109 12,200 19

June . . . . . . . . . -4 - -4 88 88 - 106 12,230 18

July. . . . . . . . . . 8 - 8 80 80 - 99 12,257 18

Aug. . . . . . . . . . -8 - -8 74 74 - 101 12,276 18

Sept.. . . . . . . . . -1 - -1 67 67 - 87 12,294 17

Oct. . . . . . . . . . -6 - -6 74 74 - 91 12,305 17

Nov. . . . . . . . . . - - - 58 58 - 77 12,324 16

Dec. . . . . . . . . . - - - 70 70 - 84 12,331 23

Fiscal years:

1941 - 93 . . . . . . . . . 308,929 151,035 459,964 282,523 212,025 70,496 16,262 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 . . . . . . . . . . . . . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

Calendar years:

1941 - 93 . . . . . . . . . 307,039 154,444 461,483 277,633 213,167 71,376 16,264 158,633 2,119

1994 . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 5,248 8,949 14,197 11,475 6,165 5,313 1,352 172,707 2,225

1997 . . . . . . . . . . . . . 5,139 9,022 14,161 13,767 7,225 6,467 1,210 168,802 5,359

1996 - Dec. . . . . . . . . . 572 684 1,256 1,150 660 490 95 170,744 4,198

1997 - Jan . . . . . . . . . . 558 811 1,369 1,618 905 713 114 170,405 4,173

Feb. . . . . . . . . . 404 734 1,138 1,124 501 623 114 170,453 4,022

Mar. . . . . . . . . . 428 671 1,099 1,126 631 422 121 170,399 3,938

Apr.. . . . . . . . . . 422 844 1,266 1,254 657 597 107 170,381 3,878

May. . . . . . . . . . 419 684 1,103 1,100 558 542 109 170,348 3,807

June . . . . . . . . . 423 719 1,142 1,090 576 513 106 170,357 3,746

July . . . . . . . . . . 415 844 1,259 1,214 661 552 99 170,350 3,692

Aug. . . . . . . . . . 383 762 1,145 1,167 622 544 101 170,289 3,637

Sept. . . . . . . . . . 377 698 1,075 1,018 577 441 87 170,295 3,601

Oct.. . . . . . . . . . 389 873 1,262 1,048 516 532 91 170,472 3,547

Nov. . . . . . . . . . 396 677 1,073 854 422 432 77 170,656 3,506

Dec. . . . . . . . . . 525 705 1,231 1,154 599 556 84 168,802 5,359

48 U.S. SAVINGS BONDS AND NOTES
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes, and

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 49
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1996 - Dec. . . . . . . . . . . . . . . . . . . . 5,357,391 5,317,188 1,497,178 1,254 1,495,924 410,878

1997 - Jan . . . . . . . . . . . . . . . . . . . . 5,348,224 5,308,048 1,504,854 1,254 1,503,600 399,448

Feb. . . . . . . . . . . . . . . . . . . . 5,384,042 5,344,143 1,504,423 1,254 1,503,169 401,575

Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,375,139 1,506,784 1,254 1,505,530 405,559

Apr. . . . . . . . . . . . . . . . . . . . 5,388,003 5,348,249 1,520,050 1,254 1,518,796 452,885

May . . . . . . . . . . . . . . . . . . . 5,379,245 5,308,468 1,529,099 1,254 1,527,845 412,569

June . . . . . . . . . . . . . . . . . . . 5,409,818 5,370,459 1,571,583 1,254 1,570,329 426,362

July . . . . . . . . . . . . . . . . . . . 5,406,995 5,367,593 1,570,183 1,254 1,568,929 414,157

Aug. . . . . . . . . . . . . . . . . . . . 5,437,927 5,367,587 1,571,058 1,254 1,569,804 419,947

Sept. . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

Oct. . . . . . . . . . . . . . . . . . . . 5,460,376 5,421,664 1,606,412 1,254 1,605,158 420,613

Nov. . . . . . . . . . . . . . . . . . . . 5,495,944 5,426,155 1,613,248 1,254 1,611,994 430,280

Dec. . . . . . . . . . . . . . . . . . . . 5,536,012 5,494,913 1,655,682 1,254 1,654,428 451,901

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1996 - Dec. . . . . . . . . . . . . . . . . . . . 3,409,132 3,047,559 361,573 5,984 34,219 7,606 26,613

1997 - Jan . . . . . . . . . . . . . . . . . . . . 3,403,746 3,040,766 362,979 5,949 34,227 7,606 26,621

Feb. . . . . . . . . . . . . . . . . . . . 3,438,145 3,074,706 363,439 5,794 34,105 7,606 26,499

Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,097,548 365,248 5,751 33,864 7,606 26,258

Apr. . . . . . . . . . . . . . . . . . . . 3,375,314 3,010,373 364,941 5,722 34,032 7,606 26,426

May . . . . . . . . . . . . . . . . . . . 3,366,800 3,002,074 364,725 36,494 34,284 7,606 26,678

June . . . . . . . . . . . . . . . . . . . 3,372,514 3,005,442 367,072 5,692 33,667 7,348 26,319

July . . . . . . . . . . . . . . . . . . . 3,383,253 3,017,683 365,570 5,635 33,766 7,348 26,418

Aug. . . . . . . . . . . . . . . . . . . . 3,376,582 3,009,567 367,015 36,834 33,507 7,348 26,159

Sept. . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

Oct. . . . . . . . . . . . . . . . . . . . 3,394,639 3,016,819 377,820 5,562 33,151 7,098 26,053

Nov. . . . . . . . . . . . . . . . . . . . 3,382,627 3,002,065 380,562 36,467 33,322 7,098 26,224

Dec. . . . . . . . . . . . . . . . . . . . 3,387,330 3,003,662 383,668 7,475 33,624 7,098 26,526

50 OWNERSHIP OF FEDERAL SECURITIES
1

 U.S. savings bonds, series A-F and J, are included at current redemption value.

2

 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New

York investment companies majority owned by foreign banks, and Edge Act corporations

owned by domestically chartered and foreign banks.

3

 Includes partnerships and personal trust accounts.

4

 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970.

5

 Exclusive of banks and insurance companies.

6 The "State and local governments" category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4 securities companies funds rations 5 ments 6 national 7 investors 8

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

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 562.7 549.7 674.2

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 582.5 564.2 655.2

June . . . . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 596.1 567.7 662.1

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 596.8 591.3 655.3

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 609.2 622.9 655.0

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 569.1 655.8 729.6

Dec. . . . . 3,168.0 290.4 2,877.6 331.2 180.5 150.7 240.1 67.6 224.5 540.2 688.6 785.5

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 342.8 181.4 161.4 244.2 67.7 230.3 525.3 729.2 791.6

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 485.5 784.2 801.2

Sept. . . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 454.2 848.4 808.1

Dec . . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 421.5 862.2 843.0

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 423.4 r

 936.6 r 837.5

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 229.5 r

 82.4 230.9 403.1 r 960.3 r 813.3

Sept. . . . . 3,386.2 274.8 3,111.4 r

 353.7 186.8 167.0 226.8 85.2 249.1 r 376.4 r 1,026.1 r 794.1

Dec . . . . . 3,411.2 261.7 3,149.5 356.6 187.0 169.6 214.1 91.6 258.5 363.7 r

 1,135.6 r 729.4

1997 - Mar. . . . . 3,451.7 282.3 3,169.4 355.4 186.5 168.9 214.3 84.0 262.5 348.0 r

 1,192.0 r 713.2

June . . . . 3,361.7 265.7 3,096.0 355.4 186.3 169.1 r

 216.0 77.4 261.0 r 345.3 r 1,221.7 r 619.2

Sept. . . . . 3,388.9 r

 261.6 r 3,127.3 354.8 186.2 168.6 r 214.4 r 75.8 266.5 r 336.4 r 1,266.8 r 612.6

Dec . . . . . 3,393.4 p

 260.0 3,133.4 354.9 186.5 168.4 p 214.0 p 87.8 p 265.0 p 334.0 p 1,278.2 p 599.4

OWNERSHIP OF FEDERAL SECURITIES 51
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury

average yield is the 30-year constant maturity yield. The

corporate bond average yield is developed by Treasury by

calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors

Service. The municipal bond average yield prior to 1991 was

compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published

by Moody’s Investors Service for 20-year reoffering yields on

selected Aa-rated general obligations. See the footnotes for

further explanation.

Monthly average:

1997 - Jan . . . . . . . . . . 5.17 5.31 5.61 6.01 6.16 6.33 6.47 6.58 6.83

Feb.. . . . . . . . . . 5.14 5.27 5.53 5.90 6.03 6.20 6.32 6.42 6.69

Mar.. . . . . . . . . . 5.28 5.48 5.80 6.22 6.38 6.54 6.65 6.69 6.93

Apr. . . . . . . . . . . 5.30 5.60 5.99 6.45 6.61 6.76 6.86 6.89 7.09

May . . . . . . . . . . 5.20 5.53 5.87 6.28 6.42 6.57 6.66 6.71 6.94

June . . . . . . . . . 5.07 5.34 5.69 6.09 6.24 6.38 6.46 6.49 6.77

July . . . . . . . . . . 5.19 5.33 5.54 5.89 6.00 6.12 6.20 6.22 6.51

Aug . . . . . . . . . . 5.28 5.40 5.56 5.94 6.06 6.16 6.29 6.30 6.58

Sept. . . . . . . . . . 5.08 5.30 5.52 5.88 5.98 6.11 6.20 6.21 6.50

Oct. . . . . . . . . . . 5.11 5.30 5.46 5.77 5.84 5.93 6.05 6.03 6.33

Nov . . . . . . . . . . 5.28 5.38 5.46 5.71 5.76 5.80 5.90 5.88 6.11

Dec . . . . . . . . . . 5.30 5.45 5.53 5.72 5.74 5.77 5.83 5.81 5.99

End of month: 

1997 - Jan . . . . . . . . . . 5.15 5.28 5.58 5.94 6.08 6.26 6.40 6.53 6.80

Feb.. . . . . . . . . . 5.22 5.39 5.67 6.09 6.23 6.39 6.50 6.56 6.80

Mar.. . . . . . . . . . 5.35 5.55 6.02 6.45 6.60 6.77 6.89 6.92 7.10

Apr. . . . . . . . . . . 5.28 5.53 5.90 6.29 6.42 6.57 6.68 6.72 6.95

May . . . . . . . . . . 4.96 5.46 5.78 6.22 6.37 6.51 6.61 6.67 6.92

June . . . . . . . . . 5.25 5.34 5.67 6.08 6.25 6.40 6.49 6.51 6.80

July . . . . . . . . . . 5.25 5.33 5.45 5.74 5.81 5.90 5.99 6.02 6.30

Aug . . . . . . . . . . 5.24 5.39 5.59 5.97 6.10 6.22 6.33 6.34 6.61

Sept. . . . . . . . . . 5.06 5.28 5.47 5.80 5.88 6.00 6.11 6.12 6.41

Oct. . . . . . . . . . . 5.21 5.32 5.36 5.63 5.70 5.72 5.87 5.84 6.15

Nov . . . . . . . . . . 5.22 5.43 5.52 5.76 5.80 5.83 5.89 5.86 6.04

Dec . . . . . . . . . . 5.36 5.45 5.51 5.66 5.68 5.71 5.77 5.75 5.93

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

52 MARKET YIELDS
Years to Maturity

* Source: Office of Market Finance

CHART MY-A.--Yields of Treasury Securities,

Dec. 31, 1997 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

MARKET YIELDS 53
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

54 MARKET YIELDS
1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

MARKET YIELDS 55
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1 bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.77 7.71 5.39

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

1

 Treasury series based on 3-week moving average of reoffering yields of new corporate

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2

 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.

56 MARKET YIELDS
CHART MY-B.--Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

* Source: Office of Market Finance

Aa Corporate Bonds

Treasury 30-yr. Bonds

Aa Municipal Bonds

MARKET YIELDS 57
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

‘‘Treasury Bulletin.’’ The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, Dec. 31, 1997

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1 notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $575,143,214,151 $550,127,785,253 $549,600,183,680 $271,482,216 $256,119,357

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 222,937,224 8,544,208 8,343,185 20,739 180,284

The Federal Reserve banks. . . . . 92,591,335,254 92,131,484,425 92,131,483,295 - 1,130

Amounts in circulation . . . . . . . . . . . $482,328,941,673 $457,987,756,620 $457,460,357,200 $271,461,477 $255,937,943

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $25,015,428,898 $2,024,703,898 $22,990,725,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 214,393,016 64,087,050 150,305,966

The Federal Reserve banks. . . . . 459,850,829 53,147,344 406,703,485

Amounts in circulation . . . . . . . . . . . $24,341,185,053 $1,907,469,504 $22,433,715,549

See footnotes following table USCC-2.

58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
1 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents value of certain partial denominations not presented for redemption.

5 Based on Bureau of the Census estimates of population.

$1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,718,482,681 $6,571,093,638 $143,481 $147,245,562

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128,405,494 995,889,252 132,503,666 12,576

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,848,149,655 7,705,810,490 110,401,910 31,937,255

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,201,043,010 14,178,440,840 5,950 22,596,220

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,953,394,480 87,933,286,880 3,380 20,104,220

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,240,047,000 48,228,548,100 - 11,498,900

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,581,249,700 291,530,853,000 28,403,000 21,993,700

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,284,000 144,096,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,495,000 167,289,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . $457,987,756,620 $457,460,357,200 $271,461,477 $255,937,943

Dec. 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . $482,329 $1,792.88

Nov. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,165 1,753.61

Oct. 31, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,529 1,718.95

Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15

Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14

Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45

Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48

June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08

June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39

June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14

June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90

TABLE USCC-2.--Amounts Outstanding and in Circulation, Dec. 31, 1997

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1 notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation-- (in millions) capita 5

selected dates (1) (2)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59
60

Page Intentionally Left Blank
61

Page Intentionally Left Blank
62

Page Intentionally Left Blank
TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1 stock 2 rights 1, 3 currencies 4 Fund 1, 5

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

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996. . . . . . . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372

Feb. . . . . . . . . . . . . . . . . . . r

 67,482 r 11,051 9,866 32,528 14,037

Mar. . . . . . . . . . . . . . . . . . . 67,222 11,050 9,879 32,447 13,846

Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660

May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962

June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805

July. . . . . . . . . . . . . . . . . . . r

 66,120 r 11,051 9,810 31,582 13,677

Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959

Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042

Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243

Nov. . . . . . . . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571

Dec. . . . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071

1998 - Jan.. . . . . . . . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve

position in the IMF automatically if needed. Under appropriate conditions, the United States

could purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners, and its

international financial position. All monetary figures are in

dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the

Special Drawing Account in the International Monetary Fund

(IMF), holdings of convertible foreign currencies, and reserve

position in the IMF.

• Table IFS-2 contains statistics on liabilities to foreign

official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

the Treasury issues to official institutions and other residents

of foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 63
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries 

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6 organizations 7 

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

1992. . . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993. . . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994. . . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995. . . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055

1996 - Dec. r . . . . 2,185,162 733,311 312,019 379,538 5,968 35,786 796,578 630,601 141,322 489,279 24,672

1997 - Jan. r . . . . 2,197,678 744,023 314,766 387,103 6,007 36,147 781,679 646,785 147,379 499,406 25,191

Feb. r . . . . 2,245,667 754,604 314,774 397,281 6,044 36,505 794,888 670,319 157,095 513,224 25,856

Mar. r . . . . 2,265,736 764,437 317,013 404,435 6,084 36,905 804,439 673,792 147,500 526,292 23,068

Apr. r. . . . . 2,299,540 759,346 305,470 411,390 5,692 36,794 817,806 698,028 153,164 544,864 24,360

May r . . . . 2,319,174 763,785 305,639 414,997 5,730 37,419 825,897 705,801 157,171 548,630 23,691

June r . . . . 2,333,612 758,638 289,735 425,388 5,767 37,748 836,002 713,532 153,399 560,133 25,440

July r. . . . . 2,353,588 758,973 291,067 422,975 5,805 39,126 842,835 728,228 163,001 565,227 23,552

Aug. . . . . . 2,370,218 770,766 294,081 431,210 5,843 39,632 838,698 738,624 157,471 581,153 22,130

Sept.. . . . . 2,402,888 781,023 299,786 434,301 5,879 41,057 840,665 757,690 163,969 593,721 23,510

Oct.. . . . . . 2,447,289 776,012 306,987 421,453 5,918 41,654 850,680 795,215 171,880 623,335 25,382

Nov. p. . . . 2,477,363 768,245 297,847 422,920 5,955 41,523 883,270 801,491 164,399 637,092 24,357

Dec. p. . . . 2,504,409 752,970 283,126 422,609 5,994 41,241 933,051 796,562 167,158 629,404 21,826

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as

follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990,

30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies,

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign

currencies to foreign banks and to ‘‘other foreigners.’’

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the ‘‘Capital

Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

64 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1992. . . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993. . . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994. . . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995. . . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997 - Jan . . . . . . . . . . . . . . . . . . 6,007 6,007 1,021 3,861 1,125

Feb. . . . . . . . . . . . . . . . . . 6,044 6,044 1,027 3,885 1,132

Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140

Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147

May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155

June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163

July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171

Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179

Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186

Oct.. . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194

Nov. . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202

Dec. . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Includes current value of the following zero-coupon Treasury bond issues to the government

of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058

million that was retired in full in April 1997; and beginning March 1990, 30-year maturity issue

with remaining face value of $20,412 million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 65
INTRODUCTION: Capital Movements

Treasury collects information about the transference of financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit

claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices), and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

• Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

reported by banks, brokers, and other entities in the United

66 CAPITAL MOVEMENTS
SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

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

1992. . . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993. . . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994. . . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995. . . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 - Dec. r . . . . . . . . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 - Jan. r . . . . . . . . 1,260,445 314,766 314,766 - 929,058 827,315 101,743 16,621 14,957 1,664 344,028 71,782

Feb. r . . . . . . . . 1,283,135 314,774 314,774 - 951,983 850,240 101,743 16,378 14,714 1,664 354,708 71,782

Mar. r . . . . . . . . 1,282,842 317,013 317,013 - 951,939 844,364 107,575 13,890 12,227 1,663 350,706 75,791

Apr. r. . . . . . . . . 1,291,162 305,470 305,470 - 970,970 863,395 107,575 14,722 13,059 1,663 346,041 75,791

May r . . . . . . . . 1,302,917 305,639 305,639 - 983,068 875,493 107,575 14,210 12,547 1,663 349,726 75,791

June r . . . . . . . . 1,294,145 289,735 289,735 - 989,401 881,025 108,376 15,009 13,952 1,057 358,881 73,844

July r. . . . . . . . . 1,309,756 291,067 291,067 - 1,005,836 897,460 108,376 12,853 11,796 1,057 361,998 73,844

Aug. . . . . . . . . . 1,301,876 294,081 294,081 - 996,169 887,793 108,376 11,626 10,569 1,057 365,997 73,844

Sept.. . . . . . . . . 1,317,040 299,786 299,786 - 1,004,634 886,971 117,663 12,620 11,806 814 359,225 83,657

Oct.. . . . . . . . . . 1,344,275 306,987 306,987 - 1,022,560 904,897 117,663 14,728 13,914 814 379,112 83,657

Nov. p. . . . . . . . 1,358,799 297,847 297,847 - 1,047,669 930,006 117,663 13,283 12,469 814 388,755 83,657

Dec. p. . . . . . . . 1,395,677 283,126 283,126 - 1,100,209 982,546 117,663 12,342 11,528 814 406,465 83,657

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. This is because the path

of a security is not tracked prior to its being purchased from,

or after it is sold to, a foreigner in a reportable transaction. That

is, before it enters and after it departs the reporting system,

ownership of a security may be transferred between foreigners

of different countries. Such transfers may occur any number

of times and are concealed among the net figures for U.S.

transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of

the foreign buyers and sellers of securities in a particular round

of transactions.

CAPITAL MOVEMENTS 67
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2 certificates liabilities 2

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Dec. . . . . . . . . . . . . . . . . . . . 13,972 29 5,784 352 7,807

1997 - Jan.. . . . . . . . . . . . . . . . . . . . . 14,957 55 5,792 494 8,616

Feb. . . . . . . . . . . . . . . . . . . . 14,714 51 5,035 307 9,321

Mar. . . . . . . . . . . . . . . . . . . . 12,227 49 6,952 246 4,980

Apr. . . . . . . . . . . . . . . . . . . . 13,059 30 5,238 174 7,617

May . . . . . . . . . . . . . . . . . . . 12,547 16 4,857 122 7,552

June . . . . . . . . . . . . . . . . . . . 13,952 775 6,669 65 6,443

July . . . . . . . . . . . . . . . . . . . 11,796 86 4,726 47 6,937

Aug. . . . . . . . . . . . . . . . . . . . 10,569 217 4,879 166 5,307

Sept. . . . . . . . . . . . . . . . . . . 11,806 771 5,967 53 5,015

Oct. . . . . . . . . . . . . . . . . . . . 13,914 36 5,161 148 8,569

Nov. p . . . . . . . . . . . . . . . . . 12,469 43 6,310 46 6,070

Dec. p . . . . . . . . . . . . . . . . . 11,528 16 5,254 69 6,189

1 Includes Bank for International Settlements. 

2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2 icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 . . . . . . . . . . . . . . . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 - Dec. r . . . . . . . . . 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 - Jan. r . . . . . . . . . 1,142,081 1,290 32,646 193,621 87,209 12,898 89,308 20,962 163,357 393,411 11,985 58,702 13,778 62,914

Feb. r . . . . . . . . . 1,165,014 1,371 34,457 196,555 82,391 11,561 88,769 19,499 167,229 406,087 11,938 61,040 14,919 69,198

Mar. r . . . . . . . . . 1,161,377 2,368 32,691 196,219 85,735 13,014 87,692 19,088 163,530 413,540 12,244 61,444 14,521 59,291

Apr. r . . . . . . . . . 1,168,865 2,341 33,428 186,432 83,269 14,451 82,414 19,567 172,174 421,625 12,430 61,652 15,214 63,868

May r . . . . . . . . . 1,181,132 1,855 36,627 178,366 88,791 12,686 80,323 14,127 171,694 439,492 11,647 61,276 15,279 68,969

June r. . . . . . . . . 1,170,760 1,482 39,849 163,950 84,454 14,800 79,281 27,115 187,820 418,610 12,488 61,105 14,662 65,144

July r . . . . . . . . . 1,188,527 1,711 42,145 161,270 85,941 13,700 80,131 28,642 199,169 412,817 12,158 62,350 12,671 75,822

Aug. . . . . . . . . . . 1,181,874 2,198 40,301 165,453 86,129 13,323 81,890 30,629 195,471 409,009 11,369 63,395 12,873 69,834

Sept. . . . . . . . . . 1,186,757 1,745 39,884 161,610 96,547 13,852 76,443 30,012 192,135 410,560 11,964 65,181 14,271 72,553

Oct. . . . . . . . . . . 1,211,884 2,034 41,670 153,283 110,000 18,354 83,172 33,085 194,922 403,484 13,127 63,421 13,699 81,633

Nov. p . . . . . . . . 1,227,853 1,891 39,666 150,102 106,188 21,317 84,591 32,995 201,095 425,609 12,491 61,124 13,333 77,451

Dec. p . . . . . . . . 1,265,672 2,311 41,222 148,301 91,292 17,515 83,804 31,915 198,098 484,056 12,237 62,963 13,161 78,797

68 CAPITAL MOVEMENTS
TABLE CM-I-3.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1997

Country 1994 1995 1996 r Aug. Sept. Oct. Nov. p Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . . 4,109 4,269 5,688 3,970 3,314 3,302 2,942 3,344

Belgium-Luxembourg. . . . . . . . . . . . 26,475 31,298 31,085 51,811 49,551 52,182 52,373 47,118

Bulgaria . . . . . . . . . . . . . . . . . . . . . . 611 752 418 942 980 814 945 729

Czech Republic . . . . . . . . . . . . . . . . 953 1,667 653 183 636 477 475 1,298

Denmark. . . . . . . . . . . . . . . . . . . . . . 3,137 3,517 2,905 1,969 3,146 2,638 2,436 1,793

Finland . . . . . . . . . . . . . . . . . . . . . . . 1,569 3,035 2,031 1,960 2,990 2,824 2,796 3,073

France . . . . . . . . . . . . . . . . . . . . . . . 52,816 49,220 42,540 46,728 49,517 51,509 52,140 53,059

Germany . . . . . . . . . . . . . . . . . . . . . 32,356 31,065 31,778 29,952 32,055 28,971 29,894 30,591

Greece . . . . . . . . . . . . . . . . . . . . . . . 1,409 2,039 1,845 1,598 2,093 2,082 1,236 1,522

Hungary . . . . . . . . . . . . . . . . . . . . . . 1,095 2,055 1,142 974 982 1,284 1,472 1,064

Ireland . . . . . . . . . . . . . . . . . . . . . . . 1,987 2,615 2,021 3,096 3,266 3,707 3,786 3,923

Italy. . . . . . . . . . . . . . . . . . . . . . . . . . 13,419 16,045 15,690 12,644 13,221 14,818 14,082 14,747

Netherlands . . . . . . . . . . . . . . . . . . . 17,259 14,993 12,258 8,649 9,360 9,091 7,982 8,357

Norway . . . . . . . . . . . . . . . . . . . . . . . 2,339 1,424 1,464 733 1,376 1,077 1,848 372

Poland . . . . . . . . . . . . . . . . . . . . . . . 2,316 5,690 5,546 4,119 4,726 5,659 5,025 5,086

Portugal . . . . . . . . . . . . . . . . . . . . . . 2,997 2,916 3,664 1,995 2,079 2,009 2,108 2,383

Romania. . . . . . . . . . . . . . . . . . . . . . 529 246 275 835 937 930 966 734

Russia 1 . . . . . . . . . . . . . . . . . . . . . . 2,726 7,948 7,625 13,305 12,789 11,727 6,943 7,973

Spain . . . . . . . . . . . . . . . . . . . . . . . . 15,612 11,960 20,526 16,774 19,047 23,185 22,172 20,240

Sweden . . . . . . . . . . . . . . . . . . . . . . 3,157 3,376 2,168 2,774 2,883 2,207 2,473 2,487

Switzerland. . . . . . . . . . . . . . . . . . . . 42,126 46,210 47,402 47,190 45,147 45,360 47,950 47,543

Turkey . . . . . . . . . . . . . . . . . . . . . . . 3,378 4,311 6,813 6,034 4,823 4,748 4,305 4,141

United Kingdom . . . . . . . . . . . . . . . . 187,081 161,112 182,035 196,966 187,101 193,451 206,033 210,076

Yugoslavia 2 . . . . . . . . . . . . . . . . . . . 245 177 295 276 243 233 234 239

Other Europe . . . . . . . . . . . . . . . . . . 20,966 14,255 13,331 15,510 15,630 20,532 18,832 14,228

Total Europe . . . . . . . . . . . . . . . . . 440,667 422,195 441,198 470,987 467,892 484,817 491,448 486,120

Canada . . . . . . . . . . . . . . . . . . . . . . . . 26,523 32,002 41,438 32,295 34,555 35,245 35,884 33,304

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . . 17,273 12,356 13,971 18,075 16,720 17,634 18,291 20,270

Bahamas . . . . . . . . . . . . . . . . . . . . . 104,934 96,525 90,244 87,630 88,550 91,266 94,025 114,652

Bermuda. . . . . . . . . . . . . . . . . . . . . . 8,631 4,956 5,813 8,010 6,255 6,380 6,183 7,207

Brazil . . . . . . . . . . . . . . . . . . . . . . . . 9,292 24,317 27,749 31,985 34,071 32,171 33,105 30,603

British West Indies . . . . . . . . . . . . . . 237,571 249,273 259,860 278,769 287,526 283,960 277,726 284,363

Chile . . . . . . . . . . . . . . . . . . . . . . . . . 3,174 2,891 3,050 3,421 3,393 3,645 3,349 4,138

Colombia . . . . . . . . . . . . . . . . . . . . . 4,674 3,747 3,279 2,604 2,673 3,411 3,282 3,646

Cuba. . . . . . . . . . . . . . . . . . . . . . . . . 13 8 21 60 55 71 57 66

Ecuador . . . . . . . . . . . . . . . . . . . . . . 886 1,323 1,779 1,517 1,513 1,676 1,709 2,083

Guatemala . . . . . . . . . . . . . . . . . . . . 1,136 1,289 1,287 1,393 1,452 1,402 1,364 1,497

Jamaica . . . . . . . . . . . . . . . . . . . . . . 541 498 652 556 546 504 468 473

Mexico . . . . . . . . . . . . . . . . . . . . . . . 12,392 24,611 32,396 32,682 34,198 34,306 34,226 35,529

Netherlands Antilles . . . . . . . . . . . . . 5,748 5,185 6,388 9,181 8,489 6,982 5,910 6,001

Panama . . . . . . . . . . . . . . . . . . . . . . 4,775 4,412 4,198 3,915 3,902 4,174 4,358 4,306

Peru . . . . . . . . . . . . . . . . . . . . . . . . . 913 987 847 1,018 913 926 916 902

Trinidad and Tobago . . . . . . . . . . . . 641 456 601 548 540 563 605 581

Uruguay . . . . . . . . . . . . . . . . . . . . . . 1,649 1,869 1,907 2,084 2,024 2,211 2,274 2,409

Venezuela . . . . . . . . . . . . . . . . . . . . 14,504 12,117 17,566 20,399 20,865 20,924 22,335 21,824

Other Latin America

 and Caribbean . . . . . . . . . . . . . . . 6,115 7,241 8,176 8,439 8,324 9,009 8,443 9,143

Total Latin America

and Caribbean. . . . . . . . . . . . . . 434,862 454,061 479,784 512,286 522,009 521,215 518,626 549,693

See footnotes at end of table.

