Treasury Bulletin. October 1979 W A S H I N G T O N, D. C.

Transcription

1 Treasury Bulletin October 1979 D E P A R T M E N T O F T H E T R E A S U R Y O F F I C E O F T H E S E C R E T A R Y W A S H I N G T O N, D. C.

2 October 1979 / C O N T E N T S P a g e A r t i c l e - T r e a s u r y F i n a n c i n g O p e r a t i o n s v I F E D E R A L F I S C A L O P E R A T I O N S FFO-1. - S u m m a r y of F i s c a l O p e r a t i o n s FFO-2. - B u d g e t R e c e i p t s b y S o u r c e C h a r t - B u d g e t R e c e i p t s b y S o u r c e FFO-3. - B u d g e t O u t l a y s b y A g e n c y FFO-4. - U n d i s t r i b u t e d O f f s e t t i n g R e c e i p t s...7 FFO-5. - B u d g e t O u t l a y s b y F u n c t i o n... F F O I n v e s t m e n t T r a n s a c t i o n s of G o v e r n m e n t A c c o u n t s in F e d e r a l S e c u r i t i e s ( N e t ).....^ EEQ T r u s t F u n d s_transactions-.-. ±.j. i ±. u _i _ _ t..i «j_>_.1^.. -. ^ ^ FEDERAL OBLIGATIONS F Gross Obligations Incurred W i th i n and Outside the Federal Government by Object C l a s s FO-2. - Gross Obligations Incurred Outside the Federal Government by M a j or Fu nction and M a j o r O b j e c t C l a s s FO-3. - G r o s s O b l i g a t i o n s I n c u r r e d O u t s i d e the F e d e r a l G o v e r n m e n t b y D e p a r t m e n t o r Agency FO-4. - G r o s s O b l i g a t i o n s I n c u r r e d O u t s i d e the F e d e r a l G o v e r n m e n t, C o m p a r a t i v e S t a t e m e n t b y M o n t h s A C C O U N T O F T H E U. S. T R E A S U R Y UST-1. - S t a t u s of the A c c o u n t of the U.S. T r e a s u r y...17 UST-2. - E l e m e n t s of C h a n g e s in F e d e r a l R e s e r v e and T a x a n d L o a n A c c o u n t B a l a n c e s.....ig UST-3. - G o l d A s s e t s a n d L i a b i l i t i e s of the T r e a s u r y M O N E T A R Y S T A T I S T I C S MS-1. - C u r r e n c y and C o i n in C i r c u l a t i o n F E D E R A L D E B T FD-1. - S u m m a r y of F e d e r a l D e b t...21 FD-2. - C o m p u t e d I n t e r e s t C h a r g e a n d C o m p u t e d I n t e r e s t R a t e o n I n t e r e s t - B e a r i n g P u b l i c Debt. 21 FD-3. - I n t e r e s t - B e a r i n g P u b l i c D e b t FD-4. - G o v e r n m e n t A c c o u n t S e r i e s FD-5. - I n t e r e s t - B e a r i n g S e c u r i t i e s I s s u e d b y G o v e r n m e n t A g e n c i e s F D P a r t i c i p a t i o n C e r t i f i c a t e s FD-7. - Mat u ri t y D i stribution and Average L ength of Marke t ab l e Interest- Bearing Public Debt. 26 F D D e b t S u b j e c t to S t a t u t o r y L i m i t a t i o n FD-9. - S t a t u s a n d A p p l i c a t i o n of S t a t u t o r y L i m i t a t i o n FD T r e a s u r y H o l d i n g s of S e c u r i t i e s FD Description of Securities of G o vernment Corporations and other- Business T y p e A c t i v i t i e s H e l d b y the T r e a s u r y P U B L I C D E B T O P E R A T I O N S PD M a t u r i t y S c h e d u l e of I n t e r e s t - B e a r i n g M a r k e t a b l e P u b l i c D e b t S e c u r i t i e s...34 PDO-2. - O f f e r i n g s of B i l l s PD N e w M o n e y F i n a n c i n g t h r o u g h R e g u l a r W e e k l y T r e a s u r y B i l l s PD O f f e r i n g s o f P u b l i c M a r k e t a b l e S e c u r i t i e s PDO-5. - U n m a t u r e d M a r k e t a b l e S e c u r i t i e s I s s u e d a t a P r e m i u m o r D i s c o u n t... P DO Allotments by Investor Classes on Subscriptions for Public Ma r ketable Securities PDO-7. - D i s p o s i t i o n of P u b l i c M a r k e t a b l e S e c u r i t i e s P D O F o r e i g n S e r i e s S e c u r i t i e s PDO-9. - F o r e i g n C u r r e n c y S e r i e s S e c u r i t i e s PDO-IO. - F o r e i g n C u r r e n c y S e r i e s S e c u r i t i e s I s s u e d to R e s i d e n t s of F o r e i g n C o u n t r i e s...73

3 I I Treasury Bulletin CONTENTS Page UNITED STATES SAVINGS BONDS SB-1. - Sales and Redemptions by Series, Cumulative SB-2. - Sales and Redemptions by Periods, All Series Combined SB-3. - Sales and Redemptions by Periods, Series E through K SB-4. - Redemptions of Matured and Unmatured Savings Bonds UNITED STATES SAVINGS NOTES SN-1. - Sales and Redemptions by Periods OWNERSHIP OF FEDERAL SECURITIES OFS Distribution of Federal Securities OFS-2. - Estimated Ownership of Public Debt Securities TREASURY SURVEY OF OWNERSHIP TS Summary of Federal Securities TS Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution.. 82 TS Interest-Bearing Marketable Public Debt Securities by Issue TS Securities Issued by Government Agencies TS Securities Issued by Government-Sponsored Agencies and D.C MARKET QUOTATIONS ON TREASURY SECURITIES MQ-l. - Treasury Bills MQ-2. - Treasury s MQ-3. - Treasury Bonds Chart - Yield of Treasury Securities AVERAGE YIELDS OF LONG-TERM BONDS AY-1. - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Chart - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds EXCHANGE STABILIZATION FUND ESF-1. - Balance Sheet ESF-2. - Income and Expense INTERNATIONAL FINANCIAL STATISTICS IFS-1. - U.S. Reserve Assets IFS-2. IFS-3. - U.S. Liquid and Nonliquid Liabilities to Foreign Official Institutions, and Liquid Liabilities to All Other Foreigners U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries, by Area IFS-4. - Nonmarketable U.S. Treasury Bonds and s IFS-5. - U.S. Position in the International Monetary Fund IFS-6. - Weighted-Average of Exchange Rate Changes for the Dollar... 98

4 October 1979 I I I CONTENTS CM-I-1. CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS - U.S. - Liabilities by Type of Holder CM-I-2. - Liabilities by Type, Payable in Dollars - Part A CM-I-2. - Liabilities to Nonmonetary International and Regional Organizations by Type, Payable in Dollars - Part B CM-I-3. - Liabilities by Country CM-I-4. - Liabilities by Type and Country CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1. - Claims by Type (Old Series) CM-II-2. - Claims by Type (New Series) CM-II-3. - Claims by Country CM-II-4. - Claims by Type and Country Reported by Banks in the U.S CM-II-5. - Banks Own Claims, by Type CM-II-6. - Banks Own Claims by Type and Country Payable in Dollars CM-II-7. - Domestic Customers Claims by Type Ill SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS - U.S. CM-III-1.- Dollar liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately CM-III-2.- Dollar Claims on Nonbanking Foreigners LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1. - Liabilities by Type CM-IV-2. - Liabilities by Country CM-IV-3. - Liabilities by Type of Country CLAIMS ON FOREIGNERS REPORTED BY NONBANKING. BUSINESS ENTERPRISES IN THE UNITED STATES CM-V-1. - Claims, by Type CM-V-2. - Claims, by Country CM-V-3. - Claims, by Type and Country TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS CM-VI-1. - Foreign Purchases and Sales 'of Long-Term Domestic Securities CM-VI-2. - Foreign Purchases and Sales of Long-Term Foreign Securities CM-VI-3. - Net Foreign Transactions in Marketable U.S. Treasury Bonds and s by Country CM-VI-4. - Estimated Foreign Holdings of Marketable U.S. Treasury Bonds and s by Country CM-VI-5. - Net Foreign Transactions in Long-Term Domestic Bonds CM-VI-6. - Net Foreign Transactions in Domestic Stocks by Country CM-VI-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country CM-VI-8. - Net Foreign Transactions in Foreign Stocks by Country CM-VI-9. - Foreign Purchases and Sales of Long-Term Securities, Latest Date CM-VI-10.- Foreign Purchases and Sales of Long-Term Securities, Latest Year Page

5 IV Treasury Bulletin C O N T E N T S F O R E I G N C U R R E N C Y P O S I T I O N S SUMMARY POSITIONS Page FCP-I-1. - Nonbanking Firms Positions FCP-I-2. - Weekly Bank Positions FCP-I-3. - Monthly Bank Positions CANADIAN DOLLAR POSITIONS FCP-II-1. - Nonbanking Firms Positions FCP-II-2. - Weekly Bank Positions FCP-II-3. - Consolidated Monthly Bank Positions FRENCH FRANC POSITIONS FCP-III-1. - Nonbanking Firms Positions FCP-III-2. - Weekly Bank Positions FCP-III-3. - Consolidated Monthly Bank Positions GERMAN MARK POSITIONS FCP-IV-1. - Nonbanking Firms Positions FCP-IV-2. - Weekly Bank Positions FCP-IV-3. - Consolidated Monthly Bank Positions ITALIAN LIRA POSITIONS FCP-V-1. - Nonbanking Firms Positions FCP-V-2. - Weekly Bank Positions JAPANESE YEN POSITIONS FCP-VI-1. - Nonbanking Firms Positions FCP-VI-2. - Weekly Bank Positions FCP-VI-3. - Consolidated Monthly Bank Positions SWISS FRANC POSITIONS FCP-VII-1. - Nonbanking Firms Positions FCP-VII-2. - Weekly Bank Positions FCP-VII-3. - Consolidated Monthly Bank Positions STERLING POSITIONS FCP-VIII-1. - Nonbanking Firms Positions FCP-VIII-2. - Weekly Bank Positions FCP-VIII-3. - Consolidated Monthly Bank Positions UNITED STATES DOLLAR POSITIONS ABROAD FCP-IX-1. - Nonbanking Firms Foreign Subsidiaries Positions FCP-IX-2. - Weekly Bank Foreign Office Positions FCP-IX-3. - Monthly Bank Foreign Office Positions

6 October 1979 V CONTENTS FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS P a g e FEDERAL CREDIT PROGRAMS GA-II-1. - Direct Sales and Repurchases of Loans Cumulative Table of Contents,

7 VI Treasury Bulletin Treasury Financing Operations Auctions of 2-Year and 4-Year s On September 18 the Treasury announced that i t would auction $5,750 m illio n of 2-year and 4-year notes to refund $5,274 m illio n of notes maturing September 30, 1979, and to In addition to the $2,502 m illio n of tenders accepted in the auction process, $268 m illio n of tenders were accepted at the average price from Federal Reserve Banks fo r th e ir om raise $476 m illio n new cash. The notes offered were Treasury account in exchange fo r maturing short-term b ills. s of Series X-1981, to be dated October 9, 1979, due September 30, 1981, and Treasury s of Series F-1983, be dated October 10, 1979, due September 30, 1983, with in terest payable on March 31, and September 30 in each year unt i l m aturity. Coupon rates of 10-1/8% and 9-3/4%, respecv tiv e ly, were set a fte r the determfnations as to which tenders were accepted on a y ie ld basis, the averages of which translated into average accepted prices close to to Tenders were received in both auctions at Federal Reserve banks and branches and at the Bureau of the Public Debt, Washington, D. C. Bearer notes, with fn terest coupons attached, and notes registered as to principal and interest were authorized to be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000 in the case of the 4-vear notes and $5,000, $10,000, $100,000 and $1,000,000 in the case of the 2-year notes. The auction and issue dates of the notes had been postponed because necessary leg is la tio n to raise the temporary public debt lim it had not been enacted in time to permit delivery of the notes on the o rig in a lly scheduled issue dates. Tenders fo r the 2-year notes were received u n til 1:30 p.m. EDST, October 3 and totaled $5,595 m illio n, of which $3,254 m illio n was accepted at yields ranging from 10.20%, price up to 10.22%, price Noncompetitive tenders fo r $1 m illio n or less from any one bidder were accepted in f u ll at the average y ie ld of accepted tendersr 10.21%, price These totaled $910 m illio n. In addition to the $3,254 m illio n of tenders accepted in the auction process, $400 m ill ion of tenders were accepted at the average price from Federal Reserve Banks fo r th e ir own account in exchange fo r maturing short-term b ills. 52-Week B ills On September 6 tenders were invited fo r approximately $3.,550 m illio n of 364-day Treasury b ills to be dated September , and to mature September 16, Tenders were opened on September 12. They totaled $5,751 m illio n, of which $3,550 m illio n was accepted, including$115m illion of noncompetitive tenders from the public and $1,552 m illio n of the b ills issued at the average price to Federal Reserve Banks fo r themselves and as agents of foreign and international monetary au th orities. The average bank discount rate was 9.893%. The issue was to refund $3,353 m ill ion of b ills maturing September Week and 26-Week B ills Issues of regular weekly Treasury b ills in September fenders fo r the 4-year notes were received u n til 1:30 p.m. totaled $24,100 m illio n. These issues were offered fo r cash EDST, October 4 and totaled $4,457 m illio n, of which $2,502 m illio n was accepted at yields ranging from 9.75% price and in exchange fo r b ills maturing in the amount of $23,500 m illio n. There were three 13-week issues of $3,000 m illio n, up to 9.81%, price Noncompetitive tenders fo r one T3-week issue of $2,900 m illio n, two 26-week issues of $1 m illio n or less from any one bidder were accepted in fu ll a t the average y ie ld of accepted tenders, 9.79%, price These totaled $534 m illio n. $3,000 m illio n, and two 26-week issues of $3,100 m illio n. Average rates for the new issues are shown in the following table.

8 October 1979 VII Treasury Financing Operations Continued Date of issue Annual average rate (bank discount basis) week 26-week September tru s t companies and from responsible and recognized dealers in investment securities fo r b ills to be maintained on the book-entry records of Federal Reserve Banks and Branches. A deposit o f 2 percent of the par amount o f the b ills applied fo r must accompany tenders fo r such b ills from others, unless an express guaranty o f payment by an incorporated bank or tru s t company accompanies the tenders. Noncompetitive tenders (without stated p ric e ), usually Treasury B ills (Other than Short-dated b ills ) - General Treasury b ills are sold on a discount basis under comp e titiv e and noncompetitive bidding, and a t m aturity th e ir par amount is payable without in te re s t. A ll series are issued e n tire ly 1n book-entry form in a minimum amount of $10,000 and in any higher $5,000 m u ltip le, on the records eith e r of the Federal Reserve Banks and Branches, or of the Department of the Treasury. Tenders are received a t Federal Reserve banks and branches fo r $500,000 or less from any one bidder, fo r each issue of 13-week, 26-week, and 52-week b ills, are accepted in f u ll at the weighted average price of accepted competitive bids fo r an issue. Payment fo r accepted tenders must be made or completed on the date of issue, in cash or other immediately availab le funds or in a lik e par amount of Treasury securities maturing on or before th at date. Payment fo r 13-week, 26-week, and 52-week b ills may not be made by c re d it in Treasury tax and loan accounts. and from individuals a t the Bureau of the Public Debt, Washington. Each tender must be fo r a minimum of $10,000. Nonmarketable Foreign Series Securities - Foreign Governments Tenders over $10,000 must be in m ultiples of $5,000. Payment Dollar denominated foreign series securities issued to fo r the f u ll par amount appl led fo r must accompany a ll tenders o ffic ia l in s titu tio n s in September totaled $2,476 m illio n, submitted fo r b ills to be maintained on the book-entry records consisting of 20 c e rtific a te s of indebtedness. Redemptions of the Department of the Treasury. A cash adjustment w ill be during the month totaled $2,051 m illio n. At the end of Sep made fo r the difference between the par payment submitted and the actual issue price as determined in the auction. No tember, d o lla r denominated foreign series securities outstanding totaled $23,963 m illio n. (D e tails are shown on deposit need accompany tenders from incorporated banks and page 70.)

9 October 1979 FEDERAL FISCAL O P E R A T IO N S ^ Table FFO-1. - Summary o f Fiscal Operations (In millions of llars) Budget receipts and outlays Means of financing net transactions Sorrowing from the public Federal securities Cash and monetary assets (Deduct) Fiscal year or month 'let let receipts 1/ rntlays 2/ (1) (2) Surplus or deficit(-) 1-2 (3) Public debt securities (4) (5) Agency securities Investments of Government accounts <2/ (6) (7) Within general account of the U.S. Treasury 4/ (8) U.S. Treasury operating cash (9) Special drawing rights (10) Other (11) Gold tranche drawing rights , ,588-2,845 17,198-1,739 10,062 5,397 1,746 _ 557-1, , ,425-23,033 27, ,417 19, _ , ,021-23,372 29,131-1,269 8,420 19,442 1,668 _ 711 1, , ,074-14,849 30, ,822 19,275 2,068 _ -8-1, , ,620-4,689 16, ,813 3,009-3, , ,185-45,188 58,953-1,069 7,031 50,853 _ -1, , , ,439-66,434 87, ,341 82,913-7, ,024 T.Q... 81,773 94,729-12,956 14, ,514 18,507-2, , ,725-44,963 64,139-1,380 9,243 53,516 _ 1, , ,836-48,839 72,705-1,417 12,181 59,106-3, ^(Est) , ,758-30,261 n.a. n.a. n.a. 31,200 _ n.a. n.a. n.a. n.a (Est) , ,098-33,227 n.a. n.a. n.a. 42,887 - n.a. n.a. n.a. n.a Aug , 615-4,574r 13, ,098 9,039-1, Sept... 42,591 38,935 3,655 7, ,265 2,821-9, Oct... 28,745 42,691-13,946 4, ,642 6, , Nov... 33,227 39,134-5,907 6, ,060 5, ,691-1,575 3,803-3,022 37,477 41,392-3,915 6, ,599 3,533-3, , Jan... 38,364 41,095-2,731 1, ,273 3,312 _ -1,146 1, Feb... 32,639 37,739-5,100 1, , , Mar... 31,144 43,725-12,581 4, ,858 8, ,230 40,752 11, ,387-4, , ,287 41,618-3,331 8, ,368 1, , , July... 53,910 40,687 13, ,484-1,458-12, ,268 40,482-7,214 2, ,338 4,831 _ -3, ,353 54,279-14,926 5, ,378 3, , (12) Fiscal year 418, ,596-44,951 41,596-1,635 10,569 29, , ,318-2,226 Means of financing net transactions Con. Selected balances, end of period Fiscal year or month Other ]_/ (13) Transactions not applied to year's surplus or deficit 8 / (14) budget financing (15) General account of the J.S. Treasury 4/ (16) U.S. Treasury operating cash (17) Public debt securities (18) Federal securities Agency securities 9/ (19) Investments of Government accounts (20) Held by the public ,845 9,291 _ 370,094 12,510 97, , , ,033 10, ,305 12, , , ,958 1,442 23,372 11, ,435 10, , , , ,849 13, ,317 11, , , , ,689 10, ,235 12, , , ,968-7,312 45,188-7, ,188 10, , , ,956-6,727 66,434-14, ,432 10, , ,819 T.Q ,453 12,956-17, ,701 11, , , ,004-8,318 44,963-19, ,840 10, , , ,246-9,490 48,839-22, ,544 8, , , (Est)... n.a. n.a. 30,261 - _ n.a. n.a. n.a. n.a (Est)... n.a. n.a. 33, n.a. n.a. n.a. n.a Aug... -2,328r -l,181r 4,574r - 13, ,446 8, , ,128 Sept... 3, ,655-22, , >44 8, , ,948 Oct ,946-15, ,394 8, , ,433 Nov... -4,156 1,341 5,907-12, ,026 8, , ,669 Dec... 3, ,915-16, ,207 8, , , Jan ,731-15, ,454 8, , ,513 Feb... -1, ,100-6, ,207 8, , ,845 Mar... 6, ,581-7, ,792 7, , ,857-2,254-1,268 11,478-8, ,383 7, , ,893 May... -2,875-1,128 3,331-4, ,794 7, , ,699 June... 2,942-1,662-13,223-17, ,913 7, , ,241-1, ,214-13, ,477 7, , ,072 Aug... 5, ,926-6, ,140 7, , ,340 (21) Fiscal ,480-7,074 44,951 ' 6, ,140 7, , ,340 Footnotes on following page.

10 2 Treasury Bulletin FED E R A L FISCAL OPERATIONS Footnotes to Table FFO.-l. Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. : Budget estimates are based on the revision of the Mid-Session Review of the 1980 Budget released on July 31, 1979; adjusted to include revised estimates for the Energy Security Program and Department of Defense increases. 1/ For detail see Table FFO-2. 2 / For detail see Table FFO-3. 3/ For detail see Table FF0-6. 4/ Beginning fiscal 1975, balances "Within general account of the U.S. Treasury" are presented in columns 9 and 13. 5/ Represents holdings of special drawing rights, less certificates issued to Federal Reserve banks. 6/ Represents activity of the International Monetary Fund. 77 Includes public debt accrued interest payable to the public, deposit funds, miscellaneous asset and liability accounts, and as of July 1974> the gold balance. 8/ Includes: Seigniorage; increment of gold; fiscal 1969 conversions of certain corporations to private ownership; fiscal 1970 reclassification of Commodity Credit Corporation certificates of interest; fiscal 1974 conversion of interest receipts of Government accounts to an accrual basis; and net outlays of off-budget Federal agencies. Also includes rural electrification and telephone revolving fund since May 12, 1973, Pos-tal Service fund since July 1973, Federal Financing Bank since July 1974, housing for the elderly or handicapped fund from August 22, 1974, through September 30, 1977 and Pension Benefit Guaranty Corporation since September 17, Eor detail see Table Fd-6. n.a. Not available. r Revised.

11 October FEDERAL FISCAL OPERATIO N S 3 Table FFO-2, - Budget Receipts by Source Fiscal year or month Net budget receipts (In millions of llars) Income taxes Social 4nsiirAnr.A Individual Corporation taxes and contributions Withheld 1i Other Refunds, Net Gross Refunds 19et Net income taxes Employment taxes and contributions Old-age, disability, and hospital insurance Gross Refunds Net ,743 77,146 26,236 13,240 90,412 35,037 2,208 32, ,241 38, , $,392 76,490 24,262 14,522 86,230 30,320 3,535 26, ,015 41, , $, ,200 25,679 14, ,926 2,760 32, ,903 45, , ,225 98,093 27,019 21, ,'246 39,045 2,893 36, ,153 54, , , ,092 30,812 23, ,952 41,744 3,125 38, ,571 65, , , ,071 34,328 34, ,386 45,747 5,125 40, ,007 74, , , ,441 35,528 27, ,603 46,783 5,374 41, ,204 78, ,384 T.Q... 81,773 32,950 6, ,801 9,809 1,348 8,460 47,175 21,475-21, , ,857 42,062 29, ,626 60,057 5,164 54, ,512 90, , , ,254 47,804 32, ,988 65,380 5,428 59, , , , (Est.) , ,482 52,996 34, ,642 75,891 5,584 67, , , , (Est.) ,865, 202,716 65,581 40,974 < 234,165 76,913 5,926 71, , , ,612 35,040 14, ,784 1, ,122 15,906 11,880 _ 11,880 42,591 14,843 6, ,883 10, ,753 30,636 7,685-7,685 28,745 15,032 1, ,922 2, ,682 17,606 6,544-6,544 33,227 16, ,609 1, ,048 17,657 9,443-9,443 -Dec , ,066 10,769 ; ,386 26,452 6,880-6, Jan... 38,364 15,844 7, ,667 2, ,146 25,814 8,390-8,390 Feb , ,297 1,037 2,825 14,509 1, ,281 15,790 11,529-11,529 31,'144 16,204 3»ll9 11,068 8,255 9, ,301 17,556 9,446-9,446 52,230 15,544 17,<975 8,489 25,029 10, ,767 34,796 11,965-11,965 38,287 16,742 5,696 7,864 14,575 1, ,403 15,978 12,925-12,925 53,910 18,084 8, ,568 16,016, 376 i 15,640 41,208 9, ,675 July... 33,268 16,714 1, ,086 2, ,019 19,105 8,784 _ 8,784 Aug... 39,353 16,955 1, ,215 1, ,368 18,583 13,217-13,217 Fiscal 1979 to date , ,137, 48,866 33, ,499 61,352 ' 5,308 56, , , ,798 Fiscal year or month Employment taxes and contributions - Con. Social insurance taxes and contributions - Continued Unemployment insurance Railroad retirement accounts Net Gross Refunds Net employment taxes and contributions Gross Refunds Net Federal unemployment supplementary insurance medical insurance Net contributions for other ilnsurance and retirement Federal employees retirement Other retirement ,133-3, , , , ,699 3, ,674 1,253 1, , ly ,008 46,120 4, ,357 1,340 2, , , ,189 54,876 6, ,051 1,427 2, , » 1,412 1,411 65,892 6, ,837 1,704 2, , ,5 1,490 1,489 75,204 6, ,771 1,901 2, , ,525 1,525 79,909 8, ,054 1,937 2, , ,803 2, , , ,909 1,908 92,210 11, ,312 2,193 2, , , , ,893 13, ,850 2,431 3, , (Est.)... 2,079 2, ,854 15, ,296 2,650 3, , (Est.)...,... 2,539 2, ,006 15, ,140 2,909 3, , Aug ,191 2, , , , Nov ,762 1, , Dec , Jan , Feb ,850 1, , , Apr ,044 1, , May ,250 4, , June , July ,857 1, , Aug ,577 2, , Fiscal 1979 to date... 1,967 1, ,764 15, ,232 2,602 3, ,786

12 4 FEDERAL FISCAL OPERATIONS Table FFO-2. - Budget Receipts by Source Continued Treasury Bulletin Social insurance taxes and contributions- Continued (In millions of llars) Excise taxes Miscellaneous Airport and airway trust fund Highway trust fund Fiscal year or month Net social insurance taxes and contributions Refunds Net Gross Net Gross Refunds T.Q ( E s t.) ( E s t.) Au g Sept... Oct... Nov... Dec Ja n Feb... Mar... Apr... May... June... J u ly... Aug... F iscal 1979 to d a te... 45,298 48,578 53,914 64,542 76,780' 86,441 92,714 25, , , , ,321 15,587 8,515 7,805 11,923 7,716 9,429 13,614 10,373 14,165 18,652 9,375 10,566 17, ,783 10,519 10,643 10,562 9,995 9,884 9,550 10,753 2,564 9,796 10,203 9,559 9, , , ,352 10,510 9,506 9,836 9,743 9,400 10,612 2,520 9,648 10,054 9,406 9, , ,193 1,328 1,438 1, , ,191 1,326 1,436 1, , ,392 5,386 5,664 5,635 5,818 6,384 6,334 5,565 1,677 6,844 7,042 7,451 7, , '133 5,354 5,542 5,322 5,665 6,260 6,188 5,413 1,676 6,709 6,904 7,317 7, / ,622 Fiscal year or month Excise taxes - Continued Black lung disability trust fund Gross Refunds 4/ Net excise taxes Estate and gift taxes Refunds Net Customs duties Refunds Net miscellaneous receipts Deposits of earnings by Federal Reserve banks All other T.Q ( E s t. ) (Est.) 1978-Au g Sept... Oct... Nov... Dec Ja n Feb... Mar... Apr... May... June... July... Aug... Fiscal 1979 to date ,705 16,614 15,477 16,260 16,844 16,551 16,963 4,473 17,548 18,376 18,608 21,610 1,591 1,637 1,635 1,712 1,597 1,520 1,436 1,434 1,529 1,601 1,464 1,659 1,497 17,085 3,680 3,784 5,490 4,976 5,101 4,688 5,307 1,485 7,425 5,381 5,786 6, , ,644 3,735 5,436 4,917 5,035 4,611 5,216 1,455 7,327 5,285 5,380 5, ,976 2,494 2,657 3,394 3,308 3,444 3,782 4,209 1,243 5,287 6,729 7,695 8, , ,430 2,591 3,287 3,188 3,334 3,676 4,074 i;212 5,150 6,573 7,400 8, ,879 3,266 3,533 3,252 3,495 4,845 5,777 5,451 1,500 5,908 6, & , / 2,576 3/ ,093 1, & 3,424 3,858 3,633 3,921 5,369 6,711 8,026 1,613 6,531 7,413 9,355 10, ? 73: 48< ,2Z1 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. : Budget estimates for net receipts are based on the revision of the Mid-Session Review of the 1980 Budget released on July 31, gst - imates in detail are not available and are based on the 1980 BU(jget or the U.S. Government, released January 22, / Includes individual income taxes designated for the Presidential election campaign fund. Prior to February 1974, these taxes were 2/ 4/ included in "Other". Includes $442,615"thousand in fees for licenses to import petroleum and petroleum products. includes l,b/0 million in fees for licenses to import petroleum and petroleum products. Lung Disabilitv Trust Fund was formally created on April 1, 1978 pursuant to the Black Lung Benefits Revenue Act of 1977" (Public Law ). Less than $500,000

13 BUDGET RECEIPTS BY SOURCE Fiscal Years $ B i l TOTAL w n T.Q Social Insurance Taxes and Contributions I IIII I V///A V///A X///1 Corporation Taxes E x c is e Taxes if T.Q T.Q Source: Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. For actual amounts see preceding Table FFO-2. ^Includes estate and gift taxes, customs duties, and miscellaneous receipts.

