DECEMBER 1997

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

Introduction: Federal fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Analysis.--Budget results and financing of the U.S. Government and third-quarter receipts by source. . . . . . . . . . . . . . . . . . . . 7

FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

ACCOUNT OF THE U.S. TREASURY

Introduction: Source and availability of the balance in the account of the U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

FEDERAL DEBT

Introduction: Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

FD-1.--Summary of Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 22

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . . 23

FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

PUBLIC DEBT OPERATIONS

Introduction: Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

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

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 39

PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . 42

PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 44

U.S. SAVINGS BONDS AND NOTES

Introduction: Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

OWNERSHIP OF FEDERAL SECURITIES

Introduction: Ownership of Federal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

MARKET YIELDS

Introduction: Market yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction: U.S. currency and coin outstanding and in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Contents
USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . . 57

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction: International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

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

 and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

CAPITAL MOVEMENTS

Introduction: Capital movements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

United States portfolio investment abroad as of December 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

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

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

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

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

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

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

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

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

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

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

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

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

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

 STATES

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

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

 ENTERPRISES IN THE UNITED STATES

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

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

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

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

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

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

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

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

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

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

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

 during (third quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

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

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

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

FOREIGN CURRENCY POSITIONS

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

SECTION I.--CANADIAN DOLLAR POSITIONS

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

IV

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

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

SECTION II.--GERMAN MARK POSITIONS

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

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

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

SECTION III.--JAPANESE YEN POSITIONS

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

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

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

SECTION IV.--SWISS FRANC POSITIONS

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

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

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

SECTION V.--STERLING POSITIONS

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

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

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

EXCHANGE STABILIZATION FUND

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

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

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

SPECIAL REPORTS

TRUST FUNDS

Introduction: Trust Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TF-A.--Chart: Major trust funds, total net increase or decrease in assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TF-B.--Chart: Total receipts of major trust funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

TF-C.--Chart: Total expenditures of major trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

TF-1.--Civil Service Retirement and Disability Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

TF-2.--Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

TF-3.--Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

TF-4.--Federal Old-Age and Survivors Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

TF-5.--Federal Supplementary Medical Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

TF-6.--National Service Life Insurance Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

TF-7.--Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

TF-8.--Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

TF-9.--Investments of specified trust accounts in public debt securities by issue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127

Introduction: Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

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

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

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

 V

Contents
Nonquarterly Tables and Reports

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

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

 Issues

 March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

Consolidated Financial Statements of the United States

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

Statement of Liabilities and Other Financial Commitments

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

Trust Fund Reports:

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

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

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

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

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

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

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

Federal Supplementary Medical Insurance Trust Fund . . . 

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

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

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

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

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

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

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

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

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

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

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

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

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

Uranium Enrichment Decontamination and

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

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

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VI
Profile of the Economy

Real gross domestic product

Growth in real GDP continued at a strong pace in the third

quarter of 1997, rising at a 3.3 percent annual rate. This was the

same as growth in the second quarter and compares with a 4.9

percent advance in the first. Over the past four quarters real

GDP has increased by a rapid 3.9 percent.

Consumer spending accelerated in the third quarter to 5.8 percent at an annual rate after only a 0.9 percent gain in the second. A swing in motor vehicle purchases was partly

responsible, but growth picked up for other types of consumer

spending as well. Business investment in capital equipment

posted its second straight quarterly increase above 20 percent,

while investment in structures grew moderately after declines

in the prior two quarters. The major negative factors in the third

quarter were slower inventory accumulation and deterioration

in the net export trade deficit.

The broad measures of inflation in the national income accounts were very tame in the third quarter. The chain-weighted

price index for GDP rose at a 1.5 percent annual rate, the smallest quarterly gain in 5 years. The domestic purchases index

(which subtracts exports and adds imports to get a measure of

prices paid by U.S. residents) rose at a 1.3 percent pace, a bit

faster than in the second quarter when falling oil prices held

this inflation measure down.

Consumer and producer prices

Inflation has been very favorable in 1997. Food and energy

prices have moderated following some acceleration last year.

‘‘Core’’ inflation, which excludes the volatile food and energy

components, also remains well contained.

The consumer price index (CPI) rose by 1.8 percent at an annual rate through the first 10 months of 1997, well below the

3.3 percent increase during 1996. Food and energy prices were

responsible for much of the deceleration, reversing course this

year after rising sharply last year. The core CPI advanced at a

2.2 percent pace through October, down slightly from the 2-3/4

percent averaged during the previous 3 years and well below

the pace of the early 1990’s. If growth in the core index continues at its current rate, the increase for 1997 will be the smallest

since 1965. 

Declines in food and energy prices at the producer level resulted in 7 consecutive monthly decreases in the producer price

index (PPI) this year. They were followed by some increases in

the August to October period. After 10 months, the index was

down at a 1.2 percent annual rate. On a core basis, finished

goods prices edged up at a rate of only 0.3 percent in the first

10 months. If that trend continues, this would be the lowest rise

in the history of the series, which began in 1974. 

The cost of compensating labor, which typically rises when

labor markets are tight, remains moderate. The employment

cost index rose 3 percent over the year ending in September, up

a little from the 2.8 percent increase over the 12-month period

ending in June. A speedup in the growth of wages and salaries

was offset by a slowdown in benefit costs. Unit labor costs fell

at a 0.3 percent annual rate in the third quarter as growth in productivity more than offset gains in hourly compensation.

Real disposable personal income and consumer spending

Real disposable (after-tax) personal income rose at a 2.9 percent annual rate in the third quarter. Growth this year has averaged a 3.5 percent annual rate, up from 2 percent during all of

1996. Wages and salaries have been increasing at nearly a 5

percent pace in real terms during 1997, fueled by strong job

gains and rising wage rates. (Personal income also includes

transfer payments, proprietors income, dividends, interest, etc.)

Real consumer spending surged at a 5.7 percent annual rate

in the third quarter, following a pause in the second. A rebound

in motor vehicle purchases accounted for much of the strength,

after special factors depressed second quarter results. So far this

year, spending has advanced at a 4 percent annual rate, compared to 2.7 percent during 1996.

The share of after-tax income devoted to personal saving fell

to 3.6 percent in the third quarter. The personal saving rate has

averaged only 3.8 percent this year, down from 4.2 percent in

1996 and on track to be the lowest in the postwar history of the

series.

Industrial production and capacity utilization

Industrial production in manufacturing, mining, and utilities

has grown at a 5.1 percent annual rate through the first 10

months of 1997. This follows increases of 4.3 percent during all

of 1996 and 1.1 percent during 1995.

Manufacturing output, which accounts for 86 percent of industrial production, has risen at a 5.5 percent rate since last December, spurred by huge advances in computers and

semiconductors. Excluding these items, factory output is up at

a more subdued 3.1 percent pace.

The expansion of industrial capacity has proceeded at a rapid

3.9 percent annual rate so far during 1997, the strongest pace

since the early 1970’s. Even so, growth of industrial production

Growth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.

3

[Source: Office of Economic Policy, Office of Financial Analysis]
has outpaced it, pushing the industrial capacity utilization rate

up to 84.3 percent in October from 83.5 percent at the end of

1996. The utilization rate is currently only 0.6 percentage point

below the 84.9 percent reached at the beginning of 1995, the

peak for the current business cycle expansion.

Employment and unemployment

Strength in labor markets continues. Job growth has accelerated this year from the 1996 pace and the unemployment rate

has fallen to levels not seen since 1973. 

Increases in jobs on nonfarm payrolls averaged 239,000 per

month over the first 10 months of this year, above the 212,000

per month averaged in 1996. Growth in October was a large

284,000, up from 161,000 averaged over the prior 2 months. Improvement was widespread in October, including the biggest

gain in manufacturing jobs since 1990.

The unemployment rate dipped to 4.7 percent in October, the

lowest figure in 24 years. The share of the working-age population that is employed held steady at 63.7 percent, only fractionally below the all-time peak of 63.9 percent reached in May.

These indicators show that the economy continues to operate at

a very high level of labor utilization.

Average hourly earnings of production and other nonsupervisory workers rose to $12.41 in October. Growth in hourly

wages over the past 12 months was 4.2 percent in nominal

terms and a strong 2 percent in real terms.

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

rose at a 2.7 percent annual rate during the first three quarters

of 1997, following a 1.2 percent increase during all of 1996.

These results exceeded the long-term trend growth rate of 1.1

percent, and they represent a marked improvement over the

prior 3 years, when on balance there was no growth.

Hourly compensation costs in the nonfarm business sector

rose at a 4.1 percent annual rate during the first three quarters

of 1997. Labor costs per unit of output in the nonfarm business

sector, which combine the impact of growth of compensation

with that of productivity, were up by a 1.2 percent annual rate

so far this year. This compared to an increase of 2.1 percent during all of 1996. The 1997 rate of advance suggests that inflationary pressures remain contained.

Productivity in manufacturing grew at a 5 percent annual rate

over the first three quarters of 1997, after a 3.9 percent increase

during all of 1996. Unit labor costs in manufacturing have declined by 1.5 percent annual rate so far this year, following a

0.8 percent decline during 1996.

Current account balance

The current account is a summary of U.S. international transactions, measuring the trade in goods and services as well as

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

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

The current account deficit was just under $40 billion in each

of the first two quarters of this year, an annual rate of about

$158 billion. This represents a widening from a recent low of

$6 billion in 1991. The faster pace of U.S. economic growth

since that year compared with that of our major trading partners

imports at a more rapid rate than exports. In addition, the balance on investment income has dwindled as the inflow of capital into the United States boosted payments of earnings and

interest to foreigners.

The current account deficit so far this year, though large, is

still $10 billion below the all-time peak deficit in 1987. The

deficit relative to GDP has improved, dropping from 3 to 3.6

percent as a share of GDP during the 1985-1987 period to

about 2.1 percent in the first half of 1997.

The widening deficit in 1997 mainly reflected a swing from

surplus to deficit on investment income, primarily interest payments on the rapidly growing foreign holdings of U. S. Treasury securities. The balance on goods and services showed

virtually no change in the first half of 1997, although this balance deteriorated in the third quarter and was a sizable drag on

real GDP growth in that quarter.

Exchange rate of the dollar

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

1995 and continued through 1996, accelerated in 1997. Based

on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar had risen by 8.4 percent

by the end of 1996 from the all-time low reached in April 1995.

The dollar rose a further 13 percent through August before easing, but by mid-November was still 8 percent above its level at

the end of 1996.

Improvement was greatest against the yen and the deutschemark, although behavior has been quite disparate recently. Between April 1995 and December 1996, the dollar rose by 12

percent against the deutschemark and by 36 percent against the

yen. The dollar appreciated a further 20 percent against the

deutschemark through August but has declined about 8 percent

since then. The dollar rose by 10 percent against the yen from

the end of 1996 through April, declined in the subsequent 3

months, then moved back about to its April high by mid-November.

Many factors determine the level of exchange rates in international currency markets. Financial and currency uncertainty in

several overseas markets have contributed to a higher degree of

volatility this year. However, underlying economic fundamentals in the United States are sound and confidence in the dollar

remains high. 

Interest rates

Short-term market interest rates have been somewhat volatile

since the spring. The rate on the 3-month bill moved above the

5.1 percent mark in August, dipped in September and October,

then moved back up again to about 5.2 percent in November.

The Federal Reserve Board has left monetary policy unchanged since raising the Federal funds rate target by one-quarter of a point in March, to 5.50 percent. The discount rate was

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

1996. The Board took the tightening action in light of strong demand growth, which was raising the risk of inflationary pressure.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Economic growth has continued at a rapid rate since then. At

its November meeting the Board decided not to tighten monetary policy further despite the considerable forward momentum

in the economy, as such a move might have exacerbated the recent currency and stock market crises in East Asian and South

American countries. 

While short-term rates fluctuated within a broad but steady

range since April, long-term interest rates have fallen. The yield

on the 30-year Treasury bond declined from over 7 percent in

April to near 6 percent by mid-November. Mortgage rates for a

30-year fixed rate conventional loan have fallen from above

8 percent in April to about 7.2 percent. Mortgage rates have

been very attractive for the past 3 years and have been one of

the factors helping to support growth in the housing market.

Net national saving and investment

Net national saving (which excludes depreciation to replace

worn-out or obsolete equipment and structures used in production) rose to 7.1 percent of net national product (NNP) in the

first half of 1997. This compared to 6.4 percent in 1996 and the

weak 3.4 percent in 1992. Despite the progress, net saving remains well below the 12.1 percent of NNP averaged in the

1950’s and 1960’s. 

Recent improvement is almost entirely the result of the significant narrowing of the Federal deficit, which has reduced

government dissaving to only 0.2 percent of NNP in the first

half of 1997 from a large 4.7 percent in 1992. Private saving of

households and businesses has declined over that period, as increased wealth generated by a rising stock market appears to

have reduced households’ desire to save. Gains in corporate

profits have led to somewhat higher business saving.

Net domestic investment equaled 8.2 percent of NNP in the

first half of 1997. This was up from a low 4.9 percent in 1991

and was the first time since the late 1980’s that domestic investment has topped 8 percent. About one-quarter of investment

this year was financed by foreign inflows, which were equivalent to 2.1 percent of NNP in the first half. U.S. sources provided investment equal to 6.1 percent of NNP, only about half

as much as averaged in the 1950’s and 1960’s.

Housing

Housing activity has moderated in recent months but remains

at a very high level. Underlying fundamentals have been very

favorable, such as strong job and income growth, record levels

of consumer confidence, and low mortgage interest rates. 

Starts of new homes averaged 1.46 million units at an annual

rate through the first 9 months of the year. This is down a bit

from the 1.48 million units in 1996, which was the best year for

home building since 1988. Starts of single-family homes have

not shown much growth this year, while the smaller multi-family market continues on its modest upward trend.

Sales of new single-family homes have outpaced new singlefamily starts, leading to a sharp reduction in the inventory of unsold new homes on the market. Sales of new homes have risen

to an average of over 800,000 units at an annual rate so far this

year, well above the 1996 total of 757,000, which had been the

best in a decade. Sales of existing homes also have been strong.

They averaged a 4.2 million-unit annual pace so far this year after topping the 4 million mark in 1996 for the first time since

that series began in 1968.

The rapid growth in home sales has pushed the homeownership rate to its highest level since data were first collected in

1965. The homeownership rate rose to 66 percent in the third

quarter.

Federal budget deficit

The Federal budget deficit fell to $22.6 billion in fiscal 1997,

well below the $107 billion deficit of fiscal 1996 and the smallest since 1974. The deficit represented just 0.3 percent of GDP,

the lowest since 1970. The deficit has been shrinking since

1992, when it reached an all-time high of $290 billion. The deficit has been cut by more than 90 percent over the past 5 years,

or a total of almost $270 billion.

Receipts were very strong in fiscal 1997, rising 8.7 percent.

The sharp jump in receipts was especially notable for nonwithheld individual income taxes, up more than 16 percent over the

year. Withheld individual taxes and corporate profits tax receipts also grew rapidly, reflecting the strong labor market and

rising corporate profits.

Growth in Federal spending was held to a moderate 2.7 percent in fiscal 1997. Slower growth in outlays was aided by

large spectrum auction proceeds and asset sales in the deposit

insurance account, both of which are treated as negative outlays

in budget accounting. Excluding these components, outlay

growth was about 3-3/4 percent in fiscal 1997.

Further deficit reduction is expected over the next few years,

with balance achieved by 2002. That year the budget is projected to show a surplus of $63 billion, which would be the first

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

Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

PROFILE OF THE ECONOMY 5
INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations

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

Reappropriations are Congressional actions that extend the

availability of unobligated amounts that have expired or would

otherwise expire. These are counted as new budget authority

in the fiscal year of the legislation in which the reappropriation

act is included, regardless of when the amounts were originally

appropriated or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of

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

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

interest on public issues of Treasury debt securities (including

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

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

electronic payments.

Refunds of collections generally are treated as reductions

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

during a fiscal year may be for payment of obligations incurred

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

part from unexpended balances of prior year budget authority

and from budget authority provided for the year in which the

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

Receipts are reported in the tables as either budget receipts

or offsetting collections. They are collections from the public,

excluding receipts offset against outlays. These, also called

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

licenses, and deposits of earnings by the Federal Reserve

system. Refunds of receipts are treated as deductions from

gross receipts. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

Offsetting collections from other Government accounts or

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

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

deposited in receipt accounts). The former normally can be

used without appropriation act by Congress. These occur in

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

for materials or services are treated as reimbursements to

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

are netted against gross outlays in determining net outlays

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

offsetting collections are netted against spending, and outlays

are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used

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

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

governmental appropriation or fund accounts. They finance

operations within and between Government agencies and are

credited with collections from other Government accounts;

and (3) offsetting governmental receipts which include foreign

cash contributions.

Intrabudgetary transactions are subdivided into three

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

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

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

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

receipts both occur within the trust fund group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

Federal entities) as employers into employees’ retirement

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

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

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

The Government has used the unified budget concept set

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

Concepts’’ as a foundation for its budgetary analysis and

presentation since 1969. The concept calls for the budget to

include all of the Government’s fiscal transactions with the

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

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

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

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

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

and surplus or deficit ordinarily are not subject to targets set

by the Congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known as

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

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

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

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

outlays, and deficit of the Government.

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

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

Federal entities and disbursing officers, and daily reports from

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

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

liabilities of the Government. Data are derived from the

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

United States Government.’’

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

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

Federal securities, monetary assets, and balances in Treasury

operating cash.

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

source. Amounts represent income taxes, social insurance

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency. 

• Table FFO-4 summarizes internal revenue collections

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

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

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

individual income and Social Security taxes), of payments

made with tax returns, and of subsequent payments made after

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

returns or on delinquent accounts). 

It is important to note that these data do not necessarily

reflect the Federal tax burden of individual States. Amounts

are reported based on the primary filing address provided by

each taxpayer or reporting entity. For multistate corporations,

the address may reflect only the State where such a corporation

reported its taxes from a principal office rather than other

States where income was earned or where individual income

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

Budget Results and Financing of the U.S. Government and Third-Quarter

Receipts by Source

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

Third-Quarter Receipts

The following capsule analysis of budget receipts,

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

issue’s release, not enough data were available to

analyze adequately collections for the quarter.

Individual income taxes----Individual income tax receipts

were $239.4 billion for the third quarter of fiscal 1997. This is

an increase of $41.1 billion over the comparable prior year

quarter. Withheld receipts increased by $18.2 billion and nonwithheld receipts increased by $25.5 billion during this period.

Refunds increased by $2.6 billion over the comparable fiscal

1996 quarter. There was an increase of $7.5 billion in accounting adjustments between individual income tax receipts and

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

Corporation income taxes----Net corporate income tax receipts were $71.0 billion for the third quarter of fiscal 1997.

This was an increase of $6.6 billion over the comparable prior

year quarter. Gross receipts were $6.6 billion higher and refunds were unchanged. The increase reflects increased corporate profits.

Employment taxes and contributions----Employment

taxes and contributions receipts for the April-June 1997 quarter were $138.5 billion, a decrease of $1.1 billion over the

comparable prior year quarter. Receipts to the Old-Age Survivors Insurance Trust Fund increased $2.7 billion. Receipts to

the Disability Insurance and Hospital Insurance trust funds

decreased by $1.1 billion and $2.6 billion, respectively. There

was a $5.6 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal

1996, while there was a -$1.9 billion adjustment made in the

third quarter of fiscal 1997.

Unemployment insurance----Unemployment insurance

receipts for the third quarter of fiscal 1997 were $13.8 billion, which is a $0.3 billion decrease over the comparable

quarter of fiscal 1996. State taxes deposited in the U.S. Treasury decreased by $0.4 billion, and Federal Unemployment

Tax Act (FUTA) receipts increased by $0.1 billion. Railroad

unemployment tax receipts increased negligibly from the

comparable quarter of fiscal 1996.

Contributions for other insurance and retirement----

Contributions for other retirement were $1.1 billion for the

third quarter of fiscal 1997. There was a negligible increase

over receipts from the comparable quarter of fiscal 1996. The

growth in contributions will remain flat over the next few

years as the number of employees covered by the Federal

employees’ retirement system (FERS) grows slowly relative

to those covered under the civil service retirement system

(CSRS).

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

of fiscal 1997 were $14.8 billion, an increase of $1.8 billion

over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, which was unchanged

over the comparable prior year quarter.

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

were $6.2 billion for the April through June quarter of fiscal

1997. These receipts are an increase of $2.0 billion over the

previous quarter and an increase of $1.0 billion over the same

quarter in fiscal 1996.

FEDERAL FISCAL OPERATIONS 7
Third-Quarter Net Budget Receipts by Source, Fiscal 1997

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

Source April May June

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134.3 30.7 74.4

Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.4 4.3 39.4

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.8 39.8 47.9

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 10.0 0.3

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

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 4.8 5.2

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 1.4 1.5

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.4 1.5

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 1.7 2.8

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

228.6 94.5 173.4

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

$4.5 billion for the third quarter of fiscal 1997. This is approximately $0.2 billion more than the customs duties received in the Treasury from the comparable prior year quarter.

This difference is attributable to an increase in dutiable imports.

Miscellaneous receipts----Net miscellaneous receipts for

the third quarter of fiscal 1997 were $7.1 billion, an increase

of $1.8 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks increased by $1.3

billion over the comparable prior year quarter.

Budget Results and Financing of the U.S. Government and Third-Quarter

Receipts by Source, con.

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

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

 

 Fourth quarter (July - Sept.) Fiscal 1997

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,431 1,578,977

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,349 1,186,987

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,081 391,989

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398,372 1,601,595

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,952 1,290,594

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,420 311,000

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10,941 -22,618

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -18,602 -103,607

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,663 80,989

Means of financing:

Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,622 38,171

Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,638 603

Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7,319 -16,156

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

10,941 22,618

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

8 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year to

Date, 1997-1998

(In billions of dollars)

Source for both charts: ‘‘Monthly

Treasury Statement of Receipts

and Outlays of the United States

Government’’

CHART FFO-A.--

Monthly Receipts and Outlays

(In billions of dollars)

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

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

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

Means of financing

-net transactions

Borrowing from

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

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

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

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

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

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . -113 22,638 -5,892 31,159 -129 -2,367 -168 -1,578 595 -35,370

Oct. . . . . . . . 203 7,763 15,588 -18,592 48 456 91 6,228 - 39,813

Nov. . . . . . . . -891 3,115 45,459 673 134 310 -2 -6,466 - 37,878

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

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

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

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

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

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

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

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

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

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

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

Means of financing--net transactions, con.

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

Federal securities, con. Reserve

Invest- position Transactions

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

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

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

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

* Less than $500,000.

1

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

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

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

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

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

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . 157,668 125,806 31,862 122,298 90,309 31,989 35,370 35,496 -127 16,859

Oct. . . . . . . . 99,656 73,644 26,012 139,469 113,290 26,179 -39,813 -39,646 -167 23,149

Nov. . . . . . . . 97,849 70,018 27,831 135,727 106,327 29,400 -37,878 -36,309 -1,569 49,465

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

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

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

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

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

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

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

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

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

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

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

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

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

Social insurance

taxes and contributions

Employment taxes and contributions

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

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

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

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . 350 1 349 42,817 210 4 206 343 6 348

Oct. . . . . . . . 342 * 342 34,428 1,333 2 1,330 341 6 346

Nov. . . . . . . . 362 * 362 36,967 2,578 5 2,574 405 6 411

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

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

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

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

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

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

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

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

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

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

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

Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . . . . . 39,537 30,630 1,495 68,672 36,378 1,274 35,105 103,777 43,363 894 42,468

Oct. . . . . . . . . . . . 48,866 5,639 905 53,600 5,654 4,792 863 54,463 34,086 - 34,086

Nov. . . . . . . . . . . . 46,989 2,005 2,724 46,271 3,522 1,183 2,339 48,610 36,605 - 36,605

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

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

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

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

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

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

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

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

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

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

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

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

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

Social insurance

taxes and 

contributions,

con.

Net social insur- Excise taxes

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

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

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

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

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

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

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . . . 5,315 1,745 47 1,698 1,687 82 1,604 1,478 423 1,902 125,806 31,862

Oct. . . . . . . . . . 3,923 1,608 61 1,547 1,889 457 1,432 1,703 484 2,187 73,644 26,012

Nov. . . . . . . . . . 4,678 1,424 30 1,394 1,618 399 1,219 1,656 341 1,997 70,018 27,831

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

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

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

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

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

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

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

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

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . . . . . 43,372 230 - 230 69 - 69 2,384 - 2,384 2,989 356 2,633

Oct. . . . . . . . . . . . 36,104 490 11 479 28 - 28 1,417 214 1,203 2,044 -170 2,214

Nov. . . . . . . . . . . . 39,952 469 - 469 49 - 49 2,038 - 2,038 2,173 51 2,122

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

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

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

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

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

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

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

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

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

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

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

1

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

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

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

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

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

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

Executive Funds apLegis- Office propriated 

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

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

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

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . . . 165 226 16 1,029 6,920 272 18,835 2,711 3,569 1,622

Oct. . . . . . . . . . 328 216 14 3,593 5,985 313 21,218 2,755 2,348 1,380

Nov. . . . . . . . . . 209 401 22 480 5,244 351 23,716 2,831 3,291 1,265

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

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

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

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

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

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

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

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

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

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

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

1993 1

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept.. . . . . . . . . 24,408 528 750 910 2,190 314 3,567 20,673 -706 1,632 596

Oct. . . . . . . . . . 28,173 3,103 640 919 2,439 700 3,866 21,695 558 3,374 442

Nov. . . . . . . . . . 28,885 3,336 679 1,263 1,526 301 3,348 26,574 335 5,139 457

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

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

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

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

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

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

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

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

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

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

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

 Department of

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

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

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

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

See footnotes at end of table.

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

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

National Undistributed offsetting receipts 

Aeronautics Rents and

General and Office of Small Social Other Employer Interest royalties

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

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

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

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

1994 1

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

1995 1

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

1996 1

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

1997 1

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

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

1996 - Sept. . . . . . . . . . 311 1,320 3,415 310 29,254 4,311 -5,806 -385 -546 -115 90,309 31,989

Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 1,536 -2,407 -347 -370 - 113,290 26,179

Nov. . . . . . . . . . -687 1,237 3,474 40 33,899 -3,399 -2,580 -5,855 -55 -3 106,327 29,400

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

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

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

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

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

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

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

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

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

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

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

* Less than $500,000.

1

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

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

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

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

14 FEDERAL FISCAL OPERATIONS
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

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

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

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

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

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

at financial institutions throughout the country.

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

its operating cash in obligations of depositaries maintaining

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

wishing to retain funds deposited into their tax and loan

accounts in interest-bearing obligations participate under the

Note Option. The program permits Treasury to collect funds

through financial institutions and to leave the funds in Note

Option depositaries and in the financial communities in which

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

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

and on the economy. Likewise, those institutions wishing to

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

the Remittance Option.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the financial

institutions use to purchase Government securities. In most

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

account to the tax and loan account in the same financial

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

funds in tax and loan accounts directly from the Treasury

account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3

Reserve accounts)

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

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

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

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

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

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

1996 - Sept.. . . . . . . . . 390,178 17,788 405,417 59,787 31,179

Oct.. . . . . . . . . . 332,408 14,599 348,807 48,117 64,906

Nov. . . . . . . . . . 320,065 13,607 334,710 45,217 43,503

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

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

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

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

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

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

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

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

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

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

See footnotes at end of table.

ACCOUNT OF THE U.S. TREASURY 15
1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other

than Government account series, and taxes.

2

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

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

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

3

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

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

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

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

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

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

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

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

and Tax and Loan Note Account Balances, con.

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

 Balances

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

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

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

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

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

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

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

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

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

1996 - Sept.. . . . . . . . . 7,700 36,525 8,215 36,525 4,039 4,861 6,139 20,259

Oct. . . . . . . . . . . 5,897 19,736 5,937 31,246 3,594 874 5,064 11,314

Nov . . . . . . . . . . 4,857 21,449 5,774 21,449 3,670 4,530 4,939 11,290

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

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

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

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

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

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

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

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

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

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

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

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

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

information is published in the ‘‘Monthly Statement of the

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

agency securities and on investments of Federal Government

accounts in Federal securities is published in the ‘‘Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.’’

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

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

holdings of Federal securities by particular classes of investors,

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

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

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

accruing interest. Because the Federal Financing Bank is under

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

Government account.

• In table FD-3, nonmarketable Treasury securities held

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

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

• Table FD-4 presents interest-bearing securities issued

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

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

‘‘Monthly Treasury Statement of Receipts and Outlays of the

United States Government.’’)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. 

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

December 1975. The length then increased gradually until it

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

the average length decreased. For example, during most of

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

In March 1971, Congress enacted a limited exception to

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

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

securities maturing in more than 7 years at current market

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

definition of a bond was changed to include those securities

longer than 10 years to maturity. This exception has expanded

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

on November 10, 1988. 

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

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

comprised of an average of remaining periods to maturity,

weighted by the amount of each security held by private

investors. In other words, computations of average length

exclude Government accounts and the Federal Reserve banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

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

Federal agencies are authorized to borrow money from the

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

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

FEDERAL DEBT 17
TABLE FD-1.--Summary of Federal Debt

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

 

 Securities held by:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

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

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

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

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

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

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

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

Oct. . . . . . . . . . 5,282,566 5,247,320 35,246 1,462,453 1,454,847 7,606 3,820,113 3,792,473 27,640

Nov. . . . . . . . . . 5,330,904 5,296,549 34,355 1,465,560 1,457,953 7,606 3,865,344 3,838,596 26,749

Dec. . . . . . . . . . 5,357,391 5,323,172 34,219 1,504,784 1,497,178 7,606 3,852,607 3,825,994 26,613

1997 - Jan.. . . . . . . . . . 5,348,224 5,313,997 34,227 1,512,461 1,504,854 7,606 3,835,763 3,809,143 26,621

Feb. . . . . . . . . . 5,384,042 5,349,937 34,105 1,512,029 1,504,423 7,606 3,872,013 3,845,514 26,499

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . . . 5,282,566 77,291 5,205,275 1,462,453 5,721 1,456,732 3,820,113 71,570 3,748,543

Nov. . . . . . . . . . 5,330,904 77,056 5,253,848 1,465,560 5,715 1,459,845 3,865,344 71,341 3,794,003

Dec. . . . . . . . . . 5,357,391 76,763 5,280,629 1,504,784 5,838 1,498,947 3,852,607 70,925 3,781,682

1997 - Jan.. . . . . . . . . . 5,348,224 76,964 5,271,259 1,512,461 6,107 1,506,353 3,835,763 70,857 3,764,906

Feb. . . . . . . . . . 5,384,042 77,371 5,306,672 1,512,029 6,231 1,505,798 3,872,013 71,140 3,800,873

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

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

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

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

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

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

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

Federal debt securities Securities held by Government accounts Securities held by the public

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

fiscal year outstanding face premium and outstanding face premium and outstanding face premium and

or month value discount Accrual amount value discount Accrual amount value discount Accrual amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)

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

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

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

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

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

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

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

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

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

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

Oct. . . . . . 5,243,339 3,431,060 763,392 2,109,198 543,469 - 15,000 1,812,280

Nov. . . . . . 5,263,423 3,444,643 802,272 2,072,410 554,962 - 15,000 1,818,780

Dec. . . . . . 5,317,188 3,459,691 777,414 2,112,315 554,962 - 15,000 1,857,497

1997 - Jan. . . . . . 5,308,048 3,441,468 762,591 2,108,916 554,961 - 15,000 1,866,579

Feb. . . . . . 5,344,143 3,477,535 762,198 2,127,559 565,417 7,361 15,000 1,866,608

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . . . . . . . . . . . . 184,301 37,842 1,462,867 96,851 29,995 424

Nov. . . . . . . . . . . . . . . . . . . 184,379 37,635 1,466,961 99,388 29,995 422

Dec. . . . . . . . . . . . . . . . . . . 182,442 37,427 1,505,937 101,274 29,995 422

1997 - Jan. . . . . . . . . . . . . . . . . . . 182,138 37,067 1,514,451 102,511 29,995 417

Feb. . . . . . . . . . . . . . . . . . . 182,644 36,767 1,514,154 103,048 29,995 1

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

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

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

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

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

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

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

FEDERAL DEBT 19
TABLE FD-3.--Government Account Series

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

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

or month Total Fund Fund Fund fund Trust Fund funds Trust Fund Administration Trust Fund

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

Federal

Federal Sav- Suppleings and Loan mentary National

End of Corporation, Medical Government Service Life Railroad Treasury Unemployfiscal year resolution Insurance life insur- Highway Insurance Postal Retirement deposit ment Trust

or month fund Trust Fund ance fund Trust Fund fund Service fund Account funds Fund Other

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

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

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

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

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

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

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

Oct. . . . . . . . . 1,462,867 7,969 22,149 17,055 11,905 50,376 375,403 122,541 10,016 498,104

Nov. . . . . . . . . 1,466,961 8,103 22,244 17,272 11,840 50,750 373,645 120,038 9,867 496,661

Dec. . . . . . . . . 1,505,937 7,978 22,670 16,505 11,965 52,912 386,031 126,701 9,868 513,894

1997 - Jan. . . . . . . . . 1,514,451 7,511 22,566 17,313 15,435 54,205 384,453 125,468 9,082 521,582

Feb. . . . . . . . . 1,514,154 5,809 22,793 17,528 15,385 54,923 382,413 122,375 10,714 522,273

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . 721 26,707 97 10,817 11,935 1,190 14,935 77 53,190 227,680

Nov. . . . . . . . 747 26,845 96 11,368 11,876 82 15,018 77 54,386 236,046

Dec. . . . . . . . 797 28,489 98 11,448 12,293 283 14,865 77 54,278 234,785

1997 - Jan. . . . . . . . 1,480 28,004 97 11,927 12,217 863 15,238 78 52,532 234,400

Feb. . . . . . . . 1,481 29,274 - 21,874 12,129 1,213 15,525 73 52,870 225,502

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

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

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

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

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

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

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

20 FEDERAL DEBT
TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies

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

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

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

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

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

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

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

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

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

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

Oct. . . . . . . . . . . . . . . . . . 35,246 - 126 82 1,261 28,884 4,406 486

Nov. . . . . . . . . . . . . . . . . . 34,355 - 126 84 1,261 27,991 4,406 487

Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489

1997 - Jan. . . . . . . . . . . . . . . . . . 34,227 - 95 144 1,261 27,831 4,406 490

Feb. . . . . . . . . . . . . . . . . . 34,105 - 95 146 1,261 27,714 4,406 483

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

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

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

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

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

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

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

FEDERAL DEBT 21
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

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

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

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

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

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

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

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

or month limit Total Public debt Other debt 2

Public debt Other debt to limitation

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

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

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

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

end of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1992 . . . . . . . . . . . . . . . . . . . 2,363,802 808,705 866,329 295,921 84,706 308,141 5 yrs. 11 mos.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,345 324,479 5 yrs. 10 mos.

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

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

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

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

Oct. . . . . . . . . . . . . . . 3,021,881 1,062,308 1,207,999 317,522 111,893 322,160 5 yrs. 3 mos.

Nov. . . . . . . . . . . . . . . 3,028,647 1,084,720 1,198,931 302,951 128,832 313,214 5 yrs. 3 mos.

Dec. . . . . . . . . . . . . . . 3,032,551 1,061,459 1,231,746 301,103 128,054 310,188 5 yrs. 3 mos.

1997 - Jan.. . . . . . . . . . . . . . . 3,025,762 1,049,217 1,230,524 302,878 128,679 314,464 5 yrs. 3 mos.

Feb. . . . . . . . . . . . . . . 3,052,688 1,062,767 1,225,904 315,125 126,023 322,870 5 yrs. 4 mos.

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . . . . . . . . . . . . . 5,500,000 5,160,483 5,160,401 82 5,158,468 82 1,933

Nov. . . . . . . . . . . . . . . . . . . . 5,500,000 5,209,847 5,209,763 84 5,178,684 84 31,079

Dec. . . . . . . . . . . . . . . . . . . . 5,500,000 5,236,827 5,236,743 84 5,232,875 84 3,868

1997 - Jan. . . . . . . . . . . . . . . . . . . . 5,500,000 5,227,348 5,227,324 24 5,223,489 24 3,835

Feb. . . . . . . . . . . . . . . . . . . . 5,500,000 5,263,191 5,263,165 26 5,258,449 26 4,716

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

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

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

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

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

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

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

22 FEDERAL DEBT
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies

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

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

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

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

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

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

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

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

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

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

Oct. . . . . . . . . . 6,720 145 647 24,300 2,456 3,123 6,909

Nov. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

Dec. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

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

Feb. . . . . . . . . . 6,720 145 647 24,306 2,566 3,123 6,909

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. . . . . . . . . . 132,215 - - - - 6,932 12,827

Nov. . . . . . . . . . 130,363 - - - - 7,029 12,822

Dec. . . . . . . . . . 135,835 - - - - 6,981 13,324

1997 - Jan. . . . . . . . . . 139,361 - - - - 9,530 13,352

Feb. . . . . . . . . . 139,774 - - - - 9,653 13,352

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

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

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

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

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

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

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

FEDERAL DEBT 23
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies, con.

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

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599

1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

1996 - Sept.. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001

Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101

Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485

1997 - Jan. . . . . . . . . . 42,635 * 2,150 2,741 6,051 9,956 8,531

Feb. . . . . . . . . . 42,634 * 2,150 2,741 6,325 9,956 8,548

Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611

Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698

May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451

June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439

July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270

Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324

Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

* Less than $500,000. 

24 FEDERAL DEBT
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Sept. 30, 1997

5 Years, 4 Months

Years

FEDERAL DEBT 25
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of the Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years.

Bonds mature in more than 10 years from the issue date. Each

marketable security is listed in the ‘‘Monthly Statement of the

Public Debt of the United States.’’ The information in this

section of the ‘‘Treasury Bulletin’’ pertains only to marketable

Treasury securities, current bills, notes, and bonds.

• Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular

weekly and 52-week bills. All unmatured Treasury notes and

bonds are listed in maturity order, from earliest to latest. A

separate breakout is provided for the combined holdings of the

Government accounts and Federal Reserve banks, so that the

‘‘all other investors’’ category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions of

13- and 26-week bills, as well as auctions of 52-week bills,

which are held every 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

mature on the same Thursday as an existing 52-week bill is a

reopening of the existing 52-week bill. New issues of cash

management bills are also presented. High, low, and average

yields on accepted tenders and the dollar value of total bids are

presented, with the dollar value of awards made on both

competitive and noncompetitive basis.

Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction

of securities to encourage participation of individuals and

smaller institutions.

• Table PDO-3 lists the results of auctions of marketable

securities, other than weekly bills, in chronological order over

the past 2 years. Included are: notes and bonds from table

PDO-1; 52-week bills from table PDO-2, and data for cash

management bills.

• Table PDO-4 indicates the total amount of marketable

securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each

auction of marketable securities other than weekly auctions of

13- and 26-week bills.

TREASURY FINANCING: JULY-SEPTEMBER

JULY

Auction of 5-Year Inflation-Indexed Notes

July 2, 1997, Treasury announced it would auction $8,000

million of 5-year inflation-indexed notes to raise cash. The

notes offered were Treasury notes of Series J-2002, dated July

15, 1997, due July 15, 2002, with interest payable January 15

and July 15 until maturity. An interest rate of 3-5/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders July 9, and totaled $26,455 million, of which $8,001

million was accepted. 