CAPITAL MOVEMENTS 69
Calendar year 1997

Country 1994 1995 1996 r Aug. Sept. Oct. Nov. p Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 10,066 33,765 30,438 10,450 12,664 16,244 17,443 18,238

Taiwan . . . . . . . . . . . . . . . . . . . 9,971 11,743 16,018 11,824 13,484 15,231 13,610 11,724

Hong Kong . . . . . . . . . . . . . . . . . . 17,956 22,588 19,443 18,612 19,541 20,763 19,894 18,767

India . . . . . . . . . . . . . . . . . . . . . . . 2,340 3,378 3,932 4,494 4,475 5,155 4,937 4,591

Indonesia . . . . . . . . . . . . . . . . . . . 1,610 2,743 2,307 3,739 2,857 4,615 3,139 3,601

Israel . . . . . . . . . . . . . . . . . . . . . . 5,160 4,064 6,062 5,206 4,536 4,202 3,747 6,285

Japan . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 141,359 142,922 141,238 158,083 167,790

Korea . . . . . . . . . . . . . . . . . . . . . . 5,176 5,797 6,009 9,691 9,481 8,751 10,136 13,109

Lebanon . . . . . . . . . . . . . . . . . . . . 503 631 1,180 1,478 1,292 1,536 1,200 1,102

Malaysia. . . . . . . . . . . . . . . . . . . . 1,704 2,415 2,048 1,826 1,772 1,861 1,802 1,719

Pakistan . . . . . . . . . . . . . . . . . . . . 1,309 1,703 996 1,624 2,056 1,806 1,874 1,334

Philippines . . . . . . . . . . . . . . . . . . 2,722 3,100 3,383 2,549 2,418 2,514 2,567 3,259

Singapore. . . . . . . . . . . . . . . . . . . 8,537 11,564 10,794 18,238 19,169 19,452 19,720 19,017

Syria. . . . . . . . . . . . . . . . . . . . . . . 608 858 53 52 143 77 77 77

Thailand . . . . . . . . . . . . . . . . . . . . 6,475 12,291 10,921 4,963 6,549 6,992 5,858 6,505

Oil-exporting countries 3

. . . . . . . . 15,547 16,057 16,784 15,664 14,620 14,777 14,358 15,300

Other Asia . . . . . . . . . . . . . . . . . . 3,315 2,413 2,804 3,671 3,710 3,989 3,731 3,868

Total Asia . . . . . . . . . . . . . . . . . 180,303 274,166 271,320 255,440 261,689 269,203 282,176 296,286

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,886 2,137 2,013 1,976 2,051 1,743 1,837 1,664

Ghana . . . . . . . . . . . . . . . . . . . . . 233 229 251 216 244 242 259 302

Liberia . . . . . . . . . . . . . . . . . . . . . 323 368 351 283 255 256 258 263

Morocco . . . . . . . . . . . . . . . . . . . . 97 104 112 94 99 105 69 138

South Africa . . . . . . . . . . . . . . . . . 440 810 517 1,764 2,113 2,094 1,681 2,224

Zaire. . . . . . . . . . . . . . . . . . . . . . . 9 10 10 7 14 3 5 10

Oil-exporting countries 4

. . . . . . . . 1,381 1,837 2,630 3,435 3,468 3,382 3,136 3,248

Other Africa . . . . . . . . . . . . . . . . . 2,223 2,271 2,306 2,262 2,402 2,751 2,541 2,760

Total Africa . . . . . . . . . . . . . . . . 6,592 7,766 8,190 10,037 10,646 10,576 9,786 10,609

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,250 5,732 6,511 7,965 6,484 7,377 6,376 6,397

All other . . . . . . . . . . . . . . . . . . . . 915 1,163 1,478 1,240 1,145 1,114 1,220 926

Total other countries . . . . . . . . . 6,165 6,895 7,989 9,205 7,629 8,491 7,596 7,323

Total foreign countries. . . . . . 1,095,112 1,197,085 1,249,919 1,290,250 1,304,420 1,329,547 1,345,516 1,383,335

International and regional orgs:

International . . . . . . . . . . . . . . . . . 7,888 10,179 13,459 10,430 11,325 12,634 11,617 10,946

European regional . . . . . . . . . . . . 53 119 60 101 113 159 166 131

Latin American regional . . . . . . . . 798 1,152 1,643 579 759 1,328 1,104 575

Asian regional . . . . . . . . . . . . . . . 194 194 157 443 301 539 263 562

African regional . . . . . . . . . . . . . . 170 496 281 73 122 63 133 123

Middle Eastern regional . . . . . . . . 39 37 36 - - 5 - 5

Total international

and regional. . . . . . . . . . . . . . 9,142 12,177 15,636 11,626 12,620 14,728 13,283 12,342

Grand total. . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,301,876 1,317,040 1,344,275 1,358,799 1,395,677

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

70 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 3,344 2,721 623 2,452 269 162 1,030 97 658 604 11 142 11 6 19

Belgium-Luxembourg. . . 47,118 41,003 6,115 15,034 25,969 536 4,041 9,957 15,679 6,713 500 340 457 2,780 399

Bulgaria . . . . . . . . . . . . . 729 729 - 220 509 7 40 497 174 7 - 4 - - -

Czech Republic . . . . . . . 1,298 1,295 3 955 340 826 33 340 63 22 4 7 - - -

Denmark. . . . . . . . . . . . . 1,793 1,514 279 1,013 501 38 155 57 1,057 174 16 11 2 4 155

Finland . . . . . . . . . . . . . . 3,073 2,246 827 1,314 932 36 364 691 330 588 7 16 - 214 27

France . . . . . . . . . . . . . . 53,059 46,607 6,452 36,156 10,451 493 7,894 7,444 4,468 21,170 209 597 38 4,294 475

Germany . . . . . . . . . . . . 30,591 23,737 6,854 21,822 1,915 821 3,848 970 10,546 4,831 281 797 398 1,245 226

Greece . . . . . . . . . . . . . . 1,522 1,515 7 1,268 247 55 250 180 509 87 68 293 13 60 26

Hungary . . . . . . . . . . . . . 1,064 1,061 3 168 893 42 - 34 958 8 12 7 - - -

Ireland . . . . . . . . . . . . . . 3,923 3,569 354 1,387 2,182 102 392 409 943 75 139 164 234 1,111 200

Italy. . . . . . . . . . . . . . . . . 14,747 11,378 3,369 10,694 684 263 4,349 229 4,487 1,417 143 294 8 188 80

Netherlands . . . . . . . . . . 8,357 7,385 972 4,459 2,926 166 1,356 443 3,533 1,011 108 336 115 317 124

Norway. . . . . . . . . . . . . . 372 317 55 222 95 36 2 49 143 31 14 25 - 17 -

Poland . . . . . . . . . . . . . . 5,086 5,026 60 2,949 2,077 28 136 2,057 2,510 185 1 6 2 101 -

Portugal . . . . . . . . . . . . . 2,383 2,262 121 982 1,280 65 454 1,117 182 159 13 98 11 163 32

Romania. . . . . . . . . . . . . 734 733 1 233 500 16 65 500 120 26 3 3 - - -

Russia 4 . . . . . . . . . . . . . 7,973 7,968 5 2,834 5,134 76 248 5,025 2,409 19 18 156 11 6 6

Spain . . . . . . . . . . . . . . . 20,240 18,989 1,251 6,443 12,546 360 1,280 7,334 7,148 1,795 145 829 31 67 229

Sweden . . . . . . . . . . . . . 2,487 1,628 859 988 640 101 390 120 254 306 18 57 113 269 49

Switzerland. . . . . . . . . . . 47,543 39,258 8,285 19,752 19,506 549 2,289 10,825 10,806 12,549 220 695 888 437 2,721

Turkey . . . . . . . . . . . . . . 4,141 4,054 87 1,866 2,188 103 562 2,096 762 349 16 129 24 13 16

United Kingdom . . . . . . . 210,076 181,824 28,252 167,781 14,043 2,136 28,803 3,009 21,052 104,335 1,054 2,469 2,838 16,128 2,666

Yugoslavia 5 . . . . . . . . . . 239 239 - 238 1 11 7 - 158 1 1 8 - 53 1

Other Europe . . . . . . . . . 14,228 13,233 995 11,173 2,060 150 5,312 1,415 5,840 245 27 151 54 39 201

Total Europe . . . . . . . . 486,120 420,291 65,829 312,403 107,888 7,178 63,300 54,895 94,789 156,707 3,028 7,634 5,248 27,512 7,652

Canada . . . . . . . . . . . . . . . 33,304 28,341 4,963 21,228 7,113 267 4,219 1,851 3,568 10,508 937 1,917 265 4,809 402

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 20,270 20,193 77 15,992 4,201 209 8,326 3,577 1,955 247 657 4,397 166 659 89

Bahamas . . . . . . . . . . . . 114,652 113,016 1,636 90,382 22,634 51 4,079 225 22,288 80,545 85 1,467 771 3,505 1,041

Bermuda. . . . . . . . . . . . . 7,207 7,036 171 3,274 3,762 106 535 419 2,364 37 127 318 463 2,667 125

Brazil . . . . . . . . . . . . . . . 30,603 30,107 496 23,691 6,416 817 10,339 557 13,780 674 624 2,972 68 276 119

British West Indies . . . . . 284,363 270,407 13,956 175,428 94,979 121 5,381 97 90,264 138,552 695 4,977 2,202 28,118 932

Chile. . . . . . . . . . . . . . . . 4,138 4,072 66 3,759 313 231 628 87 392 772 212 1,453 38 259 100

Colombia . . . . . . . . . . . . 3,646 3,630 16 3,442 188 80 979 50 480 142 242 1,580 12 65 120

Cuba. . . . . . . . . . . . . . . . 66 66 - 66 - 3 - - 7 - - 51 - 5 -

Ecuador . . . . . . . . . . . . . 2,083 2,078 5 1,512 566 224 118 - 585 79 184 581 12 295 16

Guatemala . . . . . . . . . . . 1,497 1,494 3 1,413 81 81 236 - 170 76 119 749 15 48 31

Jamaica . . . . . . . . . . . . . 473 450 23 439 11 28 140 2 94 52 33 96 1 4 1

Mexico . . . . . . . . . . . . . . 35,529 33,971 1,558 19,664 14,307 314 3,232 9,279 7,900 946 1,178 9,316 365 1,441 758

Netherlands Antilles . . . . 6,001 5,078 923 3,458 1,620 120 279 8 398 427 53 676 1,335 1,782 172

Panama . . . . . . . . . . . . . 4,306 4,239 67 3,742 497 92 453 39 270 1,146 159 1,583 128 369 85

Peru . . . . . . . . . . . . . . . . 902 893 9 867 26 31 8 - 93 49 81 606 2 23 16

Trinidad and Tobago . . . 581 580 1 544 36 11 67 - 201 14 24 227 3 33 5

Uruguay . . . . . . . . . . . . . 2,409 2,382 27 2,185 197 66 284 2 354 696 80 713 18 169 69

Venezuela . . . . . . . . . . . 21,824 21,539 285 13,459 8,080 140 2,439 5,530 3,725 144 1,139 7,876 132 414 625

Other Latin America

and Caribbean . . . . . . 9,143 9,101 42 7,707 1,394 385 1,825 698 1,158 331 602 3,360 78 664 263

Total Latin America

and Caribbean. . . . . 549,693 530,332 19,361 371,024 159,308 3,110 39,348 20,570 146,478 224,929 6,294 42,998 5,809 40,796 4,567

TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1997, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 71
Asia:

China:

Mainland . . . . . . . . . . . 18,238 18,238 - 3,764 14,474 236 1,486 7,328 8,406 314 32 259 11 166 71

Taiwan . . . . . . . . . . . . 11,724 11,700 24 8,182 3,518 318 1,827 3,078 3,437 538 192 1,836 49 425 161

Hong Kong . . . . . . . . . . . 18,767 17,759 1,008 14,146 3,613 789 1,292 767 2,268 7,038 338 3,079 544 1,644 178

India . . . . . . . . . . . . . . . . 4,591 4,567 24 2,007 2,560 311 41 1,885 926 868 35 156 - 345 43

Indonesia . . . . . . . . . . . . 3,601 3,554 47 2,513 1,041 287 63 952 1,166 557 46 469 1 13 5

Israel . . . . . . . . . . . . . . . 6,285 6,283 2 2,487 3,796 92 161 3,341 917 708 55 782 103 124 221

Japan . . . . . . . . . . . . . . . 167,790 143,404 24,386 68,288 75,116 1,478 4,006 70,427 7,356 56,912 413 804 774 1,234 1,482

Korea . . . . . . . . . . . . . . . 13,109 12,955 154 11,225 1,730 704 1,930 1,258 1,773 6,741 41 332 16 160 65

Lebanon . . . . . . . . . . . . . 1,102 1,102 - 1,086 16 38 336 - 621 22 6 63 12 4 1

Malaysia. . . . . . . . . . . . . 1,719 1,669 50 1,314 355 160 2 330 741 97 17 321 1 - -

Pakistan . . . . . . . . . . . . . 1,334 1,327 7 595 732 135 48 682 169 238 15 35 - 5 2

Philippines . . . . . . . . . . . 3,259 3,250 9 2,659 591 404 287 180 1,510 261 81 491 2 34 29

Singapore. . . . . . . . . . . . 19,017 17,988 1,029 15,464 2,524 828 2,723 1,104 2,774 9,945 145 298 74 97 9

Syria. . . . . . . . . . . . . . . . 77 35 42 31 4 3 1 - 4 - 4 18 3 2 1

Thailand . . . . . . . . . . . . . 6,505 6,501 4 1,668 4,833 140 91 4,818 510 792 25 122 1 2 -

Other Asia . . . . . . . . . . . 19,168 18,825 343 14,395 4,430 574 2,809 2,711 5,203 5,690 162 616 109 951 386

Total Asia . . . . . . . . . . 296,286 269,157 27,129 149,824 119,333 6,497 17,103 98,861 37,781 90,721 1,607 9,681 1,700 5,206 2,654

Africa

Egypt . . . . . . . . . . . . . . . 1,664 1,663 1 766 897 81 174 824 406 93 12 60 1 12 20

Ghana . . . . . . . . . . . . . . 302 302 - 271 31 24 36 31 158 17 12 18 - 6 -

Liberia . . . . . . . . . . . . . . 263 255 8 138 117 1 - 1 24 - 16 111 54 48 31

Morocco . . . . . . . . . . . . . 138 138 - 133 5 19 5 - 93 8 2 11 - - -

South Africa . . . . . . . . . . 2,224 2,158 66 771 1,387 352 123 1,350 209 4 23 62 1 34 2

Zaire. . . . . . . . . . . . . . . . 10 10 - 10 - 6 - - - 4 - - - - -

Other Africa . . . . . . . . . . 6,008 5,817 191 5,027 790 1,741 626 749 1,812 394 187 258 4 46 33

Total Africa . . . . . . . . . 10,609 10,343 266 7,116 3,227 2,224 964 2,955 2,702 520 252 520 60 146 86

Other countries:

Australia . . . . . . . . . . . . . 6,397 6,304 93 3,412 2,892 527 82 995 3,694 513 80 70 66 277 669

All other . . . . . . . . . . . . . 926 904 22 751 153 23 10 89 378 158 39 143 13 51 16

Total other

countries . . . . . . . . . 7,323 7,208 115 4,163 3,045 550 92 1,084 4,072 671 119 213 79 328 685

Total foreign

 countries. . . . . . . . 1,383,335 1,265,672 117,663 865,758 399,914 19,826 125,026 180,216 289,390 484,056 12,237 62,963 13,161 78,797 16,046

International and regional

orgs.:

International . . . . . . . . . . 10,946 10,255 691 10,139 116 5 4,942 62 5,246 - - - - - -

European regional . . . . . 131 59 72 52 7 4 25 7 23 - - - - - -

Latin American regional . 575 524 51 523 1 5 287 - 232 - - - - - -

Asian regional . . . . . . . . 562 562 - 482 80 1 - - 561 - - - - - -

African regional . . . . . . . 123 123 - 123 - 1 - - 122 - - - - - -

Middle Eastern regional . 5 5 - 5 - - - - 5 - - - - - -

Total international

and regional. . . . . . . 12,342 11,528 814 11,324 204 16 5,254 69 6,189 - - - - - -

Grand total . . . . . . 1,395,677 1,277,200 118,477 877,082 400,118 19,842 130,280 180,285 295,579 484,056 12,237 62,963 13,161 78,797 16,046

1 These data as of Sept. 30, 1997. 

2 Excludes negotiable time certificates of deposit, which are included in ‘‘Other liabilities.’’ 

3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in ‘‘Other Asia’’ and ‘‘Other Africa’’ amount to $1,245 million. 

4 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

5 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1997, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negoti-

 in Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1 bilities ities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

72 CAPITAL MOVEMENTS
CHART CM-A.--U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 1997

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 150,912 187,081 161,112 182,035 210,076

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 273,626 253,586 261,083 r

 259,163 276,044

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 292,335 361,659 360,351 r

 366,503 416,529

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 138,148 167,790

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,510 92,999 135,110 133,172 128,496

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,624 982,629 1,056,712 r

 1,079,021 1,198,935

All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 124,307 121,625 152,550 r

 186,534 196,742

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,262 r

 1,265,555 1,395,677

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 73
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Type of claim 1995 Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 734,499 732,482 763,085 820,915 881,313 908,602 926,447

Payable in dollars. . . . . . . . . . . . . . . . . . 655,211 658,951 659,103 687,575 743,919 798,528 813,714 826,669

Banks’ own claims on foreigners . . . . 532,444 530,783 535,064 543,982 599,925 636,556 651,457 656,676

Foreign public borrowers. . . . . . . . . 22,518 27,812 23,036 23,075 22,216 28,838 29,399 30,287

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 37,771 42,274 34,131 35,376 33,826 37,289 35,794 29,509

Other . . . . . . . . . . . . . . . . . . . . . . 63,824 61,425 71,382 74,180 79,856 81,160 83,751 75,240

Own foreign offices. . . . . . . . . . . . . . . 307,427 297,181 306,555 310,708 341,574 360,341 379,426 374,443

All other foreigners . . . . . . . . . . . . . . . 100,904 102,091 99,960 100,643 122,453 128,928 123,087 147,197

Claims of banks’ domestic customers 122,767 128,168 124,039 143,593 143,994 161,972 162,257 169,993

Deposits . . . . . . . . . . . . . . . . . . . . . 58,519 68,950 70,403 80,695 77,657 95,147 94,591 101,683

Negotiable and readily transferable

 instruments . . . . . . . . . . . . . . . . . 44,161 41,401 37,331 46,491 51,207 49,518 50,301 50,291

Collections and other. . . . . . . . . . . . 20,087 17,817 16,305 16,407 15,130 17,307 17,365 18,019

Payable in foreign currencies. . . . . . . . . 80,161 75,548 73,379 75,510 76,996 82,785 94,888 99,778

Banks’ own claims on foreigners . . . . 74,016 69,164 65,825 68,120 66,018 72,589 84,623 89,568

Claims of banks’ domestic customers 6,145 6,384 7,554 7,390 10,978 10,196 10,265 10,210

Memoranda:

Claims reported by IBFs . . . . . . . . . . . . 255,035 245,878 241,577 239,052 261,076 273,867 275,469 274,917

Payable in dollars . . . . . . . . . . . . . . . . 202,411 199,188 198,171 195,850 219,600 229,963 232,366 229,638

Payable in foreign currencies . . . . . . . 52,624 46,690 43,406 43,202 41,476 43,904 43,103 45,279

Customer liability on acceptances . . . . . 8,410 9,023 9,303 9,362 10,388 11,202 11,437 10,854

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 14,995 19,625 14,962 15,983 15,411 19,876 17,979 21,535

On all other unaffiliated foreigners . . . . . 163,862 174,219 170,868 173,012 196,448 203,845 193,161 197,808

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,522 8,107 8,101 6,897 6,790 8,835 11,220 8,752

On all other unaffiliated foreigners . . . . . 38,553 31,518 34,614 37,115 39,457 43,469 49,534 54,139

74 CAPITAL MOVEMENTS
TABLE CM-II-2.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1996 1997

Country 1995 Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,961 2,348 2,077 2,000 3,611 5,084 5,562 4,659

Belgium-Luxembourg. . . . . . . . . . 12,124 10,078 10,544 11,177 11,264 12,917 13,265 14,199

Bulgaria . . . . . . . . . . . . . . . . . . . . 7 4 2 2 66 3 1 1

Czech Republic . . . . . . . . . . . . . . 166 153 111 247 172 621 192 263

Denmark . . . . . . . . . . . . . . . . . . . 2,027 2,317 2,287 2,939 3,125 2,574 3,808 3,433

Finland . . . . . . . . . . . . . . . . . . . . . 1,569 2,148 1,182 1,677 1,143 1,797 1,617 2,163

France . . . . . . . . . . . . . . . . . . . . . 24,031 27,061 23,794 26,712 29,148 39,306 30,173 32,558

Germany . . . . . . . . . . . . . . . . . . . 20,814 18,706 25,793 23,569 21,535 25,654 30,705 30,366

Greece . . . . . . . . . . . . . . . . . . . . . 923 885 940 835 948 1,142 1,189 856

Hungary . . . . . . . . . . . . . . . . . . . . 24 31 18 72 61 95 53 60

Ireland . . . . . . . . . . . . . . . . . . . . . 1,143 1,391 1,006 1,277 1,824 2,461 2,150 2,695

Italy. . . . . . . . . . . . . . . . . . . . . . . . 8,789 9,984 9,805 9,235 9,868 10,429 12,578 11,476

Netherlands . . . . . . . . . . . . . . . . . 9,200 10,013 10,615 11,180 10,600 13,939 17,716 18,656

Norway. . . . . . . . . . . . . . . . . . . . . 735 1,326 1,654 1,709 1,020 1,865 1,203 2,233

Poland . . . . . . . . . . . . . . . . . . . . . 1,474 2,879 2,080 1,047 1,142 2,561 883 2,030

Portugal . . . . . . . . . . . . . . . . . . . . 1,042 995 942 732 553 645 727 1,214

Romania. . . . . . . . . . . . . . . . . . . . 179 192 71 172 175 164 167 237

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,069 1,132 748 1,791 2,725 3,530 3,680 3,922

Spain . . . . . . . . . . . . . . . . . . . . . . 3,842 6,706 3,428 5,449 4,503 8,311 8,011 7,082

Sweden . . . . . . . . . . . . . . . . . . . . 9,367 5,948 5,451 6,927 6,738 8,842 8,366 8,271

