MARCH 2000

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

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

FED ERAL FIS CAL OP ER A TIONS

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

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

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

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

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

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

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

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

 De cem ber 1999 and other pe ri ods ............................................................... 18

FFO-5.—In ter nal rev e nue re ceipts by re gions and districts ................................................... 19

AC COUNT OF THE U.S. TREA SURY

In tro duc tion: Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury ............................. 20

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances........................... 20

FED ERAL DEBT

In tro duc tion: Fed eral debt ............................................................................. 22

FD-1.—Sum mary of Fed eral debt ....................................................................... 23

FD-2.—In ter est-bearing pub lic debt ..................................................................... 24

FD-3.—Gov ern ment ac count se ries......................................................................25

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................. 26

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors .... 27

FD-6.—Debt sub ject to stat u tory lim i ta tion................................................................27

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies....................... 28

FD-A.—Chart: Av er age length of pri vately held mar ket able debt ..............................................30

PUB LIC DEBT OP ER A TIONS

In tro duc tion: Pub lic debt op er a tions ..................................................................... 31

TREA SURY FI NANCING ............................................................................ 31

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

 other than reg u lar weekly and 52-week Trea sury bills out stand ing ..................................... 34

PDO-2.—Of fer ings of bills ............................................................................ 39

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ......................... 40

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

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

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

 series (his tor i cal) ........................................................................... 44

 

U.S. SAV INGS BONDS AND NOTES

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

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

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

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

OWN ER SHIP OF FED ERAL SE CU RITIES

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

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

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

MARKET YIELDS

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

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

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

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

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

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

In tro duc tion: U.S. cur rency and coin out stand ing and in cir cu la tion ............................................. 57

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

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

IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

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

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

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

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

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

CAP I TAL MOVE MENTS

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

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

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

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

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

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

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

 with re spect to se lected coun tries................................................................71

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

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

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

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

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

 with re spect to se lected coun tries ................................................................77

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED

 BY BANKS IN THE UNITED STATES

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

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

 BY NONBANKING BUSI NESS EN TER PRISES IN THE UNITED STATES

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

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

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

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

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

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

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

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

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

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

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

 by type and coun try, dur ing fourth quar ter 1999................................................... 92

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

 by type and coun try, dur ing cal en dar year 1999 ................................................... 94

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

IV

Con tents
FOR EIGN CUR RENCY PO SI TIONS

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

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

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

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

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

SEC TION II.—GER MAN MARK PO SI TIONS

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

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

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

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

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

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

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

SEC TION IV.—SWISS FRANC PO SI TIONS

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

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

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

SEC TION V.—STER LING PO SI TIONS

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

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

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

SEC TION VI.—U.S. DOL LAR POSITIONS

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

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

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

SEC TION VII.—EURO POSITIONS

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

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

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

EX CHANGE STA BI LI ZA TION FUND

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

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

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

SPE CIAL RE PORTS

TRUST FUNDS

In tro duc tion.— Air port and Air way Trust Fund ...........................................................117

TF-10.—Air port and Air way Trust Fund .................................................................118

In tro duc tion.— Ura nium En rich ment De con tam i na tion and De com mis sioning Fund .............................. 119

TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund.................................... 119

In tro duc tion.— Black Lung Dis abil ity Trust Fund ......................................................... 120

TF-12.—Black Lung Dis abil ity Trust Fund ............................................................... 120

 V

Con tents
In tro duc tion.— Har bor Main te nance Trust Fund........................................................... 122

TF-13.—Har bor Main te nance Trust Fund ................................................................122

In tro duc tion.— Haz ard ous Sub stance Superfund ..........................................................124

TF-14.—Hazardous Sub stance Superfund ................................................................124

In tro duc tion.— High way Trust Fund ....................................................................126

TF-15.—High way Trust Fund ......................................................................... 126

In tro duc tion.— In land Wa ter ways Trust Fund ............................................................. 130

TF-16.—In land Wa ter ways Trust Fund ..................................................................130

In tro duc tion.— Leaking Un der ground Stor age Tank Trust Fund .............................................. 131

TF-17.—Leaking Un der ground Stor age Tank Trust Fund .................................................... 131

In tro duc tion.— Nu clear Waste Fund ....................................................................132

TF-18.—Nu clear Waste Fund ..........................................................................132

In tro duc tion.— Re for es ta tion Trust Fund ................................................................133

TF-19.—Re for es ta tion Trust Fund ......................................................................133

TF-D.—Chart: Ma jor trust funds, in ter est on in vest ments, fis cal 1998 and 1999 .................................. 134

TF-E.—Chart: Ma jor trust funds, re ceipts and ex penses, fis cal 1999........................................... 134

In tro duc tion.— Aquatic Re sources Trust Fund ............................................................135

TF-20.—Aquatic Re sources Trust Fund ................................................................. 135

In tro duc tion.— Oil Spill Li a bil ity Trust Fund ............................................................. 137

TF-21.—Oil Spill Li a bil ity Trust Fund ..................................................................137

In tro duc tion.— Vac cine In jury Com pen sa tion Trust Fund ................................................... 138

TF-22.—Vac cine In jury Com pen sa tion Trust Fund......................................................... 138

In tro duc tion.— Na tional Rec re ational Trails Trust Fund ..................................................... 139

RE SEARCH PAPER IN DEX..........................................................................140

GLOS SARY....................................................................................... 141

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

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

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

VI

Con tents
VII

Nonquarterly Ta bles and Re ports

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

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

 Is sues

 March June Sept. Dec.

Fed eral Fis cal Op er a tions

FFO-5.—Sum mary of in ter nal rev e nue re ceipts by re gions 

and districts .........................................

Spe cial Re ports

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

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

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

Trust Fund Re ports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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3

Profile of the Economy

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

Real gross domestic product (GDP)

Eco nomic growth con tin ued at a strong pace in 1999. Real

GDP in creased by 4.2 per cent over the year. For the fourth year in 

a row, it ex ceeded the 4 per cent mark. Not since the 1960s has

such a con sec u tive string oc curred. In Feb ru ary 2000, the ex pan -

sion reached 107 months, mak ing it the lon gest on re cord.

Growth ac cel er ated in the fourth quar ter of 1999 to a rapid

5.8 per cent an nual rate, based on pre lim i nary es ti mates.

Strength in that quar ter re flected an other large ad vance in con -

sumer spend ing, con tin ued in creases in in ven tory in vest ment

and ac cel er a tion in Fed eral Gov ern ment spend ing. Ex tra pur -

chases and in ven tory build ing in an tic i pa tion of year 2000

(Y2K) dis rup tions may have boosted re sults slightly. How -

ever, the im pact on real growth be cause of Y2K con cerns ap -

pears to be fairly small.

The grow ing for eign trade def i cit con tin ued to drag on the

econ omy in the fourth quar ter of 1999, sub tract ing 0.7 per -

cent age point from real growth. This de crease was the same as

in the third quar ter but less than the drag in the first half of

1999. Growth in busi ness in vest ment slowed in the fourth

quar ter be cause of con tin ued de clines in in vest ment in struc -

tures and a smaller in crease in pur chases of equip ment and

soft ware.

The na tional ac counts mea sures of in fla tion ac cel er ated in

the fourth quar ter. The GDP price in dex moved up at a 2.0 per -

cent an nual rate com pared with 1.1 per cent in the third quar ter. 

The core rate, ex clud ing food and en ergy, showed a sim i lar ac -

cel er a tion. Over all of 1999, how ever, price growth was a

mod er ate 1.6 per cent.

Growth o f Real GDP

0.5

1.2

4.1

2.2

4.2

2.2

4.2

4.3

4.6

4.2

0

1

2

3

4

5

6

90 91 92 93 94 95 96 97 98 99

(Percent change, fourth quarter to fourth quarter)

Inflation

The in fla tion rate in creased a lit tle last year from the mod est

pace of the prior 2 years. The ac cel er a tion re sulted from a turn -

around in the en ergy area. Core in fla tion, ex clud ing food and

en ergy, slowed in 1999. Wage pres sures were held down by

strong pro duc tiv ity gains.

Con sumer prices rose by 2.7 per cent, fol low ing an in crease

of 1.6 per cent in 1998. Af ter de clin ing by 15 per cent in 1998,

prices jumped by al most 30 per cent for pe tro leum-based en -

ergy prod ucts in 1999. Core con sumer price in fla tion slowed

by one-half per cent age point to 1.9 per cent. That was the

small est yearly in crease since 1965. Food prices also rose by

1.9 per cent.

The pat tern of pro ducer prices for fin ished goods mir rored

de vel op ments at the con sumer level. The prices of fin ished

goods re mained un changed in 1998 but grew 3.0 per cent last

year. Core in fla tion eased from 2.5 per cent in 1998 to 1.9 per -

cent in 1999. This slow down was off set by a turn around in en -

ergy prices. Af ter de clin ing by al most 12 per cent in 1998,

en ergy prices rose by more than 18 per cent in 1999. Core

prices for crude and in ter me di ate goods in creased, fol low ing

de clines in 1998.

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

creased by 4.4 per cent dur ing 1999. That rep re sented a sig nif i -

cant slow down from 5.3 per cent dur ing all of 1998.

Pro duc tiv ity grew by a healthy 3.3 per cent dur ing 1999. This

off set much of the rise in hourly com pen sa tion and lim ited the

in crease in unit la bor costs to 1.1 per cent. That was a 1.0 per -

cent age point re duc tion in growth from the pre vi ous 2 years.

The em ploy ment cost in dex for to tal com pen sa tion (a sep a rate

com pen sa tion mea sure com puted by the Bu reau of La bor Sta -

tis tics) rose by 3.4 per cent for the 12 month pe riod end ing in

De cem ber. This was the same as in 1998.
4 PRO FILE OF THE ECON OMY

0

2

4

6

8

89 90 91 92 93 9 4 95 96 97 98 99

Ex cluding fo od and en ergy

Tota l

Cons ume r Price s

(Pe rc ent cha nge from a ye a r e a rlie r)

-4

-2

0

2

4

6

8

10

89 90 9 1 92 93 94 95 96 9 7 98 99

Exc lu ding fo od and ene rg y

Total

P roduce r Pric es - Fin is he d Go o ds

(Pe rcent chang e from a ye a r ea rlie r)

Employment and unemployment

At the be gin ning of the first quar ter 2000, la bor mar kets re -

mained buoy ant. Job growth was strong and the un em ploy -

ment rate de clined to a new 30-year low. How ever, ev i dence

of wage pres sure was scant.

Growth of nonfarm p ay roll em ploy ment in creased in late

1999 and re mained strong into 2000. Job in creases av er aged

286,000 a month dur ing the fourth quar ter. This was sig nif i -

cantly faster than the 207,000 av er aged dur ing the first three

quar ters of 1999. In Jan u ary, em ploy ment soared by 387,000.

In part, a surge in con struc tion jobs on a sea son ally ad justed

ba sis re sult ing from mild win ter weather con trib uted to these

gains. Em ploy ment in man u fac tur ing and min ing rose af ter de -

clines be gin ning in early 1998. Jobs in the pri vate ser -

vice-producing sec tor con tinue to ex pand rap idly.

Un emp lo yme nt R ate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00

(Perc en t)

Establis hm ent Emplo yment

233 243

224

275

20 9 210 202

28 6

387

0

10 0

20 0

30 0

40 0

50 0

98-I II III IV 99-I II III IV 00-I*

(Aver age monthly cha nge in thous a nds)

*Bas ed on J anuary da ta .
PRO FILE OF THE ECON OMY 5

Real disposable personal income

and consumer spending

Per sonal in come rose by 7.2 per cent in nom i nal terms in the

fourth quar ter of 1999. An in crease in farm sub si dies and a re -

bound in rental in come af ter losses caused by Hur ri cane Floyd

in the third quar ter boosted this rise. Dur ing all of 1999, per -

sonal in come in creased by 5.8 per cent in nom i nal terms, sim i -

lar to 1998’s growth. In creases in wages and sal a ries slowed to

about 6 per cent dur ing 1999 from 7 per cent dur ing 1998. However, in come from div i dends and in ter est was stron ger in 1999. 

In real terms, dis pos able (af ter-tax) per sonal in come rose by

3.7 per cent dur ing 1999. That was down from just above 4 per -

cent dur ing each of the pre vi ous 2 years. The slow down re -

flected higher in fla tion re sult ing from last year’s jump in oil

prices.

Real con sumer spend ing rose at a 5.3 per cent an nual rate in

the fourth quar ter of 1999 and by 5.4 per cent for the whole

year. In 1999, large spend ing in creases oc curred for dis cre -

tion ary items such as fur ni ture and ap pli ances, rec re ational

ser vices and cloth ing. In Jan u ary, re cord lev els of con sumer

con fi dence sug gest that the out look for fur ther gains in con -

sumer spend ing re mains rosy.

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

pulled the per sonal sav ing rate down fur ther. It dropped from

2.1 per cent in the third quar ter of 1999 to 1.9 per cent in the

fourth quar ter. This was the low est fig ure in the his tory of the

se ries, which dates back to 1959. The sav ing rate has de clined

steadily from a re cent high of 8.7 per cent in 1992. This was pri -

mar ily be cause of the grow ing “wealth ef fect” re sult ing from

the rise in the stock mar ket. In creases in as set val ues are not

counted as in come in the na tional in come and prod uct ac -

counts, from which the cal cu la tion of sav ing is de rived. None -

the less, in creases in as set val ues con trib ute to the will ing ness

of con sum ers to spend. 

Industrial production

and capacity utilization

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

rose by 4.7 per cent over the 12 months of 1999. This growth

nearly dou bled the tepid 2.5 per cent gain re corded dur ing

1998. Ac cel er a tion in 1999 re flected a higher level of ac tiv ity

in the man u fac tur ing sec tor, which turned in a rel a tively weak

per for mance the pre vi ous year. It also re flected a min ing in -

dus try turn around from the sharply cur tailed out put in 1998.

The mo men tum in 1999 car ried into 2000. To tal in dus trial

out put surged by 1.0 per cent in Jan u ary. Man u fac turing pro -

duc tion ac counts for al most 89 per cent of to tal in dus trial out -

put. It grew by 0.9 per cent in Jan u ary, build ing on the 4.9

per cent rise in 1999. The strong Jan u ary ad vance stemmed pri -

mar ily from the du ra ble goods pro duc ing sec tor where large

gains were re corded in the mo tor ve hi cles and parts and high

tech in dus tries. Pro duc tion in the min ing in dus try in creased by 

1.0 per cent in Jan u ary, re flect ing the on go ing re cov ery in oil

and gas ex trac tion. In Feb ru ary 1999, oil and gas ex trac tion

bot tomed out af ter a year of sharp de clines brought on by fall -

ing oil prices. Since then, out put in that in dus try has in creased

by 6.9 per cent.

Sub stan tial pro duc tion gains com bined with slower ca pac ity 

build ing con tin ued to lift the in dus trial ca pac ity uti li za tion rate 

at the be gin ning of 2000. This rate in creased by 0.5 per cent age

point in Jan u ary to 81.6 per cent, the high est level since Au gust

1998. Con se quently, the ca pac ity uti li za tion rate is now just

2.8 per cent age points be low its cy cle high of 84.4 per cent and

only one-half point be low its long-term av er age of 82.1

per cent.

Nonfarm productivity and unit labor costs

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

worked) surged at a 5.0 per cent an nual rate in both the third

and fourth quar ters of 1999. Dur ing all of 1999, pro duc tiv ity

ad vanced by 3.3 per cent (mea sured fourth quar ter to fourth

quar ter), its stron gest in crease since 1992. More im por tant

than a sin gle yearly read ing, how ever, is the fact that growth

over the past 4 years av er aged a rapid 2.8 per cent an nual rate.

This is nearly dou ble the 1.5 per cent pace av er aged from 1973

to 1995. 

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

rose by 4.4 per cent dur ing 1999, down from a 5.3 per cent in -

crease dur ing 1998. The large gain in pro duc tiv ity off set most

of the rise in the cost of com pen sat ing la bor. As a re sult, la bor

costs per unit of out put rose by only 1.1 per cent dur ing 1999.

The un em ploy ment rate eased to 4.0 per cent in Jan u ary and

was the low est since the be gin ning of 1970, when un em ploy -

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

la tion em ployed reached a re cord-breaking 64.8 per cent in

Jan u ary 2000. Ac cord ing to these in di ca tors, the econ omy

con tin ues to op er ate at a very high level of la bor uti li za tion. 

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

low. Al though av er age hourly earn ings of pro duc tion work ers

and other nonsupervisory work ers rose by a fairly strong 0.4

per cent to $13.50 in Jan u ary, earn ings have ad vanced by only

3.5 per cent over the past 12 months. This rep re sents a slow ing

from the 12-month growth of nearly 4-1/2 per cent in early

1998, which was an un usual de vel op ment in a pe riod of tight

la bor mar kets. Earn ings rose by about 1 per cent in real terms

over the past year. This rise ex tended the pos i tive read ings of

the past 5 years for the stron gest per for mance since the early

1970s. 
6 PRO FILE OF THE ECON OMY

This rep re sented a slow ing of ap prox i mately 1 per cent age

point from growth of about 2 per cent an nu ally dur ing the pre -

vi ous 2 years and was an im por tant fac tor in re strain ing

in fla tion.

Pro duc tiv ity in the man u fac tur ing sec tor also had a ban ner

year in 1999. Fac tory out put per hour soared at a 10.7 per cent

an nual rate in the fourth quar ter, bring ing the in crease for the

en tire year to 6.9 per cent. This was the stron gest an nual per -

for mance in the 41-year his tory of the se ries. Hourly com pen -

sa tion costs in man u fac tur ing rose by 5.1 per cent dur ing 1999,

but the in crease was more than off set by ris ing pro duc tiv ity.

As a re sult, unit la bor costs in this sec tor fell by 1.7 per cent

dur ing 1999. This ex tended a 6-year de clin ing trend that has

re duced fac tory unit la bor costs by a to tal of 8.0 per cent.

Current account balance

The cur rent ac count sum ma rizes U.S. in ter na tional trans ac -

tions, mea sur ing trade in goods and ser vices as well as the net

flow of in vest ment in come and net uni lat eral cur rent trans fers. 

Ex cept for a sur plus of $4.3 bil lion in 1991, the cur rent ac -

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

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

reached a re cord high in the first three quar ters of 1999 of

$319.3 bil lion at an an nual rate. That rep re sented a 3.5 per cent

share of GDP, an all-time high.

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

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

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

of the dol lar from 1995 to 1997 wid ened the trade gap fur ther.

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

flected a deep en ing of the def i cit on trade in goods, which

swelled to $368.6 bil lion at an an nual rate in the third quar ter

of 1999. In 1999, higher prices for im ported oil con trib uted to

that de te ri o ra tion. In ad di tion, a pos i tive bal ance on in vest -

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

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

for eign ers. The to tal cur rent ac count def i cit was $359.8 bil -

lion at an an nual rate in the third quar ter.

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

tions in the fi nan cial and cap i tal ac counts, plus a sta tis ti cal dis -

crep ancy. In third quar ter 1999, the fi nan cial ac count re corded 

a net in flow of $422.7 bil lion at an an nual rate. This was be -

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

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

abroad. Net cap i tal ac count trans ac tions were $0.7 bil lion at

an an nual rate, and the sta tis ti cal dis crep ancy was -$63.6

bil lion.

Exchange rate of the dollar

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

ren cies of im por tant U.S. trad ing part ners was fairly steady in

1999 and early 2000. This steady per for mance con trasts with

1998. In Au gust 1998, the value of the dol lar spiked be cause

of global fi nan cial un cer tainty and then dropped back sharply

once the cri sis had passed. Un til that cri sis, the dol lar had con -

sis tently ap pre ci ated against the broad in dex of im por tant

trad ing part ners since 1995.

The ex change rate of the dol lar against a more nar row range

of cur ren cies of ma jor U.S. trad ing part ners fol lowed a sim i lar

pat tern as the broad trade-weighted in dex but was some what

more vol a tile. These cur ren cies con sist of the euro plus those

of other ma jor part ners such as Can ada, Ja pan and the United

King dom. The dol lar ap pre ci ated against the ma jor cur ren cies

in dex by al most 5 per cent from Jan u ary 1999 un til July. Then

it dropped about 4-1/2 per cent through Oc to ber be fore mov -

ing back up 3.4 per cent by the mid dle of Feb ru ary.

The rel a tively flat per for mance of the dol lar in 1999 against

the ag gre gate in dex of ma jor cur ren cies masked di ver gent pat -

terns among in di vid ual cur ren cies. The dol lar ap pre ci ated by

more than 14 per cent from Jan u ary 1999 to Jan u ary 2000

against the euro, but de pre ci ated against the yen. Since its

most re cent peak in Au gust 1998, the ex change rate of the dol -

lar against the yen fell by more than 27 per cent through Jan u -

ary 2000. The yen has strength ened amid ex pec ta tions that a

re cov ery in the Jap a nese econ omy is im mi nent. In ad di tion,

strong for eign in ter est in Jap a nese eq ui ties helped aug ment

the yen’s rise.

Interest rates

The Fed eral Re serve in creased short-term in ter est rates three 

times in 1999. This re versed the eas ing moves made in 1998

dur ing the pe riod of global fi nan cial tur moil. In Feb ru ary 2000, 

the Fed eral Re serve in creased short-term rates by an other 25

ba sis points. It cited con cerns that a con tin ued trend of faster

growth in eco nomic de mand com pared to po ten tial sup ply

could fos ter in fla tion ary im bal ances. The lat est move brought

the fed eral funds tar get rate (the rate that banks charge one an -

other for over night bor row ing) to 5.75 per cent, 100 ba sis

points (1 per cent age point) higher than its level in Feb ru ary

1999. The dis count rate (the rate the Fed eral Re serve charges

banks for short-term funds) was raised to 5.25 per cent, 75 ba sis 

points (3/4 per cent age point) higher than a year ear lier. The

mar ket in ter est rate for the 3-month Trea sury bill, usu ally cen -

tered around the dis count rate level, was about 5.5 per cent in

early Feb ru ary.

Through 1999, rates on long-term Trea sury se cu ri ties in -

creased as eco nomic growth con tin ued to ex pand at a rapid

pace. The in ter est rate on the 10-year Trea sury note rose from

about 4.7 per cent at the end of 1998 to al most 6.3 per cent at the

end of 1999. The rate on the bench mark 30-year Trea sury bond

rose from 5.1 per cent in De cem ber 1998 to 6.4 per cent in De -

cem ber 1999. In early 2000, yields, which move in versely to
4.0

4.5

5.0

5.5

6.0

6.5

7.0

Long -te rm Inte re st Rate s

30-year bond

10-year note

(Percent)

1997 1998 1999 2000

3.5

4.0

4.5

5.0

5.5

6.0

Short-te rm Inte re st Rate s

Dis count rate

Federal funds rate

3-month Treas ury bills

(Percent)

1997 1998 1999 2000 

PRO FILE OF THE ECONOMY 7

Housing

Housing has re mained one of the stron gest sec tors of the

econ omy in the past few years. Growth was fu eled by ex cep -

tion ally low mort gage in ter est rates, sound eco nomic fun da -

men tals such as grow ing em ploy ment and in come, and wealth

ef fects from ris ing stock prices. Sev eral in di ca tors of hous ing

ac tiv ity reached ex pan sion peaks in 1999. Much of this

strength was con cen trated in the first half, and ac tiv ity mod er -

ated through most of the rest of the year as mort gage in ter est

rates in creased. Late in 1999, the pace of ac tiv ity picked up

again and that growth car ried for ward into 2000.

Sales of new sin gle-family homes posted a new re cord in

1999 of 904,000. This was about 2 per cent higher than the to tal 

in 1998, when new home sales rose by al most 10 per cent. Re -

sales of ex ist ing homes also reached a new re cord last year,

climb ing 4.5 per cent above the 1998 to tal to 5.2 mil lion. Home 

sales were stron gest dur ing the early part of 1999, af ter which

the sell ing pace slowed. Ris ing mort gage in ter est rates were

largely re spon si ble for the de creas ing de mand. 

The ex traor di nary level of home sales last year led to a fur -

ther in crease in the num ber of home own ers. The

homeownership rate rose to 67.0 per cent in the fi nal quar ter of

1999, an all-time re cord.

Con struc tion of new hous ing units rose to 1.66 mil lion in

1999, the high est an nual to tal since 1986. Starts of

multi-family units de clined slightly while starts of sin -

gle-family homes rose al most 5 per cent to a 21-year peak.

Con struc tion was stron gest in the first quar ter of 1999, boosted 

by an un usu ally mild win ter. Starts ta pered off dur ing the

spring and sum mer but surged again late in the year. That

strength per sisted early in 2000.

Federal budget

Af ter 28 years of con sec u tive def i cits, the Fed eral bud get

posted a sec ond straight sur plus in fis cal 1999. The fis cal 1999

sur plus was $124 bil lion, more than $55 bil lion above the sur -

plus in fis cal 1998. These back-to-back sur pluses, the first

since 1956 and 1957, re sulted in a nearly $140 bil lion re duc -

tion in the amount of Fed eral debt held by the pub lic. Strong

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

re sulted in these bud get sur pluses and a steady de cline in the

def i cit since the all-time high of $290 bil lion in fis cal 1992.

Since 1992, the growth of Fed eral out lays was con tained

while re ceipts were boosted by the rapid ex pan sion in jobs and

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

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

bond prices, de clined as the price of the se cu ri ties rose. This

was true es pe cially for the 30-year bond. The higher prices

largely re flected Trea sury’s scal ing back of new long-term

debt is su ance and an nounce ment of fu ture buy backs be cause

of grow ing bud get sur pluses. 

Mort gage rates also in creased through 1999 and into 2000.

The in ter est rate on a con ven tional 30-year fixed rate loan rose

from 6.8 per cent in Jan u ary 1999 to 8.2 per cent in Jan u ary

2000. Ris ing mort gage in ter est rates re duced hous ing ac tiv ity

over 1999, but the mar ket re mained firm head ing into 2000.
8 PRO FILE OF THE ECON OMY

Net national saving and investment

Net na tional sav ing av er aged 7.4 per cent of net na tional

prod uct (NNP) in the first three quar ters of 1999. This was

about the same as the 7.5 per cent for all of 1998. (Net sav ing

and NNP ex clude de pre ci a tion to re place wornout or ob so lete

equip ment, soft ware and

struc tures used in pro duction.) These sav ing rates are

nearly dou ble the post-World

War II low of 3.9 per cent

reached in 1992 and 1993.

The Fed eral bud get’s swing

from large def i cits into sur -

plus has more than ac counted 

for the im prove ment. As a re -

sult, the pub lic sec tor has

moved from dissaving equiv -

a lent to 5.4 per cent of NNP in

1992 to sav ing of 2.0 per cent

through the first three quar -

ters of 1999. De spite the

prog ress, net sav ing still re -

mains well be low the 12 per -

cent of NNP av er aged in the

1960s. 

Since 1992, pri vate sav ing has de clined as a sharp de crease

in house hold sav ing has more than off set a gain in cor po rate

sav ing. In creased wealth, gen er ated by a surg ing stock mar ket, 

is an im por tant fac tor in the re duced de sire of house holds to

save out of cur rent in come. In the first three quar ters of 1999,

per sonal sav ing was equiv a lent to only 2.1 per cent of NNP,

down from 7.4 per cent in 1992.

Growth of cor po rate prof its, on

the other hand, lifted net cor po -

rate sav ing from 2.2 per cent of

NNP in 1992 to 3.3 per cent in

1999. 

Net do mes tic in vest ment (by

Gov ern ment and pri vate in dus -

try in struc tures, equip ment,

soft ware and in ven tory) in -

creased. It rose from 5.2 per -

cent of NNP in 1991 to 9.5

per cent in both 1998 and the

first three quar ters of 1999. In -

ves tors from abroad fi nanced a

large por tion of this in vest -

ment. U.S. net for eign in vest -

ment swung from +0.3 per cent

of NNP in 1991 to -3.7 per cent

in 1999. 

Ne t National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Note: 1999 bas ed on first three quarters.

Total

(Saving as a percent of NNP)

in crease in fis cal 1998 and the slow est since 1993. A de cline in

net cor po rate tax pay ments of 2.1 per cent was mainly re spon si -

ble for the slow down. Growth in in di vid ual tax re ceipts mod er -

ated as well. Growth in out lays was held to 3.0 per cent, slightly 

less than the in crease in fis cal 1998. Out lays in re la tion to GDP

dipped to 18.7 per cent in fis cal 1999, the low est ra tio in 25

years.

The Ad min is tra tion’s “Fis cal Year 2001 Bud get” fore casts

that sur pluses will con tinue. By di rect ing the sur pluses to ward

con tin ued debt re duc tion, firm ing the long-run sol vency of So -

cial Se cu rity and Medicare, and mak ing in vest ments that

would en hance the eco nomic ex pan sion, the pres ent $3.6 tril -

lion debt held by the pub lic is pro jected to be paid off com -

pletely by 2013.
9

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

elec tronic pay ments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ported as the net amount.

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

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

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

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

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

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

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

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

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

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

sur ance Trust Fund, and the Postal Ser vice.

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

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

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

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

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

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

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

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

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

and def i cit of the Gov ern ment.

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

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

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

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

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

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

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

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

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

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

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

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

at ing cash.

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

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

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

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

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

agency.

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

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

fund group clas si fi ca tion for the cur rent fis cal year to date and

prior fis cal year to date. 

• Ta ble FFO-5 sum ma rizes in ter nal rev e nue re ceipts by

re gions and dis tricts and by type of tax. Amounts re ported are

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

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

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

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

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

or are filed (that is, pay ments with de lin quent re turns or on de -

lin quent ac counts). 

 Amounts are re ported based on the pri mary fil ing ad dress 

pro vided by each tax payer or re port ing en tity. For multistate

cor po ra tions, the ad dress may re flect only the district where

such a cor po ra tion re ported its taxes from a prin ci pal of fice

rather than other districts where in come was earned or where

in di vid ual in come and So cial Se cu rity taxes were with held. In

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

and First-Quarter Re ceipts by Source

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

First-Quarter Re ceipts

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

by source, for the first quar ter of fis cal 2000 sup ple -

ments fis cal data re ported in the De cem ber is sue of

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

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

ad e quately col lec tions for the quar ter.

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

net of re funds, were $215.5 bil lion for the first quar ter of fiscal

2000. This is an in crease of $27.9 bil lion over the com pa ra ble

prior year quar ter. With held re ceipts in creased by $29.1 bil lion

and non-withheld re ceipts in creased by $0.4 bil lion dur ing this

pe riod. Re funds in creased by $1.6 bil lion over the com pa ra ble

fiscal 1999 quar ter. There was an in crease of $3.3 bil lion in ac -

count ing ad just ments be tween in di vid ual in come tax re ceipts

and the So cial Se cu rity and Medicare trust funds over the com -

pa ra ble quar ter in fiscal 1999.

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

ceipts were $48.8 bil lion for the first quar ter of fiscal 2000. 

This is an in crease of $1.2 bil lion com pared to the prior year

first quar ter. The $1.2 bil lion change is com prised of an in -

crease of $0.6 bil lion in es ti mated and fi nal pay ments, and a de -

crease of $0.6 bil lion in cor po rate re funds.

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

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

2000 were $135.9 bil lion, an in crease of $5.4 bil lion over the

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

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

Hos pi tal In sur ance trust funds changed by $6.3 bil lion, $1.3 billion and -$2.1 bil lion re spec tively. There was a -$1.3 bil lion ac -

count ing ad just ment for prior years em ploy ment tax li a bil i ties

made in the first quar ter of fis cal 2000, while there was a $2.1

bil lion ad just ment in the first quar ter of fiscal 1999. 

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

re ceipts, net of re funds, for the first quar ter of fiscal 2000

were $4.2 bil lion, an in crease of $0.1 bil lion over the com pa -

ra ble quar ter of fiscal 1999. Net State taxes de pos ited in the

U.S. Trea sury did not change sig nif i cantly from $3.3 bil lion. 

Net Fed eral Un em ploy ment Tax Act (FUTA) taxes did not

change sig nif i cantly from $0.9 bil lion.

Con tri bu tions for other in sur ance and re tire ment—

Con tri bu tions for other re tire ment were $1.2 bil lion for the

first quar ter of 2000. There was a neg li gi ble in crease over re -

ceipts from the com pa ra ble quar ter of fiscal 1999. The

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

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

Fed eral E m ployees’ Re tire ment System (FERS) grows

slowly rel a tive to those cov ered un der the Civil Service

Retirement System (CSRS).

Ex cise taxes—Net ex cise tax re ceipts for the first quar ter

of fiscal 2000 were $16.0 bil lion, a de crease of $5.1 bil lion

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

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

ex cise tax re funds for the quar ter were $0.2 bil lion, not a sig -

nif i cant change over the com pa ra ble prior year quar ter.

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

were $7.6 bil lion for the first quar ter of fiscal 2000. These

re ceipts rep re sent an in crease of $1.1 bil lion over the same

quar ter in fiscal 1999.

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

$5.0 bil lion for the first quar ter of fiscal 2000. This is an in -

crease of $0.4 bil lion over the com pa ra ble prior year quar ter.

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

the first quar ter of fiscal 2000 were $9.4 bil lion, a de crease

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

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

serve Banks de creas ing by $0.1 bil lion.
FED ERAL FIS CAL OP ER A TIONS 11

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

and First-Quarter Re ceipts by Source, con.

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

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

First quar ter Oct. - Dec. Ac tual fis cal year to date 

To tal on- and off-budget re sults:

To tal re ceipts ................................................. 443,606 443,606 

On-budget re ceipts........................................... 338,689 338,689 

Off-budget re ceipts........................................... 104,916 104,916 

To tal out lays.................................................. 464,224 464,224 

On-budget out lays ............................................ 401,397 401,397 

Off-budget out lays ............................................ 62,827 62,827 

To tal sur plus or def i cit (-) ........................................ -21,221 -21,221 

On-budget sur plus or def i cit (-) .................................. -63,311 -63,311 

Off-budget sur plus or def i cit (-) .................................. 42,090 42,090 

Means of fi nanc ing:

Bor rowing from the pub lic ....................................... 47,635 47,635 

Re duc tion of op er at ing cash ..................................... -26,869 -26,869 

Other means ................................................. 455 455 

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

21,221 21,221 

First-Quarter Net Bud get Re ceipts by Source, Fis cal 2000

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

Source Oct. Nov. Dec.

In di vid ual in come taxes......................................... 63.5 57.5 94.5

Cor po rate in come taxes......................................... 2.2 1.7 44.9

Em ploy ment taxes and con tri bu tions............................... 42.4 45.8 47.7

Un em ploy ment in sur ance ....................................... 1.0 2.9 0.3

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

Ex cise taxes .................................................. 4.2 6.1 5.7

Es tate and gift taxes............................................ 2.6 2.5 2.6

Cus toms du ties ............................................... 1.8 1.6 1.6

Mis cel la neous re ceipts.......................................... 2.9 3.1 3.4

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

121.0 121.4 201.2

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

CHART FFO-B.—

Budget Receipts

by Source, Fiscal

Year to Date,

1999-2000

0

50

1 00

1 50

2 00

2 50

3 00

3 50

Individual

inc ome

ta xe s

Corporate

income

taxes

Soc ia l

in suran ce

ta xes

Excis e

t axe s

E st ate/gift

taxes

Customs

duties

Mis c .

re ceipts

(In billions of do l ars)

2 000

1 999 *

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

CHART FFO-A.—

Monthly Receipts and Outlays, 1999-2000

-50

0

50

100

150

200

250

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

(In billions ofdo llars)

On-budget

rece ipts

Off-budget

rece ipts

On-budget

outlays

Off-budget

outlays
FED ERAL FIS CAL OP ER A TIONS 13

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

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

Means of fi nanc ing

 -net trans ac tions

 Bor rowing from

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

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

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

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

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

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

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

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

1998 1.............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039

1999 .............. -449 r 216,070 r -88,288 17,580 2,178 783 -1,173 r -17,715 1,009 r -124,366

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

1998 - Dec .......... 189 28,105 -5,383 1,621 210 -1,202 1,177 12,345 - 5,156

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

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

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

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

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

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

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

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

Sept ......... 283 r 31,300 r -47,683 20,069 488 -1,616 94 r 8,163 500 r -58,055

Oct .......... -277 16,865 5,754 -8,891 -52 951 -404 12,517 - 26,667

Nov.......... 2,125 9,538 6,132 -41,488 93 831 -867 -20,530 - 27,033

Dec.......... -1,840 44,812 35,749 77,248 1,010 -141 -760 8,526 - -33,081

Fis cal 2000 to date.... 8 71,216 47,635 26,869 1,052 1,641 -2,032 513 - 20,618

Means of fi nanc ing—net transactions, con.

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

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

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

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

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

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

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

* Less than $500,000.

1

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

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

ta ble.

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

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

1999. These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form

frame work.

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

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

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

1998 1............ 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831

1999 ............. 1,827,285 1,382,817 444,468 r 1,702,920 r 1,382,142 320,778 r 124,366 r 675 123,691 128,230

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

1998 - Dec......... 178,646 143,338 35,309 183,803 149,258 34,544 -5,156 -5,921 765 22,533

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

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

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

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

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

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

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

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

Sept ........ 200,396 161,304 39,093 r 142,340 r 107,221 35,120 r 58,055 r 54,083 3,973 -16,665

Oct ......... 121,035 89,009 32,026 147,701 119,506 28,196 -26,667 -30,497 3,830 22,896

Nov ......... 121,375 86,909 34,466 148,408 116,388 32,020 -27,033 -29,479 2,446 13,545

Dec ......... 201,196 162,772 38,424 168,114 165,503 2,611 33,081 -2,732 35,813 82,402

Fis cal 2000 to date . . 443,606 338,689 104,916 464,224 401,397 62,827 -20,618 -62,707 42,090 118,843
14 FED ERAL FIS CAL OP ER A TIONS

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

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

 So cial insurance

and re tire ment re ceipts 

 Em ploy ment and gen eral re tire ment 

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

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

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

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

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

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

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

1998 1.............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335

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

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

1998 - Dec .......... 340 - 340 47,869 315 - 315 412 6 417

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

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

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

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

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

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

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

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

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

Oct .......... 356 * 356 42,412 1,052 3 1,049 415 3 418

Nov.......... 365 * 364 45,759 2,870 2 2,868 378 8 386

Dec.......... 389 * 389 47,742 268 2 266 407 5 412

Fis cal 2000 to date ... 1,110 * 1,109 135,914 4,190 7 4,183 1,199 16 1,216

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

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

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

em ploy ment Net Fed eral

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

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

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

See foot note at end of ta ble.

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

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

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

1998 1.............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662

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

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

1998 - Dec .......... 69,628 7,094 734 75,988 45,123 2,749 42,374 118,362 47,529 - 47,529

1999 - Jan........... 58,527 42,325 988 99,863 7,185 2,055 5,130 104,993 53,377 - 53,377

Feb .......... 59,055 2,956 19,131 42,880 3,641 2,465 1,176 44,056 43,290 - 43,290

Mar .......... 69,559 7,260 26,227 50,591 23,131 4,578 18,553 69,144 48,130 - 48,130

Apr ........... 55,484 145,948 36,513 164,919 27,118 5,419 21,699 186,618 59,812 - 59,812

May.......... 50,727 4,131 24,197 30,661 5,176 1,229 3,948 34,609 45,374 - 45,374

June.......... 57,716 37,714 2,410 93,020 40,610 1,346 39,264 132,284 54,447 - 54,447

July .......... 59,717 3,264 2,989 59,992 5,303 1,898 3,405 63,397 43,998 - 43,998

Aug .......... 57,476 5,164 1,921 60,719 5,115 1,418 3,697 64,416 44,501 - 44,501

Sept.......... 49,244 43,078 3,072 89,250 42,571 2,336 40,235 129,485 55,962 1,508 54,455

Oct........... 57,596 7,130 1,221 63,505 7,175 4,995 2,180 65,685 42,056 - 42,056

Nov .......... 59,668 2,299 4,490 57,477 3,461 1,809 1,653 59,130 45,394 - 45,394

Dec .......... 88,311 7,373 1,149 94,535 46,486 1,540 44,946 139,481 47,353 - 47,353

Fis cal 2000 to date .... 205,575 16,805 6,861 215,517 57,122 8,343 48,779 264,296 134,804 - 134,804
FED ERAL FIS CAL OP ER A TIONS 15

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

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

So cial in sur ance

 and re tire ment 

re ceipts,

con.

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

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

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits Uni ver sal ser-

 Net of earn ings vice fund To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

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

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

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

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

1998 1............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468

1999 - Est........... 70,655 28,441 - 28,441 17,994 - 17,994 26,065 9,013 35,078 1,381,924 444,416

1998 - Dec.......... 5,446 2,304 65 2,239 1,616 143 1,472 1,715 812 2,527 143,338 35,309

1999 - Jan.......... 4,806 2,229 23 2,206 1,351 65 1,286 2,852 657 3,509 129,927 41,801

Feb .......... 3,892 1,645 45 1,600 1,475 72 1,403 1,279 589 1,868 65,146 34,356

Mar.......... 5,880 2,209 37 2,172 1,640 94 1,546 1,760 697 2,457 92,548 37,867

Apr .......... 5,579 5,192 54 5,138 1,465 115 1,350 1,737 646 2,383 219,490 46,739

May ......... 4,978 1,979 37 1,942 1,339 83 1,256 1,661 519 2,181 62,723 35,940

June......... 5,880 1,922 65 1,857 1,688 88 1,599 2,203 539 2,742 156,929 42,578

July ......... 5,723 1,988 50 1,938 1,792 67 1,725 1,904 867 2,771 87,959 33,964

Aug ......... 5,397 2,234 59 2,175 1,905 91 1,814 2,390 740 3,131 91,554 34,770

Sept ......... 7,167 2,348 54 2,294 1,788 61 1,727 2,789 1,453 4,242 161,304 39,093

Oct .......... 4,181 2,633 79 2,554 1,856 68 1,788 2,277 670 2,948 89,009 32,026

Nov ......... 6,072 2,536 71 2,465 1,714 94 1,621 2,225 850 3,075 86,909 34,466

Dec ......... 5,709 2,641 66 2,575 1,685 73 1,612 2,701 697 3,398 162,772 38,424

Fis cal 2000 to date ... 15,963 7,810 215 7,594 5,256 235 5,020 7,204 2,217 9,421 338,689 104,916

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

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

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

1998 1.............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810

1999 ............... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236

1999 - Est. ........... 608,021 10,397 - 10,397 638 - 638 38,464 - 38,464 21,156 - 21,156

1998 - Dec ........... 48,601 694 -52 746 51 - 51 2,293 6 2,287 2,469 107 2,361

1999 - Jan ........... 54,928 632 - 632 60 - 60 2,767 1 2,766 1,415 68 1,348

Feb ........... 46,683 717 24 692 53 - 53 1,801 314 1,488 1,682 23 1,659

Mar ........... 49,216 419 -1 420 35 - 35 2,656 14 2,642 2,856 73 2,783

Apr ........... 65,162 734 -1 735 58 - 58 2,971 - 2,971 1,887 72 1,815

May .......... 53,698 797 12 785 53 - 53 2,703 215 2,489 1,662 10 1,652

June .......... 55,144 823 * 823 34 - 34 3,063 -1 3,064 2,036 78 1,958

July ........... 46,368 767 - 767 52 - 52 2,815 - 2,815 2,150 60 2,089

Aug ........... 49,389 867 10 857 57 - 57 3,957 - 3,957 876 349 527

Sept .......... 55,481 1,162 6 1,156 48 - 48 4,702 448 4,254 1,475 -234 1,710

Oct ........... 43,879 448 - 448 34 - 34 1,462 - 1,462 2,302 64 2,238

Nov ........... 49,013 787 * 787 56 - 56 3,446 * 3,445 1,845 61 1,784

Dec ........... 48,421 737 - 737 30 - 30 2,523 - 2,523 2,465 46 2,420

Fis cal 2000 to date .... 141,312 1,972 * 1,972 120 - 120 7,430 * 7,430 6,612 171 6,441

1

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

sury State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for

this ta ble.

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

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

1999. These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form

frame work.
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

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

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

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

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

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

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

1998 1.............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1999 ............... 2,621 3,793 r 62,838 5,036 261,379 r 32,435 16,079 359,700 32,736 r 7,787 18,318 32,459

1999 - Est............ 2,853 3,912 62,678 4,796 268,570 34,323 15,544 371,260 32,988 8,580 18,648 32,885

1998 - Dec .......... 243 292 6,469 524 25,756 3,080 1,705 32,703 3,359 1,006 1,471 2,516

1999 - Jan........... 199 353 7,137 320 18,262 3,132 922 26,282 2,793 457 1,472 3,018

Feb .......... 189 308 3,964 382 19,883 3,130 1,240 28,438 1,937 826 1,322 2,650

Mar .......... 188 310 4,974 362 24,230 4,258 1,169 32,359 2,344 600 1,506 3,218

Apr ........... 196 374 4,018 389 24,049 2,194 1,224 34,225 1,969 481 1,946 3,056

May.......... 203 309 3,450 380 18,162 2,538 1,315 25,202 2,855 510 1,306 2,619

June.......... 263 293 6,020 506 22,808 2,101 1,581 31,187 2,616 500 1,823 2,560

July .......... 199 307 3,603 379 24,793 1,973 1,335 32,700 2,290 668 1,333 2,757

Aug .......... 212 311 3,555 430 19,661 2,422 1,317 27,446 2,816 638 1,638 2,769

Sept.......... 201 317 r 4,352 460 22,951 r 2,406 1,551 31,187 4,776 r 820 1,661 2,656

Oct........... 499 396 9,576 447 22,593 3,097 1,328 29,997 2,844 1,021 1,459 2,236

Nov .......... 238 322 10,989 531 21,529 2,309 1,219 30,486 2,635 618 1,930 2,378

Dec .......... 233 316 7,805 511 29,953 3,037 1,583 36,632 4,263 926 1,532 3,300

Fis cal 2000 to date .... 970 1,033 28,371 1,489 74,075 8,443 4,130 97,116 9,742 2,564 4,922 7,914

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

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

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

1998 1 .............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

1999 ............... 6,464 41,819 353,511 r 33,195 43,169 4,186 32,008 6,752 416 4,040 -46 10,059

1999 - Est............ 7,034 41,913 354,651 33,799 43,913 4,209 32,311 6,666 387 3,120 361 10,497

1998 - Dec .......... 816 3,679 69,882 2,556 5,145 501 2,654 639 105 782 -414 314

1999 - Jan........... 374 2,739 19,828 1,201 1,824 262 2,678 447 18 434 -31 768

Feb .......... 485 2,484 19,870 11,216 3,562 312 2,682 516 74 238 -62 976

Mar .......... 499 2,888 21,278 8,199 3,675 347 2,693 593 20 343 165 568

Apr ........... 583 3,020 20,337 4,259 5,483 235 2,707 573 40 184 66 1,121

May.......... 434 3,212 25,383 1,771 1,886 257 2,666 537 21 194 -26 427

June.......... 373 4,129 70,054 3,012 3,628 285 2,666 666 19 328 104 728

July .......... 612 3,705 19,223 1,780 5,142 364 2,664 563 20 130 -65 -3

Aug .......... 477 4,040 21,776 -305 1,904 352 2,668 608 20 211 -167 347

Sept.......... 497 4,518 19,785 r -2,680 3,633 490 2,662 609 21 151 -69 761

Oct........... 466 3,993 19,373 404 3,689 254 2,648 536 22 423 -23 710

Nov .......... 553 4,150 25,690 -170 3,782 381 2,704 566 19 460 530 1,038

Dec .......... 1,280 3,814 73,268 1,492 5,309 505 2,700 617 20 366 -305 2,491

Fis cal 2000 to date .... 2,299 11,957 118,331 1,726 12,780 1,140 8,052 1,718 61 1,249 202 4,240

 De part ment of 

 De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year ment Transpor- on the Trea sury, Vet erans o f civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram

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

See foot note at end of ta ble.
FED ERAL FIS CAL OP ER A TIONS 17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

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

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Other Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity indepen- share, re ceived on the Outer ances To tal outays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get

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

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

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

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

1998 1.............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

1999 ............... 13,664 3,285 47,515 58 419,790 r 6,929 -35,594 -118,634 -3,098 -1,754 r 1,382,142 320,778

1999 - Est............ 14,043 3,259 48,268 -814 420,509 6,482 -35,498 -119,104 -3,442 -2,099 1,406,683 320,819

1998 - Dec .......... 1,452 240 4,061 34 66,316 -577 -2,746 -50,164 -316 -281 149,258 34,544

1999 - Jan........... 988 278 3,732 156 2,826 939 -2,544 -55 14 - 102,385 -1,162

Feb .......... 889 247 3,694 -828 34,539 489 -2,522 -1,110 -178 - 110,656 31,192

Mar .......... 1,178 253 4,104 49 34,781 -128 -2,583 -825 -379 -414 122,211 30,614

Apr ........... 1,111 249 3,814 34 37,120 1,295 -2,827 -606 -149 * 123,474 29,296

May .......... 1,140 261 3,963 12 32,362 -2,417 -2,606 -5,438 -33 -226 91,435 31,197

June.......... 1,281 328 4,047 114 38,842 -2,468 -2,711 -51,177 -567 * 136,141 9,798

July .......... 1,051 294 4,079 21 37,246 1,168 -3,151 -31 -6 -56 117,652 29,434

Aug .......... 1,113 339 3,856 160 32,659 327 -2,620 -1,381 -475 - 97,983 31,143

Sept .......... 1,261 299 4,363 249 35,020 r 5,646 -6,076 -1,052 -311 -777 r 107,221 35,120

Oct........... 983 256 3,959 11 35,149 2,370 -2,864 -121 -31 * 119,506 28,196

Nov .......... 1,205 278 3,734 77 35,041 2,154 -2,790 -5,528 -651 * 116,388 32,020

Dec .......... 1,305 294 4,175 43 37,719 528 -2,857 -54,561 -183 * 165,503 2,611

Fis cal 2000 to date .... 3,493 829 11,869 131 107,912 5,053 -8,511 -60,211 -866 * 401,397 62,827

* Less than $500,000.

1

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

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

ta ble.