All competitive tenders at yields lower than 3.744 percent

were accepted in full. Tenders at 3.744 percent were allotted

63 percent. All noncompetitive and successful competitive

bidders were allotted securities at the high yield of 3.744

percent with an equivalent adjusted price of 99.462. The median yield was 3.668 percent, and the low yield was 3.550

percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors totaled $7,954

million.

In addition to the $8,001 million of tenders accepted in

the auction process, $400 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series J-2002 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

July 16 Treasury announced it would auction $15,500

million of 2-year notes of Series AH-1999 and $11,500 million

of 5-year notes of Series K-2002 to refund $30,369 million of

securities maturing July 31 and to pay down about $3,375

million.

The notes of Series AH-1999 were dated July 31, 1997,

due July 31, 1999, with interest payable January 31 and July

31 until maturity. An interest rate of 5-7/8 percent was set after

the determination as to which tenders were accepted on a yield

auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders July 22, and totaled $39,208 million, of which $15,515

million was accepted. All competitive tenders at yields lower

than 5.930 percent were accepted in full. Tenders at 5.930

percent were allotted 99 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

[Source: Bureau of the Public Debt, Office of Financing]

26 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: JULY-SEPTEMBER, con.

yield of 5.930 percent with an equivalent price of 99.898. The

median yield was 5.910 percent, and the low yield was 5.850

percent. Noncompetitive tenders totaled $1,040 million. Competitive tenders accepted from private investors totaled

$14,474 million.

In addition to the $15,515 million of tenders accepted in

the auction process, $878 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $392 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series K-2002 were dated July 31, 1997, due

July 31, 2002, with interest payable January 31 and July 31

until maturity. An interest rate of 6 percent was set after the

determination as to which tenders were accepted on a yield

auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders July 23, and totaled $33,115 million, of which $11,501

million was accepted. All competitive tenders at yields lower

than 6.024 percent were accepted in full. Tenders at 6.024 were

allotted 87 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of

6.024 percent with an equivalent price of 99.898. The median

yield was 6.017 percent, and the low yield was 5.950 percent.

Noncompetitive tenders totaled $474 million. Competitive

tenders accepted from private investors totaled $11,027 million.

In addition to the $11,501 million of tenders accepted in

the auction process, $410 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $295 million was accepted from Federal Reserve banks for their own accounts.

52-Week Bills

July 11 tenders were invited for approximately $13,000

million of 364-day Treasury bills to be dated July 24, 1997,

and to mature July 23, 1998. The issue was to refund $14,490

million of maturing 52-week bills and to pay down about

$1,500 million.

The bills were auctioned July 17. Tenders totaled $59,322

million, of which $13,116 million was accepted, including

$951 million of noncompetitive tenders from the public and

$1,069 million of the bills issued to Federal Reserve banks as

agents for foreign and international monetary authorities. In

addition, $5,695 million was awarded to the Federal Reserve

banks for their own accounts. The average bank discount rate

was 5.26 percent.

Cash Management Bills

July 29 tenders were invited for approximately $18,000

million of 48-day bills to be issued August 1, 1997, representing an additional amount of bills dated September 19,

1996, maturing September 18, 1997. The issue was to raise

new cash. Tenders were opened July 31. They totaled $56,078

million, of which $18,060 million was accepted. The average

bank discount rate was 5.35 percent.

AUGUST

August Quarterly Financing

July 30 Treasury announced it would auction $16,000

million of 3-year notes of Series W-2000, $12,000 million of

10-year notes of Series D-2007, and $10,000 million of 30-

year bonds of August 2027 to refund $26,833 million of

Treasury securities maturing August 15 and to raise about

$11,175 million new cash.

The notes of Series W-2000 were dated August 15, 1997,

due August 15, 2000, with interest payable February 15 and

August 15 until maturity. An interest rate of 6 percent was set

after the determination as to which tenders were accepted on

a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders August 5, and totaled $39,267 million, of which

$16,007 million was accepted at yields ranging from 6.034

percent, price 99.908, up to 6.047 percent, price 99.873. Tenders at the high yield were allotted 17 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.041 percent, price 99.889. These totaled $931 million. Competitive

tenders accepted from private investors totaled $15,076 million.

In addition to the $16,007 million of tenders accepted in

the auction process, $847 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,170 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series D-2007 were dated August 15, 1997,

due August 15, 2007, with interest payable February 15 and

August 15 until maturity. An interest rate of 6-1/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders August 6, and totaled $26,834 million, of which

$12,002 million was accepted at yields ranging from 6.195

percent, price 99.484, up to 6.218 percent, price 99.315. Tenders at the high yield were allotted 34 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.205 percent, price 99.411. These totaled $381 million. Competitive

tenders accepted from private investors totaled $11,621 million. 

In addition to the $12,002 million of tenders accepted in

the auction process, $150 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $880 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series D-2007 may be held in STRIPS form.

The minimum par amount required is $1,600,000. 

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: JULY-SEPTEMBER, con.

The bonds of August 2027 were dated August 15, 1997,

due August 15, 2027, with interest payable February 15 and

August 15 until maturity. An interest rate of 6-3/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders for the bonds were received prior to 12 noon

e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t.

for competitive tenders August 7, and totaled $26,623 million,

of which $10,003 million was accepted at yields ranging from

6.435 percent, price 99.207, up to 6.452 percent, price 98.984.

Tenders at the high yield were allotted 4 percent. Noncompetitive tenders were accepted in full at the average yield, 6.445

percent, price 99.076. These totaled $333 million. Competitive

tenders accepted from private investors totaled $9,670 million.

In addition to the $10,003 million of tenders accepted in

the auction process, $730 million was accepted from Federal

Reserve banks for their own account.

The bonds of August 2027 may be held in STRIPS form.

The minimum par amount required is $1,600,000.

Auction of 2-Year and 5-Year Notes

August 20 Treasury announced it would auction $15,500

million of 2-year notes of Series AJ-1999 and $11,500 million

of 5-year notes of Series L-2002 to refund $29,187 million of

securities maturing August 31 and to pay down about $2,175

million.

The notes of Series AJ-1999 were dated September 2,

1997, due August 31, 1999, with interest payable on the last

calendar day of February and August until maturity. An interest

rate of 5-7/8 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders August 26, and totaled $38,828 million, of which

$15,502 million was accepted. All competitive tenders at

yields lower than 5.998 percent were accepted in full. Tenders

at 5.998 percent were allotted 32 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.998 percent with an equivalent price of

99.772. The median yield was 5.980 percent, and the low yield

was 5.940 percent. Noncompetitive tenders totaled $1,111

million. Competitive tenders accepted from private investors

totaled $14,391 million.

In addition to the $15,502 million of tenders accepted in

the auction process, $910 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $750 million was accepted from Federal Reserve banks for their own accounts.

The notes of Series L-2002 were dated September 2, 1997,

due August 31, 2002, with interest payable the last calendar

day of February and August until maturity. An interest rate of

6-1/4 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders August 27, and totaled $26,765 million, of which

$11,501 million was accepted. All competitive tenders at

yields lower than 6.253 percent were accepted in full. Tenders

at 6.253 percent were allotted 76 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.253 percent with an equivalent price of

99.987. The median yield was 6.230 percent, and the low yield

was 6.190 percent. Noncompetitive tenders totaled $440 million. Competitive tenders accepted from private investors totaled $11,061 million.

In addition to the $11,501 million of tenders accepted in

the auction process, $650 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $555 million was accepted from Federal Reserve banks for their own accounts.

52-Week Bills

August 8 tenders were invited for approximately $13,000

million of 364-day Treasury bills to be dated August 21, 1997,

and to mature August 20, 1998. The issue was to refund

$14,927 million of maturing 52-week bills and to pay down

about $1,925 million. The bills were auctioned August 14.

Tenders totaled $56,793 million, of which $13,122 million was

accepted, including $925 million of noncompetitive tenders

from the public and $1,477 million of the bills issued to Federal

Reserve banks as agents for foreign and international monetary

authorities. In addition, $5,645 million was awarded to the

Federal Reserve banks for their own accounts. The average

bank discount rate was 5.28 percent.

Cash Management Bills

August 26 tenders were invited for approximately

$26,000 million of 13-day bills to be dated September 2, 1997,

and to mature September 15, 1997. The issue was to raise new

cash.

Tenders were opened August 28. They totaled $75,872

million, of which $26,224 million was accepted. The average

bank discount rate was 5.47 percent.

SEPTEMBER

Auction of 2-Year and 5-Year Notes

September 17 Treasury announced it would auction

$15,500 million of 2-year notes of Series AK-1999 and

$11,500 million of 5-year notes of Series M-2002 to refund

$30,179 million of securities maturing September 30 and to

pay down about $3,175 million.

The notes of Series AK-1999 were dated September 30,

1997, due September 30, 1999, with interest payable March

31 and September 30 until maturity. An interest rate of 5-3/4

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

28 PUBLIC DEBT OPERATIONS
tenders September 23, and totaled $37,883 million, of which

$15,501 million was accepted. All competitive tenders at

yields lower than 5.794 percent were accepted in full. Tenders

at 5.794 percent were allotted 38 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.794 percent with an equivalent price of

99.918. The median yield was 5.775 percent, and the low yield

was 5.730 percent. Noncompetitive tenders totaled $911 million. Competitive tenders accepted from private investors totaled $14,590 million.

In addition to the $15,501 million of tenders accepted in

the auction process, $1,325 million was accepted from Federal

Reserve banks as agents for foreign and international monetary authorities, and $617 million was accepted from Federal

Reserve banks for their own accounts.

The notes of Series M-2002 were dated September 30,

1997, due September 30, 2002, with interest payable March

31 and September 30 until maturity. An interest rate of 5-7/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive

tenders September 24, and totaled $34,093 million, of which

$11,504 million was accepted. All competitive tenders at

yields lower than 5.960 percent were accepted in full.

Tenders at 5.960 percent were allotted 39 percent. All

noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.960 percent with an

equivalent price of 99.637. The median yield was 5.945 percent, and the low yield was 5.900 percent. Noncompetitive

tenders totaled $377 million. Competitive tenders accepted

from private investors totaled $11,127 million.

In addition to the $11,504 million of tenders accepted in

the auction process, $820 million was accepted from Federal

Reserve banks as agents for foreign and international monetary authorities, and $460 million was accepted from Federal

Reserve banks for their own accounts.

52-Week Bills

September 5 tenders were invited for approximately

$12,500 million of 364-day Treasury bills to be dated September 18, 1997, and to mature September 17, 1998. The issue

was to refund $14,362 million of maturing 52-week bills and

to pay down about $1,850 million. The bills were auctioned

on September 11.Tenders totaled $75,192 million, of which

$12,727 million was accepted, including $823 million of

noncompetitive tenders from the public and $1,710 million of

the bills issued to Federal Reserve banks as agents for foreign

and international monetary authorities. An additional $12 million was issued to Federal Reserve banks as agents for foreign

and international monetary authorities for new cash. In addition, $5,545 million was awarded to the Federal Reserve banks

for their own accounts. The average bank discount rate was

5.30 percent.

TREASURY FINANCING: JULY-SEPTEMBER, con.

PUBLIC DEBT OPERATIONS 29
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

1997

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 846 8,014

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 340 11,043

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 552 18,288

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 603 9,205

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,523 17,338

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 276 11,250

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 672 18,016

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 526 11,637

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 880 18,284

Total. . . . . . . . . . . . . . . 131,294 8,218 123,076

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 878 8,248

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 736 11,603

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 1,095 17,992

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 440 8,719

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,868 17,212

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,492 29,378

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AD note 04/10/96 21,720 1,848 19,871

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 835 7,954

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 545 11,680

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 951 20,455

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/16/88 9,165 682 8,483

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 4,092 17,134

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 805 11,553

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 671 20,439

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,302 20,752

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,761 7,933

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 545 11,144

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,012 20,551

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,480 9,863

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,490 17,928

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 641 12,378

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 09/03/96 21,949 1,065 20,884

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 1,023 11,553

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK note 09/30/96 21,486 1,219 20,267

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 1,002 9,267

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 938 12,085

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 1,070 20,151

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 535 9,368

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,822 17,777

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 227 162 65

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 1,004 11,111

See footnotes at end of table.

30 PUBLIC DEBT OPERATIONS
1998, con.

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 515 20,017

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,680 10,765

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 875 19,740

Total. . . . . . . . . . . . . . . 564,142 46,843 517,298

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 892 9,667

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 377 12,524

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/97 19,468 384 19,084

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 980 8,740

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,644 18,353

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 740 11,174

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC note 02/28/97 19,916 624 19,292

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,798 1,420 18,378

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,174 9,004

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-AE note 04/30/97 19,353 1,300 18,053

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,638 8,410

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,969 20,391

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 587 11,752

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 653 17,922

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,670 11,431

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AG note 06/30/97 17,862 932 16,930

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 379 9,627

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,531 10,879

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AH note 07/15/97 16,839 392 16,448

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 834 9,330

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y note 08/15/96 22,708 2,172 20,536

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 901 11,496

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 17,215 760 16,455

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,079 11,757

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-K note 09/30/97 17,486 2,057 15,429

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 583 11,569

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 714 10,060

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 2,791 20,079

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 876 11,058

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Total. . . . . . . . . . . . . . . 488,811 39,934 448,878

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 689 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 632 11,596

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 914 9,759

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 805 19,616

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 1,147 11,349

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 31
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2000, con.

Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,310 11,879

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 385 10,150

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 1,014 11,419

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,807 17,956

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 743 12,009

June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 740 11,724

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 405 11,934

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,158 9,922

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-W note 08/15/97 18,053 1,170 16,883

Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 600 11,322

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 1,009 11,002

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 537 11,543

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 881 10,639

Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 613 11,744

Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 941 11,880

Total . . . . . . . . . . . . . . . 272,739 18,982 253,756

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 800 12,016

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 903 10,410

Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 878 11,942

Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,630 12,551

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 939 12,842

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 942 11,456

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 931 12,791

June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-K note 07/01/96 14,282 1,150 13,132

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 758 13,379

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,375 10,964

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 615 13,385

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 1,012 13,507

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 863 13,777

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 1,956 22,270

Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 346 13,685

Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 626 13,345

Total . . . . . . . . . . . . . . . 233,933 16,479 217,454

2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 480 12,973

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 718 13,082

Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 713 13,588

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 04/30/97 14,475 860 13,615

See footnotes at end of table.

32 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

See footnotes at end of table.

2002, con.

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-G note 06/02/97 13,504 864 12,640

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 06/30/97 13,059 478 12,581

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-5/8%-J note 07/15/97 8,422 400 8,022

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-K note 07/31/97 12,231 295 11,936

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,240 21,619

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 12,732 555 12,177

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-M note 09/30/97 12,806 810 11,996

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 168,867 9,902 158,966

2003

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 2,195 21,368

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 331 2,918

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 714 2,787

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,695 24,316

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 661 6,598

Total. . . . . . . . . . . . . . . 68,590 8,336 60,255

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 550 12,405

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,906 12,535

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 528 3,472

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 810 12,536

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 777 7,525

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,953 12,421

Total. . . . . . . . . . . . . . . 71,173 7,293 63,879

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,195 12,640

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 578 3,682

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 1,177 8,093

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,800 13,203

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/15/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,541 10,627 65,914

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 20 4,736

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,500 14,014

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 1,900 14,115

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 1,681 21,060

PUBLIC DEBT OPERATIONS 33
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2006, con.

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-D note 10/15/96 22,460 1,845 20,615

Total. . . . . . . . . . . . . . . 81,485 6,946 74,539

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-3/8%-A note 02/06/97 15,963 950 15,013

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-B note 02/18/97 13,104 540 12,564

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-5/8%-C note 05/15/97 13,958 1,750 12,208

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8%-D note 08/15/97 13,036 880 12,156

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 61,790 6,044 55,746

2008

Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,666 3,564

Total. . . . . . . . . . . . . . . 7,333 2,455 4,878

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 1,013 3,593

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,089 6,718

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 908 1,586

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,311 3,426

Total. . . . . . . . . . . . . . . 10,218 3,395 6,823

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,074 3,535

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 975 3,926

Total. . . . . . . . . . . . . . . 9,509 2,049 7,461

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,887 9,145

Total. . . . . . . . . . . . . . . 11,032 1,887 9,145

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,191 11,565

Total. . . . . . . . . . . . . . . 14,755 3,191 11,565

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 1,094 3,913

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 956 4,173

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 3,245 12,896

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,746 10,922

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 1,167 5,983

See footnotes at end of table.

34 PUBLIC DEBT OPERATIONS
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2015, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-7/8% bond 11/15/85 6,900 857 6,043

Total. . . . . . . . . . . . . . . 26,718 3,770 22,948

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/4% bond 02/15/86 7,267 1,065 6,202

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,639 17,185

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,563 17,301

Total. . . . . . . . . . . . . . . 44,955 4,267 40,688

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/88 18,194 1,230 16,964

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 1,013 13,004

Total. . . . . . . . . . . . . . . 32,211 2,243 29,968

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/16/88 8,709 397 8,312

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 271 8,762

Total. . . . . . . . . . . . . . . 17,742 668 17,074

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 1,008 18,243

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 1,842 18,372

Total. . . . . . . . . . . . . . . 39,465 2,850 36,615

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 1,141 9,088

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 977 9,182

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,528 19,891

Total. . . . . . . . . . . . . . . 41,806 3,645 38,161

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 943 10,170

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 998 10,961

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 725 11,438

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 1,180 31,618

Total. . . . . . . . . . . . . . . 68,034 3,846 64,188

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 495 9,858

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 470 10,230

Total. . . . . . . . . . . . . . . 21,052 965 20,087

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/16/93 18,374 1,363 17,011

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,635 21,274

Total. . . . . . . . . . . . . . . 41,283 2,998 38,285

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 650 10,820

Total. . . . . . . . . . . . . . . 11,470 650 10,820

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 800 10,925

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 35
2025, con.

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,228 11,374

Total . . . . . . . . . . . . . . . 24,327 2,028 22,299

2026

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 950 11,955

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 900 9,994

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2% bond 11/15/96 11,493 2,270 9,223

Total . . . . . . . . . . . . . . . 35,292 4,120 31,172

2027

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8% bond 02/18/97 10,456 450 10,006

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8% bond 08/15/97 10,736 1,330 9,406

Total . . . . . . . . . . . . . . . 21,192 1,780 19,412

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1997, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

36 PUBLIC DEBT OPERATIONS
TABLE PDO-2.--Offerings of Bills

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1

bids tendered Total amount petitive basis 2petitive basis 3new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1997 - June 5 . . . . . . Sept. 4 91 38,030.1 11,541.8 10,196.4 1,345.3 13,109.8 145,499.7

Dec. 4 182 42,238.7 11,007.7 9,821.0 1,186.8 12,746.5 330,363.9

12 . . . . . . Sept. 11 91 50,368.4 11,041.1 9,147.0 1,267.1 12,093.8 143,820.0

Dec. 11 182 41,915.5 10,962.3 9,820.1 1,142.2 12,866.0 328,460.1

19 . . . . . . Sept. 18 91 45,068.5 11,752.9 9,386.7 1,366.2 11,738.1 142,834.8

Dec. 18 182 37,154.0 10,050.9 8,920.9 1,130.0 12,901.4 325,609.7

26 . . . . . . Sept. 25 90 38,428.7 10,406.3 9,201.0 1,205.3 11,669.9 141,571.2

Dec. 26 183 38,175.9 11,479.3 10,417.7 1,061.7 13,071.5 324,017.5

July 3 . . . . . . Oct. 2 91 39,528.6 11,574.3 10,225.8 1,348.5 10,860.2 142,285.3

1998 - Jan. 2 183 36,534.5 12,039.3 10,799.6 1,239.6 13,570.1 322,486.6

10 . . . . . . 1997 - Oct. 9 91 36,763.7 11,038.2 9,676.8 1,361.4 11,392.0 141,931.5

1998 - Jan. 8 182 38,228.1 11,963.4 10,666.7 1,296.6 12,592.7 321,857.3

17 . . . . . . 1997 - Oct. 16 91 47,866.6 11,606.1 10,203.2 1,402.8 10,106.7 143,430.9

1998 - Jan. 15 182 39,783.1 12,133.9 10,695.3 1,438.6 11,592.4 322,398.8

24 . . . . . . 1997 - Oct. 23 91 41,091.7 11,713.1 10,473.0 1,240.1 10,055.7 145,088.3

1998 - Jan. 22 182 41,292.6 11,686.9 10,465.8 1,221.1 11,539.9 322,545.8

31 . . . . . . 1997 - Oct. 30 91 44,141.5 11,966.6 10,608.2 1,358.4 11,186.3 145,868.6

1998 - Jan. 29 182 46,348.6 12,160.1 10,766.5 1,393.6 11,625.0 323,081.0

Aug. 7 . . . . . . 1997 - Nov. 6 91 49,486.7 12,038.7 10,549.9 1,488.8 11,368.3 146,539.0

1998 - Feb. 5 182 45,425.9 13,236.0 11,875.4 1,360.6 12,561.0 323,755.9

14 . . . . . . 1997 - Nov. 13 91 55,819.3 12,346.3 10,965.8 1,380.5 11,272.4 147,612.9

1998 - Feb. 12 182 45,125.5 12,321.2 10,998.5 1,322.7 13,227.3 322,849.8

21 . . . . . . 1997 - Nov. 20 91 51,906.7 12,112.9 10,732.0 1,380.9 11,508.8 148,217.0

1998 - Feb. 19 182 43,844.8 11,642.7 10,264.1 1,378.6 13,371.5 321,121.1

28 . . . . . . 1997 - Nov. 28 91 43,444.3 11,884.7 10,543.0 1,341.7 11,242.6 148,859.1

1998 - Feb. 26 181 38,341.2 12,065.8 10,814.2 1,251.6 13,441.6 319,745.3

Sept. 4 . . . . . . 1997 - Dec. 4 91 41,963.5 11,137.3 9,797.6 1,339.8 11,541.5 148,454.9

1998 - Mar. 5 182 46,680.4 12,899.0 11,745.1 1,153.9 13,096.2 319,548.0 

11 . . . . . . 1997 - Dec. 11 91 51,507.5 11,671.6 10,473.8 1,197.9 10,413.7 149,712.9

1998 - Mar. 12 182 49,223.3 11,839.5 10,718.3 1,121.2 12,136.2 319,251.4

18 . . . . . . 1997 - Dec. 18 91 39,892.2 11,287.3 9,958.7 1,328.6 10,752.8 150,247.3

1998 - Mar. 19 182 43,941.1 10,998.3 9,735.2 1,263.0 11,935.0 318,314.6

25 . . . . . . 1997 - Dec. 26 92 45,504.6 10,989.3 9,766.1 1,223.2 10,405.9 150,830.7

1998 - Mar. 26 182 38,581.0 10,499.7 9,296.2 1,203.5 11,545.7 317,268.6

52-week:

1996 - Sept. 19 . . . . . . 1997 - Sept. 18 364 52,210.1 19,906.7 19,037.3 869.4 19,275.3 250,089.3

Oct. 17 . . . . . . Oct. 16 364 49,840.5 20,190.4 19,425.4 765.0 18,482.5 251,797.2

Nov. 14 . . . . . . Nov. 13 364 58,249.9 20,141.8 19,422.3 719.5 18,869.7 253,069.3

Dec. 12 . . . . . . Dec. 11 364 45,506.0 20,542.5 19,734.5 808.0 18,006.7 255,605.1

1997 - Jan. 9 . . . . . . 1998 - Jan. 8 364 67,862.1 20,609.8 19,683.7 926.1 18,910.5 257,304.4

Feb. 6 . . . . . . Feb. 5 364 53,634.2 20,983.2 19,747.9 1,235.3 18,899.7 259,387.9

Mar. 6 . . . . . . Mar. 5 364 51,822.3 20,840.5 20,100.8 739.8 18,795.1 261,433.3

Apr. 3 . . . . . . Apr. 2 364 67,862.2 19,072.4 18,057.5 1,014.9 18,944.6 261,561.1

May 1 . . . . . . Apr. 30 364 73,240.0 20,688.0 19,547.2 1,140.8 19,461.4 262,787.7

May 29 . . . . . . May 28 364 55,069.5 20,831.3 19,707.8 1,123.5 19,327.0 264,292.0

June 26 . . . . . . June 25 364 67,729.9 19,429.6 18,435.5 994.1 19,596.1 264,125.5

July 24 . . . . . . July 23 364 65,035.2 18,829.2 17,859.8 969.4 20,184.9 262,769.9

Aug. 21 . . . . . . Aug. 20 364 62,453.8 18,783.3 17,842.6 940.8 20,571.4 260,981.8

Sept. 18 . . . . . . Sept. 17 364 80,766.5 18,301.6 17,460.7 840.9 19,906.7 259,376.7

Cash management:

1997 - June 3 . . . . . . 1997 - June 17 14 56,077.6 18,060.2 - - - 18,060.2

Aug. 1 . . . . . . Sept. 18 48 75,872.0 26,224.2 - - - 44,284.4

PUBLIC DEBT OPERATIONS 37
TABLE PDO-2.--Offerings of Bills, con.

[Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52

weeks.

2

 Includes amounts issued on a noncompetitive basis to Federal Reserve banks for their own

accounts and to Federal Reserve banks as agents for foreign and international monetary

authorities.

3

 For 13-week , 26-week, and 52-week bills tenders of $1 million or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4

 Equivalent coupon-issue yield.

5

 Except $575,000 at 98.703 percent .

Regular weekly:

1997 - June 5 . . . . . . 98.754 4.93 5.06 4.94 98.751 4.90 98.761

97.361 5.22 5.44 5.22 97.361 5.21 97.366

12 . . . . . . 98.751 4.94 5.07 4.95 98.749 4.93 98.754

97.371 5.20 5.41 5.20 97.371 5.18 97.381

19 . . . . . . 98.766 4.88 5.01 4.89 98.764 4.87 98.769

97.422 5.10 5.31 5.10 97.422 5.09 97.427

26 . . . . . . 98.751 4.94 5.07 4.95 98.749 4.91 98.759

97.433 5.05 5.25 5.06 97.428 5.04 97.438

July 3 . . . . . . 98.706 5.12 5.26 5.12 98.706 5.09 98.713

97.387 5.14 5.35 5.14 97.387 5.12 97.397

10 . . . . . . 98.744 4.97 5.10 4.97 98.744 4.95 98.749

97.437 5.07 5.28 5.07 97.437 5.05 97.447

17 . . . . . . 98.723 5.05 5.19 5.05 98.723 5.04 98.726

97.427 5.09 5.30 5.09 97.427 5.07 97.437

24 . . . . . . 98.708 5.11 5.25 5.12 98.706 5.09 98.713

97.386 5.17 5.38 5.17 97.386 5.16 97.391

31 . . . . . . 98.706 5.12 5.26 5.12 98.706 5.09 98.713

97.396 5.15 5.36 5.15 97.396 5.13 97.407

Aug. 7 . . . . . . 98.698 5.15 5.29 5.15 98.698 5.14 98.701

97.371 5.20 5.41 5.20 97.371 5.18 97.381

14 . . . . . . 98.693 5.17 5.31 5.18 98.691 5.15 98.698

97.356 5.23 5.45 5.23 97.356 5.21 97.366

21 . . . . . . 98.716 5.08 5.22 5.08 98.716 5.07 98.718

97.412 5.12 5.33 5.12 97.412 5.11 97.417

28 . . . . . . 98.692 5.12 5.26 5.13 98.689 5.09 98.699

97.401 5.14 5.35 5.14 97.401 5.13 97.407

Sept. 4 . . . . . . 98.718 5.07 5.21 5.07 98.718 5.05 98.723

97.376 5.19 5.40 5.19 97.376 5.17 97.386

11 . . . . . . 98.734 5.01 5.14 5.02 98.731 5.00 98.736

97.401 5.14 5.35 5.14 97.401 5.12 97.412

18 . . . . . . 98.759 4.91 5.04 4.91 98.759 4.89 98.764

97.432 5.08 5.29 5.08 97.432 5.06 97.442

25 . . . . . . 98.748 4.90 5.03 4.91 98.745 4.88 98.753

97.452 5.04 5.24 5.05 97.447 5.03 97.457

52-week:

1996 - Sept. 19 . . . . . . 94.368 5.57 5.90 5.57 94.368 5.56 94.378

Oct. 17 . . . . . . 94.601 5.34 5.64 5.35 94.591 5.33 94.611

Nov. 14 . . . . . . 94.742 5.20 5.49 5.21 94.732 5

 5.19 94.752

Dec. 12 . . . . . . 94.783 5.16 5.45 5.16 94.783 5.13 94.813

1997 - Jan. 9 . . . . . . 94.631 5.31 5.61 5.32 94.621 5.29 94.651

Feb. 6 . . . . . . 94.601 5.34 5.64 5.35 94.591 5.32 94.621

Mar. 6 . . . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Apr. 3 . . . . . . 94.277 5.66 6.00 5.66 94.277 5.64 94.267

May 1 . . . . . . 94.216 5.72 6.06 5.72 94.216 5.71 94.227

May 29 . . . . . . 94.388 5.55 5.88 5.56 94.378 5.53 94.409

June 26 . . . . . . 94.591 5.35 5.65 5.35 94.591 5.34 94.601

July 24 . . . . . . 94.682 5.26 5.56 5.26 94.682 5.25 94.692

Aug. 21 . . . . . . 94.661 5.28 5.58 5.28 94.661 5.27 94.671

Sept. 18 . . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

Cash management:

1997 - Aug. 1 . . . . . . 99.287 5.35 5.46 5.36 99.285 5.34 99.288

Sept. 2 . . . . . . 99.802 5.47 5.57 5.47 99.802 5.45 99.803

38 PUBLIC DEBT OPERATIONS
See footnotes at end of table.

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

11/02/95 11/03/95 5.37% bill--12/21/95-reopening 48d 29,372 6,008

11/02/95 11/03/95 5.30% bill--01/25/96-reopening 83d 33,200 8,061

11/14/95 11/15/95 5.77% bill--11/24/95-reopening 9d 56,685 35,706

11/14/95 11/15/95 5.64% bill--12/21/95-reopening 36d 55,750 26,053

11/15/95 11/16/95 5.15% bill--11/14/96 364d 49,175 18,872

11/20/95 11/24/95 5-1/2% note--11/15/98-Z 3y 55,665 20,598 7

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 8

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 9

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 10

11/30/95 12/01/95 5.63% bill--12/14/95-reopening 13d 35,646 10,017

11/30/95 12/01/95 5.39% bill--12/28/95-reopening 27d 35,232 10,007

12/07/95 12/14/95 5.06% bill--12/12/96 364d 49,996 18,792

12/20/95 01/02/96 5-1/4% note--12/31/97-AM 2y 40,661 19,165 11

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 12

01/04/96 01/11/96 4.89% bill--01/09/97 364d 57,800 18,910

01/23/96 01/31/96 5% note--01/31/98-AB 2y 45,650 19,087 13

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 14

02/01/96 02/08/96 4.64% bill--02/06/97 364d 58,951 18,900

02/06/96 02/15/96 5% note--02/15/99-W 3y 52,932 21,997 15

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 16

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 17

02/08/96 02/15/96 5.14% bill--02/22/96-reopening 7d 41,694 8,055

02/22/96 02/23/96 5.02% bill--04/18/96-reopening 55d 85,706 29,192

02/27/96 02/29/96 5-1/8% note--02/28/98-K-reopening 2y 43,564 19,184 18

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 19

02/28/96 03/01/96 5.06% bill--03/14/96-reopening 13d 32,082 6,003

02/29/96 03/07/96 4.98% bill--03/06/97 364d 39,127 18,795

03/13/96 03/14/96 5.11% bill--04/25/96-reopening 42d 47,387 9,060

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 20

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 21

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 22

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 23

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 24

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 25

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 26

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 27

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 28

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 29

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 30

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 31

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 32

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 33

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 34

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 35

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 36

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 37

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 38

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 39

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5

 10,985 40

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

PUBLIC DEBT OPERATIONS 39
10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 41

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 42

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 43

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 44

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 45

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 46

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 47

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 48

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 49

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 50

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 51

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 52

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 53

02/12/97 6 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 54

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 55

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 56

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 57

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 58

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 59

03/26/97 04/03/97 5.66% bill--04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill--04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill--04/22/97 19d 51,886 17,066

04/08/97 6

 04/15/97 3-3/8% ii note--01/15/07-A-reopening 9y 9m 18,464 5 8,405 60

04/22/97 04/30/97 6-3/8% note--04/30/99-AE 2y 43,708 19,351 61

04/23/97 04/30/97 6-5/8% note--04/30/02-F 5y 34,266 14,475 62

04/24/97 05/01/97 5.72% bill--04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note--05/15/00-V 3y 39,125 20,763 63

05/07/97 05/15/97 6-5/8% note--05/15/07-C 10y 24,266 513,958 64

05/22/97 05/29/97 5.55% bill--05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note--05/31/99-AF 2y 42,092 18,567 65

05/29/97 06/02/97 6-1/2% note--05/31/02-G 5y 34,876 13,492 66

06/02/97 06/03/97 5.25% bill--06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill--06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note--06/30/99-AG 2y 40,541 17,861 67

06/25/97 06/30/97 6-1/4% note--06/30/02-H 5y 38,218 13,058 68

07/09/97 07/15/97 3-5/8% ii note--07/15/02-J 5y 26,858 5 8,404 69

07/17/97 07/24/97 5.26% bill--07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note--07/31/99-AH 2y 40,533 16,840 70

07/23/97 07/31/97 6% note--07/31/02-K 5y 33,845 12,231 71

07/31/97 08/01/97 5.35% bill--09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note--08/15/00-W 3y 41,313 18,053 72

08/06/97 08/15/97 6-1/8% note--08/15/07-D 10y 27,869 5 13,036 73

08/07/97 08/15/97 6-3/8% bond--08/15/27 30y 27,355 5 10,736 74

08/14/97 08/21/97 5.28% bill--08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note--08/31/99-AJ 2y 40,541 17,214 75

08/27/97 09/02/97 6-1/4% note--08/31/02-L 5y 27,996 12,732 76

08/28/97 09/02/97 5.47% bill--09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill--09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note--09/30/99-AK 2y 39,868 5

 17,486 77

09/24/97 09/30/97 5-7/8% note--09/30/02-M 5y 35,396 5 12,806 78

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 and bonds

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

See footnotes at end of table.

40 PUBLIC DEBT OPERATIONS
TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan. 

7

 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the

average at 5.549% (price 99.867).

8

 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the

average at 5.900% (price 99.810).

9

 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction.

10 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

11 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

12 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

13 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

14 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction.

15 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the

average at 5.043% (price 99.882).

16 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the

average at 5.649% (price 99.819).

17 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the

average at 6.119% (price 98.374).

18 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

19 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

20 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

21 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction.

22 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

23 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

24 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

25 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

26 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction.

27 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction.

28 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

29 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

30 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

31 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

32 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

33 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

34 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

35 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

36 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

37 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction.

38 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

39 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

40 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

41 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

42 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

43 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

44 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

45 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the

average at 6.619% (price 98.457).

46 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

47 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction.

48 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

49 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

50 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

51 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

52 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

53 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the

average at 5.997% (price 99.670).

54 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the

average at 6.374% (price 99.092).

55 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the

average at 6.640% (price 99.804).

56 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

57 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

58 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

59 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

60 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

61 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction.

62 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction.

63 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the

average at 6.438% (price 99.831).

64 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the

average at 6.740% (price 99.173).

65 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction.

66 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction.

67 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction.

68 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction.

69 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of

an inflation-indexed note.

70 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

71 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction.

72 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the

average at 6.041% (price 99.889).

73 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the

average at 6.205% (price 99.411).

74 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the

average at 6.445% (price 99.076).

75 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction.

76 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction.

77 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction.

78 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

PUBLIC DEBT OPERATIONS 41
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752

01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220

01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198

01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453

02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254

02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391

02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195

02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064

02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C- 11,204 900 382 351 - * 1,062 * - 6 7,744 759

reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D- 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

reopening

42 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation-indexed note-- 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

01/15/07-A (first issue of 

this kind; dated 01/15/97)

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% inflation-indexed note-- 8,405 400 664 43 10 - 817 52 455 - 5,327 637

01/15/07-A reopening

04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note--07/15/02-J 8,404 400 2,055 31 17 * 859 1 - 85 4,745 212

07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note--09/31/99-AK 17,487 617 183 757 1 3 837 13 * 4 13,278 1,794

09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

* Less than $500,000. 

1

 Includes trust companies, bank dealers, and stock savings banks. 

2

 Includes partnerships and personal trust accounts.

3

 Exclusive of banks and insurance companies. 

4

 Consists of trust, sinking, and investment funds of State and local governments and their

agencies.

5

 Includes savings and loan associations, nonprofit institutions, and foreign and international

investments. Also included are certain Government deposit accounts and Government-sponsored agencies.

 Note.--For detail of offerings see table PDO-3.

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

Total amount

Date of Average rate issued Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks banks Corporations 1

brokers All other 2 

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

1

 Exclusive of banks and insurance companies.

2 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

44 PUBLIC DEBT OPERATIONS
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Sept. 30, 1997

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

Accrued accrued Interest- non-interestSeries Sales 1

discount discount Redemptions 1bearing debt bearing debt

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

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 345,186 188,612 533,798 350,143 182,589 3,601

Series F and G . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3

Series J and K. . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - -

Savings notes . . . . . . . . . . . . . . . . . 

862 683 1,545 1,185 326 -

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

381,949 191,672 573,621 389,600 182,915 3,605

1

 Sales and redemption figures include exchange of minor amounts of (1) matured series E

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds

for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds

beginning January 1972; however, they exclude exchanges of series E bonds for series H and

HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be found

in the February 1952 and previous issues of the ‘‘Treasury Bulletin.’’

Fiscal years:

1935 - 92 . . . . . . . . . 336,713 145,255 481,968 331,600 261,483 70,117 148,604 1,720

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,790 4,965 2,825 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 . . . . . . . . . . . . . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

Calendar years:

1935 - 92 . . . . . . . . . 343,145 147,459 464,130 333,355 262,611 70,744 155,297 1,969

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 8,146 5,106 3,040 169,775 2,145

1994 . . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 3,945 6,596 10,541 8,805 1,736 8,101 184,379 2,319

1996 - Sept.. . . . . . . . . 379 724 1,103 1,021 572 449 184,488 2,292

Oct. . . . . . . . . . 481 974 1,455 1,309 758 550 184,642 2,268

Nov. . . . . . . . . . 451 656 1,107 1,059 566 493 184,719 2,240

Dec. . . . . . . . . . 572 686 1,258 1,214 724 490 182,781 4,222

1997 - Jan. . . . . . . . . . 556 811 1,367 1,701 989 713 182,476 4,194

Feb. . . . . . . . . . 402 734 1,136 1,200 577 623 182,566 4,043

Mar. . . . . . . . . . 437 734 1,171 1,209 713 422 182,542 3,938

Apr. . . . . . . . . . 419 845 1,264 1,340 743 597 182,548 3,878

May . . . . . . . . . 421 684 1,105 1,175 633 542 182,547 3,807

June . . . . . . . . . 426 719 1,145 1,162 649 513 182,587 3,746

July. . . . . . . . . . 415 843 1,258 1,294 741 552 182,607 3,692

Aug. . . . . . . . . . 383 760 1,143 1,241 697 544 182,565 3,637

Sept.. . . . . . . . . 376 697 1,073 1,087 646 441 182,589 3,601

TABLE SBN-2.--Sales and Redemptions by Period,

All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1

discount 1bearing debt bearing debt

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

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since January 1, 1980, are the

only savings bonds currently sold. Series HH bonds are issued

in exchange for Series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through April

30, 1941. Series E was on sale from May 1, 1941, through

December 31, 1979 (through June 1980 to payroll savers only).