14 6.FEDERAL FISCAL OPERATIONS, Treasury Bulletin Table FFO-3. Budget Outlays by Agency (In millions of llars) Fiscal year or month Legislative branch The judiciary Executive Office of the President Funds appropriated to the President Agriculture Department Commerce Department Defense Department Military Civil Health, Energy Education, Department & Welfare Department Housing & Urban Development Department Interior Department Justice Department ,774 8,307 1,02? 77,150 1,211 2,610 52,338 2,603 1, ,540 8,560 1,188 74,546 1,376 2,439 61,866 2, ,269 10,943 1,250 75,150 1,530 2,545 71,779 3,642 1,256 1, ,733 10,028 1,368 73,297 1,703 2,558 82,042 3,592-2,236 1, ,015 9,767 1,455 77,625 1,682 2,493 93,735 4,786-4,881 1, ,572 9,725 1,583 85,420 2,051 3, ,411 7,475 2,162 2, ,525 12,796 2,020 88,036 2,124 3, ,785 7,079 2,293 2, ,221 3, , ,000 34,341 1, ,487 16,738 2,607 95,650 2,280 5, ,455 5,838 3,152 2, , ,450 20,368 5, ,042 2,553 6, ,856 7,589' 3,821 2, (Est.)... 1, ,066 21,459 4, ,815 2,894 7, ,936 8,866 4,004 2, (Est.)... 1, ,496 18,351 3, ,400 3,041 9, ,216 10,772 3,781 2, Aug , r 9,543r , r Sept , , , Oct , , , Nov , , , , , , Jan , , , Feb , , , Mar , , , , , , May , , , , , , , , ,930 1, Fiscal 1979 to date ,206 19,729 3, ,660 2,561 7, ,772 8,392 3,509 2,331 Fiscal year or month^ T.Q (Est.) (Est.) Au g Sept... Oct... Nov... Dec Ja n. Feb... Mar... Apr... May... June... July.... Aug... Fiscal 1979 to date... Labor Oepartnent State Department Transportation )epartaent Treasury Department Environ- General Interest an the aublic 3ebt 4/ Other V Protection Agency Services Administration National Aeronautics and Space Admin. Veterans Administration Other independent agencies 1 / Jndistributed Offsetting Receipts 3f 5/ Rents and Royalties on the Outer Continental Shelf lands Other 6/ 4, ,417 19, ,749 8,653 7, , ,588 7, ,247 20, ,381 9,756 8, , ,425 10, ,531 21, ,422 10,710 9, , ,021 8, ,183 24,167 6,792 1, ,311 11,968 11, , ,074 8, ,112 29,319 6,674 2, ,252 13,337 13, , ,620 17, ,247 32,665 8,605 2, ,267 16,575 18,433-2,428-11, ,185 25,742 1,061 11,936 37,063 7,256 3, ,670 18,415 19,003-2,662-12, ,439 5, ,003 8,102 1,584 1, ,957 5,851-1,311-1,255 94,729 22,374 1,076 12,514 41,900 8,484 4, ,944 18,019 19,884-2,374-12, ,725 22,896 1,252 13,452 48,695 7,660 4, ,980 18,962 25,396-2,259-13, ,836 23,387 1,479 15,291 60,100 5,216 4, ,239 20,269 27,574-3,209-15, ,758 26,358 1,905 16,369 67,600 3,089 4,7b ,792 20,826 29,442 6/ -2,265-16, ,092 2, ,131 3,868 -Vb _>Jo I 320 i,528 2,003r ,615r 1, ,332 3, ,440 2, ,935 1, ,649 3,822 1, ,645 4, ,691 1, ,293 4, ,665 1, ,134 1, ,192 8, ,648 2, ,727 41,392 2, ,295 4, , ,095 1, , ,620 1, ' ,739 2, ,193 4, ,715 2, ,725 1, ,181 4,385 1, , ,752 1, ,149 4, ,691 2, ,618 1, ,176 «,63« , , ,812 40,687 2, ,443 4,301 1, , ,482 2, ,518 4, ,556 2, ,279 20,795 1,426 14,023 >5,477 5,070 4, ,801 19,290 24,298-2,668-14,167 4b3,596 Sources Monthly Treasury Statement of Receipts anrf Out lav? of the United States Government.. Budget c^timatco axe lao.. on the revision of the Mid-Session R-view of the 1980 Budget released on July 31, s Outlays consist of disoui. semen ts leso letaxy 1t.c1.1pL0 xtom the public and certain intrabudgetary transactions. Agency shifts are shown in this table beginning with the period of such shifts; figures prior to the shifts have been adjusted. 1/ Pursuant to Public Law 95-91, as of October 1, 1977, all functions of the Energy Research and Development Administration, Federal Energy Administration, and Federal Power Commission, and certain functions Interior (Bonneville Power Administration and other Power administrations), certain other departments, and the Interstate Commerce Commission were transferred to the Energy Department. 2/ Cumulative year to date figures may not add due to budget realigments. 3/ Prior to January 1975, Rents and royalties on the Outer Continental Shelf lands were shown as proprietary receipts from the public for the Interior Department. To conform with the FY 1976 Budget Document's presentation, these amounts were reclassified and are now being shown as undistributed offsetting receipts. 4/ Reported on an annual basis. 5/ For content see Table FFO-4. / inciudes undistributed allowances. r Re\ lsed.

15 October FEDERAL FISCAL OPERATIONS 7 Fiscal year or month Table FFO-4. - Undistributed Offsetting Receipts (In millions of llars) Federal employer contributions to retirement funds Health, Education, and Welfare Dept. Federal Old-Age, Disability, and Hospital Insurance Office of Personnel Management Civil Service Retirement and Disability Fund Other 1/ Defense Department Soldiers' & Ai men's Home Permanent Fund Interest credited to certain Government accounts Federal Old-Age and Survivors Insurance Trust Fund Health, Education, and Welfare Department Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal S upp 1 emen tary Medical Insurance , , , , , , , , , , , , , , , :... 1,082 1, , , ,138 2,080 1,024 4, , ,152 2,192 1,204 4, , ,266 2,427 1,170 4, , (Est.)... 1,339 2,632 1,417 5, , (Est.)... 1,428 2,645 1,408 5, , , Jan Feb Apr May July Fiscal ,224 2, , , Fiscal year or month Labor Department Unemployment Disability Black Lung Trust Fund Trust Fund portation Department Highway Trust Fund Interest credited to certain Government accounts - Continued Veterans Administration Office Government Life Insurance Fund National Service Life Insurance Fund of Personnel Management Railroad Civil Service Retirement Retirement and Board Disability Fund , , , , , , , , , , , , , , , , , (Est.) , , (Est.) , , Aug , , Jan Feb , , Fiscal 1979 Other 2/ 3/ , ,856 Rents and royalties on the Outer Continental Shelf lands 3/ Grand _ 6,380-7,376-7,858-8,378-9,893 2,428 14,098 2,662 14,704 1,311 2,567 2,374 15,053 2,259 15,772 3,209 18,383 2,265 18, , , , , ,103 2,668 16,834 Sources Monthly Treasury Statement of Receipts and Outlays of the United States Government. : Budget estimates are based on the revision of the Mid-Session Review of the 1980 Budget released on July 31, / Includes receipts from off-budget Federal agencies to the Civil Service Retirement and Disability Fund as of May / Beginning fiscal 1974, includes adjustments of interest on public debt issue to convert to the accrual basis. Also includes Indian tribal funds, Interior Department, Judicial survivors annuity fund, State, foreign service retirement and disability fund, and Airport and Airway trust fund. 3/ Prior to January 1975, Rents and Royalities on the Outer Continental Shelf Lands were shown as proprietary receipts from the public for the Interior Department. To conform with the FY 1976 Budget Document' s presentation, these amounts were reclassified and are now being shown as undistributed offsetting receipts. As a result, the detail will not add to the Fiscal Year 1974 totals. Less than $500,000.

16 Function Table FPO-5. - Budget Outlays by Function (In millions of llars) Fiscal 1978 Fiscal 1979 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Cumulative to date Comparable period fiscal National defense 9,800 8,996 9,300 9,437 9,307 9,438 8,838 10,166 9,430 10,047 10,050 10,405 10, ,145 96, ,742 9,006 9,197 9,239 9,450 9,304 8,803 10,159 9,439 9,965 9,973 10,397 10, ,584 96,185 International affairs l,440r 1,184 1,135 1,096 1,305 1, ,663 1,143 1,145 1, ,211 13,167 14, , ,428-8,348 Intrabudgetary transactions r I W 944 4,672 5,697 General science, space, and technology Outlays ,592 4, T ,583 4,318 Energy 684 1, ,077 5, ,278 5,111 Natural resources and environment 1,172 1,526 1,055 1,137 1,487 1, ,041 1,120 1,113 1,188 1,330 1,416 13,022 11,131 Proprietary receipts from the public ,823-1,464 Intrabudgetary transactions Agriculture 98 lr 1, , , ,154 1,646 11,112 9,633 Outlays ,396 1,669 1, ,594 7,394 Proprietary receipts from the public ,372 1,681 1, ,439 7,335 a CO 0 >» 5 1 GO Commerce and housing credit , ,664 2, Intrabudgetary transactions , ,638 2,855 Transportation 1,302 1,576 1,700 1,424 1,378 1,425 1,108 1,256 1,257 1,332 1,343 1,556 1,713 15,491 13, Intrabudgetary transactions ,288 1,572 1,695 1,414 1,374 1,419 1,095 1,257 1,251 1,326 1,340 1,552 1,702 15,424 13,891 ' Footnotes at end of table. I t33 & s

17 Community and regional development Outlays..., Proprietary receipts from the public, Intrabudgetary transactions Education, training, employment, and social services Outlays.... Proprietary receipts from the public, Health.... Outlays.... Proprietary receipts from the public, Intrabudgetary transactions Income security Outlays.... Proprietary receipts from the public, Intrabudgetary transactions Veterans benefits and services Outlays Proprietary receipts from the public, Intrabudgetary transactions Administration of justice Outlays.... Proprietary receipts from the public, Intrabudgetary transactions General government Outlays... Proprietary receipts from the public, Intrabudgetary transactions General purpose fiscal assistance Outlays... Proprietary receipts from the public Intrabudgetary transactions Interest Outlays... ^... Proprietary receipts from the public Intrabudgetary transactions Table FFO-5. - Budget Outlays by Function Continued (In M l lions of llars Fiscal 1978 Fiscal 1979 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Cumulative to date l,322r 1,346 1, ,276 10, l,217r 1, ,732 '9,825 2,718 2,267 2,144 2,246 2,209 2,470 2,076 2,587 2,595 2,560 2,193 2,473 2,647 26,201 23, ,716 2,263 2,144 2,244 2,210 2,467 2,075 2,578 2,595 2,559 2,193 2,472 2,645 26,183 23,629 4,586 4,049 4,563 4,506 5,520 4,748 4,446 5,542 4,631 4,826 4,806 4,680 5,243 52,705 47, _ , ,150-6,796 4,040r 3,595 4,039 3,957 4,717 4,149 3,894 4,231 4,060 4,258 4,268 4,108 4,632 45,505 40,195 12,268r 13,066 12,133 12,369 13,227 12,961 13,301 14,418 13,346 13,889 15,275 13,830 23, , , , ,484-3,511 12,266 12,756 11,815 12,358 12,469 12,959 13,300 14,415 13,316 13,588 13,595 13,669 23, , ,633 1,575 1,483 1,690 1,706 2, ,663 2, ,746 2, ,605 19,811 18, ,529 1,442 1,647 1,667 2, ,622 2, ,694 2, ,559 19,317 17, ,869 3, ,857 3, , ,628 3,683-15r , r ,338 3, , , , , ,879 16, _ , ,855-6, , , , , ,002 9,250 3,680 3,387 3,587 3,932 7,797 3,793 4,189 3,895 4,122 4,340 8,199 3,930 4,385 52,170 42, , ,186-1,481 3,539 3,306 3,030 3,850 7,372 2,860 4,098 3,807 3,993 4,241 7,834 3,491 4,240 48,816 40,733 Undistributed offsetting receipts , , , , ,355-16,834-14,683 Net budget outlays... 39,615r 38,935 42,691 39, ,752 41,618 40,687 40,482 54, , ,951 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Less than $500,000. r Revised. period fiscal' 1978 H G M # > t r 1 i i ui o > O u W SJ % i i o as CO I v o ^ 1 vo V O

18 1 0.FEDERAL FISCAL OPERATIONS, T r e a s u r y Bulletin Table FFO-6. - Investment Transactions o f Government AccouWs in Federal Securities (Net) Fiscal year or month,federal Old-Age and Survivors Insurance Trust Fund (In millions of llars) Health, Education, -and Welfare Department Housing and Urban Development Department Labor Department Federal Disability Insurance Trust Fund Federal Hnq-niffll Insurance Trust Fund Federal Supple- Medical Insurance Trust Fund Other Government National Mortgage Assn. Unemployment Trust Fund Participation Sales Fund Other Federal Insurance Administration Other Federal Housing Administration ,953 1, _ ,274 1, ,747 _ , ' , , , ,144 _ , I 3, , , ,89^' ,938 _ ,924-1,227 1, ! ,373 7 T.Q ,645-2, , , , ,530 _ 1979 (Est.)... -3,045 1,153 1, (Est.)... -1,265 1,782 <, ,300-2, _ 2, , Oct... -2, _ ,195 31$ Jan... -1, _ Feb... 1, Mar , , , May... 2, , , «July , im ' , Other Fiscal 1979 to date , I ,054 - Fiscal year or month Transportat ion Department Airport Highway Treasury Department and Trust Fund Airway Trust Fund Veterans Adminis trat ion National Service Life Insurance Fund Other Office of Personnel Management Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation Postal Service Railroad Retire- ment Board , , _ , ,033 1, , , , , , , , , , , , , ,058 1, , , , ,030 4,341 T.Q ,682-3, , , , , , , (Est.) , ,597 1, , (Est.) , , <0 0 1 All other 709 2',7;' 1978-Aug <+ -29i , , , , ,642 Nov..% ,060 Dec , , Jan ,273 Feb , , ,858 Apr , , ,368 June , , ,484 July ,338 Aug ,378 Fiscal 1979 to date.... ' 764 1,142 1, , 1, , ,569 Source: Monthly Treasury Statement of Receipts and Outlays of the United : Figures may not add due to rounding. States Government. Budget esttnw+f^ qtv on the 1980 Budget of Less than $500,>000. the U.S. Government, released January 22, 1979.

19 Table FFO-7. - Trust Funds Transactions October 1, 1978 through August 31, 1979 Classification (trust funds) in trust funds (1) Trust interfund and proprietary receipts 1/ (2) Receipts Receipts of trust funds (3) Interfund transactions 2/ (4) (In millions of llars) Unified budget Trust xn Proprietary receipts interfund trust attributable trans from the funds receipts to trust actions public funds 3/ (5) (6) (7) (8) Outlays of trust funds (9) Federal payments and contributions (10) Outlays Interfund transactions Federal employer contributions (U) Interest and profits on investments in Federal securities (12) Federal old-age and survivors insurance... 81,960 1,448 80,512 3, j,144 89,983 1,448 88, ,887-3,368 85,168-8,024 Other (13) y (14) Unified budget outlays attributable to trust funds (15) Excess of receipts, or outlays (-) 13, , j,965 13, , , , ,650 1,961 17,,689 18, , ,961 16, Federal supplementary medical insurance... 9,235 9,235 6,633 2j,602 8,086 _ 8,086 6, ,633 1,453 1,149 Federal employees retirement... 10, ,441 7,257 3j,184 11, , ,087 4, ,257 4,187-1,003 Federal employee life and health benefits Federal Deposit Insurance _ -1, , ,202 1,202 Airport and airway ,671-1, ,, ,855-6,855-6,,855 6, , , , , ,,622 6, , ,420 1, ,593 7, ,265-7,593-1, ,328 1,328 Railroad Retirement... 2,454-2, ,967 3, , ,389-1,422 Unemployment ,721-15, j,232 10, , ,707 5,525 1, ,038 10, ,945 23, , ,742 1,478 8, ,648 8,350 4,311 10, , ,598 2,296 (16),FEDERAL FISCAL OPERATIONS. vo V Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. : The memorandum sections of various tables in the Budget of the U.S. Government present the trust fund receipt and outlay data on the same concept as columns (3) and (9) above. Trust interfund transactions are payments from one trust fund to another and are excluded in calculating trust fund receipts and outlays. The intragovernmental transactions are payments from Federal funds to trust funds, and vice versa, but exclude $164 million in trust payments to Federal funds. 1/ For content see columns (7) and (8). 2/ For content see columns (10)-(13). Includes net taxes and other receipts, mainly deposits by states and Federal employee retirement contributions. 4/ Excludes trust fund payments to Federal funds such as charges for administrative expenses of Social Security Act. Less than $500,000.

20 1 2.FEDERAL OBLIGATIONS, T r e a s u r y Bulletin "Obligations axe the basis on which the use of funds o f cat e g o r i e s wh i c h are b a s e d up o n t he n a t u r e o f t h e t r a n s is controlled in the Federal Government, They are recorded a c t i o n w i t h o u t r e g a r d to its u l t i m a t e p u r p o s e. A l l p a y m e n t s at the point at which the Government makes a firm commitment to acquire goods or services and are the first of the four for salaries a n d w ages, fo r example, a r e r e p o r t e d as p e r sonnel compensation, w h e t h e r th e p e r s o n a l ser v i c e s a r e u s e d key events order, delivery, payment, consumption which in current operations or in the construction of capital items. characterize the acquisition and use of resources. F ederal agencies a n d firms of t e n bu s i n e s s w i t h one another; in ing so, the b u y i n g a g e n c y r e c ords obligations, In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. a n d the "performing a g e n c y records r e i m b u r s e m e n t s. I n Table The obligational stage of Government transactions is a strategic point in gauging the impact of the Government s operations on the national economy, since it frequently represents for business firms the Government commitment which stimulates business investment, including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its order but the order itself usually causes immediate pressure on the private economy. Obligations are classified according to a uniform set FO-1, obligations that ar e i n c u r r e d w i t h i n the Gove r n m e n t ar e distinguished f r o m those i n c u r r e d o u t side th e Government. Tables FO-2, 3, and if show only those incurred outside. Obligation data for the a d m i n i s t r a t i v e b u d g e t f u n d a c counts w e r e first p u b l i s h e d i n the S e p t e m b e r T r e a s u r y B ulletin a n d the trust fun d a c c o u n t s w e r e fi r s t p u b l i s h e d in the October Bulletin. B e g i n n i n g w i t h t h e A p r i l Bulletin, the data are o n the b a s i s o f th e b u d g e t c oncepts apted pu r suant to the recomme n d a t i o n s o f t h e P r e s i dent's Commission o n Bud g e t Concepts. NOTICE Plans are being made to discontinue preparation and publication of Table FO-2. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class. If, however, you are using the information in this table and have a need for its continuance, please write to the Department of the Treasury, Special Reporting Branch, 3021 GAO Building, Washington, D.C If no needs for information in this table are expressed, the June 30, 1979, table will be the last one published.

21 October 1979.FEDERAL OBLIGATIONS. 13 Table PO-1. - Gross Obligations Incurred Within and Outside the Federal Government by Object Class, May 31, 1979 Object class (In millions of llars) Gross obligations incurred Outside Within Personal services and benefits Personnel compensation... Personnel benefits... Benefits for former personnel. 40, ,558 40,189 4,064 7,558 Contractual services and supplies Travel and transportation of persons. Transportation of things... Rent, communications, and utilities.. Printing and reproduction... Other services... Supplies and materials... 1,613 1,293 3, ,389 22, , ,005 8,875 1,937 2,277 5, ,394 30,919 Acquisition of capital assets Equipment.... Lands and structures... Investments and loans... 18,141 3,971 23,082 2,766 1, ,907 5,433 23,105 Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... 75, ,480 32, ,362 75, ,480 42, Other Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... 3,075 4, , ,193 5, Gross obligations incurred 1/. 381,630 48, ,849 Source: Reports on Obligations, Standard Form 225, from agencies. 1/ For Federal Budget presentation a concept of "net obligations incurred" is generally used. This concept eliminates transactions within the Government and revenue and reimbursements from the public which by statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis follow. (This data is on the basis of Reports on Obligations received from the agencies prior to reports submitted for Budget presentation and therefore may differ somewhat from the Budget cument.) Gross obligations incurred (as above) ,849 Deduct: Advances, reimbursements, other income, etc ,419 Offsetting receipts ,339 Net obligations incurred ,091 Table FO-2. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class, May 31, 1979 (In millions of llars) Major object class Major function Personal services and benefits Contractual services and supplies Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges Other National defense... 31,922 36,616 16,981 1,663 _ 194 4,518 91,894 International affairs ,550 1, ,747 General science space and technology , ,769 Energy... 1,037 7, ,426 Natural resources and environment... 1,911 1, , , ,422 Agriculture , ,219 2, ,483 Commerce and housing credit ,101 1, ,688 Transportation , ,245 5,502 2,346 12,305 Community and regional development ,633 2, ,731 Education, training, employment, and social services , ,138 Health... 1,407 3, , ,164 Income security... 1, , ,280 Veterans benefits and services... 2,523 1, , ,225 Administration of justice... 1, ,347 General government... 1,902 2, , ,202 General purpose fiscal assistance ,942-7,011 Interest ,797-29,797 48,138 61,812 18,141 3,971 23, ,284 8, ,630 Less than $500,000.

22 1 4 T r e a s u r y Bulletin g p n p p A T A P T i n i T T A M O Table FO-3. - Gross Obligations Incurred Ontside the Federal Government by Department or Agency, May 31, 1979 (In millions of llars) Personal services & benefits Contractual services and supplies Classification Personnel compensation Personnel benefits 1/ Benefits for former personnel Travel and transportation of persons Transportation of things Rent, com-' munications, and utilities Printing and reproduct'ibn Other services Supplies and materials _ Executive Office of the President Funds appropriated to the President: International security assistance International development assistance# Other Agriculture Department: Commodity Credit Corporation ,221 1, Defense Department: Military: Department of the Army... 7, ,284 2,849 Department of the Navy... 9, ,338 5,899 Department of the Air Force... 7, ,089 3, , ,333 4, _ 16 24, , Civil Energy Department , Health, Education, and Welfare 1, , Housing and Urban Development Dept: Government National Mortgage Housing for the elderly or handicapped 3/ Interior Department State Department Transportation 1, Treasury Department: Interest on the public debt Other... 1, General Services Administration National Aeronautics and Space , Veterans Administration... 2, Other independent agencies: Export-Import Bank of U.S Small Business Administration , , , ,558 1,613 1,293 3, ,389 22,045 Off-budget Federal agencies kj: 7, Rural Electrification Administration revolving funds Pension Benefit Guaranty Off-budget Federal agencies... 7,

23 Oct o b e r p p t m t p a t OBLIGATIONS Table FO-3. - Gross Obligations Incurred Outside the Federal Government by Department or Agency, M ay 31, 1979 Continued (In millions of llars) Classification Equipment Acquisition of Grants and filxed charges Other capital assets Grant, Insurance Undistrib Obligations in Un- Interest Lands Investments dividends subsidies, claims Refunds uted U.S. and curred and contributionnitietions and indem obliga and abroad structures and loans vouchered gross obligations' incurred Legislative Branch 2/ The Judiciary.... _. Executive Office of the President Funds appropriated to the President: International security assistance: International development assistance _ 63 1,897 Other , k ,080 Agriculture Department: Commodity Credit Corporation ,095 1, , ,545 3, , Z 9^ j 99 n^n Commerce nepartn'ent-.... x it ,670 Defense Department: Military: Department of the Army... 1, ,762 19,651 Department of the Navy... 7, ,338 Department of the Air Force... 7, ,303 24,452 Defense agencies , military... 16, J.Z on 7U9/OJ 7ft^ Civil ic 2 Energy Department n Health, Education, and Welfare Department Housing and Urban Development Dept: ,337 1, ,087 Government National Mortgage Association Housing for the elderly or handicapped 3/ Other ,583 5, ,501 Interior Department it -5 g Justice Department it 3 1^574 Labor Department , ,700 State Department... 5 q Transportation Department ,197 k Treasury Department: Interest on the public debt ,550 29,550 Interest on refunds, etc... g General revenue sharing... 6,072 6,072 Other ft Oj L 4 y/uh 1(\L Q1 7i, 9/tA 9 i.,z.dd 95(\ 100,275 Environmental Protection Agency ,695 k 2,060 General Services Administration g 2 k 2,315 National Aeronautics and Space Administration... A 7 88 it 3,242 Veterans Administration ,152 7, ,209 Other independent agencies: Export-Import Bank of U.S... it 2, it 2,513 Small Business Administration... k 1,164 k it 1,311 Tennessee Valley Authority it ,567 Other ,009 8, , Off-budget Federal agencies 4/: , ,075 4, ,630 Postal Service... Rural Electrification Administration ,285 revolving funds k 900 Pension Benefit Guaranty Corporation Off-budget Federal agencies _ 10,207 L J.y7JJ Source: Reports on Obligations, Standard Forms 225, from agencies. ; Agency shifts are shown in this table beginning with the periods of such shifts. The amounts for the complete fiscal year are adjusted at that time. 1/ For purposes of this report this object class is considered as totally within the Federal Government except for the Department of Defense and Transportation Department, U.S. Coast Guard. 2/ Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. 3/ This fund was reclassified from an off-budget to a budgetary account pursuant to an act approved Oct. 4, / Postal Service since July 1, 1973, Rural Electrification Administration revolving funds since May 12, 1973, and Pension Benefit Guaranty Corporation since Sept. 17, Less than $500,000.

24 Table. FO-4 - Gross Obligations Incurred Outside the Federal Government, Comparative Statement by Month Object class F.Y F.Y May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Cumulative to date Comparable Period FY 1978 National-defense: Personal services and benefits: Personnel compensation... Personnel benefits Benefits for former personnel... Contractual services and supplies: Travel and transportation of persons... Transportation of things... Rent, communications, and utilities... Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets: Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions... Insurance, claims and indemnities... Interest and dividends... Refunds... Other: Undistributed U.S. obligations... Obligations incurred abroad... Unvouchered... national defense... Non-defense: Personal services and benefits: Personnel compensation... Personnel benefits Benefits for former personnel... Contractual service and supplies: Travel and transportation of persons... Transportation of things Rents, communications, and utilities... Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets: Equipment... Lands and structures... Investment and loans... Grants and fixed charges: Grants, subsidies and contributions... Insurance claims and idemnitiesm... Interest and dividends... Refunds... Other: Undistributed U.S. obligations... Obligations incurred abroad... Unvouchered... non-defense... Grand total... Less than $500,000. Revised. 1 2,898 2,839 2,995 3,029 5,391 3,268 3,108 2,881 3,260 ' 4,094 1,923 3,085. 3,181 24,799 23, ' i ,732 6, , ,481 1, ,011 2,218 1,558 1,276 4,054 5,390 1,301 1,556 2,338 1,455 1,768 1,815 1,471 17,095 17,363 1,699 2,455 1,507 2,502 2,749-2,119 6,403 2,001 1,996 1,709 1,963 2,190 1,892 16,036 15,842 1,518 1, ,427 3, ,081 1,893 1,574 2,463 2,464 1,520 16,981 13, ,663 1, ' 1 M " " , ' , ,420 4, ia ,175 10,818 8,875 9,490 13,477 12,232 13,101 11,877 11,643 9,718 11,492 11,648 10,183 91,894 86,048 1,845 1,857 1,808 1,950 1,957 1,538 1,713 2,252 2,018 2,003 1,915) 1,965 1,985 15,390 14, , ' ,543 1, ' ,110 2,524 1,388 1,434 2,860 1,241 1,355 5,187 1,896 1,463 2,161 1,581 1,410 16,294 13, , , ' 592 6,010 5, ,160 1, , ,308 2,718 2,709 2,023 3,355 3,011 5,685 1,940 3,859 3,916 3,320 2,770-2,315! 2,932 2,030 23,082 22,007 8,409 12,716 15,229 10,210 38,306 5,705 8,071 14,698 11,175 4,775 12,334 12,704 6,445 75,907 69,950 12,361 12,250 13,403 13,409 12,788 11,320 15,357 14,041 13,780 13,191 13,978 14,221 13, , ,865 3,050 7,460 1,651 3,273 3,045 3,368 3,551 6,716 3,675 3,662 3,920r 3,687 3,798 32,377 26, , ,141 1, , Q 77 31,379 40,400 39,082 35,290 73,357 27,736 35,003 49,265 37,321 31,170 ; 39,594 38,994 30, , ,656...:.4 40,556 51,218 47,956 44,778 86,833 39,968 48,104 61,140 48,963 40,888 51,086^: 50,642 40, , ,706 I i-

25 October ACCOUNT OF THE U.S. TREASURY. 17 Source and A va ilab ility o f the Balance in the A ccou nt o f the U.S. Treasury The operating cash of the Treasury is maintained in Treasury's accounts with the Federal Reserve banks and branches and in tax and loan accounts. As the balances in the accounts at the Federal Reserve Banks become depleted, they are restored by calling in (Withdrawing) funds from thousands of financial institutions throughout the country authorized to maintain tax and loan accounts. Under authority of P.L , the 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 in the program. Depositaries that wish to retain funds deposited in their tax and loan accounts in interest-bearing obligations participate under the Option; depositaries that wish to remit the funds to the Treasury's account at Federal Reserve banks participate under the, Remittance Option. Deposits to tax and loan accounts occur in the normal course of business under a uniform procedure applicable to all financial institutions whereby customers of financial institutions deposit with them tax payments and funds for the purchase of Government securities. In most cases the transaction involves merely the transfer of funds from a customer's account to the tax and loan account in the same financial institution. On occasions, to the extent authorized by the Treasury, financial institutions are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account as well as for the accounts of their customers. The tax and loan system permits the Treasury to collect funds through financial institutions and to leave the funds in Option depositaries and in the financial communities in which they arise until such time as the Treasury needs the funds for its operations. In this way the Treasury is able to neutralize the effect of its fluctuating operations on Option financial institution reserves and the economy. Table UST-1. - Status o f the Account o f the U.S. Treasury (In million of llars) End of fiscal year or month Federal Reserve banks Treasury operating balance 1/ Available funds in demand accounts at: Treasury tax and loan note accounts Other depositaries 2,! 1/ Funds in process of collection through Federal Reserve Time deposits and other interestbearing Other depositaries kf demand accounts Other demand accounts 5/ Coin currency and coinage metal Miscellaneous items Gold balance 6/ Balance in account of the U S. Treasury ,005 6,929 _ 8, _ , ,274 7,372-8, , ,344 7, , , ,038 8, , , ,919 6, , , ,773 1, , , ,975 2, , ,065 T.Q... 13,299 4,119-17, , ,740 3,364-19, , ,647 5,797-22, > ,691 16,647 ->,797 - ily444 25/ 11 JLJt> <./j J/U -2-23,691 Oct... 15, , ,464 6,587 6,267-12, ,629 Dec... 4,196 12,095-16, , Jan... 3,522 11,624-15, ,054 Feb... 3,443 3,444-6, ,808 Mar... 5,726 1,959-7, ,624 Apr... 3,100 5,242-8,342 1, ,440 1,974 2,683-4, ,542 June... 3,290 14,195-17, ,665 July... 2,765 10,765-13, ,605 3,542 3,408-6, ,867 6,489 17,687 24, " 25,277 Source: Bureau of Government Financial Operations. If Effective January 1972, the Treasury operating balance excludes the gold balance in Treasury. 2/ Represents deposits in certain commercial depositaries that have been 5/ and (b) commercial banks which have been authorized to defer credit until checks are collected. Data prior to January 1972 included in "miscellaneous items" columns. Represents demand deposits in National, Foreign, and other bank depositaries converted from a time deposit to a demand deposit basis to permit greater flexibility in Treasury cash management. 6/ previously included in time deposits. The free gold balance can be readily converted to available funds with M Will not agree with daily Treasury Statement due to rounding. Federal Reserve banks. 2 - Represents funds in process of collection by (a) the U.S. Treasury Less than $500,000.