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

the fis cal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28,

1999. These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form

framework.
18 FED ERAL FISCAL OP ER A TIONS

Bud get re ceipts:

Individual income taxes....................... 215,516 1 - 215,517 187,583 1 - 187,584

Corporation income taxes..................... 48,779 - - 48,779 47,572 - - 47,572

So cial in sur ance and re tire ment re ceipts:

 Employment and

 general retirement (off-budget) ............ - - 104,916 104,916 - - 97,361 97,361

 Employment and

 general retirement (on-budget) ............ - - 30,997 30,997 - - 33,137 33,137

 Unemployment insurance .................. - - 4,183 4,183 - - 4,112 4,112

 Other retirement.......................... - - 1,216 1,216 - - 1,153 1,153

Excise taxes ............................... 5,982 123 9,859 15,963 4,387 87 16,624 21,097

Estate and gift taxes ......................... 7,594 - - 7,594 6,460 - - 6,460

Customs duties............................. 3,311 1,534 175 5,020 2,992 1,482 155 4,628

Miscellaneous receipts ....................... 7,658 1,697 65 9,421 7,857 1,583 53 9,493

 Total receipts...........................

288,840 3,355 151,411 443,606 256,851 3,153 152,594 412,599

 (On-budget)...........................

288,840 3,355 46,495 338,689 256,851 3,153 55,233 315,237

 (Off-budget)...........................

- - 104,916 104,916 - - 97,361 97,361

Bud get out lays:

Legislative branch........................... 649 316 5 970 607 160 4 771

Judicial branch ............................. 810 255 -32 1,033 937 6 -31 912

Department of Agriculture..................... 11,559 16,788 23 28,370 11,527 10,227 11 21,764

Department of Commerce..................... 1,352 137 * 1,489 1,253 174 * 1,427

Department of Defense-military ................ 72,394 1,580 101 74,075 65,458 1,101 20 66,580

Department of Education ..................... 8,458 -16 * 8,443 8,250 30 * 8,280

Department of Energy ........................ 4,980 -850 * 4,130 5,012 -587 * 4,425

Department of Health and Human Services....... 61,817 32 35,268 97,116 60,775 30 29,868 90,672

Department of Housing and Urban Development... 9,996 -254 - 9,742 8,526 -188 - 8,338

Department of the Interior..................... 2,052 58 454 2,564 2,133 113 42 2,288

Department of Justice ........................ 3,414 216 1,292 4,922 3,066 470 775 4,311

Department of Labor......................... 2,242 200 5,473 7,914 1,651 24 5,478 7,154

Department of State ......................... 2,181 53 65 2,299 2,020 64 43 2,128

Department of Transportation.................. -1,638 -50 13,645 11,957 -1,847 95 12,834 11,082

De part ment of theTreasury:

 Interest on the public debt.................. 118,331 - - 118,331 115,977 - - 115,977

 Other .................................. 2,082 -458 102 1,726 4,023 606 113 4,743

Department of Veterans Affairs ................. 12,681 -95 194 12,780 12,393 -152 191 12,432

Corps of Engineers.......................... 802 147 191 1,140 1,002 180 101 1,283

Other defense civil programs .................. 15,317 * -7,264 8,052 15,264 3 -7,347 7,921

Environmental Protection Agency............... 2,113 -27 -368 1,718 1,611 9 20 1,641

Executive Office of the President ............... 61 * * 61 165 * * 165

Federal Emergency Management Agency ........ 942 307 * 1,249 1,564 264 - 1,828

General Services Administration................ 48 154 - 202 34 6 * 40

International Assistance Program ............... 4,752 -76 -435 4,241 4,478 -347 234 4,366

National Aeronautics and Space Administration .... 3,493 - * 3,493 3,651 - * 3,651

National Science Foundation .................. 823 * 5 829 733 - 4 737

Office of Personnel Management ............... 1,227 1 10,641 11,869 993 -2 10,870 11,862

Small Business Administration ................. 223 -93 * 131 217 -127 * 90

Social Security Administration.................. 13,908 * 94,004 107,911 12,983 * 121,412 134,395

Other independent agencies................... 2,233 815 2,004 5,052 2,381 -2,203 1,898 2,076

Un dis trib uted off set ting re ceipts: - - - - - - - -

 Interest................................. - - -60,211 -60,211 - - -56,958 -56,958

 Other .................................. -866 * -8,511 -9,377 -1,295 * -7,954 -9,249

 Total outlays...........................

358,437 19,141 86,646 464,224 345,543 9,959 111,630 467,131

 (On-budget)...........................

358,437 20,006 22,955 401,397 345,543 10,446 16,996 372,985

 (Off-budget)...........................

- -865 63,691 62,827 - -488 94,634 94,146

 Surplus (+) or deficit (-) ...................

-69,597 -15,786 64,765 -20,618 -88,691 -6,806 40,964 -54,533

 (On-budget)...........................

-69,597 -16,650 23,540 -62,707 -88,691 -7,293 38,236 -57,748

 (Off-budget)...........................

- 865 41,225 42,090 - 488 2,728 3,215

- No trans ac tions.

* Less than $500,000.

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency, 

Decem ber 1999 and Other Pe riods

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

This fis cal year to date Prior fis cal year to date

Clas si fi ca tion 

Gen eral funds

(1)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

 (2)

 Trust funds

 (3)

To tal funds

(4) 

Gen eral funds

 (5)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

(6)

Trust 

funds

 (7)

 To tal funds

(8)
FED ERAL FIS CAL OP ER A TIONS 19

TA BLE FFO-5.—In ter nal Rev e nue Re ceipts by Re gions and Dis tricts

[In thou sands of dol lars. Source: In ter nal Revenue Ser vice]

To tal in di vid ual

in come and

em ploy ment

taxes

(2)

In di vid ual in come and em ploy ment taxes

In ter nal Rev e nue Re gions and

 Dis tricts

Grand to tal

(1)

In come tax

not with held

and SECA 1,2

(3)

In come tax

with held and

FICA 1

(4)

Rail road

re tire ment

(5)

Un em ploy -

ment in sur -

ance

(6)

Cor po ra tion

in come

taxes 3

(7)

Es tate and

gift tax

(8)

Ex cise tax

(9)

1

 Col lec tions of in di vid ual in come tax (with held and not with held) in clude old-age, sur vi vor’s,

dis abil ity and hos pi tal in sur ance taxes on sal a ries and wages (FICA) and self-employment income (SECA). 

2 In cludes fi du ciary in come tax col lec tions of $14.2 bil lion.

3 In cludes taxes of $666 mil lion on un re lated busi ness in come of ex empt or ga ni za tions

(Forms 990T).

4

Des ig na tions by tax pay ers of a por tion of their taxes to the Pres i den tial Elec tion Cam paign

Fund also are in cluded even though they are not col lec tions, as such, be cause they do not

af fect tax payer li a bil ity. Trans fer of amounts to this fund was made on a na tional ba sis only

and had no ef fect on re gional and/or dis trict of fice col lec tion data.

5

Amounts not clas si fied by re gion and/or dis trict as of the end of the fis cal year. This in -

cludes tax pay ments made to banks un der the Fed eral Tax De posit (FTD) Sys tem. These

pay ments are in cluded in col lec tions but are not clas si fied by dis trict un til ap plied to tax payer

ac counts. Also in cluded are cred its al low able on in come tax re turns for cer tain gas o line, die -

sel and spe cial mo tor fuel tax pay ments and for ex cess pay ments un der the Fed eral In sur -

ance Con tri bu tions Act.

Note.—De tails may not add to to tals due to round ing. Amounts re flect ad just ments made to

data re ported in prior years. Neg a tive fig ures are dis played when prior year ad just ments exceed cur rent year re ceipts.

Northeast Region ............ 614,115,463 517,273,525 100,997,674 413,665,875 767,302 1,842,674 76,917,958 9,324,001 10,599,979

Brooklyn .................. 34,077,614 31,173,201 8,650,398 22,287,354 119,160 116,289 1,968,916 504,697 430,801

Connecticut-Rhode Island .... 46,061,351 36,984,599 8,344,261 28,527,473 1,324 111,541 8,129,399 719,329 228,024

Manhattan................. 102,074,000 81,775,502 16,128,999 65,327,542 121,904 197,056 17,173,220 2,040,342 1,084,936

Michigan .................. 71,267,703 63,671,973 9,656,153 53,707,825 41,362 266,633 6,552,837 789,385 253,508

New England .............. 72,763,563 64,170,874 14,696,450 49,203,804 27,375 243,245 6,701,353 1,185,730 705,606

New Jersey ................ 85,437,187 69,410,900 12,663,678 56,452,024 64,714 230,484 13,248,973 938,266 1,839,048

Ohio ..................... 82,831,086 66,715,775 11,598,891 54,811,557 25,810 279,516 10,804,360 1,469,928 3,841,022

Pennsylvania .............. 83,460,853 70,620,499 14,062,169 55,921,085 352,616 284,630 9,671,047 1,232,257 1,937,050

Upstate New York........... 36,142,106 32,750,202 5,196,674 27,427,210 13,036 113,282 2,667,852 444,067 279,985

Southeast Region ............ 438,220,315 378,224,115 82,875,127 291,911,169 1,743,659 1,694,161 45,532,048 7,398,129 7,066,022

Delaware-Maryland.......... 59,820,700 51,056,999 8,843,547 41,619,032 444,071 150,348 7,151,304 879,042 733,355

Georgia................... 56,742,013 43,563,397 8,130,655 35,208,543 3,811 220,387 10,410,140 589,812 2,178,663

Gulf Coast................. 42,484,782 37,483,010 8,837,692 28,433,299 11,669 200,350 3,706,724 759,200 535,847

Indiana ................... 32,677,292 29,676,580 5,683,397 23,849,189 23,099 120,895 2,212,004 396,812 391,896

Kentucky-Tennessee ........ 50,800,659 44,286,015 8,287,588 35,781,709 10,405 206,314 5,176,985 562,531 775,127

North Florida ............... 41,196,262 37,965,949 9,076,168 27,941,048 770,133 178,600 2,345,000 663,324 221,989

North-South Carolina ........ 58,936,437 51,193,839 10,243,114 40,680,735 4,206 265,785 6,439,763 905,824 397,010

South Florida .............. 43,258,486 38,485,271 15,008,152 23,303,667 1,444 172,009 2,722,323 1,791,378 259,513

Virginia-West Virginia ........ 52,303,683 44,513,054 8,764,815 35,093,947 474,821 179,472 5,367,803 850,206 1,572,620

Midstates Region ............ 454,461,768 364,964,601 72,888,966 288,640,795 1,829,106 1,605,734 53,266,028 5,134,174 31,096,965

Arkansas-Oklahoma ......... 35,007,881 24,390,957 4,649,885 19,563,283 7,571 170,218 5,074,578 423,292 5,119,055

Houston .................. 46,051,541 31,528,072 6,715,936 24,663,915 7,422 140,800 4,378,599 365,511 9,779,358

Illinois .................... 110,720,028 90,671,902 18,236,326 72,177,992 -78,121 335,705 14,121,228 1,505,423 4,421,474

Kansas-Missouri............ 56,330,611 46,829,779 8,308,886 37,439,787 881,824 199,282 5,776,024 755,182 2,969,627

Midwest................... 60,182,214 50,529,716 10,349,164 39,032,856 903,052 244,644 8,462,528 663,437 526,534

North Central .............. 56,596,812 48,158,144 7,683,746 40,203,109 84,105 187,184 6,733,640 371,937 1,333,092

North Texas ............... 58,903,583 46,803,439 10,499,457 36,050,486 5,639 247,857 6,051,820 672,098 5,376,225

South Texas ............... 30,669,098 26,052,593 6,445,566 19,509,367 17,615 80,045 2,667,611 377,295 1,571,599

Western Region ............. 379,867,750 329,610,935 81,459,503 246,704,303 59,306 1,387,824 34,900,920 5,936,728 9,419,168

Central California ........... 42,336,732 36,541,828 8,829,853 27,562,613 1,928 147,433 5,010,935 625,425 158,544

Los Angeles ............... 54,273,871 45,912,935 11,053,923 34,663,551 130 195,331 5,828,522 1,046,297 1,486,117

Northern California .......... 71,121,484 59,836,758 15,109,215 44,527,282 2,742 197,519 7,335,998 1,337,560 2,611,168

Pacific Northwest ........... 69,425,477 61,931,752 14,375,493 47,300,084 11,207 244,968 5,627,836 717,460 1,148,428

Rocky Mountain ............ 54,125,694 48,260,534 10,474,196 37,540,300 41,090 204,948 4,083,223 588,987 1,192,951

Southern California.......... 48,983,943 42,813,308 11,835,263 30,764,188 177 213,680 4,616,950 820,559 733,126

Southwest................. 39,600,548 34,313,819 9,781,559 24,346,285 2,032 183,944 2,397,455 800,440 2,088,834

I nternational ................ 14,371,897 9,339,547 3,236,100 6,040,725 16,272 46,450 4,678,187 134,329 219,832

Puerto Rico ................ 4,367,206 2,883,636 227,691 2,616,758 - 39,187 1,400,138 76,735 6,697

Other..................... 10,004,690 6,455,911 3,008,409 3,423,967 16,272 7,263 3,278,050 57,594 213,135

Col lec tions Not Clas si fied by

 Re gions and Dis tricts:

Presidential Election

 Campaign Fund 4.......... 61,029 61,029 - 61,029 - - - - -

Other, including Federal

 tax deposits 5 ............. 3,114,696 1,442,906 -1,091,565 2,337,957 122,992 73,522 1,029,748 458,246 183,796

Total, Internal Revenue

 receipts ..................

1,904,151,888 1,600,855,629 340,365,805 1,249,300,823 4,538,637 6,650,364 216,324,889 28,385,606 58,585,763
20

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The De part ment of Trea sury’s (Trea sury) op er at ing cash

is main tained in ac counts with the Fed eral Re serve Banks

(FRBs) and branches, as well as in tax and loan ac counts in

other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude

the Daily Bal ance Wire re ceived from the FRBs and branches,

and elec tronic trans fers through the Let ter of Credit Pay ment,

Fedline Pay ment and Fedwire De posit Sys tems. As the FRB

ac counts are de pleted, funds are called in (with drawn) from

thou sands of tax and loan ac counts at fi nan cial in sti tu tions

through out the coun try.

Un der au thor ity of Pub lic Law 95-147, Trea sury im ple -

mented a pro gram on No vem ber 2, 1978, to in vest a por tion of

its op er at ing cash in ob li ga tions of depositaries main tain ing tax 

and loan ac counts. Un der the Trea sury tax and loan in vest ment

pro gram, de pos i tary fi nan cial in sti tu tions se lect the man ner in

which they will par tic i pate. Fi nan cial in sti tu tions wish ing to

re tain funds de pos ited into their tax and loan ac counts in in ter -

est-bearing ob li ga tions par tic i pate un der the Note Op tion. The

pro gram per mits Trea sury to col lect funds through fi nan cial in -

sti tu tions and to leave the funds in Note Op tion depositaries

and in the fi nan cial com mu ni ties in which they arise un til Trea -

sury needs the funds for its op er a tions. In this way, Trea sury is

able to neu tral ize the ef fect of its fluc tu at ing op er a tions on

Note Op tion fi nan cial in sti tu tion re serves and on the econ omy.

Like wise, those in sti tu tions wish ing to re mit the funds to the

Trea sury’s ac count at FRBs do so un der the Re mit tance Op -

tion.

De posits to tax and loan ac counts oc cur as cus tom ers of fi -

nan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to pur chase Gov ern ment se cu ri ties. In most

cases, this in volves a trans fer of funds from a cus tomer’s ac -

count to the tax and loan ac count in the same fi nan cial in sti tu -

tion. Also, Trea sury can di rect the FRBs to in vest ex cess funds

in tax and loan ac counts di rectly from the Trea sury ac count at

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

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

See foot notes at end of ta ble.

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

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

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

1998 ............... 4,238,957 259,197 4,500,895 969,668 971,671 

1999 ............... 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

1998 - Dec. .......... 406,620 31,232 436,984 110,726 109,972 

1999 - Jan. .......... 326,580 22,904 347,947 78,185 40,156 

Feb. .......... 369,971 20,951 394,007 72,921 122,268 

Mar .......... 432,087 25,994 457,245 94,848 78,696 

Apr ........... 638,403 20,287 654,024 97,109 65,263 

May .......... 376,386 16,401 397,771 74,694 102,205 

June.......... 460,130 22,476 480,942 110,685 84,890 

July .......... 352,815 17,805 372,356 81,092 92,909 

Aug .......... 443,460 17,931 460,817 80,137 83,871 

Sept .......... 436,562 21,880 457,360 107,408 88,422 

Oct........... 323,814 17,937 343,865 79,089 85,867 

Nov. .......... 419,956 18,046 437,504 80,857 122,843 

Dec. .......... 459,798 29,680 466,101 134,558 80,688 

Credits and with draw als

Fed eral Re serve ac counts

Credits 1 Tax and loan note ac counts

Fis cal year

or month Re ceived di rectly

Re ceived through Re mit -

tance Op tion tax and

loan depositaries With drawals 2 Taxes 3

With drawals

(trans fers to Fed eral

Re serve ac counts)

(1) (2) (3) (4) (5)
AC COUNT OF THE U.S. TREA SURY 21

1

 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions 

of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds

out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in -

come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

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

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

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

1997 ............... 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

1998 ............... 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

1999 ............... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

1998 - Dec........... 6,086 11,417 10,174 51,804 3,837 1,442 5,923 24,419 

1999 - Jan. .......... 7,623 49,446 8,001 58,264 4,960 11,417 6,597 30,760 

Feb. ......... 4,538 100 6,334 32,580 3,777 100 4,800 6,874 

 Mar.......... 5,374 16,252 10,305 21,963 4,671 5,213 5,463 12,082 

Apr. .......... 10,040 48,098 10,052 65,585 3,873 1,557 6,379 16,489 

May.......... 5,056 20,586 10,040 48,098 4,095 18,897 5,421 28,434 

June ......... 6,720 46,382 8,021 57,036 3,838 923 5,929 24,022 

July.......... 4,984 34,565 6,141 38,665 4,566 15,642 5,221 27,191 

Aug.......... 5,559 30,831 5,703 34,565 4,439 3,018 5,076 9,184 

Sept ......... 6,641 49,817 10,128 65,300 4,146 3,714 6,389 29,293 

Oct .......... 4,527 43,040 6,305 43,040 4,334 15,509 5,179 28,606 

Nov.......... 5,025 1,054 6,193 21,412 3,940 1,054 5,055 8,047 

Dec.......... 28,402 54,925 28,402 82,705 3,372 45 8,250 39,016 

Bal ances

Dur ing pe riod

End of pe riod High Low Av er age

Fis cal year

or month

Fed eral

Reserve

Tax and loan

note accounts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

(6) (7) (8) (9) (10) (11) (12) (13)
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed -

eral agen cies ac count ing for the rest. Ta bles in this sec tion of

the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for -

ma tion is pub lished in the “Monthly State ment of the Pub lic

Debt of the United States.” Like wise, in for ma tion on agency

se cu ri ties and on in vest ments of Fed eral Gov ern ment ac counts 

in Fed eral se cu ri ties is pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov -

ern ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing

pub lic debt and agency se cu ri ties held by the pub lic, in clud ing

the Fed eral Re serve. It also in cludes debt held by Fed eral

agen cies, largely by the So cial Se cu rity and other Fed eral re -

tire ment trust funds. The net un am or tized pre mium and dis -

count also are listed by to tal Fed eral se cu ri ties, se cu ri ties held

by Gov ern ment ac counts and se cu ri ties held by the pub lic. The 

dif fer ence be tween the out stand ing face value of the Fed eral

debt and the net un am or tized pre mium and dis count is clas si -

fied as the ac crual amount. (For greater de tail on hold ings of

Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the

own er ship ta bles, OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar -

ket able and non mar ket able Trea sury se cu ri ties. The dif fer ence 

be tween in ter est-bearing and to tal pub lic debt se cu ri ties re -

flects out stand ing ma tured Trea sury se cu ri ties—that is, un re -

deemed se cu ri ties that have ma tured and are no lon ger

ac cru ing in ter est. Be cause the Fed eral Fi nancing Bank is un -

der the su per vi sion of Trea sury, its se cu ri ties are held by a U.S. 

Gov ern ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held

by U.S. Gov ern ment ac counts are sum ma rized by is sues to

par tic u lar funds within Gov ern ment. Many of the funds in vest

in par value spe cial se ries nonmarketables at in ter est rates de -

ter mined by law. Oth ers in vest in mar ket-based spe cial Trea -

sury se cu ri ties whose terms mir ror those of mar ket able

se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued

by Gov ern ment agen cies. Fed eral agency bor row ing has de -

clined in re cent years, in part be cause the Fed eral Fi nancing

Bank has pro vided fi nanc ing to other Fed eral agen cies. (Fed -

eral agency bor row ing from Trea sury is pre sented in the

“Monthly Trea sury State ment of Re ceipts and Out lays of the

United States Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket able 

in ter est-bearing pub lic debt held by pri vate in ves tors and the

ma tu rity dis tri bu tion of that debt. 

The av er age length hit a low of 2 years, 5 months in De -

cem ber 1975. The length then grad u ally in creased un til it 

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

the av er age length has de creased. For ex am ple, dur ing most of 

1996 the av er age length was at 5 years, 3 months. 

In March 1971, Con gress en acted a lim ited ex cep tion to

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

could be held by the pub lic. This per mit ted Trea sury to of fer

se cu ri ties ma tur ing in more than 7 years at cur rent mar ket in -

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

def i ni tion of a bond was changed to in clude those se cu ri ties

lon ger than 10 years to ma tu rity. This ex cep tion has ex panded

since 1971, au tho riz ing Trea sury to con tinue to is sue

long-term se cu ri ties. The ceil ing on Trea sury bonds was re -

pealed on No vem ber 10, 1988. 

The vol ume of pri vately held Trea sury mar ket able se cu ri -

ties by ma tu rity class re flects the re main ing pe riod to ma tu rity

of Trea sury bills, notes and bonds. The av er age length is com -

prised of an av er age of re main ing pe ri ods to ma tu rity,

weighted by the amount of each se cu rity held by pri vate in ves -

tors. In other words, com pu ta tions of av er age length ex clude

Gov ern ment ac counts and the FRBs.

• In ta ble FD-6, the debt ceil ing is com pared with the

out stand ing debt sub ject to lim i ta tion by law. The other debt

cat e gory in cludes Fed eral debt Con gress has des ig nated as be -

ing sub ject to the debt ceil ing. Changes in the

non-interest-bearing debt shown in the last col umn re flect ma -

tu ri ties of Trea sury se cu ri ties on non busi ness days, which can

be re deemed on the next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is -

sued by Gov ern ment cor po ra tions and other agen cies. Cer tain

Fed eral agen cies are au tho rized to bor row money from the

Trea sury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are autho rized to bor row from the Trea sury to fi nance cap i tal pro -

jects. Trea sury, in turn, fi nances these loans by sell ing

Trea sury se cu ri ties to the pub lic.

22
FED ERAL DEBT 23

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

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

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

1998 ............ 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1999 ............ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

1998 - Dec. ........ 5,643,435 5,614,217 29,218 1,827,543 1,826,826 717 3,815,892 3,787,391 28,501

1999 - Jan......... 5,639,054 5,610,117 28,937 1,854,971 1,854,253 717 3,784,083 3,755,864 28,220

Feb ........ 5,650,706 5,621,946 28,760 1,864,805 1,864,089 717 3,785,901 3,757,857 28,043

Mar ........ 5,680,450 5,651,615 28,835 1,857,783 1,857,066 717 3,822,667 3,794,549 28,118

Apr ......... 5,614,538 5,585,840 28,698 1,876,571 1,875,854 717 3,737,967 3,709,986 27,981

May ........ 5,632,895 5,604,198 28,697 1,896,258 1,895,541 717 3,736,637 3,708,657 27,980

June ........ 5,667,682 5,638,780 28,902 1,954,247 1,953,613 634 3,713,435 3,685,167 28,268

July ........ 5,667,400 5,638,656 28,744 1,952,587 1,951,953 634 3,714,813 3,686,703 28,110

Aug ........ 5,701,027 5,672,386 28,641 1,959,698 1,959,064 634 3,741,329 3,713,322 28,007

Sept ........ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

Oct......... 5,708,360 5,679,727 28,633 2,006,868 2,006,234 634 3,701,492 3,673,493 27,999

Nov ........ 5,724,359 5,693,600 30,759 2,016,199 2,015,565 634 3,708,160 3,678,035 30,125

Dec ........ 5,805,009 5,776,091 28,918 2,061,194 2,060,560 634 3,743,815 3,715,531 28,284

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

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

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

1998 ............ 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

1999 ............ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

1998 - Dec......... 5,643,435 74,677 5,568,759 1,827,543 10,952 1,816,591 3,815,892 63,725 3,752,168

1999 - Jan......... 5,639,054 74,201 5,564,854 1,854,971 11,035 1,843,935 3,784,083 63,166 3,720,919

Feb ........ 5,650,706 75,990 5,574,716 1,864,805 12,697 1,852,109 3,785,901 63,293 3,722,607

Mar ........ 5,680,450 75,979 5,604,472 1,857,783 12,935 1,844,848 3,822,667 63,044 3,759,624

Apr ......... 5,614,538 76,997 5,537,540 1,876,571 13,446 1,863,124 3,737,967 63,551 3,674,416

May ........ 5,632,895 76,793 5,556,101 1,896,258 14,021 1,882,236 3,736,637 62,772 3,673,865

June ........ 5,667,682 77,138 5,590,544 1,954,247 15,322 1,938,925 3,713,435 61,816 3,651,619

July ........ 5,667,400 77,853 5,589,547 1,952,587 15,852 1,936,735 3,714,813 62,001 3,652,812

Aug ........ 5,701,027 78,146 5,622,881 1,959,698 16,099 1,943,599 3,741,329 62,047 3,679,282

Sept ........ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

Oct......... 5,708,360 79,255 5,629,105 2,006,868 16,475 1,990,393 3,701,492 62,780 3,638,712

Nov ........ 5,724,359 79,583 5,644,775 2,016,199 16,635 1,999,564 3,708,160 62,948 3,645,212

Dec ........ 5,805,009 79,672 5,725,337 2,061,194 16,818 2,044,376 3,743,815 62,854 3,680,961

TA BLE FD-1.—Sum mary of Fed eral Debt

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

Se cu ri ties held by

Amount outstanding Gov ern ment ac counts The pub lic

End of fis cal year

 or month To tal

Pub lic debt

securities

 Agency

 se cu ri ties To tal

 Pub lic debt 

 se cu ri ties

 Agency

 se cu ri ties To tal

 Pub lic debt

 se cu ri ties

 Agency

 se cu ri ties

Fed eral debt se cu ri ties Se cu ri ties held by Gov ern ment ac counts Se cu ri ties held by the pub lic

End of fis cal year

or month

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

 Ac crual 

 amount 

Amount out -

stand ing face

value

 Net

 unamortized

 premium

 and dis count

Ac crual

amount

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

Ac crual

amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
24 FED ERAL DEBT

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

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

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

1998........... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1999........... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

1998 - Dec ....... 5,605,401 3,355,457 690,986 1,960,668 621,166 67,637 15,000 2,249,944

1999 - Jan........ 5,568,063 3,292,804 662,725 1,917,738 621,166 76,174 15,000 2,275,260

Feb ....... 5,580,223 3,294,534 667,495 1,903,388 632,516 76,134 15,000 2,285,689

Mar ....... 5,643,138 3,361,344 725,517 1,912,003 632,516 76,307 15,000 2,281,795

Apr ....... 5,577,369 3,272,572 650,083 1,891,214 632,516 83,759 15,000 2,304,797

May ....... 5,563,128 3,240,626 648,489 1,860,612 632,516 84,009 15,000 2,322,502

June....... 5,629,535 3,248,509 647,844 1,868,541 632,516 84,608 15,000 2,381,026

July ....... 5,599,069 3,223,689 654,796 1,829,279 632,516 92,097 15,000 2,375,380

Aug ....... 5,663,351 3,280,999 689,895 1,840,312 643,695 92,097 15,000 2,382,352

Sept ....... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

Oct ....... 5,640,643 3,211,209 662,971 1,789,464 643,695 100,080 15,000 2,429,435

Nov ....... 5,684,718 3,243,674 687,870 1,796,560 643,695 100,551 15,000 2,441,044

Dec ....... 5,766,093 3,280,983 737,068 1,784,480 643,695 100,740 15,000 2,485,110

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

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

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

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1

1998 - Dec ............... 180,326 34,322 1,840,012 165,287 29,995 1

1999 - Jan ............... 180,426 34,122 1,866,255 164,460 29,995 1

Feb .............. 180,579 33,922 1,875,939 165,252 29,995 1

Mar .............. 180,614 33,522 1,870,215 167,447 29,995 1

Apr ............... 180,750 32,922 1,889,400 171,728 29,995 1

May .............. 179,952 31,846 1,908,341 172,366 29,995 1

June .............. 179,979 30,920 1,967,542 172,589 29,995 1

July .............. 180,087 30,920 1,964,756 169,621 29,995 1

Aug .............. 179,973 30,745 1,973,088 168,550 29,995 1

Sept .............. 180,019 30,970 2,005,166 168,091 29,995 1

Oct............... 180,291 30,970 2,022,198 165,979 29,995 1

Nov .............. 180,394 30,970 2,032,729 166,955 29,995 1

Dec .............. 179,346 31,318 2,078,721 165,729 29,992 1

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Mar ket able

End of fis cal year

or month

To tal 

 in ter est-bearing

pub lic debt To tal 

 Trea sury

 bills

 Trea sury 

 notes 

 Trea sury

 bonds

 Trea sury

 in fla tion-indexed

notes

 Fed eral

 Fi nancing

 Bank

 Non mar ket able

 To tal

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

Non mar ket able, con.

End of fis cal year

or month

U.S. savings 

se cu ri ties For eign se ries

Gov ern ment 

ac count se ries

 State and lo cal

 gov ern ment se ries

 Do mes tic

 se ries Other

(9) (10) (11) (12) (13) (14)
FED ERAL DEBT 25

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

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

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

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

1998 - Dec ........ 1,840,012 12,075 27,982 19,539 14,418 78,215 454,464 120,739 15,307 662,376

1999 - Jan......... 1,866,255 11,047 27,564 19,405 14,472 82,319 451,983 126,973 15,307 692,979

Feb ........ 1,875,939 11,151 27,757 19,937 19,271 82,947 449,664 125,385 15,600 695,930

Mar ........ 1,870,215 10,950 28,046 19,995 14,557 83,845 447,221 124,181 14,761 701,098

Apr ........ 1,889,400 11,096 28,094 20,112 12,902 86,127 445,029 128,550 16,405 716,667

May ........ 1,908,341 11,309 28,158 19,892 12,922 86,841 442,726 131,905 16,803 720,469

June........ 1,967,542 11,861 28,428 20,413 13,546 90,867 456,921 139,591 16,954 749,287

July ........ 1,964,756 12,042 27,995 20,439 13,427 91,270 454,718 139,604 17,709 753,396

Aug ........ 1,973,088 12,312 28,650 20,729 13,328 91,586 452,324 141,955 17,898 755,857

Sept........ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

Oct ........ 2,022,198 12,480 27,374 20,789 13,026 92,884 472,614 137,503 14,947 766,285

Nov ........ 2,032,729 12,302 28,111 21,132 12,940 93,215 470,273 139,298 15,351 768,422

Dec ........ 2,078,721 12,586 28,068 20,992 13,154 97,203 485,036 141,460 15,354 798,894

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

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

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

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153

1998 - Dec........ 2,083 46,296 - 23,950 12,253 - 20,127 75 71,760 258,353

1999 - Jan........ 2,105 42,118 - 21,097 12,184 - 20,237 74 70,103 256,288

Feb........ 2,114 43,434 - 21,783 12,110 - 20,508 75 70,420 257,853

Mar........ 2,126 42,008 - 22,485 12,001 - 20,805 72 68,000 258,064

Apr ........ 2,136 38,269 - 23,920 11,909 - 20,887 70 67,988 259,239

May ....... 2,146 36,407 - 24,553 11,837 - 21,141 70 76,250 264,912

June ....... 2,163 35,954 - 25,168 12,211 - 21,586 70 76,946 265,576

July ....... 2,207 32,600 - 25,612 12,132 - 21,858 70 76,304 263,373

Aug ....... 2,229 32,303 - 26,333 12,055 - 22,136 71 78,782 264,540

Sept ....... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153

Oct ........ 2,263 46,030 - 27,590 11,880 - 22,691 71 76,569 277,202

Nov ....... 2,272 45,723 - 28,401 11,812 - 22,672 72 77,967 282,766

Dec ....... 2,290 46,080 - 23,818 12,168 - 22,655 69 78,635 280,259

Ta ble FD-3.—Gov ern ment Ac count Series

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of fis cal year

or month To tal 

Air port 

and Air way 

 Trust 

 Fund 

Bank 

 In sur ance 

 Fund 

 Em ployees 

 Life In sur -

ance Fund

Ex change

 sta bi li za tion

fund

Fed eral

Disability

 In sur ance

Trust Fund

Fed eral 

em ployees 

re tire ment 

 funds 

Fed eral

Hos pi tal

 In sur ance

Trust Fund

 Fed eral

Housing

 Ad min is tra -

tion

Fed eral

Old-age and

Sur vi vors

 In sur ance

Trust Fund

End of fis cal year

or month

Fed eral

Sav ings and

Loan

Cor po ra tion,

res o lu tion

fund

Fed eral

Sup ple men -

tary Med i cal 

 In sur ance 

Trust Fund 

Gov ern ment

 life in sur ance 

fund

High way

Trust Fund

Na tional

Ser vice Life

In sur ance

fund

Postal

Ser vice fund

Rail road

Re tire ment 

Ac count

 Trea sury

 de posit

 funds

 Un em ploy -

ment Trust

Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
26 FED ERAL DEBT

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

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

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

1998 ................. 29,372 63 174 1,261 26,685 717 471

1999 ................. 28,910 63 114 1,261 26,378 634 460

1998 - Dec .............. 29,218 63 205 1,261 26,496 717 475

1999 - Jan .............. 28,937 63 70 1,261 26,349 717 476

Feb .............. 28,760 63 69 1,261 26,174 717 476

Mar .............. 28,835 63 80 1,261 26,237 717 477

Apr .............. 28,698 63 84 1,261 26,094 717 478

May .............. 28,697 63 88 1,261 26,088 717 479

June.............. 28,902 63 99 1,261 26,364 634 481

July .............. 28,744 63 105 1,261 26,198 634 482

Aug .............. 28,641 63 109 1,261 26,101 634 472

Sept.............. 28,910 63 114 1,261 26,378 634 460

Oct .............. 28,633 63 117 1,261 26,096 634 461

Nov .............. 30,759 63 126 1,261 28,212 634 462

Dec .............. 28,918 63 126 1,261 26,370 634 464

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

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

Fed eral De posit

In sur ance Cor po ra tion

End of fis cal year

or month

To tal

out stand ing

Fed eral

 Sav ings

 and Loan

 In sur ance

 Cor po ra tion,

 resolution

 fund 

 De part ment

 of Housing

 and Ur ban

 De vel op ment

 Fed eral

 Housing

 Ad min is tra tion

 Farm

 Credit

 System

 Fi nan cial

 As sis tance

 Corp.

 Other

 in de pend ent

 Ten nes see

 Val ley

 Au thor ity

 Postal

 Ser vice Other

(1) (2) (3) (4) (5) (6) (7)
FED ERAL DEBT 27

1Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on

the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in

1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the

end of the fis cal years back through 1967.

2 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

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

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

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

1998 .............. 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

1999 .............. 2,728,011 r 915,145 r 962,644 r 378,163 149,703 r 322,356 5 yrs. 9 mos.

1998 - Dec ........... 2,887,273 986,500 1,072,170 368,435 123,614 336,554 5 yrs. 6 mos.

1999 - Jan ........... 2,825,086 953,672 1,035,290 376,570 123,614 335,940 5 yrs. 7 mos.

Feb ........... 2,820,023 954,337 1,021,966 374,166 141,265 328,289 5 yrs. 9 mos.

Mar ........... 2,879,622 1,010,698 1,027,821 373,913 140,849 326,341 5 yrs. 6 mos.

Apr ........... 2,783,211 928,597 1,007,440 373,146 140,587 333,441 5 yrs. 8 mos.

May........... 2,745,144 926,147 982,625 369,372 135,759 331,241 5 yrs. 9 mos.

June .......... 2,747,670 920,996 989,891 369,607 135,759 331,415 5 yrs. 8 mos.

July ........... 2,725,180 919,082 962,199 376,718 135,759 331,421 5 yrs. 8 mos.

Aug ........... 2,774,834 950,892 973,938 378,017 149,703 322,284 5 yrs. 8 mos.

Sept .......... 2,728,011 r 915,145 r 962,644 r 378,163 149,703 r 322,356 5 yrs. 9 mos.

Oct ........... 2,707,220 915,952 933,742 378,284 149,702 329,539 5 yrs. 9 mos.

Nov ........... 2,734,859 938,474 951,771 370,956 144,427 329,231 5 yrs. 8 mos.

Dec ........... 2,787,126 1,009,248 934,945 370,470 144,045 328,417 5 yrs. 6 mos.

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

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

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

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

1998 - Dec................ 5,950,000 5,529,676 5,529,477 198 5,521,723 198 7,754

1999 - Jan................ 5,950,000 5,525,832 5,525,769 63 5,484,777 63 40,992

Feb ............... 5,950,000 5,536,058 5,535,990 68 5,495,329 68 40,661

Mar ............... 5,950,000 5,565,670 5,565,591 79 5,558,174 79 7,417

Apr ................ 5,950,000 5,498,836 5,498,754 83 5,491,343 83 7,411

May ............... 5,950,000 5,517,432 5,517,346 87 5,477,336 87 40,010

June ............... 5,950,000 5,551,588 5,551,497 91 5,543,311 91 8,186

July ............... 5,950,000 5,551,257 5,551,160 98 5,512,631 98 38,529

Aug ............... 5,950,000 5,584,349 5,584,248 102 5,576,271 102 7,977

Sept ............... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

Oct................ 5,950,000 5,590,795 5,590,686 109 5,552,660 109 38,026

Nov ............... 5,950,000 5,604,413 5,604,295 118 5,596,470 118 7,825

Dec ............... 5,950,000 5,686,853 5,686,734 119 5,677,792 119 8,942

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Ma tu rity classes

End of fis cal year

or month

 Amount

 outstanding

 pri vately held

 Within

 1 year 1-5 years 5-10 years 10-20 years

 20 years

 or more Av er age length 1

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

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing

sub ject to lim i ta tion

In ter est-bearing debt 

sub ject to lim i ta tion

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 2Pub lic debt Other debt

 Non-interest-

 bear ing debt

 sub ject to

 lim i ta tion

 (1) (2) (3) (4) (5) (6) (7)
28 FED ERAL DEBT

1995 ............... 6,745 2,563 1,647 7,714 69,297 1

1996 ............... 13,398 2,456 3,123 6,909 47,046 *

1997 ............... 23,532 2,499 3,639 6,174 34,944 *

1998 ............... 35,610 2,499 6,579 5,293 34,036 -

1999 ............... 52,440 2,515 7,996 4,628 28,115 -

1998 - Dec ............ 48,873 2,499 6,579 4,628 29,128 -

1999 - Jan . ........... 48,878 2,499 6,579 4,628 28,802 -

Feb ............ 48,878 2,559 6,579 4,628 28,150 -

Mar ............ 48,878 2,559 6,579 4,628 26,453 -

Apr ............ 48,878 2,559 6,579 4,628 26,637 -

May............ 56,397 2,485 6,579 4,628 26,131 -

June ........... 56,395 2,435 6,579 4,628 25,585 -

July ............ 56,395 2,435 6,579 4,628 24,900 -

Aug ............ 57,095 2,435 6,579 4,628 24,340 -

Sept ........... 52,440 2,515 7,996 4,628 28,115 -

Oct ............ 53,787 2,515 7,996 4,203 27,465 -

Nov............ 53,787 2,555 7,996 4,203 27,842 -

Dec............ 53,787 2,555 7,996 4,203 27,152 -

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued

 by Gov ern ment Cor po ra tions and Other Agencies

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

De part ment of Ag ri cul ture

End of fis cal year

or month To tal

Farm-Service

Agency

 

Ru ral Util ities

Service

Ru ral Housing

and Com mu nity

De vel op ment

Ser vice

Ru ral Busi ness

and Co op er a tive

De vel op ment

Ser vice

For eign

Ag ri cul tural

Ser vice

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

De part ment of

En ergy

De part ment of Housing

and Ur ban De vel op ment

De part ment

of Trea sury

De part ment

of Vet erans Af fairs

End of fis cal year

or month

De part ment

of Ed u ca tion

Bonneville

 Power

Ad min is tra tion

Fed eral

 Housing

Administration

Other

Housing

 pro grams

Fed eral

Fi nancing Bank

Di rect loan

 fund

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

1995 ............... 134,892 8,596 12,161 5,354 91 563

1996 ............... 117,290 3,273 12,042 6,430 113 647

1997 ............... 133,301 9,818 12,925 6,676 157 670

1998 ............... 154,155 19,937 13,295 7,808 203 642

1999 ............... 183,033 32,625 13,882 8,506 261 761

1998 - Dec ............ 170,662 23,024 14,433 9,027 255 641

1999 - Jan ............ 174,747 27,122 14,433 9,027 255 641

Feb............ 175,639 28,021 14,428 9,027 255 641

Mar............ 176,133 29,122 14,452 9,027 255 641

Apr ............ 176,819 29,444 14,460 9,027 255 641

May............ 184,810 30,260 14,460 9,027 255 641

June ........... 187,986 32,361 14,435 9,027 255 641

July............ 184,512 32,422 14,437 9,027 255 641

Aug............ 185,506 32,523 14,508 9,027 255 803

Sept ........... 183,033 32,625 13,882 8,506 261 761

Oct ............ 179,341 28,110 13,732 8,506 261 761

Nov............ 169,757 16,623 13,732 8,506 261 761

Dec............ 173,807 20,900 13,730 8,506 261 761
FED ERAL DEBT 29

1995 .......... 1,272 2,665 4,956 8,341 2,928

1996 .......... 1,270 2,736 5,018 8,811 4,019

1997 .......... 2,028 3,140 5,039 9,406 12,651

1998 .......... - 3,956 4,993 9,559 9,745

1999 .......... - 6,603 4,848 9,825 10,030

1998 - Dec ....... - 4,217 5,762 9,559 12,039

1999 - Jan ....... - 4,217 6,024 9,559 12,083

Feb....... - 4,217 6,254 9,699 12,306

Mar....... - 5,135 6,501 9,699 12,207

Apr ....... - 5,135 6,748 9,699 12,131

May ...... - 5,135 6,981 9,699 12,133

June ...... - 6,586 7,237 9,699 12,125

July....... - 6,586 4,361 9,699 12,148

Aug....... - 6,798 4,596 9,699 12,224

Sept ...... - 6,603 4,848 9,825 10,030

Oct....... - 6,665 5,100 9,825 10,415

Nov....... - 6,665 5,317 8,981 12,528

Dec....... - 6,665 5,576 8,981 12,734

* Less than $500,000. 

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment

Cor po ra tions and Other Agencies, con.

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

De part ment

of Vet erans Af fairs, con.

End of fis cal year

or month

Loan quaranty

 fund

 Ex port-Import

 Bank of the

 United States

Rail road

Re tire ment

Board

Small

Busi ness

Ad min is tra tion Other

(13) (14) (15) (16) (17)
30 FED ERAL DEBT

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

0

2

4

6

8

10

12

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01

5

5.5

6

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

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

De cem ber 31, 1999

5 Years, 6 Months

Years
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of Trea sury to bor row money by is su ing Trea -

sury se cu ri ties. The Sec re tary de ter mines the terms and con di -

tions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.

New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds

ma ture in more than 10 years from the is sue date. Each mar ket -

able se cu rity is listed in the “Monthly State ment of the Pub lic

Debt of the United States.” The in for ma tion in this sec tion of

the “Trea sury Bul le tin” per tains only to mar ket able Trea sury

se cu ri ties, cur rent bills, notes and bonds.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in ter -

est-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly and 52-week bills. All unmatured Trea sury notes

and bonds are listed in ma tu rity or der, from ear li est to lat est. A

sep a rate break out is pro vided for the com bined hold ings of the

Gov ern ment ac counts and Fed eral Re serve Banks (FRBs ), so

that the “all other in ves tors” cat e gory in cludes all pri vate hold -

ings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills,

which are held ev ery 4 weeks. Trea sury bills ma ture each

Thurs day. New is sues of 13-week bills are reopenings of

26-week bills. The 26-week bill is sued ev ery fourth week to

ma ture the same Thurs day as an ex ist ing 52-week bill is a re -

open ing of the ex ist ing 52-week bill. New is sues of cash man -

age ment bills also are pre sented. High, low and av er age yields

on ac cepted ten ders and the dol lar value of to tal bids are pre -

sented, with the dol lar value of awards made both on a com -

pet i tive and non com pet i tive ba sis.

Trea sury ac cepts non com pet i tive ten ders of up to $1 mil -

lion for bills and $5 mil lion for notes and bonds in each auc tion 

of se cu ri ties to en cour age par tic i pa tion of in di vid u als and

smaller in sti tu tions.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1 , 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into 

in ves tor classes the ten ders in each auc tion of mar ket able se -

cu ri ties other than weekly auc tions of 13- and 26-week bills.

31

TREA SURY FI NANCING: OCTOBER-DECEM BER

On Au gust 4, 1999, Trea sury an nounced

that it will no lon ger is sue a 30-year bond in

No vem ber, but will con tinue to is sue

30-year bonds in Feb ru ary and Au gust.

OC TO BER

Auc tion of 29-1/2-Year In fla tion-Indexed Bonds

On Sep tem ber 29, 1999, Trea sury an nounced it would auc -

tion $7,000 mil lion of 29-1/2-year in fla tion-indexed bonds to

raise cash. The 9-1/2-year, 3-7/8 per cent, in fla tion-indexed

bonds of April 2029 were dated April 15, 1999, and is sued Oc -

to ber 15, 1999. They are due April 15, 2029, with in ter est pay -

able on April 15 and Oc to ber 15 un til ma tu rity.

Trea sury re ceived ten ders for the bonds be fore 12 noon

east ern day light time (e.d.t.) for non com pet i tive ten ders and

be fore 1 p.m. e.d.t. for com pet i tive ten ders on Oc to ber 6. Ten -

ders to taled $13,468 mil lion; Trea sury ac cepted $7,000 mil -

lion. All non com pet i tive and suc cess ful com pet i tive bid ders

were al lot ted se cu ri ties at the high yield of 4.138 per cent with

an equiv a lent ad justed price of 96.989. Ten ders at 4.138 per -

cent were al lot ted 70 per cent. Trea sury ac cepted in full all

com pet i tive ten ders at yields lower than 4.138 per cent. The

me dian yield was 4.069 per cent, and the low yield was 4.000

per cent. Non com pet i tive ten ders to taled $26 mil lion. Com pet -

i tive ten ders ac cepted from pri vate in ves tors to taled $6,975

mil lion.

In ad di tion to the $7,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $368 mil lion from Fed eral

Re serve Banks (FRBs) for their own ac counts. The min i mum

par amount re quired for STRIPS of in fla tion-indexed bonds is

$1,000.

Auc tion of 2-Year Notes

On Oc to ber 20, Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AE-2001. The is sue

was to re fund $26,294 mil lion of se cu ri ties ma tur ing Oc to ber

31 and to pay down about $11,294 mil lion.

The notes of Se ries AE-2001 were dated Oc to ber 31, 1999.

They are due Oc to ber 31, 2001, with in ter est pay able on April

30 and Oc to ber 31 un til ma tu rity. Trea sury set an in ter est rate

of 5-7/8 per cent af ter de ter min ing which ten ders were ac -

cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Oc to ber 27. Ten ders to taled $40,345 mil lion;

Trea sury ac cepted $15,006 mil lion. All non com pet i tive and

suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the

high yield of 5.935 per cent with an equiv a lent price of 99.888.

Ten ders at 5.935 per cent were al lot ted 40 per cent. Trea sury ac -

cepted in full all com pet i tive ten ders at yields lower than 5.935 

per cent. The me dian yield was 5.920 per cent, and the low

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
32 PUB LIC DEBT OP ER A TIONS

TREA SURY FI NANCING: OCTOBER-DECEM BER, con.

yield was 5.881 per cent. Non com pet i tive ten ders to taled

$1,275 mil lion. Com pet i tive ten ders ac cepted from pri vate in -

ves tors to taled $13,731 mil lion.

In ad di tion to the $15,006 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,682 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries AE-2001 is $1,600,000.

52-Week Bills

On Oc to ber 7, Trea sury invited ten ders for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills. The bills were

dated Oc to ber 14, 1999, and will ma ture Oc to ber 12, 2000.

The is sue was to re fund $27,000 mil lion of all ma tur ing bills

and to raise about $804 mil lion of new cash. Trea sury auc -

tioned the bills on Oc to ber 13. Ten ders to taled $23,469 mil -

lion; Trea sury ac cepted $10,001 mil lion. That included $791

mil lion of non com pet i tive ten ders from the pub lic and $1,075

mil lion of the bills is sued to FRBs as agents for for eign and in -

ter na tional mon e tary au thor i ties. Trea sury is sued an ad di -

tional $1,783 mil lion to FRBs as agents for for eign and

in ter na tional mon e tary au thor i ties for new cash. It also issued

$4,950 mil lion of the bills to FRBs for their own ac counts. The

high bank dis count rate was 5.115 per cent.

N O V E M B E R

No vem ber Quar terly Fi nancing

On No vem ber 3, Trea sury an nounced it would auc tion

$15,000 mil lion of 5-year notes of Se ries H-2004 and $10,000

mil lion of 9-3/4-year notes of Se ries C-2009. The is sue was to

re fund $29,319 mil lion of Trea sury se cu ri ties ma tur ing No -

vem ber 15 and to pay down about $4,319 mil lion.

The notes of Se ries H-2004 were dated No vem ber 15, 1999. 

They are due No vem ber 15, 2004, with in ter est pay able on

May 15 and No vem ber 15 un til ma tu rity. Trea sury set an in ter -

est rate of 5-7/8 per cent af ter de ter min ing which ten ders were

ac cepted on a yield auc tion ba sis.

Trea sury re ceived tend ers for the notes before 12 noon east -

ern stan dard time (e.s.t.) for non com pet i tive ten ders and

before 1 p.m. e.s.t. for com pet i tive ten ders on No vem ber 9.

Ten ders to taled $27,770 mil lion; Trea sury ac cepted $15,001

mil lion. All non com pet i tive and suc cess ful com pet i tive bid -

ders were al lot ted se cu ri ties at the high yield of 5.888 per cent

with an equiv a lent price of 99.944. Ten ders at the high yield

were al lot ted 90 per cent. Trea sury ac cepted in full all com pet i -

tive ten ders at yields lower than 5.888 percent. The me dian

yield was 5.870 per cent, and the low yield was 5.810 per cent.