Series F and G were sold from May 1, 1941, through April 30,

1952. Series H was sold from June 1, 1952, through December

31, 1979. Series HH bonds were sold for cash from January 1,

1980, through October 31, 1982. Series J and K were sold from

May 1, 1952, through April 30, 1957. U.S. savings notes were

on sale May 1, 1967, through June 30, 1970. The notes were

eligible for purchase by individuals with the simultaneous

purchase of series E savings bonds.

The principal terms and conditions for purchase and redemption and information on investment yields of savings

notes appear in the ‘‘Treasury Bulletins’’ of March 1967 and

June 1968; and the Annual Report of the Secretary of the

Treasury for fiscal 1974.

U.S. SAVINGS BONDS AND NOTES 45
 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers.

TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

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

Series E and EE

Series H and HH

Fiscal years:

1952 - 92 . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

1997 . . . . . . . . . . . . . 10 - 10 893 893 - 1,254 12,294 17

Calendar years:

1952 - 92 . . . . . . . . . 13,511 - 13,511 18,156 18,156 - 15,194 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 19 - 19 529 529 - 860 11,920 16

1996 - Sept.. . . . . . . . . -1 - -1 59 59 - 95 11,956 16

Oct. . . . . . . . . . 16 - 16 71 71 - 109 11,978 16

Nov. . . . . . . . . . -1 - -1 59 59 - 93 12,011 15

Dec. . . . . . . . . . 16 - 16 71 71 - 109 12,038 23

1997 - Jan. . . . . . . . . . 2 - 2 83 83 - 114 12,072 22

Feb. . . . . . . . . . 2 - 2 76 76 - 114 12,113 21

Mar. . . . . . . . . . -8 - -8 83 83 - 121 12,143 20

Apr. . . . . . . . . . 2 - 2 86 86 - 107 12,167 19

May . . . . . . . . . -3 - -3 87 87 - 109 12,200 19

June . . . . . . . . . -4 - -4 88 88 - 106 12,230 18

July. . . . . . . . . . 8 - 8 80 80 - 99 12,257 18

Aug. . . . . . . . . . -8 - -8 74 74 - 101 12,276 18

Sept.. . . . . . . . . -1 - -1 67 67 - 87 12,294 17

Fiscal years:

1941 - 92 . . . . . . . . . 291,667 141,743 433,410 275,188 207,516 67,671 15,036 138,286 1,701

1993 . . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 . . . . . . . . . . . . . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

Calendar years:

1941 - 92 . . . . . . . . . 293,669 144,991 438,659 269,969 208,543 68,336 15,194 144,724 1,939

1993 . . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 3,927 6,595 10,522 8,275 4,458 3,821 1,055 172,475 2,302

1996 - Sept.. . . . . . . . . 389 724 1,113 962 513 449 95 172,548 2,276

Oct. . . . . . . . . . 481 974 1,455 1,238 687 550 109 172,665 2,252

Nov. . . . . . . . . . 451 656 1,107 1,000 507 493 93 172,707 2,225

Dec. . . . . . . . . . 572 684 1,256 1,150 660 490 95 170,744 4,198

1997 - Jan. . . . . . . . . . 558 811 1,369 1,618 905 713 114 170,405 4,173

Feb. . . . . . . . . . 404 734 1,138 1,124 501 623 114 170,453 4,022

Mar. . . . . . . . . . 428 671 1,099 1,126 631 422 121 170,399 3,938

Apr. . . . . . . . . . 422 844 1,266 1,254 657 597 107 170,381 3,878

May . . . . . . . . . 419 684 1,103 1,100 558 542 109 170,348 3,807

June . . . . . . . . . 423 719 1,142 1,090 576 513 106 170,357 3,746

July. . . . . . . . . . 415 844 1,259 1,214 661 552 99 170,350 3,692

Aug. . . . . . . . . . 383 762 1,145 1,167 622 544 101 170,289 3,637

Sept.. . . . . . . . . 377 698 1,075 1,018 577 441 87 170,295 3,601

46 U.S. SAVINGS BONDS AND NOTES
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes, and

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

• Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies

held by Government accounts, the Federal Reserve banks, and

private investors. Social Security and Federal retirement trust

fund investments comprise much of the Government account

holdings. 

The Federal Reserve banks acquire Treasury securities in

the market as a means of executing monetary policy.

• Table OFS-2 presents the estimated amount of public

debt securities held by private investors. Information is obtained from sources such as the Federal financial institution

regulatory agencies. State, local, and foreign holdings include

special issues of nonmarketable securities to municipal entities

and foreign official accounts. They also include municipal,

foreign official, and private holdings of marketable Treasury

securities. (See footnotes to the table for description of investor

categories.)

OWNERSHIP OF FEDERAL SECURITIES 47
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve banks

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1996 - Sept.. . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

Oct. . . . . . . . . . . . . . . . . . . . 5,282,566 5,243,339 1,454,847 1,254 1,453,593 392,917

Nov. . . . . . . . . . . . . . . . . . . . 5,330,904 5,263,423 1,457,953 1,254 1,456,699 400,210

Dec. . . . . . . . . . . . . . . . . . . . 5,357,391 5,317,188 1,497,178 1,254 1,495,924 410,878

1997 - Jan . . . . . . . . . . . . . . . . . . . . 5,348,224 5,308,048 1,504,854 1,254 1,503,600 399,448

Feb. . . . . . . . . . . . . . . . . . . . 5,384,042 5,344,143 1,504,423 1,254 1,503,169 401,575

Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,375,139 1,506,784 1,254 1,505,530 405,559

Apr. . . . . . . . . . . . . . . . . . . . 5,388,003 5,348,249 1,520,050 1,254 1,518,796 452,885

May . . . . . . . . . . . . . . . . . . . 5,379,245 5,308,468 r 1,529,099 1,254 r

 1,527,845 412,569

June . . . . . . . . . . . . . . . . . . . 5,409,818 5,370,459 1,571,583 1,254 1,570,329 426,362

July . . . . . . . . . . . . . . . . . . . 5,406,995 5,367,593 1,570,183 1,254 1,568,929 414,157

Aug. . . . . . . . . . . . . . . . . . . . 5,437,927 5,367,587 1,571,058 1,254 1,569,804 419,947

Sept. . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding banks investors

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1996 - Sept.. . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

Oct. . . . . . . . . . . . . . . . . . . . 3,395,575 3,036,889 358,687 3,980 35,246 7,606 27,640

Nov. . . . . . . . . . . . . . . . . . . . 3,405,260 3,043,179 362,081 33,126 34,355 7,606 26,749

Dec. . . . . . . . . . . . . . . . . . . . 3,409,132 3,047,559 361,573 5,984 34,219 7,606 26,613

1997 - Jan . . . . . . . . . . . . . . . . . . . . 3,403,746 3,040,766 362,979 5,949 34,227 7,606 26,621

Feb. . . . . . . . . . . . . . . . . . . . 3,438,145 3,074,706 363,439 5,794 34,105 7,606 26,499

Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,097,548 365,248 5,751 33,864 7,606 26,258

Apr. . . . . . . . . . . . . . . . . . . . 3,375,314 3,010,373 364,941 5,722 34,032 7,606 26,426

May . . . . . . . . . . . . . . . . . . . 

r

 3,366,800 3,002,074 r 364,725 36,494 34,284 7,606 26,678

June . . . . . . . . . . . . . . . . . . . 3,372,514 3,005,442 367,072 5,692 33,667 7,348 26,319

July . . . . . . . . . . . . . . . . . . . 3,383,253 3,017,683 365,570 5,635 33,766 7,348 26,418

Aug. . . . . . . . . . . . . . . . . . . . 3,376,582 3,009,567 367,015 36,834 33,507 7,348 26,159

Sept. . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

48 OWNERSHIP OF FEDERAL SECURITIES
1

 U.S. savings bonds, series A-F and J, are included at current redemption value.

2

 Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New

York investment companies majority owned by foreign banks, and Edge Act corporations

owned by domestically chartered and foreign banks.

3

 Includes partnerships and personal trust accounts.

4

 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970.

5

 Exclusive of banks and insurance companies.

6 The "State and local governments" category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4

securities companies funds rations 5 ments 6national 7investors 8

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

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 562.7 549.7 674.2

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 582.5 564.2 655.2

June . . . . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 596.1 567.7 662.1

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 596.8 591.3 655.3

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 609.2 622.9 655.0

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 569.1 655.8 729.6

Dec. . . . . 3,168.0 290.4 2,877.6 331.2 180.5 150.7 240.1 67.6 224.5 540.2 688.6 785.5

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 342.8 181.4 161.4 244.2 67.7 230.3 525.3 729.2 791.6

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 485.5 784.2 801.2

Sept. . . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 454.2 848.4 808.1

Dec . . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 421.5 862.2 843.0

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 r

 423.4 931.5 r 842.6

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 r

 229.5 82.1 230.9 r 403.1 959.8 r 814.1

Sept. . . . . 3,386.2 274.8 3,111.4 353.8 186.8 167.0 r

 226.8 85.2 249.1 r 326.4 1,030.9 r 839.2

Dec . . . . . 3,411.2 261.7 3,149.5 356.6 187.0 169.6 r

 214.1 91.6 258.5 r 363.7 1,131.8 r 733.2

1997 - Mar. . . . . 3,451.7 282.3 3,169.4 355.4 186.5 168.9 r

 214.3 84.0 262.5 r 348.0 r 1,215.4 r 689.8

June . . . . 3,361.7 r

 265.7 r 3,096.0 355.4 186.3 169.1 r 203.4 r 77.4 261.0 r 337.4 r 1,246.9 r 614.5

Sept. . . . . 3,388.9 p

 260.0 3,128.9 354.8 186.2 168.6 p 192.0 p 76.4 p 266.5 p 333.5 p 1,292.4 p 613.3

OWNERSHIP OF FEDERAL SECURITIES 49
INTRODUCTION: Market Yields

The tables and charts in this section present yields on

Treasury marketable securities, and compare long-term yields

on Treasury securities with yields on long-term corporate and

municipal securities.

• Table MY-1 lists Treasury market bid yields at constant

maturities for bills, notes, and bonds. The Treasury yield curve

in the accompanying chart is based on current market bid

quotations on the most actively traded Treasury securities as

of 3:30 p.m. on the last business day of the calendar quarter. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York to derive the yield curve, based on

semiannual interest payments and read at constant maturity

points to develop a consistent data series. Yields on Treasury

bills are coupon equivalent yields of bank discount rates at

which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury

constant maturity data series in its weekly H.15 press release.

• Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury

average yield is the 30-year constant maturity yield. The

corporate bond average yield is developed by Treasury by

calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors

Service. The municipal bond average yield prior to 1991 was

compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published

by Moody’s Investors Service for 20-year reoffering yields on

selected Aa-rated general obligations. See the footnotes for

further explanation.

Monthly average:

1996 - Oct.. . . . . . . . . . 5.12 5.32 5.55 5.91 6.08 6.27 6.42 6.53 6.81

Nov . . . . . . . . . . 5.17 5.27 5.42 5.70 5.82 5.97 6.10 6.20 6.48

Dec . . . . . . . . . . 5.04 5.24 5.47 5.78 5.91 6.07 6.20 6.30 6.55

1997 - Jan . . . . . . . . . . 5.17 5.31 5.61 6.01 6.16 6.33 6.47 6.58 6.83

Feb.. . . . . . . . . . 5.14 5.27 5.53 5.90 6.03 6.20 6.32 6.42 6.69

Mar.. . . . . . . . . . 5.28 5.48 5.80 6.22 6.38 6.54 6.65 6.69 6.93

Apr. . . . . . . . . . . 5.30 5.60 5.99 6.45 6.61 6.76 6.86 6.89 7.09

May . . . . . . . . . . 5.20 5.53 5.87 6.28 6.42 6.57 6.66 6.71 6.94

June . . . . . . . . . 5.07 5.34 5.69 6.09 6.24 6.38 6.46 6.49 6.77

July . . . . . . . . . . 5.19 5.33 5.54 5.89 6.00 6.12 6.20 6.22 6.51

Aug . . . . . . . . . . 5.28 5.40 5.56 5.94 6.06 6.16 6.29 6.30 6.58

Sept. . . . . . . . . . 5.08 5.30 5.52 5.88 5.98 6.11 6.20 6.21 6.50

End of month:

1996 - Oct.. . . . . . . . . . 5.17 5.30 5.44 5.77 5.92 6.10 6.24 6.37 6.66

Nov . . . . . . . . . . 5.13 5.25 5.38 5.59 5.70 5.84 5.97 6.06 6.36

Dec . . . . . . . . . . 5.21 5.33 5.51 5.88 6.04 6.21 6.34 6.43 6.65

1997 - Jan . . . . . . . . . . 5.15 5.28 5.58 5.94 6.08 6.26 6.40 6.53 6.80

Feb.. . . . . . . . . . 5.22 5.39 5.67 6.09 6.23 6.39 6.50 6.56 6.80

Mar.. . . . . . . . . . 5.35 5.55 6.02 6.45 6.60 6.77 6.89 6.92 7.10

Apr. . . . . . . . . . . 5.28 5.53 5.90 6.29 6.42 6.57 6.68 6.72 6.95

May . . . . . . . . . . 4.96 5.46 5.78 6.22 6.37 6.51 6.61 6.67 6.92

June . . . . . . . . . 5.25 5.34 5.67 6.08 6.25 6.40 6.49 6.51 6.80

July . . . . . . . . . . 5.25 5.33 5.45 5.74 5.81 5.90 5.99 6.02 6.30

Aug . . . . . . . . . . 5.24 5.39 5.59 5.97 6.10 6.22 6.33 6.34 6.61

Sept. . . . . . . . . . 5.06 5.28 5.47 5.80 5.88 6.00 6.11 6.12 6.41

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

* Rates are from the Treasury yields curve.

50 MARKET YIELDS
Years

* Source: Office of Market Finance

12/31/97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 12/31/27

CHART MY-A.--Yields of Treasury Securities,

Sept. 30, 1997 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon

issues due in less than 3 months are excluded.

MARKET YIELDS 51
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

52 MARKET YIELDS
1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

MARKET YIELDS 53
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.77 7.71 5.39

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.51 7.44 5.27

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.58 7.30 5.27

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.50 7.04 5.25

1

 Treasury series based on 3-week moving average of reoffering yields of new corporate

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.

2

 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present.

54 MARKET YIELDS
CHART MY-B.--Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

* Source: Office of Market Finance

Aa Corporate Bonds

Treasury 30-yr. Bonds

Aa Municipal Bonds

MARKET YIELDS 55
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and

includes some old and current rare issues that do not circulate,

or that may do so to a limited extent. Treasury includes them

in the statement because the issues were originally intended

for general circulation.

The USCC statement provides a description of the various

issues of paper money. It also gives an estimated average of

currency and coin held by each individual, using estimates of

population from the Bureau of the Census. USCC information

has been published by Treasury since 1888, and was published

separately until 1983, when it was incorporated into the

‘‘Treasury Bulletin.’’ The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve banks, and the Federal Reserve Board.

TABLE USCC-1.--Amounts Outstanding and in Circulation, Sept. 30, 1997

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $575,145,362,885 $550,273,637,987 $549,745,438,701 $271,804,216 $256,395,070

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 196,989,570 15,020,716 14,812,368 20,739 187,609

The Federal Reserve banks. . . . . 

116,690,484,745 116,164,473,370 116,164,472,454 - 916

Amounts in circulation . . . . . . . . . . . 

$458,257,888,570 $434,094,143,901 $433,566,153,879 $271,783,477 $256,206,545

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $24,871,724,898 $2,024,703,898 $22,847,021,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 181,968,854 77,906,838 104,062,016

The Federal Reserve banks. . . . . 

526,011,375 54,743,608 471,267,767

Amounts in circulation . . . . . . . . . . . 

$24,163,744,669 $1,892,053,452 $22,271,691,217

See footnotes following table USCC-2.

56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
1 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents value of certain partial denominations not presented for redemption.

5 Based on Bureau of the Census estimates of population.

$1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,340,293,114 $6,192,795,159 $143,481 $147,354,474

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,112,331,512 979,803,170 132,515,766 12,576 

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,353,195,205 7,210,695,300 110,440,310 32,059,595

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,318,527,350 13,295,881,510 5,950 22,639,890

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,472,887,120 82,452,782,340 3,380 20,101,400

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,885,441,100 45,873,944,800 - 11,496,300

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,294,259,900 277,243,592,600 28,674,500 21,992,800

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,369,000 144,181,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,634,000 167,428,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4 

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

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 

$434,094,143,901 $433,566,153,879 $271,783,477 $256,206,545

Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . $458,258 $1,708.15

Aug. 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,434 1,713.95

July 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,128 1,699.26

Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15

Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14

Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45

Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48

June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08

June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39

June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14

June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90

TABLE USCC-2.--Amounts Outstanding and in Circulation, Sept. 30, 1997

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1

notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation-- (in millions) capita 5

selected dates (1) (2)

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
58

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59

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60

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TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1

stock 2rights 1, 3 currencies 4 Fund 1, 5

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

1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Oct.. . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517

Nov. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516

Dec. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372

Feb. . . . . . . . . . . . . . . . . . . 67,479 11,048 9,866 32,528 14,037

Mar. . . . . . . . . . . . . . . . . . . 67,222 11,050 9,879 32,447 13,846

Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660

May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962

June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805

July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677

Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959

Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042

Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve

position in the IMF automatically if needed. Under appropriate conditions, the United States

could purchase additional amounts related to the U.S. quota.

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on the U.S.

Government’s reserve assets, liabilities to foreigners, and its

international financial position. All monetary figures are in dollars

or dollar equivalents.

• Table IFS-1 shows reserve assets of the United States,

including its gold stock, special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF),

holdings of convertible foreign currencies, and reserve position in

the IMF.

• Table IFS-2 contains statistics on liabilities to foreign

official institutions, and selected liabilities to all other foreigners,

which are used in the U.S. balance of payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes that

Treasury issues to official institutions and other residents of

foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 61
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries 

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6

 organizations 7 

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

1992. . . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993. . . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994. . . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995. . . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055

1996 - Sept. r. . . . 2,040,172 695,865 298,753 357,545 6,057 33,510 759,884 559,553 129,297 430,256 24,870

Oct. r. . . . . 2,095,841 698,150 296,175 362,383 5,892 33,700 788,328 581,733 132,531 449,202 27,630

Nov. r . . . . 2,130,766 715,376 308,535 366,223 5,929 34,689 790,473 600,353 132,516 467,837 24,564

Dec. r . . . . 2,196,149 733,038 312,019 379,892 5,968 35,159 796,578 641,861 141,167 500,694 24,672

1997 - Jan. r . . . . 2,211,904 743,703 314,566 387,614 6,007 35,516 781,666 661,344 147,224 514,120 25,191

Feb. r . . . . 2,265,467 754,221 314,574 397,695 6,044 35,908 794,874 690,516 156,790 533,726 25,856

Mar. r . . . . 2,287,852 764,154 316,813 405,082 6,084 36,175 804,439 696,201 147,195 549,006 23,058

Apr. r. . . . . 2,321,032 759,266 305,270 412,184 5,692 36,120 817,806 719,610 152,859 566,751 24,350

May. . . . . . 2,341,119 763,432 305,439 415,561 5,730 36,702 825,857 728,149 156,866 571,283 23,681

June . . . . . 2,356,881 757,298 289,080 425,616 5,767 36,835 835,982 738,171 153,098 585,073 25,430

July. . . . . . 2,378,760 757,769 290,658 423,117 5,805 38,189 842,820 754,526 162,703 591,823 23,645

Aug. p. . . . 2,394,457 770,091 293,910 431,623 5,843 38,715 838,667 763,786 157,443 606,343 21,913

Sept. p . . . 2,417,193 779,782 299,445 434,328 5,879 40,130 830,901 782,664 163,523 619,141 23,846

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as

follows: Mexico, beginning March 1988 through March 1997, 20-year maturity issue and

beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year

maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to

table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies,

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign

currencies to foreign banks and to ‘‘other foreigners.’’

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the ‘‘Capital

Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

62 INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Payable in dollars

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Sept.. . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095

Oct.. . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103

Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110

Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997 - Jan. . . . . . . . . . . . . . . . . . 6,007 6,007 1,021 3,861 1,125

Feb. . . . . . . . . . . . . . . . . . 6,044 6,044 1,027 3,885 1,132

Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140

Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147

May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155

June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163

July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171

Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179

Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Includes current value of the following zero-coupon Treasury bond issues to the government

of Mexico: Beginning March 1998 through March 1997, 20-year maturity issue with remaining

face value of $1,058 million that was retired in full in April 1997; and beginning March 1990,

30-year maturity issue with remaining face value of $20,412 million.

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury

bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 63
INTRODUCTION: Capital Movements

Treasury collects information about the transference of financial assets and other portfolio capital movements between

the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking

enterprises in the United States file capital movement reports

with district Federal Reserve banks.

Forms and instructions are developed with the cooperation

of other Government agencies and the Federal Reserve System,

and in consultation with representatives of banks, securities

firms, and nonbanking enterprises. Copies of the reporting

forms and instructions may be obtained from the Office of

International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks.

In general, information is reported opposite the country or

geographical area where the foreigner is located, as shown on

records of reporting institutions. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records, and so may not be aware of the actual country of

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with

international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of

such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported

opposite ‘Other Europe.’

Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United

States must file reports. These enterprises include the branches,

agencies, subsidiaries, and other affiliates in the United States

of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting.

Banks and other depository institutions, and some brokers

and dealers, file monthly reports covering their dollar liabilities

to, and dollar claims on, foreigners in a number of countries.

Twice a year, June 30 and December 31, they also report the

same liabilities and claims items attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. The exemption level applicable to these

banking reports is $15 million.

Banks and other depository institutions, securities brokers

and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report

securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million

during the covered month.

Exporters, importers, industrial and commercial concerns,

financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit

claims of $10 million or more on banks abroad.

The data in these tables do not cover all types of reported

capital movements between the United States and other countries. The principal exclusions are the intercompany capital

transactions of nonbanking business enterprises in the United

States with their own branches and subsidiaries abroad or with

their foreign parent companies (own foreign offices), and

capital transactions of the U.S. Government. Consolidated data

on all types of international capital transactions are published

by the Department of Commerce in its regular reports on the

United States balance of payments.

•Section I presents liabilities to foreigners reported by U.S.

banks and other depository institutions, as well as brokers and

dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents

report certain of their own liabilities and a wide range of their

custody liabilities to foreigners.

• Section II presents claims on foreigners reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a

quarterly basis only. Maturity data are reported according to

time remaining to maturity. Reporting also covers certain items

held by brokers and dealers in the United States.

• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on

the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June

and December. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other

depository institutions, and brokers), and other nonbanking

enterprises in the United States. Information does not include

accounts of nonbanking enterprises in the United States with

their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment

forms. Data exclude claims on foreigners held through banks

in the United States.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

reported by banks, brokers, and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners, and transactions executed

abroad for the accounts of reporting institutions and their

domestic customers. This includes transactions in newly issued

securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. This is because the path

of a security is not tracked prior to its being purchased from,

or after it is sold to, a foreigner in a reportable transaction. That

64 CAPITAL MOVEMENTS
UNITED STATES PORTFOLIO INVESTMENT ABROAD

AS OF DECEMBER 31, 1996 

SUMMARY REPORT 1

Office of International Financial Analysis

Introduction

In 1996, the total value of U.S. portfolio claims on foreigners expanded 14.4 percent, or $303.2 billion, to $2.4 trillion.

(Table 1.) Although U.S. Government assets dipped somewhat, due mostly to a drop of $15.4 billion or 8.8 percent in

official reserve assets, the three major components of U.S.

privately held assets increased strongly.

Among individual countries, private U.S. portfolio claims

on foreigners at year-end 1996 were greatest opposite the

United Kingdom at $352.1 billion. (Table 2.) Japan and Canada followed with total claims of $255.7 billion and $195.0

billion, respectively. On a regional basis, other Europe and

Latin America and the Caribbean appeared to be the main

locations of U.S. claims. Claims reported vis-à-vis the rest of

the world, principally other Asia, were also significant.

Holdings of foreign securities

U.S. holdings of foreign securities----the largest component

of U.S. portfolio claims on foreigners----increased $219.0 billion during 1996 to an estimated value of $1.3 trillion.

U.S. net purchases of foreign bonds during the year were

substantial at $48.8 billion, but were partly offset by exchange

rate losses totaling $7.5 billion. Nevertheless, total U.S. holdings of foreign bonds were estimated to be $398.0 billion at

year-end, a record high. About 20.0 percent, or $79.2 billion,

of U.S. holdings were estimated to be Canadian bonds. Other

major holdings included bonds from Japan ($34.0 billion), the

United Kingdom ($29.6 billion), France ($28.0 billion), and

Germany ($24.5 billion). Mexico and the rest of Latin America

were a strong growth area in 1996. U.S. holdings of foreign

bonds from the region expanded 24.5 percent during the year,

up $13.6 billion to $69.1 billion.

U.S. net purchases of foreign stocks were similarly vigorous in 1996, amounting to $58.6 billion. Strong price gains in

nearly all major markets added another $118.0 billion to the

value of U.S. holdings which, at year-end, were estimated to

be $875.5 billion, an all-time high. U.S. portfolios were highly

concentrated in the United Kingdom and Japan, where holdings were estimated to be $185.4 billion and $126.4 billion,

respectively, at year-end. Additionally, U.S. investors held an

estimated $284.1 billion in stocks from other European countries, $66.5 billion in Canadian stocks, $75.7 billion in stocks

from Mexico and other Latin America, and $37.3 billion in

Hong Kong stocks.

U.S. banking claims

Total claims on foreigners on U.S. banks’ own accounts

rose for the second year in a row in 1996, expanding $60.8

is, before it enters and after it departs the reporting system,

ownership of a security may be transferred between foreigners

of different countries. Such transfers may occur any number

of times and are concealed among the net figures for U.S.

transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of

the foreign buyers and sellers of securities in a particular round

of transactions.

Table 1: U.S. Portfolio Investment Positions

Vis-à-Vis Foreign Countries, by Type

(In billions of dollars)

Year-end Percentage

change 1995 1996

Total U.S. portfolio assets. . . . . . . . . . . 2,100.2 2,403.4 14.4

U.S. Government assets. . . . . . . . . . . . 258.0 243.3 -5.7

U.S. official reserve assets . . . . . . . . 176.1 160.7 -8.8

Other U.S. Government assets . . . . . 81.9 82.6 0.9

U.S. private assets . . . . . . . . . . . . . . . . 1,842.2 2,160.1 17.3

Banks’ own claims . . . . . . . . . . . . . . . 606.4 667.2 10.0

Total nonbank claims. . . . . . . . . . . . . 181.4 219.5 21.0

Bank-reported custody claims . . . . 128.9 158.1 22.7

Nonbank-reported claims . . . . . . . . 52.5 61.4 17.0

Holdings of foreign securities. . . . . . . 1,054.4 1,273.4 20.8

Bonds . . . . . . . . . . . . . . . . . . . . . . . 355.3 398.0 12.0

Stocks. . . . . . . . . . . . . . . . . . . . . . . 699.1 875.5 25.2

Source: Department of Commerce, "The International Investment Position of the United

States in 1996" in Survey of Curent Business, Vol. 77 No. 7 (July 1997), pp. 24-33; and

TIC data. 

Table 2: Private U.S. Portfolio Claims

by Country or Region, Year-end 1996

(In billions of dollars)

Holdings

of foreign

securities

Banking

claims

Nonbanks’

Total claims

United Kingdom . . . . . . . . . . . . . 352.1 215.0 97.8 39.3

Other Europe . . . . . . . . . . . . . . . 577.4 421.8 97.7 58.1

Canada. . . . . . . . . . . . . . . . . . . . 195.0 145.7 28.5 20.8

Total Latin America

and Caribbean. . . . . . . . . . . . . 487.6 144.8 289.3 53.5

Japan . . . . . . . . . . . . . . . . . . . . . 255.7 160.4 76.5 18.8

Other Asia*. . . . . . . . . . . . . . . . . 87.8 n.a. 65.7 22.1

Rest of world. . . . . . . . . . . . . . . . 204.6 186.0 11.7 6.9

*Estimate of total claims excludes holdings of foreign securities; estimate for holdings

of foreign securities included under rest of world.

Source: Report on United States Portfolio Investment Abroad as of December 31,

1996.

CAPITAL MOVEMENTS 65
billion to $667.2 billion, a new high. At year-end, U.S. banking

claims remained heavily weighted toward Latin America and

the Caribbean, principally Mexico and the offshore banking

centers in the Caribbean. 2

Driving most of the 1996 increase were U.S. banks’ dollar

claims on own foreign offices, which expanded $35.1 billion

to a record high of $342.5 billion. Most new claims were on

the United Kingdom and other Europe. Also notable were U.S.

banks’ dollar claims on non-official, nonbank foreigners, up

$21.5 billion to $122.4 billion, also a new high. Borrowers in

Latin America and the Caribbean accounted for most of this

new growth. 

Other components of U.S. banks’ own claims were mixed

in 1996. Dollar claims on foreign public borrowers continued

a steep nine-year decline, falling to $22.2 billion, their lowest

level since 1980. Total claims on foreign public borrowers in

Latin America and the Caribbean and Asia fell to all-time lows,

while such claims opposite Europe increased to their highest

level since 1983. U.S. banks’ own claims on unaffiliated

foreign banks increased at year-end, particularly opposite

Europe and Latin America, yet remained within ranges observed in recent years. And U.S. banks’ foreign currency-denominated claims fell. Nearly all of this decline occurred

opposite Asia, as foreign currency claims on the region fell

$9.2 billion, or 31.9 percent, to $19.6 billion. 

U.S. nonbanking claims

Claims on foreigners of U.S. nonbanking business enterprises grew substantially in 1996. Total claims were up $38.1

billion, or 21.0 percent, to a new high of $219.5 billion.

Although $78.9 billion, or about 36.0 percent, of such claims

were reported opposite the United Kingdom, Canada, and

Japan, U.S. nonbanking claims tend to be more widely dispersed on a geographic basis than other components of private

U.S. portfolio claims. 

The portion of nonbanking claims attributable to U.S. bankreported custody claims, up only marginally in 1995, expanded

$29.2 billion to $158.1 billion. This increase was widespread,

with heavy growth reported opposite Europe, Latin America

and the Caribbean, and Asia. Claims reported directly by U.S.

nonbank enterprises advanced to reverse 1995 declines, rising

$8.9 billion to a new high of $61.4 billion. Nearly two-thirds

of this expansion occurred opposite Latin American and the

Caribbean.

1

 This synopsis is adapted from the Report on United States Portfolio Investment Abroad as of

December 31, 1996. The annual report is prepared by the Office of International Financial

Analysis to fulfill the requirements of the international investment and Trade in Services Survey

Act (Public Law 94-472 as amended). The primary source of information for this report is the

Treasury International Capital (TIC) reporting system. 

2

 Includes the Bahamas, Bermuda, British West Indies, the Netherlands Antilles, and Panama.

66 CAPITAL MOVEMENTS
SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2

 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

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

1992. . . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993. . . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994. . . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995. . . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 - Sept. r. . . . . . . . 1,204,256 298,753 298,753 - 889,181 779,709 109,472 16,322 14,443 1,879 342,774 77,077

Oct. r. . . . . . . . . 1,235,579 296,175 296,175 - 920,859 811,387 109,472 18,545 16,666 1,879 345,151 77,077

Nov. r . . . . . . . . 1,248,195 308,535 308,535 - 922,989 813,517 109,472 16,671 14,792 1,879 349,575 77,077

Dec. r . . . . . . . . 1,265,400 312,019 312,019 - 937,745 836,002 101,743 15,636 13,972 1,664 352,881 71,782

1997 - Jan. r . . . . . . . . 1,260,077 314,566 314,566 - 928,890 827,147 101,743 16,621 14,957 1,664 344,028 71,782

Feb. r . . . . . . . . 1,282,616 314,574 314,574 - 951,664 849,921 101,743 16,378 14,714 1,664 354,708 71,782

Mar. r . . . . . . . . 1,282,337 316,813 316,813 - 951,634 844,059 107,575 13,890 12,227 1,663 350,706 75,791

Apr. r. . . . . . . . . 1,290,657 305,270 305,270 - 970,665 863,090 107,575 14,722 13,059 1,663 346,041 75,791

May. . . . . . . . . . 1,302,372 305,439 305,439 - 982,723 875,148 107,575 14,210 12,547 1,663 349,726 75,791

June . . . . . . . . . 1,293,169 289,080 289,080 - 989,080 880,704 108,376 15,009 13,952 1,057 358,881 73,844

July. . . . . . . . . . 1,309,034 290,658 290,658 - 1,005,523 897,147 108,376 12,853 11,796 1,057 361,998 73,844

Aug. p. . . . . . . . 1,301,336 293,910 293,910 - 996,110 887,734 108,376 11,316 10,259 1,057 365,687 73,844

Sept. p . . . . . . . 1,306,732 299,445 299,445 - 994,424 886,048 108,376 12,863 11,806 1,057 359,223 73,844

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

CAPITAL MOVEMENTS 67
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2

certificates liabilities 2

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Sept.. . . . . . . . . . . . . . . . . . . 14,443 26 5,441 399 8,577

Oct. . . . . . . . . . . . . . . . . . . . 16,666 67 6,003 600 9,996

Nov. r . . . . . . . . . . . . . . . . . . 14,792 46 4,906 1,108 8,732

Dec. r . . . . . . . . . . . . . . . . . . 13,972 29 5,784 352 7,807

1997 - Jan. r . . . . . . . . . . . . . . . . . . 14,957 55 5,792 494 8,616

Feb. r . . . . . . . . . . . . . . . . . . 14,714 51 5,035 307 9,321

Mar. r . . . . . . . . . . . . . . . . . . 12,227 49 6,952 246 4,980

Apr. r . . . . . . . . . . . . . . . . . . 13,059 30 5,238 174 7,617

May r . . . . . . . . . . . . . . . . . . 12,547 16 4,857 122 7,552

June . . . . . . . . . . . . . . . . . . . 13,952 775 6,669 65 6,443

July . . . . . . . . . . . . . . . . . . . 11,796 86 4,726 47 6,937

Aug. p . . . . . . . . . . . . . . . . . 10,259 217 4,569 166 5,307

Sept. p . . . . . . . . . . . . . . . . . 11,806 771 6,017 53 4,965

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars

Part A.--Foreign Countries

[In millions of dollars. Source: Office of International Financial Analysis]

 Official institutions 1 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2

icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

1993 . . . . . . . . . . . . . . . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 . . . . . . . . . . . . . . . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 - Sept. r. . . . . . . . . 1,078,462 2,049 34,617 182,122 79,965 12,764 92,293 18,556 170,152 356,647 10,665 60,276 11,401 46,955

Oct. r . . . . . . . . . 1,107,562 1,316 35,254 186,180 73,425 11,156 96,080 16,865 168,642 386,113 11,319 59,609 10,964 50,639

Nov. r. . . . . . . . . 1,122,052 2,180 34,826 201,169 70,360 13,304 94,175 23,318 173,090 377,114 12,107 58,000 12,955 49,454

Dec. r. . . . . . . . . 1,148,021 1,511 33,336 198,921 78,251 13,692 90,811 23,106 165,682 401,544 11,802 58,025 14,495 56,845

1997 - Jan. r . . . . . . . . . 1,141,713 1,290 32,646 193,621 87,009 12,898 90,125 20,962 162,527 393,411 11,985 58,702 13,778 62,759

Feb. r . . . . . . . . . 1,164,495 1,371 34,457 196,555 82,191 11,561 89,725 19,499 166,259 406,087 11,938 61,040 14,919 68,893

Mar. r . . . . . . . . . 1,160,872 2,368 32,691 196,219 85,535 13,014 88,786 19,088 162,436 413,540 12,244 61,444 14,521 58,986

Apr. r . . . . . . . . . 1,168,360 2,341 33,428 186,432 83,069 14,451 83,542 19,567 171,046 421,625 12,430 61,652 15,214 63,563

May . . . . . . . . . . 1,180,587 1,855 36,627 178,366 88,591 12,686 81,587 14,127 170,390 439,492 11,647 61,276 15,279 68,664

June. . . . . . . . . . 1,169,784 1,482 39,694 163,950 83,954 14,800 80,291 27,115 186,810 418,590 12,491 61,112 14,662 64,833

July . . . . . . . . . . 1,187,805 1,711 41,936 161,270 85,741 13,700 81,126 28,642 198,179 412,797 12,161 62,356 12,671 75,515

Aug. p . . . . . . . . 1,181,644 2,181 40,147 165,453 86,129 13,323 82,929 30,629 194,432 408,978 11,369 63,394 12,873 69,807

Sept. p . . . . . . . . 1,185,493 1,745 40,073 161,610 96,017 13,851 77,503 30,012 191,034 410,125 11,949 65,057 14,271 72,246

68 CAPITAL MOVEMENTS
TABLE CM-I-3.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1997

Country 1994 1995 1996 r May June July Aug. p Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,109 4,269 5,688 3,545 3,818 3,823 3,970 3,277

Belgium-Luxembourg. . . . . . . . . . 26,475 31,298 31,085 27,626 47,034 51,039 51,811 49,164

Bulgaria . . . . . . . . . . . . . . . . . . . . 611 752 418 1,078 1,115 846 942 1,019

Czech Republic . . . . . . . . . . . . . . 953 1,667 653 371 492 715 183 647

Denmark. . . . . . . . . . . . . . . . . . . . 3,137 3,517 2,905 2,520 2,331 2,522 1,969 3,100

Finland . . . . . . . . . . . . . . . . . . . . . 1,569 3,035 2,031 2,275 2,060 2,023 1,960 2,372

France . . . . . . . . . . . . . . . . . . . . . 52,816 49,220 42,540 45,840 46,726 48,979 46,728 48,521

Germany . . . . . . . . . . . . . . . . . . . 32,356 31,065 31,778 33,546 33,412 32,304 29,952 31,998

Greece . . . . . . . . . . . . . . . . . . . . . 1,409 2,039 1,845 2,319 1,707 1,732 1,598 2,092

Hungary . . . . . . . . . . . . . . . . . . . . 1,095 2,055 1,142 1,329 1,191 941 974 981

Ireland . . . . . . . . . . . . . . . . . . . . . 1,987 2,615 2,021 2,915 2,681 3,105 3,096 3,222

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,419 16,045 15,690 13,919 13,656 12,955 12,644 13,317

Netherlands . . . . . . . . . . . . . . . . . 17,259 14,993 12,258 10,651 9,118 9,266 8,649 9,214

Norway . . . . . . . . . . . . . . . . . . . . . 2,339 1,424 1,464 1,296 970 975 733 1,450

Poland . . . . . . . . . . . . . . . . . . . . . 2,316 5,690 5,546 3,757 3,771 4,125 4,119 4,921

Portugal . . . . . . . . . . . . . . . . . . . . 2,997 2,916 3,664 2,841 2,646 2,139 1,995 2,022

Romania. . . . . . . . . . . . . . . . . . . . 529 246 275 314 349 343 835 937

Russia 1

. . . . . . . . . . . . . . . . . . . . 2,726 7,948 7,625 9,585 12,391 13,693 13,305 12,873

Spain . . . . . . . . . . . . . . . . . . . . . . 15,612 11,960 20,526 16,443 17,845 16,729 16,774 19,367

Sweden . . . . . . . . . . . . . . . . . . . . 3,157 3,376 2,168 2,218 1,971 2,382 2,774 2,481

Switzerland. . . . . . . . . . . . . . . . . . 42,126 46,210 47,402 48,086 45,238 50,397 47,190 42,976

Turkey . . . . . . . . . . . . . . . . . . . . . 3,378 4,311 6,813 6,849 6,646 6,695 6,034 4,837

United Kingdom . . . . . . . . . . . . . . 187,081 161,112 182,035 192,799 185,179 190,724 196,966 187,581

Yugoslavia 2

. . . . . . . . . . . . . . . . . 245 177 295 330 260 299 276 275

Other Europe . . . . . . . . . . . . . . . . 20,966 14,255 13,331 15,012 16,398 16,216 15,510 15,798

Total Europe . . . . . . . . . . . . . . . 