26 1 8 T r e a s u r y Bulletin ACCOUNT OF TH E U.S. T R E A S U R Y Table UST-2. - Elements o f ' Changes in Federal Reserve and Tax and Loan Account Balances Fiscal year or month Received directly Federal Reserve accounts If Credits If Received through renit tance option tax and loan depositaries (In millions of llars') Credits and withdrawals Withdrawals 3/ roceeds from sales of securities /; Marketable issues Nonmarketable issues Ji/ Tax and loan note accounts Taxes 6/ credits Withdrawals (transfers to Federal Reserve accounts) ,825 2, , , , ,683 2, , , , ,375 2, , , , ,812 3, , , , ,571 3, , , , ,072 3, , , , , ,427 2,897 3, , , , , ,282-3, , , , , , ,457 59,367 58, , ,627-3, , , , , ,209-3, , , , Sept... 71,056 66, ,044 31,302 26,515 81,255 82, ,935 23,213 28,932 75,578 4,196 88, ,309 19,562 13,373 Dec... 59,978 5,368 67, ,358 26,590 20,762 L979-Jan... 79,119 4,401 84, ,296 20,576 21,047 Feb... 80,412 4,258 84, ,850 21,097 29,277 Mar ,622 5,584 89, ,524 27,790 29, ,145 5, , ,482 28,721 25,438 May... 93,570 4,556 99, ,399 22,601 25,160 80,996 6,605 86, ,407 34,581 23,069 July... 77,809 4,499 82,833 _ ,988 22,162 25,592 93,247 4,278 96, ,963 23,146 30,503 Sept... 69,962 5,128 72, ,298 29,436 15,157 Balances Fiscal year or month Federal Reserve End of period Tax and Loan Accounts Federal Reserve High Tax and Loan Accounts Federal Reserve During period Low Tax and Loan Accounts Federal Reserve Average Tax and Loan Accounts ,258 4,525 1,586 9, , ,005 6,929 1,916 7, ,077 4, ,274 7,372 1,987 8, , ,344 7,634 3,392 10, U,737 1,894 5, ,038 8,433 5,017 10, ,342 5, ,919 6,152 4,361 9, ,102 3, ,773 1,473 9,766 7, , 786 1, ,972 2,856 11,972 4, ,105 1,394 T.Q.. 13,296 4,118 13,296 4,456 2,, ,824-1, ,740 3,364 16,115 6,286 1., ,035 1,~ ,647 5, ,647 8,134 1., ,946 1,670 iv/a--sept... 16,647 5, ,647 8,134 7j, ,080 2,418 15, ,647 5,840 Hi, , 961 1,385 6,587 6, ,373 9,486 5., , 186 5,162 4,196 12,095 6,332 12, ,,000 3,931 5,884 1Q79-3,522 11, 624 4,477 13,213 2.,247 4,,000 3,379 8,182 3,443 3,444 4,517 9,708 2j,219 2,,130 3,502 4,701 5,726 1,959 5,726 7,585 2,, ,288 3,598 3,100 5, 242 5,726 5, ,623 1,940 1,974 2,683 4,786 8,021 1.,974 2 j,683 3,352 5,801 3,290 14, 195 7,053 14,436 1,, ,272 6,664 July... 2,765 10,,765 4,130 14,195 1.,823 7,895 3,303 10,148 3,542 3,408 4,012 10,129 2j,438 3,408 3,021 6,942 6,489 17,,687 6,489 17,687 2,,786 1, 225 4,073 9,406 Source: Bureau of Government Financial Operations; figures are on basis of telegraphic reports. If Figures are from the revised Daily Treasury Statement, effective July 1, Prior data'not available. 2/ Represents transfers from Tax and Loan Accounts, proceeds from sales of securities other than Government Account Series, and taxes. 3/ Represents checks paid, wire transfer payments, drawwns on letter of credit, redemptions of securities other than Government Accotf\t Series, etc. 4/ Special depositaries are permitted to make payment in the form of a deposit credit for the purchase price of U.S. Government securities purchased by them for their own account, or for the account of their customers who enter subscriptions through them, when this method of payment is permitted under the terms of the circulars inviting subscriptions to the issues. 5/ Includes United States savings bonds, savings notes, retirement plan and tax and loss bonds. United States savings notes first offered for sale as of May 1, 1967 and were discontinued after June 30, Retirement plan bonds first offered for sale as of January 1, 1963; tax and loss bonds first issued in March / Taxes eligible for credit consist of those deposited by taxpayers in uhc. idx ana l^oan depositaries, as toiiow&: Wiuiheid income taxe& beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968 and FUTA taxes beginning April Less than $500,000.

27 O c t o b e r ACCOUNT OF THE U S. TREASURY 19 Table U STt3, - Gold Assets and Liabilities o f the Treasury (in millions of llars except ounces) End of calendar year or month Ounces Gold assets 1/ Dollars Gold liabilities 2f Balance of gold in U.S. Treasury account 296,199, ,367 10, ,202, ,367 10, ,630, ,732 10, ,490, ,132 10,019 M 3 273,950, ,410 3/ 10,303,' ,954,660,5 11,567 3/ 10, ,968, ,652 11, ,705, ,599 11, ,679, ,598 11, ,544, ,710 11,719 _ ,420,310, ,671 _ 1978-Sept ,339,9+/.u X X, XJLjyUO - 276,027, ,655 11, ,737, ,642 11,642 - Dec ,420, ,671 11, Jan , ! 11,592 11,592 _ Feb ,420, ,544 11, ,869, ,479 11,479 - Apr ,420, ,418 11, ,917, ,354 11,354 - June ,167, ,323 11,323 July ,401, ,290 1,1, ,667, ,259 '-11,259 Sept ,918,769.1! 11,228 11,228 Source: Daily Treasury Statement through June 1974, Bureau of Government Financial Operations thereafter. If Treasury gold stock which excludes gold held by the Exchange Stabilization Fund (ESF). See "International Financial Statistics," Table IFS-1. 2/ Consists of: Gold certificates (Series 1934) issued only to Federal Reserve banks; gold certificates fund-federal Reserve System; gold deposited by and held for the,international Monetary Fund from September 19, 1965, thiougn February 15, 1972; redemption fund for Federal Reserve notes until March 18, 1968, when it was combined with the gold certificate fund pursuant to P.L , approved March 18, 1968, and gold reserve against U.S. notes until March 18, 1968, when it was transferred to the public debt also pursuant to P.L / Gold assets were valued at $35 per fine troy ounce until May 8, 1972, when they were revalued at $38 pursuant to the Par Value Modification Act, P.L , approved March 31, Hie increment amounted to $822 million Gold assets were valued at $38 per fine troy ounce until October 18, 1973, when they were revalued at $42.22 pursuant to the amending of Section 2 of the Par Value Modification Act, P.L , approved September 21, The increment amounted to $1,157 million. Less than $500,000.

28 2 0 M O N E T A R Y S T A T IST IC S Table MS-1. - Currency and Coin in Circulation (In millions of llars except per capita figures) T r e a s u r y Bulletin End of fiscal year or month Federal Reserve bank notes National bank notes Currencies to longer issued Gold certificates 2/ Silver certificates Federal Reserve notes 3/ Treasury notes of 1890 Currencies Presently being issued 1/ United States notes Federal Reserve notes 4/ currencies ,626 48, ,304 51, ,572 55, ,664 60, ,185 65, ,093 72, k ,028 79, ,597 80, ,349 87, ,566 97, Aug ,522 97,114 Sept ,566 97,159 Oct ,146 98, , , , , Jan ,331 99,923 Feb , ,567 Mar , ,223 Apr , ,339 May , , , , , , , ,488 Coin End of fiscal year or month Dollars Fractional coin Currency and Coin in circulation 5/ Currency and Coin in circulation per capita (in llars) / ,646 6,128 54, ,990 6,472 58, ,383 7,016 62, ,793 7,498 67, ,275 8,040 73, , ,681 8,496 81, ,303 9,244 88, T.Q ,397 9,348 89, ,877 9,876 97, ,063 9,441 10, , ,051 9,423 10, , r 1,063 9,441 10, , ,076 9,493 10, , ,093 9,572 10, , ,114 9,625 10, Jan... 1,131 9,608 10, , Feb... 1,138 9,629 10, , ,154 9,658 10, , ,165 9,730 10, , ,183 9,820 11, , June.... 1,327 9,879 11, , r July... 1,423 9,933 11, , ±r» J... Aug ,440 9,988 11, ,914 7/ Source: Statement of United States Currency and Coin. 1/ Excludes gold certificates, Series, of 1934, which are issued only to 5/ Excludes Currency and Coin held by the Treasury and Currency and Coin held by or for the account of the Federal Reserve banks and Federal Reserve banks and not appear in circulation. 6/ the Census estimated population. Based on the Bureau of 2/ Issued'prior to January 30, / Highest amount to date. 3/ Issued prior to July 1, / Issued on and after July 1, r Revise 000.

29 October FwnFPAT DEBT End of fiscal year or month 1/ Amount outstanding Public debt securities 1/ Table FD-1. - Summary of Federal Debt Agency securities (In millions of llars) Securities held by: Government accounts The public 2/ Public debt securities Agency securities Public debt securities , ,094 12,510 97,723 95,170 2, , ,924 9, , ,305 12, , ,888 2, , ,417 9, , ,435 10, , ,460 2, , ,976 8, , ,317 11, , ,385 1, , ,932 9, , ,235 12, , ,206 1, , ,029 10, , ,188 10, , ,283 1, , ,905 9, , ,432 11, , ,611 1, , ,821 9,478 T.Q , ,701 11, , ,105 1, , ,596 9, , ,840 10, , ,490 1, , ,350 8, , ,544 8, , ,973 1, , ,571 7, Mar ,951 9, , ,718 1, , ,233 8, (S-Aug , ,446 8, , ,708 l,du^ 508, ,738 7, , ,544 8, , ,973 1, , ,571 7, , ,394 8, , ,338 1, , ,056 7, , ,026 8, , ,399 1, , ,627 7, , ,207 8, , ,000 1, , ,207 6, Jan , ,454 8, , ,728 1,49 629, ,726 6,787 Feb , ,207 8, , ,135 1, , ,072 6, , ,792 7, , ,274 1, , ,518 6,339 Apr , ,383 7, , ,671 1, , ,712 6, , ,794 7, , ,039 1, , ,755 5,944 Jif- e , ,913 7, , ,525 1, , ,388 5, , ,477 7, , ,190 1, , ,287 5, , ,140 7, , ,569 1, , ,571 5,768 Agency securities Source: Monthly Treasury Statement of Receipts and Outlays of the United exclude issues to IMP and other international lending institutions to States Government. conform with the budget presentation and the source for this table. U Amounts of public debt securities outstanding have been adjusted to 2/ Includes holdings of Federal Reserve Banks. End of fiscal year or month Table FD-2. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt interestbearing public debt 1/ Computed annual interest charge 2/ interestbearing public debt 1/ (Dollar amounts in millions) Computed annual interest rate Marketable issues Treasury Bills 3/ s Treasury bonds Other 4/ Nonmarketable Government account series 5/ 1970, 369,026 20,339 5, , 396,289 20, ,360 21, ,353 26, ,238 30, , 532,122 33, , 619,254 39, T.Q., 633,560 40, , 697,629 44, , 766,971 53, ' 736,929 49, ,971 53, /. bbtt ,452 55, ,048 56, ,371 57, $ ,502 58, ,249 59, ,344 60, ,434 61, ,816 62, , June ,863 62, July ,508 62, , , , , Source: Bureau of Government Financial Operations : The computed annual interest charge represents the amount of interest that would be paid if each interest-bearing issue outstanding at the end of each month or year should remain outstanding for a year at the applicable annual rate of interest. The charge is computed for each issue by applying the appropriate annual interest rate to the amount outstanding on that date (the amount actually borrowed in the case of securities sold at a premium or discount, beginning with May 1960). The aggregate charge for all interest-bearing issues constitutes the total computed annual interest charge. The average annual rate is computed by dividing the computed annual interest charge for the total,or for any group of issues, by the corresponding principal amount. Beginning with data for December 31, 1958, the computation is based on the rate of effective yield for issue sold at premium or discount. Prior tothatdateit was based on the coupon rate for all issues. 1/ As of July 1974, includes Federal Financing Bank. 2/ Excludes Federal Financing Bank. 3/ Included in debt outstanding at face amount, but discount value is used in computing annual interest charge and annual interest rate. 4/ On United States savings bonds the rate to maturity is applied against the amount outstanding. 5/ As of July 31, 1974, Monthly Statement of the Public Debt of the U.S., the column heading was changed to "Government account series" which includes Treasury deposit funds in addition to thosre accounts previously shown as special issues.

30 2 2 FEDERAL DEBT T r e a s u r y bulletin Table FD-3. - Interest-Bearing Public Debt (In millions of llars) End of fiscal year or month interestbearing public debt Bills 1/ Marketable Treasury notes Treasury bonds Nonmarketable U.S. savings bonds FJ T.Q Mar. 369, , , , , , , , , , , , , , , , , , , , , ,252 76,154 86,677 94, , , , , , , , ,652 93, , , , , , , , ,179 62,956 53,989 49,135 45,071 33,137 36,779 39,626 39,839 45,724 56,355 50, , , , , , , , , ,677 51,281 53, , ,482 69,733 70,752 75,411 79,798 77, Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr.. May.. June, July. Aug.. Sept, 766, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,242 56,355 57,814 60,125 60,007 61,436 64,189 64,139-65,544 67,668 67,387 68,799 11,116 71, , , , , , , , , , , , , ,314 79,798 80,091 80,331 80,546 80, ,417 80,426 80, ,524 80,503 80,440 End of fiscal year or month Investment series Depositary series Nonmarketable - Continued Government Dollar denominated If Foreign series Foreign currency denominated 3/ Public Foreign currency denominated Government account series y Other T.Q Mar. 2,387 2,347 2,310 2,275 2,271 2,267 2,263 2,262 2, ,389 7,606 16,913 26,781 23,412 21,617 19,901 19,215 20,510 20,912 22,614 1,366 1,664 2,072 1, , ,035 76,323 82,784 89, , , , , , , , ,956 1,656 3,389 1,322 1,407 2,002 1,361 2,611 3,419 14,543 24,813 17, Sept, Oct., Nov., Dec., 1979-Jan., Feb., Mar., Apr.. May., June, July. Aug.. Sept. V 2, ,315 25,967 27,398 26,928 24, , ,865 23,538 23,965 / b , , , , , , , , , , , , , ,360 24,813 24,730 24,692 24,912 24,812 24,774 27,348 24,578 24,558 24,729 24,842 25,167 25,149 Source: Monthly Statement of the Public Debt of the United States. If As of July 1974, includes Federal Financing bank. 2/ Consists of certificates of indebtedness, Treasury notes beginning January 1963, Treasury bonds beginning September 1964, and Treasury bills beginning March 1975, sold to foreign governments for U.S. llars. 3/ Consists of the llar equivalent of Treasuty certificates of indebtedness; Treasury bonds from October 1962-April 1967; and Treasury notes beginning November 1966 issued and payable in designated foreign currencies. 4/ As of the July 31, 1974, Monthly Statement of the Public Debt of the U.S. the column heading was changed to "Government account series" which includes Treasury deposit funds in addition to those accounts previously shown as special issues, formerly included in "Other"column.

31 October FEDERAL DEBT Table FD-4. - Government Account Series (In millions of llars) End of fiscal year or month Airport and Airway trust fund Exchange Stabilization Fund Federal Deposit Insurance Corporation Federal employees retirement funds Federal disability insurance trust fund Federal Federal Home Energy Loan Banks Administration Federal hospital insurance trust fund Federal old-age and survivors insurance trust fund T.Q , 1978-Mar., 1978-Sept Oct. Nov. Dec., 1979-Jan., Feb., Mar., Apr., May., June, July. Aug., Sept. 76,323 82,784 89, , , , , , , , , , , , , , , , , , , , ,936 2,529 2,712 3, , ,725 3,785 3,956 3,999 4,068 4,136 4,198 4,267 4,484 4,404 4,451 4,377 1,242 1,424 2,934 2,364 1,451 1,512 1,529 2, , ,726 2,218 3,190 3,139 3,115 2,731 2,411 2,835 3,272 3,377 4, ,367 2,692 3,429 4, , ,476 6,269 6,276 6,385 6,874 6,909 6,955 7,102 7,099 7,108 7,819 7, ,644 24,691 27,894 31,201 35,525 40,383 39,607 46, , ,030 52,659 54,004 53,566 53,141 52,754 52, ,339 52,821 52,377 61,369 4,435 5,713 6,697 7, ,843 6,616 6,138 3, , ,756 3,591 3, ,876 4,229 4,620 4,692 5,089 4,905 4,611 5,286 1, ,583 2,980 2,834 4,172 7,814 9,711 10,892 10,959 10, , ,222 10,867 11,376 11,298 11,309 12,351 12,221 12,258 12,742 12,295 12,706 13,114 25,939 27,248 29,126 31,424 33,640 35,815 33,891 32,978 31, , ,583 24,663 23,468 22,172 23,715 22,945 24,373 26,995 24,047 22,370 22,718 23,251 End of fiscal year or month Federal Federal Savings and Loan supp. medical Insurance Insurance trust fund Corporation Government life insurance fund Highway trust fund National service life insurance fund Railroad Postal retirement service fund accounts Treasury deposit funds Unemployment trust fund Other 1/ _ 2,602 5,915 3,751 10, , ,635 6,068 _ 3,853 _ 8, i ,456 6, ,742 _ 7, ,550 6, ,766 _ 8,330 1, ,599 6, ,706 _ 9,495 2, , ,536 6, , ,557 2, ,230 1, ,030 6, , ,203 4,332 1,244 1, ,952 6, , ,345 5, ,232 2, ,079 7, , ,603 6, ,021 3, ,578 7,618 1,677 2, ,195 7,274 L978-Mar... 3,675 2, ,890 7,407 2,162 2, ,231 7, Sept... 4,021 3, ,578 7,618 1,67/ 2, ,195 7,274 4,022 3, ,415 7,599 3,581 2,631 1,810 7,185 7,327 3,985 3, ,508 7,578 3,557 2,629 1,795 8,307 7,558 4,343 3, ,810 7,808 3,665 2,576 1,837 7,811 7, Jan... 4,555 3, ,971 7,773 3,721 2,248 1,854 7,034 7,660 Feb....'. 4,566 3, ,114 7,761 3,851 2,237 1,851 7,277 7,800 4,681 3, ,229 7,727 3,630 2,115 1,851 6,235 7,873 4,734 3, ,296 7,682 3,667 1,794 1,882 6,765 7,839 May... 4,708 3, ,463 7,657 3,476 1,842 1,861 10,771 8,012 4,901 3, ,931 7,889 3,545 3,257 1,822 10,138 8,016 4,979 3, ,751 7,867 3,589 2,917 1,748 10,487 8,212 5,010 3, ,720 7,843 3,401 2,956 1,732 12,827 8,503 4,974 3, ,469 7,825 2,199 2,794 1,731 12,048 8,567 Source: Monthly Statement of the Public Debt of the United States. : Prior to July 1974 title of this table was "Special Public Debt Issues". 1/ Consists of Government National Mortgage Association fund and MBS Investment account; National Credit Union insurance fund; Federal Housing Administration fund; employees life insurance fund; veterans special life insurance fund; veterans reopened insurance fund; servicemen's group life insurance fund from August 1969-January 1973; employees health benefits fund beginning October 1970; Export- Import Bank of the United States from February 1967-October 1968; General Services Administration participation certificates trust; and Washington Metropolitan Area Transit Authority from November 1972-Mar3h 1973; Indian tribal funds and individual Indian money for August 1974: Pension Benefit Guaranty Corporation beginning November 1974; Bonneville Power Administration and Library of Congress trust fund beginning January 1975; Tax Court Judges survivors annuity fund and Overseas Private Investment Corporation beginning February Federal ship financing escrow fishing fund, Federal ship financing fund fishing vessels (NQAA), Federal ship financing revolving fund, gifts and bequests (Commerce), judicial survivors annuity fund, national insurance development fund (HUD), and the U.S. Army general gift fund beginning March 1975, Emergency Loan Guarantee Fund beginning April 1975, Comptroller of the Currency assessment fund, National Archives Trust fund, beginning July 1975, Comptroller of the Currency,.trustee fund, beginning August 1975, Federal Financing Bank; National Archives Gift Fund; Public Health Service, Conditional and Unconditional Gift Fund; HEW; U.S. Naval Academy Gift Fund; U.S. Naval Academy Miseum Fund; War Risk Revolving Fund; Aviation war risk insurance revolving fund; Department of State conditional gift fund, general; Harry S. Truman Memorial scholarship fund; Special Investment Account; Black Lung Disability Trust Fund. Less than $500,000.

32 24 FEDERAL DEBT Table FD-5. - Interest-Bearing Securities Issued by Government Agencies T r e a s u r y Bulletin (In millions of llars) Defense Department Housing and Urban Development Department Other independent agencies End of fiscal year or month amount outstanding Family housing y and homeowners assistance Federal Housing Administration Government National Mortgage Association Export-Import Bank of the United States Federal Home Loan Bank Board Postal Service Tennessee Valley Authority Other ' i2,5iu 17775' ' 517 7,320 1, ,163 1, ,005 2,625 6 _ 1, ,894 1, ,920 1, , ,109 1, ,480 2, , ,012 1, ,370 2, , ,943 1, ,260 2,593 _ 250 2, ,433 1, ,180 3,174 _ 250 2, ,678 1, ,145 3,591 _ 250 1, ,298 1, ,768 2,858 _ 250 1, , ,166 2, , Mar... 9, ,743 2, , Aug... 8, ,166 2,142 _ 250 1,825 2 Sept... 8, ,166 2, ,825 2 Oct , ,166 2,136 _ 250 1, , ,166 1, , , ,141 1, , Jan... 8, ,141 1,617 _ 250 1,825 2 Feb... 8, ,141 1, ,825 2 Mar... 7, ,141 1, ,825 2 Apr... 7, ,099 1, , , , ,725 2 June... 7, , _ 250 1,725 2 July.... 7, , , , , ,725 1 End of fiscal year or month Banks for cooperatives H Federal home loan banks If Memorandum - Interest-bearing securities of non-government agencies 4/ Federal intermediate credit banks It Federal land banks Federal National Mortgage Association If 6/ District of Columbia Stadium Fund 19 /U... 1,529 9,914 4,942 6,192 13, ,790 7,923 5,705 6,652 14, ,805 7,848 6,188 7,393 18, ,338 12,149 6,673 9,058 21, ,475 18,622 7,995 11,067 25, ,896 21,250 9,497 14,192 28, ,694 19,390 10,298 10,060 29, ,901 19,111 10,791 16,566 30, ,061 19,206 11,693 18,719 31, ,317 27,443 11,555 20,198 38, Mar... 4,728 22,132 10,881 19,350 33, Aug ,570 26,653 11,482 20,198 37, ,317 27,443 11,555 20,198 38, ,264 27,763 11,554 20,360 39, Nov... 4,668 39,043 11,548 20,360 39, Dec... 4,843 40,432 11,469 20,360 41, Jan... 4,392 40,692 9,978 19,275 41, Feb... 3,852 41,897 8,958 19,275 42, Mar... 3,351 41,641 7, «o n >9,275 43, Apr... 2,473 41,775 6,994 18,389 44, May... 1,483 42,710 5,958 18,389 44, June ,159 5,122 18,389 45, ,217 4,269 17,075 46, ,064 3,427 17,075 46, Source: Bureau of Government Financial Operations and Monthly Treasury Statement of Receipts and Outlays of the U.S Government. : The Export-Import Bank was moved within the Budget effective October 1, 1976 pursuant to Public Law Adjustments are made to include totals for the period it was outside the Budget (August 17, 1971 through September 30, 1976). Also, adjustments are made to reflect certain Export-Import Bank borrowing transactions now classified as agency debt. These transactions were previously reported as offbudget negative outlays. If Includes unredeemed matured securities outstanding on which interest has ceased. ' If Effective September 30, 1968, Federal National Mortgage Association was converted to private ownership pursuant to provisions of the Housing and Urban Development Act of 1968 (P.L )..3/ Effective December 31, 1968, banks for cooperatives and Federal Intermediate credit banks were converted to private ownership pursuant to provisions of Public Law , October 17, / For details of securities outstanding, see Table TSO-5. 5/ Includes Federal Home Loan Mortgage Corporation mortgage backed bonds beginning November / Includes mortgage backed bonds beginning June 1970.

33 October _ F E D E R A L DE B T Table FD-6. - Participation Certificates 25 End of fiscal year or month Sales Agriculture Department Commodity Credit Corporation (In millions of llars - face amounts) Export-Import Bank of the United States Sales Sales Participation certificates issued by GNMA acting as trustee Farmers Home Administration 1/ Sales Retirements Outstanding Retirements Outstanding Retirements Outstanding Retirements Outstanding Health, Education, and Welfare Department 2/ Sales Retirements Outstanding ,181 2, ,493 _ 1,280 7,320 _ _ ,226-1,315 6, ,085 4, _ , , ,260 - _ _ , ,145 - _ 492 _ ' , , , Aug , , , _ , , ,141 - _ 318 _ 175 Feb , Mar , , , , June , July ,016 _ , Participation certificates issued by GNMA, acting as trustee - Continued End of fiscal year or month Housing and Urban Development Department Office of Secretary 3/ Government National Mortgage Association 4/ Small Business Administration 5/ Veterans Administration 6/ Sales Sales Sales Sales Retirements Outstanding Retirements Outstanding Retirements Outstanding Retirements Outstanding 1$ , ,707 _ , , ,626 _ , , , , , ,273 - _ , , , , , ,145 - _ , _ 54 1, " ( Mar _ On 9 _ 342 1, Aug _ Dec Jan _ _ Feb Mar June , July Aug Source: Bureau of Government Financial Operations. If Includes the Direct Loan program through September 1972, the Agricultural Credit Insurance fund beginning October 1972, and the Rural Housing Loan programs. 2/ Includes Construction of Higher Education Facilities, Health Professions Education fund, and Nurse Training fund. 3/ Includes College Housing, Housing for the Elderly, and Public Facility programs 4/ Includes Special Assistance, and Management and Liquidating programs. 5/ Includes programs for Disaster Loans, and Business Loans and Investments. 6/ Includes Direct Loan and Loan Guaranty programs.

34 2 6 FEDERAL DEBT T r e a s u r y Bulletin Table FD-7 - Maturity Distribution and Average Length o f Marketable Interest-Bearing Public Debt Held by Private Investors (In millions of llars) Maturity classes End of fiscal year or month Amount outstanding privately held Within 1 year 1-5 years 5-10 years years 20 years and over Average length 1/ ,910 76,443 57,035 8,286 7,876 8,272 3 yrs. 8 mos ,863 74,803 58,557 14,503 6,357 7,645 3 yrs. 6 mos ,978 79,509 57,157 16,033 6,358 6,922 3 yrs. 3 mos ,869 84,041 54,139 16,385 8,741 4,564 3 yrs. 1 mos ,862 87,150 50,103 14,197 9,930 3,481 2 yrs. 11 mos , ,677 65,852 15,385 8,857 4,611 2 yrs. 8 mos , ,723 89,151 24,169 8,087 6,652 2 yrs. 7 mos,. T.Q , ,203 94,845 31,247 7,939 7,262 2 yrs. 9 mos , , ,319 33,067 8,428 10,531 2 yrs. 11 mos , , ,993 33,500 11,383 14,805 3 yrs. 3 mos Mar , , ,501 29,414 9,635 12,669 2 yrs. 11 mos Sept , , &3 33,500 11,383 14,805 3 yrs. 3 mos. 362, , ,064 33,476 12,746 14,820 ' 3 yrs. 2 mos. 367, , ,876 33,695 13,879 15,314 3 yrs. 4 mos. 365, , ,293 33,604 13,833 15,278 3 yrs. 4 mos Jan , , ,992 33,690 15,282 15,315 3 yrs. 3 mos. Feb , , ,434 31,299 15,195 17,267 3 yrs. 5 mos. Mar , , ,454 31,245 15,141 17,254 3 yrs. 4 mos. 383, , ,538 31,235 16,578 17,239 3 yrs. 4 mos. 388, , ,576 33,572 17,326 18,508 3 yrs. 6 mos. 377, , ,443 33,359 17,271 18,462 3 yrs. 6 mos. July , , ,462 33,555 18,617 18,390 3 yrs. 6 mos. 384, , ,607 32,392 18,548 20,334 3 yrs. 8 mos. Source: Office of Government Financing in the Office of the Secretary. of the interest-bearing marketable public debt is computed on that 1/ Beginning with the September 1976 Treasury Bulletin the average length part of the outstanding public debt privately held. Table FD-8. - Debt Subject to Statutory Limitation (In millions of llars) End of fiscal year or month Debt outstanding subject to limitation Statutory debt limit Public debt 1/ Other debt 1/ 2/ Interesfc-bearing debt subject to limitation Public debt Other debt Public debt 1/ Non-in teres t-1 rearing debt subject to lit nitation Other debt 1/ , , ,463 3, ,026 3, , , ,678 2, ,289 1, , , ,813 2, ,360 1, , , ,697 2, ,353 1, , , ,618 2, ,238 1, , , ,565 1, ,122 1, , , ,820 1, ,254 1, T.Q , , ,089 1, ,560 1, , , ,229 1, ,629 1, , , , ,935 1, ,971 1,756 3, Mar , , ,341 1, ,929 1, , , ,935 1, ,971 1,756 3,963 _ 798, , ,784 1, ,452 1, _ Nov , , ,416 1, ,048 1, , , ,597 1, ,371 1,743 6, Jan , ,58? 789,844 1, ,502 1, _ Feb , , ,598 1, ,249 1, , ,92C 796,183 1, ,344 1,737 3,839 _ 830, , ,774 1, ,434 1, _ 830, , ,185 1, ,816 1, June , , ,304 1, ,863 1,718 4, , ,583 ' 806,868 1,715 06,508 1,715 3S0 Aug , , ,532 1, ,095 1, Sept , , ,910 1, ,007 1,704 6,903 Source: Monthly Statement of the Public Debt of the United States : For debt subject to limitation since 1940, see Table 21 of the Statistical Appendix to the Annual Report of the Secretary of the Treasury of the State of the Finances for fiscal For a summary of legislation of debt limitation under the Second Liberty Bond Act and the amounts of limitation, see Table 32 of the Statistical Appendix- If Adjusted to exclude notes to IMF and other international lending orgatti2&tic>tls from public debt and include them in "other debt" to conform with the budget presentation and the source for this table. 2/ Consists of guaranteed debt of Government agencies, specified partic- ipation certificates, District of Columbia Stadium Bonds and notes of international lending organizations

35 O ctober FEDERAL DEBT T a b l e FD Status a n d Application of Statutory Limitation The Second Liberty Bond Act (31 U.S.C. 757b), as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States, shall not exceed in the aggregate $400 billion outstanding at any one time. Public Law 96-5 provides that beginning on April 2, 1979, and ending on September 30, 1979, the Public debt limit shall be temporarily increased by $430 billion. The Act of June 30, 1967 (Public Law 90-39) provides that the face amount of beneficial interests and participations issued under section 302 (c) of taie Federal National Mortgage Association Charter Act (12 U.S.C (c) during the fiscal year 1968 and outstanding at any time shall be added to the amount otherwise taken into account in determining whether the requirements of the above provisions are met. P a r t A. - S t a t u s U n d e r L i m i t a t i o n S e p t e m b e r 30, (In millions of llars) Public.debt subject to limit: Public debt outstanding $826,519 Less amounts not subject to limit: Treasury Federal Financing Bank... () public 'xbebt subject to limit ,910 Other debt subject to limit: = Guaranteed d bt of Government agencies Specified participation certificates... 1,135 other debt subject to limit... 1,704 debt subject to limit ,614 Statutory debt limit ,000 Balance of statutory debt limit... 2,386 Part B. - Application of Statutory Limitation S e p t e m b e r 30, 1979 Classification Amount outstanding Interest-bearing debt: Marketable: Bills: Treasury... $161,378 s: Treasury ,242 Bonds: Treasury... 71,073 marketable ,693 Nonmarketable: Depositary series... 6 Foreign government series: Dollar denominated... 23,965 Foreign currency denominated Public: Foreign currency denominated Government account series ,360 i-investment series ,245 "R.E.A. series 'State and local government series... 24,562 United States individual retirement bonds United States retirement plan bonds United States savings bonds... 80,440 United States savings notes nonmarketable ,314 interest-bearing debt ,007 Non-interest-bearing debt: Matured debt... 6,668 Other non-interest-bearing debt... 7,512 public debt outstanding ,519 Source: Monthly Statement of the Public Debt of the United States. $500 thousand or less.