Non com pet i tive ten ders to taled $513 mil lion. Com pet i tive

ten ders ac cepted from pri vate in ves tors to taled $14,488 mil -

lion.

In ad di tion to the $15,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,200 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,190 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries H-2004 is $1,600,000.

The 9-3/4-year, 6 per cent notes of Se ries C-2009 were dated 

Au gust 15, 1999, and is sued No vem ber 15, 1999. They are due 

Au gust 15, 2009, with in ter est pay able on Feb ru ary 15 and

May l5 un til ma tu rity. Accrued in ter est of $15.00000 per

$1,000, cov er ing the pe riod from Au gust 15 to No vem ber 15,

1999, was pay able with each ac cepted ten der.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on No vem ber 10. Ten ders to taled $24,859 mil -

lion; Trea sury ac cepted $10,005 mil lion. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 6.007 per cent with an equiv a lent price of

99.927. Ten ders at the high yield were al lot ted 8 per cent. Trea -

sury ac cepted in full all com pet i tive ten ders at yields lower

than 6.007 per cent. The me dian yield was 5.990 per cent, and

the low yield was 5.910 per cent. Non com pet i tive ten ders to -

taled $84 mil lion. Com pet i tive ten ders ac cepted from pri vate

in ves tors to taled $9,921 mil lion.

In ad di tion to the $10,005 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,135 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries C-2009 is $100,000.

Auc tion of 2-Year Notes

On No vem ber 17, Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AF-2001. The is sue

was to re fund $25,842 mil lion of se cu ri ties ma tur ing No vem -

ber 30 and to pay down about $10,842 mil lion.

The notes of Se ries AF-2001 were dated No vem ber 30,

1999. They are due No vem ber 30, 2001, with in ter est pay able

on May 31 and No vem ber 30 un til ma tu rity. Trea sury set an in -

ter est rate of 5-7/8 per cent af ter de ter min ing which ten ders

were ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on No vem ber 23. Ten ders to taled $36,887 mil -

lion; Trea sury ac cepted $15,002 mil lion. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 5.946 per cent with an equiv a lent price of

99.868. Ten ders at the high yield were al lot ted 34 per cent.

Trea sury ac cepted in full all com pet i tive ten ders at yields

lower than 5.946 per cent. The me dian yield was 5.935 per cent, 

and the low yield was 5.864 per cent. Non com pet i tive ten ders

to taled $1,212 mil lion. Com pet i tive ten ders ac cepted from

pri vate in ves tors to taled $13,790 mil lion.

In ad di tion to the $15,002 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,300 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,143 mil lion from FRBs for their own ac -

counts.

The in ter est rate de ter mined in this auc tion matched that of

an out stand ing is sue with the same ma tu rity and in ter est pay -

ment dates. There fore, it is con sid ered an ad di tional is sue of
PUB LIC DEBT OP ER A TIONS 33

the 5-year note of Se ries Q-2001 orig i nally dated De cem ber 2,

1996. The min i mum par amount re quired for STRIPS of notes

of Se ries Q-2001 is $1,600,000.

52-Week Bills

On No vem ber 4, Trea sury invited ten ders for ap prox i -

mately $10,000 mil lion of 363-day Trea sury bills. The bills

were dated No vem ber 12, 1999, and will ma ture No vem ber 9,

2000. The is sue was to re fund $26,680 mil lion of all ma tur ing

bills and to raise about $1,320 mil lion of new cash. Trea sury

auc tioned the bills on No vem ber 9. Ten ders to taled $29,609

mil lion; Trea sury ac cepted $10,004 mil lion. That included

$726 mil lion of non com pet i tive ten ders from the pub lic and

$884 mil lion is sued to FRBs as agents for for eign and in ter na -

tional mon e tary au thor i ties. Trea sury is sued an ad di tional

$904 mil lion to FRBs as agents for for eign and in ter na tional

mon e tary au thor i ties for new cash. It also is sued $4,540 mil -

lion to FRBs for their own ac counts. The high bank dis count

rate was 5.170 per cent.

D E C E M B E R

Auc tion of 2-Year Notes

On De cem ber 15, Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AG-2001. The is sue

was to re fund $27,095 mil lion of se cu ri ties ma tur ing De cem -

ber 31 and to pay down about $12,095 mil lion.

The notes of Se ries AG-2001 were dated De cem ber 31,

1999. They are due De cem ber 31, 2001, with in ter est pay able

on June 30 and De cem ber 31 un til ma tu rity. Trea sury set an in -

ter est rate of 6-1/8 per cent af ter de ter min ing which ten ders

were ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on De cem ber 22. Ten ders to taled $31,459 mil -

lion; Trea sury ac cepted $15,001 mil lion. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 6.233 per cent with an equiv a lent price of

99.800. Ten ders at the high yield were al lot ted 19 per cent.

Trea sury ac cepted in full all com pet i tive ten ders at yields

lower than 6.233 per cent. The me dian yield was 6.207 per -

cent, and the low yield was 6.142 per cent. Non com pet i tive

ten ders to taled $1,297 mil lion. Com pet i tive ten ders ac cepted

from pri vate in ves tors to taled $13,704 mil lion.

In ad di tion to the $15,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $2,175 mil lion from FRBs

for their own ac counts.

The in ter est rate de ter mined in this auc tion matched that of

an out stand ing is sue with the same ma tu rity and in ter est pay -

ment dates. There fore, it is con sid ered an ad di tional is sue of

the 5-year note of Se ries R-2001 orig i nally dated De cem ber

31, 1996. The min i mum par amount re quired for STRIPS of

notes of Se ries R-2001 is $1,600,000.

52-Week Bills

On De cem ber 2, Trea sury in vited ten ders for ap prox i -

mately $10,000 mil lion of 364-day Trea sury bills. The bills

were dated De cem ber 9, 1999, and will ma ture De cem ber 7,

2000. The is sue was to re fund $25,255 mil lion of all ma tur ing

bills and to raise about $1,745 mil lion of new cash. Trea sury

auctioned the bills on De cem ber 7. Ten ders to taled $30,782

mil lion; Trea sury ac cepted $10,000 mil lion. That included

$795 mil lion of non com pet i tive ten ders from the pub lic and

$590 mil lion is sued to FRBs as agents for for eign and in ter na -

tional mon e tary au thor i ties. In ad di tion, Trea sury is sued

$4,815 mil lion to FRBs for their own ac counts. The high bank

dis count rate was 5.350 per cent.

Cash Man age ment Bills

On De cem ber 17, Trea sury invited ten ders for ap prox i -

mately $10,000 mil lion of 23-day bills. The bills were is sued

De cem ber 21, 1999, and matured Jan u ary 13, 2000. The is sue

was to raise new cash. Ten ders were opened on De cem ber 20.

They to taled $27,896 mil lion; Trea sury accepted $10,004 mil -

lion. The high bank dis count rate was 5.44 per cent.

TREA SURY FI NANCING: OCTOBER-DECEM BER, con.
34 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 1999

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

See foot note at end of ta ble.

2000

Jan. 15............................................... 6-3/8%-E note 01/15/93 10,104 706 9,398 

Jan. 31............................................... 1 5-3/8%-Y note 02/02/98 17,502 2,281 15,221 

Jan. 31............................................... 7-3/4%-G note 01/31/95 12,229 1,763 10,465 

Feb. 15 ..............................................

1 8-1/2%-A note 02/15/90 10,673 1,304 9,369 

Feb. 15 .............................................. 5-7/8%-U note 02/18/97 20,421 2,166 18,255 

Feb. 29 .............................................. 7-1/8%-H note 02/28/95 12,496 1,663 10,833 

Feb. 29 ..............................................

1 5-1/2%-Z note 03/02/98 17,776 1,555 16,221 

Mar. 31 .............................................. 6-7/8%-J note 03/31/95 13,188 1,417 11,772 

Mar. 31 .............................................. 1 5-1/2%-AB note 03/31/98 17,206 2,098 15,108 

Apr. 15............................................... 5-1/2%-F note 04/15/93 10,535 568 9,967 

Apr. 30...............................................

1 5-5/8%-AC note 04/30/98 15,634 2,149 13,485 

Apr. 30............................................... 6-3/4%-K note 05/01/95 12,433 1,720 10,713 

May 15, 00-05 ......................................... 8-1/4% bond 05/15/75 4,224 2,177 2,047 

May 15...............................................

18-7/8%-B note 05/15/90 10,496 486 10,010 

May 15............................................... 6-3/8%-V note 05/15/97 20,763 2,927 17,836 

May 31............................................... 6-1/4%-L note 05/31/95 12,752 1,614 11,139 

May 31...............................................

1 5-1/2%-AD note 06/01/98 16,580 2,224 14,356 

June 30 .............................................. 5-7/8%-M note 06/30/95 12,464 1,571 10,893 

June 30 ..............................................

15-3/8%-AE note 06/30/98 14,939 1,538 13,401 

July 31............................................... 6-1/8%-N note 07/31/95 12,339 1,044 11,294 

July 31...............................................

1

5-3/8%-AF note 07/31/98 18,683 2,656 16,028 

Aug. 15 ..............................................

1 8-3/4%-C note 08/15/90 11,081 1,538 9,542 

Aug. 15 .............................................. 6%-W note 08/15/97 18,053 2,524 15,529 

Aug. 31 .............................................. 6-1/4%-P note 08/31/95 11,922 1,226 10,696 

Aug. 31 ..............................................

1 5-1/8%-AG note 08/31/98 20,029 2,994 17,034 

Sept. 30.............................................. 6-1/8%-Q note 10/02/95 12,011 1,034 10,978 

Sept. 30..............................................

1 4-1/2%-AH note 09/30/98 19,269 2,242 17,027 

Oct. 31............................................... 5-3/4%-R note 10/31/95 12,080 935 11,145 

Oct. 31............................................... 4%-AJ note 11/02/98 20,525 2,940 17,585 

Nov. 15 ..............................................

1 8-1/2%-D note 11/15/90 11,520 1,032 10,487 

Nov. 15 .............................................. 1 5-3/4%-X note 11/17/97 16,036 2,182 13,854 

Nov. 30 .............................................. 5-5/8%-S note 11/30/95 12,357 1,265 11,092 

Nov. 30 .............................................. 4-5/8%-AK note 11/30/98 20,158 2,601 17,557 

Dec. 31 .............................................. 5-1/2%-T note 01/02/96 12,821 1,156 11,665 

Dec. 31 .............................................. 4-5/8%-AL note 12/31/98 19,475 2,780 16,695 

To tal..................

510,774 62,076 448,697 

2001

Jan. 31............................................... 5-1/4%-E note 01/31/96 12,816 801 12,015 

Jan. 31............................................... 4-1/2%-U note 02/01/99 19,777 2,765 17,012 

Feb. 15 .............................................. 11-3/4% bond 01/12/81 1,501 166 1,336 

Feb. 15 ..............................................

1 7-3/4%-A note 02/15/91 11,313 1,209 10,104 

Feb. 15 .............................................. 1 5-3/8%-S note 02/17/98 15,367 1,653 13,715 

Feb. 28 .............................................. 5-5/8%-F note 02/29/96 12,820 1,204 11,616 

Feb. 28 ..............................................

1 5%-V note 03/31/99 19,587 2,646 16,941 

Mar. 31 .............................................. 6-3/8%-G note 04/10/96 14,181 1,649 12,532 

Mar. 31 ..............................................

1 4-7/8%-W note 02/29/96 21,605 3,385 18,220 

Apr. 30............................................... 6-1/4%-H note 03/31/99 13,780 1,411 12,370 

Apr. 30...............................................

1 5%-X note 04/30/99 21,034 3,020 18,014 

May 15............................................... 13-1/8% bond 04/02/81 1,750 221 1,529 

May 15...............................................

1 8%-B note 05/15/91 12,398 1,683 10,715 

May 15...............................................

1 5-5/8%-T note 05/15/98 12,874 2,270 10,604 

May 31............................................... 6-1/2%-J note 05/31/96 13,722 1,403 12,319 

May 31............................................... 1 5-1/4%-Y note 06/01/99 19,886 3,056 16,830 

June 30 ..............................................

1 5-3/4%-Z note 06/30/99 19,001 2,629 16,372 

June 30 .............................................. 6-5/8%-K note 07/01/96 14,282 2,043 12,239 

July 31............................................... 6-5/8%-L note 07/31/96 14,137 1,592 12,545 

July 31...............................................

1 5-1/2%-AB note 08/02/99 20,541 3,560 16,981 
PUB LIC DEBT OP ER A TIONS 35

Aug. 15 .............................................. 1 7-7/8%-C note 08/15/91 12,339 1,754 10,585 

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 256 1,497 

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,226 12,774 

Aug. 31 ..............................................

1 5-1/2%-AC note 08/31/99 20,119 3,256 16,862 

Sept. 30.............................................. 6-3/8%-N note 09/30/96 14,519 1,483 13,035 

Sept. 30..............................................

1 5-5/8%-AD note 09/30/99 18,798 2,125 16,673 

Oct. 31 ............................................... 6-1/4%-P note 10/31/96 14,640 975 13,665 

Oct. 31 ...............................................

1 5-7/8%-AE note 11/11/99 19,196 2,682 16,514 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 228 1,525 

Nov. 15 ..............................................

1 7-1/2%-D note 11/15/91 24,226 3,469 20,757 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 3,872 29,632 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,169 4,141 27,027 

To tal ..................

498,389 63,833 434,555 

2002

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,260 12,194 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,546 2,688 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 200 1,559 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,354 12,446 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 1,771 12,531 

Apr. 30 ............................................... 6-5/8%-F note 04/30/97 14,475 1,977 12,498 

May 15............................................... 1 7-1/2%-A note 05/15/92 11,714 1,654 10,061 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,634 11,870 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,319 11,740 

July 15 ...............................................

1 3-5/8%-J note 07/15/97 17,661 900 16,761 

July 31 ............................................... 6%-K note 07/31/97 12,231 782 11,449 

Aug. 15 ..............................................

1 6-3/8%-B note 08/17/92 23,859 3,369 20,490 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,072 11,660 

Sept. 30..............................................

1 5-7/8%-M note 09/30/97 12,807 735 12,072 

Oct. 31 ...............................................

1 5-3/4%-N note 10/31/97 11,737 841 10,897 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 348 2,405 

Nov. 30 ..............................................

1 5-3/4%-P note 12/01/97 12,121 1,335 10,786 

Dec. 31 ..............................................

1 5-5/8%-Q note 12/31/97 12,052 928 11,124 

To tal ..................

219,747 23,404 196,347 

2003

Jan. 31...............................................

1 5-1/2%-C note 02/02/98 13,101 1,118 11,983 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 739 2,267 

Feb. 15 ..............................................

1 6-1/4%-A note 02/16/93 23,563 2,564 20,999 

Feb. 28 ..............................................

1 5-1/2%-D note 03/02/98 13,670 1,802 11,868 

Mar. 31 ..............................................

1 5-1/2%-E note 03/31/98 14,173 1,522 12,651 

Apr. 30 ............................................... 1 5-3/4%-F note 04/30/98 12,573 1,793 10,780 

May 15............................................... 10-3/4% bond 04/04/83 3,249 433 2,816 

May 31...............................................

1 5-1/2%-G note 06/01/98 13,132 1,350 11,782 

June 30 ..............................................

 1 5-3/8%-H note 06/30/98 13,127 1,309 11,818 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 514 2,987 

Aug. 15 .............................................. 1 5-3/4%-B note 08/16/93 28,011 3,820 24,191 

Aug. 15 ..............................................

1 5-1/4%-J note 08/17/98 19,852 2,834 17,018 

Nov. 15, 03-08 ......................................... 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,034 6,225 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,518 17,107 

To tal ..................

194,178 24,805 169,370 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts 

and Fed eral Re -

serve Banks

All other

in ves tors

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

See foot note at end of ta ble.

2001 con.
36 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

See foot note at end of ta ble.

2004

Feb. 15 ..............................................

1 5-7/8%-A note 02/15/94 12,955 650 12,305 

Feb. 15 ..............................................

1 4-3/4%-E note 02/16/99 17,823 2,013 15,810 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,013 3,593 

May 15............................................... 12-3/8% bond 04/05/84 3,755 770 2,985 

May 15...............................................

1 7-1/4%-B note 05/16/94 14,440 2,046 12,395 

May 15...............................................

1 5-1/4%-F note 05/17/99 18,925 2,562 16,364 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 528 3,472 

Aug. 15 ..............................................

1 7-1/4%-C note 08/15/94 13,346 875 12,471 

Aug. 15 ..............................................

1 6%-G note 08/16/94 18,090 1,617 16,473 

Nov. 15, 04-09......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15 ..............................................

1 11-5/8% bond 10/30/84 8,302 1,185 7,117 

Nov. 15 ..............................................

1 7-7/8%-D note 11/15/94 14,374 2,028 12,346 

Nov. 15 ..............................................

1 5-7/8%-H note 11/15/04 18,406 2,190 16,216 

To tal .................

153,223 18,553 134,672 

2005

Feb. 15, 05-10......................................... 11-3/4% bond 02/15/80 2,494 858 1,636 

Feb. 15 ..............................................

1 7-1/2%-A note 02/15/95 13,835 1,477 12,358 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15...............................................

1 12% bond 04/02/85 4,261 728 3,532 

May 15...............................................

1 6-1/2%-B note 05/15/95 14,740 2,000 12,740 

Aug. 15 ..............................................

1 10-3/4% bond 07/02/85 9,270 1,323 7,947 

Aug. 15 ..............................................

1 6-1/2%-C note 08/15/95 15,003 2,015 12,988 

Nov. 15, 05-10......................................... 12-3/4% bond 11/17/80 4,736 1,261 3,476 

Nov. 15 ..............................................

1 5-7/8%-D note 11/15/95 15,210 1,960 13,250 

To tal .................

82,536 12,799 69,738 

2006

Feb. 15 ..............................................

1 9-3/8% bond 01/15/86 4,756 372 4,384 

Feb. 15 ..............................................

1 5-5/8%-A note 02/15/96 15,514 1,918 13,596 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 4,609 1,074 3,535 

May 15............................................... 1 6-7/8%-B note 05/15/96 16,015 2,075 13,940 

July 15...............................................

1 7%-C note 07/15/96 22,740 3,242 19,499 

Oct. 15...............................................

1 6-1/2%-D note 10/15/96 22,460 3,056 19,404 

Nov. 15, 06-11......................................... 14% bond 11/16/81 4,901 975 3,925 

To tal .................

90,995 12,712 78,283 

2007

Jan. 15...............................................

1 3-3/8%-A note 02/06/97 16,728 1,010 15,718 

Feb. 15 .............................................. 1 6-1/4%-B note 02/18/97 13,104 1,051 12,053 

May 15...............................................

1 6-5/8%-C note 05/15/97 13,958 1,953 12,005 

Aug. 15 ..............................................

1 6-1/8%-D note 08/15/97 25,637 3,654 21,983 

Nov. 15, 07-12......................................... 10-3/8% bond 11/15/82 11,032 1,612 9,420 

To tal .................

80,459 9,280 71,179 

2008

Jan. 15...............................................

1 3-5/8%-A note 01/15/98 17,502 1,260 16,242 

Feb. 15 ..............................................

1 5-1/2%-B note 02/17/98 13,583 1,420 12,163 

May 15...............................................

1 5-5/8%-C note 05/15/98 27,191 4,084 23,107 

Aug. 15, 08-13......................................... 12% bond 08/15/83 14,755 3,041 11,715 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 2,475 22,608 

To tal .................

98,114 12,280 85,835 

2009

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 5,007 869 4,138

Aug. 15, 09-14......................................... 12-1/2% bond 08/15/84 5,128 906 4,223
PUB LIC DEBT OP ER A TIONS 37

See foot note at end of ta ble.

Nov. 15, 09-14......................................... 1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

Jan. 15...............................................

1 3-7/8%-A note 01/15/99 16,309 768 15,541 

May 15...............................................

1 5-1/2%-B note 05/17/99 14,795 2,045 12,750 

Aug. 15 ..............................................

1 6%-C note 08/16/99 27,400 3,425 23,975 

To tal ..................

74,645 9,208 65,438 

2015

Feb. 15 ..............................................

1 11-1/4% bond 02/15/85 12,668 1,656 11,012 

Aug. 15 ..............................................

1 10-5/8% bond 08/15/85 7,150 1,167 5,983 

Nov. 15 ..............................................

1 9-7/8% bond 11/15/85 6,900 942 5,958 

To tal ..................

26,718 3,765 22,953 

2016

Feb. 15 ..............................................

1 9-1/4% bond 02/15/86 7,267 1,037 6,230 

May 15...............................................

1 7-1/4% bond 05/15/86 18,824 1,098 17,726 

Nov. 15 ..............................................

1 7-1/2% bond 11/15/86 18,864 1,378 17,486 

To tal ..................

44,955 3,513 41,442 

2017

May 15...............................................

1 8-3/4% bond 05/15/87 18,194 2,517 15,677

Aug. 15 ..............................................

1 8-7/8% bond 08/15/87 14,017 1,954 12,063

To tal ..................

32,211 4,471 27,740

2018

May 15...............................................

1 9-1/8% bond 05/16/88 8,709 1,231 7,478

Nov. 15 ..............................................

1 9% bond 11/22/88 9,033 539 8,494

To tal ..................

17,742 1,770 15,972

2019

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 19,251 1,685 17,566

Aug. 15 ..............................................

1 8-1/8% bond 08/15/89 20,214 1,841 18,373

To tal ..................

39,465 3,526 35,939

2020

Feb. 15 ..............................................

1 8-1/2% bond 02/15/90 10,229 1,361 8,868

May 15...............................................

1 8-3/4% bond 05/15/90 10,159 1,394 8,765

Aug. 15 ..............................................

1 8-3/4% bond 08/15/90 21,419 1,528 19,891

To tal ..................

41,807 4,283 37,524

2021

Feb. 15 ..............................................

1 7-7/8% bond 02/15/91 11,113 841 10,273

May 15...............................................

1 8-1/8% bond 05/15/91 11,959 1,315 10,644

Aug. 15 ..............................................

1 8-1/8% bond 08/15/91 12,163 1,560 10,603

Nov. 15 ..............................................

1 8% bond 11/15/91 32,798 2,714 30,084

To tal ..................

68,033 6,430 61,604

2022

Aug. 15 ..............................................

1 7-1/4% bond 08/17/92 10,353 846 9,507

Nov. 15 .............................................. 1 7-5/8% bond 11/16/92 10,700 1,521 9,179

To tal ..................

21,053 2,367 18,686

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

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

2009 con.
38 PUB LIC DEBT OP ER A TIONS

1 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub l ic Debt 

of the United States.”

2023

Feb. 15 ..............................................

1 7-1/8% bond 02/16/93 18,374 2,292 16,082 

Aug. 15 ..............................................

1 6-1/4% bond 08/16/93 22,909 1,487 21,422 

To tal ..................

41,283 3,779 37,504 

2024

Nov. 15 ..............................................

1 7-1/2% bond 08/15/94 11,470 1,346 10,124 

To tal ..................

11,470 1,346 10,124 

2025

Feb. 15 ..............................................

1 7-5/8% bond 02/15/95 11,725 1,146 10,579 

Aug. 15 ..............................................

1 6-7/8% bond 08/15/95 12,602 1,697 10,905 

To tal ..................

24,327 2,843 21,484 

2026

Feb. 15 ..............................................

1 6% bond 02/15/96 12,905 1,009 11,896 

Aug. 15 ..............................................

1 6-3/4% bond 08/15/96 10,894 1,425 9,469 

Nov. 15 ..............................................

1 6-1/2% bond 11/15/96 11,493 1,555 9,938 

To tal ..................

35,292 3,989 31,303 

2027

Feb. 15 ..............................................

1 6-5/8% bond 02/18/97 10,456 610 9,846 

Aug. 15 ..............................................

1 6-3/8% bond 08/15/97 10,736 1,265 9,471 

Nov. 15 .............................................. 1 6-1/8% bond 11/17/97 22,519 2,770 19,749 

To tal ..................

43,711 4,645 39,066 

2028

Apr. 15...............................................

1 3-5/8% bond 04/15/98 17,479 820 16,659 

Aug. 15 ..............................................

1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ..............................................

1 5-1/4% bond 11/16/98 10,947 945 10,002 

To tal ..................

40,202 3,537 36,665 

2029

Feb. 15 ..............................................

1 5-1/4% bond 02/15/99 11,350 1,340 10,010 

Apr. 15...............................................

1 3-7/8% bond 04/15/99 15,061 718 14,343 

Aug. 15 ..............................................

1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal ..................

37,590 3,133 34,457 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)
PUB LIC DEBT OP ER A TIONS 39

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States”; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting]

Reg u lar weekly:

(13 week and 26 week)

1999 - Sept. 2..... 1999 - Dec. 2 91 28,013.7 11,462.2 10,078.5 1,383.7 11,609.6 148,606.2 98.768 4.88 5.02

2000 - Mar. 2 182 27,327.1 12,040.6 10,854.2 1,186.3 11,516.6 319,553.9 97.477 4.99 5.21

9..... 1999 - Dec. 9 91 29,317.2 10,373.5 9,091.3 1,282.2 11,592.5 147,387.1 98.807 4.72 4.86

2000 - Mar. 9 182 27,848.2 11,864.6 10,703.0 1,161.6 11,598.1 319,820.4 97.498 4.95 5.16

16 .... 1999 - Dec. 16 91 27,582.4 10,165.2 8,840.0 1,325.2 11,618.9 145,933.5 98.822 4.66 4.79

2000 - Mar. 16 182 28,329.9 11,380.9 10,189.4 1,191.6 11,112.5 320,088.8 97.510 4.93 5.14

23 .... 1999 - Dec. 23 91 25,208.1 9,838.6 8,590.1 1,248.5 10,901.5 144,870.6 98.822 4.66 4.79

2000 - Mar. 23 182 29,096.4 11,437.2 10,223.8 1,213.4 11,085.0 320,441.1 97.525 4.89 5.10

30 .... 1999 - Dec. 30 91 26,570.1 10,304.0 9,147.3 1,156.7 11,286.4 143,888.2 98.807 4.72 4.86

2000 - Mar. 30 182 28,185.2 11,181.6 10,009.3 1,172.2 11,649.0 319,973.6 97.568 4.81 5.01

Oct. 7..... Jan. 6 91 29,381.6 12,430.7 11,159.5 1,271.2 10,969.8 145,349.1 98.804 4.73 4.87

Apr. 6 182 28,578.0 11,938.2 10,763.9 1,174.3 11,508.2 320,403.7 97.538 4.87 5.08

14 .... Jan. 13 91 27,447.9 13,784.9 12,436.9 1,348.0 11,364.0 147,770.0 98.792 4.78 4.92

Apr. 13 182 27,951.3 11,965.5 10,808.0 1,157.5 11,834.4 320,534.7 97.508 4.93 5.14

21 .... Jan. 20 91 30,120.4 12,914.0 11,742.4 1,171.6 11,278.5 149,405.5 98.739 4.99 5.14

Apr. 20 182 27,335.2 12,196.0 11,237.0 959.0 11,166.8 321,563.9 97.472 5.00 5.22

28 .... Jan. 27 91 31,587.2 14,277.2 12,939.0 1,338.2 11,226.9 152,455.7 98.737 5.00 5.15

Apr. 27 182 28,071.0 11,085.0 10,016.3 1,068.7 11,579.4 321,069.6 97.414 5.12 5.34

Nov. 4..... Feb. 3 91 32,591.1 14,572.1 13,166.8 1,405.3 12,403.8 154,624.0 98.737 5.00 5.15

May 4 182 31,553.6 13,066.4 11,895.2 1,171.2 11,610.3 322,525.6 97.427 5.09 5.31

12 .... Feb. 10 90 30,537.2 14,563.7 13,177.4 1,386.3 11,818.1 157,369.6 98.743 5.03 5.18

May 11 181 31,494.8 11,666.6 10,582.5 1,084.1 11,332.3 322,860.0 97.426 5.12 5.34

18 .... Feb. 17 91 29,235.1 13,244.6 11,907.8 1,336.8 12,210.6 158,403.7 98.707 5.12 5.27

May 18 182 32,120.5 11,953.2 10,840.8 1,112.4 11,912.1 322,901.0 97.364 5.22 5.44

26 .... Feb. 24 90 28,771.4 13,155.0 11,820.1 1,334.9 11,447.1 160,111.5 98.724 5.11 5.26

May 25 181 25,881.3 11,640.1 10,565.1 1,075.0 11,563.7 322,977.5 97.368 5.24 5.47

Dec. 2..... Mar. 2 91 30,698.5 13,068.6 11,785.5 1,283.1 11,474.6 161,705.6 98.686 5.20 5.36

June 1 182 32,430.6 12,367.8 11,305.8 1,062.0 11,662.9 323,682.4 97.305 5.33 5.57

9..... Mar. 9 91 32,490.2 13,344.4 11,985.4 1,359.0 10,377.0 164,672.9 98.723 5.05 5.20

June 8 182 28,212.9 11,862.1 10,753.4 1,108.7 11,496.3 324,048.2 97.326 5.29 5.53

16 .... Mar. 16 91 32,129.0 12,731.5 11,343.8 1,387.7 10,173.8 167,230.6 98.683 5.21 5.37

June 15 182 27,532.2 11,698.2 10,600.7 1,097.5 11,603.3 324,143.1 97.265 5.41 5.66

23 .... Mar. 23 91 26,413.0 12,589.3 11,264.7 1,324.6 9,850.2 169,969.8 98.635 5.40 5.57

June 22 182 26,550.5 11,167.6 10,115.0 1,052.6 11,080.7 324,230.0 97.169 5.60 5.86

30 .... Mar. 30 91 30,706.7 12,768.8 11,510.6 1,258.2 10,314.3 172,424.2 98.660 5.30 5.46

June 29 182 24,763.3 11,672.3 10,676.5 995.8 12,611.4 323,290.9 97.217 5.51 5.76

 52 week:

1998 - Dec. 10 .... 1999 - Dec. 9 364 32,950.8 16,371.1 15,613.6 631.0 18,011.0 244,904.2 95.539 4.39 4.62

1999 - Jan. 7..... 2000 - Jan. 6 364 35,157.7 15,841.7 14,960.3 757.5 17,836.8 243,438.4 95.647 4.28 4.51

Feb. 4..... Feb. 3 364 33,234.6 15,401.4 14,340.4 881.4 19,190.2 240,089.9 95.617 4.34 4.55

Mar. 4..... Mar. 2 364 35,942.8 15,344.6 14,323.7 1,061.0 17,973.1 237,518.2 95.581 4.37 4.58

Apr. 1..... Mar. 30 364 32,541.9 15,884.2 14,805.1 1,020.9 16,751.0 236,111.8 95.283 4.67 4.92

Apr. 29 .... Apr. 27 364 34,989.6 15,017.1 13,950.2 1,079.1 15,022.5 236,973.5 95.455 4.50 4.73

May 27 .... May 25 364 27,950.8 15,288.1 14,291.8 1,067.0 15,540.1 236,450.6 95.460 4.49 4.73

June 24 .... June 22 364 28,802.6 14,848.6 13,890.6 996.3 15,093.2 236,645.5 95.319 4.63 4.88

July 22 .... July 20 364 39,109.3 15,368.8 14,448.6 958.1 15,372.6 236,121.5 95.238 4.71 4.97

Aug. 19 .... Aug. 17 364 30,118.0 15,042.1 14,140.7 920.3 15,047.5 236,442.8 95.000 4.95 5.22

Sept. 6 .... Sept. 14 364 34,215.7 15,540.2 15,540.2 901.4 15,542.3 235,942.7 94.944 5.00 5.29

Oct. 14 .... Oct. 12 364 30,201.7 16,734.1 15,942.7 791.4 16,669.5 234,284.1 94.828 5.12 5.41

Nov. 12 .... Nov. 9 363 35,052.7 15,448.5 14,722.8 725.7 16,253.6 234,764.6 94.787 5.17 5.47

Dec. 9..... Dec. 7 364 35,597.2 14,815.4 14,020.8 794.6 16,368.7 233,844.4 94.591 5.30 5.67

Cash management:

1999 - Nov. 15 .... 2000 - Jan. 20 66 35,935.5 16,042.4 16,038.7 3.7 - 16,042.4 99.052 5.17 5.31

Dec. 1..... Jan. 13 43 70,934.0 28,005.5 28,004.5 1.0 - 32,084.8 99.367 5.30 5.42

Dec. 21 .... Jan. 13 23 27,896.0 10,004.0 10,003.0 1.0 - 60,090.3 99.652 5.44 5.56

De scrip tion of new is sue Amounts of bids ac cepted On to tal com pet i tive bids ac cepted

Ma tu rity

date

Num ber

of days to

ma tu rity 1

Amount

 of bids

 ten dered

To tal

amount

On com pet -

i tive ba sis 2

On noncom pet i tive 

ba sis 3

Amount

ma tur ing on 

is sue date

of new

 of fer ing

To tal

unmatured

is sues

out stand ing 

af ter new

is sues

High price

per

 hun dred

High dis -

count rate

(per cent)

High in vest -

ment rate

(per cent) 4

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

1 All 13-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 52

weeks.

2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral

Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-price for -

mat as of No vem ber 2, 1998.

4 Equiv a lent cou pon-issue yield.
40 PUB LIC DEBT OP ER A TIONS

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date Is sue date De scrip tion of se cu ri ties 1

 Pe riod to fi nal ma tu rity 

(years, months, days) 2

 Amount

 ten dered

 Amount 

 ac cepted 3,4

Ac cepted yield and

equiv a lent price

 for notes and bonds

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

01/05/99 01/07/99 4.335% bill—01/06/00 364d 35,158 15,842

01/06/99 01/15/99 3.875% note—01/15/09-A 10y 25,476 8,531 6

01/27/99 02/01/99 4.5% note—01/31/01-U 2y 36,637 19,772 7

02/02/99 02/04/99 4.370% bill—02/03/00 364d 33,235 15,401

02/09/99 02/16/99 4.75% note—02/15/04-E 5y 30,243 17,815 8

02/10/99 5 02/16/99 4.75% note—11/15/08-D-reopening 9y 9m 22,044 11,593 9

02/11/99 02/16/99 4.48% bill—04/22/99-reopening 65d 29,945 8,028

02/11/99 02/16/99 5.25% bond—02/15/29 30y 21,844 11,349 10

02/24/99 03/01/99 5% note—02/28/01-V 2y 31,961 19,576 11

02/25/99 03/01/99 4.74% bill—04/22/99-reopening 52d 77,425 42,000

03/02/99 03/03/99 4.79% bill—03/15/99 12d 46,945 19,041

03/02/99 03/04/99 4.665% bill—03/02/00 364d 35,943 15,345

03/24/99 03/31/99 4.875% note—03/31/01-W 2y 39,664 21,588 12

03/30/99 03/31/99 4.83% bill—04/19/99 19d 43,115 20,025

03/30/99 04/01/99 4.495% bill—03/30/00 364d 32,542 15,884

03/31/99 04/01/99 4.85% bill—04/15/99-reopening 14d 42,824 26,024

04/07/99 04/15/99 3.875% bond—04/15/29 30y 15,045 7,350 13

04/22/99 04/22/99 4.51% bill—04/23/99 1d 35,895 8,020

04/27/99 04/29/99 4.490% bill—04/27/00 364d 34,990 15,017

04/28/99 04/30/99 5% note—04/30/01-X 2y 40,875 21,027 14

05/11/99 05/17/99 5.25% note—05/15/04-F 5y 29,987 18,912 15

05/12/99 05/17/99 5.5% note—05/15/09-B 10y 22,281 14,798 16

05/25/99 05/27/99 4.630% bill—05/25/00 364d 27,951 15,288

05/26/99 06/01/99 5.25% note—05/31/01-Y 2y 35,124 19,870 17

05/27/99 06/01/99 4.73% bill—06/15/99 14d 39,756 11,030

06/02/99 06/03/99 4.70% bill—06/15/99 12d 64,870 20,007

06/22/99 06/24/99 4.890% bill—06/22/00 364d 28,803 14,849

06/23/99 06/30/99 5.75% note—06/30/01-Z 2y 29,693 18,986 18

07/07/99 07/15/99 3-7/8% ii note—01/15/09-A-reopening 9y 6m 15,096 7,368 19

07/20/99 07/22/99 4.710% bill—07/20/00 364d 39,109 15,369

07/28/99 08/02/99 5-1/2% note—07/31/01-AB 2y 37,701 20,511 20

08/10/99 08/16/99 6% note—08/15/04-G 5y 30,788 18,071 21

08/11/99 08/16/99 6% note—08/15/09-C 10y 27,571 14,746 22

08/12/99 08/16/99 6-1/8% bond—08/15/29 30y 23,333 11,176 23

08/17/99 08/19/99 4.945% bill—08/17/00 364d 30,118 15,042

08/25/99 08/31/99 5-1/2% note—08/31/01-AC 2y 33,095 20,106 24

08/26/99 08/31/99 5.18% bill—09/15/99 15d 99,360 33,011

09/14/99 09/16/99 5.000% bill—09/14/00 364d 34,216 15,540

09/29/99 09/30/99 5-5/8% note—09/30/01-AD 2y 35,304 18,783 25

10/06/99 10/15/99 3-7/8% ii bond—04/15/29-reopening 29y 6m 13,836 7,368 4.138 - 96.989

10/13/99 10/14/99 5.115% bill—10/12/00 364d 30,202 16,734

10/27/99 11/01/99 5-7/8% note—10/31/01-AE 2y 44,527 5 19,187 5.935 - 99.888

11/09/99 11/12/99 5.170% bill—11/09/00 363d 35,053 15,448

11/09/99 11/15/99 5-7/8% note—11/15/04-H 5y 31,160 18,391 5.888 - 99.944

11/10/99 11/15/99 6% note—08/15/09-C-reopening 9y 9m 27,494 5 12,640 6.007 - 99.927

11/10/99 11/15/99 5.17% bill—01/20/00-reopening 66d 35,935 16,042

11/23/99 11/30/99 5-7/8% note—11/30/01-Q-reopening 2y 41,331 19,446 5.946 - 99.868

11/30/99 12/01/99 5.30% bill—01/13/00-reopening 43d 70,934 28,006

12/07/99 12/09/99 5.350% bill—12/07/00 364d 35,597 14,815

12/20/99 12/21/99 5.44% bill—01/13/00-reopening 23d 27,896 10,004

12/22/99 12/31/99 6-1/8% note—12/31/02-R-reopening 2y 33,634 17,176 6.233 - 99.800
PUB LIC DEBT OP ER A TIONS 41

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown

is the high bank dis count rate. For note and bond is sues, the rate

shown is the in ter est rate. For de tails of bill of fer ings, see ta ble PDO-2.

As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds are el i gi -

ble for STRIPS.

2 From date of ad di tional is sue in case of a re open ing.

3 In reopenings, the amount ac cepted is in ad di tion to the amount of

orig i nal of fer ings.

4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral

Re serve Banks; and to for eign and in ter na tional mon e tary au thor i ties,

whether in ex change for ma tur ing se cu ri ties or for new cash.

5 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of this

loan.

6 Ac cepted yields ranged up to 3.898% (ad justed price 99.811) in this

sin gle-price auc tion of an in fla tion-indexed note.

7 Ac cepted yields ranged up to 4.575% (price 99.858) in this sin -

gle-price auc tion.

8 Ac cepted yields ranged up to 4.767% (price 99.925) in this sin -

gle-price auc tion.

9 Ac cepted yields ranged up to 4.913% (price 98.735) in this sin -

gle-price auc tion.

10 Ac cepted yields ranged up to 5.298% (price 99.282) in this sin -

gle-price auc tion.

11 Ac cepted yields ranged up to 5.009% (price 99.983) in this sin -

gle-price auc tion.

12 Ac cepted yields ranged up to 4.995% (price 99.774) in this sin -

gle-price auc tion.

13 Ac cepted yields ranged up to 3.899% (ad justed price 99.578) in this

sin gle-price auc tion of an in fla tion-indexed bond.

14 Ac cepted yields ranged up to 5.017% (price 99.968) in this sin -

gle-price auc tion.

15 Ac cepted yields ranged up to 5.367% (price 99.493) in this sin -

gle-price auc tion .

16 Ac cepted yields ranged up to 5.510% (price 99.923) in this sin -

gle-price auc tion .

17 Ac cepted yields ranged up to 5.315% (price 99.878) in this sin -

gle-price auc tion.

18 Ac cepted yields ranged up to 5.754% (price 99.993) in this sin -

gle-price auc tion.

19 Ac cepted yields ranged up to 4.040% (ad justed price 100.033) in

this sin gle-price auc tion of an in fla tion-indexed note.

20 Ac cepted yields ranged up to 5.544% (price 99.917) in this sin -

gle-price auc tion.

21 Ac cepted yields ranged up to 6.014% (price 99.940) in this sin -

gle-price auc tion.

22 Ac cepted yields ranged up to 6.085% (price 99.370) in this sin -

gle-price auc tion.

23 Ac cepted yields ranged up to 6.144% (price 99.741) in this sin -

gle-price auc tion.

24 Ac cepted yields ranged up to 5.557% (price 99.893) in this sin -

gle-price auc tion.

25 Ac cepted yields ranged up to 5.665% (price 99.925) in this sin -

gle-price auc tion.

 Note.— Starting with the Jan u ary 5, 1999, auc tion, amounts listed as

ten dered and ac cepted are amounts ten dered and awarded on auc tion 

day. Be fore the Jan u ary 5, 1999, auc tion, amounts listed as ten dered

and ac cepted are amounts ten dered and awarded on is sue day.
42 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

See foot notes at end of ta ble.

04/15/98 3-5/8% note—4/15/28 8,404 400 1,409 35 3,571 347 1,973 - 510 159 

04/30/98 5-5/8% note—4/30/00-AC 15,634 1,191 151 1,099 9,726 2 1,019 1 1,650 795 

04/30/98 5-3/4% note—4/30/03-F 12,573 1,010 312 258 9,757 7 31 * 909 289 

05/15/98 5-5/8% note—5/15/01-T 12,874 2,270 163 513 8,339 5 772 1 595 216 

05/15/98 5-5/8% note—5/15/08-C 14,775 2,720 1,001 87 7,347 * 3,560 - 52 8 

06/01/98 5-1/2% note—5/31/00-AD 16,580 1,321 485 1,163 10,773 15 135 3 2,270 415 

06/01/98 5-1/2% note—5/31/03-G 13,132 1,115 52 250 9,533 3 655 2 1,024 498 

06/30/98 5-3/8% note—6/30/00-AE 14,939 1,383 258 1,140 9,439 7 214 1 1,535 962 

06/30/98 5-3/8% note—6/30/03-H 13,127 1,265 12 220 8,486 3 1,510 1 1,152 478 

07/15/98 3-5/8% bond—4/15/28-re open ing 8,404 400 267 21 5,087 * 669 21 621 1,318 

07/31/98 5-3/8% note—7/31/00-AF 18,683 1,842 378 1,453 9,576 11 1,826 2 2,150 1,445 

08/17/98 5-1/4% note—8/15/03-J 19,852 2,834 895 465 13,340 100 125 * 1,105 988 

08/17/98 5-5/8% note—5/15/08-C-reopening 12,416 1,364 1,595 60 8,852 * * - 98 447 

08/17/98 5-1/2% note—8/15/28-bond 11,776 1,772 411 30 5,832 * 3,593 - 5 133 

08/31/98 5-1/8% note—8/31/00-AG 20,029 2,994 352 1,243 12,727 10 136 1 2,000 566 

09/30/98 4-1/2% note—9/30/00-AH 19,269 2,242 235 1,060 13,302 4 191 * 2,136 99 

10/15/98 3-5/8% note—1/15/08-A-reopening 8,401 400 308 12 5,566 1 488 100 262 1,264 

11/02/98 4% note—10/30/00-AJ 20,525 2,463 193 796 14,680 7 111 1 2,235 39 

11/16/98 4-1/4% note—11/15/03-K 18,626 1,518 41 298 14,943 223 141 1 1,272 189 

11/16/98 4-3/4% note—11/15/08-D 13,488 1,135 201 45 11,231 1 371 10 429 65 

11/16/98 5-1/4% bond—11/15/28 10,947 945 20 76 8,167 85 1,159 180 211 104 

11/30/98 4-5/8% note—11/30/00-AK 20,158 2,032 411 696 12,992 6 1,513 2 2,185 321 

12/31/98 4-5/8% note—12/31/00-AL 19,475 2,555 170 962 12,174 12 1,124 7 2,100 371 

01/15/99 3-7/8% note—1/15/09-A 8,532 400 884 103 2,077 282 773 - 165 3,848

02/01/99 4-1/2% note—1/31/01-U 19,777 2,765 309 1,173 12,938 2 271 1 2,001 317 

02/16/99 4-3/4% note—2/15/04-E 17,823 2,013 86 315 12,253 4 2,102 1 800 249 

02/16/99 4-3/4% note—11/15/08-D-reopening 11,595 1,340 1,374 55 7,728 * 406 - 364 328 

02/16/99 5-1/4% bond—2/15/29 11,350 1,340 5 54 8,515 455 369 290 35 287 

03/01/99 5% note—2/28/01-V 19,587 2,571 95 994 13,554 6 150 4 2,105 108 

03/31/99 4-7/8% note—3/31/99-W 21,605 3,385 235 1,297 11,861 2 444 1 3,375 1,005 

Date of

fi nanc ing De scrip tion of se cu ri ties

To tal

 is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment

funds

In vest -

ment

funds

 In sur ance 

companies

For eign

and 

international Other 3

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
PUB LIC DEBT OP ER A TIONS 43

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

* Less than $500,000.

1

De pos i tory in sti tu tions in clude banks.

2

In cludes part ner ships and per sonal trust ac counts. 

3

 Re sid ual. 

Date of 

fi nanc ing De scrip tion of se cu ri ties

Total

 is sue

Fed eral 

Re serve 

Banks

 De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

 and re -

tire ment

funds

In vest -

ment

funds

In sur ance

companies

For eign

and

international Other 3

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

04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412 

04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272 

05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338 

05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662 

06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549 

06/30/99 5-3/4% note—6/30/01-Z r 19,001 2,484 243 1,540 12,398 1 392 * 1,893 r 50 

07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188 

08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51 

08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68 

08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83 

08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163 

08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185 

09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130 

10/15/99 3-7/8% note—4/15/29-reopening 7,370 368 499 80 3,127 255 2,722 - 279 40 

11/01/99 5-7/8% note—10/31/99-AE 19,196 2,682 71 1,192 12,568 1 634 5 2,005 38 

11/15/99 5-7/8% note—11/15/04-H 18,406 2,190 1,020 501 11,565 1 1,638 - 1,465 26 

11/15/99 6% note—8/15/09-C-reopening 12,643 2,135 251 81 8,846 * 394 5 800 131 

11/30/99 5-7/8% note—11/30/01-Q 19,473 3,143 664 1,157 11,803 6 901 * 1,660 139 

12/31/99 6-1/8% note—12/31/01-R 17,195 2,175 606 1,206 12,223 7 843 * 75 60 
44 PUB LIC DEBT OP ER A TIONS

1 Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

07/23/98 07/22/99 5.10 15,215 5,305 130 915 7,061 1,804

08/20/98 08/19/99 5.00 15,758 5,565 89 89 7,407 2,608

09/17/98 09/16/99 4.51 15,441 5,390 22 2,585 4,865 2,579

10/15/98 10/14/99 4.06 16,670 5,650 9 112 8,987 1,912

11/12/98 11/12/99 4.39 16,254 5,225 616 355 8,311 1,747

12/10/98 12/09/99 4.28 16,371 5,360 415 560 8,599 1,437

01/07/99 01/06/00 4.32 15,853 4,980 128 31 8,106 2,608

02/04/99 02/03/00 4.36 15,408 6,390 14 68 7,390 1,546

03/04/99 03/02/00 4.65 15,352 5,165 18 168 7,393 2,608

04/29/99 04/27/00 4.49 15,023 4,855 268 613 6,140 3,147

05/27/99 05/25/00 4.63 15,299 5,145 14 523 7,132 2,485

06/24/99 06/22/00 4.89 14,853 4,570 133 90 7,610 2,450

TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries (His tor i cal)**

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 To tal amount 

is sued Al lot ments by in ves tor class

 Date of Date of ma tu rity 

 Av er age rate

(per cent) 52-week se ries

Fed eral Re serve

Banks

 Com mer -

cial banks Cor po ra tions 1

 Dealers 

and bro kers All other 2

 fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8)

TA BLE PDO-4B.—Al lot ments by In ves tor Class

 for Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills**

[Dol lar amounts in mil lions. Source: Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by in ves tor class

Date of

 fi nanc ing

Date of

maturity

 High rate

(per cent)

To tal

amount

 is sued

Fed eral

 Re serve 

Banks

De pos i tory 

in sti tu tions 1 In di vid uals 2

Dealers and

 bro kers

Pen sion and

 re tire ment

In vest ment

funds

In sur ance

com pa nies

For eign

and in ter -

na tional All other 3

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

07/22/99 07/20/00 4.710 15,373 4,940 30 938 7,494 - 79 * 1,875 17 

08/19/99 08/20/00 4.945 15,048 5,010 12 920 7,366 - 50 1 1,670 19 

09/16/99 09/14/00 5.000 15,542 5,170 15 899 7,209 1 53 1 2,179 15 

10/14/99 10/12/00 5.110 16,734 4,950 9 767 7,933 1 201 - 2,858 15 

11/12/99 11/09/00 5.170 15,453 4,540 9 709 8,068 2 273 1 1,833 18 

12/09/99 12/07/00 5.350 14,819 4,815 12 755 7,739 1 837 * 634 26 

* Less than $500,000.

1

 De pos i tory in sti tu tions in clude banks.

2

 In cludes partnerships and per sonal trust ac counts.

3 Re sid ual.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.
45

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Dec. 31, 1999

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est-bearing debt

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

1

 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and se ries I

bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gible for pur chase by in di vid u als with the si mul ta neous pur -

chase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and re -

demp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH.............. 356,890 207,913 564,803 370,750 179,277 7,005 

Se ries I........................... 480 3 483 10 469 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3 

Se ries J and K ..................... 3,556 198 3,754 3,753 - -

Sav ings notes .....................

862 704 1,566 1,221 166 -

 To tal...........................