440,667 422,195 441,198 447,464 459,005 474,967 470,987 464,442

Canada . . . . . . . . . . . . . . . . . . . . . . 

26,523 32,002 41,438 41,848 42,636 35,110 32,294 34,208

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 17,273 12,356 13,971 16,560 18,271 17,142 18,075 16,685

Bahamas . . . . . . . . . . . . . . . . . . . 104,934 96,525 90,244 102,190 91,525 93,495 87,630 88,273

Bermuda. . . . . . . . . . . . . . . . . . . . 8,631 4,956 5,813 6,630 5,582 6,143 8,010 6,308

Brazil . . . . . . . . . . . . . . . . . . . . . . 9,292 24,317 27,749 25,481 26,476 28,758 31,985 33,993

British West Indies . . . . . . . . . . . . 237,571 249,273 259,705 277,693 282,426 275,270 278,464 283,768

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,174 2,891 3,050 3,306 3,439 3,508 3,421 3,395

Colombia . . . . . . . . . . . . . . . . . . . 4,674 3,747 3,279 2,795 2,853 2,669 2,604 2,674

Cuba. . . . . . . . . . . . . . . . . . . . . . . 13 8 21 54 55 54 60 55

Ecuador . . . . . . . . . . . . . . . . . . . . 886 1,323 1,779 1,616 1,471 1,645 1,517 1,513

Guatemala . . . . . . . . . . . . . . . . . . 1,136 1,289 1,287 1,464 1,501 1,459 1,393 1,453

Jamaica . . . . . . . . . . . . . . . . . . . . 541 498 652 494 487 554 556 545

Mexico . . . . . . . . . . . . . . . . . . . . . 12,392 24,611 32,396 29,560 34,489 36,457 32,682 34,518

Netherlands Antilles . . . . . . . . . . . 5,748 5,185 6,388 4,060 7,029 11,881 9,181 8,461

Panama . . . . . . . . . . . . . . . . . . . . 4,775 4,412 4,198 4,100 4,086 4,534 3,915 3,945

Peru . . . . . . . . . . . . . . . . . . . . . . . 913 987 847 1,133 931 970 1,018 916

Trinidad and Tobago . . . . . . . . . . 641 456 601 584 568 477 548 540

Uruguay . . . . . . . . . . . . . . . . . . . . 1,649 1,869 1,907 2,078 2,167 2,406 2,084 2,011

Venezuela . . . . . . . . . . . . . . . . . . 14,504 12,117 17,566 19,467 19,427 19,354 20,399 20,810

Other Latin America

and Caribbean . . . . . . . . . . . . . 6,115 7,241 8,176 8,884 8,555 9,161 8,422 8,298

Total Latin America

and Caribbean. . . . . . . . . . . . 

434,862 454,061 479,629 508,149 511,338 515,937 511,964 518,161

See footnotes at end of table.

CAPITAL MOVEMENTS 69
Calendar year 1997

Country 1994 1995 1996 r May June July Aug. p Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 10,066 33,765 30,438 29,429 7,283 9,480 10,450 12,652

Taiwan . . . . . . . . . . . . . . . . . . . 9,971 11,743 16,018 12,464 12,384 13,485 11,824 13,352

Hong Kong . . . . . . . . . . . . . . . . . . 17,956 22,588 19,443 20,233 21,201 19,702 18,612 19,493

India . . . . . . . . . . . . . . . . . . . . . . . 2,340 3,378 3,932 4,370 4,261 4,575 4,494 4,471

Indonesia . . . . . . . . . . . . . . . . . . . 1,610 2,743 2,307 2,778 2,533 2,819 3,739 2,812

Israel . . . . . . . . . . . . . . . . . . . . . . 5,160 4,064 6,062 6,463 5,755 5,184 5,206 4,538

Japan . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 141,589 140,191 140,188 141,327 140,039

Korea . . . . . . . . . . . . . . . . . . . . . . 5,176 5,797 6,009 7,917 7,702 8,973 9,691 9,635

Lebanon . . . . . . . . . . . . . . . . . . . . 503 631 1,180 1,582 1,702 1,682 1,478 1,292

Malaysia. . . . . . . . . . . . . . . . . . . . 1,704 2,415 2,048 2,688 2,433 1,943 1,826 1,900

Pakistan . . . . . . . . . . . . . . . . . . . . 1,309 1,703 996 1,476 1,580 1,528 1,624 2,056

Philippines . . . . . . . . . . . . . . . . . . 2,722 3,100 3,383 2,393 2,477 2,916 2,549 2,417

Singapore. . . . . . . . . . . . . . . . . . . 8,537 11,564 10,794 14,824 14,885 16,413 18,208 19,157

Syria. . . . . . . . . . . . . . . . . . . . . . . 608 858 53 57 31 42 52 102

Thailand . . . . . . . . . . . . . . . . . . . . 6,475 12,291 10,921 7,814 6,166 5,269 4,963 6,552

Oil-exporting countries 3

. . . . . . . . 15,547 16,057 16,784 15,184 13,285 14,451 15,819 14,616

Other Asia . . . . . . . . . . . . . . . . . . 3,315 2,413 2,804 3,035 3,252 3,328 3,671 3,709

Total Asia . . . . . . . . . . . . . . . . . 

180,303 274,166 271,320 274,296 247,121 251,978 255,533 258,793

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,886 2,137 2,013 2,258 1,989 1,924 1,976 2,053

Ghana . . . . . . . . . . . . . . . . . . . . . 233 229 251 305 252 241 216 244

Liberia . . . . . . . . . . . . . . . . . . . . . 323 368 351 294 298 271 283 253

Morocco . . . . . . . . . . . . . . . . . . . . 97 104 112 91 65 112 94 99

South Africa . . . . . . . . . . . . . . . . . 440 810 517 2,058 1,828 1,767 1,764 2,116

Zaire. . . . . . . . . . . . . . . . . . . . . . . 9 10 10 9 17 8 7 14

Oil-exporting countries 4

. . . . . . . . 1,381 1,837 2,630 2,837 3,377 3,205 3,435 3,504

Other Africa . . . . . . . . . . . . . . . . . 2,223 2,271 2,306 2,158 2,450 2,512 2,262 2,402

Total Africa . . . . . . . . . . . . . . . . 

6,592 7,766 8,190 10,010 10,276 10,040 10,037 10,685

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,250 5,732 6,511 5,009 6,481 6,830 7,965 6,439

All other . . . . . . . . . . . . . . . . . . . . 915 1,163 1,478 1,386 1,303 1,319 1,240 1,141

Total other countries . . . . . . . . . 

6,165 6,895 7,989 6,395 7,784 8,149 9,205 7,580

Total foreign countries. . . . . . 

1,095,112 1,197,085 1,249,764 1,288,162 1,278,160 1,296,181 1,290,020 1,293,869

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 7,888 10,179 13,459 12,257 13,293 11,337 10,120 11,630

European regional . . . . . . . . . . . . 53 119 60 101 107 106 101 102

Latin American regional . . . . . . . . 798 1,152 1,643 1,651 1,071 794 579 708

Asian regional . . . . . . . . . . . . . . . 194 194 157 120 416 356 443 301

African regional . . . . . . . . . . . . . . 170 496 281 75 102 260 73 122

Middle Eastern regional . . . . . . . . 39 37 36 6 20 - - -

Total international

and regional. . . . . . . . . . . . . . 

9,142 12,177 15,636 14,210 15,009 12,853 11,316 12,863

Grand total. . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,400 1,302,372 1,293,169 1,309,034 1,301,336 1,306,732

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

70 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 3,277 2,711 566 1,594 1,117 58 322 341 1,565 264 20 134 6 1 3

Belgium-Luxembourg. . . 49,164 43,416 5,748 15,768 27,648 452 5,147 12,011 18,225 5,194 423 304 354 1,306 216

Bulgaria . . . . . . . . . . . . . 1,019 980 39 221 759 8 84 698 147 1 - 3 11 28 21

Czech Republic . . . . . . . 647 633 14 153 480 50 2 470 40 51 3 7 10 - -

Denmark. . . . . . . . . . . . . 3,100 2,867 233 2,305 562 41 335 93 1,374 932 16 72 2 2 155

Finland . . . . . . . . . . . . . . 2,372 2,163 209 1,014 1,149 22 388 1,101 464 121 22 6 39 - 7

France . . . . . . . . . . . . . . 48,521 43,006 5,515 34,871 8,135 383 7,881 5,773 4,684 21,482 354 416 54 1,979 397

Germany . . . . . . . . . . . . 31,998 24,672 7,326 20,567 4,105 633 3,376 2,957 10,791 4,665 189 624 536 901 224

Greece . . . . . . . . . . . . . . 2,092 2,086 6 1,574 512 77 247 445 791 161 49 240 10 66 20

Hungary . . . . . . . . . . . . . 981 979 2 262 717 37 - 105 819 14 1 3 - - -

Ireland . . . . . . . . . . . . . . 3,222 2,912 310 1,081 1,831 101 151 90 890 159 43 119 216 1,143 242

Italy. . . . . . . . . . . . . . . . . 13,317 9,852 3,465 8,993 859 440 3,785 197 4,052 650 208 283 19 218 81

Netherlands . . . . . . . . . . 9,214 8,388 826 6,245 2,143 148 2,169 203 2,417 2,640 162 131 106 412 182

Norway. . . . . . . . . . . . . . 1,450 1,321 129 1,229 92 23 3 39 1,182 - 20 35 7 12 -

Poland . . . . . . . . . . . . . . 4,921 4,666 255 2,893 1,773 41 107 1,772 2,191 345 5 2 1 202 -

Portugal . . . . . . . . . . . . . 2,022 1,958 64 1,089 869 93 378 714 296 181 25 91 8 172 79

Romania. . . . . . . . . . . . . 937 936 1 285 651 11 52 650 194 24 3 1 - 1 -

Russia 4

. . . . . . . . . . . . . 12,873 12,784 89 4,508 8,276 148 62 8,200 4,186 20 16 136 4 12 7

Spain . . . . . . . . . . . . . . . 19,367 17,796 1,571 8,894 8,902 256 1,224 6,696 7,409 1,123 102 853 42 91 278

Sweden . . . . . . . . . . . . . 2,481 2,024 457 1,118 906 66 280 476 404 396 24 51 131 196 40

Switzerland. . . . . . . . . . . 42,976 36,862 6,114 14,817 22,045 527 1,453 14,652 9,877 7,659 179 714 1,024 777 2,232

Turkey . . . . . . . . . . . . . . 4,837 4,736 101 1,837 2,899 128 567 2,851 753 279 54 98 5 1 15

United Kingdom . . . . . . . 187,581 158,529 29,052 142,222 16,307 623 23,182 3,820 25,395 78,804 1,060 2,143 3,218 20,284 3,747

Yugoslavia 5

. . . . . . . . . . 275 243 32 242 1 12 7 - 161 2 2 7 - 52 1

Other Europe . . . . . . . . . 15,798 14,635 1,163 11,278 3,357 177 5,186 1,430 7,049 412 99 163 61 58 1

Total Europe . . . . . . . . 

464,442 401,155 63,287 285,060 116,095 4,555 56,388 65,784 105,356 125,579 3,079 6,636 5,864 27,914 7,948

Canada . . . . . . . . . . . . . . . 

34,208 29,542 4,666 20,469 9,073 914 3,764 1,930 4,040 9,169 693 2,386 290 6,356 323

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 16,685 16,643 42 11,931 4,712 164 4,775 3,386 2,026 102 615 4,666 145 764 268

Bahamas . . . . . . . . . . . . 88,273 86,914 1,359 68,457 18,457 42 3,203 245 16,888 61,704 105 1,442 965 2,320 1,098

Bermuda. . . . . . . . . . . . . 6,308 6,084 224 3,136 2,948 34 225 289 1,894 38 113 207 402 2,882 192

Brazil . . . . . . . . . . . . . . . 33,993 33,575 418 26,958 6,617 629 16,969 18 11,328 552 597 3,171 104 207 110

British West Indies . . . . . 283,768 273,484 10,284 183,018 90,466 127 6,527 126 85,483 152,456 758 8,655 1,920 17,432 724

Chile. . . . . . . . . . . . . . . . 3,395 3,327 68 2,989 338 123 754 60 256 259 236 1,329 33 277 145

Colombia . . . . . . . . . . . . 2,674 2,657 17 2,559 98 52 352 - 433 38 239 1,491 7 45 83

Cuba. . . . . . . . . . . . . . . . 55 55 - 55 - 3 - - 7 - - 39 - 6 -

Ecuador . . . . . . . . . . . . . 1,513 1,508 5 1,199 309 134 106 - 475 45 152 556 11 29 17

Guatemala . . . . . . . . . . . 1,453 1,449 4 1,374 75 48 301 - 148 42 106 742 11 51 39

Jamaica . . . . . . . . . . . . . 545 523 22 519 4 29 194 2 128 39 36 91 1 3 1

Mexico . . . . . . . . . . . . . . 34,518 32,640 1,878 19,697 12,943 178 4,279 9,276 6,104 1,062 1,249 8,832 384 1,276 563

Netherlands Antilles . . . . 8,461 7,566 895 6,535 1,031 62 292 5 335 317 48 751 810 4,946 128

Panama . . . . . . . . . . . . . 3,945 3,835 110 3,311 524 59 323 40 189 1,088 158 1,514 139 325 115

Peru . . . . . . . . . . . . . . . . 916 904 12 881 23 36 15 - 90 25 84 634 - 20 17

Trinidad and Tobago . . . 540 539 1 506 33 12 87 - 127 21 27 228 - 37 3

Uruguay . . . . . . . . . . . . . 2,011 1,997 14 1,794 203 52 143 3 287 543 82 693 25 169 121

Venezuela . . . . . . . . . . . 20,810 20,570 240 13,802 6,768 99 2,142 3,879 4,773 169 1,115 7,875 118 400 304

Other Latin America

and Caribbean . . . . . . 8,298 8,263 35 6,903 1,360 264 1,564 736 948 287 630 3,203 203 428 229

Total Latin America

and Caribbean. . . . . 

518,161 502,533 15,628 355,624 146,909 2,147 42,251 18,065 131,919 218,787 6,350 46,119 5,278 31,617 4,157

TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1997, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 71
Asia:

China:

Mainland . . . . . . . . . . . 12,652 12,652 - 4,043 8,609 276 1,006 2,368 7,866 280 31 309 13 503 30

Taiwan . . . . . . . . . . . . 13,352 13,331 21 9,616 3,715 324 1,828 3,201 5,278 720 169 1,550 35 226 209

Hong Kong . . . . . . . . . . . 19,493 18,528 965 14,455 4,073 656 919 652 1,984 7,889 344 3,097 1,051 1,936 81

India . . . . . . . . . . . . . . . . 4,471 4,451 20 1,935 2,516 331 12 2,035 876 848 36 174 - 139 50

Indonesia . . . . . . . . . . . . 2,812 2,810 2 1,186 1,624 247 111 1,560 464 163 28 226 1 10 2

Israel . . . . . . . . . . . . . . . 4,538 4,534 4 1,659 2,875 114 218 2,246 839 195 42 708 82 90 390

Japan . . . . . . . . . . . . . . . 140,039 118,261 21,778 35,419 82,842 1,268 3,831 78,647 6,952 23,893 341 680 1,055 1,594 1,533

Korea . . . . . . . . . . . . . . . 9,635 9,590 45 7,420 2,170 228 945 1,458 1,333 4,590 42 801 1 192 90

Lebanon . . . . . . . . . . . . . 1,292 1,292 - 870 422 45 169 403 536 6 11 104 15 3 1

Malaysia. . . . . . . . . . . . . 1,900 1,722 178 1,190 532 185 202 500 397 120 12 304 2 - -

Pakistan . . . . . . . . . . . . . 2,056 2,049 7 1,556 493 91 67 453 238 1,081 13 99 - 7 3

Philippines . . . . . . . . . . . 2,417 2,409 8 1,989 420 236 327 180 951 228 57 390 3 37 24

Singapore. . . . . . . . . . . . 19,157 18,110 1,047 14,913 3,197 542 1,644 939 4,453 10,024 88 217 84 119 6

Syria. . . . . . . . . . . . . . . . 102 101 1 98 3 6 1 - 69 - 4 17 2 2 1

Thailand . . . . . . . . . . . . . 6,552 6,545 7 1,040 5,505 314 83 5,484 272 273 20 97 - 2 -

Other Asia . . . . . . . . . . . 18,325 17,985 340 13,785 4,200 492 2,450 2,071 5,756 5,043 139 510 335 1,189 414

Total Asia . . . . . . . . . . 

258,793 234,370 24,423 111,174 123,196 5,355 13,813 102,197 38,264 55,353 1,377 9,283 2,679 6,049 2,834

Africa:

Egypt . . . . . . . . . . . . . . . 2,053 2,050 3 1,003 1,047 92 131 1,023 541 149 14 83 - 17 12

Ghana . . . . . . . . . . . . . . 244 244 - 213 31 29 36 31 99 27 11 11 - - -

Liberia . . . . . . . . . . . . . . 253 247 6 143 104 1 - - 1 - 19 118 61 47 21

Morocco . . . . . . . . . . . . . 99 99 - 96 3 22 5 - 46 10 4 11 - 1 -

South Africa . . . . . . . . . . 2,116 2,046 70 988 1,058 80 183 1,051 420 185 18 59 1 49 3

Zaire. . . . . . . . . . . . . . . . 14 14 - 14 - 7 - - - 7 - - - - -

Other Africa . . . . . . . . . . 5,906 5,679 227 4,921 758 1,629 977 700 1,592 438 110 162 9 62 29

Total Africa . . . . . . . . . 

10,685 10,379 306 7,378 3,001 1,860 1,332 2,805 2,699 816 176 444 71 176 65

Other countries:

Australia . . . . . . . . . . . . . 6,439 6,391 48 4,137 2,254 723 20 669 4,364 108 248 76 76 107 544

All other . . . . . . . . . . . . . 1,141 1,123 18 931 192 42 8 172 409 313 26 113 13 27 1

Total other

countries . . . . . . . . . 

7,580 7,514 66 5,068 2,446 765 28 841 4,773 421 274 189 89 134 545

Total foreign

countries. . . . . . . . 

1,293,869 1,185,493 108,376 784,773 400,720 15,596 117,576 191,622 287,051 410,125 11,949 65,057 14,271 72,246 15,872

International and

regional orgs.:

International . . . . . . . . . . 11,630 10,634 996 10,596 38 754 5,482 38 4,360 - - - - - -

European regional . . . . . 102 41 61 30 11 11 - 11 19 - - - - - -

Latin American regional . 708 708 - 708 - 5 532 - 171 - - - - - -

Asian regional . . . . . . . . 301 301 - 113 188 - - 4 297 - - - - - -

African regional . . . . . . . 122 122 - 77 45 1 3 - 118 - - - - - -

Middle Eastern regional . - - - - - - - - - - - - - - -

Total international

and regional. . . . . . . 

12,863 11,806 1,057 11,524 282 771 6,017 53 4,965 - - - - - -

Grand total . . . . . . 1,306,732 1,197,299 109,433 796,297 401,002 16,367 123,593 191,675 292,016 410,125 11,949 65,057 14,271 72,246 15,872

1

 These data as of June 30, 1997. 

2

 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries

in "Other Asia" and "Other Africa" amount to $898 million. 

4

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

5

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under "Other Europe" as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1997, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

72 CAPITAL MOVEMENTS
CHART CM-A.--U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 Sept. 1997

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 150,912 187,081 161,112 182,035 187,581

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 273,626 253,586 261,083 259,463 276,861

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 292,335 361,659 360,351 366,348 390,755

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 138,148 140,039

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,510 92,999 135,110 133,172 118,754

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

880,624 982,629 1,056,712 1,079,166 1,113,990

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

124,307 121,625 152,550 186,234 192,742

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,262 1,265,400 1,306,732

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

concentrated in international financial centers. The

chart and table show that as of September 1997, more

than half of U.S. liabilities were reported opposite

the United Kingdom, the offshore banking centers in

the Caribbean, and Japan. An additional 30.3 percent

of U.S. liabilities were held by foreigners located in

other European and Asian countries.

Total U.S. banking liabilities to foreigners

through the third quarter of the year were up $41.3

billion over yearend 1996 to $1.3 trillion, an increase

of 3.3 percent. The growth of U.S. liabilities was

widespread. In dollar terms, liabilities rose most

heavily opposite Europe (excluding the United

Kingdom) and the Caribbean banking centers, up

$17.4 billion and $24.5 billion through September,

respectively. Liabilities also increased to the United

Kingdom and Japan, up $7.4 billion combined over

yearend 1996, as well as to ‘‘all other countries,’’ up

$6.5 billion. Despite an expansion of $11.9 billion

during the third quarter, U.S. liabilities to other Asia

remained down $14.4 billion from yearend 1996,

due to a decrease of $30.6 billion during the second

quarter.

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 73
SECTION II.--Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.--Total Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996 1997

Type of claim 1994 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 673,403 735,372 734,439 732,423 762,817 820,696 880,396 909,629

Payable in dollars. . . . . . . . . . . . . . . . . . 601,814 655,211 658,891 659,044 687,307 743,700 798,450 813,672

Banks’ own claims on foreigners . . . . 485,432 532,444 530,723 535,005 543,714 599,685 636,478 651,435

Foreign public borrowers. . . . . . . . . 23,416 22,518 27,836 23,061 22,904 22,241 28,864 29,394

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 59,368 37,771 42,274 34,131 35,376 33,826 37,284 35,789

Other . . . . . . . . . . . . . . . . . . . . . . 51,042 63,824 61,425 71,382 74,170 79,679 81,160 83,738

Own foreign offices . . . . . . . . . . . . . 283,015 307,427 297,181 306,555 310,708 341,574 360,340 379,425

All other foreigners . . . . . . . . . . . . . 68,591 100,904 102,007 99,876 100,556 122,365 128,830 123,089

Claims of banks’ domestic customers 116,382 122,767 128,168 124,039 143,593 144,015 161,972 162,237

Deposits . . . . . . . . . . . . . . . . . . . . . 64,829 58,519 68,950 70,403 80,695 77,673 95,147 94,591

Negotiable and readily transferable

 instruments . . . . . . . . . . . . . . . . . 36,111 44,161 41,401 37,331 46,491 51,207 49,518 50,301

Collections and other. . . . . . . . . . . . 15,442 20,087 17,817 16,305 16,407 15,135 17,307 17,345

Payable in foreign currencies. . . . . . . . . 71,589 80,161 75,548 73,379 75,510 76,996 81,946 95,957

Banks’ own claims on foreigners . . . . 60,711 74,016 69,164 65,825 68,120 66,018 72,589 84,665

Claims of banks’ domestic customers 10,878 6,145 6,384 7,554 7,390 10,978 9,357 11,292

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . . 253,009 255,035 245,878 241,577 239,052 261,076 273,867 275,469

Payable in dollars . . . . . . . . . . . . . . . . 212,096 202,411 199,188 198,171 195,850 219,600 229,963 232,366

Payable in foreign currencies . . . . . . . 40,913 52,624 46,690 43,406 43,202 41,476 43,904 43,103

Customer liability on acceptances . . . . . 8,427 8,410 9,026 9,303 9,362 10,372 11,202 11,437

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 15,435 14,995 19,625 14,962 15,983 15,411 19,876 17,974

On all other unaffiliated foreigners . . . . . 154,976 163,862 174,219 170,868 173,012 196,271 203,810 193,147

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,838 7,522 8,131 8,126 6,922 6,815 8,861 11,220

On all other unaffiliated foreigners . . . . . 24,033 38,553 31,434 34,530 37,028 39,369 43,398 49,522

74 CAPITAL MOVEMENTS
TABLE CM-II-2.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1995 1996 1997

Country 1994 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . . . . . 1,889 1,961 2,348 2,077 2,000 3,611 5,084 5,562

Belgium-Luxembourg. . . . . . . . . . . . . . . 10,351 12,124 10,078 10,544 11,177 11,264 12,917 13,271

Bulgaria . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 4 2 2 66 3 1

Czech Republic . . . . . . . . . . . . . . . . . . . 84 166 153 111 247 172 618 192

Denmark. . . . . . . . . . . . . . . . . . . . . . . . . . 1,562 2,027 2,317 2,287 2,939 3,125 2,574 3,808

Finland . . . . . . . . . . . . . . . . . . . . . . . . . . 813 1,569 2,148 1,182 1,677 1,143 1,797 1,617

France . . . . . . . . . . . . . . . . . . . . . . . . . . 21,496 24,031 27,061 23,794 26,712 29,148 39,305 30,185

Germany . . . . . . . . . . . . . . . . . . . . . . . . 18,440 20,814 18,706 25,793 23,569 21,535 25,653 30,749

Greece . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105 923 885 940 835 948 1,142 1,189

Hungary . . . . . . . . . . . . . . . . . . . . . . . . . 41 24 31 18 72 61 95 53

Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . 513 1,143 1,391 1,006 1,277 1,824 2,461 2,150

Italy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,551 8,789 9,984 9,805 9,235 9,868 10,429 12,577

Netherlands . . . . . . . . . . . . . . . . . . . . . . 5,355 9,200 9,979 10,582 11,144 10,563 13,901 17,716

Norway. . . . . . . . . . . . . . . . . . . . . . . . . . 544 735 1,326 1,654 1,709 1,020 1,865 1,203

Poland . . . . . . . . . . . . . . . . . . . . . . . . . . 413 1,474 2,879 2,080 1,047 1,142 2,516 882

Portugal . . . . . . . . . . . . . . . . . . . . . . . . . 1,177 1,042 995 942 732 553 645 727

Romania. . . . . . . . . . . . . . . . . . . . . . . . . 238 179 192 71 172 175 164 167

Russia 1

. . . . . . . . . . . . . . . . . . . . . . . . . 1,395 1,069 1,132 748 1,791 2,725 3,530 3,680

Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,589 3,842 6,706 3,428 5,449 4,503 8,307 8,010

Sweden . . . . . . . . . . . . . . . . . . . . . . . . . 8,930 9,367 5,948 5,451 6,927 6,738 8,842 8,366

Switzerland. . . . . . . . . . . . . . . . . . . . . . . 12,956 18,568 13,376 19,347 19,062 26,692 30,240 31,116

Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . 3,032 2,834 2,852 3,069 3,112 3,053 3,199 2,974

United Kingdom . . . . . . . . . . . . . . . . . . . 96,820 103,375 109,522 110,982 128,431 129,124 147,615 142,480

Yugoslavia 2

. . . . . . . . . . . . . . . . . . . . . . 275 150 121 164 87 115 87 75

Other Europe . . . . . . . . . . . . . . . . . . . . . 1,235 3,901 3,037 2,314 3,398 4,378 4,336 4,389

Total Europe . . . . . . . . . . . . . . . . . . . . 204,811 229,314 233,171 238,391 262,803 273,546 327,325 323,139

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,073 35,840 31,625 36,783 43,576 43,948 59,377 60,918

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . . . . . 6,106 6,759 6,564 6,859 7,426 7,779 7,321 8,012

Bahamas . . . . . . . . . . . . . . . . . . . . . . . . 69,894 61,477 68,778 63,946 65,691 74,332 70,187 70,235

Bermuda. . . . . . . . . . . . . . . . . . . . . . . . . . 8,719 6,226 6,184 5,103 5,145 5,146 7,068 8,379

Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,574 14,826 15,656 16,827 17,199 21,718 19,818 21,746

British West Indies . . . . . . . . . . . . . . . . . 126,068 148,626 143,800 131,150 131,856 135,411 135,196 160,029

Chile. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,376 5,184 4,664 4,639 4,648 5,356 6,123 5,966

Colombia . . . . . . . . . . . . . . . . . . . . . . . . 4,369 4,892 4,908 4,908 5,060 7,345 6,383 6,580

Cuba. . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . . . . . . 717 846 1,007 994 991 1,056 1,174 1,162

Guatemala . . . . . . . . . . . . . . . . . . . . . . . 385 472 482 468 525 632 660 691

Jamaica . . . . . . . . . . . . . . . . . . . . . . . . . 262 329 338 365 346 352 838 343

Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . 23,445 21,375 19,913 19,565 20,051 22,042 21,834 22,229

Netherlands Antilles . . . . . . . . . . . . . . . . 1,434 9,850 11,547 13,371 11,703 25,774 19,031 14,518

Panama . . . . . . . . . . . . . . . . . . . . . . . . . 2,293 3,347 2,942 2,762 2,444 2,886 3,333 3,480

Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,072 1,880 1,981 2,442 2,576 2,764 2,535 2,620

Trinidad and Tobago . . . . . . . . . . . . . . . 473 485 478 513 491 531 600 681

Uruguay . . . . . . . . . . . . . . . . . . . . . . . . . 554 534 693 696 568 654 786 754

Venezuela . . . . . . . . . . . . . . . . . . . . . . . 2,804 2,536 2,293 2,105 2,156 2,358 2,227 2,428

Other Latin America

and Caribbean . . . . . . . . . . . . . . . . . . 3,507 2,982 3,235 3,634 3,576 2,745 2,942 3,129

Total Latin America

and Caribbean. . . . . . . . . . . . . . . . . 

267,052 292,626 295,463 280,347 282,452 318,881 308,056 332,982

CAPITAL MOVEMENTS 75
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning

in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June

1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1995 1996 1997

Country 1994 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . . . . . . 888 1,176 2,681 2,325 1,905 1,601 1,628 2,266

Taiwan . . . . . . . . . . . . . . . . . . . . . . . . 1,548 1,836 1,906 1,612 1,821 2,068 1,843 2,021

Hong Kong . . . . . . . . . . . . . . . . . . . . . . . 11,602 16,770 17,861 19,159 16,425 16,261 17,774 20,262

India . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069 1,946 1,979 1,931 2,125 2,140 2,433 2,520

Indonesia . . . . . . . . . . . . . . . . . . . . . . . . 1,719 2,016 2,010 1,923 2,002 2,213 2,545 2,997

Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,533 5,345 5,254 5,056 5,008 4,935 4,886 4,757

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,647 98,745 88,057 84,713 84,914 92,189 89,813 91,102

Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,508 14,324 17,567 19,632 18,114 19,425 20,444 21,354

Lebanon . . . . . . . . . . . . . . . . . . . . . . . . . 57 44 38 38 43 50 54 49

Malaysia. . . . . . . . . . . . . . . . . . . . . . . . . 759 1,170 1,037 1,173 1,172 1,162 1,303 1,465

Pakistan . . . . . . . . . . . . . . . . . . . . . . . . . 641 571 994 1,140 1,502 941 1,120 1,529

Philippines . . . . . . . . . . . . . . . . . . . . . . . 758 1,449 1,313 1,492 1,464 1,848 1,726 2,272

Singapore. . . . . . . . . . . . . . . . . . . . . . . . 5,380 6,383 6,704 9,257 7,953 9,061 10,534 9,767

Syria. . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 94 63 91 3 1 2 -

Thailand . . . . . . . . . . . . . . . . . . . . . . . . . 3,094 2,806 3,260 3,308 2,852 2,964 3,704 3,668

Oil-exporting countries 3

. . . . . . . . . . . . . 14,684 10,562 8,302 9,856 11,179 11,375 10,891 9,824

Other Asia . . . . . . . . . . . . . . . . . . . . . . . 523 484 381 419 368 368 461 489

Total Asia . . . . . . . . . . . . . . . . . . . . . . 152,483 165,721 159,407 163,125 158,850 168,602 171,161 176,342

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 233 268 219 263 265 272 359

Ghana . . . . . . . . . . . . . . . . . . . . . . . . . . 6 18 6 17 13 24 18 22

Liberia . . . . . . . . . . . . . . . . . . . . . . . . . . 598 550 583 525 474 574 534 446

Morocco . . . . . . . . . . . . . . . . . . . . . . . . . 876 720 882 1,048 842 777 700 839

South Africa . . . . . . . . . . . . . . . . . . . . . . 771 606 657 615 656 744 566 716

Zaire. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 1 1 1 26 1 -

Oil-exporting countries 4

. . . . . . . . . . . . . 1,003 654 615 563 473 476 641 1,177

Other Africa . . . . . . . . . . . . . . . . . . . . . . 506 682 581 593 687 587 624 518

Total Africa . . . . . . . . . . . . . . . . . . . . . 4,012 3,464 3,593 3,581 3,409 3,473 3,356 4,077

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . . . . . . 5,447 4,919 5,583 5,352 7,708 7,799 6,755 8,011

All other . . . . . . . . . . . . . . . . . . . . . . . . . 1,609 1,557 1,783 1,791 2,294 1,821 2,831 2,225

Total other

countries . . . . . . . . . . . . . . . . . . . . . 

7,056 6,476 7,366 7,143 10,002 9,620 9,586 10,236

Total foreign

countries. . . . . . . . . . . . . . . . . . . . 

668,487 733,441 730,625 729,370 761,092 818,070 878,861 907,694

International and regional orgs.:

International . . . . . . . . . . . . . . . . . . . . . . 4,783 1,837 3,726 2,985 1,650 2,491 1,426 1,843

European regional . . . . . . . . . . . . . . . . . 40 - 3 - 8 1 10 -

Latin American regional . . . . . . . . . . . . . 93 94 85 66 67 134 99 92

Asian regional . . . . . . . . . . . . . . . . . . . . - - - - - - - -

African regional . . . . . . . . . . . . . . . . . . . - - - 2 - - - -

Middle Eastern regional . . . . . . . . . . . . . - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . . . . . . 

4,916 1,931 3,814 3,053 1,725 2,626 1,535 1,935

Grand total. . . . . . . . . . . . . . . . . . . . 673,403 735,372 734,439 732,423 762,817 820,696 880,396 909,629

76 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 5,562 1,697 1,236 158 303 - 3,865 3,847 18

Belgium-Luxembourg . . . . . . . . . . 13,271 11,204 5,819 2,340 3,045 1 2,067 1,994 73

Bulgaria . . . . . . . . . . . . . . . . . . . . 1 1 - - 1 - - - -

Czech Republic . . . . . . . . . . . . . . 192 176 84 77 15 - 16 - 16

Denmark. . . . . . . . . . . . . . . . . . . . 3,808 1,052 736 245 71 - 2,756 2,736 20

Finland . . . . . . . . . . . . . . . . . . . . . 1,617 1,548 393 1,021 134 - 69 10 59

France . . . . . . . . . . . . . . . . . . . . . 30,185 18,953 7,538 9,226 2,189 37 11,232 10,817 415

Germany. . . . . . . . . . . . . . . . . . . . 30,749 17,037 6,500 3,524 7,013 - 13,712 12,587 1,125

Greece . . . . . . . . . . . . . . . . . . . . . 1,189 671 469 161 41 2 518 470 48

Hungary . . . . . . . . . . . . . . . . . . . . 53 40 27 1 12 - 13 - 13

Ireland. . . . . . . . . . . . . . . . . . . . . . 2,150 1,958 862 359 737 - 192 183 9

Italy. . . . . . . . . . . . . . . . . . . . . . . . 12,577 11,685 4,152 3,713 3,820 4 892 683 209

Netherlands . . . . . . . . . . . . . . . . . 17,716 11,669 5,187 5,500 982 13 6,047 5,961 86

Norway . . . . . . . . . . . . . . . . . . . . . 1,203 803 729 21 53 - 400 391 9

Poland . . . . . . . . . . . . . . . . . . . . . 882 503 394 88 21 2 379 233 146

Portugal . . . . . . . . . . . . . . . . . . . . 727 643 306 162 175 11 84 71 13

Romania . . . . . . . . . . . . . . . . . . . . 167 69 65 4 - - 98 98 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 3,680 3,502 1,788 232 1,482 31 178 77 101

Spain . . . . . . . . . . . . . . . . . . . . . . 8,010 7,360 5,011 1,800 549 62 650 538 112

Sweden. . . . . . . . . . . . . . . . . . . . . 8,366 2,812 969 1,570 273 1 5,554 5,397 157

Switzerland. . . . . . . . . . . . . . . . . . 31,116 25,481 1,968 20,555 2,958 33 5,635 5,563 72

Turkey. . . . . . . . . . . . . . . . . . . . . . 2,974 1,410 1,243 149 18 144 1,564 1,540 24

United Kingdom . . . . . . . . . . . . . . 142,480 112,445 33,930 60,140 18,375 195 30,035 28,003 2,032

Yugoslavia 2

. . . . . . . . . . . . . . . . . 75 75 75 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 4,389 2,033 1,639 226 168 5 2,356 2,265 91

Total Europe . . . . . . . . . . . . . . . 

323,139 234,827 81,120 111,272 42,435 541 88,312 83,464 4,848

Canada . . . . . . . . . . . . . . . . . . . . . . 