36 28 FEDERAL DEBT T a b l e F D T r e a s u r y H o l d i n g s o f Securities I s s u e d b y G o v e r n m e n t Treasury Bulletin C o r p o r a t i o n s a n d O t h e r A g e n c i e s (In millions of llars) End of fiscal year or month Agency for International Development 1/ Federal Financing Bank Federal Home Loan Bank Boarc Commodity Credit Corporation Agriculture Department Rural Electrification Administration Secretary: Farmers Home Administration Programs 2/ Export- Import Bank of the United States 3/ College housing loans Housing and Urban Development Department Office of the Secretary Urban renewal fund Other y _ 30, ,262 5,328 1,416 1,586 1, , ,977 5,746 1, , , ,501 6,051 1,606 1,743 2, , ,864 6,563 1,610 1,888 2, , ,608 6,963 2,545 2,457 2, , ,466 1,247 5,046 7,409 1, , ,091-22,413 1,534 2,840 7,512 1, , T.Q... 57,374-25,884 1,491 3,556 7,409 1, , ,353-35,418-6,128 7,865 1, , ,626-48,078-11,261 7,865 2,222-2, Mar... 77,415-42,169-10,230 7,865 1, , Sept... 85,676-4b,0/b - 11,261 7,865 2,222-2, ,120-49,212-11,351 7,957 2,222-2, ,926-49,645-11,565 7,981 2, , ,612-51,298-12,681 8,027 2, , Jan... 93,444-52,254-14,206 8,059 2, , Feb... 95,298-53,221-14,558 8,104 2, , Mar... 98,075-55,310-14,840 7,865 2, , ,971-56,610-14,996 7,957 3, , ,657-58,186-14,909 7,998 3, , June ,493-60,813-14,569 8,017 3,371-2, July ,731-61,798-14,060 8,065 3,371-2, , ,791-62,880-13,850 8,103 3,371-2, ,106 Sept ,931 63,836 13,927 7,865 3, , ,210 End of Fiscal year or month Housing and Urban Development Department- Continued Government National Mortgage Assn. 3/ Other 6/ Interior Department Helium fund Rural Telephone Bank Tennessee Valley Authority Transportation Dept. Saint Lawrance Seaway Development Corp. Veterans Administration: Direct loan program Under Defense Production Act of / Other 8/ , _ ,730 1, , ,730 2, , ,730 2, ,053 1, ,730 2, ,133 2, ,730 2, ,413 3, ,730 9/ ,124 4, ,730 9/ 98 T.Q... 5,907 4, ,730 9/ ,908 3, ,730 9/ ,248 3, , Mar... 4,819 3, , Sept... 5,248 3, , ,322 3, , Nov... 5,230 3, , Dec... 5,213 3, ,730 _ Jan... 5,242 3, Feb... 1,730 5, , ,730 Mar ,380 3, ,730 _ 364 5,427 3, ,730 _ 5,389 3, ,730 _ 374 5,388 3, ,730 _ 375 July... 5,456 3, , ,512 3, S ,730 _ 381 5,587 3, ,

37 October 1979.FEDERAL DEBT. 29 Footnotes to Ta ble FD- 10. Source: Bureau of Government Financial Operations. : These securities were issued to the Treasury in exchange for advances "by the Treasury from public debt receipts under congressional authorizations for specified Government corporations and other agencies to borrow from the Treasury. Further detail may be found in the 1978 Statistical Appendix to Annual Report of the Secretary of the Treasury, pages 110-Ul55 said the 1978 Combined Statement of Receipts, -Expenditures and Balances of the United States Government, pages / aiiu predecessor agencies. Beginning fiscal 1957 figures exclude notes previously issued by the Administrator in connection with informational media guaranties. The obligation for these notes was assumed by the Director of the United States Information Agency, pursuant to the act approved July 18, 1956 (22 U.S.C. 1442), and the notes together with others issued for the same purpose are included in "Other. 2/ Farm housing and other loan programs, Agricultural Credit Insurance Fund (formerly Farm Tenant Mortgage Insurance Fund), Rural Housing Insurance Fund, and Rural Development Insurance Fund. 2 / Includes securities transferred from the Reconstruction Finance Corporation. 4/ Consists of notes issued to borrow for: public facility loans; Low Rent Public Housing Fund; and advances for National Flood Insurance Fund; and Housing for the Elderly or Handicapped. 5/ Consists of liabilities taken over by the Association from the Secretary in accordance with the act approved August 2, 1954, and notes issued by the Association under authority of that act (12 U.S. C (c), 1720 (d), and 1721(d)) and also securities transferred from the Reconstruction Finance Corporation. 6/ Public Housing Administration ; Federal Housing Administration beginning January 1966; Housing Assistance Administration from September 1968-December / Consists of notes of: The Administrator, General Services Administration, for defense materials procurement; the Secretary of Agriculture; the Secretary of the Interior '(Defense Minerals Exploration Administration); and the Secretary of the Treasury through. / May / Consists of notes issued by the: International Communication Agency for informational media guaranties (see footnote 1); Secretary of Commerce (Maritime Administration) for the Federal Ship Mortgage Insurance Fund, fiscal years and Federal Ship Financing Fund (NOAA), beginning December 1972; Virgin Islands Corporation from September 1959-September 1968; District of Columbia Commissioners for the Stadium Sinking Fund beginning December 1971; Secretary of the Interior (Bureau of Mines) for development and operation of helium properties beginning May 1964; Bureau of Commercial Fisheries for Federal Ship Mortgage Insurance Fund, Fishing Vessels from January May 1967; and revenue bonds for Smithsonian Institution (John F. Kennedy Center Parking Facilities) beginning July 1968; Secretary of Transportation (Washington Metropolitan Area Transit Authority) beginning December 1972; Health, Education, and Welfare, Office of Education (Student Loan Insurance Fund) from May August 1973; Pension Benefit Guaranty Corporation from September 19-74; Federal Railroad Administration, rail service assistance, beginning January 1976, and regional rail reorganization, April, 1976; Bonneville Power Administration beginning September 30, 1^77; Secretary of Energy beginning October, 1977; General Services Administration (Pennsylvania Avenue Corporation) beginning November, / Outstanding loans cancelled pursuant to Public Law , dated September 30, 1974.

38 30 Treasury Bulletin.FEDERAL DEBT Table FD Description of Securities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 1979 (In millions of llars) Title and authorizing act Date of Issue Date payable Interest payable Rate of interest Principal amount Department of Energy: Bonneville Power Administration, Act of Aug, 20, 1937 as amended: Advance Do... Do... Do Commodity Credit Corporation, act of Mar. 8, 1938 as amended: Advances... Do... Do... Do... Do... Do... Do... Do District of Columbia: Stadium sinking fund, Armory Board, July 28, 1958, as amended:... Advance.... Export-Import Bank of the U.S. July 31, 1945, as amended: s, Series Federal, financing Bank, act of Dec. 29, 1973: Advances Federal Housing Administration, act of Aug. 10, 1965 General insurance fund: Advance Do... Advances Do... Do... Do... Advances Do... Advances... Advance Do Do Do Do... Sept. 30, 1979 June 30, 1979 Sept. 30, 1979 Various dates Dec. L, 1978 June 1, 1979 Various dates Various dates Jan. 31, 1974 Mar. 31, 1974 Various dates June 30, 1975 Various dates Mar. 31, 1977 Jan. 31,.1977 Dec. 31, 1977 Apr. 30, 1978 Sept. 30, 1978 Sept. 30, 1981 March 31, Sept /2 235 Sept. 30, June 30, 2014 June 30, Dec Sept. 30, 2014 March 31, Sept Jan. 1, 1980 Jan. 1, July /8% 9, /27., / none 3, /8 306 Jan. 1, 1980 Jan. 1, July 1 9-3/ / /8% ,927 When funds are At maturity 9-7/8 available 10-1/4 Dec. 1, 1979 At maturity 9.75% 50 Various dates At maturity Various 63,836 Jan. 31, 1989 At maturity 7 50 Mar. 31, /4 84 Various dates 7-5/ / /8 142 June 30, /4 202 Various dates 8-1/ /8 273 Mar. 31, /2 44 Jan. 31, /4 86 Dec. 31, /4 20 Apr. 30, /4 10 Sept. 30, / Subtotal Special war-risk insurance fund: Advances... Do... Advance Do. Do... Do... Do... Advances. Do... Bo... Advance.. Advances. Bet?.. Do... Do... Subtotal. Federal Housing Administration. General Services Administration: Pennsylvania Avenue Development Corporation, act of October 27, 1972,, as amended: Advances Government National Mortgage Association, act of Aug. 2, 1954, as amended? Emergency home purchase assistance fund: Advances... Do.... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do Do... Various dates Feb. 28, 1973 Various dates Sept. 30, 1973 Nov. 30, 1973 Mar. 31, 1974 Various dates June 30, 1975 Various dates Dec. 31, 1977 / Apr. 30, 1978 Various dates Various dates Various dates July 1, ,157 Various dates June 30, Dec /4 34 Feb. 28, /8 86 Various dates 6-3/4 276 Sept. 30, /2 36 Nov. 30, /8 68 Mar. 31, /4 90 Various dates 7-5/ / /8 99 June 30, /4 75 Various dates 8-1/ /8 148 Dec. 31, /4 60 Apr. 30, / " 1,812 3,969 Various dates At maturity Various 34 July 1, 1982 Jan. 1, July 1 7-3/4 21 Various dates Jan. 1, July 1 6-7/8 14 July 1, July 1, / / / / /8 123 July 1, / / /8 145 July 1,

39 October 1979.FEDERAL DEBT, Table FD Description of Spcnrities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 1979 Continued (In millions of llars) 31 Title and authorizing act Date of issue Date payable Interest payable Rate of interest Principal amount Government National Mortgage Association, act of Aug. 2, 1954, as amended: Emergency home purchase assistance fund: Contd. Advances... Do... Do... Do... Various dates July 1, , July / / /4 47 Subtotal Management and liquidating functions: Advance... July 1, 1977 July 1, 1982 Jan. 1, July 1, /8 14 Subtotal... Special assistance functions: Advances Do... Do... Advances... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... Advances... Do... July 1,, 1976 Various dates May 23,, 1978 Aug. 23,, 1978 July 1,, 1979 Various dates July 1, 1981 Various dates July 1, 1980 Various dates July 1, 1980 Various dates July 1, 1981 Various dates July 1, 1982 July July 1, , 1984 July 1, , July 1, July / / / / / / / / / / / / / / / / / , /8 49 Subtotal... 4,221 Government National Mortgage Association... 5,586 Rural Electrification Administration, act of May 20, 1936, as amended: s of Administrator.... Various dates Various dates Interest cancelled pursuant to P.L , approved May 11, none 7,865 Rural Telephone Bank, act of June 30, 1972: Advances.... Do... Do... Do... Do... Do... Do... Do... Do Do Do... Advance Do... Various dates Oct. 28, 1975 July 26, 1973 June 30, 2024 Various dates June 30, 2024 Various dates June 30, 2024 Various dates June 30, 2025 Various dates Jan. 1, July 1 7-1/ / / / / / / / / / / /4 24 Advances Do... Do... Do... Various dates June 30, 2028 Jan. 1, July 1 8-7/ / / Saint Lawrence Seaway Development Corporation, act of May 13, 1954, as amended: Revenue bonds Various dates Various dates Interest cancelled pursuant to P.L , approved Oct. 21, 1973 (84 Stat 1038) none 113 Secretary; Qf Agriculture, Farmers Home Admini s tration: Rural housing insurance fund, act of July 15, 1949, as amended: s.... s Do... Do... Do... Advance... June 16, 1961 Various dates Oct. 1, 1978 June 30, 1993 Various dates Oct. 1, 1979 June 30, Dec. 3-3/ / / / Subtotal Agricultural Credit insurance fund, act of Aug. 14, 1946, as amended: Advances Advance Advance Advances Do... Do... June 30, 1978 June 30, 1976 Sept. 19, 1978 Various dates Apr. 26, 1979 June 30, 1983 June 30, 1981 June 30, 1983 June 30? 1983 June 30, 1984 June 30, 1984 June 30, Dec. 31 June 30, Dec. 31 1, / / / / / /4 350 Subtotal ,850

40 32 Treasury Bulletin -FEDERAL DEBT. Table FD Description of Securities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 1979 Continued (In millions ot llars) Title and authorizing act Date of issue Date payable Interest payable Rate of interest Principal amount Rural development insurance fund, act of Aug. 30, 1972: Advance... Advances Do... Do... Advances Advance Mar. 17, 1977 Oct. 2, 1972 Various dates Various dates June 30, 1979 June 30, 1996 June 30, 1993 Various dates June 30, 1998 June 30, 1998 June 30, Dec. 31 June 30, Dec. 31 June 30, Dec / / / / / / /4 25 Subtotal..., Secretary of Agriculture, Farmers Home Administration ,371 Secretary of Housing and Urban Development: College housing loans, act of Apr. 20, 1950 as amended: Advance... Housing for the Elderly or Handicapped, act of 1959 Advances Do... National Flood Insurance Fund, act of Aug. 1, 1968: Advances... Do... Do... Do... Do... Do... Do... Do... Do... Do... Do... ' Do... Do... Jan. 1, 1979 Various dates Apr. 30, 1978 Various dates Oct. 26, 1978 Dec. 31, 1978 Various dates Various dates July 1, 1979 Aug. 13, 1979 Jan. 1, 1980 Oct. 1, 1992 Oct. 1, 1993 Oct. 1, 1980 Various dates July 1, 1980 July 1, 1981 Oct. 1, 1980 Oct. I, 1981 Oct. 1, 1981 Jan. Oct. July Oct. 1, July 1, Apr. 1, Apr. 1, July 1, Apr. 1, Apr. 2-3/4 2, / / / / / / /8 8-1/ / / / /8 35 Advances Do... Do... Do... Do... Do... Do Various dates Feb. 28, 1979 Various dates Oct. 1, 1981 July Oct. 1, , 1981 Oct. Jan. Oct. 1, Apr. 1, July 1, Apr. 9-1/ / /4 9-3/ /2 34 Subtotal New Communities Guarantee, Metropolitan Development, Title IV, act of August 1, 1968: Advance Advances... Advance... Do... Do... Do... Do... Do... Do... Nov. 26, 1975 Various dates May 26, 1976 July 1, 1976 Various dates Jan. 1, 1977 July 1, 1977 July 1, 1978 July 1, 1979 July 1, 1985 Various dates July 1, 1985 July 1, 1986 July 1, 1987 July 1, , July 8-1/4 7-7/8 7-3/A / /8 8-1/2 9 Subtotal New Communities Guarantee, Metropolitan Development, Title VII, act of Dec. 31, 1970: Advances Advances Advances Advances Advances Advance... Advance Do... Do... Do... Do... Do... Do... Advances... Do... Do... Do... Various dates July Apr. 1, , , 1978 Dec. Various dates Oct. 31, 1978 Various dates Various dates July 1, 1986 Various dates July 1, 1987 July 1, 1988 July July 1, , , July 1, July / / / / / / /2 8-1/8 8 6/78 2 8/58 2 8/ / / /8 3 Subtotal Urban renewal fund, act of July 15, 1949, as amended:. Series URA , Secretary of Housing and Urban Development. Various dates Jan. 1, July 6-1/ ,183 Secretary of the Interior: Bureau of Mines: Helium fund, act of Sept. 13, 1960:... Do Various dates Dec. 28, 1956 Sept. 13, 1985 Interest payments deferred to Sept. 13, 1985 I 4-1/ / /8 2

41 October 1979.FEDERAL DEBT 33 T a b l e FD Description of Securities of G o v e r n m e n t C o r p o r a t i o n s a n d O t h e r B u s i n e s s - T y p e Activities H e l d b y the Treasury, (In millions of llars) Title and authorizing act Date of issue Date payable Interest payable Rate of Interest Principal amount Secretary of the Interior: Percent Bureau of Mines: Helium fund, act of Sept. 13, 1960: --Continued Various dates <fo / /4 4 Do / Do /8 4 Do /4 10 Do /8 13 Do /2 9 Do /8 5 Do /4 70 Do / Apr. 10, /4 1 Various dates 6-1/8 59 July 28, Secretary of Transportation: Rail Service Assistance, act of January 8, 1971: Regional Rail Reorganization, act of January 2, 1974: Apr. 20, 1978 Apr. 20, Sept. 30, 1978 Sept. 30, 1979 Maturity 8-3/ Smithsonian Institution: John F. Kennedy Center parking facilities, act of Jan. 23, 1964: Various dates Dec. 31, 2017 Dec /8 4 Do /4 3 Do /8 1 Do Dec. 31, /4 2 Do /8 4 June 12, Various dates 6-1/4 1 Do /2 2 Do... Various dates 6-5/ Tennessee Valley Authority, act of Aug. 6, 1959: May 26, 1979 May 26, 1980 Quarterly International Communication Agency, act of Apr. 3, 1948, as amended: Oct. 27, 1948 June 30, 1986 Anytime by agreement 1-7/8 1 Do Do /8 Do... Jan. 24, /2 1 Do /8 Do Do /8 1 Do... Do... r......t.r /4 2-5/ /4 Do /8 Do... 4 Do... Do /8 3-5/8 2 Do... Sept. 18, /8 1 Do... 4 Do... Aug. 12, 1959 June 30, /8 Do /8 1 Do / Veterans Administration: Veterans Direct Loan Program, act of Apr. 20, 1950, as amended: Various dates Indef. due dates Jan. 1, July 1 6-1/8 267 Do /2 88 Do /4 53 Do /8 103 Do Dec. 31, /8 50 Do... Mar. 29, /4 50 Do... June 28, /2 50 Do... Apr. 7, /8 50 Do... Oct. 6, /8 49 Various dates 3-3/4 100 Do /8 392 Do /4 109 Do /2 100 Do /8 21 Feb. 5, /8 20 Various dates , ,932

42 34 PUBLIC DEBT OPERATIONS, Treasury Bulletin Table PDO-1. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, September 30, 1979 Date of final maturity 1979 Oct. 1." Oct. 31. Nov, 15. Novi 15. Nov. 15. Nov. 30. Dec. 31. Dec Jan. 31. Feb. 15. Feb. 15. Feb. 29. Mar. 31. Apr. 1. Apr. 30. May 15. May 31. June 30. June 30. July 31. Aug. 15. Aug. 15. Aug. 31. $ept. 30. Sept. 30. Oct. 1. Oct. 31. Nov. 15. Nov. 15. Nov. 30. Dec. 31. Dec Jan. 31. Feb. 15. Feb. 15. Feb. 28. Mar. 31. Mar. 31. Apr. Apr. May May May June 30.. June 30.. July 31.. Aug Aug Aug Sept Oct. 1.. Nov Nov Dec Feb. Feb. Mar. Apr. May May May June Aug. Aug. Sept. Oct. Nov. Nov. Dec Feb. Mar. Apr. May , 1., June 15,78-83 June 30.. Description 1-T72%-E0 7-l/47.-y 6-5/87.-B 77.-C 6-1/47.-K 7-1/87.-W 7-1/27.-G 7-1/8%-X /27.-K /27.-G 7-5/87.-L 7-1/27.-C 1-1/27.-EA 7-3/47.-N 6-7/87.-A 87.-P 7-5/87.-D 8-1/47.-Q 8-1/27.-R 97.-B 6-3/47.-H 8-3/87.-S 6-7/87.-E 8-5/87.-T 1-1/27.-E0 8-7/87.-U 3-1/ /87.-J 9-1/47.-V 5-7/87.-F 9-7/87.-W..... Bond Bond Issue date 9-3/47.-P 77.-A 7-3/8%-C 9-3/47.-Q 6-7/87.-H 9-5/87.-R 1/31/74 2/15/79 2/18/75 2/28/79 3/8/77 4/9/79 1-1/27.-EA 4/1/76 9-3/47.-S 7-3/87.-D 7-1/27.-M 9-3/47.-T 6-3/47.-J 9-1/87.-U 9-3/87.-V /87.-F 8-3/87.-N 9-5/87.-W 6-3/47.-K 1-1/27.-E0 7-3/47.-B 77.-G 7-1/4%-L Bond 4/30/79 1/26/76 2/15/78 5/31/79 6/3/77 7/2/79 7/31/79 8/15/71 7/9/76 8/15/78 8/31/79 9/7/77 10/1/76 11/15/74 10/12/76 12/07/77 6-3/ /87.-D 7-7/8%-G 1-1/27.-EA 87.-A 77.-E 9-1/47.-K 8-1/47.-H 8-1/87.-B 97.-M 8-3/87.-J 1-1/27.-E0 7-7/87.-C 7-1/87.-F 9-3/87.-L 87.-A 9-1/47.-D 1-1/27.-EA 7-7/8%-C 3-1/ /87.-E 10/31/77 2/15/73 11/15/73 11/15/76 11/30/77 1/6/76 1/3/78 1/31/78 1/23/59 2/15/77 2/28/78 a/17/76 4/1/75 5/1/78 5/15/73 5/31/78 6/10/76 6/30/78 7/31/78 8/15/74 8/15/77 8/31/78 9/14/76 10/2/78 10/1/75 10/31/78 10/3/60 11/15/77 11/30/78 12/7/76 1/02/79 Bond 2/15/72 \ m i 4fl/77 5/15/75 4/4/77 11/15/78 6/7/78 8/15/78 8/15/79 9/6/78 10/1/77 11/17/75 10/17/77 1/2/79 2/17/76 3/5/79 4/1/78 4/5/78 Bond 5/1/53 7/2/79 1 4,334 1,604 2,241 3,376 4,791 2,006 3,920 22,273 3,875 2,345 4,608 3,820 6, ,180 7,265 3,098 2,185 4,407 4,164 4,296 4, ,141 3, ,790 1,744 4,600 3,195 2, ,616 3,146 1,842 4,796 2,887 2,809 3,516 () 3,013 2,020 3, ,514 3,057 3, ,586 4,110 3,726 2, , ,452 63,938 2,702 2,697 2,853 () 2,747 2,613 3,556 2,594 2,918 3,587 2, ,902 2,737 3,205 37,613 7,958 2,930 () 2,573 1,205 3,123 Amount of maturities Held by 1/ U.S. Govt, accounts and Federal Reserve banks 480 1, , , , , , , , , , ,696 1, , , ,163 1, ,790 2, (In millions of llars) All other investors 1 3, ,805 3,102 4,289 1,850 3,349 18,710 3,424 1,559 3,097 3,407 5, ,739 1,714 2,921 1,891 3,548 3,399 1,612 3,446 3,049 1,978 3, ,436 1,131 3,896 2,854 2,654 3,008 63,230 2,731 1,261 3,727 2,492 2,601 2,788 () , ,220 2,435 2,751 2, ,275 2,809 3,153 2, ,598 2,427 3,232 53,242 1,629 2,638 2,604 () 1,295 2,565 2,535 2,489 1,755 2,495 2, ,128 2,514 2,746 29,823 Sources Monthly Statement of the Public Debt of the United States, and Office of Government Financing in the Office of the Secretary. If Beginning with February 1969 Treasury Bulletin, the definition of U.S. Government accounts and all other investors is in conformity with the unified budget concept. 5,807 2,915 () 2, ,671 Date of final maturity 1983; _ Oct. 1 Nov Feb. 15 Apr. 1, May 15, Aug. 15, Aug. 15, Description 1-1/27.-EO 73L-B /47.-A 1-1/27.-EA 9-1/47.-C 6-3/ /47.-B Feb A May /47. May 15, /47. Aug /47.-B 1986 May Aug Nov Feb Nov May /47.-A Nov /47.-B 1989 May Feb May /87.-A 87.-B 6-1/ B 7-5/87.-A 9-1/47.-A 3-1/ / ^ l ^ g. 15, /47. Aug / Feb May 15,89-94 Aug Feb May Nov May 2000 Feb. Aug Aug May 2007 Feb. Nov May 15, , / , , / / / / / / , / /87. Totqlw.. 8-3/ / Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Issue date 10/1/78 11/15/76 2/15/77 4/1/79 9/5/79 8/ /15/77 2/15/78 6/3/58 4/5/60 8/15/78 5/17/76 8/16/76 11/15/71 2/15/79 11/15/77 5/15/78 11/15/78 5/15/79 2/14/58 4/7/75 5/15/62 7/8/77 1/11/79 4/18/63.7/9/79 2/15/55 5/15/73 10/3/60 5/15/74 2/18/75 8/15/75 8/16/76 5/15/75 2/15/77 11/15/77 8/15./78 11/15/78 1 2,309 20,099 8,438 () 2,586 2,203 2,863 16,090 4, ,837 10,733 5,219 9,515 1,196 15,930 6,237 2,387 8,624 4,148 3,445 7,593 2,628 2,526 1,247 3,773 2,666 1,504 4, Feb. 15, Bond 1/17/ Feb /47. Bond 1/10/ Feb /87. Bond 1/6/78 1,501 Aug. 15, /27. Bond 8/15/73 1,914 Aug /87. Bond 7/11/78 1,768 Nov /87. Bond 10/10/78 1,509 7,479 3, ,506 5, ,767 2,459 2,414 2,771 4,662 7,433 1,575 4,246 4,249 1,495 5,744 2,103 5,230 7,333 Amount of maturities Held by If U.S. Govt, accounts and Federal Reserve banks , , ,631 1, ,634 3,618 1,134 2, ,010 1, ,272 1,754 1,131 2, ,270 1, ,151 All other investors ,350 1, , ,366 1,976 5, ,042 1, ,119 2,718 2,178 1, , ,614 2, ,203 17,062 4,521 () 2, ,468 10,459 2, ,203 7,115 4,085 7, ,920 4, 81- l,771 6,352. 2,394 2,314' 4,708 2,186 1, ,503 1,577 1,412 2,989 2, ,488 4, ,053 1,417 2,172 2,543 4,715 2,068 2,693 1,230 3,923 1,356 3,616 4,972 15, /87. Bond 5/15/79 4, ,881 2/ Treasury note 7-3/87. Series C-1981 and 7-3/87. Series E-1981 were two separate issues consolidated effective Sept Series E-1981 notes were issued on Apr. 5, 1976, but are treated as if they were an additional issue of Series C Less than $500,000.

43 October PUBLIC DEBT OPERATIONS. T a b l e P D O O f f e r i n g s o f B i lls (Amounts in millions of llars) Issue date Regular weekly: (13-week and 26-week) 1979-June July Aug. Maturity date Number ofdays to maturity 1/ Description of new issue Amount of bids tendered Amount Amounts of bids accepted on competitive basis 2/ On noncompetitive basis 3/ Amount maturing on issue date of new offering unmatured issues outstanding after new issues &9/ 9-Sept. 6 T I O' 2, , ,55273" ( ' Dec , , , , ,150.3r 1A f Sept , , , , , Dec , , , , ,233.6r 71 f Sept , , , , ,256.9 Dec , , , , ,203.8 } Sept , , , , , I Dec , , , , , f Oct , , , , Jan , , , ,910.Ir 77,416.Ir \979-Oct , , , , , Jan , , , ,156.8r 77,491.3 k1979-oct , , , , , Jan , , , ,911.2r 77,599.2r fl979-0ct , , , , ,857.4 Il980-Jan , , , ,005.3r 77,599.2r J1979-Nov ,540. 3, , , ,857.1 il980-jan , I 3, , , ',5Q1.3!l979-Nov , , , , ,860.0 il980-feb , , , , ,594.2 "l979-nov , , , , ,864.5 ^1980-Feb , , , , , Nov , ,993.7, 2, , , Feb , , , , ,686.6 >f\ 1979-Nov , , , , ,243.6 jl980-feb , , , , ,680.4 Sept. 52-weeks: fl979-dec , , , , ,453.1 i1980-mar , , , , ,685.1 '1979-Dec , , , , ,557.9 il980-mar , , , , ,793.6 [1979-Dec , , , , , Mar , , , , ,897.9 [1979-Dec , , , , ,656.7 [1980-Mar , , , , , Sept Sept , , , , ,275.1 Oct. Oct , , , j 3, ,587.2 Nov Nov , , , , ,895.6 Dec. Dec , , , , , Jan Jan , , , , ,586.6 Feb. Feb , , , , ,877.4r Mar. Mar , , , , ,880.7r Apr. Apr , , , , ,877.3r May Apr , , , , ,878.4r May May , , , , ,156.3r June June , , , , ,158.3r July July , , , , ,164.3r Aug. Aug , , , , ,163.7r Sept Sept , , , , ,365.8 Cash n>'l'orpfnpnt-; 1970-Sept Sept , 0^ : {,00i aw cad table.

44 36 PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-2. - Offerings of Bills Continued Issue date On total bids accepted rage price hundred Equivalent average rate 4/ On competitive bids accepted High Low Price per hundred Equivalent rate 4/ Price per hundred Equivalent rate 4/ Regular weekly: 1979-June 7--- July Aug. 2,.., 9« eptr weeks: Sept. 19 Oct. 17 Nov Dec Jan Feb. 6 Mar Apr May June July Aug. 21 Sept , Cash management: iy79-sept. 4..., / / / / / / / / ,298 9, , / / , / Soo , / , / / / / / / / / / / / Footnotes on following page.

45 October 1979.PUBLIC DEBT OPERATIONS 37 F o o t n o t e s to T a b l e P D O - 2. Source: Monthly Statement of the Public Debt of the United States and allotments. 1/ The 13-week bills represent additional issues of bills with an original maturity of 26 weeks. 2/ For bills issued on or after May 2, 1974, includes amounts exchanged on a noncompetitive basis by Government accounts and Federal Reserve banks. 3/ For 13-weeks bill 26-week tender for $500,000 or less fron amy one bidder are accepted in full at average prices or sccepted competitive bid ;for other issues, the corresponding amount is stipulated in each offering announcement. 4/ Bank discount basis. 5/ Except $155,000 at / Except $745,000 at / Except $910,000 at / Except $10,000 at and $40,000 at / Except $620,000 at and $20,000 at / Except $10,000 at 95, / Except $10,000 at / Except $800,000 at / Except $10,000 at / Except $40,000 at , $160,000 at and $650,000 at / Except $50,00 at / Except $6,270,000 at and $3,000,000 at / Except $3,000,000 at / Except $5,000,000 at , $5,000,000 at , $5,000,000 at , $15,000 at and $145,000 at / Except $2,610,000 at / Except $800,000 at and $150,000 at / Except $1,105,000 at / Except $1,000,000 at , $1000,000 at and $1,000,000 at / Except $620,000 at / Except $815,000 at and $100,000 at / Except $500,000 at / Except $500,000 at / Except $2,000,000 at and $500,000 at r Revised.