394,133 210,997 605,130 410,253 179,912 7,009 

2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”
46 U.S. SAV INGS BONDS AND NOTES

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Se ries E and EE

Fis cal years:

1941-94 ......... 321,899 160,472 482,371 291,359 217,284 77,650 17,106 165,387 1,835 

1995 ........... 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977 

1996 ........... 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276 

1997 ........... 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584 

1998 ........... 4,765 9,141 13,906 14,136 6,954 7,182 1,190 180,744 5,091 

1999 ........... 4,672 7,368 12,450 11,707 5,200 5,436 928 166,529 6,169 

Cal en dar years:

1941-95 ......... 326,991 176,324 503,315 299,483 228,955 77,438 18,298 170,690 2,700 

1996 ........... 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198 1997 ........... 9,316 16,499 25,815 24,863 13,044 11,598 2,192 168,802 5,359 

1998 ........... 4,325 8,432 12,757 13,001 6,180 5,829 1,900 168,528 4,981 

1998 - Dec. ........ 545 720 1,306 1,122 489 497 81 167,375 6,250 

1999 - Jan......... 764 840 1,656 1,379 592 698 90 167,399 6,091 

Feb......... 470 739 1,252 1,135 488 547 100 167,488 5,977 

Mar......... 477 702 1,226 1,212 523 580 110 167,446 5,876 

Apr ......... 459 853 1,353 1,222 554 574 95 167,527 5,789 

May ........ 400 651 1,091 1,026 442 496 87 166,678 6,577 

June........ 394 685 1,118 1,139 521 533 86 166,643 6,465 

July......... 400 797 1,235 1,158 520 553 90 166,695 6,362 

Aug......... 388 712 1,136 1,273 590 590 98 166,524 6,262 

Sept ........ 375 669 1,077 1,041 481 368 91 166,529 6,169 

Oct......... 391 819 1,244 981 441 461 83 166,750 6,094 

Nov......... 391 631 1,092 985 450 456 83 166,772 6,026 

Dec......... 551 676 1,334 1,253 569 579 88 165,702 6,983 

 TA BLE SBN-2.—Sales and Re demp tions by Pe riod, 

All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1 dis count 1 bear ing debt bear ing debt

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

Fis cal years:

1935-94 ................. 363,460 163,984 527,444 348,780 272,261 76,459 176,766 1,857 

1995 ................. 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997 

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292 

1997 ................. 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601 

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091 

1999 ................. 6,257 8,924 14,955 14,214 8,267 6,324 179,950 6,188 

Cal en dar years:

1935-95............... 376,477 188,372 564,849 369,368 285,004 84,364 182,266 2,724 

1996 ................. 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222 

1997 ................. 9,904 17,301 27,205 27,647 15,412 12,235 181,133 5,359 

1998 ................. 4,325 8,435 12,760 12,078 6,032 6,046 181,397 4,999 

1998 - Dec............... 545 721 1,307 1,176 545 497 180,254 6,273 

1999 -Jan ............... 820 841 1,661 1,446 661 696 180,354 6,113 

Feb............... 514 740 1,253 1,207 563 544 180,508 5,998 

Mar............... 523 702 1,226 1,291 598 583 180,543 5,897 

Apr ............... 504 853 1,358 1,300 688 577 180,680 5,809 

May .............. 443 651 1,094 1,088 767 494 179,882 6,600 

June .............. 427 685 1,112 1,208 1,767 537 179,909 6,487 

July............... 441 799 1,240 1,235 593 553 180,017 6,383 

Aug............... 423 714 1,136 1,349 662 590 179,903 6,282 

Sept .............. 415 671 1,086 992 549 368 179,950 6,188 

Oct ............... 425 821 1,245 1,047 504 461 180,222 6,113 

Nov............... 460 633 1,093 1,056 518 456 180,326 6,045 

Dec............... 659 678 1,337 1,304 640 579 179,277 7,005 

See note at end of ta ble.

1 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions
U.S. SAV INGS BONDS AND NOTES 47

Se ries H and HH

Fis cal years:

1952-94......... 13,548 - 13,548 18,990 18,990 - 17,106 11,379 17 

1995 ........... 8 - 8 737 737 - 874 11,524 16 

1996 ........... 16 - 16 744 744 - 1,173 11,940 16 

1997 ........... 10 - 10 893 893 - 1,254 12,294 17 

1998 ........... 56 - 56 941 941 - 1,108 12,541 19 

1999 ........... 35 - 35 625 625 - 847 12,813 19 

 -

Cal en dar years:

 -

1952-95......... 13,536 - 13,536 19,831 20,131 - 18,212 11,576 24 

1996 ........... 17 - 17 789 789 - 1,266 12,038 23 

1997 ........... -7 - -7 1,693 1,693 - 2,193 12,331 23 

1998 ........... 67 - 67 850 850 - 776 12,571 19 

 -

1998 - Dec......... 1 - 1 56 56 - 81 12,594 23 

1999 - Jan ......... 4 - 4 68 68 - 90 12,621 22 

Feb ......... 1 - 1 74 74 - 100 12,646 21 

Mar ......... 1 - 1 75 75 - 110 12,681 20 

Apr ......... 5 - 5 73 73 - 95 12,699 20 

May ........ 4 - 4 64 64 - 87 12,715 23 

June........ 5 - 5 63 63 - 86 12,744 22 

July ......... 5 - 5 71 71 - 90 12,768 21 

Aug ......... 1 - 1 70 70 - 98 12,797 20 

Sept ........ 9 - 9 67 67 - 91 12,813 19 

Oct ......... 1 - 1 61 61 - 83 12,837 19 

Nov ......... 1 - 1 65 65 - 83 12,856 19 

Dec ......... 3 - 3 69 69 - 88 12,869 22 

Se ries I

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con.

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Fis cal year:

1999 ........... 403 3 406 6 6 - - 469 -

Cal en dar year:

1998 ........... 77 - 77 - - - - 77 -

1998 - Dec. ........ 40 - 40 - - - - 117 -

1999 - Jan......... 52 - 52 - - - - 168 -

Feb......... 43 - 43 - - - - 211 -

Mar......... 46 - 46 - - - - 257 -

Apr......... 41 - 41 - - - - 297 -

May ........ 39 - 39 - - - - 335 -

June........ 39 - 39 - - - - 372 -

July......... 37 1 38 2 2 - - 407 -

Aug......... 34 1 35 2 2 - - 440 -

Sept ........ 32 1 33 2 2 - - 469 -

Oct......... 32 1 33 2 2 - - 407 -

Nov......... 68 1 69 3 3 - - 440 -

Dec......... 105 1 106 3 3 - - 469 -

 Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.
48

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes and

bonds that the Trea sury is sues. The ta bles also de tail debt is -

sued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non -

mar ket able se cu ri ties and debt is sued by other Fed eral agen -

cies held by Gov ern ment ac counts, the FRBs and pri vate

in ves tors. So cial Se cu rity and Fed eral re tire ment trust fund in -

vest ments com prise much of the Gov ern ment ac count hold -

ings. 

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a

means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is ob -

tained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

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

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

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

OWN ER SHIP OF FED ERAL SE CU RITIES 49

1995 ......................... 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 ......................... 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 ......................... 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1998 ......................... 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

1999 ......................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

1998 - Dec .................... 5,643,435 5,605,401 1,826,826 1,123 1,825,703 471,736

1999 - Jan..................... 5,639,054 5,568,063 1,854,253 1,123 1,853,130 478,329

Feb .................... 5,650,706 5,580,223 1,864,089 1,123 1,862,966 458,845

Mar .................... 5,680,450 5,643,138 1,857,066 1,123 1,855,943 464,517

Apr..................... 5,614,538 5,577,369 1,875,854 1,123 1,874,731 482,411

May .................... 5,632,895 5,563,128 1,895,541 1,123 1,894,418 488,419

June ................... 5,667,682 5,629,535 1,953,613 1,123 1,952,490 493,816

July .................... 5,667,400 5,599,069 1,951,953 1,123 1,950,830 489,141

Aug .................... 5,701,027 5,663,351 1,959,064 1,123 1,957,941 492,617

Sept.................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

Oct..................... 5,708,360 5,640,643 2,006,234 1,123 2,005,111 490,547

Nov .................... 5,724,359 5,684,718 2,015,565 1,123 2,014,442 492,693

Dec .................... 5,805,009 5,766,093 2,060,560 1,123 2,059,437 477,735

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

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

1995......................... 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996......................... 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997......................... 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1998......................... 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

1999......................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276

1998 - Dec .................... 3,306,839 2,882,598 424,241 8,816 29,218 717 28,501

1999 - Jan..................... 3,235,481 2,813,352 422,130 42,054 28,937 717 28,220

Feb .................... 3,257,289 2,834,566 422,723 41,723 28,760 717 28,043

Mar .................... 3,321,555 2,895,704 425,852 8,477 28,835 717 28,118

Apr..................... 3,219,104 2,789,038 430,066 8,471 28,698 717 27,981

May.................... 3,179,168 2,751,084 428,084 41,070 28,697 717 27,980

June ................... 3,182,106 2,753,570 428,536 9,245 28,902 634 28,268

July .................... 3,157,975 2,733,425 424,550 39,587 28,744 634 28,110

Aug .................... 3,211,670 2,787,259 424,411 9,035 28,641 634 28,007

Sept.................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276

Oct..................... 3,143,862 2,719,539 424,324 39,083 28,633 634 27,999

Nov .................... 3,176,460 2,749,858 426,602 8,882 30,759 634 30,125

Dec .................... 3,227,798 2,802,125 425,673 9,998 28,918 634 28,284
50 OWN ER SHIP OF FED ERAL SE CU RITIES

1 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Face value.

2

 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di -

tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral

Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.

3 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209. 

4

 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.

5 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Cur rent ac crual value.

6 In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift

Sav ings Plan "G Fund."

7 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.

8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ketable for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury se cu ri -

ties held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of

New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to

De cem ber 1994 and the 1994 bench mark to date.

9

 In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal

trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.

 Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date

own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral

Re serve Board.

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties

[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

1989 - Mar ....... 2,740.9 837.5 1,903.4 239.0 112.2 109.3 127.3 119.7 118.5 355.9 373.5 348.1

June ...... 2,799.9 890.8 1,909.1 218.2 114.0 115.9 127.9 120.6 116.5 358.6 366.4 371.1

Sept ....... 2,857.4 899.1 1,958.3 205.4 115.7 122.9 129.4 121.2 120.4 359.8 391.8 391.7

Dec....... 2,953.0 935.6 2,017.4 204.2 117.7 131.5 128.6 123.9 124.9 369.1 426.1 391.4

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 121.6 139.0 132.3 142.7 401.1 445.4 395.8

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 128.4 144.6 133.7 141.2 405.0 451.0 399.9

Sept ....... 3,233.3 1,026.0 2,207.3 214.8 123.9 133.2 146.4 136.4 147.6 407.3 463.8 434.0

Dec....... 3,364.8 1,059.5 2,305.3 206.5 126.2 137.2 144.5 138.2 162.8 410.6 487.1 492.3

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 131.2 153.4 147.2 186.1 415.6 492.0 482.9

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 132.0 155.0 156.8 180.1 416.8 502.0 491.5

Sept ....... 3,665.3 1,166.9 2,498.4 251.7 135.4 136.2 140.2 171.4 199.5 430.2 506.3 527.6

Dec....... 3,801.7 1,223.2 2,578.5 271.5 138.1 137.7 141.7 181.8 221.8 435.5 520.9 529.5

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 128.5 140.7 188.4 227.9 460.0 536.4 541.4

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 129.3 146.7 192.8 235.2 435.6 558.2 554.1

Sept ....... 4,064.6 1,282.4 2,782.2 337.1 150.3 133.3 166.4 194.8 245.1 429.3 562.8 563.2

Dec....... 4,177.0 1,329.7 2,847.3 348.3 157.3 135.3 172.3 197.5 259.5 418.2 576.7 582.2

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 127.2 171.2 208.0 261.5 434.0 585.9 588.1

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 127.4 176.9 217.8 269.2 441.2 596.8 594.6

Sept ....... 4,411.5 1,422.2 2,989.3 366.2 169.1 141.8 188.7 229.4 283.9 434.0 619.1 557.2

Dec....... 4,535.7 1,476.1 3,059.6 373.0 171.9 136.8 186.3 234.5 294.0 447.8 650.3 565.0

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 138.0 195.0 233.4 278.0 443.4 661.1 578.6

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 145.0 193.4 238.1 271.6 425.2 659.9 604.2

Sept ....... 4,692.8 1,562.8 3,130.0 364.0 178.6 131.7 191.9 243.7 265.3 398.2 682.0 674.6

Dec....... 4,800.2 1,622.6 3,177.6 339.6 180.5 157.9 192.1 240.1 273.0 370.0 667.3 757.1

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 162.8 203.1 244.2 r 273.1 350.5 707.0 r 769.9

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 166.6 197.2 245.0 263.9 313.7 762.5 790.0

Sept ....... 4,974.0 1,688.0 3,286.0 330.8 183.5 170.6 193.0 245.2 272.6 304.3 820.4 765.6

Dec....... 4,988.7 1,681.0 3,307.7 315.4 185.0 176.5 191.7 241.5 286.5 289.8 835.2 786.1

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 180.4 198.9 239.4 310.4 283.6 908.1 758.0

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 183.9 208.2 229.5 306.5 283.3 929.7 708.1

Sept ....... 5,224.8 1,831.6 3,393.2 310.9 186.8 186.9 202.4 226.8 308.4 263.8 993.4 713.8

Dec....... 5,323.2 1,892.0 3,431.2 296.6 187.0 189.2 203.5 214.1 315.8 257.0 1,102.1 665.9

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 192.4 203.7 182.2 310.6 250.6 1,157.6 651.3

June....... 5,376.2 1,998.9 3,377.3 300.2 186.3 195.9 209.3 183.6 305.4 243.3 1,182.7 570.6

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 199.7 219.7 187.3 311.4 237.7 1,230.5 536.2

Dec........ 5,502.4 2,087.8 3,414.6 300.3 186.5 204.1 216.9 176.6 321.5 239.3 1,241.6 527.9

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 198.7 211.9 r 169.4 325.1 238.1 1,250.5 r 549.3

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 204.8 214.8 r 160.6 319.4 258.5 1,256.0 r 458.5

Sept ....... 5,526.2 2,213.0 3,313.2 244.4 186.0 208.2 211.2 r 151.3 319.7 266.4 1,224.2 r 501.8

Dec....... 5,614.2 2,280.2 3,334.0 237.3 186.7 218.1 216.6 144.5 343.2 269.3 1,278.7 r 439.6

1999 - Mar ....... 5,651.6 2,324.0 3,327.6 r 246.5 186.6 220.0 r 218.3 143.8 r 351.8 272.5 1,272.1 r 416.0

June ...... 5,638.8 2,439.5 3,199.3 r 240.6 186.6 226.6 r 222.5 r 142.5 r 335.4 279.1 1,258.6 r 307.4

Sept ....... 5,656.3 2,480.7 3,175.6 p 240.6 r 186.6 p 228.3 p 216.6 p 138.2 p 332.6 p 271.6 r 1,281.3 r 279.8

Dec....... 5,776.1 2,541.9 3,234.2 n.a. p 186.5 n.a. n.a. n.a. n.a. n.a. p 1,268.7 n.a.

Fed eral

Re serve

and Gov ernment ac -

counts 2

Pen sion funds 3

To tal

pub lic

debt 1

To tal

pri vately

held

 De pos i tory

in sti tu -

tions3,4

 U.S.

 sav ings

 bonds 5 Pri vate 6

State and

 lo cal gov ernments

 In sur ance 

companies3Mu tual 

funds 3,7

State

and lo cal

gov ernments 3

 For eign

and inter-

 na tional 8

 Other

 in ves tors 9

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con -

stant ma tu ri ties for bills, notes and bonds. The Trea sury yield

curve in the ac com pa ny ing chart is based on cur rent mar ket

bid quo ta tions on the most ac tively traded Trea sury se cu ri ties

as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the FRB of

New York to de rive the yield curve, based on semi an nual in -

ter est pay ments and read at con stant ma tu rity points to de -

velop a con sis tent data se ries. Yields on Trea sury bills are

cou pon equiv a lent yields of bank dis count rates at which

Trea sury bills trade in the mar ket. The Board of Gov er nors of

the Fed eral Re serve Sys tem pub lishes the Trea sury con stant

ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Trea -

sury, cor po rate and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The cor -

po rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in at least 20 years and rated Aa by Moody’s In ves tors Ser vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’s In ves tors Ser vice for 20-year reoffering yields on se -

lected Aa-rated gen eral ob li ga tions. See the foot notes for fur -

ther ex pla na tion.

51

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities:

Bills, Notes and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

* Rates are from the Trea sury yields curve.

Period 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

Monthly av er age:

1999 - Jan................ 4.45 4.49 4.51 4.62 4.61 4.60 4.80 4.72 5.16

Feb ............... 4.56 4.61 4.70 4.88 4.90 4.91 5.10 5.00 5.37

Mar ............... 4.57 4.65 4.78 5.05 5.11 5.14 5.36 5.23 5.58

Apr ................ 4.41 4.54 4.69 4.98 5.03 5.08 5.28 5.18 5.55

May ............... 4.63 4.75 4.85 5.25 5.33 5.44 5.64 5.54 5.81

June............... 4.72 5.03 5.10 5.62 5.70 5.81 6.05 5.90 6.04

July ............... 4.69 4.75 5.03 5.55 5.62 5.68 5.94 5.79 5.98

Aug ............... 4.87 5.09 5.20 5.68 5.77 5.84 6.15 5.94 6.07

Sept............... 4.82 5.08 5.25 5.66 5.75 5.80 6.12 5.92 6.07

Oct................ 5.02 5.20 5.43 5.86 5.94 6.03 6.33 6.11 6.26

Nov ............... 5.23 5.43 5.55 5.86 5.92 5.97 6.17 6.03 6.15

Dec ............... 5.36 5.68 5.84 6.10 6.14 6.19 6.38 6.28 6.35

End of month: 

1999 - Jan................ 4.48 4.47 4.51 4.58 4.57 4.55 4.72 4.66 5.09

Feb ............... 4.66 4.70 4.88 5.13 5.16 5.21 5.39 5.29 5.57

Mar ............... 4.49 4.53 4.72 4.99 5.07 5.12 5.38 5.25 5.63

Apr ................ 4.55 4.66 4.78 5.08 5.17 5.24 5.42 5.36 5.68

May ............... 4.66 4.83 4.97 5.42 5.51 5.60 5.83 5.64 5.84

June............... 4.78 5.04 5.07 5.53 5.59 5.67 5.93 5.81 5.98

July ............... 4.75 4.85 5.13 5.63 5.70 5.82 6.10 5.92 6.11

Aug ............... 4.98 5.21 5.30 5.73 5.82 5.88 6.20 5.98 6.07

Sept............... 4.88 4.99 5.22 5.63 5.70 5.78 6.10 5.90 6.06

Oct................ 5.12 5.28 5.43 5.79 5.90 5.97 6.19 6.02 6.16

Nov ............... 5.30 5.57 5.70 6.01 6.05 6.11 6.28 6.18 6.29

Dec ............... 5.33 5.74 5.98 6.24 6.29 6.36 6.55 6.45 6.48
 52 MARKET YIELDS

5.0

5.5

6.0

6.5

7.0

0 2 4 6 8 10 1 2 14 16 18 20 22 24 2 6 28 30

* Source: Of fice of Mar ket Fi nance

CHART MY-A.—Yields of Trea sury Se cu ri ties, Decem ber 31, 1999*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most ac -

tively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to ma tu rity
MARKET YIELDS 53

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

 

 Pe riod 

Trea sury

30-yr.

bonds

 New Aa

corporate

bonds 1

New Aa

municipal

bonds 2

 (1) (2) (3)

See foot notes at end of ta ble.

1988

Jan ...................................................................................... 8.83 9.81 7.46

Feb ...................................................................................... 8.43 9.43 7.34

Mar ...................................................................................... 8.63 9.68 7.55

Apr ...................................................................................... 8.95 9.92 7.69

May...................................................................................... 9.23 10.25 7.63

June ..................................................................................... 9.00 10.08 7.67

July ...................................................................................... 9.14 10.12 7.63

Aug ...................................................................................... 9.32 10.27 7.62

Sept...................................................................................... 9.06 10.03 7.30

Oct ...................................................................................... 8.89 9.86 7.27

Nov ...................................................................................... 9.02 9.98 7.39

Dec ...................................................................................... 9.01 10.05 7.40

1989

Jan ...................................................................................... 8.93 9.92 7.18

Feb ...................................................................................... 9.01 10.11 7.31

Mar ...................................................................................... 9.17 10.33 7.42

Apr ...................................................................................... 9.03 10.11 7.30

May...................................................................................... 8.83 9.82 7.05

June ..................................................................................... 8.27 9.24 6.94

July ...................................................................................... 8.08 9.20 6.89

Aug ...................................................................................... 8.12 9.09 6.73

Sept...................................................................................... 8.15 9.29 7.10

Oct ...................................................................................... 8.00 9.04 7.13

Nov ...................................................................................... 7.90 9.20 6.95

Dec ...................................................................................... 7.90 9.23 6.76

1990

Jan ...................................................................................... 8.26 9.56 6.95

Feb ...................................................................................... 8.50 9.68 7.03

Mar ...................................................................................... 8.56 9.79 7.09

Apr ...................................................................................... 8.76 10.02 7.26

May...................................................................................... 8.73 9.97 7.14

June ..................................................................................... 8.46 9.69 6.98

July ...................................................................................... 8.50 9.72 7.03

Aug ...................................................................................... 8.86 10.05 7.13

Sept...................................................................................... 9.03 10.17 7.15

Oct ...................................................................................... 8.86 10.09 7.24

Nov ...................................................................................... 8.54 9.79 6.87

Dec ...................................................................................... 8.24 9.55 6.85

1991

Jan ...................................................................................... 8.27 9.60 7.00

Feb ...................................................................................... 8.03 9.14 6.61

Mar ...................................................................................... 8.29 9.14 6.88

Apr ...................................................................................... 8.21 9.07 6.81

May...................................................................................... 8.27 9.13 6.78

June ..................................................................................... 8.47 9.37 6.90

July ...................................................................................... 8.45 9.38 6.89

Aug ...................................................................................... 8.14 8.88 6.66

Sept...................................................................................... 7.95 8.79 6.58

Oct ...................................................................................... 7.93 8.81 6.44

Nov ...................................................................................... 7.92 8.72 6.37

Dec ...................................................................................... 7.70 8.55 6.43

MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES
 54 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

cor po rate

bonds 1

New Aa

mu nic i pal

bonds 2

(1) (2) (3)

See foot notes at end of ta ble.

1992

Jan ...................................................................................... 7.58 8.36 6.29

Feb ...................................................................................... 7.85 8.63 6.42

Mar ...................................................................................... 7.97 8.62 6.59

Apr ...................................................................................... 7.96 8.59 6.54

May ...................................................................................... 7.89 8.57 6.39

June ..................................................................................... 7.84 8.45 6.32

July ...................................................................................... 7.60 8.19 5.90

Aug ...................................................................................... 7.39 7.96 5.81

Sept ...................................................................................... 7.34 7.99 6.05

Oct ...................................................................................... 7.53 8.17 6.18

Nov ...................................................................................... 7.61 8.25 6.22

Dec ...................................................................................... 7.44 8.12 6.02

1993

Jan ...................................................................................... 7.34 7.91 6.05

Feb ...................................................................................... 7.09 7.73 5.74

Mar ...................................................................................... 6.82 7.39 5.54

Apr ...................................................................................... 6.85 7.48 5.64

May ...................................................................................... 6.92 7.52 5.61

June ..................................................................................... 6.81 7.48 5.54

July ...................................................................................... 6.63 7.35 5.40

Aug ...................................................................................... 6.32 7.04 5.50

Sept ...................................................................................... 6.00 6.88 5.44

Oct ...................................................................................... 5.94 6.88 5.23

Nov ...................................................................................... 6.21 7.17 5.19

Dec ...................................................................................... 6.25 7.22 5.27

1994

Jan ...................................................................................... 6.29 7.16 5.19

Feb ...................................................................................... 6.49 7.27 5.16

Mar ...................................................................................... 6.91 7.64 5.47

Apr ...................................................................................... 7.27 7.95 5.59

May ...................................................................................... 7.41 8.17 5.79

June ..................................................................................... 7.40 8.16 5.96

July ...................................................................................... 7.58 8.30 6.11

Aug ...................................................................................... 7.49 8.25 6.07

Sept ...................................................................................... 7.71 8.48 6.10

Oct ...................................................................................... 7.94 8.76 6.31

Nov ...................................................................................... 8.08 8.89 6.79

Dec ...................................................................................... 7.87 8.66 6.63

1995

Jan ...................................................................................... 7.85 8.59 6.48

Feb ...................................................................................... 7.61 8.39 6.09

Mar ...................................................................................... 7.45 8.23 5.91

Apr ...................................................................................... 7.36 8.10 5.80

May ...................................................................................... 6.95 7.68 5.75

June ..................................................................................... 6.57 7.42 5.61

July ...................................................................................... 6.72 7.54 5.69

Aug ...................................................................................... 6.86 7.75 5.81

Sept ...................................................................................... 6.55 7.42 5.75

Oct ...................................................................................... 6.37 7.29 5.80

Nov ...................................................................................... 6.26 7.20 5.56

Dec ...................................................................................... 6.06 7.02 5.46
MARKET YIELDS 55

1 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

 

2 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves tors

Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

corporate

bonds 1

New Aa 

mu nic i pal

bonds 2

1996

Jan ...................................................................................... 6.05 7.00 5.41

Feb ...................................................................................... 6.24 7.14 5.41

Mar ...................................................................................... 6.60 7.58 5.57

Apr ...................................................................................... 6.79 7.81 5.72

May ...................................................................................... 6.93 7.87 5.73

June ..................................................................................... 7.06 8.00 5.82

July ...................................................................................... 7.03 7.97 5.82

Aug ...................................................................................... 6.84 7.68 5.69

Sept...................................................................................... 7.03 7.84 5.62

Oct ...................................................................................... 6.81 7.69 5.53

Nov ...................................................................................... 6.48 7.43 5.47

Dec ...................................................................................... 6.55 7.45 5.47

1997

Jan ...................................................................................... 6.83 7.62 5.53

Feb ...................................................................................... 6.69 7.54 5.40

Mar ...................................................................................... 6.93 7.85 5.59

Apr ...................................................................................... 7.09 8.04 5.73

May ...................................................................................... 6.94 7.90 5.53

June ..................................................................................... 6.77 7.71 5.39

July ...................................................................................... 6.51 7.44 5.27

Aug ...................................................................................... 6.58 7.30 5.27

Sept...................................................................................... 6.50 7.04 5.25

Oct ...................................................................................... 6.33 6.90 5.26

Nov ...................................................................................... 6.11 6.79 5.23

Dec ...................................................................................... 5.99 6.68 5.07

1998

Jan ...................................................................................... 5.81 6.62 4.93

Feb ...................................................................................... 5.89 6.66 4.96

Mar ...................................................................................... 5.95 6.63 5.10

Apr ...................................................................................... 5.92 6.59 5.10

May ...................................................................................... 5.93 6.63 5.17

June ..................................................................................... 5.70 6.43 5.01

July ...................................................................................... 5.68 6.36 5.04

Aug ...................................................................................... 5.54 6.34 5.06

Sept...................................................................................... 5.20 6.26 4.94

Oct ...................................................................................... 5.01 6.21 4.82

Nov ...................................................................................... 5.25 6.42 4.93

Dec ...................................................................................... 5.06 6.13 4.90

1999

Jan ...................................................................................... 5.16 6.14 4.94

Feb ...................................................................................... 5.37 6.33 4.89

Mar ...................................................................................... 5.58 6.52 5.02

Apr ...................................................................................... 5.55 6.58 5.00

May ...................................................................................... 5.81 6.86 5.15

June ..................................................................................... 6.04 7.21 5.31

July ...................................................................................... 5.98 7.20 5.30

Aug ...................................................................................... 6.07 7.36 5.56

Sept...................................................................................... 6.07 7.38 5.67

Oct ...................................................................................... 6.26 7.51 5.84

Nov ...................................................................................... 6.15 7.35 5.90

Dec ...................................................................................... 6.35 7.55 5.91
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

 56 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 96 97 98 99 00

Aa corpor ate bonds

Tre as ury 30-yr. bonds

Aa munic ipal bonds
IN TRO DUC TION: U.S. Cur rency and Coin Out stand ing and in Cir cu la tion

The U.S. Cur rency and Coin Out stand ing and in Cir cu la -

tion (USCC) state ment informs the pub lic of the to tal face

value of cur rency and coin used as a me dium of ex change that

is in cir cu la tion at the end of a given ac count ing month. The

state ment de fines the to tal amount of cur rency and coin out -

stand ing and the por tion deemed to be in cir cu la tion. It in -

cludes some old and cur rent rare is sues that do not cir cu late or

that may do so to a lim ited ex tent. Trea sury in cludes them in

the state ment be cause the is sues were orig i nally in tended for

gen eral cir cu la tion.

The USCC state ment pro vides a de scrip tion of the var i -

ous is sues of pa per money. It also gives an es ti mated av er age

of cur rency and coin held by each in di vid ual, us ing es ti mates

of pop u la tion from the Bu reau of the Cen sus. USCC in for mation has been pub lished by Trea sury since 1888, and was pub -

lished sep a rately un til 1983, when it was in cor po rated into the

“Trea sury Bul le tin.” The USCC co mes from monthly re ports

com piled by Trea sury of fices, var i ous U.S. Mint of fices, the

Fed eral Re serve Banks and the Fed eral Re serve Board.

57

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 1999

[Source: Fi nan cial Man age ment Ser vice]

To tal cur rency and

coin To tal currency Fed eral Re serve notes 1 U.S. notes

Cur rency no 

lon ger is sued 

Cur rency (1) (2) (3) (4) (5)

Amounts out stand ing. ................ $849,971,700,294 $822,480,250,396 $821,958,895,229 $267,438,616 $253,916,551

Less amounts held by:

The Trea sury. .................... 123,341,952 17,296,387 17,085,179 20,739 190,469

FRBs ........................... 221,490,843,013 221,296,902,902 221,296,899,515 - 3,387

Amounts in cir cu la tion................ $628,357,515,329 $601,166,051,107 $600,644,910,535 $267,417,877 $253,722,695 

 To tal Dol lars 3 Frac tional coins

Coins2 (1) (2) (3)

Amounts out stand ing. .................. $27,491,449,898 $2,072,371,898 $25,419,078,000

Less amounts held by:

The Trea sury. ....................... 106,045,565 3,045,115 103,000,450

FRBs ............................. 193,940,111 20,430,273 173,509,838

Amounts in cir cu la tion .................. $27,191,464,222 $2,048,896,510 $25,142,567,712

See foot notes fol low ing ta ble USCC-2.
58 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

1 Is sued on or af ter July 1, 1929.

2

 Ex cludes coins sold to col lec tors at pre mium prices.

3

 In cludes $481,781,898 in stan dard sil ver dol lars.

4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.

5 Based on Bu reau of the Cen sus es ti mates of pop u la tion.

$1 ............................. $7,535,827,406 $7,389,407,869 $143,481 $146,276,056 

$2 ............................. 1,204,912,196 1,072,466,856 132,432,766 12,574

$5 ............................. 8,995,241,375 8,854,106,280 110,104,810 31,030,285

$10 ............................ 16,199,094,230 16,176,819,460 5,950 22,268,820

$20 ............................ 116,073,803,300 116,053,698,620 3,380 20,101,300

$50 ............................ 64,680,164,900 64,668,672,050 - 11,492,850

$100 ........................... 386,161,506,600 386,114,787,900 24,727,400 21,991,300

$500 ........................... 143,509,500 143,321,500 - 188,000

$1,000.......................... 166,796,000 166,590,000 - 206,000

$5,000.......................... 1,755,000 1,700,000 - 55,000

$10,000......................... 3,440,000 3,340,000 - 100,000

Frac tional parts................... 485 - - 485

Par tial notes 4 ....................... 115 - 90 25

To tal cur rency .................. $601,166,051,107 $600,844,910,535 $267,417,877 $253,722,695

Dec. 30, 1999.................................... 628,358 2,292.64

Nov. 30, 1999.................................... 583,029 2,126.96

Oct. 31, 1999 .................................... 555,756 2,029.08

July 31, 1999 .................................... 533,492 1,953.25

Sept. 30, 1995................................... 409,272 1,553.15

Sept. 30, 1990................................... 278,903 1,105.14

Sept. 30, 1985................................... 187,337 782.45

Sept. 30, 1980................................... 129,916 581.48

June 30, 1975 ................................... 81,196 380.08

June 30, 1970 ................................... 54,351 265.39

June 30, 1965 ................................... 39,719 204.14

June 30, 1960 ................................... 32,064 177.47

June 30, 1955 ................................... 30,229 182.90

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 1999

[Source: Fi nan cial Man age ment Ser vice]

To tal Fed eral Re serve notes 1 U.S. notes 

 Cur rency no

lon ger is sued

Cur rency in cir cu la tion by de nom i na tion (1) (2) (3) (4)

 Amount (in mil lions) Per ca pita 5

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates (1) (2)
61

TA BLE IFS-1.—U.S. Re serve As sets

1995 ................ 85,832 11,050 11,037 49,096 14,649

1996 ................ 75,089 11,048 10,312 38,294 15,435

1997 ................ 69,954 11,047 10,027 30,809 18,071

1998 ................ 81,761 11,046 10,603 36,001 24,111

1999 - Jan ............ 80,677 11,048 10,465 35,035 24,129

Feb ............ 75,321 11,047 9,474 30,517 24,283

Mar ............ 74,359 11,049 9,682 30,397 23,231

Apr ............ 73,694 11,049 9,634 29,957 23,054

May ........... 72,121 11,049 9,784 29,599 21,689

June ........... 71,689 11,046 9,719 29,462 21,462

July ............ 73,305 11,048 9,925 30,870 21,462

Aug ............ 72,649 11,046 10,152 31,566 19,885

Sept ........... 73,414 11,047 10,284 32,105 19,978

Oct ............ 73,230 11,049 10,232 32,378 19,571

Nov ............ 72,318 11,049 10,326 32,236 18,707

Dec ............ 71,516 11,048 10,336 32,182 17,950

2000 - Jan ........... 69,898 11,048 10,199 30,941 17,710

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng

the spe cial draw ing right ( SDR) based on a weighted-average of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974. 

2

 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United

States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against

all gold held.

3 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs. 

4 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber

1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such

other rates as may be agreed upon by the par ties to the trans ac tions. 

5The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve 

po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United

States could pur chase ad di tional amounts re lated to the U.S. quota.

6In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Bor -

row in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments 

to Bor row in De cem ber 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on U.S. Gov -

ern ment re serve as sets, li a bil i ties to for eign ers and its in ter na -

tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or

dol lar equiv a lents.

• Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock, spe cial draw ing rights held in the

Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies and re -

serve po si tion in the IMF.

• Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for -

eign of fi cial in sti tu tions, and se lected li a bil i ties to all

other for eign ers, which are used in the U.S. bal ance of

pay ments sta tis tics.

• Ta ble IFS-3 shows non mar ket able bonds and

notes that the Trea sury is sues to of fi cial in sti tu tions and

other res i dents of for eign coun tries.

End of cal en dar

To talre serve

as sets 1 Gold stock 2

Spe cial draw ing

rights 1,3 For eign cur ren cies 4

 Re serve po si -

tion in In ter na -

tional Mon e tary

 Fund 1,5,6

year or month (1) (2) (3) (4) (5)
62 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Li a bil i ties to for eign coun tries 

Li a bil i ties to

Of fi cial in sti tu tions 1 other for eign ers LiabiliMar ket- Nonmarket- Other Liabili- Mar ket- ties

able U.S. able U.S. readily ties able U.S. to nonLi a bil i ties Trea sury Trea sury mar ket- re ported Trea sury mon e tary

End of re ported by bonds bonds able Liabili- by bonds in ter na tional 

cal en dar banks in and and liabili- ties to banks in and and re gional

year To tal To tal United States notes 2notes 3ties 4 banks 5To tal United States notes 2,6 or ga ni za tions7

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

1994 8.......... 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Se ries break ..... 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 ........... 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145

1998 Dec. r ...... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247

1999 - Jan. r ..... 2,538,847 740,547 262,054 433,590 6,114 38,789 965,189 814,966 192,022 622,944 18,145

Feb. r ..... 2,533,498 742,013 266,224 429,891 6,151 39,747 953,631 814,282 201,821 612,461 23,572

Mar. r ..... 2,536,424 741,751 266,685 425,046 6,191 43,829 952,620 822,943 203,875 619,068 19,110

Apr. r ..... 2,533,301 742,607 271,496 418,350 6,231 46,530 949,145 821,869 199,362 622,507 19,680

May r ..... 2,559,222 736,422 260,470 421,573 6,143 48,236 982,166 822,486 197,886 624,600 18,148

June r .... 2,586,469 741,593 264,698 421,970 5,982 48,943 1,007,560 815,333 191,945 623,388 21,983

July....... 2,538,813 749,288 273,365 420,197 6,022 49,704 950,798 816,284 197,343 618,941 22,443

Aug....... 2,602,907 758,261 279,719 422,591 6,060 49,891 985,746 836,381 200,987 635,394 22,519

Sept ...... 2,609,470 755,948 276,605 420,877 6,098 52,368 987,546 842,621 205,514 637,107 23,355

Oct ....... 2,598,131 760,257 279,105 419,629 6,139 55,384 983,662 831,439 202,988 628,451 22,773

Nov. p ..... 2,643,774 758,087 277,662 417,304 6,177 56,944 1,030,996 835,581 208,607 626,974 19,110

Dec. p ..... 2,651,728 784,758 296,342 422,266 6,111 60,039 1,018,364 828,561 201,983 626,578 20,045

1

 Includes Bank for In ter na tional Set tle ments.

2

 Derived by ap ply ing re ported trans ac tions to bench mark data.

3

 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol -

lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and 

pri vate cor po ra tions.

5

 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur ren -

cies to for eign banks and to “other for eign ers.”

6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks. 

7 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank and the Asian De vel op ment Bank.

8 Data on the two lines shown for this date re flect dif fer ent bench mark bases for for eign ers’

hold ings of se lected U.S. long-term se cu ri ties. Fig ures on the first line are com pa ra ble to those

for ear lier dates; fig ures on the sec ond line are based in part on a bench mark sur vey as of

end-year 1994 and are com pa ra ble to those shown for fol low ing dates. 

 Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,

other de pos i tory in sti tu tions and bro kers in the United States. Data cor re spond gen er ally to

sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In ter -

na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and

non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga -

ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2Ven e zuela 3

year or month (1) (2) (3) (4) (5)

1994 .......................... 6,109 6,109 879 4,271 959

1995 .......................... 6,492 6,492 945 4,515 1,032

1996 .......................... 5,968 5,968 1,015 3,835 1,118

1997 .......................... 5,994 5,994 1,091 3,692 1,211

1998 - Dec. ..................... 6,074 6,074 1,172 3,991 911

1999 - Jan. ..................... 6,114 6,114 1,179 4,018 917

Feb...................... 6,151 6,151 1,186 4,042 923

Mar...................... 6,191 6,191 1,193 4,069 929

Apr ...................... 6,231 6,231 1,200 4,096 935

May ..................... 6,143 6,143 1,207 4,123 813

June..................... 5,982 5,982 1,214 4,149 619

July ..................... 6,022 6,022 1,222 4,177 623

Aug...................... 6,060 6,060 1,229 4,204 627

Sept. .................... 6,098 6,098 1,236 4,231 631

Oct. ..................... 6,139 6,139 1,244 4,259 636

Nov ..................... 6,177 6,177 1,251 4,286 640

1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Face value of the is sue is

$6,685 mil lion.

2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern -

ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma tu rity

is sue with re main ing face value of $20,412 mil lion.

3 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $2,721 mil lion. 
64

IN TRO DUC TION: Cap i tal Move ments

Trea sury col lects in for ma tion about the trans fer ence of fi -

nan cial as sets and other port fo lio cap i tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de pos i tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers, and nonbanking

en ter prises in the United States file cap i tal move ment re ports

with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re -

serve Board also per forms ser vices on be half of the Trea sury in

sup port of this data col lec tion sys tem.

Forms and in struc tions are de vel oped with the co op er a tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Copies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Pro -

gram Ser vices, Of fice of the As sis tant Sec re tary for In ter na -

tional Af fairs, Trea sury, Wash ing ton, D.C. 20220; the

In ter na tional Fi nance Di vi sion, Board of Gov er nors of the

Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict

FRBs.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graph ical area where the for eigner is lo cated, as shown on

re cords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re porting

in sti tu tions are not re quired to go be yond ad dresses shown on

their re cords and so may not be aware of the ac tual coun try of

do mi cile of the ul ti mate ben e fi ciary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the coun -

try that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or ga ni za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or ga ni za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de pos i tory in sti tu tions, bank hold ing com -

pa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties bro -

kers and deal ers, and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sid iar ies and other af fil i ates in the

United States of for eign bank ing and nonbanking firms. Those

with li a bil i ties, claims or se cu ri ties trans ac tions be low spec i -

fied ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions, and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i -

ties to, and dol lar claims on, for eign ers in a num ber of coun -

tries. Twice a year, June 30 and De cem ber 31, they also re port

the same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quar -

terly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers

and deal ers, and other en ter prises re port monthly their trans ac -

tions with for eign ers in long-term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate pur -

chases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers), and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the cov -

ered quar ter.

Nonbanking en ter prises also re port each month their ag gre -

gate U.S. dol lar de nom i nated de posit and cer tif i cates of de -

posit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

cap i tal move ments be tween the United States and other coun -

tries. The prin ci pal ex clu sions are the intercompany cap i tal

trans ac tions of nonbanking busi ness en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con sol i dated data on

all types of in ter na tional cap i tal trans ac tions are pub lished by

the De part ment of Com merce (Com merce) in its reg u lar re -

ports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, as well as bro kers

and deal ers. Dol lar li a bil i ties are re ported monthly; those de -

nom i nated in for eign cur ren cies are re ported quar terly. Re -

spon dents re port cer tain of their own li a bil i ties and a wide

range of their cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, bro kers and deal -

ers. Data on banks’ claims held for their own ac count are col -

lected monthly. In for ma tion on claims held for their do mes tic

cus tom ers as well as on for eign cur rency claims is col lected on

a quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain

items held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a -

bil i ties to, and dol lar claims on, coun tries not listed sep a rately

on the monthly re ports sub mit ted by banks, other de pos i tory

in sti tu tions, bro kers and deal ers in the United States. The sup -

ple men tary re ports are filed semi an nu ally as of the end of June

and De cem ber. 

• Sec tion IV shows the li a bil i ties to, and claims on, un af -

fil i ated for eign ers of ex port ers, im port ers, in dus trial and com -

mer cial con cerns, fi nan cial in sti tu tions (other than banks,

other de pos i tory in sti tu tions and bro kers), and other

nonbanking en ter prises in the United States. In for ma tion does

not in clude ac counts of nonbanking en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies. These are re ported by busi ness

en ter prises to Com merce on its di rect in vest ment forms. Data
CAP I TAL MOVE MENTS 65

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the InterAmeri can De vel op ment Bank.3 Data as of pre ced ing quar ter for non-quarter-end months.

ex clude claims on for eign ers held through banks in the United

States.

• Sec tion V con tains in for ma tion on trans ac tions with

for eign ers in long-term do mes tic and for eign se cu ri ties as re -

ported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their do -

mes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of out -

stand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graph ical break down of the trans ac tions data does

not nec es sar ily re flect the do mi cile of the ul ti mate own ers or

the orig i nal is su ers of the se cu ri ties. This is be cause the path of

a se cu rity is not tracked prior to its be ing pur chased from, or

af ter it is sold to, a for eigner in a re port able trans ac tion. That is, 

be fore it en ters and af ter it de parts the re port ing sys tem, own -

er ship of a se cu rity may be trans ferred be tween for eign ers of

dif fer ent coun tries. Such trans fers may oc cur any num ber of

times and are con cealed among the net fig ures for U.S. trans -

ac tions op po site in di vid ual coun tries. Hence, the geo graph ical 

break down shows only the coun try of do mi cile of the for eign

buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac -

tions.

NOTE: Cur rent and his tor i cal data on United States trans -

ac tions with for eign ers in long-term se cu ri ties and on the gross 

for eign li a bil i ties and claims re ported by banks in the United

States are avail able on the Trea sury In ter na tional Cap i tal (TIC) re -

port ing sys tem website: http://www.ustreas.gov/tic . These data

may be down loaded as sep a rate time se ries for each coun try or

geo graph ical area reg u larly shown in the cap i tal move ments

ta bles. Also avail able on this website is a ta ble on “Ma jor For -

eign Holders of Trea sury Se cu ri ties,” show ing es ti mated to tal

hold ings of U.S. Trea sury bills, bonds and notes for cur rent

and re cent pe ri ods. All data se ries on the TIC website are up -

dated on the last busi ness day of each month . 

End of cal en dar 

year or month

For eign coun tries Mem o ran da

Of fi cial in sti tu tions 1 Banks and other for eign ers In ter na tional and re gional 2

To tal li a bil i ties to all

for eign ers re ported by

IBFs

 Total li a bil i -

ties To tal

Pay able in

dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able in 

dol lars

Pay able in

for eign cur -

ren cies 3

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3

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

1994 ............... 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 ............... 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 ............... 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 ............... 1,400,551 283,685 283,685 - 1,103,980 987,652 116,328 12,886 11,690 1,196 407,336 86,232

1998 - Dec. r ......... 1,448,962 260,060 260,060 - 1,176,383 1,075,894 100,489 12,519 11,883 636 370,425 69,509

1999 - Jan. r......... 1,433,740 262,054 262,054 - 1,157,211 1,056,722 100,489 14,475 13,839 636 358,414 69,509

Feb. r ......... 1,442,019 266,224 266,224 - 1,155,452 1,054,963 100,489 20,343 19,707 636 360,117 69,509

Mar. r ......... 1,439,291 266,685 266,685 - 1,156,495 1,055,910 100,585 16,111 15,337 774 347,060 62,940

Apr. r ......... 1,436,698 271,496 271,496 - 1,148,507 1,047,922 100,585 16,695 15,921 774 349,109 62,940

May r ......... 1,455,363 260,470 260,470 - 1,180,052 1,079,467 100,585 14,841 14,067 774 360,934 62,940

June .......... 1,482,673 264,698 264,698 - 1,199,505 1,102,168 97,337 18,470 17,987 483 355,424 57,516

July........... 1,440,452 273,365 273,365 - 1,148,141 1,050,804 97,337 18,946 18,463 483 348,896 57,516

Aug. .......... 1,485,203 279,719 279,719 - 1,186,733 1,089,396 97,337 18,751 18,268 483 357,016 57,516

Sept. ......... 1,489,161 276,605 276,605 - 1,193,060 1,083,487 109,573 19,496 18,646 850 358,938 68,165

Oct ........... 1,484,498 279,105 279,105 - 1,186,650 1,077,077 109,573 18,743 17,893 850 348,945 68,165

Nov. p......... 1,532,158 277,662 277,662 - 1,239,603 1,130,030 109,573 14,893 14,043 850 370,130 68,165

Dec. p......... 1,532,441 296,342 296,342 - 1,220,347 1,110,774 109,573 15,752 14,902 850 363,776 68,165
66 CAP I TAL MOVE MENTS

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1 In cludes Bank for In ter na tional Set tle ments. 

2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a -

bil i ties.” 

 Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter na -

tional Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank. 