60,918 39,345 13,543 22,373 3,429 32 21,573 20,249 1,324

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 8,012 7,697 6,119 1,174 404 105 315 211 104

Bahamas . . . . . . . . . . . . . . . . . . . 70,235 68,501 9,204 57,600 1,697 65 1,734 1,426 308

Bermuda. . . . . . . . . . . . . . . . . . . . 8,379 8,202 7,102 10 1,090 12 177 177 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 21,746 18,822 15,106 3,651 65 1,247 2,924 2,524 400

British West Indies . . . . . . . . . . . . 160,029 135,517 25,215 96,873 13,429 1,106 24,512 22,964 1,548

Chile . . . . . . . . . . . . . . . . . . . . . . . 5,966 5,747 5,529 70 148 7 219 178 41

Colombia . . . . . . . . . . . . . . . . . . . 6,580 6,353 6,215 109 29 43 227 221 6

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 1,162 1,148 1,013 119 16 56 14 10 4

Guatemala . . . . . . . . . . . . . . . . . . 691 679 622 29 28 36 12 8 4

Jamaica . . . . . . . . . . . . . . . . . . . . 343 336 323 13 - 2 7 7 -

Mexico . . . . . . . . . . . . . . . . . . . . . 22,229 19,811 18,747 454 610 565 2,418 1,647 771

Netherlands Antilles . . . . . . . . . . . 14,518 14,514 13,555 461 498 - 4 3 1

Panama . . . . . . . . . . . . . . . . . . . . 3,480 3,307 1,501 1,682 124 34 173 166 7

Peru . . . . . . . . . . . . . . . . . . . . . . . 2,620 2,607 2,337 260 10 70 13 12 1

Trinidad and Tobago . . . . . . . . . . 681 665 654 1 10 7 16 15 1

Uruguay . . . . . . . . . . . . . . . . . . . . 754 715 423 282 10 4 39 39 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,428 1,966 1,763 38 165 23 462 447 15

Other Latin America

and Caribbean. . . . . . . . . . . . . . 3,129 3,043 2,652 347 44 83 86 81 5

Total Latin America

and Caribbean . . . . . . . . . . . . 

332,982 299,630 118,080 163,173 18,377 3,465 33,352 30,136 3,216

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1997

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

See footnotes at end of table.

CAPITAL MOVEMENTS 77
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1997, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 2,266 2,024 1,800 223 1 151 242 241 1

Taiwan . . . . . . . . . . . . . . . . . . . 2,021 1,901 780 1,071 50 101 120 43 77

Hong Kong . . . . . . . . . . . . . . . . . . 20,262 18,033 6,500 9,514 2,019 135 2,229 2,079 150

India . . . . . . . . . . . . . . . . . . . . . . . 2,520 2,353 2,034 308 11 576 167 91 76

Indonesia . . . . . . . . . . . . . . . . . . . 2,997 2,630 2,214 322 94 218 367 198 169

Israel . . . . . . . . . . . . . . . . . . . . . . 4,757 643 369 262 12 10 4,114 4,111 3

Japan . . . . . . . . . . . . . . . . . . . . . . 91,102 75,785 14,024 45,655 16,106 647 15,317 14,532 785

Korea . . . . . . . . . . . . . . . . . . . . . . 21,354 20,620 13,687 6,919 14 4,443 734 647 87

Lebanon . . . . . . . . . . . . . . . . . . . . 49 27 26 1 - 8 22 22 -

Malaysia. . . . . . . . . . . . . . . . . . . . 1,465 1,259 504 598 157 2 206 128 78

Pakistan . . . . . . . . . . . . . . . . . . . . 1,529 1,315 681 626 8 9 214 204 10

Philippines . . . . . . . . . . . . . . . . . . 2,272 2,135 1,335 784 16 141 137 121 16

Singapore. . . . . . . . . . . . . . . . . . . 9,767 8,056 2,620 4,355 1,081 59 1,711 1,675 36

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Thailand . . . . . . . . . . . . . . . . . . . . 3,668 3,296 1,216 1,971 109 573 372 274 98

Other Asia . . . . . . . . . . . . . . . . . . 10,313 9,760 3,139 6,206 415 129 553 549 4

Total Asia . . . . . . . . . . . . . . . . . 176,342 149,837 50,929 78,815 20,093 7,202 26,505 24,915 1,590

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 359 329 296 16 17 38 30 10 20

Ghana . . . . . . . . . . . . . . . . . . . . . 22 20 16 4 - - 2 2 -

Liberia . . . . . . . . . . . . . . . . . . . . . 446 446 446 - - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 839 481 464 1 16 7 358 358 -

South Africa . . . . . . . . . . . . . . . . . 716 640 577 25 38 53 76 21 55

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,695 1,445 1,363 65 17 15 250 233 17

Total Africa . . . . . . . . . . . . . . . . 4,077 3,361 3,162 111 88 113 716 624 92

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 8,011 5,175 3,025 2,017 133 73 2,836 2,675 161

All other . . . . . . . . . . . . . . . . . . . . 2,225 1,995 221 1,664 110 9 230 173 57

Total other

countries . . . . . . . . . . . . . . . . 

10,236 7,170 3,246 3,681 243 82 3,066 2,848 218

Total foreign

countries. . . . . . . . . . . . . . . 

907,694 734,170 270,080 379,425 84,665 11,435 173,524 162,236 11,288

International

and regional orgs.:

International . . . . . . . . . . . . . . . . . 1,843 1,838 1,838 - - 2 5 1 4

European regional . . . . . . . . . . . . - - - - - - - - -

Latin American regional . . . . . . . . 92 92 92 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

1,935 1,930 1,930 - - 2 5 1 4

Grand total. . . . . . . . . . . . . . . 909,629 736,100 272,010 379,425 84,665 11,437 173,529 162,237 11,292

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

78 CAPITAL MOVEMENTS
CHART CM-B.--U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers

with Respect to Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 1996 June 1997

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 86,645 96,820 103,375 129,124 142,480

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 144,422 180,659

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 197,395 208,408 229,526 243,549 256,641

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 92,189 91,102

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,581 58,836 66,976 76,413 85,240

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

543,731 565,702 624,561 685,697 756,122

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

108,772 107,701 110,811 134,999 153,507

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,503 673,403 735,372 820,696 909,629

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that as of June 1997

close to two-thirds of U.S. claims were reported

opposite the United Kingdom, other Europe and,

most notably, the offshore banking centers in the

Caribbean. An additional 19.4 percent of U.S. claims

are on foreigners located in Japan and the rest of Asia.

Total U.S. bank-reported claims on foreigners

expanded $88.9 billion through the first half of the

year to $909.6 billion, an increase of 10.8 percent

over yearend 1996. The growth in claims was widespread. Most notable were the increases opposite

Europe (excluding the United Kingdom) and ‘‘all

other countries,’’ up $36.3 billion or 25.1 percent and

$18.5 billion or 13.7 percent, respectively, through

June. Significant growth was also recorded opposite

the United Kingdom, the Caribbean banking centers,

and Asia (excluding Japan), up $35.3 billion combined through the first half of the year. Despite a

marginal increase during the second quarter, claims

on Japan at the end of June remained down $1.1

billion from yearend 1996.

CAPITAL MOVEMENTS 79
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

* Less than $500,000. 

 Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates

for the ‘‘Other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’

Total liabilities Total banks’ own claims

Calendar year 1997 Calendar year 1997

Country 1995 1996 June 1995 1996 June

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 266 170 242 n.a. 54 59

Iceland . . . . . . . . . . . . . . . . . . . . . 41 n.a. 67 9 n.a. 4

Monaco . . . . . . . . . . . . . . . . . . . . 768 607 1,182 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 196 145 168 9 7 n.a.

Barbados . . . . . . . . . . . . . . . . . . . 795 1,033 684 n.a. 65 n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 72 94 108 21 52 10

Bolivia. . . . . . . . . . . . . . . . . . . . . . 652 779 1,197 253 371 367

Costa Rica . . . . . . . . . . . . . . . . . . 1,037 990 1,208 292 233 260

Dominica . . . . . . . . . . . . . . . . . . . 8 8 13 n.a. 37 5

Dominican Republic . . . . . . . . . . . 1,133 1,130 1,156 364 454 510

El Salvador. . . . . . . . . . . . . . . . . . 826 1,159 1,019 591 621 683

French West Indies and

French Guiana . . . . . . . . . . . . . 35 27 21 2 n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 318 441 375 17 30 33

Honduras . . . . . . . . . . . . . . . . . . . 650 748 1,060 174 230 256

Nicaragua. . . . . . . . . . . . . . . . . . . 201 101 147 9 14 13

Paraguay . . . . . . . . . . . . . . . . . . . 554 681 704 153 182 144

Suriname . . . . . . . . . . . . . . . . . . . 94 101 110 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 60 45 44 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . 13 3 4 n.a. n.a. -

Jordan . . . . . . . . . . . . . . . . . . . . . 244 243 277 89 80 92

Macau . . . . . . . . . . . . . . . . . . . . . 61 n.a. 101 24 n.a. n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . 147 n.a. n.a. - n.a. n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . n.a. 210 129 n.a. 94 67

Vietnam . . . . . . . . . . . . . . . . . . . . 527 n.a. n.a. n.a. n.a. n.a.

Yemen . . . . . . . . . . . . . . . . . . . . . 92 155 100 n.a. n.a. 5

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 145 197 162 n.a. 15 n.a.

Cameroon . . . . . . . . . . . . . . . . . . 14 16 20 1 n.a. n.a.

Djibouti . . . . . . . . . . . . . . . . . . . . . 72 n.a. n.a. * n.a. n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . n.a. 185 297 10 n.a. n.a.

Guinea . . . . . . . . . . . . . . . . . . . . . 19 7 11 n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 47 50 n.a. n.a. 19 n.a.

Kenya. . . . . . . . . . . . . . . . . . . . . . 114 118 127 2 45 46

Madagascar . . . . . . . . . . . . . . . . . 21 n.a. 42 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 98 52 59 4 9 5

Mozambique . . . . . . . . . . . . . . . . 119 91 129 * n.a. n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 2 6 4 - - n.a.

Rwanda . . . . . . . . . . . . . . . . . . . . 37 n.a. n.a. n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. n.a. 14 3 n.a. n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 14 25 18 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 31 28 38 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 288 244 267 n.a. 3 n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 32 73 85 92 144 152

Uganda. . . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. 8 9 6

Zambia . . . . . . . . . . . . . . . . . . . . . 36 30 37 n.a. * 1

Zimbabwe. . . . . . . . . . . . . . . . . . . 138 163 108 46 15 12

All other:

New Zealand . . . . . . . . . . . . . . . . 758 796 660 n.a. n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. 88 n.a. n.a. n.a. n.a.

80 CAPITAL MOVEMENTS
SECTION IV.--Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.--Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Type of liability or claim 1993 1994 1995 June Sept. r Dec. Mar. June p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 48,990 51,651 54,822 54,616 52,699

Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 35,385 36,421 39,003 39,361 37,842

Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 12,212 11,319 11,374 11,264 10,551

Commercial:

Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 9,996 10,122 10,761 11,683 10,600 10,203

Advance receipts and other. . . . . . . 12,314 10,620 11,004 13,051 14,341 15,946 17,497 17,088

Payable in foreign currencies. . . . . . . . . 11,869 16,011 12,545 13,605 15,230 15,819 15,255 14,857

Financial . . . . . . . . . . . . . . . . . . . . . . . 10,681 14,136 11,338 12,632 14,173 14,715 14,235 13,828

Commercial:

Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 959 1,030 1,037 915 919

Advance receipts and other. . . . . . . 255 730 190 14 27 67 105 110

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 60,195 59,092 63,642 64,343 65,542

Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 55,350 55,014 58,630 60,177 60,817

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 19,069 19,182 20,631 18,548 21,474

Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 13,347 12,234 12,069 15,383 13,243

Commercial:

Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 20,384 21,290 23,495 23,684 23,666

Advance payments and other . . . . . 2,455 2,157 2,088 2,550 2,308 2,435 2,562 2,434

Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 4,845 4,078 5,012 4,166 4,725

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 438 695 773 1,080 911

Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 2,397 2,089 1,795 1,777 2,378

Commercial:

Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 1,969 1,164 2,256 1,117 1,187

Advance payments and other . . . . . 508 676 25 41 130 188 192 249

CAPITAL MOVEMENTS 81
TABLE CM-IV-2.--Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 June Sept. r Dec. Mar. June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 107 58 70 44 43 57 67 82 97

Belgium-Luxembourg. . . . . . . . . . 712 414 736 700 824 974 1,111 1,412 976

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 3 5 1 1 3 2 14 2

Czech Republic . . . . . . . . . . . . . . 14 8 6 26 4 5 22 22 24

Denmark . . . . . . . . . . . . . . . . . . . 38 49 277 138 150 168 93 121 133

Finland . . . . . . . . . . . . . . . . . . . . . 387 362 236 179 157 152 161 173 202

France . . . . . . . . . . . . . . . . . . . . . 2,323 3,194 2,455 1,480 1,689 1,877 1,771 1,885 1,989

Germany . . . . . . . . . . . . . . . . . . . 1,618 1,659 2,565 2,741 2,689 3,225 2,836 2,636 2,617

Greece . . . . . . . . . . . . . . . . . . . . . 201 252 196 89 48 55 72 55 75

Hungary . . . . . . . . . . . . . . . . . . . . 67 3 6 9 7 8 12 10 13

Ireland . . . . . . . . . . . . . . . . . . . . . 614 485 449 414 353 469 449 612 626

Italy. . . . . . . . . . . . . . . . . . . . . . . . 430 485 359 374 485 482 911 1,062 831

Netherlands . . . . . . . . . . . . . . . . . 1,141 1,222 1,274 966 1,061 1,187 1,322 1,060 756

Norway. . . . . . . . . . . . . . . . . . . . . 283 359 176 209 277 412 424 420 312

Poland . . . . . . . . . . . . . . . . . . . . . 31 15 17 7 32 13 30 42 55

Portugal . . . . . . . . . . . . . . . . . . . . 16 24 35 35 26 54 33 31 40

Romania. . . . . . . . . . . . . . . . . . . . 33 6 8 3 8 7 9 7 14

Spain . . . . . . . . . . . . . . . . . . . . . . 161 164 127 171 162 210 222 236 218

Sweden . . . . . . . . . . . . . . . . . . . . 322 286 242 233 240 293 204 196 182

Switzerland. . . . . . . . . . . . . . . . . . 919 1,009 1,015 1,308 1,672 1,235 1,323 1,175 1,021

Turkey . . . . . . . . . . . . . . . . . . . . . 116 104 109 118 95 106 129 137 81

United Kingdom . . . . . . . . . . . . . . 11,115 15,335 17,987 13,706 14,056 13,547 14,527 13,917 14,364

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 62 60 84 177 63 85 105 111 53

Yugoslavia 2

. . . . . . . . . . . . . . . . . 10 9 12 6 73 9 9 5 9

Other Europe . . . . . . . . . . . . . . . . 52 36 30 188 135 180 165 100 120

Total Europe . . . . . . . . . . . . . . . 

20,785 25,601 28,476 23,322 24,350 24,813 26,009 25,521 24,810

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,546 1,738 1,666 1,672 1,949 2,117 2,491 1,670 1,592

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 86 36 88 136 147 269 272 220 224

Bahamas . . . . . . . . . . . . . . . . . . . 382 137 120 60 66 83 299 336 157

Bermuda . . . . . . . . . . . . . . . . . . . 421 350 425 352 537 380 347 506 452

Brazil . . . . . . . . . . . . . . . . . . . . . . 228 232 368 155 127 250 274 276 322

British West Indies . . . . . . . . . . . . 2,883 1,387 1,021 922 836 779 1,044 979 795

Chile. . . . . . . . . . . . . . . . . . . . . . . 51 89 44 76 134 95 160 115 121

Colombia . . . . . . . . . . . . . . . . . . . 19 34 19 63 92 83 123 112 143

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - 1 11 2 5 4 2

Ecuador . . . . . . . . . . . . . . . . . . . . 13 18 33 26 34 34 27 30 44

Guatemala . . . . . . . . . . . . . . . . . . 9 6 8 4 12 13 12 12 15

Jamaica . . . . . . . . . . . . . . . . . . . . 9 6 14 18 18 13 16 13 13

Mexico . . . . . . . . . . . . . . . . . . . . . 469 498 574 428 486 459 682 649 609

Netherlands Antilles . . . . . . . . . . . 626 633 645 635 12 28 53 251 8

Panama . . . . . . . . . . . . . . . . . . . . 36 8 50 23 13 9 12 18 15

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 13 30 21 37 44 44 34 34

Trinidad and Tobago . . . . . . . . . . 17 18 25 13 47 118 144 125 86

Uruguay . . . . . . . . . . . . . . . . . . . . 3 1 1 3 13 9 6 10 20

Venezuela . . . . . . . . . . . . . . . . . . 148 128 281 223 284 342 329 319 305

Other Latin America

and Caribbean . . . . . . . . . . . . . 176 218 145 364 364 545 393 430 415

Total Latin America

and Caribbean. . . . . . . . . . . . 

5,586 3,812 3,891 3,523 3,270 3,555 4,242 4,439 3,780

See footnotes at end of table.

82 CAPITAL MOVEMENTS
TABLE CM-IV-2.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 June Sept. r Dec. Mar. June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 566 723 597 579 649 769 990 1,238 1,132

Taiwan . . . . . . . . . . . . . . . . . . . 810 579 853 451 269 424 697 772 979

Hong Kong . . . . . . . . . . . . . . . . . . 884 785 805 646 728 683 610 629 692

India . . . . . . . . . . . . . . . . . . . . . . . 164 91 59 196 291 276 181 221 224

Indonesia . . . . . . . . . . . . . . . . . . . 207 363 296 350 281 282 314 289 254

Israel . . . . . . . . . . . . . . . . . . . . . . 181 229 141 99 110 273 205 206 225

Japan . . . . . . . . . . . . . . . . . . . . . . 8,362 9,201 11,869 8,751 9,994 10,751 10,460 10,273 9,852

Korea . . . . . . . . . . . . . . . . . . . . . . 1,722 1,701 1,736 1,433 1,472 1,504 1,558 1,363 1,246

Lebanon . . . . . . . . . . . . . . . . . . . . 16 22 14 61 60 22 72 82 92

Malaysia. . . . . . . . . . . . . . . . . . . . 613 475 178 297 525 576 586 708 843

Pakistan . . . . . . . . . . . . . . . . . . . . 21 26 27 80 68 67 77 80 98

Philippines . . . . . . . . . . . . . . . . . . 53 57 50 60 60 79 110 158 183

Singapore. . . . . . . . . . . . . . . . . . . 590 733 622 819 690 756 908 901 976

Syria. . . . . . . . . . . . . . . . . . . . . . . 50 11 24 50 11 15 61 23 7

Thailand . . . . . . . . . . . . . . . . . . . . 179 259 194 392 436 437 473 364 359

Oil-exporting countries 3

. . . . . . . . 1,908 1,557 1,611 1,939 1,810 1,976 2,193 2,567 2,459

Other Asia . . . . . . . . . . . . . . . . . . 86 79 68 206 286 306 327 441 266

Total Asia . . . . . . . . . . . . . . . . . 

16,412 16,891 19,144 16,409 17,740 19,196 19,822 20,315 19,887

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 89 111 48 157 216 224 198 226 163

Ghana . . . . . . . . . . . . . . . . . . . . . - 1 - 16 8 26 29 48 48

Liberia . . . . . . . . . . . . . . . . . . . . . 2 1 - - 1 1 - 1 1

Morocco . . . . . . . . . . . . . . . . . . . . 28 41 29 24 23 30 21 19 23

South Africa . . . . . . . . . . . . . . . . . 59 55 32 42 130 172 154 161 204

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 1 1 - - - - - 5

Oil-exporting countries 4

. . . . . . . . 309 290 379 376 523 611 532 479 423

Other Africa . . . . . . . . . . . . . . . . . 82 86 74 154 95 109 144 132 103

Total Africa . . . . . . . . . . . . . . . . 

574 586 563 769 996 1,173 1,078 1,066 970

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 503 517 372 461 525 577 945 991 911

All other . . . . . . . . . . . . . . . . . . . . 88 148 153 230 70 104 125 503 646

Total other

countries . . . . . . . . . . . . . . . . 

591 665 525 691 595 681 1,070 1,494 1,557

Total foreign

countries. . . . . . . . . . . . . . . 

45,494 49,293 54,265 46,386 48,900 51,535 54,712 54,505 52,596

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - 2 27 55 55 55 55

European regional . . . . . . . . . . . . 17 18 44 60 63 61 55 42 43

Latin American regional . . . . . . . . - - - - - - - - 2

Asian regional . . . . . . . . . . . . . . . - - - - - - - 12 3

African regional . . . . . . . . . . . . . . - - - - - - - 2 -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

17 18 44 62 90 116 110 111 103

Grand total. . . . . . . . . . . . . . . 45,511 49,311 54,309 46,448 48,990 51,651 54,822 54,616 52,699

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 83
TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 97 1 1 - 96

Belgium-Luxembourg. . . . . . . . . . 976 238 85 153 738

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Czech Republic . . . . . . . . . . . . . . 24 - - - 24

Denmark . . . . . . . . . . . . . . . . . . . 133 5 - 5 128

Finland . . . . . . . . . . . . . . . . . . . . . 202 47 3 44 155

France . . . . . . . . . . . . . . . . . . . . . 1,989 1,280 621 659 709

Germany . . . . . . . . . . . . . . . . . . . 2,617 1,765 1,026 739 852

Greece . . . . . . . . . . . . . . . . . . . . . 75 - - - 75

Hungary . . . . . . . . . . . . . . . . . . . . 13 2 2 - 11

Ireland . . . . . . . . . . . . . . . . . . . . . 626 551 392 159 75

Italy. . . . . . . . . . . . . . . . . . . . . . . . 831 457 73 384 374

Netherlands . . . . . . . . . . . . . . . . . 756 466 399 67 290

Norway. . . . . . . . . . . . . . . . . . . . . 312 31 12 19 281

Poland . . . . . . . . . . . . . . . . . . . . . 55 - - - 55

Portugal . . . . . . . . . . . . . . . . . . . . 40 5 5 - 35

Romania. . . . . . . . . . . . . . . . . . . . 14 - - - 14

Russia 1

. . . . . . . . . . . . . . . . . . . . 53 4 4 - 49

Spain . . . . . . . . . . . . . . . . . . . . . . 218 66 6 60 152

Sweden . . . . . . . . . . . . . . . . . . . . 182 21 - 21 161

Switzerland. . . . . . . . . . . . . . . . . . 1,021 591 237 354 430

Turkey . . . . . . . . . . . . . . . . . . . . . 81 18 18 - 63

United Kingdom . . . . . . . . . . . . . . 14,364 10,537 4,317 6,220 3,827

Yugoslavia 2

. . . . . . . . . . . . . . . . . 9 - - - 9

Other Europe . . . . . . . . . . . . . . . . 120 14 2 12 106

Total Europe . . . . . . . . . . . . . . . 24,810 16,099 7,203 8,896 8,711

Canada . . . . . . . . . . . . . . . . . . . . . . 1,592 456 127 329 1,136

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 224 131 14 117 93

Bahamas . . . . . . . . . . . . . . . . . . . 157 124 124 - 33

Bermuda . . . . . . . . . . . . . . . . . . . 452 55 55 - 397

Brazil . . . . . . . . . . . . . . . . . . . . . . 322 97 8 89 225

British West Indies . . . . . . . . . . . . 795 769 660 109 26

Chile. . . . . . . . . . . . . . . . . . . . . . . 121 21 21 - 100

Colombia . . . . . . . . . . . . . . . . . . . 143 1 1 - 142

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Ecuador . . . . . . . . . . . . . . . . . . . . 44 6 3 3 38

Guatemala . . . . . . . . . . . . . . . . . . 15 - - - 15

Jamaica . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Mexico . . . . . . . . . . . . . . . . . . . . . 609 15 9 6 594

Netherlands Antilles . . . . . . . . . . . 8 - - - 8

Panama . . . . . . . . . . . . . . . . . . . . 15 - - - 15

Peru . . . . . . . . . . . . . . . . . . . . . . . 34 2 - 2 32

Trinidad and Tobago . . . . . . . . . . 86 2 2 - 84

Uruguay . . . . . . . . . . . . . . . . . . . . 20 - - - 20

Venezuela . . . . . . . . . . . . . . . . . . 305 1 - 1 304

Other Latin America

and Caribbean . . . . . . . . . . . . . 415 55 55 - 360

Total Latin America

and Caribbean. . . . . . . . . . . . 

3,780 1,279 952 327 2,501

See footnotes at end of table.

84 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,132 51 41 10 1,081

Taiwan . . . . . . . . . . . . . . . . . . . 979 234 191 43 745

Hong Kong . . . . . . . . . . . . . . . . . . 692 113 108 5 579

India . . . . . . . . . . . . . . . . . . . . . . . 224 2 1 1 222

Indonesia . . . . . . . . . . . . . . . . . . . 254 55 35 20 199

Israel . . . . . . . . . . . . . . . . . . . . . . 225 30 30 - 195

Japan . . . . . . . . . . . . . . . . . . . . . . 9,852 5,412 1,730 3,682 4,440

Korea . . . . . . . . . . . . . . . . . . . . . . 1,246 9 9 - 1,237

Lebanon . . . . . . . . . . . . . . . . . . . . 92 5 5 - 87

Malaysia. . . . . . . . . . . . . . . . . . . . 843 4 2 2 839

Pakistan . . . . . . . . . . . . . . . . . . . . 98 - - - 98

Philippines . . . . . . . . . . . . . . . . . . 183 - - - 183

Singapore. . . . . . . . . . . . . . . . . . . 976 1 - 1 975

Syria. . . . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Thailand . . . . . . . . . . . . . . . . . . . . 359 - - - 359

Other Asia . . . . . . . . . . . . . . . . . . 2,725 45 45 - 2,680

Total Asia . . . . . . . . . . . . . . . . . 

19,887 5,961 2,197 3,764 13,926

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 163 - - - 163

Ghana . . . . . . . . . . . . . . . . . . . . . 48 - - - 48

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 23 - - - 23

South Africa . . . . . . . . . . . . . . . . . 204 19 - 19 185

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Other Africa . . . . . . . . . . . . . . . . . 526 10 10 - 516

Total Africa . . . . . . . . . . . . . . . . 

970 29 10 19 941

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 911 127 3 124 784

All other . . . . . . . . . . . . . . . . . . . . 646 373 4 369 273

Total other countries . . . . . . . . . 

1,557 500 7 493 1,057

Total foreign countries. . . . . . 

52,596 24,324 10,496 13,828 28,272

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 55 55 55 - -

European regional . . . . . . . . . . . . 43 - - - 43

Latin American regional . . . . . . . . 2 - - - 2

Asian regional . . . . . . . . . . . . . . . 3 - - - 3

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

103 55 55 - 48

Grand total. . . . . . . . . . . . . . . 52,699 24,379 10,551 13,828 28,320

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

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

CAPITAL MOVEMENTS 85
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1996 1997

Country 1992 1993 1994 1995 June Sept. r Dec. r Mar. June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 71 88 123 114 84 180 159 118 90

Belgium-Luxembourg. . . . . . . . . . 197 318 299 424 390 339 411 483 530

Bulgaria . . . . . . . . . . . . . . . . . . . . 13 32 37 29 13 18 19 17 16

Czech Republic . . . . . . . . . . . . . . 46 48 52 53 26 35 34 27 32

Denmark . . . . . . . . . . . . . . . . . . . 154 103 81 107 171 175 101 87 72

Finland . . . . . . . . . . . . . . . . . . . . . 169 171 173 185 128 133 173 122 135

France . . . . . . . . . . . . . . . . . . . . . 2,301 2,773 2,681 2,633 2,338 2,265 2,338 2,275 2,058

Germany . . . . . . . . . . . . . . . . . . . 1,259 1,544 1,567 1,506 1,631 1,522 1,613 1,688 1,515

Greece . . . . . . . . . . . . . . . . . . . . . 114 149 136 193 177 138 148 113 89

Hungary . . . . . . . . . . . . . . . . . . . . 30 6 72 50 32 36 17 11 59

Ireland . . . . . . . . . . . . . . . . . . . . . 419 416 315 290 257 249 274 282 267

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,041 883 812 1,029 1,229 953 1,039 1,031 980

Netherlands . . . . . . . . . . . . . . . . . 1,067 925 740 969 969 944 1,055 1,149 1,132

Norway. . . . . . . . . . . . . . . . . . . . . 196 132 242 169 206 209 251 281 303

Poland . . . . . . . . . . . . . . . . . . . . . 74 116 122 78 81 79 108 109 111

Portugal . . . . . . . . . . . . . . . . . . . . 176 191 217 64 50 52 92 45 60

Romania. . . . . . . . . . . . . . . . . . . . 12 5 17 16 8 13 14 7 10

Spain . . . . . . . . . . . . . . . . . . . . . . 332 459 484 537 547 607 645 605 603

Sweden . . . . . . . . . . . . . . . . . . . . 282 460 352 288 223 326 372 376 345

Switzerland. . . . . . . . . . . . . . . . . . 852 962 1,080 1,018 1,063 1,026 1,116 988 832

Turkey . . . . . . . . . . . . . . . . . . . . . 257 246 216 256 182 194 222 237 210

United Kingdom . . . . . . . . . . . . . . 8,346 5,962 7,205 6,959 10,084 9,119 9,065 8,701 9,948

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 232 228 254 300 225 251 239 221 195

Yugoslavia 2

. . . . . . . . . . . . . . . . . 52 55 39 13 13 17 6 14 8

Other Europe . . . . . . . . . . . . . . . . 90 132 160 153 213 185 214 193 190

Total Europe . . . . . . . . . . . . . . . 17,782 16,404 17,476 17,433 20,340 19,065 19,725 19,180 19,790

Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 6,847 6,585 5,610 7,298 8,886

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 242 299 347 396 461 555 617 621 631

Bahamas . . . . . . . . . . . . . . . . . . . 806 1,347 2,433 1,995 2,196 1,760 1,487 1,934 2,092

Bermuda . . . . . . . . . . . . . . . . . . . 295 307 261 353 348 403 415 316 385

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,043 1,114 1,132 1,728 2,080 2,406 2,771 2,620 2,751

British West Indies . . . . . . . . . . . . 11,787 12,770 15,311 10,472 13,127 12,928 15,372 15,293 13,539

Chile. . . . . . . . . . . . . . . . . . . . . . . 129 221 229 248 292 282 374 353 313

Colombia . . . . . . . . . . . . . . . . . . . 129 120 396 413 405 381 422 320 392

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 5 10 5 5 1

Ecuador . . . . . . . . . . . . . . . . . . . . 40 81 112 123 106 141 107 108 125

Guatemala . . . . . . . . . . . . . . . . . . 23 32 46 48 59 71 98 84 100

Jamaica . . . . . . . . . . . . . . . . . . . . 30 27 42 41 57 47 40 73 61

Mexico . . . . . . . . . . . . . . . . . . . . . 1,369 1,862 1,966 1,547 1,413 1,349 1,585 1,619 1,636

Netherlands Antilles . . . . . . . . . . . 26 37 65 32 31 69 114 35 141

Panama . . . . . . . . . . . . . . . . . . . . 66 90 102 156 161 115 109 102 123

Peru . . . . . . . . . . . . . . . . . . . . . . . 115 148 175 221 220 209 201 177 215

Trinidad and Tobago . . . . . . . . . . 9 26 27 36 27 22 25 30 26

Uruguay . . . . . . . . . . . . . . . . . . . . 8 8 25 32 24 31 42 41 47

Venezuela . . . . . . . . . . . . . . . . . . 374 454 383 317 336 336 388 352 471

Other Latin America

and Caribbean . . . . . . . . . . . . . 443 553 600 705 643 535 681 726 906

Total Latin America

and Caribbean. . . . . . . . . . . . 

16,936 19,498 23,653 18,864 21,991 21,650 24,853 24,809 23,955

86 CAPITAL MOVEMENTS
TABLE CM-IV-4.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1996 1997

Country 1992 1993 1994 1995 June Sept. r Dec. r Mar. June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 282 378 526 696 677 641 992 1,099 1,115

Taiwan . . . . . . . . . . . . . . . . . . . 307 411 512 532 510 474 511 610 724

Hong Kong . . . . . . . . . . . . . . . . . . 267 298 442 454 420 479 669 572 546

India . . . . . . . . . . . . . . . . . . . . . . . 135 147 202 323 325 393 402 336 423

Indonesia . . . . . . . . . . . . . . . . . . . 138 354 423 367 458 426 665 563 602

Israel . . . . . . . . . . . . . . . . . . . . . . 168 218 195 267 301 316 323 312 328

Japan . . . . . . . . . . . . . . . . . . . . . . 2,571 3,167 3,608 2,741 2,729 2,920 3,038 2,896 2,829

Korea . . . . . . . . . . . . . . . . . . . . . . 361 549 650 933 666 636 822 773 761

Lebanon . . . . . . . . . . . . . . . . . . . . 50 65 58 48 34 59 41 51 38

Malaysia. . . . . . . . . . . . . . . . . . . . 90 477 457 496 424 478 560 566 551

Pakistan . . . . . . . . . . . . . . . . . . . . 53 32 40 42 29 107 99 96 66

Philippines . . . . . . . . . . . . . . . . . . 105 111 151 123 114 116 245 202 200

Singapore. . . . . . . . . . . . . . . . . . . 291 390 427 573 588 705 781 719 648

Syria. . . . . . . . . . . . . . . . . . . . . . . 8 5 6 12 13 9 7 24 4

Thailand . . . . . . . . . . . . . . . . . . . . 127 174 183 199 190 283 288 387 400

Oil-exporting countries 3

. . . . . . . . 696 707 849 977 912 958 993 1,090 1,034

Other Asia . . . . . . . . . . . . . . . . . . 81 188 124 108 120 123 161 120 125

Total Asia . . . . . . . . . . . . . . . . . 

5,730 7,671 8,853 8,891 8,510 9,123 10,597 10,416 10,394

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 177 137 261 160 166 160 155 140 144

Ghana . . . . . . . . . . . . . . . . . . . . . 5 7 7 16 67 24 15 18 27

Liberia . . . . . . . . . . . . . . . . . . . . . 34 19 9 13 10 32 29 36 32

Morocco . . . . . . . . . . . . . . . . . . . . 37 45 53 57 32 32 27 37 27

South Africa . . . . . . . . . . . . . . . . . 81 108 142 321 247 272 277 289 289

Zaire. . . . . . . . . . . . . . . . . . . . . . . 29 18 30 11 12 10 13 9 5

Oil-exporting countries 4

. . . . . . . . 87 73 67 92 88 155 180 114 96

Other Africa . . . . . . . . . . . . . . . . . 187 185 258 260 263 223 224 257 177

Total Africa . . . . . . . . . . . . . . . . 

637 592 827 930 885 908 920 900 797

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 702 945 1,218 1,310 1,343 1,484 1,536 1,392 1,449

All other . . . . . . . . . . . . . . . . . . . . 152 208 269 270 262 270 265 278 257

Total other

countries . . . . . . . . . . . . . . . . 

854 1,153 1,487 1,580 1,605 1,754 1,801 1,670 1,706

Total foreign

countries. . . . . . . . . . . . . . . 

45,058 49,131 57,865 52,500 60,178 59,085 63,506 64,273 65,528

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 13 28 19 8 11 6 60 2 5

European regional . . . . . . . . . . . . 2 - 4 1 - 1 58 38 8

Latin American regional . . . . . . . . - - - - 6 - 2 1 1

Asian regional . . . . . . . . . . . . . . . - - - - - - 13 26 -

African regional . . . . . . . . . . . . . . - - - - - - 3 3 -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

15 28 23 9 17 7 136 70 14

Grand total. . . . . . . . . . . . . . . 45,073 49,159 57,888 52,509 60,195 59,092 63,642 64,343 65,542

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all other

republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 87
TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1997, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 90 30 25 5 60

Belgium-Luxembourg. . . . . . . . . . 530 203 192 11 327

Bulgaria . . . . . . . . . . . . . . . . . . . . 16 11 9 2 5

Czech Republic . . . . . . . . . . . . . . 32 3 3 - 29

Denmark . . . . . . . . . . . . . . . . . . . 72 20 18 2 52

Finland . . . . . . . . . . . . . . . . . . . . . 135 6 - 6 129

France . . . . . . . . . . . . . . . . . . . . . 2,058 681 642 39 1,377

Germany . . . . . . . . . . . . . . . . . . . 1,515 281 232 49 1,234

Greece . . . . . . . . . . . . . . . . . . . . . 89 2 2 - 87

Hungary . . . . . . . . . . . . . . . . . . . . 59 48 48 - 11

Ireland . . . . . . . . . . . . . . . . . . . . . 267 182 182 - 85

Italy. . . . . . . . . . . . . . . . . . . . . . . . 980 219 199 20 761

Netherlands . . . . . . . . . . . . . . . . . 1,132 519 502 17 613

Norway. . . . . . . . . . . . . . . . . . . . . 303 62 49 13 241

Poland . . . . . . . . . . . . . . . . . . . . . 111 53 53 - 58

Portugal . . . . . . . . . . . . . . . . . . . . 60 4 - 4 56

Romania. . . . . . . . . . . . . . . . . . . . 10 - - - 10

Russia 1

. . . . . . . . . . . . . . . . . . . . 195 24 18 6 171

Spain . . . . . . . . . . . . . . . . . . . . . . 603 96 50 46 507

Sweden . . . . . . . . . . . . . . . . . . . . 345 137 131 6 208

Switzerland. . . . . . . . . . . . . . . . . . 832 447 432 15 385

Turkey . . . . . . . . . . . . . . . . . . . . . 210 41 41 - 169

United Kingdom . . . . . . . . . . . . . . 9,948 7,112 6,299 813 2,836

Yugoslavia 2

. . . . . . . . . . . . . . . . . 8 - - - 8

Other Europe . . . . . . . . . . . . . . . . 190 8 7 1 182

Total Europe . . . . . . . . . . . . . . . 19,790 10,189 9,134 1,055 9,601

Canada . . . . . . . . . . . . . . . . . . . . . . 8,886 6,422 5,957 465 2,464

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 631 151 135 16 480

Bahamas . . . . . . . . . . . . . . . . . . . 2,092 2,064 2,051 13 28

Bermuda . . . . . . . . . . . . . . . . . . . 385 188 186 2 197

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,751 1,617 549 1,068 1,134

British West Indies . . . . . . . . . . . . 13,539 13,442 13,415 27 97

Chile. . . . . . . . . . . . . . . . . . . . . . . 313 7 3 4 306

Colombia . . . . . . . . . . . . . . . . . . . 392 105 95 10 287

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 125 34 33 1 91

Guatemala . . . . . . . . . . . . . . . . . . 100 30 26 4 70

Jamaica . . . . . . . . . . . . . . . . . . . . 61 6 1 5 55

Mexico . . . . . . . . . . . . . . . . . . . . . 1,636 498 446 52 1,138

Netherlands Antilles . . . . . . . . . . . 141 92 92 - 49

Panama . . . . . . . . . . . . . . . . . . . . 123 46 41 5 77

Peru . . . . . . . . . . . . . . . . . . . . . . . 215 4 3 1 211

Trinidad and Tobago . . . . . . . . . . 26 2 1 1 24

Uruguay . . . . . . . . . . . . . . . . . . . . 47 3 - 3 44

Venezuela . . . . . . . . . . . . . . . . . . 471 21 12 9 450

Other Latin America

and Caribbean . . . . . . . . . . . . . 906 415 378 37 491

Total Latin America

and Caribbean. . . . . . . . . . . . 

23,955 18,725 17,467 1,258 5,230

See footnotes at end of table.

