SEPTEMBER 1996

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

FFO-A.--Chart: Monthly receipts and outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Analysis.--Summary of budget results for the third quarter fiscal 1996; Second-quarter receipts . . . . . . . . . . . . . . . . . . . . . . . . 8

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

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

FEDERAL DEBT

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

FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

PUBLIC DEBT OPERATIONS

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

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

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 40

PDO-4A.--Allotments by investor classes for public marketable securities other than bills . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

PDO-4B.--Allotments by investor classes for public marketable securities for bills other than regular weekly series . . . . . . . 45

U.S. SAVINGS BONDS AND NOTES

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

OWNERSHIP OF FEDERAL SECURITIES

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MARKET YIELDS

MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . . 58

Contents
INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

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

 selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

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. . . . 77

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 78

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

 IN THE UNITED STATES

CM-IV-1.--Total liabilities and claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 88

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS

 IN THE UNITED STATES

CM-V-1.--Foreign purchases and sales of long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (second quarter) . . . . . . . . . . . . . . . . . . . 92

CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . 94

CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

FOREIGN CURRENCY POSITIONS

CANADIAN DOLLAR POSITIONS

FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

GERMAN MARK POSITIONS

FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

FCP-II-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

JAPANESE YEN POSITIONS

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

FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

IV

Contents
SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

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

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

STERLING POSITIONS

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

FCP-V-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

FCP-V-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

EXCHANGE STABILIZATION FUND

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

SPECIAL REPORTS

TRUST FUNDS

TF-15a.--Highway trust fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

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

√

(Published following the release of the CFS)

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VI
Profile of the Economy

Real gross domestic product

GROWTH IN REAL GROSS DOMESTIC PRODUCT (GDP) accelerated in the first half of 1996 from the sluggish pace at the

end of 1995. After an anemic 0.3 percent annual rate gain in

the fourth quarter of last year, GDP expanded at a 2 percent

annual rate in the first quarter of 1996 and at a 4.2 percent

rate in the second, averaging 3.1 percent so far this year.

Consumer spending improved and rose from a 1.1 percent

pace in the fourth quarter to an average of 3.6 percent in the

first two quarters of 1996. Business investment accelerated

to a 12 percent rate in the first quarter but dropped back in

the second. There was also a rebound in Federal spending after the shutdown contributed to a sharp decline in the fourth

quarter. Deterioration in the net export balance was a major

negative element in the first half of 1996.

Inflation, as measured by the chain-weighted price index

for GDP, increased at a moderate 2.2 percent annual rate in

the first half of 1996, in line with growth over the second

half of last year. Prices paid by U.S. residents, excluding exports and including imports, also rose at a 2.2 percent rate.

During the rest of 1996, GDP growth is projected to moderate to a steady pace that is consistent with low inflation.

Private forecasters and the Administration expect growth of

about 2-1/2 percent for the entire year.

Consumer and producer prices

Inflation has remained moderate in 1996 despite some acceleration in energy and food prices early in the year. In the

spring and summer months energy prices receded, while underlying inflation, excluding food and energy, has stayed

low throughout the year.

The consumer price index (CPI) rose by an annual rate of

3.5 percent through the first 7 months of this year compared

with an increase of 2.5 percent in 1995. Most of the pick up

was due to higher energy and food prices. Excluding those

items, the ‘‘core’’ rate of inflation was just 3 percent in the

first 7 months, the same rate of increase as last year.

The producer price index (PPI) for finished goods has also

registered some acceleration early in 1996, particularly for

energy, but growth has dropped back. After rising by 2.3 percent in 1995, the PPI was up at a 1.9 percent annual pace in

the first 7 months. Excluding food and energy, this year’s

gain was just 0.7 percent at an annual rate, well below the

2.6 percent increase in 1995. Core prices at earlier stages of

processing have also been very well behaved so far this year.

The cost of compensating labor has shown little evidence

of inflationary pressures. A more rapid growth in wages and

salaries in the first 6 months of the year has been partly offset by slower growth in benefit costs. The employment cost

index (ECI) rose by 2.9 percent over the 12 months ending

in June, a shade above the 2.7 percent gain over 1995.

Real disposable personal income and consumer spending

Growth of disposable (after-tax) income adjusted for inflation slowed to a 1.8 percent annual rate over the first half of

1996, after gains averaging close to 3 percent annually during 1994 and 1995. The slowdown resulted mainly from

higher tax payments, reflecting in part payments of the last

installment of the 1993 tax hike on upper-bracket incomes.

Wage and salary growth has been strong.

Rising wages have helped spur consumer spending. Real

personal consumption expenditures increased at a 3.6 percent annual rate over the first half of 1996, after rising by

1.9 percent during 1995. Nonautomotive discretionary

goods, such as furniture and apparel, have led the gains this

year.

The share of after-tax income devoted to personal saving

fell to 4.3 percent in the second quarter from 5.2 percent in

the fourth quarter of last year. So far this year, the personal

saving rate has averaged 4.6 percent, little different from the

4.7 percent for all of 1995. 

Industrial production and capacity utilization

Growth of industrial production in manufacturing, mining,

and utilities has picked up this year to a 4.8 percent annual

rate through July from only 1.1 percent during 1995.

A rebound from winter storms and the General Motors

strike in the first quarter helped push output growth to a 6

percent annual rate in the second quarter. Production edged

up by only 0.1 percent (not annualized) in July. That reGrowth 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
flected in part low output at utilities because of milder-thannormal summer weather. Output in manufacturing increased

by a moderate 0.3 percent in July, on top of strong secondquarter gains.

Faster growth of capacity over the past several years, combined with weak growth of production during 1995, has allowed the industrial capacity utilization rate to retreat from a

15-year high of 85.1 percent reached in January 1995. At

83.2 percent in July 1996, the utilization rate is still a little

above the long-term average of 82.1 percent. 

Employment and unemployment

Employment growth has accelerated since the middle of

last year. Job gains averaged 230,000 a month through the

first 7 months of this year, compared with an average increase of 159,000 per month in the final three quarters of

1995. Since the beginning of 1993, 10.2 million new jobs

have been created.

The private service-producing sector added most of the

new jobs. Increases in this sector totaled 2.2 million in 1995,

with an additional 1.3 million new jobs added through the

first 7 months of 1996. In contrast, the manufacturing sector

has been weak. Factory jobs fell by 282,000 between March

1995 and July 1996 after steady gains through 1994.

The unemployment rate fell steadily during 1994, and

since October of that year has hovered in a narrow range of

5.3 percent to 5.8 percent. By historical standards, this band

is quite low.

Nonfarm productivity and unit labor costs

Nonfarm productivity, or output per hour worked, increased at a 1 percent annual rate through the first half of

1996, about in line with its trend rate of growth since the

early 1970’s. This year’s performance is better than the sluggish productivity growth in the 3 previous years, when gains

averaged less than 0.2 percent a year.

Hourly compensation costs in the nonfarm business sector

rose at a 3.5 percent annual rate in the first half, less than the

4.1 percent over the four quarters of 1995. Labor costs per

unit of output, which combine the impact of growth of compensation with that of productivity, have risen at a 2.6 percent rate thus far though 1996, less than the 3.8 percent of

1995. The gain in 1995 was the fastest rise in unit labor

costs in 5 years.

Productivity in manufacturing, a component of the nonfarm sector, grew at a much more rapid pace than in the nonfarm business sector as a whole, rising by 3.4 percent in the

first half of 1996. As a result of the faster gains in productivity, unit labor costs in manufacturing have also been more favorable, declining slightly in 1996.

Current account balance

The current account encompasses U.S. international trade

in goods, services, and income payments. The current account deficit has widened sharply in recent years as the economic recovery here brought in imports at a faster pace than

the rate of expansion in exports. The deficit grew from a recent low of $10 billion in 1991 to a high of $148 billion in

1994. Deterioration slowed in the second half of 1995 but resumed in 1996 as economic growth picked up.

The merchandise trade component posted a $173 billion

deficit in 1995, the largest on record. Most of the deterioration occurred in the first half of the year, but the deficit began to widen again in 1996.

International trade in services showed a $68 billion surplus in 1995, a new record. In the first part of 1996, the surplus in services trade grew even further.

The balance on income payments, which includes interest,

dividends, and direct investment income, shifted from a surplus of $10 billion in 1993 to a deficit of $8 billion in 1995.

The main contributor to that deficit was Federal Government interest payments to the rest of the world. In the first

quarter of 1996, the deficit on income payments narrowed.

Exchange rate of the dollar

The dollar strengthened over the second half of 1995 and

on into 1996 after steady deterioration beginning in early

1994. Based on the Federal Reserve Board’s trade-weighted

index of the dollar against G-10 currencies, the dollar

dropped close to an all-time low in April 1995. Through the

rest of 1995 the dollar increased by 4 percent and rose a further 3.6 percent in the first half of 1996. There was some deterioration in July, with the value of the dollar dipping about

1 percent from its June level.

Most of the dollar deterioration in 1994 was against the

yen and the deutschemark, and the improvement was also

greatest against these currencies. Since April 1995, the dollar has increased by more than 10 percent against the deutschemark and by 30 percent against the yen.

Despite the improvement, the dollar remains about 12 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency

markets. The large U.S. current account deficit likely played

a role in the earlier downward movement of the dollar. Underlying economic fundamentals in the United States remain

sound, however.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Interest rates

Long-term interest rates have moved higher in 1996 after

declining over the second half of last year. The yield on the

30-year Treasury bond increased from a recent low of 6 percent in January to a rate of about 6.8 percent by early August. Stronger jobs and income growth contributed to the

upward movement.

Mortgage interest rates have also increased but remain extremely favorable. Earlier this year the rate for a 30-year

fixed-rate conventional loan was 7 percent, close to the 25-

year lows reached in October 1993. Rates at the beginning

of August were at about 8-1/4 percent, still quite low by historical standards.

Short-term interest rates have remained fairly steady this

year. The Federal Reserve Board eased monetary policy in

January for the third time in the current cycle, but have kept

rates stable since then as economic growth accelerated.

Net national saving and investment

In the first quarter of 1996, net national savings, excluding

depreciation to replace obsolete capital, rose to 5.7 percent

of net national product (NNP) from 5.1 percent averaged in

1995 and as low as 2.8 percent in both 1992 and 1993. Despite the gains, net saving remains less than half as high as

the 12 percent of NNP averaged in the 1960’s.

Recent improvement is mainly the result of narrowing of

the Federal deficit. That has reduced Government dissavings

to 1 percent of NNP in the first quarter from 3.5 percent in

1992. Private saving, of households and businesses, was

equivalent to 7.5 percent of NNP in the first quarter, up a little from a historical low of 6.4 percent in 1994. Even so, private saving is still well below the nearly 10 percent of NNP

averaged in the 1960’s and 1970’s. 

Net domestic investment equaled 6.9 percent of NNP in

the first quarter, up from a low of 4.1 percent in 1991. Foreign inflows accounted for 2 percent of NNP this year, or

nearly one-third of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, less than

half the share of NNP averaged in the 1960’s and 1970’s.

Housing

Housing activity remained very strong over the first half

of 1996 despite some upturn in mortgage interest rates.

Housing starts averaged 1.47 million units at an annual rate

in the first quarter and 1.48 million units in the second, a

new expansion high. Both single- and multi-family housing

starts were strong.

Single-family home sales have been brisk, as improvements in employment growth and consumer confidence and

a shift toward lower-cost adjustable rate loans kept housing

demand high. In June, both new and existing home sales

fell, which could suggest that the higher mortgage interest

rates in recent months are beginning to have an effect.

Although rates have risen from levels that were near 25-

year lows in January and February, they are still quite moderate by historical standards. Growing employment should

continue to support the housing market, but it is unlikely

that there will be additional large gains. The level of housing

activity is fairly high for this stage of the business cycle, and

further rapid expansion is doubtful.

Federal budget deficit

The Federal deficit is projected to fall to $116.8 billion in

fiscal 1996. That figure would be the lowest in 15 years and

about $47 billion below the level of the previous fiscal year.

Three-quarters of the way through fiscal 1996, the deficit is

well on track to meet that projection. 

In fiscal 1992, the deficit was at an all-time high of $290

billion. By fiscal 1995, it had fallen by a total of $126 billion to a level of $l64 billion. Strong economic growth and

passage of the Omnibus Budget Reconciliation Act of 1993

set the deficit on its downward course. 

The 1996 deficit will represent less than half of the deficit

of 1992. At an estimated 1.6 percent of the gross domestic

product (GDP), the deficit will be the smallest share since

1974.

 The deficit is projected to fall further in succeeding fiscal

years. It will reach balance by fiscal 2001 under the Administration’s economic assumptions.

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.

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, and (2) in the three types of revolving funds

(public enterprise, intragovernmental, and trust); 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 two categories: (1) proprietary receipts, or collections from the public,

offset against outlays by agency and by function, and (2)

intra-governmental funds, 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.

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 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 off-budget Federal

entities consist of the two Social Security trust funds, Federal

old-age and survivors insurance, and Federal disability insurance.

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) included off-budget 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

‘‘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.

6 FEDERAL FISCAL OPERATIONS
CHART FFO-B.-- Budget

Receipts by Source,

through Third Quarter,

Fiscal Years 1995-1996

(In billions of dollars)

Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of

the United States Government’’

• 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 (revised from March issue) 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).

During the preparation of Table FFO-4, incorrect figures were

inadvertently imported into the Unemployment Insurance and

Estate and Gift columns. Revisions resulted in a change to the

State distribution only.

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.

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 7
Summary of Budget Results for the Third Quarter, Fiscal 1996

There was marked improvement in the Federal budget balance

in the third quarter, which was in

surplus by $53.2 billion, more

than double the surplus registered

in the corresponding quarter of fiscal 1995. The favorable showing

held the deficit for the first three

quarters of the current fiscal year

to $75 billion, down from

$123.7 billion a year earlier. For

the entire fiscal 1996, the deficit is

now projected to narrow to $116.8

billion from $163.9 billion in fiscal 1995, based on revised estimates contained in the

‘‘Mid-Session Review of the Fiscal 1997 Budget’’ released in July.

Budget results are typically favorable in the third fiscal quarter,

which contains both individual and corporate final settlements

on tax liability for the prior calendar year and also quarterly

payments on estimated liability for the current year. The surplus in the third quarter of fiscal 1996 was the largest in dollar

terms for any quarter on record and reflected the combination

of a sizable, 10.3 percent increase in revenues and a narrow

rise in outlays of 3 percent, or only 2.1 percent if the deposit

insurance account is excluded.

Leading the overall increase in revenues in the quarter was

a rise of 21.5 percent in nonwithheld individual income and

employment taxes. This reflected the very large revenue flow

around this year’s April 15 filing date and also strong quarterly

payments in June on estimated tax liability for calendar 1996.

At the same time, individual tax refunds (treated as negative

revenues in budget accounting) were slightly lower than a year

earlier when a large volume of refund payments had been

delayed from the second to the third quarter by extra precautions taken by the Internal Revenue Service to combat fraud.

Withheld income and employment taxes were up by a solid 7.1

percent, which was about 1 percentage point faster than the

increase in the wage and salary tax base, as carried in the

national income and product accounts.

Corporate income tax revenues were up much more modestly. The increase from a year earlier of 4.7 percent lagged

well behind gains of recent quarters, perhaps indicating that

the phase of rapid growth of corporate profits during the

current economic expansion is behind us. There were declines

in customs duty receipts and in Federal Reserve remittances to

the Treasury, the latter reflecting among other things a slight

decline in the effective interest rate on Treasury securities, very

little change in Federal Reserve holdings of those securities,

and the effect of currency realignments.

The modest increase in total outlays in the third quarter from

the prior year reflected generally narrow increases in spending

for basic Government functions and for most ‘‘safety-net’’

programs. Net interest outlays were up by a moderate 1.5

percent, as a decline in the effective interest rate on the publicly

held debt offset a 3-3/4 percent increase in that debt. Running

counter to recent trends, defense spending rose by 2.6 percent

from a year earlier, representing one of the few quarters recently of rising rather than declining outlays. Defense outlays

are expected to tip downward again in coming quarters, but not

at the rapid pace of recent years, which witnessed a fall in

inflation-adjusted defense spending at a rate of better than

5 percent a year. The biggest part of that decline has been in

the procurement account, which was accompanied by sharp

cutbacks in employment in industries producing defense

goods. The pattern of orders placed with producers of defense

goods, as well as budget projections, suggests a bottoming out

of procurement spending.

The deficit of $75 billion for the first 9 months of this year

represented an improvement of nearly $49 billion from a year

earlier. The deficit for the period was artificially reduced by $7

to $8 billion by the unusual timing of some outlays. In terms

of comparisons with a year earlier, however, that was largely

offset by a swing in the deposit insurance account. Most

analysts exclude that account in looking at underlying budget

trends. Adjusting for the unusual timing of spending and

excluding the deposit insurance account, the deficit was

roughly $90 billion in the 9-month period, also off by about

$49 billion from a year earlier.

That brings the ‘‘Mid-Session Review’’ projection of a

$116.8 billion deficit in fiscal 1996 well within target. The

figure would represent a reduction of $47 billion from the

deficit for all of fiscal 1995 and would represent 1.6 percent of

the Nation’s GDP, the smallest share since fiscal 1974. The

deficit is projected to widen slightly in dollar terms in fiscal

1997, with much of that due to a return to normal timing of

outlays. (The unusual timing of outlays that affected the figures

for the first 9 months of the current fiscal year also artificially

reduces outlays and the deficit for the entire fiscal year.) Based

on Administration budget initiatives and the assumption that

the economy remains at relatively full employment, the deficit

is projected to narrow steadily in the years that follow and to

shift into surplus by fiscal 2001.

[Note: Because of budget constraints, the article summarizing quarterly budget results will not appear in future issues of

the ‘‘Treasury Bulletin’’.]

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

Government

[In millions of dollars]

April-June

Actual fiscal year to

date

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . 445,349 1,090,504 

On-budget receipts . . . . . . . . . . . . . . . . . . . 337,598 811,976 

Off-budget receipts . . . . . . . . . . . . . . . . . . . 107,752 278,528 

Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . 392,153 1,165,526 

On-budget outlays . . . . . . . . . . . . . . . . . . . . 323,777 951,581 

Off-budget outlays . . . . . . . . . . . . . . . . . . . . 68,376 213,945 

Total surplus or deficit (-) . . . . . . . . . . . . . . . . . 53,196 -75,022 

On-budget surplus or deficit (-) . . . . . . . . . . 13,820 -139,605 

Off-budget surplus or deficit (-) . . . . . . . . . . 39,376 64,583 

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . -23,452 90,347 

Reduction of operating cash . . . . . . . . . . . . -16,159 -84 

Other means . . . . . . . . . . . . . . . . . . . . . . . . -13,586 -15,241 

Total on- and off-budget financing . . . . . -53,196 75,022 

8 FEDERAL FISCAL OPERATIONS
Second Quarter Fiscal 1996 Net Budget Receipts, by Source

[In billions of dollars]

Source January February March

Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.2 40.3 22.5

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 1.7 15.5

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.7 36.0 41.1

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.5 0.3

Contibutions for other insurance and retirement. . . . . . . . . . . . . . . . . . . . . . 0.4 0.4 0.4

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 4.3 4.1

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1.1 1.2

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

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2.1 2.5 1.6

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

142.7 90.3 88.2

Second-Quarter Receipts

The following capsule analysis of budget receipts, by source,

for the second quarter of fiscal 1996 supplements fiscal data

reported in the June 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 $149.0 billion for the second quarter of fiscal 1996, an

increase of $9.2 billion over the comparable quarter for fiscal

1995. Withheld receipts increased by $9.3 billion and nonwithheld receipts increased by $4.8 billion during this period.

Refunds increased by $4.9 billion over the comparable fiscal

1995 quarter. There was an increase of $3.1 billion in accounting adjustments between individual income tax receipts and the

Social Security and Medicare trust funds over the comparable

quarter in fiscal 1995.

Corporate income taxes----Net corporate receipts for the

second quarter totaled $22.3 billion, $2.1 billion higher than

those for the comparable quarter of fiscal 1995. The $2.1 billion

figure consists of $1.8 billion in higher estimated and final

payments plus $0.3 billion in lower refunds. The increase in

net receipts mainly reflects higher corporate profits.

Employment taxes and contributions----Employment taxes

and contributions receipts for the second quarter were $117.8

billion, an increase of $4.5 billion over the comparable prior

year quarter. Receipts to the Old-Age Survivors Insurance,

Disability Insurance, and Hospital Insurance trust funds increased by $3.0 billion, $0.6 billion, and $1.0 billion, respectively. There was a -$1 billion accounting adjustment for prior

years’ employment tax liabilities made in the second quarter of

fiscal 1995, while there was a -$4.1 billion adjustment made in

the second quarter of fiscal 1996.

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

quarter. There was a negligible increase over receipts from the

second quarter of fiscal 1995. 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).

Unemployment insurance----Unemployment insurance receipts for the second quarter were $3.9 billion, $0.1 billion less

than for the comparable quarter of fiscal 1995. State taxes

deposited in the U.S. Treasury increased by $0.04 billion, and

Federal Unemployment Tax Act (FUTA) receipts decreased by

$0.16 billion. Railroad unemployment tax receipts were unchanged from the comparable quarter of fiscal 1995.

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

were $12.7 billion, a decrease of $0.5 billion over the comparable prior year quarter. Total excise tax refunds for the quarter

were $0.2 billion, a decrease of $0.4 billion over the comparable prior year quarter. 

Estate and gift taxes----Estate and gift tax receipts were $3.6

billion for the second quarter. These receipts represent a decrease of $0.4 billion over the previous quarter, as well as an

increase of $0.3 billion over the same quarter in 1995.

Customs duties----Customs receipts net of refunds were $4.5

billion for the second quarter. This is approximately equal to

the customs duties received in the Treasury from the comparable prior year quarter.

Miscellaneous receipts----Net miscellaneous receipts for the

second quarter were $6.3 billion, a decrease of $1.2 billion over

the comparable prior year quarter. Deposits of earnings by

Federal Reserve banks decreased by $1.3 billion over the

comparable prior year quarter.

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)

1991 1. . . . . . . . . . . . -15,018 115,844 276,802 1,329 -1,444 -4,464 215 -17,406 4,969 268,729

1992 1

. . . . . . . . . . . . 500 92,978 310,918 17,305 1,389 18,654 672 17,043 263 290,204

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 - Est. . . . . . . . . . 8,140 121,002 165,272 2,051 * * * -17,585 * 145,636

1997 - Est. . . . . . . . . . -1,748 127,226 164,326 - * * * -24,235 * 140,091

1995 - June . . . . . . . . 198 37,899 8,491 34,312 -54 -3,725 -143 9,006 79 -12,814

July . . . . . . . . -8 -1,611 10,627 -11,635 -2,882 4,895 627 -6,087 44 13,579

Aug. . . . . . . . . 168 -5,349 16,071 -30,776 -341 819 -290 -12,906 98 33,851

Sept. . . . . . . . -60 10,148 -6,618 19,820 239 -3,633 211 15,914 55 -7,286

Oct. . . . . . . . . 210 -1,185 13,353 -16,755 -86 3,179 17 -4,240 * 22,758

Nov. . . . . . . . . 970 -33,891 38,339 4,912 85 -3,548 -126 1,434 * 38,450

Dec. . . . . . . . . 104 18,541 -18,358 -5,611 2 459 76 7,998 - -5,286

1996 - Jan. . . . . . . . . -104 4,685 -4,747 16,959 -258 1,073 -340 2,907 - -19,274

Feb. . . . . . . . . 8,033 -10,282 47,022 -6,297 327 -1,678 503 -9,872 - 44,295

Mar. . . . . . . . . -666 62,211 38,189 -9,283 -57 207 434 387 - 47,275

Apr. . . . . . . . . 154 19,955 -35,466 26,449 -86 5,883 -131 -4,812 - -72,393

May . . . . . . . . -365 5,691 20,633 -43,809 74 -856 114 -11,812 - 53,298

June . . . . . . . . 520 41,599 -8,619 33,519 9 346 50 8,442 - -34,101

Fiscal 1996 to date . . 8,856 107,324 90,347 84 11 5,064 599 -9,568 * 75,022

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 1997 budget, released by the Office of Management and Budget on July 16, 1996.

1991 1. . . . . . . . . . . . 1,054,260 760,375 293,885 1,322,989 1,081,302 241,687 -268,729 -320,926 52,198 407,664

1992 1

. . . . . . . . . . . . 1,091,692 789,266 302,426 1,381,895 1,129,336 252,559 -290,204 -340,071 49,867 403,396

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 - Est. . . . . . . . . . 1,426,775 1,059,334 367,441 1,572,411 1,270,292 302,119 -145,636 -210,958 65,322 278,133

1997 - Est. . . . . . . . . . 1,495,238 1,107,223 388,015 1,635,329 1,317,655 317,674 -140,091 -210,432 70,341 293,300

1995 - June . . . . . . . . 147,868 115,998 31,870 135,054 120,236 14,818 12,814 -4,237 17,051 46,192

July . . . . . . . . 92,749 65,788 26,961 106,328 80,931 25,397 -13,579 -15,143 1,564 9,024

Aug. . . . . . . . . 96,560 69,264 27,296 130,411 104,134 26,277 -33,851 -34,870 1,019 10,554

Sept. . . . . . . . 143,219 112,510 30,710 135,933 105,098 30,836 7,286 7,412 -126 3,590

Oct. . . . . . . . . 95,593 72,200 23,393 118,352 92,151 26,201 -22,758 -19,951 -2,807 11,958

Nov. . . . . . . . . 90,008 63,651 26,357 128,458 101,767 26,691 -38,450 -38,116 -334 3,478

Dec. . . . . . . . . 138,271 110,322 27,949 132,984 121,753 11,231 5,286 -11,431 16,717 79

1996 - Jan. . . . . . . . . 142,922 110,615 32,307 123,647 98,056 25,591 19,274 12,558 6,716 42

Feb. . . . . . . . . 89,349 60,913 28,437 133,644 105,711 27,933 -44,295 -44,799 504 28,707

Mar. . . . . . . . . 89,011 56,677 32,334 136,286 108,365 27,921 -47,275 -51,688 4,413 101,066

Apr. . . . . . . . . 203,386 160,774 42,613 130,993 105,131 25,863 72,393 55,643 16,750 -15,665

May . . . . . . . . 90,044 60,106 29,938 143,342 114,485 28,856 -53,298 -54,380 1,082 26,689

June . . . . . . . . 151,919 116,718 35,201 117,818 104,161 13,657 34,101 12,557 21,544 32,460

Fiscal 1996 to date . . 1,090,504 811,976 278,528 1,165,526 951,581 213,945 -75,022 -139,605 64,583 188,815

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)

1991 1. . . . . . . . . . . . . . . 404,152 142,725 79,050 467,827 113,599 15,513 98,086 565,913 367,558 831 366,727

1992 1

. . . . . . . . . . . . . . . 408,352 149,372 81,259 476,465 117,951 17,680 100,270 576,735 382,339 804 381,535

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 - Est. . . . . . . . . . . . . 534,281 186,071 89,479 630,873 185,127 18,019 167,108 797,981 469,289 - 469,289

1997 - Est. . . . . . . . . . . . . 549,952 187,818 92,668 645,102 203,488 18,510 184,978 830,080 496,785 - 496,785

1995 - June . . . . . . . . . . . 40,901 23,061 2,505 61,457 36,645 768 35,876 97,333 40,623 - 40,623

July . . . . . . . . . . . 41,532 3,100 1,812 42,819 4,476 1,079 3,397 46,216 34,104 - 34,104

Aug. . . . . . . . . . . . 41,631 4,147 1,657 44,122 3,284 782 2,501 46,623 34,564 - 34,564

Sept. . . . . . . . . . . 36,295 27,165 2,551 60,909 33,719 730 32,989 93,898 39,000 - 39,000

Oct. . . . . . . . . . . . 46,918 5,899 978 51,840 4,813 2,633 2,180 54,020 30,954 750 30,205

Nov. . . . . . . . . . . . 39,945 1,992 2,414 39,524 3,056 1,362 1,694 41,218 34,652 - 34,652

Dec. . . . . . . . . . . . 50,597 3,227 646 53,179 38,954 932 38,021 91,200 36,870 - 36,870

1996 - Jan. . . . . . . . . . . . 55,351 31,160 319 86,192 6,381 1,223 5,158 91,350 40,361 - 40,361

Feb. . . . . . . . . . . . 46,722 3,170 9,565 40,327 3,797 2,105 1,692 42,019 35,681 - 35,681

Mar. . . . . . . . . . . . 41,834 5,806 25,118 22,523 17,793 2,332 15,460 37,983 40,674 - 40,674

Apr. . . . . . . . . . . . 38,930 89,405 20,822 107,513 26,912 1,975 24,937 132,450 56,224 - 56,224

May . . . . . . . . . . . 45,399 6,364 21,850 29,914 3,647 1,077 2,570 32,484 37,707 - 37,707

June . . . . . . . . . . . 35,941 26,936 2,061 60,816 37,950 992 36,957 97,773 44,930 - 44,930

Fiscal 1996 to date . . . . . 401,637 173,961 83,772 491,826 143,303 14,633 128,670 620,496 358,053 750 357,303

1991 1

. . . . . . . . . . . . 3,792 -8 3,801 370,526 21,068 146 20,922 4,454 108 4,563

1992 1

. . . . . . . . . . . . 3,961 5 3,956 385,491 23,557 147 23,410 4,683 105 4,788

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 - Est. . . . . . . . . . 3,897 - 3,897 473,186 29,810 - 29,810 4,449 90 4,539

1997 - Est. . . . . . . . . . 3,959 - 3,959 500,744 30,841 - 30,841 4,500 90 4,590

1995 - June . . . . . . . . -18 * -18 40,605 327 7 320 408 8 416

July . . . . . . . . 413 3 410 34,514 1,651 15 1,636 344 5 349

Aug. . . . . . . . . 351 1 350 34,914 4,467 13 4,454 431 6 436

Sept. . . . . . . . 315 11 304 39,304 238 3 235 355 9 364

Oct. . . . . . . . . 344 * 344 30,549 1,216 3 1,214 336 6 342

Nov. . . . . . . . . 267 - 267 34,919 2,940 - 2,940 332 8 340

Dec. . . . . . . . . 290 36 254 37,123 228 5 223 411 5 416

1996 - Jan. . . . . . . . . 428 47 381 40,742 1,090 10 1,081 368 6 374

Feb. . . . . . . . . 379 49 330 36,011 2,559 13 2,546 391 12 403

Mar. . . . . . . . . 367 -45 412 41,086 259 1 258 401 18 419

Apr. . . . . . . . . 389 -1 390 56,615 3,650 23 3,628 354 -8 346

May . . . . . . . . 401 5 396 38,104 10,165 10 10,155 411 6 417

June . . . . . . . . -42 * -42 44,888 400 - 400 289 6 295

Fiscal 1996 to date . . 2,824 91 2,733 360,036 22,508 64 22,444 3,291 60 3,351

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.

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)

1991 1. . . . . . . . . . . . . 42,430 11,473 335 11,138 16,738 817 15,921 19,158 3,689 22,847 760,375 293,885

1992 1

. . . . . . . . . . . . . 45,570 11,479 336 11,143 18,135 775 17,359 22,908 4,292 27,195 789,266 302,426

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 - Est. . . . . . . . . . . 53,886 15,924 - 15,924 19,313 - 19,313 23,752 8,384 32,136 1,059,334 367,441

1997 - Est. . . . . . . . . . . 59,628 17,077 - 17,077 20,454 - 20,454 22,580 9,244 31,824 1,107,223 388,015

1995 - June . . . . . . . . . 4,897 1,071 31 1,040 1,752 169 1,583 1,426 247 1,674 115,998 31,870

July . . . . . . . . . 5,074 1,063 26 1,037 1,759 156 1,603 2,049 271 2,320 65,788 26,961

Aug. . . . . . . . . . 4,757 1,538 38 1,500 1,993 199 1,794 1,743 338 2,081 69,264 27,296

Sept. . . . . . . . . 5,706 1,314 25 1,289 1,728 93 1,634 411 378 789 112,510 30,710

Oct. . . . . . . . . . 4,453 1,207 46 1,160 1,883 97 1,786 1,756 314 2,070 72,200 23,393

Nov. . . . . . . . . . 5,154 1,375 26 1,349 1,709 116 1,593 2,117 379 2,496 63,651 26,357

Dec. . . . . . . . . . 4,870 1,411 29 1,383 1,532 94 1,439 1,388 230 1,618 110,322 27,949

1996 - Jan. . . . . . . . . . 4,241 1,321 33 1,288 1,574 92 1,482 2,159 206 2,364 110,615 32,307

Feb. . . . . . . . . . 4,308 1,120 31 1,090 1,525 68 1,456 872 644 1,517 60,913 28,437

Mar. . . . . . . . . . 4,133 1,170 34 1,137 1,608 80 1,528 2,051 416 2,467 56,677 32,334

Apr. . . . . . . . . . 4,577 2,746 42 2,704 1,498 110 1,388 1,421 259 1,680 160,774 42,613

May . . . . . . . . . 4,113 1,445 31 1,415 1,549 122 1,427 1,707 222 1,929 60,106 29,938

June . . . . . . . . . 4,310 1,177 36 1,141 1,548 99 1,450 1,456 207 1,663 116,718 35,201

Fiscal 1996 to date . . . 40,159 12,972 307 12,665 14,426 878 13,548 14,927 2,876 17,803 811,976 278,528

1991 1

. . . . . . . . . . . . . . . 396,011 4,919 10 4,910 652 - 652 17,331 352 16,979 20,472 582 19,890

1992 1

. . . . . . . . . . . . . . . 413,689 4,660 15 4,645 626 - 626 17,287 574 16,713 24,562 977 23,585

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 - Est. . . . . . . . . . . . . 507,535 2,281 - 2,281 620 - 620 24,554 - 24,554 26,431 - 26,431

1997 - Est. . . . . . . . . . . . . 536,175 6,251 - 6,251 633 - 633 24,904 - 24,904 27,840 - 27,840

1995 - June . . . . . . . . . . . 41,341 593 - 593 50 - 50 1,628 -162 1,789 2,716 252 2,464

July . . . . . . . . . . . 36,499 467 5 461 53 - 53 2,565 244 2,320 2,023 -217 2,239

Aug. . . . . . . . . . . . 39,804 502 13 490 52 - 52 1,875 328 1,546 2,718 50 2,668

Sept. . . . . . . . . . . 39,902 325 - 325 41 - 41 2,095 - 2,095 3,271 26 3,245

Oct. . . . . . . . . . . . 32,104 467 - 467 52 - 52 1,748 1 1,747 2,229 42 2,187

Nov. . . . . . . . . . . . 38,199 449 - 449 52 - 52 1,737 - 1,737 3,173 256 2,917

Dec. . . . . . . . . . . . 37,762 447 6 441 52 - 52 1,802 96 1,706 2,613 -58 2,672

1996 - Jan. . . . . . . . . . . . 42,197 502 - 502 41 - 41 2,282 - 2,282 1,456 39 1,417

Feb. . . . . . . . . . . . 38,960 -405 - -405 53 - 53 1,951 - 1,951 2,766 58 2,708

Mar. . . . . . . . . . . . 41,763 31 10 21 44 - 44 1,836 298 1,538 2,341 -189 2,530

Apr. . . . . . . . . . . . 60,588 - - - 52 - 52 2,171 267 1,904 2,413 -209 2,621

May . . . . . . . . . . . 48,676 396 - 396 51 - 51 2,006 - 2,006 1,887 226 1,660

June . . . . . . . . . . . 45,583 - - - 51 - 51 2,099 -542 2,642 2,242 624 1,618

Fiscal 1996 to date . . . . . 385,832 1,886 16 1,870 447 - 447 17,632 119 17,513 21,120 790 20,329

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 1997 budget, released by the Office of Management and Budget on July 16, 1996.