Switzerland. . . . . . . . . . . . . . . . . . . 18,568 13,376 19,347 19,062 26,692 30,241 31,116 37,099

Turkey . . . . . . . . . . . . . . . . . . . . . 2,834 2,852 3,069 3,112 3,053 3,199 2,974 3,677

United Kingdom . . . . . . . . . . . . . . 103,375 109,522 110,982 128,441 129,301 147,617 142,428 140,496

Yugoslavia 2

. . . . . . . . . . . . . . . . . 150 121 164 87 115 87 75 75

Other Europe . . . . . . . . . . . . . . . . 3,901 3,037 2,314 3,398 4,378 4,336 4,389 5,747

Total Europe . . . . . . . . . . . . . . . 229,314 233,205 238,424 262,849 273,760 327,420 323,028 333,468

Canada . . . . . . . . . . . . . . . . . . . . . . 35,840 31,625 36,783 43,576 43,948 59,381 60,857 48,273

Latin America

 and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,759 6,564 6,859 7,426 7,779 7,321 7,982 8,087

Bahamas . . . . . . . . . . . . . . . . . . . 61,477 68,778 63,946 65,691 74,332 70,187 70,214 71,268

Bermuda. . . . . . . . . . . . . . . . . . . . . 6,226 6,210 5,129 5,171 5,172 7,094 8,379 9,908

Brazil . . . . . . . . . . . . . . . . . . . . . . 14,826 15,656 16,827 17,199 21,714 19,818 21,569 21,511

British West Indies . . . . . . . . . . . . 148,626 143,800 131,150 131,856 135,411 135,247 158,780 179,499

Chile. . . . . . . . . . . . . . . . . . . . . . . 5,184 4,664 4,639 4,648 5,356 6,123 5,941 6,481

Colombia . . . . . . . . . . . . . . . . . . . 4,892 4,908 4,908 5,060 7,345 6,383 6,580 6,793

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - ------

Ecuador . . . . . . . . . . . . . . . . . . . . 846 1,007 994 991 1,056 1,174 1,159 1,241

Guatemala . . . . . . . . . . . . . . . . . . 472 482 468 525 632 660 691 808

Jamaica . . . . . . . . . . . . . . . . . . . . 329 338 365 346 352 838 343 380

Mexico . . . . . . . . . . . . . . . . . . . . . 21,375 19,913 19,565 20,247 22,042 22,527 22,852 22,308

Netherlands Antilles . . . . . . . . . . . 9,850 11,547 13,371 11,703 25,774 19,031 14,518 20,542

Panama . . . . . . . . . . . . . . . . . . . . 3,347 2,942 2,762 2,444 2,886 3,333 3,480 3,804

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,880 1,981 2,442 2,576 2,764 2,535 2,620 3,085

Trinidad and Tobago . . . . . . . . . . 485 478 513 491 531 600 681 813

Uruguay . . . . . . . . . . . . . . . . . . . . 534 693 696 568 654 786 754 781

Venezuela . . . . . . . . . . . . . . . . . . 2,536 2,293 2,105 2,156 2,358 2,227 2,428 2,361

Other Latin America

and Caribbean . . . . . . . . . . . . . 2,982 3,235 3,634 3,576 2,745 2,942 3,134 2,663

Total Latin America

and Caribbean. . . . . . . . . . . . 292,626 295,489 280,373 282,674 318,903 308,826 332,105 362,333

CAPITAL MOVEMENTS 75
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1996 1997

Country 1995 Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,176 2,681 2,325 1,905 1,601 1,638 2,280 3,059

Taiwan . . . . . . . . . . . . . . . . . . . 1,836 1,906 1,612 1,821 2,068 1,843 2,021 1,373

Hong Kong . . . . . . . . . . . . . . . . . . 16,770 17,861 19,159 16,425 16,261 17,774 20,262 18,694

India . . . . . . . . . . . . . . . . . . . . . . . 1,946 1,979 1,931 2,125 2,140 2,433 2,532 2,336

Indonesia . . . . . . . . . . . . . . . . . . . 2,016 2,010 1,923 2,002 2,213 2,547 3,005 3,227

Israel . . . . . . . . . . . . . . . . . . . . . . 5,345 5,254 5,056 5,008 4,935 4,886 4,757 5,022

Japan . . . . . . . . . . . . . . . . . . . . . . 98,745 88,057 84,713 84,914 92,172 89,813 91,084 83,159

Korea . . . . . . . . . . . . . . . . . . . . . . 14,324 17,567 19,632 18,114 19,425 20,444 21,355 20,462

Lebanon . . . . . . . . . . . . . . . . . . . . 44 38 38 43 50 54 49 52

Malaysia. . . . . . . . . . . . . . . . . . . . 1,170 1,037 1,173 1,172 1,162 1,307 1,466 1,083

Pakistan . . . . . . . . . . . . . . . . . . . . 571 994 1,140 1,502 941 1,120 1,529 1,682

Philippines . . . . . . . . . . . . . . . . . . 1,449 1,313 1,492 1,464 1,848 1,726 2,272 1,723

Singapore. . . . . . . . . . . . . . . . . . . 6,383 6,704 9,257 7,953 9,061 10,537 9,773 13,999

Syria. . . . . . . . . . . . . . . . . . . . . . . 94 63 91 3 1 2 - 74

Thailand . . . . . . . . . . . . . . . . . . . . 2,806 3,260 3,308 2,852 2,964 3,704 3,668 2,762

Oil-exporting countries 3

. . . . . . . . 10,562 8,302 9,856 11,179 11,375 10,892 9,824 8,473

Other Asia . . . . . . . . . . . . . . . . . . 484 381 419 368 368 460 487 341

Total Asia . . . . . . . . . . . . . . . . . 165,721 159,407 163,125 158,850 168,585 171,180 176,364 167,521

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 233 268 219 263 265 272 359 284

Ghana . . . . . . . . . . . . . . . . . . . . . 18 6 17 13 24 18 22 57

Liberia . . . . . . . . . . . . . . . . . . . . . 550 583 525 474 574 534 446 569

Morocco . . . . . . . . . . . . . . . . . . . . 720 882 1,048 842 777 700 839 747

South Africa . . . . . . . . . . . . . . . . . 606 657 615 656 744 593 716 827

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 26 1 - -

Oil-exporting countries 4

. . . . . . . . 654 615 563 473 476 641 1,177 1,155

Other Africa . . . . . . . . . . . . . . . . . 682 581 593 687 587 624 518 467

Total Africa . . . . . . . . . . . . . . . . 3,464 3,593 3,581 3,409 3,473 3,383 4,077 4,106

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 4,919 5,583 5,352 7,708 7,799 6,757 8,011 7,351

All other . . . . . . . . . . . . . . . . . . . . 1,557 1,783 1,791 2,294 1,821 2,831 2,225 1,349

Total other

countries . . . . . . . . . . . . . . . . 6,476 7,366 7,143 10,002 9,620 9,588 10,236 8,700

Total foreign

countries. . . . . . . . . . . . . . . 733,441 730,685 729,429 761,360 818,289 879,778 906,667 924,401

International

 and regional orgs.:

International . . . . . . . . . . . . . . . . . 1,837 3,651 2,910 1,575 2,416 1,351 1,768 1,875

European regional . . . . . . . . . . . . - 3 - 8 1 10 - 2

Latin American regional . . . . . . . . 94 160 141 142 209 174 167 169

Asian regional . . . . . . . . . . . . . . . - - ------

African regional . . . . . . . . . . . . . . - - 2 - - - - -

Middle Eastern regional . . . . . . . . - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 1,931 3,814 3,053 1,725 2,626 1,535 1,935 2,046

Grand total. . . . . . . . . . . . . . . 735,372 734,499 732,482 763,085 820,915 881,313 908,602 926,447

76 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,659 1,796 1,103 268 425 4 2,863 2,851 12

Belgium-Luxembourg . . . . . . . . . . 14,199 11,383 5,592 2,255 3,536 - 2,816 2,754 62

Bulgaria . . . . . . . . . . . . . . . . . . . . 1 1 1 - -----

Czech Republic . . . . . . . . . . . . . . 263 244 169 67 8 - 19 - 19

Denmark. . . . . . . . . . . . . . . . . . . . 3,433 1,118 939 143 36 - 2,315 2,152 163

Finland . . . . . . . . . . . . . . . . . . . . . 2,163 2,084 357 1,532 195 - 79 24 55

France . . . . . . . . . . . . . . . . . . . . . 32,558 19,503 9,277 8,254 1,972 62 13,055 12,522 533

Germany. . . . . . . . . . . . . . . . . . . . 30,366 18,681 6,556 5,168 6,957 18 11,685 10,849 836

Greece . . . . . . . . . . . . . . . . . . . . . 856 536 488 11 37 2 320 280 40

Hungary . . . . . . . . . . . . . . . . . . . . 60 53 27 25 1 - 7 - 7

Ireland. . . . . . . . . . . . . . . . . . . . . . 2,695 2,359 911 686 762 - 336 320 16

Italy. . . . . . . . . . . . . . . . . . . . . . . . 11,476 10,897 3,606 4,064 3,227 2 579 441 138

Netherlands . . . . . . . . . . . . . . . . . 18,656 12,454 5,868 5,680 906 30 6,202 6,129 73

Norway . . . . . . . . . . . . . . . . . . . . . 2,233 1,757 1,675 38 44 - 476 469 7

Poland . . . . . . . . . . . . . . . . . . . . . 2,030 1,603 1,549 49 5 - 427 222 205

Portugal . . . . . . . . . . . . . . . . . . . . 1,214 673 412 151 110 6 541 538 3

Romania . . . . . . . . . . . . . . . . . . . . 237 144 63 81 - - 93 93 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 3,922 3,613 1,647 280 1,686 61 309 213 96

Spain . . . . . . . . . . . . . . . . . . . . . . 7,082 5,665 3,637 1,794 234 2 1,417 1,373 44

Sweden. . . . . . . . . . . . . . . . . . . . . 8,271 1,925 686 973 266 2 6,346 6,150 196

Switzerland. . . . . . . . . . . . . . . . . . 37,099 29,620 1,858 23,535 4,227 108 7,479 7,408 71

Turkey. . . . . . . . . . . . . . . . . . . . . . 3,677 1,422 1,312 98 12 148 2,255 1,993 262

United Kingdom . . . . . . . . . . . . . . 140,496 110,756 30,235 63,590 16,931 193 29,740 27,679 2,061

Yugoslavia 2 . . . . . . . . . . . . . . . . . 75 75 75 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 5,747 2,605 2,370 106 129 6 3,142 3,039 103

Total Europe . . . . . . . . . . . . . . . 333,468 240,967 80,413 118,848 41,706 644 92,501 87,499 5,002

Canada . . . . . . . . . . . . . . . . . . . . . . 48,273 28,849 12,293 11,220 5,336 25 19,424 17,947 1,477

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 8,087 7,717 6,076 1,167 474 83 370 307 63

Bahamas . . . . . . . . . . . . . . . . . . . 71,268 68,332 11,185 54,889 2,258 85 2,936 2,668 268

Bermuda. . . . . . . . . . . . . . . . . . . . 9,908 9,722 9,340 2 380 12 186 186 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 21,511 19,469 15,343 4,079 47 1,096 2,042 1,831 211

British West Indies . . . . . . . . . . . . 179,499 150,377 30,152 103,626 16,599 1,085 29,122 29,078 44

Chile . . . . . . . . . . . . . . . . . . . . . . . 6,481 6,381 6,155 80 146 7 100 86 14

Colombia . . . . . . . . . . . . . . . . . . . 6,793 6,578 6,420 123 35 39 215 211 4

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - -----

Ecuador . . . . . . . . . . . . . . . . . . . . 1,241 1,224 1,084 134 6 46 17 15 2

Guatemala . . . . . . . . . . . . . . . . . . 808 795 706 58 31 42 13 9 4

Jamaica . . . . . . . . . . . . . . . . . . . . 380 374 366 8 - 1 6 6 -

Mexico . . . . . . . . . . . . . . . . . . . . . 22,308 19,318 18,306 464 548 344 2,990 1,544 1,446

Netherlands Antilles . . . . . . . . . . . 20,542 20,537 19,851 474 212 - 5 4 1

Panama . . . . . . . . . . . . . . . . . . . . 3,804 3,696 1,568 1,998 130 13 108 93 15

Peru . . . . . . . . . . . . . . . . . . . . . . . 3,085 3,068 2,813 247 8 72 17 16 1

Trinidad and Tobago . . . . . . . . . . 813 796 784 3 9 4 17 15 2

Uruguay . . . . . . . . . . . . . . . . . . . . 781 745 493 235 17 7 36 36 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,361 1,879 1,685 31 163 18 482 475 7

Other Latin America

and Caribbean. . . . . . . . . . . . . . 2,663 2,623 2,443 140 40 80 40 38 2

Total Latin America

and Caribbean . . . . . . . . . . . . 362,333 323,631 134,770 167,758 21,103 3,034 38,702 36,618 2,084

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1997

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

See footnotes at end of table.

CAPITAL MOVEMENTS 77
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1997, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

 Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 3,059 2,799 2,499 299 1 130 260 259 1

Taiwan . . . . . . . . . . . . . . . . . . . 1,373 1,256 590 660 6 56 117 43 74

Hong Kong . . . . . . . . . . . . . . . . . . 18,694 15,741 5,117 8,456 2,168 138 2,953 2,883 70

India . . . . . . . . . . . . . . . . . . . . . . . 2,336 2,103 1,783 303 17 371 233 188 45

Indonesia . . . . . . . . . . . . . . . . . . . 3,227 2,812 2,461 252 99 338 415 273 142

Israel . . . . . . . . . . . . . . . . . . . . . . 5,022 918 497 410 11 3 4,104 4,102 2

Japan . . . . . . . . . . . . . . . . . . . . . . 83,159 69,593 10,689 41,791 17,113 634 13,566 12,745 821

Korea . . . . . . . . . . . . . . . . . . . . . . 20,462 20,073 13,506 6,472 95 4,621 389 302 87

Lebanon . . . . . . . . . . . . . . . . . . . . 52 26 25 1 - 8 26 26 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,083 946 300 595 51 2 137 121 16

Pakistan . . . . . . . . . . . . . . . . . . . . 1,682 1,624 698 915 11 38 58 52 6

Philippines . . . . . . . . . . . . . . . . . . 1,723 1,687 933 737 17 143 36 34 2

Singapore. . . . . . . . . . . . . . . . . . . 13,999 11,150 4,076 6,066 1,008 25 2,849 2,845 4

Syria. . . . . . . . . . . . . . . . . . . . . . . 74 73 - - 73 - 1 1 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,762 2,529 967 1,512 50 376 233 178 55

Other Asia . . . . . . . . . . . . . . . . . . 8,814 8,573 2,284 5,913 376 103 241 240 1

Total Asia . . . . . . . . . . . . . . . . . 167,521 141,903 46,425 74,382 21,096 6,986 25,618 24,292 1,326

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 284 257 217 34 6 37 27 11 16

Ghana . . . . . . . . . . . . . . . . . . . . . 57 55 42 4 9 - 2 2 -

Liberia . . . . . . . . . . . . . . . . . . . . . 569 569 569 ------

Morocco . . . . . . . . . . . . . . . . . . . . 747 561 547 - 14 7 186 186 -

South Africa . . . . . . . . . . . . . . . . . 827 696 654 1 41 10 131 44 87

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - ------

Other Africa . . . . . . . . . . . . . . . . . 1,622 1,396 1,365 31 - 12 226 217 9

Total Africa . . . . . . . . . . . . . . . . 4,106 3,534 3,394 70 70 66 572 460 112

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 7,351 4,429 2,634 1,680 115 95 2,922 2,771 151

All other . . . . . . . . . . . . . . . . . . . . 1,349 887 261 485 141 4 462 404 58

Total other

countries . . . . . . . . . . . . . . . . 8,700 5,316 2,895 2,165 256 99 3,384 3,175 209

Total foreign

countries. . . . . . . . . . . . . . . 924,401 744,200 280,190 374,443 89,567 10,854 180,201 169,991 10,210

International

and regional orgs:

International . . . . . . . . . . . . . . . . . 1,875 1,873 1,872 - 1 - 2 2 -

European regional . . . . . . . . . . . . 222 - - - - - -

Latin American regional . . . . . . . . 169 169 169 ------

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . ---------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 2,046 2,044 2,043 - 1 - 2 2 -

Grand total. . . . . . . . . . . . . . . 926,447 746,244 282,233 374,443 89,568 10,854 180,203 169,993 10,210

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

78 CAPITAL MOVEMENTS
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 Sept. 1997

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 86,645 96,820 103,375 r

 129,301 140,496

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 r 144,459 192,972

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 197,395 208,408 229,526 r 243,575 285,021

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 r

 92,172 83,159

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,581 58,836 66,976 76,413 84,362

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,731 565,702 624,561 r

 685,920 786,010

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 108,772 107,701 110,811 r

 134,995 140,437

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,503 673,403 735,372 r

 820,915 926,477

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 79
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

* Less than $500,000. 

 Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates

for the ‘‘Other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’

Total liabilities Total banks’ own claims

Calendar year 1997 Calendar year 1997

Country 1995 1996 June 1995 1996 June

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 266 170 242 n.a. 54 59

Iceland . . . . . . . . . . . . . . . . . . . . . 41 n.a. 67 9 n.a. 4

Monaco . . . . . . . . . . . . . . . . . . . . 768 607 1,182 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 196 145 168 9 7 n.a.

Barbados . . . . . . . . . . . . . . . . . . . 795 1,033 684 n.a. 65 n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 72 94 108 21 52 10

Bolivia. . . . . . . . . . . . . . . . . . . . . . 652 779 1,197 253 371 367

Costa Rica . . . . . . . . . . . . . . . . . . 1,037 990 1,208 292 233 260

Dominica . . . . . . . . . . . . . . . . . . . 8 8 13 n.a. 37 5

Dominican Republic . . . . . . . . . . . 1,133 1,130 1,156 364 454 510

El Salvador. . . . . . . . . . . . . . . . . . 826 1,159 1,019 591 621 683

French West Indies and

French Guiana . . . . . . . . . . . . . 35 27 21 2 n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 318 441 375 17 30 33

Honduras . . . . . . . . . . . . . . . . . . . 650 748 1,060 174 230 256

Nicaragua. . . . . . . . . . . . . . . . . . . 201 101 147 9 14 13

Paraguay . . . . . . . . . . . . . . . . . . . 554 681 704 153 182 144

Suriname . . . . . . . . . . . . . . . . . . . 94 101 110 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 60 45 44 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 13 3 4 n.a. n.a. -

Jordan . . . . . . . . . . . . . . . . . . . . . 244 243 277 89 80 92

Macau . . . . . . . . . . . . . . . . . . . . . 61 n.a. 101 24 n.a. n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . 147 n.a. n.a. - n.a. n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . n.a. 210 129 n.a. 94 67

Vietnam . . . . . . . . . . . . . . . . . . . . 527 n.a. n.a. n.a. n.a. n.a.

Yemen . . . . . . . . . . . . . . . . . . . . . 92 155 100 n.a. n.a. r

 2

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 145 197 162 n.a. 15 n.a.

Cameroon . . . . . . . . . . . . . . . . . . 14 16 20 1 n.a. n.a.

Djibouti . . . . . . . . . . . . . . . . . . . . . 72 n.a. n.a. * n.a. n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . n.a. 185 297 10 n.a. n.a.

Guinea . . . . . . . . . . . . . . . . . . . . . 19 7 11 n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 47 50 n.a. n.a. 19 n.a.

Kenya. . . . . . . . . . . . . . . . . . . . . . 114 118 127 2 45 46

Madagascar . . . . . . . . . . . . . . . . . 21 n.a. 42 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 98 52 59 4 9 5

Mozambique. . . . . . . . . . . . . . . . . . 119 91 129 * n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 2 6 4 - - n.a.

Rwanda . . . . . . . . . . . . . . . . . . . . 37 n.a. n.a. n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. n.a. 14 3 n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 14 25 18 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 31 28 38 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 288 244 267 n.a. 3 n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 32 73 85 92 144 152

Uganda. . . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. 8 9 6

Zambia . . . . . . . . . . . . . . . . . . . . . 36 30 37 n.a. * 1

Zimbabwe. . . . . . . . . . . . . . . . . . . . 138 163 108 46 15 12

All other:

New Zealand . . . . . . . . . . . . . . . . 758 796 660 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. 88 n.a. n.a. n.a. n.a.

80 CAPITAL MOVEMENTS
SECTION IV.--Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.--Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Type of liability or claim 1993 1994 1995 Sept. r Dec. r Mar. r June Sept. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 51,604 54,798 55,068 52,950 52,445

Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 36,374 38,956 39,114 37,398 37,485

Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 11,272 11,327 11,017 10,107 9,157

Commercial:

Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 9,996 10,761 11,683 10,600 10,203 10,013

Advance receipts and other. . . . . . . 12,314 10,620 11,004 14,341 15,946 17,497 17,088 18,315

Payable in foreign currencies. . . . . . . . . 11,869 16,011 12,545 15,230 15,842 15,954 15,552 14,960

Financial . . . . . . . . . . . . . . . . . . . . . . . 10,681 14,136 11,338 14,173 14,738 14,934 14,523 13,789

Commercial:

Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 1,030 1,037 915 919 941

Advance receipts and other. . . . . . . 255 730 190 27 67 105 110 230

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 59,092 63,642 64,911 66,127 67,266

Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 55,014 58,630 60,747 61,404 62,665

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 19,182 20,631 18,547 21,373 20,271

Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 12,234 12,069 15,954 13,918 15,383

Commercial:

Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 21,290 23,495 23,684 23,671 23,770

Advance payments and other . . . . . 2,455 2,157 2,088 2,308 2,435 2,562 2,442 3,241

Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 4,078 5,012 4,164 4,723 4,601

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 695 773 1,078 909 962

Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 2,089 1,795 1,777 2,378 1,897

Commercial:

Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 1,164 2,256 1,117 1,187 1,378

Advance payments and other . . . . . 508 676 25 130 188 192 249 364

CAPITAL MOVEMENTS 81
TABLE CM-IV-2.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 107 58 70 44 57 67 82 97 160

Belgium-Luxembourg. . . . . . . . . . 712 414 736 700 974 1,111 1,412 976 794

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 3 5 1 3 2 14 2 6

Czech Republic . . . . . . . . . . . . . . 14 8 6 26 5 22 22 24 96

Denmark . . . . . . . . . . . . . . . . . . . 38 49 277 138 168 93 121 133 138

Finland . . . . . . . . . . . . . . . . . . . . . 387 362 236 179 152 161 173 202 172

France . . . . . . . . . . . . . . . . . . . . . 2,323 3,194 2,455 1,480 1,877 1,771 1,885 1,989 2,117

Germany . . . . . . . . . . . . . . . . . . . 1,618 1,659 2,565 2,741 3,225 2,836 2,636 2,617 2,681

Greece . . . . . . . . . . . . . . . . . . . . . 201 252 196 89 55 72 55 75 40

Hungary . . . . . . . . . . . . . . . . . . . . 67 3 6 9 8 12 10 13 12

Ireland . . . . . . . . . . . . . . . . . . . . . 614 485 449 414 469 449 612 626 884

Italy. . . . . . . . . . . . . . . . . . . . . . . . 430 485 359 374 482 911 1,062 831 880

Netherlands . . . . . . . . . . . . . . . . . 1,141 1,222 1,274 966 1,187 1,322 1,060 756 960

Norway. . . . . . . . . . . . . . . . . . . . . 283 359 176 209 412 424 420 312 264

Poland . . . . . . . . . . . . . . . . . . . . . 31 15 17 7 13 30 42 55 46

Portugal . . . . . . . . . . . . . . . . . . . . 16 24 35 35 54 33 31 40 36

Romania. . . . . . . . . . . . . . . . . . . . 33 6 8 3 7 9 7 14 113

Spain . . . . . . . . . . . . . . . . . . . . . . 161 164 127 171 210 222 236 218 311

Sweden . . . . . . . . . . . . . . . . . . . . 322 286 242 233 293 204 196 182 238

Switzerland. . . . . . . . . . . . . . . . . . . 919 1,009 1,015 1,308 1,235 1,323 1,175 1,021 1,046

Turkey . . . . . . . . . . . . . . . . . . . . . 116 104 109 118 106 129 137 81 158

United Kingdom . . . . . . . . . . . . . . 11,115 15,335 17,987 13,706 13,500 14,480 14,346 14,592 13,006

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 62 60 84 177 85 105 111 53 99

Yugoslavia 2

. . . . . . . . . . . . . . . . . 10 9 12 6 9 9 5 9 7

Other Europe . . . . . . . . . . . . . . . . 52 36 30 188 180 165 100 120 126

Total Europe . . . . . . . . . . . . . . . 20,785 25,601 28,476 23,322 24,766 25,962 25,950 25,038 24,390

Canada . . . . . . . . . . . . . . . . . . . . . . 1,546 1,738 1,666 1,672 2,117 2,491 1,670 1,592 1,550

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 86 36 88 136 269 272 220 224 201

Bahamas . . . . . . . . . . . . . . . . . . . 382 137 120 60 83 299 336 157 48

Bermuda. . . . . . . . . . . . . . . . . . . . . 421 350 425 352 380 347 506 452 244

Brazil . . . . . . . . . . . . . . . . . . . . . . 228 232 368 155 250 274 276 322 285

British West Indies . . . . . . . . . . . . 2,883 1,387 1,021 922 779 1,044 979 795 686

Chile. . . . . . . . . . . . . . . . . . . . . . . 51 89 44 76 95 160 115 121 118

Colombia . . . . . . . . . . . . . . . . . . . 19 34 19 63 83 123 112 143 101

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - - 125422

Ecuador . . . . . . . . . . . . . . . . . . . . 13 18 33 26 34 27 30 44 26

Guatemala . . . . . . . . . . . . . . . . . . 9 6 8 4 13 12 12 15 23

Jamaica . . . . . . . . . . . . . . . . . . . . 9 6 14 18 13 16 13 13 17

Mexico . . . . . . . . . . . . . . . . . . . . . 469 498 574 428 459 682 649 609 638

Netherlands Antilles . . . . . . . . . . . 626 633 645 635 28 53 251 8 17

Panama . . . . . . . . . . . . . . . . . . . . 36 8 50 23 9 12 18 15 18

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 13 30 21 44 44 34 34 23

Trinidad and Tobago . . . . . . . . . . 17 18 25 13 118 144 125 86 72

Uruguay . . . . . . . . . . . . . . . . . . . . 3 1 1 3 9 6 10 20 22

Venezuela . . . . . . . . . . . . . . . . . . 148 128 281 223 342 329 319 305 323

Other Latin America

and Caribbean . . . . . . . . . . . . . 176 218 145 364 545 393 430 415 423

Total Latin America

and Caribbean. . . . . . . . . . . . 5,586 3,812 3,891 3,523 3,555 4,242 4,439 3,780 3,287

See footnotes at end of table.