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar

year or month

 To tal for -

eign coun -

tries

Of fi cial in sti tu tions 1Banks Other for eign ers

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

 Other li a -

bil i ties 2

De posits

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2

To own

for eign of -

fices

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2 De mand Time 2 De mand Time 2 De mand Time 2

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

 To tal De mand de pos its Time de pos its 2

U.S. Trea sury bills

 and cer tif i cates Other li a bil i ties 2 

End of cal en dar year or month (1) (2) (3) (4) (5) 

1994 .......... 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 .......... 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 .......... 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 .......... 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 - Dec. r .... 1,335,954 3,003 29,506 134,177 93,374 14,071 45,904 35,359 227,134 562,868 12,312 70,558 13,322 94,366

1999 - Jan. r .... 1,318,776 3,912 23,833 137,106 97,203 15,328 46,635 35,090 221,125 546,522 13,738 70,293 12,477 95,514

Feb. r.... 1,321,187 3,107 25,394 138,235 99,488 15,274 46,538 34,134 224,033 533,163 13,117 73,145 11,970 103,589

Mar. r.... 1,322,595 3,393 23,540 141,941 97,811 13,985 48,451 36,737 220,037 532,825 13,341 72,169 13,612 104,753

Apr. r .... 1,319,418 3,599 28,652 135,765 103,480 13,344 49,658 29,636 225,218 530,704 14,224 71,913 12,558 100,667

May r .... 1,339,937 2,789 26,847 136,199 94,635 15,957 48,975 28,323 236,895 551,431 13,413 73,975 12,630 97,868

June r ... 1,366,866 2,952 26,323 138,518 96,905 15,812 48,034 27,757 244,158 574,462 17,509 74,687 12,120 87,629

July ..... 1,324,169 2,652 26,326 147,492 96,895 14,086 49,523 28,284 223,766 537,802 26,379 73,065 11,143 86,756

Aug...... 1,369,115 2,537 24,407 153,499 99,276 15,436 49,623 26,314 241,178 555,858 26,936 73,984 11,387 88,680

Sept. .... 1,360,092 2,932 25,301 152,457 95,915 14,084 49,655 24,749 224,183 565,302 27,557 74,026 11,163 92,768

Oct...... 1,356,182 2,314 29,152 154,582 93,057 17,111 48,693 22,203 211,819 574,263 19,839 75,656 11,073 96,420

Nov. p ... 1,407,692 2,829 28,701 153,465 92,667 14,402 54,388 19,512 229,171 603,950 25,587 77,412 11,040 94,568

Dec. p ... 1,407,116 3,340 30,462 156,073 106,467 17,543 48,307 16,927 228,625 597,389 21,903 79,839 11,997 88,244

1994 .......................... 8,606 29 3,298 281 4,998

1995 .......................... 11,039 21 4,656 350 6,012

1996 .......................... 13,972 29 5,784 352 7,807

1997 .......................... 11,690 16 5,466 69 6,139

1998 - Dec...................... 11,883 172 5,793 636 5,282

1999 - Jan...................... 13,839 62 6,161 623 6,993

Feb...................... 19,705 407 7,215 549 11,534

Mar...................... 15,337 194 6,856 548 7,739

Apr. ..................... 15,921 13 6,324 555 9,029

May ..................... 14,067 25 5,840 616 7,586

June ..................... 17,987 49 7,231 956 9,751

July...................... 18,463 66 7,380 953 10,064

Aug. ..................... 18,268 31 6,419 896 10,922

Sept. .................... 18,646 21 7,370 661 10,594

Oct. ...................... 17,893 187 8,772 628 8,306

Nov. p .................... 14,043 70 7,675 658 5,640

Dec. p .................... 14,902 98 10,349 680 3,775
CAP I TAL MOVE MENTS 67

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria .................... 5,688 3,388 3,474 3,608 3,433 3,527 3,070 3,015

Belgium-Luxembourg ........ 31,085 46,246 45,004 38,246 39,051 40,751 43,332 46,854

Bulgaria ................... 418 729 776 385 399 430 438 472

Czech Republic............. 653 564 323 369 379 391 503 761

Denmark .................. 2,905 1,903 1,720 2,037 2,051 2,806 3,345 2,344

Finland.................... 2,031 2,869 2,098 1,399 1,581 1,628 2,253 2,017

France .................... 42,540 52,148 49,839 49,302 57,932 57,887 62,385 61,909

Germany .................. 31,778 30,589 30,898 30,913 30,458 31,452 32,510 30,726

Greece.................... 1,845 1,558 2,085 3,130 3,375 3,339 3,382 3,765

Hungary................... 1,142 1,064 911 1,244 997 1,223 1,309 871

Ireland .................... 2,021 4,376 8,485 9,612 9,436 8,827 8,240 7,700

Italy ...................... 15,690 15,498 10,103 9,493 10,134 10,209 9,167 10,677

Netherlands................ 12,258 8,359 12,163 11,929 12,428 14,676 13,569 9,101

Norway ................... 1,464 341 788 1,348 1,241 967 1,380 1,343

Poland .................... 5,546 5,112 6,053 5,068 4,166 4,592 4,080 4,293

Portugal................... 3,664 3,736 3,788 2,248 2,304 2,203 2,476 2,556

Romania .................. 275 734 311 675 675 886 762 767

Russia 1.................... 7,625 7,979 2,441 2,665 2,927 3,824 3,766 5,580

Spain ..................... 20,526 19,878 16,991 8,775 9,927 9,735 11,629 10,874

Sweden ................... 2,168 2,834 3,237 3,916 4,822 5,632 5,769 4,903

Switzerland................ 47,402 46,065 53,891 78,390 71,493 68,122 69,182 68,684

Turkey .................... 6,813 4,068 4,358 7,991 8,486 8,370 8,936 7,962

United Kingdom ............. 182,035 212,790 202,280 215,088 216,334 197,866 215,309 188,749

Yugoslavia 2 ................ 295 239 233 270 266 267 267 286

Other Europe............... 13,331 14,394 14,384 12,683 12,719 12,971 13,755 15,097

Total Europe .............. 441,198 487,461 476,634 500,784 507,014 492,581 520,814 491,306

Canada..................... 41,438 33,185 34,708 35,849 35,889 41,156 39,907 40,270

Latin Amer ica and Ca rib bean:

Argentina.................. 13,971 20,279 19,037 17,087 15,588 17,587 16,774 20,271

Bahamas .................. 90,244 114,319 126,029 139,934 149,743 144,753 149,821 144,784

Bermuda .................. 5,813 7,138 7,279 9,418 8,845 11,000 8,957 7,976

Brazil ..................... 27,749 31,407 16,483 15,989 16,858 13,870 14,802 13,478

British West Indies........... 259,860 283,470 309,090 325,162 314,969 323,893 341,093 342,247

Chile ..................... 3,050 4,126 5,047 5,873 6,695 6,653 6,615 7,104

Colombia .................. 3,279 3,668 4,639 4,468 4,725 5,025 4,797 5,670

Cuba ..................... 21 66 62 72 76 72 73 75

Ecuador................... 1,779 2,084 1,575 1,726 1,794 1,835 1,932 1,957

Guatemala................. 1,287 1,497 1,338 1,523 1,475 1,488 1,581 1,622

Jamaica................... 652 475 604 573 578 577 574 548

Mexico .................... 32,396 35,295 38,644 36,947 35,592 32,772 31,751 31,274

Netherlands Antilles ......... 6,388 5,446 5,308 3,498 3,011 2,772 3,473 4,081

Panama................... 4,198 4,269 3,869 3,817 4,031 4,009 3,836 4,418

Peru...................... 847 901 843 996 1,043 960 999 1,143

Trinidad and Tobago......... 601 597 475 406 545 565 481 597

Uruguay................... 1,907 2,403 2,522 2,190 2,202 2,243 2,609 2,408

Venezuela ................. 17,566 21,771 20,202 20,018 19,724 20,187 20,584 20,461

Other Latin America 

 and Caribbean............ 8,176 9,067 9,808 10,452 10,679 10,818 10,942 10,956

Total Latin America 

and Caribbean ........... 479,784 548,278 572,854 600,149 598,173 601,079 621,694 621,070

 Cal en dar year 1999

Coun try 1996 1997 1998 r Aug. r Sept. r Oct. Nov. Dec. p
68 CAP I TAL MOVE MENTS

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Cal en dar year 1999

Coun try 1996 1997 1998 r Aug. r Sept. r Oct. Nov. Dec. p

Asia:

China:

Mainland ................. 30,438 18,252 13,441 12,359 11,914 10,460 13,981 12,325

Taiwan................... 16,018 11,859 12,748 12,717 12,555 12,064 14,832 13,636

Hong Kong ................. 19,443 19,216 21,779 24,769 23,839 24,770 22,811 28,244

India...................... 3,932 4,574 5,372 5,461 5,630 5,664 5,615 7,372

Indonesia .................. 2,307 3,616 8,326 6,688 6,518 6,087 6,536 6,617

Israel ..................... 6,062 6,282 7,756 5,066 5,734 5,221 5,117 7,534

Japan ..................... 138,148 172,352 193,202 166,294 170,930 172,984 173,447 180,418

Korea ..................... 6,009 13,107 12,525 12,723 11,905 9,937 8,476 12,842

Lebanon................... 1,180 1,102 1,190 826 945 921 874 1,157

Malaysia................... 2,048 1,737 2,392 4,092 2,425 2,581 2,614 3,849

Pakistan................... 996 1,335 847 1,317 1,399 1,402 1,444 816

Philippines ................. 3,383 3,255 3,564 2,738 3,138 2,858 3,363 3,975

Singapore.................. 10,794 18,412 24,838 31,570 29,978 30,397 29,017 31,849

Syria...................... 53 35 40 52 59 55 54 55

Thailand................... 10,921 6,505 7,363 5,865 5,285 4,987 5,168 6,054

Oil-exporting countries 3 ....... 16,784 15,490 17,068 16,732 15,632 18,090 19,209 22,544

Other Asia ................. 2,804 3,873 3,975 4,490 4,586 4,730 4,829 5,402

Total Asia ................ 271,320 301,002 336,426 313,759 312,472 313,208 317,387 344,689

Af rica:

Congo 4................... 10 10 5 13 13 14 13 14

Egypt ..................... 2,013 1,667 1,343 1,851 1,852 1,364 1,846 2,021

Ghana .................... 251 302 213 122 142 130 163 147

Liberia .................... 351 257 269 231 258 325 356 423

Morocco................... 112 138 97 108 118 174 166 179

South Africa ................ 517 2,163 1,539 956 755 830 959 1,497

Oil-exporting countries 5 ....... 2,630 3,143 3,177 2,591 2,895 3,000 2,332 3,003

Other Africa ................ 2,306 2,766 2,492 1,946 2,109 2,297 2,061 2,282

Total Africa ............... 8,190 10,446 9,135 7,818 8,142 8,134 7,896 9,566

Other coun tries:

Australia ................... 6,511 6,377 5,528 6,982 6,834 8,245 8,440 8,424

All other ................... 1,478 916 1,158 1,042 1,040 1,251 1,026 1,263

Total other countries ........ 7,989 7,293 6,686 8,024 7,874 9,496 9,466 9,687

Total foreign countries ..... 1,249,919 1,387,665 1,436,443 1,466,452 1,469,665 1,465,755 1,517,265 1,516,689

I nternational and re gional orgs.:

International................ 13,459 11,592 10,648 16,507 17,155 16,594 13,295 13,587

European regional ........... 60 111 577 622 524 494 537 551

Latin American regional....... 1,643 493 750 725 878 1,176 561 866

Asian regional .............. 157 562 477 833 896 432 471 607

African regional ............. 281 123 67 64 43 47 29 141

Middle Eastern regional....... 36 5 - - - - - -

Total international 

and regional ............. 15,636 12,886 12,519 18,751 19,496 18,743 14,893 15,752

Grand total .............. 1,265,555 1,400,551 1,448,962 1,485,203 1,489,161 1,484,498 1,532,158 1,532,441

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.
CAP I TAL MOVE MENTS 69

To tal li a bil i ties

Li a bil i ties pay able in dol lars 

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 1999, Pre lim i nary

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Eu rope:

Austria ............. 3,015 2,787 228 1,442 1,345 216 565 269 1,470 28 11 176 19 33 153

BelgiumLuxembourg ....... 46,854 44,693 2,161 17,781 26,912 359 1,860 7,962 20,363 6,889 173 587 736 5,764 357

Bulgaria ............ 472 472 - 159 313 8 12 313 124 10 1 4 - - -

Czech Republic ...... 761 734 27 344 390 175 13 380 69 9 4 74 10 - -

Denmark ........... 2,344 2,196 148 1,834 362 26 117 126 1,620 218 11 13 3 62 200

Finland............. 2,017 1,658 359 900 758 15 - 236 689 630 7 19 2 60 -

France ............. 61,909 49,786 12,123 20,262 29,524 444 2,673 22,931 9,397 12,147 368 318 42 1,466 1,476

Germany ........... 30,726 24,753 5,973 16,152 8,601 686 4,672 1,577 8,364 3,966 336 726 136 4,290 5,489

Greece............. 3,765 3,748 17 1,391 2,357 97 94 2,280 644 160 52 342 16 63 38

Hungary............ 871 868 3 179 689 45 5 159 641 7 4 7 - - -

Ireland ............. 7,700 7,552 148 2,238 5,314 90 65 407 2,122 495 73 309 498 3,493 1,005

Italy ............... 10,677 6,774 3,903 6,377 397 526 1,544 146 2,275 1,327 151 420 14 371 19

Netherlands ......... 9,101 8,307 794 5,391 2,916 345 849 561 1,624 2,971 84 322 916 635 42

Norway............. 1,343 1,327 16 1,248 79 21 43 23 986 138 14 22 2 78 -

Poland ............. 4,293 4,265 28 2,084 2,181 63 160 1,250 2,372 400 4 14 2 - 5

Portugal............ 2,556 2,228 328 603 1,625 64 74 1,560 146 193 12 113 6 60 5

Romania............ 767 765 2 192 573 16 4 260 460 15 2 8 - - -

Russia 4............. 5,580 5,469 111 3,054 2,415 387 258 825 3,686 199 20 84 - 10 9

Spain .............. 10,874 10,426 448 4,351 6,075 282 519 158 6,178 990 100 837 33 1,329 862

Sweden ............ 4,903 4,652 251 2,330 2,322 74 206 334 201 1,774 22 71 198 1,772 1,655

Switzerland ......... 68,684 66,529 2,155 54,845 11,684 655 913 5,090 9,253 47,806 192 484 1,406 730 4,033

Turkey ............. 7,962 7,844 118 1,754 6,090 109 214 5,943 963 150 17 373 5 70 66

United Kingdom...... 188,749 168,905 19,844 154,654 14,251 1,271 17,132 1,984 16,076 110,825 8,815 1,585 1,288 9,929 5,110

Yugoslavia

5

......... 286 286 - 286 - 19 10 - 180 - 1 13 - 63 -

Other Europe........ 15,097 14,224 873 13,479 745 193 5,020 590 8,006 119 38 189 47 22 2

Total Europe....... 491,306 441,248 50,058 313,330 127,918 6,186 37,022 55,364 97,909 191,466 10,512 7,110 5,379 30,300 20,526

Canada.............. 40,270 34,109 6,161 21,417 12,692 255 981 648 5,610 11,755 816 2,937 506 10,601 350

Latin Amer ica 

and Ca rib bean:

Argentina........... 20,271 20,230 41 17,321 2,909 163 7,058 433 4,549 217 569 5,775 408 1,058 960

Bahamas ........... 144,784 134,142 10,642 123,127 11,015 117 1,796 200 9,512 116,482 94 2,539 592 2,810 879

Bermuda ........... 7,976 7,878 98 4,160 3,718 15 241 187 3,206 4 91 380 472 3,282 313

Brazil .............. 13,478 12,861 617 11,368 1,493 366 2,108 750 3,146 1,646 566 3,581 185 513 235

British West Indies.... 342,247 326,947 15,300 199,587 127,360 65 3,562 82 115,432 170,404 532 8,933 2,316 25,621 1,078

Chile............... 7,104 7,010 94 6,291 719 105 1,179 55 720 1,409 271 2,570 79 622 443

Colombia ........... 5,670 5,656 14 5,322 334 45 907 - 1,031 166 340 2,957 2 208 256

Cuba .............. 75 75 - 75 - 2 - - 8 - - 51 - 14 -

Ecuador............ 1,957 1,955 2 1,831 124 32 44 - 208 101 251 1,225 10 84 35

Guatemala.......... 1,622 1,618 4 1,432 186 42 115 25 252 34 114 974 2 60 22

Jamaica............ 548 520 28 518 2 19 103 - 136 32 15 198 1 16 1

Mexico ............. 31,274 30,710 564 22,427 8,283 225 3,754 3,643 5,644 2,013 1,217 11,608 477 2,129 826

Netherlands Antilles ... 4,081 3,997 84 3,545 452 156 134 14 828 647 139 367 185 1,527 200

Panama............ 4,418 4,416 2 3,825 591 54 500 - 300 926 127 1,936 171 402 102

Peru............... 1,143 1,142 1 1,103 39 27 68 - 155 93 58 630 2 109 10

Trinidad and Tobago . . 597 595 2 587 8 74 118 - 206 20 14 136 - 27 6

Uruguay............ 2,408 2,383 25 2,140 243 127 125 23 261 850 63 704 32 198 64

Venezuela .......... 20,461 20,188 273 14,848 5,340 210 2,041 3,772 1,997 347 1,195 9,645 129 852 145

Other Latin America 

and Caribbean...... 10,956 10,883 73 9,290 1,593 242 2,222 434 2,143 514 569 3,964 94 701 212

Total Latin America 

and Caribbean .... 621,070 593,206 27,864 428,797 164,409 2,086 26,075 9,618 149,734 295,905 6,225 58,173 5,157 40,233 5,787

See foot notes at end of ta ble.
70 CAP I TAL MOVE MENTS

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 1999, Pre lim i nary, con.

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

 To tal li a bil i ties

Li a bil i ties pay able in dol lars

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1 These data as of Dec. 31, 1998. 

2 Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil i ties.” 

3 U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in

“Other Asia” and “Other Af rica” amount to $1,449 mil lion. 

4 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

6 For merly known as Zaire.

Asia:

China:

Mainland ........ 12,325 12,325 - 6,036 6,289 626 1,389 402 8,341 743 48 405 85 286 17

Taiwan.......... 13,636 13,595 41 10,532 3,063 476 2,102 2,672 5,174 535 216 2,094 28 298 112

Hong Kong ........ 28,244 27,773 471 18,075 9,698 508 1,256 2,279 12,164 7,741 480 2,673 155 517 16

India ............. 7,372 7,367 5 4,146 3,221 156 256 2,587 2,474 1,409 69 233 - 183 5

Indonesia......... 6,617 6,567 50 2,250 4,317 349 13 4,305 1,021 402 59 357 - 61 6

Israel ............ 7,534 7,488 46 5,041 2,447 256 241 2,198 2,465 616 54 1,427 13 218 28

Japan ............ 180,418 159,066 21,352 73,909 85,157 4,161 3,806 80,130 10,967 54,853 1,009 1,077 279 2,784 1,558

Korea ............ 12,842 12,840 2 7,862 4,978 836 110 366 7,293 3,235 44 505 2 449 12

Lebanon.......... 1,157 1,157 - 1,141 16 39 295 - 716 11 4 76 7 9 1

Malaysia.......... 3,849 3,794 55 2,511 1,283 170 5 1,249 1,743 301 21 300 1 4 -

Pakistan.......... 816 802 14 635 167 44 47 116 272 228 25 65 - 5 7

Philippines ........ 3,975 3,251 724 2,944 307 243 72 93 1,950 218 60 529 28 58 15

Singapore......... 31,849 30,634 1,215 24,131 6,503 1,062 2,035 1,297 8,363 16,877 109 392 108 391 85

Syria............. 55 55 - 54 1 24 1 - 6 - 3 20 - 1 1

Thailand.......... 6,054 6,050 4 1,873 4,177 406 115 4,151 653 536 27 157 1 4 3

Other Asia ........ 27,946 26,680 1,266 20,606 6,074 1,365 2,054 2,597 10,002 7,993 1,365 459 121 724 758

Total Asia ....... 344,689 319,444 25,245 181,746 137,698 10,721 13,797 104,442 73,604 95,698 3,593 10,769 828 5,992 2,624

Af rica:

Congo 6 .......... 14 14 - 14 - 2 - - - 9 1 2 - - -

Egypt ............ 2,021 2,021 - 1,457 564 196 283 504 829 106 19 52 1 31 37

Ghana ........... 147 147 - 143 4 28 10 - 66 20 6 11 - 6 -

Liberia ........... 423 423 - 249 174 - - 3 13 - 11 229 28 139 11

Morocco.......... 179 179 - 128 51 33 - 40 39 18 4 34 - 11 -

South Africa ....... 1,497 1,495 2 1,411 84 252 94 - 770 25 198 88 1 67 24

Other Africa ....... 5,285 5,190 95 4,013 1,177 884 445 1,105 1,830 386 186 195 - 159 8

Total Africa ...... 9,566 9,469 97 7,415 2,054 1,395 832 1,652 3,547 564 425 611 30 413 80

Other coun tries:

Australia.......... 8,424 8,378 46 3,976 4,402 178 61 1,208 4,220 1,799 271 92 46 503 946

All other .......... 1,263 1,262 1 1,130 132 62 1 68 468 202 61 147 51 202 -

Total other 

countries....... 9,687 9,640 47 5,106 4,534 240 62 1,276 4,688 2,001 332 239 97 705 946

Total foreign 

countries ..... 1,516,689 1,407,116 109,573 957,811 449,305 20,883 78,769 173,000 335,092 597,389 21,903 79,839 11,997 88,244 30,313

In ter na tional 

and re gional orgs.:

International ....... 13,587 13,002 585 12,801 201 82 9,830 195 2,894 - - 1 - - -

European regional . . 551 502 49 17 485 11 1 485 5 - - - - - -

Latin American 

regional ......... 866 650 216 617 33 3 463 - 184 - - - - - 32

Asian regional ..... 607 607 - 407 200 1 43 - 563 - - - - - -

African regional .... 141 141 - 141 - 1 11 - 129 - - - - - -

Middle Eastern 

regional ......... - - - - - - - - - - - - - - -

Total international 

and regional .... 15,752 14,902 850 13,983 919 98 10,348 680 3,775 - - 1 - - 32

Grand total ..... 1,532,441 1,422,018 110,423 971,794 450,224 20,981 89,117 173,680 338,867 597,389 21,903 79,840 11,997 88,244 30,345
CAP I TAL MOVE MENTS 71

CHART CM-A.—U.S. Li a bil i ties to For eigners

Re ported by U.S. Banks, Bro kers and Dealers

with Re spect to Se lected Coun tries

0

1 00

2 00

3 00

4 00

5 00

6 00

1995 1996 19 97 1 998 1 999

(In bil lions of dol lars)

In 1999, U.S. bank ing li a bil i ties

in creased $83 bil lion. In creases

op po site the Ca rib bean fi nan cial

cen ters ($52 bil lion), “All other

Eu rope” ($28 bil lion) and “All

other Asia” ($21 bil lion) more

than off set de creases in U.S. bank -

ing li a bil i ties op po site the United

King dom ($14 bil lion ) and Ja pan

($13 bil lion).

U.S. bank ing li a bil i ties to for eign -

ers, ex clud ing long-term se cu ri -

ties, are con cen trated in

in ter na tional fi nan cial cen ters. The 

data on this page show that nearly

one-half of U.S. bank ing li a bil i ties 

cur rently is re ported op po site the

United King dom and the bank ing

cen ters in the Ca rib bean. For -

eigners do mi ciled in the rest of

Eu rope and in Asia hold an ad di -

tional 40 per cent.

U.S. bank ing li a bil i ties in the

mid-1990s went through a growth

spurt. The an nual growth rate be -

tween 1993 and 1997 av er aged 10 

per cent. Growth in 1998 and the

first three quar ters of 1999 slowed 

to around 3 per cent per year,

which is more in line with the

1989 through 1992 pe riod. Strong

growth in the fourth quar ter of

1999 put the an nual growth rate at 

about 6 per cent.

United Kingdom. ............. 161,112 182,035 212,790 202,280 188,749

All other Europe. ............. 261,083 259,163 274,671 274,354 302,557

Caribbean banking centers 1..... 360,351 366,503 414,642 451,575 503,506

Japan. ..................... 139,056 138,148 172,352 193,202 180,418

All other Asia ................ 135,110 133,172 128,650 143,224 164,271

Subtotal................... 1,056,712 1,079,021 1,203,105 1,264,635 1,339,501

All other countries............. 152,550 186,534 197,446 184,327 192,940

Grand total ................ 1,209,262 1,265,555 1,400,551 1,448,962 1,532,441

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1995 1996 1997 1998 1999

All other Asia
72 CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States

TA BLE CM-II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total claims ...................... 944,081 937,316 964,863 1,000,040 974,771 954,577 989,922 990,066

Payable in dollars................. 852,852 847,181 889,223 923,686 875,891 862,883 898,511 900,582

Banks’ own claims on foreigners .... 708,225 692,368 736,347 765,423 734,995 710,920 750,910 758,620

Foreign public borrowers ........ 20,581 28,116 27,821 26,661 23,542 34,753 37,349 35,002

Un af fil i ated for eign banks:

Deposits .................... 30,995 25,529 22,737 30,528 27,230 24,114 24,194 24,407

Other ...................... 78,235 82,196 85,031 78,294 78,976 69,872 79,884 77,622

Own foreign offices.............. 431,685 407,173 443,393 483,328 484,535 468,048 488,874 488,355

All other foreigners .............. 146,729 149,354 157,365 146,612 120,712 114,133 120,609 133,234

Claims of banks’ 

domestic customers ............ 144,627 154,813 152,876 158,263 140,896 151,963 147,601 141,962

Deposits ..................... 73,110 85,406 86,008 89,814 79,363 93,031 94,575 87,222

Negotiable and readily transferable instruments ....... 53,967 51,594 52,171 53,362 47,914 46,338 42,670 40,604

Collections and other........... 17,550 17,813 14,697 15,087 13,619 12,594 10,356 14,136

Payable in foreign currencies........ 91,229 90,135 75,640 76,354 98,880 91,694 91,411 89,484

Banks’ own claims on foreigners .... 83,038 82,209 68,286 67,901 78,162 80,655 67,937 77,950

Claims of banks’ 

domestic customers ............ 8,191 7,926 7,354 8,453 20,718 11,039 23,474 11,534

Mem o ran da:

Claims reported by IBFs ........... 303,117 278,402 271,535 263,712 252,460 233,791 240,269 276,048

Payable in dollars ............... 256,646 232,418 239,887 233,224 217,375 199,187 206,309 231,297

Payable in foreign currencies ...... 46,471 45,984 31,648 30,488 35,085 34,604 33,960 44,751

Customer liability on acceptances .... 9,624 7,495 6,599 6,068 4,519 4,481 4,450 4,614

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers......... 12,081 16,874 16,997 14,842 13,669 20,902 24,656 22,809

On all other unaffiliated foreigners .... 193,700 197,885 194,589 193,868 172,916 154,500 162,205 175,494

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers......... 8,499 11,285 10,688 10,926 9,840 13,290 11,667 11,980

On all other unaffiliated foreigners .... 62,270 59,515 70,773 61,706 54,054 53,668 60,687 59,836

 

 1998 1999

Type of claim

Cal en dar year

1997 Mar. June Sept. r Dec. r Mar. r June Sept. p
CAP I TAL MOVE MENTS 73

TA BLE CM-II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 4,731 4,728 4,606 4,110 2,744 4,582 4,605 4,283

Belgium-Luxembourg........... 10,850 10,474 12,013 12,437 11,989 10,815 14,166 10,648

Bulgaria ..................... 1 2 4 1 3 2 3 1

Czech Republic ............... 867 247 255 262 162 238 212 123

Denmark .................... 2,713 3,110 3,886 3,581 4,367 4,534 3,529 4,848

Finland...................... 1,477 2,066 1,498 1,259 1,292 1,924 1,991 2,244

France ...................... 28,903 34,189 29,397 32,805 27,708 27,656 28,583 30,928

Germany .................... 31,030 38,925 40,109 42,442 46,117 44,416 49,633 49,663

Greece...................... 696 927 650 757 1,072 972 974 909

Hungary ..................... 87 60 37 60 54 194 40 34

Ireland ...................... 3,168 5,021 4,077 4,071 5,495 3,997 5,082 4,596

Italy ........................ 10,108 12,555 13,118 11,717 13,064 11,376 11,355 12,199

Netherlands .................. 13,883 13,793 14,242 12,358 15,868 19,244 20,716 15,439

Norway...................... 826 1,500 1,928 995 1,560 1,427 1,477 1,592

Poland ...................... 1,438 1,981 1,677 1,116 706 1,394 1,257 1,116

Portugal ..................... 929 745 1,099 1,191 866 1,362 1,471 1,817

Romania..................... 145 146 52 60 59 85 91 85

Russia 1...................... 1,319 1,192 1,077 983 858 1,040 823 838

Spain ....................... 6,513 8,996 10,020 13,309 7,760 4,276 8,201 6,495

Sweden ..................... 8,123 9,213 10,642 10,978 9,196 10,789 7,421 7,653

Switzerland .................. 39,351 39,422 41,948 61,088 53,678 57,040 82,719 95,878

Turkey ...................... 4,381 3,841 4,549 3,739 3,781 3,605 4,146 2,867

United Kingdom ............... 151,645 141,477 161,312 157,405 162,874 159,291 192,846 184,280

Yugoslavia 2 .................. 52 61 53 53 62 64 54 51

Other Europe ................. 5,400 4,816 6,719 6,206 5,427 8,405 8,124 7,545

Total Europe ................ 328,636 339,487 364,968 382,983 376,762 378,728 449,519 446,132

Canada.......................

51,071 52,254 50,591 63,215 73,578 63,896 54,654 53,417

Latin Amer ica and Ca rib bean:

Argentina .................... 9,800 9,633 9,233 9,585 10,909 11,046 11,372 10,808

Bahamas .................... 94,458 89,790 91,348 92,027 100,955 95,393 78,984 95,397

Bermuda .................... 9,355 9,822 10,139 11,415 5,418 4,413 6,336 8,705

Brazil ....................... 23,825 27,513 26,477 20,667 18,195 16,292 16,002 14,550

British West Indies............. 171,475 182,934 210,839 213,086 187,464 198,892 204,394 190,003

Chile........................ 8,284 8,413 8,748 8,517 8,498 8,237 7,624 6,975

Colombia .................... 7,147 6,969 7,193 6,834 6,671 6,233 5,683 4,852

Cuba ....................... - - - - - - - -

Ecuador ..................... 1,332 1,499 1,450 1,487 1,461 1,276 1,128 873

Guatemala ................... 930 944 968 1,189 1,149 1,077 1,066 1,092

Jamaica..................... 430 372 326 310 247 327 320 334

Mexico ...................... 21,771 22,999 22,929 22,889 24,011 22,072 20,673 19,095

Netherlands Antilles............ 18,071 17,790 14,378 10,384 6,816 6,684 5,536 13,382

Panama..................... 4,636 4,317 4,429 4,397 3,742 3,549 3,481 3,109

Peru ........................ 3,520 3,643 4,110 3,862 3,296 3,247 2,992 2,615

Trinidad and Tobago ........... 854 498 519 594 461 505 557 591

Uruguay ..................... 670 958 988 988 1,156 861 1,069 980

Venezuela ................... 2,715 2,685 2,716 2,856 3,217 3,729 3,742 3,677

Other Latin America 

and Caribbean............... 3,380 3,264 3,843 4,152 5,109 5,238 5,084 4,977

Total Latin America 

and Caribbean ............. 382,653 394,043 420,633 415,239 388,775 389,071 376,043 382,015

 

 1998 1999

Country

Cal en dar year

1997 Mar. June Sept. r Dec. r Mar. r June Sept. p
74 CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning 

in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in

June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland................... 1,775 2,971 2,077 1,359 1,297 3,384 3,772 2,080

Taiwan..................... 1,062 893 986 1,127 1,196 1,475 1,071 1,120

Hong Kong................... 17,851 15,547 16,827 13,207 10,408 9,255 9,008 5,867

India........................ 2,507 2,169 2,166 2,045 1,600 1,827 1,714 1,869

Indonesia.................... 3,119 2,742 2,259 2,256 2,239 1,971 1,810 1,770

Israel ....................... 4,753 4,761 4,529 4,504 4,586 4,502 5,262 4,258

Japan....................... 86,759 71,286 51,900 60,015 55,170 48,587 32,612 34,690

Korea....................... 18,775 11,801 11,223 10,008 8,432 9,284 11,483 11,235

Lebanon..................... 62 60 37 54 35 40 29 4,616

Malaysia..................... 899 985 1,080 1,173 1,096 1,427 1,426 1,174

Pakistan..................... 708 754 994 1,235 645 793 918 1,085

Philippines................... 1,877 1,912 1,579 1,318 1,664 1,568 1,702 1,512

Singapore.................... 11,309 8,771 7,447 7,021 7,591 5,091 4,390 5,079

Syria........................ 3 3 3 1 1 - - -

Thailand..................... 2,523 2,264 1,972 2,206 1,885 1,770 1,875 1,491

Oil-exporting countries 3 ......... 11,502 9,544 9,084 13,346 20,132 14,478 11,586 15,739

Other Asia ................... 576 251 327 303 281 331 429 772

Total Asia .................. 166,060 136,714 114,490 121,178 118,258 105,783 89,087 94,357

Af rica:

Congo 4 ..................... - - - 1 1 - 1 -

Egypt....................... 281 314 309 328 320 327 326 323

Ghana ...................... 25 31 27 29 26 19 17 39

Liberia ...................... 521 536 568 636 627 574 632 542

Morocco..................... 709 699 460 424 446 453 479 577

South Africa .................. 960 719 813 806 768 916 825 627

Oil-exporting countries 5 ........ 1,271 1,398 313 788 936 327 341 324

Other Africa .................. 436 485 275 334 379 633 355 316

Total Africa ................. 4,203 4,182 2,765 3,346 3,503 3,249 2,976 2,748

Other coun tries:

Australia..................... 7,555 7,007 7,820 8,209 9,459 8,382 12,856 7,490

All other..................... 1,414 675 671 543 806 748 640 311

Total other 

countries.................. 8,969 7,682 8,491 8,752 10,265 9,130 13,496 7,801

Total foreign countries ................ 941,592 934,362 961,938 994,713 971,151 949,870 985,848 986,474

In ter na tional and re gional orgs.:

International .................. 2,233 2,741 2,787 5,117 3,499 4,582 3,963 3,532

European regional............. - 4 3 9 42 29 1 26

Latin American regional......... 255 203 121 78 79 96 107 34

Asian regional ................ - - 5 114 - - 3 -

African regional............... - - - - - - - -

Middle Eastern regional......... 1 6 9 9 - - - -

Total international 

and regional............... 2,489 2,954 2,925 5,327 3,620 4,707 4,074 3,592

Grand total ................ 944,081 937,316 964,863 1,000,040 974,771 954,577 989,922 990,066

 1998 1999

Country

Cal en dar year

1997 Mar. June Sept. r Dec. r Mar. r June Sept. p
CAP I TAL MOVE MENTS 75

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 1999

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Re porting banks’ own claims

On for eign pub lic bor -

row ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

Coun try To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

Eu rope:

Austria ................ 4,283 3,777 2,323 12 1,442 2 506 494 12

Belgium-Luxembourg..... 10,648 9,123 5,950 1,289 1,884 7 1,525 1,394 131

Bulgaria ............... 1 - - - - - 1 1 -

Czech Republic ......... 123 121 61 52 8 - 2 - 2

Denmark ............... 4,848 1,828 697 1,059 72 - 3,020 3,012 8

Finland ................ 2,244 2,015 313 1,542 160 - 229 15 214

France ................ 30,928 24,945 9,075 10,178 5,692 38 5,983 5,820 163

Germany .............. 49,663 33,575 9,039 13,956 10,580 63 16,088 15,651 437

Greece ................ 909 843 456 207 180 - 66 11 55

Hungary ............... 34 29 26 - 3 - 5 - 5

Ireland ................ 4,596 4,286 2,816 1,029 441 - 310 256 54

Italy................... 12,199 10,530 5,045 2,913 2,572 4 1,669 816 853

Netherlands............ 15,439 10,880 5,950 3,475 1,455 25 4,559 4,511 48

Norway ................ 1,592 1,368 1,250 2 116 - 224 199 25

Poland ................ 1,116 1,067 998 50 19 - 49 30 19

Portugal ............... 1,817 1,469 1,046 296 127 2 348 309 39

Romania ............... 85 84 66 - 18 - 1 1 -

Russia 1................ 838 832 812 2 18 - 6 6 -

Spain ................. 6,495 5,893 2,752 2,352 789 2 602 557 45

Sweden ............... 7,653 4,395 1,725 2,459 211 1 3,258 3,184 74

Switzerland............. 95,878 90,748 5,211 84,976 561 123 5,130 5,118 12

Turkey ................ 2,867 2,481 2,049 336 96 164 386 340 46

United Kingdom ......... 184,280 148,716 40,588 88,759 19,369 240 35,564 32,781 2,783

Yugoslavia 2 ............ 51 50 50 - - - 1 1 -

Other Europe ...........

7,545 3,220 2,881 29 310 4 4,325 2,179 2,146

Total Europe ..........

446,132 362,275 101,179 214,973 46,123 675 83,857 76,686 7,171

Canada ................. 53,417 41,221 11,733 25,464 4,024 - 12,196 10,725 1,471

Latin Amer ica 

and Ca rib bean:

Argentina .............. 10,808 10,537 8,702 1,591 244 24 271 122 149

Bahamas .............. 95,397 93,344 6,746 78,640 7,958 73 2,053 2,048 5

Bermuda............... 8,705 8,569 8,381 100 88 11 136 136 -

Brazil ................. 14,550 14,074 11,105 2,878 91 621 476 300 176

British West Indies ....... 190,003 150,473 29,256 113,244 7,973 236 39,530 39,047 483

Chile.................. 6,975 6,887 6,787 23 77 23 88 86 2

Colombia .............. 4,852 4,826 4,700 118 8 10 26 26 -

Cuba.................. - - - - - - - - -

Ecuador ............... 873 855 795 49 11 22 18 18 -

Guatemala............. 1,092 1,082 961 103 18 17 10 10 -

Jamaica ............... 334 334 330 - 4 - - - -

Mexico ................ 19,095 18,784 18,063 192 529 156 311 143 168

Netherlands Antilles...... 13,382 13,379 9,006 4,292 81 - 3 1 2

Panama ............... 3,109 3,071 1,712 1,229 130 52 38 38 -

Peru .................. 2,615 2,548 2,095 438 15 11 67 66 1

Trinidad and Tobago ..... 591 587 437 134 16 - 4 4 -

Uruguay ............... 980 971 400 545 26 1 9 9 -

Venezuela ............. 3,677 3,542 3,079 246 217 2 135 135 -

Other Latin America 

and Caribbean.........

4,977 4,640 3,854 721 65 106 337 337 -

Total Latin America 

and Caribbean .......

382,015 338,503 116,409 204,543 17,551 1,365 43,512 42,526 986
76 CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 1999, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3For merly known as Zaire.

Re porting banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on 

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

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

Asia:

China:

Mainland ............. 2,080 2,033 1,804 228 1 7 47 47 -

Taiwan .............. 1,120 863 574 216 73 8 257 62 195

Hong Kong............. 5,867 5,726 1,834 3,390 502 28 141 94 47

India.................. 1,869 1,737 1,499 237 1 68 132 116 16

Indonesia .............. 1,770 1,727 1,627 62 38 9 43 17 26

Israel ................. 4,258 976 697 254 25 5 3,282 3,281 1

Japan................. 34,690 32,340 6,733 21,245 4,362 75 2,350 1,314 1,036

Korea................. 11,235 11,128 8,801 2,292 35 1,992 107 79 28

Lebanon............... 4,616 28 28 - - 5 4,588 4,586 2

Malaysia............... 1,174 1,080 883 159 38 16 94 6 88

Pakistan............... 1,085 1,068 308 758 2 - 17 4 13

Philippines ............. 1,512 1,498 1,392 99 7 64 14 7 7

Singapore ............. 5,079 4,667 1,422 2,802 443 36 412 354 58

Syria.................. - - - - - - - - -

Thailand............... 1,491 1,439 225 1,207 7 7 52 42 10

Other Asia ............. 16,511 15,601 3,660 8,013 3,928 92 910 898 12

Total Asia ............ 94,357 81,911 31,487 40,962 9,462 2,412 12,446 10,907 1,539

Af rica:

Congo 3 ............... - - - - - - - - -

Egypt................. 323 232 207 18 7 56 91 36 55

Ghana ................ 39 17 17 - - - 22 22 -

Liberia ................ 542 492 492 - - - 50 50 -

Morocco............... 577 461 435 2 24 - 116 116 -

South Africa ............ 627 526 444 62 20 83 101 67 34

Other Africa ............ 640 617 606 10 1 3 23 23 -

Total Africa ........... 2,748 2,345 2,201 92 52 142 403 314 89

Other coun tries:

Australia............... 7,490 6,495 3,543 2,227 725 15 995 765 230

All other ............... 311 226 123 94 9 - 85 37 48

Total other 

countries............ 7,801 6,721 3,666 2,321 734 15 1,080 802 278

Total foreign 

countries .......... 986,474 832,980 266,675 488,355 77,950 4,609 153,494 141,960 11,534

In ter na tional 

 and re gional orgs:

International............ 3,532 3,530 3,530 - - 5 2 2 -

European regional ....... 26 26 26 - - - - - -

Latin American regional ... 34 34 34 - - - - - -

Asian regional .......... - - - - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ...

- - - - - - - - -

Total international 

and regional......... 3,592 3,590 3,590 - - 5 2 2 -

Grand total .......... 990,066 836,570 270,265 488,355 77,950 4,614 153,496 141,962 11,534
CAP I TAL MOVE MENTS 77

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers and Dealers with Re spect to Se lected Coun tries

United Kingdom ................... 103,375 129,301 151,645 162,874 184,280

All other Europe. .................. 125,939 144,459 176,991 213,888 261,852

Caribbean banking centers 1. ......... 229,526 243,575 297,995 304,395 310,596

Japan. .......................... 98,745 92,172 86,759 55,170 34,690

All other Asia. ..................... 66,976 76,413 79,301 63,088 59,667

Subtotal........................ 624,561 685,920 792,691 799,415 851,085

All other countries. ................. 110,811 134,995 151,390 175,356 138,981

Grand total ..................... 735,372 820,915 944,081 974,771 990,066

1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

All other Eu rope

All other Asia

United King dom Ca rib bean bank ing cen ters

Ja pan All other coun tries

0

100

200

300

400

1995 1996 1997 1998 S ept. 1999

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1995 1996 1997 1998 Sept. 1999

(In bil lions of dol lars) Claims op po site Asia con tin ued to

fall in the first three quar ters of 1999

and now stand $72 bil lion be low

their end-1997 level. Claims op po -

site “All other coun tries” also fell in

the first three quar ters. Can ada rep re -

sented $20 bil lion of the de crease in

that group. Claims op po site the

United King dom and “All other Eu -

rope,” no ta bly Swit zer land, in creased 

in the first three quar ters of 1999.

U.S. bank ing claims on for eign ers,

ex clud ing long-term se cu ri ties, are

con cen trated in in ter na tional fi nan -

cial cen ters. The data on this page

show over three-quarters of U.S.

claims are cur rently re ported op po -

site the United King dom, “All other

Eu rope,” and, most no ta bly, the

bank ing cen ters in the Ca rib bean.

For eigners do mi ciled in Asia hold an 

ad di tional 10 per cent of U.S. claims.

Af ter ex tremely strong growth in the

mid-1990s, to tal U.S. bank ing claims 

on for eign ers are lev el ing off. An -

nual growth peaked at 15 per cent in

1997. Since then, claims have grown

at a much slower an nual rate of 3

per cent. In the first three quar ters of

1999, U.S. bank ing claims in creased

$15 bil lion to $990 bil lion. 
78 CAP I TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li a bil i ties andClaims Data

Re ported by Banksin the United States

TA BLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners

in Coun tries and Areas Not Reg u larly Re ported Sep a rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

* Less than $500,000. Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing

dates for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury

Bul le tin.”

Other Eu rope:

Cyprus .............................. 155 179 304 58 762 93

Iceland .............................. 83 n.a. 70 n.a. 14 18

Monaco ............................. 471 265 307 n.a. n.a. 179

Other Latin Amer ica and Ca rib bean:

Aruba ............................... 177 216 344 18 32 n.a.

Barbados ............................ 1,079 1,351 2,338 119 465 551

Belize............................... 195 92 90 14 18 27

Bolivia .............................. 833 713 704 426 624 620

Costa Rica ........................... 1,341 1,260 1,427 361 541 539

Dominica ............................ 10 n.a. n.a. n.a. n.a. n.a.

Dominican Republic.................... 1,303 1,422 1,416 518 606 613

El Salvador ........................... 1,170 985 955 845 830 951

French West Indies and French Guiana .... 33 31 48 n.a. n.a. n.a.

Haiti ................................ 360 497 390 29 24 22

Honduras ............................ 1,019 1,299 1,495 335 366 317

Nicaragua............................ 118 110 114 47 62 56

Paraguay ............................ 698 782 872 183 112 105

Suriname............................ 121 181 166 51 89 67

Other Asia:

Afghanistan .......................... 56 n.a. 105 n.a. n.a. n.a.

Burma .............................. 10 5 6 - - -

Jordan .............................. 290 287 260 95 78 74

Macau .............................. 114 81 37 - n.a. n.a.

Sri Lanka ............................ 257 135 116 52 45 n.a.

Yemen .............................. 128 95 139 7 n.a. n.a.

Other Af rica:

Angola .............................. 282 244 167 n.a. n.a. n.a.

Cameroon ........................... 20 35 18 n.a. n.a. n.a.

Ethiopia ............................. 183 162 211 2 n.a. n.a.

Guinea .............................. n.a. 70 37 n.a. - n.a.

Ivory Coast ........................... 59 80 54 n.a. 7 n.a.

Kenya............................... 179 173 221 n.a. 19 11

Madagascar.......................... n.a. 30 12 - - -

Mauritius ............................ 55 165 136 n.a. n.a. 1

Mozambique ......................... 129 179 114 n.a. n.a. n.a.

Niger ............................... 5 4 3 n.a. n.a. n.a.

Rwanda ............................. n.a. 34 52 n.a. n.a. n.a.

Senegal ............................. 23 49 36 n.a. n.a. 6

Somalia ............................. 17 16 15 - - -

Sudan .............................. 33 15 11 n.a. n.a. n.a.

Tanzania ............................ 379 253 241 9 n.a. n.a.

Tunisia .............................. n.a. 90 69 129 168 136

Uganda ............................. 196 n.a. 127 5 n.a. 2

Zambia .............................. 41 59 38 5 n.a. n.a.

Zimbabwe........................... 159 99 38 2 n.a. *

All other:

New Zealand ......................... 400 648 1,052 n.a. 388 271

Papua New Guinea .................... n.a. 56 28 n.a. 33 n.a.

To tal li a bil i ties To tal banks’ own claims

 Cal en dar year 1999

 1997 1998 June

 Cal en dar year 1999

Coun try 1997 1998 June 
CAP I TAL MOVE MENTS 79

SEC TION IV.—Li a bil i ties to, and Claims on, For eigners

Re ported by Nonbanking Busi ness En ter prises

in the United States

TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Total liabilities ....................... 46,448 61,782 57,382 49,279 46,570 46,663 49,337 52,945

Payable in dollars .................. 33,903 39,542 41,543 38,410 36,668 34,030 36,032 36,321

Financial ........................ 12,903 11,913 12,630 9,812 10,371 11,225 13,205 12,231

Com mer cial:

Trade payables ................. 9,996 11,683 9,599 9,118 10,133 8,765 9,837 11,412

Advance receipts and other ........ 11,004 15,946 19,314 19,480 16,164 14,040 12,990 12,678

Payable in foreign currencies ......... 12,545 22,240 15,839 10,869 9,902 12,633 13,305 16,624

Financial ........................ 11,338 21,136 14,247 9,519 8,884 11,233 11,853 15,132

Com mer cial:

Trade payables ................. 1,017 1,037 1,305 1,158 845 1,234 1,098 1,264

Advance receipts and other ........ 190 67 287 192 173 166 354 228

Total claims ........................ 52,509 65,897 68,128 67,976 77,462 68,973 63,804 65,602

Payable in dollars .................. 48,711 59,156 62,173 62,034 72,171 63,988 56,968 58,492

Fi nan cial:

Deposits ....................... 14,654 20,852 21,060 13,374 28,549 17,101 11,636 12,015

Other ......................... 10,976 12,374 11,806 19,867 14,049 17,419 14,762 15,005

Com mer cial:

Trade receivables................ 20,993 23,495 26,157 24,584 25,743 25,538 26,570 27,743

Advance payments and other....... 2,088 2,435 3,150 4,209 3,830 3,930 4,000 3,729

Payable in foreign currencies ......... 3,798 6,741 5,955 5,942 5,291 4,985 6,836 7,110

Fi nan cial:

Deposits ....................... 479 772 1,849 2,032 1,650 1,585 1,714 1,952

Other ......................... 1,289 3,525 2,244 1,989 2,012 2,031 3,765 2,967

Com mer cial:

Trade receivables................ 2,005 2,256 1,379 1,746 1,459 1,186 1,221 1,628

Advance payments and other....... 25 188 483 175 170 183 136 563

Cal en dar year 1998 1999 

Type of li a bil ity or claim 1995 1996 1997 Sept. Dec. Mar. June Sept. p
80 CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria...................... 70 44 67 112 101 118 79 88 81

Belgium-Luxembourg .......... 736 700 1,111 852 773 357 279 259 178

Bulgaria..................... 5 1 2 5 5 3 4 2 3

Czech Republic............... 6 26 22 38 99 105 82 84 78

Denmark .................... 277 138 93 170 65 132 110 87 73

Finland ..................... 236 179 161 281 101 83 56 42 88

France...................... 2,455 1,480 1,771 2,189 2,197 2,017 1,832 1,943 2,297

Germany .................... 2,565 2,741 2,836 3,232 3,575 3,455 2,994 3,102 2,913

Greece ..................... 196 89 72 89 162 120 100 168 120

Hungary .................... 6 9 12 13 6 3 5 6 9

Ireland...................... 449 414 449 1,136 1,212 1,307 1,154 807 762

Italy ........................ 359 374 911 923 1,081 1,177 1,047 665 865

Netherlands.................. 1,274 966 1,322 933 857 1,835 1,698 2,536 2,601

Norway ..................... 176 209 424 242 262 188 130 158 238

Poland...................... 17 7 30 7 11 11 48 17 32

Portugal..................... 35 35 33 36 32 29 15 15 17

Romania .................... 8 3 9 165 255 149 165 122 208

Russia 1..................... 84 177 105 115 178 82 124 71 141

Spain....................... 127 171 222 334 550 546 543 518 547

Sweden ..................... 242 233 204 244 218 171 184 156 189

Switzerland .................. 1,015 1,308 1,323 936 686 654 676 640 726

Turkey...................... 109 118 129 285 196 211 198 455 356

United Kingdom .............. 17,987 13,706 21,464 15,753 10,896 9,677 12,737 16,056 18,271

Yugoslavia 2 .................. 12 6 9 6 223 8 4 7 7

Other Europe ................ 30 188 165 159 174 181 414 292 172

Total Europe................ 28,476 23,322 32,946 28,255 23,915 22,619 24,678 28,296 30,972

Canada ...................... 1,666 1,672 2,491 3,549 1,893 2,083 2,378 1,990 2,097

Latin Amer ica 

and Ca rib bean:

Argentina.................... 88 136 272 219 161 118 145 172 160

Bahamas.................... 120 60 299 157 49 21 12 20 25

Bermuda .................... 425 352 347 432 241 299 303 232 204

Brazil....................... 368 155 274 363 410 304 244 243 243

British West Indies ............ 1,021 922 1,044 616 839 967 1,071 949 825

Chile....................... 44 76 160 150 151 111 127 87 74

Colombia.................... 19 63 123 120 85 72 86 83 111

Cuba....................... - 1 5 - 3 5 9 18 23

Ecuador..................... 33 26 27 22 18 19 25 25 67

Guatemala .................. 8 4 12 30 11 12 11 15 10

Jamaica..................... 14 18 16 18 11 12 19 18 18

Mexico...................... 574 428 682 591 534 406 459 509 732

Netherlands Antilles ........... 645 635 53 23 15 44 11 12 15

Panama..................... 50 23 12 16 9 16 39 63 59

Peru ....................... 30 21 44 30 23 35 21 39 26

Trinidad and Tobago........... 25 13 144 75 41 34 34 32 9

Uruguay .................... 1 3 6 20 10 8 8 9 14

Venezuela................... 281 223 329 262 231 204 157 150 182

Other Latin America 

and Caribbean .............. 145 364 393 418 349 426 359 367 344

Total Latin America 

and Caribbean............. 3,891 3,523 4,242 3,562 3,191 3,113 3,140 3,043 3,141

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Sept. Dec. Mar. June Sept. p
CAP I TAL MOVE MENTS 81

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 597 579 990 1,250 945 708 679 481 717

Taiwan ..................... 853 451 697 936 938 898 884 946 1,066

Hong Kong ................... 805 646 610 750 557 388 280 245 318

India........................ 59 196 181 170 276 387 464 513 503

Indonesia .................... 296 350 314 213 138 154 113 117 174

Israel ....................... 141 99 205 176 221 228 219 152 112

Japan....................... 11,869 8,751 10,483 8,602 7,533 7,439 6,052 5,788 6,014

Korea ....................... 1,736 1,433 1,558 1,150 1,002 945 843 785 721

Lebanon..................... 14 61 72 29 28 27 44 58 61

Malaysia..................... 178 297 586 766 201 141 112 122 84

Pakistan..................... 27 80 77 60 40 33 38 29 21

Philippines ................... 50 60 110 222 249 169 199 199 201

Singapore .................... 622 819 908 1,252 1,219 1,240 1,081 1,083 924

Syria........................ 24 50 61 23 68 15 14 29 45

Thailand..................... 194 392 473 405 362 362 236 186 251

Oil-exporting countries3 ......... 1,611 1,939 2,193 3,138 3,582 2,852 2,480 2,211 2,626

Other Asia ................... 68 206 327 211 185 141 165 312 161

Total Asia .................. 19,144 16,409 19,845 19,353 17,544 16,127 13,903 13,256 13,999

Af rica:

Congo 4..................... 1 - - - - - - - -

Egypt ....................... 48 157 198 90 55 39 53 79 72

Ghana ...................... - 16 29 28 6 9 7 11 1

Liberia ...................... - - - 1 3 9 - 1 2

Morocco..................... 29 24 21 49 49 41 42 36 32

South Africa .................. 32 42 154 255 190 189 122 151 135

Oil-exporting countries5......... 379 376 532 408 372 393 379 392 584

Other Africa .................. 74 154 144 103 166 142 155 191 165

Total Africa ................. 563 769 1,078 934 841 822 758 861 991

Other coun tries:

Australia..................... 372 461 945 911 807 949 959 1,010 861

All other ..................... 153 230 125 810 836 852 841 859 854

Total other 

countries.................. 525 691 1,070 1,721 1,643 1,801 1,800 1,869 1,715

Total foreign 

countries ................ 54,265 46,386 61,672 57,374 49,027 46,565 46,657 49,315 52,915

In ter na tional 

and re gional orgs.:

International.................. - 2 55 - 7 - - - -

European regional ............. 44 60 55 8 222 5 6 22 30

Latin American regional......... - - - - 4 - - - -

Asian regional ................ - - - - 9 - - - -

African regional ............... - - - - 10 - - - -

Middle Eastern regional......... - - - - - - - - -

Total international 

and regional ............... 44 62 110 8 252 5 6 22 30

Grand total ................ 54,309 46,448 61,782 57,382 49,279 46,570 46,663 49,337 52,945

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Sept. Dec. Mar. June Sept. p
82 CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign

cur ren cies

 Com mer cial 

 li a bil i ties

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

Eu rope:

Austria ...................... 81 4 2 2 77

Belgium-Luxembourg........... 178 50 45 5 128

Bulgaria ..................... 3 - - - 3

Czech Republic ............... 78 - - - 78

Denmark .................... 73 - - - 73

Finland ...................... 88 24 6 18 64

France ...................... 2,297 1,675 636 1,039 622

Germany .................... 2,913 1,712 1,026 686 1,201

Greece ...................... 120 2 2 - 118

Hungary ..................... 9 1 1 - 8

Ireland ...................... 762 624 315 309 138

Italy ........................ 865 78 75 3 787

Netherlands .................. 2,601 2,066 2,034 32 535

Norway ...................... 238 8 4 4 230

Poland ...................... 32 17 17 - 15

Portugal..................... 17 7 5 2 10

Romania..................... 208 - - - 208

Russia 1 ..................... 141 13 8 5 128

Spain ....................... 547 109 10 99 438

Sweden ..................... 189 54 54 - 135

Switzerland .................. 726 133 130 3 593

Turkey ...................... 356 17 16 1 339

United Kingdom ............... 18,271 15,096 5,046 10,050 3,175

Yugoslavia 2.................. 7 - - - 7

Other Europe ................. 172 5 3 2 167

Total Europe ................