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)

1991 1. . . . . . . . . . . . . 2,295 1,989 193 11,724 54,119 2,585 261,925 26,538 25,339 12,459

1992 1

. . . . . . . . . . . . . 2,677 2,299 190 11,109 56,436 2,567 286,632 28,265 26,047 15,439

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 - Est. . . . . . . . . . . 2,695 3,297 206 10,445 54,840 3,789 254,325 32,255 30,404 14,678

1997 - Est. . . . . . . . . . . 2,752 3,561 215 10,337 55,942 3,993 247,463 33,292 29,639 14,569

1995 - June . . . . . . . . . 185 336 14 670 3,493 286 25,792 2,639 2,630 1,580

July . . . . . . . . . 225 198 22 40 3,478 356 17,127 2,616 1,286 1,366

Aug. . . . . . . . . . 178 339 15 1,485 2,579 253 22,900 2,780 3,862 1,334

Sept. . . . . . . . . 199 221 17 843 3,779 224 25,041 2,759 2,956 1,870

Oct. . . . . . . . . . 175 197 14 722 5,810 353 17,270 2,660 2,056 1,495

Nov. . . . . . . . . . 173 196 14 1,203 6,540 280 20,262 2,707 2,336 1,383

Dec. . . . . . . . . . 158 226 14 193 4,240 250 23,988 2,593 1,891 1,498

1996 - Jan. . . . . . . . . . 262 320 18 1,073 4,250 363 19,371 2,718 3,624 1,139

Feb. . . . . . . . . . 199 212 15 2,340 3,682 307 20,478 2,853 2,568 1,285

Mar. . . . . . . . . . 162 215 25 825 3,916 287 21,556 2,664 2,620 1,222

Apr. . . . . . . . . . 172 329 19 827 3,265 322 21,787 2,683 2,356 1,136

May . . . . . . . . . 205 385 19 592 3,757 335 25,658 2,774 1,906 1,200

June . . . . . . . . . 167 206 14 437 3,558 239 18,776 2,635 2,194 1,422

Fiscal 1996 to date . . . 1,673 2,286 151 8,215 39,016 2,738 189,148 24,287 21,551 11,781

1991 1

. . . . . . . . . . . . . 217,969 22,751 6,094 8,244 34,048 4,252 30,504 286,022 -9,128 31,213 5,770

1992 1

. . . . . . . . . . . . . 257,961 24,470 6,555 9,826 47,164 5,007 32,561 292,330 1,098 33,737 5,932

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 - Est. . . . . . . . . . . 327,429 26,432 6,939 12,964 34,404 5,500 38,994 344,628 20,328 37,606 6,329

1997 - Est. . . . . . . . . . . 354,274 32,175 6,931 15,596 35,154 5,540 38,063 346,118 22,733 39,819 6,460

1995 - June . . . . . . . . . 28,535 2,795 482 875 2,871 397 3,425 59,355 496 4,540 542

July . . . . . . . . . 22,706 2,285 563 1,172 2,751 325 3,349 20,946 606 1,584 493

Aug. . . . . . . . . . 27,613 2,196 632 890 2,895 392 3,388 22,302 431 3,262 615

Sept. . . . . . . . . 25,994 2,566 853 936 2,265 435 3,742 20,174 -307 4,509 559

Oct. . . . . . . . . . 24,418 1,087 641 809 2,516 531 3,138 21,631 -30 1,619 484

Nov. . . . . . . . . . 26,828 2,350 477 985 2,821 341 3,300 26,006 -1,053 3,262 538

Dec. . . . . . . . . . 25,767 2,701 499 838 2,431 439 3,122 60,676 1,146 4,416 435

1996 - Jan. . . . . . . . . . 25,452 2,646 536 1,112 3,533 300 3,115 20,923 406 2,152 595

Feb. . . . . . . . . . 26,203 2,162 624 933 2,520 423 2,979 20,977 6,870 2,884 526

Mar. . . . . . . . . . 26,366 3,122 485 920 2,990 432 2,914 20,739 7,171 3,288 481

Apr. . . . . . . . . . 27,852 2,308 504 1,020 3,205 357 2,885 21,481 2,939 2,950 494

May . . . . . . . . . 31,391 2,384 567 1,079 2,388 404 3,316 26,902 1,686 5,235 471

June . . . . . . . . . 23,661 1,348 497 945 2,535 332 3,194 59,749 1,753 1,566 478

Fiscal 1996 to date . . . 237,940 20,109 4,830 8,641 24,938 3,559 27,963 279,084 20,885 27,372 4,502

 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 Allow- On- Offor month tration tration ment tration istration agencies retirement funds Shelf lands Other ances budget budget

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

1991 1. . . . . . . . . . . . 487 13,878 34,808 613 266,395 80,454 -36,206 -70,649 -3,150 -550 - 1,081,302 241,687

1992 1

. . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559

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 - Est. . . . . . . . . . 469 14,190 42,374 957 377,255 9,192 -33,429 -97,598 -4,489 -4,350 -647 1,270,292 302,119

1997 - Est. . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674

1995 - June . . . . . . . . 387 1,166 3,647 59 36,248 -5,315 -2,696 -39,948 -431 * - 120,236 14,818

July . . . . . . . . -684 1,032 3,557 14 28,313 895 -2,901 -129 -228 -7,034 - 80,931 25,397

Aug. . . . . . . . . 299 1,236 3,482 -6 30,054 -839 -2,750 -1,134 -272 * - 104,134 26,277

Sept. . . . . . . . 223 1,199 3,409 31 32,534 5,010 -5,760 -311 -36 * - 105,098 30,836

Oct. . . . . . . . . 339 1,128 3,576 16 28,234 642 -2,404 -415 -361 * - 92,151 26,201

Nov. . . . . . . . . 389 1,119 3,418 238 30,121 524 -2,365 -5,736 -200 * - 101,767 26,691

Dec. . . . . . . . . 477 973 3,576 76 32,778 730 -2,562 -40,465 -121 * - 121,753 11,231

1996 - Jan. . . . . . . . . -393 1,208 3,379 -9 28,961 -527 -2,491 -65 -322 * - 98,056 r

 25,591

Feb. . . . . . . . . 382 1,073 3,252 23 31,206 552 -2,559 -1,028 -295 - - 105,711 27,933

Mar. . . . . . . . . 396 1,057 3,758 41 31,384 -117 -2,282 -143 -8 -200 - 108,365 27,921

Apr. . . . . . . . . -739 1,193 3,756 31 31,433 348 -2,428 -990 -499 -5 - 105,131 25,863

May . . . . . . . . -520 1,281 3,377 40 33,650 1,801 -2,583 -5,951 -408 * - 114,485 28,856

June . . . . . . . . 423 1,155 3,893 38 32,685 -2,313 -2,558 -41,133 -78 * - 104,161 13,657

Fiscal 1996 to date . . 755 10,187 31,984 495 280,451 1,644 -22,233 -95,926 -2,292 -205 - 951,581 213,945

* 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 1997 budget, released by the Office of Management and Budget on July 16, 1996.

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)

1991 . . . . . . . . . . . . . . 3,068,821 264,818 3,333,340 566,620 565,581

1992 . . . . . . . . . . . . . . 3,266,858 288,556 3,538,754 572,967 572,321

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

1995 - June . . . . . . . . . 391,455 20,666 395,787 62,509 44,528

July. . . . . . . . . . 274,267 15,421 299,462 44,381 46,244

Aug. . . . . . . . . . 351,907 15,102 373,446 45,356 69,694

Sept.. . . . . . . . . 290,931 18,998 306,074 58,374 42,408

Oct.. . . . . . . . . . 298,831 15,725 316,159 46,545 61,697

Nov. . . . . . . . . . 393,003 14,447 408,763 44,608 38,381

Dec. . . . . . . . . . 316,921 21,708 338,354 68,902 74,788

1996 - Jan. . . . . . . . . . 339,184 18,119 355,071 54,403 39,676

Feb. . . . . . . . . . 409,663 13,572 425,812 45,271 48,989

Mar. . . . . . . . . . 275,277 15,685 289,573 52,580 63,252

Apr.. . . . . . . . . . 520,944 17,110 538,054 58,821 36,392

May. . . . . . . . . . 424,041 14,052 438,093 46,232 82,756

June . . . . . . . . . 318,757 17,596 336,353 7,844 30,732

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 Mar. 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)

1991 . . . . . . . . . . . . . . 7,928 33,556 27,810 36,577 2,427 422 6,646 19,202

1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 2,752 6,513 19,756

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

1995 - June . . . . . . . . . 20,977 39,563 20,977 39,870 2,826 775 7,530 19,928

July . . . . . . . . . . 11,206 37,700 20,977 39,563 4,860 21,161 6,984 28,380

Aug. . . . . . . . . . 4,767 13,363 7,418 36,873 4,048 5,167 5,257 14,366

Sept. . . . . . . . . . 8,620 29,329 17,499 41,288 4,001 1,430 6,850 17,754

Oct. . . . . . . . . . . 7,018 14,176 8,620 33,237 3,416 4,677 5,384 12,446

Nov. . . . . . . . . . 5,703 20,402 6,538 20,402 4,621 - 5,410 8,195

Dec. . . . . . . . . . 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191

1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023

Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227

Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367

Apr. . . . . . . . . . . 11,042 37,281 15,668 37,281 4,485 1,266 7,318 15,761

May . . . . . . . . . . 3,757 757 11,967 37,881 3,757 757 5,714 12,867

June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821

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. Average maturity has increased gradually since it hit a low of 2 years, 5 months, in

December 1975. In March 1971, Congress enacted a limited

exception to the 4-1/4-percent interest rate ceiling on Treasury

bonds. This permitted Treasury to offer securities maturing in

more than 7 years at current market rates of interest for the first

time since 1965. This exception has expanded since 1971

authorizing Treasury to continue to issue long-term securities,

and the ceiling on Treasury bonds was repealed on November

10, 1988. The volume of privately held Treasury marketable

securities by maturity class reflects the remaining period to

maturity of Treasury bills, notes, and bonds. The average

length is comprised of an average of remaining periods to

maturity, weighted by the amount of each security held by

private investors. In other words, computations of average

length exclude Government accounts and the Federal Reserve

banks.

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

outstanding debt subject to limitation by law. The other debt

category includes Federal debt Congress has designated as

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

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

• Table FD-7 details Treasury holdings of securities issued

by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition,

agencies such as the Bonneville Power Administration are

authorized to borrow from the Treasury to finance capital

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

Treasury securities to the public.

FEDERAL DEBT 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)

1991. . . . . . . . . . . . . . . 3,683,054 3,665,303 17,751 919,713 919,573 139 2,763,341 2,745,729 17,612

1992. . . . . . . . . . . . . . . 4,082,871 4,064,621 18,250 1,016,453 1,016,330 123 3,066,418 3,048,291 18,127

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

1995 - June . . . . . . . . . 4,978,233 4,951,372 26,861 1,316,581 1,316,564 17 3,661,652 3,634,808 26,844

July . . . . . . . . . 4,987,006 4,960,152 26,854 1,315,204 1,315,187 17 3,671,802 3,644,965 26,837

Aug. . . . . . . . . . 4,997,778 4,970,756 27,022 1,310,019 1,310,003 16 3,687,759 3,660,753 27,006

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

Oct. . . . . . . . . . 5,012,433 4,985,262 27,171 1,319,624 1,319,607 16 3,692,809 3,665,655 27,155

Nov. . . . . . . . . . 5,017,472 4,989,330 28,142 1,285,894 1,285,878 16 3,731,578 3,703,452 28,126

Dec. . . . . . . . . . 5,016,910 4,988,665 28,245 1,304,472 1,304,456 16 3,712,438 3,684,209 28,229

1996 - Jan.. . . . . . . . . . 5,015,577 4,987,436 28,141 1,309,154 1,309,154 - 3,706,423 3,678,282 28,141

Feb. . . . . . . . . . 5,053,215 5,017,041 36,174 1,299,079 1,291,214 7,865 3,754,136 3,725,827 28,309

Mar. . . . . . . . . . 5,153,294 5,117,786 35,508 1,361,632 1,353,767 7,865 3,791,662 3,764,019 27,643

Apr. . . . . . . . . . 5,137,712 5,102,049 35,663 1,382,132 1,374,268 7,865 3,755,580 3,727,781 27,798

May . . . . . . . . . 5,163,807 5,128,509 35,298 1,388,225 1,380,619 7,606 3,775,582 3,747,890 27,692

June . . . . . . . . . 5,196,893 5,161,076 35,817 1,430,049 1,422,443 7,606 3,766,844 3,738,633 28,211

1991. . . . . . . . . . . . . . . 3,683,054 84,137 3,598,919 919,713 7,962 911,751 2,763,341 76,175 2,687,168

1992. . . . . . . . . . . . . . . 4,082,871 80,058 4,002,815 1,016,453 12,415 1,004,039 3,066,418 67,643 2,998,776

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

1995 - June . . . . . . . . . 4,978,233 80,551 4,897,682 1,316,581 2,324 1,314,257 3,661,652 78,227 3,583,425

July . . . . . . . . . 4,987,006 80,307 4,906,699 1,315,204 2,558 1,312,646 3,671,802 77,749 3,594,053

Aug. . . . . . . . . . 4,997,778 80,358 4,917,420 1,310,019 2,722 1,307,297 3,687,759 77,636 3,610,123

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

Oct. . . . . . . . . . 5,012,433 79,315 4,933,118 1,319,624 3,197 1,316,427 3,692,809 76,118 3,616,691

Nov. . . . . . . . . . 5,017,472 79,905 4,937,567 1,285,894 3,358 1,282,537 3,731,578 76,547 3,655,031

Dec. . . . . . . . . . 5,016,910 79,161 4,937,750 1,304,472 3,395 1,301,077 3,712,438 75,766 3,636,672

1996 - Jan.. . . . . . . . . . 5,015,577 77,889 4,937,688 1,309,154 3,392 1,305,762 3,706,423 74,497 3,631,926

Feb. . . . . . . . . . 5,053,215 78,787 4,974,428 1,299,079 3,598 1,295,481 3,754,136 75,189 3,678,947

Mar. . . . . . . . . . 5,153,294 78,466 5,074,828 1,361,632 3,940 1,357,692 3,791,662 74,526 3,717,136

Apr. . . . . . . . . . 5,137,712 78,395 5,059,317 1,382,132 4,485 1,377,647 3,755,580 73,910 3,681,670

May . . . . . . . . . 5,163,807 78,166 5,085,641 1,388,225 4,888 1,383,337 3,775,582 73,278 3,702,304

June . . . . . . . . . 5,196,893 78,272 5,118,621 1,430,049 5,113 1,424,936 3,766,844 73,159 3,693,685

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"]

 Marketable

Other

Total interest- securities:

End of bearing Federal

fiscal year public Treasury Treasury Treasury Financing Nonmarketable

or month debt Total bills notes bonds Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings Foreign series account government Domestic

or month bonds Government series series series Other

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

1991 . . . . . . . . . . 3,662,759 2,390,660 564,589 1,387,717 423,354 15,000 1,272,099

1992 . . . . . . . . . . 4,061,801 2,677,476 634,287 1,566,349 461,840 15,000 1,384,325

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

1995 - June . . . . . 4,947,814 3,252,620 748,302 1,974,663 514,654 15,000 1,695,194

July . . . . . 4,956,625 3,270,977 759,354 1,981,968 514,654 15,000 1,685,648

Aug. . . . . . 4,967,192 3,286,057 750,167 1,998,247 522,643 15,000 1,681,135

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

Oct. . . . . . 4,981,739 3,293,172 738,605 2,016,925 522,642 15,000 1,688,567

Nov. . . . . . 4,985,790 3,351,483 785,682 2,029,642 521,159 15,000 1,634,308

Dec. . . . . . 4,964,371 3,307,179 760,680 2,010,340 521,158 15,000 1,657,191

1996 - Jan. . . . . . 4,983,247 3,331,836 756,723 2,038,955 521,158 15,000 1,651,411

Feb. . . . . . 5,012,872 3,387,122 795,328 2,042,732 534,062 15,000 1,625,750

Mar. . . . . . 5,082,952 3,375,055 811,919 2,014,074 534,062 15,000 1,707,897

Apr. . . . . . 5,097,989 3,367,197 769,061 2,049,074 534,062 15,000 1,730,792

May . . . . . 5,124,422 3,387,187 782,756 2,055,370 534,061 15,000 1,737,235

June . . . . . 5,126,748 3,348,433 773,612 2,025,761 534,061 15,000 1,778,315

1991 . . . . . . . . . . . . . . . . . . . . . . . 133,512 41,639 908,406 158,117 29,995 429

1992 . . . . . . . . . . . . . . . . . . . . . . . 148,266 37,039 1,011,020 157,570 29,995 435

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

1995 - June . . . . . . . . . . . . . . . . . . 180,136 41,442 1,322,041 121,145 29,995 434

July . . . . . . . . . . . . . . . . . . 180,547 41,237 1,320,685 112,750 29,995 434

Aug. . . . . . . . . . . . . . . . . . . 180,785 41,261 1,314,973 113,688 29,995 434

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

Oct. . . . . . . . . . . . . . . . . . . 181,819 40,800 1,325,155 110,367 29,995 432

Nov. . . . . . . . . . . . . . . . . . . 182,203 40,800 1,273,059 107,819 29,995 432

Dec. . . . . . . . . . . . . . . . . . . 181,918 40,805 1,299,585 104,458 29,995 431

1996 - Jan. . . . . . . . . . . . . . . . . . . 182,238 39,678 1,299,967 99,104 29,995 429

Feb. . . . . . . . . . . . . . . . . . . 182,691 40,361 1,274,699 97,577 29,995 428

Mar. . . . . . . . . . . . . . . . . . . 182,992 40,361 1,357,647 96,476 29,995 426

Apr. . . . . . . . . . . . . . . . . . . 183,481 40,362 1,380,433 96,095 29,995 425

May . . . . . . . . . . . . . . . . . . 183,594 38,004 1,387,235 97,982 29,995 424

June . . . . . . . . . . . . . . . . . . 183,770 37,781 1,428,508 97,832 29,995 427

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)

1991 . . . . . . . . . . . . . 908,406 15,194 6,108 11,140 2,378 12,854 246,631 109,327 6,839 255,557

1992 . . . . . . . . . . . . . 1,011,020 15,090 4,664 12,411 3,314 12,774 273,732 120,647 6,077 306,524

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

1995 - June . . . . . . . . 1,322,041 11,692 21,522 15,519 1,536 32,676 340,191 135,559 5,736 446,143

July . . . . . . . . 1,320,685 11,626 21,335 15,684 2,019 33,334 338,044 134,013 5,806 446,735

Aug. . . . . . . . . 1,314,973 11,547 22,112 15,849 2,642 34,071 336,400 130,931 5,683 445,944

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

Oct. . . . . . . . . 1,325,155 11,424 21,643 15,896 3,020 35,306 355,367 127,495 6,283 444,667

Nov. . . . . . . . . 1,273,059 11,636 21,713 16,109 3,032 35,882 313,492 126,554 7,066 442,999

Dec. . . . . . . . . 1,299,585 12,182 21,170 15,973 2,937 37,572 311,955 131,443 7,264 458,612

1996 - Jan. . . . . . . . . 1,299,967 11,492 21,815 16,148 3,852 39,137 312,121 130,649 7,264 462,720

Feb. . . . . . . . . 1,274,699 10,439 21,825 16,339 2,666 39,821 297,385 127,583 7,119 462,196

Mar. . . . . . . . . 1,357,647 9,950 20,469 16,327 3,896 41,012 351,278 126,072 7,688 464,737

Apr. . . . . . . . . 1,380,433 9,373 21,912 16,398 4,150 43,910 349,436 130,357 7,690 477,883

May . . . . . . . . 1,387,235 9,216 21,953 16,683 4,169 44,755 348,244 124,339 7,972 478,596

June . . . . . . . . 1,428,508 9,049 21,446 16,672 4,185 47,579 361,133 129,890 7,941 496,715

1991 . . . . . . . . . . . . 966 16,241 148 10,146 11,150 3,339 9,097 151 47,228 143,912

1992 . . . . . . . . . . . . 1,346 18,534 134 11,167 11,310 4,679 10,081 212 34,898 163,426

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

1995 - June . . . . . . . 945 20,900 109 9,631 12,176 3,871 11,253 135 46,663 205,784

July . . . . . . . 1,014 21,755 109 9,815 12,114 5,024 11,498 139 45,991 204,630

Aug. . . . . . . . 497 17,673 107 9,373 12,028 6,048 11,720 118 48,617 203,613

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

Oct. . . . . . . . 112 14,197 105 7,982 11,880 - 12,193 156 46,862 210,567

Nov. . . . . . . . 199 13,529 104 8,022 11,821 2,961 12,545 161 48,112 197,122

Dec. . . . . . . . 270 13,035 103 8,561 12,240 980 12,443 189 47,995 204,661

1996 - Jan. . . . . . . . 276 13,328 103 9,608 12,194 1,411 12,540 72 46,013 199,224

Feb. . . . . . . . 302 14,345 103 10,169 12,099 1,206 12,768 72 46,168 192,094

Mar. . . . . . . . 335 22,718 102 9,832 12,011 1,772 13,012 68 44,080 212,288

Apr. . . . . . . . 342 23,258 101 10,718 11,906 2,595 13,597 68 44,249 212,490

May . . . . . . . 460 22,577 100 10,760 11,825 1,539 13,967 63 53,324 216,693

June . . . . . . . 475 24,898 100 10,961 12,232 1,837 14,208 68 53,598 215,521

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 Cedit 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)

1991 . . . . . . . . . . . . . . . . . . . . . . 17,751 95 6,124 336 - 10,503 - 694

1992 . . . . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705

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

1995 - June . . . . . . . . . . . . . . . . . 26,861 - 158 81 1,261 24,858 - 502

July . . . . . . . . . . . . . . . . . 26,854 - 158 84 1,261 24,846 - 503

Aug. . . . . . . . . . . . . . . . . . 27,022 - 158 83 1,261 25,025 - 495

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

Oct. . . . . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 - 497

Nov. . . . . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 - 499

Dec. . . . . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500

1996 - Jan. . . . . . . . . . . . . . . . . . 28,141 - 126 31 1,261 26,221 - 501

Feb. . . . . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492

Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493

Apr. . . . . . . . . . . . . . . . . . 35,663 - 114 56 1,261 29,072 4,665 495

May . . . . . . . . . . . . . . . . . 35,298 - 126 56 1,261 28,952 4,406 496

June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497

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]

Amount

End of outstanding Maturity classes

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

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

(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. 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.

1991 . . . . . . . . . . . . . . . . . . . 2,113,799 713,778 761,243 280,574 84,900 273,304 6 yrs. 0 mos.

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.

1995 - June . . . . . . . . . . . . . . 2,847,129 980,975 1,170,628 277,926 89,447 328,153 5 yrs. 4 mos.

July . . . . . . . . . . . . . . 2,878,926 1,007,159 1,174,571 278,600 89,897 328,699 5 yrs. 3 mos.

Aug. . . . . . . . . . . . . . . 2,896,671 999,545 1,187,061 290,211 86,847 333,006 5 yrs. 5 mos.

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

Oct. . . . . . . . . . . . . . . 2,901,629 1,007,132 1,182,933 290,311 87,397 333,856 5 yrs. 4 mos.

Nov. . . . . . . . . . . . . . . 2,954,168 1,065,179 1,176,195 292,576 93,490 326,727 5 yrs. 3 mos.

Dec. . . . . . . . . . . . . . . 2,901,387 1,049,518 1,142,392 291,881 92,636 324,959 5 yrs. 3 mos.

1996 - Jan. . . . . . . . . . . . . . . 2,937,115 1,050,406 1,174,222 292,525 93,339 326,622 5 yrs. 2 mos.

Feb. . . . . . . . . . . . . . . 2,994,090 1,078,387 1,189,173 299,298 95,090 332,141 5 yrs. 3 mos.

Mar. . . . . . . . . . . . . . . 2,980,688 1,097,120 1,158,416 298,496 94,990 331,666 5 yrs. 2 mos.

Apr. . . . . . . . . . . . . . . 2,968,878 1,055,822 1,188,828 297,917 94,820 331,491 5 yrs. 3 mos.

May . . . . . . . . . . . . . . 2,983,624 1,061,225 1,199,184 298,842 111,981 312,391 5 yrs. 3 mos.

June . . . . . . . . . . . . . . 2,943,097 1,052,190 1,168,683 299,042 111,395 311,787 5 yrs. 3 mos.

1991 . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 3,569,300 3,568,964 336 3,567,793 336 1,171

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 3,972,578 3,972,276 302 3,970,891 302 1,385

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

1995 - June . . . . . . . . . . . . . . . . . . . 4,900,000 4,861,342 4,861,261 81 4,859,554 81 1,707

July . . . . . . . . . . . . . . . . . . . 4,900,000 4,870,313 4,870,229 84 4,868,559 84 1,670

Aug. . . . . . . . . . . . . . . . . . . . 4,900,000 4,881,088 4,881,005 83 4,879,298 83 1,707

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

Oct. . . . . . . . . . . . . . . . . . . . 4,900,000 4,896,552 4,896,464 89 4,894,826 89 1,638

Nov. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,882 93 4,898,227 93 1,655

Dec. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,878 97 4,877,515 97 22,363

1996 - Jan. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,974 4,899,943 32 4,897,685 32 2,258

Feb. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,940 35 4,897,702 35 2,238

Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,029,951 5,029,899 52 4,997,030 52 32,869

Apr. . . . . . . . . . . . . . . . . . . . 5,500,000 5,014,329 5,014,274 56 5,012,215 56 2,059

May . . . . . . . . . . . . . . . . . . . 5,500,000 5,041,009 5,040,953 56 5,038,901 56 2,052

June . . . . . . . . . . . . . . . . . . . 5,500,000 5,073,418 5,073,357 62 5,041,023 62 32,334

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)

1991 . . . . . . . . . . . . . . - - - 731 1,672 7,323 7,458

1992 . . . . . . . . . . . . . . - - - 2,770 1,906 - 8,774

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

1995 - June . . . . . . . . . 5,710 91 680 7,499 2,652 762 7,714

July . . . . . . . . . 5,528 91 680 7,499 2,702 762 7,714

Aug. . . . . . . . . . 5,528 91 680 7,505 2,802 762 7,714

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

Oct. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

Nov. . . . . . . . . . 6,304 108 563 11,160 2,563 1,579 7,714

Dec. . . . . . . . . . 6,304 108 563 14,351 2,563 1,579 7,714

1996 - Jan. . . . . . . . . . 6,304 108 563 14,351 2,653 1,579 6,909

Feb. . . . . . . . . . 6,304 108 563 14,351 2,653 1,579 6,909

Mar. . . . . . . . . . 6,304 108 563 14,351 2,448 1,579 6,909

Apr. . . . . . . . . . 6,304 108 563 14,351 2,448 1,579 6,909

May . . . . . . . . . 6,304 108 563 14,351 2,398 1,579 6,909

June . . . . . . . . . 6,169 108 563 14,351 2,398 1,579 6,909

1991 . . . . . . . . . . . . . . 251,996 21,794 - 8,649 17,837 - -

1992 . . . . . . . . . . . . . . 206,410 17,282 - 8,693 9,060 - -

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

1995 - June . . . . . . . . . 143,212 - - - - 11,082 12,145

July . . . . . . . . . 142,009 - - - - 10,214 12,145

Aug. . . . . . . . . . 139,549 - - - - 9,418 12,144

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

Oct. . . . . . . . . . 140,031 - - - - 9,566 12,381

Nov. . . . . . . . . . 132,466 - - - - 2,317 12,389

Dec. . . . . . . . . . 133,609 - - - - 2,282 13,039

1996 - Jan. . . . . . . . . . 135,302 - - - - 2,364 13,039

Feb. . . . . . . . . . 125,140 - - - - 2,364 13,039

Mar. . . . . . . . . . 123,972 - - - - 2,364 13,039

Apr. . . . . . . . . . 123,691 - - - - 2,364 13,044

May . . . . . . . . . 123,708 - - - - 2,441 13,006

June . . . . . . . . . 119,917 - - - - 3,141 12,731

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)

1991 . . . . . . . . . . . . . . 179,234 1,730 - - 4,660 - 910

1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957

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

1995 - June . . . . . . . . . 75,638 1 2,011 2,662 4,189 7,289 3,090

July . . . . . . . . . 73,892 1 2,011 2,662 4,454 8,341 3,316

Aug. . . . . . . . . . 71,776 1 2,011 2,663 4,702 8,341 3,413

Sept. . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238

Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280

Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370

1996 - Jan. . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883

Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941

Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032

Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111

May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126

June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126

24 FEDERAL DEBT
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures in Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

June 30, 1996

5 Years, 3 Months

Years

FEDERAL DEBT 25
26

Page Intentionally Left Blank
INTRODUCTION: Public Debt Operations

The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)

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 fourth week. 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. The maturities of cash management bills

coincide with those of regular issues of Treasury 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: APRIL-JUNE

APRIL

Auction of 2-Year and 5-Year Notes

March 28 Treasury announced the revised schedule and

terms of the 2-year and 5-year note auctions originally announced on March 20, 1996. The announcement stated that

Treasury would auction $18,250 million of 2-year notes of

Series AD-1998 and $12,000 million of 5-year notes of Series

G-2001 to refund approximately $30,000 million of 9-day cash

management bills maturing April 10, 1996.

The notes of Series AD-1998 were dated April 10, 1996,

due March 31, 1998, with interest payable September 30 and

March 31 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 11 a.m., e.d.t., for noncompetitive tenders and prior to 11:30 a.m., e.d.t., for competitive

tenders on April 8, and totaled $35,300 million, of which

$18,250 million was accepted. All competitive tenders at

yields lower than 6.144 percent were accepted in full. Tenders

at 6.144 percent were allotted 48 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.144 percent with an equivalent price of

99.965. The median yield was 6.102 percent, and the low yield

was 6.070 percent. Noncompetitive tenders totaled $1,167

million. Competitive tenders accepted from private investors

totaled $17,083 million.

In addition to the $18,250 million of tenders accepted in

the auction process, $1,818 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,598 million was accepted from Federal

Reserve banks for their own account.

The notes of Series G-2001 were dated April 10, 1996,

due March 31, 2001, with interest payable September 30 and

March 31 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 were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on April 9, and totaled $31,190 million, of which

$12,006 million was accepted. All competitive tenders at

yields lower than 6.415 percent were accepted in full. Tenders

at 6.415 were allotted 53 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 6.415 percent with an equivalent price of 99.832.

The median yield was 6.397 percent, and the low yield was

6.350 percent. Noncompetitive tenders totaled $604. Competitive tenders accepted from private investors totaled $11,402

million.

In addition to the $12,006 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 $1,500 million was accepted from Federal

Reserve banks for their own account.

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: APRIL-JUNE, con.

April 17 Treasury announced it would auction $18,750

million of 2-year notes of Series AE-1998 and $12,500 million

of 5-year notes of Series H-2001 to refund $26,576 million of

securities maturing April 30 and to raise about $4,675 million

new cash.

The notes of Series AE-1998 were dated April 30, 1996,

due April 30, 1998, with interest payable October 31 and April

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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on April 23, and totaled $47,604 million, of which

$18,777 million was accepted. All competitive tenders at

yields lower than 5.939 percent were accepted in full. Tenders

at 5.939 percent were allotted 38 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.939 percent with an equivalent price of

99.881. The median yield was 5.922 percent; and the low yield

was 5.890 percent. Noncompetitive tenders totaled $1,169

million. Competitive tenders accepted from private investors

totaled $17,608 million.

In addition to the $18,777 million of tenders accepted in

the auction process, $1,650 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $926 million was accepted from Federal Reserve banks for their own account.

The notes of Series H-2001 were dated April 30, 1996,

due April 30, 2001, with interest payable October 31 and April

30 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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on April 24, and totaled $29,679 million, of which

$12,500 million was accepted. All competitive tenders at

yields lower than 6.279 percent were accepted in full. Tenders

at 6.279 were allotted 61 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 6.279 percent with an equivalent price of 99.877.

The median yield was 6.250 percent, and the low yield was

6.200 percent. Noncompetitive tenders totaled $404 million.

Competitive tenders accepted from private investors totaled

$12,096 million.

In addition to the $12,500 million of tenders accepted in

the auction process, $450 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $800 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

March 28, 1996, Treasury announced the revised schedule

and terms of the 52-week bill auction originally announced on

March 22, 1996. Tenders were invited for approximately

$18,750 million of 364-day Treasury bills to be dated April 4,

1996, and to mature April 3, 1997. The issue was to refund

$17,574 million of maturing 52-week bills and to raise about

$1,175 million new cash. The bills were auctioned on April 2.

Tenders totaled $56,036 million, of which $18,937 million was

accepted, including $1,142 million of noncompetitive tenders

from the public and $6,036 million of the bills issued to Federal

Reserve banks for themselves and as agents for foreign and

international monetary authorities. The average bank discount

rate was 5.17 percent.

April 19, 1996, tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated May 2,

1996, and to mature May 1, 1997. The issue was to refund

$17,953 million of maturing 52-week bills and to raise about

$1,300 million new cash. The bills were auctioned on April 25.

Tenders totaled $53,961 million, of which $19,435 million was

accepted, including $999 million of noncompetitive tenders

from the public and $5,090 million of the bills issued to Federal

Reserve banks for themselves and as agents for foreign and

international monetary authorities. The average bank discount

rate was 5.30 percent.

Cash Management Bills

March 28 tenders were invited for approximately $30,000

million of 9-day bills to be dated April 1, 1996, and to mature

April 10, 1996. The issue was to refinance securities maturing

on March 31, 1996. Tenders were opened on April 1. They

totaled $58,637 million, of which $30,013 million was accepted. In addition to the $30,013 million of tenders accepted

in the auction process, $3,098 million was accepted from

Federal Reserve banks for their own account. The average

bank discount rate was 5.31 percent.

April 1 tenders were invited for approximately $14,000

million of 15-day bills to be issued April 3, 1996, representing

an additional amount of bills dated October 19, 1995, maturing

April 18, 1996. The issue was to raise new cash. Tenders were

opened on April 2. They totaled $41,567 million, of which

$14,008 million was accepted. The average bank discount rate

was 5.29 percent.

In the same announcement on April 1, tenders were invited for approximately $11,000 million of 22-day bills to be

issued April 3, 1996, representing an additional amount of bills

dated October 26, 1995, maturing April 25, 1996. The issue

was to raise new cash. Tenders were opened on April 2. They

totaled $39,872 million, of which $11,062 million was accepted. The average bank discount rate was 5.25 percent.

Treasury Calls 8 Percent Bonds of 1996-01

April 11, 1996, the Department of Treasury announced the

call for redemption at par on August 15, 1996, of the 8 percent

Treasury Bonds of 1996-01, dated August 16, 1976, due August 15, 2001. There were $1,485 million of these bonds

outstanding, of which $728 million were held by private

investors.