82 CAPITAL MOVEMENTS
TABLE CM-IV-2.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 Sept. r Dec. r Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 566 723 597 579 769 990 1,238 1,132 1,292

Taiwan . . . . . . . . . . . . . . . . . . . 810 579 853 451 424 697 772 979 1,051

Hong Kong . . . . . . . . . . . . . . . . . . 884 785 805 646 683 610 629 692 685

India . . . . . . . . . . . . . . . . . . . . . . . 164 91 59 196 276 181 221 224 202

Indonesia . . . . . . . . . . . . . . . . . . . 207 363 296 350 282 314 289 254 240

Israel . . . . . . . . . . . . . . . . . . . . . . 181 229 141 99 273 205 206 205 207

Japan . . . . . . . . . . . . . . . . . . . . . . 8,362 9,201 11,869 8,751 10,751 10,483 10,296 9,895 10,079

Korea . . . . . . . . . . . . . . . . . . . . . . 1,722 1,701 1,736 1,433 1,504 1,558 1,363 1,246 1,138

Lebanon . . . . . . . . . . . . . . . . . . . . 16 22 14 61 22 72 82 92 23

Malaysia. . . . . . . . . . . . . . . . . . . . 613 475 178 297 576 586 708 843 764

Pakistan . . . . . . . . . . . . . . . . . . . . 21 26 27 80 67 77 80 98 49

Philippines . . . . . . . . . . . . . . . . . . 53 57 50 60 79 110 158 183 223

Singapore. . . . . . . . . . . . . . . . . . . 590 733 622 819 756 908 901 976 1,017

Syria. . . . . . . . . . . . . . . . . . . . . . . 50 11 24 50 15 61 23 7 6

Thailand . . . . . . . . . . . . . . . . . . . . 179 259 194 392 437 473 364 359 481

Oil-exporting countries 3

. . . . . . . . 1,908 1,557 1,611 1,939 1,976 2,193 2,567 2,459 3,007

Other Asia . . . . . . . . . . . . . . . . . . 86 79 68 206 306 327 441 266 197

Total Asia . . . . . . . . . . . . . . . . . 16,412 16,891 19,144 16,409 19,196 19,845 20,338 19,910 20,661

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 89 111 48 157 224 198 226 163 74

Ghana . . . . . . . . . . . . . . . . . . . . . - 1 - 16 26 29 48 48 47

Liberia . . . . . . . . . . . . . . . . . . . . . 2 1 - - 1 - 1 1 1

Morocco . . . . . . . . . . . . . . . . . . . . 28 41 29 24 30 21 19 23 46

South Africa . . . . . . . . . . . . . . . . . 59 55 32 42 172 154 161 204 199

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 1 1 - - - -51

Oil-exporting countries 4

. . . . . . . . 309 290 379 376 611 532 479 423 504

Other Africa . . . . . . . . . . . . . . . . . 82 86 74 154 109 144 132 103 68

Total Africa . . . . . . . . . . . . . . . . 574 586 563 769 1,173 1,078 1,066 970 940

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 503 517 372 461 577 945 991 911 856

All other . . . . . . . . . . . . . . . . . . . . 88 148 153 230 104 125 503 646 640

Total other

countries . . . . . . . . . . . . . . . . 591 665 525 691 681 1,070 1,494 1,557 1,496

Total foreign

countries. . . . . . . . . . . . . . . 45,494 49,293 54,265 46,386 51,488 54,688 54,957 52,847 52,324

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - 2 55 55 55 55 57

European regional . . . . . . . . . . . . 17 18 44 60 61 55 42 43 48

Latin American regional . . . . . . . . - - - - - - -21

Asian regional . . . . . . . . . . . . . . . - - - - - - 12 3 14

African regional . . . . . . . . . . . . . . - - - - - - 2 - 1

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 17 18 44 62 116 110 111 103 121

Grand total. . . . . . . . . . . . . . . 45,511 49,311 54,309 46,448 51,604 54,798 55,068 52,950 52,445

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 83
TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 160 1 1 - 159

Belgium-Luxembourg. . . . . . . . . . 794 89 59 30 705

Bulgaria . . . . . . . . . . . . . . . . . . . . 6 - - - 6

Czech Republic . . . . . . . . . . . . . . 96 - - - 96

Denmark . . . . . . . . . . . . . . . . . . . 138 - - - 138

Finland . . . . . . . . . . . . . . . . . . . . . 172 52 4 48 120

France . . . . . . . . . . . . . . . . . . . . . 2,117 1,334 634 700 783

Germany . . . . . . . . . . . . . . . . . . . 2,681 1,730 1,015 715 951

Greece . . . . . . . . . . . . . . . . . . . . . 40 - - - 40

Hungary . . . . . . . . . . . . . . . . . . . . 12 2 2 - 10

Ireland . . . . . . . . . . . . . . . . . . . . . 884 784 328 456 100

Italy. . . . . . . . . . . . . . . . . . . . . . . . 880 476 77 399 404

Netherlands . . . . . . . . . . . . . . . . . 960 507 387 120 453

Norway. . . . . . . . . . . . . . . . . . . . . 264 31 12 19 233

Poland . . . . . . . . . . . . . . . . . . . . . 46 - - - 46

Portugal . . . . . . . . . . . . . . . . . . . . 36 15 6 9 21

Romania. . . . . . . . . . . . . . . . . . . . 113 - - - 113

Russia 1 . . . . . . . . . . . . . . . . . . . . 99 5 4 1 94

Spain . . . . . . . . . . . . . . . . . . . . . . 311 94 3 91 217

Sweden . . . . . . . . . . . . . . . . . . . . 238 56 3 53 182

Switzerland. . . . . . . . . . . . . . . . . . . 1,046 645 344 301 401

Turkey . . . . . . . . . . . . . . . . . . . . . 158 20 19 1 138

United Kingdom . . . . . . . . . . . . . . 13,006 9,172 3,184 5,988 3,834

Yugoslavia 2

. . . . . . . . . . . . . . . . . 7 - - - 7

Other Europe . . . . . . . . . . . . . . . . 126 13 2 11 113

Total Europe . . . . . . . . . . . . . . . 24,390 15,026 6,084 8,942 9,364

Canada . . . . . . . . . . . . . . . . . . . . . . 1,550 399 142 257 1,151

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 201 112 15 97 89

Bahamas . . . . . . . . . . . . . . . . . . . 48 10 10 - 38

Bermuda. . . . . . . . . . . . . . . . . . . . . 244 64 63 1 180

Brazil . . . . . . . . . . . . . . . . . . . . . . 285 52 9 43 233

British West Indies . . . . . . . . . . . . 686 663 557 106 23

Chile. . . . . . . . . . . . . . . . . . . . . . . 118 21 21 - 97

Colombia . . . . . . . . . . . . . . . . . . . 101 1 1 - 100

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Ecuador . . . . . . . . . . . . . . . . . . . . 26 3 3 - 23

Guatemala . . . . . . . . . . . . . . . . . . 23 - - - 23

Jamaica . . . . . . . . . . . . . . . . . . . . 17 - - - 17

Mexico . . . . . . . . . . . . . . . . . . . . . 638 76 7 69 562

Netherlands Antilles . . . . . . . . . . . 17 - - - 17

Panama . . . . . . . . . . . . . . . . . . . . 18 - - - 18

Peru . . . . . . . . . . . . . . . . . . . . . . . 23 - - - 23

Trinidad and Tobago . . . . . . . . . . 72 2 2 - 70

Uruguay . . . . . . . . . . . . . . . . . . . . 22 - - - 22

Venezuela . . . . . . . . . . . . . . . . . . 323 1 - 1 322

Other Latin America

and Caribbean . . . . . . . . . . . . . 423 56 55 1 367

Total Latin America

and Caribbean. . . . . . . . . . . . 3,287 1,061 743 318 2,226

See footnotes at end of table.

84 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,292 46 44 2 1,246

Taiwan . . . . . . . . . . . . . . . . . . . 1,051 207 151 56 844

Hong Kong . . . . . . . . . . . . . . . . . . 685 107 98 9 578

India . . . . . . . . . . . . . . . . . . . . . . . 202 4 1 3 198

Indonesia . . . . . . . . . . . . . . . . . . . 240 50 36 14 190

Israel . . . . . . . . . . . . . . . . . . . . . . 207 10 10 - 197

Japan . . . . . . . . . . . . . . . . . . . . . . 10,079 5,492 1,725 3,767 4,587

Korea . . . . . . . . . . . . . . . . . . . . . . 1,138 10 10 - 1,128

Lebanon . . . . . . . . . . . . . . . . . . . . 23 5 5 - 18

Malaysia. . . . . . . . . . . . . . . . . . . . 764 4 2 2 760

Pakistan . . . . . . . . . . . . . . . . . . . . 49 - - - 49

Philippines . . . . . . . . . . . . . . . . . . 223 - - - 223

Singapore. . . . . . . . . . . . . . . . . . . 1,017 10 7 3 1,007

Syria. . . . . . . . . . . . . . . . . . . . . . . 6 - - - 6

Thailand . . . . . . . . . . . . . . . . . . . . 481 - - - 481

Other Asia . . . . . . . . . . . . . . . . . . 3,204 30 29 1 3,174

Total Asia . . . . . . . . . . . . . . . . . 20,661 5,975 2,118 3,857 14,686

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 74 - - - 74

Ghana . . . . . . . . . . . . . . . . . . . . . 47 - - - 47

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 46 - - - 46

South Africa . . . . . . . . . . . . . . . . . 199 21 - 21 178

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Other Africa . . . . . . . . . . . . . . . . . 572 12 10 2 560

Total Africa . . . . . . . . . . . . . . . . 940 33 10 23 907

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 856 17 1 16 839

All other . . . . . . . . . . . . . . . . . . . . 640 380 4 376 260

Total other countries . . . . . . . . . 1,496 397 5 392 1,099

Total foreign countries. . . . . . 52,324 22,891 9,102 13,789 29,433

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 57 55 55 - 2

European regional . . . . . . . . . . . . 48 - - - 48

Latin American regional . . . . . . . . 1 - - - 1

Asian regional . . . . . . . . . . . . . . . 14 - - - 14

African regional . . . . . . . . . . . . . . 1 - - - 1

Middle Eastern regional . . . . . . . . - - - - -

Total international and

regional . . . . . . . . . . . . . . . . . 121 55 55 - 66

Grand total. . . . . . . . . . . . . . . 52,445 22,946 9,157 13,789 29,499

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

 Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 85
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1996 1997

Country 1992 1993 1994 1995 Sept. Dec. Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 71 88 123 114 180 159 118 90 74

Belgium-Luxembourg. . . . . . . . . . 197 318 299 424 339 411 483 530 691

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 32 37 29 18 19 17 16 19

Czech Republic . . . . . . . . . . . . . . 46 48 52 53 35 34 27 32 95

Denmark . . . . . . . . . . . . . . . . . . . 154 103 81 107 175 101 87 72 105

Finland . . . . . . . . . . . . . . . . . . . . . 169 171 173 185 133 173 122 135 179

France . . . . . . . . . . . . . . . . . . . . . 2,301 2,773 2,681 2,633 2,265 2,338 2,274 2,057 2,752

Germany . . . . . . . . . . . . . . . . . . . 1,259 1,544 1,567 1,506 1,522 1,613 1,688 1,510 1,745

Greece . . . . . . . . . . . . . . . . . . . . . 114 149 136 193 138 148 113 89 345

Hungary . . . . . . . . . . . . . . . . . . . . 30 6 72 50 36 17 11 59 57

Ireland . . . . . . . . . . . . . . . . . . . . . 419 416 315 290 249 274 282 267 297

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,041 883 812 1,029 953 1,039 1,031 979 1,021

Netherlands . . . . . . . . . . . . . . . . . 1,067 925 740 969 944 1,055 1,149 1,132 1,337

Norway. . . . . . . . . . . . . . . . . . . . . 196 132 242 169 209 251 281 303 319

Poland . . . . . . . . . . . . . . . . . . . . . 74 116 122 78 79 108 109 111 114

Portugal . . . . . . . . . . . . . . . . . . . . 176 191 217 64 52 92 45 60 76

Romania. . . . . . . . . . . . . . . . . . . . 12 5 17 16 13 14 7 10 7

Spain . . . . . . . . . . . . . . . . . . . . . . 332 459 484 537 607 645 603 601 662

Sweden . . . . . . . . . . . . . . . . . . . . 282 460 352 288 326 372 376 345 635

Switzerland. . . . . . . . . . . . . . . . . . . 852 962 1,080 1,018 1,026 1,116 988 836 829

Turkey . . . . . . . . . . . . . . . . . . . . . 257 246 216 256 194 222 237 210 381

United Kingdom . . . . . . . . . . . . . . 8,346 5,962 7,205 6,959 9,119 9,065 9,272 10,528 10,630

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 232 228 254 300 251 239 221 198 157

Yugoslavia 2

. . . . . . . . . . . . . . . . . 52 55 39 13 17 6 14 8 6

Other Europe . . . . . . . . . . . . . . . . 90 132 160 153 185 214 193 190 270

Total Europe . . . . . . . . . . . . . . . 17,782 16,404 17,476 17,433 19,065 19,725 19,748 20,368 22,803

Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 6,585 5,610 7,298 8,886 6,921

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 242 299 347 396 555 617 621 633 718

Bahamas . . . . . . . . . . . . . . . . . . . 806 1,347 2,433 1,995 1,760 1,487 1,934 2,093 2,499

Bermuda. . . . . . . . . . . . . . . . . . . . . 295 307 261 353 403 415 316 385 317

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,043 1,114 1,132 1,728 2,406 2,771 2,620 2,753 2,601

British West Indies . . . . . . . . . . . . 11,787 12,770 15,311 10,472 12,938 15,372 15,303 13,650 13,010

Chile. . . . . . . . . . . . . . . . . . . . . . . 129 221 229 248 282 374 353 313 300

Colombia . . . . . . . . . . . . . . . . . . . 129 120 396 413 381 422 320 392 385

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 10 5 5 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 40 81 112 123 141 107 108 126 106

Guatemala . . . . . . . . . . . . . . . . . . 23 32 46 48 71 98 84 100 87

Jamaica . . . . . . . . . . . . . . . . . . . . 30 27 42 41 47 40 73 61 47

Mexico . . . . . . . . . . . . . . . . . . . . . 1,369 1,862 1,966 1,547 1,349 1,585 1,619 1,638 1,730

Netherlands Antilles . . . . . . . . . . . 26 37 65 32 69 114 35 141 110

Panama . . . . . . . . . . . . . . . . . . . . 66 90 102 156 115 109 102 123 118

Peru . . . . . . . . . . . . . . . . . . . . . . . 115 148 175 221 209 201 177 215 146

Trinidad and Tobago . . . . . . . . . . 9 26 27 36 22 25 30 26 32

Uruguay . . . . . . . . . . . . . . . . . . . . 8 8 25 32 31 42 41 47 44

Venezuela . . . . . . . . . . . . . . . . . . 374 454 383 317 336 388 352 472 433

Other Latin America

and Caribbean . . . . . . . . . . . . . 443 553 600 705 525 681 716 797 1,496

Total Latin America

and Caribbean. . . . . . . . . . . . 16,936 19,498 23,653 18,864 21,650 24,853 24,809 23,966 24,180

86 CAPITAL MOVEMENTS
TABLE CM-IV-4.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 Sept. Dec. Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 282 378 526 696 641 992 1,099 1,115 1,148

Taiwan . . . . . . . . . . . . . . . . . . . 307 411 512 532 474 511 610 724 700

Hong Kong . . . . . . . . . . . . . . . . . . 267 298 442 454 479 669 572 546 560

India . . . . . . . . . . . . . . . . . . . . . . . 135 147 202 323 393 402 336 423 446

Indonesia . . . . . . . . . . . . . . . . . . . 138 354 423 367 426 665 563 599 549

Israel . . . . . . . . . . . . . . . . . . . . . . 168 218 195 267 316 323 312 309 307

Japan . . . . . . . . . . . . . . . . . . . . . . 2,571 3,167 3,608 2,741 2,920 3,038 2,896 2,845 3,045

Korea . . . . . . . . . . . . . . . . . . . . . . 361 549 650 933 636 822 773 767 725

Lebanon . . . . . . . . . . . . . . . . . . . . 50 65 58 48 59 41 51 38 34

Malaysia. . . . . . . . . . . . . . . . . . . . 90 477 457 496 478 560 566 551 568

Pakistan . . . . . . . . . . . . . . . . . . . . 53 32 40 42 107 99 96 66 32

Philippines . . . . . . . . . . . . . . . . . . 105 111 151 123 116 245 202 200 171

Singapore. . . . . . . . . . . . . . . . . . . 291 390 427 573 705 781 719 648 787

Syria. . . . . . . . . . . . . . . . . . . . . . . 8 5 6 12 9 7 24 4 15

Thailand . . . . . . . . . . . . . . . . . . . . 127 174 183 199 283 288 387 400 334

Oil-exporting countries 3

. . . . . . . . 696 707 849 977 958 993 1,090 1,034 1,004

Other Asia . . . . . . . . . . . . . . . . . . 81 188 124 108 123 161 120 125 162

Total Asia . . . . . . . . . . . . . . . . . 5,730 7,671 8,853 8,891 9,123 10,597 10,416 10,394 10,587

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 177 137 261 160 160 155 140 144 152

Ghana . . . . . . . . . . . . . . . . . . . . . 5 7 7 16 24 15 18 27 43

Liberia . . . . . . . . . . . . . . . . . . . . . 34 19 9 13 32 29 36 32 9

Morocco . . . . . . . . . . . . . . . . . . . . 37 45 53 57 32 27 37 27 24

South Africa . . . . . . . . . . . . . . . . . 81 108 142 321 272 277 289 289 271

Zaire. . . . . . . . . . . . . . . . . . . . . . . 29 18 30 11 10 13 9 5 5

Oil-exporting countries 4

. . . . . . . . 87 73 67 92 155 180 114 96 223

Other Africa . . . . . . . . . . . . . . . . . 187 185 258 260 223 224 257 177 211

Total Africa . . . . . . . . . . . . . . . . 637 592 827 930 908 920 900 797 938

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 702 945 1,218 1,310 1,484 1,536 1,392 1,449 1,384

All other . . . . . . . . . . . . . . . . . . . . 152 208 269 270 270 265 278 257 284

Total other

countries . . . . . . . . . . . . . . . . 854 1,153 1,487 1,580 1,754 1,801 1,670 1,706 1,668

Total foreign

countries. . . . . . . . . . . . . . . 45,058 49,131 57,865 52,500 59,085 63,506 64,841 66,117 67,097

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 13 28 19 8 6 60 2 5 15

European regional . . . . . . . . . . . . 2 - 4 1 1 58 38 5 30

Latin American regional . . . . . . . . - - - - - 2 1 - 35

Asian regional . . . . . . . . . . . . . . . - - - - - 13 26 - 88

African regional . . . . . . . . . . . . . . - - - - - 3 3 - 1

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 15 28 23 9 7 136 70 10 169

Grand total. . . . . . . . . . . . . . . 45,073 49,159 57,888 52,509 59,092 63,642 64,911 66,127 67,266

1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 87
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 74 26 24 2 48

Belgium-Luxembourg. . . . . . . . . . 691 360 350 10 331

Bulgaria . . . . . . . . . . . . . . . . . . . . 19 9 9 - 10

Czech Republic . . . . . . . . . . . . . . 95 76 76 - 19

Denmark . . . . . . . . . . . . . . . . . . . 105 44 42 2 61

Finland . . . . . . . . . . . . . . . . . . . . . 179 5 - 5 174

France . . . . . . . . . . . . . . . . . . . . . 2,752 1,112 1,091 21 1,640

Germany . . . . . . . . . . . . . . . . . . . 1,745 352 322 30 1,393

Greece . . . . . . . . . . . . . . . . . . . . . 345 262 262 - 83

Hungary . . . . . . . . . . . . . . . . . . . . 57 49 47 2 8

Ireland . . . . . . . . . . . . . . . . . . . . . 297 174 172 2 123

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,021 207 196 11 814

Netherlands . . . . . . . . . . . . . . . . . 1,337 764 745 19 573

Norway. . . . . . . . . . . . . . . . . . . . . 319 57 48 9 262

Poland . . . . . . . . . . . . . . . . . . . . . 114 54 53 1 60

Portugal . . . . . . . . . . . . . . . . . . . . 76 7 - 7 69

Romania. . . . . . . . . . . . . . . . . . . . 7 - - - 7

Russia 1 . . . . . . . . . . . . . . . . . . . . 157 20 14 6 137

Spain . . . . . . . . . . . . . . . . . . . . . . 662 160 115 45 502

Sweden . . . . . . . . . . . . . . . . . . . . 635 247 236 11 388

Switzerland. . . . . . . . . . . . . . . . . . . 829 448 433 15 381

Turkey . . . . . . . . . . . . . . . . . . . . . 381 159 159 - 222

United Kingdom . . . . . . . . . . . . . . 10,630 7,727 7,411 316 2,903

Yugoslavia 2

. . . . . . . . . . . . . . . . . 6 - - -6

Other Europe . . . . . . . . . . . . . . . . 270 6 2 4 264

Total Europe . . . . . . . . . . . . . . . 22,803 12,325 11,807 518 10,478

Canada . . . . . . . . . . . . . . . . . . . . . . 6,921 4,278 3,878 400 2,643

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 718 213 198 15 505

Bahamas . . . . . . . . . . . . . . . . . . . 2,499 2,477 2,463 14 22

Bermuda. . . . . . . . . . . . . . . . . . . . . 317 189 188 1 128

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,601 1,501 346 1,155 1,100

British West Indies . . . . . . . . . . . . 13,010 12,912 12,855 57 98

Chile. . . . . . . . . . . . . . . . . . . . . . . 300 7 4 3 293

Colombia . . . . . . . . . . . . . . . . . . . 385 112 103 9 273

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 - -

Ecuador . . . . . . . . . . . . . . . . . . . . 106 42 41 1 64

Guatemala . . . . . . . . . . . . . . . . . . 87 32 27 5 55

Jamaica . . . . . . . . . . . . . . . . . . . . 47 3 2 1 44

Mexico . . . . . . . . . . . . . . . . . . . . . 1,730 508 447 61 1,222

Netherlands Antilles . . . . . . . . . . . 110 99 98 1 11

Panama . . . . . . . . . . . . . . . . . . . . 118 46 36 10 72

Peru . . . . . . . . . . . . . . . . . . . . . . . 146 6 6 - 140

Trinidad and Tobago . . . . . . . . . . 32 - - - 32

Uruguay . . . . . . . . . . . . . . . . . . . . 44 5 2 3 39

Venezuela . . . . . . . . . . . . . . . . . . 433 15 9 6 418

Other Latin America

and Caribbean . . . . . . . . . . . . . 1,496 1,000 978 22 496

Total Latin America

and Caribbean. . . . . . . . . . . . 24,180 19,168 17,804 1,364 5,012

See footnotes at end of table.

88 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,148 284 283 1 864

Taiwan . . . . . . . . . . . . . . . . . . . 700 42 40 2 658

Hong Kong . . . . . . . . . . . . . . . . . . 560 62 26 36 498

India . . . . . . . . . . . . . . . . . . . . . . . 446 27 15 12 419

Indonesia . . . . . . . . . . . . . . . . . . . 549 184 183 1 365

Israel . . . . . . . . . . . . . . . . . . . . . . 307 11 9 2 296

Japan . . . . . . . . . . . . . . . . . . . . . . 3,045 999 528 471 2,046

Korea . . . . . . . . . . . . . . . . . . . . . . 725 25 - 25 700

Lebanon . . . . . . . . . . . . . . . . . . . . 34 - - - 34

Malaysia. . . . . . . . . . . . . . . . . . . . 568 281 278 3 287

Pakistan . . . . . . . . . . . . . . . . . . . . 32 2 - 2 30

Philippines . . . . . . . . . . . . . . . . . . 171 3 3 - 168

Singapore. . . . . . . . . . . . . . . . . . . 787 45 42 3 742

Syria. . . . . . . . . . . . . . . . . . . . . . . 15 - - - 15

Thailand . . . . . . . . . . . . . . . . . . . . 334 4 4 - 330

Other Asia . . . . . . . . . . . . . . . . . . 1,166 46 43 3 1,120

Total Asia . . . . . . . . . . . . . . . . . 10,587 2,015 1,454 561 8,572

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 152 - - - 152

Ghana . . . . . . . . . . . . . . . . . . . . . 43 - - - 43

Liberia . . . . . . . . . . . . . . . . . . . . . 9 3 3 - 6

Morocco . . . . . . . . . . . . . . . . . . . . 24 6 6 - 18

South Africa . . . . . . . . . . . . . . . . . 271 120 120 - 151

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Other Africa . . . . . . . . . . . . . . . . . 434 45 44 1 389

Total Africa . . . . . . . . . . . . . . . . 938 174 173 1 764

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,384 469 457 12 915

All other . . . . . . . . . . . . . . . . . . . . 284 84 81 3 200

Total other countries . . . . . . . . . 1,668 553 538 15 1,115

Total foreign countries. . . . . . 67,097 38,513 35,654 2,859 28,584

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 15 - - - 15

European regional . . . . . . . . . . . . 30 - - - 30

Latin American regional . . . . . . . . 35 - - - 35

Asian regional . . . . . . . . . . . . . . . 88 - - - 88

African regional . . . . . . . . . . . . . . 1 - - - 1

Middle Eastern regional . . . . . . . . - - - - -

Total international

and regional. . . . . . . . . . . . . . 169 - - - 169

Grand total. . . . . . . . . . . . . . . 67,266 38,513 35,654 2,859 28,753

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 89
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1994 1995 1996 Jan. - Dec. 1997 Oct. - Dec. 1997

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 55,598 100,411 r 130,645 177,223 32,901 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 26,474 24,795 r 71,073 101,849 27,950 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . -3,581 48,344 r 41,081 25,227 14,416 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441 16,504 r 55,167 34,499 -8,429 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424 25,657 r 59,327 24,479 -8,650 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,356 215,711 r 357,293 363,277 58,188 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 3,994 16,226 r 12,925 22,394 2,526 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,350 231,937 r 370,218 385,671 60,714 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

90 CAPITAL MOVEMENTS
TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

 purchases Net Gross Gross Net Gross Gross

of foreign foreign foreign foreign foreign foreign foreign

Calendar year securities purchases purchases sales purchases purchases sales

or month from U.S. from U.S. from U.S. to U.S. from U.S. from U.S. to U.S.