30,972 21,695 9,435 12,260 9,277

Canada ....................... 2,097 344 225 119 1,753

Latin Amer ica 

and Ca rib bean:

Argentina .................... 160 40 11 29 120

Bahamas .................... 25 1 - 1 24

Bermuda .................... 204 26 25 1 178

Brazil ....................... 243 122 15 107 121

British West Indies............. 825 786 749 37 39

Chile........................ 74 13 13 - 61

Colombia .................... 111 1 1 - 110

Cuba ....................... 23 - - - 23

Ecuador..................... 67 1 1 - 66

Guatemala ................... 10 1 - 1 9

Jamaica ..................... 18 3 3 - 15

Mexico ...................... 732 28 15 13 704

Netherlands Antilles............ 15 - - - 15

Panama ..................... 59 - - - 59

Peru ........................ 26 - - - 26

Trinidad and Tobago ........... 9 3 3 - 6

Uruguay..................... 14 - - - 14

Venezuela ................... 182 - - - 182

Other Latin America 

and Caribbean............... 344 155 153 2 189

Total Latin America 

and Caribbean ............. 3,141 1,180 989 191 1,961
CAP I TAL MOVE MENTS 83

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign 

cur ren cies

 Com mer cial 

 li a bil i ties

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

Asia:

China:

Mainland ................... 717 71 56 15 646

Taiwan..................... 1,066 8 1 7 1,058

Hong Kong................... 318 64 13 51 254

India........................ 503 2 2 - 501

Indonesia .................... 174 11 6 5 163

Israel ....................... 112 2 1 1 110

Japan ....................... 6,014 3,325 1,419 1,906 2,689

Korea ....................... 721 1 1 - 720

Lebanon..................... 61 4 4 - 57

Malaysia..................... 84 - - - 84

Pakistan..................... 21 - - - 21

Philippines ................... 201 1 - 1 200

Singapore.................... 924 37 35 2 887

Syria........................ 45 - - - 45

Thailand..................... 251 24 - 24 227

Other Asia ................... 2,787 13 12 1 2,774

Total Asia .................. 13,999 3,563 1,550 2,013 10,436

Af rica:

Congo 3..................... - - - - -

Egypt ....................... 72 4 4 - 68

Ghana ...................... 1 - - - 1

Liberia ...................... 2 - - - 2

Morocco..................... 32 - - - 32

South Africa .................. 135 15 - 15 120

Other Africa .................. 749 12 12 - 737

Total Africa ................. 991 31 16 15 960

Other coun tries:

Australia..................... 861 55 10 45 806

All other ..................... 854 495 6 489 359

Total other countries.......... 1,715 550 16 534 1,165

Total foreign countries ....... 52,915 27,363 12,231 15,132 25,552

In ter na tional and re gional orgs.:

International.................. - - - - -

European regional ............. 30 - - - 30

Latin American regional ......... - - - - -

Asian regional ................ - - - - -

African regional ............... - - - - -

Middle Eastern regional .........

- - - - -

Total international 

and regional............... 30 - - - 30

Grand total ................ 52,945 27,363 12,231 15,132 25,582
84 CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 123 114 159 126 92 146 162 368 357

Belgium-Luxembourg........... 299 424 411 734 715 899 750 743 863

Bulgaria ..................... 37 29 19 32 14 11 7 7 7

Czech Republic ............... 52 53 34 42 61 67 49 39 100

Denmark .................... 81 107 101 155 108 81 193 99 75

Finland ...................... 173 185 173 211 286 244 318 258 295

France ...................... 2,681 2,633 2,338 2,811 3,238 3,035 3,086 3,462 3,525

Germany .................... 1,567 1,506 1,613 2,041 1,861 2,126 1,901 2,027 2,444

Greece ...................... 136 193 148 386 308 316 257 287 394

Hungary ..................... 72 50 17 62 65 66 66 62 62

Ireland ...................... 315 290 274 277 231 244 305 270 353

Italy ........................ 812 1,029 1,039 1,466 1,238 1,257 1,190 1,226 1,159

Netherlands .................. 740 969 1,055 1,274 1,330 1,342 1,370 1,348 1,684

Norway ...................... 242 169 251 303 283 165 185 203 280

Poland ...................... 122 78 108 124 84 111 78 73 66

Portugal..................... 217 64 92 78 103 153 99 57 157

Romania..................... 17 16 14 7 23 20 24 12 18

Russia 1..................... 254 300 239 221 246 232 214 220 280

Spain ....................... 484 537 645 623 638 527 600 779 694

Sweden ..................... 352 288 372 504 450 565 372 420 324

Switzerland .................. 1,080 1,018 1,116 988 955 897 897 889 1,273

Turkey ...................... 216 256 222 379 228 236 270 403 424

United Kingdom ............... 7,205 6,959 10,868 13,997 14,530 12,535 12,886 13,204 12,796

Yugoslavia 2.................. 39 13 6 11 36 14 18 24 25

Other Europe ................. 160 153 214 267 379 251 285 379 319

Total Europe ................ 17,476 17,433 21,528 27,119 27,502 25,540 25,582 26,859 27,974

Canada ....................... 5,569 4,802 5,607 5,973 6,381 5,120 6,094 5,683 5,660

Latin Amer ica 

and Ca rib bean:

Argentina .................... 347 396 617 688 974 893 869 1,031 1,049

Bahamas .................... 2,433 1,995 1,588 2,335 2,144 427 676 488 784

Bermuda .................... 261 353 415 352 236 575 541 622 626

Brazil ....................... 1,132 1,728 2,771 2,475 1,772 1,859 2,048 1,989 2,026

British West Indies............. 15,311 10,472 15,726 10,571 11,051 24,492 14,738 7,520 6,339

Chile........................ 229 248 374 327 293 320 250 252 240

Colombia .................... 396 413 422 424 328 279 287 251 267

Cuba ....................... 1 1 5 - - - 3 1 3

Ecuador..................... 112 123 107 101 107 103 86 66 63

Guatemala ................... 46 48 98 93 102 88 83 92 83

Jamaica ..................... 42 41 40 52 49 45 41 37 69

Mexico ...................... 1,966 1,547 1,585 1,929 2,478 2,790 3,014 3,180 3,404

Netherlands Antilles............ 65 32 114 153 55 37 23 48 32

Panama ..................... 102 156 109 145 153 173 172 165 156

Peru ........................ 175 221 201 147 149 183 149 199 185

Trinidad and Tobago ........... 27 36 25 20 66 55 44 33 24

Uruguay..................... 25 32 42 49 55 59 54 51 67

Venezuela ................... 383 317 388 612 616 456 433 455 412

Other Latin America 

and Caribbean............... 600 705 681 820 903 1,176 1,244 1,284 1,266

Total Latin America 

and Caribbean ............. 23,653 18,864 25,308 21,293 21,531 34,010 24,755 17,764 17,095

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Sept. Dec. Mar. June Sept. p
CAP I TAL MOVE MENTS 85

TA BLE CM-IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 526 696 992 1,076 839 825 821 811 942

Taiwan..................... 512 532 511 814 709 770 730 841 898

Hong Kong................... 442 454 669 562 358 331 247 293 345

India........................ 202 323 402 439 384 348 390 456 568

Indonesia .................... 423 367 665 704 449 417 307 372 418

Israel ....................... 195 267 323 347 358 327 369 333 282

Japan ....................... 3,608 2,741 3,038 2,799 2,717 2,875 2,428 2,460 3,073

Korea ....................... 650 933 822 988 900 1,084 1,130 1,246 1,489

Lebanon..................... 58 48 41 37 25 26 23 14 21

Malaysia..................... 457 496 560 547 456 492 446 480 513

Pakistan..................... 40 42 99 44 49 37 53 39 33

Philippines ................... 151 123 245 144 118 148 166 266 179

Singapore.................... 427 573 781 779 487 734 676 729 815

Syria........................ 6 12 7 11 105 12 13 6 36

Thailand..................... 183 199 288 280 222 489 460 453 467

Oil-exporting countries 3 ......... 849 977 993 1,118 980 1,144 1,294 1,470 1,479

Other Asia ................... 124 108 161 157 155 160 175 222 217

Total Asia .................. 8,853 8,891 10,597 10,846 9,311 10,219 9,728 10,491 11,775

Af rica:

Congo 4 ..................... 30 11 13 3 6 1 3 - 6

Egypt ....................... 261 160 155 286 165 136 176 159 150

Ghana ...................... 7 16 15 9 7 14 9 7 8

Liberia ...................... 9 13 29 8 8 11 5 4 6

Morocco..................... 53 57 27 28 26 29 26 34 32

South Africa .................. 142 321 277 322 315 272 315 360 299

Oil-exporting countries 5........... 67 92 180 134 144 181 142 207 233

Other Africa .................. 258 260 224 209 226 226 183 195 198

Total Africa ................. 827 930 920 999 897 870 859 966 932

Other coun tries:

Australia..................... 1,218 1,310 1,536 1,485 1,437 1,398 1,580 1,700 1,766

All other ..................... 269 270 265 390 255 286 295 337 362

Total other 

countries.................. 1,487 1,580 1,801 1,875 1,692 1,684 1,875 2,037 2,128

Total foreign 

countries ................

57,865 52,500 65,761 68,105 67,314 77,443 68,893 63,800 65,564

In ter na tional 

and re gional orgs.:

International.................. 19 8 60 18 60 15 22 - -

European regional ............. 4 1 58 5 432 3 10 - -

Latin American regional ......... - - 2 - 116 - 22 - -

Asian regional ................ - - 13 - 34 - 23 1 -

African regional ............... - - 3 - 20 1 3 1 1

Middle Eastern regional .........

- - - - - - - 2 37

Total international 

and regional ............... 23 9 136 23 662 19 80 4 38

Grand total ................ 57,888 52,509 65,897 68,128 67,976 77,462 68,973 63,804 65,602

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Sept. Dec. Mar. June Sept. p
86 CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 357 268 258 10 89

Belgium-Luxembourg........... 863 574 559 15 289

Bulgaria..................... 7 - - - 7

Czech Republic ............... 100 17 17 - 83

Denmark .................... 75 15 7 8 60

Finland...................... 295 11 11 - 284

France ...................... 3,525 1,152 942 210 2,373

Germany .................... 2,444 499 252 247 1,945

Greece...................... 394 209 208 1 185

Hungary..................... 62 46 43 3 16

Ireland ...................... 353 200 199 1 153

Italy ........................ 1,159 88 76 12 1,071

Netherlands .................. 1,684 1,067 798 269 617

Norway...................... 280 82 81 1 198

Poland ...................... 66 3 3 - 63

Portugal..................... 157 103 101 2 54

Romania..................... 18 - - - 18

Russia1...................... 280 83 56 27 197

Spain ....................... 694 108 67 41 586

Sweden ..................... 324 147 136 11 177

Switzerland .................. 1,273 559 539 20 714

Turkey ...................... 424 297 297 - 127

United Kingdom............... 12,796 8,007 5,870 2,137 4,789

Yugoslavia2 ................... 25 - - - 25

Other Europe................. 319 83 67 16 236

Total Europe ................

27,974 13,618 10,587 3,031 14,356

Canada....................... 5,660 3,022 2,528 494 2,638

Latin Amer ica 

and Ca rib bean:

Argentina.................... 1,049 321 318 3 728

Bahamas .................... 784 755 744 11 29

Bermuda .................... 626 77 76 1 549

Brazil ....................... 2,026 1,265 1,253 12 761

British West Indies............. 6,339 6,182 6,128 54 157

Chile........................ 240 10 9 1 230

Colombia .................... 267 84 76 8 183

Cuba ....................... 3 - - - 3

Ecuador..................... 63 9 8 1 54

Guatemala................... 83 11 7 4 72

Jamaica..................... 69 4 1 3 65

Mexico ...................... 3,404 1,791 1,722 69 1,613

Netherlands Antilles ............ 32 6 6 - 26

Panama..................... 156 35 31 4 121

Peru........................ 185 11 11 - 174

Trinidad and Tobago ........... 24 3 2 1 21

Uruguay..................... 67 34 32 2 33

Venezuela ................... 412 47 42 5 365

Other Latin America 

and Caribbean............... 1,266 576 564 12 690

Total Latin America 

and Caribbean ............. 17,095 11,221 11,030 191 5,874

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
CAP I TAL MOVE MENTS 87

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland ................... 942 172 167 5 770

Taiwan ..................... 898 163 75 88 735

Hong Kong ................... 345 41 13 28 304

India ........................ 568 184 163 21 384

Indonesia .................... 418 156 151 5 262

Israel........................ 282 2 2 - 280

Japan ....................... 3,073 1,250 305 945 1,823

Korea ....................... 1,489 562 560 2 927

Lebanon ..................... 21 - - - 21

Malaysia ..................... 513 303 258 45 210

Pakistan ..................... 33 3 3 - 30

Philippines ................... 179 13 10 3 166

Singapore.................... 815 76 65 11 739

Syria........................ 36 - - - 36

Thailand ..................... 467 254 253 1 213

Other Asia ................... 1,696 26 25 1 1,670

Total Asia................... 11,775 3,205 2,050 1,155 8,570

Af rica:

Congo 3...................... 6 - - - 6

Egypt ....................... 150 32 30 2 118

Ghana....................... 8 - - - 8

Liberia....................... 6 - - - 6

Morocco ..................... 32 3 3 - 29

South Africa .................. 299 182 182 - 117

Other Africa ..................

431 34 23 11 397

To tal Af rica ................. 932 251 238 13 681

Other coun tries:

Australia ..................... 1,766 508 491 17 1,258

All other ..................... 362 114 96 18 248

Total other 

countries.................. 2,128 622 587 35 1,506

Total foreign 

countries ................. 65,564 31,939 27,020 4,919 33,625

In ter na tional 

 and re gional orgs.:

International .................. - - - - -

European regional ............. - - - - -

Latin American regional ......... - - - - -

Asian regional................. - - - - -

African regional ............... 1 - - - 1

Middle Eastern regional ......... 37 - - - 37

Total international 

and regional ............... 38 - - - 38

Grand total ................ 65,602 31,939 27,020 4,919 33,663

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
88 CAP I TAL MOVE MENTS

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other Asia All other coun tries

0

50

100

150

200

1996 1997 199 8 1999

Jan.-De c.

19 99

Oct.- Dec .

U.S. banks, bro kers and other per sons 

re port for eign ers’ trans ac tions in

long-term U.S. se cu ri ties (that is, U.S. 

Trea sury and Gov ern ment agency

bonds and notes, and U.S. cor po rate

bonds and stocks) which are con -

ducted largely through in ter na tional

fi nan cial cen ters. The data on this

page show ag gre gate net pur chases on 

an an nual ba sis for 1996 through

1999, as well as ac tiv ity for the fourth 

quar ter of 1999. The fig ures show

that for eign ers’ an nual net pur chases

(gross pur chases mi nus gross sales) of 

U.S. se cu ri ties have main tained an ex -

tremely high level since 1996. 

An nual net for eign pur chases of U.S.

se cu ri ties first sur passed $100 bil lion

in 1993. They reached a re cord high

of $388 bil lion in 1997. Since then,

an nual net pur chases have av er aged

about $315 bil lion. Net pur chases

amounted to $92 bil lion in the fourth

quar ter of 1999. The larg est in crease

in the fourth quar ter was re ported op -

po site Eu rope ($68 bil lion).

Over the past few years, the com po si -

tion of for eign ers’ net pur chases has

changed dra mat i cally. In the

mid-1990s, the ma jor ity of for eign ers’ 

net pur chases con sisted of U.S. Trea -

sury bonds and notes. Since 1997,

how ever, for eign ers in creas ingly have 

turned to other long-term se cu ri ties.

(In bil lions of dol lars)

Note: To fa cil i tate com par i son of net pur -

chases dur ing 1999 with those in prior years, 

the chart de picts data for all pe ri ods at an

an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1996 1997 1998

 1999 

Jan. - Dec.

1999 

Oct. - Dec.

United Kingdom. ................... 130,645 174,918 137,970 128,424 37,118

All other Europe.................... 71,073 104,375 84,047 71,492 30,625

Caribbean banking centers1. .......... 41,081 24,999 11,738 45,220 572

Japan............................ 55,167 34,504 20,261 43,366 12,580

All other Asia....................... 59,327 26,669 11,050 34,193 8,177

Subtotal ......................... 357,293 365,465 265,066 322,695 89,072

All other countries................... 12,925 22,514 12,725 28,979 2,663

Grand total ...................... 370,218 387,979 277,791 351,674 91,735

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries
CAP I TAL MOVE MENTS 89

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and

is sues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long-Term Se cu ri ties

TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and fed er ally spon -

sored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and re -

gional 

Gross

for eign 

purchases 

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net for -

eign 

purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign 

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign pur -

chases of for -

eign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

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

1995 ......... 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 ......... 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 ......... 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,358 350,873 266,515 69,597 1,097,958 1,028,361

1998 ......... 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 121,930 381,262 259,332 50,020 1,573,696 1,523,676

1999 - Jan. - Dec. p . -9,953 -9,861 -657 565 4,288,138 4,298,091 94,158 487,958 393,800 159,947 368,256 208,309 107,522 2,340,659 2,233,137

1998 - Dec ..... 10,549 5,274 4,152 1,123 290,260 279,711 7,519 33,741 26,222 10,281 25,327 15,046 4,557 139,208 134,651

1999 - Jan...... -2,886 1,463 -4,291 -58 378,603 381,489 8,602 45,384 36,782 6,209 23,335 17,126 3,499 156,137 152,638

Feb...... -14,623 -3,699 -10,483 -441 405,890 420,513 3,695 42,014 38,319 15,287 33,155 17,868 4,138 159,703 155,565

Mar...... 1,532 -4,845 6,607 -230 418,560 417,028 11,814 42,645 30,831 13,043 34,543 21,500 2,962 179,803 176,841

Apr. ..... -3,271 -6,696 3,439 -14 347,181 350,452 11,263 41,749 30,486 11,265 28,295 17,030 17,592 222,903 205,311

May. ..... 5,638 3,223 2,093 322 397,876 392,238 6,562 36,732 30,170 10,851 29,826 18,975 8,517 185,647 177,130

June ..... -609 397 -1,212 206 378,389 378,998 5,028 41,299 36,271 11,035 26,961 15,926 11,906 179,791 167,885

July r..... -6,236 -1,773 -4,447 -16 335,265 341,501 7,503 39,295 31,792 20,942 37,132 16,190 8,319 187,705 179,386

Aug. ..... 19,118 2,394 16,453 271 398,104 378,986 5,520 39,952 34,432 12,826 25,055 12,229 12,162 178,051 165,889

Sept. ..... 90 -1,714 1,713 91 318,692 318,602 9,991 43,700 33,709 17,370 32,563 15,193 3,285 175,193 171,908

Oct. ..... -9,733 -1,248 -8,656 171 305,910 315,643 10,043 48,853 38,810 15,763 32,073 16,310 7,770 218,983 211,213

Nov. p .... -3,615 -2,325 -1,477 187 358,756 362,371 8,896 41,076 32,180 15,205 33,864 18,659 18,418 240,329 221,911

Dec. p .... 4,642 4,962 -396 76 244,912 240,270 5,241 25,259 20,018 10,151 31,454 21,303 8,954 256,414 247,460

1995................. -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996................. -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997................. -89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957

1998 ................ -11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357

1999 - Jan. - Dec. p ......... 9,967 -5,676 798,267 803,943 15,643 1,177,304 1,161,661

1998 - Dec ............. -3,840 -4,684 56,845 61,529 844 69,585 68,741

1999 - Jan.............. 991 -2,304 56,072 58,376 3,295 77,984 74,689

Feb. ............. 2,801 -255 66,198 66,453 3,056 74,004 70,948

Mar. ............. 3,493 1,710 76,129 74,419 1,783 95,302 93,519

Apr. ............. 356 -5,147 73,376 78,523 5,503 98,607 93,104

May ............. 1,956 -499 72,372 72,871 2,455 86,345 83,890

 June r ............ 15,065 8,845 79,013 70,168 6,220 97,622 91,402

July r............. -6,975 -4,777 63,975 68,752 -2,198 106,244 108,442

Aug. ............. -5,823 -6,421 70,061 76,482 598 91,801 91,203

Sept.............. 1,957 1,132 66,661 65,529 825 97,384 96,559

Oct. ............. -9,526 -1,320 62,533 63,853 -8,206 96,523 104,729

Nov. p ............ 3,304 -512 59,650 60,162 3,816 129,534 125,718

Dec. p ............ 2,368 3,872 52,227 48,355 -1,504 125,954 127,458
Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 

 1999 1999

Coun try

Cal en dar

year

1998

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1998

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1998 r

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1998 r

Jan.

through

Dec.

Oct.

through

Dec. p

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

90 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties 

by Type and Coun try

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Eu rope:

Austria ......... -1,432 -1,602 356 272 686 18 446 502 125 624 564 194

Belgium-Luxembourg . 3,805 -81 -1,506 1,326 1,383 157 5,968 4,396 1,145 5,023 7,133 2,819

Bulgaria ........ 125 21 10 1 - - -5 -1 - 10 2 1

Czech Republic .... 480 -381 -48 - - - 51 -16 -20 2 5 -3

Denmark ........ -339 112 284 187 337 101 267 47 -102 913 1,331 560

Finland ......... -183 -78 -84 167 269 25 65 -20 18 68 293 154

France ......... 5,418 -3,264 -956 234 284 -62 3,152 1,586 436 5,671 3,813 717

Germany ........ 144 2,285 1,195 403 2,906 2,478 4,006 4,817 -176 9,195 13,410 5,773

Greece ......... 500 782 153 18 3 - 73 29 -7 -32 -90 11

Hungary ........ -1,562 519 -519 346 -66 -71 - 9 -10 -11 17 25

Ireland ......... -1,167 -2,983 203 377 808 263 2,122 3,006 748 178 2,125 459

Italy .......... 7,242 2,767 808 26 479 -102 86 465 159 6,408 7,998 4,083

Netherlands ...... -5,533 2,122 758 2,695 2,378 289 748 68 130 8,249 8,083 3,174

Norway ........ 76 605 -66 28 318 -25 -148 182 31 239 451 414

Poland ......... 2,665 153 239 -55 359 426 -32 25 25 -8 -10 3

Portugal ........ 2,482 1,023 330 45 -68 -63 38 7 1 60 58 48

Romania ........ 79 407 257 490 65 -55 -5 - - 3 2 -

Russia 1........ 1,063 517 45 227 306 -28 40 2 - 13 13 -19

Spain ......... -5,712 -16,658 -2,170 1,284 1,902 166 9 179 43 873 2,657 895

Sweden ........ 1,486 1,699 680 79 267 -30 261 308 332 1,138 953 825

Switzerland ...... 5,240 -1,761 1,912 2,905 694 90 1,921 3,859 1,161 4,997 5,650 461

Turkey ......... -68 -829 -559 5 12 - -259 -444 -492 26 42 19

United Kingdom .... 14,384 -20,232 502 31,727 14,042 2,253 67,874 91,712 23,481 23,985 42,902 10,882

Yugoslavia 2...... - -10 - - -5 -5 - - - 26 7 -2

Other Europe .....

-5,396 -3,361 881 46 1,376 506 541 631 -59 518 651 245

Total Europe .....

23,797 -38,228 2,705 42,833 28,735 6,331 87,219 111,349 26,969 68,168 98,060 31,738

Canada ......... 615 7,348 -988 484 2,424 952 5,637 3,619 1,786 -4,731 -335 -1,355

Latin Amer ica 

and Ca rib bean:

Argentina ....... -906 -455 187 545 313 28 -207 294 203 356 489 148

Bahamas ....... -412 603 1,041 1,368 1,549 882 1,586 984 306 -34 -21 -187

Bermuda ........ 5,142 3,985 -310 -5,702 13,167 3,519 11,364 15,188 4,891 -1,735 -1,459 130

Brazil.......... 2,704 2,149 572 -1,987 61 101 -659 100 -214 74 -187 26

British West Indies... 857 -6,992 -242 -389 10,521 2,538 9,523 9,098 2,300 4,572 8,248 -976

Chile.......... 660 18 -105 85 373 64 45 557 47 12 178 107

Colombia ....... -638 -672 -503 32 242 11 65 199 83 57 125 21

Cuba.......... - - - - -1 -1 - - - - - -

Ecuador ........ 292 -755 2 55 119 21 -25 32 11 12 59 22

Guatemala....... 8 12 - 8 26 2 -1 32 7 22 16 -1

Jamaica ........ -54 11 2 74 55 -22 -28 1 1 20 27 6

Mexico ......... 546 3,116 -354 1,456 544 334 1,002 1,617 372 76 85 -255

Netherlands Antilles. . 13,244 -9,546 -14,829 8 377 136 801 847 391 -3,105 -3,547 652

Panama ........ 128 204 23 361 429 129 307 1,049 103 342 536 75

Peru .......... 508 -1 -1 91 408 42 16 20 7 -8 11 -3

Trinidad and Tobago . 40 -8 -13 180 30 2 21 1 - 1 5 7

Uruguay ........ -72 -163 -132 38 128 53 71 154 69 21 158 42

Venezuela ....... 59 362 146 333 494 144 448 370 101 97 274 -18

Other Latin America 

and Caribbean.... 720 609 -6 2,160 717 92 892 766 389 -14 190 53

Total Latin America 

and Caribbean ... -3,662 -7,523 -14,522 -1,284 29,552 8,075 25,221 31,309 9,067 766 5,187 -151
CAP I TAL MOVE MENTS 91

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec -

og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in -

de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States). 

4

 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Asia:

China:

Mainland ...... 2,599 8,190 924 873 8,343 1,659 47 520 134 1 204 167

Taiwan ....... -1,452 -2,076 128 -1,570 1,313 264 26 280 56 -69 37 -91

Hong Kong...... 9,683 935 -859 -508 5,290 1,403 48 644 407 -2,223 -156 771

India ......... 293 816 118 4 - - 6 78 9 -18 -7 -10

Indonesia ...... 463 1,895 90 -20 20 1 3 -19 6 -13 143 66

Israel......... 2,209 -809 212 254 350 44 445 375 57 -219 -792 -442

Japan ........ 13,048 20,102 4,229 6,639 11,639 4,540 1,745 5,902 1,275 -1,171 5,723 2,536

Korea ........ 13,186 8,625 2,080 2,590 2,596 524 36 52 -22 -84 -78 -43

Lebanon ....... - 5 - 2 3 - 1 14 2 13 131 12

Malaysia ....... -1,031 -257 118 -24 - - 21 13 3 -173 -14 -19

Pakistan ....... 2 2 - - - - -16 - - 21 24 -10

Philippines ...... -143 604 220 147 285 34 20 35 18 7 40 41

Singapore ...... 7,818 12,538 2,088 2,278 1,502 1,116 -161 3,619 446 -8,438 -852 2,514

Syria......... - - - - - - - - - 17 21 4

Thailand ....... -2,446 1,756 47 - 35 10 5 45 19 -15 32 10

Oil-exporting

countries 3..... 16,554 2,207 -5,405 4,411 2,181 -156 586 -202 137 -1,449 -1,068 -746

Other Asia ......

-242 -98 40 49 74 -5 -278 -166 4 32 -9 -18

Total Asia ..... 27,433 29,359 4,030 15,125 33,631 9,434 2,534 11,190 2,551 -13,781 3,379 4,742

Af rica:

Congo 4 ....... - - - - - - - - - -1 -1 -

Egypt......... 327 -2,332 -1,100 86 48 9 31 85 22 1 -98 -90

Ghana ........ - - - - - - - - - -1 - -1

Liberia ........ 465 -512 -335 -5 591 367 -35 585 420 -140 16 6

Morocco ....... 3 91 92 - 1 1 -13 - - 12 -6 -13

South Africa ..... 8 41 -34 39 17 4 -49 3 - 695 70 15

Oil-exporting

countries 5..... 2 - -1 -1 8 - 2 - - 52 71 10

Other Africa .....

-54 -309 -45 37 88 -51 98 -15 -26 22 320 33

Total Africa..... 751 -3,021 -1,423 156 753 330 34 658 416 640 372 -40

Other coun tries:

Australia ....... -2,226 1,594 1,130 533 -111 26 1,162 1,333 246 -571 866 308

All other ....... -138 -47 -72 -308 34 24 -271 31 46 -91 49 -70

Total other 

countries..... -2,364 1,547 1,058 225 -77 50 891 1,364 292 -662 915 238

Total foreign 

countries .... 46,570 -10,518 -9,140 57,539 95,018 25,172 121,536 159,489 41,081 50,400 107,578 35,172

In ter na tional 

and re gional orgs.:

International ..... 1,502 190 384 30 -5 36 225 441 31 -86 -3 30

European regional . . -26 -30 59 -21 - - - -10 - -4 - -

Latin American 

regional ...... 199 666 -4 110 -1,008 -994 169 27 7 -295 -71 -69

Asian regional .... 328 -260 -5 49 98 -34 - - - 5 14 7

African regional ... 64 -19 - -905 55 - - - - - - -

Middle Eastern 

regional ...... 402 18 - - - - - - - - 4 2

Total international 

and regional ...

2,469 565 434 -737 -860 -992 394 458 38 -380 -56 -30

Grand total .... 49,039 -9,953 -8,706 56,802 94,158 24,180 121,930 159,947 41,119 50,020 107,522 35,142

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 1999 1999

Coun try

Cal en dar 

year

1998 

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1998 

Jan.

through

Dec. 

Oct.

through

Dec. p

Cal en dar 

year

1998 r 

Jan.

through

Dec.

Oct.

through 

Dec. p

Cal en dar 

year

1998 r

Jan.

through

Dec.

Oct.

through

Dec. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
92 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 1999, Pre lim i nary

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ........ 5,336 2,640 358 149 1,435 102 652 4,267 2,284 340 24 1,241 96 282

BelgiumLuxembourg ..... 27,971 5,122 1,524 2,445 13,932 781 4,167 24,069 6,628 1,367 1,300 11,113 926 2,735

Bulgaria ........ 38 32 - - 5 1 - 29 22 - - 4 3 -

Czech Republic .... 1,166 1,136 - - 21 - 9 1,236 1,184 - 20 24 - 8

Denmark ....... 3,847 1,251 116 33 1,721 75 651 3,120 967 15 135 1,161 150 692

Finland ........ 4,330 1,212 285 24 338 11 2,460 4,128 1,296 260 6 184 25 2,357

France ........ 105,084 53,946 354 1,253 39,961 1,292 8,278 105,244 54,902 416 817 39,244 1,824 8,041

Germany ....... 60,660 17,946 2,834 1,346 22,419 2,404 13,711 50,928 16,751 356 1,522 16,646 2,037 13,616

Greece ........ 1,609 461 1 13 551 27 556 1,262 308 1 20 540 37 356

Hungary ........ 1,282 1,111 44 - 65 3 59 1,851 1,630 115 10 40 - 56

Ireland ......... 47,828 31,404 2,334 1,534 7,282 2,934 2,340 46,125 31,201 2,071 786 6,823 2,806 2,438

Italy .......... 37,295 11,758 725 328 16,929 706 6,849 30,810 10,950 827 169 12,846 691 5,327

Netherlands...... 32,054 9,278 820 491 13,797 1,048 6,620 26,913 8,520 531 361 10,623 1,307 5,571

Norway ........ 10,129 7,704 590 100 935 180 620 9,687 7,770 615 69 521 243 469

Poland ........ 1,587 914 485 25 44 14 105 961 675 59 - 41 5 181

Portugal ........ 3,367 2,107 112 17 702 46 383 3,101 1,777 175 16 654 50 429

Romania ....... 712 534 170 - 8 - - 511 277 225 - 8 - 1

Russia 1 ........ 1,135 881 75 - 107 22 50 1,141 836 103 - 126 20 56

Spain ......... 15,889 8,203 368 85 3,033 425 3,775 16,644 10,373 202 42 2,138 323 3,566

Sweden ........ 11,360 3,515 5 402 4,752 265 2,421 9,841 2,835 35 70 3,927 140 2,834

Switzerland ...... 57,378 8,278 1,289 1,802 35,022 1,227 9,760 53,211 6,366 1,199 641 34,561 862 9,582

Turkey ......... 4,322 350 - 10 127 2,905 930 5,201 909 - 502 108 3,074 608

United Kingdom .... 822,894 386,879 25,684 52,842 133,182 87,437 136,870 781,170 386,377 23,431 29,361 122,300 90,417 129,284

Yugoslavia 2 ...... 172 5 - - 3 19 145 93 5 5 - 5 21 57

Other Europe ..... 11,863 5,792 813 186 2,206 118 2,748 10,581 4,911 307 245 1,961 78 3,079

Total Europe ....

1,269,308 562,459 38,986 63,085 298,577 102,042 204,159 1,192,124 559,754 32,655 36,116 266,839 105,135 191,625

Canada .........

114,102 51,142 2,012 4,692 24,126 17,884 14,246 113,721 52,130 1,060 2,906 25,481 17,496 14,648

Latin Amer ica 

and Ca rib bean:

Argentina ....... 8,577 521 94 304 1,173 5,651 834 6,646 334 66 101 1,025 4,423 697

Bahamas ....... 29,636 7,755 1,936 1,876 10,771 1,649 5,649 26,994 6,714 1,054 1,570 10,958 1,784 4,914

Bermuda ....... 200,491 49,220 7,336 8,596 113,283 15,163 6,893 192,012 49,530 3,817 3,705 113,153 14,870 6,937

Brazil ......... 10,241 1,520 173 154 677 3,922 3,795 9,143 948 72 368 651 3,037 4,067

British West Indies . . 275,333 53,488 34,168 8,243 153,931 6,135 19,368 271,246 53,730 31,630 5,943 154,907 6,365 18,671

Chile ......... 1,492 198 86 133 679 214 182 1,408 303 22 86 572 202 223

Colombia ....... 2,706 1,896 62 99 453 157 39 3,056 2,399 51 16 432 125 33

Cuba ......... - - - - - - - 1 - 1 - - - -

Ecuador ........ 209 8 34 15 140 6 6 160 6 13 4 118 9 10

Guatemala ...... 207 3 3 7 171 3 20 201 3 1 - 172 4 21

Jamaica ........ 85 2 2 1 58 17 5 88 - 24 - 52 9 3

Mexico ........ 11,160 4,248 422 539 1,602 2,151 2,198 11,349 4,602 88 167 1,857 1,803 2,832

Netherlands Antilles. . 84,614 22,689 2,534 1,842 42,804 3,368 11,377 96,447 37,518 2,398 1,451 42,152 3,690 9,238

Panama ........ 2,879 109 233 173 1,870 220 274 2,498 86 104 70 1,795 180 263

Peru.......... 246 - 42 7 117 40 40 232 1 - - 120 49 62

Trinidad and Tobago . 79 15 2 - 54 6 2 81 28 - - 47 - 6

Uruguay ........ 1,319 259 114 78 364 421 83 1,186 391 61 9 322 321 82

Venezuela....... 1,943 347 164 132 887 298 115 1,503 201 20 31 905 203 143

Other Latin America 

and Caribbean ... 2,975 855 145 507 1,125 208 135 2,495 861 53 118 1,072 235 156

Total Latin America 

and Caribbean... 634,192 143,133 47,550 22,706 330,159 39,629 51,015 626,746 157,655 39,475 13,639 330,310 37,309 48,358
CAP I TAL MOVE MENTS 93

Asia:

China:

Mainland ...... 17,057 13,020 2,901 148 759 192 37 14,096 12,096 1,242 14 592 89 63

Taiwan ....... 7,699 2,689 663 63 2,105 732 1,447 7,067 2,561 399 7 2,196 30 1,874

Hong Kong ...... 33,748 10,869 2,747 629 4,323 1,192 13,988 30,329 11,728 1,344 222 3,552 1,009 12,474

India.......... 1,521 704 - 76 276 32 433 1,351 586 - 67 286 4 408

Indonesia ....... 1,466 774 1 8 253 202 228 1,268 684 - 2 187 209 186

Israel ......... 7,957 4,640 87 65 2,107 54 1,004 8,690 4,428 43 8 2,549 242 1,420

Japan ......... 171,250 74,629 10,598 3,172 27,396 5,651 49,804 176,725 70,400 6,058 1,897 24,860 3,847 69,663

Korea ......... 7,574 3,247 708 161 110 609 2,739 5,558 1,167 184 183 153 266 3,605

Lebanon........ 782 4 - 4 708 31 35 740 4 - 2 696 7 31

Malaysia ....... 658 192 - 8 127 45 286 408 74 - 5 146 7 176

Pakistan........ 165 - - - 151 1 13 167 - - - 161 - 6

Philippines ...... 1,748 1,171 48 21 243 79 186 1,611 951 14 3 202 337 104

Singapore ....... 36,463 20,002 2,225 904 6,999 1,614 4,719 31,026 17,914 1,109 458 4,485 2,079 4,981

Syria ......... 87 - - - 82 - 5 83 - - - 78 - 5

Thailand........ 2,436 2,221 10 19 96 8 82 2,348 2,174 - - 86 4 84

Other Asia....... 21,708 6,832 1,945 500 11,489 237 705 28,691 12,197 2,106 359 12,253 643 1,133

Total Asia ......

312,319 140,994 21,933 5,778 57,224 10,679 75,711 310,158 136,964 12,499 3,227 52,482 8,773 96,213

Af rica:

Congo 3 ........ 7 - - - 7 - - 7 - - - 7 - -

Egypt ......... 403 22 15 34 214 26 92 1,566 1,122 6 12 304 5 117

Ghana ......... - - - - - - - 1 - - - 1 - -

Liberia ......... 4,293 49 3,480 435 229 70 30 4,119 384 3,113 15 223 355 29

Morocco........ 119 93 1 - 20 - 5 36 1 - - 33 2 -

South Africa ...... 1,931 375 5 - 207 799 545 1,007 409 1 - 192 20 385

Other Africa ...... 1,509 157 151 24 715 95 367 1,485 203 202 50 672 48 310

Total Africa ..... 8,262 696 3,652 493 1,392 990 1,039 8,221 2,119 3,322 77 1,432 430 841

Other coun tries:

Australia ........ 19,471 8,934 278 506 2,948 2,016 4,789 18,188 7,804 252 260 2,640 2,165 5,067

All other ........ 2,648 351 77 49 748 1,100 323 2,685 423 53 3 818 888 500

Total other 

countries......

22,119 9,285 355 555 3,696 3,116 5,112 20,873 8,227 305 263 3,458 3,053 5,567

Total foreign 

countries.....

2,360,302 907,709 114,488 97,309 715,174 174,340 351,282 2,271,843 916,849 89,316 56,228 680,002 172,196 357,252

In ter na tional and

re gional orgs.:

International...... 2,749 1,762 692 57 212 7 19 2,268 1,378 656 26 182 4 22

European regional . . 848 85 - - - 54 709 803 26 - - - 162 615

Latin American 

regional ....... 365 22 8 25 310 - - 1,441 26 1,002 18 379 - 16

Asian regional ..... 31 - - - 21 9 1 61 5 34 - 14 8 -

African regional .... - - - - - - - - - - - - - -

Middle Eastern 

regional .......

9 - - - 9 - - 7 - - - 7 - -

Total international 

and regional.... 4,002 1,869 700 82 552 70 729 4,580 1,435 1,692 44 582 174 653

Grand total .... 2,364,304 909,578 115,188 97,391 715,726 174,410 352,011 2,276,423 918,284 91,008 56,272 680,584 172,370 357,905

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 1999, Pre lim i nary, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly known as Zaire.
94 CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

 and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1999

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...... 21,419 10,827 2,114 574 5,236 742 1,926 20,420 12,429 1,428 72 4,672 453 1,366

BelgiumLuxembourg. . 105,713 26,225 6,204 10,466 45,383 5,069 12,366 89,193 26,306 4,821 6,070 38,250 4,715 9,031

Bulgaria ..... 364 317 - - 19 21 7 339 296 - 1 17 12 13

Czech Republic . 6,604 6,456 - 4 79 - 65 6,994 6,837 - 20 74 3 60

Denmark..... 13,605 4,995 519 296 4,724 1,117 1,954 11,777 4,883 182 249 3,393 940 2,130

Finland ..... 11,599 4,197 804 140 710 88 5,660 10,807 4,275 535 160 417 69 5,351

France ...... 432,878 231,117 1,670 4,324 158,695 8,801 28,271 429,443 234,381 1,386 2,738 154,882 9,170 26,886

Germany .... 202,585 66,782 5,452 7,900 67,238 8,544 46,669 181,404 64,497 2,546 3,083 53,828 13,209 44,241

Greece ..... 7,091 3,429 6 61 1,667 423 1,505 6,062 2,647 3 32 1,757 308 1,315

Hungary ..... 6,512 5,142 969 20 132 15 234 6,115 4,623 1,035 11 115 27 304

Ireland ...... 179,078 116,928 9,663 6,320 25,864 11,937 8,366 176,315 119,911 8,855 3,314 23,739 10,691 9,805

Italy ....... 142,657 65,216 2,856 1,322 46,466 3,106 23,691 125,401 62,449 2,377 857 38,468 2,623 18,627

Netherlands ... 137,759 46,850 8,279 1,697 45,457 6,795 28,681 122,999 44,728 5,901 1,629 37,374 8,198 25,169

Norway ..... 23,990 16,768 1,280 598 2,796 608 1,940 22,031 16,163 962 416 2,345 582 1,563

Poland ...... 5,155 4,196 487 25 88 64 295 4,841 4,043 128 - 98 129 443

Portugal ..... 13,427 8,903 192 91 2,309 187 1,745 12,076 7,880 260 84 2,251 155 1,446

Romania..... 2,492 1,754 717 - 15 - 6 2,014 1,347 652 - 13 - 2

Russia1 ..... 3,428 1,891 536 4 328 99 570 2,618 1,374 230 2 315 46 651

Spain ...... 56,025 28,814 2,381 344 9,526 1,580 13,380 64,672 45,472 479 165 6,869 1,596 10,091

Sweden ..... 41,162 16,414 394 966 13,177 1,162 9,049 38,177 14,715 127 658 12,224 865 9,588

Switzerland ... 192,509 35,493 5,258 6,088 107,683 4,480 33,507 179,897 37,254 4,564 2,229 102,033 3,769 30,048

Turkey ...... 19,283 2,073 12 87 414 14,844 1,853 20,535 2,902 - 531 372 15,646 1,084

United Kingdom . 3,680,540 2,031,497 93,833 204,539 455,191 422,909 472,571 3,512,349 2,051,729 79,791 112,827 412,289 421,633 434,080

Yugoslavia 2... 222 5 - - 25 25 167 184 15 5 - 18 69 77

Other Europe . . 43,338 25,235 2,426 1,012 7,061 1,014 6,590 43,609 28,596 1,050 381 6,410 735 6,437

Total Europe. .

5,349,435 2,761,524 146,052 246,878 1,000,283 493,630 701,068 5,090,272 2,799,752 117,317 135,529 902,223 495,643 639,808

Canada ...... 467,251 238,054 6,351 12,545 84,411 77,534 48,356 455,194 230,706 3,927 8,926 84,746 77,679 49,210

Latin Amer ica

 and Ca rib bean:

Argentina .... 22,331 1,984 745 787 3,438 12,387 2,990 21,080 2,439 432 493 2,949 12,050 2,717

Bahamas .... 129,186 42,793 18,910 7,507 34,357 8,859 16,760 126,334 42,190 17,361 6,523 34,378 10,161 15,721

Bermuda..... 716,979 201,300 42,842 31,407 351,348 66,978 23,104 687,061 197,315 29,675 16,219 352,807 68,183 22,862

Brazil ...... 46,101 9,696 657 594 3,776 17,862 13,516 45,944 7,547 596 494 3,963 18,992 14,352

British 

West Indies . . 960,252 202,177 146,900 28,821 498,412 25,891 58,051 940,737 209,169 136,379 19,723 490,164 25,995 59,307

Chile....... 7,864 2,137 402 741 1,993 1,860 731 7,311 2,119 29 184 1,815 2,221 943

Colombia .... 9,414 6,538 476 309 1,163 843 85 9,813 7,210 234 110 1,038 1,153 68

Cuba....... - - - - - - - 1 - 1 - - - -

Ecuador ..... 1,528 602 204 53 357 292 20 2,113 1,357 85 21 298 329 23

Guatemala.... 945 21 37 42 442 365 38 865 9 11 10 426 367 42

Jamaica ..... 522 16 237 2 154 98 15 364 5 182 1 127 45 4

Mexico ...... 40,099 17,865 843 2,217 4,993 6,806 7,375 38,527 14,749 299 600 4,908 9,005 8,966

Netherlands 

Antilles..... 325,016 124,821 6,504 5,757 138,994 11,869 37,071 332,670 134,367 6,127 4,910 142,541 11,658 33,067

Panama ..... 10,403 553 941 1,267 5,636 1,171 835 8,262 349 512 218 5,100 1,347 736

Peru ....... 1,414 6 410 22 393 164 419 911 7 2 2 382 161 357

Trinidad and 

Tobago .... 367 82 108 2 135 32 8 327 90 78 1 130 21 7

Uruguay ..... 5,484 992 408 209 1,060 2,557 258 4,756 1,155 280 55 902 2,038 326

Venezuela .... 9,365 1,782 646 481 3,196 1,377 1,883 8,069 1,420 152 111 2,922 1,485 1,979

Other Latin 

America and 

Caribbean . . 10,621 3,421 1,062 1,050 3,548 959 581 8,947 2,812 345 284 3,358 1,005 1,143

Total Latin 

America and 

Caribbean .

2,297,891 616,786 222,332 81,268 1,053,395 160,370 163,740 2,244,092 624,309 192,780 49,959 1,048,208 166,216 162,620

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal 

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and

Federal Financing Bank

bonds 

and

 notes

Bonds of 

U.S.

Gov’t.

corps. and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps. and fed -

er ally

spon -

sored

agenies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
CAP I TAL MOVE MENTS 95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1999, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for -

mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be -

gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly known as Zaire.

Asia:

China:

Mainland .... 78,689 59,370 15,482 675 1,741 1,224 197 61,318 51,180 7,139 155 1,537 888 419

Taiwan ..... 24,840 9,232 2,417 332 6,523 2,397 3,939 24,880 11,308 1,104 52 6,486 224 5,706

Hong Kong .... 128,967 46,178 16,543 1,449 13,600 6,424 44,773 118,019 45,243 11,253 805 13,756 4,966 41,996

India ....... 5,242 2,639 2 167 1,199 161 1,074 4,494 1,823 2 89 1,206 21 1,353

Indonesia ..... 6,118 4,315 21 25 688 256 813 3,982 2,420 1 44 545 229 743

Israel ....... 30,697 21,695 626 483 4,942 285 2,666 32,226 22,504 276 108 5,734 543 3,061

Japan ...... 636,391 303,485 44,454 11,513 95,866 26,205 154,868 636,662 283,383 32,815 5,611 90,143 23,708 201,002

Korea....... 29,422 16,137 3,449 359 292 2,346 6,839 19,473 7,512 853 307 370 1,627 8,804

Lebanon ..... 2,008 17 3 16 1,754 138 80 1,739 12 - 2 1,623 26 76

Malaysia ..... 3,026 1,488 1 24 398 159 956 3,810 1,745 1 11 412 1,139 502

Pakistan ..... 644 6 - - 548 18 72 553 4 - - 524 4 21

Philippines .... 6,398 4,186 310 82 664 411 745 7,717 3,582 25 47 624 2,735 704

Singapore .... 133,631 77,065 7,457 5,968 19,024 7,960 16,157 141,417 89,603 5,955 2,349 19,876 7,626 16,008

Syria ....... 209 - - - 189 1 19 189 - - - 168 - 21

Thailand ..... 14,278 13,129 60 45 271 170 603 12,300 11,373 25 - 239 111 552

Other Asia .... 109,360 56,110 10,510 2,059 35,592 1,198 3,891 106,543 54,001 8,255 2,427 36,669 1,594 3,597

Total Asia ...