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: APRIL-JUNE, con.

MAY

May Quarterly Financing

May 1 Treasury announced it would auction $19,000

million of 3-year notes of Series X-1999 and $14,000 million

of 10-year notes of Series B-2006 to refund $35,048 million

of Treasury securities maturing May 15 and to pay down about

$2,050 million new cash.

The notes of Series X-1999 were dated May 15, 1996, due

May 15, 1999, with interest payable November 15 and May

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 were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on May 7, and totaled $38,625 million, of which

$19,011 million was accepted at yields ranging from 6.350

percent, price 100.067 up to 6.400 percent, price 99.933. Tenders at the high yield were allotted 28 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.390

percent, price 99.960. These totaled $876 million. Competitive

tenders accepted from private investors totaled $18,135 million.

In addition to the $19,011 million of tenders accepted in

the auction process, $1,695 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $2,602 million was accepted from Federal

Reserve banks for their own account.

The notes of Series B-2006 were dated May 15, 1996, due

May 15, 2006, with interest payable November 15 and May

15 until maturity. An interest rate of 6-7/8 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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on May 8, and totaled $33,530 million, of which

$14,002 million was accepted at yields ranging from 6.890

percent, price 99.893, up to 6.906 percent, price 99.779. Tenders at the high yield were allotted 97 percent. Noncompetitive

tenders were accepted in full at the average yield, 6.902

percent, price 99.807. These totaled $413 million. Competitive tenders accepted from private investors totaled $13,589

million.

In addition to the $14,002 million of tenders accepted in

the auction process, $300 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,700 million was accepted from Federal

Reserve banks for their own account.

The notes of Series B-2006 may be held in STRIPS

form. The minimum par amount required is $320,000.

Auction of 2-Year and 5-Year Notes

May 22 Treasury announced it would auction $18,750

million of 2-year notes of Series AF-1998 and $12,500 million

of 5-year notes of Series J-2001 to refund $27,398 million of

securities maturing May 31 and to raise about $3,850 million

new cash.

The notes of Series AF-1998 were dated May 31, 1996,

due May 31, 1998, with interest payable November 30 and

May 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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on May 29, and totaled $44,267 million, of which

$18,751 million was accepted. All competitive tenders at

yields lower than 6.053 percent were accepted in full. Tenders

at 6.053 percent were allotted 74 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.053 percent with an equivalent price of

99.902. The median yield was 6.035 percent, and the low yield

was 5.990 percent. Noncompetitive tenders totaled $1,546

million. Competitive tenders accepted from private investors

totaled $17,205 million.

In addition to the $18,751 million of tenders accepted in

the auction process, $1,720 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $596 million was accepted from Federal Reserve banks for their own account.

The notes of Series J-2001 were dated May 31, 1996, due

May 31, 2001, with interest payable November 30 and May

31 until maturity. An interest rate of 6-1/2 percent was set after

the determination as to which tenders were accepted on a yield

auction basis.

Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on May 30, and totaled $32,527 million, of which

$12,501 million was accepted. All competitive tenders at

yields lower than 6.565 percent were accepted in full. Tenders

at 6.565 percent were allotted 22 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.565 percent with an equivalent price of

99.727. The median yield was 6.540 percent, and the low yield

was 6.500 percent. Noncompetitive tenders totaled $559 million. Competitive tenders accepted from private investors totaled $11,942 million.

In addition to the $12,501 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 $550 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

May 17 tenders were invited for approximately $19,250

million of 364-day Treasury bills to be dated May 30, 1996,

and to mature May 29, 1997. The issue was to refund $18,580

million of maturing 52-week bills and to raise about $675

million new cash. The bills were auctioned on May 23. Tenders

totaled $55,638 million, of which $19,301 million was acPUBLIC DEBT OPERATIONS 29
cepted, including $1,020 million of noncompetitive tenders

from the public and $5,430 million of the bills issued to Federal

Reserve banks for themselves and as agents for foreign and

international monetary authorities. The average bank discount

rate was 5.32 percent.

Cash Management Bills

May 1 tenders were invited for approximately $13,000

million of 36-day bills to be issued May 15, 1996, representing

an additional amount of bills dated December 21, 1995, maturing June 20, 1996. The issue was to raise new cash. Tenders

were opened on May 9. They totaled $57,628 million, of which

$13,045 million was accepted. The average bank discount rate

was 5.05 percent.

May 28 tenders were invited for approximately $7,000

million of 10-day bills to be issued June 3, 1996, representing

an additional amount of bills dated December 14, 1995, maturing June 13, 1996. The issue was to raise new cash. Tenders

were opened on May 30. They totaled $29,435 million, of

which $7,011 million was accepted. The average bank discount rate was 5.17 percent.

In the same announcement on May 28 tenders were invited for approximately $23,000 million of 15-day bills to be

issued dated June 3, 1996, and to mature June 18, 1996. The

issue was to raise new cash. Tenders were opened on May 30.

They totaled $52,006 million, of which $23,086 million was

accepted. The average bank discount rate was 5.20 percent.

Treasury Announces Increase in Frequency of 10-

Year Note and 30-Year Bond Auctions

May 1, 1996, Treasury announced that it was increasing

the frequency of auctions of 10-year notes to six times per year

and of 30-year bonds to three times per year, while decreasing

the size of each auction somewhat. The six issues of 10-year

notes each year will occur in the regular midquarter refunding

operations and on July 15 and October 15; the three issues of

30-year bonds each year will occur in the February 15, August

15, and November 15 midquarter refunding operations.

JUNE

Auction of 2-Year and 5-Year Notes

June 19 Treasury announced it would auction $18,750

million of 2-year notes of Series AG-1998 and $12,500 million

of 5-year notes of Series K-2001 to refund $27,452 million of

securities maturing June 30 and to raise about $3,800 million

new cash.

The notes of Series AG-1998 were dated July 1, 1996, due

June 30, 1998, with interest payable December 31 and June 30

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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on June 25, and totaled $48,032 million, of which

$18,790 million was accepted. All competitive tenders at

yields lower than 6.300 percent were accepted in full. Tenders

at 6.300 percent were allotted 17 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.300 percent with an equivalent price of

99.908. The median yield was 6.280 percent; and the low yield

was 6.240 percent. Noncompetitive tenders totaled $1,585

million. Competitive tenders accepted from private investors

totaled $17,205 million.

In addition to the $18,790 million of tenders accepted in

the auction process, $2,018 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,177 million was accepted from Federal

Reserve banks for their own account.

The notes of Series K-2001 were dated July 1, 1996, due

June 30, 2001, with interest payable December 31 and June 30

until maturity. An interest rate of 6-5/8 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.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive

tenders on June 26, and totaled $29,390 million, of which

$12,501 million was accepted. All competitive tenders at

yields lower than 6.674 percent were accepted in full. Tenders

at 6.674 percent were allotted 50 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.674 percent with an equivalent price of

99.795. The median yield was 6.660 percent; and the low yield

was 6.620 percent. Noncompetitive tenders totaled $657 million. Competitive tenders accepted from private investors totaled $11,844 million.

In addition to the $12,501 million of tenders accepted in

the auction process, $750 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $1,000 million was accepted from Federal

Reserve banks for their own account.

52-Week Bills

June 14 tenders were invited for approximately $19,250

million of 364-day Treasury bills to be dated June 27, 1996,

and to mature June 26, 1997. The issue was to refund $19,322

million of maturing 52-week bills and to pay down about $75

million. The bills were auctioned on June 20. Tenders totaled

$56,144 million, of which $19,413 million was accepted,

including $980 million of noncompetitive tenders from the

public and $6,328 million of the bills issued to Federal Reserve

banks for themselves and as agents for foreign and international monetary authorities. The average bank discount rate

was 5.56 percent.

TREASURY FINANCING: APRIL-JUNE, con.

30 PUBLIC DEBT OPERATIONS
1996

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-G note 07/17/89 7,725 721 7,004

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-R note 07/31/91 9,869 270 9,599

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 08/01/94 19,416 1,247 18,169

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-Z note 08/16/93 20,670 3,132 17,538

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-S note 09/03/91 9,825 499 9,326

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AK note 08/31/94 19,292 810 18,482

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-T note 09/30/91 10,088 481 9,607

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AL note 09/30/94 19,639 1,225 18,414

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-H note 10/16/89 7,989 375 7,614

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-U note 10/31/91 28,331 1,395 26,936

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-D note 11/15/86 20,259 1,129 19,130

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/8%-AB note 11/15/93 22,065 4,528 17,537

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-V note 12/02/91 9,871 210 9,661

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-AN note 11/30/94 18,940 265 18,675

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-W note 12/31/91 9,635 200 9,435

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-AP note 01/03/95 19,608 1,325 18,283

Total. . . . . . . . . . . . . . . 253,222 17,812 235,410

1997

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 01/16/90 7,852 607 7,246

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-Z note 01/31/95 19,002 400 18,602

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 01/31/92 9,464 150 9,314

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-V note 02/15/94 19,832 1,700 18,133

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-AB note 02/28/95 18,816 747 18,069

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-J note 03/02/92 9,948 482 9,466

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-K note 03/31/92 11,302 534 10,768

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-AC note 03/31/95 19,354 1,050 18,304

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 662 7,198

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 965 10,476

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 735 17,973

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 05/15/87 9,921 564 9,357

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 3,465 18,285

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-M note 06/01/92 11,049 553 10,496

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AE note 05/31/95 18,937 796 18,141

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 06/30/92 11,054 430 10,624

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AF note 06/30/95 19,260 792 18,467

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 998 7,388

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-P note 07/31/92 12,104 400 11,704

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 07/31/95 18,952 473 18,479

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-5/8%-B note 08/15/87 9,363 497 8,866

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-X note 08/15/94 20,250 2,283 17,968

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 574 10,535

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 720 18,663

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 541 11,598

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 625 18,490

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 731 8,129

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

PUBLIC DEBT OPERATIONS 31
1997, con.

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 355 11,028

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 602 18,238

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 600 9,208

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,010 17,851

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 276 11,250

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 796 17,892

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 501 11,662

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 980 18,184

Total. . . . . . . . . . . . . . . 507,645 29,594 478,052

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 12,339 646 11,693

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 857 18,230

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 415 8,744

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,266 17,814

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,507 29,363

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 1,598 20,121

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 495 11,730

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 926 20,480

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 528 8,637

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,452 17,774

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 805 11,553

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 596 20,514

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,275 8,419

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 472 11,217

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 984 10,359

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,255 18,163

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 591 12,428

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 900 11,676

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 969 9,300

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 535 9,368

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 230 162 70

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,870 17,729

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 929 11,186

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,580 10,865

Total. . . . . . . . . . . . . . . 414,724 35,700 379,029

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

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 845 8,875

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

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, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

1999, con.

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,472 18,525

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 435 11,479

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,164 9,014

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,128 8,920

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 587 11,752

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,602 20,758

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,695 11,406

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 349 9,657

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,030 11,381

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 768 9,396

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 651 11,746

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,129 11,707

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 508 11,644

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 687 10,087

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 340 11,594

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,345 11,178

Total. . . . . . . . . . . . . . . 276,722 23,505 253,218

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 532 11,696

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 832 9,841

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 960 11,536

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,206 11,983

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 360 10,175

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 903 11,531

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 642 12,110

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 725 11,739

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 385 11,954

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 844 10,236

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 515 11,407

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 525 11,486

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 11,520 816 10,704

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 380 11,977

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 800 12,021

Total. . . . . . . . . . . . . . . 213,501 12,132 201,369

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 11,313 678 10,635

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 800 12,020

PUBLIC DEBT OPERATIONS 33
2001, con.

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,500 12,681

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 800 12,980

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 892 11,506

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 550 13,172

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,115 11,224

Aug. 15, 96-01 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% bond 08/16/76 1,485 758 727

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

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 1,378 22,848

Total. . . . . . . . . . . . . . . 135,837 10,027 125,811

2002

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 981 10,733

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 40,085 3,679 36,406

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 729 2,277

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/15/93 23,563 2,095 21,468

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 256 2,993

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 433 3,069

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,620 24,391

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 495 6,764

Total. . . . . . . . . . . . . . . 68,591 7,628 60,962

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 3,755 750 3,005

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,881 12,560

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 367 3,633

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 8,302 519 7,783

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,713 12,661

Total. . . . . . . . . . . . . . . 71,172 6,590 64,583

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,150 12,685

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 214 4,046

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 9,270 625 8,645

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 11/24/95 15,210 1,700 13,510

Total. . . . . . . . . . . . . . . 76,543 9,666 66,876

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

34 PUBLIC DEBT OPERATIONS
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 1,700 14,315

Total. . . . . . . . . . . . . . . 36,285 3,220 33,065

2007

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 5,729 1,925 3,804

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 4,606 973 3,633

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,049 6,758

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,275 3,462

Total. . . . . . . . . . . . . . . 10,217 3,310 6,909

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,054 3,555

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 900 4,000

Total. . . . . . . . . . . . . . . 9,510 1,954 7,555

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,612 9,420

Total. . . . . . . . . . . . . . . 11,032 1,612 9,420

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,141 11,615

Total. . . . . . . . . . . . . . . 14,755 3,141 11,615

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 785 4,222

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 2,886 13,256

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,536 11,132

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 905 6,245

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 467 6,433

Total. . . . . . . . . . . . . . . 26,718 2,908 23,810

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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)

PUBLIC DEBT OPERATIONS 35
TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

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

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 880 6,387

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,820 17,004

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,505 17,359

Total. . . . . . . . . . . . . . . 44,955 4,205 40,750

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 844 17,350

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/15/87 14,017 970 13,047

Total. . . . . . . . . . . . . . . 32,211 1,814 30,397

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 297 8,412

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/15/88 9,033 356 8,677

Total. . . . . . . . . . . . . . . 17,742 653 17,089

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 583 18,668

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 2,330 17,884

Total. . . . . . . . . . . . . . . 39,465 2,913 36,552

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 591 9,638

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 490 9,669

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 985 20,434

Total. . . . . . . . . . . . . . . 41,807 2,066 39,741

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 510 10,603

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 515 11,444

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 360 11,803

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 855 31,943

Total. . . . . . . . . . . . . . . 68,033 2,240 65,793

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 400 9,953

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 520 10,180

Total. . . . . . . . . . . . . . . 21,053 920 20,133

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/15/93 18,374 1,082 17,292

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/15/93 22,909 1,030 21,879

Total. . . . . . . . . . . . . . . 41,283 2,112 39,171

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 450 11,020

Total. . . . . . . . . . . . . . . 11,470 450 11,020

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 700 11,025

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,100 11,502

Total. . . . . . . . . . . . . . . 24,327 1,800 22,527

36 PUBLIC DEBT OPERATIONS
2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 900 12,005

Total. . . . . . . . . . . . . . . 12,905 900 12,005

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con.

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ 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.’’

PUBLIC DEBT OPERATIONS 37
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]

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)

1996 - Mar. 7 . . . . . . 1996 - June 6 91 57,344.3 15,258.9 13,683.4 1,575.5 14,052.5 178,234.4

Sept. 5 182 62,962.0 15,392.3 14,214.7 1,177.6 12,375.1 350,844.1

14 . . . . . June 13 91 41,366.7 12,745.3 11,276.5 1,468.8 14,079.9 176,899.8

Sept. 12 182 48,671.9 12,746.6 11,648.1 1,098.5 13,560.1 350,030.6

21 . . . . . June 20 91 44,401.4 13,532.0 12,029.4 1,502.6 14,091.5 176,340.3

Sept. 19 182 39,750.3 13,550.1 12,320.9 1,229.2 11,436.2 352,144.5

28 . . . . . June 27 92 42,496.2 13,627.5 12,206.1 1,421.4 13,024.0 176,943.8

Sept. 26 182 50,939.5 13,544.8 12,261.3 1,283.5 11,690.6 353,998.7

Apr. 4 . . . . . . July 5 92 56,393.3 13,681.5 12,200.3 1,481.2 14,103.9 176,521.4

Oct. 3 182 42,072.3 13,589.0 12,354.4 1,234.6 12,835.3 354,752.4

11 . . . . . July 11 91 51,249.4 13,613.5 12,096.3 1,517.2 14,089.4 176,045.5

Oct. 10 182 50,373.0 13,585.3 12,334.8 1,250.5 13,234.5 355,103.2

18 . . . . . July 18 91 50,849.4 10,156.5 8,621.4 1,535.1 12,568.3 173,633.7

Oct. 17 182 44,705.5 10,568.2 9,339.6 1,228.6 13,060.7 352,610.7

25 . . . . . July 25 91 53,564.5 11,564.0 10,230.4 1,333.6 11,575.3 173,622.4

Oct. 24 182 50,943.3 11,774.0 10,708.2 1,065.8 13,041.9 351,342.8

May 2 . . . . . . Aug. 1 91 49,940.5 13,560.0 12,117.1 1,442.9 14,103.8 173,078.6

Oct. 31 182 49,896.0 13,637.6 12,391.0 1,246.6 12,796.8 352,183.6

9 . . . . . . Aug. 8 91 62,006.4 13,697.1 12,063.9 1,633.2 16,227.7 170,548.0

Nov. 7 182 50,009.4 13,553.7 12,183.2 1,370.5 14,694.7 351,042.6

16 . . . . . Aug. 15 91 57,016.1 13,628.4 12,154.0 1,474.4 13,836.4 170,340.0

Nov. 14 182 59,104.3 13,709.3 12,433.7 1,275.6 14,816.8 349,935.1

23 . . . . . Aug. 22 91 54,848.3 13,715.4 12,272.9 1,442.5 13,334.1 170,721.3

Nov. 21 182 63,926.7 13,638.7 12,407.3 1,231.4 12,646.6 350,927.2

30 . . . . . Aug. 29 91 60,417.6 14,126.2 12,762.6 1,363.6 12,426.5 172,421.0

Nov. 29 183 54,695.4 14,092.2 12,956.4 1,135.8 14,081.1 350,938.3

June 6 . . . . . . Sept. 5 91 55,231.2 14,582.4 13,088.2 1,494.2 15,258.9 171,744.5

Dec. 5 182 59,844.3 14,715.0 13,419.5 1,295.5 14,036.8 351,616.5

13 . . . . . Sept. 12 91 53,826.3 15,755.7 14,303.9 1,451.8 12,745.3 174,754.9

Dec. 12 182 57,861.5 15,596.8 14,361.8 1,235.0 14,115.5 353,097.8

20 . . . . . Sept. 19 91 66,899.8 13,559.0 12,064.6 1,494.4 13,532.0 174,781.9

Dec. 19 182 54,676.5 13,559.5 12,340.7 1,218.8 14,075.0 352,582.3

27 . . . . . Sept. 26 91 58,302.2 13,110.2 11,687.8 1,422.4 13,627.6 174,264.5

Dec. 26 182 50,788.2 13,154.1 12,016.5 1,137.6 13,071.5 352,664.9

52 week:

1995 - June 1 . . . . . . 1996 - May 30 364 42,862.6 18,579.6 17,517.4 1,062.2 16,912.9 225,558.5

June 29 . . . . . June 27 364 42,836.3 19,322.4 18,413.9 908.5 16,756.5 228,124.4

July 27 . . . . . July 25 364 43,775.8 18,359.0 17,519.3 839.7 16,963.4 229,520.0

Aug. 24 . . . . . Aug. 22 364 51,493.8 18,464.3 17,591.9 872.4 16,837.2 231,147.1

Sept. 21 . . . . . Sept. 19 364 58,636.5 19,275.4 18,427.7 847.7 16,805.1 233,617.4

Oct. 19 . . . . . Oct. 17 364 57,318.5 18,482.5 17,730.1 752.4 17,276.1 234,823.8

Nov. 16 . . . . . Nov. 14 364 49,174.6 18,869.7 18,083.1 786.6 17,480.2 236,213.3

Dec. 14 . . . . . Dec. 12 364 49,995.6 18,792.2 18,006.7 785.5 17,078.4 237,927.1

1996 - Jan. 11 . . . . . 1997 - Jan. 9 364 57,799.9 18,910.5 17,953.2 957.3 17,351.2 239,486.4

Feb. 8 . . . . . . Feb. 6 364 58,950.5 18,899.7 17,841.6 1,058.1 17,455.2 240,930.9

Mar. 7 . . . . . . Mar. 6 364 39,126.6 18,795.1 17,820.2 974.9 17,352.4 242,373.6

Apr. 4 . . . . . . Apr. 3 364 56,041.7 18,944.6 17,953.2 1,148.6 17,574.2 243,744.0

May 2 . . . . . . May 1 364 53,986.3 19,461.4 17,841.6 1,024.3 17,953.4 245,252.0

May 30 . . . . . May 29 364 55,662.8 19,326.3 17,820.2 1,045.4 18,579.6 244,490.7

June 27 . . . . . June 26 364 56,160.4 19,595.3 17,820.2 996.4 19,322.4 245,524.9

Cash management:

1996 - Apr. 1 . . . . . . 1996 - Apr. 10 9 61,735.2 33,111.2 - - - 33,111.2

3 . . . . . . Apr. 18 15 41,567.2 14,008.0 - - - 47,119.2

Apr. 25 22 39,871.5 11,062.2 - - - 58,181.4

May 15 . . . . . June 20 36 57,628.0 13,045.4 - - - 13,045.4

June 3 . . . . . . June 13 10 29,435.0 7,010.5 - - - 20,055.9

June 18 15 52,006.0 23,086.2 - - - 43,142.1

38 PUBLIC DEBT OPERATIONS
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]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or

52 weeks.

2

 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive

basis by Government accounts and Federal Reserve banks.

3

 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4 Equivalent coupon-issue yield.

5

 Except $1,500,000 at 98.764 percent.

6

 Except $1,500,000 at 97.492 percent.

 7 Except $1,533,000 at 97.457 percent.

 8 Except $30,000 at 97.487 percent.

 9 Except $1,900,000 at 97.543 percent and $2,000,000 at 97.482 percent.

10 Except $10,000 at 97.447 percent.

11 Except $10,000 at 98.746 percent and $2,500,000 at 98.736 percent.

12 Except $1,200,000 at 97.386 percent.

13 Except $100,000 at 98.736 percent.

14 Except $5,100,000 at 98.749 percent.

15 Except $1,600,000 at 94.762 percent.

Regular weekly:

1996 - Mar. 7 . . . . . 98.764 4.89 5.02 4.90 98.761 4.87 98.769

97.573 4.80 4.99 4.81 97.568 4.79 97.578

14 . . . . 98.749 4.95 5.08 4.95 98.749 5

4.92 98.756

97.472 5.00 5.20 5.00 97.472 6

4.99 97.477

21 . . . . 98.731 5.02 5.16 5.02 98.731 4.98 98.741

97.442 5.06 5.26 5.06 97.442 7 5.05 97.447

28 . . . . 98.739 4.99 5.12 4.99 98.739 4.96 98.746

97.487 4.97 5.17 4.97 97.487 4.96 97.492

Apr. 4 . . . . . 98.704 5.07 5.21 5.07 98.704 5.05 98.709

97.442 5.06 5.26 5.06 97.442 8 5.03 97.457

11 . . . . 98.729 5.03 5.16 5.03 98.729 5.00 98.736

97.376 5.19 5.40 5.19 97.376 5.17 97.386

18 . . . . 98.769 4.87 5.00 4.87 98.769 4.85 98.774

97.457 5.03 5.23 5.03 97.457 9 5.02 97.462

25 . . . . 98.744 4.97 5.10 4.97 98.744 4.96 98.746

97.462 5.02 5.22 5.03 97.457 5.01 97.467

May 2 . . . . . 98.736 5.00 5.13 5.00 98.736 4.98 98.741

97.432 5.08 5.29 5.08 97.432 10 5.06 97.442

9 . . . . . 98.731 5.02 5.16 5.03 98.729 5.01 98.734

97.401 5.14 5.35 5.14 97.401 5.13 97.407

16 . . . . 98.731 5.02 5.16 5.02 98.731 4.98 98.741

97.401 5.14 5.35 5.14 97.401 5.13 97.407

23 . . . . 98.729 5.03 5.16 5.03 98.729 5.00 98.736

97.417 5.11 5.32 5.12 97.412 5.10 97.422

30 . . . . 98.729 5.03 5.16 5.03 98.729 11 5.02 98.731

97.387 5.14 5.35 5.14 97.387 5.11 97.402

June 6 . . . . . 98.713 5.09 5.23 5.09 98.713 5.07 98.718

97.366 5.21 5.43 5.21 97.366 12 5.20 97.371

13 . . . . 98.696 5.16 5.30 5.16 98.696 5.14 98.701

97.300 5.34 5.57 5.35 97.295 5.33 97.305

20 . . . . 98.716 5.08 5.22 5.09 98.713 13 5.07 98.718

97.336 5.27 5.49 5.27 97.336 5.25 97.346

27 . . . . 98.711 5.10 5.24 5.10 98.711 14 5.08 98.716

97.356 5.23 5.45 5.23 97.356 5.21 97.366

52 week:

1995 - June 1 . . . . . 94.398 5.54 5.88 5.56 94.378 5.51 94.429

June 29 . . . . 94.722 5.22 5.53 5.23 94.712 5.20 94.742

July 27 . . . . 94.560 5.38 5.70 5.38 94.560 5.36 94.580

Aug. 24 . . . . 94.388 5.55 5.89 5.55 94.388 5.50 94.439

Sept. 21 . . . . 94.732 5.21 5.52 5.21 94.732 15 5.20 94.742

Oct. 19 . . . . 94.641 5.30 5.62 5.30 94.641 5.29 94.651

Nov. 16 . . . . 94.793 5.15 5.45 5.15 94.793 5.12 94.823

Dec. 14 . . . . 94.884 5.06 5.35 5.06 94.884 5.04 94.904

1996 - Jan. 11 . . . . 95.056 4.89 5.16 4.89 95.056 4.88 95.066

Feb. 8 . . . . . 95.308 4.64 4.89 4.64 95.308 4.62 95.329

Mar. 7 . . . . . 94.965 4.98 5.25 4.99 94.955 4.95 94.995

Apr. 4 . . . . . 94.773 5.17 5.46 5.17 94.773 5.15 94.793

May 2 . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

May 30 . . . . 94.621 5.32 5.62 5.32 94.621 5.30 94.641

June 27 . . . . 94.378 5.56 5.89 5.57 94.368 5.55 94.388

Cash management:

1996 - Apr. 1 . . . . . 99.867 5.31 5.40 5.34 99.867 5.27 99.868

3 . . . . . 99.780 5.29 5.37 5.31 99.779 5.27 99.780

99.679 5.25 5.34 5.25 99.679 5.23 99.680

May 15 . . . . 99.495 5.05 5.15 5.05 99.495 5.04 99.496

June 3 . . . . . 99.856 5.17 5.26 5.20 99.856 5.14 99.857

99.783 5.20 5.29 5.23 99.782 5.15 99.785

PUBLIC DEBT OPERATIONS 39
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]

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)

08/09/94 08/15/94 6-1/2% note--08/15/97-X 3y 47,220 20,241 7

08/10/94 08/15/94 7-1/4% note--08/15/04-C 10y 30,416 5 13,346 8

08/11/94 6 08/15/94 7-1/2% bond--11/15/24 30y 3m 22,053 5 11,469 9

08/11/94 08/15/94 4.37% bill--09/22/94 38d 29,573 7,005

08/18/94 08/25/94 5.36% bill--08/24/95 364d 43,661 16,837

08/23/94 08/31/94 6-1/4% note--08/31/96-AK 2y 58,453 19,283 10

08/24/94 08/31/94 6-7/8% note--08/31/99-R 5y 36,882 12,396 11

08/31/94 09/06/94 4.58% bill--09/22/94 16d 27,540 7,005

09/09/94 09/09/94 4.65% bill--09/16/94 7d 25,060 4,003

09/15/94 09/22/94 5.38% bill--09/21/95 364d 53,447 16,804

09/27/94 09/30/94 6-1/2% note--09/30/96-AL 2y 46,392 19,626 12

09/28/94 09/30/94 7-1/8% note--09/30/99-S 5y 38,031 12,820 13

10/12/94 10/17/94 4.98% bill--02/22/94-reopening 66d 49,580 15,040

10/13/94 10/20/94 5.72% bill--10/19/95 364d 51,239 17,275

10/25/94 10/31/94 6-7/8% note--10/31/96-U-reopening 2y 43,267 18,952 14

10/26/94 10/31/94 7-1/2% note--10/31/99-T 5y 34,155 12,115 15

11/08/94 11/15/94 7-3/8% note--11/15/97-Y 3y 53,312 20,831 16

11/09/94 11/15/94 7-7/8% note--11/15/04-D 10y 30,055 5 14,369 17

11/10/94 11/15/94 5.11% bill--12/22/94-reopening 37d 49,807 12,009

11/10/94 11/17/94 6.09% bill--11/16/95 364d 55,604 17,479

11/21/94 11/30/94 7-1/4% note--11/30/96-AN 2y 48,945 18,938 18

11/22/94 11/30/94 7-3/4% note--11/30/99-U 5y 33,840 11,932 19

11/30/94 12/02/94 5.45% bill--12/22/94-reopening 20d 35,751 8,105

12/08/94 12/15/94 6.75% bill--12/14/95 364d 42,002 17,076

12/21/94 01/03/95 7-1/2% note--12/31/96-AP 2y 51,681 19,602 20

12/22/94 01/03/95 7-3/4% note--12/31/99-V 5y 25,948 12,520 21

12/29/94 01/03/95 5.59% bill--01/19/95-reopening 16d 42,975 14,009

01/05/95 01/12/95 6.86% bill--01/11/96 364d 49,929 17,349

01/24/95 01/31/95 7-1/2% note--01/31/97-Z 2y 52,018 18,998 22

01/25/95 01/31/95 7-3/4% note--01/31/00-G 5y 34,143 12,226 23

02/02/95 02/09/95 6.59% bill--02/08/96 364d 51,445 17,452

02/07/95 02/15/95 7-1/4% note--02/15/98-W 3y 50,836 21,078 24

02/08/95 02/15/95 7-1/2% note--02/15/05-A 10y 29,807 5 13,834 25

02/09/95 02/15/95 7-5/8% bond--02/15/25 30y 30,681 5 11,725 26

02/09/95 02/15/95 5.76% bill--04/20/95-reopening 64d 50,051 9,118

02/22/95 02/28/95 6-7/8% note--02/28/97-AB 2y 43,401 18,805 27

02/23/95 02/28/95 7-1/8% note--02/29/00-H 5y 28,709 12,486 28

03/01/95 03/07/95 5.81% bill--03/16/95-reopening 9d 38,684 8,033

03/02/95 03/09/95 6.16% bill--03/07/96 364d 48,316 17,351

03/28/95 03/31/95 6-5/8% note--03/31/97-AC 2y 44,394 19,352 29

03/29/95 03/31/95 6-7/8% note--03/31/00-J 5y 26,061 13,186 30

03/30/95 04/03/95 5.97% bill--04/20/95-reopening 17d 100,412 25,109

03/30/95 04/06/95 6.02% bill--04/04/96 364d 43,046 17,574

04/25/95 05/01/95 6-1/2% note--04/30/97-AD 2y 42,158 18,706 31

04/26/95 05/01/95 6-3/4% note--04/30/00-K 5y 35,573 12,433 32

04/27/95 05/04/95 5.90% bill--05/02/96 364d 64,539 17,953

05/09/95 05/15/95 6-1/8% note--05/15/98-X 3y 38,313 21,223 33

05/10/95 05/15/95 6-1/2% note--05/15/05-B 10y 23,167 5 14,739 34

05/11/95 05/15/95 5.81% bill--06/22/95-reopening 38d 66,505 17,136

05/23/95 05/31/95 6-1/8% note--05/31/97-AE 2y 48,653 18,936 35

05/24/95 05/31/95 6-1/4% note--05/31/00-L 5y 30,382 12,752 36

05/25/95 06/01/95 5.54% bill--05/30/96 364d 42,863 18,579

05/31/95 06/02/95 5.85% bill--06/15/95-reopening 13d 57,101 17,126

06/22/95 06/29/95 5.22% bill--06/27/96 364d 42,836 19,321

06/27/95 06/30/95 5-5/8% note--06/30/97-AF 2y 43,818 19,256 37

06/28/95 06/30/95 5-7/8% note--06/30/00-M 5y 33,504 12,463 38

07/20/95 07/27/95 5.38% bill--07/25/96 364d 43,776 18,359

07/25/95 07/31/95 5-7/8% note--07/31/97-AG 2y 42,293 18,951 39

07/26/95 07/31/95 6-1/8% note--07/31/00-N 5y 31,033 12,338 40

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 41

40 PUBLIC DEBT OPERATIONS
08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 42

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 43

08/17/95 08/24/95 5.55% bill--08/22/96 364d 51,494 18,464

08/22/95 08/31/95 6 % note--08/31/97-AH 2y 50,282 19,383 44

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 45

08/31/95 09/01/95 5.58% bill--09/21/95-reopening 20d 65,751 18,031

09/06/95 09/07/95 5.65% bill--09/15/95 8d 30,076 5,000

09/14/95 09/21/95 5.21% bill--09/19/96 364d 58,636 19,275

09/26/95 10/02/95 5-3/4% note--09/30/97-AJ 2y 37,619 19,116 46

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 47

10/12/95 10/19/95 5.30% bill--10/17/96 364d 57,319 18,482

10/24/95 10/31/95 5-5/8% note--10/31/97-AK 2y 48,533 18,840 48

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 49

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 50

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 51

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 52

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 53

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 54

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 55

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 56

01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 57

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 58

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 59

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 60

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 61

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 62

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 63

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 64

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 65

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 66

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 67

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 68

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 69

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 70

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

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]

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.

PUBLIC DEBT OPERATIONS 41
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 6.59% (price 99.759) up to 6.62% (price 99.678) with the average

at 6.61% (price 99.705).

8

 Yields accepted ranged from 7.32% (price 99.510) up to 7.33% (price 99.440) with the average

at 7.33% (price 99.440).

9 Yields accepted ranged from 7.55% (price 99.373) up to 7.59% (price 98.904) with the average

at 7.56% (price 99.256).

10 Accepted yields ranged up to 6.27% (price 99.963) in this single-price auction.

11 Accepted yields ranged up to 6.91% (price 99.854) in this single-price auction.

12 Accepted yields ranged up to 6.55% (price 99.908) in this single-price auction.

13 Accepted yields ranged up to 7.18% (price 99.772) in this single-price auction.

14 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction.

15 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction.

16 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the

average at 7.41% (price 99.907).

17 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the

average at 7.96% (price 99.421).

18 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction.

19 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 

20 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction.

21 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction.

22 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction.

23 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction.

24 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the

average at 7.34% (price 99.762).

25 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the

average at 7.54% (price 99.723).

26 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the

average at 7.65% (price 99.708).

27 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction.

28 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction.

29 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction.

30 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction.

31 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

32 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

33 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the

average at 6.165% (price 99.892).

34 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the

average at 6.608% (price 99.219).

35 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

36 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction.

37 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

38 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

39 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

40 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

41 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the

average at 5.997% (price 99.670).

42 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the

average at 6.501% (price 99.993).

43 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the

average at 6.906% (price 99.610).

44 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction.

45 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction.

46 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction.

47 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction.

48 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

49 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

50 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).

51 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).

52 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction.

53 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

54 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

55 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

56 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

57 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction.