46 38.PUBLIC DEBT OPERATIONS. Treasury Bulletin T a b l e P D O N e w M o n e y F i n a n c i n g t h r o u g h R e g u l a r W e e k l y T r e a s u r y B i l l s i / (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted (Percent) New money increase, or decrease (-) Apr. 1 July 1 Apr. 8 July 8 Apr. 15 July $4,957 5, $ Apr. May Apr. 22 July 22 Apr. 29 July 29 May 6 Aug. 5 May 13 Aug. 12 May 27 Aug. 26 July 22 Oct. 21 July 29 Oct. 28 Aug. 5 Nov , Aug. 12 Nov. 12 Aug. 19 Nov. 18 Aug. 26 Nov. 26 Sept. 2 Dec. 2 Sept. 9 Dec July 1977-Apr. May July Sept , 23, 30, 7, 14, 21, 15, 22, 25 Sept. 16 Dec. 16 Sept. 23 Dec. 23 Sept. 30 Dec. 30 Oct Jan Oct Jan. 13 July 28 Oct. 27 Aug. 4 Nov. 3 Aug. 11 Nov. 10 Aug. 18 Nov. 17 Aug. 25 i Nov. 25 Sept. 1 y Dec. 1 Sept. 8 L Dec. 8 Sept. 15 y Dec. 15 Sept. 22 L Dec. 22 Sept. 29 L Dec. 29 Oct. 6 ^.978-Jan. 5 '1977-Oct. 13 k978-jan. 12 fl977-0ct. 20 l978-jan Dec. 15 i1978-mar. 16 [1977-Dec. 22 (1978-Mar. 23 f Feb. 23 ^ May ,

47 October PUBLIC DEBT OPERATIONS. Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills 1/ Continued (Dollar amounts in millions) Description of issue Issue date Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted 1/ (Percent) New money increase, or decrease (-) 1978-Feb. May June 1979-Feb. Mar. Apr. May June Aug. 1., 8., 15., 29., 16., Sept , 23., Mar. June Mar. June Mar. June Mar. June May Aug. May Aug. June Aug. June Sept. June Sept. Aug. Nov. Aug. Nov. ( 1979-May Aug. May Aug. June Sept. June Sept. June Sept. June Sept. July Oct. July v0ct. July Oct. July Oct. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Noac. Sept. Dec. f lov. (1980-Feb. /1979-Nov. (1980-Feb. (1979-Nov. V1980-Feb. f 1979-Dec. \ 1980-Mar. / 1979-Dec. \ 1980-Mar. f 1979-Dec. I 1980-Mar j i $4,535 7,041 4,438 7,124 5, ,378 7,193 4,516 6,266 4,677 6,341 4,699 6,525 4,975 6,901 4,423 5,714 4, ,569 5,577 5,605 4,954 6,206 5,095 5,680 5,261 4,994 5,133 5, , ,727 4,967 6, ,673 7,796 5,848 6,789 6,061 5,759 5,280 4,980 5,359 4,148 5, ,615 5, ,334 4,965 5,104 5, ,293 5,258 5, ,880 4,924 4,521 $2, , ,311 3,405 2,105 3,386 2,324 3,509 2, ,503 2, , , ,211 3,40? 3,005 3, , , ,008 3, , ,806 2,907 2, ,998 3, , , $ ' Source ->ec iable PD0-2. 1/ Equivalent average rate on bank discount basis.

48 40 PUBLIC DEBT OPERATIONS Treasury Bulletin Table PD O-4. - O fferings of Public Marketable Securities Other than Regular W eekly Treasury B ills (Dollar amounts in millions) Date subscription books closed or tenders received Issue date Description of securities 1/ Period to final maturity (years, months, days) 2/ Amount of subscriptions tendered Cash Exchange Amount issued 1/ For cash In exchange l/ Allotment ratio 1/7/76 1/13/76 1/14/76 2/3/76 2/4/76 2/5/76 2/5/76 2/20/76 3/3/76 3/5/76 3/18/76 6/ 3/24/76 3/29/76 4/29/76 5/4/76 5/5/76 5/7/76 5/19/76 5/26/76 6/7/76 6/3/76 6/23/76 6/21/76 6/29/76 7/21/76 7/20/76 8/3/76 8/4/76 8/6/76 8/18/76 8/19/76 8/31/76 6/ 9/15/76 9/21/76 9/28/76 10/13/76 10/21/76 11/3/76 11/4/76 11/5/76 11/9/76 11/18/76 11/30/76 12/7/76 12/8/76 12/20/76 12/28/76 1/05/77 1/19/77 2/01/77 2/02/77 2/03/77 2/04/77 2/17/77 2/23/77 3/2/77 3/22/77 3/29/77 3/30/77 4/1/77 4/19/77 4/27/77 5/3/77 5/4/77 5/18/77 5/24/77 5/25/77 6/03/77 6/21/77 6/22/77 6/28/77 7/19/77 7/20/77 8/02/77 8/03/77 8/04/77 8/17/77 1/13/76 1/26/76 2/2/76 2/17/76 2/10/76 2/17/76 2/17/76 3/3/76 3/9/76 3/17/76 3/31/76 4/1/76 4/5/76 4/6/76 5/4/76 5/17/76 5/17/76 5/17/76 6/1/76 6/1/76 6/8/76 6/10/76 6/29/76 6/30/76 7/9/76 7/27/76 7/30/76 8/16/76 8/16/76 8/16/76 8/24/76 8/31/76 9/14/76 10/1/76 9/21/76 9/30/76 10/12/76 10/19/76 11/1/76 11/15/76 11/15/76 11/15/76 11/15/76 11/30/76 12/7/76 12/10/76 12/14/76 12/31/76 1/06/77 1/11/77 2/03/77 2/15/77 2/08/77 2/15/77 2/15/77 2/28/77 3/8/77 3/8/77 3/31/77 4/4/77 4/5/77 4/1/77 4/6/77 5/2/77 5/3/77 5/16/77 5/16/77 5/31/77 6/3/77 5/31/77 6/07/77 6/30/77 6/28/77 7/08/77 8/01/77 7/26/77 8/15/77 8/15/77 8/15/77 8/23/ $ 7-3/8% 6-3/8% 8% 5.512% 1% 8-1/43 6-5/8% 6.010% 1-1/2% 6-3/4# 1-1/2# 7-3/8# 5.781# 5.645# 6-1/2# 7-7/8# 7-7/8# 7-1/8# 6.309# 5.520# 7-5/8# 6.081# 6-1/8% 7-5/8# 5.739# 6-7/8# 6^7/8# 5.634# 6-5/8# 6-7/8# 1-1/2# 5.561# 6-1/4# 7# 5.126# 5-7/8# 6-1/4# 1% 7-7/8# 5.201# 5-3/4# 5-7/8# 4.448^ 4.708# 5-1/4# 6-1/8# 4.728# 5-7/8# 6-1/2# 5.345# 7-1/4# 1-5/ H 5-1/8% 6-7/8# 5.226# 6# 7# 5.158# 1-1/2# 4.632# 5-7/8# 5.163# 7-1/4# 7-5/8# 6-1/8# 6-3/4# 5.403# 5.240# 6-l/8# 5.408# 7-1/4# 6-1/4# 5.647# 6-3/4# 7-1/4# 7-5/8# 6.105# Bill Bill Bond Bill Bill Bill Bond Bill Bill Bill Bill Bond Bill Bill Bill Bond Bill Bill Bill Bill Bill Bond Bill Bill Bill Bill Bond Bill Bill Bill Bond Bill Bond Bill 1/11/77 5/15/81-D 1/31/78-J 2/15/83-A 1/ 2/8/77 2/15/79-H 5/15/ Reopening 11/30/77-Q 3/8/77 3/31/80-C 3/31/78-K 4/1/81-EA 2/15/81-E 4/5/77 5/3/77 4/30/78-L 5/15/86-A / 2/15/ Reopening 5/31/7 8-M 5/31/77 6/17/76-Reopening 6/30/80-D 6/28/77 6/30/78-N 8/15/81-F 7/26/77 7/31/78-P 8/lr>/79-J 8/15/86-B / 8/15/ /23/77 8/31/78-Q 9/30/80-E 10/1/81-E0 9/20/77 9/30/78-R 11/15/81-G 10/18/77 10/31/78-S ll/15/79-k 11/15/83-B 2/15/ Reopening 11/15/77 I2/31/8CUF 4/21/77-Reopening 12/13/77 12/31/78-U 2/15/82-D 1/10/78 1/31/79-L 2/15/80-G 2/07/78 2/15/84-A 2/15/ d 4,901 _ 3,069 _ 5y 4m 3,328-2,020-7/ 22 3,603-2,508-7y 29,211 1,939 6,019 1, d 4,913-2,930-5/ 3y 4,481 1,600 3,092 1,600 10/ 29y 3m / ly 9m 4,959 _ 2,628-12/ 364d 5,666-3,105-4y 5,507-2,069 - li/ 2y 4, , / 5y - - 4y 10-l/2m 5,180-2,628-15/ 364d 6,046-3, d 5,668-3,335-2y 4, ,2^ / IQy 9, , / 23y 9m 1, / 2y 4, , / 364d 4,381-2,921-9d 6,007-2,010-4y lm 5,246-2,185-20/ 364d 4,856 _ 2,612-2y 4, , y lm 5,581-2,586-22/ 364d 5,663-2,977 _ 2y 4,829-2,855-21/ 3y 5, , JsJ loy 24,426 1,476 8,039 1,476 21/ 25y 2, / 364d 4,934-2,953-2y 4, , / 4y 5,442-2,141-28/ 5y d , y 5, , / 5y 4,205-2,543-10/ 364d 5,219-3,095 _ 2y 4, , ^1/ 3y 5, , / 7y 6, , / 23y 3m 1,545-1, d 5,376-3,402 - ii/ 2y 4, , /. 4y lm 5,621-2,692 - % / 132d 4,700-2, d 6,940-3,505-2y 6, , / 5y lm 5,318-2,697-18/ 364d 7,053-3,071-2y 5,874-2,855-12/ 3y 6,190 1,300 3,308 1,300 10/ 364d 5, y 4, , / 30y 2, / 2/28/79-M 2y 6, , / 3/31/81-H 4y lm 5,070-2,809 - AA/ 3/7/78 364d 6,265-3,208-3/31/79-N 2y 4, , / 5/15/82-E 5y lm 3,917-2,613-16/ 4/4/78 364d 6,986-3,342-4/1/82-EA 5y /21/77-Reopening 15d 14,940-4,506-4/30/79-P 2y 3, , Z/ 5/2/18 364d 6,196-2,966-2/15/84-A- Reopening 6y 9m 6,160 2,623 2,909 2,623 18/ 2/15/ Reopening 29y 9m 2, , /31/79-Q 6/30/81-J 5/30/78 6/l6/77-Reopening 6/30/79-R 6/27/78 8/15/92 7/31/79-S 1/25/18 8/15/80-H 8/15/84-B 2/15/ Reopening 8/22/78 2y 4, , / 4y lm 4,777-2,514 - ^1/ 364d 4, d 9,460-2,002-2y 4, , / 364# 5,478-2,253-15y lm 3,699-1, / 2y 4, , / 364d 5,901-3,038-3y 7, , / 7y 5, J/ 29y 6m 2, , / 364d 6,144 3,005

49 October PUBLIC DEBT OPERATIONS Table P D O Offerings of Public Marketable Securities Other than Regular W e e k l y Treasury Bills Continued ^Dollar amounts m miittons; Date subscriptions books closed or tenders received Issue date Description of securities 1/ Period to final maturity (year, month, days) 2/ Amount of subscriptions tendered Cash Exchange Amount issued ^/ For cash In exchange y Allotment ratio 8/23/77 8/31/77 6-5/8% _ 8/31/79-T 2y 7, , / 8/30/77 9/07/77 6-3/4% - 9/30/81-K 4y lm 5,148-2,968-59/ 9/01/77 9/06/ %, Bill - 9/15/77-Reopening 9d 4, % Bill - 9/22/77-Reopening lbd 5, /14/77 9/20/ % Bill - 9/19/78 364d 5,117-3,036-9/21/77 9/30/77 6-5/8% - 9/30/79-U 2y 6, , / 6/ 10/1/77 1-1/2% - 10/1/82-E0 5y /5/77 10/17/77 7-1/8% - 11/15/82-F 5y lm 6,116-2, /12/77 10/18/ % Bill - 10/17/78 364d 3,977 3,162 10/18/77 10/31/77 7-1/4% - 10/31/79-V 2y 6, , / 10/28/77 11/15/77 7-1/8% - 11/15/80-J 3y 9, , / 11/1/77 11/15/77 7-5/8% - 11/15/87-A 10y 4, , / 11/2/77 11/15/77 7-7/8% Bond - 11/15/ y 2, , / 11/4/77 11/7/ % Bill - 11/15/77-Reopening 8d 6,416-2,505-11/9/77 11/15/ % Bill - 11/14/ ,693-3,587-11/22/77 11/30/77 7.1/8% - 11/30/79-W 2y 8, , / 11/29/77 12/2/ % Bill - 4/20/78-Reopening 139d 7,406-3,004-11/30/77 12/7/77 7-1/4% - 12/31/81-L 4y lm 5,423-3,452-1/ 12/7/77 12/13/ % Bill - 12/12/78 364d 5,826-3,383-12/21/77 1/3/78 7-1/8% - 12/31/79-X 2y 4, , / 12/27/77 1/6/78 7-7/8% Bond - 2/15/93 15y lm 2,967-1,501-69/ 1/04/78 1/10/ % Bill - 1/09/79 364d 5,481-3,205-1/18/78 1/31/78 7.1/2% - 1/31/80-K 2y 6, , / 1/31/78 2/15/78 7-1/2% - 5/15/81-M 3y 3m 5,444 1,000 2,890 1,000 71/ 2/01/78 2/07/ % Bill - 2/6/79 5,521-3,253-2/01/78 2/15/78 8% - 2/15/85-A 7y 4,859 1,200 3,003 1,200 72/ 2/02/78 2/15/78 8-1/4% Bond - 5/15/ y 3m 3, , / 2/16/78 2/28/78 7-5/8% - 2/29/80-L 2y 5, , / 2/22/78 3/6/78 7-7/8% " 3/31/82-G 4y lm 5,817-2,835-75/ 3/1/78 3/7/ % Bill - 3/6/79 364d 5,592-3,321-3/3/78 3/8/ % Bill - 4/20/78-Reopening 43d 7,284-3,004-3/22/78 3/31/ % - 3/31/80-C-Reopening 2y 6, , / 6/ 4/1/78 1-1/2% - 4/1/83-EA 5y - - 3/28/78 4/5/78 7-7/8% - 5/15/83-C 5y lm 5,604-2,573-77/ 3/29/78 4/4/ % Bill - 4/3/79 364d 6,056-3,346-3/30/78 4/3/ % Bill - 4/27/78-Reopening 24d 10,867-6,006-4/19/78 5/1/78 7-3/4% 4/30/80-N 2y 5, , / 4/26/78 5/2/ % Bill - 5/1/79 364d 4,641-3,025-5/2/78 5/15/78 8-1/4% - 5/15/88-A loy 5,063 1,600 2,548 1,600 79/ 5/3/78 5/15/78 8-3/8% Bond - 8/15/95-00-Reopening 22y 3m 3, , / 5/23/78 5/31/78 8% - 5/31/80-P 2y 5, , / 5/24/78 5/30/ % Bill - 5/29/79 364d 5,767-2,478-5/31/78 6/7/78 8-1/4% - 6/30/82-H 4y 5,063-2,594-82/ 6/1/78 6/2/ % Bill - 6/22/78-Reopening 20d 12,285-6,005-6/20/78 6/30/78 8-1/4% - 6/30/80-Q 2y 4, , / 6/21/78 6/27/ % Bill - 6/26/79 364d 4,436-2,784-6/28/78 7/11/78 8-5/8% Bond - 8/15/93 15y lm 4,142-1,768-84/ 7/19/78 7/25/ % Bill _ 7/24/79 364d 4,951 _ 3,380 _ 7/20/78 7/31/78 8-1/2% - 7/31/80-R 2y 5, , / 8/1/78 8/15/78 8-3/8% - 8/15/81-N 3y 5,471 1,200 2,910 1,200 86/ 8/2/78 8/15/78 8-1/4% - 8/15/85-B 7y 4,151 1,434 3,403 1,434 87/ 8/3/78 8/15/78 8-3/8% Bond - 8/15/ y 2, , / 8/16/78 8/22/ % Bill - 8/21/79 364d,626-3,589-8/23/78 8/31/78 8-3/8% - 8/31/80-S 2y 6, , / 8/29/78 9/6/78 8-3/8% - 9/30/82-J 4y lm 4,127-2,501-22/ 9/13/78 9/19/ % Bill - 9/18/79 364d 6,370-3,353-9/20/78 10/2/78 8-5/8% - 9/30/80-T 2y 5, , / 9/27/78 10/10/78 8-5/8% Bond - 11/15/93 15y lm 2,485-1,509-92/ 6/ 10/1/78 1-1/2% - lo/l/83-eo 5y /12/78 10/17/ % Bill - 10/16/79 364d 5,733p - 3,469p - 10/24/78 10/31/78 8-7/8% - 10/31/80-U 2y 4,512p 203 3,552p / 10/31/78 11/15/78 9-1/7. - 5/15/82-K 3y6m 7,032p 978 2,512p / 11/2/78 11/15/78 8-3/4% - 11/15/88-B loy 3,162p 931 2,501p / 11/3/78 11/15/78 8-3/4% Bond - 11/15/ y 4,877p 678 l,752p / 11/8/78 11/14/ % Bill - 11/13/79 364d 6,131-3,893p - 11/21/78 11/30/78 9-1/4% - 11/30/80-V 2y 4,963 4,963p 250 2,902p / 12/6/78 12/12/ % Bill - 12/11/79 364d 6,572p - 4,023p - 12/19/78 1/2/79 9-7/8% - 12/31/80-W 2y 5,315p 450 3,045p / 12/20/78 1/2/79 9-3/8% - 12/31/82-L 4y 5,851p 437 2,707p / 1/3/79 1/9/ % Bill - 1/8/80 364d 5,349p - 3,698p - 1/4/79 1/11/79 9% Bond - 2/15/94 15y lm 3,255p - l,502p - 100/ 1/23/79 1/31/79 9-3/4% - 1/31/81-P 2y 4,044p 151 2,936p / 1/31/79 2/6/ % Bill - 2/5/80 364d 4,701p _ 3,536p _ 2/6/79 2/15/79 9% - 2/15/87-B 8y 5,210p 931 2,250p / 2/7/79 2/15/79 8-3/4% Bond - 12/15/ Reopening 29y 9m 4,304p 800 2,001p / 2/21/79 2/28/79 9-3/4% - 2/28/81-Q 2y 4,604p 368 2,482p / 2/27/79 3/5/79 9-1/4% - 3/31/83-D 4y lm 6,734p - 2,897p - 105/ 2/27/79 3/2/ % Bill - 4/19/79-Reopening 48 d 9,245-4,001 -?/?8/79 3/6/ % Bill - 3/4/80 364d 7,043p - 3,320p - 6/ 4/1/79 1-1/2% - 4/1/84-EA 5y - - 4/3/79 4/3/79 9,861% Bill - 4/26/79-Reopening 23d 15,073 6,005-4/3/79 4/4/ % Bill - 4/19/79-Reopening 15d 9,465 4/4/79 4,001 4/5/ % Bill - 4/1/80 362d 6,969p _ 4/5/79 3,344p 4/6/ % Bill - 6/21/79-Reopening 76d 8,106-3,001 -

50 42 Treasury Bulletin P U B L I C D E B T O P E R A T I O N S I T a b l e P E K M. - O f f e r i n g s o f P u b l i c M a r k e t a b l e S e c u r i t i e s O t h e r t h a n R e g u l a r W e e k l y T r e a s u r y Bills C o n t i n u e d (Dollar Amounts in millions) Date subscription books closed or tenders received Issue date Description of securities _!/ Period to final maturity (year, month, days) 2/ Amount of subscriptions tendered Cash Exchange Amount issued 3/ For cash Cn Exchange y Allotment ratio 4/5/79 4/9/79 9-5/8% - 3/31/81-R 2y 5,951p 640 2,890p / 4/10/79 4/18/79 9% Bond - 2/15/94-Reopening J4y 10m 2,649p - 1,500p - 107/ 4/24/79 4/30/79 9-3/4% - 4/30/81-S 2y 5,501p 159 2,812p / 4/25/79 5/1/ % Bill - 4/29/80 364d 6,512p - 3,022p - 5/1/79 5/15/79 9-1/4% - 5/15/89-A loy 6,233p 350 2,255p / 5/2/79 5/15/79 9-1/8% Bond- 5/15/ y / 4,837p 200 2,005p 5/2T2/79-5/31/79 9i3/4% =- -5/-31/8J.-T 232 5/23/79 5/29/ % Bill - 5/27/80 364d 4,609p - 2,750p 235 _ 111/ 5/31/79 6/4/ % Bill - 6/19/79 15d 9,244p - 5,010p _ 6/4/79 6/5/ % Bill - 6/21/79-Reopening 16d 9, 966p - 4,517p - 6/19/79 7/2/79 9-1/8% - 6/30/81-U 2y 5,761p 250 2,753p / 6/20/79 6/26/ % Bill - 6/24/80 364d 4,956p _ 2,781p 6/21/79 7/2/79 8-7/8% - 6/30/83-E 4y 4,302p 246 2,838p / 6/27/79 7/9/79 8-3/4% Bond - 8/15/94 I5y lm 2,784p - l,501p 114/ 7/18/79 7/24/ % Bill - 7/22/80 364d 5,202p _ 3,380p _ 7/24/79 7/31/79 9-3/8% - 7/31/81-V 2y 4,669p 170 3,001p / 7/31/79 8/15/79 9% - 8/15/82-M 3y 6,725p 775 2,753p / 8/01/79 8/15/79 9% - 2/15/87-B-Reopening 7y 6m 5,367p 500 2,504p / 8/02/79 8/15/79 9-1/8% Bond - 5/15/ Reopening 29y 9m 3,137p 396 2,000p / 8/15/79 8/21/ % Bill - 8/19/80 364d 5,731p _ 3,541p _ 8/22/79 8/31/79 9-5/8% - 8/31/81-W 2y 6,975p 456 3,255p / 8/28/79 9/5/79 9-1/4% - 5/15/84-C 4y 8m 5,308p _ 2,502p _ 120/ 8/30/79 9/4/ % Bill - 9/18/79-Reopening 14d 6,083-2,004-9/12/79 9/18/ % Bill _ 9/16/80 364d 5,751p 3,550p 10/3/79 10/9/ /8% - 9/30/81-X 2y 5,595p 3,254p 121/ 10/4/79 10/10/79 9-3/4% 9/30/83-F 4y 4,457p 2,502p - 122/ Footnotes on following page.

51 October 1979 PUBLIC DEBT OPERATIONS 43 F o o t n o t e s t o T a b l e P D O - 4. Sources Bureau of the Public Debt. -»4/ : All securities except EA & EO notes and those bearing footnote 5 1/ 2/ 2/ 4/ 5/ 6/ 7/ 8/ It 10/ W / 14/ 15/ 16/ 17/ 18/ 19/ 20/ 21/ 22/ 23/ 24/ 25/ 26/ 27/ 28/ 29/ 30/ 31/ 32/ 33/ 34/ 35/ 36/ 37/ 38/ 39/ 40/ 41/ 42/ 43/ were sold at auction through competitive and noncompetitive bidding. 45/ For bill issues, always sold at auction, the rate shown is the equivalent average rate (bank discount basis) of accepted bids. Other 46/ securities issued at par except those bearing footnote 5 and those sold at auction. For details of bill offerings see Table PDO-2. 47/ From date of additional issue in case of a reopening. In reopenings the amount issued is in addition to the amount of 48/ original offerings. For securities exchanged for the new issues see Table PD / Sold at fixed price by subscription. Exchange offering available to owners of nonmarketable 2-3/4% Treasury 50/ bonds, investment Series B , dated April 1, For further information on the original offering see Treasury Bulletin for April 51/ 1951, page A-l. Yields accepted ranged from (price ) up to (price 52/ ) with the average at 7.40% (price ). Yields accepted ranged from 6.41% (price ) u^ to (price 53/ ) with the average at (price ). " All accepted subscriptions were awarded at the price of / (yield 8.00%). Yields accepted ranged from (price ) up to 7.097, (price 55/ ) with the average at 7.057, (price ). Prices accepted ranged from (yield 8.057,) wn to / (yield 8.127«) with the average at (yield 8.097,). Yields accepted ranged from 6.577, (price ) up to 6.647, (price 57/ ) with the average at 6.627, (price ). Yields accepted ranged from 7.507, (price ) up to 7.557, (price 58/ ) with the average at 7.547, (price ). Yields accepted ranged from 6.717, (price ) up to 6.807, (price 59/ ) iwith the average at'6.767, (price ). Yields accepted ranged fron (price ) up to 7.397, (price 60/ )'with the average at 7.387, (price ). Yields accepted ranged from 6.597, (price ) up to 6.637, (price 61/ ) with the average at 6.617, (price ). All accepted subscriptions were awarded at the price of / (yield 7.875%). Prices accepted ranged from (yield 8.117,) to (yield 63/ 8.227,) with the average at (yield 8.197,). Yields accepted ranged from 7.087, (price ) up to 7.197, 64/ (price )with the average at 7.167, (price ). Yields accepted ranged from 7.687, (price ) up to / (price ) with the average at 7.717, (price ). Yields accepted ranged from 6.967, (price ) up to 7.017, 66/ (price ) with the average at 6.997, (price ). Yields accepted ranged from (price ) up to 7.647, 67/ (price ) with the average at 7.637, (price ). Yields accepted ranged from 6.907, (price ) up to 6.967, (price 68/ ) with the average at 6.957, (price ). Yields accepted ranged from 6.887, (price ) up to 6.927, (price 69/ ) with the average at 6.917, (price ). All accepted subscriptions were awarded at the price of (yield 70/ ). Yields accepted ranged from (price ) up to (price 71/ ) with the average at (price ). Yields accepted ranged from 6.597, (price ) up to (price 72/ ) with the average at 6.677, (price ). Yields accepted ranged from 6.907, (price ) up to 6.947, (price 73/ ) with the average at 6.93% (price ). Yields accepted ranged from (price ) up to (price 74/ ) with the average at (99.907). Yields accepted ranged from (price ) up to (price 75/ ) with the average at (price ). Yields accepted ranged from 5.887, (price ) up to (price 76/ ) with the average at 5.967, (price ). Yields accepted ranged from (price ) up to (price 77/ ) with the average at 6.36% (price ). Yields accepted ranged from (price ) up to (price 78/ ) with the average also at Prices accepted ranged from (yield ) wn to / (yield ) with the average at (yield ). Yields accepted ranged from (price ) up to (price 80/ ) with the average at (price ). Yields accepted ranged from (price ) up to (price 81/ ) with the average at 5.917, (price ). Yields accepted ranged from (price ) up to (price 82/ ) with the average at 5.377, (price ). Yields accepted ranged from (price ) up to 6.207, (price 83/ ) with the average at (price ). Yields accepted ranged from (price ) up to (price 84/ ) with the average at (price ). Yields accepted ranged from (price ) up to (price 85/ ) with the average at (price ). Yields accepted ranged from (price ) up to (price 86/ ) with th!e average at (price ). Yields accepted ranged from (price ) up to (price 87/ ) with the average also at Yields ac'cepted ranged from 5.957, (price ) up to (price 88/ ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield ). Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at 6.147, (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield 7.727,). Yields accepted ranged from (price ) up to (price ) with the average also at Yields accepted ranged from (price ) up to (price ) with the average at 6.847, (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from 7.15% (price ) up to (price ) with the average at (price ). Yields accepted ranged from 7.20% (price ) up to 7.29% (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from 7.66% (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to 7.237, (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average at 7.957, (price ). Yields accepted ranged from (price ) up to (price ) with the average at 7.55% (price ). Yields accepted ranged from (price ) up to (price ) with the average at (price ). Prices accepted ranged from (yield ) wn to (yield 7.89%) with the average at (yield 7.88%). Prices accepted ranged from (yield ) wn to (yield ) with the average at, (yield ). Yields accepted ranged from 7.67% (price ) up to 7.71% (price ) with the average at (price ). Yields accepted ranged from ' (price ) up to (price ) with the average at 7.897,, (pr,ice ). Yields accepted ranged from (price ) up to (price ) with the average at (price] ). Yields accepted ranged from j (price ) up to (price ) with the average at (price ). Yields accepted ranged from 7.757J (pjr'ice ) up to (price ) with the average at (prjice ). Yields accepted ranged from ] (price up to (price ) with the average at 8.29% ( p t W ). Prices accepted ranged from (yieljd ) wn to (yield ) with the average at '(yileld ). Yields accepted ranged from 8.007J,(p^ice ) up to (price ) with the average at (p^ice ). Yields accepted ranged from (p,ric.e ) up to 8.287, (price ) with the average at (price ). Yields accepted ranged from (price up to (price ) with the average at (price ). Yields accepted ranged from (price ) up to (price ) with the average also at Yields accepted ranged from (price ) up to (price ) with the average at (price ). Yields accepted ranged from (price 99831) up to 8.'477. (price ) with the average at (price ). Yields accepted ranged from (price ) up to S.417. (price ) with the average at (price ). Yields accepted ranged from (price ) \jp to (price ) with the average at (price ).

52 44 PUBLIC DEBT OPERATIONS Treasury Bulletin F o o t n o t e s to T a b l e P D O - 4 C o n t i n u e d 89/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 90/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 91/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 92/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 93/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 94/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 95/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 96/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 97/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 98/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 99/ Yields accepted ranged from (price ) up to (price ) with average at (price ). 100/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 101/ Yields accepted ranged from (price ) up to (price ) with the average at 9,852. (p ~c ). 102/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 103/ Prices accepted ranged" from (yield 9.007«) wn to (yield ) with the average at (yield 9.037,). 104/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 105/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 106/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 107/ Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield ) 108/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 109/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 110/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 111/ ields accepted ranged from (price ) up to (price ) with the average also at / Yields accepted ranged from (price ) up to (price ) with the average at (price ). 113/ Yields accepted ranged from (price ) up to I 937. (price ) with the average at (price ). 114/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 115/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 116/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 117/ Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield ). 118/ Prices accepted ranged from (yield ) wn to (yield ) with the average at (yield ). 119/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). 120/ Yields accepted ranged from (price ) up to (price ) with the average at (price ). / ranged from (price ) up to (price ) with the average at (price ). U eifsnaccepted ran ed from (price ) up to (price ) with the average at (price ) Less $500,000. p Preliminary.