1,209,920 615,052 101,335 23,197 183,291 49,353 237,692 1,175,322 585,693 67,704 12,007 179,912 45,441 284,565

Af rica:

Congo 3 ..... 8 - - - 7 - 1 8 - - - 8 - -

Egypt....... 1,481 287 112 171 624 67 220 3,809 2,619 64 86 722 25 293

Ghana ...... 3 - - - 3 - - 3 - - - 3 - -

Liberia ...... 9,854 1,090 6,426 834 1,279 126 99 9,473 1,602 5,835 249 1,263 418 106

Morocco ..... 198 108 1 - 64 5 20 101 17 - - 70 12 2

South Africa ... 4,346 997 23 14 1,131 850 1,331 3,424 956 6 11 1,061 104 1,286

Other Africa ... 5,110 541 426 181 2,483 334 1,145 4,707 850 330 196 2,092 216 1,023

Total Africa... 21,000 3,023 6,988 1,200 5,591 1,382 2,816 21,525 6,044 6,235 542 5,219 775 2,710

Other coun tries:

Australia ..... 84,172 37,791 3,469 2,273 10,420 10,694 19,525 82,207 36,197 3,580 940 9,554 12,660 19,276

All other 

countries .... 9,679 1,317 201 203 1,993 4,773 1,192 9,487 1,364 167 172 1,944 4,597 1,243

Total other 

countries ... 93,851 39,108 3,670 2,476 12,413 15,467 20,717 91,694 37,561 3,747 1,112 11,498 17,257 20,519

Total foreign 

countries . . 9,439,348 4,273,547 486,728 367,5642,339,384 797,7361,174,389 9,078,099 4,284,065 391,710 208,0752,231,806 803,011 1,159,432

In ter na tional and 

re gional orgs.:

International ... 13,859 11,420 944 575 673 169 78 13,285 11,230 949 134 676 232 64

European 

regional ..... 2,735 242 - - - 204 2,289 2,407 272 - 10 - 552 1,573

Latin American 

regional ..... 2,373 997 77 117 544 125 513 2,762 331 1,085 90 615 116 525

Asian regional . . 2,147 1,881 154 - 47 31 34 2,327 2,141 56 - 33 32 65

African regional . 67 10 55 - - 2 - 29 29 - - - - -

Middle Eastern 

regional ..... 53 41 - - 11 - 1 32 23 - - 7 - 2

Total international

and regional .

21,234 14,591 1,230 692 1,275 531 2,915 20,842 14,026 2,090 234 1,331 932 2,229

Grand total . . 9,460,582 4,288,138 487,958 368,2562,340,659 798,2671,177,304 9,098,941 4,298,091 393,800 208,3092,233,137 803,943 1,161,661

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

To tal

purchases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and 

Fed eral

Financing Bank

bonds

and

 notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
-50

0

50

100

150

1995 1996 1997 1998 1999

Jan.-Dec.

1999

Oct.-Dec.

96 CAP I TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term

For eign Se cu ri ties by U.S. In ves tors *

(In bil lions of dol lars)

The data on this page rep re sent

U.S. in ves tors’ pur chases and sales 

of long-term for eign se cu ri ties as

re ported to the Trea sury In ter na -

tional Cap i tal (TIC) re port ing sys -

tem. How ever, in the past 2 years, 

U.S. in ves tors also have ac quired a 

sub stan tial amount of for eign

stocks, mostly Eu ro pean, through

merg ers that in volve stock swaps. 

Net pur chases through stock swaps 

amounted to $86 bil lion in 1998

and about $110 bil lion in 1999. 

These stock swaps are not re ported 

un der the TIC re port ing sys tem.

Taking into ac count the stock

swaps, an nual U.S. net pur chases

of long-term for eign se cu ri ties

have av er aged about $100 bil lion

since the mid-1990s, with out much 

vari a tion from year to year. In

1999, net stock pur chases, in clud -

ing the stock swaps, to taled about

$95 bil lion, mostly through Eu rope 

and Ja pan. Net bond pur chases to -

taled $6 bil lion, far be low the lev -

els of the mid-1990s.

For eign bonds For eign stocks To tal for eign se cu ri ties

Note: To fa cil i tate com par i son of net pur chases

dur ing 1999 with those of prior years, this chart

de picts data for all pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Cal en dar years

 Type

 1995 1996 1997 1998

1999 

Jan. - Dec.

 1999

Oct. - Dec.

Foreign bonds ..... 48,405 51,369 48,144 17,349 5,676 -2,040

Foreign stocks ..... 50,291 59,268 40,939 -6,212 -15,643 5,894

Total ......... 98,696 110,637 89,083 11,137 -9,967 3,854

*Net pur chases by U.S. in ves tors equal net sales by for eign ers,or gross sales 

mi nus gross pur chases of se cu ri ties.
97

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” re ports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were 

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign ex -

change mar ket par tic i pants on hold ings of six ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, pound ster ling and Euro) and the U.S. dol lar. For -

eign cur rency po si tions in the U.S. dol lar, which have been

col lected since Jan u ary 1999, are in tended to ap prox i mate "all

other" cur rency po si tions of re port ing in sti tu tions. U.S.-based

busi nesses file a con sol i dated re port for their do mes tic and

for eign sub sid iar ies, branches and agen cies. U.S. sub sid iar ies

of for eign en ti ties file only for them selves, not for their for eign 

par ents. Fil ing is re quired by law (31 United States Code

5315; 31 Code of Fed eral Reg u la tions 128, Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought

and sold. Ex emp tions from fil ing the monthly re port are given

to bank ing in sti tu tions that file the Fed eral Fi nan cial In sti tu -

tion Ex am i na tion Coun cil (FFIEC) 035 re port (“Monthly

Con sol i dated For eign Cur rency Re port”). 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change market par tic i pant that had

more than $1 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber or De cem ber). Ex emp tions from fil -

ing the quar terly re port are given to ma jor nonbank market

par tic i pants that file weekly and monthly re ports and bank ing

in sti tu tions that file FFIEC 035 re ports.

This in for ma tion is pub lished in seven sec tions cor re spond -

ing to each of the ma jor cur ren cies cov ered by the re ports. Ta -

bles I-1 through VII-1 pres ent the cur rency data re ported

weekly by ma jor market par tic i pants. Ta bles I-2 through

VII-2 pres ent more de tailed cur rency data of ma jor market

par tic i pants, based on monthly Trea sury and FFIEC 035 re -

ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated

cur rency data re ported by large market par tic i pants and

FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross-currency in ter est rate

swaps is re ported as part of pur chases or sales of for eign ex -

change. Such prin ci pal also was noted sep a rately on monthly

and quar terly re ports through De cem ber 1998, when this prac -

tice was dis con tin ued. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract. 
98 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Ca na dian

dol lars per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/07/99 ...................... 344,835 340,295 67 1.4706

07/14/99 ...................... 347,175 343,155 -476 1.4810

07/21/99 ...................... 345,143 349,830 -706 1.5002

07/28/99 ...................... 347,368 350,399 -1,275 1.5083

08/04/99 ...................... 344,982 347,478 -900 1.4908

08/11/99 ...................... 345,799 343,557 -1,040 1.4878

08/18/99 ...................... 342,697 342,478 -509 1.4840

08/25/99 ...................... 350,383 350,833 -549 1.4970

09/01/99 ...................... 341,750 347,285 -1,431 1.4903

09/08/99 ...................... 346,813 349,927 -1,442 1.4886

09/15/99 ...................... 345,378 345,975 -944 1.4766

09/22/99 ...................... 331,958 335,542 -1,210 1.4708

09/29/99 ...................... 360,902 363,337 -1,150 1.4661

10/06/99 ...................... 325,037 326,694 -1,318 1.4700

10/13/99 ...................... 326,750 327,070 -540 1.4825

10/20/99 ...................... 340,872 337,949 -1,305 1.4867

10/27/99 ...................... 349,943 347,362 -521 1.4721

11/03/99 ...................... 345,765 339,621 84 1.4680

11/10/99 ...................... 360,331 357,429 -73 1.4686

11/17/99 ...................... 361,954 362,445 -523 1.4700

11/24/99 ...................... 345,190 343,298 -174 1.4667

12/01/99 ...................... 341,316 342,102 261 1.4746

12/08/99 ...................... 339,785 341,824 247 1.4790

12/15/99 ...................... 337,595 338,195 -113 1.4835

12/22/99 ...................... 325,524 323,386 -211 1.4770

12/29/99 ...................... 309,495 307,370 -241 1.4532
FOR EIGN CUR RENCY PO SI TIONS 99

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Ca na dian

dol lars per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

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

1996 - Dec. ........ 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Dec. ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.5315

1999 - Jan......... 298,553 293,283 60,296 56,272 45,672 52,074 50,224 47,024 -3,853 n.a. 1.5117

Feb ........ 300,674 302,506 54,426 46,709 41,179 47,126 47,632 45,121 -3,367 n.a. 1.5083

Mar ........ 313,924 315,073 61,777 53,373 37,438 44,439 44,899 42,313 -4,424 n.a. 1.5092

Apr......... 333,064 338,919 66,983 58,614 33,601 36,387 36,637 37,243 -885 n.a. 1.4578

May ........ 343,280 343,826 58,820 60,549 34,824 35,410 40,018 41,408 -299 n.a. 1.4736

June........ 330,928 333,743 60,591 53,318 33,424 34,989 33,934 36,357 -121 n.a. 1.4632

July ........ 344,584 340,670 62,555 57,291 37,269 37,713 35,642 38,165 -1,239 n.a. 1.5068

Aug ........ 403,965 402,546 53,590 50,370 34,911 35,492 31,307 34,558 -1,652 n.a. 1.4930

Sept........ 331,433 329,368 61,649 57,989 32,591 34,045 28,808 31,008 -895 n.a. 1.4678

Oct......... 346,092 349,984 76,648 61,924 35,030 36,545 29,024 31,778 -414 n.a. 1.4722

Nov ........ 355,160 347,987 60,907 54,066 32,989 34,525 25,257 28,755 71 n.a. 1.4751

Dec ........ 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.4465

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Ca na dian

dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dol lar)

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

1996 - Dec ........ 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708

1997 - Mar ........ 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854

June........ 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806

Sept........ 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815

Dec ........ 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

1998 - Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.4195

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.4690

Sept........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.5320

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.5315

1999 - Mar ........ 43,138 40,151 47,932 51,300 373 229 875 341 -2,849 n.a. 1.5092

June........ 26,185 25,679 50,571 45,768 378 n.a. n.a. 358 n.a. n.a. 1.4632

Sept........ 26,370 26,517 59,993 52,056 182 306 n.a. n.a. n.a. n.a. 1.4678
100 FOR EIGN CUR RENCY PO SI TIONS

07/07/99 ...................... 101,204 108,639 -651 1.9979

07/14/99 ...................... 99,306 107,054 -928 1.9954

07/21/99 ...................... 94,246 102,942 -1,215 2.0601

07/28/99 ...................... 92,666 101,551 -876 2.0859

08/04/99 ...................... 86,176 99,639 102 2.1070

08/11/99 ...................... 82,650 91,611 411 2.0836

08/18/99 ...................... 79,213 87,385 488 2.0587

08/25/99 ...................... 76,849 87,249 -193 2.0370

09/01/99 ...................... 69,240 78,486 572 2.0697

09/08/99 ...................... 62,545 70,078 243 2.0722

09/15/99 ...................... 56,738 62,665 661 2.0333

09/22/99 ...................... 54,021 59,038 630 2.0425

09/29/99 ...................... 48,697 54,915 -956 2.0822

10/06/99 ...................... 42,619 48,166 -290 2.0902

10/13/99 ...................... 40,045 45,662 -2,204 2.1102

10/20/99 ...................... 39,629 44,419 -2,541 2.1002

10/27/99 ...................... 46,063 55,960 -3,575 2.0548

11/03/99 ...................... 33,199 40,809 -2,505 2.0505

11/10/99 ...................... 34,906 39,752 -2,929 2.0431

11/17/99 ...................... 30,407 36,887 -2,814 2.0354

11/24/99 ...................... 29,555 36,402 -3,343 1.9924

12/01/99 ...................... 30,211 37,041 -3,523 1.9713

12/08/99 ...................... 22,002 28,909 n.a. 2.0094

12/15/99 ...................... 20,127 27,976 n.a. 1.9683

12/22/99 ...................... 19,316 26,510 n.a. 1.9734

12/29/99 ...................... 21,224 28,663 n.a. 1.9637

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Deut sche

marks per U.S. dol lar)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 101

1996 - Dec ........ 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420

1997 - Mar ........ 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750

June........ 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457

Sept........ 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600

Dec ........ 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.8493

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.8090

Sept........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.6675

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.9558

1999 - Mar ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.1055

June........ 29,882 24,365 69,840 69,363 2,430 1,973 n.a. 2,189 n.a. n.a. 2.0227

Sept........ 31,152 18,307 63,407 64,092 1,479 1,637 4,370 2,023 n.a. n.a. 2.0918

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Deut sche 

marks per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

1996 - Dec ........ 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Dec ........ 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

1998 - Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.9558

1999 - Jan ......... 280,276 281,198 14,523 14,960 216,797 219,159 216,739 214,614 -2,849 n.a. 2.2226

Feb ........ 220,248 225,876 14,354 16,786 183,775 187,494 190,619 161,604 -2,991 n.a. 2.1559

Mar ........ 183,639 189,501 12,523 16,073 157,718 188,464 203,569 173,400 -3,341 n.a. 2.1055

Apr ......... 132,208 134,509 16,365 18,693 98,915 105,812 118,421 115,044 -4,833 n.a. 2.0683

May ........ 100,045 105,538 12,022 17,157 89,647 95,224 100,111 98,839 -2,240 n.a. 2.0390

June........ 99,703 105,555 10,835 15,126 66,310 68,253 76,727 73,867 -2,493 n.a. 2.0227

July ........ 86,584 95,882 10,329 15,563 52,785 n.a. 60,263 58,393 -871 n.a. 2.0922

Aug ........ 68,144 76,933 10,431 14,024 56,181 60,564 67,788 65,085 1,276 n.a. 2.0677

Sept........ 47,516 52,399 13,875 15,053 22,184 24,092 32,541 26,431 -673 n.a. 2.0918

Oct ......... 35,364 41,409 11,872 11,670 12,462 14,280 30,616 n.a. n.a. n.a. 2.0628

Nov ........ 29,381 36,128 n.a. 11,672 9,270 12,562 17,005 11,714 -3,554 n.a. 1.9733

Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.9695

SEC TION II.—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Dutsche

marks per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
102 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Jap a -

nese yen per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/07/99 ...................... 181,760 183,678 1,126 122.28

07/14/99 ...................... 181,721 183,774 1,111 120.69

07/21/99 ...................... 193,552 196,746 1,150 118.11

07/28/99 ...................... 187,251 190,484 1,166 116.10

08/04/99 ...................... 186,233 189,049 985 114.45

08/11/99 ...................... 182,511 185,795 951 115.42

08/18/99 ...................... 187,365 190,624 860 111.92

08/25/99 ...................... 188,408 191,419 624 111.22

09/01/99 ...................... 185,542 189,691 805 109.13

09/08/99 ...................... 184,059 187,681 714 111.11

09/15/99 ...................... 195,029 198,987 636 104.50

09/22/99 ...................... 176,408 179,341 1,007 104.07

09/29/99 ...................... 177,991 181,969 1,026 106.97

10/06/99 ...................... 173,224 177,550 1,026 107.63

10/13/99 ...................... 172,617 176,644 1,097 106.60

10/20/99 ...................... 170,372 174,808 1,125 106.62

10/27/99 ...................... 175,047 178,901 1,225 104.27

11/03/99 ...................... 173,259 177,200 1,231 105.05

11/10/99 ...................... 166,699 171,123 1,253 104.66

11/17/99 ...................... 179,656 183,543 1,299 105.57

11/24/99 ...................... 172,909 174,302 1,302 104.68

12/01/99 ...................... 176,893 180,492 1,384 102.72

12/08/99 ...................... 173,553 177,133 1,422 102.98

12/15/99 ...................... 165,244 168,420 1,222 103.78

12/22/99 ...................... 159,947 163,327 1,104 101.70

12/29/99 ...................... 148,899 152,393 1,109 102.22
FOR EIGN CUR RENCY PO SI TIONS 103

1996 - Dec ........ 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.00

1997 - Mar ........ 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.75

June ....... 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.66

Sept........ 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.38

Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58

1998 - Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30

1999 - Mar ........ 9,901 10,895 8,245 7,566 480 1,027 1,053 724 69 n.a. 118.90

June ....... 9,793 10,803 8,502 8,811 640 817 1,127 523 -77 n.a. 121.25

Sept........ 12,522 13,149 9,700 10,076 510 947 1,580 675 -320 n.a. 106.35

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Jap a nese

yen per U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

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

1996 - Dec ........ 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.00

1997 - Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58

1998 - Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30

1999 - Jan......... 211,257 212,146 26,797 26,932 36,641 34,905 53,471 54,505 1,009 n.a. 116.40

Feb ........ 224,903 224,615 25,031 24,689 42,030 36,296 58,048 60,453 1,094 n.a. 119.10

Mar ........ 207,384 207,784 23,503 24,930 34,155 32,131 50,132 51,449 1,784 n.a. 118.90

Apr......... 197,175 198,089 21,564 21,146 33,154 31,541 52,227 46,669 1,665 n.a. 119.43

May ........ 195,249 197,202 19,375 19,021 35,589 33,232 47,452 48,636 1,418 n.a. 121.64

June ........ 184,612 185,525 19,844 19,248 32,556 29,902 40,123 41,431 1,186 n.a. 121.25

July ........ 188,240 188,795 27,372 25,729 32,000 30,068 41,131 41,372 1,082 n.a. 114.60

Aug ........ 185,739 187,133 28,036 26,103 30,597 28,023 38,653 40,315 928 n.a. 109.57

Sept ........ 178,117 181,879 28,834 26,540 30,762 29,721 46,166 48,465 1,000 n.a. 106.35

Oct......... 174,720 179,230 26,212 23,940 29,806 28,338 43,696 45,445 1,177 n.a. 104.18

Nov ........ 182,084 181,822 27,764 25,358 26,056 24,693 42,796 44,739 1,284 n.a. 102.07

Dec ........ 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Jap a nese

yen per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Swiss

francs per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/07/99 ...................... 399,579 396,291 -1,382 1.5704

07/14/99 ...................... 402,253 404,603 -1,592 1.5740

07/21/99 ...................... 426,379 426,070 -425 1.5254

07/28/99 ...................... 438,068 441,882 1,826 1.4988

08/04/99 ...................... 430,077 431,133 605 1.4853

08/11/99 ...................... 426,873 429,051 -324 1.5045

08/18/99 ...................... 439,506 438,498 -679 1.5203

08/25/99 ...................... 459,585 458,496 -803 1.5388

09/01/99 ...................... 452,554 451,956 -561 1.5128

09/08/99 ...................... 452,565 447,705 -1,086 1.5107

09/15/99 ...................... 429,916 436,370 -2,945 1.5437

09/22/99 ...................... 429,287 410,678 -2,339 1.5374

09/29/99 ...................... 462,615 445,012 -1,430 1.5031

10/06/99 ...................... 469,091 446,394 -509 1.4895

10/13/99 ...................... 464,142 441,248 -1,961 1.4739

10/20/99 ...................... 460,254 442,573 -1,288 1.4834

10/27/99 ...................... 490,541 482,971 -2,071 1.5236

11/03/99 ...................... 497,299 485,298 -4,398 1.5348

11/10/99 ...................... 487,938 476,617 -3,040 1.5395

11/17/99 ...................... 513,803 504,679 -2,590 1.5400

11/24/99 ...................... 474,761 470,529 -3,512 1.5710

12/01/99 ...................... 497,989 492,009 -4,210 1.5880

12/08/99 ...................... 484,988 479,925 -182 1.5575

12/15/99 ...................... 419,107 412,172 -5,165 1.5894

12/22/99 ...................... 375,945 379,097 -5,121 1.5867

12/29/99 ...................... 345,374 344,246 -4,551 1.5982
FOR EIGN CUR RENCY PO SI TIONS 105

1996 - Dec ........ 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar ........ 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June........ 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept........ 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

1998 - Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.5240

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.5210

Sept........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.3812

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.3745

1999 - Mar ........ 27,947 24,482 n.a. 19,202 n.a. n.a. 1,184 1,076 -298 n.a. 1.4820

June........ 29,812 31,250 25,519 15,996 1,748 n.a. 967 839 -396 n.a. 1.5507

Sept........ 40,474 42,150 26,975 22,913 n.a. n.a. 4,829 n.a. 165 n.a. 1.4954

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

1996 - Dec ........ 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Dec ........ 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.3745

1999 - Jan......... 450,636 446,627 26,369 29,264 81,695 76,531 71,407 75,559 -301 n.a. 1.4155

Feb ........ 451,113 446,586 29,233 32,622 82,594 78,255 73,355 80,096 3,755 n.a. 1.4475

Mar ........ 427,056 423,650 27,910 29,917 77,624 79,728 76,911 72,885 -192 n.a. 1.4820

Apr ......... 443,612 437,115 30,571 32,731 72,298 75,107 78,468 76,195 -1,474 n.a. 1.5245

May ........ 439,399 438,226 27,258 29,556 75,314 77,639 82,050 79,727 -602 n.a. 1.5277

June........ 411,523 406,598 28,287 29,000 75,294 74,288 83,326 82,349 -1,269 n.a. 1.5507

July ........ 433,797 434,944 28,411 30,052 67,535 67,260 71,354 71,919 1,108 n.a. 1.4912

Aug ........ 460,181 471,023 26,306 27,834 66,413 68,821 71,455 72,028 -490 n.a. 1.5140

Sept ........ 471,174 451,434 27,387 29,867 66,977 70,904 68,345 67,696 -869 n.a. 1.4954

Oct......... 501,332 494,660 25,972 27,758 74,985 77,078 77,448 75,600 -4,736 n.a. 1.5216

Nov ........ 491,488 487,690 22,034 26,305 70,610 75,201 68,823 66,562 -4,604 n.a. 1.5880

Dec ........ 348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.5912

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

07/07/99 ...................... 490,118 476,795 703 1.5596

07/14/99 ...................... 485,464 470,942 853 1.5630

07/21/99 ...................... 493,055 481,996 1,062 1.5792

07/28/99 ...................... 505,856 491,632 1,113 1.5965

08/04/99 ...................... 500,754 487,144 1,106 1.6216

08/11/99 ...................... 519,077 504,312 2,328 1.6120

08/18/99 ...................... 511,604 496,431 1,677 1.6022

08/25/99 ...................... 525,867 510,674 2,050 1.5849

09/01/99 ...................... 518,866 503,199 1,559 1.6043

09/08/99 ...................... 519,500 502,720 980 1.6184

09/15/99 ...................... 501,467 485,501 -22 1.6129

09/22/99 ...................... 498,641 473,755 -354 1.6292

09/29/99 ...................... 548,007 527,701 -323 1.6446

10/06/99 ...................... 541,149 518,768 -775 1.6554

10/13/99 ...................... 526,150 508,347 208 1.6551

10/20/99 ...................... 524,251 507,191 -1,050 1.6631

10/27/99 ...................... 530,573 518,809 -1,765 1.6458

11/03/99 ...................... 531,597 523,137 -1,885 1.6425

11/10/99 ...................... 541,272 523,951 -1,852 1.6280

11/17/99 ...................... 527,692 519,634 -1,877 1.6248

11/24/99 ...................... 522,714 509,873 -1,560 1.6083

12/01/99 ...................... 536,614 525,359 -995 1.6008

12/08/99 ...................... 541,629 530,117 -982 1.6275

12/15/99 ...................... 516,152 499,439 -1,134 1.6052

12/22/99 ...................... 485,147 468,768 -1,512 1.6078

12/29/99 ...................... 442,366 428,985 -1,727 1.6163

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (U.S. Dol -

lars per pound)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 107

1996 - Dec.......... 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar.......... 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392

June ......... 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642

Sept.......... 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190

Dec .......... 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar.......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.6720

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.6672

Sept.......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.6548

1999 - Mar.......... 33,546 38,906 49,167 38,023 1,339 1,970 3,120 3,484 -468 n.a. 1.6115

June ......... 32,816 38,434 61,034 48,668 1,652 1,822 1,848 n.a. -448 n.a. 1.5768

Sept.......... 29,100 40,337 55,763 42,942 904 2,315 2,717 n.a. n.a. n.a. 1.6465

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward 

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

Net delta 

equivalent

Cross cur -

rency in ter -

est rate

swaps

Ex change 

rate 

(U.S.Dol lars

per pound)

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

1996 - Dec ........ 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.6548

1999 - Jan......... 487,583 477,056 90,272 92,204 62,385 61,423 80,018 81,100 1,433 n.a. 1.6460

Feb ........ 496,030 482,364 100,198 101,123 62,256 61,263 68,567 69,703 -747 n.a. 1.6025

Mar ........ 512,728 503,529 88,543 89,057 61,333 60,462 64,172 66,868 587 n.a. 1.6115

Apr ......... 489,904 479,923 92,073 91,496 55,849 55,365 62,432 63,531 1,102 n.a. 1.6090

May ........ 495,179 481,530 92,158 92,214 52,678 51,276 56,714 61,202 707 n.a. 1.6036

June........ 493,914 477,816 96,012 97,069 48,784 47,506 57,312 61,093 -194 n.a. 1.5768

July ........ 505,654 491,501 92,533 93,229 48,773 48,581 57,026 59,731 279 n.a. 1.6220

Aug ........ 520,016 500,258 97,350 98,928 52,052 54,874 66,158 75,327 405 n.a. 1.6052

Sept........ 546,347 527,938 93,162 93,517 48,100 51,086 57,149 58,340 -1,028 n.a. 1.6465

Oct ......... 544,698 529,479 86,660 90,288 43,526 49,797 52,002 53,171 -1,757 n.a. 1.6444

Nov ........ 545,915 526,853 85,698 90,901 38,764 46,099 47,168 46,776 -716 n.a. 1.5980

Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.6176

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

 Net delta

equiv a lent

Cross cur -

rency in ter -

est rate 

swaps

Ex change 

rate 

(U.S. Dol lars 

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions

TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions Ex change rate

Re port date (1) (2) (3) (4)

07/07/99 ......................... 5,019,808 5,075,408 -1,316 n.a.

07/14/99 ......................... 5,048,743 5,088,557 -2,324 n.a.

07/21/99 ......................... 5,255,062 5,288,783 -3,790 n.a.

07/28/99 ......................... 5,233,367 5,267,133 -3,790 n.a.

08/04/99 ......................... 5,223,275 5,263,155 -6,398 n.a.

08/11/99 ......................... 5,202,029 5,235,452 -4,933 n.a.

08/18/99 ......................... 5,249,219 5,285,871 -4,797 n.a.

08/25/99 ......................... 5,268,092 5,336,768 -2,277 n.a.

09/01/99 ......................... 5,230,315 5,274,123 -625 n.a.

09/08/99 ......................... 5,221,728 5,281,764 3,972 n.a.

09/15/99 ......................... 5,231,028 5,268,215 6,451 n.a.

09/22/99 ......................... 5,058,591 5,107,582 5,421 n.a.

09/29/99 ......................... 5,305,851 5,350,071 7,465 n.a.

10/06/99 ......................... 5,234,081 5,265,282 4,712 n.a.

10/13/99 ......................... 5,187,148 5,237,695 4,364 n.a.

10/20/99 ......................... 5,261,199 5,301,972 5,271 n.a.

10/27/99 ......................... 5,357,945 5,396,692 4,923 n.a.

11/03/99 ......................... 5,303,820 5,336,156 2,388 n.a.

11/10/99 ......................... 5,180,368 5,206,108 4,909 n.a.

11/17/99 ......................... 5,392,169 5,425,394 4,709 n.a.

11/24/99 ......................... 5,176,439 5,218,674 4,670 n.a.

12/01/99 ......................... 5,383,929 5,421,834 5,693 n.a.

12/08/99 ......................... 5,309,496 5,342,390 6,125 n.a.

12/15/99 ......................... 5,039,446 5,085,199 6,749 n.a.

12/22/99 ......................... 4,872,990 4,916,649 5,803 n.a.

12/29/99 ......................... 4,549,910 4,598,793 5,250 n.a.
FOR EIGN CUR RENCY PO SI TIONS 109

SEC TION VI.—U.S. Dol lar Po si tions, con.

TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate Exchange

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

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

1999 - Jan........ 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a.

Feb ........ 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a.

Mar ........ 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a.

Apr ........ 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a.

May ....... 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a.

June ....... 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a.

July........ 5,279,823 5,302,309 - - 628,617 606,469 610,172 582,079 -7,213 n.a.

Aug ........ 5,268,144 5,279,461 - - 641,397 622,160 623,278 592,968 -4,545 n.a.

Sept ....... 5,317,938 5,354,366 - - 644,972 624,798 702,227 547,030 3,703 n.a.

Oct ........ 5,453,737 5,504,653 - - 656,844 641,341 724,157 574,675 1,369 n.a.

Nov ........ 5,434,720 5,439,023 - - 626,602 611,329 676,418 537,040 4,974 n.a.

Dec ........ 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a.

Report date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

 Ex change

 rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Mar....... 340,424 342,819 - - 44,981 n.a. 24,758 31,891 -2,548 n.a. n.a.

June ...... 342,722 370,516 - - 28,176 n.a. 12,908 31,435 -4,313 n.a. n.a.

Sept ...... 370,292 400,162 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a.
110 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions

TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Euros per

U.S. dol lar)

Re port date (1) (2) (3) (4)

07/07/99 ...................... 1,440,465 1,448,007 -7,322 0.9790

07/14/99 ...................... 1,463,814 1,476,073 -3,073 0.9802

07/21/99 ...................... 1,524,518 1,539,028 -1,994 0.9494

07/28/99 ...................... 1,501,724 1,518,344 -1,455 0.9376

08/04/99 ...................... 1,530,420 1,538,962 -537 0.9282

08/11/99 ...................... 1,510,444 1,524,622 -203 0.9387

08/18/99 ...................... 1,544,637 1,559,511 -2,347 0.9500

08/25/99 ...................... 1,591,487 1,608,972 -2,567 0.9602

09/01/99 ...................... 1,533,324 1,550,042 -3,564 0.9450

09/08/99 ...................... 1,587,056 1,600,868 -3,911 0.9438

09/15/99 ...................... 1,575,436 1,599,496 -3,830 0.9619

09/22/99 ...................... 1,586,180 1,591,799 -4,105 0.9576

09/29/99 ...................... 1,674,578 1,692,268 -4,504 0.9393

10/06/99 ...................... 1,694,259 1,696,474 -2,135 0.9357

10/13/99 ...................... 1,704,447 1,705,038 -2,934 0.9269

10/20/99 ...................... 1,769,701 1,765,524 -3,364 0.9313

10/27/99 ...................... 1,805,572 1,812,248 -5,284 0.9518

11/03/99 ...................... 1,762,337 1,771,774 -2,590 0.9538

11/10/99 ...................... 1,724,815 1,740,694 -3,958 0.9573

11/17/99 ...................... 1,778,063 1,783,797 -4,973 0.9609

11/24/99 ...................... 1,711,082 1,720,783 -5,367 0.9816

12/01/99 ...................... 1,749,671 1,758,479 -6,661 0.9922

12/08/99 ...................... 1,727,814 1,739,749 -8,267 0.9733

12/15/99 ...................... 1,652,611 1,667,394 -7,937 0.9936

12/22/99 ...................... 1,625,575 1,635,372 -7,885 0.9911

12/29/99 ...................... 1,501,563 1,518,648 -7,434 0.9960
FOR EIGN CUR RENCY PO SI TIONS 111

SEC TION VII.—Euro Po si tions, con.

TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Jan........ 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.8800

Feb ....... 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.9072

Mar ....... 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.9289

Apr........ 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.9456

May ....... 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.9592

June....... 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.9669

July ....... 1,548,840 1,535,220 516,778 501,493 383,833 404,428 439,824 336,243 -1,453 0.9348

Aug ....... 1,548,312 1,546,834 443,457 422,338 480,873 493,330 449,582 331,725 -2,388 0.9459

Sept....... 1,696,687 1,689,902 433,942 412,149 485,119 475,029 399,095 350,204 -3,638 0.9350

Oct........ 1,795,417 1,796,775 424,984 401,501 467,621 478,946 362,427 370,116 -3,981 0.9481

Nov ....... 1,764,694 1,749,089 434,436 417,999 436,834 433,657 287,729 303,335 -7,737 0.9912

Dec ....... 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.9930

1999 - Mar ....... 92,678 153,729 97,868 93,525 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289

June ...... 110,006 119,130 78,834 65,181 3,725 6,673 6,235 4,257 -2,594 n.a. 0.9669

Sept ...... 144,374 139,426 112,930 92,910 6,487 5,727 6,741 4,983 -3,297 n.a. 0.9350

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts

Net delta

equiv a lent

Cross cur -

rency in ter est 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written rate swaps

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
112

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Ex -

change Sta bi li za tion Fund (ESF) was es tab lished un der the

Gold Re serve Act of Jan u ary 30, 1934 (31 United States Code

5302), which au tho rized es tab lish ment of a Trea sury fund to

be op er ated un der the ex clu sive con trol of the Sec re tary, with

ap proval of the Pres i dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (S DRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

• Ta ble ESF-1 pres ents the as sets, li a bil i ties and cap i tal

of the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the ac -

crual method of ac count ing. The cap i tal ac count rep re sents the 

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 bil -

lion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary

Fund. Gains and losses are re flected in the cu mu la tive net in -

come (+) or loss (-) ac count.

• Ta bleESF-2 shows the re sults of op er a tions by quar -

ter. Fig ures are in U.S. dol lars or their equiv a lents com puted

ac cord ing to the ac crual method. “Profit (+) or loss (-) on for -

eign ex change” in cludes re al ized prof its or losses. “Ad just -

ment for change in val u a tion of SDR hold ings and al lo ca tions” 

TA BLE ESF-1.—Bal ances as of July 1, 1999, and Sept. 30, 1999

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

 

 As sets, li a bil i ties and cap i tal June 30, 1999

 July 1, 1999, through

 Sept. 30, 1999 Sept. 30, 1999

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties ................. 16,360,142 -1,127,944 15,232,198

Spe cial draw ing rights1 . .......................

9,718,955 564,808 10,283,763

For eign ex change and se cu ri ties: 2

 Eu ro pean Euro .............................

6,944,601 274,509 7,219,110

 Jap a nese yen ............................. 7,786,982 1,044,842 8,831,824

Ac counts re ceiv able .......................... 103,800 23,743 127,543

 To tal as sets. .............................. 40,914,480 779,958 41,694,438

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able .......................... 209,455 -156,681 52,774

 To tal cur rent li a bil i ties ..................... 209,455 -156,681 52,774

Other li a bil i ties:

 SDR cer tif i cates............................ 8,200,000 -1,000,000 7,200,000

 SDR al lo ca tions............................ 6,545,134 253,895 6,799,029

 To tal other li a bil i ties ....................... 14,745,134 -746,105 13,999,029

Cap i tal:

 Cap i tal ac count ............................ 200,000 - 200,000

 Net in come (+) or loss (-) (see ta ble ESF-2)...... 25,759,891 1,682,744 27,442,635

 To tal cap i tal ............................. 25,959,891 1,682,744 27,642,635

 To tal li a bil i ties and cap i tal ................ 40,914,480 779,958 41,694,438

See foot notes on the fol low ing page.
EX CHANGE STA BI LI ZA TION FUND 113

Cur rent quar ter

 July 1, 1999, 

through 

 Sept. 30, 1999

Fis cal year to date

 Oct. 1, 1998, 

 through 

Sept. 30, 1999 

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change. ............................................... 1,255,803 1,637,397 

 Ad just ment for change in val u a tion 

 of SDR hold ings and al lo ca tions 1................................... 127,856 55,076

 In ter est (+) or net charges (-) on:

 SDRs.........................................................

27,579 114,217 

 U.S. Gov ern ment se cu ri ties ........................................ 201,826 800,387 

 For eign ex change ............................................... 69,680 230,393 

 Com mis sions ..................................................... - 35,547 

 In come from op er a tions......................................... 1,682,744 2,873,017 

 Net in come (+) or loss (-) ...................................... 1,682,744 2,873,017 

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

SDRs based on a weighted av er age of ex change rates for the cur ren cies of se lected mem ber

coun tries. The U.S. SDR hold ings and al lo ca tions are val ued on this ba sis be gin ning July

1974.

2 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery.

 Note.—An nual bal ance sheets for fis cal 1934 through 1940 ap peared in the 1940 “An nual

Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in sub se -

quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,

have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,

may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]
117

IN TRO DUC TION: Air port and Air way Trust Fund

The Air port and Air way Trust Fund was es tab lished on

the books of Trea sury in fis cal 1971, ac cord ing to pro vi sions

of the Air port and Air way Rev e nue Act of 1970 [49 United

States Code 1742 (a)]. The Tax Eq uity and Fis cal Re spon si bil -

ity Act of 1982 (Pub lic Law 97-248, dated Sep tem ber 3, 1982)

re es tab lished the trust fund in the In ter nal Rev e nue Code (26

United States Code 9502) ef fec tive Sep tem ber 1, 1982.

Trea sury trans fers from the gen eral fund to the Trust Fund

amounts equiv a lent to the taxes re ceived from trans por ta tion

of per sons and prop erty by air, gas o line and jet fuel used in

non com mer cial air craft, and an in ter na tional de par ture tax. 

The Om ni bus Bud get Rec on cil i a tion Act of 1990 (Pub lic Law

101-508, dated No vem ber 5, 1990) in creased rates for the ex -

cise taxes trans ferred to the fund.

Trea sury bases these trans fers on es ti mates made by the

Sec re tary of the Trea sury. These are sub ject to ad just ments in

later trans fers in the amount of ac tual tax re ceipts.

The Tax payers Re lief Act of 1997 (Pub lic Law 105-34),

ef fec tive Oc to ber 1, 1997, ex tended the avi a tion ex cise taxes

for 10 years. The Act in cluded other pro vi sions that:

• Re tained the ex ist ing freight weighbill, gen eral avi a tion

fuel/gas taxes and a $6 de par ture tax on do mes tic flights to and

from Alaska and Ha waii.

• Con verted the 10 per cent ad va lo rem tax on do mes tic

pas sen ger tick ets to a com bi na tion of ad va lo rem/flight seg -

ment tax over 3 years, be gin ning Oc to ber 1, 1997.

• Im posed a new 7.5 per cent tax on pay ments to air lines

for fre quent flyer and sim i lar awards by banks and credit card

com pa nies, mer chants and fre quent flyer pro gram part ners,

such as other air lines, ho tels or rental car com pa nies, and other 

busi nesses.

• In creased the cur rent $6 in ter na tional de par ture tax to

$12 per pas sen ger and added a $12 in ter na tional ar rival tax.

• Lowered tax rates on flights to cer tain ru ral air ports to

7.5 per cent with out a flight seg ment com po nent.

• Trans ferred rev e nues from the 4.3 cents-per-gallon avi -

a tion fuel tax cur rently ded i cated to re duc ing the na tional def icit from the gen eral fund to the Air port and Air way Trust

Fund.

When the pro vi sions of 26 United States Code 9602 (b)

are met, amounts avail able in the fund ex ceed out lay re quire -

ments, Trea sury in vests ex cess amounts in pub lic debt se cu rities and cred its the in ter est to the fund. Ad di tional sums from

the gen eral fund also are cred ited as au tho rized and made

avail able, by law, if they are needed to meet out lay re quire -

ments.

Trea sury makes avail able to the Fed eral Avi a tion Ad min -

is tra tion (FAA), De part ment of Trans por ta tion (DOT)

amounts re quired for out lays to carry out the Air port and Air -

way pro gram. The Sec re tary of the Trea sury makes other

charges to the trust fund to trans fer cer tain re funds of taxes and 

cer tain out fits, un der sec tion 34 of the In ter nal Rev e nue Code

(IRC).
118 TRUST FUNDS

TA BLE TF-10.—Air port and Air way Trust Fund, 

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2001

[In mil lions of dol lars. Source: DOT]

2000 2001

Bal ance Oct.1 ............................................................................................... 12,446 13,333

Re ceipts:

Ex cise taxes, net of re funds .................................................................................. 9,222 9,656

In ter est on in vest ments ...................................................................................... 762 800

In come un der pro posed leg is la tion ............................................................................. -9 954

Avi a tion user fees ..........................................................................................

- -

In ter est, avi a tion user fees ................................................................................... - -

To tal re ceipts............................................................................................ 9,975 11,410

Off setting col lec tions ......................................................................................... 165 167

Ex penses:

Out lays .................................................................................................. -9,088 -10,598

Off setting col lec tions........................................................................................ -165 -167

Bal ance Sept. 30 ............................................................................................ 13,333 14,145

Bal ance Oct. 1, 1998.......................................... ...............................................

$9,410,807,190

Re ceipts:

Ex cise taxes (trans ferred from gen eral fund):

Liq uid fuel other than gas o line ............................... 4041........................................... 209,712,000

Gas o line ................................................ 4081........................................... 803,158,000

Do mes tic travel............................................ 4261 (a) (b) ..................................... 7,486,262,000

Use of in ter na tional travel fa cil i ties ............................ 4261 (c) ........................................ 1,484,443,000

Trans por ta tion of prop erty, cargo ............................. 4271...........................................

411,791,000

Gross ex cise taxes......................................................................................

10,395,366,000

Less re funds of taxes (re im bursed to gen eral fund):

Avi a tion other than gas o line ................................... 4041........................................... 3,443,257

Gasoline .................................................. ............................................... 336,887

Air line tax ex pired........................................... ............................................... 106,800

To tal re funds of taxes ..................................................................................... 3,886,944

Net taxes................................................ ............................................... 10,391,479,056

In ter est on in vest ments .....................................................................................

698,467,892

In ter est ac crued ............................................ ...............................................

35,521,700 

To tal re ceipts............................................. ...............................................

11,125,468,648

Off setting col lec tions .......................................... ...............................................

32,378,293

Ex penses:

Op er a tions ................................................ ............................................... 4,121,848,960

Grants in aid............................................... ............................................... 1,564,913,016

Fa cil ities and equip ment..................................................................................... 2,222,752,987

Re search, en gi neer ing and de vel op ment......................... ............................................... 178,529,843

DOT rental pay ments........................................ ............................................... -

Air car ri ers ................................................ ...............................................

756,936

To tal ex penses ........................................... ...............................................

8,088,801,742

Off setting col lec tions .......................................... ...............................................

32,378,293

Bal ance Sept. 30, 1999........................................ ...............................................

$12,447,474,096

TA BLE TF-10.—Air port and Air way Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: DOT]

De scrip tion IRC sec tion (26 United States Code) Amount
119

IN TRO DUC TION: Ura nium En rich ment

De con tam i na tion and De com mis sioning Fund

The Ura nium En rich ment De con tam i na tion and De commis sioning Fund was es tab lished on the books of the Trea sury

in fis cal 1993, ac cord ing to pro vi sions of the En ergy Pol icy Act 

of 1992 [42 United States Code 2297 (g)]. Re ceipts rep re sent

(1) fees col lected from do mes tic pub lic util i ties based on their

pro rata share of pur chases of sep a ra tive work units from the

De part ment of En ergy (DOE) and (2) ap pro pri a tions to ward

the Gov ern ment con tri bu tion based on the bal ance of sep a ra -

tive work unit pur chases.

Ex pen di tures from the fund are for the pur pose of (1) de -

con tam i na tion and de com mis sion ing of the three gas eous dif -

fu sion plants, (2) re me dial ac tions and re lated en vi ron men tal

res to ra tion costs at the gas eous dif fu sion plants and (3) re im -

burse ment to ura nium/tho rium pro duc ers for the costs of de -

con tam i na tion, de com mis sion ing, rec la ma tion and re me dial

ac tion of ura nium/tho rium sites that are in ci dent to sales to the

U.S. Gov ern ment. Amounts avail able in the fund ex ceed ing

cur rent needs may be in vested by the Sec re tary of the Trea sury

in ob li ga tions of the United States (1) hav ing ma tu ri ties con -

gru ent with the needs of the fund and (2) bear ing in ter est at

rates de ter mined ap pro pri ate, tak ing into con sid er ation the cur -

rent av er age mar ket yield on out stand ing mar ket able ob li ga -

tions of the United States with re main ing pe ri ods to ma tu rity

com pa ra ble to these in vest ments.

The Sec re tary of the Trea sury is re quired by 42 United

States Code 2297 (g) to pro vide an an nual re port to Con gress,

af ter con sul ta tion with the Sec re tary of En ergy. This re port

must pres ent the fi nan cial con di tion and the re sults of op er a -

tions of the fund dur ing the pre ced ing fis cal year.

The En ergy Pol icy Act of 1992 [42 United States Code

2297 (g) (l), as amended] au tho rizes fund ing to en sure an nual

de pos its to the fund of $488.3 mil lion be fore ad just ments for

in fla tion. The Act stip u lates that the Government de posit

$338.3 mil lion, ad justed for in fla tion, an nu ally. The Act also

calls for de pos its of $150 mil lion from do mes tic pub lic util ity

as sess ments. Be tween the fis cal years of 1993 and 1999, the to -

tal Gov ern ment con tri bu tion amount au tho rized by the Act was 

$2,318.3 mil lion. Dur ing that time span, the Gov ern ment con -

trib uted only $1,863.6 mil lion to the fund. The re sult ing short -

fall in au tho rized Gov ern ment con tri bu tions is, there fore,

$454.7 mil lion.

Bal ance Oct. 1, 1998 ................................................................................................... .. $-12,294

Re ceipts:

Fees col lected ................................................................................................... ...... 568,979,345

Pen alties col lected ................................................................................................... .. - 

In ter est on in vest ments.................................................................................................. 39,096,309

To tal re ceipts................................................................................................... ..... 608,075,654

Out lays:

DOE, de con tam i na tion and de com mis sion ing ac tiv i ties ......................................................................... 228,293,192

Cost of in vest ments .................................................................................................... 379,769,870

To tal out lays ................................................................................................... ..... 608,063,062

Bal ance Sept. 30, 1999 ................................................................................................... $298

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund

Re sults of Op er a tions, Fis cal 1999

[Source: DOE]

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2004

[In thou sands of dol lars. Source: DOE]

2000 2001 2002 2003 2004

Bal ance Oct. 1 .............................................. 1 1 1 1 1

Re ceipts:

Fees col lected ............................................. 594,765 596,862 598,984 601,132 603,306

In ter est col lected ........................................... 134,195 154,950 178,989 202,834 226,767

To tal re ceipts............................................. 728,960 751,812 777,973 803,966 830,073

Out lays:

DOE, de con tam i na tion and de com mis sion ing fund ................. 209,000 287,000 285,000 290,000 295,000

Costs of in vest ments ........................................ 519,960 464,812 492,973 513,966 535,075

To tal out lays ............................................. 728,960 751,812 777,973 803,966 830,073

Bal ance Sept. 30 ............................................. 1 1 1 1 1
120

IN TRO DUC TION: Black Lung Dis abil ity Trust Fund

The Black Lung Dis abil ity Trust Fund was es tab lished on

the books of the Trea sury in fis cal 1978 ac cord ing to the Black

Lung Ben e fits Rev e nue Act of 1977 (Pub lic Law 95-227). The 

Black Lung Ben e fits Rev e nue Act of 1981 (Pub lic Law

97-119), re-established the fund in the IRC, 26 United States

Code 9501.

The Con sol i dated Om ni bus Bud get Rec on cil i a tion Act of

1985 (Pub lic Law 99-272), en acted April 7, 1986, pro vided for 

an in crease in the coal tax ef fec tive April 1, 1986, through De -

cem ber 31, 1995, and a 5-year for give ness of in ter est ret ro ac -

tive to Oc to ber 1, 1985. The 5-year mor a to rium on in ter est

pay ments ended on Sep tem ber 30, 1990. Pay ment of in ter est

on ad vances re sumed in fis cal 1991. The Om ni bus Bud get

Rec on cil i a tion Act of 1987 (Pub lic Law 100-203), signed De -

cem ber 22, 1987, ex tends the tem po rary in crease in the coal

tax through De cem ber 31, 2013.

The Code des ig nates the fol low ing re ceipts to be ap pro -

pri ated and trans ferred from the gen eral fund of the Trea sury

to the trust fund: ex cise taxes on mined coal; tax able ex pen di -

tures of self-dealing by, and ex cess con tri bu tions to, pri vate

black lung ben e fit trusts; re im burse ments by re spon si ble mine

op er a tors; and re lated fines, pen al ties and in ter est charges.

Es ti mates made by the Sec re tary of the Trea sury de ter -

mine monthly trans fers of amounts for ex cise taxes to the trust

fund sub ject to ad just ments in later trans fers to ac tual tax re -

ceipts.

Af ter re tire ment of the cur rent in debt ed ness, amounts

avail able in the fund ex ceed ing cur rent ex pen di ture re quire -

ments will be in vested by the Sec re tary of the Trea sury in in -

ter est-bearing pub lic debt se cu ri ties. Any in ter est earned will

be cred ited to the fund. Also cred ited, if nec es sary, will be re -

pay able ad vances from the gen eral fund to meet out lay re -

quire ments ex ceed ing avail able rev e nues.

To carry out the pro gram, amounts are made avail able to

the De part ment of La bor (DOL). Also charged to the fund are

ad min is tra tive ex penses in curred by the De part ment of Health 

and Hu man Ser vices ( HHS) and the Trea sury, re pay ments of

ad vances from the gen eral fund and in ter est on ad vances.

The Code re quires the Sec re tary of the Trea sury to sub mit 

an an nual re port to Con gress af ter con sul ta tion with the Sec re -

tary of La bor and the Sec re tary of HHS [26 United States Code 

9602 (a)]. The re port must pres ent the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

the ex pected con di tion and op er a tions of the fund dur ing the

next 5 fis cal years.