58 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).

59 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).

60 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).

61 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

62 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

63 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

64 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction.

65 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction.

66 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

67 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).

68 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).

69 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction.

70 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction.

 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through

competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through

competitive bidding only. 

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

42 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills

[In millions of dollars. Source: Office of Market 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.

09/30/94 6-1/2% note--09/30/96-AL 19,639 1,125 694 1,532 261 5 1,507 22 1 7 13,018 1,467

09/30/94 7-1/8% note--09/30/99-S 12,836 1,079 433 753 46 26 1,475 5 1 90 8,028 902

10/31/94

6-7/8% note--10/31/99-U

reopening 18,983 450 375 1,156 62 26 1,573 8 1 325 13,388 1,619

10/31/94 7-1/2% note--10/31/99-T 12,152 412 240 752 1 16 1,174 3 1 7 8,285 1,261

11/15/94 7-3/8% note--11/15/97-Y 20,861 2,800 231 897 21 5 1,246 11 1 52 14,593 1,004

11/15/94 7-7/8% note--11/15/04-D 14,374 1,603 197 565 7 5 518 27 2 12 10,778 660

11/30/94 7-1/4% note--11/15/96-AN 18,940 265 1,258 1,172 22 10 3,434 12 13 48 10,972 1,734

11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121

01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405

01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 

01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458

01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028

02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916

02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640

02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61

02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454

02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583

03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987

03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285

05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215

05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666

05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427

05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318

05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267

05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985

06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871

06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615

07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249

07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017

08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715

08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235

PUBLIC DEBT OPERATIONS 43
TABLE PDO-4A.--Allotments by Investor Classes

for Public Marketable Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market 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)

08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44

08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412

08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

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

* 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.

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4B.--Allotments by Investor Classes for Public Marketable Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt]

Allotments by investor classes

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2

brokers All other 3

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

1

 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2

 Exclusive of banks and insurance companies.

3 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

06/02/94 06/01/95 5.01 16,913 4,050 862 369 10,137 1,495 

06/30/94 06/29/95 5.04 16,756 4,350 449 253 10,301 1,403 

07/28/94 07/27/95 5.20 16,963 4,250 378 106 10,784 1,445 

08/25/94 08/24/95 5.36 16,837 4,200 808 47 10,571 1,211 

09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904 

10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061 

11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360 

12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629 

01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640

02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108 

03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736 

04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664 

05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769 

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786 

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500 

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,160 

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,337 

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,018 

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,026 

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 12,700 686 

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

PUBLIC DEBT OPERATIONS 45
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through June 30, 1996

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Bureau of the Public Debt]

 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. . . . . . . 338,597 177,965 516,562 331,868 183,770 2,379

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

862 670 1,532 1,156 343 -

Total . . . . . . . . . . . . . . . . . . . . . . . 

375,360 181,012 556,372 371,296 184,113 2,383

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:

1935-90 . . . . . . . . . . 313,968 126,664 440,632 316,706 252,569 64,137 122,470 1,440

1991 . . . . . . . . . . . . . 9,154 9,852 19,006 7,510 4,499 3,010 133,844 1,525

1992 . . . . . . . . . . . . . 13,591 8,739 22,330 7,384 4,415 2,970 148,604 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

Calendar years: 

1935-91 . . . . . . . . . . 325,486 138,643 464,130 325,994 258,166 68,826 136,258 1,864

1992 . . . . . . . . . . . . . 17,659 8,816 26,475 7,361 4,445 2,917 155,297 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 . . . . . . . . . . . . . 6,794 9,584 16,378 11,866 7,317 4,549 182,266 2,724

1995 - June . . . . . . . . . 515 723 1,238 948 595 353 182,554 2,074

July. . . . . . . . . . 494 829 1,323 946 558 388 180,895 2,042

Aug. . . . . . . . . . 509 763 1,272 1,054 668 386 181,134 2,017

Sept.. . . . . . . . . 470 753 1,223 856 483 373 181,529 1,993

Oct. . . . . . . . . . 512 1,000 1,512 879 667 211 181,818 1,988

Nov. . . . . . . . . . 511 733 1,244 867 573 294 182,551 1,981

Dec. . . . . . . . . . 613 768 1,381 925 439 486 182,266 2,724

1996 - Jan. . . . . . . . . . 614 909 1,523 1,300 733 567 182,584 2,628

Feb. . . . . . . . . . 539 829 1,368 988 497 490 183,037 2,547

Mar. . . . . . . . . . 462 787 1,249 998 576 422 183,337 2,498

Apr. . . . . . . . . . 564 1,040 1,604 1,138 662 476 183,826 2,456

May . . . . . . . . . 462 688 1,162 1,079 613 466 183,938 2,415

June . . . . . . . . . 426 715 1,141 1,001 552 449 184,114 2,378

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]

 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.

46 U.S. SAVINGS BONDS AND NOTES
 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]

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:

1952-90 . . . . . . . . . . 13,573 - 13,573 17,028 17,028 - 12,960 9,495 11

1991 . . . . . . . . . . . . . -37 - -37 557 557 - 857 9,749 13

1992 . . . . . . . . . . . . . 9 - 9 476 476 - 1,038 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

Calendar years:

1952-91 . . . . . . . . . . 13,542 - 13,542 17,703 17,703 - 14,024 9,825 25

1992 . . . . . . . . . . . . . -31 - -31 453 453 - 1,170 10,573 25

1993 . . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 43 - 43 742 742 - 898 11,576 24

1995 - June . . . . . . . . . -6 - -6 63 63 - 85 11,489 17

July. . . . . . . . . . 6 - 6 67 67 - 64 11,492 17

Aug. . . . . . . . . . -4 - -4 63 63 - 87 11,512 17

Sept.. . . . . . . . . 5 - 5 56 56 - 63 11,524 16

Oct. . . . . . . . . . 3 - 3 56 56 - 69 11,541 16

Nov. . . . . . . . . . -3 - -3 56 56 - 79 11,553 23

Dec. . . . . . . . . . 5 - 5 52 52 - 70 11,576 24

1996 - Jan. . . . . . . . . . 16 - 16 65 65 - 87 11,615 22

Feb. . . . . . . . . . 5 - 5 64 64 - 110 11,657 20

Mar. . . . . . . . . . -3 - -3 66 66 - 114 11,704 20

Apr. . . . . . . . . . 17 - 17 67 67 - 117 11,752 19

May . . . . . . . . . -13 - -13 70 70 - 126 11,797 18

June . . . . . . . . . -4 - 4 52 52 - 92 11,851 18

Fiscal years: 

1941-90 . . . . . . . . . . 264,485 124,265 388,750 261,370 199,638 61,731 12,960 112,975 1,425

1991 . . . . . . . . . . . . . 9,154 9,852 19,006 6,952 3,942 3,010 857 124,095 1,509

1992 . . . . . . . . . . . . . 13,591 8,739 22,330 6,909 3,939 2,970 1,038 138,286 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

Calendar years: 

1941-91 . . . . . . . . . . 276,010 136,175 412,184 269,969 204,551 65,419 14,024 126,099 1,836

1992 . . . . . . . . . . . . . 17,659 8,816 26,475 6,909 3,992 2,917 1,170 144,724 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 . . . . . . . . . . . . . 6,789 9,576 16,365 11,124 6,575 4,549 898 170,690 2,700

1995 - June . . . . . . . . . 515 723 1,238 885 532 353 85 168,997 2,051

July. . . . . . . . . . 494 828 1,322 880 491 388 64 169,403 2,025

Aug. . . . . . . . . . 509 761 1,270 991 605 386 87 169,622 2,001

Sept.. . . . . . . . . 470 752 1,222 801 427 373 63 170,005 1,977

Oct. . . . . . . . . . 509 999 1,508 823 611 211 69 170,278 1,972

Nov. . . . . . . . . . 514 731 1,245 811 517 294 79 170,998 1,958

Dec. . . . . . . . . . 608 767 1,375 873 387 486 70 170,690 2,700

1996 - Jan. . . . . . . . . . 598 909 1,507 1,235 668 567 87 170,969 2,606

Feb. . . . . . . . . . 534 829 1,366 923 435 490 110 171,380 2,526

Mar. . . . . . . . . . 465 787 1,252 932 511 422 114 171,633 2,478

Apr. . . . . . . . . . 547 1,040 1,587 1,070 595 475 117 172,074 2,438

May . . . . . . . . . 475 688 1,163 1,010 544 466 126 172,142 2,397

June . . . . . . . . . 430 715 1,145 949 500 450 92 172,280 2,361

U.S. SAVINGS BONDS AND NOTES 47
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, and notes

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.)

48 OWNERSHIP OF FEDERAL SECURITIES
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

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

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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 3,683,054 3,662,759 919,573 11,318 908,255 264,708

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

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

1995 - June . . . . . . . . . . . . . . . . . . . 4,978,233 4,947,814 1,316,581 1,519 1,315,062 388,965

July . . . . . . . . . . . . . . . . . . . 4,987,006 4,956,625 1,315,204 1,519 1,313,685 375,524

Aug. . . . . . . . . . . . . . . . . . . . 4,997,778 4,967,192 1,310,019 1,519 1,308,500 372,873

Sept. . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

Oct. . . . . . . . . . . . . . . . . . . . 5,012,433 4,981,739 1,319,624 1,519 1,318,105 373,517

Nov. . . . . . . . . . . . . . . . . . . . 5,017,472 4,985,790 1,285,894 1,519 1,284,375 380,802

Dec. . . . . . . . . . . . . . . . . . . . 5,016,910 4,964,371 1,304,456 1,519 1,302,937 390,959

1996 - Jan. . . . . . . . . . . . . . . . . . . . 5,015,577 4,983,247 1,309,154 1,519 1,307,635 378,208

Feb. . . . . . . . . . . . . . . . . . . . 5,053,215 5,012,872 1,291,214 1,506 1,289,708 376,519

Mar. . . . . . . . . . . . . . . . . . . . 5,153,294 5,082,952 1,353,767 1,506 1,352,261 380,952

Apr. . . . . . . . . . . . . . . . . . . . 5,137,712 5,097,989 1,374,268 1,506 1,372,762 381,806

May . . . . . . . . . . . . . . . . . . . 5,163,807 5,124,422 1,380,619 1,506 1,379,113 387,050

June . . . . . . . . . . . . . . . . . . . 5,196,893 5,126,748 1,422,443 1,506 1,420,937 391,000

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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 2,478,478 2,114,634 363,844 2,544 17,751 176 17,575

1992 . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

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

1995 - June . . . . . . . . . . . . . . . . . . . 3,242,268 2,862,136 380,132 3,558 26,861 17 26,844

July . . . . . . . . . . . . . . . . . . . 3,265,897 2,893,934 371,963 3,527 26,854 17 26,837

Aug. . . . . . . . . . . . . . . . . . . . 3,284,300 2,911,665 372,635 3,564 27,022 16 27,006

Sept. . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

Oct. . . . . . . . . . . . . . . . . . . . 3,288,598 2,918,136 370,462 3,523 27,171 16 27,155

Nov. . . . . . . . . . . . . . . . . . . . 3,319,094 2,969,162 349,933 3,540 28,142 16 28,126

Dec. . . . . . . . . . . . . . . . . . . . 3,268,956 2,914,701 354,254 24,294 28,245 16 28,229

1996 - Jan. . . . . . . . . . . . . . . . . . . . 3,295,885 2,952,109 343,776 4,188 28,141 - 28,141

Feb. . . . . . . . . . . . . . . . . . . . 3,345,139 3,009,097 336,042 4,168 36,174 7,865 28,309

Mar. . . . . . . . . . . . . . . . . . . . 3,348,233 2,992,597 355,636 34,834 35,508 7,865 27,643

Apr. . . . . . . . . . . . . . . . . . . . 3,341,915 2,983,885 358,030 4,060 35,663 7,865 27,798

May . . . . . . . . . . . . . . . . . . . 3,356,753 2,998,631 358,122 4,087 35,298 7,606 27,692

June . . . . . . . . . . . . . . . . . . . 3,313,305 2,955,927 357,378 34,327 35,817 7,606 28,211

OWNERSHIP OF FEDERAL SECURITIES 49
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 State and local government have been redefined to include their 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 the 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]

 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)

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 374.9 232.6 338.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 405.7 250.9 320.2

Sept. . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 411.6 265.5 339.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 446.6 263.4 332.6

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 r

 348.0

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 94.9 528.8 421.8 504.4

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 538.7 427.3 510.3

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 543.2 440.3 538.9

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 542.5 458.4 588.9

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 559.7 464.3 583.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.4 130.8 561.8 473.6 579.8

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 572.0 477.3 587.3

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 579.2 491.7 583.3

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 594.8 507.9 598.1

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 587.8 529.6 605.8

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 578.9 535.2 627.7

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 563.3 549.7 673.5

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 578.9 564.2 658.9

June . . . . 2,938.4 307.2 2,631.2 303.0 166.5 136.4 217.8 76.2 206.1 599.9 567.7 660.5

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 603.5 591.3 648.6

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 605.9 622.9 658.3

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 600.9 633.3 681.9

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 584.1 r

 633.2 r 695.5

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 534.8 r 655.8 r

 763.9

Dec. . . . . 3,168.0 290.1 2,877.9 331.2 180.5 150.7 240.1 67.6 226.5 483.4 r

 688.7 840.5

1995 - Mar. . . . . 3,239.2 307.7 2,931.5 342.8 181.4 161.4 245.7 67.7 230.3 467.1 r

 729.1 r 848.7

June . . . . 3,245.0 298.0 2,947.0 344.2 182.6 161.6 248.3 58.7 227.7 433.9 r

 784.2 r 850.0

Sept. . . . 3,279.5 289.0 2,990.5 345.9 183.5 162.4 249.8 64.2 224.1 r

 389.8 r 848.4 r 868.3

Dec. . . . . 3,294.9 r

 278.3 r 3,016.8 347.7 185.0 162.7 r 250.8 71.3 228.8 r 352.2 r 862.1 r 903.7

1996 - Mar. . . . . 3,382.8 r

 283.8 r 3,099.0 347.2 185.8 161.4 r 256.0 87.3 229.0 r 336.8 r 930.2 r 912.5

June . . . . 3,347.3 p

 285.0 3,062.3 347.6 186.5 161.1 p 258.0 p 82.2 p 230.9 p 340.0 p 958.6 p 845.0

50 OWNERSHIP OF FEDERAL SECURITIES
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. 

Treasury obtains quotations from the Federal Reserve

Bank of New York, which compiles quotations provided by

five primary dealers. Treasury uses these composite quotations

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

1995 - July. . . . . . . . . . 5.59 5.62 5.59 5.78 5.89 6.01 6.20 6.28 6.72

Aug. . . . . . . . . . 5.57 5.65 5.75 5.98 6.10 6.24 6.41 6.49 6.86

Sept. . . . . . . . . . 5.43 5.54 5.62 5.81 5.89 6.00 6.13 6.20 6.55

Oct. . . . . . . . . . . 5.44 5.56 5.59 5.70 5.77 5.86 5.97 6.04 6.37

Nov. . . . . . . . . . 5.52 5.51 5.43 5.48 5.57 5.69 5.83 5.93 6.26

Dec. . . . . . . . . . 5.29 5.35 5.31 5.32 5.39 5.51 5.63 5.71 6.06

1996 - Jan. . . . . . . . . . 5.15 5.13 5.09 5.11 5.20 5.36 5.54 5.65 6.05

Feb.. . . . . . . . . . 4.96 4.97 4.94 5.03 5.14 5.38 5.64 5.81 6.24

Mar.. . . . . . . . . . 5.10 5.16 5.34 5.66 5.79 5.97 6.19 6.27 6.60

Apr. . . . . . . . . . . 5.09 5.27 5.54 5.96 6.11 6.30 6.48 6.51 6.79

May . . . . . . . . . . 5.15 5.33 5.64 6.10 6.27 6.48 6.66 6.74 6.93

June . . . . . . . . . 5.23 5.46 5.81 6.30 6.49 6.69 6.83 6.91 7.06

End of month

1995 - July. . . . . . . . . . 5.60 5.63 5.67 5.88 6.02 6.16 6.35 6.45 6.86

Aug. . . . . . . . . . 5.45 5.53 5.65 5.85 5.95 6.07 6.21 6.28 6.65

Sept. . . . . . . . . . 5.40 5.57 5.65 5.83 5.91 6.01 6.11 6.17 6.49

Oct. . . . . . . . . . . 5.48 5.55 5.55 5.61 5.70 5.81 5.92 6.03 6.34

Nov. . . . . . . . . . 5.48 5.46 5.36 5.36 5.41 5.53 5.68 5.76 6.14

Dec. . . . . . . . . . 5.10 5.17 5.18 5.18 5.25 5.38 5.49 5.58 5.96

1996 - Jan. . . . . . . . . . 5.05 4.97 4.90 4.93 5.06 5.25 5.46 5.60 6.03

Feb.. . . . . . . . . . 5.02 5.05 5.23 5.44 5.56 5.73 5.99 6.13 6.48

Mar.. . . . . . . . . . 5.13 5.20 5.41 5.79 5.91 6.10 6.30 6.34 6.67

Apr. . . . . . . . . . . 5.14 5.30 5.62 6.03 6.19 6.40 6.58 6.66 6.89

May . . . . . . . . . . 5.18 5.36 5.77 6.27 6.44 6.64 6.78 6.85 7.00

June . . . . . . . . . 5.18 5.37 5.70 6.11 6.30 6.47 6.61 6.73 6.90

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market 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.

MARKET YIELDS 51
CHART MY-A.--Yields of Treasury Securities, 

June 30, 1996 *

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.

* Source: Department of the Treasury, Office of Market Finance

Years

(Year tick marks correspond with June data.)

52 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market 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.

1985

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 12.46 9.11

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.39 9.26

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.81 12.85 9.52

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.45 9.16

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.05 11.85 8.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45 11.33 8.46

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.28 8.73

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.56 11.61 8.96

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.61 11.66 9.04

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.51 9.00

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06 11.19 8.45

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.54 10.42 8.44

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

MARKET YIELDS 53
1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

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

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market 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.

54 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market 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

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 r 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

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.

MARKET YIELDS 55
CHART MY-B.--Average Yields of Long-Term Treasury,

Corporate, and Municipal Bonds

Monthly averages (in percentages)

Calendar Years

(Year tick marks correspond with June data.)

56 MARKET YIELDS
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, June 30, 1996

[Source: Financial Management Service’s General Ledger Branch]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

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

Amounts outstanding. . . . . . . . . . . . $543,753,958,670 $519,812,763,772 $519,234,448,480 $320,214,716 $258,100,576

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 262,783,512 48,489,185 4,756,770 43,527,339 205,076

The Federal Reserve banks. . . . . 

118,685,194,983 118,133,100,891 118,133,095,381 - 5,510

Amounts in circulation . . . . . . . . . . . 

$424,805,980,175 $401,631,173,696 $401,096,596,329 $276,687,377 $257,889,990

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $23,941,194,898 $2,024,703,898 $21,916,491,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 214,294,327 148,966,711 65,327,616

The Federal Reserve banks. . . . . 

552,094,092 56,689,302 495,404,790

Amounts in circulation . . . . . . . . . . . 

$23,174,806,479 $1,819,047,885 $21,355,758,594

See footnotes following table USCC-2.

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,173,009,718 $6,024,810,441 $143,481 $148,055,796

$2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061,503,468 928,880,728 132,610,166 12,574

$5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,280,471,150 7,137,013,390 110,668,510 32,789,250

$10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,526,269,470 13,503,350,340 5,950 22,913,180

$20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,898,807,340 81,878,705,480 3,380 20,098,480

$50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,967,601,350 47,956,114,650 - 11,486,700

$100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,405,286,600 243,350,045,300 33,255,800 21,985,500

$500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,876,000 144,688,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,128,000 167,923,000 - 205,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4 

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

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 

$401,631,173,696 $401,096,596,329 $276,687,377 $257,889,990

June 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,849 1,601.63

May 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,430 1,593.94

Apr. 30, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,855 1,585.42

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, June 30, 1996

[Source: Financial Management Service’s General Ledger Branch]

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)

58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
59

Page Intentionally Left Blank
60

Page Intentionally Left Blank
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 gold stock and special drawing rights held in the Special

Drawing Account in the International Monetary Fund (IMF). The

table also shows U.S. reserve holdings and holdings of convertible

foreign currencies 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.

• Table IFS-4, which presented a trade-weighted index of the

foreign currency value of the dollar, has been discontinued. The

‘‘Treasury Bulletin’’ first published an index of effective exchange

rate changes for the dollar, as Table IFS-7, in June 1974. In the

intervening time, many other indices have been developed that

are widely accepted indicators of general movement of the dollar.

The index presented in IFS-4 used a simple functional form and

publicly available information so that the index can be easily

replicated by those who find it useful.

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)

1991. . . . . . . . . . . . . . . . . . . . . . . . 77,721 11,059 11,240 45,934 9,488

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 - July. . . . . . . . . . . . . . . . . . . 91,534 11,053 11,487 54,233 14,761

Aug.. . . . . . . . . . . . . . . . . . . 86,648 11,053 11,146 49,979 14,470

Sept. . . . . . . . . . . . . . . . . . . 87,152 11,051 11,035 50,385 14,681

Oct. . . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700

Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572

Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312

Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813

Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249

Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117

May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227

June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282

July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665

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 are also 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.

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)

1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 4,858 9,863 597,123 250,754 93,732 157,022 17,990

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 . . . . . . . . . . 1,647,000 498,468 212,957 254,100 6,109 25,302 767,115 361,836 114,878 246,958 19,581

1995 - June . . . . . 1,790,315 554,485 246,383 274,383 6,245 27,474 795,163 418,998 116,163 302,835 21,669

July . . . . . . 1,824,587 578,639 253,622 291,173 6,287 27,557 775,486 446,085 128,658 317,427 24,377

Aug. . . . . . 1,867,632 587,242 262,561 290,809 6,329 27,543 794,470 463,769 119,536 344,233 22,151

Sept. . . . . . 1,850,170 594,147 273,622 286,284 6,366 27,875 775,764 455,116 117,360 337,756 25,143

Oct. . . . . . . 1,879,368 592,325 265,512 291,989 6,408 28,416 803,990 460,458 123,757 336,701 22,595

Nov. . . . . . 1,901,375 607,361 281,012 291,074 6,449 28,826 792,382 479,166 126,614 352,552 22,466

Dec. . . . . . 1,893,456 605,264 275,792 293,725 6,492 29,255 803,070 462,164 121,279 340,885 22,958

1996 - Jan. . . . . . 1,905,921 619,427 277,868 306,340 6,120 29,099 798,695 464,953 122,970 341,983 22,846

Feb.. . . . . . 1,925,017 645,043 294,430 315,021 6,158 29,434 782,242 475,140 125,646 349,494 22,592

Mar.. . . . . . 1,927,540 657,642 302,376 319,769 6,199 29,298 774,850 472,995 121,835 351,160 22,053

Apr. . . . . . . 1,944,064 661,771 297,655 328,022 6,238 29,856 773,601 486,224 126,191 360,033 22,468

May . . . . . . 1,954,098 664,050 293,247 334,504 5,903 30,396 770,444 496,210 128,529 367,681 23,394

June . . . . . 1,965,684 670,190 305,006 327,856 5,941 31,387 762,613 510,159 126,371 383,788 22,722

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as

follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990,

30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and

private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign

currencies to foreign banks and to ‘‘other foreigners.’’

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

 Note.--Table is based on Department of Treasury data and on data reported to the

Department of Treasury by banks, other depository institutions, and brokers in the United

States. Data correspond generally to statistics following in this section and in the ‘‘Capital

Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and

holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S.

notes held by other international and regional organizations. 

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)

1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759

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 - June . . . . . . . . . . . . . . . . . 6,245 6,245 911 4,343 991

July . . . . . . . . . . . . . . . . . . 6,287 6,287 917 4,372 998

Aug. . . . . . . . . . . . . . . . . . 6,329 6,329 922 4,402 1,005

Sept. . . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011

Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018

Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025

Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039

Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045

Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052

Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059

May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067

June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074

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 issue is

$6,685 million.

2

 Includes current value of zero-coupon Treasury bond issues to the government of Mexico as

follows: beginning March 1988, 20-year maturity issue with remaining face value of $1,058

million; beginning March 1980, 30-year maturity issue with remaining face value of $21,652

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 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.

United States liabilities arising from the deposits of dollars

with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit

may be to foreign official institutions or to residents of another

country.

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 to foreigners in countries not

shown separately on the monthly reports. Quarterly reports are

filed for liabilities and claims denominated in foreign currencies in relation to foreigners. 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 during the covered

quarter.

Nonbanking enterprises also report each month their 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 (own

foreign offices) or with their foreign parent companies, 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 also reported by

U.S. banks and other depository institutions, brokers, and

dealers. Data on bank claims held for their own account are

collected monthly. Information on claims held for their domestic customers as well as 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. (Note: Beginning with the September 1994

issue of the ‘‘Treasury Bulletin,’’ former table CM-III-1, Dollar

Claims on Nonbank Foreigners, will no longer appear. Former

table CM-III-2, Dollar Liabilities to, and Dollar Claims on,

Foreigners in Countries and Areas Not Regularly Reported

Separately, has been redesignated as table CM-III-1. This

semiannual data series will now appear in each issue of the

‘‘Treasury Bulletin.’’)

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners by 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 in all types

of long-term domestic and foreign securities with foreigners

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

64 CAPITAL MOVEMENTS
domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. Also, some transactions classified as direct

investments in the balance of payments accounts may be

included. However, the data do not include nonmarketable

Treasury bonds and notes shown in table IFS-3.

In the case of outstanding securities, the geographical

breakdown of the transactions data does not necessarily reflect

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 TIC

reportable transaction. That is, before it enters and after it

departs the reporting system, ownership of a security may be

transferred between foreigners of different countries. Such

transfers may occur any number of times and are concealed

among the net figures for U.S. transactions opposite individual

countries. Hence, the geographical breakdown shows only the

country of domicile of the foreign buyers and sellers of securities in a particular round of transactions.

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)

1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129

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 r . . . . . . . . . . . . . 1,104,092 212,957 212,957 - 881,993 793,245 88,748 9,142 8,606 536 358,076 67,447

1995 - June r . . . . . . . . 1,168,661 246,383 246,383 - 911,326 805,691 105,635 10,952 9,966 986 356,670 85,057

July r . . . . . . . . 1,170,937 253,622 253,622 - 904,144 798,509 105,635 13,171 12,185 986 353,980 85,057

Aug. r . . . . . . . . 1,187,872 262,561 262,561 - 914,006 808,371 105,635 11,305 10,319 986 367,995 85,057

Sept. r . . . . . . . 1,181,113 273,622 273,622 - 893,124 792,333 100,791 14,367 13,011 1,356 359,638 79,003

Oct. r . . . . . . . . 1,204,909 265,512 265,512 - 927,747 826,956 100,791 11,650 10,294 1,356 372,690 79,003

Nov. r . . . . . . . . 1,211,158 281,012 281,012 - 918,996 818,205 100,791 11,150 9,794 1,356 364,603 79,003

Dec. r . . . . . . . . 1,212,221 275,792 275,792 - 924,349 812,834 111,515 12,080 11,039 1,041 369,589 85,708

1996 - Jan. r . . . . . . . . 1,211,196 277,868 277,868 - 921,665 810,150 111,515 11,663 10,622 1,041 368,710 85,708

Feb. . . . . . . . . . 1,214,468 294,430 294,430 - 907,888 796,373 111,515 12,150 11,109 1,041 369,645 85,708

Mar. . . . . . . . . . 1,210,061 302,376 302,376 - 896,685 788,574 108,111 11,000 9,476 1,524 363,039 82,156

Apr. . . . . . . . . . 1,210,237 297,655 297,655 - 899,792 791,681 108,111 12,790 11,266 1,524 358,723 82,156

May p . . . . . . . . 1,205,698 293,247 293,247 - 898,973 790,862 108,111 13,478 11,954 1,524 355,687 82,156

June p . . . . . . . 1,207,607 305,006 305,006 - 888,984 780,873 108,111 13,617 12,093 1,524 354,277 82,156

 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 65
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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 8,981 43 2,714 1,730 4,494

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 - June . . . . . . . . . . . . . . . . . . . 9,966 114 4,579 312 4,961

July . . . . . . . . . . . . . . . . . . . 12,185 43 5,057 551 6,534

Aug. . . . . . . . . . . . . . . . . . . . 10,319 40 4,642 826 4,811

Sept. . . . . . . . . . . . . . . . . . . 13,011 24 4,315 354 8,318

Oct. . . . . . . . . . . . . . . . . . . . 10,294 77 3,901 1,342 4,974

Nov. . . . . . . . . . . . . . . . . . . . 9,794 33 3,631 962 5,168

Dec. r . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Jan. r . . . . . . . . . . . . . . . . . . 10,622 30 4,385 764 5,443

Feb. . . . . . . . . . . . . . . . . . . . 11,109 43 3,479 555 7,032

Mar. . . . . . . . . . . . . . . . . . . . 9,476 16 3,527 564 5,369

Apr. . . . . . . . . . . . . . . . . . . . 11,266 28 3,979 426 6,833

May p . . . . . . . . . . . . . . . . . . 11,954 34 3,402 376 8,142

June p . . . . . . . . . . . . . . . . . 12,093 123 3,987 874 7,109

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)

1991 . . . . . . . . . . . . . . . 747,085 2,626 16,504 92,692 19,266 8,648 82,857 7,471 94,190 329,099 9,004 57,574 8,841 18,313

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 r . . . . . . . . . . . . . . 1,006,202 1,564 23,511 139,571 48,311 10,633 111,171 11,251 149,754 395,558 11,160 48,532 11,805 43,381

1995 - June r . . . . . . . . . 1,052,074 1,398 27,494 154,517 62,974 10,554 111,068 15,085 154,014 398,807 10,186 51,836 12,388 41,753

July r . . . . . . . . . 1,052,131 1,429 29,478 159,654 63,061 12,121 104,253 15,535 160,258 377,684 10,511 52,751 12,881 52,515

Aug. r. . . . . . . . . 1,070,932 1,547 31,754 157,516 71,744 10,061 108,587 15,489 162,409 392,289 10,131 52,004 13,487 43,914

Sept. r . . . . . . . . 1,065,955 1,362 32,262 163,093 76,905 11,818 98,519 16,383 157,191 391,062 10,500 52,929 13,486 40,445

Oct. r . . . . . . . . . 1,092,468 1,646 30,676 157,277 75,913 11,341 114,238 16,429 166,367 394,824 10,097 53,596 13,527 46,537

Nov. r. . . . . . . . . 1,099,217 1,690 30,597 171,366 77,359 11,232 105,266 16,687 170,124 388,282 10,159 54,225 12,830 49,400

Dec. r. . . . . . . . . 1,088,626 2,098 30,716 168,534 74,444 11,756 103,554 15,869 163,771 396,605 10,585 53,774 12,588 44,332

1996 - Jan. r . . . . . . . . . 1,088,018 1,522 28,069 173,949 74,328 10,247 110,436 15,992 165,623 384,882 10,383 55,544 12,773 44,270

Feb. . . . . . . . . . . 1,090,803 1,655 29,904 191,188 71,683 10,948 104,230 17,947 169,312 368,290 10,861 54,503 13,705 46,577

Mar. . . . . . . . . . . 1,090,950 1,423 32,404 198,382 70,167 10,971 101,013 15,967 164,214 374,574 10,961 56,605 13,792 40,477

Apr. . . . . . . . . . . 1,089,336 1,679 36,637 186,638 72,701 11,453 96,222 16,801 167,810 373,204 10,798 55,173 13,241 46,979

May p. . . . . . . . . 1,084,109 1,504 32,656 188,321 70,766 10,660 89,075 17,584 169,867 375,147 11,139 55,898 14,542 46,950

June p . . . . . . . . 1,085,879 2,216 38,567 187,171 77,052 12,389 90,901 18,241 168,067 364,904 12,758 56,216 12,318 45,079

66 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 1996

Country 1993 1994 r 1995 r Feb. Mar. Apr. May p June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,203 4,109 4,269 3,728 3,503 4,132 4,279 3,889

Belgium-Luxembourg . . . . . . . . . . 31,609 26,475 31,348 33,688 31,520 33,508 31,891 26,767

Bulgaria . . . . . . . . . . . . . . . . . . . . 99 611 752 400 309 365 362 320

Czechoslovakia . . . . . . . . . . . . . . 817 953 1,667 928 966 1,020 799 873

Denmark. . . . . . . . . . . . . . . . . . . . 4,650 3,137 3,517 4,457 3,273 3,184 3,042 3,193

Finland . . . . . . . . . . . . . . . . . . . . . 2,569 1,569 3,035 2,613 1,963 2,398 2,383 1,940

France . . . . . . . . . . . . . . . . . . . . . 48,658 52,811 49,233 51,128 51,919 51,891 50,227 51,031

Germany . . . . . . . . . . . . . . . . . . . 33,433 32,355 31,661 32,321 32,198 31,823 30,919 32,832

Greece . . . . . . . . . . . . . . . . . . . . . 1,527 1,402 2,036 2,088 2,010 1,758 1,709 1,734

Hungary . . . . . . . . . . . . . . . . . . . . 1,491 1,095 2,055 1,183 521 661 1,258 589

Ireland . . . . . . . . . . . . . . . . . . . . . 2,323 1,987 2,615 1,786 2,502 3,051 2,526 2,683

Italy. . . . . . . . . . . . . . . . . . . . . . . . 14,546 13,418 16,325 17,918 15,715 14,418 15,285 16,349

Netherlands . . . . . . . . . . . . . . . . . 17,788 17,259 14,972 13,421 14,445 14,003 14,184 13,767

Norway . . . . . . . . . . . . . . . . . . . . . 3,071 2,339 1,424 1,276 1,075 956 869 1,429

Poland . . . . . . . . . . . . . . . . . . . . . 2,292 2,316 5,690 7,121 7,755 6,825 5,548 5,965

Portugal . . . . . . . . . . . . . . . . . . . . 3,488 2,997 2,951 3,121 3,185 2,871 2,200 1,743

Romania. . . . . . . . . . . . . . . . . . . . 125 529 246 142 302 150 423 567

Spain . . . . . . . . . . . . . . . . . . . . . . 21,365 15,612 12,029 13,606 21,808 22,380 21,842 23,144

Sweden . . . . . . . . . . . . . . . . . . . . 2,813 3,157 3,375 2,943 2,556 4,243 2,710 2,993

Switzerland. . . . . . . . . . . . . . . . . . 45,746 41,917 46,211 44,594 41,608 39,330 39,624 41,533

Turkey . . . . . . . . . . . . . . . . . . . . . 3,584 3,378 4,311 4,746 4,367 4,717 4,933 5,190

United Kingdom . . . . . . . . . . . . . . 150,912 187,133 161,044 168,902 168,136 170,612 170,335 167,770

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 2,532 2,726 7,950 9,180 9,443 8,920 7,382 7,047

Yugoslavia 2

. . . . . . . . . . . . . . . . . 373 245 177 163 144 146 147 218

Other Europe . . . . . . . . . . . . . . . . 26,524 20,965 14,255 12,957 11,813 14,618 15,339 12,679

Total Europe . . . . . . . . . . . . . . . 

424,538 440,495 423,148 434,410 433,036 437,980 430,216 426,245

Canada . . . . . . . . . . . . . . . . . . . . . . 