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 r . . . . . . . . . . . . . . . . . . . . . . . -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 - Jan. - Dec. r . . . . . . . . . . . . . -84,326 -45,759 1,471,877 1,517,636 -38,567 719,196 757,763

1996 - Dec. r . . . . . . . . . . . . . . . . . . -16,826 -11,133 98,291 109,424 -5,693 41,265 46,958

1997 - Jan. r . . . . . . . . . . . . . . . . . . -3,834 -347 108,904 109,251 -3,487 46,615 50,102

Feb. r . . . . . . . . . . . . . . . . . . -6,074 -1,699 108,384 110,083 -4,375 49,607 53,982

Mar. r . . . . . . . . . . . . . . . . . . -7,064 -3,160 128,132 131,292 -3,904 47,181 51,085

Apr. r. . . . . . . . . . . . . . . . . . . 1,460 5,538 115,166 109,628 -4,078 49,212 53,290

May r . . . . . . . . . . . . . . . . . . -5,134 -1,357 123,618 124,975 -3,777 56,692 60,469

June r . . . . . . . . . . . . . . . . . . -18,656 -12,910 117,928 130,838 -5,746 63,401 69,147

July r. . . . . . . . . . . . . . . . . . . -18,869 -11,337 133,992 145,329 -7,532 68,868 76,400

Aug. . . . . . . . . . . . . . . . . . . . -12,744 -4,852 123,558 128,410 -7,892 60,740 68,632

Sept.. . . . . . . . . . . . . . . . . . . -8,133 -7,963 122,266 130,229 -170 62,687 62,857

Oct.. . . . . . . . . . . . . . . . . . . . -2,720 -739 163,626 164,365 -1,981 79,535 81,516

Nov. . . . . . . . . . . . . . . . . . . . -1,861 -4,261 110,999 115,260 2,400 70,271 67,871

Dec. . . . . . . . . . . . . . . . . . . . -697 -2,672 115,304 117,976 1,975 64,387 62,412

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1 Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 r . . . . . . . . . . . . . . . 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 - Jan. - Dec. p. . . . 183,644 43,071 140,125 448 4,980,802 4,797,158 49,590 259,966 210,376 86,413 353,782 267,369 66,024 963,888 897,864

1996 - Dec. r. . . . . . . . . . 44,272 13,903 29,226 1,143 378,503 334,231 3,064 15,683 12,619 7,615 24,864 17,249 591 54,030 53,439

1997 - Jan. r . . . . . . . . . . 17,226 7,565 10,127 -466 406,326 389,100 4,262 18,063 13,801 6,741 26,394 19,653 3,677 71,436 67,759

 Feb. r. . . . . . . . . . 24,904 10,178 13,818 908 428,381 403,477 5,320 15,948 10,628 9,423 31,487 22,064 4,201 68,586 64,385

 Mar. r. . . . . . . . . . 19,922 7,154 13,068 -300 395,181 375,259 3,735 13,331 9,596 5,332 27,937 22,605 759 64,035 63,276

 Apr. r . . . . . . . . . . 25,987 6,955 18,572 460 408,360 382,373 6,152 16,446 10,294 6,077 24,255 18,178 5,828 66,476 60,648

 May r . . . . . . . . . . 7,216 3,607 3,766 -157 420,791 413,575 3,040 16,246 13,206 6,697 28,322 21,625 6,473 77,610 71,137

 June r . . . . . . . . . 22,844 10,391 11,503 950 454,591 431,747 1,830 18,795 16,965 10,230 37,510 27,280 10,078 82,289 72,211

 July r . . . . . . . . . . 2,949 -2,413 5,094 268 398,928 395,979 5,766 27,608 21,842 10,816 35,019 24,203 10,423 85,138 74,715

 Aug . . . . . . . . . . . 23,966 8,235 15,926 -195 466,057 442,091 7,636 30,873 23,237 6,686 31,732 25,046 8,133 84,953 76,820

 Sept. . . . . . . . . . . 16,045 3,091 12,568 386 408,647 392,602 1,745 22,176 20,431 7,720 28,586 20,866 5,118 80,546 75,428

 Oct. . . . . . . . . . . . 16,530 -12,848 29,614 -236 512,582 496,052 7,827 26,195 18,368 5,699 31,777 26,078 1,006 106,674 105,668

 Nov. p . . . . . . . . . 15,644 1,467 13,757 420 355,977 340,333 -559 28,573 29,132 4,822 24,473 19,651 5,017 85,150 80,133

 Dec. p . . . . . . . . . -9,589 -311 -7,688 -1,590 324,981 334,570 2,836 25,712 22,876 6,170 26,290 20,120 5,311 90,995 85,684

CAPITAL MOVEMENTS 91
1997 1997 1997 1997

Country

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,210 1,175 -677 64 345 46 150 263 79 69 478 95

Belgium-Luxembourg. . . . . . . . . . 1,429 3,427 902 971 835 105 -171 1,380 1,018 109 4,681 1,410

Bulgaria . . . . . . . . . . . . . . . . . . . . -34 -8 3 - 2 2 -4 4 - 1 - -

Czech Republic . . . . . . . . . . . . . . 129 77 -23 - - - - 23 -1 -1 -4 -4

Denmark . . . . . . . . . . . . . . . . . . . -188 647 654 327 189 44 -224 132 37 181 433 151

Finland . . . . . . . . . . . . . . . . . . . . . -247 457 -150 130 40 -15 113 -44 53 13 48 42

France . . . . . . . . . . . . . . . . . . . . . 2,629 -2,079 -4,519 324 142 25 4,136 3,159 596 -2,402 3,134 154

Germany . . . . . . . . . . . . . . . . . . . 17,980 22,471 13,154 1,650 497 245 2,789 2,245 -434 1,104 9,075 2,183

Greece . . . . . . . . . . . . . . . . . . . . . 41 -637 -248 -2 17 -2 73 24 13 5 226 106

Hungary . . . . . . . . . . . . . . . . . . . . 843 -968 -477 359 -59 31 -5 6 - 57 -2 -4

Ireland . . . . . . . . . . . . . . . . . . . . . 276 1,229 526 110 588 27 1,900 1,128 285 -740 750 268

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,960 2,393 1,195 -84 123 25 -208 4 -308 -1,078 2,829 685

Netherlands . . . . . . . . . . . . . . . . . -582 2,146 -416 1,500 2,194 529 607 1,382 450 1,415 3,833 1,745

Norway. . . . . . . . . . . . . . . . . . . . . 428 259 -92 87 6 3 -56 418 306 170 524 315

Poland . . . . . . . . . . . . . . . . . . . . . 2,437 488 -996 -15 -13 5 -11 -120 2 -4 12 -

Portugal . . . . . . . . . . . . . . . . . . . . -257 2,754 1,133 30 59 -11 -48 583 - -358 -238 15

Romania. . . . . . . . . . . . . . . . . . . . 1 -54 -54 - -11 -11 - - - -3 -6 -1

Russia 1 . . . . . . . . . . . . . . . . . . . . 603 -1,265 -1,064 -21 -1 - -4 7 - -65 339 49

Spain . . . . . . . . . . . . . . . . . . . . . . 18,414 10,351 -887 7 903 412 492 227 -4 116 576 7

Sweden . . . . . . . . . . . . . . . . . . . . 2,242 -464 111 56 -18 -24 372 -52 -8 -387 2,084 879

Switzerland. . . . . . . . . . . . . . . . . . 328 6,028 4,932 208 390 163 962 157 1,533 2,715 7,845 3,365

Turkey . . . . . . . . . . . . . . . . . . . . . 766 -71 -1,633 - -1 - 44 21 -17 -19 11 -5

United Kingdom . . . . . . . . . . . . . . 65,658 98,989 22,542 13,515 9,644 -637 46,994 46,375 5,445 4,478 22,215 5,551

Yugoslavia 2

. . . . . . . . . . . . . . . . . -34 25 - - 8 - 8 - - 1 12 3

Other Europe . . . . . . . . . . . . . . . . 2,749 -1,216 -285 355 387 99 90 289 54 -10 186 51

Total Europe . . . . . . . . . . . . . . . 118,781 146,154 33,631 19,571 16,266 1,061 57,999 57,611 9,099 5,367 59,041 17,060

Canada . . . . . . . . . . . . . . . . . . . . . . 2,331 -855 -2,182 164 433 97 4,322 5,831 1,905 2,226 -1,174 -1,168

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 317 215 -371 123 154 96 117 444 -37 280 386 124

Bahamas . . . . . . . . . . . . . . . . . . . 1,901 -354 -459 118 709 421 1,153 2,289 854 -2,407 683 -53

Bermuda. . . . . . . . . . . . . . . . . . . . 2,488 -6,364 -1,407 3,314 7,573 5,935 3,937 5,163 1,857 -206 -1,926 -1,448

Brazil . . . . . . . . . . . . . . . . . . . . . . -965 -2,639 -1,289 1,519 2,388 524 31 -190 -127 -9 5 6

British West Indies . . . . . . . . . . . . 4,781 4,312 -81 187 3,791 1,774 1,916 5,148 1,460 3,443 4,548 -806

Chile. . . . . . . . . . . . . . . . . . . . . . . 88 1,331 169 38 34 11 198 239 86 -37 -20 -4

Colombia . . . . . . . . . . . . . . . . . . . 221 958 772 19 121 94 -46 19 3 34 175 31

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 1 - - - -1 -

Ecuador . . . . . . . . . . . . . . . . . . . . 137 32 -37 -21 59 9 33 98 23 -38 25 4

Guatemala . . . . . . . . . . . . . . . . . . 22 -1 -4 4 8 6 9 9 1 16 12 8

Jamaica . . . . . . . . . . . . . . . . . . . . -88 -13 -5 78 -14 -30 1 43 29 -1 1 2

Mexico . . . . . . . . . . . . . . . . . . . . . -772 979 287 383 840 692 288 705 -180 125 375 184

Netherlands Antilles . . . . . . . . . . . 12,415 -2,660 10,308 275 84 -11 2,947 1,974 128 3,989 -263 -4,265

Panama . . . . . . . . . . . . . . . . . . . . 186 103 63 65 160 45 226 -436 -71 353 693 172

Peru . . . . . . . . . . . . . . . . . . . . . . . -76 304 71 3 1 - 9 41 8 -4 11 11

Trinidad and Tobago . . . . . . . . . . -1 19 12 -4 65 28 10 - 8 89 15 9

Uruguay . . . . . . . . . . . . . . . . . . . . 129 175 29 76 56 24 90 136 18 84 246 81

Venezuela . . . . . . . . . . . . . . . . . . -69 559 372 95 918 169 127 217 82 112 303 84

Other Latin America

and Caribbean . . . . . . . . . . . . . 71 357 239 226 1,067 460 192 908 427 -7 -17 -95

Total Latin America

and Caribbean. . . . . . . . . . . . 20,785 -2,687 8,669 6,498 18,014 10,247 11,239 16,807 4,569 5,816 5,251 -5,955

See footnotes at end of table.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

 bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

92 CAPITAL MOVEMENTS
1997 1997 1997 1997

Country

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1996 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 14,453 7,688 -2,655 2,756 1,708 368 257 70 12 -2 62 -6

Taiwan . . . . . . . . . . . . . . . . . . . 4,608 1,537 -1,718 -1,129 -705 -556 8 -134 -38 74 428 -19

Hong Kong . . . . . . . . . . . . . . . . . . 5,836 11,753 3,816 1,364 3,832 825 1,803 1,758 268 -288 -210 -283

India . . . . . . . . . . . . . . . . . . . . . . . 109 510 124 1 -64 -1 -3 -35 2 -47 -33 -41

Indonesia . . . . . . . . . . . . . . . . . . . 1,189 2 -1,882 -8 - - 4 2 1 -38 20 -9

Israel . . . . . . . . . . . . . . . . . . . . . . -545 3,125 1,389 308 612 72 210 179 59 -383 -539 -209

Japan . . . . . . . . . . . . . . . . . . . . . . 41,366 20,359 -8,484 7,412 7,718 -1,765 6,761 1,642 331 -372 4,780 1,489

Korea . . . . . . . . . . . . . . . . . . . . . . 2,247 -5,119 -4,265 57 -2,158 -1,245 92 -191 -88 -70 -5 -39

Lebanon . . . . . . . . . . . . . . . . . . . . 2 -2 -56 1 -1 - -1 10 -1 40 78 22

Malaysia. . . . . . . . . . . . . . . . . . . . -635 -2,559 -1,003 294 -289 -17 6 9 -74 12 -170 -91

Pakistan . . . . . . . . . . . . . . . . . . . . 4 -7 - 2 1 - -1 - - 10 18 9

Philippines . . . . . . . . . . . . . . . . . . 313 -572 -326 664 302 15 28 49 11 -31 2 -19

Singapore. . . . . . . . . . . . . . . . . . . 8,165 -3,713 -420 1,341 1,531 795 1,093 1,176 - 2,200 -2,307 586

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 11 18 5

Thailand . . . . . . . . . . . . . . . . . . . . 2,957 -1,904 -229 1 -1 -3 59 15 - -7 -9 -13

Oil-exporting countries 3

. . . . . . . . 10,232 7,116 -2,208 1,599 1,863 207 80 -207 -49 -1,600 173 116

Other Asia . . . . . . . . . . . . . . . . . . -566 -149 192 241 -64 -65 141 51 15 -191 -72 69

Total Asia . . . . . . . . . . . . . . . . . 89,735 38,065 -17,725 14,904 14,285 -1,370 10,537 4,394 449 -682 2,234 1,567

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,022 1,090 129 468 384 71 -8 37 3 -38 65 56

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - 2 1

Liberia . . . . . . . . . . . . . . . . . . . . . 153 122 -73 60 226 65 12 120 -81 -51 -99 -56

Morocco . . . . . . . . . . . . . . . . . . . . - - 1 - - - - - - 8 9 4

South Africa . . . . . . . . . . . . . . . . . -33 93 88 4 29 7 -1 134 81 84 354 -14

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - 12 -

Oil-exporting countries 4

. . . . . . . . 1 -13 - - 8 1 1 9 2 24 43 16

Other Africa . . . . . . . . . . . . . . . . . -60 231 86 81 21 6 7 37 -7 -112 85 44

Total Africa . . . . . . . . . . . . . . . . 1,083 1,523 231 613 668 150 11 337 -2 -85 471 51

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 2,528 1,004 1,472 4 -160 -77 -322 628 11 -490 250 -125

All other . . . . . . . . . . . . . . . . . . . . -1,160 -8 -105 -150 31 36 -95 266 170 433 91 -36

Total other

countries . . . . . . . . . . . . . . . . 1,368 996 1,367 -146 -129 -41 -417 894 181 -57 341 -161

Total foreign

countries. . . . . . . . . . . . . . . 234,083 183,196 23,991 41,604 49,537 10,144 83,691 85,874 16,201 12,585 66,164 11,394

International and regional orgs.:

International . . . . . . . . . . . . . . . . . -1,390 552 -648 4 27 21 37 37 45 -137 -83 -20

European regional . . . . . . . . . . . . 28 -139 -191 13 6 - - -69 -69 - - -

Latin American regional . . . . . . . . -779 173 -77 39 -12 -9 8 581 514 51 -68 -34

Asian regional . . . . . . . . . . . . . . . -153 -266 -323 41 -20 -10 -4 5 - 10 10 -6

African regional . . . . . . . . . . . . . . -10 113 -89 22 52 -42 11 -15 - 2 -1 -

Middle Eastern regional . . . . . . . . 462 15 -78 - - - - - - - 2 -

Total international

and regional. . . . . . . . . . . . . . -1,842 448 -1,406 119 53 -40 52 539 490 -74 -140 -60

Grand total. . . . . . . . . . . . . . . 232,241 183,644 22,585 41,723 49,590 10,104 83,743 86,413 16,691 12,511 66,024 11,334

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4 Includes Algeria, Gabon, Libya, and Nigeria.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

CAPITAL MOVEMENTS 93
TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Fourth Quarter 1997, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 5,239 4,069 52 127 558 170 263 5,673 4,746 6 48 463 177 233

Belgium-Luxembourg. . 19,352 7,495 649 1,715 5,973 1,666 1,854 15,290 6,593 544 697 4,563 1,425 1,468

Bulgaria . . . . . . . . . . . . 101 35 2 - - 60 4 113 32 - - - 77 4

Czech Republic . . . . . . 1,523 1,476 - 5 14 1 27 1,562 1,499 - 6 18 12 27

Denmark . . . . . . . . . . . 3,148 1,554 356 45 466 223 504 2,334 900 312 8 315 329 470

Finland . . . . . . . . . . . . . 3,447 2,159 15 65 81 411 716 3,537 2,309 30 12 39 455 692

France . . . . . . . . . . . . . 45,766 24,468 75 1,588 7,299 5,829 6,507 51,194 28,987 50 992 7,145 6,425 7,595

Germany . . . . . . . . . . . 57,273 34,212 606 1,266 9,751 3,965 7,473 41,545 21,058 361 1,700 7,568 4,002 6,856

Greece . . . . . . . . . . . . . 906 214 - 16 376 81 219 1,033 462 2 3 270 200 96

Hungary . . . . . . . . . . . . 626 414 171 - 7 19 15 1,099 891 140 - 11 - 57

Ireland . . . . . . . . . . . . . 15,924 9,082 225 1,388 1,705 2,023 1,501 15,095 8,556 198 1,103 1,437 2,129 1,672

Italy. . . . . . . . . . . . . . . . 15,050 7,330 168 134 4,153 1,124 2,141 13,868 6,135 143 442 3,468 1,263 2,417

Netherlands . . . . . . . . . 23,853 7,696 747 800 6,074 3,686 4,850 19,443 8,112 218 350 4,329 2,613 3,821

Norway. . . . . . . . . . . . . 3,091 1,104 45 360 812 214 556 2,770 1,196 42 54 497 179 802

Poland . . . . . . . . . . . . . 1,241 889 8 12 8 266 58 2,444 1,885 3 10 8 459 79

Portugal . . . . . . . . . . . . 3,674 3,196 1 4 89 71 313 2,755 2,063 12 4 74 62 540

Romania. . . . . . . . . . . . - - - - - - - 66 54 11 - 1 - -

Russia 1 . . . . . . . . . . . . 12,079 10,149 - 2 144 1,396 388 12,661 11,213 - 2 95 849 502

Spain . . . . . . . . . . . . . . 11,350 7,780 415 65 939 371 1,780 11,371 8,667 3 69 932 508 1,192

Sweden . . . . . . . . . . . . 10,671 4,413 9 15 2,749 497 2,988 9,286 4,302 33 23 1,870 907 2,151

Switzerland. . . . . . . . . . 39,521 9,436 266 2,462 19,410 1,943 6,004 28,852 4,504 103 929 16,045 2,221 5,050

Turkey . . . . . . . . . . . . . 2,705 2,079 - 8 146 127 345 4,397 3,712 - 25 151 193 316

United Kingdom . . . . . . 1,024,077 620,189 9,887 42,631 69,731 198,618 83,021 998,466 597,647 10,524 37,186 64,180 203,216 85,713

Yugoslavia 2

. . . . . . . . . 30 - - - 4 22 4 30 - - - 1 21 8

Other Europe . . . . . . . . 6,251 4,376 101 94 873 151 656 6,219 4,661 2 40 822 214 480

Total Europe . . . . . . . 1,306,898 763,815 13,798 52,802 131,362 222,934 122,187 1,251,103 730,184 12,737 43,703 114,302 227,936 122,241

Canada . . . . . . . . . . . . . . 152,620 74,814 1,367 3,857 16,793 43,300 12,489 153,080 76,996 1,270 1,952 17,961 42,440 12,461

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 18,062 834 214 269 638 14,232 1,875 19,659 1,205 118 306 514 15,769 1,747

Bahamas . . . . . . . . . . . 39,450 13,506 1,479 2,644 6,042 14,573 1,206 40,186 13,965 1,058 1,790 6,095 15,939 1,339

Bermuda. . . . . . . . . . . . 122,004 21,048 28,977 5,838 41,092 22,222 2,827 117,147 22,455 23,042 3,981 42,540 22,063 3,066

Brazil . . . . . . . . . . . . . . 33,137 4,304 772 109 287 20,712 6,953 34,584 5,593 248 236 281 21,807 6,419

British West Indies . . . . 128,326 46,136 15,186 7,964 30,843 19,432 8,765 126,305 46,217 13,412 6,504 31,649 21,070 7,453

Chile. . . . . . . . . . . . . . . 2,391 990 15 121 375 445 445 2,779 821 4 35 379 1,112 428

Colombia . . . . . . . . . . . 2,740 2,367 108 11 101 76 77 1,881 1,595 14 8 70 155 39

Cuba. . . . . . . . . . . . . . . - - - - - - --------

Ecuador . . . . . . . . . . . . 580 237 22 45 25 248 3 582 274 13 22 21 252 -

Guatemala . . . . . . . . . . 122 30 6 10 36 28 12 94 34 - 9 28 16 7

Jamaica . . . . . . . . . . . . 138 - 52 34 11 36 5 123 5 82 5 9 17 5

Mexico . . . . . . . . . . . . . 12,478 2,935 721 887 653 3,001 4,281 9,310 2,648 29 1,067 469 2,014 3,083

Netherlands Antilles . . . 65,126 27,787 159 1,557 20,114 6,047 9,462 60,416 17,479 170 1,429 24,379 4,988 11,971

Panama . . . . . . . . . . . . 2,650 241 263 257 902 715 272 2,440 178 218 328 730 714 272

Peru . . . . . . . . . . . . . . . 491 79 - 13 35 236 128 366 8 - 5 24 168 161

Trinidad and Tobago . . 114 12 46 13 25 17 1 46 - 18 5 16 2 5

Uruguay . . . . . . . . . . . . 3,729 224 60 50 337 2,612 446 3,768 195 36 32 256 2,847 402

Venezuela . . . . . . . . . . 3,816 2,071 199 182 367 759 238 2,751 1,699 30 100 283 453 186

Other Latin America

and Caribbean . . . . . 3,503 546 576 518 352 634 877 2,030 307 116 91 447 559 510

Total Latin America

and Caribbean. . . . 438,857 123,347 48,855 20,522 102,235 106,025 37,873 424,467 114,678 38,608 15,953 108,190 109,945 37,093

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 6,220 5,140 375 114 104 360 127 8,757 7,795 7 102 110 569 174

Taiwan . . . . . . . . . . . 6,347 4,669 57 18 808 229 566 8,502 6,387 613 56 827 37 582

Hong Kong . . . . . . . . . . 44,191 27,643 1,718 585 2,029 3,085 9,131 39,682 23,827 893 317 2,312 2,035 10,298

India . . . . . . . . . . . . . . . 835 576 - 5 80 26 148 870 452 1 3 121 2 291

Indonesia . . . . . . . . . . . 2,872 2,175 - 1 64 296 336 4,810 4,057 - - 73 291 389

Israel . . . . . . . . . . . . . . 6,143 4,944 77 78 530 48 466 5,517 3,555 5 19 739 645 554

Japan . . . . . . . . . . . . . . 182,044 126,911 11,573 1,933 14,951 5,195 21,481 184,524 135,395 13,338 1,602 13,462 3,439 17,288

Korea . . . . . . . . . . . . . . 2,030 817 20 50 50 239 854 8,442 5,082 1,265 138 89 922 946

Lebanon . . . . . . . . . . . . 188 - 3 - 104 63 18 221 56 3 1 82 64 15

Malaysia. . . . . . . . . . . . 814 97 - 111 58 7 541 1,921 1,100 17 185 149 31 439

Pakistan . . . . . . . . . . . . 178 1 - - 54 5 118 110 1 - - 45 4 60

Philippines . . . . . . . . . . 1,210 750 41 16 94 68 241 1,513 1,076 26 5 113 96 197

Singapore. . . . . . . . . . . 32,435 21,647 919 413 5,156 1,397 2,903 31,963 22,067 124 413 4,570 1,855 2,934

Syria. . . . . . . . . . . . . . . 58 - - - 42 - 16 53 - - - 37 1 15

Thailand . . . . . . . . . . . . 1,992 1,748 - - 27 77 140 2,319 1,977 3 - 40 164 135

Other Asia . . . . . . . . . . 19,567 12,485 951 450 4,992 293 396 21,301 14,501 809 484 4,807 190 510

Total Asia . . . . . . . . . 307,124 209,603 15,734 3,774 29,143 11,388 37,482 320,505 227,328 17,104 3,325 27,576 10,345 34,827

Africa:

Egypt . . . . . . . . . . . . . . 1,399 1,107 80 14 129 31 38 1,140 978 9 11 73 24 45

Ghana . . . . . . . . . . . . . 2 - - - 2 - - 6 - - - 1 - 5

Liberia . . . . . . . . . . . . . 958 223 183 35 298 193 26 1,083 296 118 116 354 163 36

Morocco . . . . . . . . . . . . 7 1 - - 6 - - 134 - - - 2 122 10

South Africa . . . . . . . . . 480 112 7 81 97 45 138 666 24 - - 111 57 474

Zaire. . . . . . . . . . . . . . . 6 - - - - - 6 1 - - - - - 1

Other Africa . . . . . . . . . 704 180 8 24 294 43 155 1,371 94 1 29 234 732 281

Total Africa . . . . . . . . 3,556 1,623 278 154 826 312 363 4,401 1,392 128 156 775 1,098 852