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: DOL]

Bal ance Oct. 1, 1998 ................................................................................................... . . $19,561,316

Re ceipts:

Ex cise taxes ( transfered from gen eral fund):

$1.10 tax on un der ground coal .......................................................................................... 195,373,000

$0.55 tax on sur face coal............................................................................................... 137,971,000

4.4 per cent tax on un der ground coal...................................................................................... 186,131,000

4.4 per cent tax on sur face coal .......................................................................................... 76,024,000

Fi nes, pen al ties and in ter est ............................................................................................ 2,621,456

Col lec tion—re spon si ble mine op er a tors ................................................................................... 5,597,802

Re cov ery of prior year funds ............................................................................................ 40,000

Re pay able ad vances from the gen eral fund ................................................................................ 402,000,000

To tal re ceipts ................................................................................................... ... 1,005,768,258

Net re ceipts ................................................................................................... .... 1,005,768,258

Out lays:

Trea sury ad min is tra tive ex penses ......................................................................................... 67,228

Sal aries and ex penses—DOL—departmental man age ment ..................................................................... 20,422,000

Sal aries and ex penses—DOL—Of fice of In spec tor Gen eral ..................................................................... 306,000

Sal aries and ex penses—DOL—Em ploy ment Stan dards Ad min is tra tion ............................................................ 29,993,000

To tal out lays ................................................................................................... ..... 50,788,228

Ex penses:

Pro gram ex penses—DOL................................................................................................ 439,441,976

In ter est on re pay able ad vances ........................................................................................... 515,016,181

To tal ex penses ................................................................................................... ... 1,005,246,385

Bal ance Sept. 30, 1999 ................................................................................................... 20,083,189

Cummulative debt, end of year ............................................................................................. $6,258,556,899
TRUST FUNDS 121

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2004

[In thou sands of dol lars. Source: DOL]

2000 2001 2002 2003 2004

Bal ance Oct. 1 ...............................................

19,561 - - - -

Re ceipts:

Ex cise taxes............................................... 577,000 591,000 606,000 619,000 628,000

Ad vances from the gen eral fund................................ 414,550 440,000 445,000 448,000 455,000

Fi nes, pen al ties and in ter est...................................

2,000 2,000 2,000 2,000 2,000

To tal re ceipts.............................................

993,550 1,033,000 1,053,000 1,069,000 1,085,000

Out lays:

Ben e fit pay ments ........................................... 430,506 415,178 406,585 393,940 380,240

Ad min is tra tive ex penses...................................... 50,127 51,822 53,415 55,060 56,760

In ter est on re pay able ad vances ................................ 533,000 566,000 593,000 620,000 648,000

To tal out lays .............................................

1,013,633 1,033,000 1,053,000 1,069,000 1,085,000

Bal ance Sept. 30 .............................................

- - - - -

Cu mu la tive debt, end of year....................................

6,673,107 7,113,107 7,558,107 8,006,107 8,461,107

Note.—De tail may not add to to tals due to round ing.
122

IN TRO DUC TION: Har bor Main te nance Trust Fund

The Har bor Main te nance Trust Fund was es tab lished on

the books of the Trea sury on April 1, 1987, ac cord ing to the

Wa ter Re sources De vel op ment Act of 1986 (Pub lic Law

99-962, No vem ber 17, 1986) (26 United States Code 9505).

Amounts in the Har bor Main te nance Trust Fund are avail -

able as pro vided by ap pro pri a tion acts for mak ing ex pen di -

tures to carry out sec tion 210 (a) of the Wa ter Re sources

De vel op ment Act of 1986. The ap pro pri a tions act for DOT for 

fis cal 1995 (Pub lic Law 103-331, Sep tem ber 28, 1994), sec -

tion 13, waived col lec tion of charges or tolls on the Saint Law -

rence Sea way in ac cor dance with sec tion 13 (b) of the Act of

May 13, 1954 (as in ef fect on April 1, 1987). Leg is la tion was

passed in the North Amer i can Free Trade Agree ment Im ple -

men ta tion Act of 1994 (Pub lic Law 103-182, Sec. 683), which

amends para graph (3) of sec tion 9505 (c) of the IRC of 1986,

to au tho rize pay ment of up to $5 mil lion an nu ally to Trea sury

for all ex penses of ad min is tra tion in curred by the Trea sury, the 

U.S. Army Corps of En gi neers and the De part ment of Com -

merce (Com merce) re lated to the ad min is tra tion of subchapter 

A of chap ter 36 (re lat ing to har bor main te nance tax). Sec tion

201 of the Wa ter Re sources De vel op ment Act of 1996 au tho -

rizes use of the Har bor Main te nance Trust Fund for con struc -

tion of dredged ma te rial dis posal fa cil i ties as so ci ated with the

op er a tion and main te nance of Fed eral nav i ga tion pro jects for

com mer cial nav i ga tion. 

A sum mary judg ment is sued Oc to ber 25, 1995, by the

United States Court of In ter na tional Trade in the case United

States Shoe Corp. v. United States (Court No. 94-11-00668)

found the Har bor Main te nance fee un con sti tu tional un der the

Ex port Clause of the Con sti tu tion (Ar ti cle I, Sec tion 9, clause

5) and en joined the Cus toms Ser vice from col lect ing the fee.

How ever, a mo tion to stay the ex e cu tion of the judg ment

pend ing ap peal was granted, and the fee is be ing col lected.

The case is un der ap peal at the Su preme Court. Oral ar gu -

ments are set for March 4, 1998, with a de ci sion ex pected later

in the year.

The de ci sion was af firmed by the Su preme Court on

March 31, 1998. With the tax on ex ports no lon ger col lected,

rev e nues have been re duced by ap prox i mately 30 per cent.

The Ad min is tra tion is pro pos ing a Har bor Ser vices User

Fee to re place the Har bor Main te nance Tax. The leg is la tive

pro posal also will es tab lish the Har bor Ser vices Fund. Col -

lected fees will be de pos ited into this fund and it will be funded 

in fis cal 2001 by trans fer from the Har bor Main te nance Trust

Fund.

TA BLE TF-13.—Har bor Main te nance Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: De part ment of the Army Corps of En gi neers]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$1,246,000,000

Re ceipts:

Ex cise taxes:

Im ports................................................................................................... .......... 486,000,000

Ex ports................................................................................................... .......... -53,000,000

Do mes tic ........................................................................................................... 58,000,000

Pas sen gers ................................................................................................... ...... 1,000,000

Zones ad mis sions ................................................................................................... . 61,000,000

In ter est on in vest ments ................................................................................................

54,000,000

To tal re ceipts ................................................................................................... ...

607,000,000

Ex penses:

Corps of En gi neers ................................................................................................... . . 103,000,000

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT ........................................................................ 11,000,000

Trea sury ad min is tra tive cost .............................................................................................. 3,000,000

Op er ating ex penses, mis cel la neous re turns..................................................................................

- 

To tal ex penses ................................................................................................... ...

117,000,000

Bal ance Sept. 30, 1999 ...................................................................................................

$1,736,000,000
TRUST FUNDS 123

TA BLE TF-13.—Har bor Main te nance Trust Fund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2004 1

[In mil lions of dol lars. Source: De part ment of the Army Corps of En gi neers]

2000 2001 2002 2003 2004

Bal ance Oct. 1 ...............................................

1,736.0 1,758.0 - - -

Re ceipts:

Har bor main te nance fee...................................... 675.0 - - - -

In ter est on in vest ments ......................................

76.0 - - - -

To tal re ceipts.............................................

751.0 - - - -

Out lays:

Har bor Main te nance Trust Fund, leg is la tive pro posal 

not sub ject to paygo ....................................... - 1,758.0 - - -

Corps of En gi neers op er a tion, main te nance 

and ad min is tra tive ex penses................................. 714.0 - - - -

Corps of En gi neers con struc tion ............................... - - - - -

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT ............ 12.0 - - - -

Ad min is tra tive ex penses for Trea sury (Cus toms Service) ............

3.0 - - - -

To tal out lays .............................................

729.0 1,758.0 - - -

Bal ance Sept. 30 .............................................

1,758.0 - - - -

1 Outyear pro jec tions are for plan ning pur poses and are based on eco nomic con di -

tions and agen cies’ best pro jec tions of rev e nues and ex pen di tures.
124

IN TRO DUC TION: Haz ard ous Sub stance Superfund

The Haz ard ous Sub stance Re sponse Trust Fund was es -

tab lished on the books of the Trea sury in fis cal 1981, in ac cor -

dance with pro vi sions of the Haz ard ous Sub stance Re sponse

Rev e nue Act of 1980 [42 United States Code 9631 (a)]. Ef fec -

tive fis cal 1987, the trust fund was re-established as the Haz -

ard ous Sub stance Superfund (Superfund) in ac cor dance with

pro vi sions of the Com pre hen sive En vi ron men tal Re sponse,

Com pen sa tion and Li a bil ity Act (CERCLA) of 1980 (Pub lic

Law 96-510), as amended by the Superfund Amend ments and

Re-authorization Act of 1986 (Pub lic Law 99-499, dated Oc -

to ber 17, 1986).

The au thor ity to col lect ex cise taxes on pe tro leum and

chem i cals, and an en vi ron men tal tax for all cor po ra tions with

mod i fied al ter na tive min i mum tax able in come in ex cess of $2

mil lion ex pired in 1995. The Pres i dent’s bud get pro jects a re -

in state ment of all taxes above for the outyears.

To carry out the Superfund pro gram, amounts are ap pro -

pri ated from the Superfund to the En vi ron men tal Pro tec tion

Agency (EPA) for pro gram matic and ad min is tra tive ex -

penses, re pay ment of ad vances to the gen eral fund and in ter est 

ex pense as so ci ated with out stand ing ad vances from the gen -

eral fund.

An an nual re port to Con gress by the Sec re tary of Trea -

sury is re quired by sec tion 9633 (b) (1) of CERCLA, as

amended. These re ports pres ent the fi nan cial con di tion of the

Superfund and the re sults of op er a tion for the past fis cal year,

and its ex pected con di tion and op er a tions dur ing the next 5

years.

TA BLE TF-14.—Haz ard ous Sub stance Superfund

Re sults of Op er a tions, Fis cal 1999

[Source: EPA]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$2,154,000,000

Re ceipts:

Crude and pe tro leum ................................................................................................... 2,060,000

Cer tain chem i cals ................................................................................................... ... 12,830,000

Cor po rate en vi ron men tal ................................................................................................ 10,249,026

Gen eral fund ap pro pri a tion ............................................................................................... 325,000,000

Cost re cov er ies ................................................................................................... ..... 319,746,289

Fi nes and pen al ties................................................................................................... . . 3,648,086

In ter est on in vest ments.................................................................................................. 220,085,630

In ter est on in vest ments—ac crued ......................................................................................... -13,143,221

To tal re ceipts................................................................................................... .....

876,358,000

Undisbursed bal ance................................................................................................... . .

-

To tal undisbursed bal ance..............................................................................................

-

Ex penses:

EPA ex pense (af ter recission) ............................................................................................ 1,345,982,000

Com merce ex pense (Na tional Oce anic and At mo spheric Ad min is tra tion) ........................................................... 2,450,000

Fed eral Emer gency Man age ment Ad min is tra tion ex pense ...................................................................... 1,100,000

HHS ex pense (Agency for Toxic Sub stance and Dis ease Reg is try and Na tional In sti tute

of En vi ron men tal Health Sci ences) ....................................................................................... 136,000,000

De part ment of the In te rior (In te rior) ex pense ................................................................................. 1,000,000

DOL ex pense (Oc cu pa tional Safety and Health Ad min is tra tion) .................................................................. 650,000

De part ment of Justice ex pense ........................................................................................... 29,000,000

 U.S. Coast Guard expense ............................................................................................... 4,800,000

To tal ex penses ................................................................................................... ...

1,491,982,000

Bal ance Sept. 30, 1999 ...................................................................................................

$1,538,376,000

 Note.—The ex pected con di tion and re sults of op er a tions for fis cal 2000 through 2004

were not avail able at the time of pub li ca tion.
TRUST FUNDS 125

TA BLE TF-14.—Haz ard ous Sub stance Superfund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2004

[In mil lions of dol lars. Source: EPA]

2000 2001 2002 2003 2004

Bal ance Oct. 1............................................... 1,539 1,594 2,913 3,851 4,858

Re ceipts:

In ter est on in vest ments ...................................... 272 382 428 489 550 Re cov eries, fines and pen al ties ................................ 279 230 180 180 180

Taxes .................................................... 204 2,057 1,680 1,705 1,714

Gen eral rev e nues........................................... 700 250 250 250 250

To tal re ceipts ............................................ 1,455 2,919 2,538 2,624 2,694

Appropriations ............................................... 1,400 1,600 1,600 1,617 1,653

Bal ance Sept. 30............................................. 1,594 2,913 3,851 4,858 5,899
126

IN TRO DUC TION: High way Trust Fund

The High way Trust Fund was es tab lished on the books of

the Trea sury in fis cal 1957, ac cord ing to pro vi sions of the

High way Rev e nue Act of 1956. It has been amended and ex -

tended by var i ous high way, sur face trans por ta tion and other

acts since 1959. The Trans por ta tion Eq uity Act for the 21st

Cen tury (TEA-21) ex tended the High way Trust Fund and its

taxes through Sep tem ber 30, 2005. The Om ni bus Con sol i -

dated and Emer gency Sup ple men tal Ap pro pri a tions Act, 1999 

also amended trust fund law.

Amounts equiv a lent to taxes on gas o line, die sel fuel, spe -

cial mo tor fu els, cer tain tires, heavy trucks and trail ers, and

heavy ve hi cle use are des ig nated by the Act to be ap pro pri ated

and trans ferred from the gen eral fund of the Trea sury to the

trust fund. These trans fers are made twice monthly based on

es ti mates by the Sec re tary of the Trea sury, sub ject to later ad -

just ments to re flect the amount of ac tual tax re ceipts. Amounts 

avail able in the fund ex ceed ing out lay re quire ments are in -

vested in non-interest-bearing pub lic debt se cu ri ties.

Within the fund is a mass tran sit ac count, funded by a por -

tion of the ex cise tax col lec tions un der sec tions 4041 and 4081 

of the IRC (ti tle 26 United States Code). The funds from this

ac count are used for ex pen di tures ac cord ing to sec tion 5338 of 

ti tle 49 United States Code, the Intermodal Sur face

Transportation Ef fi ciency Act of 1991, or the TEA-21. The re -

main ing ex cise taxes are in cluded in a higher ac count within

the trust fund com monly re ferred to as the high way ac count.

Expenditures from this ac count are made ac cord ing to the pro -

vi sions of var i ous trans por ta tion acts.

Amounts re quired for out lays to carry out the el i gi ble sur -

face trans por ta tion pro grams are made avail able to the re sponsi ble op er at ing ad min is tra tions within the De part ment of

Transportation. Other charges to the trust fund are made by the 

Sec re tary of the Trea sury for trans fer of cer tain taxes to the

Land and Water Conservation Fund and the Aquatic Re -

sources Trust Fund. Funds also are trans ferred to the gen eral

fund of the Trea sury for the pay ment of tax re funds.

The Sec re tary of the Trea sury, in con sul ta tion with the

Sec re tary of Trans por ta tion, is re quired to sub mit an nual re -

ports to Con gress by sec tion 9602(a) of ti tle 26 United States

Code. These re ports cover the fi nan cial con di tion and re sults

of op er a tions of the fund for the past fis cal year and ex pected

con di tion and op er a tions dur ing the next 5 fis cal years.

TA BLE TF-15.—High way Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: DOT]

De scrip tion IRC sec tion (26 United States Code) Amount

Bal ance Oct. 1, 1998 .................................................................................

$26,272,677,949

Re ceipts:

Ex cise taxes (trans ferred from gen eral fund):

Gas o hol .................................................. 6427 .................................. 2,067,967,794 Gas man u fac ture gas o hol .................................... 4041 .................................. -

Trucks, buses, trail ers ....................................... 4061 (a) (1)............................. -

Die sel and spe cial mo tor fu els ................................. 4041 (a) (b)............................. 9,165,312,490

Trucks .................................................... 4051 (a)................................ 2,809,900,000

Gas o line .................................................. 4081 .................................. 25,430,675,712

Tires used on high way ve hi cles ................................4071 (a) (1)............................. 416,034,000

Cash Man age ment Im prove ment Act ............................ 4071 .................................. 1,890,364

Use of cer tain ve hi cles ....................................... 4481 .................................. 813,698,000

Fi nes and pen al ties ................................................................................ 6,687,496

To tal taxes ...................................................................................... 40,712,165,856

Less: Trans fer to land and wa ter con ser va tion fund................. 4081 .................................. 1,000,000

Trans fer to aquatic re serve .................................. 4041 .................................. 275,658,000

Gross taxes....................................................................................... 40,435,507,856

Less re funds of taxes (re im bursed to gen eral fund): 

Die sel-powered ve hi cle ..................................... 39 & 6420............................... 779,072

Gas o line 9.1/14.1 ......................................... 6421 .................................. 361,048,573

Gas o hol 3.1/8.7 ............................................ 6427 .................................. 21,869,000

Die sel 15.1/20.1 ............................................ 4081 .................................. 616,054,086

Spe cial mo tor fuel 9.1/14.1 .................................... 4081 .................................. 16,102,875

Gas o line .................................................. 6412 ................................... -

Gas to make gas o hol ........................................ 4041 .................................. 32,962,382

Die sel fuel, bus use ......................................... 4041 .................................. 35,828,801

Die sel .................................................... 4081 .................................. 49,677,834

Ex empt use ....................................................................................... -

To tal re funds of taxes ............................................................................ 1,134,322,623

Net taxes ....................................................................................... 39,301,185,233

In vest ment in come:

In ter est on in vest ments ..............................................................................

-

Ac crued in ter est in come ............................................................................

-

To tal in vest ment in come ...........................................................................

-

Net re ceipts ...................................................................................

$39,301,185,233
Ex penses:

Fed eral aid to high ways ................................................................................................. $26,741,807,920

Right-of-way re volv ing fund .............................................................................................. -3,955,493

Na tional High way Traf fic Safety Ad min is tra tion ............................................................................... 264,990,181

Trust fund share of high way pro grams ..................................................................................... -

Bal ti more-Washington Park way ........................................................................................... -179,425

High way safety re search and de vel op ment .................................................................................. 431,891

Mount St. Helen’s ................................................................................................... ... 25,303

High way-related safety grants ............................................................................................ 1,147,604

Al a bama high way by pass dem on stra tion .................................................................................... 9,519

Ur ban air port ac cess safety dem on stra tion .................................................................................. -

Intermodal ur ban dem on stra tion ........................................................................................... 2,245,204

Uni ver sity trans por ta tion cen ter ........................................................................................... -

Carpool and vanpool grants .............................................................................................. 54,257

Met ro pol i tan plan ning pro ject ............................................................................................. 41,130

Na tional Park Ser vice con struc tion......................................................................................... 1,351,094

Mo tor car rier safety grants ............................................................................................... 87,493,935

Mass tran sit........................................................................................................... 4,251,800,000

Safety im prove ment pro ject .............................................................................................. 211,056

Safety eco nomic de vel op ment dem on stra tion pro ject .......................................................................... -92,549

Rail road ad min is tra tion .................................................................................................. 1,806,551

Ve hic u lar and pe des trian safety dem on stra tion ............................................................................... 37,723

High way dem on stra tion ................................................................................................. 24,731,218

Cor ri dor safety im prove ment.............................................................................................. 288,433

Bridge ca pac ity im prove ment ............................................................................................. 3,615,336

High way rail road grade cross ing........................................................................................... 5,796,686

Ur ban high way/cor ri dor bi cy cle trans por ta tion dem on stra tion .................................................................... 269,547

Nu clear waste trans por ta tion safety ........................................................................................ 548

Ken tucky bridge dem on stra tion pro gram .................................................................................... -20,390

Penn syl va nia re con struc tion dem on stra tion pro ject ........................................................................... 466,400

Mineola grade cross ing .................................................................................................. 2,112,298

Tran sit program ................................................................................................... .....

1,523,668,572

To tal ex penses ................................................................................................... ...

28,910,154,549

Out lays:

Out lays to Cash Man age ment Im prove ment Act ..............................................................................

51,304

Bal ances trans ferred to gen eral fund 10-1-98 ..................................................................................

8,017,355,427

Bal ance Sept. 30, 1999 ...................................................................................................

$28,646,301,902

TRUST FUNDS 127

TA BLE TF-15.—High way Trust Fund

Re sults of Op er a tions, Fis cal 1999, con.

[Source: DOT]

IRC sec tion

De scrip tion (26 United States Code) Amount
128 TRUST FUNDS

TA BLE TF-15.—High way Trust Fund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000-2004

[In bil lions of dol lars. Source: DOT]

Com bined State ment High way and Mass Tran sit Ac counts

 2000 2001 2002 2003 2004

High way Ac count

 2000 2001 2002 2003 2004

Mass Tran sit Ac count

 2000 2001 2002 2003 2004

Bal ance Oct. 1 ......................................................

18.5 28.9 31.5 32.4 33.2

Re ceipts:

Ex cise taxes, net of re funds .......................................... 39.3 34.3 35.1 35.6 36.2

In ter est, net.......................................................

- - - - -

To tal re ceipts....................................................

39.3 34.3 35.1 35.6 36.2

Out lays............................................................

28.9 31.7 34.2 34.8 34.6

Bal ance Sept. 30 ....................................................

28.9 31.5 32.4 33.2 34.8

Bal ance Oct. 1 ...................................................... 10.1 9.8 8.5 7.3 6.2

Re ceipts:

Ex cise taxes, net of re funds .......................................... 5.5 4.6 4.7 4.8 4.9

In ter est, net.......................................................

- - - - -

To tal re ceipts ....................................................

5.5 4.6 4.7 4.8 4.9

Out lays ............................................................

5.8 5.9 5.9 5.9 6.0

Bal ance Sept. 30 ....................................................

9.8 8.5 7.3 6.2 5.1

Bal ance Oct. 1 ...................................................... 8.5 19.2 23.1 25.1 27.1

Re ceipts:

Ex cise taxes, net of re funds.......................................... 33.9 29.8 30.4 30.8 31.3

In ter est, net .......................................................

- - - - -

To tal re ceipts....................................................

33.9 29.8 30.4 30.8 31.3

Out lays............................................................

23.2 25.9 28.4 28.8 28.6

Bal ance Sept. 30 ....................................................

19.2 23.1 25.1 27.1 29.8

Un funded au tho ri za tions (EOY).........................................

- - - - -

24-month rev e nue es ti mate............................................

- - - - -
TRUST FUNDS 129

TA BLE TF-15A.—High way Trust Fund

The fol low ing in for ma tion is re leased ac cord ing to the

pro vi sions of the Byrd Amend ment to the Intermodal Sur face

Trans por ta tion Ef fi ciency Act of 1991 and rep re sents data

con cern ing the High way Trust Fund. The fig ure de scribed as

“un funded au tho ri za tions” is the lat est es ti mate re ceived from

the DOT for fis cal 1999. 

The 24-month rev e nue es ti mates for the high way and

mass tran sit ac counts, re spec tively, in clude the lat est es timates re ceived from Trea sury’s Of fice of Tax Anal y sis for ex -

cise taxes, net of re funds. They rep re sent net high way re ceipts

for those pe ri ods be gin ning at the close of fis cal 1999.

High way Ac count

[In mil lions of dol lars. Source: DOT]

Un funded au tho ri za tions (EOY) ................................................................................................... ... 37,258

24-month rev e nue es ti mate................................................................................................... ....... 60,006

Mass Tran sit Ac count

[In mil lions of dol lars. Source: DOT]

Un funded au tho ri za tions (EOY) ................................................................................................... .... -6,540

24-month rev e nue es ti mate................................................................................................... ....... 9,453
130

TA BLE TF-16.—In land Wa ter ways Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: De part ment of the Army Corps of En gi neers]

IN TRO DUC TION: In land Wa ter ways Trust Fund

The In land Wa ter ways Trust Fund was es tab lished by the

Trea sury in fis cal 1984, ac cord ing to pro vi sions of the In land

Wa ter ways Rev e nue Act of 1978 (Pub lic Law 95-502) and

con tin ued ac cord ing to the Wa ter Re sources De vel op ment Act 

of 1986 (26 United States Code 9506). Amounts de ter mined

by the Sec re tary of the Trea sury (sec tion 4042 of the IRC of

1986, re lat ing to tax on fuel used in com mer cial trans por ta tion

on in land wa ter ways) shall be ap pro pri ated to the trust fund.

The Tech ni cal and Mis cel la neous Rev e nue Act of 1988

(Pub lic Law 100-647, ap proved No vem ber 10, 1988) in -

creased the tax each year, 1990 through 1995. These amounts

are trans ferred quar terly from the gen eral fund based on es ti -

mates made by the Sec re tary, sub ject to ad just ments in later

trans fers to the amounts of ac tual tax re ceipts.

The Sec re tary of the Trea sury in vests in in ter est-bearing

ob li ga tions of the United States that por tion of the trust fund,

in his judg ment, not re quired to meet cur rent with draw als. The 

in ter est on, and pro ceeds from, the sale or re demp tion of any

ob li ga tion held in the trust fund is cred ited to the trust fund.

The In land Wa ter ways Rev e nue Act of 1978 pro vides that

amounts in the trust fund shall be avail able, by ap pro pri a tions

acts, for con struc tion and re ha bil i ta tion ex pen di tures for nav iga tion on the in land and intracoastal wa ter ways of the United

States de scribed in 33 United States Code 1804. Ex pen di tures

must be oth er wise au tho rized by law.

An nual re ports to Con gress are re quired by 26 United

States Code 9602 to be sub mit ted by the Sec re tary of the Trea -

sury. These re ports are re quired to cover the fi nan cial con dition and the re sults of op er a tions of the fund dur ing the past

fis cal year and its ex pected con di tion and op er a tions dur ing

the next 5 fis cal years.

Bal ance Oct. 1 .............................................. 357.0 404.0 457.0 513.0 571.0

Re ceipts:

Fuel taxes ................................................. 104.0 107.0 109.0 111.0 114.0

In ter est on in vest ments 18.0 20.0 21.0 22.0 23.0

To tal re ceipts.............................................

122.0 127.0 130.0 133.0 137.0

Trans fers:

Corps of En gi neers..........................................

75.0 74.0 74.0 75.0 77.0

Bal ance Sept. 30 .............................................

404.0 457.0 513.0 571.0 631.0

Bal ance Oct. 1, 1998 ................................................................................................... . .

$327,000,000

Re ceipts:

Fuel taxes ................................................................................................... ......... 104,000,000

In ter est on in vest ments ..................................................................................................

14,000,000

To tal re ceipts................................................................................................... .....

118,000,000

Trans fers:

Corps of En gi neers ................................................................................................... . .

88,000,000

Bal ance Sept. 30, 1999 ...................................................................................................

$357,000,000

1

Outyear pro jec tions are based on eco nomic con di tions and agen cies’ best pro jec tions of rev -

e nues and ex pen di tures. 

Ex pected Con di tion and Re sults of Op er a tions

Fis cal 2000-2004 1

2000 2001 2002 2003 2004
131

 Note.—The ex pected con di tion and re sults of op er a tions for fis cal 2000 through 2004

were not avail able at the time of pub li ca tion.

TA BLE TF-17.—Leaking Un der ground Stor age Tank Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: EPA]

IN TRO DUC TION: Leaking Un der ground Stor age Tank Trust Fund

The Leaking Un der ground Stor age Tank (LUST) Trust

Fund was es tab lished in fis cal 1981 ac cord ing to pro vi sions of

the CERCLA of 1980 (Pub lic Law 96-510), as amended by the 

Superfund Amend ments and Re-authorization Act of 1986

(Pub lic Law 99-499, dated Oc to ber 17, 1986) and the Om ni -

bus Bud get Rec on cil i a tion Act of 1990 (Pub lic Law 101-508,

dated No vem ber 5, 1990).

The LUST Trust Fund is fi nanced by taxes col lected on

gas o line, die sel fu els, spe cial mo tor fu els, avi a tion fu els and

fu els used in com mer cial trans por ta tion on in land wa ter ways.

Amounts avail able in the LUST Trust Fund, ex ceed ing cur rent 

ex pen di ture re quire ments, are in vested by the Sec re tary of the

Trea sury in in ter est-bearing Gov ern ment se cu ri ties (e.g.,

Trea sury bills). All in ter est earned is cred ited di rectly to the

LUST Trust Fund.

To carry out the LUST pro gram, amounts are ap pro pri -

ated for the LUST Trust Fund to the EPA for pro gram matic

and ad min is tra tive ex penses.

An an nual re port to Con gress by the Sec re tary of the

Trea sury is re quired by 26 United States Code 9602 (a). These

re ports pres ent the fi nan cial con di tion of the LUST Trust Fund 

and re sults of op er a tions for the past fis cal year and its ex -

pected con di tion and op er a tions dur ing the next 5 fis cal years.

Bal ance Oct. 1, 1998.............................................................................................

$1,182,165,428

Re ceipts:

Taxes re lat ing to high way, in land and air port trust funds ................................................................ 218,626,585

In ter est on in vest ments ......................................................................................... 57,809,171

In ter est on in vest ments—ac crued .................................................................................

-20,237

Gross tax re ceipts ............................................................................................

276,415,518

Less re im burse ments to gen eral fund:

Re fund of taxes and es ti mated tax cred its ........................................................................... 3,090,949

Net re ceipts..................................................................................................

273,324,570

To tal re ceipts.................................................................................................

273,324,570

Undisbursed bal ances:

EPA LUST bal ances ........................................................................................... 72,500,000

EPA In spec tor Gen eral (IG) bal ances ..............................................................................

-

To tal undisbursed bal ances....................................................................................

72,500,000

Ex penses:

EPA LUST ex penses........................................................................................... 65,000,000

EPA IG ex penses.............................................................................................. -

To tal ex penses ..............................................................................................

65,000,000

Bal ance Sept. 30, 1999...........................................................................................

$1,382,989,998
132

IN TRO DUC TION: Nu clear Waste Fund

The Nu clear Waste Fund was es tab lished on the books of

the Trea sury in fis cal 1983, ac cord ing to pro vi sions of the Nu -

clear Waste Pol icy Act of 1982 [42 United States Code 10222

(c)]. Re ceipts rep re sent fees col lected from pub lic util i ties

based on elec tric ity gen er ated by nu clear power re ac tors and

spent nu clear fuel. Ex pen di tures from the fund are for pur -

poses of ra dio ac tive waste dis posal ac tiv i ties.

Amounts avail able in the fund ex ceed ing cur rent needs

may be in vested by the Sec re tary of the Trea sury in ob li ga tions 

of the United States (1) hav ing ma tu ri ties in tan dem with the

needs of the waste fund and (2) bear ing in ter est at rates de ter -

mined ap pro pri ate, tak ing into con sid er ation the cur rent av er -

age mar ket yield on out stand ing mar ket able ob li ga tions of the

United States with re main ing pe ri ods to ma tu rity com pa ra ble

to the ma tu ri ties of such in vest ments, ex cept that the in ter est

rate on such in vest ments shall not ex ceed the av er age in ter est

rate ap pli ca ble to ex ist ing borrowings.

An an nual re port to Con gress by the Sec re tary of the

Trea sury, af ter con sul ta tion with the Sec re tary of En ergy, is

re quired by 42 United States Code 10222 (e) (1). This re port

must pres ent the fi nan cial con di tion and the re sults of op er a -

tions of the waste fund dur ing the pre ced ing fis cal year.

TA BLE TF-18.—Nu clear Waste Fund

Re sults of Op er a tions, Fis cal 1999

[Source: DOE]

Bal ance Oct. 1, 1998 .................................................................................................... .

$10,075

Re ceipts:

Fees col lected ................................................................................................... ...... 666,247,868

Pen alties and in ter est on fee pay ments ..................................................................................... -

In ter est on in vest ments.................................................................................................. 106,248,608

To tal re ceipts................................................................................................... .....

772,496,476

Out lays:

DOE ra dio ac tive waste dis posal ac tiv i ties ................................................................................... 188,829,121

Cost of in vest ments ................................................................................................... . 582,622,776

To tal out lays ................................................................................................... .....

771,451,897

Bal ance Sept. 30, 1999 ...................................................................................................

$1,145,354
133

IN TRO DUC TION: Re for es ta tion Trust Fund

The Re for es ta tion Trust Fund was es tab lished on the

books of the Trea sury in fis cal 1981 to con tinue through Sep -

tem ber 30, 1985, ac cord ing to pro vi sions of Ti tle III—Re for -

es ta tion, of the Rec re ational Boating Safety and Fa cil ities

Im prove ment Act of 1980 [16 United States Code 1606a (a)].

The act pro vides that the Sec re tary of the Trea sury shall

trans fer to the trust fund tar iffs, lim ited to not more than $30

mil lion for any fis cal year, re ceived in the Trea sury from Oc to -

ber 1, 1979, through Sep tem ber 30, 1985, on (1) rough and pri -

mary wood prod ucts and wood waste; (2) lum ber, floor ing and 

mold ings; and (3) wood ve neers, ply wood, other

wood-veneer as sem blies and build ing boards. Pub lic Law

99-190 ex tended the re ceipts for the trust fund. Amounts avail -

able in the re for es ta tion trust fund ex ceed ing cur rent with -

draw als are in vested in in ter est-bearing ob li ga tions of the

United States or in ob li ga tions guar an teed as to both prin ci pal

and in ter est by the United States. The in ter est on, and the pro -

ceeds from the sale or re demp tion of, any ob li ga tions are cred -

ited to the trust fund.

The Sec re tary of Ag ri cul ture is au tho rized to ob li gate

avail able sums in the trust fund (in clud ing any amounts not

ob li gated in pre vi ous years) for (1) re for es ta tion and tim ber

stand im prove ment and (2) ad min is tra tive costs of the Gov -

ern ment for these ac tiv i ties.

An nual re ports are re quired by 16 United States Code

1606 a (c) (1) to be sub mit ted by the Sec re tary of the Trea sury,

af ter con sul ta tion with the Sec re tary of Ag ri cul ture, on the finan cial con di tion and the re sults of the op er a tions of the trust

fund dur ing the past fis cal year and on its ex pected con di tion

and op er a tions dur ing the next fis cal year.

TA BLE TF-19.—Re for es ta tion Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$20,423,425

Re ceipts:

Ex cise taxes (tar iffs) ................................................................................................... . 30,000,000

Re demp tion of in vest ment ...............................................................................................

258,934

To tal re ceipts........................................................................................................

30,258,934

Ex penses:

Ex pen di ture................................................................................................... ........ 42,416,777

To tal ex penses ................................................................................................... ...

42,416,777

Ad just ment .................................................................................................... .........

-

Bal ance Sept. 30, 1999 ...................................................................................................

$8,265,582

TA BLE TF-19.—Re for es ta tion Trust Fund

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2000

[In thou sands of dol lars. Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1, 1999 ................................................................................................... . .

$8,266

Re ceipts:

Ex cise taxes (tar iffs) ................................................................................................... . 30,000

Re demp tion of in vest ments .............................................................................................. 210

To tal re ceipts................................................................................................... .....

30,210

Out lays ................................................................................................... .............

30,000

Bal ance Sept. 30, 2000 ...................................................................................................

$8,476
134 TRUST FUNDS

CHARTS TF-D and E.—Ma jor Trust Funds

Re ceipts and

Ex penses,

Fis cal 1999

 

 Receipts

Expenses

 (In bil lions of dol lars)

[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 .]

0

5

10

15

20

25

30

35

40

Airport

and

Airway

Trus t Fund

Black

Lung

Trust Fund

Hazardous

S ubst ance

Superfund

Highway

Trust Fund

Nuclear

Was te

Fun d

0

300

600

900

1200

1500

1800

Airpo rt

and

Airwa y

Tru st Fun d

Ha za rd ou s

Su bs ta nc e

Superfun d

Highwa y

Trus t Fu nd

Nuclea r

Was te

Fund

In ter est on

In vest ments,

Fis cal 1998-99

 

 1998 1999

(In mil lions of dol lars)
135

IN TRO DUC TION: Aquatic Re sources Trust Fund

Aquatic Re sources Trust Fund was es tab lished on the

books of the Trea sury pur su ant to the Def i cit Re duc tion Act of

1984 (Pub lic Law 98-369, ap proved July 18, 1984). The fund

con sists of two ac counts: the Sport Fish Res to ra tion Ac count

and Boat Safety Ac count.

Mo tor boat fuel taxes are trans ferred, in amounts up to $70

mil lion per fis cal year, from the High way Trust Fund to the

Boat Safety Ac count. Au thor ity for such trans fers ex pired on

Oc to ber 1, 1997.

Amounts equiv a lent to the ex cise taxes re ceived on sport

fish ing equip ment and im port du ties on fish ing tackle, yachts

and plea sure craft are ap pro pri ated into the Sport Fish Res to ra -

tion Ac count. Mo tor boat fuel taxes not trans ferred to the Boat

Safety Ac count or to the Land and Wa ter Con ser va tion Fund

are trans ferred from the High way Trust Fund to the Sport Fish

Res to ra tion Ac count. Trans fers of mo tor boat fuel taxes from

the High way Trust Fund to the Land and Wa ter Con ser va tion

Fund are lim ited to $1 mil lion per fis cal year. In ad di tion, pur -

su ant to the Om ni bus Bud get Rec on cil i a tion Act of 1990 (Pub -

lic Law 101-508), small en gine gas o line taxes are trans ferred

to the Sport Fish Res to ra tion Ac count.

Amounts in the Sport Fish Res to ra tion Ac count are used,

as pro vided by ap pro pri a tion acts, for the pur poses of car ry ing

out “An Act to pro vide that the United States shall aid the States 

in fish res to ra tion and man age ment pro jects, and for other pur -

poses,” ap proved Au gust 9, 1950 (as in ef fect on Oc to ber 1,

1988) and the Coastal Wet lands Planning, Pro tec tion and Res -

to ra tion Act, as in ef fect on No vem ber 29, 1990.

Amounts in the Boat Safety Ac count, as pro vided by ap -

pro pri a tions acts, are avail able to carry out the pur poses of Pub -

lic Law 92-75 re lated to rec re ational boat ing safety as sis tance.

When the pro vi sions of 26 United States Code 9602 (b)

are met, amounts avail able in the two ac counts ex ceed ing out -

lay re quire ments are in vested in pub lic debt se cu ri ties with the

in ter est cred ited to the re spec tive ac counts.

An nual re ports to Con gress, re quired by 26 United States

Code 9602 (a), are sub mit ted by the Sec re tary of the Trea sury.

These re ports are re quired to cover the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

those ex pected dur ing the next 5 fis cal years.

Bal ance Oct. 1, 1998 ................................................................................................... . . $1,013,997,353

Rev e nue:

Gas, mo tor boat................................................................................................... ..... 205,289,000

Fish equip ment................................................................................................... ..... 96,279,000

Elec tric troll ing so nar................................................................................................... . 1,895,000

Im port duty equip ment, Cus toms Service.................................................................................... 26,015,070

Gas, mo tor boat, small en gines ............................................................................................ 70,369,000

In ter est on in vest ments.................................................................................................. 49,400,122

Gain on re demp tion of se cu ri ties .......................................................................................... 76,111

Loss on re demp tion of se cu ri ties .......................................................................................... -

Loss on sale of securities ................................................................................................

-210,516

To tal rev e nue................................................................................................... .....

449,112,786

Eq uity:

Trans fer from Boat Safety to Sport Fish Res to ra tion ...........................................................................

-

To tal eq uity ................................................................................................... ......

-

Nonexpenditure trans fers:

In te rior ................................................................................................... ............ 257,000,000

U.S. Coast Guard ................................................................................................... ... 36,837,334

Corps of En gi neers ................................................................................................... . .

29,000,000

To tal nonexpenditure trans fers ..........................................................................................

322,837,334

Bal ance Sept. 30, 1999 ...................................................................................................

$1,140,272,805

TA BLE TF-20.—Aquatic Re sources Trust Fund, Sport Fish Res to ra tion

Re sults of Op er a tions, Fis cal 1999

[Source: Fi nan cial Man age ment Ser vice (FMS)]
136 TRUST FUNDS

TA BLE TF-20.—Aquatic Re sources Trust Fund, Boat Safety

Re sults of Op er a tions, Fis cal 1999

[Source: FMS]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$68,598,069

Rev e nue:

Gas, mo tor boat................................................................................................... ..... 25,909,221

In ter est on in vest ments.................................................................................................. 3,312,046

Gain on re demp tion of se cu ri ties .......................................................................................... -

Loss on sale of securities ................................................................................................ -7,692

To tal rev e nue................................................................................................... .....

29,213,575

Nonexpenditure trans fers:

U.S. Coast Guard ................................................................................................... ... 22,973,481

To tal nonexpenditure trans fers ..........................................................................................

22,973,481

Eq uity:

Trans fer to Sport Fish Res to ra tion from Boat Safety ...........................................................................

-

To tal eq uity ................................................................................................... ......

-

Bal ance Sept. 30, 1999 ...................................................................................................

$74,838,164

 Note.--The ex pected con di tion and re sults of op er a tions for fis cal years 2000 through 2004

were not avail able at the time of pub li ca tion.
137

IN TRO DUC TION: Oil Spill Li a bil ity Trust Fund

The Oil Spill Li a bil ity Trust Fund was es tab lished on the

books of the Trea sury by the Om ni bus Bud get Rec on cil i a tion

Act of 1986 (Pub lic Law 99-509). It was made ef fec tive on Jan -

u ary 1, 1990, by the Om ni bus Bud get Rec on cil i a tion Act of

1989 (Pub lic Law 101-239) and amended by the Oil Pol lu tion

Act of 1990 (Pub lic Law 101-380).

Amounts equiv a lent to the taxes re ceived from the en vi -

ron men tal tax on pe tro leum, but only to the ex tent of the Oil

Spill Li a bil ity Trust Fund rate, are ap pro pri ated to the fund.

The tax is not ap plied dur ing any cal en dar quar ter if the Sec re -

tary of the Trea sury es ti mates that, as of the close of the pre ced -

ing cal en dar quar ter, the unobligated bal ance in the fund

ex ceeds $1 bil lion.

Cer tain amounts were trans ferred from other funds and

were ap pro pri ated to the Oil Spill Li a bil ity Trust Fund as pro -

vided by 26 United States Code 9509 (b). Cer tain paid pen al ties 

and amounts re cov ered for dam ages are also ap pro pri ated to

the fund.

Amounts in the fund are avail able for oil spill cleanup

costs and cer tain other re lated pur poses as pro vided by ap pro -

pri a tions acts or sec tion 6002 (b) of the Oil Pol lu tion Act of

1990.

When the pro vi sions of 26 United States Code 9602 (b) are 

met, amounts avail able in the fund ex ceed ing out lay re quire -

ments are in vested in pub lic debt se cu ri ties. In ter est is cred ited

to the fund. 

An nual re ports to Con gress, re quired by 26 United States

Code (a), are sub mit ted by the Sec re tary of the Trea sury. These

re ports are re quired to cover the fi nan cial con di tion and re sults

of op er a tions of the fund dur ing the past fis cal year and those

ex pected dur ing the next 5 fis cal years.

TA BLE TF-21.—Oil Spill Li a bil ity Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: FMS]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$1,084,453,854

Rev e nue:

Tax on crude oil/pe tro leum prod ucts........................................................................................ -120,000

Trans fer from Alaska Pipe line Fund ........................................................................................ -

Cost re cov er ies ................................................................................................... ..... 7,375,598

Fi nes and pen al ties................................................................................................... . . 5,564,808

In ter est on in vest ments.................................................................................................. 49,410,470

Gain on re demp tion of se cu ri ties .......................................................................................... 8,678

Loss on re demp tion of se cu ri ties ..........................................................................................

-63,367

To tal rev e nue................................................................................................... .....

62,176,188

Out lays/nonexpenditure trans fers:

Trans fer to In te rior ................................................................................................... . . 6,118,000

Trea sury ad min is tra tion costs ............................................................................................. 39,209

Trans fer to EPA ................................................................................................... .... 14,777,509

Trans fer to DOT re search and spe cial pro grams .............................................................................. 4,248,000

Trans fer to U.S. Coast Guard ............................................................................................. 93,663,011

Trans fer to Corps of En gi neers ............................................................................................

-

To tal out lays/ nonexpenditure trans fers ....................................................................................

118,845,729

Bal ance Sept. 30, 1999 ..................................................................................................

$1,027,784,314

 Note.— The ex pected con di tion and re sults of op er a tions for fis cal years 2000 through 2004

were not avail able at the time of pub li ca tion.
138

IN TRO DUC TION: Vac cine In jury Com pen sa tion Trust Fund

The Vac cine In jury Com pen sa tion Trust Fund was cre ated 

on the books of the Trea sury by the Rev e nue Act of 1987 (Pub -

lic Law 100-203, ap proved De cem ber 22, 1987). Ex cise taxes

on DPT, DT, MMR and po lio vac cines (26 United States Code

4131) are ap pro pri ated into the fund, which is a source of funds

to pay claims for com pen sa tion for vac cine-related in jury or

death oc cur ring af ter Oc to ber 1, 1988. 

An nual re ports to Con gress, re quired by 26 United States

Code (a), are sub mit ted by the Sec re tary of the Trea sury. These

re ports are re quired to cover the fi nan cial con di tion and re sults

of op er a tions of the fund dur ing the past fis cal year and those

ex pected dur ing the next 5 fis cal years.

TA BLE TF-22.—Vac cine In jury Com pen sa tion Trust Fund

Re sults of Op er a tions, Fis cal 1999

[Source: FMS]

Bal ance Oct. 1, 1998 ................................................................................................... . .

$1,321,345,803

Re ceipts:

Ex cise tax re ceipts ................................................................................................... . . 129,741,250

In ter est on in vest ments.................................................................................................. 61,047,245

Gain on re demp tion of se cu ri ties .......................................................................................... 8,948

Loss on re demp tion of se cu ri ties .......................................................................................... -44,742

To tal re ceipts................................................................................................... .....

190,752,701

Out lays/nonexpenditure trans fers:

U.S. Claims Court ex penses.............................................................................................. 1,572,228

De part ment of Jus tice................................................................................................... 2,671,584

Health re sources/trans fers ...............................................................................................

51,955,677

To tal out lays/nonexpenditure trans fers ....................................................................................

56,199,489

Bal ance Sept. 30, 1999 ...................................................................................................

$1,455,899,015

 Note.— The ex pected con di tion and re sults of op er a tions for fis cal 2000 through 2004 were

not avail able at the time of pub li ca tion.
139

IN TRO DUC TION: Na tional Rec re ational Trails Trust Fund

Pro vi sions re lat ing to a Na tional Rec re ational Trails Trust

Fund were en acted as part of the Intermodal Sur face Trans por -

ta tion Ef fi ciency Act of 1991 (Pub lic Law 102-240, ap proved

De cem ber 18, 1991). The Act pro vides that amounts equiv a -

lent to the taxes im posed on fuel used in ve hi cles on rec re -

ational trails or back coun try ter rain and in camp stoves and

other non-engine uses in out door rec re ational equip ment shall

be paid from the High way Trust Fund to the Na tional Rec re -

ational Trails Trust Fund [26 United States Code 9503 (c) (6)].

Trans fers to the fund are lim ited to amounts ob li gated un der

sec tion 1302 of the Act. Ob li gated amounts could not ex ceed

$30 mil lion per fis cal year over the 1992-97 pe riod. Ob li ga -

tions can not be made un til amounts are ap pro pri ated; there

have not yet been ap pro pri a tions to the fund.

When the pro vi sions of 26 United States Code 9602 (b)

are met, amounts avail able in the fund ex ceed ing out lay re -

quire ments are in vested in pub lic debt se cu ri ties with the in -

ter est cred ited to the fund.

An nual re ports to Con gress, re quired by 26 United States

Code 9602 (a), are sub mit ted by the Sec re tary of the Trea sury.

These re ports are re quired to cover the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

those ex pected dur ing the next 5 fis cal years.

Note.— No cur rent fig ures or fu ture pro jec tions are avail able from the Trea sury be cause funds

have yet to be ap pro pri ated.
Re search Pa per Se ries

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham and John S. Greenlees . February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan , Robert

Gillingham and John S. Greenlees . November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham and John S. Greenlees . January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. 

December 1997.

Copies may be ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

140 TECH NI CAL PA PERS
With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of re -

demp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B, 

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)— In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint 

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auc -

tions, pur chas ers ten der com pet i tive bids on a dis count rate ba -

sis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, au -

thor ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a spe -

cific amount or an un spec i fied amount can be made avail able.

Au thor ity may also be clas si fied as cur rent or per ma nent. Per -

ma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which bud -

get out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of De cem ber 1999, the

debt limit was $5,950,000 mil lion; the limit may change from

year to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and cer -

tain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (cou -

pon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Trea -

sury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 United States Code 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er ations”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Fed -

eral funds or trust funds). 

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Gov -

ern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency cur -

rently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo cations other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States, and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also,

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

141

Glos sary

Source: Fi nan cial Man age ment Ser vice
de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing sub -

or di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the cor -

po ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agen -

cies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted is -

sues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to in -

ter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be con -

verted to do mes tic (nor mal) Trea sury notes with the same ma -

tu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund stat -

utes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Trea -

sury ob li ga tions, and they may be re deemed at the op tion of

the holder. Roughly 80 per cent of these are is sued to five hold -

ers: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;

the civil ser vice re tire ment and dis abil ity fund; the Fed eral

Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;

and the Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

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

count in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions,

the IMF pro motes in ter na tional trade, sta bil ity of ex change

and mon e tary co op er a tion. Mem bers are al lowed to draw from 

the fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are ex -

cluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued be -

tween May 1941 and No vem ber 1965), Se ries EE (is sued

since Jan u ary 1980), Se ries H (is sued from June 1952 through

De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—Of fers by an in ves tor to pur chase Trea sury se cu ri -

ties at the price equiv a lent to the weighted av er age dis count

rate or yield of ac cepted com pet i tive ten ders in a Trea sury auc -

tion. Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er ations”)—Fed erally owned and con trolled en ti ties w hose

trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays or def i cits. Their bud -

get au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er ations”)—Trea sury has his tor i cally of fered pack ages of sev -

eral “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust and No vem ber, or on the next work ing day. These is -

sues cur rently con sist of a 3-year note, a 10-year note and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected

from sell ing land, cap i tal, or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties,

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new is -

sue. A re opened is sue will al ways have the same ma tu rity date, 

CUSIP-number and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to in -

crease in ter na tional li quid ity and pro vide ad di tional in ter national re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in ex -

change sta bi li za tion fund (ESF) state ments as li a bil i ties, they

must be re deemed by ESF only in the event of liq ui da tion of,

or U.S. with drawal from, the SDR de part ment of IMF or can -

cel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Spe -

cial non mar ket able cer tif i cates, notes and bonds of fered to

142

Glos sary
State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are of -

fered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes ma -

ture in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Trea -

sury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of 

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er ations”)—An intra-budgetary trans ac tion in which both pay -

ments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and 

pos ses sions.

U.S. notes (USCC)— Le gal ten der notes of five dif fer ent is -

sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

143

Glos sary