21,577 26,522 32,004 33,565 33,446 33,231 35,124 35,335

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 14,591 17,273 12,357 11,885 12,204 14,336 11,869 13,799

Bahamas . . . . . . . . . . . . . . . . . . . 74,844 104,922 96,525 92,658 89,354 87,136 87,670 86,624

Bermuda. . . . . . . . . . . . . . . . . . . . 8,372 8,631 4,956 4,761 5,176 4,403 5,139 4,313

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,384 9,290 24,317 22,281 21,939 20,678 20,561 28,586

British West Indies . . . . . . . . . . . . 199,955 237,571 249,273 237,628 247,985 246,503 250,519 239,322

Chile . . . . . . . . . . . . . . . . . . . . . . . 3,314 3,174 2,890 2,837 2,878 2,945 2,930 3,000

Colombia . . . . . . . . . . . . . . . . . . . 3,220 4,674 3,754 3,770 3,691 3,844 3,484 3,734

Cuba. . . . . . . . . . . . . . . . . . . . . . . 33 13 8 7 7 13 8 10

Ecuador . . . . . . . . . . . . . . . . . . . . 899 886 1,324 1,210 1,283 1,274 1,293 1,311

Guatemala . . . . . . . . . . . . . . . . . . 1,224 1,136 1,288 1,088 1,070 1,095 1,083 1,083

Jamaica . . . . . . . . . . . . . . . . . . . . 425 541 498 512 520 533 567 551

Mexico . . . . . . . . . . . . . . . . . . . . . 28,374 12,386 24,606 23,950 24,631 23,384 23,268 24,831

Netherlands Antilles . . . . . . . . . . . 5,277 5,748 5,184 4,973 4,895 5,765 5,215 5,655

Panama . . . . . . . . . . . . . . . . . . . . 3,887 4,775 4,413 4,314 4,304 4,165 4,124 4,156

Peru . . . . . . . . . . . . . . . . . . . . . . . 966 913 987 1,105 974 1,093 1,076 1,023

Trinidad and Tobago . . . . . . . . . . 398 637 453 415 441 447 435 545

Uruguay . . . . . . . . . . . . . . . . . . . . 1,664 1,649 1,868 1,759 1,931 1,771 1,780 1,792

Venezuela . . . . . . . . . . . . . . . . . . 13,334 14,503 12,119 12,920 13,561 14,550 14,978 15,231

Other Latin America

and Caribbean . . . . . . . . . . . . . 6,084 6,115 7,244 7,725 8,061 8,304 8,382 8,306

Total Latin America

and Caribbean. . . . . . . . . . . . 

372,245 434,837 454,064 435,798 444,905 442,239 444,381 443,872

See footnotes at end of table.

CAPITAL MOVEMENTS 67
Calendar year 1996

Country 1993 1994 r 1995 r Feb. Mar. Apr. May p June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 4,011 10,066 33,765 32,215 24,430 25,861 24,857 25,485

Taiwan . . . . . . . . . . . . . . . . . . . 10,684 9,971 11,743 12,984 15,539 14,979 14,624 16,663

Hong Kong . . . . . . . . . . . . . . . . . . 17,724 17,956 23,373 25,356 21,309 19,501 19,727 19,379

India . . . . . . . . . . . . . . . . . . . . . . . 1,123 2,340 3,413 3,567 3,995 3,757 3,943 4,017

Indonesia . . . . . . . . . . . . . . . . . . . 2,001 1,610 2,743 2,384 2,191 2,649 2,396 2,339

Israel . . . . . . . . . . . . . . . . . . . . . . 4,453 5,160 4,096 5,803 5,382 5,488 5,161 5,237

Japan . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 140,161 144,329 146,784 141,094 140,957 143,261

Korea . . . . . . . . . . . . . . . . . . . . . . 4,963 5,226 5,847 5,705 5,985 5,970 5,774 6,679

Lebanon . . . . . . . . . . . . . . . . . . . . 469 503 631 775 654 682 678 506

Malaysia. . . . . . . . . . . . . . . . . . . . 1,833 1,704 2,426 2,008 2,071 2,416 2,285 2,292

Pakistan . . . . . . . . . . . . . . . . . . . . 1,216 1,309 1,703 1,336 1,607 1,462 1,264 2,263

Philippines . . . . . . . . . . . . . . . . . . 2,041 2,722 3,097 2,374 2,341 2,472 2,902 2,975

Singapore. . . . . . . . . . . . . . . . . . . 8,746 8,537 11,564 14,512 11,471 11,054 11,607 9,995

Syria. . . . . . . . . . . . . . . . . . . . . . . 365 608 858 902 824 939 991 1,173

Thailand . . . . . . . . . . . . . . . . . . . . 6,155 6,475 12,290 13,400 12,166 12,913 13,395 12,270

Oil-exporting countries 3

. . . . . . . . 15,943 15,535 16,057 13,966 14,340 15,494 14,833 13,978

Other Asia . . . . . . . . . . . . . . . . . . 2,783 3,315 2,410 3,268 3,054 3,159 2,697 2,905

Total Asia . . . . . . . . . . . . . . . . . 

163,751 180,341 276,177 284,884 274,143 269,890 268,091 271,417

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,218 1,885 2,137 2,376 2,058 2,003 1,874 1,832

Ghana . . . . . . . . . . . . . . . . . . . . . 153 233 229 234 238 259 249 211

Liberia . . . . . . . . . . . . . . . . . . . . . 816 323 368 338 307 289 267 305

Morocco . . . . . . . . . . . . . . . . . . . . 100 97 104 52 65 114 113 115

South Africa . . . . . . . . . . . . . . . . . 451 440 810 736 481 1,069 813 734

Zaire. . . . . . . . . . . . . . . . . . . . . . . 12 9 10 8 9 8 16 6

Oil-exporting countries 4

. . . . . . . . 1,308 1,381 1,837 2,008 1,747 1,945 1,928 2,054

Other Africa . . . . . . . . . . . . . . . . . 1,612 2,223 2,271 2,191 2,307 2,268 2,267 2,373

Total Africa . . . . . . . . . . . . . . . . 

6,670 6,591 7,766 7,943 7,212 7,955 7,527 7,630

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,919 5,249 5,749 4,608 5,315 4,972 5,833 8,057

All other . . . . . . . . . . . . . . . . . . . . 909 915 1,233 1,110 1,004 1,180 1,048 1,434

Total other countries . . . . . . . . . 

4,828 6,164 6,982 5,718 6,319 6,152 6,881 9,491

Total foreign countries. . . . . . 

993,609 1,094,950 1,200,141 1,202,318 1,199,061 1,197,447 1,192,220 1,193,990

International and regional:

International . . . . . . . . . . . . . . . . . 7,179 7,888 10,082 10,857 9,202 11,246 11,851 12,099

European regional . . . . . . . . . . . . 51 53 119 55 59 67 73 66

Latin American regional . . . . . . . . 3,276 798 1,152 551 1,018 682 854 711

Asian regional . . . . . . . . . . . . . . . 274 194 194 474 455 460 437 405

African regional . . . . . . . . . . . . . . 503 170 496 178 231 300 228 301

Middle Eastern regional . . . . . . . . 39 39 37 35 35 35 35 35

Total international

and regional. . . . . . . . . . . . . . 

11,322 9,142 12,080 12,150 11,000 12,790 13,478 13,617

Grand total. . . . . . . . . . . . . . . 1,004,931 1,104,092 1,212,221 1,214,468 1,210,061 1,210,237 1,205,698 1,207,607

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. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

68 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 3,889 3,234 655 1,923 1,311 88 809 1,250 669 204 24 163 19 8 39

Belgium-Luxembourg. . . 26,767 20,831 5,936 17,983 2,848 429 8,816 739 4,145 4,412 261 329 183 1,517 801

Bulgaria . . . . . . . . . . . . . 320 320 - 140 180 13 9 180 113 - 2 3 - - -

Czechoslovakia . . . . . . . 873 871 2 321 550 47 14 550 216 27 2 15 - - -

Denmark. . . . . . . . . . . . . 3,193 2,796 397 2,104 692 82 303 155 2,029 188 7 9 - 23 -

Finland . . . . . . . . . . . . . . 1,940 1,745 195 1,512 233 42 326 202 277 819 8 25 28 18 -

France . . . . . . . . . . . . . . 51,031 40,444 10,587 28,875 11,569 597 11,127 9,054 4,731 12,458 179 402 78 1,818 654

Germany . . . . . . . . . . . . 32,832 25,863 6,969 17,964 7,899 434 3,896 7,279 8,328 4,429 251 525 352 369 176

Greece . . . . . . . . . . . . . . 1,734 1,690 44 922 768 70 95 725 368 99 48 239 13 33 14

Hungary . . . . . . . . . . . . . 589 587 2 157 430 32 5 279 255 9 4 3 - - -

Ireland . . . . . . . . . . . . . . 2,683 2,135 548 1,785 350 86 251 128 221 171 93 252 64 869 9

Italy. . . . . . . . . . . . . . . . . 16,349 12,109 4,240 11,433 676 342 4,561 326 5,138 841 327 283 12 279 118

Netherlands . . . . . . . . . . 13,767 12,161 1,606 7,675 4,486 119 2,574 2,465 2,703 3,671 123 82 261 163 33

Norway. . . . . . . . . . . . . . 1,429 1,388 41 861 527 37 51 135 995 110 15 28 4 13 1

Poland . . . . . . . . . . . . . . 5,965 5,479 486 3,728 1,751 36 72 1,743 3,355 257 8 8 - - -

Portugal . . . . . . . . . . . . . 1,743 1,401 342 784 617 64 416 580 152 33 20 85 6 45 11

Romania. . . . . . . . . . . . . 567 567 - 467 100 15 45 100 372 33 1 1 - - -

Russia 4

. . . . . . . . . . . . . 7,047 6,925 122 1,621 5,304 171 83 5,000 1,578 12 19 56 1 5 303

Spain . . . . . . . . . . . . . . . 23,144 20,312 2,832 6,109 14,203 267 1,954 12,908 3,273 930 88 793 51 48 17

Sweden . . . . . . . . . . . . . 2,993 2,693 300 2,165 528 175 923 100 278 685 16 36 328 152 16

Switzerland. . . . . . . . . . . 41,533 39,008 2,525 11,201 27,807 579 1,466 24,790 5,218 4,797 170 604 994 390 1,219

Turkey . . . . . . . . . . . . . . 5,190 4,926 264 2,218 2,708 103 909 2,591 917 222 17 150 13 4 -

United Kingdom . . . . . . . 167,770 143,770 24,000 129,797 13,973 927 26,246 6,434 20,578 76,454 805 1,970 2,089 8,267 2,198

Yugoslavia 5

. . . . . . . . . . 218 217 1 217 - 11 85 - 105 - 3 13 - - -

Other Europe . . . . . . . . . 12,679 12,318 361 10,095 2,223 213 5,834 1,971 3,718 343 24 148 38 29 1

Total Europe . . . . . . . . 

426,245 363,790 62,455 262,057 101,733 4,979 70,870 79,684 69,732 111,204 2,515 6,222 4,534 14,050 5,610

Canada . . . . . . . . . . . . . . . 

35,335 33,389 1,946 27,837 5,552 279 4,087 2,816 4,127 16,836 753 1,530 754 2,207 39

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 13,799 13,580 219 11,599 1,981 271 4,714 1,401 1,405 854 515 4,098 163 159 218

Bahamas . . . . . . . . . . . . 86,624 85,257 1,367 70,720 14,537 50 5,020 233 14,807 61,123 209 1,637 1,121 1,057 592

Bermuda. . . . . . . . . . . . . 4,313 4,172 141 2,136 2,036 39 300 311 1,071 145 108 403 476 1,319 207

Brazil . . . . . . . . . . . . . . . 28,586 28,130 456 27,214 916 241 16,588 - 3,616 3,689 532 3,011 51 402 227

British West Indies . . . . . 239,322 231,948 7,374 146,700 85,248 139 7,663 169 87,278 114,458 1,138 3,756 2,359 14,988 285

Chile. . . . . . . . . . . . . . . . 3,000 2,937 63 2,787 150 166 377 - 413 156 262 1,400 38 125 95

Colombia . . . . . . . . . . . . 3,734 3,680 54 3,605 75 60 1,269 - 499 34 225 1,502 15 76 47

Cuba. . . . . . . . . . . . . . . . 10 10 - 10 - 1 1 - 3 - - 4 - 1 -

Ecuador . . . . . . . . . . . . . 1,311 1,302 9 1,130 172 141 102 51 229 97 150 487 8 37 19

Guatemala . . . . . . . . . . . 1,083 1,073 10 1,002 71 48 73 26 19 - 107 746 17 37 24

Jamaica . . . . . . . . . . . . . 551 534 17 501 33 48 124 29 166 50 40 70 2 5 2

Mexico . . . . . . . . . . . . . . 24,831 24,777 54 15,040 9,737 292 1,050 8,096 4,627 1,312 1,038 7,137 446 779 478

Netherlands Antilles . . . . 5,655 5,162 493 4,325 837 96 114 37 289 830 49 861 605 2,281 55

Panama . . . . . . . . . . . . . 4,156 3,878 278 3,459 419 46 269 2 199 1,118 150 1,681 120 293 103

Peru . . . . . . . . . . . . . . . . 1,023 1,011 12 991 20 62 66 - 87 42 95 645 4 10 9

Trinidad and Tobago . . . 545 545 - 430 115 19 45 - 183 21 18 197 9 53 3

Uruguay . . . . . . . . . . . . . 1,792 1,769 23 1,646 123 65 125 5 225 510 72 647 55 65 43

Venezuela . . . . . . . . . . . 15,231 14,925 306 12,100 2,825 129 1,734 661 3,627 229 1,140 7,087 116 202 329

Other Latin America

and Caribbean . . . . . . 8,306 7,876 430 6,749 1,127 239 1,354 861 815 404 614 3,194 78 317 77

Total Latin America

and Caribbean. . . . . 

443,872 432,566 11,306 312,144 120,422 2,152 40,988 11,882 119,558 185,072 6,462 38,563 5,683 22,206 2,813

TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1996, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 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 69
Asia:

China:

Mainland . . . . . . . . 25,485 25,485 - 4,859 20,626 243 1,093 5,579 16,272 1,714 26 520 16 22 10

Taiwan . . . . . . . . . 16,663 16,637 26 10,149 6,488 316 2,115 6,062 5,661 407 184 1,602 55 235 200

Hong Kong . . . . . . . . 19,379 18,257 1,122 16,094 2,163 519 1,007 272 2,965 9,901 324 2,549 80 640 153

India . . . . . . . . . . . . . 4,017 4,012 5 1,375 2,637 248 11 2,316 506 634 39 148 11 99 7

Indonesia . . . . . . . . . 2,339 2,317 22 1,438 879 277 64 676 463 250 36 365 168 18 5

Israel . . . . . . . . . . . . 5,237 5,199 38 1,450 3,749 93 128 3,510 425 382 48 468 103 42 60

Japan . . . . . . . . . . . . 143,261 113,802 29,459 36,306 77,496 1,034 3,768 72,268 10,413 20,880 359 568 262 4,250 220

Korea . . . . . . . . . . . . 6,679 6,569 110 5,526 1,043 844 678 546 1,081 2,167 37 1,195 8 13 13

Lebanon . . . . . . . . . . 506 506 - 490 16 38 82 - 283 10 21 62 9 1 1

Malaysia. . . . . . . . . . 2,292 2,070 222 1,627 443 191 360 420 484 277 26 310 1 1 -

Pakistan . . . . . . . . . . 2,263 2,254 9 1,312 942 66 98 917 367 722 43 34 - 7 1

Philippines . . . . . . . . 2,975 2,970 5 1,408 1,562 188 27 739 1,307 67 108 496 2 36 35

Singapore. . . . . . . . . 9,995 9,437 558 8,590 847 296 919 419 1,013 5,701 505 189 230 165 9

Syria. . . . . . . . . . . . . 1,173 1,173 - 1,169 4 290 203 - 649 - 7 20 3 1 1

Thailand . . . . . . . . . . 12,270 12,262 8 888 11,374 162 54 11,202 369 376 35 63 - 1 141

Other Asia . . . . . . . . 16,883 16,282 601 13,682 2,600 501 1,836 1,799 4,200 6,448 255 557 292 394 204

Total Asia . . . . . . . 

271,417 239,232 32,185 106,363 132,869 5,306 12,443 106,725 46,458 49,936 2,053 9,146 1,240 5,925 1,060

Africa:

Egypt . . . . . . . . . . . . 1,832 1,831 1 856 975 75 197 958 435 67 19 74 - 6 8

Ghana . . . . . . . . . . . 211 211 - 170 41 24 32 40 70 23 7 13 - 2 -

Liberia . . . . . . . . . . . 305 297 8 223 74 - - - - - 62 150 29 56 25

Morocco . . . . . . . . . . 115 115 - 115 - 25 10 - 59 11 6 4 - - -

South Africa . . . . . . . 734 666 68 507 159 172 3 151 275 1 14 41 3 6 2

Zaire. . . . . . . . . . . . . 6 6 - 5 1 3 - - - 1 1 - 1 - -

Other Africa . . . . . . . 4,427 4,381 46 4,013 368 850 741 319 1,689 305 137 177 7 156 19

Total Africa . . . . . . 

7,630 7,507 123 5,889 1,618 1,149 983 1,468 2,528 408 246 459 40 226 54

Other countries:

Australia . . . . . . . . . . 8,057 7,981 76 4,859 3,122 653 75 2,791 2,394 1,096 557 70 54 291 3

All other . . . . . . . . . . 1,434 1,414 20 1,353 61 87 22 46 322 352 172 226 13 174 1

Total other

countries . . . . . . 

9,491 9,395 96 6,212 3,183 740 97 2,837 2,716 1,448 729 296 67 465 4

Total foreign

 countries . . . . 

1,193,990 1,085,879 108,111 720,502 365,377 14,605 129,468 205,412 245,119 364,904 12,758 56,216 12,318 45,079 9,580

International

and regional:

International . . . . . . . 12,099 10,835 1,264 10,116 719 105 3,819 719 6,192 - - - - - -

European regional . . 66 66 - 45 21 5 - 21 40 - - - - - -

Latin American

regional . . . . . . . . . 711 451 260 448 3 10 129 3 309 - - - - - -

Asian regional . . . . . 405 405 - 69 336 1 - 116 288 - - - - - -

African regional . . . . 301 301 - 136 165 2 4 15 280 - - - - - -

Middle Eastern

regional . . . . . . . . . 35 35 - 35 - - 35 - - - - - - - -

Total international

and regional. . . . 

13,617 12,093 1,524 10,849 1,244 123 3,987 874 7,109 - - - - - -

Grand total. . . . . 1,207,607 1,097,972 109,635 731,351 366,621 14,728 133,455 206,286 252,228 364,904 12,758 56,216 12,318 45,079 9,580

1

 These data as of Mar. 31, 1996. 

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 $838 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, June 30, 1996, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 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)

70 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)

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

highly concentrated in international financial centers. The chart and table show that about two-thirds

of U.S. liabilities are reported opposite the United

Kingdom, the rest of Europe and, most notably, the

offshore banking centers in the Caribbean. Also significant are the U.S. liabilities to foreigners reported

against Japan and the rest of Asia.

Total U.S. banking liabilities to foreigners, which

expanded $108.1 billion in 1995, fell $4.6 billion

through the first half of 1996. This marginal net

decline is the result of offsetting changes in liabilities

to different regions. U.S. liabilities to foreigners in

the United Kingdom, Japan, and ‘‘all other countries’’

increased $27.3 billion as of the end of June 1996,

with liabilities opposite Japan continuing a longterm rise. Meanwhile, liabilities to other Europe, the

Caribbean banking centers, and other Asia declined

by $31.7 billion.

By region, the direction and magnitude of

changes in U.S. banking liabilities in the first half

were varied. The largest change was the $20.3 billion

decrease, or -5.6 percent, in liabilities to the Caribbean banking centers, which resulted in the lowest

level since 1993.

[In millions of dollars]

Country 1992 1993 1994 1995 June 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 125,388 150,912 187,133 161,044 167,770 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 221,194 273,626 253,362 262,104 258,475 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 260,020 292,335 361,647 360,351 340,070 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 87,304 140,161 143,261 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,870 84,510 93,037 136,016 128,156 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,207 880,624 982,483 1,059,676 1,037,732 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 110,848 124,307 121,609 152,545 169,875 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

883,055 1,004,931 1,104,092 1,212,221 1,207,607 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 71
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 1994 1995 1996

Type of claim 1993 r Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 650,689 658,919 671,088 697,505 741,640 725,728 733,690 732,817

Payable in dollars. . . . . . . . . . . . . . . . . . 575,818 580,241 599,521 615,989 654,354 649,623 652,715 657,231

Banks’ own claims on foreigners . . . . 488,497 480,962 483,242 493,477 525,743 520,003 529,948 531,340

Foreign public borrowers. . . . . . . . . 29,228 25,159 23,416 23,809 23,815 22,454 22,522 27,759

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 49,892 52,026 59,250 53,611 58,852 50,767 37,343 41,914

Other . . . . . . . . . . . . . . . . . . . . . . 50,973 49,031 49,978 52,814 53,974 56,763 61,359 61,595

Own foreign offices . . . . . . . . . . . . . 285,510 284,588 283,183 292,367 305,180 302,661 307,509 297,601

All other foreigners . . . . . . . . . . . . . 72,894 70,158 67,415 70,876 83,922 87,358 101,215 102,471

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 87,321 99,279 116,279 122,512 128,611 129,620 122,767 125,891

Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 51,906 64,829 67,152 69,579 66,810 58,519 68,800

Negotiable and readily

transferable instruments. . . . . . . . 31,186 31,831 36,008 38,305 39,237 44,223 44,161 39,274

Collections and other. . . . . . . . . . . . 14,401 15,542 15,442 17,055 19,795 18,587 20,087 17,817

Payable in foreign currencies. . . . . . . . . 74,871 78,678 71,567 81,516 87,286 76,105 80,975 75,586

Banks’ own claims on foreigners . . . . 62,017 64,491 60,689 72,637 77,042 69,481 74,830 69,522

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . . . . . . 12,854 14,187 10,878 8,879 10,244 6,624 6,145 6,064

Memoranda:

Claims reported by IBFs. . . . . . . . . . . . . 236,968 243,334 253,009 256,547 265,792 254,556 254,938 245,736

Payable in dollars . . . . . . . . . . . . . . . . 194,699 197,652 212,096 206,695 211,033 206,127 202,338 199,046

Payable in foreign currencies . . . . . . . 42,269 45,682 40,913 49,852 54,759 48,429 52,600 46,690

Customer liability on acceptances . . . . . 7,920 7,574 8,427 8,439 8,792 8,821 8,410 9,026

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 17,828 16,981 15,435 15,482 15,822 14,192 15,015 19,569

On all other unaffiliated foreigners . . . . . 154,834 147,446 152,896 150,409 170,561 164,494 161,157 174,234

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 10,874 7,928 7,838 8,150 7,892 8,220 7,506 8,110

On all other unaffiliated foreigners . . . . . 19,030 23,965 23,873 26,823 26,085 30,080 38,660 31,678

72 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]

Calendar year 1994 1995 1996

Country 1993 r Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 950 1,399 1,889 1,760 1,831 2,098 1,961 2,345

Belgium-Luxembourg. . . . . . . . . . 8,944 9,442 10,166 10,742 8,187 10,714 12,099 10,044

Bulgaria . . . . . . . . . . . . . . . . . . . . 68 63 7 7 6 83 7 4

Czechoslovakia . . . . . . . . . . . . . . 135 196 84 68 41 69 166 153

Denmark. . . . . . . . . . . . . . . . . . . . 1,236 1,233 1,562 1,578 1,872 1,727 2,028 2,249

Finland . . . . . . . . . . . . . . . . . . . . . 933 893 813 787 1,028 1,470 1,569 2,148

France . . . . . . . . . . . . . . . . . . . . . 19,175 23,929 21,492 24,385 23,715 24,750 23,815 26,807

Germany . . . . . . . . . . . . . . . . . . . 15,947 17,871 18,424 20,601 21,613 18,859 20,509 18,506

Greece . . . . . . . . . . . . . . . . . . . . . 1,621 1,152 1,105 1,118 905 792 903 885

Hungary . . . . . . . . . . . . . . . . . . . . 46 31 41 143 13 9 24 31

Ireland . . . . . . . . . . . . . . . . . . . . . 366 526 513 411 499 621 1,159 1,393

Italy. . . . . . . . . . . . . . . . . . . . . . . . 13,951 9,771 10,550 10,767 11,153 9,462 8,829 9,995

Netherlands . . . . . . . . . . . . . . . . . 4,894 5,298 5,354 6,781 8,669 8,773 8,905 9,895

Norway. . . . . . . . . . . . . . . . . . . . . 517 769 544 1,569 1,260 1,719 735 1,323

Poland . . . . . . . . . . . . . . . . . . . . . 454 1,159 413 383 473 1,152 1,474 2,875

Portugal . . . . . . . . . . . . . . . . . . . . 1,093 1,410 1,177 1,225 2,149 1,204 1,075 995

Romania. . . . . . . . . . . . . . . . . . . . 117 105 238 222 210 199 179 192

Spain . . . . . . . . . . . . . . . . . . . . . . 6,977 5,398 5,583 6,639 6,407 4,841 3,845 6,680

Sweden . . . . . . . . . . . . . . . . . . . . 6,799 7,009 8,930 7,191 7,532 7,512 9,352 6,318

Switzerland. . . . . . . . . . . . . . . . . . 12,520 10,988 12,955 16,188 18,885 19,991 18,193 13,299

Turkey . . . . . . . . . . . . . . . . . . . . . 3,280 2,796 3,032 2,495 2,810 2,892 2,816 2,852

United Kingdom . . . . . . . . . . . . . . 86,628 88,932 96,791 101,315 99,600 88,782 103,287 109,197

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 2,453 1,723 1,395 1,001 926 793 1,069 1,132

Yugoslavia 2

. . . . . . . . . . . . . . . . . 491 280 275 253 235 240 150 121

Other Europe . . . . . . . . . . . . . . . . 847 1,243 720 778 416 497 3,880 3,037

Total Europe . . . . . . . . . . . . . . . 190,442 193,616 204,053 218,407 220,435 209,249 228,029 232,476

Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 34,976 33,067 41,828 41,687 38,694 35,319 31,476

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 4,631 5,851 6,075 6,461 6,786 6,392 6,759 6,560

Bahamas . . . . . . . . . . . . . . . . . . . 65,745 65,210 69,894 67,510 69,340 65,830 61,474 68,250

Bermuda. . . . . . . . . . . . . . . . . . . . 9,101 6,305 8,666 8,928 8,619 6,185 6,202 6,144

Brazil . . . . . . . . . . . . . . . . . . . . . . 12,739 11,445 10,572 12,090 12,866 14,860 14,826 15,653

British West Indies . . . . . . . . . . . . 116,444 124,835 125,436 121,106 137,754 147,188 148,479 143,634

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,876 3,829 4,376 4,812 4,707 4,728 5,344 4,843

Colombia . . . . . . . . . . . . . . . . . . . 3,566 3,876 4,369 4,310 4,355 4,705 4,892 4,878

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - 1 - -

Ecuador . . . . . . . . . . . . . . . . . . . . 750 692 717 593 778 830 846 1,001

Guatemala . . . . . . . . . . . . . . . . . . 309 328 385 391 356 378 472 482

Jamaica . . . . . . . . . . . . . . . . . . . . 205 213 262 291 404 292 329 338

Mexico . . . . . . . . . . . . . . . . . . . . . 24,365 24,053 23,399 22,345 23,196 21,208 21,382 20,382

Netherlands Antilles . . . . . . . . . . . 2,770 1,651 1,426 1,236 3,183 6,273 9,850 11,547

Panama . . . . . . . . . . . . . . . . . . . . 2,964 2,511 2,293 2,593 2,647 2,909 3,357 2,957

Peru . . . . . . . . . . . . . . . . . . . . . . . 686 1,037 1,072 1,142 1,406 1,513 1,880 1,979

Trinidad and Tobago . . . . . . . . . . 497 481 473 516 484 487 485 478

Uruguay . . . . . . . . . . . . . . . . . . . . 1,010 791 554 406 438 453 534 693

Venezuela . . . . . . . . . . . . . . . . . . 4,069 3,052 2,803 2,500 2,525 2,318 2,536 2,293

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,218 3,461 3,504 3,293 3,291 3,505 2,969 3,179

Total Latin America

and Caribbean. . . . . . . . . . . . 

256,945 259,621 266,276 260,523 283,135 290,055 292,616 295,291

See footnotes at end of table.

CAPITAL MOVEMENTS 73
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 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.

Calendar year 1994 1995 1996

Country 1993 r Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 2,371 1,270 888 962 1,423 1,481 1,176 2,699

Taiwan . . . . . . . . . . . . . . . . . . . 2,670 1,413 1,548 1,639 1,906 1,685 1,836 1,896

Hong Kong . . . . . . . . . . . . . . . . . . 13,571 15,477 11,541 17,113 18,801 19,524 16,843 18,223

India . . . . . . . . . . . . . . . . . . . . . . . 665 1,049 1,069 1,149 1,335 2,052 1,946 2,161

Indonesia . . . . . . . . . . . . . . . . . . . 1,856 1,609 1,717 1,770 2,755 3,958 1,998 1,803

Israel . . . . . . . . . . . . . . . . . . . . . . 5,944 5,720 5,533 5,987 6,018 5,431 5,345 5,254

Japan . . . . . . . . . . . . . . . . . . . . . . 90,387 91,318 93,196 96,776 107,328 100,023 98,585 87,619

Korea . . . . . . . . . . . . . . . . . . . . . . 7,714 9,306 10,508 12,466 13,650 13,182 14,438 17,671

Lebanon . . . . . . . . . . . . . . . . . . . . 53 51 57 57 63 62 44 38

Malaysia. . . . . . . . . . . . . . . . . . . . 739 738 758 1,010 1,347 1,294 1,225 786

Pakistan . . . . . . . . . . . . . . . . . . . . 858 1,319 641 846 1,005 1,140 571 997

Philippines . . . . . . . . . . . . . . . . . . 1,513 665 757 646 1,008 811 1,490 1,362

Singapore. . . . . . . . . . . . . . . . . . . 7,280 7,379 5,376 5,277 9,206 6,914 6,392 6,701

Syria. . . . . . . . . . . . . . . . . . . . . . . 45 44 73 74 65 75 94 63

Thailand . . . . . . . . . . . . . . . . . . . . 2,451 3,030 3,094 2,970 3,171 2,807 2,792 3,234

Oil-exporting countries 3

. . . . . . . . 15,948 16,012 14,450 13,688 13,521 12,804 10,562 8,302

Other Asia . . . . . . . . . . . . . . . . . . 650 589 523 567 439 347 484 381

Total Asia . . . . . . . . . . . . . . . . . 154,715 156,989 151,729 162,997 183,041 173,590 165,821 159,190

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 207 275 248 223 224 222 233 268

Ghana . . . . . . . . . . . . . . . . . . . . . 22 13 6 8 9 8 18 6

Liberia . . . . . . . . . . . . . . . . . . . . . 996 828 598 558 520 559 559 608

Morocco . . . . . . . . . . . . . . . . . . . . 752 895 876 620 845 823 720 882

South Africa . . . . . . . . . . . . . . . . . 662 667 768 751 677 546 606 654

Zaire. . . . . . . . . . . . . . . . . . . . . . . 4 4 3 2 3 2 1 1

Oil-exporting countries 4

. . . . . . . . 1,184 1,304 1,003 848 761 717 654 615

Other Africa . . . . . . . . . . . . . . . . . 606 444 506 542 527 766 658 557

Total Africa . . . . . . . . . . . . . . . . 4,433 4,430 4,008 3,552 3,566 3,643 3,449 3,591

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,063 4,364 5,440 4,153 5,001 5,927 4,935 5,222

All other . . . . . . . . . . . . . . . . . . . . 1,046 1,644 1,599 2,063 2,075 1,671 1,590 1,757

Total other countries . . . . . . . . . 6,109 6,008 7,039 6,216 7,076 7,598 6,525 6,979

Total foreign countries. . . . . . 648,220 655,640 666,172 693,523 738,940 722,829 731,759 729,003

International and regional:

International . . . . . . . . . . . . . . . . . 2,393 3,175 4,783 3,887 2,536 2,811 1,837 3,726

European regional . . . . . . . . . . . . 2 - 40 15 96 - - 3

Latin American regional . . . . . . . . 69 104 93 80 68 88 94 85

Asian regional . . . . . . . . . . . . . . . - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - -

Middle Eastern regional . . . . . . . . 5 - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

2,469 3,279 4,916 3,982 2,700 2,899 1,931 3,814

Grand total. . . . . . . . . . . . . . . 650,689 658,919 671,088 697,505 741,640 725,728 733,690 732,817

74 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,345 1,083 742 150 191 - 1,262 1,228 34

Belgium-Luxembourg. . . . . . . . . . 10,044 7,988 4,500 1,503 1,985 4 2,056 2,048 8

Bulgaria . . . . . . . . . . . . . . . . . . . . 4 4 3 - 1 - - - -

Czechoslovakia . . . . . . . . . . . . . . 153 141 27 113 1 - 12 - 12

Denmark. . . . . . . . . . . . . . . . . . . . 2,249 753 641 57 55 - 1,496 1,439 57

Finland . . . . . . . . . . . . . . . . . . . . . 2,148 1,952 314 1,468 170 - 196 187 9

France . . . . . . . . . . . . . . . . . . . . . 26,807 16,423 7,789 5,951 2,683 19 10,384 10,042 342

Germany . . . . . . . . . . . . . . . . . . . 18,506 12,089 4,650 4,610 2,829 2 6,417 6,013 404

Greece . . . . . . . . . . . . . . . . . . . . . 885 546 482 25 39 3 339 338 1

Hungary . . . . . . . . . . . . . . . . . . . . 31 21 8 13 - - 10 - 10

Ireland . . . . . . . . . . . . . . . . . . . . . 1,393 1,261 1,025 90 146 - 132 125 7

Italy. . . . . . . . . . . . . . . . . . . . . . . . 9,995 8,240 3,319 2,546 2,375 15 1,755 1,216 539

Netherlands . . . . . . . . . . . . . . . . . 9,895 6,039 3,127 2,458 454 4 3,856 3,803 53

Norway. . . . . . . . . . . . . . . . . . . . . 1,323 1,044 408 608 28 - 279 277 2

Poland . . . . . . . . . . . . . . . . . . . . . 2,875 2,610 2,447 47 116 - 265 216 49

Portugal . . . . . . . . . . . . . . . . . . . . 995 959 227 546 186 13 36 34 2

Romania. . . . . . . . . . . . . . . . . . . . 192 86 64 22 - - 106 106 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,132 975 838 30 107 3 157 10 147

Spain . . . . . . . . . . . . . . . . . . . . . . 6,680 5,823 4,478 942 403 13 857 773 84

Sweden . . . . . . . . . . . . . . . . . . . . 6,318 2,323 1,092 1,114 117 - 3,995 3,846 149

Switzerland. . . . . . . . . . . . . . . . . . 13,299 9,216 1,831 3,010 4,375 8 4,083 4,036 47

Turkey . . . . . . . . . . . . . . . . . . . . . 2,852 831 777 33 21 93 2,021 2,004 17

United Kingdom . . . . . . . . . . . . . . 109,197 84,102 25,173 48,568 10,361 261 25,095 24,750 345

Yugoslavia 2

. . . . . . . . . . . . . . . . . 121 121 120 - 1 - - - -

Other Europe . . . . . . . . . . . . . . . . 3,037 1,037 765 69 203 3 2,000 1,875 125

Total Europe . . . . . . . . . . . . . . . 