88 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1997, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

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

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,115 289 286 3 826

Taiwan . . . . . . . . . . . . . . . . . . . 724 31 31 - 693

Hong Kong . . . . . . . . . . . . . . . . . . 546 65 32 33 481

India . . . . . . . . . . . . . . . . . . . . . . . 423 23 15 8 400

Indonesia . . . . . . . . . . . . . . . . . . . 602 288 286 2 314

Israel . . . . . . . . . . . . . . . . . . . . . . 328 2 2 - 326

Japan . . . . . . . . . . . . . . . . . . . . . . 2,829 770 345 425 2,059

Korea . . . . . . . . . . . . . . . . . . . . . . 761 1 - 1 760

Lebanon . . . . . . . . . . . . . . . . . . . . 38 - - - 38

Malaysia. . . . . . . . . . . . . . . . . . . . 551 282 279 3 269

Pakistan . . . . . . . . . . . . . . . . . . . . 66 1 - 1 65

Philippines . . . . . . . . . . . . . . . . . . 200 12 11 1 188

Singapore. . . . . . . . . . . . . . . . . . . 648 58 52 6 590

Syria. . . . . . . . . . . . . . . . . . . . . . . 4 - - - 4

Thailand . . . . . . . . . . . . . . . . . . . . 400 65 63 2 335

Other Asia . . . . . . . . . . . . . . . . . . 1,159 51 46 5 1,108

Total Asia . . . . . . . . . . . . . . . . . 10,394 1,938 1,448 490 8,456

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 144 4 3 1 140

Ghana . . . . . . . . . . . . . . . . . . . . . 27 - - - 27

Liberia . . . . . . . . . . . . . . . . . . . . . 32 26 26 - 6

Morocco . . . . . . . . . . . . . . . . . . . . 27 6 6 - 21

South Africa . . . . . . . . . . . . . . . . . 289 95 93 2 194

Zaire. . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5

Other Africa . . . . . . . . . . . . . . . . . 273 48 47 1 225

Total Africa . . . . . . . . . . . . . . . . 797 179 175 4 618

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,449 478 465 13 971

All other . . . . . . . . . . . . . . . . . . . . 257 75 71 4 182

Total other

countries . . . . . . . . . . . . . . . . 

1,706 553 536 17 1,153

Total foreign

countries. . . . . . . . . . . . . . . 

65,528 38,006 34,717 3,289 27,522

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 5 - - - 5

European regional . . . . . . . . . . . . 8 - - - 8

Latin American regional . . . . . . . . 1 - - - 1

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

14 - - - 14

Grand total. . . . . . . . . . . . . . . 65,542 38,006 34,717 3,289 27,536

1 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning

in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 89
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ net purchases of long-term U.S.

securities (i.e., U.S. Treasury and government

agency bonds and notes, and U.S. corporate bonds

and stocks) are transacted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1994

through 1996, and on a year-to-date and most recent

quarter basis for 1997. The chart and table show,

overall, a steady increase in foreigners’ net purchases of U.S. securities over the last 3 full years,

with an accelerating level of activity through the

third quarter of 1997.

Total foreign net purchases of U.S. securities

were sustained at high levels in each of the first three

quarters of 1997. Net purchases from the United

Kingdom accelerated to a record pace during the

third quarter, and accounted for 43.7 percent of total

net purchases through September. The pace of net

purchases continued to gain momentum vis-a-vis

other European countries during the third quarter,

with nearly half of net purchases reported opposite

Germany. Activity in the Caribbean banking centers

remained off sharply from 1996 levels. And net

purchases opposite Japan and other Asia, which

were strong through the first half of the year, plummeted in the third quarter. A heightened interest in

U.S. equities has apparently been driving much of

the foreign activity in 1997. Through September,

total foreign net purchases of U.S. stocks were unprecedented at $54 billion.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1994 1995 1996 Jan. - Sept. 1997 July - Sept. 1997

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 55,598 100,411 128,095 144,160 53,882 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 26,474 24,795 72,063 74,826 36,028 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . -3,581 48,344 49,604 10,009 6,624 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441 16,504 54,517 42,902 1,875 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424 25,657 66,999 38,283 4,674 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

136,356 215,711 371,278 310,180 103,083 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

3,994 16,226 13,173 19,671 4,677 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,350 231,937 384,451 329,851 107,760 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

90 CAPITAL MOVEMENTS
TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

purchases Net Gross Gross Net Gross Gross

of foreign foreign foreign foreign foreign foreign foreign

Calendar year securities purchases purchases sales purchases purchases sales

or month from U.S. from U.S. from U.S. to U.S. from U.S. from U.S. to U.S.

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 . . . . . . . . . . . . . . . . . . . . . . . . -105,915 -48,793 1,118,678 1,167,471 -57,122 456,826 513,948

1997 - Jan. - Sept. p . . . . . . . . . . . . -77,513 -36,646 1,120,653 1,157,299 -40,867 509,029 549,896

1996 - Sept.. . . . . . . . . . . . . . . . . . . -7,244 -5,419 113,089 118,508 -1,825 31,227 33,052

Oct.. . . . . . . . . . . . . . . . . . . . -8,421 -5,948 117,032 122,980 -2,473 40,185 42,658

Nov. . . . . . . . . . . . . . . . . . . . -5,134 -2,973 104,662 107,635 -2,161 46,838 48,999

Dec. . . . . . . . . . . . . . . . . . . . -16,849 -10,947 99,095 110,042 -5,902 41,850 47,752

1997 - Jan. . . . . . . . . . . . . . . . . . . . -4,356 -710 109,567 110,277 -3,646 47,084 50,730

Feb. . . . . . . . . . . . . . . . . . . . -5,979 -1,626 110,510 112,136 -4,353 50,139 54,492

Mar. r . . . . . . . . . . . . . . . . . . -6,805 -2,978 131,454 134,432 -3,827 47,780 51,607

Apr.. . . . . . . . . . . . . . . . . . . . 1,631 5,720 117,761 112,041 -4,089 49,725 53,814

May r . . . . . . . . . . . . . . . . . . -5,003 -1,319 127,985 129,304 -3,684 57,647 61,331

June . . . . . . . . . . . . . . . . . . . -18,450 -12,921 123,406 136,327 -5,529 64,388 69,917

July. . . . . . . . . . . . . . . . . . . . -18,821 -11,245 139,887 151,132 -7,576 69,677 77,253

Aug. p. . . . . . . . . . . . . . . . . . -11,855 -3,839 129,977 133,816 -8,016 62,071 70,087

Sept. p . . . . . . . . . . . . . . . . . -7,875 -7,728 130,106 137,834 -147 60,518 60,665

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1

Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gr oss

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 r . . . . . . . . . . . . . . . 244,010 86,161 159,691 -1,842 3,714,010 3,470,000 48,877 165,432 116,555 79,636 257,717 178,081 11,928 623,760 611,832

1997 - Jan. - Sept. p . . . . 174,830 54,436 118,447 1,947 3,902,201 3,727,371 33,573 186,017 152,444 67,422 280,988 213,566 54,026 718,267 664,241

1996 - Sept. r. . . . . . . . . . 14,646 17,096 -2,293 -157 370,298 355,652 4,674 12,708 8,034 8,842 24,666 15,824 49 42,599 42,550

Oct.. . . . . . . . . . . . 24,321 4,838 18,946 537 404,194 379,873 4,195 15,857 11,662 6,979 25,594 18,615 1,007 57,758 56,751

Nov. . . . . . . . . . . . 21,283 3,840 18,635 -1,192 367,570 346,287 6,322 20,195 13,873 6,006 26,418 20,412 2,135 65,571 63,436

Dec. r . . . . . . . . . . 47,669 13,669 32,857 1,143 383,286 335,617 3,505 17,800 14,295 7,049 25,579 18,530 422 57,051 56,629

1997 - Jan. r . . . . . . . . . . 20,682 7,722 13,426 -466 411,467 390,785 4,986 20,511 15,525 6,961 28,571 21,610 2,904 73,036 70,132

Feb. r . . . . . . . . . . 30,595 10,081 19,606 908 438,539 407,944 2,881 16,105 13,224 9,623 32,824 23,201 3,880 73,088 69,208

Mar. r . . . . . . . . . . 22,357 7,387 15,280 -310 402,265 379,908 313 13,926 13,613 5,232 29,723 24,491 302 68,468 68,166

Apr. r. . . . . . . . . . . 25,307 7,102 17,745 460 423,917 398,610 5,789 18,168 12,379 5,133 24,495 19,362 5,813 70,267 64,454

May. . . . . . . . . . . . 7,752 3,377 4,532 -157 442,030 434,278 2,906 16,270 13,364 5,485 28,479 22,994 6,930 82,604 75,674

June . . . . . . . . . . . 24,795 10,055 13,790 950 486,033 461,238 1,580 20,202 18,622 9,651 38,702 29,051 10,234 87,060 76,826

July. . . . . . . . . . . . 4,622 -2,499 6,750 371 408,110 403,488 5,739 27,540 21,801 11,304 36,274 24,970 10,836 89,271 78,435

Aug. p. . . . . . . . . . 22,831 8,506 14,520 -195 480,863 458,032 7,654 31,134 23,480 7,017 33,819 26,802 8,072 91,332 83,260

Sept. p . . . . . . . . . 15,889 2,705 12,798 386 408,977 393,088 1,725 22,161 20,436 7,016 28,101 21,085 5,055 83,141 78,086

CAPITAL MOVEMENTS 91
1997 1997 1997 1997

Country

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 

Jan.

through 

Sept.

July

through 

Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 979 1,645 -1,886 64 308 129 150 184 74 69 392 43

Belgium-Luxembourg. . . . . . . . . . 1,486 2,532 528 972 730 26 -331 223 803 114 3,284 966

Bulgaria . . . . . . . . . . . . . . . . . . . . -34 -11 -11 - - - -4 4 -6 1 - -2

Czech Republic . . . . . . . . . . . . . . 122 71 -70 - - - - 24 35 -1 - -1

Denmark. . . . . . . . . . . . . . . . . . . . -120 194 442 -69 -102 24 -224 95 15 181 280 48

Finland . . . . . . . . . . . . . . . . . . . . . -247 634 -148 130 -12 19 113 -97 12 13 6 -11

France . . . . . . . . . . . . . . . . . . . . . 2,624 2,686 2,447 193 113 -109 4,931 3,010 1,670 -2,354 2,860 1,894

Germany . . . . . . . . . . . . . . . . . . . 17,647 10,060 13,197 1,650 250 686 3,514 2,407 1,643 1,104 6,887 2,037

Greece . . . . . . . . . . . . . . . . . . . . . 41 -367 -106 -3 17 6 21 96 42 9 125 86

Hungary . . . . . . . . . . . . . . . . . . . . 1,018 -357 83 309 -90 -52 -5 6 6 57 2 -1

Ireland . . . . . . . . . . . . . . . . . . . . . 257 1,099 333 110 553 281 1,901 826 439 -701 472 264

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,960 1,244 335 -84 76 79 -78 421 317 -1,081 2,138 1,086

Netherlands . . . . . . . . . . . . . . . . . -582 2,663 1,247 1,500 1,665 546 970 651 4 1,389 2,044 792

Norway. . . . . . . . . . . . . . . . . . . . . 428 311 87 87 3 4 -56 92 92 170 207 74

Poland . . . . . . . . . . . . . . . . . . . . . 2,618 1,433 -374 -15 -18 - 28 -122 -108 -4 12 9

Portugal . . . . . . . . . . . . . . . . . . . . -257 1,636 399 30 70 59 -48 583 40 -358 -253 -250

Romania. . . . . . . . . . . . . . . . . . . . 1 - - - - - - - - -3 -5 -2

Russia 1

. . . . . . . . . . . . . . . . . . . . 603 -201 -362 -21 -1 - -4 7 2 -64 289 274

Spain . . . . . . . . . . . . . . . . . . . . . . 18,414 11,268 2,589 7 491 274 462 195 -38 113 577 355

Sweden . . . . . . . . . . . . . . . . . . . . 2,343 -436 601 56 8 4 372 -44 8 -387 1,215 251

Switzerland. . . . . . . . . . . . . . . . . . 327 1,199 262 208 221 20 855 -1,696 -1,485 2,710 4,488 1,061

Turkey . . . . . . . . . . . . . . . . . . . . . 758 1,563 1,619 - -1 - 44 42 15 -24 14 -4

United Kingdom . . . . . . . . . . . . . . 65,381 77,683 29,727 13,486 10,367 2,486 45,109 39,861 14,785 4,119 16,249 6,884

Yugoslavia 2

. . . . . . . . . . . . . . . . . -34 25 - - 8 - 8 - - 1 9 -

Other Europe . . . . . . . . . . . . . . . . 2,612 -933 3 345 288 131 84 232 183 -27 109 -46

Total Europe . . . . . . . . . . . . . . . 118,345 115,641 50,942 18,955 14,944 4,613 57,812 47,000 18,548 5,046 41,401 15,807

Canada . . . . . . . . . . . . . . . . . . . . . . 2,389 1,055 -536 143 269 9 4,054 3,912 1,488 2,221 -25 -1,333

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 317 586 165 123 58 9 117 139 -72 280 264 100

Bahamas . . . . . . . . . . . . . . . . . . . 1,402 294 503 103 228 219 1,102 1,402 610 -2,274 749 578

Bermuda. . . . . . . . . . . . . . . . . . . . 2,478 -4,992 -1,757 3,323 1,608 -986 2,038 3,252 1,415 -340 -132 -534

Brazil . . . . . . . . . . . . . . . . . . . . . . -825 -1,159 -1,008 1,381 1,941 1,271 31 -82 -24 -8 -7 195

British West Indies . . . . . . . . . . . . 8,593 9,008 -6,663 8,697 -3,653 1,609 2,953 5,258 1,972 3,026 5,753 3,060

Chile. . . . . . . . . . . . . . . . . . . . . . . 88 1,162 303 38 23 6 198 158 52 -38 -14 79

Colombia . . . . . . . . . . . . . . . . . . . 221 186 145 19 27 27 5 15 3 34 145 22

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - 1 - - - -1 -

Ecuador . . . . . . . . . . . . . . . . . . . . 137 69 42 -21 48 4 33 75 -5 -38 19 13

Guatemala . . . . . . . . . . . . . . . . . . 22 3 -1 4 2 1 8 4 5 16 4 2

Jamaica . . . . . . . . . . . . . . . . . . . . -88 -8 -2 78 16 -3 1 14 6 -1 -1 -2

Mexico . . . . . . . . . . . . . . . . . . . . . -344 745 528 372 147 70 84 838 35 150 190 142

Netherlands Antilles . . . . . . . . . . . 12,422 -12,477 2,957 266 26 44 899 219 -354 4,078 3,387 3,432

Panama . . . . . . . . . . . . . . . . . . . . 187 37 -13 59 104 101 197 -389 204 395 327 227

Peru . . . . . . . . . . . . . . . . . . . . . . . -76 233 212 3 1 1 10 32 15 -4 2 2

Trinidad and Tobago . . . . . . . . . . -1 7 8 -4 37 35 10 -7 - 89 6 -1

Uruguay . . . . . . . . . . . . . . . . . . . . 129 138 513 76 32 6 90 120 77 84 165 56

Venezuela . . . . . . . . . . . . . . . . . . -69 187 -609 95 748 549 122 134 65 112 219 125

Other Latin America

and Caribbean . . . . . . . . . . . . . 71 119 -31 223 597 350 167 310 -46 2 77 15

Total Latin America

and Caribbean. . . . . . . . . . . . 

24,664 -5,862 -4,708 14,835 1,990 3,313 8,066 11,492 3,958 5,563 11,152 7,511

See footnotes at end of table.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

92 CAPITAL MOVEMENTS
1997 1997 1997 1997

Country

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 r

Jan.

through 

Sept.

July

through 

Sept. p

Calendar

year

1996 

Jan.

through 

Sept.

July

through 

Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 14,453 10,291 1,865 2,756 1,330 1,272 257 58 -55 -2 68 23

Taiwan . . . . . . . . . . . . . . . . . . . 4,608 3,261 -3,273 -1,129 -183 -141 8 -92 16 74 446 221

Hong Kong . . . . . . . . . . . . . . . . . . 14,366 13,137 2,365 915 2,984 1,794 1,737 1,455 630 -301 67 432

India . . . . . . . . . . . . . . . . . . . . . . . 104 382 231 1 -63 25 -3 -37 -39 -44 8 -39

Indonesia . . . . . . . . . . . . . . . . . . . 1,189 1,884 82 -8 - - 4 1 -1 -38 29 2

Israel . . . . . . . . . . . . . . . . . . . . . . -545 1,736 1,259 308 539 185 210 120 54 -385 -333 -225

Japan . . . . . . . . . . . . . . . . . . . . . . 41,390 28,942 -3,628 7,360 9,750 4,100 6,139 920 -21 -372 3,290 1,424

Korea . . . . . . . . . . . . . . . . . . . . . . 2,247 -854 905 57 -913 -450 92 -119 -63 -69 29 2

Lebanon . . . . . . . . . . . . . . . . . . . . 2 53 -7 1 -1 -1 -1 11 4 40 56 28

Malaysia. . . . . . . . . . . . . . . . . . . . -588 -1,465 -1,897 294 -189 -83 1 88 77 12 -79 -44

Pakistan . . . . . . . . . . . . . . . . . . . . 4 -7 - 2 1 - -1 - - 10 9 5

Philippines . . . . . . . . . . . . . . . . . . 313 -238 -25 664 282 -28 28 36 1 -32 21 -10

Singapore. . . . . . . . . . . . . . . . . . . 7,802 -3,416 -1,907 1,341 729 439 1,095 1,173 202 2,200 -2,893 -16

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 11 13 3

Thailand . . . . . . . . . . . . . . . . . . . . 2,995 -1,623 -182 1 2 - 59 15 13 -7 4 14

Oil-exporting countries 3

. . . . . . . . 10,227 9,392 1,263 1,557 1,581 24 80 -131 -78 -1,598 75 -81

Other Asia . . . . . . . . . . . . . . . . . . 

-566 -341 -96 241 1 -58 141 36 146 -191 -143 -109

Total Asia . . . . . . . . . . . . . . . . . 98,001 61,134 -3,045 14,361 15,850 7,078 9,846 3,534 886 -692 667 1,630

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,022 960 662 468 313 55 -8 34 -1 -37 9 10

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - 1 -

Liberia . . . . . . . . . . . . . . . . . . . . . 155 191 209 57 161 12 -8 198 124 -49 -47 -33

Morocco . . . . . . . . . . . . . . . . . . . . - -1 - - - - - - - 8 4 2

South Africa . . . . . . . . . . . . . . . . . -33 5 5 4 22 31 -1 96 -4 84 367 128

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - 12 12

Oil-exporting countries 4

. . . . . . . . 1 -13 -7 - 7 -1 1 7 - 24 27 3

Other Africa . . . . . . . . . . . . . . . . . -60 145 3 81 15 - 6 38 1 -111 46 73

Total Africa . . . . . . . . . . . . . . . . 1,085 1,287 872 610 518 97 -10 373 120 -81 419 195

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 2,528 -469 -711 4 -86 -106 -89 693 308 -489 365 162

All other . . . . . . . . . . . . . . . . . . . . 

-1,160 97 -34 -150 -5 24 -95 369 36 434 127 28

Total other

countries . . . . . . . . . . . . . . . . 

1,368 -372 -745 -146 -91 -82 -184 1,062 344 -55 492 190

Total foreign

countries. . . . . . . . . . . . . . . 

245,852 172,883 42,780 48,758 33,480 15,028 79,584 67,373 25,344 12,002 54,106 24,000

International and regional orgs.:

International . . . . . . . . . . . . . . . . . -1,390 1,293 268 4 6 14 37 -8 -18 -137 -63 -54

European regional . . . . . . . . . . . . 28 52 61 13 6 2 - - - - - -

Latin American regional . . . . . . . . -779 250 -68 39 -3 7 8 67 37 51 -34 -1

Asian regional . . . . . . . . . . . . . . . -153 57 179 41 -10 -10 -4 5 - 10 16 16

African regional . . . . . . . . . . . . . . -10 202 184 22 94 77 11 -15 -26 2 -1 -

Middle Eastern regional . . . . . . . . 462 93 -62 - - - - - - - 2 2

Total international

and regional. . . . . . . . . . . . . . 

-1,842 1,947 562 119 93 90 52 49 -7 -74 -80 -37

Grand total. . . . . . . . . . . . . . . 244,010 174,830 43,342 48,877 33,573 15,118 79,636 67,422 25,337 11,928 54,026 23,963

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria.

TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

CAPITAL MOVEMENTS 93
TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Third Quarter 1997, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 6,282 4,768 152 109 715 293 245 7,826 6,654 23 35 672 174 268

Belgium-Luxembourg. . 26,926 14,414 531 2,460 6,169 1,827 1,525 23,694 13,886 505 1,657 5,203 1,131 1,312

Bulgaria . . . . . . . . . . . . 194 22 - 1 - 167 4 201 33 - 7 2 144 15

Czech Republic . . . . . . 978 911 - 37 2 11 17 1,029 981 - 2 3 6 37

Denmark. . . . . . . . . . . . 4,480 2,400 810 82 398 202 588 3,888 1,958 786 67 350 123 604

Finland . . . . . . . . . . . . . 3,461 2,628 19 18 33 308 455 4,240 2,776 - 6 44 347 1,067

France . . . . . . . . . . . . . 50,030 30,721 48 2,368 7,467 3,941 5,485 45,364 28,274 157 698 5,573 4,160 6,502

Germany . . . . . . . . . . . 57,388 35,650 915 2,559 7,934 2,844 7,486 39,784 22,453 229 916 5,897 2,413 7,876

Greece . . . . . . . . . . . . . 987 204 45 65 349 140 184 1,179 310 39 23 263 438 106

Hungary . . . . . . . . . . . . 323 271 - 11 9 8 24 319 188 52 5 10 17 47

Ireland . . . . . . . . . . . . . 11,898 5,807 361 884 1,134 1,578 2,134 9,666 5,474 80 445 870 1,152 1,645

Italy. . . . . . . . . . . . . . . . 13,758 4,223 224 880 4,630 1,628 2,173 11,403 3,888 145 563 3,544 1,084 2,179

Netherlands . . . . . . . . . 27,028 8,445 3,157 504 7,178 2,121 5,623 25,494 7,198 2,611 500 6,386 4,098 4,701

Norway. . . . . . . . . . . . . 2,939 1,626 4 119 377 240 573 2,556 1,539 - 27 303 185 502

Poland . . . . . . . . . . . . . 1,715 1,491 8 40 14 62 100 2,480 1,865 8 148 5 348 106

Portugal . . . . . . . . . . . . 4,389 3,789 59 66 127 56 292 4,146 3,390 - 26 377 35 318

Romania. . . . . . . . . . . . - - - - - - - 2 - - - 2 - -

Russia 1

. . . . . . . . . . . . 12,321 11,139 - 2 319 584 277 12,655 11,501 - - 45 613 496

Spain . . . . . . . . . . . . . . 13,071 9,141 281 99 1,178 677 1,695 9,343 6,552 7 137 823 618 1,206

Sweden . . . . . . . . . . . . 6,317 2,871 5 14 1,380 239 1,808 5,763 2,270 1 6 1,129 498 1,859

Switzerland. . . . . . . . . . 30,849 5,730 137 1,380 17,059 1,586 4,957 30,410 5,468 117 2,865 15,998 1,257 4,705

Turkey . . . . . . . . . . . . . 3,092 2,839 - 22 49 37 145 1,497 1,220 - 7 53 25 192

United Kingdom . . . . . . 1,052,075 659,326 11,869 53,635 62,249 195,500 69,496 1,018,144 629,599 9,383 38,850 55,365 207,292 77,655

Yugoslavia 2

. . . . . . . . . 64 - - - 1 - 63 95 - - - 1 - 94

Other Europe . . . . . . . . 9,669 8,081 168 207 729 116 368 9,523 8,078 37 24 775 211 398

Total Europe . . . . . . . 1,340,234 816,497 18,793 65,562 119,500 214,165 105,717 1,270,701 765,555 14,180 47,014 103,693 226,369 113,890

Canada . . . . . . . . . . . . . . 163,086 85,489 1,541 3,614 15,967 47,101 9,374 167,975 86,025 1,532 2,126 17,300 49,945 11,047

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 23,526 543 177 382 525 20,268 1,631 25,019 378 168 454 425 21,119 2,475

Bahamas . . . . . . . . . . . 32,497 8,360 1,210 2,183 5,972 12,404 2,368 28,427 7,857 991 1,573 5,394 11,366 1,246

Bermuda. . . . . . . . . . . . 117,603 30,416 25,401 6,484 34,575 17,071 3,656 118,813 32,173 26,387 5,069 35,109 16,702 3,373

Brazil . . . . . . . . . . . . . . 31,296 4,736 1,500 404 665 19,807 4,184 32,780 5,744 229 428 470 21,313 4,596

British West Indies . . . . 170,860 70,386 14,333 8,599 33,957 35,811 7,774 170,883 77,049 12,724 6,627 30,897 35,534 8,052

Chile. . . . . . . . . . . . . . . 1,989 633 6 80 366 484 420 1,668 330 - 28 287 667 356

Colombia . . . . . . . . . . . 1,870 1,573 53 14 99 81 50 1,802 1,428 26 11 77 134 126

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 1,152 605 38 57 66 382 4 1,104 563 34 62 53 391 1

Guatemala . . . . . . . . . . 94 16 3 8 40 17 10 77 17 2 3 38 7 10

Jamaica . . . . . . . . . . . . 84 1 37 6 6 33 1 268 3 40 - 8 214 3

Mexico . . . . . . . . . . . . . 13,766 3,395 106 1,599 688 4,224 3,754 14,069 2,867 36 1,564 546 5,368 3,688

Netherlands Antilles . . . 60,313 25,243 368 2,696 18,144 4,436 9,426 52,728 22,286 324 3,050 14,712 4,033 8,323

Panama . . . . . . . . . . . . 2,976 227 329 371 1,082 714 253 2,628 240 228 167 855 931 207

Peru . . . . . . . . . . . . . . . 580 212 1 44 39 121 163 301 - - 29 37 107 128

Trinidad and Tobago . . 64 8 39 2 10 2 3 22 - 4 2 11 4 1

Uruguay . . . . . . . . . . . . 4,182 891 49 115 344 2,496 287 3,560 378 43 38 288 2,616 197

Venezuela . . . . . . . . . . 2,861 784 561 115 384 757 260 3,590 1,393 12 50 259 1,249 627

Other Latin America

and Caribbean . . . . . 2,188 459 455 298 383 379 214 1,658 490 105 344 368 231 120

Total Latin America

and Caribbean. . . . 

467,901 148,488 44,666 23,457 97,345 119,487 34,458 459,397 153,196 41,353 19,499 89,834 121,986 33,529

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 20,194 17,629 1,684 74 113 464 230 17,374 15,764 412 129 90 572 407

Taiwan . . . . . . . . . . . 5,276 2,972 94 37 1,025 100 1,048 7,940 6,245 235 21 804 83 552

Hong Kong . . . . . . . . . . 49,575 28,078 2,110 990 2,806 3,087 12,504 44,388 25,713 316 360 2,374 3,122 12,503

India . . . . . . . . . . . . . . . 1,199 817 26 4 110 48 194 1,796 586 1 43 149 643 374

Indonesia . . . . . . . . . . . 2,698 1,845 - 1 91 157 604 3,304 1,763 - 2 89 622 828

Israel . . . . . . . . . . . . . . 5,897 4,776 199 63 530 27 302 5,104 3,517 14 9 755 144 665

Japan . . . . . . . . . . . . . . 165,586 118,935 9,458 1,366 13,996 4,096 17,735 166,140 122,563 5,358 1,387 12,572 3,461 20,799

Korea . . . . . . . . . . . . . . 4,846 3,141 24 136 52 650 843 7,551 2,236 474 199 50 3,254 1,338

Lebanon . . . . . . . . . . . . 168 - 4 4 117 17 26 119 7 5 - 89 8 10

Malaysia. . . . . . . . . . . . 1,977 480 11 111 44 86 1,245 3,732 2,377 94 34 88 39 1,100

Pakistan . . . . . . . . . . . . 102 - - 2 71 11 18 348 - - 2 66 206 74

Philippines . . . . . . . . . . 1,844 1,150 5 22 100 167 400 3,199 1,175 33 21 110 1,396 464

Singapore. . . . . . . . . . . 38,026 27,915 669 571 3,400 2,176 3,295 39,622 29,822 230 369 3,416 1,534 4,251

Syria. . . . . . . . . . . . . . . 38 - - - 26 1 11 34 - - - 23 1 10

Thailand . . . . . . . . . . . . 4,569 4,226 - 13 46 18 266 5,251 4,408 - - 32 21 790

Other Asia . . . . . . . . . . 24,256 15,457 1,022 1,131 5,720 467 459 23,245 14,290 1,056 1,063 5,910 510 416

Total Asia . . . . . . . . . 326,251 227,421 15,306 4,525 28,247 11,572 39,180 329,147 230,466 8,228 3,639 26,617 15,616 44,581

Africa:

Egypt . . . . . . . . . . . . . . 1,171 966 88 20 72 16 9 474 304 33 21 62 18 36

Ghana . . . . . . . . . . . . . 1 - - - 1 - - 3 - - - 1 - 2

Liberia . . . . . . . . . . . . . 1,147 580 30 189 257 63 28 863 371 18 65 290 90 29

Morocco . . . . . . . . . . . . 10 - - - 4 - 6 7 - - - 2 - 5

South Africa . . . . . . . . . 469 10 31 - 172 38 218 673 5 - 4 44 60 560

Zaire. . . . . . . . . . . . . . . 14 - - - 14 - - 5 - - - 2 - 3

Other Africa . . . . . . . . . 528 36 2 28 229 82 151 1,083 40 3 27 153 640 220

Total Africa . . . . . . . . 3,340 1,592 151 237 749 199 412 3,108 720 54 117 554 808 855

Other countries:

Australia . . . . . . . . . . . . 19,631 10,578 129 547 1,311 4,479 2,587 20,904 11,289 235 239 1,149 4,463 3,529

All other . . . . . . . . . . . . 4,707 834 48 191 391 2,847 396 5,277 868 24 155 363 3,431 436

Total other

countries . . . . . . . . 

24,338 11,412 177 738 1,702 7,326 2,983 26,181 12,157 259 394 1,512 7,894 3,965

Total foreign

countries. . . . . . . 

2,325,150 1,290,899 80,634 98,133 263,510 399,850 192,124 2,256,509 1,248,119 65,606 72,789 239,510 422,618 207,867

International and 

regional orgs.: . . . . . . . 

International . . . . . . . . . 5,963 5,620 24 10 110 70 129 5,725 5,352 10 28 164 55 116

European regional . . . . 113 77 2 - - 30 4 31 16 - - - - 15

Latin American regional 919 662 83 51 101 19 3 943 730 76 14 102 21 -

Asian regional . . . . . . . 497 469 - - 21 1 6 397 290 10 - 5 88 4

African regional . . . . . . 304 212 92 - - - - 72 28 15 26 - - 3

Middle Eastern

regional . . . . . . . . . . . 13 11 - - 2 - - 73 73 - - - - -

Total international

and regional. . . . . . 

7,809 7,051 201 61 234 120 142 7,241 6,489 111 68 271 164 138

Grand total. . . . . . . 2,332,959 1,297,950 80,835 98,194 263,744 399,970 192,266 2,263,750 1,254,608 65,717 72,857 239,781 422,782 208,005

TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Third Quarter 1997, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under "Other Europe."

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 95
Europe:

 Austria. . . . . . . . . . . . . 25,428 22,324 81 207 1,787 485 544 24,193 21,345 17 57 1,718 519 537

 Belgium-Luxembourg . 55,644 22,385 1,893 4,309 14,147 7,697 5,213 51,823 20,899 921 4,640 14,033 8,103 3,227

 Bulgaria. . . . . . . . . . . . 742 5 - - 15 682 40 486 39 - 4 14 392 37

 Czech Republic. . . . . . 2,854 2,759 - - 2 13 80 2,803 2,637 - - 3 23 140

 Denmark . . . . . . . . . . . 17,517 7,735 3,247 139 1,087 4,313 996 16,441 7,855 3,316 363 906 2,684 1,317

 Finland . . . . . . . . . . . . 14,444 12,254 257 220 102 764 847 15,590 12,501 127 107 89 1,503 1,263

 France. . . . . . . . . . . . . 143,993 87,549 1,023 8,206 19,234 17,207 10,774 143,981 84,925 830 3,275 21,588 17,763 15,600

 Germany . . . . . . . . . . . 146,223 94,265 2,324 8,597 14,965 11,863 14,209 130,120 76,618 674 5,083 13,861 15,515 18,369

 Greece . . . . . . . . . . . . 5,285 4,090 18 51 810 126 190 5,849 4,049 21 30 801 504 444

 Hungary. . . . . . . . . . . . 6,020 5,254 486 30 75 118 57 4,615 4,236 177 35 18 79 70

 Ireland . . . . . . . . . . . . . 37,270 24,070 794 3,011 2,407 4,332 2,656 36,881 23,813 684 1,110 3,108 4,583 3,583

 Italy . . . . . . . . . . . . . . . 41,436 17,229 181 1,705 10,613 7,745 3,963 42,024 15,269 265 1,783 11,694 7,284 5,729

 Netherlands. . . . . . . . . 66,374 25,474 2,854 2,056 16,845 6,450 12,695 64,068 26,056 1,354 1,086 15,456 8,029 12,087

 Norway . . . . . . . . . . . . 9,993 5,356 148 126 1,159 1,187 2,017 10,483 4,928 61 182 989 2,029 2,294

 Poland. . . . . . . . . . . . . 9,868 9,370 3 71 15 256 153 7,580 6,752 18 43 19 374 374

 Portugal. . . . . . . . . . . . 3,695 2,946 30 127 172 154 266 4,683 3,203 - 175 530 245 530

 Romania . . . . . . . . . . . 8 1 - - 2 5 - 10 - - - 5 - 5

 Russia 1

. . . . . . . . . . . . 15,051 13,813 2 - 124 1,011 101 14,665 13,210 23 4 188 947 293

 Spain. . . . . . . . . . . . . . 60,051 48,518 37 995 1,562 5,597 3,342 40,879 30,104 30 533 1,449 5,050 3,713

 Sweden . . . . . . . . . . . . 24,790 10,668 92 491 4,535 3,136 5,868 21,869 8,325 36 119 4,922 2,410 6,057

 Switzerland . . . . . . . . . 86,766 21,381 542 5,360 43,670 6,354 9,459 83,916 21,054 334 4,505 40,960 5,527 11,536

 Turkey . . . . . . . . . . . . . 5,011 3,819 6 77 224 371 514 4,507 3,061 6 33 248 482 677

 United Kingdom. . . . . . 2,663,906 1,580,135 40,868 135,195 160,950 568,429 178,329 2,573,698 1,514,754 27,382 90,086 156,831 590,211 194,434

 Yugoslavia 2

. . . . . . . . 322 - - 11 21 242 48 330 34 - 3 20 187 86

 Other Europe. . . . . . . . 26,175 22,069 1,201 192 1,531 624 558 23,162 19,457 856 108 1,558 519 664

 Total Europe . . . . . . 3,468,866 2,043,469 56,087 171,176 296,054 649,161 252,919 3,324,656 1,925,124 37,132 113,364 291,008 674,962 283,066

Canada . . . . . . . . . . . . . . 544,842 320,355 3,279 10,927 56,162 124,077 30,042 542,314 317,966 3,136 6,873 53,941 126,932 33,466

Latin America

 and Caribbean:

 Argentina. . . . . . . . . . . 40,819 2,545 217 782 999 33,739 2,537 40,553 2,228 94 665 719 33,822 3,025

 Bahamas. . . . . . . . . . . 69,700 25,398 2,090 5,141 15,523 19,237 2,311 69,542 23,996 1,987 4,039 17,797 19,336 2,387

 Bermuda . . . . . . . . . . . 246,625 73,173 24,481 13,416 54,538 72,371 8,646 245,055 70,695 21,158 11,378 54,878 75,937 11,009

 Brazil . . . . . . . . . . . . . . 115,700 60,087 1,745 658 668 45,575 6,967 117,230 60,912 364 627 676 45,172 9,479

 British West Indies . . . 275,837 109,109 34,313 17,623 58,501 43,955 12,336 252,588 100,516 25,616 14,670 55,475 44,300 12,011

 Chile . . . . . . . . . . . . . . 5,461 1,315 44 265 689 2,836 312 5,408 1,227 6 67 727 2,960 421

 Colombia. . . . . . . . . . . 4,969 4,280 53 33 200 295 108 5,527 4,059 34 28 166 988 252

 Cuba . . . . . . . . . . . . . . 19 - - 2 1 14 2 13 - - 1 1 11 -

 Ecuador. . . . . . . . . . . . 3,079 1,978 53 76 114 854 4 2,849 1,841 74 43 152 734 5

 Guatemala . . . . . . . . . 719 449 6 17 91 139 17 621 427 2 9 75 93 15

 Jamaica. . . . . . . . . . . . 222 79 103 2 25 6 7 315 167 25 1 26 88 8

 Mexico. . . . . . . . . . . . . 37,920 18,489 522 1,436 1,378 8,712 7,383 40,495 18,833 150 1,352 1,228 11,272 7,660

 Netherlands Antilles . . 242,843 136,255 2,056 10,805 55,275 19,542 18,910 221,682 123,833 1,790 9,906 51,197 18,405 16,551

 Panama. . . . . . . . . . . . 8,996 619 1,856 627 3,020 2,342 532 8,661 432 1,797 430 2,625 2,873 504

 Peru. . . . . . . . . . . . . . . 589 29 3 30 102 98 327 952 105 - 20 106 111 610

 Trinidad and Tobago. . 309 3 16 37 137 101 15 228 4 20 27 48 95 34

 Uruguay. . . . . . . . . . . . 4,497 438 95 467 657 2,380 460 3,773 309 19 377 573 2,167 328

 Venezuela . . . . . . . . . . 6,297 1,162 147 194 780 3,731 283 5,724 1,231 52 72 668 3,490 211

 Other Latin America

 and Caribbean . . . . . 10,280 944 636 1,734 892 5,819 255 10,040 873 413 1,567 890 5,991 306

 Total Latin America

 and Caribbean . . . . . 