53 October 1979 PUBLIC DEBT OPERATIONS 45 T a b l e P l ) U n m a t u r e d M a r k e t a b l e S e c u r i t i e s I s s u e d a t a P r e m i u m o r D i s c o u n t O t h e r t h a n A d v a n c e R e f u n d i n g O p e r a t i o n s Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged ^174% - 10/31/79-V 10/31/77 1 $ % 7-1/2% - 10/31/77-N \ 4, / ^ 4,334 f /8% - 2/15/73-D 6-5/8% - 11/15/79-B 2/15/73 I 1, / V 1,604 7% - 11/15/79-C 11/15/73 f /2% Bond - 11/15/73 { 2, / V 2, /4% - 11/15/79-K 11/15/76 r /4% - 11/15/76-D ( 3, / S 3, /8% - 11/30/79-W 11/30/77 f /8% - 11/30/77-Q t 4, / V 4, /2% - 12/31/79-G 1/6/76, 2, / 7-1/8% - 12/31/79-X 1/3/78 ( /4% - 12/31/77-P I 3, / 3, / / /8% - 1/31/78-J 7-1/2% - 1/31/80-K 1/31/78 1 3, / ( 3, /2% - 2/15/80-G 2/15/77 / 1, % - 2/15/77-A V 3, / 4,608 f 1/23/ / 4% Bond - 2/15/80 1/ \ 12/15/62 / Series F&G saving bonds V / V 34 / % - 2/28/78-G 7-5/8% - 2/29/80-L 2/28/78 1 3, / ^ 3,820 3/17/76 2, / 7-1/2% - 3/31/80-C 3/31/78 / /4% - 3/31/78-K I 3, / 4,007. / 428p /2% - 4/30/78-L 7-3/4% - 4/30/80-N 5/1/78 ( 2,752p / 3,180p ( 2, /4% _ 5/15/73-A 6-7/8% - 5/15/80-A 5/15/73 / 2, /4% - 5/15/73-E I 2, / f 7,265 f 177p /8% 8% - 5/31/80-P 5/31/78 t 2,921p / - 5/31/78-M 3,098p 7-5/8% - 6/30/80-D 6/10/76 f 2, / ( /8% - 6/30/78-N 8-1/4% - 6/30/80-Q 6/30/78 V 3.613P / r ^ A 0 7 p ( 375p /8% - 7/31/78-P 8-1/2% - 7/31/80-R 7/31/78 V> 3,789p / r 1^4p. 9% - 8/15/80-B 8/15/74 f 2, /8% \ 1, / 4,296-8/15/74-B 6-3/4% _ 8/15/80-H 8/15/77 f /4% - 8/15/77-B \ 3, / V 4,131.. Footnotes at end of table.

54 46.PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /8% - 8/31/80-S 8/31/78 6-7/8% _ 9/30/80-E 9/14/76 8-5/8% - 9/30/80-T 10/02/78 8-7/8% - 10/31/80-U 10/31/78 7-1/8% - 11/15/80-J 11/15/77 9-1/4% - 11/30/78-V 11/30/78 _ 5-7/8% 12/31/80-F 12/7/76 9-7/8% - 12/31/80-W 1/2/ /4% - 1/31/81-P 1/31/79 7% 2/15/81-A 2/15/74 7-3/8% _ 2/15/81-C 3/ f 2/18/75 \ 4/5/76 9-3/4% 2/28/81-Q 2/28/79 6-7/8% - 3/31/81-H 3/8/77 ( $200p.3t345g_ 2, p 3»587p 3.790p 625 3,975 4, p _2j_945j3_ 3.195p 2,692 3,546p 3,146p ,515 1, ,768 2,168 2,628 2,887p 2,809 $99, % 6-5/8% / /4% / /8% / /4% / /4% / / / / /4% /8% / /4% / / / Bond 8/31/78-Q 9/30/78-R 10/31/78-S 11/15/77-E 11/30/78-T 2/15/74-C 2/15/74 2/15/75-A 9-5/8% _ 3/31/81-R 4/9/79 9-3/4% - 4/30/81-S 4/30/79 3,515p 2,013p / / 7-3/8% - 5/15/81-D 1/26/76 7-1/2% - 5/15/81-M 2/15/78 9-3/4% _ 5/31/81-T 5/31/79 6-3/4% - 6/30/81-J 6/3/77 8-3/8% - 8/15/81-N 8/15/78 7-3/4% - 11/15/81-B f 11/15/74 V, 3/19/75 7% 11/15/81-G 10/12/76 7-1/4% - 12/31/81-L 12/7/ /8% Bond - 2/15/82 1/ 5/15/72 6-1/8% - 2/15/82-D 1/6/77 7-7/8% - 3/31/82-G 3/6/78 8% - 5/15/82-A 5/15/75 7% - 5/15/82-E 4/4/77 9-1/4% - 5/15/82-K 11/15/78 8-1/4% 6/30/82-H 6/7/78 8-1/8% - 8/15/82-B 8/15/75 8-3/8% _ 9/30/82-J 9/6/78 7-7/8% - 11/15/82-C 11/17/75 7-1/8% - 11/15/82-F 10/17/77 9-3/8% 12/31/82-L 1/2/79 2,020 l,000p 2,893p 3.893p 2,513p 2,514 l,200p 2,910p 4,110p 949 1,766 2,715 1,762 2,543 3, ,697 2,853p 1,233 1,514 J i Z i Z - 2, p 2,578p 3,556p 2,501p 902 2,017 2, ,518 2,902 2,737 3,205p /4% / / / /8% / /4% / / / / / % / / % / / /8% / % / / / 2/15/78-A 8/15/78-E 11/15/74-A 5/15/75-B 11/15/78-B 8/15/75-C 11/15/75-D

55 October PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued Description of securities Date of financing Amount issued (In millions) srage price :hundred Effective interest rate Eligible securities exchanged 9-1/ /8% 7% 3/31/83-D 5/15/83-C 11/15/83-B 3/5/79 4/5/78 11/15/76 $2,930p 2,573 _ 2],309 > / / /47. _ 11/15/76-D / 7-1/47. 2/15/84-A 6-3/87. Bond - 8/15/84 7-1/47. 8/15/84-B /15/77 5/16/77 r 8/15/72 8/15/ j,024 2 j,905 2j,623 2 j,909 5., , ,,563 2,, /15/77-A / _ 5/15/77-D / _ 8/15/72-E Bond - 8/15/ /27. Bond - 9/15/ /15/72-F /27. Bond - 11/15/ / /15/74-A /87. Bond - 11/15/ / /15/75-A / /15/75-E / /47. _ 8/15/77-B / /47. Bond 8-1/ /15/85-A 5/15/85 8/15/85-B 2/15/78 6/3/58 8/15/78 1,200 3,,003 4,,203 1,135 34p 1,400p 3.403d 4,837o /47. 2/15/78-A / / / /15/78-C / /15/78-E / 6-1/87. Bond - 11/15/86 11/15/ ,, /87. 11/15/71-B / /15/71-G / /15/72-D / /15/72-D /15/72-E /87. Bond - 11/15/ Bond - 8/15/ / /47. Bond 7-5/87. 2/15/87-B 8/15/ , 11/15/87-A 2/15/79 8/15/62 11/15/77 { 3,209p ,,014 2, / _ 8/15/62-B / /15/62-G / /47. _ 11/15/77-E / Bond 2/15/ /17/ / 8-1/47. 5/15/88-A 5/15/78 59p l,541p 2,548p 4,148p / /15/78-D / /15/78-F / 8-3/ /15/88-: 11/15/78 931p 2,l514b 3»445p _ 11/15/78-B / 8/15/ /87. _ 8/15/73-B Bond - 8/15/ / 7-1/27. Bond - 8/15/ /15/73 2/15/ /87. Bond _ 11/15/ / /47. _ 2/15/74-C /87. Bond - 2/15/ / Footnotes at end of table.

56 48 Treasury Bulletin P U B L I C D E B T O P E R A T I O N S T a b l e P D O U n m a t u r e d M a r k e t a b l e Securities I s s u e d at a P r e m i u m or D i s c o u n t O t h e r t h a n A d v a n c e R e f u n d i n g O p e r a t i o n s C o n t i n u e d Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /4% 5/15/89-A 5/15/79 $2,626p $99, % 4-1/8% /4% /4% /4% 7-7/8% 7% Bond Bond Bond Bond 8-5/8% Bond 8-5/8% Bond % Bond 5/15/ /15/90 8/15/92 2/15/93 2/15/93 5/15/ /15/93 11/15/93 2/15/94 4/18/63 4/7/75 7/8/77 1/10/73 1/6/78 5/17/76 7/11/78 10/10/78 1/11/ ,247 1, , ,768p 1,509P 1, / 1/ 7-3/4% 2/ 2/ 21 2/ 5/15/73-A 8-1/2% Bond /15/ /18/79 5/15/74 8/15/74 11/15/74 1,501P / 4-1/4% 2/ 5-5/8% 2/ 5-3/4% 3-7/8% 2/ Bond Bond 5/15/74 8/15/74-B 11/15/74-A 11/15/74 7-7/8% Bond - 2/15/ /8% Bond - 8/15/ o 2000 Bond 8/15/ /18/75 5/17/76 11/15/76 8/15/75 11/17/75 5/15/78 8/16/ , , ,001 1, , , r /4% 2/ 6-1/2% 2/ 2/ 5-7/8% 2/ 7% 2/ 7-1/8% 2/ 7-1/2% 6-1/2% 2/ 2/15/75-A 5/15/76-B 8/15/75-C 11/15/75-D 5/15/78-D 8/15/76-C 8/15/76-G 8-1/4% Bond /15/ /15/75 2/17/76 2/15/ , ,254 2, /8% 6% 2/ 6-1/4% 2/ 6-1/4% 2/ 5/15/75-F 5/15/75-B 2/15/76-A 2/15/78-A 7-5/8% Bond - 2/15/ /8% Bond - 11/15/ /15/77 5/16/77 8/15/77 11/15/ , , , p l,255p l,495p % 2/ 6-7/8% 9% 2/ 7-3/4% 2/ 7-3/4% 2/ 2/15/77-A 5/15/77-C 5/15/77-D 8/15/77-B 11/15/77-E

57 October PTTm.tr! DEBT OPERATIONS. T a b l e P D O U n m a t u r e d M a r k e t a b l e Securities I s s u e d a t a P r e m i u m or D i s c o u n t O t h e r t h a n A d v a n c e R e f u n d i n g O p e r a t i o n s C o n t i n u e d Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged 2003 r $600p $99, % "8-3/4% - 8/15/78-C 8-3/8% Bond - 8/15/ /15/78 I l,502p ^ 2»102p 8-3/4% Bond - 11/15/ /15/78 ( 678p % - 11/15/78-B I \ l,736p / 1 2,414p ^ 2/15/79 2,816p j /8% Bond - 5/15/ /15/79 2,207p / 1/ Additional issue. 2/ Issued for cash. 3/ Treasury s, 7-3/8% Series C-1981 and 7-3/8% Series E-1981 consolidated effective Sept. 1, Less than $500,000. p Preliminary.

58 PUBLIC DEBT OPERATIONS Table PDO-6. - Allotments by Investor Classes on Issues Description of securities 7-1/2% - 7-3/8% - 6-3/8% - 7% - 8% - 8-1/4% - 6-5/8% - 7-1/2% - 6-3/4% - 7-3/8% - 6-1/2% - 7-7/8% - 7-7/8% Bond - 7-1/8% - 7-5/8% - 6-7/8% - 7-5/8% - 6-7/8% - 6-7/8% - 8% - 87o Bond - 6-5/8% - 6-7/8% - { 5-7/8% - { 6-1/4% - 7% - 5-7/8% - 6-1/4% - 7% - 7-7/8% Bond - 5-3/4% - 5-1/4% - 6-1/8% - 5-7/8% - 6-1/2% - 7-1/4% - 7-5/8% Bond - 5-7/8% - 6-7/8% - 6% - 7% - 5-7/8% - f7-1/4% - 7-5/8% Bond - 6-1/8% - 6-3/4% - 6-1/8% - { 6-3/4% - { 7-1/4% Bond - 6-1/4% - 1-3/4% - 7-1/4% - 7-5/8% Bond - 1-3/8% - 6-5/8% - 7-1/8% - 7-1/4% - 7-1/8% - 7-5/8% - 7-7/8% Bonds - 7-1/8% - 7-1/4% - 12/31/79-G 5/15/81-D 1/31/78-J 2/15/79-H 2/15/83-A 5/15/ / 11/30/77-Q 3/31/80-C 3/31/78-K 2/15/81-C 4/30/78-L 5/15/86-A 2/15/95-00' 8/ 5/31/78-M 6/30/80-D 6/30/78-N 8/15/81-F 7/31/78-P 8/15/79-J 8/15/86-B 8/15/ /31/78-Q 9/30/80-E 9/30/78-R 11/15/81-G 10/31/78-S 11/15/79-K 11/15/83-B 2/15/ / 11/30/78-T 12/31/80-F 12/31/78-U 2/15/82-D 1/31/79-L 2/15/80-G 2/15/84-A 2/15/ /28/79-M 3/31/81-H 3/31/79-N 5/15/82-E 4/30/79-P 2/15/84-A 8/ 2/15/ / 5/31/79-Q 6/30/81-J 6/30/79-R 8/15/92 7/31/79-S 8/15/80-H 8/15/84-B 2/15/ / 8/31/79-T 9/30/81-K 9/30/79-U 11/15/82-F 10/31/79-V 11/15/80-J 11/15/87-A 11/15/ /30/79-W 12/31/81-L Amount issued For cash 2,006 2,020 2,511 3,092 6, ,628 2,069 3,065 2,628 2,274 4, ,485 2,185 2,639 2, ,289 3, ,895 2,141 2,869 2,543 2,823 3,306 2,259 1,001 2,805 2,692 3,124 2, ,308 2, ,695 2,809 2,996 2,613 1,882 2,910 1,004 1,897 2,514 2,044 1, ,708 2,563 1,003 3,358 2,968 3,771 2, ,975 2,014 1,255 4,679 3,452 Part A. - Other than In exchange for other securities 1,600 1, , , , (In millions of llars) U.S. Government accounts and Federal Reserve banks 2/ 189 1,600 1, , , , Commercial banks 1/ 1,010 1,121 1,252 1,675 1, ,508 1,030 1,684 1,198 1,246 1, ,329 1,116 1,415 1,161 1,663 1, , , ,307 1, ,176 1,234 1,168 1,385 1,156 1, ,001 1,276 1,249 1, , ,426 1, ,189 1,318 1,424 1,014 1,793 1, ,810 1,418 Subscriptions for Public Marketable Securities Bills 1/ Individuals 4/ , , , Insurance companies Allotments by investor classes Mutual savings banks Corporations 5/ Private pension and retirement funds State and local governments 6/ Pension and retirement funds , , > ,289,011

59 October PUBLIC DEBT OPERATIONS. T a b l e P D O A l l o t m e n t s b y I n v e s t o r C l a s s e s. o n S u b s c r i p t i o n s f o r P u b l i c M a r k e t a b l e S e c u r i t i e s P a r t A. - O t h e r t h a n Bills 1/ C o n t i n u e d (In millions of llars) Issues Allotments by investor classes DescriDtion of securities Amount issued Date of financing For- cash In exchange for other securities and Federal Reserve banks 2/ U.S. Government accounts Commercial Individu Insurance banks als companies If y Mutual savings banks Corporations If Private State and local pension governments 6/ and re Pension tire ment and re Otfier tire ment funds funds funds Dealers and brokers All other 7/ 1/3/78 7-1/ /31/79-X 3, , /6/78 7-7/8% Bond - 2/15/93 1, /31/78 7-1/2% - 1/31/80-K 3, , /15/78 (7-1/2% <8% \8-l/4% Bond 5/15/81-M 2/15/85-A 5/15/ / 2,894 3,003 1,254 1,000 1, ,000 1, ,439 1, /28/78 7-5/8% - 2/29/80-L 3, , ,081 3/6/78 7-7/8% - 3/31/82-G 2, , /31/78 7-1/2% - 3/31/80-C 8/ 3, , ,003 4/5/78 7-7/8% - 5/15/83-C 2, , /1/78 7-3/4% - 4/30/80-N 2, , /15/78 8-1/4% - 5/15/88-A 2,548 1,600 1, , /8% Bond - 8/15/ / 1, /31/78 8% - 5/31/80-P 2, /7/78 8-1/4% - 6/30/82-H 2, , /30/78 8-1/4% - 6/30/80-Q 3, , /11/78 8-5/8% Bond - 8/15/93 1, /31/78 8-1/2% - 7/31/80-R 3, , , /15/78 (8-3/8% <8-1/4% (8-3/8% Bond - 8/15/81-N 8/15/85-B 8/15/ ,910 3,404 1,517 1,200 1, ,200 1, ,414 1, /31/78 8-3/8% - 8/31/80-S 3, , /6/78 8-3/8% - 9/30/82^J 2, , / 10/2/78 8-5/8% - 9/30/80-T 3, , ,126 9/ 10/10/78 8-5/8% Bond - 11/15/93 1, / 10/31/78 8-7/8% - 10/31/80-U 3, , / 11/15/78 <9-1/4% 5/15/82-K < 8-3/4% - 11/15/88-B (8-3/4% Bond 11/15/ ,578 2,514 1, ,162 1, /30/78 9-1/4% - 11/30/80-V 2, , / 1/2/79 /9-7/8% \9-3/8% _ 12/31/80-W 12/31/82-L 3,097 2, ,163 1/11/79 9% Bond - 2/15/94 1, / 1/31/79 9-3/4% - 1/31/81-P 2, , / 2/15/79 ^9% \8-3/4% Bond - 2/15/87-B 11/15/ / 2,278 2, , /28/79 9-3/4% - 2/28/81-Q 2, / 3/5/79 9-1/4% - 3/31/83-D 2, , / 4/9/79 9-5/8% - 3/31/81-R 2, ,048 9/ 4/18/79 9% Bond - 2/15/94 8/ 1, , / 4/30/79 9-3/4% - 4/30/81-S 2, , / 5/15/79 /9-1/47. \9-l/8% Bond - 5/15/89-A 5/15/ ,278 2, , /31/79 9-3/4% - 5/31/81-T 2, / , , , / 43 9/ 40 9/ 681 9/ 552 9/ 193 9/ 59?/ 479 9/ 141 1/ Source: Based on subscription and allotment reports. For detail of offerings see Table PDO-4. jl/ Excludes 1-1/27 Treasury notes issued in exchange to holders of nonmarketable 2-3/47«Treasury bonds. Investment Series B / Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 3/ Includes trust companies and stock saving banks. 4/ Includes partnerships and personal trust accounts. 5/ Exclusive of banks and insurance companies. 6/ Consists of trust, sinking, and investment funds of State and local 7/ i/ If government and their agencies. Includes savings and loan associations, nonprofit institutions, and investments of foreign balances and international accounts in this country. Also included are certain Government deposit accounts and Government-sponsored agencies. Reopening of earlier issue. Includes portions to be distributed by investor class. Less than $500,000.

60 52 Treasury Bulletin, PUBLIC DEBT OPERATIONS. T a b l e P D O A l l o t m e n t s b y I n v e s t o r C l a s s e s o n S u b s c r i p t i o n s for P u b l i c M a r k e t a b l e Securities P a r t B. - Bills O t h e r t h a n R e g u l a r W e e k l y S e r i e s (In millions of llars) amount issued Allotments by investor classes Date of financing Date of maturity Average rate (Percent) One-year series 9-month series 1/ Tax anticipation series 5 2-week series U.S. Government accounts and Federal Reserve banks 2/ Commercial banks Corporations 3/ Dealers and brokers All other 1/13/76 1/11/ , /10/76 2/8/ , /9/76 3/8/ , , /6/76 4/5/ , , /4/76 5/3/ , , /1/76 5/31/ , , /29/76 6/28/ , , /27/76 7/26/ , , /24/76 8/23/ , , /21/76 9/20/ , , /19/76 10/18/ , /15/76 11/15/ , , /14/76 12/13/ , , /11/77 1/10/ , j 707 2/8/77 2/7/ , /8/77 3/7/ , , ! 406 4/5/77 4/4/ , , /3/77 5/2/ , /31/77 5/30/ , ,053 j 517 6/28/77 6/27/ , /26/77 7/25/ , ! 452 8/23/77 8/22/ , I 509 9/20/77 9/19/ , , /18/77 10/17/ , /15/77 11/14/ , , /13/77 12/12/ , , /10/78 1/9/ , /7/78 2/6/ , , /7/78 3/6/ , , /4/78 4/3/ , /2/78 5/1/ , , /30/78 5/29/ , /27/78 6/26/ , /25/78 7/24/ , , /22/78 8/21/ , , /19/78 9/18/ , , /17/78 10/16/ , /14/78 11/13/ ,896 1,214 1, /12/78 12/il/ ,029 1, , /9/79 1/8/ , , /6/79 2/5/ , , /6/79 3/4/ ,326 1,019 1, /5/79 4/1/ ,346 1, /1/79 4/29/ ,020 1, /29/79 5/27/ , /26/79 6/24/ ,788r , r 7/24/79 7/22/ , r 960 8/21/79 8/19/ , r r 9/18/79 9/16/ ,556 1, i 817 Source: Based on subscription and allotment reports. For uetdii of offering see Table PDO-4. If Reopening of one-year series. 2/ Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 3/ Exclusive of banks and insurance companies. 4/ Included with all other investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Govei^unent accounts. r Revised

61 October 1979 PUBLIC DEBT OPERATIONS 53 T a b l e P D O D i s p o s i t i o n o f P u b l i c M a r k e t a b l e Securities Other than Regular W e e k l y Treasury Bills Date of refunding or retirement Called or maturing securities 1/ Description Tssue date Amount outstanding Disposition offers by Treasury Cash retirement Exchange security offered Results of exchange offers Fxchanged Turned in for cash 2/ Description of new securities offered (See also Table PD0-4) 1/13/ # Bill - 1/13/76 1/14/75 2,001 2,001 1/31/ ?; Bill - 1/31/76 4/14/75 1,586 1, VlO/ # Bill - 2/10/96 2/11/75 2,103 2, /15/76 6-1/4# - 2/15/76-A 2/15/69 3,739 1,165 2,522 1/ - - 2/15/76 5-7/8% - 2/15/76-F 8/15/72 4,945 3,713 1,232 1/ - - 3/9/ Bill - 3/9/76 3/H/75 2,102 2, /31/76 8% - 3/31/76-H 4/9/74 2,288 2, / - - 4/1/76 1-1/2-4/1/76-EA 4/1/ /6/ Bill - 4/6/76 4/8/75 2,205 2, /22/ # Bill - 4/22/76 12/5/75 2,002 2, /22/ # Bill - 4/22/76 4/8/76 2,503 2, /4/ # Bill - 5/4/76 5/6/75 2,435 2,43r> /15/76 6-1/2# - 5/15/76-B 5/15/69 2,697 2, / - - 5/15/76 5-3/4# - 5/15/76-E 5/15/72 2,802 2, / - - 5/31/76 6# - 5/31/76-M 3/25/72 1,580 1, / - - 6/1/ # Bill - 6/1/76 6/3/75 2,404 2, /29/% 6.292# Bill - 6/29/76 7/3/75 2,591 2,591 6/30/76 8-3/4# - 6/30/76-1 5/15/74 2,703 2, / - - 7/27/ % Bill - 7/27/76 7/29/75 2,293 2, /15/76 7-1/2% - 8/15/76-C 10/1/69 4,194 3,434 1,102 lq/< - - 8/15/76 6-1/2# - 8/15/76-G 2/15/73 3,883 2,216 -,667 11/ - - 8/24/ # Bill - 8/24/76 8/26/75 2,893 2, /31/76 5-'7/8% - 8/31/76-L 3/3/75 1,662 1, / - - 9/21/ # Bill 9/21/76 9/23/75 2,o6o 2,860 _ 9/30/76 8-I/4# - 9/30/76-J 9/30/74 2,0^3 1, li/ /1/76 1-1/2% - 10/1/76-E0 10/l/ /19/ # Bill - 10/19/76 10/21/75 3,062 3, /31/76 6-1/2# - 10/31/76-0 6/6/^ 1,579 1, / /15/ % Bill - 11/15/76 11/18/75 3,245 3, /15/76, 6-1/4% - 11/15/76-D 9/8/71 4,325 4, / /30/76 7-1/8% - 11/30/76-N 4/8/75 1,507 1, / /14/ % Bill - 12/14/76 12/16/75 3,253 3, /31/76 7-1/4-12/31/76-K \2/31/>L 2,282 2, / - - 1/11/77 5. >78% Bill - 1/11/77 1/13/75 3,069 3, /8/ % Bill - 2/8/77 2/10/76 2,930 2, /15/77 8% - 2/15/^7-A 2/15/70 5,163 2,591 2,572 18/ - - 2/28/77 6-2/28/77-F 3/3/75 1,665 1, / - - 3/8/ % Bill - 3/8/77 3/9/76 3,105 3, /31/77 6-1/2% - 3/31/77-G 3/31/75 2,576 2, / - - 4/1/77 3-1/2# - 4/1/77-EA 4/1/ /5/ % Bill - 4/5/77 4/6/76 3,203 3, /30/77 7-3/8% - 4/30/77-H 4/30/75 1,579 1, / - - 5/V # Bill - 5/3/77 5/4/76 3,335 3, /15/77 6-7/8% - 5/15/77-C 2/15A4 2,565 2, / - - 5/15/77 9% - -5/15/77-D 8/15/74 5,329 2,333 2,996 22/ - - V31/ % Bill - 5/31/77 6/1/76 2,921 2, /31/77 6-3/4% - 5/31/77-1 5/27/75 2,137 1, / - - 6/28/ % Bill - 6/28/77 6/29/76 2,612 2,612 _ 6/30/77 6-1/2% - 6/30/77-J 6/30/75 2,170 1, / - - 7/26/ % Bill - 7/26/77 7/27/76 2,977 2, /31/77 7-l/2% - 7/31/77-K 7/31/75 1,516 1, / - - 8/15/77 7-3/4% - 8/15/77-B 8/15/70 4,918 3, / - - 8/23/ % Bill - 8/23/77 8/24/76 2,9f 3 2, /31/77 8-1/4% - 8/31/77-L 8/29/75 2,021 1, / - - 9/20/ % Bill - 9/20/77 9/21/76 2,917 2,917 _ - - 9/30/77 8-3/8% - 9/30/77-M 9/30/75 3,226 3, / /1/77 1-1/2% - 10/1/77-E0 10/1/ /18/ % Bill - 10/18/77 10/19/76 3,095 3, /31/77 7-1/2-10/31/77-N 10/31/75 3,156 2, / /15/77 7-3/4% - ll/15/77-e 11/15/74 3,630 2,392 1,238 11/ 11/15/ % Bill - 11/15/77 11/15/76 3,402 3, /30/77 6-5/8% - 11/30/77-Q 3/3/76 2,628 2, / /13/ % Bill - 12/13/77 12/14/76 3,505 3,505-12/31/77 7-1/4% - 12/31/77-P 12/31/75 2,765 2, H / - - 1/10/ ^ Bill - 1/10/78 1/11/77 3,071 3,071 _ - - 1/31/VH 6-3/8% - 1/31/78-J 2/2/76 2,511 2, H / - - 2/7/ % Bill - 2/7/78 2/8/77 3,105 3, /15/78 6-1/4# - 2/I5/78-A 2/15/71 8,389 5,418 2,971 15/ - - 2/28/78 8% - 2/28/78.G 10/7/75 2,115 2, / - - 3/7/ % Bill - 3/7/78 3/8/77 3,208 3, /31/78 6-3/4-3/31/78-K 3/31/76 3,162 2, / - - 4/1/78 1-1/ /1/78-EA 4/1/ /4/ % Bill - 4/4/78 4/5/77 3, /30/78 6-1/2% - 4/30/78-L 5/17/76 2,'>74 2, J8/ - - 5/2/ Bill - 5/2/78 5/3/77 2,966 2,966 5/15/78 I 7-1/ /15/78-D 2/18/75 3,960 3, / 1 5/15/78 7-7/ /15/78-F 8/15/75 4,423 2,882 1,541 40/ - _ 5/30/ Bill - 5/30/78 5/31/77 2,454 2, Footnotes at end of Table

62 54 PUBLIC DEBT OPERATIONS Treasury Bulletin Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills-Continued Date of refunding or retirement Called or maturing securities 1/ Description Issue date Amount outstanding Disposition offers by Treasury Cash retirement Exchange security offered Results of exchange offers Exchanged Turned in for cash 2/ securities11off eric? (See also Table PDO-4) 5/31/78 6/27/78 6/30/78 7/25/78 7/31/78 7-1/8% 5.408# 6-7/8# 5.648# 6-5/8# Bill Bill 5/31/78-M 6/30^1-N 7/25/78 7/31/78-P 6/1/76» 7/26/77 7/30/76 2,567 2, / _!;!? 2,253 2; / 3,038 3,038 - T< 2,855 2, / - 8/15/78 8/15/78 8/22/78 8/31/78 8-3/4# 7-5/8# 6.105# 6-5/8# Bill 8/15/78-C 8/15/78-E 8/22/78 8/31/78-Q 5/15/74 5/15/75 8/23/77 8/31/76 2,462 1, / - _ 5,155 2,555 2,600 5/ - - 3,005 3, ,949 2, / - 9/19/78 9/30/78 10/1/ # 6-1/4# 1-1/2# Bill 9/19/78 9/30/78-R 10/1/78-E0 9/20/77 9/30/76 10/1/73 3,036 3,036 3,195 2, / /17/78 10/31/78 11/14/78 11/15/78 11/30/78 12/12/78 12/31/78 12/31/78 1/09/ % 5-7/8% 6.542% 6% 5-3/4% 6.545% 8-1/8% 5-1/4% 6.552% Bill Bill Bill Bill 10/17/78 10/31/78-S 11/14/78 11/15/78-B 11/30/78-T 12/12/78 12/31/78-H 12/31/78-U 1/9/79 10/18/77 11/01/76 11/15/77 11/15/71 11/30/76 12/13/77 10/22/75 12/31/76 1/10/78 3,162 3,162 _ 2,921 2, / - - 3,587 3,' _ 8,207 5,620 2,587 49/ - - 2,941 2, / - - 3,838 3,838 _ 2,517 1, / 3,376 3, / - _ 3,205 3, /31/79 2/6/79 2/15/79 2/28/79 3/6/79 5-7/8% 6.814% 7% 5-7/8% 6.859% Bill Bill 1/31/79-L 2/6/79 2/15/79-H 2/28/79-M 3/6/79 2/3/77 2/7/78 2/17/76 2/28/77 3/7/78 2,855 2, / _ 3,253 3, _ 4,692 2,961 1,731 54/ - _ 2,845 2, / - 3,321 3,321 3/31/79 4/bl/79 4/03/79 4/30/79 6% 1-1/2# 6.877# 5-7/8% Bill 3/31/79-N 4 A / E 0 4/3/79 4/30/79-P 3/31/77 4/3/74 4/4/78 5/2/77 3,519 2, / ,346 3, _ 1,992 1, / 5/1/79 5/15/79 5/29/79 5/31/79 6/26/79 6/30/79 6/30/79 7/24/79 7/31/79 8/15/79 8/15/79 8/21/79 8/31/79 9/18/79 9/30/79 9/30/ % 7-7/8% 7.417% 6-1/8% 7.678% 7-3/4% 6-1/8% 7.820% 6-1/4% 6-1/4% 6-7/8% 7.876% 6-5/8% 7.954% 8-1/2% 6-5/8% Bill Bill Bill Bill Bill Bill 5/1/79 5/15/79-D 5/29/79 5/31/79-Q 6/26/79 6/30/79-E 6/30/79-R 7/24/79 7/31/79-S 8/15/79-A 8/15/79-J 8/21/79 8/31/79-T 9/18/79 9/30/79-F 9/30/79-V 5/2/78 11/6/74 5/30/78 5/31/77 6/27/78 7/9/75 6/30/77 7/25/78 8/1/77 8/15/72 8/16/76 8/22/78 8/31/77 9/19/78 9/04/75 9/30/77 3,025 3, ,269 1, / - - 2,478 2,478 _ 2,087 1, / - - 2,784 2,784 _ 1,782 1, / 2,308 2, / - - 3,380 3,380 3,180 3, / 4,559 3, / - 2,989 1,987 1,002 64/ - 3,544 3,544-3,481 3, / - - 3,353 3,353 2,081 2,081 _ 3,861 3,