232,476 165,667 64,847 73,973 26,847 441 66,809 64,366 2,443

Canada . . . . . . . . . . . . . . . . . . . . . . 

31,476 20,002 8,027 10,013 1,962 8 11,474 11,144 330

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,560 6,334 5,148 1,068 118 69 226 218 8

Bahamas . . . . . . . . . . . . . . . . . . . 68,250 66,492 8,491 57,137 864 51 1,758 1,758 -

Bermuda. . . . . . . . . . . . . . . . . . . . 6,144 5,714 4,829 - 885 11 430 430 -

Brazil . . . . . . . . . . . . . . . . . . . . . . 15,653 13,865 10,650 3,163 52 1,015 1,788 1,711 77

British West Indies . . . . . . . . . . . . 143,634 124,626 29,069 84,170 11,387 119 19,008 18,991 17

Chile. . . . . . . . . . . . . . . . . . . . . . . 4,843 4,742 4,383 176 183 43 101 98 3

Colombia . . . . . . . . . . . . . . . . . . . 4,878 4,551 4,460 87 4 59 327 317 10

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 1,001 983 869 108 6 79 18 18 -

Guatemala . . . . . . . . . . . . . . . . . . 482 465 465 - - 42 17 17 -

Jamaica . . . . . . . . . . . . . . . . . . . . 338 332 332 - - 1 6 6 -

Mexico . . . . . . . . . . . . . . . . . . . . . 20,382 17,513 16,821 132 560 828 2,869 1,116 1,753

Netherlands Antilles . . . . . . . . . . . 11,547 11,507 10,786 116 605 2 40 40 -

Panama . . . . . . . . . . . . . . . . . . . . 2,957 2,902 1,422 1,190 290 96 55 55 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,979 1,943 1,683 253 7 65 36 29 7

Trinidad and Tobago . . . . . . . . . . 478 475 454 - 21 4 3 3 -

Uruguay . . . . . . . . . . . . . . . . . . . . 693 629 412 211 6 3 64 64 -

Venezuela . . . . . . . . . . . . . . . . . . 2,293 1,712 1,548 11 153 2 581 579 2

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,179 3,101 2,131 952 18 84 78 76 2

Total Latin America

and Caribbean. . . . . . . . . . . . 

295,291 267,886 103,953 148,774 15,159 2,573 27,405 25,526 1,879

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1996

[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 75
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1996, 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 . . . . . . . . . . . . . . . . . . 2,699 2,467 2,317 122 28 44 232 232 -

Taiwan . . . . . . . . . . . . . . . . . . . 1,896 1,729 529 1,200 - 114 167 105 62

Hong Kong . . . . . . . . . . . . . . . . . . 18,223 16,598 6,563 8,982 1,053 103 1,625 1,514 111

India . . . . . . . . . . . . . . . . . . . . . . . 2,161 1,883 1,578 291 14 218 278 236 42

Indonesia . . . . . . . . . . . . . . . . . . . 1,803 1,689 1,380 224 85 214 114 25 89

Israel . . . . . . . . . . . . . . . . . . . . . . 5,254 666 446 219 1 26 4,588 4,584 4

Japan . . . . . . . . . . . . . . . . . . . . . . 87,619 74,967 17,544 35,232 22,191 1,357 12,652 12,034 618

Korea . . . . . . . . . . . . . . . . . . . . . . 17,671 17,363 10,628 6,734 1 3,307 308 257 51

Lebanon . . . . . . . . . . . . . . . . . . . . 38 21 19 2 - 11 17 17 -

Malaysia. . . . . . . . . . . . . . . . . . . . 786 607 136 405 66 2 179 144 35

Pakistan . . . . . . . . . . . . . . . . . . . . 997 922 493 418 11 21 75 70 5

Philippines . . . . . . . . . . . . . . . . . . 1,362 1,234 854 348 32 52 128 123 5

Singapore. . . . . . . . . . . . . . . . . . . 6,701 5,050 2,287 1,935 828 32 1,651 1,611 40

Syria. . . . . . . . . . . . . . . . . . . . . . . 63 61 61 - - - 2 2 -

Thailand . . . . . . . . . . . . . . . . . . . . 3,234 3,093 1,056 2,004 33 248 141 92 49

Other Asia . . . . . . . . . . . . . . . . . . 8,683 7,971 2,916 4,467 588 102 712 709 3

Total Asia . . . . . . . . . . . . . . . . . 159,190 136,321 48,807 62,583 24,931 5,851 22,869 21,755 1,114

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 268 255 196 51 8 18 13 12 1

Ghana . . . . . . . . . . . . . . . . . . . . . 6 6 6 - - - - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 608 608 608 - - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 882 597 583 2 12 12 285 285 -

South Africa . . . . . . . . . . . . . . . . . 654 581 529 38 14 5 73 35 38

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,172 871 853 17 1 27 301 280 21

Total Africa . . . . . . . . . . . . . . . . 3,591 2,919 2,776 108 35 62 672 612 60

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,222 2,833 1,223 1,422 188 64 2,389 2,253 136

All other . . . . . . . . . . . . . . . . . . . . 1,757 1,420 292 728 400 27 337 235 102

Total other countries . . . . . . . . . 6,979 4,253 1,515 2,150 588 91 2,726 2,488 238

Total foreign countries. . . . . . 729,003 597,048 229,925 297,601 69,522 9,026 131,955 125,891 6,064

International and regional:

International . . . . . . . . . . . . . . . . . 3,726 3,726 3,726 - - - - - -

European regional . . . . . . . . . . . . 3 3 3 - - - - - -

Latin American regional . . . . . . . . 85 85 85 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

3,814 3,814 3,814 - - - - - -

Grand total. . . . . . . . . . . . . . . 732,817 600,862 233,739 297,601 69,522 9,026 131,955 125,891 6,064

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.

76 CAPITAL MOVEMENTS
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]

Total liabilities Total banks’ own claims

Calendar year 1995 Calendar year 1995 

Country 1994 June Dec. 1994 June Dec.

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 183 252 266 11 27 n.a.

Iceland . . . . . . . . . . . . . . . . . . . . . 36 n.a. 41 14 12 9

Monaco . . . . . . . . . . . . . . . . . . . . 777 932 768 64 n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 152 159 196 13 n.a. 9

Barbados . . . . . . . . . . . . . . . . . . . 545 558 795 n.a. n.a. n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 71 76 72 n.a. 9 21

Bolivia. . . . . . . . . . . . . . . . . . . . . . 438 493 652 207 248 253

Costa Rica . . . . . . . . . . . . . . . . . . 1,014 1,009 1,030 404 317 292

Dominica . . . . . . . . . . . . . . . . . . . 28 17 11 n.a. n.a. n.a.

Dominican Republic . . . . . . . . . . . 879 1,039 1,134 254 305 364

El Salvador. . . . . . . . . . . . . . . . . . 762 859 826 330 438 591

French West Indies and

French Guiana . . . . . . . . . . . . . n.a. 47 35 1 n.a. 2

Haiti . . . . . . . . . . . . . . . . . . . . . . . 241 363 318 7 11 17

Honduras . . . . . . . . . . . . . . . . . . . 633 666 667 151 141 174

Nicaragua. . . . . . . . . . . . . . . . . . . 191 201 201 10 10 11

Paraguay . . . . . . . . . . . . . . . . . . . 592 567 554 138 177 151

Suriname . . . . . . . . . . . . . . . . . . . 61 76 94 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 71 51 60 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . n.a. 16 13 - - n.a.

Cambodia (formerly

Kampuchea) . . . . . . . . . . . . . . . n.a. n.a. n.a. - - n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . 192 243 244 71 62 89

Macau . . . . . . . . . . . . . . . . . . . . . 32 n.a. 61 n.a. n.a. 24

Nepal . . . . . . . . . . . . . . . . . . . . . . n.a. n.a. 147 n.a. - -

Sri Lanka . . . . . . . . . . . . . . . . . . . 229 156 n.a. 189 n.a. n.a.

Vietnam . . . . . . . . . . . . . . . . . . . . 555 381 527 n.a. n.a. n.a.

Yemen (Sanaa) . . . . . . . . . . . . . . 161 113 92 n.a. n.a. n.a.

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 72 90 145 n.a. n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 6 5 14 2 2 1

Djibouti . . . . . . . . . . . . . . . . . . . . . n.a. n.a. 72 n.a. - *

Ethiopia, including Eritrea . . . . . . 337 274 n.a. 15 12 10

Guinea . . . . . . . . . . . . . . . . . . . . . 14 19 19 1 n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 40 47 47 15 19 n.a.

Kenya. . . . . . . . . . . . . . . . . . . . . . 224 125 114 19 7 2

Madagascar . . . . . . . . . . . . . . . . . 14 11 21 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 48 n.a. 98 n.a. n.a. 4

Mozambique. . . . . . . . . . . . . . . . . 88 74 119 n.a. n.a. *

Niger. . . . . . . . . . . . . . . . . . . . . . . 3 3 2 - - -

Rwanda . . . . . . . . . . . . . . . . . . . . n.a. 16 37 - n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. 11 n.a. 6 5 3

Somalia . . . . . . . . . . . . . . . . . . . . 21 15 14 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 38 32 31 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 191 198 288 4 n.a. n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 53 30 32 77 94 92

Uganda. . . . . . . . . . . . . . . . . . . . . 200 n.a. n.a. 8 7 8

Zambia . . . . . . . . . . . . . . . . . . . . . 72 43 36 n.a. n.a. n.a.

Zimbabwe. . . . . . . . . . . . . . . . . . . 143 324 138 25 25 46

All other:

New Zealand . . . . . . . . . . . . . . . . n.a. 437 758 900 1,310 n.a.

Papua New Guinea . . . . . . . . . . . n.a. 13 n.a. 2 n.a. n.a.

* 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.’’

CAPITAL MOVEMENTS 77
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)

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 nearly two-thirds of U.S.

claims are reported opposite the United Kingdom,

Japan, and, most notably, offshore banking centers in

the Caribbean. Also significant are claims on foreigners reported against Europe excluding the United

Kingdom, and Asia excluding Japan.

Total U.S. banking claims on foreigners declined

marginally in the first quarter of 1996, falling about

$900 million. Claims had risen steadily since 1992,

including an expansion against all areas shown at the

end of 1995. Activity through March 1996 was varied. The largest change in U.S. claims in the first

quarter was a contraction of $11 billion, or 11.2

percent, opposite Japan. Increases in claims against

other areas, notably the United Kingdom, the Caribbean banking centers, and other Asia, which together

expanded $13.4 billion, helped to offset the overall

decline.

[In millions of dollars]

Country 1992 1993 1994 1995 March 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 86,628 96,791 103,287 109,197 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,262 124,742 123,279 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 192,681 197,024 207,715 229,362 232,532 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,585 87,619 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,328 58,533 67,236 71,571 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,181 563,497 623,212 624,198 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 108,508 107,591 110,478 108,619 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

626,726 650,689 671,088 733,690 732,817 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

78 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 1995 1996

Type of liability or claim 1992 1993 1994 Mar. June Sept. Dec. Mar. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 50,187 49,973 47,673 46,448 49,608

Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 35,903 34,281 33,908 33,903 36,314

Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 16,704 15,028 13,872 12,903 13,826

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 8,773 9,248 8,749 9,996 9,934

Advance receipts and other. . . . . . . 11,817 12,314 10,620 10,426 10,005 11,287 11,004 12,554

Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 14,284 15,692 13,765 12,545 13,294

Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 13,071 14,254 12,365 11,338 12,399

Commercial:

Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,071 1,279 1,312 1,017 881

Advance receipts and other. . . . . . . 287 255 730 142 159 88 190 14

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 52,218 58,051 53,424 52,509 55,398

Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 48,425 54,138 49,696 48,711 50,999

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 16,458 21,351 17,393 14,654 17,044

Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 11,275 11,370 10,689 10,976 11,328

Commercial:

Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 18,567 19,360 19,530 20,993 20,149

Advance payments and other . . . . . 2,330 2,455 2,157 2,125 2,057 2,084 2,088 2,478

Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,793 3,913 3,728 3,798 4,399

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 657 695 581 479 551

Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,216 1,158 1,228 1,289 1,887

Commercial:

Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,848 1,966 1,879 2,005 1,928

Advance payments and other . . . . . 227 508 676 72 94 40 25 33

CAPITAL MOVEMENTS 79
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 1995 1996

Country 1991 1992 1993 1994 Mar. June Sept. Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 130 107 58 70 49 49 56 44 30

Belgium-Luxembourg. . . . . . . . . . 464 712 414 736 883 1,089 696 700 853

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 13 3 5 4 7 3 1 2

Czechoslovakia . . . . . . . . . . . . . . 4 14 8 6 5 7 21 26 21

Denmark. . . . . . . . . . . . . . . . . . . . 63 38 49 277 446 598 619 138 143

Finland . . . . . . . . . . . . . . . . . . . . . 449 387 362 236 220 210 192 179 277

France . . . . . . . . . . . . . . . . . . . . . 3,145 2,323 3,194 2,455 2,688 1,605 1,893 1,480 2,327

Germany . . . . . . . . . . . . . . . . . . . 1,734 1,618 1,659 2,565 2,237 2,145 2,330 2,741 3,031

Greece . . . . . . . . . . . . . . . . . . . . . 178 201 252 196 108 21 68 89 44

Hungary . . . . . . . . . . . . . . . . . . . . 26 67 3 6 5 4 7 9 8

Ireland . . . . . . . . . . . . . . . . . . . . . 702 614 485 449 403 417 401 414 399

Italy. . . . . . . . . . . . . . . . . . . . . . . . 606 430 485 359 313 347 291 374 461

Netherlands . . . . . . . . . . . . . . . . . 1,766 1,141 1,222 1,274 1,169 978 1,040 966 1,138

Norway. . . . . . . . . . . . . . . . . . . . . 527 283 359 176 232 333 276 209 389

Poland . . . . . . . . . . . . . . . . . . . . . 32 31 15 17 20 12 7 7 13

Portugal . . . . . . . . . . . . . . . . . . . . 55 16 24 35 38 38 43 35 20

Romania. . . . . . . . . . . . . . . . . . . . 40 33 6 8 5 5 4 3 6

Spain . . . . . . . . . . . . . . . . . . . . . . 412 161 164 127 125 147 170 171 120

Sweden . . . . . . . . . . . . . . . . . . . . 355 322 286 242 208 212 243 233 214

Switzerland. . . . . . . . . . . . . . . . . . 983 919 1,009 1,015 1,210 1,488 1,203 1,308 1,389

Turkey . . . . . . . . . . . . . . . . . . . . . 65 116 104 109 69 54 63 118 96

United Kingdom . . . . . . . . . . . . . . 8,825 11,115 15,335 17,987 13,612 15,040 13,869 13,706 13,766

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 59 62 60 84 76 119 96 177 143

Yugoslavia 2

. . . . . . . . . . . . . . . . . 39 10 9 12 9 5 6 6 6

Other Europe . . . . . . . . . . . . . . . . 36 52 36 30 49 69 67 188 153

Total Europe . . . . . . . . . . . . . . . 

20,704 20,785 25,601 28,476 24,183 24,999 23,664 23,322 25,049

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,306 1,546 1,738 1,666 3,052 2,039 2,016 1,672 2,126

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 22 86 36 88 57 92 91 136 121

Bahamas . . . . . . . . . . . . . . . . . . . 540 382 137 120 143 84 80 60 106

Bermuda. . . . . . . . . . . . . . . . . . . . 424 421 350 425 409 535 363 352 696

Brazil . . . . . . . . . . . . . . . . . . . . . . 225 228 232 368 154 165 254 155 186

British West Indies . . . . . . . . . . . . 3,631 2,883 1,387 1,021 1,097 1,042 935 922 956

Chile. . . . . . . . . . . . . . . . . . . . . . . 41 51 89 44 37 46 61 76 100

Colombia . . . . . . . . . . . . . . . . . . . 16 19 34 19 28 56 41 63 44

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - 2 1 1 1 -

Ecuador . . . . . . . . . . . . . . . . . . . . 15 13 18 33 24 18 45 26 28

Guatemala . . . . . . . . . . . . . . . . . . 6 9 6 8 11 9 5 4 5

Jamaica . . . . . . . . . . . . . . . . . . . . 6 9 6 14 11 15 16 18 14

Mexico . . . . . . . . . . . . . . . . . . . . . 314 469 498 574 366 423 360 428 486

Netherlands Antilles . . . . . . . . . . . 642 626 633 645 630 657 624 635 628

Panama . . . . . . . . . . . . . . . . . . . . 6 36 8 50 25 16 6 23 4

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 10 13 30 24 43 55 21 21

Trinidad and Tobago . . . . . . . . . . 17 17 18 25 13 12 13 13 26

Uruguay . . . . . . . . . . . . . . . . . . . . 1 3 1 1 1 3 3 3 4

Venezuela . . . . . . . . . . . . . . . . . . 98 148 128 281 278 208 178 223 245

Other Latin America

and Caribbean . . . . . . . . . . . . . 125 176 218 145 123 361 380 364 320

Total Latin America

and Caribbean. . . . . . . . . . . . 

6,139 5,586 3,812 3,891 3,433 3,786 3,511 3,523 3,990

See footnotes at end of table.

80 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 1995 1996

Country 1991 1992 1993 1994 Mar. June Sept. Dec. Mar. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 621 566 723 597 644 605 543 579 483

Taiwan . . . . . . . . . . . . . . . . . . . 773 810 579 853 408 420 559 451 427

Hong Kong . . . . . . . . . . . . . . . . . . 801 884 785 805 705 682 686 646 733

India . . . . . . . . . . . . . . . . . . . . . . . 61 164 91 59 98 127 212 196 222

Indonesia . . . . . . . . . . . . . . . . . . . 176 207 363 296 284 317 330 350 263

Israel . . . . . . . . . . . . . . . . . . . . . . 124 181 229 141 160 77 118 99 132

Japan . . . . . . . . . . . . . . . . . . . . . . 7,837 8,362 9,201 11,869 11,292 10,672 9,783 8,751 9,706

Korea . . . . . . . . . . . . . . . . . . . . . . 1,549 1,722 1,701 1,736 1,640 1,756 1,490 1,433 1,305

Lebanon . . . . . . . . . . . . . . . . . . . . 3 16 22 14 16 20 47 61 36

Malaysia. . . . . . . . . . . . . . . . . . . . 304 613 475 178 214 234 309 297 298

Pakistan . . . . . . . . . . . . . . . . . . . . 25 21 26 27 26 39 98 80 39

Philippines . . . . . . . . . . . . . . . . . . 25 53 57 50 75 70 62 60 52

Singapore. . . . . . . . . . . . . . . . . . . 578 590 733 622 586 703 739 819 742

Syria. . . . . . . . . . . . . . . . . . . . . . . 2 50 11 24 21 23 29 50 22

Thailand . . . . . . . . . . . . . . . . . . . . 255 179 259 194 243 312 403 392 421

Oil-exporting countries 3

. . . . . . . . 1,511 1,908 1,557 1,611 1,814 1,815 1,672 1,939 1,773

Other Asia . . . . . . . . . . . . . . . . . . 70 86 79 68 81 129 142 206 232

Total Asia . . . . . . . . . . . . . . . . . 

14,715 16,412 16,891 19,144 18,307 18,001 17,222 16,409 16,886

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 158 89 111 48 62 56 115 157 163

Ghana . . . . . . . . . . . . . . . . . . . . . - - 1 - 3 6 7 16 17

Liberia . . . . . . . . . . . . . . . . . . . . . - 2 1 - - 15 16 - 4

Morocco . . . . . . . . . . . . . . . . . . . . 36 28 41 29 22 37 22 24 23

South Africa . . . . . . . . . . . . . . . . . 79 59 55 32 42 41 63 42 104

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 5 1 1 - 1 - - -

Oil-exporting countries 4

. . . . . . . . 331 309 290 379 370 374 363 376 376

Other Africa . . . . . . . . . . . . . . . . . 114 82 86 74 120 102 152 154 152

Total Africa . . . . . . . . . . . . . . . . 

721 574 586 563 619 632 738 769 839

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 974 503 517 372 414 331 348 461 517

All other . . . . . . . . . . . . . . . . . . . . 108 88 148 153 144 152 129 230 139

Total other countries . . . . . . . . 

1,082 591 665 525 558 483 477 691 656

Total foreign countries. . . . . . 

44,667 45,494 49,293 54,265 50,152 49,940 47,628 46,386 49,546

International and regional:

International . . . . . . . . . . . . . . . . . - - - - - - - 2 2

European regional . . . . . . . . . . . . 40 17 18 44 35 33 45 60 60

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 1 - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

41 17 18 44 35 33 45 62 62

Grand total. . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,448 49,608

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 81
TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1996, 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 . . . . . . . . . . . . . . . . . . . . . 30 10 9 1 20

Belgium-Luxembourg. . . . . . . . . . 853 483 252 231 370

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Czechoslovakia . . . . . . . . . . . . . . 21 13 - 13 8

Denmark. . . . . . . . . . . . . . . . . . . . 143 51 - 51 92

Finland . . . . . . . . . . . . . . . . . . . . . 277 3 2 1 274

France . . . . . . . . . . . . . . . . . . . . . 2,327 1,679 732 947 648

Germany . . . . . . . . . . . . . . . . . . . 3,031 2,161 1,204 957 870

Greece . . . . . . . . . . . . . . . . . . . . . 44 - - - 44

Hungary . . . . . . . . . . . . . . . . . . . . 8 2 2 - 6

Ireland . . . . . . . . . . . . . . . . . . . . . 399 327 285 42 72

Italy. . . . . . . . . . . . . . . . . . . . . . . . 461 79 35 44 382

Netherlands . . . . . . . . . . . . . . . . . 1,138 479 416 63 659

Norway. . . . . . . . . . . . . . . . . . . . . 389 31 11 20 358

Poland . . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Portugal . . . . . . . . . . . . . . . . . . . . 20 5 5 - 15

Romania. . . . . . . . . . . . . . . . . . . . 6 - - - 6

Russia 1

. . . . . . . . . . . . . . . . . . . . 143 4 4 - 139

Spain . . . . . . . . . . . . . . . . . . . . . . 120 43 5 38 77

Sweden . . . . . . . . . . . . . . . . . . . . 214 2 2 - 212

Switzerland. . . . . . . . . . . . . . . . . . 1,389 957 425 532 432

Turkey . . . . . . . . . . . . . . . . . . . . . 96 18 18 - 78

United Kingdom . . . . . . . . . . . . . . 13,766 10,241 5,412 4,829 3,525

Yugoslavia 2

. . . . . . . . . . . . . . . . . 6 - - - 6

Other Europe . . . . . . . . . . . . . . . . 153 17 2 15 136

Total Europe . . . . . . . . . . . . . . . 25,049 16,605 8,821 7,784 8,444

Canada . . . . . . . . . . . . . . . . . . . . . . 2,126 1,166 742 424 960

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 121 16 16 - 105

Bahamas . . . . . . . . . . . . . . . . . . . 106 78 78 - 28

Bermuda. . . . . . . . . . . . . . . . . . . . 696 126 126 - 570

Brazil . . . . . . . . . . . . . . . . . . . . . . 186 57 57 - 129

British West Indies . . . . . . . . . . . . 956 946 824 122 10

Chile. . . . . . . . . . . . . . . . . . . . . . . 100 25 25 - 75

Colombia . . . . . . . . . . . . . . . . . . . 44 - - - 44

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 28 2 2 - 26

Guatemala . . . . . . . . . . . . . . . . . . 5 - - - 5

Jamaica . . . . . . . . . . . . . . . . . . . . 14 - - - 14

Mexico . . . . . . . . . . . . . . . . . . . . . 486 16 13 3 470

Netherlands Antilles . . . . . . . . . . . 628 600 600 - 28

Panama . . . . . . . . . . . . . . . . . . . . 4 - - - 4

Peru . . . . . . . . . . . . . . . . . . . . . . . 21 - - - 21

Trinidad and Tobago . . . . . . . . . . 26 2 2 - 24

Uruguay . . . . . . . . . . . . . . . . . . . . 4 - - - 4

Venezuela . . . . . . . . . . . . . . . . . . 245 2 2 - 243

Other Latin America

and Caribbean . . . . . . . . . . . . . 320 6 6 - 314

Total Latin America

and Caribbean. . . . . . . . . . . . 

3,990 1,876 1,751 125 2,114

See footnotes at end of table.

82 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 483 23 20 3 460

Taiwan . . . . . . . . . . . . . . . . . . . 427 21 1 20 406

Hong Kong . . . . . . . . . . . . . . . . . . 733 188 178 10 545

India . . . . . . . . . . . . . . . . . . . . . . . 222 3 1 2 219

Indonesia . . . . . . . . . . . . . . . . . . . 263 32 32 - 231

Israel . . . . . . . . . . . . . . . . . . . . . . 132 26 9 17 106

Japan . . . . . . . . . . . . . . . . . . . . . . 9,706 5,980 2,036 3,944 3,726

Korea . . . . . . . . . . . . . . . . . . . . . . 1,305 11 11 - 1,294

Lebanon . . . . . . . . . . . . . . . . . . . . 36 1 1 - 35

Malaysia. . . . . . . . . . . . . . . . . . . . 298 14 2 12 284

Pakistan . . . . . . . . . . . . . . . . . . . . 39 - - - 39

Philippines . . . . . . . . . . . . . . . . . . 52 - - - 52

Singapore. . . . . . . . . . . . . . . . . . . 742 53 50 3 689

Syria. . . . . . . . . . . . . . . . . . . . . . . 22 - - - 22

Thailand . . . . . . . . . . . . . . . . . . . . 421 1 - 1 420

Other Asia . . . . . . . . . . . . . . . . . . 2,005 37 37 - 1,968

Total Asia . . . . . . . . . . . . . . . . . 

16,886 6,390 2,378 4,012 10,496

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 163 - - - 163

Ghana . . . . . . . . . . . . . . . . . . . . . 17 - - - 17

Liberia . . . . . . . . . . . . . . . . . . . . . 4 - - - 4

Morocco . . . . . . . . . . . . . . . . . . . . 23 - - - 23

South Africa . . . . . . . . . . . . . . . . . 104 1 - 1 103

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 528 130 130 - 398

Total Africa . . . . . . . . . . . . . . . . 

839 131 130 1 708

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 517 53 - 53 464

All other . . . . . . . . . . . . . . . . . . . . 139 4 4 - 135

Total other countries . . . . . . . . . 

656 57 4 53 599

Total foreign countries. . . . . . 

49,546 26,225 13,826 12,399 23,321

International and regional:

International . . . . . . . . . . . . . . . . . 2 - - - 2

European regional . . . . . . . . . . . . 60 - - - 60

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

62 - - - 62

Grand total. . . . . . . . . . . . . . . 49,608 26,225 13,826 12,399 23,383

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, Mar. 31, 1996, 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 83
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Calendar year 1995 1996

Country 1991 1992 1993 1994 Mar. June Sept. Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 71 88 123 121 99 91 114 118

Belgium-Luxembourg. . . . . . . . . . 207 197 318 299 345 373 384 424 406

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 13 32 37 34 25 35 29 17

Czechoslovakia . . . . . . . . . . . . . . 18 46 48 52 34 52 33 53 34

Denmark. . . . . . . . . . . . . . . . . . . . 97 154 103 81 51 76 71 107 95

Finland . . . . . . . . . . . . . . . . . . . . . 160 169 171 173 136 113 116 185 116

France . . . . . . . . . . . . . . . . . . . . . 1,854 2,301 2,773 2,681 2,598 2,399 2,459 2,633 2,818

Germany . . . . . . . . . . . . . . . . . . . 1,238 1,259 1,544 1,567 1,504 1,379 1,298 1,506 1,727

Greece . . . . . . . . . . . . . . . . . . . . . 52 114 149 136 151 139 193 193 185

Hungary . . . . . . . . . . . . . . . . . . . . 21 30 6 72 47 43 38 50 34

Ireland . . . . . . . . . . . . . . . . . . . . . 91 419 416 315 319 142 140 290 296

Italy. . . . . . . . . . . . . . . . . . . . . . . . 853 1,041 883 812 852 1,009 894 1,029 1,011

Netherlands . . . . . . . . . . . . . . . . . 979 1,067 925 740 930 942 860 969 928

Norway. . . . . . . . . . . . . . . . . . . . . 121 196 132 242 216 253 191 169 171

Poland . . . . . . . . . . . . . . . . . . . . . 43 74 116 122 121 99 88 78 107

Portugal . . . . . . . . . . . . . . . . . . . . 141 176 191 217 182 157 62 64 48

Romania. . . . . . . . . . . . . . . . . . . . 4 12 5 17 24 20 13 16 6

Spain . . . . . . . . . . . . . . . . . . . . . . 335 332 459 484 454 558 454 537 473

Sweden . . . . . . . . . . . . . . . . . . . . 217 282 460 352 401 248 243 288 296

Switzerland. . . . . . . . . . . . . . . . . . 876 852 962 1,080 1,046 1,126 968 1,018 1,045

Turkey . . . . . . . . . . . . . . . . . . . . . 101 257 246 216 246 243 225 256 217

United Kingdom . . . . . . . . . . . . . . 13,620 8,346 5,962 7,205 6,428 7,259 7,403 6,959 8,175

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 274 232 228 254 234 241 296 300 182

Yugoslavia 2

. . . . . . . . . . . . . . . . . 113 52 55 39 11 10 9 13 7

Other Europe . . . . . . . . . . . . . . . . 133 90 132 160 92 122 138 153 174

Total Europe . . . . . . . . . . . . . . . 

21,634 17,782 16,404 17,476 16,577 17,127 16,702 17,433 18,686

Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,858 5,708 5,497 4,802 7,313

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 214 242 299 347 346 377 381 396 387

Bahamas . . . . . . . . . . . . . . . . . . . 840 806 1,347 2,433 957 2,376 1,578 1,995 1,618

Bermuda. . . . . . . . . . . . . . . . . . . . 272 295 307 261 245 295 280 353 350

Brazil . . . . . . . . . . . . . . . . . . . . . . 778 1,043 1,114 1,132 1,223 1,279 1,596 1,728 2,751

British West Indies . . . . . . . . . . . . 9,097 11,787 12,770 15,311 13,586 17,096 11,882 10,472 9,270

Chile. . . . . . . . . . . . . . . . . . . . . . . 84 129 221 229 265 276 276 248 224

Colombia . . . . . . . . . . . . . . . . . . . 118 129 120 396 417 450 414 413 394

Cuba. . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 2 1 1 1 1

Ecuador . . . . . . . . . . . . . . . . . . . . 95 40 81 112 76 108 147 123 105

Guatemala . . . . . . . . . . . . . . . . . . 14 23 32 46 66 54 47 48 58

Jamaica . . . . . . . . . . . . . . . . . . . . 25 30 27 42 29 37 42 41 51

Mexico . . . . . . . . . . . . . . . . . . . . . 1,054 1,369 1,862 1,966 1,689 1,744 1,513 1,547 1,329

Netherlands Antilles . . . . . . . . . . . 38 26 37 65 66 60 33 32 53

Panama . . . . . . . . . . . . . . . . . . . . 38 66 90 102 95 150 134 156 204

Peru . . . . . . . . . . . . . . . . . . . . . . . 91 115 148 175 107 139 222 221 227

Trinidad and Tobago . . . . . . . . . . 20 9 26 27 18 27 34 36 34

Uruguay . . . . . . . . . . . . . . . . . . . . 7 8 8 25 21 27 29 32 28

Venezuela . . . . . . . . . . . . . . . . . . 243 374 454 383 322 346 375 317 348

Other Latin America

and Caribbean . . . . . . . . . . . . . 342 443 553 600 719 687 720 705 580

Total Latin America

and Caribbean . . . . . . . . . . . . . 

13,372 16,936 19,498 23,653 20,249 25,529 19,704 18,864 18,012

See footnotes at end of table.

84 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 1995 1996

Country 1991 1992 1993 1994 Mar. June Sept. Dec. Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 212 282 378 526 467 444 504 696 610

Taiwan . . . . . . . . . . . . . . . . . . . 368 307 411 512 522 502 533 532 446

Hong Kong . . . . . . . . . . . . . . . . . . 267 267 298 442 409 479 451 454 505

India . . . . . . . . . . . . . . . . . . . . . . . 105 135 147 202 187 264 293 323 288

Indonesia . . . . . . . . . . . . . . . . . . . 159 138 354 423 396 361 367 367 383

Israel . . . . . . . . . . . . . . . . . . . . . . 174 168 218 195 240 257 276 267 271

Japan . . . . . . . . . . . . . . . . . . . . . . 2,249 2,571 3,167 3,608 2,532 2,482 3,402 2,741 3,180

Korea . . . . . . . . . . . . . . . . . . . . . . 423 361 549 650 710 832 915 933 767

Lebanon . . . . . . . . . . . . . . . . . . . . 11 50 65 58 64 80 66 48 61

Malaysia. . . . . . . . . . . . . . . . . . . . 55 90 477 457 464 455 457 496 451

Pakistan . . . . . . . . . . . . . . . . . . . . 50 53 32 40 31 33 30 42 41

Philippines . . . . . . . . . . . . . . . . . . 79 105 111 151 144 137 130 123 96

Singapore. . . . . . . . . . . . . . . . . . . 248 291 390 427 548 402 436 573 541

Syria. . . . . . . . . . . . . . . . . . . . . . . 5 8 5 6 12 9 14 12 14

Thailand . . . . . . . . . . . . . . . . . . . . 118 127 174 183 187 223 235 199 176

Oil-exporting countries 3

. . . . . . . . 625 696 707 849 693 710 779 977 1,037

Other Asia . . . . . . . . . . . . . . . . . . 83 81 188 124 98 81 98 108 101

Total Asia . . . . . . . . . . . . . . . . . 

5,231 5,730 7,671 8,853 7,704 7,751 8,986 8,891 8,968

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 92 177 137 261 74 93 88 160 207

Ghana . . . . . . . . . . . . . . . . . . . . . 1 5 7 7 6 6 13 16 7

Liberia . . . . . . . . . . . . . . . . . . . . . 38 34 19 9 8 8 8 13 11

Morocco . . . . . . . . . . . . . . . . . . . . 23 37 45 53 12 16 102 57 41

South Africa . . . . . . . . . . . . . . . . . 108 81 108 142 158 140 173 321 319

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 29 18 30 21 9 10 11 10

Oil-exporting countries 4

. . . . . . . . 96 87 73 67 80 69 80 92 112

Other Africa . . . . . . . . . . . . . . . . . 123 187 185 258 250 275 258 260 237

Total Africa . . . . . . . . . . . . . . . . 

487 637 592 827 609 616 732 930 944

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 570 702 945 1,218 923 1,039 1,497 1,310 1,220

All other . . . . . . . . . . . . . . . . . . . . 180 152 208 269 267 264 272 270 236

Total other countries . . . . . . . . . 

750 854 1,153 1,487 1,190 1,303 1,769 1,580 1,456

Total foreign countries. . . . . . 