1,074,881 436,352 68,436 53,345 193,590 261,746 61,412 1,031,256 411,688 53,601 45,279 188,027 267,845 64,816

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1996

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks & notes agencies sales Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

96 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 44,159 38,704 3,359 482 170 1,303 141 26,730 24,251 603 225 172 1,276 203

Taiwan . . . . . . . . . . . 20,024 15,858 600 108 2,193 325 940 17,262 11,250 1,729 100 2,119 894 1,170

Hong Kong . . . . . . . . . . 149,413 100,117 2,813 3,018 7,709 12,122 23,634 140,339 85,751 1,898 1,281 8,010 15,190 28,209

India . . . . . . . . . . . . . . . 1,989 1,390 1 1 190 47 360 2,591 1,286 - 4 234 190 877

Indonesia . . . . . . . . . . . 6,823 4,978 - 4 178 265 1,398 7,009 3,789 8 - 216 1,519 1,477

Israel . . . . . . . . . . . . . . 16,689 13,907 431 271 1,162 306 612 19,060 14,452 123 61 1,547 1,368 1,509

Japan . . . . . . . . . . . . . . 603,774 447,584 18,532 10,178 35,578 34,515 57,387 555,145 406,194 11,172 4,039 35,950 30,788 67,002

Korea . . . . . . . . . . . . . . 13,068 7,942 694 251 118 2,128 1,935 14,114 5,695 637 159 187 3,545 3,891

Lebanon . . . . . . . . . . . . 432 16 1 4 265 138 8 313 14 - 5 225 57 12

Malaysia. . . . . . . . . . . . 11,756 8,212 366 16 388 224 2,550 14,189 8,800 72 15 376 1,942 2,984

Pakistan . . . . . . . . . . . . 216 9 2 1 105 22 77 223 5 - 2 95 13 108

Philippines . . . . . . . . . . 4,107 1,426 687 71 266 821 836 4,338 1,113 23 43 298 1,738 1,123

Singapore. . . . . . . . . . . 157,893 122,106 2,901 2,946 13,043 9,489 7,408 145,489 114,304 1,560 1,851 10,843 10,126 6,805

Syria. . . . . . . . . . . . . . . 73 - - - 33 20 20 75 - - - 22 27 26

Thailand . . . . . . . . . . . . 17,256 15,571 20 59 89 159 1,358 15,075 12,576 19 - 96 1,008 1,376

Other Asia . . . . . . . . . . 60,459 40,449 5,569 3,218 9,028 872 1,323 52,408 30,788 3,771 2,997 10,817 2,492 1,543

Total Asia . . . . . . . . . 1,108,131 818,269 35,976 20,628 70,515 62,756 99,987 1,014,360 720,268 21,615 10,782 71,207 72,173 118,315

Africa:

Egypt . . . . . . . . . . . . . . 1,987 1,092 481 96 256 42 20 677 70 13 104 293 33 164

Ghana . . . . . . . . . . . . . 6 - - - 1 3 2 312 - - - 1 259 52

Liberia . . . . . . . . . . . . . 1,854 517 309 98 553 315 62 1,676 362 252 106 602 291 63

Morocco . . . . . . . . . . . . 23 1 - - 17 2 3 40 1 - - 9 19 11

South Africa . . . . . . . . . 958 91 4 3 148 223 489 2,076 124 - 4 64 513 1,371

Zaire. . . . . . . . . . . . . . . 5 - - - - - 5 15 - - - - - 15

Other Africa . . . . . . . . . 1,744 589 87 38 505 158 367 1,706 648 6 31 592 95 334

Total Africa . . . . . . . . 6,577 2,290 881 235 1,480 743 948 6,502 1,205 271 245 1,561 1,210 2,010

Other countries:

Australia . . . . . . . . . . . . 63,181 32,678 207 1,009 3,703 16,003 9,581 65,695 30,150 203 1,098 4,192 19,689 10,363

All other . . . . . . . . . . . . 8,930 2,690 123 182 1,565 3,249 1,121 9,473 3,850 273 277 1,131 2,895 1,047

Total other

countries . . . . . . . . 

72,111 35,368 330 1,191 5,268 19,252 10,702 75,168 34,000 476 1,375 5,323 22,584 11,410

Total foreign

countries. . . . . . . 

6,275,408 3,656,103 164,989 257,502 623,069 1,117,735 456,010 5,994,256 3,410,251 116,231 177,918 611,067 1,165,706 513,083

International

and regional orgs.:

International . . . . . . . . . 53,127 51,355 170 133 129 727 613 54,866 52,745 166 96 266 915 678

European regional . . . . 376 286 37 - - 53 - 884 258 24 - - 602 -

Latin American

regional . . . . . . . . . . . 5,126 4,257 144 52 517 135 21 5,885 5,036 105 44 466 229 5

Asian regional . . . . . . . 922 609 55 18 42 28 170 1,018 762 14 22 32 14 174

African regional . . . . . . 305 247 37 12 3 - 6 287 257 15 1 1 5 8

Middle Eastern

regional . . . . . . . . . . . 1,159 1,153 - - - - 6 691 691 - - - - -

Total international

and regional. . . . . . 

61,015 57,907 443 215 691 943 816 63,631 59,749 324 163 765 1,765 865

Grand total. . . . . . . 6,336,423 3,714,010 165,432 257,717 623,760 1,118,678 456,826 6,057,887 3,470,000 116,555 178,081 611,832 1,167,471 513,948

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1996, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1

 Beginning with series for December 1992 forward, data for all other republics of the former

U.S.S.R. are reported under ‘‘Other Europe.’’

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally

recognized by the United States. Data for entities of the former Yugoslavia recognized as

independent states by the United States are reported under ‘‘Other Europe’’ as follows:

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and

beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

CAPITAL MOVEMENTS 97
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

have been sustained at historically high levels since

about 1993. The long-run increase in activity in foreign

securities appears to be linked to the continuing efforts

of U.S. institutional investors, including pension funds

and investment companies, to diversify and reallocate

their portfolios. The table presents aggregate U.S. net

purchases on an annual basis for 1993 through 1996,

as well as on a year-to-date and most recent quarter

basis for 1997.

U.S. net purchases of foreign securities, which

slowed somewhat during the first half of 1997, accelerated rapidly in the third quarter to the highest rate

since the third quarter of 1993. Much of the increase

was due to a surge in net purchases of foreign bonds,

particularly opposite the United Kingdom where net

purchases amounted to $11.8 billion. Significant net

purchases were also recorded opposite Canada, the

Netherlands, Mexico, Brazil, Korea, and the Philippines, up $11.2 billion combined in the third quarter.

U.S. net purchases of foreign stocks, which were strong

in the first half of the year, remained vigorous during

the third quarter. Net purchases were most prominent

opposite the United Kingdom and Japan, where third

period activity amounted to $8.2 billion and $3.1 billion, respectively. Offsetting these increases were U.S.

net sales of foreign stocks to the Caribbean banking

centers, which totalled $2.3 billion in the third quarter.

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1993 1994 1995 1996 Jan. - Sept. 1997 July - Sept. 1997

Foreign bonds . . . . . . . . . . . . . . . 80,377 9,224 48,405 48,793 36,646 22,812 

Foreign stocks . . . . . . . . . . . . . . . 62,691 48,071 50,291 57,122 40,867 15,739 

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

143,068 57,295 98,696 105,915 77,513 38,551 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1997 with those in prior years, the chart depicts data for all periods at an annualized rate.)

98 CAPITAL MOVEMENTS
INTRODUCTION: Foreign Currency Positions

The ‘‘Treasury Bulletin’’ publishes series on foreign currency holdings of large foreign exchange market participants.

The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that

are increasingly used in establishing foreign exchange positions but were not covered in the old reports.

The information is based on reports of large foreign exchange market participants on holdings of five major foreign

currencies (Canadian dollar, German mark, Japanese yen,

Swiss franc, and pound sterling). U.S.-based businesses file a

consolidated report for their domestic and foreign subsidiaries,

branches, and agencies. U.S. subsidiaries of foreign entities

file only for themselves, not for their foreign parents. Filing is

required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).

Weekly and monthly reports must be filed throughout the

calendar year by major foreign exchange market participants,

which are defined as market participants with more than $50

billion equivalent in foreign exchange contracts on the last

business day of any calendar quarter during the previous year

(end March, June, September, or December). Such contracts

include the amounts of foreign exchange spot contracts bought

and sold, foreign exchange forward contracts bought and sold,

foreign exchange futures bought and sold, and one half the

notional amount of foreign exchange options bought and sold.

Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (‘‘Monthly

Consolidated Foreign Currency Report’’). 

A quarterly report must be filed throughout the calendar

year by each foreign exchange market participant that had

more than $1 billion equivalent in foreign exchange contracts

on the last business day of any quarter the previous year (end

March, June, September, or December). Exemptions from

filing the quarterly report are given to major nonbank market

participants that file weekly and monthly reports, and banking

institutions that file FFIEC 035 reports.

This information is published in five sections corresponding to each of the major currencies covered by the reports.

Tables I-1 through V-1 present the foreign currency data

reported weekly by major market participants. Tables I-2

through V-2 present more detailed currency data of major

market participants, based on monthly Treasury and FFIEC

035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. 

Principal exchanged under cross currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal is also separately noted on monthly

and quarterly reports. The net options position, or the net

delta-equivalent value of an options position, is an estimate of

the relationship between an option’s value and an equivalent

currency hedge. The delta equivalent value is defined as the

product of the first partial derivative of an option valuation

formula (with respect to the price of the underlying currency)

multiplied by the notional principal of the contract.

FOREIGN CURRENCY POSITIONS 99
SECTION I.--Canadian Dollar Positions

TABLE FCP-I-1.--Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 232,576 224,611 -4,663 1.3861

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 244,381 234,301 -5,215 1.3901

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 243,557 236,764 -4,599 1.3974

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 244,399 239,058 -4,514 1.3936

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 244,983 241,342 -5,011 1.3977

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 243,105 239,589 -4,174 1.3822

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 248,630 244,701 -4,698 1.3889

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 257,265 253,608 -4,395 1.3676

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 250,093 248,983 -4,797 1.3833

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 247,697 247,140 -4,601 1.3761

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 253,496 249,603 -4,087 1.3874

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 259,594 259,531 -3,825 1.3935

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 255,352 252,125 -4,414 1.3947

07/02/97. . . . . . . . . . . . . . . . . . . . . . . 260,006 258,904 -3,980 1.3771

07/09/97. . . . . . . . . . . . . . . . . . . . . . . 263,615 260,545 -3,279 1.3745

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 268,520 262,696 -4,295 1.3745

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 270,910 264,198 -4,151 1.3823

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 275,091 271,000 -3,831 1.3817

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 271,179 270,426 -4,255 1.3872

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 275,370 275,529 -4,809 1.3927

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 276,334 274,894 -5,409 1.3930

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 272,538 271,657 -5,454 1.3899

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 267,071 267,001 -4,680 1.3845

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 273,147 270,735 -4,577 1.3868

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 263,581 264,022 -4,547 1.3888

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 272,658 271,655 -4,787 1.3886

100 FOREIGN CURRENCY POSITIONS
TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 170,552 168,063 42,517 44,077 11,489 11,681 11,521 9,574 -1,354 71,264 1.4030

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Oct.. . . . . . . . 196,696 196,600 56,750 51,801 25,609 27,087 17,471 16,489 -3,541 92,362 1.3382

Nov. . . . . . . . 198,576 196,936 51,290 45,874 18,338 19,688 19,904 18,497 -3,896 94,075 1.3517

Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Jan.. . . . . . . . 224,209 222,930 59,023 53,315 26,272 28,234 27,756 21,306 -2,108 94,413 1.3475

Feb. . . . . . . . 229,328 229,794 62,352 54,601 29,040 32,974 32,396 21,598 -4,001 99,648 1.3683

Mar. . . . . . . . 230,960 227,862 61,518 55,317 31,069 35,781 30,308 21,894 -4,702 101,004 1.3854

Apr.. . . . . . . . 242,822 242,586 60,854 57,593 31,361 36,874 28,605 24,714 -4,980 100,989 1.3977

May. . . . . . . . 253,855 258,709 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785

June . . . . . . . 272,820 275,873 61,773 52,999 30,003 34,527 28,242 21,382 -3,868 124,865 1.3806

July. . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787

Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885

Sept.. . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

Dec. . . . . . . . 50,635 44,181 54,725 44,618 n.a. n.a. 12,470 n.a. -656 12,096 1.3708

1997 - Mar. . . . . . . . 46,912 40,570 43,829 40,500 2,896 3,177 2,607 n.a. -306 11,813 1.3854

June . . . . . . . 42,222 37,025 51,863 43,938 n.a. n.a. 3,442 n.a. -128 11,298 1.3806

SECTION I.--Canadian Dollar Positions, con.

FOREIGN CURRENCY POSITIONS 101
04/02/97 . . . . . . . . . . . . . . . . . . . . . . 1,933,264 1,945,651 11,495 1.6760

04/09/97 . . . . . . . . . . . . . . . . . . . . . . 2,071,074 2,091,078 7,932 1.7255

04/16/97 . . . . . . . . . . . . . . . . . . . . . . 2,083,618 2,100,606 10,206 1.7288

04/23/97 . . . . . . . . . . . . . . . . . . . . . . 2,055,933 2,068,661 10,921 1.7136

04/30/97 . . . . . . . . . . . . . . . . . . . . . . 2,046,933 2,060,227 12,915 1.7316

05/07/97 . . . . . . . . . . . . . . . . . . . . . . 2,097,686 2,107,297 13,484 1.7200

05/14/97 . . . . . . . . . . . . . . . . . . . . . . 2,091,673 2,096,935 5,106 1.6945

05/21/97 . . . . . . . . . . . . . . . . . . . . . . 2,164,411 2,174,994 6,131 1.6954

05/28/97 . . . . . . . . . . . . . . . . . . . . . . 2,155,077 2,161,686 4,052 1.6955

06/04/97 . . . . . . . . . . . . . . . . . . . . . . 2,182,074 2,182,545 8,328 1.7295

06/11/97 . . . . . . . . . . . . . . . . . . . . . . 2,235,700 2,227,037 256 1.7163

06/18/97 . . . . . . . . . . . . . . . . . . . . . . 2,057,352 2,058,975 -324 1.7341

06/25/97 . . . . . . . . . . . . . . . . . . . . . . 2,027,327 2,025,800 -3,486 1.7239

07/02/97 . . . . . . . . . . . . . . . . . . . . . . 2,029,029 2,032,854 -2,136 1.7535

07/09/97 . . . . . . . . . . . . . . . . . . . . . . 2,020,028 2,020,727 -4,544 1.7597

07/16/97 . . . . . . . . . . . . . . . . . . . . . . 2,138,607 2,131,575 -3,651 1.7915

07/23/97 . . . . . . . . . . . . . . . . . . . . . . 2,129,519 2,128,475 -1,919 1.8256

07/30/97 . . . . . . . . . . . . . . . . . . . . . . 2,180,911 2,173,917 -2,621 1.8370

08/06/97 . . . . . . . . . . . . . . . . . . . . . . 2,208,684 2,208,482 217 1.8821

08/13/97 . . . . . . . . . . . . . . . . . . . . . . 2,343,766 2,342,459 4,893 1.8350

08/20/97 . . . . . . . . . . . . . . . . . . . . . . 2,258,792 2,251,679 2,067 1.8563

08/27/97 . . . . . . . . . . . . . . . . . . . . . . 2,374,951 2,364,414 5,741 1.8050

09/03/97 . . . . . . . . . . . . . . . . . . . . . . 2,264,966 2,254,872 2,864 1.8200

09/10/97 . . . . . . . . . . . . . . . . . . . . . . 2,241,813 2,233,115 687 1.7985

09/17/97 . . . . . . . . . . . . . . . . . . . . . . 2,189,109 2,179,773 3,728 1.7725

09/24/97 . . . . . . . . . . . . . . . . . . . . . . 2,188,964 2,177,715 4,882 1.7722

SECTION II.--German Mark Positions

TABLE FCP-II-1.--Weekly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

102 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Sept.. . . . . . . 291,202 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280

Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

Sept.. . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. . . . . . . . 206,312 204,098 114,004 104,158 33,903 23,066 29,754 22,953 3,277 22,390 1.5420

1997 - Mar. . . . . . . . 274,056 275,403 134,319 125,647 41,923 30,978 41,791 31,534 -1,145 23,211 1.6750

June . . . . . . . 233,915 234,070 135,686 130,961 36,799 36,661 35,601 26,457 -3,524 22,826 1.7457

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

1994 - Dec. . . . . . . . 1,652,725 1,656,590 171,778 173,397 186,072 172,292 214,518 256,228 14,686 195,003 1.5495

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Oct.. . . . . . . . 1,966,283 1,978,061 238,599 236,696 370,395 370,014 366,312 375,964 3,824 327,498 1.5179

Nov. . . . . . . . 1,830,046 1,836,430 241,730 239,529 409,775 413,797 404,713 413,641 4,124 332,373 1.5389

Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Jan.. . . . . . . . 1,949,905 1,950,969 257,178 254,161 438,431 433,058 463,029 465,098 10,664 341,024 1.6390

Feb. . . . . . . . 2,133,166 2,134,182 278,946 272,889 454,332 442,041 479,899 483,410 6,975 350,051 1.6903

Mar. . . . . . . . 2,113,694 2,116,806 283,714 283,697 465,360 473,646 490,816 497,336 10,656 340,467 1.6750

Apr.. . . . . . . . 2,107,219 2,127,917 303,660 302,667 462,734 473,283 453,327 507,369 12,933 348,550 1.7316

May. . . . . . . . 2,373,496 2,375,117 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061

June . . . . . . . 2,093,246 2,096,158 276,440 273,455 493,601 518,626 512,910 525,801 -1,795 350,493 1.7457

July. . . . . . . . 2,164,206 2,158,106 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390

Aug. . . . . . . . 2,263,811 2,257,718 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090

Sept.. . . . . . . 2,234,237 2,226,836 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

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

SECTION II--German Mark Positions, con.

FOREIGN CURRENCY POSITIONS 103
SECTION III.--Japanese Yen Positions

TABLE FCP-III-1.--Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Yen

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

04/02/97. . . . . . . . . . . . . . . . . . . . . . . 163,502 167,529 1,547 123.2700

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 163,614 167,466 1,233 126.8000

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 165,594 168,416 1,285 125.7900

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 162,611 166,374 1,307 126.1000

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 165,916 169,621 1,158 127.1200

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 167,101 170,364 1,311 125.0500

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 173,587 178,360 1,641 117.2500

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 178,062 184,052 1,762 114.3800

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 174,347 178,893 1,643 115.9000

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 169,151 174,107 1,721 116.3000

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 176,734 181,383 1,500 111.2500

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 170,448 174,980 1,473 113.6600

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 167,559 171,839 1,331 114.0900

07/02/97. . . . . . . . . . . . . . . . . . . . . . . 163,843 167,929 1,228 114.5000

07/09/97. . . . . . . . . . . . . . . . . . . . . . . 162,569 167,123 1,428 112.8000

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 167,825 171,721 1,348 115.6500

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 165,432 170,649 1,211 115.7000

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 175,930 180,343 1,084 118.5200

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 169,138 173,888 1,307 118.7200

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 172,155 176,679 1,120 115.6600

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 172,608 177,581 1,037 117.7400

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 175,931 179,903 705 118.9000

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 175,296 179,419 823 120.8000

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 185,074 189,009 1,057 119.1700

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 173,693 177,301 1,115 120.9500

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 180,804 184,456 1,241 120.3800

104 FOREIGN CURRENCY POSITIONS
1994 - Dec.. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

Dec.. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar.. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec.. . . . . . . . 15,669 16,566 7,296 6,967 1,371 1,408 2,023 1,525 -299 3,842 116.0000

1997 - Mar.. . . . . . . . 12,444 13,971 8,437 7,445 1,255 1,413 1,758 1,315 -439 3,098 123.7500

June . . . . . . . 12,733 14,390 9,248 8,315 1,731 1,587 2,330 1,821 -261 2,724 114.6600

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

1994 - Dec. . . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000

1995 - Dec. . . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Oct. . . . . . . . . 144,238 146,793 23,741 23,325 18,919 19,131 22,339 23,462 360 51,046 114.0500

Nov. . . . . . . . . 147,245 149,232 22,624 22,174 19,802 19,489 23,244 24,345 629 53,236 113.9000

Dec. . . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Jan. . . . . . . . . 155,864 158,407 20,120 18,544 20,472 20,052 24,740 26,035 980 57,908 121.4800

Feb. . . . . . . . . 170,186 172,914 21,114 19,720 21,845 21,273 25,345 27,312 1,627 60,382 120.2000

Mar. . . . . . . . . 162,958 167,166 22,585 21,984 20,245 19,814 24,697 26,751 1,704 62,500 123.7500

Apr. . . . . . . . . 171,962 175,798 23,746 23,226 20,567 20,743 22,501 26,327 1,206 65,508 127.1200

May . . . . . . . . 176,288 182,923 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500

June . . . . . . . . 169,265 172,789 25,091 24,393 27,743 27,956 29,612 30,859 1,316 65,088 114.6600

July . . . . . . . . 175,802 179,725 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000

Aug. . . . . . . . . 170,621 174,670 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500

Sept. . . . . . . . 176,272 179,800 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

SECTION III.--Japanese Yen Positions, con.

FOREIGN CURRENCY POSITIONS 105
SECTION IV.--Swiss Franc Positions

TABLE FCP-IV-1.--Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Spot, forward, Exchange rate

 and future contracts (Francs

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

04/02/97 . . . . . . . . . . . . . . . . . . . . . . 586,050 598,778 4,342 1.4435

04/09/97 . . . . . . . . . . . . . . . . . . . . . . 622,244 634,686 3,601 1.4785

04/16/97 . . . . . . . . . . . . . . . . . . . . . . 611,491 624,327 5,271 1.4725

04/23/97 . . . . . . . . . . . . . . . . . . . . . . 596,726 610,485 4,709 1.4637

04/30/97 . . . . . . . . . . . . . . . . . . . . . . 598,651 613,931 6,002 1.4735

05/07/97 . . . . . . . . . . . . . . . . . . . . . . 606,298 622,413 6,762 1.4595

05/14/97 . . . . . . . . . . . . . . . . . . . . . . 619,765 636,640 9,213 1.4365

05/21/97 . . . . . . . . . . . . . . . . . . . . . . 664,734 682,504 9,311 1.4093

05/28/97 . . . . . . . . . . . . . . . . . . . . . . 680,022 696,893 8,884 1.4115

06/04/97 . . . . . . . . . . . . . . . . . . . . . . 637,365 655,400 7,785 1.4455

06/11/97 . . . . . . . . . . . . . . . . . . . . . . 659,766 676,548 8,384 1.4390

06/18/97 . . . . . . . . . . . . . . . . . . . . . . 608,048 626,509 7,757 1.4475

06/25/97 . . . . . . . . . . . . . . . . . . . . . . 593,345 610,893 8,465 1.4380

07/02/97 . . . . . . . . . . . . . . . . . . . . . . 602,804 620,131 7,456 1.4708

07/09/97 . . . . . . . . . . . . . . . . . . . . . . 587,921 606,312 7,552 1.4578

07/16/97 . . . . . . . . . . . . . . . . . . . . . . 598,621 620,221 10,543 1.4755

07/23/97 . . . . . . . . . . . . . . . . . . . . . . 594,234 610,675 7,965 1.4850

07/30/97 . . . . . . . . . . . . . . . . . . . . . . 644,193 659,854 6,550 1.5138

08/06/97 . . . . . . . . . . . . . . . . . . . . . . 614,508 630,866 6,157 1.5325

08/13/97 . . . . . . . . . . . . . . . . . . . . . . 612,452 630,733 7,516 1.5125

08/20/97 . . . . . . . . . . . . . . . . . . . . . . 617,619 634,797 8,434 1.5245

08/27/97 . . . . . . . . . . . . . . . . . . . . . . 635,649 648,834 6,694 1.4942

09/03/97 . . . . . . . . . . . . . . . . . . . . . . 624,507 642,789 8,458 1.5020

09/10/97 . . . . . . . . . . . . . . . . . . . . . . 639,457 659,693 9,913 1.4790

09/17/97 . . . . . . . . . . . . . . . . . . . . . . 649,297 666,751 8,862 1.4620

09/24/97 . . . . . . . . . . . . . . . . . . . . . . 637,016 652,715 9,096 1.4588

106 FOREIGN CURRENCY POSITIONS
1994 - Dec.. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Sept. . . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550

Dec.. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar.. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

Sept. . . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec.. . . . . . . . 45,049 54,712 13,769 15,598 3,215 2,838 4,334 4,499 -434 14,876 1.3420

1997 - Mar.. . . . . . . . 51,846 72,267 16,780 17,785 4,520 5,585 6,952 7,728 -608 15,394 1.4480

June . . . . . . . 46,424 66,940 18,141 17,154 3,557 3,609 6,629 7,155 113 13,613 1.4620

TABLE FCP-IV-3.--Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Oct.. . . . . . . . 506,348 520,867 21,609 24,381 68,526 62,814 79,748 82,427 7,163 99,330 1.2690

Nov. . . . . . . . 528,308 537,826 21,064 24,966 82,815 86,521 86,209 97,944 6,213 100,652 1.3045

Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Jan.. . . . . . . . 564,525 572,672 22,177 27,507 70,131 64,795 93,102 95,892 6,429 100,907 1.4248

Feb. . . . . . . . 614,072 623,922 23,309 30,444 71,947 67,027 93,948 99,168 2,091 111,155 1.4789

Mar. . . . . . . . 607,486 619,793 22,881 31,196 70,971 62,805 93,667 100,915 4,440 111,081 1.4480

Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735

May. . . . . . . . 651,988 668,956 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145

June . . . . . . . 619,498 632,282 26,259 35,851 69,180 60,238 95,784 110,400 6,933 120,439 1.4620

July . . . . . . . . 628,992 650,200 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125

Aug. . . . . . . . 591,837 609,397 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,671 1.4930

Sept. . . . . . . . 618,850 630,481 33,194 45,512 80,244 76,675 100,366 108,508 7,009 130,235 1.4485

TABLE FCP-IV-2.--Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

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

SECTION IV.--Swiss Franc Positions, con.

FOREIGN CURRENCY POSITIONS 107
04/02/97. . . . . . . . . . . . . . . . . . . . . . . 351,649 341,232 306 1.6428

04/09/97. . . . . . . . . . . . . . . . . . . . . . . 353,051 344,060 1,011 1.6185

04/16/97. . . . . . . . . . . . . . . . . . . . . . . 358,895 349,834 682 1.6242

04/23/97. . . . . . . . . . . . . . . . . . . . . . . 361,022 352,320 747 1.6225

04/30/97. . . . . . . . . . . . . . . . . . . . . . . 358,594 352,066 1,000 1.6237

05/07/97. . . . . . . . . . . . . . . . . . . . . . . 391,242 380,572 1,338 1.6085

05/14/97. . . . . . . . . . . . . . . . . . . . . . . 389,218 382,278 1,337 1.6465

05/21/97. . . . . . . . . . . . . . . . . . . . . . . 394,750 384,135 914 1.6440

05/28/97. . . . . . . . . . . . . . . . . . . . . . . 401,630 392,468 973 1.6390

06/04/97. . . . . . . . . . . . . . . . . . . . . . . 391,679 383,502 946 1.6327

06/11/97. . . . . . . . . . . . . . . . . . . . . . . 397,085 386,889 717 1.6370

06/18/97. . . . . . . . . . . . . . . . . . . . . . . 380,278 368,365 674 1.6385

06/25/97. . . . . . . . . . . . . . . . . . . . . . . 396,073 384,732 1,353 1.6628

07/02/97. . . . . . . . . . . . . . . . . . . . . . . 397,929 386,078 1,427 1.6725

07/09/97. . . . . . . . . . . . . . . . . . . . . . . 398,542 385,286 410 1.6860

07/16/97. . . . . . . . . . . . . . . . . . . . . . . 399,494 389,568 1,034 1.6782

07/23/97. . . . . . . . . . . . . . . . . . . . . . . 390,793 381,692 1,083 1.6795

07/30/97. . . . . . . . . . . . . . . . . . . . . . . 412,421 404,992 674 1.6287

08/06/97. . . . . . . . . . . . . . . . . . . . . . . 412,881 407,597 664 1.6010

08/13/97. . . . . . . . . . . . . . . . . . . . . . . 426,339 422,254 2,121 1.5840

08/20/97. . . . . . . . . . . . . . . . . . . . . . . 411,341 407,346 1,752 1.5930

08/27/97. . . . . . . . . . . . . . . . . . . . . . . 425,234 420,193 1,784 1.6130

09/03/97. . . . . . . . . . . . . . . . . . . . . . . 418,207 414,881 1,477 1.5845

09/10/97. . . . . . . . . . . . . . . . . . . . . . . 404,403 398,744 1,252 1.5850

09/17/97. . . . . . . . . . . . . . . . . . . . . . . 399,607 393,107 1,437 1.6010

09/24/97. . . . . . . . . . . . . . . . . . . . . . . 395,007 386,919 1,536 1.6133

SECTION V.--Sterling Positions

TABLE FCP-V-1.--Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Spot, forward, 

 and future contracts Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

108 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Sept.. . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

Sept.. . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. . . . . . . . 50,760 46,526 41,462 35,464 4,866 5,709 5,747 4,396 n.a. 5,117 1.7120

1997 - Mar. . . . . . . . 43,085 46,833 63,036 40,844 5,216 5,228 4,186 2,693 -216 5,047 1.6392

June . . . . . . . 46,436 48,663 62,258 42,662 3,845 4,081 4,384 2,538 184 5,217 1.6642

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Oct.. . . . . . . . 342,988 334,369 69,099 72,923 48,599 50,531 46,483 48,865 -469 59,731 1.6265

Nov. . . . . . . . 352,406 345,749 67,155 71,503 54,064 55,734 51,212 53,357 -222 61,216 1.6812

Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Jan.. . . . . . . . 386,113 372,355 72,325 76,436 52,648 54,694 52,891 54,086 -200 62,506 1.6015

Feb. . . . . . . . 367,086 354,766 69,020 72,039 56,613 60,109 53,306 55,542 -309 63,558 1.6285

Mar. . . . . . . . 370,294 355,372 73,905 78,281 56,854 58,422 53,203 57,442 678 66,242 1.6392

Apr.. . . . . . . . 372,828 360,418 75,624 79,978 57,013 57,435 51,342 63,262 1,004 68,833 1.6237

May. . . . . . . . 401,108 388,318 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400

June . . . . . . . 402,796 387,232 67,556 73,677 56,131 55,764 55,287 63,555 1,436 70,914 1.6642

July. . . . . . . . 416,626 406,481 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400

Aug. . . . . . . . 392,494 383,661 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200

Sept.. . . . . . . 405,724 396,729 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

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

SECTION V.--Sterling Positions, con.

FOREIGN CURRENCY POSITIONS 109
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the Exchange

Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be

operated under the exclusive control of the Secretary, with

approval of the President.

Subsequent amendment of the Gold Reserve Act modified

the original purpose somewhat to reflect termination of the

fixed exchange rate system.

Resources of the fund include dollar balances, partially

invested in U.S. Government securities, special drawing rights

(SDRs), and balances of foreign currencies. Principal sources

of income (+) or loss (-) for the fund are profits (+) or losses

(-) on SDRs and foreign exchange, as well as interest earned

on assets.

• Table ESF-1 presents the assets, liabilities, and capital

of the fund. The figures are in U.S. dollars or their equivalents

based on current exchange rates computed according to the

accrual method of accounting. The capital account represents

the original capital appropriated to the fund by Congress of $2

billion, minus a subsequent transfer of $1.8 billion to pay for

the initial U.S. quota subscription to the IMF. Gains and losses

are reflected in the cumulative net income (+) or loss (-)

account.

• Table ESF-2 shows the results of operations by quarter.

Figures are in U.S. dollars or their equivalents computed

according to the accrual method. ‘‘Profit (+) or loss (-) on

foreign exchange’’ includes realized profits or losses. ‘‘Adjustment for change in valuation of SDR holdings and allocations’’

reflects net gain or loss on revaluation of SDR holdings and

allocations for the quarter.

TABLE ESF-1.--Balances as of Mar. 31, 1997, and June 30, 1997

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

Mar. 31, 1997, 

Assets, liabilities, and capital Mar. 31, 1997 through June 30, 1997 June 30, 1997

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 15,252,719 206,914 15,459,633

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 9,879,375 144,096 10,023,471

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,131,289 -222,898 5,908,391

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 8,441,593 688,194 9,129,787

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . - - - 

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 106,931 3,774 110,705

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 39,811,907 820,080 40,631,987

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 46,229 116,192 162,421

Total current liabilities . . . . . . . . . . . . . . . . . . 46,229 116,192 162,421

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 9,200,000 - 9,200,000

Special drawing rights allocations . . . . . . . . . . 6,795,097 6,131 6,801,228

Total other liabilities . . . . . . . . . . . . . . . . . . . 15,995,097 6,131 16,001,228

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2). . 23,570,581 697,757 24,268,338

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 23,770,581 697,757 24,468,338

Total liabilities and capital . . . . . . . . . . . . . 39,811,907 820,080 40,631,987

110 EXCHANGE STABILIZATION FUND
Current quarter Fiscal year to date 

Mar. 31, 1997, through June 30, 1997 Oct. 1, 1996, through June 30, 1997

Income and expense

Profit (+) or loss (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402,099 -1,074,280

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . 4,665 -109,968

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,760 91,927

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,839 556,588

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,394 245,828

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697,757 -289,905

Net income (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

697,757 -289,905

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the

special drawing rights (SDRs) based on a weighted average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and allocations are valued

on this basis beginning July 1974.

2

 Excludes foreign exchange transactions for future and spot delivery.

 Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940

‘‘Annual Report of the Secretary of the Treasury’’ and those for succeeding years appeared in

subsequent reports through 1980. Quarterly balance sheets beginning with December 31,

1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30,

1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

EXCHANGE STABILIZATION FUND 111
112

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113.

Page Intentionally Left Blank
114

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INTRODUCTION

The tables and charts in this section present the most

recent data available on various trust funds administered by the

Treasury. Trust funds are moneys held by the Government in

accounts established by law or by trust agreement for specific

purposes and designated by law as being trust funds. 

This report compiles data from many sources and provides

information in a consolidated manner. 

The Civil Service Retirement and Disability Fund is operated by the Office of Personnel Management. The Federal

Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds are under the auspices of the Department of

Health and Human Services’ Health Care Financing Administration. The Federal Old-age and Survivors Insurance and

Federal Disability Insurance Trust Funds are administered by

Social Security. 

In addition, the Department of Veterans Affairs’ Veterans

Benefits Administration disburses the National Service Life

Insurance Fund. And the Department of Labor, Employment

and Training Administration is responsible for the Unemployment Trust Fund. 

Data for the Railroad Retirement Trust Fund are also

included in this section. That trust fund is administered by the

Railroad Retirement Board, an independent agency. 

The following tables are published in the December issue

of the ‘‘Treasury Bulletin’’ each year. Most of the data for the

tables came from the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government,’’ in which

monthly data are published. Estimated figures are based on the

‘‘Budget of the United States Government, Fiscal Year 1998,’’

released February 1997.