Other countries:

Australia . . . . . . . . . . . . 21,119 12,375 133 481 1,701 3,307 3,122 20,387 10,903 210 470 1,826 3,331 3,647

All other . . . . . . . . . . . . 4,844 687 235 269 565 2,534 554 4,324 792 199 99 601 2,201 432

Total other

countries . . . . . . . . 25,963 13,062 368 750 2,266 5,841 3,676 24,711 11,695 409 569 2,427 5,532 4,079

Total foreign

countries. . . . . . . 2,235,018 1,186,264 80,400 81,859 282,625 389,800 214,070 2,178,267 1,162,273 70,256 65,658 271,231 397,296 211,553

International and

regional orgs.:

International . . . . . . . . . 6,637 6,321 27 54 105 32 98 7,444 6,969 6 9 125 197 138

European regional . . . . 162 42 - 100 - - 20 507 233 - 169 - 1 104

Latin American

regional . . . . . . . . . . . 1,230 491 33 527 83 95 1 843 568 42 13 117 103 -

Asian regional . . . . . . . 312 302 - - 6 - 4 654 625 10 - 12 4 3

African regional . . . . . . 30 8 20 - - 2 - 160 97 62 - - - 1

Middle Eastern

regional . . . . . . . . . . . 112 112 - - - - - 190 190 - - - - -

Total international

and regional. . . . . . 8,483 7,276 80 681 194 129 123 9,798 8,682 120 191 254 305 246

Grand total. . . . . . . 2,243,501 1,193,540 80,480 82,540 282,819 389,929 214,193 2,188,065 1,170,955 70,376 65,849 271,485 397,601 211,799

TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Fourth Quarter 1997, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
Europe

Austria . . . . . . . . . . . . . 24,063 18,819 389 404 2,590 997 864 22,140 17,644 44 141 2,112 1,318 881

Belgium-Luxembourg. . 84,668 40,390 2,403 7,206 22,525 6,360 5,784 71,719 36,963 1,568 5,826 17,844 5,091 4,427

Bulgaria . . . . . . . . . . . . 477 57 2 11 5 382 20 508 65 - 7 5 408 23

Czech Republic . . . . . . 4,115 3,880 - 47 45 84 59 4,023 3,803 - 24 49 43 104

Denmark . . . . . . . . . . . 13,773 6,560 2,174 379 1,708 922 2,030 13,156 5,913 1,985 247 1,275 1,643 2,093

Finland . . . . . . . . . . . . . 11,726 8,456 151 98 171 1,117 1,733 12,215 7,999 111 142 123 1,341 2,499

France . . . . . . . . . . . . . 191,970 116,724 458 7,024 28,374 19,530 19,860 193,068 118,803 316 3,865 25,240 20,258 24,586

Germany . . . . . . . . . . . 196,897 119,990 2,054 6,422 31,103 11,684 25,644 160,328 97,519 1,557 4,177 22,028 10,681 24,366

Greece . . . . . . . . . . . . . 3,799 1,274 60 94 1,209 497 665 4,334 1,911 43 70 983 923 404

Hungary . . . . . . . . . . . . 3,018 2,640 231 11 27 36 73 4,209 3,608 290 5 29 29 248

Ireland . . . . . . . . . . . . . 49,932 29,583 1,193 3,828 4,184 5,789 5,355 46,140 28,354 605 2,700 3,434 5,447 5,600

Italy. . . . . . . . . . . . . . . . 54,194 22,560 501 1,194 15,155 7,799 6,985 46,723 20,167 378 1,190 12,326 5,429 7,233

Netherlands . . . . . . . . . 85,695 28,322 5,593 2,660 22,022 9,527 17,571 75,786 26,176 3,399 1,278 18,189 10,636 16,108

Norway. . . . . . . . . . . . . 12,816 7,296 74 595 1,849 921 2,081 12,021 7,037 68 177 1,325 1,267 2,147

Poland . . . . . . . . . . . . . 8,354 7,427 16 189 27 434 261 8,668 6,939 29 309 15 993 383

Portugal . . . . . . . . . . . . 14,004 11,476 72 652 296 527 981 10,866 8,722 13 69 534 319 1,209

Romania. . . . . . . . . . . . 11 - - - 2 - 9 91 54 11 - 8 5 13

Russia 1 . . . . . . . . . . . . 44,331 39,885 4 21 559 2,944 918 45,548 41,150 5 14 220 2,624 1,535

Spain . . . . . . . . . . . . . . 61,672 44,420 993 666 3,511 3,623 8,459 47,605 34,069 90 439 2,935 4,346 5,726

Sweden . . . . . . . . . . . . 29,241 11,047 31 154 7,217 1,550 9,242 26,697 11,511 49 206 5,133 2,336 7,462

Switzerland. . . . . . . . . . 123,334 28,285 895 5,953 63,737 6,910 17,554 108,067 22,257 505 5,796 55,892 6,970 16,647

Turkey . . . . . . . . . . . . . 7,757 6,435 - 61 272 284 705 8,032 6,506 1 40 261 328 896

United Kingdom . . . . . . 4,052,518 2,540,450 44,817 197,031 246,115 751,911 272,194 3,903,198 2,441,461 35,173 150,656 223,900 762,907 289,101

Yugoslavia 2

. . . . . . . . . 225 25 8 - 24 32 136 302 - - - 12 22 268

Other Europe . . . . . . . . 31,997 26,200 449 416 2,944 516 1,472 32,366 27,416 62 127 2,758 610 1,393

Total Europe . . . . . . . 5,110,587 3,122,201 62,568 235,116 455,671 834,376 400,655 4,857,810 2,976,047 46,302 177,505 396,630 845,974 415,352

Canada . . . . . . . . . . . . . . 642,893 340,303 5,626 14,258 65,307 176,227 41,172 642,373 341,158 5,193 8,427 66,481 178,733 42,381

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 80,914 2,905 560 1,177 1,977 68,578 5,717 85,976 2,690 406 733 1,591 74,369 6,187

Bahamas . . . . . . . . . . . 124,675 34,028 3,774 8,033 24,118 48,415 6,307 120,044 34,382 3,065 5,744 23,435 47,449 5,969

Bermuda. . . . . . . . . . . . 408,711 96,167 84,591 20,314 117,232 77,441 12,966 406,156 102,531 77,018 15,151 119,158 78,479 13,819

Brazil . . . . . . . . . . . . . . 119,278 19,732 3,340 1,285 2,018 74,214 18,689 125,636 22,371 952 1,475 2,013 77,967 20,858

British West Indies . . . . 451,027 192,023 38,568 28,945 102,905 61,144 27,442 438,384 187,711 34,777 23,797 98,357 66,752 26,990

Chile. . . . . . . . . . . . . . . 8,871 2,795 50 350 1,226 3,279 1,171 6,505 1,464 16 111 1,246 2,346 1,322

Colombia . . . . . . . . . . . 6,721 5,504 165 71 429 328 224 6,745 4,546 44 52 254 1,353 496

Cuba. . . . . . . . . . . . . . . - - - - - - - 1 - - -1 - -

Ecuador . . . . . . . . . . . . 3,400 1,735 83 238 166 1,166 12 3,300 1,703 24 140 141 1,288 4

Guatemala . . . . . . . . . . 341 62 10 30 127 84 28 297 63 2 21 115 75 21

Jamaica . . . . . . . . . . . . 320 3 139 48 27 95 8 450 16 153 5 26 241 9

Mexico . . . . . . . . . . . . . 43,080 10,070 958 5,303 2,349 12,269 12,131 42,916 9,091 118 4,598 1,974 15,169 11,966

Netherlands Antilles . . . 227,653 92,021 1,123 11,765 66,137 22,950 33,657 230,157 94,681 1,039 9,791 66,400 23,173 35,073

Panama . . . . . . . . . . . . 10,786 1,026 1,106 1,159 3,513 3,001 981 10,674 923 946 1,595 2,820 3,566 824

Peru . . . . . . . . . . . . . . . 1,601 312 1 101 111 647 429 1,789 8 - 60 100 1,003 618

Trinidad and Tobago . . 240 20 95 26 56 39 4 119 1 30 26 41 14 7

Uruguay . . . . . . . . . . . . 11,604 1,226 186 340 1,156 7,642 1,054 11,401 1,051 130 204 910 8,182 924

Venezuela . . . . . . . . . . 10,918 4,140 1,069 422 1,277 3,263 747 9,579 3,581 151 205 974 3,630 1,038

Other Latin America

and Caribbean . . . . . 11,665 1,752 1,406 2,463 1,313 3,406 1,325 8,776 1,395 339 1,555 1,330 3,344 813

Total Latin America

and Caribbean. . . . 1,521,805 465,521 137,224 82,070 326,137 387,961 122,892 1,508,905 468,208 119,210 65,263 320,886 408,400 126,938

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

96 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 49,928 44,217 2,725 371 374 1,704 537 40,774 36,529 1,017 301 312 1,651 964

Taiwan . . . . . . . . . . . 26,248 18,987 477 111 3,363 661 2,649 24,729 17,450 1,182 245 2,935 426 2,491

Hong Kong . . . . . . . . . . 193,355 125,924 6,142 3,002 8,289 10,402 39,596 174,581 114,171 2,310 1,244 8,499 8,895 39,462

India . . . . . . . . . . . . . . . 3,875 2,625 33 11 395 122 689 4,998 2,115 97 46 428 1,000 1,312

Indonesia . . . . . . . . . . . 10,796 7,991 - 4 275 535 1,991 12,444 7,989 - 2 255 1,598 2,600

Israel . . . . . . . . . . . . . . 23,348 19,010 699 252 1,904 291 1,192 22,366 15,885 87 73 2,443 1,972 1,906

Japan . . . . . . . . . . . . . . 741,258 554,744 34,459 7,492 55,211 17,744 71,608 716,756 534,385 26,741 5,850 50,431 18,247 81,102

Korea . . . . . . . . . . . . . . 16,873 9,879 112 552 258 3,128 2,944 30,285 14,998 2,270 743 263 7,422 4,589

Lebanon . . . . . . . . . . . . 694 66 7 11 420 134 56 546 68 8 1 342 90 37

Malaysia. . . . . . . . . . . . 12,869 8,092 104 301 245 287 3,840 16,276 10,651 393 292 415 849 3,676

Pakistan . . . . . . . . . . . . 419 4 1 3 201 30 180 763 11 - 3 183 214 352

Philippines . . . . . . . . . . 7,608 5,034 390 85 414 533 1,152 9,975 5,606 88 36 412 2,563 1,270

Singapore. . . . . . . . . . . 142,545 103,526 2,096 2,455 16,022 8,024 10,422 146,784 107,239 565 1,279 18,329 7,314 12,058

Syria. . . . . . . . . . . . . . . 144 - - - 98 4 42 151 - - - 80 4 67

Thailand . . . . . . . . . . . . 10,701 9,373 2 16 125 137 1,048 13,913 11,277 3 1 134 1,538 960

Other Asia . . . . . . . . . . 91,817 62,013 5,058 3,650 17,883 1,475 1,738 82,922 55,046 3,259 3,806 17,782 1,438 1,591

Total Asia . . . . . . . . . 1,332,478 971,485 52,305 18,316 105,477 45,211 139,684 1,298,263 933,420 38,020 13,922 103,243 55,221 154,437

Africa:

Egypt . . . . . . . . . . . . . . 3,367 2,432 428 73 288 64 82 1,823 1,342 44 36 223 51 127

Ghana . . . . . . . . . . . . . 19 - - - 4 13 2 18 - - - 2 - 16

Liberia . . . . . . . . . . . . . 3,358 929 560 385 949 432 103 2,900 807 334 265 1,048 329 117

Morocco . . . . . . . . . . . . 33 1 - - 17 - 15 152 1 - - 8 122 21

South Africa . . . . . . . . . 1,973 123 40 140 624 369 677 2,820 30 11 6 270 895 1,608

Zaire. . . . . . . . . . . . . . . 29 - - - 14 - 15 9 - - - 2 - 7

Other Africa . . . . . . . . . 2,203 440 41 131 861 243 487 3,351 222 12 85 733 1,482 817

Total Africa . . . . . . . . 10,982 3,925 1,069 729 2,757 1,121 1,381 11,073 2,402 401 392 2,286 2,879 2,713

Other countries:

Australia . . . . . . . . . . . . 77,496 41,440 391 1,857 5,946 17,015 10,847 78,493 40,436 551 1,229 5,696 17,448 13,133

All other . . . . . . . . . . . . 16,069 2,237 311 594 2,061 9,222 1,644 14,892 2,245 280 328 1,970 8,263 1,806

Total other

countries . . . . . . . . 93,565 43,677 702 2,451 8,007 26,237 12,491 93,385 42,681 831 1,557 7,666 25,711 14,939

Total foreign

countries. . . . . . . 8,712,310 4,947,112 259,494 352,940 963,356 1,471,133 718,275 8,411,809 4,763,916 209,957 267,066 897,192 1,516,918 756,760

International and

regional orgs.:

International . . . . . . . . . 31,043 29,594 54 86 288 357 664 30,453 29,042 27 49 371 285 679

European regional . . . . 388 129 6 100 - 30 123 652 268 - 169 - 1 214

Latin American

regional . . . . . . . . . . . 3,773 2,307 274 634 206 347 5 3,089 2,134 286 53 274 340 2

Asian regional . . . . . . . 1,088 913 - 5 35 8 127 1,417 1,179 20 - 25 92 101

African regional . . . . . . 481 323 138 17 1 2 - 336 210 86 32 2 - 6

Middle Eastern

regional . . . . . . . . . . . 428 424 - - 2 - 2 410 409 - - - - 1

Total international

and regional. . . . . . 37,201 33,690 472 842 532 744 921 36,357 33,242 419 303 672 718 1,003

Grand total. . . . . . . 8,749,511 4,980,802 259,966 353,782 963,888 1,471,877 719,196 8,448,166 4,797,158 210,376 267,369 897,864 1,517,636 757,763

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 97
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1993 1994 1995 1996 Jan. - Dec. 1997 Oct. - Dec. 1997

Foreign bonds . . . . . . . . . . . . . . . . 80,377 9,224 48,405 r

 51,369 45,759 7,672 

Foreign stocks. . . . . . . . . . . . . . . . 62,691 48,071 50,291 r

 59,268 38,567 -2,394 

Total . . . . . . . . . . . . . . . . . . . . . . 143,068 57,295 98,696 r

 110,637 84,326 5,278 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

98 CAPITAL MOVEMENTS
INTRODUCTION: Foreign Currency Positions

The ‘‘Treasury Bulletin’’ publishes series on foreign currency holdings of large foreign exchange market participants.

The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that

are increasingly used in establishing foreign exchange positions but were not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries,

branches, and agencies. U.S. subsidiaries of foreign entities

file only for themselves, not for their foreign parents. Filing is

required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September, or December). Such contracts

include the amounts of foreign exchange spot contracts bought

and sold, foreign exchange forward contracts bought and sold,

foreign exchange futures bought and sold, and one half the

notional amount of foreign exchange options bought and sold.

Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (‘‘Monthly

Consolidated Foreign Currency Report’’). 

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September, or December). Exemptions from

filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports, and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports.

Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. 

Principal exchanged under cross currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal is also separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.

FOREIGN CURRENCY POSITIONS 99
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

07/09/97. . . . . . . . . . . . . . . . . . . . . . . 263,615 260,545 -3,279 1.3745

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 268,520 262,696 -4,295 1.3745

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 270,910 264,198 -4,151 1.3823

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 275,091 271,000 -3,831 1.3817

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 271,179 270,426 -4,255 1.3872

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 275,370 275,529 -4,809 1.3927

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 276,334 274,894 -5,409 1.3930

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 272,538 271,657 -5,454 1.3899

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 267,071 267,001 -4,680 1.3845

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 273,147 270,735 -4,577 1.3868

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 263,581 264,022 -4,547 1.3888

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 272,658 271,655 -4,787 1.3886

10/01/97. . . . . . . . . . . . . . . . . . . . . . . 277,209 274,649 -4,673 1.3779

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 274,144 274,615 -4,623 1.3725

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 282,974 281,756 -4,670 1.3867

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 272,777 275,106 -4,000 1.3918

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 285,142 284,991 -4,417 1.4025

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 298,536 297,752 -5,222 1.4010

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 304,110 297,282 -5,461 1.4087

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 293,792 291,875 -5,292 1.4161

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 293,839 290,876 -5,447 1.4249

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 290,884 289,337 -5,017 1.4195

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 293,913 291,342 -4,637 1.4243

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 285,215 280,267 -5,095 1.4226

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 281,505 276,931 -4,752 1.4350

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 277,507 267,038 -5,065 1.4298

100 FOREIGN CURRENCY POSITIONS
SECTION I.--Canadian Dollar Positions, con.

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Jan.. . . . . . . . 224,209 222,930 59,023 53,315 26,272 28,234 27,756 21,306 -2,108 94,413 1.3475

Feb. . . . . . . . 229,328 229,794 62,352 54,601 29,040 32,974 32,396 21,598 -4,001 99,648 1.3683

Mar. . . . . . . . 230,960 227,862 61,518 55,317 31,069 35,781 30,308 21,894 -4,702 101,004 1.3854

Apr. . . . . . . . . 242,822 242,586 60,854 57,593 31,361 36,874 28,605 24,714 -4,980 100,989 1.3977

May. . . . . . . . 253,855 258,709 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785

June . . . . . . . 272,820 275,873 61,773 52,999 30,003 34,527 28,242 21,382 -3,868 124,865 1.3806

July . . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787

Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885

Sept. . . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815

Oct. . . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088

Nov. . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240

Dec. . . . . . . . 279,908 273,974 70,277 60,862 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

 Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec.. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Dec.. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar.. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

Dec.. . . . . . . . 50,558 44,181 54,725 44,618 n.a. n.a. 12,470 n.a. -656 12,096 1.3708

1997 - Mar.. . . . . . . . 46,183 40,967 43,763 40,534 2,963 3,177 2,656 n.a. -262 11,813 1.3854

June . . . . . . . 41,857 37,418 51,807 43,974 n.a. n.a. 3,475 n.a. -83 11,710 1.3806

Sept. . . . . . . . 50,631 43,388 55,623 46,936 4,402 n.a. 3,531 n.a. 956 11,966 1.3815

FOREIGN CURRENCY POSITIONS 101
07/09/97. . . . . . . . . . . . . . . . . . . . . . . 2,020,028 2,020,727 -4,544 1.7597

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 2,138,607 2,131,575 -3,651 1.7915

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 2,129,519 2,128,475 -1,919 1.8256

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 2,180,911 2,173,917 -2,621 1.8370

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 2,208,684 2,208,482 217 1.8821

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 2,343,766 2,342,459 4,893 1.8350

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 2,258,792 2,251,679 2,067 1.8563

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 2,374,951 2,364,414 5,741 1.8050

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 2,264,966 2,254,872 2,864 1.8200

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 2,241,813 2,233,115 687 1.7985

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 2,189,109 2,179,773 3,728 1.7725

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 2,188,964 2,177,715 4,882 1.7722

10/01/97. . . . . . . . . . . . . . . . . . . . . . . 2,201,758 2,188,987 6,103 1.7750

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 2,234,515 2,215,554 7,379 1.7487

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 2,241,967 2,229,032 7,866 1.7485

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 2,413,733 2,395,169 7,087 1.7860

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 2,604,993 2,581,669 6,043 1.7295

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 2,385,264 2,367,949 6,146 1.7180

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,418,121 2,397,688 5,162 1.7195

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,291,574 2,271,007 5,812 1.7325

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,287,242 2,266,074 6,799 1.7610

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 2,245,051 2,239,112 9,102 1.7728

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 2,406,948 2,403,924 4,789 1.7880

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 2,216,291 2,208,458 4,008 1.7741

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 2,160,805 2,153,916 2,930 1.7718

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 2,076,938 2,080,720 2,572 1.7990

SECTION II.--German Mark Positions

TABLE FCP-II-1.--Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

102 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. . . . . . . . 204,637 204,098 114,004 104,158 33,903 23,066 29,754 22,953 -477 22,390 1.5420

1997 - Mar. . . . . . . . 274,419 275,736 125,020 110,421 42,010 30,978 41,848 31,534 -1,026 23,211 1.6750

June . . . . . . . 234,128 234,426 125,497 116,676 36,842 36,661 35,742 26,457 -3,396 22,826 1.7457

Sept. . . . . . . . 260,964 261,536 142,066 123,266 40,213 42,374 39,135 33,977 -2,835 25,559 1.7600

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche Net delta rate marks per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Jan.. . . . . . . . 1,914,167 1,915,231 257,178 254,161 438,431 433,058 463,029 465,098 10,664 341,024 1.6390

Feb. . . . . . . . 2,133,166 2,134,182 278,946 272,889 454,332 442,041 479,899 483,410 6,975 350,051 1.6903

Mar. . . . . . . . 2,113,689 2,116,801 283,714 283,697 465,360 473,646 490,816 497,336 10,656 340,467 1.6750

Apr.. . . . . . . . 2,107,044 2,127,742 303,660 302,667 462,734 473,283 453,327 507,369 12,933 348,550 1.7316

May. . . . . . . . 2,337,897 2,339,518 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061

June . . . . . . . 2,067,449 2,070,361 276,440 273,455 493,601 518,626 512,910 525,801 -1,795 350,493 1.7457

July. . . . . . . . 2,141,471 2,135,371 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390

Aug. . . . . . . . 2,241,704 2,235,611 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090

Sept.. . . . . . . 2,198,306 2,190,905 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600

Oct.. . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248

Nov. . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647

Dec. . . . . . . . 2,105,577 2,111,357 267,175 261,204 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

SECTION II--German Mark Positions, con.

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

FOREIGN CURRENCY POSITIONS 103
SECTION III.--Japanese Yen Positions

TABLE FCP-III-1.--Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Yen

Net options per U.S. Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

07/09/97. . . . . . . . . . . . . . . . . . . . . . 162,569 167,123 1,428 112.8000

07/16/97. . . . . . . . . . . . . . . . . . . . . . 167,825 171,721 1,348 115.6500

07/23/97. . . . . . . . . . . . . . . . . . . . . . 165,432 170,649 1,211 115.7000

07/30/97. . . . . . . . . . . . . . . . . . . . . . 175,930 180,343 1,084 118.5200

08/06/97. . . . . . . . . . . . . . . . . . . . . . 169,138 173,888 1,307 118.7200

08/13/97. . . . . . . . . . . . . . . . . . . . . . 172,155 176,679 1,120 115.6600

08/20/97. . . . . . . . . . . . . . . . . . . . . . 172,608 177,581 1,037 117.7400

08/27/97. . . . . . . . . . . . . . . . . . . . . . 175,931 179,903 705 118.9000

09/03/97. . . . . . . . . . . . . . . . . . . . . . 175,296 179,419 823 120.8000

09/10/97. . . . . . . . . . . . . . . . . . . . . . 185,074 189,009 1,057 119.1700

09/17/97. . . . . . . . . . . . . . . . . . . . . . 173,693 177,301 1,115 120.9500

09/24/97. . . . . . . . . . . . . . . . . . . . . . 180,804 184,456 1,241 120.3800

10/01/97. . . . . . . . . . . . . . . . . . . . . . 172,902 176,089 928 120.9000

10/08/97. . . . . . . . . . . . . . . . . . . . . . 172,652 176,277 790 121.0800

10/15/97. . . . . . . . . . . . . . . . . . . . . . 170,469 173,785 845 121.2400

10/22/97. . . . . . . . . . . . . . . . . . . . . . 171,517 175,287 917 120.9700

10/29/97. . . . . . . . . . . . . . . . . . . . . . 184,937 188,684 787 120.6500

11/05/97. . . . . . . . . . . . . . . . . . . . . . 185,304 188,704 676 123.1300

11/12/97. . . . . . . . . . . . . . . . . . . . . . 189,810 191,940 683 126.6000

11/19/97. . . . . . . . . . . . . . . . . . . . . . 193,484 196,652 619 126.8900

11/26/97. . . . . . . . . . . . . . . . . . . . . . 195,980 199,152 732 127.0300

12/03/97. . . . . . . . . . . . . . . . . . . . . . 198,482 202,344 748 128.7500

12/10/97. . . . . . . . . . . . . . . . . . . . . . 202,397 206,637 679 129.4800

12/17/97. . . . . . . . . . . . . . . . . . . . . . 200,129 204,955 1,005 127.0900

12/24/97. . . . . . . . . . . . . . . . . . . . . . 186,923 191,516 865 129.7300

12/31/97. . . . . . . . . . . . . . . . . . . . . . 178,260 183,423 1,012 130.5800

104 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec. . . . . . . . 15,669 16,566 7,296 6,967 1,371 1,408 2,023 1,525 -299 3,842 116.0000

1997 - Mar. . . . . . . . 12,461 14,001 8,493 7,465 1,261 1,413 1,770 1,315 -426 3,098 123.7500

June . . . . . . . 12,736 14,406 9,304 8,329 1,734 1,587 2,338 1,821 -254 2,724 114.6600

Sept. . . . . . . . 12,967 15,582 10,455 9,356 1,837 1,933 2,938 2,568 -278 2,817 120.3800

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Jan.. . . . . . . . 151,481 154,024 20,120 18,544 20,472 20,052 24,740 26,035 980 57,908 121.4800

Feb. . . . . . . . 170,186 172,914 21,114 19,720 21,845 21,273 25,345 27,312 1,627 60,382 120.2000

Mar. . . . . . . . 162,958 167,166 22,585 21,984 20,245 19,814 24,697 26,751 1,704 62,500 123.7500

Apr.. . . . . . . . 171,897 175,797 23,746 23,226 20,567 20,743 22,501 26,327 1,206 65,508 127.1200

May. . . . . . . . 171,950 178,585 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500

June . . . . . . . 165,343 168,866 25,091 24,393 27,743 27,956 29,612 30,859 1,316 65,088 114.6600

July. . . . . . . . 172,696 176,619 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000

Aug. . . . . . . . 169,198 173,247 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500

Sept.. . . . . . . 171,566 175,094 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800

Oct.. . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500

Nov. . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500

Dec. . . . . . . . 179,258 184,753 31,017 28,296 28,670 28,519 38,563 39,800 1,011 70,895 130.5800

SECTION III.--Japanese Yen Positions, con.