63 October PUBLIC DEBT OPERATIONS. F o o t n o t e s t o T a b l e P D O - 7 Source: Bureau of the Public Debt. 33/ 1/ Original call and maturity dates are used. 2/ All by investors other than Federal Reserve banks. 34/ 3/ Exchanged by Federal Reserve banks and Government accounts for $368 million of 1% notes of Series H-1979, $1,939 million, of 87. notes 35/ of Series A-1983 and $215 million of 8-1/47. bonds of issued February 17, / Exchanged by Federal Reserve banks and Government accounts for 77o notes of Series H-1979 issued February 15, / 5/ Exchanged by Federal Reserve banks and Government accounts for 6-3/47o notes of Series K-1978 issued March 31, / 6/ Exchanged by Federal Reserve banks and Government accounts for $276 million of 7-7/87o notes of Series A-1986 issued 5/17/76 and $85 million of 7-7/87o bonds of issued May 17, / 7/ Exchanged by Federal Reserve banks and Government accounts for $300 million of 6-1/27. notes of Series L-1978 and $196 million of 7-7/87. 39/ notes of Series A-1986, and $32 million of 7-7/87. bonds of issued May 17, / Exchanged by Federal Reserve banks and Government accounts for 7-1/87. ^0/ notes of Series M-1978 issued June 1, / Exchanged by Federal Reserve banks and Government accounts for 6-7/87. 41/ notes of Series N-1978 issued June 30, / Exchanged by Federal Reserve banks and Government accounts for $700 42/ million of 6-7/87. notes of Series J-1979, $60 million of 87. notes of Series B-1986, and $342 million 87. bonds of issued August 16, 43/ / Exchanged by Federal Reserve banks and Government accounts for $1,417 44/ million of 87. notes of Series B-1986 and $250 million of 87. bonds of issued August 16, / Exchanged by Federal Reserve banks and Government accounts for 6-5/87. 45/ notes of Series Q-1978 issued August 31, / Exchanged by Federal Reserve banks and Government accounts for 6-1/47. notes of Series R-1978 issued September 30, / 14/ Exchanged by Federal Reserve banks and Government accounts for 5-7/87. notes of Series S-1978 issued November 1, / 15/ Exchanged by Federal Reserve banks and Government accounts for $70 million of 6-1/47. notes of,series K-1979 and $50 million of / notes of Series B-1983 issued November 15, / Exchanged by Federal Reserve banks and Government accounts for 5-3/47. 49/ notes of Series T-1978 issued November 30, / Exchanged by Federal Reserve banks and Government accounts for 5-1/47. notes of Series U-1978 issiied December 31, / Exchanged by Federal Reserve banks and Government accounts for $1,300 50/ million of 6-1/27. notes, of Series C-1980, $881 million of 7-1/47. notes of Series A-1984 and $391 million of 7-5/87. bonds of issued 51/ February 15, / Exchanged by Federal Reserve banks and Government accounts for 5-7/87. notes of Series M-1979 issued February 28, / 20/ Exchanged by Federal Reserve banks and Government accounts for 67. notes of Series N-1979 issued March 31, / 21/ Exchanged by Federal Reserve banks and Government accounts for 5-7/87. notes of Series P-1979 issued May 2, / 22/ Exchanged by Federal Reserve banks and Government accounts for 7-5/87. bonds of issued May 16, / Exchanged by Federal Reserve banks and Government accounts for $2,623 55/ million of 7-1/47. notes of Series A-1984 and $373 million of 7-5/87. bonds of issued May 16, / 24/ Exchanged by Federal Reserve banks and Government accounts for 6-1/87. notes of Series Q-1979 issued May 31, / 25/ Exchanged by Federal Reserve banks and Government accounts for 6-1/87. notes of Series R-1979 issued June 30, / 26/ Exchanged by Federal Reserve banks and Government accounts for 6-1/47. notes of Series S-1979 issued August 1, / Exchanged by Federal Reserve banks and Government accounts for $425 59/ million of 6-3/47. notes of Series H-1980, $300 million of 7-1/47. notes of Series B-1984, and $199 of 7-5/87. bonds of issued gn / August 15, / Exchanged by Federal Reserve banks and Government accounts for 6-5/87. 61/ notes of Series T-1979 issued August 31, / Exchanged by Federal Reserve banks and Government accounts for 6-5/87. notes of Series U-1979 issued September 30, / 30/ Exchanged by Federal Reserve banks and Government accounts for 7-1/47. notes of Series V-1979 issued October 31, / 31/ Exchanged by Federal Reserve banks and Government accounts for $625 million of 7-1/87. notes of Series J-1980, $373 million of 7-5/87. notes 64/ of Series A-1987 and $240 million of 7-7/87. bonds of issued November 15, / Exchanged by Federal Reserve banks and Government accounts for 7-1/87. notes of Series W-1979 issued November 30, / Exchanged by Federal Reserve banks and Government accounts for 7-1/27. notes of Series X-1979 issued January 3, Exchanged by Federal Reserve banks and Government accounts for 7-1/27. notes of Series K-1980 issued January 31, Exchanged by Federal Reserve banks and Government accounts for $1,000 million of 7-1/27. notes of Series M-1981, $200 million of 87. notes of Series A-1985, and $771 million of 8-1/47. bonds of issued February 15, Exchanged by Federal Reserve banks and Government accounts for 7-5/87. notes of Series L-1980 issued February 28, Exchanged by Federal Reserve banks and Government accounts for an additional amounts of 7-1/27. notes of Series C-1980 issued March 31, Exchanged by Federal Reserve banks and Government accounts for 7-3/47. notes of Series N-1980 issued May 1, Exchanged by Federal Reserve banks and Government accounts for $59 million of 8-1/47. notes of Series A-1988 and $895 million of 8-3/87. bonds of issued May 15, Exchanged by Federal Reserve banks and Government accounts for 8-1/47. notes of Series A-1988 issued May 15, Exchanged by Federal Reserve banks and Government accounts for 87. notes of Series P-1980 issued May 31, Exchanged by Federal Reserve banks and Government accounts for 8-1/47. notes of Series Q-1980 issued June 30, Exchanged by Federal Reserve banks and Government accounts for 8-1/27. notes of Series R-1980 issued July 31, Exchanged by Federal Reserve banks and Government accounts for $34 million of 8-1/47. notes of Series B-1985 and $600 million of 8-3/87. bonds of issued August 15, Exchanged by Federal Reserve banks and Government accounts for $1,200 million of 8-3/87. notes of Series N-1981 and $1,400 million of 8-1/47. notes of Series B-1985 issued August 15, Exchanged by Federal Reserve banks and Government accounts for 8-3/87. notes of Series S-1980 issued August 31, Exchanged by Federal Reserve banks and Government accounts for 8-5/87. notes of Series T-1980 issued October 2,1978. Exchanged by Federal Reserve banks and Government accounts for 8-7/87. notes of Series U-1980 issued October 31, Exchanged by Federal Reserve banks and Government accounts for $978 million of 9-1/47. notes of Series K-1982, $931 million of 8-3/47. notes of Series B-1988, and $678 million of 8-3/47. bonds of issued November 15, Exchanged by Federal Reserve banks and Government accounts for 9-1/47. notes of Series V-1980 issued November 30, Exchanged by Federal Reserve banks and Government accounts for $450 million of 9-7/87. notes of Series W-1980 and $192 million of notes of Series L-1982 issued January 2, Exchanged by Federal Reserve banks and Government accounts for 9-3/87. notes of Series L-1982 issued January 2, Exchanged by Federal Reserve banks and Government accounts for 9-3/47. notes of Series P-1981 issued January 31, Exchanged by Federal Reserve banks and Government accounts for $931 million of 97. notes of Series B-1987 and $800 million of 8-3/47. bonds of issued February 15, Exchanged by Federal Reserve banks and Government accounts for 9-3/47. notes of Series Q-1981 issued February 28, Exchanged by Federal Reserve banks and Government accounts for 9-5/87. notes of Series R-1981 issued April 9, Exchanged by Federal Reserve banks and Government accounts for 9-3/47. notes of Series S-1981 issued April 30, l!979. Exchanged by Federal Reserve banks and Government accounts for $350 million of 9-1/47. notes of Series A-198^ and $200 million of 9-1/87. bonds of issued May 15, Exchanged by Federal Reserve banks and jgovernment accounts for 9-3/47. notes of Series T-1981 issued May 31, Exchanged by Federal Reserve banks and Government accounts for 9-1/87. notes of Series U-1981 issued July 2, 1^ 979. Exchanged by Federal Reserve banks and government accounts for $93 million of 9-1/87. notes of Series U-198lj and $203 million of 8-7/87. notes of Series E-1983 issued July 2, Exchanged by Federal Reserve banks and Government accounts for 9-3/87. notes of Series V-1981 issued July 31, 19J9. Exchanged by Federal Reserve banks and Government accounts for 97. notes of Series M-1982 issued August 15, J.979. Exchanged by Federal Reserve banks and Government accounts for $106 million of 97. notes of Series M-1982, $560 million of 97. notes of Series B-1987, and $396 million of 9-1/87. bonds of issued August 15, i Exchanged by Federal Reserve banks and Government accounts for 9-5/87. notes of Series W-1981 issued August 31, 1979.

64 56 PUBLIC DEBT OPERATIONS Treasury Bulletin T a b l e P D O F o r e i g n S e r i e s S e c u r i t i e s ( N o n m a r k e t a b l e ) I s s u e d t o O f f i c i a l I n s t i t u t i o n s o f F o r e i g n C o u n t r i e s (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month f 7/10/75 10/09/75 10/16/75 1/08/76 1/08/76 1/15/ Jan., Bills {Certificates of indebtedness 10^23^75 10/28/75 10/30/75 1/08/76 1/08/76 1/08/76 1/15/76 1/15/76 1/22/76 1/27/76 1/29/76 1^2! ^ % 1/29/76 1/29/76 2/05/76 5/06/76 7/08/76 4/15/76 4/15/76 4/22/76 2/26/76 2/26/ ,002 7/29/75 12/02/75 12/02/75 1/27/76 1/23/76 2/05/ s 10/24/74 1/29/76 1/29/76 1/29/76 1/29/76 10/31/77 8/15/78 11/15/ Bills 11/13/75 1/08/76 1/27/76 1/27/76 2/05/76 2/13/76 2/26/76 2/26/76 2/26/76 2/13/76 2/05/76 2/26/76 2/26/76 3/04/76 5/13/76 3/25/76 6/24/76 7/29/ Feb. Certificates of indebtedness 'l2/02/75 12/02/75 12/02/75 12/30/75 12/30/75 2/05/76 2/05/76 2/06/76 2/13/76 2/13/76 2/13/76 2/13/76 2/13/76 ^ 2/13/76 2/05/76 2/06/76 2/13/76 2/13/76 2/13/76 5/05/76 5/05/76 5/05/76 5/13/76 5/13/76 5/13/76 5/13/76 5/13/76 5/13/ _ _ ,090 Bills 9/04/75 2/26/76 3/04/76 3/04/76 3/25/76 3/04/76 3/25/76 8/05/76 9/02/76 12/14/76 _ Mar. /Certificates of indebtedness 2/05/76 2/13/76 2/13/76 2/13/76 2/13/76 3/09/76 3/16/76 3/18/76 3/19/76 5/05/76 5/13/76 5/13/76 5/13/76 5/13/76 6/09/76 6/16/76 6/18/76 6/18/ _ ,070 Apr. s > Certificates of indebtedness 7/19/72 3/22/76. 10/09/75 1/15/76 J 1/15/76 ' 1/22/76 4/08/76 4/15/76 2/06/76 2/06/76 < 3/09/76 1 3/16/76 I 3/18/76 3/22/76 2/15/83 4/08/76 4/15/76 4/15/76 4/22/76 10/07/76 10/14/76 5/06/76 5/06/76 6/09/76 6/16/76 6/18/ _ _ _ ,013 s 4/01/76 2/06/76 2/13/76 5/06/76. 5 A3/76 r 2/06/76 2/13/76 2/13/76 2/13/76 2/13/76 1/31/78 5/06/76 5/13/76 H/04/76 11/12/76 5/06/76 5/13/76 5/13/76 5/13/76 5/13/ _ _

65 October 1979 PUBLIC DEBT OPERATIONS 57 T a b l e P D O F o r e i g n Series Securities ( N o n m a r k e t a b l e ) Issued to Official Institutions of Foreign Countries Con t in u e d (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 1976-May... 2/13/76 5/13/ _ 196 J 3/19/76 6/18/ Certificates of indebtedness 5/06/76 8/06/ _ > 19,916 5/06/76 8/06/ /13/76 8/13/ /13/76 8/13/ /13/76 8/13/ _ 5/13/76 8/13/ ^ 5/13/76 8/13/ s. ( 12/04/76 6/03/76-47 Bills / 1/08/76 7/08/76 35 \ 2/26/76 6/24/76 _ - 60 V, 6/03/76 12/02/ June... Certificates of indebtedness 5/13/76 8/13/ ,901 f 6/25/76 6/25/ s 6/25/76 11/15/ V 6/28/76 3/31/ Bills C 2/26/76 7/29/76 - _ 60 / 4/15/76 7/15/ \ 7/15/76 10/14/ _ V. 7/29/76 8/26/ July... - Certificates of indebtedness f 5/13/76 8/13/ _ 25 \ 5/13/76 8/13/ ^ 19,758 f 7/07/71 7/07/ _ 200 j 7/14/71 7/14/ s < 1/23/75 8/15/ I 7/07/76 8/15/ _ J is. 7/14/76 8/15/ ( 3/4/76 8/5/76-40 Bills ) 7/29/76 8/26/76 _ 60 \ 8/5/76 9/2/76 20 _ L 8/26/76 9/30/ j 5/13/76 8/13/ _ /13/76 8/13/ Aug... Certificates of indebtedness < 5/13/76 8/13/ _ ,368 8/13/76 11/12/ _ 1 8/13/76 11/12/ f 8/28/75 8/6/ _ 75 s 7 8/28/75 8/9/ _ 75 J 10/2/75 8/9/ _ 100 r V. 10/2/75 8/10/ <4 f 3/04/76 9/02/76 40 < 8/05/76 9/02/76 20 I Bills 1 9/02/76 9/30/ Sept... V Certificates of indebtedness / 8/13/76 9/21/76 10 > \ 8/13/76 9/24/ ,215 1 s / 3/15/72 9/15/ I \ 9/15/76 2/15/ f 4/08/76 10/07/76 - _ 43 4/15/76 10/14/76 _ /15/76 10/14/76 _ Bills < 10/07/76 1/06/77-43 _ 10/14/76 4/14/77 _ 197 _ 10/14/76 1/13/ I 10/14/76 1/13/ [ 8/13/76 11/12/ _ 15 8/13/76 11/12/ Certificates of indebtedness 10/01/76 11/09/ _ 10/29/76 1/28/ _ 10/29/76 4/29/ _ /29/76 7/29/ ^10/29/76 10/28/ Oct... r 20,691 10/01/76 9/30/ /28/76 8/15/ /29/76 1/30/ _ 10/29/76 4/28/ s / 10/29/76 9/28/ _ A 10/29/76 10/30/ _ 10/29/76 1/29/ /29/76 4/30/ y 10/29/76 7/30/ VjLQ/29/76 10/29/ Bills 243 f 5/06/76 5/13/76 11/04/76 11/12/76 _ 40 11/04/76 2/03/77 _ 40 11/12/76 5/12/77 250

66 58 Treasury Bulletin, PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreig n Countries Continued Month, of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 1976-Nov Jan. Apr. May. Certificates of indebtedness s Certificates of indebtedness s y Bills Certificates of indebtedness s y Bills ^ Certificates of indebtedness s Bills Certificates of indebtedness Certificates of indebtedness s Bills Certificates of indebtedness s \ 8/13/76 11/12/76 " 5.20 _ 27 (10/29/76 1/28/ ( 10/30/75 3/31/ /04/76 11/15/ V.ll/12/76 11/15/ ( 3/25/76 I2/L4./ /03/76 12/02/ /02/76 6/02/ /09/76 3/10/ /14/76 4/14/ U2/28/76 3/31/ J 10/01/76 12/09/ ( 10/29/76 1/28/ ML2/01/76 3/31/ /29/75 12/28/ VlO/30/75 4/30/ /10/07/76 1/06/77 _ 43 \ 1/06/77 6/09/ ( 10/29/76 1/28/ _ 47 \l2/3l/76 3/31/ i 5/29/75 1/28/ I 1/28/77 5/15/ f 11/04/76 2/03/ < 2/03/77 5/05/ /23/77 5/26/ /29/76 4/29/ r 5/29/75 2/28/ { 10/02/75 2/28/ V. 2/28/77 8/15/ f 12/09/76 3/10/ \ 12/28/76 3/31/ > 2/23/77 5/26/ /29/76 4/29/ /19/72 3/22/ /15/72 3A5/ /27/75 3/25/ / 3/10/77 3/31/ /15/77 3/31/ /22/77 2/L5/ /25/77 11A5/ ^ 3/31/77 12/31/ fl0/14/76 4A4/ J 12A4/76 4A4/ < 2/23/77 5/26/77 _ - 7 4/14/77 10A3/ L 4/14/77 10A3/ /29/76 4/29/ r 5/27/75 4/27/ _ 300 { 6/19/75 4A9/ V 4/27/77 8/15/ /19/77 2/15/ (11/12/76 5/12/ /03/77 5/05/ /23/77 5/26/ /05/77 8/04/ /12/77 11/10/77 _ ' ^ 5/26/77 8/25/ /29/76 7/29/ /09/75 5/15/ _ 100 5/27/75 5/27/ J 6/19/75 5/19/ \ 5/16/77 1/31/ /19/77 2/15/ L 5/27/77 1/15/ ,908 20,753 20,689 20,575 20,617 20,469 20,423 June. Bills Certificates of indebtedness f 12/02/76 6/02/77 1/06/77 8/09/ ( 5/26/77 8/25/ /02/77 12/01/ L 6/09/77 9/08/ /29/76 7/29/ f 6/26/72 6/27/ /05/75 6/04/ / 6/19/75 6/20/ /28/75 6/30/ ^ 6/03/77 3/31/ ,357

67 October PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to O fficial Institutions o f Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 1977-July. Aug. Sept. Oct. Nov. Certificates of indebtedness s Bills Certificates of indebtedness s fbills / Certificates of indebtedness > s Bills Certificates of indebtedness Certificates of indebtedness s Bills y6/20/77 6/27/77 6/30/77 6/30/77 6/27/77 10/29/76 7/20/77 7/21/77 7/26/77 7/28/77 7/02/72 7/14/72 1/15/73 7/17/75 11/28/75 7/07/77 7/14/77 7/15/77 7/18/77 5/05/77 8/04/77 flo/29/76 7/20/77 7/21/77 7/26/77,7/28/77 12/19/74 8/01/77 ^8/01/77 r 6/09/77 ^ 9/08/77 10/29/76 "7/19/72 9/04/75 9/06/77 9/07/77 9/07/77.9/22/77 4/14/77 4/14/77 10/13/77 10/13/77 '10/29/76 10/05/77 10/06/77 10/14/77 10/17/77 10/24/77 ao/26/77 1/09/75 1/23/75 11/28/75 12/18/75 12/18/75 1/29/76 1/29/76 1/29/76 5/12/77 11/10/77 11/28/77 11/28/77 11/28/77 11/02/77 11/14/77 11/22/77 11/25/77 A2/14/74 { 10/29/76 VL1/28/77 f 6/02/77 \ 12/01/77 ^12/05/77 12/06/77 12/07/77 12/08/77 12/09/77 12/12/77 12/13/77 12/14/77 11/15/83 5/15/81 4/30/79 11/15/79 8/15/84 7/29/77 10/20/77 10/21/77 10/26/77 10/28/77 7/07/77 7/14/77 7/15/77 7/18/77 7/31/77 11/15/83 11/15/83 2/15/84 12/31/79 8/04/77 2/02/78 10/28/77 10/20/77 10/21/77 10/26/77 10/28/77 8/15/77 5/31/79 2/15/80 9/08/77 3/09/78 10/28/77 9/22/77 9/05/77 8/15/79 3/31/80 5/15/BO 8/15/84 10/13/77 10/13/77 4A3/78 4/13/78 10/28/77 1/05/78 1/06/78 1/13/78 1/17/78 1/24/78 1/26/78 2/15/78 2/15/78 10/31/77 5/15/18 8/15/78 11/15/78 8/15/78 10/31/77 11/10/77 5/11/78 11/30/77 1/03/78 11/30/77 2/02/78 2/14/78 2/22/78 2/24/78 11/15/77 1/30/78 1/31/78 12/01/77 3/02/78 3/06/78 3/06/78 3/07/78 3/08/78 3/09/78 3/13/78 3/13/78 3/14/ d ,197 20,055 20,510 19,861 20,455

68 6 0 PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to O fficia l Institutions o f Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 1977-Dec Jan. Certificates of indebtedness s Bills Certificates of indebtedness s < Certificates of indebtedness s Bills [ 12/15/77 12/16/77 12/19/77 12/20/77 12/21/77 12/22/77 12/23/77 12/27/77 12/30/77 \ 6/29/73 12/16/75 110/29/76 r 12/12/77 12/12/77 12/12/77 1^12/19/77 11/28/77 1.0/05/77 10/06/77 10/14/77 10/17/77 10/24/77 10/26/77 1/03/78 1/05/78 1/06/78 1/09/78 1/10/78 1/12/78 1/13/78 1/16/78 1/17/78 1/24/78 1/25/78 1/26/78 v 1/26/78 4/01/76 10/29/76 11/28/77 1/04/78 1/06/78 1/06/78 1/06/78 1/31/78 1/31/78 / 8/04/77 t 2/02/78 Ll/02/77 11/14/77 11/22/77 11/25/77 2/01/78 2/02/78 2/14/78 2/14/78 2/16/78 2/16/78 2/17/78 2/21/78 2/21/78 2/22/78 2/23/78 2/24/78 2/24/78 2/27/78 2/28/78 j 6/28/76 J10/29/76 <12/19/77 u? ^9/08/79 12/01/77 3/02/78 3/09/78 3/21/78 3/21/78 3/27/78 3/27/78 3/30/78 3/30/78 3/15/78 3/16/78 3/20/78 3/20/78 3/21/78 3/22/78 3/23/78 3/28/78 3/20/78 12/29/77 12/16/77 1/30/78 7/31/79 8/31/79 9/30/79 2/28/78 1/03/78 1/05/78 1/06/78 1/13/78 1/17/78 1/24/78 1/26/78 4/03/78 4/05/78 4/06/78 4/10/78 4/10/78 4/12/78 4/13/78 4/17/78 4/17/78 4/24/78 4/25/78 4/26/78 4/26/78 1/31/78 1/30/78 1/31/78 3/31/78 1/31/78 2/28/78 1/31/78 11/30/79 12/31/79 2/02/78 8/03/78 2/02/78 2/14/78 2/22/78 2/24/78 5/02/78 5/02/78 5/16/78 5/16/78 5/16/78 5/16/78 5/17/78 5/22/78 5/22/78 5/22/78 5/23/78 5/24/78 5/24/78 5/26/78 5/29/78 3/31/78 4/28/78 2/28/78 2/28/78 3/09/78 3/02/78 3/31/78 9/07/78 3/31/78 3/31/78 3/31/78 3/31/78 6/22/78 6/29/ _ _ _ _ _ _ _ _ _ ;i Ii _ i j ! , 86 _ _ 6.45 ' 29 I 6.45 ' 33 I ! ! ' 1i _ I _ _ ' i 40 i j < , _ 6.45 i 45 j 6.45 ' 29 i ! : I 122 j ; _ _ _ ~ ,018 21,659 21,510

69 October 1979 PUBLIC DEBT OPERATIONS, 61 T a b l e P D O F o r e i g n S e r i e s S e c u r i t i e s ( N o n m a r k e t a b l e ) I s s u e d t o O f f i c i a l I n s t i t u t i o n s o f F o r e i g n C o u n t r i e s C o n t i n u e d (Payable in U.S. llars; llar amounts in millions) Amount Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired outstanding end of month 12/05/77 3/06/ _ 36 V 12/06/77 3/06/ / 22,614 12/07/77 3/07/ /08/77 3/08/ _ 21 12/09/77 3/09/ /12/77 3A3/ _ 28 12/13/77 3/13/ /14/77 3/14/ /15/77 3/15/ /16/77 3/16/ /16/77 3/16/ _ 23 12/19/77 3/20/ _ 16 12/20/77 3/20/ _ 14 12/21/77 3/21/ Mar... ( Certificates of indebtedness < 12/22/77 3/22/ /23/77 3/23/ /27/77 3/28/ /30/77 3/30/ _ 84 3/02/78 6/02/ ' 3/02/78 6/02/ /06/78 6/06/ /06/78 6/06/ /07/78 6/07/ /08/78 6/08/ /09/78 6/09/ /13/78 6/13/ _ 3/13/78 6/13/ /14/78 6/14/ _ 3/15/78 6/15/ _ 3/15/78 6/15/ /15/78 6/15/ /16/78 6/16/ /16/78 6/16/ /16/78 6/16/ /20/78 6/20/ _ 3/20/78 6/20/ /21/78 6/21/ /22/78 6/22/ /23/78 6/23/ _ 3/28/78 6/28/ _ 3/29/78 6/29/ /29/78 6/29/ _ L 3/30/78 6/30/ / 7/19/72 3/22/ _ 500 s \ 10/29/76 4/28/ _ 37 s. I 3/22/78 2/15/ (l0/l3/77 4/13/78 _ 40 Bills J10/13/77 4/13/78 _ \ 4/13/78 10/12/78 _ 40 _ 1 4/13/78 10/12/ /03/78 4/03/ _ 3 1/05/78 4/05/ /05/78 4/05/ /05/78 7/05/ /06/78 4/06/ /09/78 4/10/ _ 89 1/09/78 4/10/ _ 89 1/10/78 4/10/ /10/78 4/10/ _ 38 1/12/78 4/12/ /12/78 4/12/ /13/78 4/13/ /13/78 4/13/ _ 110 1/13/78 4/13/ _ 110 1/16/78 4/17/ _ 43 1/16/78 4/17/ /17/78 4/17/ /17/78 4/17/ _ 29, 1/17/78 4/17/ _ 29 Certificates of indebtedness 1/24/78 4/24/ /25/78 4/25/ _ 15 1/25/78 4/25/ _ 15 1/26/78 4/26/ _ 17 1/26/78 4/26/ _ 8 1/26/78 4/26/ /26/78 4/26/ /03/78 7/03/ /04/78 7/05/ Apr... < 4/04/78 7/05/ ^ 22,438 4/05/78 7/05/ /05/78 7/05/ /06/78 7/06/ /06/78 7/06/

70 6 2 PUBLIC DEBT OPERATIONS, Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Treasury Bulletin Month of activity Issue date Maturity date.te >ercent) Amount Issued Retired outstanding end of month 1978-May. s > Bills Certificates of indebtedness 4/10/78 4/10/78 4/10/78 4/10/78 4/10/78 4/12/78 4/12/78 4/13/78 4/13/78 4/13/78 4/13/78 4/17/78 4/17/78 4/17/78 4/17/78 4/17/78 4/17/78 4/24/78 4/24/78 4/25/78 4/25/78 4/26/78 4/26/78 4/26/78 4/07/72 <10/29/76 I 4/07/78 /11/10/77 5/11/78 ' 2/1/78 2/1/78 2/2/78 2/L4/78 2/14/78 2/14/78 2/14/78 2/16/78 2/16/78 2A6/7 8 2/17/78 2/17/78 2/21/78 2/21/78 2/21/78 2/21/78 2/21/78 2/21/78 2/22/78 2/23/78 2/23/78 2/24/78 2/24/78 2/24/78 2/27/78 2/27/78 2/28/78 2/28/78 3/6/78 3/6/78 3/7/78 3/8/78 3/9/78 3A3/78 3/13/78 3/14/78 3/15/78 3/16/78 3/20/78 3/20/78 3/21/78 3/22/78 3/23/78 4/10/78 4/12/78 4/13/78 4/17/78 4/17/78 $$8 4/26/78 5/2/78 5/2/78 5/2/78 5/2/78 5/2/78 7/10/78 7/10/78 7/10/78 7/10/78 7/10/78 7/12/78 7/12/78 7/13/78 7/13/78 7/13/78 7/13/7 8 7/17/78 7/17/78 7/17/78 7/17/78 7/17/78 7/17/78 7/24/7 8 7/24/78 7/25/78 7/25/78 7/26/78 7/26/78 7/26/78 4/07/78 4/28/78 3/31/85 5A1/78 11/9/78 5/2/78 5/2/78 5/2/78 5/16/78 5/16/78 5/16/78 5/16/78 5/16/78 5/16/78 5/16/78 5/17/78 5/17/78 5/22/78 5/22/78 5/22/78 5/22/78 5/22/78 5/22/78 5/22/78 5/23/78 5/23/78 5/24/78 5/24/78 5/24/78 5/26/78 5/26/78 5/29/78 5/29/78 6/6/78 6/6/78 6/7/78 6/8/78 6/9/78 6/13/78 6/13/78 $ # 6/16/78 6/20/78 6/20/78 6/21/78 6/22/78 6/23/78 7/10/78 7/12/78 7/13/78 7/17/78 7/17/78 7/25/78 7/26/78 7/26/78 8/2/78 8/2/78 8/2/78 i/2/78 8/2/78 : _ 6.15 _ _ _ _ _ _ P 21, _