CHART TF-A.--Major Trust Funds

Total Net Increase or Decrease in Assets

(In billions of dollars)

Source: Financial Management Service

TRUST FUNDS 115
CHART TF-B.--Total Receipts of Major Trust Funds

(In billions of dollars)

Source: Financial Management Service

116 TRUST FUNDS
CHART TF-C.--Total Expenditures of Major Trust Funds

(In billions of dollars)

Source: Financial Management Service

TRUST FUNDS 117
TABLE TF-1.--Civil Service Retirement and Disability Fund

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

 

 Receipts

Donations, service credit payments, and other Interest and

Fiscal year Agencies’ Employees’ Federal miscellaneous profits on

or month Total contributions contributions contributions receipts investments

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

1993 . . . . . . . . . . . . . . . . . . . 62,258 12,568 4,516 19,793 226 25,155

1994 . . . . . . . . . . . . . . . . . . . 63,491 13,055 4,420 19,793 179 26,139

1995 . . . . . . . . . . . . . . . . . . . 65,699 13,206 4,318 19,950 168 28,056

1996 . . . . . . . . . . . . . . . . . . . 67,336 13,632 4,251 20,060 154 29,239

1997 . . . . . . . . . . . . . . . . . . . 70,228 14,133 4,205 21,254 154 30,483

1998 - Est . . . . . . . . . . . . . . . 72,663 15,202 4,156 21,232 21 32,052

1996 - Oct.. . . . . . . . . . . . . . . 1,116 807 326 - 17 -34

Nov. . . . . . . . . . . . . . . 1,534 998 395 - 13 128

Dec. . . . . . . . . . . . . . . 16,002 844 352 - 12 14,794

1997 - Jan. . . . . . . . . . . . . . . 1,229 844 339 - 13 34

Feb. . . . . . . . . . . . . . . 1,456 944 374 - 14 125

Mar. . . . . . . . . . . . . . . 1,254 833 323 - 11 86

Apr. . . . . . . . . . . . . . . 1,242 849 326 - 12 55

May . . . . . . . . . . . . . . 1,602 1,004 402 - 11 185

June . . . . . . . . . . . . . . 16,021 804 320 - 12 14,884

July . . . . . . . . . . . . . . 1,513 1,060 406 - 13 34

Aug. . . . . . . . . . . . . . . 1,282 822 320 - 11 129

Sept. . . . . . . . . . . . . . 25,978 4,324 322 21,254 15 64

Fiscal 1997 . . . . . . . . . . . . . . 70,228 14,133 4,205 21,254 154 30,483

Fiscal year Total expenditures Net increase, Assets, end of period

or month other than investments or decrease (-), in assets Total Investments Unexpended balance

(7) (8) (9) (10) (11)

1993 . . . . . . . . . . . . . . . . . . . 34,906 27,352 310,511 311,705 -1,194

1994 . . . . . . . . . . . . . . . . . . . 36,364 27,127 337,638 338,889 -1,251

1995 . . . . . . . . . . . . . . . . . . . 38,435 27,264 364,901 366,126 -1,225

1996 . . . . . . . . . . . . . . . . . . . 39,778 27,558 392,459 385,443 7,016

1997 . . . . . . . . . . . . . . . . . . . 41,723 28,505 420,965 414,404 6,561

1998 - Est . . . . . . . . . . . . . . . 43,226 29,437 450,976 450,976 -

1996 - Oct.. . . . . . . . . . . . . . . 3,345 -2,230 390,230 383,197 7,033

Nov. . . . . . . . . . . . . . . 3,353 -1,819 388,411 381,342 7,069

Dec. . . . . . . . . . . . . . . 3,378 12,624 401,035 394,059 6,976

1997 - Jan. . . . . . . . . . . . . . . 3,494 -2,265 398,770 391,833 6,937

Feb. . . . . . . . . . . . . . . 3,540 -2,084 396,686 389,823 6,863

Mar. . . . . . . . . . . . . . . 3,502 -2,249 394,438 387,372 7,066

Apr. . . . . . . . . . . . . . . 3,547 -2,306 392,132 385,351 6,781

May . . . . . . . . . . . . . . 3,549 -1,948 390,185 383,087 7,098

June . . . . . . . . . . . . . . 3,469 12,552 402,737 395,901 6,836

July . . . . . . . . . . . . . . 3,562 -2,049 400,688 393,899 6,789

Aug. . . . . . . . . . . . . . . 3,475 -2,194 398,494 391,739 6,755

Sept. . . . . . . . . . . . . . 3,507 22,471 420,965 414,404 6,561

Fiscal 1997 . . . . . . . . . . . . . . 41,723 28,505 420,965 414,404 6,561

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

118 TRUST FUNDS
TABLE TF-2.--Federal Hospital Insurance Trust Fund

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

 Receipts

Fiscal year Interest and profits

or month Total Net appropriations Federal payments Deposits by States on investments Other

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

1993 . . . . . . . . . . . . . . . . . . . 95,219 82,682 495 2 10,581 1,460

1994 . . . . . . . . . . . . . . . . . . . 106,114 91,513 2,247 * 10,593 1,762

1995 . . . . . . . . . . . . . . . . . . . 114,786 97,489 4,504 * 10,870 1,922

1996 . . . . . . . . . . . . . . . . . . . 123,501 106,422 4,696 1 10,389 1,992

1997 . . . . . . . . . . . . . . . . . . . 128,583 112,137 4,319 17 9,758 2,353

1998 - Est . . . . . . . . . . . . . . . 132,063 117,983 4,551 - 9,157 372

1996 - Oct.. . . . . . . . . . . . . . . 8,394 8,226 - - 18 151

Nov. . . . . . . . . . . . . . . 9,169 8,926 - * 96 146

Dec. . . . . . . . . . . . . . . 15,944 10,996 - 19 4,767 163

1997 - Jan. . . . . . . . . . . . . . . 11,573 10,202 1,158 * 34 179

Feb. . . . . . . . . . . . . . . 8,286 8,050 47 * 38 150

Mar. . . . . . . . . . . . . . . 9,732 8,985 597 * -9 159

Apr. . . . . . . . . . . . . . . 12,058 10,065 1,814 * 19 160

May . . . . . . . . . . . . . . 8,527 8,278 5 * 82 161

June . . . . . . . . . . . . . . 16,048 10,233 615 -1 4,651 549

July . . . . . . . . . . . . . . 8,467 8,234 50 * 29 153

Aug. . . . . . . . . . . . . . . 9,270 9,087 * * 17 166

Sept. . . . . . . . . . . . . . 11,115 10,853 32 * 14 215

Fiscal 1997 . . . . . . . . . . . . . . 128,583 112,137 4,319 17 9,758 2,353

 Expenditures other than investments Net increase, Assets, end of period

Fiscal year Benefit Administrative or decrease Unexpended

or month Total payments expenses Other (-), in assets Total Investments balance

(7) (8) (9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . . . . . . . . . . 91,604 90,738 866 - 3,615 122,218 126,078 -3,860

1994 . . . . . . . . . . . . . . . . . . . 102,770 101,535 1,235 * 3,344 125,562 128,716 -3,154

1995 . . . . . . . . . . . . . . . . . . . 114,883 113,583 1,297 2 -97 125,465 129,864 -4,399

1996 . . . . . . . . . . . . . . . . . . . 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

1997 . . . . . . . . . . . . . . . . . . . 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767

1998 - Est . . . . . . . . . . . . . . . 129,952 127,761 1,215 976 2,111 117,365 117,365 -

1996 - Oct.. . . . . . . . . . . . . . . 11,377 11,279 98 * -2,982 120,667 122,541 -1,874

Nov. . . . . . . . . . . . . . . 11,517 11,411 105 1 -2,348 118,319 120,038 -1,719

Dec. . . . . . . . . . . . . . . 10,972 10,871 96 5 4,972 123,291 126,709 -3,418

1997 - Jan. . . . . . . . . . . . . . . 11,583 11,506 76 1 -10 123,281 125,468 -2,187

Feb. . . . . . . . . . . . . . . 11,281 11,170 111 1 -2,995 120,285 122,375 -2,090

Mar. . . . . . . . . . . . . . . 10,448 10,355 92 2 -717 119,568 121,948 -2,380

Apr. . . . . . . . . . . . . . . 12,017 11,912 102 4 41 119,609 121,635 -2,026

May . . . . . . . . . . . . . . 13,189 13,084 104 1 -4,662 114,947 116,190 -1,243

June . . . . . . . . . . . . . . 9,942 9,862 78 2 6,105 121,052 123,001 -1,949

July . . . . . . . . . . . . . . 12,440 12,310 127 3 -3,973 117,079 118,801 -1,722

Aug. . . . . . . . . . . . . . . 12,736 12,638 97 2 -3,466 113,614 115,352 -1,738

Sept. . . . . . . . . . . . . . 9,875 9,779 94 2 1,241 114,854 116,621 -1,767

Fiscal 1997 . . . . . . . . . . . . . . 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

TRUST FUNDS 119
TABLE TF-3.--Federal Disability Insurance Trust Fund

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

Receipts Expenditures other than investments

Fiscal year Deposits Interest and profits Benefit

or month Total Appropriations by States on investments Other Total payments

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

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 32,028 30,786 -1 966 277 34,641 33,626

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 34,017 33,008 * 698 310 37,984 36,860

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 70,148 67,919 * 1,888 341 41,380 40,242

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 59,435 56,528 * 2,481 426 44,355 43,278

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 60,112 56,135 6 3,526 446 46,701 45,430

1998 - Est . . . . . . . . . . . . . . . . . . . . 61,033 56,912 - 4,112 9 51,663 50,232

1996 - Oct.. . . . . . . . . . . . . . . . . . . . 4,119 4,016 - 13 90 3,805 3,712

Nov. . . . . . . . . . . . . . . . . . . . 4,298 4,292 * 6 1 3,955 3,840

Dec. . . . . . . . . . . . . . . . . . . . 6,007 4,395 6 1,604 1 3,810 3,711

1997 - Jan.. . . . . . . . . . . . . . . . . . . . . 5,384 5,278 * 5 101 4,082 3,994

Feb. . . . . . . . . . . . . . . . . . . . 4,322 4,297 * 22 3 3,610 3,514

Mar. . . . . . . . . . . . . . . . . . . . 4,813 4,783 * 26 4 3,905 3,791

Apr. . . . . . . . . . . . . . . . . . . . 5,981 5,847 * 31 103 3,884 3,787

May . . . . . . . . . . . . . . . . . . . 4,415 4,376 * 36 3 3,936 3,817

June . . . . . . . . . . . . . . . . . . . 6,980 5,218 * 1,761 2 3,964 3,812

July . . . . . . . . . . . . . . . . . . . 4,271 4,131 * 13 127 3,919 3,806

Aug. . . . . . . . . . . . . . . . . . . . 4,551 4,542 * -1 10 3,942 3,842

Sept. . . . . . . . . . . . . . . . . . . 4,970 4,960 * 9 2 3,888 3,806

Fiscal 1997 . . . . . . . . . . . . . . . . . . . 60,112 56,135 6 3,526 446 46,701 45,430

Expenditures other than investments, con.

Payments

to railroad Net increase, Assets, end of period

Fiscal year retirement Administrative or decrease Unexpended

or month account expenses Other (-), in assets Total Investments balance

(8) (9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 83 932 - -2,613 11,278 10,237 1,041

1994 . . . . . . . . . . . . . . . . . . . . . . . . 106 1,018 1 -3,967 7,311 6,100 1,211

1995 . . . . . . . . . . . . . . . . . . . . . . . . 68 1,064 5 28,768 36,079 35,225 854

1996 . . . . . . . . . . . . . . . . . . . . . . . . 2 1,060 15 15,080 51,160 50,100 1,060

1997 . . . . . . . . . . . . . . . . . . . . . . . . 59 1,160 52 13,411 64,571 63,562 1,009

1998 - Est . . . . . . . . . . . . . . . . . . . . 98 1,276 57 9,370 70,822 70,822 -

1996 - Oct.. . . . . . . . . . . . . . . . . . . . - 92 1 314 51,474 50,425 1,049

Nov. . . . . . . . . . . . . . . . . . . . - 112 4 343 51,817 50,799 1,018

Dec. . . . . . . . . . . . . . . . . . . . - 89 10 2,197 54,014 52,961 1,053

1997 - Jan . . . . . . . . . . . . . . . . . . . . - 85 3 1,302 55,315 54,254 1,061

Feb. . . . . . . . . . . . . . . . . . . . - 95 1 712 56,027 54,972 1,055

Mar. . . . . . . . . . . . . . . . . . . . - 111 3 908 56,935 55,894 1,041

Apr. . . . . . . . . . . . . . . . . . . . - 89 8 2,097 59,032 57,977 1,055

May . . . . . . . . . . . . . . . . . . . - 116 2 480 59,512 58,467 1,045

June . . . . . . . . . . . . . . . . . . . 59 88 5 3,016 62,528 61,408 1,120

July . . . . . . . . . . . . . . . . . . . - 106 6 352 62,880 61,877 1,003

Aug. . . . . . . . . . . . . . . . . . . . - 97 4 609 63,489 62,499 990

Sept. . . . . . . . . . . . . . . . . . . - 79 4 1,082 64,571 63,562 1,009

Fiscal 1997 . . . . . . . . . . . . . . . . . . . 59 1,160 52 13,411 64,571 63,562 1,009

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

120 TRUST FUNDS
TABLE TF-4.--Federal Old-Age and Survivors Insurance Trust Fund

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

Expenditures other than investments

Receipts Payments to railFiscal year Deposits Net earnings Benefit road retirement

or month Total Appropriations by States on investments Other Total payments account

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

1993. . . . . . . . . . . . . . . . . . . . . . . . . . 319,035 287,233 9 25,822 5,972 269,960 264,582 3,353

1994. . . . . . . . . . . . . . . . . . . . . . . . . . 341,973 308,134 -45 28,505 5,379 281,586 276,292 3,420

1995. . . . . . . . . . . . . . . . . . . . . . . . . . 325,860 289,299 1 31,417 5,143 294,474 288,622 4,052

1996. . . . . . . . . . . . . . . . . . . . . . . . . . 357,041 316,965 33 34,026 3,013 305,461 299,987 3,554

1997. . . . . . . . . . . . . . . . . . . . . . . . . . 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688

1998 - Est . . . . . . . . . . . . . . . . . . . . 406,045 349,435 - 41,087 15,523 334,956 326,537 3,789

1996 - Oct.. . . . . . . . . . . . . . . . . . . . 24,115 22,473 - 55 1,586 25,548 25,279 -

Nov. . . . . . . . . . . . . . . . . . . . 24,096 24,016 * 64 17 25,504 25,395 -

Dec. . . . . . . . . . . . . . . . . . . . 43,136 25,025 25 18,066 21 25,749 25,597 -

1997 - Jan.. . . . . . . . . . . . . . . . . . . . . 33,839 32,121 1 22 1,695 26,294 26,157 -

Feb. . . . . . . . . . . . . . . . . . . . 26,994 26,826 * 149 19 26,340 26,131 -

Mar. . . . . . . . . . . . . . . . . . . . 30,144 29,950 * 171 23 26,330 26,230 -

Apr. . . . . . . . . . . . . . . . . . . . 37,178 35,283 * 198 1,697 26,408 26,230 -

May . . . . . . . . . . . . . . . . . . . 27,738 27,511 * 209 19 26,490 26,315 -

June . . . . . . . . . . . . . . . . . . . 51,367 32,758 3 18,587 19 30,097 26,308 3,688

July . . . . . . . . . . . . . . . . . . . 27,643 25,989 * 109 1,545 26,619 26,343 -

Aug. . . . . . . . . . . . . . . . . . . . 28,632 28,568 * -30 94 26,630 26,460 -

Sept. . . . . . . . . . . . . . . . . . . 31,603 31,494 * 89 19 26,561 26,436 -

Fiscal 1997 . . . . . . . . . . . . . . . . . . . 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688

1993 . . . . . . . . . . . . . . . . . . . 2,026 - 49,075 363,915 355,510 8,405

1994 . . . . . . . . . . . . . . . . . . . 1,875 - 60,387 424,303 413,425 10,878

1995 . . . . . . . . . . . . . . . . . . . 1,799 - 31,386 455,688 447,947 7,741

1996 . . . . . . . . . . . . . . . . . . . 1,791 129 51,580 507,269 499,403 7,866

1997 . . . . . . . . . . . . . . . . . . . 2,001 - 67,916 575,185 567,445 7,740

1998 - Est . . . . . . . . . . . . . . . 2,358 2,272 71,089 635,073 635,073 -

1996 - Oct.. . . . . . . . . . . . . . . 269 - -1,433 505,836 498,104 7,732

Nov. . . . . . . . . . . . . . . 109 - -1,408 504,428 496,661 7,767

Dec. . . . . . . . . . . . . . . 152 - 17,388 521,816 513,894 7,922

1997 - Jan . . . . . . . . . . . . . . . 137 - 7,545 529,360 521,582 7,778

Feb. . . . . . . . . . . . . . . 209 - 654 530,015 522,273 7,742

Mar. . . . . . . . . . . . . . . 101 - 3,814 533,828 525,960 7,868

Apr. . . . . . . . . . . . . . . 178 - 10,770 544,598 536,848 7,750

May . . . . . . . . . . . . . . 175 - 1,248 545,847 538,005 7,842

June . . . . . . . . . . . . . . 101 - 21,271 567,117 556,344 10,773

July . . . . . . . . . . . . . . 275 - 1,024 568,141 560,560 7,581

Aug. . . . . . . . . . . . . . . 170 - 2,002 570,144 562,551 7,593

Sept. . . . . . . . . . . . . . 125 - 5,042 575,185 567,445 7,740

Fiscal 1997 . . . . . . . . . . . . . . 2,001 - 67,916 575,185 567,445 7,740

TRUST FUNDS 121
TABLE TF-5.--Federal Supplementary Medical Insurance Trust Fund

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

 Receipts Expenditures other than investments

Fiscal year Federal Interest and profits Benefit

or month Total Premiums contributions on investments Other Total payments

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

1993 . . . . . . . . . . . . . . . . . . . . . . . . 60,799 13,255 44,227 1,888 1,429 54,254 52,409

1994 . . . . . . . . . . . . . . . . . . . . . . . . 57,367 15,212 38,355 2,116 1,685 59,724 58,006

1995 . . . . . . . . . . . . . . . . . . . . . . . . 58,169 17,126 36,988 1,935 2,120 65,213 63,491

1996 . . . . . . . . . . . . . . . . . . . . . . . . 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1997 . . . . . . . . . . . . . . . . . . . . . . . . 80,806 16,984 59,471 2,192 2,159 72,553 71,133

1998 - Est . . . . . . . . . . . . . . . . . . . . 100,075 20,567 78,084 1,424 - 98,904 97,346

1996 - Oct.. . . . . . . . . . . . . . . . . . . . 6,413 1,385 4,832 22 173 6,348 6,193

Nov. . . . . . . . . . . . . . . . . . . . 6,423 1,387 4,846 15 175 6,558 6,462

Dec. . . . . . . . . . . . . . . . . . . . 7,316 1,398 4,826 931 162 5,867 5,777

1997 - Jan. . . . . . . . . . . . . . . . . . . . 6,606 1,409 4,986 22 188 6,365 6,285

Feb. . . . . . . . . . . . . . . . . . . . 6,599 1,420 4,979 22 178 5,412 5,273

Mar. . . . . . . . . . . . . . . . . . . . 6,702 1,442 5,058 21 181 4,899 4,772

Apr. . . . . . . . . . . . . . . . . . . . 6,592 1,400 4,933 77 182 6,201 6,079

May . . . . . . . . . . . . . . . . . . . 6,644 1,420 5,000 40 183 6,947 6,822

June . . . . . . . . . . . . . . . . . . . 7,619 1,424 5,015 996 184 5,241 5,127

July . . . . . . . . . . . . . . . . . . . 6,579 1,409 4,970 16 184 6,535 6,413

Aug. . . . . . . . . . . . . . . . . . . . 6,679 1,434 5,046 15 184 7,056 6,939

Sept. . . . . . . . . . . . . . . . . . . 6,635 1,454 4,980 15 186 5,123 4,989

Fiscal 1997 . . . . . . . . . . . . . . . . . . . 80,806 16,984 59,471 2,192 2,159 72,553 71,133

1993. . . . . . . . . . . . . . . . . . . . 1,845 - 6,545 22,924 23,268 -344

1994. . . . . . . . . . . . . . . . . . . . 1,718 * -2,357 20,567 21,489 -922

1995. . . . . . . . . . . . . . . . . . . . 1,720 2 -7,044 13,523 13,513 10

1996. . . . . . . . . . . . . . . . . . . . 1,733 5 13,079 26,602 27,175 -573

1997. . . . . . . . . . . . . . . . . . . . 1,403 17 8,252 34,855 34,464 391

1998 - Est . . . . . . . . . . . . . . . 1,527 31 1,171 31,459 31,459 -

1996 - Oct.. . . . . . . . . . . . . . . 155 * 65 26,667 26,707 -40

Nov. . . . . . . . . . . . . . . 95 1 -136 26,531 26,845 -314

Dec. . . . . . . . . . . . . . . 86 3 1,449 27,980 28,489 -509

1997 - Jan.. . . . . . . . . . . . . . . 79 1 240 28,221 28,004 217

Feb. . . . . . . . . . . . . . . 138 * 1,187 29,407 29,274 133

Mar. . . . . . . . . . . . . . . 126 2 1,803 31,210 30,666 544

Apr. . . . . . . . . . . . . . . 119 3 391 31,601 31,339 262

May . . . . . . . . . . . . . . 125 * -303 31,298 31,482 -184

June . . . . . . . . . . . . . . 112 1 2,378 33,676 33,412 264

July. . . . . . . . . . . . . . . 119 2 44 33,720 33,411 309

Aug. . . . . . . . . . . . . . . 116 1 -377 33,342 33,101 241

Sept.. . . . . . . . . . . . . . 132 1 1,512 34,855 34,464 391

Fiscal 1997 . . . . . . . . . . . . . . 1,403 17 8,252 34,855 34,464 391

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

122 TRUST FUNDS
TABLE TF-6.--National Service Life Insurance Fund

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

Expenditures other

than investments

 Receipts (benefits,

Transfers from Interest net lending, Net increase, Assets, end of period

Fiscal year Premiums and general and and profits refunds, and or decrease Unexpended

or month Total other receipts special funds on investments and dividends) (-), in assets Total Investments balance

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

* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

1993. . . . . . . . . . . . . . . . . . . . 1,480 393 2 1,085 1,127 352 11,677 11,666 11

1994. . . . . . . . . . . . . . . . . . . . 1,417 335 1 1,080 1,224 193 11,870 11,852 18

1995. . . . . . . . . . . . . . . . . . . . 1,348 272 2 1,074 1,249 98 11,968 11,954 14

1996. . . . . . . . . . . . . . . . . . . . 1,288 236 2 1,050 1,240 48 12,016 12,007 9

1997. . . . . . . . . . . . . . . . . . . . 1,248 231 2 1,015 1,227 21 12,058 12,023 35

1998 - Est . . . . . . . . . . . . . . . 1,728 216 2 1,510 1,849 -121 11,828 11,828 -

1996 - Oct.. . . . . . . . . . . . . . . 23 20 * 3 87 -64 11,952 11,935 17

Nov. . . . . . . . . . . . . . . 25 22 * 3 84 -59 11,894 11,876 18

Dec. . . . . . . . . . . . . . . 515 13 * 502 96 418 12,312 12,293 19

1997 - Jan.. . . . . . . . . . . . . . . 23 22 * * 101 -78 12,234 12,217 17

Feb. . . . . . . . . . . . . . . 21 20 * 1 109 -88 12,146 12,129 17

Mar. . . . . . . . . . . . . . . 22 20 * 1 124 -102 12,044 12,032 12

Apr. . . . . . . . . . . . . . . . 23 21 * 2 109 -86 11,958 11,944 14

May. . . . . . . . . . . . . . . 26 24 * 2 113 -87 11,872 11,861 11

June . . . . . . . . . . . . . . 516 18 * 499 96 420 12,292 12,279 13

July . . . . . . . . . . . . . . . 23 22 * * 101 -79 12,213 12,199 14

Aug. . . . . . . . . . . . . . . 19 18 * 1 97 -78 12,135 12,117 18

Sept. . . . . . . . . . . . . . . 13 10 * 2 111 -98 12,037 12,023 14

Fiscal 1997 . . . . . . . . . . . . . . 1,248 231 2 1,015 1,227 21 12,058 12,023 35

TRUST FUNDS 123
TABLE TF-7.--Railroad Retirement Account

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

 Receipts

Interest Expenditures other than investments

Fiscal year and profits Benefit

or month Total Appropriations on investments Other Total payments

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

 Expenditures other than investments, con. Net increase, Assets, end of period

Fiscal year Administrative or decrease Unexpended

or month expenses Other (-), in assets Total Investments balance

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

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

1993 . . . . . . . . . . . . . . . . . . . 8,391 3,870 889 3,632 7,667 2,901

1994 . . . . . . . . . . . . . . . . . . . 7,660 3,755 587 3,318 7,794 2,944

1995 . . . . . . . . . . . . . . . . . . . 9,093 3,942 1,033 4,118 7,917 2,915

1996 . . . . . . . . . . . . . . . . . . . 4,958 3,872 1,108 -21 7,992 2,940

1997 . . . . . . . . . . . . . . . . . . . 9,270 4,051 1,234 3,985 8,322 2,984

1998 - Est . . . . . . . . . . . . . . . 3,359 2,482 877 - 2,999 -

1996 - Oct.. . . . . . . . . . . . . . . 532 342 128 63 664 243

Nov.. . . . . . . . . . . . . . . 558 362 196 - 667 246

Dec.. . . . . . . . . . . . . . . 299 271 29 - 659 246

1997 - Jan . . . . . . . . . . . . . . . 397 365 -32 64 685 249

Feb.. . . . . . . . . . . . . . . 606 439 167 - 674 251

Mar.. . . . . . . . . . . . . . . 436 472 -36 - 678 246

Apr. . . . . . . . . . . . . . . . 371 265 106 - 678 249

May . . . . . . . . . . . . . . . 545 360 121 64 676 250

June . . . . . . . . . . . . . . 3,898 30 121 3,747 920 248

July . . . . . . . . . . . . . . . 688 411 230 47 677 256

Aug.. . . . . . . . . . . . . . . 396 346 51 - 673 247

Sept. . . . . . . . . . . . . . . 542 389 153 - 671 253

Fiscal 1997 . . . . . . . . . . . . . . 9,270 4,051 1,234 3,985 8,322 2,984

1993. . . . . . . . . . . . . . . . . . . . 71 4,696 724 8,785 11,961 -3,176

1994. . . . . . . . . . . . . . . . . . . . 70 4,780 -134 8,651 12,203 -3,552

1995. . . . . . . . . . . . . . . . . . . . 71 4,931 1,176 9,827 14,440 -4,613

1996. . . . . . . . . . . . . . . . . . . . 71 4,981 -3,034 6,793 17,122 -10,329

1997. . . . . . . . . . . . . . . . . . . . 86 5,252 948 7,741 19,239 -11,498

1998 - Est . . . . . . . . . . . . . . . - - 360 12,512 12,512 -

1996 - Oct.. . . . . . . . . . . . . . . 6 414 -131 6,662 17,338 -10,676

Nov. . . . . . . . . . . . . . . 9 412 -109 6,553 17,177 -10,624

Dec. . . . . . . . . . . . . . . 7 406 -360 6,193 17,507 -11,314

1997 - Jan.. . . . . . . . . . . . . . . 8 429 -288 5,905 17,769 -11,864

Feb. . . . . . . . . . . . . . . 4 420 -68 5,837 18,032 -12,195

Mar. . . . . . . . . . . . . . . 7 424 -241 5,596 18,229 -12,633

Apr. . . . . . . . . . . . . . . 7 422 -307 5,289 18,492 -13,203

May . . . . . . . . . . . . . . 11 416 -131 5,158 18,854 -13,696

June . . . . . . . . . . . . . . 6 666 2,979 8,136 18,803 -10,667

July. . . . . . . . . . . . . . . 8 412 12 8,148 18,986 -10,838

Aug. . . . . . . . . . . . . . . 6 420 -277 7,871 19,165 -11,294

Sept.. . . . . . . . . . . . . . 7 412 -130 7,741 19,239 -11,498

Fiscal 1997 . . . . . . . . . . . . . . 86 5,252 948 7,741 19,239 -11,498

124 TRUST FUNDS
TABLE TF-8.--Unemployment Trust Fund

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

 Receipts

Fiscal year State Federal Advances from the Deposits by Railroad Interest and profits

or month Total unemployment taxes unemployment taxes general fund Retirement Board on investments

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

Expenditures other than investments

Repayment of

Fiscal year State unem- State adminis- advances from Federal adminis- Railroad adminor month Total ployment benefits trative expenses the general fund trative expenses istrative expenses

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

See footnotes at end of table.

1993 . . . . . . . . . . . . . . . . . . . 39,694 35,977 3,413 - 213 -

1994 . . . . . . . . . . . . . . . . . . . 30,273 26,915 3,100 - 171 -

1995 . . . . . . . . . . . . . . . . . . . 25,096 21,628 3,197 - 190 -

1996 . . . . . . . . . . . . . . . . . . . 26,062 22,600 3,180 - 196 18

1997 . . . . . . . . . . . . . . . . . . . 24,203 20,829 3,088 - 208 2

1998 - Est . . . . . . . . . . . . . . . 28,580 28,484 - - - -

1996 - Oct.. . . . . . . . . . . . . . . 1,784 1,499 277 - 3 *

Nov. . . . . . . . . . . . . . . 1,651 1,385 256 - 4 *

Dec. . . . . . . . . . . . . . . 2,144 1,834 285 - 18 *

1997 - Jan . . . . . . . . . . . . . . . 2,720 2,370 295 - 47 *

Feb. . . . . . . . . . . . . . . 2,343 2,060 235 - 39 *

Mar. . . . . . . . . . . . . . . 2,363 2,111 204 - 38 *

Apr. . . . . . . . . . . . . . . 2,178 1,904 256 - 10 *

May . . . . . . . . . . . . . . 1,819 1,592 211 - 11 *

June . . . . . . . . . . . . . . 1,790 1,492 284 - 10 *

July . . . . . . . . . . . . . . 1,957 1,666 276 - 9 *

Aug. . . . . . . . . . . . . . . 1,768 1,485 269 - 9 *

Sept. . . . . . . . . . . . . . 1,686 1,432 239 - 9 *

Fiscal 1997 . . . . . . . . . . . . . . 24,203 20,829 3,088 - 208 2

1993 . . . . . . . . . . . . . . . . . . . 42,235 20,966 5,437 13,148 64 2,619

1994 . . . . . . . . . . . . . . . . . . . 33,816 22,484 5,460 3,321 27 2,523

1995 . . . . . . . . . . . . . . . . . . . 32,820 23,158 5,696 1,233 24 2,710

1996 . . . . . . . . . . . . . . . . . . . 32,398 22,706 5,854 438 24 3,376

1997 . . . . . . . . . . . . . . . . . . . 32,481 22,071 6,103 564 28 3,715

1998 - Est . . . . . . . . . . . . . . . 35,036 24,496 5,976 604 67 3,893

1996 - Oct.. . . . . . . . . . . . . . . 1,422 953 371 54 5 37

Nov. . . . . . . . . . . . . . . 2,676 2,208 365 60 1 43

Dec. . . . . . . . . . . . . . . 2,033 216 43 47 * 1,727

1997 - Jan . . . . . . . . . . . . . . . 1,177 692 441 31 4 9

Feb. . . . . . . . . . . . . . . 2,501 1,935 486 57 2 21

Mar. . . . . . . . . . . . . . . 407 266 45 61 * 35

Apr. . . . . . . . . . . . . . . 3,604 1,918 1,607 27 7 45

May . . . . . . . . . . . . . . 10,070 8,444 1,518 58 1 48

June . . . . . . . . . . . . . . 2,139 298 45 74 * 1,722

July . . . . . . . . . . . . . . 2,104 1,393 680 17 8 6

Aug. . . . . . . . . . . . . . . 4,068 3,542 460 51 * 16

Sept. . . . . . . . . . . . . . 280 205 42 26 * 7

Fiscal 1997 . . . . . . . . . . . . . . 32,481 22,071 6,103 564 28 3,715

TRUST FUNDS 125
* Less than $500,000.

 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year

1998,’’ released by the Office of Management and Budget February 6, 1997. 

TABLE TF-8.--Unemployment Trust Fund, con.

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

 

 Expenditures other than investments, con.

 Railroad unemployment insurance

Net increase, Assets, end of period

Fiscal year Benefit Administrative or decrease Unexpended 

or month payments expenses (-), in assets Total Investments balance

(12) (13) (14) (15) (16) (17)

1993. . . . . . . . . . . . . . . . . . . . 70 21 2,541 47,074 36,607 10,467

1994. . . . . . . . . . . . . . . . . . . . 67 20 3,543 50,618 39,788 10,830

1995. . . . . . . . . . . . . . . . . . . . 60 20 7,724 58,342 47,141 11,201

1996. . . . . . . . . . . . . . . . . . . . 65 3 6,336 64,678 53,893 10,785

1997. . . . . . . . . . . . . . . . . . . . 73 3 8,279 72,957 61,923 11,034

1998 - Est . . . . . . . . . . . . . . . 96 - 6,456 67,544 67,544 -

1996 - Oct.. . . . . . . . . . . . . . . 4 * -362 64,315 53,233 11,082

Nov.. . . . . . . . . . . . . . . 6 * 1,025 65,341 54,430 10,911

Dec.. . . . . . . . . . . . . . . 7 * -111 65,230 54,321 10,909

1997 - Jan.. . . . . . . . . . . . . . . 9 * -1,543 63,686 52,575 11,111

Feb.. . . . . . . . . . . . . . . 8 * 158 63,845 52,913 10,932

Mar.. . . . . . . . . . . . . . . 9 * -1,956 61,889 50,952 10,937

Apr. . . . . . . . . . . . . . . . 7 * 1,426 63,315 51,225 12,090

May . . . . . . . . . . . . . . . 5 * 8,251 71,565 60,559 11,006

June . . . . . . . . . . . . . . 5 * 349 71,915 60,891 11,024

July . . . . . . . . . . . . . . . 4 1 147 72,062 60,554 11,508

Aug.. . . . . . . . . . . . . . . 5 * 2,300 74,363 63,336 11,027

Sept. . . . . . . . . . . . . . . 5 * -1,406 72,957 61,923 11,034

Fiscal 1997 . . . . . . . . . . . . . . 73 3 8,279 72,957 61,923 11,034

126 TRUST FUNDS
TABLE TF-9a.--Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of Sept. 30, 1997

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

Federal Old-age Federal SuppleFederal Dis- Federal Hos- and Survivors mentary Medical Railroad

 Investment of securities ability Insur- pital Insur- Insurance Insurance Retirement Unemployment

Type and rate Payable date Issue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Account Trust Fund

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

Public issues:

Bonds:

3-1/2%. . . . . . . . . . . . . . . 11/15/98 10/03/60 5 - - - - 43

7-5/8 . . . . . . . . . . . . . . . . 02/15/02-07 02/15/77 10 - - - - -

8-1/4 . . . . . . . . . . . . . . . . 05/15/00-05 05/15/76 4 - - - - -

11-3/4 . . . . . . . . . . . . . . . 02/15/05-10 02/15/80 30 - - - - -

Total public issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

49 - - - - 43

Government account series:

Federal Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 73,324 -9,811 63,513

Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . . . . 139,096 -22,475 116,621

Federal Old-age and Survivors Insurance Trust Fund . . . . . . . 589,871 -22,427 567,445

Federal Supplementary Medical Insurance Trust Fund . . . . . . 51,974 -17,509 34,464

Railroad Retirement Accout . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,758 -272 17,486

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

67,080 -5,200 61,880

Total government account series: . . . . . . . . . . . . . . . . . . . . 

939,103 -77,694 861,409

TABLE TF-9b.--Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of Sept. 30, 1997

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

Type Issued (Retired)/Inflation Adjusted Outstanding

 (1) (2) (3)

TRUST FUNDS 127
TABLE TF-15A.--Highway Trust Fund

The following information is released according to the

provisions of the Byrd Amendment to the Intermodal Surface

Transportation Efficiency Act of 1991 and represents data

concerning the Highway Trust Fund. The figure described as

‘‘unfunded authorizations’’ is the latest estimate received from

three Department of Transportation for fiscal 1996. The 24-

and 12-month revenue estimates for the highway and mass

transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax

Analysis for excise taxes, net of refunds. They represent net

highway receipts for those periods beginning at the close of

fiscal 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

TRUST FUNDS 128
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9001. ‘‘Some Economic Aspects of the U.S. Health Care System.’’ James E. Duggan. August 1990.

9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990.

9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and

John S. Greenlees. December 1990.

9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991.

9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992.

9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992.

9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992.

9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’

Michael Cayton. February 1993.

9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

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.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECHNICAL PAPERS 129
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)----Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds----

meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)----Includes all issues by the Bureau of the Mint purposely intended

as a medium of exchange. Coins sold by the Bureau of the Mint

at premium prices are excluded; however, uncirculated coin

sets sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)----In Treasury bill auctions, purchasers tender competitive bids on a discount rate

basis. The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (‘‘Federal Fiscal Operations’’)----Congress passes laws giving budget authority to Government

entities, which gives the agencies the power to spend Federal

funds. Congress can stipulate various criteria for the spending

of these funds. For example, Congress can stipulate that a given

agency must spend within a specific year, number of years, or

any time in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period

of time during which Congress makes funds available may be

specified as 1-year, multiple-year, or no-year. The available

amount may be classified as either definite or indefinite; a

specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent.

Permanent authority requires no current action by Congress.

Budget deficit----The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)----Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term cash needs of Treasury. Their sale, having higher

minimum and multiple purchase requirements than those of

other issues, is generally restricted to competitive bidders.

Competitive tenders (‘‘Treasury Financing Operations’’)----A bid to purchase a stated amount of one issue of

Treasury securities at a specified yield or discount. The bid is

accepted if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue----The issue of bonds or notes (public debt).

Currency no longer issued (USCC)----Old and new series

gold and silver certificates, Federal Reserve notes, national

bank notes, and 1890 Series Treasury notes.

Current income bonds (‘‘U.S. Savings Bonds and

Notes’’)----Bonds paying semiannual interest to holders. Interest is not included in accrued discount.

Debt outstanding subject to limitation (FD-6)----The debt

incurred by the Treasury subject to the statutory limit set by

Congress. Until World War I, a specific amount of debt was

authorized to each separate security issue. Beginning with the

Second Liberty Loan Act of 1917, the nature of the limitation

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. As of September 1997, the

debt limit was $5,950,000 million; the limit may change from

year to year.

 The debt subject to limitation includes most of Treasury’s

public debt except securities issued to the Federal Financing

Bank, upon which there is a limitation of $15 billion, and

certain categories of older debt (totaling approximately $595

million as of February 1991).

Discount----The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)----The difference between par value

and the actual purchase price paid, annualized over a 360-day

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)----Include standard silver and nonsilver

coins.

Domestic series (FD-2)----Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan

Bank Act (12 U.S.C. 1441b).

Federal intrafund transactions (‘‘Federal Fiscal Operations’’)----Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group (Federal funds or trust funds). 

Federal Reserve notes (USCC)----Issues by the U.S. Government to the public through the Federal Reserve banks and their

member banks. They represent money owed by the Government to the public. Currently, the item ‘‘Federal Reserve

notes----amounts outstanding’’ consists of new series issues.

The Federal Reserve note is the only class of currency currently

issued.

Foreign (‘‘Foreign Currency Positions,’’ IFS-2, -3)----Locations other than those included under the definition of the

United States. (See United States.)

Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions

and individuals living outside the United States, including U.S.

citizens living abroad, and branches, subsidiaries, and other

affiliates abroad of U.S. banks and business concerns; central

governments, central banks, and other official institutions of

countries other than the United States, and international and

regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by

reporting institutions to be acting for foreigners.

Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all

departments and agencies of national governments; central

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

130
of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention

between sovereign states.

Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments,

including development banks and institutions, and other agencies that are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes sold between October 1984 and February 1986

to foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to

domestic (normal) Treasury notes with the same maturity and

interest rates. Interest was paid annually.

Fractional coins (USCC)----Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)----Certain trust fund statutes require the Secretary of the Treasury to apply monies held

by these funds toward the issuance of nonmarketable special

securities. These securities are sold directly by Treasury to a

specific Government agency, trust fund, or account. Their rate

is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the

holder. Roughly 80 percent of these are issued to five holders:

the Federal Old-age and Survivors Insurance Trust Fund; the

civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the

Unemployment Trust Fund.

Interfund transactions (‘‘Federal Fiscal Operations’’)----

Transactions in which payments are made from one fund group

(either Federal funds or trust funds) to a receipt account in

another group.

International Monetary Fund (‘‘Exchange Stabilization

Fund,’’ IFS-1)----(IMF) Established by the United Nations, the

IMF promotes international trade, stability of exchange, and

monetary cooperation. Members are allowed to draw from the

fund.

Intrabudgetary transactions (‘‘Federal Fiscal Operations’’)----These occur when payment and receipt both occur

within the budget, or when payment is made from off-budget

Federal entities whose budget authority and outlays are excluded from the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)----The

value of outstanding savings bonds and notes that have reached

final maturity and no longer earn interest. Includes all Series

A-D, F, G, J, and K bonds. Series E bonds (issued between

May 1941 and November 1965), Series EE (issued since

January 1980), Series H (issued from June 1952 through

December 1979), and savings notes issued between May 1967

and October 1970 have a final maturity of 30 years. Series HH

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities

at the price equivalent to the weighted average discount rate or

yield of accepted competitive tenders in a Treasury auction.

Noncompetitive tenders are always accepted in full.

Off-budget Federal entities (‘‘Federal Fiscal Operations’’)----Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions

of law. Their receipts, outlays, and surplus or deficit are not

included in budget receipts, outlays, or deficits. Their budget

authority is not included in totals of the budget.

Outlays (‘‘Federal Fiscal Operations’’)----Payments on obligations in the form of cash, checks, the issuance of bonds or

notes, or the maturing of interest coupons.

Own foreign offices (‘‘Capital Movements’’)----Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United

States.

Par value----The face value of bonds or notes, including interest.

Quarterly financing (‘‘Treasury Financing Operations’’)---- Treasury has historically offered packages of several

‘‘coupon’’ security issues on the 15th of February, May, August, and November, or on the next working day. These issues

currently consist of a 3-year note, a 10-year note, and a 30-year

bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new

security issues. (See Reopening.)

Receipts (‘‘Federal Fiscal Operations’’)----Funds collected

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)----The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (‘‘Exchange Stabilization Fund,’’

IFS-1)----International assets created by IMF that serve to

increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among

eligible holders through IMF. (See IMF.)

 SDR allocations are the counterpart to SDRs issued by IMF

based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they

must be redeemed by ESF only in the event of liquidation of,

or U.S. withdrawal from, the SDR department of IMF or

cancellation of SDRs.

 SDR certificates are issued to the Federal Reserve System

against SDRs when SDRs are legalized as money. Proceeds of

monetization are deposited into an ESF account at the Federal

Reserve Bank of New York.

Spot (‘‘Foreign Currency Positions’’)----Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)----(SLUGs) Special nonmarketable certificates, notes, and bonds offered to

State and local governments as a means to invest proceeds from

their own tax-exempt financing. Interest rates and maturities

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131
comply with IRS arbitrage provisions. SLUGs are offered in

both time deposit and demand deposit forms. Time deposit

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand

deposit securities are 1-day certificates rolled over with a rate

adjustment daily.

Statutory debt limit (FD-6)----By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)----Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may

be divided into principal and interest-paying components,

which may be transferred and sold in amounts as small as

$1,000. STRIPS are sold at auction at a minimum par amount,

varying for each issue. The amount is an arithmetic function

of the issue’s interest rate.

Treasury bills----The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (‘‘Federal Fiscal Operations’’)----An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States----Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)----Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

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