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

FOREIGN CURRENCY POSITIONS 105
SECTION IV.--Swiss Franc Positions

TABLE FCP-IV-1.--Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Francs

Net options per U.S. Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

07/09/97 . . . . . . . . . . . . . . . . . . . . . . 587,921 606,312 7,552 1.4578

07/16/97 . . . . . . . . . . . . . . . . . . . . . . 598,621 620,221 10,543 1.4755

07/23/97 . . . . . . . . . . . . . . . . . . . . . . 594,234 610,675 7,965 1.4850

07/30/97 . . . . . . . . . . . . . . . . . . . . . . 644,193 659,854 6,550 1.5138

08/06/97 . . . . . . . . . . . . . . . . . . . . . . 614,508 630,866 6,157 1.5325

08/13/97 . . . . . . . . . . . . . . . . . . . . . . 612,452 630,733 7,516 1.5125

08/20/97 . . . . . . . . . . . . . . . . . . . . . . 617,619 634,797 8,434 1.5245

08/27/97 . . . . . . . . . . . . . . . . . . . . . . 635,649 648,834 6,694 1.4942

09/03/97 . . . . . . . . . . . . . . . . . . . . . . 624,507 642,789 8,458 1.5020

09/10/97 . . . . . . . . . . . . . . . . . . . . . . 639,457 659,693 9,913 1.4790

09/17/97 . . . . . . . . . . . . . . . . . . . . . . 649,297 666,751 8,862 1.4620

09/24/97 . . . . . . . . . . . . . . . . . . . . . . 637,016 652,715 9,096 1.4588

10/01/97 . . . . . . . . . . . . . . . . . . . . . . 626,958 639,916 6,378 1.4605

10/08/97 . . . . . . . . . . . . . . . . . . . . . . 633,619 649,137 8,760 1.4435

10/15/97 . . . . . . . . . . . . . . . . . . . . . . 661,521 676,036 8,519 1.4590

10/22/97 . . . . . . . . . . . . . . . . . . . . . . 713,611 728,391 9,029 1.4835

10/29/97 . . . . . . . . . . . . . . . . . . . . . . 738,020 754,089 11,843 1.4100

11/05/97 . . . . . . . . . . . . . . . . . . . . . . 664,484 680,531 9,333 1.4040

11/12/97 . . . . . . . . . . . . . . . . . . . . . . 690,570 707,421 9,738 1.3943

11/19/97 . . . . . . . . . . . . . . . . . . . . . . 669,231 683,205 8,481 1.4043

11/26/97 . . . . . . . . . . . . . . . . . . . . . . 672,785 687,567 6,204 1.4170

12/03/97 . . . . . . . . . . . . . . . . . . . . . . 669,063 680,654 6,029 1.4305

12/10/97 . . . . . . . . . . . . . . . . . . . . . . 686,758 698,688 4,664 1.4468

12/17/97 . . . . . . . . . . . . . . . . . . . . . . 646,992 656,080 4,136 1.4360

12/24/97 . . . . . . . . . . . . . . . . . . . . . . 595,579 605,706 3,961 1.4332

12/31/97 . . . . . . . . . . . . . . . . . . . . . . 578,528 588,057 3,308 1.4625

106 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec. . . . . . . . 33,655 54,712 13,769 15,598 3,215 2,838 4,334 4,499 -434 14,876 1.3420

1997 - Mar. . . . . . . . 51,704 72,230 16,821 17,604 4,520 5,585 6,952 7,728 -608 15,394 1.4480

June . . . . . . . 46,460 66,816 18,161 16,724 3,557 3,609 6,629 7,155 113 13,613 1.4620

Sept.. . . . . . . 40,794 60,348 19,233 15,728 3,325 2,626 6,636 6,903 179 12,883 1.4485

TABLE FCP-IV-3.--Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Jan.. . . . . . . . 559,618 567,765 22,177 27,507 70,131 64,795 93,102 95,892 6,429 100,907 1.4248

Feb. . . . . . . . 614,072 623,922 23,309 30,444 71,947 67,027 93,948 99,168 2,091 111,155 1.4789

Mar. . . . . . . . 607,486 619,793 22,881 31,196 70,971 62,805 93,667 100,915 4,440 111,081 1.4480

Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735

May. . . . . . . . 647,810 664,778 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145

June . . . . . . . 615,964 628,748 26,259 35,851 69,180 60,238 95,784 110,400 6,933 120,439 1.4620

July . . . . . . . . 625,835 647,043 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125

Aug. . . . . . . . 588,976 606,536 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,041 1.4930

Sept. . . . . . . . 596,474 608,938 33,194 45,512 80,244 76,675 100,366 108,508 7,009 120,235 1.4485

Oct.. . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990

Nov. . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264

Dec. . . . . . . . 578,809 588,572 29,575 35,031 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

SECTION IV.--Swiss Franc Positions, con.

TABLE FCP-IV-2.--Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs Net delta rate per U.S. Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

FOREIGN CURRENCY POSITIONS 107
07/09/97. . . . . . . . . . . . . . . . . . . . . . . 398,542 385,286 410 1.6860

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 399,494 389,568 1,034 1.6782

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 390,793 381,692 1,083 1.6795

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 412,421 404,992 674 1.6287

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 412,881 407,597 664 1.6010

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 426,339 422,254 2,121 1.5840

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 411,341 407,346 1,752 1.5930

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 425,234 420,193 1,784 1.6130

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 418,207 414,881 1,477 1.5845

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 404,403 398,744 1,252 1.5850

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 399,607 393,107 1,437 1.6010

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 395,007 386,919 1,536 1.6133

10/01/97. . . . . . . . . . . . . . . . . . . . . . . 393,744 386,249 2,074 1.6145

10/08/97. . . . . . . . . . . . . . . . . . . . . . . 385,812 375,902 1,273 1.6220

10/15/97. . . . . . . . . . . . . . . . . . . . . . . 375,653 366,195 598 1.6225

10/22/97. . . . . . . . . . . . . . . . . . . . . . . 395,023 386,068 1,257 1.6326

10/29/97. . . . . . . . . . . . . . . . . . . . . . . 413,995 408,245 1,474 1.6719

11/05/97. . . . . . . . . . . . . . . . . . . . . . . 401,087 394,234 1,092 1.6815

11/12/97. . . . . . . . . . . . . . . . . . . . . . . 419,899 410,629 648 1.7030

11/19/97. . . . . . . . . . . . . . . . . . . . . . . 421,587 412,959 857 1.6905

11/26/97. . . . . . . . . . . . . . . . . . . . . . . 410,812 398,876 1,157 1.6732

12/03/97. . . . . . . . . . . . . . . . . . . . . . . 416,766 405,512 583 1.6832

12/10/97. . . . . . . . . . . . . . . . . . . . . . . 430,230 417,848 649 1.6495

12/17/97. . . . . . . . . . . . . . . . . . . . . . . 410,760 397,737 1,023 1.6507

12/24/97. . . . . . . . . . . . . . . . . . . . . . . 380,441 365,466 1,097 1.6680

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 378,475 366,550 806 1.6480

SECTION V.--Sterling Positions

TABLE FCP-V-1.--Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate Net options (U.S. dollars Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

108 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. . . . . . . . 45,730 46,526 41,462 35,464 4,866 5,709 5,747 4,396 429 5,117 1.7120

1997 - Mar. . . . . . . . 43,138 47,922 40,073 33,634 5,222 5,228 4,186 2,693 -213 5,047 1.6392

June . . . . . . . 46,496 48,757 42,014 34,832 3,848 4,081 4,384 2,538 185 5,217 1.6642

Sept. . . . . . . . 47,528 51,706 48,766 37,019 3,663 3,875 4,919 3,227 -189 5,468 1.6190

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. Net delta rate dollars per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Jan.. . . . . . . . 385,879 372,121 72,325 76,436 52,648 54,694 52,891 54,086 -200 62,506 1.6015

Feb. . . . . . . . 367,086 354,766 69,020 72,039 56,613 60,109 53,306 55,542 -309 63,558 1.6285

Mar. . . . . . . . 370,294 355,372 73,905 78,281 56,854 58,422 53,203 57,442 678 66,242 1.6392

Apr.. . . . . . . . 372,828 360,418 75,624 79,978 57,013 57,435 51,342 63,262 1,004 68,833 1.6237

May. . . . . . . . 400,433 387,643 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400

June . . . . . . . 402,121 386,557 67,556 73,677 56,131 55,764 55,287 63,555 1,436 70,914 1.6642

July. . . . . . . . 415,976 405,831 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400

Aug. . . . . . . . 391,844 383,011 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200

Sept.. . . . . . . 404,098 395,103 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190

Oct.. . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730

Nov. . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880

Dec. . . . . . . . 390,205 376,211 82,492 90,330 60,600 62,696 63,212 68,012 809 78,781 1.6480

SECTION V.--Sterling Positions, con.

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. Net delta rate dollars per Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

FOREIGN CURRENCY POSITIONS 109
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing rights

(SDRs), and balances of foreign currencies. Principal sources

of income (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. ‘‘Profit (+) or loss (-) on

foreign exchange’’ includes realized profits or losses. ‘‘Adjustment for change in valuation of SDR holdings and allocations’’

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of June 30, 1997, and Sept. 30, 1997

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

 June 30, 1997, 

Assets, liabilities, and capital June 30, 1997 through Sept. 30, 1997 Sept. 30, 1997

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 15,459,633 170 15,459,803

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 10,023,471 -26,209 9,997,262

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 5,908,391 -31,084 5,877,307

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 9,129,787 -466,781 8,663,006

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 110,705 -2,601 108,104

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 40,631,987 -526,505 40,105,482

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 162,421 -115,899 46,522

Total current liabilities . . . . . . . . . . . . . . . . . . 162,421 -115,899 46,522

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 9,200,000 - 9,200,000

Special drawing rights allocations . . . . . . . . . . 6,801,228 -112,331 6,688,897

Total other liabilities . . . . . . . . . . . . . . . . . . . 16,001,228 -112,331 15,888,897

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 24,268,338 -298,275 23,970,063

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,468,338 -298,275 24,170,063

Total liabilities and capital . . . . . . . . . . . . . 40,631,987 -526,505 40,105,482

110 EXCHANGE STABILIZATION FUND
Current quarter Fiscal year to date 

June 30, 1997, through Sept. 30, 1997 Oct. 1, 1996, through Sept. 30, 1997

Income and expense

Profit (+) or loss (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -538,442 -1,612,722

Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -53,076 -163,044

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,098 125,025

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,914 768,502

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,231 294,058

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -298,275 -588,181

Net income (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -298,275 -588,181

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

‘‘Annual Report of the Secretary of the Treasury’’ and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30,

1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

EXCHANGE STABILIZATION FUND 111
112

Page Intentionally Left Blank
113

Page Intentionally Left Blank
114

Page Intentionally Left Blank
Section 1997 1996 

Liabilities:

Borrowing from the public:

Public debt securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,413,147 5,224,812

Plus premium on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553 1,510

Less discount on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,187 79,442

Total public debt securities net of premium and discount . . . . . . . . . . . . . . . . . . . . . 5,336,513 5,146,880

Agency securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,187 35,044

Total Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,369,700 5,181,924

Less net Federal securities held as investments of Government accounts . . . . . . . . . . . 1,598,559 1,448,967

Total borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,771,141 3,732,957

Accrued interest payable to the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,083 45,605

Deposit funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800 1

 7,213

Miscellaneous liability accounts, includes checks outstanding . . . . . . . . . . . . . . . . . . . . . . . . 1,925 1

 2,352

Accounts payable and accruals of Government agencies 2

 . . . . . . . . . . . . . . . . . . . . . . . . . 196,737 185,515

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,022,686 3

 3,973,642

CHART SLOFC-A.--

Commitments and

Contingencies

This report contains totals for commitments of the Government that represent the value of goods and services

ordered and obligated but not yet

received. It also includes other commitments against appropriations, all pursuant to section 1311 of the Supplemental

Appropriation Act of 1955 (31 U.S.C.

200). Contingencies represent conditional commitments that may become

liabilities due to events beyond the control of the Government. The amounts

are agency projections stated in terms

of maximum theoretical risk exposure.

The data for commitments and contingencies come from agency notes reports that were submitted to the

Financial Management Service.

Note.--Financial Management Service (FMS) expects to compile 1997 contingencies data by May 31, 1998. A copy of the detailed schedules can be

obtained from the Financial Reports Branch (202) 874-9910. Amounts presented in Chart SLOFC-A were compiled from reports submitted by the agencies in accordance with vol. I, part 2, chapter 4000 of the ‘‘Treasury Financial Manual’’ (Transmittal Letter No. 565). The information furnished by some

reporting agencies was based on estimates. Amounts presented in Table SLOFC-1 were compiled from ‘‘Schedule 1-U.S. General Ledger Account Balances, 1997 Annual Report-Appendix’’ and Treasury internal documents.

(In billions of dollars)

1

 This is a revised fiscal 1996 amount obtained from ‘‘Schedule 1-U.S. Summary General Ledger Account Balances,

1997 Annual Report-Appendix.’’

2

 Figures include both public and Federal accounts. 

3

 Revised fiscal 1996 amount.

Statement of Liabilities and Other Financial Commitments

The Statement of Liabilities and Other Financial Commitments of the United States Government is compiled in accordance with 31 U.S.C. 331 (b). The report discloses the liabilities as of September 30, 1997 and 1996. Commitments and contingencies are disclosed as of September 30, 1996 and 1995.

TABLE SLOFC-1--Summary of Liabilities of the United States Government

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

115
INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund (AATF) was established on the books of the Treasury in fiscal 1971, according

to provisions of the Airport and Airway Revenue Act of 1970

[49 U.S.C. 1742 (a)]. The trust fund was re-established in the

Internal Revenue Code (26 U.S.C. 9502) as a result of the Tax

Equity and Fiscal Responsibility Act of 1982 (Public Law

97-248, dated September 3, 1982), effective September 1,

1982.

Amounts equivalent to the taxes received in the Treasury

on transportation of persons and property by air, gasoline and

jet fuel used in noncommercial aircraft, and an international

departure tax are appropriated from the general fund of the

Treasury to the trust fund. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5,

1990) increased rates for the excise taxes transferred to the

fund.

These transfers are made based on estimates from the

Secretary of the Treasury, subject to adjustments in later

transfers in the amount of actual tax receipts.

On January 1, 1996, authority to collect these taxes and to

transfer them from the general fund to the trust fund (26 U.S.C.

9502) expired. Public Law 104-188, the Small Business Job

Protection Act of 1996, reinstated this authority as of August

27, 1996. The taxes and transfer authority expired again on

January 1, 1997. The authority to collect the taxes was reinstated on March 7, 1997, through September 30, 1997.

The Taxpayers Relief Act of 1997 (Public Law 105-34),

effective October 1, 1997, extends the aviation excise taxes for

10 years and includes the following key provisions: (1) retains

existing freight weighbill, general aviation fuel/gas taxes, and

$6 departure tax on domestic flights to and from Alaska and

Hawaii; (2) converts the 10 percent ad valorem tax on domestic passenger tickets to a combination of ad valorem/flight

segment tax over 3 years beginning October 1, 1997; (3)

imposes a new 7.5 percent tax on payments to airlines for

frequent flyer and similar awards by banks and credit card

companies, merchants, frequent flyer program partners (i.e.,

other airlines, hotels, or rental car companies), and other

businesses; (4) increases the current $6 international departure

tax to $12 per passenger and adds a $12 international arrival

tax; (5) lowers tax rates on flights to certain rural airports to

7.5 percent without flight segment component; and (6) transfers revenues from the 4.3 cents-per-gallon aviation fuel tax

currently dedicated to reduce the national U.S. deficit from the

General Fund to the AATF.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund. Additional sums from the general fund also are

credited as authorized and made available by law, if necessary,

to meet outlay requirements.

Amounts required for outlays to carry out the airport and

airway program are made available to the Federal Aviation

Administration, Department of Transportation (DOT).

Other charges to the trust fund are made by the Secretary

of the Treasury for transfers of certain refunds of taxes under

section 34 of the Internal Revenue Code of 1986.

116 TRUST FUNDS
TABLE TF-10.--Airport and Airway Trust Fund, 

Expected Condition and Results of Operations, Fiscal 1998-1999

[In millions of dollars. Source: Department of Transportation]

1998 1999

Balance Oct.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,442 9,348

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,975 10,038

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418 584

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,393 10,622

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,577 -5,846

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 90

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,348 14,214

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,691,575,365

Receipts:

Excise taxes (transferred from general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,110,000

Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,560,000

Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,470,000

Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,028,000

Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,729,000

Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,043,897,000

Less refunds of taxes (reimbursed to general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,042,708

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,430,741

Airline tax expired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,075,065

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,548,514

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,007,348,486

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,103,943

Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,536,737

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,487,989,166

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,125,935

Expenses:

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660,641,942

Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,298,021

Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,309,840,678

Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,304,964

DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,113,000

Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,909,934

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,738,108,539

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,125,935

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,441,455,992

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

Results of Operations, Fiscal 1997

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

TRUST FUNDS 117
INTRODUCTION: Uranium Enrichment

Decontamination and Decommissioning Fund

The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury

in fiscal 1993, according to provisions of the Energy Policy Act

of 1992 [42 U.S.C. 2297 (g)]. Receipts represent (1) fees

collected from domestic public utilities based on their pro rata

share of purchases of separative work units from the Department of Energy (DOE) and (2) appropriations toward the

Government contribution based on the balance of separative

work unit purchases.

Expenditures from the fund are for the purpose of (1)

decontamination and decommissioning of the three gaseous

diffusion plants, (2) remedial actions and related environmental

restoration costs at the gaseous diffusion plants, and (3) reimbursement to uranium/thorium producers for the costs of decontamination, decommissioning, reclamation, and remedial

action of uranium/thorium sites that are incident to sales to the

U.S. Government. Amounts available in the fund exceeding

current needs may be invested by the Secretary of the Treasury

in obligations of the United States (1) having maturities congruent with the needs of the fund, and (2) bearing interest at

rates determined appropriate, taking into consideration the

current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity

comparable to these investments.

The Secretary of the Treasury is required by 42 U.S.C.

2297 (g) to provide an annual report to Congress, after consultation with the Secretary of Energy. This report must present the

financial condition and the results of operations of the fund

during the preceding fiscal year.

The Energy Policy Act of 1992 [42 U.S.C. 2297 (g)(1)]

authorizes funding to ensure annual deposits to the fund of $480

million before adjustments for inflation. The Act stipulates that

the annual deposit amount, adjusted for inflation, is to be

comprised of $330 million in Government contributions and

$150 million in domestic public utility assessments. Between

the fiscal years of 1993 and 1997, the total Government contribution amount authorized by the Act was $1,746.0 million.

During that time span, only $1,057.6 million was contributed

by the Government to the fund. The resulting shortfall in

authorized Government contributions is therefore $688.4 million.

 

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $901

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551,588,427

Penalties collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,575,590

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590,164,154

Outlays:

DOE, decontamination and decommissioning activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,462,018

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,702,673

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,164,691

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000,364

TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund

Results of Operations, Fiscal 1997

[Source: Department of Energy]

TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In thousands of dollars. Source: Department of Energy]

1998 1999 2000 2001 2002

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,155 577,108 594,481 611,016 630,716

Interest collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,903 73,247 92,951 114,990 139,296

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592,058 650,355 687,432 726,006 770,012

Outlays:

DOE, decontamination and decommissioning fund . . . . . . . . . . . . . . . . . 214,000 260,000 244,000 230,000 223,000

Costs of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,058 390,355 443,432 496,006 547,012

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592,058 650,355 687,432 726,006 770,012

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1

118 TRUST FUNDS
INTRODUCTION: Black Lung Disability Trust Fund

The Black Lung Disability Trust Fund was established on

the books of the Treasury in fiscal 1978 according to the Black

Lung Benefits Revenue Act of 1977 (Public Law 95-227). The

Black Lung Benefits Revenue Act of 1981 (Public Law 97-

119), re-established the fund in the Internal Revenue Code, 26

U.S.C. 9501.

The Consolidated Omnibus Budget Reconciliation Act of

1985 (Public Law 99-272), enacted April 7, 1986, provided for

an increase in the coal tax effective April 1, 1986, through

December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest

payments ended on September 30, 1990. Payment of interest

on advances resumed in fiscal 1991. The Omnibus Budget

Reconciliation Act of 1987 (Public Law 100-203), signed

December 22, 1987, extends the temporary increase in the coal

tax through December 31, 2013.

The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury

to the trust fund: excise taxes on mined coal, taxable expenditures of self-dealing by, and excess contributions to, private

black lung benefit trusts; reimbursements by responsible mine

operators; and related fines, penalties, and interest charges.

Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust

fund subject to adjustments in later transfers to actual tax

receipts.

After retirement of the current indebtedness, amounts

available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in

interest-bearing public debt securities. Any interest earned

will be credited to the fund. Also credited, if necessary, will

be repayable advances from the general fund to meet outlay

requirements exceeding available revenues.

To carry out the program, amounts are made available to

the Department of Labor (DOL). Also charged to the fund are

administrative expenses incurred by the Department of Health

and Human Services and the Department of the Treasury,

repayments of advances from the general fund and interest on

advances.

The Code requires the Secretary of the Treasury to submit

an annual report to Congress after consultation with the Secretary of Labor and the Secretary of Health and Human Services [26 U.S.C. 9602(a)]. The report must present the financial

condition and results of operations of the fund during the past

fiscal year and the expected condition and operations of the

fund during the next 5 fiscal years.

TABLE TF-12.--Black Lung Disability Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of Labor]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,792,198

Receipts:

Excise taxes (transfered from general fund):

$1.10 tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,370,000

$0.55 tax on surface coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,649,000

4.4 percent tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,024,000

4.4 percent tax on surface coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,119,000

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,646,351

Collection--responsible mine operators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,520,813

Recovery of prior year funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

Repayable advances from the general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,000,000

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,001,349,164

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,001,349,164

Outlays:

Treasury administraive expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,046

Salaries and expenses--DOL--Departmental management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,621,000

Salaries and expenses--DOL--Office of Inspector General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,000

Salaries and expenses--DOL--Employment Standards Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,053,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,128,046

Expenses:

Program expenses--DOL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,909,761

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,634,640

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,672,447

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,468,915

Cumulative debt, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,486,556,899

TRUST FUNDS 119
TABLE TF-12.--Black Lung Disability Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In thousands of dollars. Source: Department of Labor]

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,469 - - - -

Receipts:

Excise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640,000 662,000 684,000 703,000 718,000

Advances from general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370,531 357,000 341,000 325,000 312,0 00

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,000 2,000 2,000 2,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,012,531 1,021,000 1,027,000 1,030,000 1,032,000

Outlays:

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,650 453,725 438,725 422,724 405,725

Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,350 51,275 51,275 51,275 51,275

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,000 516,000 537,000 556,000 575,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,007,000 1,021,000 1,027,000 1,030,000 1,032,000

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - -

Cumulative debt, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,858,088 6,215,088 6,556,088 6,881,088 7,193,088

Note.--Detail may not add to totals due to rounding.

120 TRUST FUNDS
INTRODUCTION: Harbor Maintenance Trust Fund

The Harbor Maintenance Trust Fund was established on

the books of the Treasury on April 1, 1987, according to the

Water Resources Development Act of 1986 (Public Law 99-

962, November 17, 1986) (26 U.S.C. 9505).

Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures

to carry out section 210 (a) of the Water Resources Development Act of 1986. The appropriations act for the Department

of Transportation (DOT) for fiscal 1995 (Public Law 103-331,

September 28, 1994), section 13, waived collection of charges

or tolls on the Saint Lawrence Seaway in accordance with

section 13 (b) of the Act of May 13, 1954 (as in effect on April

1, 1987). Legislation was passed in the North American Free

Trade Agreement (NAFTA) Implementation Act of 1994

(Public Law 103-182, Sec. 683), which amends paragraph (3)

of section 9505 (c) of the Internal Revenue Code of 1986, to

authorize payment of up to $5 million annually to the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S. Army

Corps of Engineers, and the Department of Commerce related

to the administration of subchapter A of chapter 36 (relating

to harbor maintenance tax). Section 201 of the Water Resources Development Act (WRDA) 1996, authorizes use of

the Harbor Maintenance Trust Fund for construction of

dredged material disposal facilities associated with the operation and maintenance of Federal navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the

United States Court of International Trade in the case United

States Shoe Corp. v. United States (Court No. 94-11-00668)

found the Harbor Maintenance fee unconstitutional under the

Export Clause of the Constitution (Article I, Section 9, clause

5), and enjoined the Customs Service from collecting the fee.

However, a motion to stay the execution of the judgment

pending appeal was granted and the fee is being collected. The

case is under appeal at the Supreme Court. Oral arguments are

set for March 4, 1998, with a decision expected later in the

year.

Annual reports to Congress are required by Section 330

of the Water Resources Development Act of 1992, (Public

Law 102-580). These reports are required to cover the financial condition and the results of operations of the fund during

the past fiscal year and its expected condition and operations

during the next 5 fiscal years.

TABLE TF-13.--Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $866,063,503

Receipts:

Excise taxes:

Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434,037,128

Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,017,353

Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,515,510

Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,987,640

Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,975,999

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,632,411

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 789,166,041

Expenses:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,986,960

Saint Lawrence Seaway Development Corporation/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,515,296

Treasury administrative cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000

Operating expenses, miscellaneous returns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -26

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,502,230

Balance Sept 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,727,314

TRUST FUNDS 121
TABLE TF-13.--Harbor Maintenance Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105.7 1,446.2 1,893.4 2,264.5 2,713.3

Receipts:

Harbor maintenance fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784.0 838.9 897.6 960.5 1,027.8

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.5 86.9 108.7 131.5 155.9

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852.5 925.8 1,006.3 1,092.0 1,183.7

Outlays:

Corps of Engineers operation and maintenance,

and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497.8 460.4 617.0 620.0 655.0

Corps of Engineers construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 2.0 2.0 7.0 7.0

Saint Lawrence Seaway Development Corporation/DOT . . . . . . . . . . . . 11.2 13.2 13.2 13.2 13.2

Administrative expenses for Treasury (Customs) . . . . . . . . . . . . . . . . . . 3.0 3.0 3.0 3.0 3.0

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.0 478.6 635.2 643.2 678.2

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,446.2 1,893.4 2,264.5 2,713.3 3,218.8

1 Outyear projections are for planning purposes and are based on economic conditions and

agencies’ best projections of revenues and expenditures. 