45,237 45,058 49,131 57,865 52,187 58,034 53,390 52,500 55,379

International and regional:

International . . . . . . . . . . . . . . . . . 22 13 28 19 30 17 34 8 17

European regional . . . . . . . . . . . . 2 2 - 4 1 - - 1 2

Latin American regional . . . . . . . . - - - - - - - - -

Asian regional . . . . . . . . . . . . . . . 1 - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

25 15 28 23 31 17 34 9 19

Grand total. . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,509 55,398

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 85
TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1996, 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 . . . . . . . . . . . . . . . . . . . . . 118 37 19 18 81

Belgium-Luxembourg. . . . . . . . . . 406 159 152 7 247

Bulgaria . . . . . . . . . . . . . . . . . . . . 17 11 9 2 6

Czechoslovakia . . . . . . . . . . . . . . 34 5 4 1 29

Denmark. . . . . . . . . . . . . . . . . . . . 95 46 17 29 49

Finland . . . . . . . . . . . . . . . . . . . . . 116 3 - 3 113

France . . . . . . . . . . . . . . . . . . . . . 2,818 1,015 965 50 1,803

Germany . . . . . . . . . . . . . . . . . . . 1,727 320 281 39 1,407

Greece . . . . . . . . . . . . . . . . . . . . . 185 80 79 1 105

Hungary . . . . . . . . . . . . . . . . . . . . 34 26 26 - 8

Ireland . . . . . . . . . . . . . . . . . . . . . 296 198 197 1 98

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,011 167 155 12 844

Netherlands . . . . . . . . . . . . . . . . . 928 486 475 11 442

Norway. . . . . . . . . . . . . . . . . . . . . 171 23 - 23 148

Poland . . . . . . . . . . . . . . . . . . . . . 107 39 39 - 68

Portugal . . . . . . . . . . . . . . . . . . . . 48 2 1 1 46

Romania. . . . . . . . . . . . . . . . . . . . 6 - - - 6

Russia 1

. . . . . . . . . . . . . . . . . . . . 182 62 56 6 120

Spain . . . . . . . . . . . . . . . . . . . . . . 473 23 7 16 450

Sweden . . . . . . . . . . . . . . . . . . . . 296 119 77 42 177

Switzerland. . . . . . . . . . . . . . . . . . 1,045 470 462 8 575

Turkey . . . . . . . . . . . . . . . . . . . . . 217 55 55 - 162

United Kingdom . . . . . . . . . . . . . . 8,175 5,568 4,939 629 2,607

Yugoslavia 2

. . . . . . . . . . . . . . . . . 7 - - - 7

Other Europe . . . . . . . . . . . . . . . . 174 15 14 1 159

Total Europe . . . . . . . . . . . . . . . 18,686 8,929 8,029 900 9,757

Canada . . . . . . . . . . . . . . . . . . . . . . 7,313 5,269 4,721 548 2,044

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 387 43 41 2 344

Bahamas . . . . . . . . . . . . . . . . . . . 1,618 1,588 1,578 10 30

Bermuda. . . . . . . . . . . . . . . . . . . . 350 77 75 2 273

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,751 1,943 1,385 558 808

British West Indies . . . . . . . . . . . . 9,270 9,164 9,118 46 106

Chile. . . . . . . . . . . . . . . . . . . . . . . 224 8 3 5 216

Colombia . . . . . . . . . . . . . . . . . . . 394 161 159 2 233

Cuba. . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 105 35 35 - 70

Guatemala . . . . . . . . . . . . . . . . . . 58 14 13 1 44

Jamaica . . . . . . . . . . . . . . . . . . . . 51 - - - 51

Mexico . . . . . . . . . . . . . . . . . . . . . 1,329 461 297 164 868

Netherlands Antilles . . . . . . . . . . . 53 21 21 - 32

Panama . . . . . . . . . . . . . . . . . . . . 204 105 105 - 99

Peru . . . . . . . . . . . . . . . . . . . . . . . 227 85 82 3 142

Trinidad and Tobago . . . . . . . . . . 34 4 4 - 30

Uruguay . . . . . . . . . . . . . . . . . . . . 28 - - - 28

Venezuela . . . . . . . . . . . . . . . . . . 348 40 28 12 308

Other Latin America

and Caribbean . . . . . . . . . . . . . 580 116 112 4 464

Total Latin America

and Caribbean. . . . . . . . . . . . 

18,012 13,865 13,056 809 4,147

See footnotes at end of table.

86 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1996, 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 . . . . . . . . . . . . . . . . . . 610 27 26 1 583

Taiwan . . . . . . . . . . . . . . . . . . . 446 15 3 12 431

Hong Kong . . . . . . . . . . . . . . . . . . 505 42 37 5 463

India . . . . . . . . . . . . . . . . . . . . . . . 288 7 1 6 281

Indonesia . . . . . . . . . . . . . . . . . . . 383 196 194 2 187

Israel . . . . . . . . . . . . . . . . . . . . . . 271 3 2 1 268

Japan . . . . . . . . . . . . . . . . . . . . . . 3,180 1,171 1,045 126 2,009

Korea . . . . . . . . . . . . . . . . . . . . . . 767 16 15 1 751

Lebanon . . . . . . . . . . . . . . . . . . . . 61 - - - 61

Malaysia. . . . . . . . . . . . . . . . . . . . 451 295 294 1 156

Pakistan . . . . . . . . . . . . . . . . . . . . 41 3 - 3 38

Philippines . . . . . . . . . . . . . . . . . . 96 14 12 2 82

Singapore. . . . . . . . . . . . . . . . . . . 541 37 37 - 504

Syria. . . . . . . . . . . . . . . . . . . . . . . 14 - - - 14

Thailand . . . . . . . . . . . . . . . . . . . . 176 11 10 1 165

Other Asia . . . . . . . . . . . . . . . . . . 1,138 53 47 6 1,085

Total Asia . . . . . . . . . . . . . . . . . 8,968 1,890 1,723 167 7,078

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 207 3 3 - 204

Ghana . . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Liberia . . . . . . . . . . . . . . . . . . . . . 11 7 7 - 4

Morocco . . . . . . . . . . . . . . . . . . . . 41 7 7 - 34

South Africa . . . . . . . . . . . . . . . . . 319 161 161 - 158

Zaire. . . . . . . . . . . . . . . . . . . . . . . 10 - - - 10

Other Africa . . . . . . . . . . . . . . . . . 349 99 99 - 250

Total Africa . . . . . . . . . . . . . . . . 944 277 277 - 667

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,220 498 489 9 722

All other . . . . . . . . . . . . . . . . . . . . 236 82 77 5 154

Total other countries . . . . . . . . . 1,456 580 566 14 876

Total foreign countries. . . . . . 55,379 30,810 28,372 2,438 24,569

International and regional:

International . . . . . . . . . . . . . . . . . 17 - - - 17

European regional . . . . . . . . . . . . 2 - - - 2

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

19 - - - 19

Grand total. . . . . . . . . . . . . . . 55,398 30,810 28,372 2,438 24,588

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 87
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’ transactions in long-term domestic securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate

bonds and stocks) are conducted largely through

international financial centers. The table presents

aggregate net purchases on an annual basis for 1993

through 1995, and on a year-to-date and most recent

quarter basis for 1996. The figures show that there

has been overall a steady increase in foreigners’ net

purchases, or gross purchases minus gross sales, of

U.S. securities.

On an annualized basis, net purchases by foreigners in other Europe, Japan, and other Asia accelerated heavily in the first half of 1996; net

purchases vis-a-vis the United Kingdom slackened,

while slowing abruptly opposite the Caribbean

banking centers. Net purchases for all areas shown

were vigorous in the second quarter, except for ‘‘all

other countries,’’ which generated a large sell-off, or

negative net purchases, of U.S. securities. Overall,

based on first-half activity, foreigners’ net purchases of U.S. securities in 1996 are poised to exceed 1995 levels.

[In millions of dollars]

Country 1993 1994 1995 Jan. - Jun. 1996 Apr. - Jun. 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 30,442 55,847 100,435 43,724 24,383 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 430 26,474 24,795 37,693 13,864 

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 12,345 -3,581 48,344 4,873 12,854 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,464 36,441 16,388 20,995 12,731 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,089 21,424 25,625 28,521 13,051 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,770 136,605 215,587 135,806 76,883 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 15,360 3,994 16,226 7,438 -6,485 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

111,130 140,599 231,813 143,244 70,398 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.)

88 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners 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

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1992 . . . . . . . . . . . . . . . . . . . . . . . . -47,864 -15,605 513,589 529,194 -32,259 150,051 182,310

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 r . . . . . . . . . . . . . . . . . . . . . . . -98,836 -48,545 889,471 938,016 -50,291 345,540 395,831

1996 - Jan. - June p . . . . . . . . . . . . -54,368 -14,648 519,705 534,353 -39,720 224,817 264,537

1995 - June r . . . . . . . . . . . . . . . . . . -11,842 -7,426 96,268 103,694 -4,416 29,131 33,547

July r . . . . . . . . . . . . . . . . . . -12,338 -4,149 67,194 71,343 -8,189 28,586 36,775

Aug. r . . . . . . . . . . . . . . . . . . -9,867 -3,911 71,373 75,284 -5,956 30,871 36,827

Sept. r . . . . . . . . . . . . . . . . . -13,471 -5,511 81,036 86,547 -7,960 28,715 36,675

Oct. r . . . . . . . . . . . . . . . . . . -13,583 -8,097 76,903 85,000 -5,486 29,382 34,868

Nov. r . . . . . . . . . . . . . . . . . . -8,237 -6,519 78,647 85,166 -1,718 30,317 32,035

Dec. r . . . . . . . . . . . . . . . . . . -10,652 -4,050 80,328 84,378 -6,602 32,369 38,971

1996 - Jan. r . . . . . . . . . . . . . . . . . . -11,018 -4,584 84,638 89,222 -6,434 33,481 39,915

Feb. . . . . . . . . . . . . . . . . . . . -7,108 -1,404 95,201 96,605 -5,704 37,464 43,168

Mar. . . . . . . . . . . . . . . . . . . . -16,383 -6,038 93,345 99,383 -10,345 36,115 46,460

Apr. . . . . . . . . . . . . . . . . . . . -6,859 -153 81,256 81,409 -6,706 37,764 44,470

May p . . . . . . . . . . . . . . . . . . -3,582 -527 82,414 82,941 -3,055 43,515 46,570

June p . . . . . . . . . . . . . . . . . -9,418 -1,942 82,851 84,793 -7,476 36,478 43,954

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by Banks

and Brokers in the United States

TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1

Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 2,241,537 2,202,249 18,291 111,186 92,895 20,789 103,736 82,947 -5,136 221,367 226,503

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 38,241 130,316 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 133,991 39,625 93,927 439 2,981,096 2,847,105 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 - Jan. - June p. . . . . 75,261 34,131 42,903 -1,773 1,577,517 1,502,256 21,288 74,307 53,019 36,188 118,078 81,890 10,507 305,207 294,700

1995 - June . . . . . . . . . . . 22,631 10,871 11,561 199 294,719 272,088 2,607 11,448 8,841 6,497 16,491 9,994 2,226 45,445 43,219

July . . . . . . . . . . . 31,871 16,790 14,592 489 239,382 207,511 2,717 10,970 8,253 6,245 12,941 6,696 2,435 42,444 40,009

Aug. . . . . . . . . . . . 26,082 -364 26,806 -360 274,042 247,960 4,444 11,885 7,441 3,605 12,905 9,300 2,542 41,908 39,366

Sept. . . . . . . . . . . -11,072 -4,525 -6,477 -70 235,538 246,610 5,085 12,474 7,389 5,343 15,713 10,370 232 44,450 44,218

Oct. . . . . . . . . . . . 4,819 5,705 -1,055 169 256,062 251,243 1,350 10,818 9,468 5,924 15,655 9,731 -1,368 41,492 42,860

Nov. . . . . . . . . . . . 15,307 -915 15,851 371 252,075 236,768 3,990 12,130 8,140 6,911 19,512 12,601 2,932 42,003 39,071

Dec. . . . . . . . . . . . -9,454 2,651 -11,667 -438 196,646 206,100 -1,743 9,401 11,144 2,646 12,619 9,973 2,107 46,479 44,372

1996 - Jan. r . . . . . . . . . . 14,018 12,615 1,098 305 280,627 266,609 4,178 10,715 6,537 4,694 15,883 11,189 1,626 43,574 41,948

Feb. . . . . . . . . . . . 15,451 8,681 7,511 -741 321,158 305,707 3,369 13,222 9,853 5,782 19,537 13,755 1,177 52,260 51,083

Mar. . . . . . . . . . . . 7,025 4,748 1,666 611 259,427 252,402 6,902 15,890 8,988 7,793 23,918 16,125 831 55,281 54,450

Apr. . . . . . . . . . . . 15,751 8,253 8,873 -1,375 224,652 208,901 329 8,579 8,250 5,094 15,537 10,443 4,273 53,047 48,774

May p . . . . . . . . . . 14,368 6,482 7,648 238 268,477 254,109 2,730 12,598 9,868 7,997 22,155 14,158 1,587 57,671 56,084

June p . . . . . . . . . 8,648 -6,648 16,107 -811 223,176 214,528 3,780 13,303 9,523 4,828 21,048 16,220 1,013 43,374 42,361

CAPITAL MOVEMENTS 89
1996 1996 1996 1996

Country

Calendar

year

1995

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995 r

Jan.

through 

June

Apr.

through 

June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,454 3,450 1,493 -46 19 19 -29 40 5 -89 154 24

Belgium-Luxembourg. . . . . . . . . . 591 579 469 1,469 2,539 1,330 -298 185 90 -1,616 121 221

Bulgaria . . . . . . . . . . . . . . . . . . . . -6 - - - - - - - - -6 -11 -9

Czechoslovakia . . . . . . . . . . . . . . -36 41 -3 - - - 68 - - 2 - 1

Denmark. . . . . . . . . . . . . . . . . . . . 974 -122 -429 126 5 33 74 -157 -136 4 100 57

Finland . . . . . . . . . . . . . . . . . . . . . -56 -310 -291 93 86 32 21 30 13 2 - -6

France . . . . . . . . . . . . . . . . . . . . . 482 2,058 68 230 -86 -112 913 3,133 1,336 -1,099 -317 -981

Germany . . . . . . . . . . . . . . . . . . . 6,136 8,875 4,703 1,073 1,558 802 4,865 2,355 811 -1,837 650 362

Greece . . . . . . . . . . . . . . . . . . . . . 667 247 21 10 1 - 96 2 2 -14 90 -3

Hungary . . . . . . . . . . . . . . . . . . . . 2,429 111 9 199 -75 -28 75 -5 -5 2 55 62

Ireland . . . . . . . . . . . . . . . . . . . . . -1,277 -236 98 100 93 105 918 1,197 679 266 183 80

Italy. . . . . . . . . . . . . . . . . . . . . . . . 603 1,024 372 360 -172 27 -302 -235 -108 -636 -677 -457

Netherlands . . . . . . . . . . . . . . . . . 1,891 -2,263 -1,827 25 223 -70 1,438 611 442 3,507 1,187 299

Norway. . . . . . . . . . . . . . . . . . . . . -97 547 96 17 132 130 87 -91 -1 10 79 15

Poland . . . . . . . . . . . . . . . . . . . . . 1,271 2,096 878 10 - - 2 27 -7 -22 -1 2

Portugal . . . . . . . . . . . . . . . . . . . . 255 -103 66 -10 - - 8 45 23 -8 -8 5

Romania. . . . . . . . . . . . . . . . . . . . 2 1 - - - - - - - 3 -3 -3

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,372 -27 26 28 -3 -4 -5 -1 -1 45 11 -

Spain . . . . . . . . . . . . . . . . . . . . . . -3,881 423 579 -39 8 - 80 311 193 -123 9 28

Sweden . . . . . . . . . . . . . . . . . . . . 358 1,729 599 170 48 35 190 -13 -13 667 421 251

Switzerland. . . . . . . . . . . . . . . . . . -472 1,395 1,170 145 136 66 349 63 201 -2,283 1,320 556

Turkey . . . . . . . . . . . . . . . . . . . . . 144 99 34 3 - - 11 33 29 24 -6 -

United Kingdom . . . . . . . . . . . . . . 34,778 19,715 14,624 17,126 6,285 3,001 40,465 18,007 6,412 8,066 -283 346

Yugoslavia 2

. . . . . . . . . . . . . . . . . 1 - - - - - -4 - - 3 - -

Other Europe . . . . . . . . . . . . . . . . 1,417 2,729 -533 120 -142 -203 87 46 35 44 47 12

Total Europe . . . . . . . . . . . . . . . 50,000 42,058 22,222 21,209 10,655 5,163 49,109 25,583 10,000 4,912 3,121 862

Canada . . . . . . . . . . . . . . . . . . . . . . 252 4,723 958 1,006 53 89 1,563 2,060 1,536 -1,517 781 -292

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 2,706 -22 -10 28 91 23 81 99 73 65 135 63

Bahamas . . . . . . . . . . . . . . . . . . . 2,643 682 -184 549 -9 -8 550 550 689 -48 -140 3

Bermuda. . . . . . . . . . . . . . . . . . . . -6,017 629 -341 1,144 163 20 1,887 305 366 585 -542 -372

Brazil . . . . . . . . . . . . . . . . . . . . . . 3,607 -460 -6,535 21 129 64 -12 -61 -86 -105 7 27

British West Indies . . . . . . . . . . . . 17,365 -536 4,544 -380 5,686 -1,309 1,290 1,956 1,288 1,077 1,607 858

Chile. . . . . . . . . . . . . . . . . . . . . . . 257 452 98 3 14 9 14 114 12 24 -30 7

Colombia . . . . . . . . . . . . . . . . . . . 1,220 150 -185 8 11 4 11 - 1 -18 16 8

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 757 64 49 -73 15 15 -6 -19 -18 -11 -56 3

Guatemala . . . . . . . . . . . . . . . . . . 18 22 3 4 3 2 -1 5 - -6 5 2

Jamaica . . . . . . . . . . . . . . . . . . . . -70 -29 -18 -5 33 8 1 -1 - 2 1 1

Mexico . . . . . . . . . . . . . . . . . . . . . 2,511 427 -198 209 203 119 131 -36 -48 85 107 34

Netherlands Antilles . . . . . . . . . . . 23,459 -9,479 5,136 31 270 238 -197 757 352 3,989 2,448 1,118

Panama . . . . . . . . . . . . . . . . . . . . 6 113 55 201 118 225 85 57 11 125 238 165

Peru . . . . . . . . . . . . . . . . . . . . . . . 2 -1 - 1 1 1 2 10 6 -6 -2 -2

Trinidad and Tobago . . . . . . . . . . -10 -1 - -3 -8 -2 30 10 6 11 90 87

Uruguay . . . . . . . . . . . . . . . . . . . . 262 52 29 - 16 13 25 34 27 -9 37 27

Venezuela . . . . . . . . . . . . . . . . . . -2 -301 -22 -21 36 24 90 26 21 34 65 40

Other Latin America

and Caribbean . . . . . . . . . . . . . 

-105 24 -71 168 75 -7 275 18 9 20 -2 26

Total Latin America

and Caribbean. . . . . . . . . . . . 

48,609 -8,214 2,350 1,885 6,847 -561 4,256 3,824 2,709 5,814 3,984 2,095

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 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

90 CAPITAL MOVEMENTS
1996 1996 1996 1996

Country

Calendar

year

1995

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1995 r

Jan.

through 

June

Apr.

through 

June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 703 11,819 3,474 855 743 598 14 64 33 -11 - -1

Taiwan . . . . . . . . . . . . . . . . . . . -3,405 -2,966 1,192 -495 -603 -79 -63 27 16 -177 62 62

Hong Kong . . . . . . . . . . . . . . . . . . 4,887 2,101 114 -58 737 -6 956 1,623 872 226 -268 136

India . . . . . . . . . . . . . . . . . . . . . . . -160 167 119 2 1 1 -5 -2 -2 -15 -3 -8

Indonesia . . . . . . . . . . . . . . . . . . . -388 829 270 8 -3 - -7 3 - -11 -48 -52

Israel . . . . . . . . . . . . . . . . . . . . . . 1,601 -2,134 -1,509 91 168 94 204 103 54 -205 -165 -111

Japan . . . . . . . . . . . . . . . . . . . . . . 16,863 15,957 7,826 1,069 896 424 1,181 2,607 2,160 -2,725 1,535 2,321

Korea . . . . . . . . . . . . . . . . . . . . . . 2,259 1,948 1,549 1,800 136 76 40 28 26 -23 -37 -22

Lebanon . . . . . . . . . . . . . . . . . . . . 6 4 3 - - - -3 -1 -2 15 21 5

Malaysia. . . . . . . . . . . . . . . . . . . . -839 -1,384 25 -1 4 - -12 7 -2 -70 20 -5

Pakistan . . . . . . . . . . . . . . . . . . . . -48 3 - 4 1 - 3 - 1 5 6 4

Philippines . . . . . . . . . . . . . . . . . . -117 287 -75 90 178 169 -11 -8 -12 13 -28 -26

Singapore. . . . . . . . . . . . . . . . . . . 8,875 4,665 -656 268 1,069 221 -258 769 746 5,579 2,996 2,279

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 6 4

Thailand . . . . . . . . . . . . . . . . . . . . -546 3,008 -242 - 1 1 1 52 - 21 4 5

Oil-exporting countries 3

. . . . . . . . 3,075 4,409 3,818 1,453 139 423 416 -194 37 -337 -1,206 -381

Other Asia . . . . . . . . . . . . . . . . . . 

-447 -637 -309 -152 159 75 138 18 49 -121 -177 -

Total Asia . . . . . . . . . . . . . . . . . 32,319 38,076 15,599 4,934 3,626 1,997 2,594 5,096 3,976 2,166 2,718 4,210

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,031 1,065 303 244 217 140 82 -13 -17 -5 -7 -10

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Liberia . . . . . . . . . . . . . . . . . . . . . 255 -40 -72 -271 26 55 91 -36 3 -32 -42 -2

Morocco . . . . . . . . . . . . . . . . . . . . - - - -1 - - - - - 4 5 2

South Africa . . . . . . . . . . . . . . . . . 70 -37 -50 - 4 4 125 - 1 3 45 30

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 2 1 - 1 - - 1 - - 4 7 6

Other Africa . . . . . . . . . . . . . . . . . 106 -39 43 -30 4 8 -8 -15 12 29 -75 7

Total Africa . . . . . . . . . . . . . . . . 1,464 950 224 -57 251 207 291 -64 -1 2 -67 33

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . -411 668 216 205 -1 4 182 -223 -212 389 -387 -178

All other . . . . . . . . . . . . . . . . . . . . 1,319 -1,227 -854 -135 -191 -121 -6 -142 -79 -321 380 -6

Total other countries . . . . . . . . . 908 -559 -638 70 -192 -117 176 -365 -291 68 -7 -184

Total foreign countries. . . . . . 133,552 77,034 40,715 29,047 21,240 6,778 57,989 36,134 17,929 11,445 10,530 6,724

International and regional:

International . . . . . . . . . . . . . . . . . 9 -621 -1,170 -399 32 4 -148 32 -15 10 -124 12

European regional . . . . . . . . . . . . -45 29 11 72 37 - - - - - - -

Latin American regional . . . . . . . . 261 -1,279 -992 48 -61 26 -11 11 1 -211 94 133

Asian regional . . . . . . . . . . . . . . . 93 -36 -4 -19 34 31 -6 1 4 -3 7 4

African regional . . . . . . . . . . . . . . 83 -23 21 -20 6 - 34 10 - -1 - -

Middle Eastern regional . . . . . . . . 38 157 186 - - - -5 - - - - -

Total international

and regional. . . . . . . . . . . . . . 

439 -1,773 -1,948 -318 48 61 -136 54 -10 -205 -23 149

Grand total. . . . . . . . . . . . . . . 133,991 75,261 38,767 28,729 21,288 6,839 57,853 36,188 17,919 11,240 10,507 6,873

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 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 91
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Second Quarter 1996, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 5,742 4,971 21 17 413 131 189 4,163 3,478 2 12 389 113 169

Belgium-Luxembourg. . 14,354 4,752 1,500 954 3,315 1,640 2,193 11,048 4,283 170 864 3,094 1,614 1,023

Bulgaria . . . . . . . . . . . . 117 - - - - 88 29 174 - - - 9 144 21

Czechoslovakia . . . . . . 399 377 - - 1 - 21 416 380 - - - 5 31

Denmark. . . . . . . . . . . . 3,463 1,299 954 27 250 732 201 3,632 1,728 921 163 193 303 324

Finland . . . . . . . . . . . . . 2,762 2,243 89 19 9 189 213 3,226 2,534 57 6 15 252 362

France . . . . . . . . . . . . . 32,699 20,845 119 2,190 4,333 2,825 2,387 35,566 20,777 231 854 5,314 3,839 4,551

Germany . . . . . . . . . . . 30,734 18,438 868 1,704 3,592 2,798 3,334 25,979 13,735 66 893 3,230 3,895 4,160

Greece . . . . . . . . . . . . . 863 589 - 9 192 21 52 878 568 - 7 195 30 78

Hungary . . . . . . . . . . . . 1,313 1,092 50 15 69 67 20 1,202 1,083 78 20 7 5 9

Ireland . . . . . . . . . . . . . 8,848 4,851 280 975 614 1,176 952 8,468 4,753 175 296 534 1,384 1,326

Italy. . . . . . . . . . . . . . . . 10,041 3,983 41 639 2,806 1,555 1,017 10,855 3,611 14 747 3,263 1,541 1,679

Netherlands . . . . . . . . . 17,744 7,282 120 722 4,469 1,400 3,751 19,757 9,109 190 280 4,170 3,028 2,980

Norway. . . . . . . . . . . . . 2,520 1,140 130 27 253 263 707 2,569 1,044 - 28 238 644 615

Poland . . . . . . . . . . . . . 1,316 1,209 - 3 7 69 28 501 331 - 10 5 62 93

Portugal . . . . . . . . . . . . 584 438 - 32 52 6 56 558 372 - 9 47 22 108

Romania. . . . . . . . . . . . 1 - - - 1 - - 8 - - - 4 - 4

Russia 1

. . . . . . . . . . . . 693 569 - - 21 71 32 727 543 4 1 21 75 83

Spain . . . . . . . . . . . . . . 13,060 9,841 9 372 435 1,703 700 12,005 9,262 9 179 407 1,465 683

Sweden . . . . . . . . . . . . 5,894 2,496 52 7 1,329 379 1,631 4,985 1,897 17 20 1,078 505 1,468

Switzerland. . . . . . . . . . 23,189 7,761 127 1,733 9,998 1,408 2,162 22,107 6,591 61 1,532 9,442 1,332 3,149

Turkey . . . . . . . . . . . . . 848 463 - 31 43 181 130 842 429 - 2 43 172 196

United Kingdom . . . . . . 537,391 286,793 10,984 28,642 41,017 125,247 44,708 514,680 272,169 7,983 22,230 40,671 120,334 51,293

Yugoslavia 2

. . . . . . . . . 68 - - - - 31 37 78 - - - - 6 72

Other Europe . . . . . . . . 5,268 4,403 59 62 387 102 255 6,059 4,936 262 27 375 113 346

Total Europe . . . . . . . 719,911 385,835 15,403 38,180 73,606 142,082 64,805 690,483 363,613 10,240 28,180 72,744 140,883 74,823

Canada . . . . . . . . . . . . . . 117,124 65,725 837 3,341 13,577 26,960 6,684 114,922 64,767 748 1,805 13,869 25,573 8,160

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 7,689 145 29 130 229 6,507 649 7,369 155 6 57 166 6,076 909

Bahamas . . . . . . . . . . . 16,862 5,984 305 1,506 3,668 4,852 547 16,737 6,168 313 817 3,665 5,240 534

Bermuda. . . . . . . . . . . . 52,533 14,735 2,963 2,518 12,055 18,279 1,983 53,608 15,076 2,943 2,152 12,427 18,167 2,843

Brazil . . . . . . . . . . . . . . 20,658 9,809 74 46 170 8,831 1,728 27,842 16,344 10 132 143 8,668 2,545

British West Indies . . . . 61,673 28,058 5,197 3,337 13,260 8,413 3,408 57,362 23,514 6,506 2,049 12,402 9,558 3,333

Chile. . . . . . . . . . . . . . . 1,263 154 9 26 179 833 62 889 56 - 14 172 543 104

Colombia . . . . . . . . . . . 1,064 921 32 4 46 42 19 1,695 1,106 28 3 38 434 86

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 632 300 24 16 17 275 - 555 251 9 34 14 245 2

Guatemala . . . . . . . . . . 84 46 2 2 14 15 5 71 43 - 2 12 8 6

Jamaica . . . . . . . . . . . . 28 7 8 - 7 - 6 32 25 - - 6 - 1

Mexico . . . . . . . . . . . . . 9,209 3,552 193 289 331 2,350 2,494 9,132 3,750 74 337 297 2,345 2,329

Netherlands Antilles . . . 49,780 25,423 547 2,199 14,724 3,062 3,825 42,126 20,287 309 1,847 13,606 2,863 3,214

Panama . . . . . . . . . . . . 2,189 122 572 109 909 374 103 1,701 67 347 98 744 342 103

Peru . . . . . . . . . . . . . . . 163 1 1 7 32 31 91 154 1 - 1 34 9 109

Trinidad and Tobago . . 148 - - 13 112 23 - 37 - 2 7 25 2 1

Uruguay . . . . . . . . . . . . 761 35 14 66 157 343 146 627 6 1 39 130 349 102

Venezuela . . . . . . . . . . 1,460 37 49 40 216 1,038 80 1,529 59 25 19 176 1,217 33

Other Latin America

and Caribbean . . . . . 2,296 191 129 71 212 1,624 69 2,779 262 136 62 186 2,023 110

Total Latin America

and Caribbean. . . . 

228,492 89,520 10,148 10,379 46,338 56,892 15,215 224,245 87,170 10,709 7,670 44,243 58,089 16,364

92 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 10,015 8,889 818 74 35 162 37 5,775 5,415 220 41 36 38 25

Taiwan . . . . . . . . . . . 3,408 2,385 137 25 537 74 250 2,309 1,193 216 9 475 87 329

Hong Kong . . . . . . . . . . 31,438 18,043 575 1,206 1,908 4,014 5,692 31,802 17,929 581 334 1,772 5,386 5,800

India . . . . . . . . . . . . . . . 568 419 1 - 46 9 93 568 300 - 2 54 5 207

Indonesia . . . . . . . . . . . 1,106 622 - - 51 110 323 1,051 352 - - 103 244 352

Israel . . . . . . . . . . . . . . 2,794 2,122 121 70 245 74 162 4,532 3,631 27 16 356 192 310

Japan . . . . . . . . . . . . . . 117,850 78,384 3,062 3,075 9,217 6,639 17,473 108,292 70,558 2,638 915 6,896 7,195 20,090

Korea . . . . . . . . . . . . . . 3,825 2,470 199 69 24 452 611 3,751 921 123 43 46 1,279 1,339

Lebanon . . . . . . . . . . . . 98 4 - 1 72 19 2 78 1 - 3 67 7 -

Malaysia. . . . . . . . . . . . 2,100 1,457 6 2 58 22 555 2,375 1,432 6 4 63 153 717

Pakistan . . . . . . . . . . . . 57 2 - 1 22 2 30 54 2 - - 18 - 34

Philippines . . . . . . . . . . 747 62 171 12 62 228 212 1,055 137 2 24 88 496 308

Singapore. . . . . . . . . . . 38,344 28,041 599 897 4,047 2,738 2,022 35,472 28,697 378 151 1,768 2,588 1,890

Syria. . . . . . . . . . . . . . . 11 - - - 10 - 1 7 - - - 6 - 1

Thailand . . . . . . . . . . . . 3,790 3,282 20 - 25 87 376 4,162 3,524 19 - 20 297 302

Other Asia . . . . . . . . . . 15,840 10,266 1,756 1,063 2,404 159 192 12,695 6,757 1,258 977 2,785 549 369

Total Asia . . . . . . . . . 231,991 156,448 7,465 6,495 18,763 14,789 28,031 213,978 140,849 5,468 2,519 14,553 18,516 32,073

Africa:

Egypt . . . . . . . . . . . . . . 548 303 140 15 84 2 4 180 - - 32 94 4 50

Ghana . . . . . . . . . . . . . - - - - - - - 10 - - - - 1 9

Liberia . . . . . . . . . . . . . 533 10 236 32 132 111 12 551 82 181 29 134 113 12

Morocco . . . . . . . . . . . . 6 - - - 5 - 1 9 - - - 3 - 6

South Africa . . . . . . . . . 219 3 4 1 42 37 132 417 53 - - 12 58 294

Zaire. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 542 215 8 13 134 66 106 386 172 - 1 121 12 80

Total Africa . . . . . . . . 1,848 531 388 61 397 216 255 1,553 307 181 62 364 188 451

Other countries:

Australia . . . . . . . . . . . . 13,631 5,607 112 209 664 4,575 2,464 14,040 5,391 108 421 842 4,739 2,539

All other . . . . . . . . . . . . 1,889 563 62 45 253 871 95 3,159 1,417 183 124 259 839 337

Total other

countries . . . . . . . . 

15,520 6,170 174 254 917 5,446 2,559 17,199 6,808 291 545 1,101 5,578 2,876

Total foreign

countries . . . . . . . . 

1,314,886 704,229 34,415 58,710 153,598 246,385 117,549 1,262,380 663,514 27,637 40,781 146,874 248,827 134,747

International

and regional:

International . . . . . . . . . 11,842 11,539 6 3 31 98 165 13,077 12,709 2 18 19 113 216

European regional . . . . 78 69 - - - 9 - 73 58 - - - 15 -

Latin American

regional . . . . . . . . . . . 588 65 27 14 454 28 - 1,577 1,057 1 13 321 185 -

Asian regional . . . . . . . 222 124 32 13 9 1 43 177 128 1 9 5 3 31

African regional . . . . . . 40 40 - - - - - 19 19 - - - - -

Middle Eastern

regional . . . . . . . . . . . 239 239 - - - - - 53 53 - - - - -

Total international

and regional. . . . . . 