122 TRUST FUNDS
INTRODUCTION: Hazardous Substance Superfund

The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal 1981, in

accordance with provisions of the Hazardous Substance Response Revenue Act of 1980 [42 U.S.C. 9631 (a)]. Effective

fiscal 1987, the trust fund was re-established as the Hazardous

Substance Superfund (Superfund) in accordance with provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980 (Public Law

96-510), as amended by the Superfund Amendments and

Re-authorization Act (SARA) of 1986 (Public Law 99-499,

dated October 17, 1986).

The Internal Revenue Service collects excise taxes on

petroleum and chemicals, and an environmental tax from all

corporations with modified alternative minimum taxable income in excess of $2 million. In addition, the Superfund is

authorized to be appropriated general revenues from the general fund not otherwise appropriated. Cost recoveries, and

other miscellaneous receipts (e.g. interest revenue) are deposited directly to the Superfund. Also appropriated to the Superfund, if required, are repayable advances from the general fund

to meet outlay requirements in excess of available revenues.

Amounts available in the Superfund, in excess of current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

Superfund.

To carry out the Superfund program, amounts are appropriated from the Superfund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses, repayment of advances to the general fund, and interest

expense associated with outstanding advances from the general fund.

An annual report to Congress by the Secretary of Treasury

is required by section 9633 (b) (1) of CERCLA, as amended.

These reports present the financial condition of the Superfund

and the results of operation for the past fiscal year, and its

expected condition and operations during the next 5 years.

TABLE TF-14.--Hazardous Substance Superfund

Results of Operations, Fiscal 1997

[Source: Environmental Protection Agency]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,829,000,000

Receipts:

Crude and petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,000

Certain chemicals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700,000

Corporate environmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,747,000

General fund appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,342,000

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,924,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,487,000

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2,464,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722,136,000

Undisbursed balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Expenses:

EPA expense (after recission) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000,000

Commerce expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000

FEMA expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,000

HHS expense, Agency for Toxic Substance and Disease Registry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000,000

Interior expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000

Labor expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000

Corps of Engineers expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000,000

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,674,000,000

TRUST FUNDS 123
TABLE TF-14.--Hazardous Substance Superfund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In millions of dollars. Source: Environmental Protection Agency]

1998 1 1999 1 2000 1 2001 1 2002 1

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,674 3,391 4,336 4,821 6,051

Receipts:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 360 360 396 450

Recoveries, fines, and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 179 154 154 155

Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 2,250 1,815 1,874 1,910

General revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250 250 250 250

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955 3,039 2,579 2,674 2,765

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394 2,094 2,094 1,444 1,394

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 4,336 4,821 6,051 7,422

1

 Forecasts for these fiscal years assume reauthorization of the Superfund by Congress. 2 On January 1, 1998, the corporate environmental tax expires unless reauthorized by

Congress. The estimate includes only the first quarter fiscal 1998 corporate collections.

124 TRUST FUNDS
INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books of

the Treasury in fiscal 1957, according to provisions of the

Highway Revenue Act of 1956. It has been amended and

extended by various highway and surface transportation acts

since 1959. The Intermodal Surface Transportation Efficiency

Act of 1991 extended the Highway Trust Fund and its taxes

through September 30, 1999. It has also been modified by the

Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation

Act of 1993. Amounts equivalent to taxes on gasoline, diesel

fuel, special motor fuels, certain tires, vehicles, and truck use,

are designated by the Act to be appropriated and transferred

from the general fund of the Treasury to the trust fund. These

transfers are made monthly based on estimates by the Secretary

of the Treasury, subject to adjustments in later transfers to the

amount of actual tax receipts. Amounts available in the fund

exceeding outlay requirements are invested in public debt

securities and interest is credited to the fund.

Within the fund is a mass transit account, funded by a

portion of the excise tax collections under sections 4041, 4081,

and 4091 of the Internal Revenue Code (26 U.S.C.). The funds

from this account are used for expenditures according to

section 21 (a) (2) of the Urban Mass Transportation Act of

1964 or the Intermodal Surface Transportation Efficiency Act

of 1991. The remaining excise taxes collected are included in

a higher account within the trust fund, and expenditures from

this account are made according to the provisions of various

transportation Acts.

Amounts required for outlays to carry out the Federal

Highway program are made available to the Federal Highway

Administration, Department of Transportation. Other charges

to the trust fund are made by the Secretary of the Treasury for

transfer of certain taxes to the land and water conservation

fund and to the Aquatic Resources Trust Fund and refunds of

certain taxes.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) Internal Revenue Code as amended, to be submitted

by the Secretary of the Treasury, after consultation with the

Secretary of Transportation. These reports cover the financial

condition and results of operations of the fund for the past

fiscal year and expected condition and operations during the

next 5 fiscal years.

TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

Balance Oct. 1, 1996, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,621,182,405

Receipts:

Excise taxes (transferred from general fund):

Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887,873,083

Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Trucks, buses, trailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,913,942,720

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,348,000

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,341,566,453

Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,745,000

Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,884,992

Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,759,580

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,853,429

Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,887,973,257

Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,537,000

Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,666,436,257

Less refunds of taxes (reimbursed to general fund): 

Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,331,644

Gasoline 9.1/14.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,376,940

Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,270,140

Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,032,838

Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,198,798

Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,384,070

Diesel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,085,075

Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,872,000

Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 796,551,505

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,869,884,752

Investment income:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,360,948

Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,360,948

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,318,245,700

TRUST FUNDS 125
TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1997, con.

[Source: Department of Transportation]

Internal Revenue

Code section

Description (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,466,500,426

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,969

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,129,458

Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865,813

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,507

Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,802

Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,312

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,448

Alabama highway bypass demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441

Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,453,337

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,877

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,913

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563,274

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,454,853

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,662,696,553

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,969

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,516,453

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428,101

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,668

Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -269,576

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,096

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,032

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,741,112

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,786

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012,362

Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,182

Pennsylvania reconstruction demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,482

Mineola grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,518,743,830

Outlays:

Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,099

Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,323

Balance September 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,419,779,853

126 TRUST FUNDS
TABLE TF-15.--Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In millions of dollars. Source: Department of Transportation]

Combined Statement Highway and Mass Transit Accounts

1998 1999 2000 2001 2002

Highway Account

1998 1999 2000 2001 2002

Mass Transit Account

1998 1999 2000 2001 2002

At the time of publication, these figures were not made available to the Financial Management Service.

At the time of publication, these figures were not made available to the Financial Management Service.

At the time of publication, these figures were not made available to the Financial Management Service.

TRUST FUNDS 127
TABLE TF-15A.--Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

‘‘unfunded authorizations’’ is the latest estimate received from

three Department of Transportation for fiscal 1996. The 24-

and 12-month revenue estimates for the highway and mass

transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

128 TRUST FUNDS
Expected Condition and Results of Operations 

Fiscal Years 1998-2002 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

 1998 1999 2000 2001 2002

TABLE TF-16.--Inland Waterways Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of the Army Corps of Engineers]

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the

Treasury in fiscal 1984, according to provisions of the Inland

Waterways Revenue Act of 1978 (Public Law 95-502) and

continued according to the Water Resources Development Act

of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury section 4042 of the Internal Revenue Code

of 1986 (relating to tax on fuel used in commercial transportation on Inland Waterways) shall be appropriated to the trust

fund.

The Technical and Miscellaneous Revenue Act of 1988

(Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts

are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later

transfers to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing

obligations of the United States that portion of the trust fund,

in his judgment, not required to meet current withdrawals. The

interest on, and proceeds from the sale or redemption of, any

obligation held in the trust fund is credited to the trust fund.

The Inland Waterways Revenue Act of 1978 provides that

amounts in the trust fund shall be available, by appropriations

acts, for construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United

States described in 33 U.S.C. 1804. Expenditures must be

otherwise authorized by law.

Annual reports to Congress are required by 26 U.S.C.

9602 to be submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and the

results of operations of the fund during the past fiscal year and

its expected condition and operations during the next 5 fiscal

years.

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300.2 354.3 443.8 508.4 583.2

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116.0 120.0 123.0 126.0 131.0

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1 19.5 22.8 24.9 26.9

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.1 139.5 145.8 150.9 157.9

Transfers:

Corps of Engineers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.0 50.0 81.2 76.1 80.7

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354.3 443.8 508.4 583.2 660.4

Balance Oct. 1, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $275,006,414

Receipts:

Fuel taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,420,409

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,474,059

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,894,468

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,663,077

Balance Sept. 30, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,237,804

1

 Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. 

TRUST FUNDS 129
 Note.--The expected conditions and results of operations for fiscal years 1998 through 2002

were not available at the time of publication.

TABLE TF-17.--Leaking Underground Storage Tank Trust Fund

Results of Operations, Fiscal 1997

[Source: Environmental Protection Agency]

INTRODUCTION: Leaking Underground Storage Tank Trust Fund

The Leaking Underground Storage Tank (LUST) Trust

Fund was established in fiscal 1981 according to provisions of

the Comprehensive Environmental Response, Compensation,

and Liability Act (CERCLA) of 1980 (Public Law 96-510), as

amended by the Superfund Amendments and Re-authorization

Act (SARA) of 1986 (Public Law 99-499, dated October 17,

1986) and the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508, dated November 5, 1990).

The LUST Trust Fund is financed by taxes collected on

gasoline, diesel fuels, special motor fuels, aviation fuels, and

fuels used in commercial transportation on inland waterways.

Amounts available in the LUST Trust Fund, exceeding current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

LUST Trust Fund.

To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses.

An annual report to Congress by the Secretary of the

Treasury is required by 26 U.S.C. 9602 (a). These reports

present the financial condition of the LUST Trust Fund and

results of operations for the past fiscal year, and its expected

condition and operations during the next 5 fiscal years.

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $986,000,000

Receipts:

Taxes relating to highway, inland, and airport trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,497,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000,000

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000,000

Gross tax receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,808,700,000

Less reimbursements to general fund:

Refund of taxes and estimated tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,000,000

Undisbursed balances:

EPA LUST balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,500,000

EPA Inspector General (IG) balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000

Total undisbursed balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000

Expenses:

EPA LUST expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,000,000

EPA IG expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,000,000

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $655,300,000

130 TRUST FUNDS
INTRODUCTION: Nuclear Waste Fund

The Nuclear Waste Fund was established on the books of

the Treasury in fiscal 1983, according to provisions of the

Nuclear Waste Policy Act of 1982 [42 U.S.C. 10222 (c)].

Receipts represent fees collected from public utilities based on

electricity generated by nuclear power reactors and spent

nuclear fuel. Expenditures from the fund are for purposes of

radioactive waste disposal activities.

Amounts available in the fund exceeding current needs

may be invested by the Secretary of the Treasury in obligations

of the United States (1) having maturities in tandem with the

needs of the waste fund, and (2) bearing interest at rates

determined appropriate, taking into consideration the current

average market yield on outstanding marketable obligations

of the United States with remaining periods to maturity comparable to the maturities of such investments, except that the

interest rate on such investments shall not exceed the average

interest rate applicable to existing borrowings.

An annual report to Congress by the Secretary of the

Treasury, after consultation with the Secretary of Energy, is

required by 42 U.S.C. 10222 (e) (1). This report must present

the financial condition and the results of operations of the

waste fund during the preceding fiscal year.

TABLE TF-18.--Nuclear Waste Fund

Results of Operations, Fiscal 1997

[Source: Department of Energy]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $144,387

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,854,354

Penalties and interest on fee payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434,810,188

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030,664,584

Outlays:

Department of Energy radioactive waste disposal activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,069,370

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,631,337

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030,700,707

Balance Sept. 30, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,264

TRUST FUNDS 131
INTRODUCTION: Reforestation Trust Fund

The Reforestation Trust Fund was established on the

books of the Treasury in fiscal 1981 to continue through

September 30, 1985, according to provisions of Title III--Reforestation, of the Recreational Boating Safety and Facilities

Improvement Act of 1980 [16 U.S.C. 1606a (a)].

The act provides that the Secretary of the Treasury shall

transfer to the trust fund tariffs, limited to not more than $30

million for any fiscal year, received in the Treasury from

October 1, 1979, through September 30, 1985, on (1) rough

and primary wood products and wood waste; (2) lumber,

flooring, and moldings; and (3) wood veneers, plywood, other

wood-veneer assemblies, and building boards. Public Law

99-190 extended the receipts for the trust fund. Amounts

available in the reforestation trust fund exceeding current

withdrawals are invested in interest-bearing obligations of the

United States or in obligations guaranteed as to both principal

and interest by the United States. The interest on, and the

proceeds from the sale or redemption of, any obligations are

credited to the trust fund.

The Secretary of Agriculture is authorized to obligate

available sums in the trust fund (including any amounts not

obligated in previous years) for (1) reforestation and timber

stand improvement and (2) administrative costs of the Government for these activities.

Annual reports are required by 16 U.S.C. 1606 a (c) (1)

to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during

the past fiscal year and on its expected condition and operations during the next fiscal year.

TABLE TF-19.--Reforestation Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of Agriculture]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,128,144

Receipts:

Excise taxes (tariffs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000

Redemption of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,238

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,276,238

Expenses:

Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,967,496

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,967,496

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,436,886

TABLE TF-19.--Reforestation Trust Fund

Expected Condition and Results of Operations, Fiscal 1998

[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,437

Receipts:

Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,210

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,647

132 TRUST FUNDS
 

 1996 1997

 (In millions of dollars)

CHARTS TF-D and E.--Major Trust Funds

Interest on

Investments,

Fiscal 1996-97

Receipts and

Expenses,

Fiscal 1997

 

 Receipts

 Expenses

 

 (In billions of dollars)

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.]

TRUST FUNDS 133
INTRODUCTION: Aquatic Resources Trust Fund

Aquatic Resources Trust Fund was established on the

books of the Treasury pursuant to the Deficit Reduction Act of

1984 (Public Law 98-369, approved July 18, 1984). The fund

consists of two accounts: the Sport Fish Restoration Account

and Boat Safety Account.

Motorboat fuel taxes are transferred, in amounts up to $70

million per fiscal year, from the Highway Trust Fund to the

Boat Safety Account. Authority for such transfers expired on

October 1, 1997.

Amounts equivalent to the excise taxes received on sport

fishing equipment and import duties on fishing tackle, yachts,

and pleasure craft are appropriated into the Sport Fish Restoration Account. Motorboat fuel taxes not transferred to the Boat

Safety Account or to the Land and Water Conservation Fund

are transferred from the Highway Trust Fund to the Sport Fish

Restoration Account. Transfers of motorboat fuel taxes from

the Highway Trust Fund to the Land and Water Conservation

Fund are limited to $1 million per fiscal year. In addition,

pursuant to the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508), small engine gasoline taxes are transferred to the Sport Fish Restoration Account.

Amounts in the Sport Fish Restoration Account are used,

as provided by appropriation acts, for the purposes of carrying

out ‘‘An Act to provide that the United States shall aid the States

in fish restoration and management projects, and for other

purposes,’’ approved August 9, 1950 (as in effect on October

1, 1988) and the Coastal Wetlands Planning, Protection and

Restoration Act, as in effect on November 29, 1990.

Amounts in the Boat Safety Account, as provided by

appropriations acts are available to carry out the purposes of

Public Law 92-75 related to recreational boating safety assistance.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the two accounts exceeding outlay requirements are invested in public debt securities with the

interest credited to the respective accounts.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $745,472,011

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,060,409

Fish equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,374,511

Electric trolling sonar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,954,000

Import duty equipment, yacht. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,943,574

Gas, small engines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,851,952

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,495,121

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13,913,730

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,765,838

Equity:

Transfer from Boat Safety to Sport Fish Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Nonexpenditure transfers:

Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,975,700

Coast Guard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000

Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,975,700

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $865,262,149

TABLE TF-20.--Aquatic Resources Trust Fund, Sport Fish Restoration

Results of Operations, Fiscal 1997

[Source: Financial Management Service]

134 TRUST FUNDS
TABLE TF-20.--Aquatic Resources Trust Fund, Boat Safety

Results of Operations, Fiscal 1997

[Source: Financial Management Service]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,394,755

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,624,639

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,942,754

Interest on investment--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,578

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,595,971

Nonexpenditure transfers:

Coast Guard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,708,070

Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,708,070

Equity:

Transfer to Sport Fish Restoration from Boat Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,282,656

 Note.-- The expected conditions and results of operations for fiscal years 1998 through 2002

are not available at the time of publication.

TRUST FUNDS 135
INTRODUCTION: Oil Spill Liability Trust Fund

The Oil Spill Liability Trust Fund was established on the

books of the Treasury by the Omnibus Budget Reconciliation

Act 1986 (Public Law 99-509). It was made effective on

January 1, 1990, by the Omnibus Budget Reconciliation Act of

1989 (Public Law 101-239), and amended by the Oil Pollution

Act of 1990 (Public Law 101-380).

Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil

Spill Liability Trust Fund rate, are appropriated to the fund. The

tax is not applied during any calendar quarter if the Secretary

of the Treasury estimates that, as of the close of the preceding

calendar quarter, the unobligated balance in the fund exceeds

$1 billion.

Certain amounts were transferred from other funds and

were appropriated to the Oil Spill Liability Trust Fund as

provided by U.S.C. 26 9509 (b). certain paid penalties and

amounts recovered for damages are also appropriated to the

fund.

Amounts in the fund are available for oil spill cleanup costs

and certain other related purposes as provided by appropriations acts or section 6002 (b) of the Oil Pollution Act of 1990.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities. Interest is credited to the

fund. 

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

TABLE TF-21.--Oil Spill Liability Trust Fund

Results of Operations, Fiscal 1997

[Source: Financial Management Service]

Balance Oct. 1, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,139,612,386

Revenue:

Tax on crude oil/petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000

Transfer from AK Pipeline Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,626,275

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,085,007

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,443,741

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -538,863

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,216,161

Outlays/nonexpenditure transfers:

Transfer to Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,480,000

Salaries and expense-Department of the Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,248

Transfer to Environmental Protection Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000

Transfer to Department of Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,528,000

Transfer to Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,533,161

Transfer to Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,581,409

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,122,247,138

 Note.-- The expected conditions and results of operations for fiscal years 1998 through 2002

are not available at the time of publication.

136 TRUST FUNDS
INTRODUCTION: Vaccine Injury Compensation Trust Fund

The Vaccine Injury Compensation Trust Fund (VICTF)

was created on the books of the Treasury by the Revenue Act

of 1987 (Public Law 100-203, approved December 22, 1987).

Excise taxes on DPT, DT, MMR and polio vaccines (26 U.S.C.

4131) are appropriated into the fund which serves as a source

of funds to pay claims for compensation for vaccine-related

injury or death occurring after October 1, 1988. 

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

TABLE TF-22.--Vaccine Injury Compensation Trust Fund

Results of Operations, Fiscal 1997

[Source: Financial Management Service]

Balance Oct. 1, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,076,707,764

Receipts:

Excise tax receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,188,250

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,352,767

Interest on investments--accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22,349,811

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,191,206

Outlays/nonexpenditure transfers:

U.S. Claims Court expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,931,513

U.S. Department of Justice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Health resources/transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,414,108

Total outlays/nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,345,621

Balance Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,196,553,348

 Note.-- The expected conditions and results of operations for fiscal years 1998 through 2002

are not available at the time of publication.

TRUST FUNDS 137
INTRODUCTION: National Recreational Trails Trust Fund

Provisions relating to a National Recreational Trails Trust

Fund were enacted as part of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240, approved

December 18, 1991). The Act provides that amounts equivalent to the taxes imposed on fuel used in vehicles on recreational trails or back country terrain and in camp stoves and

other non-engine uses in outdoor recreational equipment shall

be paid from the Highway Trust Fund to the National Recreational Trails Trust Fund [26 U.S.C. 9503 (c) (6)]. Transfers to

the fund are limited to amounts obligated under section 1302

of the Act. Obligated amounts cannot exceed $30 million per

fiscal year over the 1992-97 period. Obligations cannot be

made until amounts are appropriated; there have not yet been

appropriations to the fund.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Note.-- No current figures or future projections are available from the Department of the

Treasury because funds have yet to be appropriated to the fund.

138 TRUST FUNDS
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990.

9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and

John S. Greenlees. December 1990.

9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991.

9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992.

9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992.

9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992.

9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’

Michael Cayton. February 1993.

9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

9702. ‘‘An Improved Method for Estimating the Total Taxable Resources of the States.’’ Michael Compson and John Navratil.

December 1997.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECHNICAL PAPERS 139
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)----Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds---- meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)----Includes all issues by the Bureau of the Mint purposely intended

as a medium of exchange. Coins sold by the Bureau of the Mint

at premium prices are excluded; however, uncirculated coin

sets sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)----In Treasury bill auctions, purchasers tender competitive bids on a discount rate

basis. The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (‘‘Federal Fiscal Operations’’)----Congress passes laws giving budget authority to Government

entities, which gives the agencies the power to spend Federal

funds. Congress can stipulate various criteria for the spending

of these funds. For example, Congress can stipulate that a

given agency must spend within a specific year, number of

years, or any time in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period

of time during which Congress makes funds available may be

specified as 1-year, multiple-year, or no-year. The available

amount may be classified as either definite or indefinite; a

specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit----The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)----Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term cash needs of Treasury. Their sale, having higher

minimum and multiple purchase requirements than those of

other issues, is generally restricted to competitive bidders.

Competitive tenders (‘‘Treasury Financing Operations’’)----A bid to purchase a stated amount of one issue of

Treasury securities at a specified yield or discount. The bid is

accepted if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue----The issue of bonds or notes (public debt).

Currency no longer issued (USCC)----Old and new series

gold and silver certificates, Federal Reserve notes, national

bank notes, and 1890 Series Treasury notes.

Current income bonds (‘‘U.S. Savings Bonds and

Notes’’)----Bonds paying semiannual interest to holders. Interest is not included in accrued discount.

Debt outstanding subject to limitation (FD-6)----The debt

incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of December1997, the debt

limit was $5,950,000 million; the limit may change from year

to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount----The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)----The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)----Include standard silver and nonsilver

coins.

Domestic series (FD-2)----Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (‘‘Federal Fiscal Operations’’)----Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)----Issues by the U.S. Government to the public through the Federal Reserve banks and their

member banks. They represent money owed by the Government to the public. Currently, the item ‘‘Federal Reserve

notes----amounts outstanding’’ consists of new series issues.

The Federal Reserve note is the only class of currency currently issued.

Foreign (‘‘Foreign Currency Positions,’’ IFS-2, -3)----Locations other than those included under the definition of the

United States. (See United States.)

Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions

and individuals living outside the United States, including U.S.

citizens living abroad, and branches, subsidiaries, and other

affiliates abroad of U.S. banks and business concerns; central

governments, central banks, and other official institutions of

countries other than the United States, and international and

regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by

reporting institutions to be acting for foreigners.

Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all

departments and agencies of national governments; central

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

140
of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)----Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)----Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the

Unemployment Trust Fund.

Interfund transactions (‘‘Federal Fiscal Operations’’)---- Transactions in which payments are made from one fund group

(either Federal funds or trust funds) to a receipt account in

another group.

International Monetary Fund (‘‘Exchange Stabilization

Fund,’’ IFS-1)----(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (‘‘Federal Fiscal Operations’’)----These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)----The

value of outstanding savings bonds and notes that have reached

final maturity and no longer earn interest. Includes all Series

A-D, F, G, J, and K bonds. Series E bonds (issued between

May 1941 and November 1965), Series EE (issued since

January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate or

yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (‘‘Federal Fiscal Operations’’)----Federally owned and controlled entities whose

transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are

not included in budget receipts, outlays, or deficits. Their

budget authority is not included in totals of the budget.

Outlays (‘‘Federal Fiscal Operations’’)----Payments on obligations in the form of cash, checks, the issuance of bonds or

notes, or the maturing of interest coupons.

Own foreign offices (‘‘Capital Movements’’)----Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United

States.

Par value----The face value of bonds or notes, including interest.

Quarterly financing (‘‘Treasury Financing Operations’’)---- Treasury has historically offered packages of several ‘‘coupon’’ security issues on the 15th of February, May,

August, and November, or on the next working day. These

issues currently consist of a 3-year note, a 10-year note, and a

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling

new security issues. (See Reopening.)

Receipts (‘‘Federal Fiscal Operations’’)----Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)----The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (‘‘Exchange Stabilization Fund,’’

IFS-1)----International assets created by IMF that serve to

increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among

eligible holders through IMF. (See IMF.)

 SDR allocations are the counterpart to SDRs issued by IMF

based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they

must be redeemed by ESF only in the event of liquidation of,

or U.S. withdrawal from, the SDR department of IMF or

cancellation of SDRs.

 SDR certificates are issued to the Federal Reserve System

against SDRs when SDRs are legalized as money. Proceeds of

monetization are deposited into an ESF account at the Federal

Reserve Bank of New York.

Spot (‘‘Foreign Currency Positions’’)----Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)----(SLUGs) Special nonmarketable certificates, notes, and bonds offered to

State and local governments as a means to invest proceeds from

their own tax-exempt financing. Interest rates and maturities

Glossary

141
comply with IRS arbitrage provisions. SLUGs are offered in

both time deposit and demand deposit forms. Time deposit

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand

deposit securities are 1-day certificates rolled over with a rate

adjustment daily.

Statutory debt limit (FD-6)----By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)----Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may

be divided into principal and interest-paying components,

which may be transferred and sold in amounts as small as

$1,000. STRIPS are sold at auction at a minimum par amount,

varying for each issue. The amount is an arithmetic function

of the issue’s interest rate.

Treasury bills----The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (‘‘Federal Fiscal Operations’’)----An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States----Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)----Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

Glossary

142