13,009 12,076 65 30 494 136 208 14,976 14,024 4 40 345 316 247

Grand total. . . . . . . 1,327,895 716,305 34,480 58,740 154,092 246,521 117,757 1,277,356 677,538 27,641 40,821 147,219 249,143 134,994

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Second Quarter 1996, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 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 93
Europe:

Austria . . . . . . . . . . . . . 16,908 14,662 7 123 1,321 395 400 14,906 12,208 53 152 1,410 499 584

Belgium-Luxembourg. . 41,402 16,138 3,678 3,983 9,175 6,367 2,061 43,210 15,547 2,209 4,281 10,791 8,519 1,863

Bulgaria . . . . . . . . . . . . 272 43 - - 16 213 - 347 49 - - 22 273 3

Czechoslovakia . . . . . . 3,487 3,379 - 76 2 21 9 3,491 3,415 - 8 - 33 35

Denmark. . . . . . . . . . . . 20,408 11,853 4,021 185 936 2,548 865 20,213 10,879 3,895 111 932 3,218 1,178

Finland . . . . . . . . . . . . . 16,920 15,332 118 26 68 493 883 17,875 15,388 25 5 66 1,217 1,174

France . . . . . . . . . . . . . 128,790 84,323 871 3,469 10,367 19,679 10,081 128,696 83,841 641 2,556 11,466 18,698 11,494

Germany . . . . . . . . . . . 103,199 67,988 1,533 7,635 9,595 5,816 10,632 93,862 61,852 460 2,770 11,432 6,334 11,014

Greece . . . . . . . . . . . . . 6,335 4,994 17 129 549 497 149 5,425 4,327 7 33 563 268 227

Hungary . . . . . . . . . . . . 4,522 4,010 219 190 19 50 34 1,761 1,581 20 115 17 - 28

Ireland . . . . . . . . . . . . . 24,637 14,572 914 2,543 1,595 3,103 1,910 24,541 15,849 814 1,625 1,329 2,683 2,241

Italy. . . . . . . . . . . . . . . . 35,717 16,281 724 620 9,745 4,757 3,590 38,122 15,678 364 922 10,381 5,639 5,138

Netherlands . . . . . . . . . 67,914 35,131 1,281 2,264 17,435 3,004 8,799 65,096 33,240 1,256 826 13,928 6,153 9,693

Norway. . . . . . . . . . . . . 11,455 7,398 26 101 657 2,237 1,036 12,397 7,495 9 14 647 2,456 1,776

Poland . . . . . . . . . . . . . 4,600 4,358 10 3 5 205 19 3,399 3,087 - 1 27 200 84

Portugal . . . . . . . . . . . . 2,493 2,101 8 61 81 38 204 2,445 1,846 18 53 89 36 403

Romania. . . . . . . . . . . . 5 2 - - 3 - - - - - - - - -

Russia 1

. . . . . . . . . . . . 14,506 14,150 35 13 174 104 30 13,369 12,778 7 18 129 360 77

Spain . . . . . . . . . . . . . . 31,560 23,113 45 618 1,232 3,364 3,188 38,141 26,994 84 538 1,355 4,711 4,459

Sweden . . . . . . . . . . . . 18,127 6,154 199 321 3,233 4,188 4,032 18,998 5,796 29 131 2,566 3,613 6,863

Switzerland. . . . . . . . . . 67,740 22,703 492 4,304 29,490 4,191 6,560 71,359 23,175 347 3,955 31,773 4,752 7,357

Turkey . . . . . . . . . . . . . 2,600 1,901 27 28 213 217 214 2,404 1,757 24 17 189 73 344

United Kingdom. . . . . . 1,968,652 1,156,450 38,295 93,921 126,800 421,054 132,132 1,896,901 1,121,672 21,169 53,456 118,734 440,053 141,817

Yugoslavia 2

. . . . . . . . . 27 1 - - 22 - 4 23 - - 4 19 - -

Other Europe . . . . . . . . 21,596 19,095 295 196 1,395 480 135 19,786 17,678 175 109 1,351 344 129

Total Europe . . . . . . . 2,613,872 1,546,132 52,815 120,809 224,128 483,021 186,967 2,536,767 1,496,132 31,606 71,700 219,216 510,132 207,981

Canada . . . . . . . . . . . . . . 477,897 217,755 2,249 7,310 47,195 181,345 22,043 484,545 217,503 1,243 5,747 48,712 189,525 21,815

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 16,176 4,195 103 262 599 9,646 1,371 14,181 1,489 75 181 534 10,133 1,769

Bahamas . . . . . . . . . . . 51,384 22,863 3,308 2,964 10,787 10,373 1,089 48,658 20,220 2,759 2,414 10,835 11,206 1,224

Bermuda. . . . . . . . . . . . 194,738 82,441 10,634 7,585 39,442 46,173 8,463 199,123 88,458 9,490 5,698 38,857 48,978 7,642

Brazil . . . . . . . . . . . . . . 30,287 9,094 175 101 402 17,163 3,352 29,423 5,487 154 113 507 18,408 4,754

British West Indies . . . . 199,234 114,832 20,577 5,952 34,934 16,498 6,441 180,122 97,467 20,957 4,662 33,857 16,529 6,650

Chile. . . . . . . . . . . . . . . 3,952 1,864 37 116 414 1,025 496 3,588 1,607 34 102 390 857 598

Colombia . . . . . . . . . . . 4,441 3,982 87 40 168 65 99 3,574 2,762 79 29 186 299 219

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 2,041 1,521 77 14 53 373 3 2,513 764 150 20 64 1,505 10

Guatemala . . . . . . . . . . 305 194 5 6 70 21 9 284 176 1 7 76 12 12

Jamaica . . . . . . . . . . . . 196 90 8 4 86 8 - 273 160 13 3 84 13 -

Mexico . . . . . . . . . . . . . 23,323 8,100 385 416 1,402 5,292 7,728 21,477 5,589 176 285 1,317 6,223 7,887

Netherlands Antilles . . . 184,553 114,484 1,663 5,062 41,414 8,913 13,017 156,057 91,025 1,632 5,259 37,425 7,505 13,211

Panama . . . . . . . . . . . . 5,613 399 1,014 397 2,583 907 313 5,129 393 813 312 2,458 885 268

Peru . . . . . . . . . . . . . . . 504 3 1 10 71 54 365 640 1 - 8 77 102 452

Trinidad and Tobago . . 174 7 5 35 38 89 - 99 17 8 5 27 42 -

Uruguay . . . . . . . . . . . . 2,380 456 22 115 241 1,385 161 2,031 194 22 90 250 1,333 142

Venezuela . . . . . . . . . . 5,856 2,801 121 133 692 2,001 108 5,370 2,803 142 43 658 1,657 67

Other Latin America

and Caribbean . . . . . 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88

Total Latin America

and Caribbean. . . . 

731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,977 319,594 36,984 19,506 128,391 129,509 44,993

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners 

 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.

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 25,920 23,465 1,182 130 148 930 65 24,794 22,762 327 116 159 1,205 225

Taiwan . . . . . . . . . . . 8,367 5,061 383 54 1,548 941 380 12,065 8,466 878 117 1,725 344 535

Hong Kong . . . . . . . . . . 116,552 77,871 1,874 1,713 6,599 9,991 18,504 112,112 72,984 1,932 757 6,373 9,383 20,683

India . . . . . . . . . . . . . . . 492 131 2 9 150 16 184 1,104 291 - 14 165 107 527

Indonesia . . . . . . . . . . . 4,619 3,582 11 1 153 115 757 5,777 3,970 3 8 164 188 1,444

Israel . . . . . . . . . . . . . . 15,435 13,630 243 276 642 184 460 14,784 12,029 152 72 847 678 1,006

Japan . . . . . . . . . . . . . . 616,554 464,283 16,676 6,945 20,997 55,579 52,074 625,238 447,420 15,607 5,764 23,722 61,179 71,546

Korea . . . . . . . . . . . . . . 11,085 5,965 2,110 171 125 922 1,792 8,875 3,706 310 131 148 1,151 3,429

Lebanon . . . . . . . . . . . . 176 20 - 1 120 27 8 147 14 - 4 105 21 3

Malaysia. . . . . . . . . . . . 6,218 2,980 36 20 247 375 2,560 8,970 3,819 37 32 317 2,350 2,415

Pakistan . . . . . . . . . . . . 215 62 4 7 76 - 66 262 110 - 4 71 1 76

Philippines . . . . . . . . . . 2,235 1,215 118 13 264 252 373 3,129 1,332 28 24 251 630 864

Singapore. . . . . . . . . . . 135,131 108,087 1,468 1,965 10,947 8,635 4,029 120,651 99,212 1,200 2,223 5,368 7,765 4,883

Syria. . . . . . . . . . . . . . . 35 - - - 25 - 10 29 - - - 23 1 5

Thailand . . . . . . . . . . . . 9,142 7,493 - 6 90 203 1,350 9,977 8,039 - 5 69 524 1,340

Other Asia . . . . . . . . . . 66,271 46,238 5,253 3,553 9,483 733 1,011 62,576 43,610 3,952 2,999 9,941 991 1,083

Total Asia . . . . . . . . . 1,018,447 760,083 29,360 14,864 51,614 78,903 83,623 1,010,490 727,764 24,426 12,270 49,448 86,518 110,064

Africa:

Egypt . . . . . . . . . . . . . . 2,001 1,303 269 143 157 78 51 651 272 25 61 162 36 95

Ghana . . . . . . . . . . . . . 16 - - - - - 16 23 - - - 1 - 22

Liberia . . . . . . . . . . . . . 1,844 490 413 182 382 342 35 1,815 235 684 91 414 356 35

Morocco . . . . . . . . . . . . 28 - - - 10 16 2 28 - 1 - 6 20 1

South Africa . . . . . . . . . 1,029 204 - 130 30 235 430 1,169 134 - 5 27 199 804

Zaire. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Other Africa . . . . . . . . . 1,458 606 50 24 478 74 226 1,317 498 79 31 445 101 163

Total Africa . . . . . . . . 6,376 2,603 732 479 1,057 745 760 5,003 1,139 789 188 1,055 712 1,120

Other countries:

Australia . . . . . . . . . . . . 48,013 20,393 296 631 3,951 15,180 7,562 47,659 20,804 91 449 3,562 14,232 8,521

All other . . . . . . . . . . . . 12,670 7,666 530 89 624 2,609 1,152 11,739 6,347 665 95 945 2,628 1,059

Total other

countries . . . . . . . . 

60,683 28,059 826 720 4,575 17,789 8,714 59,398 27,151 756 544 4,507 16,860 9,580

Total foreign

countries. . . . . . . 

4,909,182 2,922,835 124,851 167,944 462,774 885,560 345,218 4,775,180 2,789,283 95,804 109,955 451,329 933,256 395,553

International

and regional:

International . . . . . . . . . 50,454 46,656 317 17 84 3,083 297 51,352 46,647 716 165 74 3,483 267

European regional . . . . 523 349 72 - - 102 - 411 394 - - - 17 -

Latin American

regional . . . . . . . . . . . 9,561 8,941 130 44 76 370 - 9,971 8,680 82 55 287 867 -

Asian regional . . . . . . . 1,572 1,116 24 35 16 356 25 1,146 1,023 43 41 19 10 10

African regional . . . . . . 412 313 59 40 - - - 699 230 79 6 1 383 -

Middle Eastern

regional . . . . . . . . . . . 886 886 - - - - - 854 848 - 5 - - 1

Total international

and regional. . . . . . 

63,408 58,261 602 136 176 3,911 322 64,433 57,822 920 272 381 4,760 278

Grand total. . . . . . . 4,972,590 2,981,096 125,453 168,080 462,950 889,471 345,540 4,839,613 2,847,105 96,724 110,227 451,710 938,016 395,831

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1995, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 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
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

in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity

throughout the 1980’s. The robust growth in U.S. net

purchases of foreign securities is due largely to a

trend toward international diversification among

U.S. institutional investors. The table presents aggregate net purchases on an annual average basis for

1980 through 1989, on an annual basis for 1993

through 1995, and on a year-to-date and most recent

quarter basis for 1996.

 Although total purchases remain strong, net

purchases of foreign bonds have proved relatively

weak through the first half of 1996. Second quarter

activity was especially sluggish. U.S. net purchases

of foreign stocks, however, accelerated rapidly

through the first half of the year. On an annualized

basis, net purchases of foreign stocks in each of the

first two quarters of 1996 have surpassed the record

pace of net purchases in 1993.

[In millions of dollars]

Type 1980-89 11993 1994 1995 Jan. - Jun. 1996 Apr. - Jun. 1996

Foreign bonds . . . . . . . . . . . . . . . 4,883 80,377 9,224 48,545 14,648 2,622 

Foreign stocks . . . . . . . . . . . . . . . 2,834 62,691 48,071 50,291 39,720 17,237 

Total . . . . . . . . . . . . . . . . . . . . . 

7,717 143,068 57,295 98,836 54,368 19,859 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

1

 Annual average.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.)

96 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 97
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)

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)

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 218,659 211,215 -2,478 1.3537

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 218,787 213,539 -2,714 1.3657

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 215,273 209,358 -2,678 1.3646

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 214,039 209,011 -2,469 1.3711

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 212,196 206,225 -2,726 1.3741

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 207,811 201,977 -2,468 1.3672

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 207,113 201,204 -2,280 1.3803

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 208,210 202,124 -2,376 1.3777

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 209,205 207,822 -2,256 1.3775

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 203,264 197,449 -2,832 1.3695

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 209,028 202,710 -3,114 1.3686

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 196,542 189,886 -3,148 1.3601

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 196,466 189,207 -2,891 1.3634

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 191,324 184,537 -3,007 1.3579

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 187,728 180,672 -2,888 1.3575

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 200,767 194,468 -3,462 1.3570

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 200,766 193,273 -3,208 1.3656

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 187,478 181,611 -3,232 1.3614

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 192,508 185,438 -3,216 1.3670

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 192,613 187,832 -2,797 1.3773

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 187,792 183,352 -3,116 1.3728

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 195,223 190,927 -3,006 1.3762

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 187,547 183,933 -2,852 1.3658

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 195,292 191,488 -2,904 1.3671

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 184,008 181,032 -2,457 1.3685

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 182,008 178,127 -2,332 1.3605

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 - July. . . . . . . . 197,500 194,495 46,280 45,288 13,665 15,386 13,480 11,516 -2,033 71,184 1.3641

Aug. . . . . . . . 210,101 205,626 45,864 43,755 15,941 17,658 14,606 13,132 -2,140 71,654 1.3441

Sept.. . . . . . . 222,737 219,004 46,366 44,822 15,618 17,683 15,526 13,698 -2,849 74,738 1.3426

Oct.. . . . . . . . 278,621 275,970 53,312 51,338 19,904 21,528 21,595 18,806 -2,874 74,791 1.3452

Nov. . . . . . . . 266,541 263,402 44,019 42,400 16,917 19,332 21,441 17,800 -2,912 77,606 1.3610

Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Jan.. . . . . . . . 219,594 216,495 52,386 50,272 13,755 15,438 17,691 14,165 -2,678 80,188 1.3741

Feb. . . . . . . . 211,560 207,231 48,854 45,320 13,736 15,589 18,412 13,646 -2,630 81,498 1.3708

Mar. . . . . . . . 191,613 190,724 52,846 50,254 14,142 15,017 16,819 13,350 -2,621 78,026 1.3595

Apr.. . . . . . . . 192,615 192,439 59,506 55,815 14,116 15,529 18,102 14,864 -3,256 77,427 1.3621

May. . . . . . . . 193,386 195,060 51,873 48,878 15,150 15,980 18,125 15,408 -2,453 78,349 1.3690

June . . . . . . . 182,857 185,075 54,681 50,748 16,874 14,668 15,284 12,584 n.a. 80,771 1.3639

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 - June . . . . . . . 39,719 38,881 59,441 56,447 5,191 4,156 2,983 3,068 193 13,784 1.3835

 Sept. . . . . . . . 42,737 40,219 57,946 50,298 5,600 4,487 3,217 3,228 691 14,209 1.3435

 Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Mar. . . . . . . . 39,610 37,364 48,269 43,919 3,333 2,651 2,872 2,432 310 15,770 1.3996

 June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 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 42,513 6,581 6,865 7,882 5,169 -293 11,179 1.3595

98 FOREIGN CURRENCY POSITIONS
01/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,514,848 1,505,574 5,979 1.4463

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,559,063 1,559,332 9,208 1.4367

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,669,637 1,669,954 7,434 1.4720

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,614,816 1,611,581 6,572 1.4848

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 1,600,559 1,598,753 7,060 1.4900

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 1,612,725 1,606,496 9,702 1.4778

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 1,634,955 1,643,101 10,333 1.4648

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 1,724,407 1,731,267 10,501 1.4499

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 1,672,048 1,682,528 9,296 1.4667

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 1,612,279 1,625,530 7,238 1.4771

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 1,659,551 1,663,699 7,652 1.4708

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 1,625,733 1,634,622 9,179 1.4740

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 1,571,098 1,583,192 10,803 1.4860

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,526,295 1,534,854 9,379 1.4830

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,635,757 1,647,952 7,317 1.4978

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,565,073 1,574,905 6,244 1.5064

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,641,587 1,659,365 10,567 1.5206

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 1,782,484 1,799,252 12,048 1.5366

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 1,659,348 1,677,988 14,957 1.5175

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 1,644,314 1,669,332 14,386 1.5334

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 1,707,227 1,732,081 13,645 1.5435

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 1,669,846 1,689,980 12,749 1.5482

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 1,702,746 1,712,967 11,438 1.5309

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 1,635,476 1,654,128 9,910 1.5335

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 1,675,169 1,684,892 8,747 1.5219

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 1,653,353 1,664,444 8,000 1.5270

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 - July . . . . . . . . 1,639,921 1,622,436 191,039 202,785 215,241 205,812 246,303 274,214 10,592 207,797 1.3869

Aug. . . . . . . . 1,799,378 1,787,245 203,692 217,513 244,280 230,577 285,745 310,152 10,776 211,486 1.4680

Sept. . . . . . . . 1,739,516 1,718,769 202,909 214,645 232,296 222,975 269,409 282,682 6,928 208,361 1.4280

Oct.. . . . . . . . 1,661,290 1,647,435 204,462 210,599 240,801 234,777 274,263 289,897 4,356 213,583 1.4090

Nov. . . . . . . . 1,720,784 1,704,012 195,514 204,369 242,923 240,411 278,358 293,319 4,384 221,223 1.4466

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 - Jan.. . . . . . . . 1,643,837 1,640,570 244,345 251,491 242,954 228,308 276,165 292,536 6,695 250,805 1.4900

Feb. . . . . . . . 1,676,011 1,684,827 250,008 253,568 240,993 232,415 276,208 287,101 8,357 257,499 1.4735

Mar. . . . . . . . 1,577,310 1,591,989 239,743 243,594 232,172 227,185 263,391 274,710 9,907 258,772 1.4769

Apr.. . . . . . . . 1,709,850 1,727,707 255,201 259,203 249,552 239,877 294,513 308,450 11,260 260,277 1.5314

May. . . . . . . . 1,773,912 1,797,102 222,262 229,276 292,005 273,891 338,745 335,329 11,753 274,582 1.5238

June . . . . . . . 1,659,045 1,671,359 223,021 229,763 359,485 283,513 396,679 332,681 7,270 281,078 1.5250

1994 - June . . . . . . . 372,839 354,105 92,839 89,100 44,654 44,964 44,280 44,355 1,505 15,328 1.5874

 Sept. . . . . . . . 347,408 332,738 93,524 90,389 33,661 32,350 34,487 36,306 772 16,932 1.5520

 Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Mar. . . . . . . . 301,610 273,531 107,995 105,483 30,803 32,772 41,500 31,069 -5,248 21,213 1.3746

 June . . . . . . . 275,411 273,485 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

 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. . . . . . . . 239,454 248,946 107,580 105,293 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

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)

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)

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)

FOREIGN CURRENCY POSITIONS 99
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 - July. . . . . . . . 114,240 116,304 19,748 19,137 12,361 11,555 26,973 29,540 1,014 31,866 88.4000

Aug. . . . . . . . 130,612 132,908 20,527 19,819 15,356 14,535 21,821 23,245 1,242 34,247 97.4500

Sept.. . . . . . . 132,427 134,518 21,585 20,576 15,241 15,569 22,163 24,163 1,101 34,732 99.6500

Oct.. . . . . . . . 133,583 136,121 21,641 20,373 14,515 14,019 21,534 22,867 985 34,322 102.1200

Nov. . . . . . . . 132,164 134,987 21,389 19,804 14,378 13,801 20,026 21,301 1,188 35,616 102.1000

Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Jan.. . . . . . . . 130,916 133,396 20,208 19,525 14,836 14,090 20,311 21,572 1,082 39,220 107.1300

Feb. . . . . . . . 133,890 136,010 20,571 19,829 15,895 15,176 21,300 22,277 755 39,615 105.3000

Mar. . . . . . . . 131,118 133,435 19,877 19,362 14,464 14,137 19,810 20,839 904 38,733 107.3100

Apr.. . . . . . . . 137,749 139,788 20,951 19,785 16,428 16,056 21,436 22,288 825 40,472 105.1900

May. . . . . . . . 134,984 136,765 19,746 18,772 17,084 16,506 22,829 23,592 626 42,524 108.1500

June . . . . . . . 138,772 141,404 22,592 21,841 16,512 16,394 20,925 21,920 829 43,446 109.7500

1994 - June . . . . . . . 16,180 17,300 6,259 4,810 2,473 2,580 3,169 3,198 -68 3,239 98.6000

 Sept. . . . . . . . 15,318 16,817 6,337 5,253 2,054 2,645 3,517 2,697 -352 3,529 99.2000

 Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,372 19,898 4,451 4,473 1,531 1,514 3,404 2,206 24 4,404 86.6000

 June . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

 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 17,365 7,085 6,472 948 952 2,081 1,131 -481 3,286 107.3100

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)

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)

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)

01/03/96. . . . . . . . . . . . . . . . . . . . . . . 128,314 131,654 1,195 104.9500

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 130,257 133,354 1,159 104.9000

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 130,955 133,878 1,223 105.7000

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 128,567 131,689 1,159 106.9800

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 129,718 131,823 1,128 107.1300

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 131,352 133,796 1,016 106.1100

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 136,973 139,283 971 106.3500

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 138,867 141,062 1,067 104.9900

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 146,336 148,232 819 104.5800

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 133,355 135,424 854 105.4500

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 139,945 142,091 1,050 105.1500

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 137,257 139,554 873 106.4000

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 136,040 138,332 1,004 106.6000

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 130,180 132,628 900 107.0600

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 132,575 134,607 823 108.4200

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 130,516 132,215 837 108.2800

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 131,348 133,359 871 106.5600

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 131,632 133,419 797 105.3800

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 129,984 131,673 767 105.2500

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 133,231 135,263 629 106.9800

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 128,545 130,366 919 107.2000

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 136,752 138,927 869 108.7000

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 134,912 137,260 688 109.0700

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 135,024 137,496 912 109.1200

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 136,854 139,386 887 107.9900

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 138,245 140,831 824 109.5500

100 FOREIGN CURRENCY POSITIONS
01/03/96. . . . . . . . . . . . . . . . . . . . . . . 315,444 319,271 n.a. 1.1658

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 320,911 325,836 n.a. 1.1610

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 347,001 351,098 n.a. 1.1900

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 330,397 334,910 n.a. 1.1930

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 362,656 368,716 6,030 1.2140

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 368,708 376,732 5,938 1.2075

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 360,213 365,911 5,147 1.1965

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 369,619 375,474 5,768 1.1840

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 377,628 384,404 6,335 1.1956

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 358,677 364,986 6,349 1.2017

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 378,598 384,405 6,372 1.1882

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 343,226 349,033 6,745 1.1932

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 331,362 338,627 7,137 1.1979

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 318,505 324,873 7,165 1.1971

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 348,719 357,620 5,769 1.2149

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 351,009 359,925 7,110 1.2274

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 349,332 359,007 7,512 1.2309

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 377,276 386,501 8,357 1.2514

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 374,651 384,102 9,500 1.2346

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 374,141 384,486 8,957 1.2539

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 414,790 426,621 9,248 1.2690

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 401,268 412,565 10,429 1.2740

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 398,446 404,381 10,627 1.2580

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 417,549 427,656 10,102 1.2639

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 405,399 415,354 10,337 1.2530

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 417,093 430,121 9,755 1.2577

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 - July . . . . . . . . 317,312 320,646 25,149 27,941 30,912 25,430 30,247 32,576 6,135 121,742 1.1530

Aug. . . . . . . . 350,391 356,093 24,542 28,966 34,268 30,652 35,851 35,259 5,629 122,940 1.2025

Sept. . . . . . . . 362,668 369,289 26,589 30,097 34,828 31,043 34,186 40,204 6,942 118,553 1.1550

Oct.. . . . . . . . 330,737 338,283 27,040 30,295 40,185 34,178 39,858 44,878 6,343 117,606 1.1370

Nov. . . . . . . . 364,568 371,464 25,007 28,322 41,473 37,558 41,056 48,378 5,907 114,942 1.1775

Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Jan.. . . . . . . . 371,472 376,416 24,750 29,111 36,115 34,881 38,215 42,034 5,624 113,743 1.2140

Feb. . . . . . . . 388,650 395,181 23,408 27,313 44,698 41,405 41,263 42,147 6,399 113,268 1.2019

Mar. . . . . . . . 328,706 334,043 21,963 25,509 36,757 33,561 37,726 40,183 7,145 100,122 1.1910

Apr.. . . . . . . . 372,832 379,661 24,094 25,843 43,190 37,853 45,228 48,781 7,755 100,058 1.2445

May. . . . . . . . 423,618 432,475 22,465 26,981 51,448 46,168 53,405 59,700 10,511 100,602 1.2500

June . . . . . . . 422,205 433,067 22,627 27,125 52,771 46,853 53,823 60,985 11,183 98,403 1.2545

1994 - June . . . . . . . 53,943 47,367 13,404 13,548 4,690 3,937 4,896 5,120 512 15,624 1.3335

 Sept. . . . . . . . 44,637 37,273 13,511 13,861 3,476 2,807 3,542 3,217 386 17,418 1.2880

 Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Mar. . . . . . . . 44,619 34,524 14,014 14,218 1,535 1,872 2,882 1,542 155 20,160 1.1325

 June . . . . . . . 33,662 24,077 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

 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 17,517 582 717 2,558 1,193 -126 17,109 1.1910

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)

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)

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)

FOREIGN CURRENCY POSITIONS 101
01/03/96. . . . . . . . . . . . . . . . . . . . . . . 284,771 281,719 1,359 1.5512

01/10/96. . . . . . . . . . . . . . . . . . . . . . . 292,006 287,758 1,173 1.5465

01/17/96. . . . . . . . . . . . . . . . . . . . . . . 294,510 291,603 1,305 1.5210

01/24/96. . . . . . . . . . . . . . . . . . . . . . . 301,705 300,502 1,046 1.5110

01/31/96. . . . . . . . . . . . . . . . . . . . . . . 304,126 303,287 1,206 1.5120

02/07/96. . . . . . . . . . . . . . . . . . . . . . . 310,019 309,178 1,478 1.5367

02/14/96. . . . . . . . . . . . . . . . . . . . . . . 316,073 314,462 1,259 1.5418

02/21/96. . . . . . . . . . . . . . . . . . . . . . . 320,418 317,684 1,529 1.5438

02/28/96. . . . . . . . . . . . . . . . . . . . . . . 318,814 317,123 1,790 1.5326

03/06/96. . . . . . . . . . . . . . . . . . . . . . . 316,508 314,401 1,439 1.5294

03/13/96. . . . . . . . . . . . . . . . . . . . . . . 320,193 318,112 1,679 1.5235

03/20/96. . . . . . . . . . . . . . . . . . . . . . . 305,397 302,951 1,615 1.5388

03/27/96. . . . . . . . . . . . . . . . . . . . . . . 322,523 317,784 1,035 1.5185

04/03/96. . . . . . . . . . . . . . . . . . . . . . . 299,727 296,451 1,522 1.5247

04/10/96. . . . . . . . . . . . . . . . . . . . . . . 278,709 276,829 706 1.5126

04/17/96. . . . . . . . . . . . . . . . . . . . . . . 281,604 279,864 1,223 1.5095

04/24/96. . . . . . . . . . . . . . . . . . . . . . . 277,962 277,323 1,569 1.5150

05/01/96. . . . . . . . . . . . . . . . . . . . . . . 295,547 294,502 1,606 1.4922

05/08/96. . . . . . . . . . . . . . . . . . . . . . . 289,335 287,854 1,951 1.5235

05/15/96. . . . . . . . . . . . . . . . . . . . . . . 281,665 279,895 1,691 1.5125

05/22/96. . . . . . . . . . . . . . . . . . . . . . . 281,293 279,907 1,735 1.5085

05/29/96. . . . . . . . . . . . . . . . . . . . . . . 287,205 284,470 2,109 1.5124

06/05/96. . . . . . . . . . . . . . . . . . . . . . . 289,546 287,139 1,580 1.5480

06/12/96. . . . . . . . . . . . . . . . . . . . . . . 304,766 300,115 1,315 1.5353

06/19/96. . . . . . . . . . . . . . . . . . . . . . . 275,486 275,007 1,402 1.5440

06/26/96. . . . . . . . . . . . . . . . . . . . . . . 285,908 285,141 1,974 1.5401

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

1995 - July . . . . . . . . 334,628 332,054 52,807 52,156 22,602 22,857 20,675 22,412 645 51,535 1.5960

Aug. . . . . . . . 334,022 329,891 49,796 52,763 27,200 26,593 22,410 24,009 -31 51,969 1.5496

Sept. . . . . . . . 305,414 302,914 51,154 53,547 22,906 22,641 19,316 20,857 552 51,500 1.5825

Oct.. . . . . . . . 288,201 285,928 53,700 55,422 22,414 22,027 20,285 22,748 1,393 50,923 1.5805

Nov. . . . . . . . 332,306 327,875 54,224 60,089 26,188 25,546 24,548 27,259 1,315 51,212 1.5320

Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Jan.. . . . . . . . 311,283 309,276 63,042 65,948 24,996 25,775 27,246 29,764 1,299 51,969 1.5120

Feb. . . . . . . . 322,318 318,942 60,063 63,872 29,083 27,607 25,010 29,011 1,905 51,699 1.5305

Mar. . . . . . . . 301,321 297,302 62,670 65,079 27,505 26,304 24,926 27,827 1,231 51,741 1.5261

Apr.. . . . . . . . 290,220 287,636 67,772 71,375 36,198 35,442 28,445 32,834 1,653 53,187 1.5069

May. . . . . . . . 299,506 297,708 60,105 66,019 43,912 42,422 34,609 39,439 2,054 53,757 1.5510

June . . . . . . . 289,658 289,140 64,406 68,953 47,078 49,810 39,878 44,732 2,330 55,190 1.5518

1994 - June . . . . . . . 45,478 46,147 33,981 29,757 3,505 3,581 4,671 3,841 -366 4,798 1.5435

 Sept. . . . . . . . 47,811 47,759 34,595 30,518 3,725 3,937 5,338 4,308 -585 4,934 1.5760

 Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,795 36,084 35,549 30,824 3,328 3,712 4,469 2,736 -239 6,389 1.6215

 June . . . . . . . 38,179 39,074 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

 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

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)

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)

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)

102 FOREIGN CURRENCY POSITIONS
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. 822a), 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 (losses) for the fund are profits (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 (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 (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 Dec. 31, 1995, and Mar. 31, 1996

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

See footnotes on the following page.

Dec. 31, 1995, 

Assets, liabilities, and capital Dec. 31, 1995 through Mar. 31, 1996 Mar. 31, 1996

Assets

U.S. dollars:

Held at Federal Reserve Bank of New York . . 566,069 -565,643 426

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 2,371,146 1,523,940 3,895,086

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 11,036,802 12,325 11,049,127

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,838,420 -122,917 6,715,503

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 10,075,433 -337,598 9,737,835

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000 -1,000,000 10,500,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 

393,866 -48,406 345,460

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 

42,781,736 -538,299 42,243,437

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 

51,884 164,350 216,234

Total current liabilities . . . . . . . . . . . . . . . . . . 

51,884 164,350 216,234

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 10,168,000 - 10,168,000

Special drawing rights allocations . . . . . . . . . . 

7,283,077 -123,842 7,159,235

Total other liabilities . . . . . . . . . . . . . . . . . . . 

17,451,077 -123,842 17,327,235

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (loss) (see table ESF-2) . . . . . . . . 

24,728,775 -228,807 24,499,968

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 

24,928,775 -228,807 24,699,968

Total liabilities and capital . . . . . . . . . . . . . 

42,431,736 -188,299 42,243,437

EXCHANGE STABILIZATION FUND 103
Current quarter Fiscal year to date 

Jan. 1, 1996, through Mar. 31, 1996 Oct. 1, 1995, through Mar. 31, 1996

Income and expense

Profit (loss) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -547,013 -996,366

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . -63,318 -112,543

Interest (net charges) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,778 77,618

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,601 83,493

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,145 635,633

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -228,807 -312,165

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-228,807 -312,165

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Secretary of the Treasury]

1

 Beginning July 1974, the International Monetary Fund (IMF) 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 Dec. 31, 1938,

have been published in the ‘‘Treasury Bulletin.’’ Data from inception to Sept. 30, 1978, may be

found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

104 EXCHANGE STABILIZATION FUND
105

Page Intentionally Left Blank
106

Page Intentionally Left Blank
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

the Department of Transportation for fiscal 1995. 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 1995.

Highway Account

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

Commitments (unobligated balances plus unpaid obligations, EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,199

less:

Cash balance (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,421

Unfunded authorizations (EOY fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,777

24-month income estimate (fiscal 1996 and 1997) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,817

Mass Transit Account

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

Commitments (unobligated balances plus unpaid obligations, EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,284

less:

Cash balance (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,579

Unfunded authorizations (EOY fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4,294

12-month income estimate (fiscal 1996) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640

TRUST FUNDS 107
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.

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 622-2633.

108 TECHNICAL PAPERS
With References to Applicable Sections and Tables

Accrued discount (SBN-1, -2, -3)----Interest that accumulates

on savings bonds from the date of purchase until the date of

redemption or final maturity, whichever comes first. Series A,

B, C, D, E, EE, F, and J are discount or accrual type bonds----

meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,

and the semiannual interest paid to their holders is not included

in accrued discount.

Amounts outstanding and in circulation (USCC)----Includes all

issues by the Bureau of the Mint purposely intended as a

medium of exchange. Coins sold by the Bureau of the Mint at

premium prices are excluded; however, uncirculated coin sets

sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)----In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis.

The average discount rate is the weighted, or adjusted, average

of all bids accepted in the auction.

Budget authority (‘‘Federal Fiscal Operations’’)----Congress

passes laws giving budget authority to Government entities,

which gives the agencies the power to spend Federal funds.

Congress can stipulate various criteria for the spending of these

funds. For example, Congress can stipulate that a given agency

must spend within a specific year, number of years, or any time

in the future.

 The basic forms of budget authority are appropriations,

authority to borrow, and contract authority. 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).

Capital (‘‘Federal Obligations’’)----Assets, such as land, equipment, and financial reserves.

Cash management bills (PDO-2)----Marketable Treasury bills

of irregular maturity lengths, sold periodically to fund shortterm 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 1995, the

debt limit was $4,900,000 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 (coupon-equivalent 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 non-interest-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)----(international) 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

Glossary

109
banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

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.

Obligation (‘‘Federal Obligations’’)----An unpaid commitment

to acquire goods or services.

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’’)----(expenditures, net

disbursements) 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,’’ IFS1)----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.

Glossary

110
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 comply with IRS arbitrage provisions. SLUGs are offered in both

time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10

years and bonds mature in more than 10 years. Demand deposit

securities are 1-day certificates rolled over with a rate adjustment daily.

Statutory debt limit (FD-6)----By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress increases

or extends the limit. For a detailed listing of changes in the

limit since 1941, see the Budget of the United States Government. (See Debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)----Separate Trading of Registered Interest

and Principal Securities. Long-term notes and bonds may be

divided into principal and interest-paying components, which

may be transferred and sold in amounts as small as $1,000.

STRIPS are sold at auction at a minimum par amount, varying

for each issue. The amount is an arithmetic function of the

issue’s interest rate.

Treasury bills----The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at

a discount.

Trust fund transaction (‘‘Federal Fiscal Operations’’)----An

intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.

United States----Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories and

possessions.

U.S. notes (USCC)----Legal tender notes of five different issues:

1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000

notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

Glossary

111