71 October PUBLIC DEBT OPERATIONS T a b l e P D O F o r e i g n Series Securities ( N o n m a r k e t a b l e ) I s s u e d to Official Institutions of F o r e i g n C o u n t r i e s C o n t i n u e d (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 5/16/78 8/16/ /16/78 8/16/ /16/78 8/16/ _ 5/16/78 8/16/ _ 5/16/78 8/16/ /16/78 8/16/ /17/78 8/17/ /17/78 8/17/ /22/78 8/22/ _ 5/22/78 8/22/ /22/78 8/22/ _ 5/22/78 8/22/ /23/78 8/23/ /23/78 8/23/ _ 5/24/78 8/24/ /24/78 8/24/ /26/78 8/25/ _ 5/26/78 8/25/ /29/78 8/29/ ^5/29/78 8/29/ s 10/29/76 7/28/ Bills f 3/30/78 u/22/ ^3/30/78 6/29/ J r3/02/78 6/02/ _ 45 3/02/78 6/02/ /15/78 6/15/ /15/78 6/15/ _ 137 3/16/78 6/16/ /16/78 6/16/ ! 3/23/78 6/23/ /28/78 6/28/ /29/78 6/29/ /29/78 6/29/ /30/78 6/30/ /16/78 8/16/ June..../Certificates of indebtedness ( 5/17/78 8/17/ ^ 20,558 5/22/78 8/22/ /02/78 9/01/ /02/78 9/01/ /15/78 9/15/ /15/78 9/15/ /16/78 9/15/ /16/78 9/15/ /27/78 9/27/ /29/78 9/29/ ^6/29/78 9/29/ s 10/29/76 7/28/ > _ i j _ _ , _ _ _ _ 44 July... /Certificates of indebtedness / _ _ _ _ l / 19, = _ _ _ J !Jotes (LO _ 29 V

72 64 PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued Treasury Bulletin (Payable in U.S. llars; llar amounts in millions) Month of activity Issue date Maturity date Interest rate (percent) Issued Retired outstanding end of month f \ Aug. < Certificates of indebtedness / \ fl ( V ,415 Sept. Bills C Certificates of indebtedness f _ 43 \ ^ _ / _ : _ ,912 f _ 500 J _ 400 ] _ 30 ^ 9-22t

73 October PUBLIC DEBT OPERATIONS_ Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) outstanding end of month Bills Certificates ' I II ' ,315

74 6 6.PUBLIC DEBT OPERATIONS, Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Treasury Bulletin Month of activity Issue date Maturity date Interest rate (percent) Issued Retired outstanding end of month Certificates of Indebtedness ( _ » t _ ,967

75 October 1979.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable m U.S. llars; llar amounts in millions) 67 Month of activity Issue date Maturity date Interest rate (percent) Issued Retir outstanding end of month Certificates of Indebtedness / Certificates of Indebtedness _ C " V _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ " ^ , ,398 26,928

76 6 8.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Treasury Bulletin Month of activity Issue date Maturity date Interest rate (percent) Issued Retir outstanding end of month _ _ Feb. / Certificates of Indebtedness < _ ,877 f _ 400 / V

77 October PUBLIC DEBT OPERATIONS Table PDO-8. Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Month activity 1979-Mar... J / Securities Issue date Maturity date Bills Interest Amount rate (percent) Issued Retired outstanding end of month f _ Certificates of Indebtedness _ ) 24, ' V ( s J \ > ^ V > / flo _ N Bills Certificates of Indebtedness i Apr... { / ) 21, ' ^ r s / ] /29/ >

78 70.PUBLIC DEBT OPERATIONS. Table PDO-8. Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. llars; llar amounts in millions) Treasury Bulletin Month of activity Issue date Maturity date Interest rate (percent) Retired outstanding end of month 1979-May. Certificates of Indebtedness ,008 Certificates of Indebtedness 6/27/79 6/28/79 6/22/79 6/25/79 6/26/79 6/27/79 6/29/79 6/28/79 6/29/79 S/18/79 9/27/79 9/21/79 9/25/79 9/26/79 9/27/79 9/28/79 9/28/79 9/28/ ,657 6/01/79 5/31/ July. Aug. Sept. Certificates of Indebtedness Certificates of Indebtedness Certificates of Indebtedness f 7/31/79 7/31/79 6/22/79 6/29/79 7/3/79 7/10/79 7/11/79 7/16/79 7/17/79 7/18/79 7/18/79 7/19/79 7/20/79 7/23/79 7/24/79 7/25/79 7/26/79 7/30/79 7/19/72 12/12/77 5/8/78 { 8/9/78 7/16/79 7/31/79 6/22/79 6/25/79 7/18/79 8/14/79 / 9/06/77 V 12/12/77 f 6/27/79 ^ 6/28/79 ~ 6/25/79 6/26/79 6/27/79 6/28/79 6/29/79 9/07/79 9/10/79 9/11/79 9/12/79 9/14/79 9/17/79 9/20/79 9/21/79 9/21/79 9/21/79 9/24/79 9/24/79 9/24/79 1? m 9/25/79 9/25/79 9/25/79 9/25/79 9/25/79 9/26/79 9/27/79 9/28/79 9/28/79 10/05/78 10/06/78 12/12/77 4/29/80 6/24/80 9/21/79 9/28/79 10/3/79 10/10/79 10/11/79 10/16/79 10/17/79 10/18/79 10/18/79 10/19/79 10/22/79 10/23/79 10/24/79 10/25/79 10/26/79 10/30/79 7/16/79 7/31/79 7/31/79 7/31/79 7/31/86 4/30/80 9/21/79 9/25/79 10/18/79 11/14/79 8/15/79 8/31/79 9/18/79 9/27/79 9/25/79 9/26/79 9/27/79 9/28/79 9/28/79 12/07/79 12/10/79 12/11/79 12/12/79 12/14/79 12/17/79 12/20/79 12/21/79 12/21/79 12/21/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/27/79 12/28/79 12/28/79 9/30/79 9/30/79 9/30/ ,865 I 23,538 23,965

79 October PUBLIC DEBT OPERATIONS. T a b l e P D O F o r e i g n C u r r e n c y S e r i e s S e c u r i t i e s ( N o n m a r k e t a b l e ) I s s u e d t o O f f i c i a l I n s t i t u t i o n s o f F o r e i g n C o u n t r i e s (Dollar amounts in millions) Month of activity Securities Payable in Issue date Maturity date Interest rate (percent) Issued Amount (Dollar equivalent) Retired outstanding end of month 1976-Feb.. Mar.. Apr.. May.. June. July, Aug.. Sept. Oct.. Nov.. Dec., s s s s s s s s s s s Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs ( Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs 11/01/74 11/20/74 2/02/76 2/20/76 11/29/74 3/01/76 1/20/75 4/20/76 2/28/75 5/28/76 6/13/75 6/14/76 4/07/75 7/07/76 5/06/75 5/20/75 8/6/76 8/20/76 6/11/75 9/10/76 7/08/75 10/8/76 7/29/75 10/29/76 6/11/75 6/11/75 9/08/75 12/10/76 2/02/76 2/20/76 8/02/77 8/19/77 3/01/76 9/01/77 4/20/76 10/20/77 5/28/76 11/28/77 6/14/76 12/14/77 7/07/76 1/06/78 8/06/76 8/20/76 2/06/78 2/20/78 9/10/76 3/10/78 10/08/76 4/07/78 10/29/78 4/28/78 12/10/76 12/10/76 3/08/77 6/09/ ,579 1, Jan., Feb., Mar., Apr., May, June July Aug. Sept Oct. Nov. Dec. s s s s s s s s s s s s Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs 9/08/75 9/08/75 9/08/75 10/06/75 3/08/77 10/06/75 10/17/75 11/26/75 4/18/77 11/26/75 5/26/77 2/02/76 2/02/76 2/02/76 2/20/76 3/01/76 8/19/77 3/01/76 4/20/76 9/01/77 4/20/76 5/28/76 10/20/77 5/28/76 6/14/76 6/14/76 7/07/76 3/08/77 3/08/77 3/08/77 4/06/77 9/08/78 4/06/77 4/18/77 5/26/77 10/18/78 5/26/77 11/27/78 8/02/77 8/02/77 8/02/77 8/19/77 9/09/77 2/20/79 9/01/77 10/20/77 3/01/79 10/20/77 11/28/77 4/20/79 11/28/77 12/14/77 12/14/77 1/06/ ,520 1,494 1,461 1,434 1,408 1,375 1,348 1,315 1,289 1,262 1,210 1, Jan. Feb. s s Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs 7/07/76 8/06/76 1/06/79 8/06/76 8/20/76 9/10/76 1/06/78 2/06/78 7/06/79 2/06/78 2/20/78 3/10/ ,128 1,087

80 72.PUBLIC DEBT OPERATIONS T a b l e P D O F o r e i g n C u r r e n c y S e r i e s Securities ( N o n m a r k e t a b l e ) Issued to Official Institutions of Foreign Countries C o n t in u ed (Dollar amounts In millions) Treasury Bulletin Month of activity- Securities Payable in Issue date Maturity date Interest rate (percent) Issued Amount (Dollar equivalent) Retired outstanding end of month t Swiss francs 9/10/76 3/10/ _ 144 > Mar... s l Swiss francs 10/08/76 4/07/ _ 31 > 1,035 L Swiss francs 3/10/78 9/10/ < J Swiss francs 10/08/76 4/07/ _ 7 Apr... s \ Swiss francs 10/29/76 4/28/ _ 50 1L r 995 ^ Swiss francs 4/28/78 10/29/ J s Swiss francs 12/10/76 6/09/ \ 943 f Swiss francs 12/10/76 6/09/ _ 85 ) s < Swiss francs 3/08/77 9/08/ > Swiss francs 6/09/78 30/29/ J July... s e Swiss francs j 3/08/77 9/08/ _ 19 \ 861 \ Swiss francs 1 4/18/77 10/18/ ; Aug... s Swiss francs j 4/18/77 10/18/ Sept... s Swiss francs 4/18/77 10/18/ Oct... Nov.... r C Swiss francs 4/18/77 10/18/ _ 45 I s l Swiss francs 5/26/77 11/27/ Swiss francs 10/18/78 10/29/ f Swiss francs 10/18/78 7/06/ Certificates V Swiss francs 10/18/78 9/10/ f Certificates s C Swiss francs 11/27/78 2/20/ Swiss francs 11/27/78 3/01/ \ Swiss francs 11/27/78 4/20/ \ Swiss francs 11/27/78 7/06/ f Swiss francs 5/26/77 11/27/ \ Swiss francs 8/19/77 2/20/ y -v > 727 l 657 Dec... ' ^ Certificates Swiss francs 11/27/78 2/20/ No-tes Swiss francs 8/19/77 2/20/ j Jan... Certificates Swiss francs 11/27/78 2/20/ Certificates (Swiss francs 11/27/78 2/27/ \Swiss francs 11/27/78 3/01/ _ 3 Feb... V, 475 Mar... s Swiss francs 9/01/77 3/01/ W /"Swiss francs 10/18/78 7/06/ rcertificates / Swiss francs 10/18/78 9/10/79 _ \ Swiss francs 11/27/78 7/06/ vswiss francs 11/28/78 2/20/ _ 17 rswiss francs 10/20/77 4/20/ s Swiss francs 1/06/78 7/06/ _ 17 Swiss francs 3/10/78 9/10/ _ 124 Swiss francs 4/28/78 10/29/ _ 17 Swiss francs 6/09/78 10/29/79 _ V. ^ Swiss francs 10/18/78 10/29/ N \ Jo s Swiss francs 10/18/78 10/29/ _ 3 Source: Bureau of the Public Debt

81 October PUBLIC DEBT OPERATIONS T a b l e P D O - I O. - F o r e i g n C u r r e n c y S e r i e s S e c u r i t i e s Issued to Resid e nt s of Foreign Countries (Dollar amounts in millions) Month of activity Securities Payable in Issue date Maturity date Interest rate (percent) Issued Amount (Dollar equivalent) Retired outstanding end of month 1978-Dec Jan... s s I Deutsche marks \ Deutsche marks 12/15/78 12/15/78 12/15/81 12/14/ : ) I Swiss francs 1/26/79 7/26/ \ Swiss francs 1/26/79 1/26/ J Mar / Deutsche marks 3/1/79 9/1/ \ 4,150 \Deutsche marks 3/1/79 9/1/ J 1,595 2,798

82 74 UNITED STATES SAVINGS BONDS Treasury Bulletin Series E and Series H are the only savings bonds currently sold. Series E has been on sale since May 1, 194-1, and Series H has been on sale since June 1, Series A - D were sold from March 1, 1935 through April 30, Series F and G were sold from May 1, 1941 through April 30, 19f>2. Seri J ind K were sold from May 1, 195? througl April 30, Details of the principal changes in issues, interest yields, maturities, and other terms appear in the Treasury Bulletins of April 1951, May 1952, May 1957, October and December 1959, May and October 1961, June 1968, and September 1970; and the Annual Report of the Secretary of the Treas1-py for fiscal years 1966 throv ' T a b l e S B S a l e s a n d R e d e m p t i o n s b y Series, C u m u l a t i v e t h r o u g h S e p t e m b e r 30, (In millions of llars) Series Sales 1/ Accrued discount Sales plus accrued discount Redemptions 1/ Interestbearing debt Amount outstanding Matured non-interestbearing debt Series A-D- 2/... Series E and H... Series F and G Series J and K.... A-K... 3,949 1,054 5,003 5,000 80, ,647 59, , , ,396 1,125 29,521 29, , ,754 3, ,548 62, , ,461 80, Footnotes at end of Table SB-4. T a b l e S B S a l e s a n d R e d e m p t i o n s b y P e r i o d s, A l l S e r i e s C o m b i n e d Period Sales 1/ Accrued discount Sales plus accrued discount Redemptions 1/ Sales price 3/ Accrued discount Interestbearing debt Amount outstanding Matured non-interestbearing debt Fiscal vears: ,966 30, , , ,248 16,872 51, ,449 1,841 6,291 6,748 5,508 1,240 51, ,082 2,056 7,138 5,425 4,342 1,083 53, ,940 2,310 8,249 5,338 4,306 1,032 55, ,514 2,564 9,078 5,586 4,494 1,092 59, ,429 2,749 9,178 6,681 5,366 1,314 61, ,826 3,252 10,078 6,519 5,173 1,346 65, ,293 3,496 10,790 6,543 5,133 1,409 69, T.Q... 1, ,735 1,717 1, , ,895 3,827 11,722 7,064 5,495 1,567 75, ,026 4,104 12,131 7,747 5,971 1,776 79, Calendar years: ;594 30, , , ,407 16,264 51, ,393 1,832 6,224 6,639 5,457 1,182 51, ,665 1, ,295 5,072 1,223 51, ,477 2,192 7,669 5,244 4,224 1,021 54, ,236 2,426 8,662 5,365 4,322 1,043 57, ,270 2,673 8,943 6,211 4,945 1,266 60, ,862 2,994 9,856 6,829 5,476 1,354 63, ,038 3,368 10,406 6,292 4,959 1,332 67, ,555 3,597 11,152 6,771 5,288 1,483 71, ,954 3,910 11,863 7,110 5,520 1,590 76, ,959 4,180 11,898 8,195 6,312 1,883 80, Month: 1978-Sept , Oct , Nov , , Jan ,078 1, , Feb , Mar , , ,039 1, , , June , July , , , Footnotes at end of Table SB-4.

83 October UNITED STATES SAVINGS BONDS T a b l e S B S a l e s a n d R e d e m p t i o n s b y Periods, Series E t h r o u g h K Period Sales 1/ Accrued discount Sales plus accrued discount (in millions of llars) Redemptions 1/ Sales price 3/ Accrued discount 3f Interes t-bearing debt Amount outstanding Matured non-interestbearing debt E and H Fiscal vears: ,066 28, , , ,307 14,618 51, ,449 1,841 6,291 6,721 5,484 1,237 51, ,082 2,056 7,138 5,416 4,334 1,082 53, ,939 2,310 8,249 5,331 4,294 1,037 55, ,514 2,564 9,078 5,581 4,490 1,091 59, ,429 2,749 9,178 6,675 5,361 1,314 61, ,826 3,252 10,078 6,517 5,172 1,345 65, ,293 3,496 10,790 6,539 5,130 1,409 69,733 - TQ... 1, ,735 1,715 1, , ,895 3,827 11,722 7,063 5,495 1,567 75, ,026 4,104 12,131 7,743 5,968 1,775 79,798 Calendar years: 194JL ,755 27, , , ,538 13,994 51, ,393 1,832 6,244 6,565 5,391 1,173 51, ,665 1,909 6,574 6,281 5,060 1,221 51, ,477 2,192 7,669 5,237 4,217 1,020 54, ,236 2,426 8,662 5,359 4,311 1,049 57, ,270 2,673 8,943 6,206 4,972 1,234 60, ,862 2,994 9,856 6,284 5,471 1,353 63, ,038 3,368 10,406 6,290 4,959 1,331 67, ,555 3,597 11,152 6,762 5,281 1,481 71, ,954 3,910 11,853 7,114 5,524 1,591 76, ,959 4,180 12,139 8,195 6,312 1,883 80,546 - Months: Sept ± , ,091 - Nov ,331 - Dec , Jan ,078 1, ,414 - Feb ,459 - Mar , ,417 - Apr ,039 1, ,426 - May , ,460 J u l y , , ,440 Series F,G,J, and K, combined 4/ Fiscal vears: ,951 1,323 33,274 33,199 31,887 1, T.Q Calendar years: ,951 1,323 33,274 33,143 31,837 1, Months: 1978-Sept Oct Nov Jan Feb Mar U r May llr lor July lor Sept.... " 10 Footnotes at end of Table SB-4.

84 76.UNITED STATES SAVINGS BONDS Treasury Bulletin Period Sales 1/ T a b l e S B S a l e s a n d R e d e m p t i o n s b y P e r i o d s, S e r i e s t h r o u g h K C o n t i n u e d Accrued discount Sales plus accrued discount (In millions of llars) Redemptions 1/ Sales price 3/ Accrued discount 3/ Exchange of E bonds for H bonds Amount outstanding (interestbearing debt) Series E ^Fiscal years: ,516 28, , , ,261 14,618 2,002 44, ,289 1,841 6,130 5,959 4,722 1, , ,870 2,056 6,926 4,959 3,877 1, , ,650 2,310 7,960 4,972 3,932 1, , ,190 2,564 8,755 5,209 4,118 1, , ,145 2,749 8,894 6,156 4,842 1, , ,503 3,252 9,755 6,063 4,717 1, , ,975 3,496 10,471 6,114 4,705 1, ,648 T.Q... 1, ,663 1,611 1, , ,576 3,827 11,403 6,638 5,070 1, , ,774 4,104 11,879 7,244 5,469 1, ,383 Calendar years: ,302 27, , ,840 98,845 13,994 1,908 44, ,221 1,832 6,052 5,835 4,661 1, , ,503 1,909 6,412 5,626 4,405 1, , ,218 2,192 7,411 4,871 3,851 1, , ,922 2,426 8,348 5,007 3,958 1, , ,988 2,673 8,661 5,740 4,507 1, , ,524 2,994 9,518 6,318 4,965 1, , ,729 3,368 10,097 5,886 4,555 1, , ,245 3,597 10,841 6,336 4,855 1, , ,638 3,910 11,548 6,686 5,095 1, , ,718 4,180 11,898 7,645 5,762 1, ,154 Months: 1978-Sept b 29 71, , ,927 Dec , Jan ,060 1, ,057 Feb ,127 Mar ,105 Apr , , , ,238 July , , ,266 Series H Fiscal years: ,550-10,550 5,046 5,046-2,002 7, , , , , , , ,084 T.Q , , ,415 Calendar years: ,452-10,452 4,692 4,692-1,908 7, , , , , , , , , , ,392 Months: 1978-Sept ,415 Oct , , , Jan _ ,357 Feb ,332 Mar , , , ,222 July ,201 Aug ,201 Sept " 35 8,174 Footnotes at end of Table SB-4.

85 October UNITED STATES SAVINGS BONDS T a b l e S B R e d e m p t i o n s o f M a t u r e d a n d U n m a t u r e d S a v i n g s B o n d s (In mi LI ions of llars) Period Matured Series E and H Other Unmatured Series E and H Other Unclassified 10/ Fiscal years: ,457 37,430 20,271 17,159 44,955 36,001 8, ,164 2,047 1, ,088 2, ,346 2,184 1, ,284 3, ,724 2,253 1, ,300 3, ,922 2,471 2, ,351 3, ,982 2,548 2, ,401 3, ,339 2,560 2, ,566 3, ,748 2,792 2, ,842 3, ,425 2,490 2, ,660 3, ,338 2,043 2, ,317 3, ,586 2,126 2, ,393 3, ,681 2,729 2, ,847 3, ,517 2,544 2, ,776 3, ,543 2,820 2, ,772 3, T.Q... 1, ,064 3, ,487 3, ,747 3,157 3, ,690 4, Calendar years: ,001 37,947 19,528 18,419 44,054 33,923 10, ,021 2i 043 1, / 3,031 2, ,252 2,171 1, ,157 3, ,441 2,148 1, ,287 3, ,000 2,472 2, ,384 3, ,793 2,386 2, ,413 3, ,133 2,652 2, ,455 3, ,639 2,686 2, ,726 3, ,295 2,841 2, ,885 3,885 _ ,244 2,022 2, ,305 3,305 _ ,365 2,053 2, ,337 3,337 _ ,210 2,508 2, ,578 3, ,833 2,627 2, ,789 3, ,291 2,481 2,481 3,955 3,955 _ ,771 3,275 3, ,487 3,487 _ ,556 2, ,553 4, ,200 3,129 3, ,071 5, Months: _ Jan... 1, _ 543 Feb _ 117 Mar... 1, _ , _ July n.a. n.a. n.a. n.a. n.a. n.a. n.a. 985 n.a. n.a. n.a. n.a. n.a. n.a. n.a. Sept n.a. n.a. n.a. n.a. n.a. n.a. n.a. Source: Monthly Statement of the Public Debt of the U.S.; Office of Market Analysis, United States Savings Bonds Division. : In these tables sales of Series A-F and J bonds are included at issue price, and redemptions and amounts outstanding at current redemption value. Series G,H, and K are included at face value throughout. Matured bonds which have been redeemed are included in redemptions. Matured J and K bonds outstanding are included in the interest-bearing debt until all bonds of the annual series have matured, and are then transferred to matured debt on which interest has ceased. 1/ Sales and redemption figures include exchanges 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 bonds, which are reported in Table SB-3. 2/ Details by series on a cumulative basis and by periods of Series A-D combined will be found in the February 1952 and previous issues of the Treasury Bulletin. 3/ Because there is a normal lag in classifying redemptions, the distribution of redemption between sales price and accrued discount has been estimated. Beginning with the Treasury Bulletin of March 1961 the method of distributing redemptions between sales price and accrued discount has been changed to reflect the distribution shown in final reports of classified redemption. All periods shown have been revised on this basis. 4/ Series F and G sales were discontinued April 30, 1952, and Series J and K sales were discontinued April 30, Sales figures after April 30, 1957, represent adjustments. 5/ Includes exchanges of Series 1941 F and G savings bonds for 3-1/47. marketable bonds of / Includes exchanges of Series 1948 F and G bonds for 4-3/47. marketable notes of / Includes exchanges of Series 1949 F and G bonds for 47. marketable bonds of / Includes exchanges of Series 1960 F and G bonds for 3-7/87. marketable bonds for / Includes exchanges of Series 1951 amd 1952 F and G bonds for 3-7/87. marketable bonds of 1971 and 47. marketable bonds of / Represents changes in the amounts of redemptions not yet classified between matured and unmatured issues. Less than $500,000. n.a. Not available.

86 78.UNITED STATES SAVINGS NOTES, Treasury Bulletin United States savings notes were on sale May 1, 1967 through June 30, 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 196&; and in the Annual Report of the Secretary of the Treasury for fiscal year T a b l e S N S a l e s a n d R e d e m p t i o n s b y P e r i o d s (In millions of llars) Period Sales 1/ Accrued discount Sales-plus accrued discount Redemptions 2,/ Sales price Accrued discount Amount outstanding Fiscal years: T.Q Calendar vears: Months: Sept j z Oct Jan Feb Mar June Aug Source: Monthly Statement of the Public Debt of the United States; Office 2/ Includes U.S. savings notes exchanged for Series H bonds beginning of Market Analysis, United States Savings Bonds Division. January / Sales were discontinued after June 30, Figures shown thereafter Less than $500,000. represent adjustments.

87 October OWNERSHIP OF FEDERAL SECURITIES Table OFS-1. - Distribution of Federal Securities b y Classes of Investors a n d T y p e of Issues (In millions of llars) Interest-bearing public debt securities End of fiscal year or month Federal securities outstanding outstanding Held by U.S. Government accounts Marketable Nomarketable Government account series Other Public issues held by Federal Reserve banks 382, ,026 95,170 16,974 76,124 2,071 57, , , ,888 18,092 82,740 2,056 65, , , ,460 19,868 89,536 2,056 71, , , ,385 20, ,248 2,056 75, , , ,206 21, ,921 2,056 80, , , ,283 20, ,752 2,056 84, , , ,611 18, ,202 2,056 94, , , ,105 16, ,409 2,056 96, , , ,490 14, ,816 2, ,715 1/ 780, , ,973 13, ,031 2, , Mar , , ,718 13, ,682 2, , , , ,708 13, ,756 2, , , , ,973 13, ,031 2, ,764 Oct , , ,338 13, ,398 2, , , , ,399 12, ,567 2, , , , ,994 12, ,244 2, , Jan , , ,728 12, ,978 2, ,279 Feb , , ,135 12, ,387 2, ,486 Mar , , ,274 12, ,534 2, , , , ,671 12, ,932 2, , , , ,082 12, ,344 2, ,185 June , , ,570 12, ,062 2, ,241 July , , ,254 12, ,751 2, , , , ,568 11, ,123 2, ,027 End of fiscal year or month Interest-bearing public debt securities - Con. Held by private investors Marketable Nonmarketable Matured public debt and debt bearing no interest 2/ outstanding 1/ Agency securities Held by U.S. Government accounts and Federal Reserve banks Held by private investors 216, ,911 58,231 1,068 12,510 2,553 9, , ,863 66,020 1,016 12,163 2,251 9, , ,978 76,566 1,076 10,894 2,170 8, , ,869 90, ,109 2,156 8, , ,862 89, ,012 2,152 9, , ,382 91,708 1,067 10,943 2,186 8, , ,782 95,415 1,179 10,953 2,223 8, , ,595 96,433 1,142 11,678 2,222 9, , , ,750 1,211 10,298 2,094 8, , , ,733 4,573 8,881 1,705 7, Mar , , ,939 1,022 9,893 2,024 7, Aug , , ,035 1,041 8,894 1,705 7, , , ,733 4,573 8,881 1,705 7, , , , ,873 1,698 7, ,34' 367, , ,537 1,686 6, , , ,526 6,835 8,487 1,681 6, Jan ,497 Feb , , , , , ,279 8,263 1,680 1,678 6,599 6,173 Apr , , ,755 4,448 7,832 1,658 6, , , , ,663 1,651 6, , , , ,426 1,538 5,888 June , , ,403 5,050 7,334 1,617 5,717 July , , , ,263 1,610 5, , , ,730 1,045 7,245 1,574 5,671 : The Export-Import Bank was moved within the Budget effective classified as agency debt. These transactions were previously reported October 1, 1976 pursuant to Public Law Adjustments are made as off-budget negative outlays. to include totals for the period it was outside the Budget (August 1/ Includes a nonmarketable Federal Reserve special certificate for $2, , 1971 through September 30, 1976). Also, adjustments are made 2/ Adjusted to exclude non-interest-bearing notes issued tothe Interto reflect certain Export-Import Bank borrowing transactions now national Monetary Fund to reflect the unified budget concept. 3/ For detail, see Table FD-6.

88 80 Treasury Bulletin flw O T R S H T P O F F E D E R A L SF.HTTRTTTF.S End of month privately held T ab le OFS-2. - Estim ated Ownership o f Public D eb t Securities by P rivate Investors Commercial banks 2/ (Par values 1/ in billions of llars) Individuals 3/ Savings bonds Series E and H Other Series 7/ Other securities Nonbank investors Insurance companies Mutual savings banks Corporations 4/ State and local governments Foreign and international 5/ Other Investors 6/ 1939-Dec _ Feb Dec June Dec c , ' June Dec Dec June June lr Dec r Or 1978-Jan lr 373.Or 106.3r r 15.4r 5.9r 23.4r 55.3r 11?. S 54. lr Feb r 375.5r 107.Or r 15.9r 5.9r 22.3r 51.lr r Mar r 383.Or 107.lr lr 15.4r 5.7r 20.8r 60.6r Or Apr r 379.2r 107.3r r 14.8r 5.6r 19.5r 60. lr r May r 381.2r 108.lr r 14.9r 5.7r 18.9r 59.7r r June lr 378.7r 108.2r Or 14.6r 5.3r 18.2r 63.7r r July r 384.4r 108.6r r 14.9r 5.4r 19. lr 62.9r lr Aug " 96.8r 392.2r 109.2r r 15, Or 5.3r 22.4r 70.7r r r 392.Or 109.4r r 15. lr 5.2r 21.3r 69. Or lr Oct r 399.4r 110.Or r 15.3r 5.2r 20.4r 68.3r r Nov r 407.8r 110.3r r 15.Or 5.2r 20.8r 70.4r r Dec r 414.Or 110.8r lr 14.9r 5. Or 20.5r 70. lr r 1979-Jan r 428.lr 111.2r r 15.2r 4.9r 21.2r 69.2r Feb Or r 421.2r 111.6r Or 15.3r 4.9r 22.5r 69.8r r Mar r 424.Or 111.9r r 15.2r 4.9r 72.7r 71.4r lr r 420.9r 112.3r r 14.8r 4.9r 22.6r 71.7r May r r 423.9r 112.6r Or 14.7r 5. lr 24.9r 71.7r Or July « « Q fi /7#U 81.5 Source: Office of Government Financing in the Office of the Secretary. 1/ United States savings bonds, Series A-F and J, are included at current redemption value. 2/ Consists of commercial banks, trust companies, and stock sayings banks in the United States and in Territories and island possessions. Figures exclude securities held in trust departments. 3/ Includes partnerships and personal trust accounts. 4/ Exclusive of banks and insurance companies. 5/ Consists of the investment of foreign balances and international accounts in the United States. Holdings have been adjusted to exclude issues to the International Monetary Fund and other international lending organizations to reflect the unified budget concept. 6/ Consists of savings and loan associations, nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included are certain government deposit accounts and governmentsponsored agencies. 7/ Includes U.S. savings notes. Sales began May 1, 1967 and were discontinued after June 30, p Preliminary. r Revised.

89 October TREASURY SURVEY OF OWNERSHIP AUGUST 31, 1979 The monthly Treasury Survey of Ownership covers securities issued by the United States Government, Federal agencies, Federally-sponsored agencies, and the District of Columbia. The banks and insurance companies included in the Survey currently account for about SO percent of all such securities held by these institutions. The similar proportion for corporations and for savings and loan associations is 50 percent, and for State and local governments, 40 percent. Data were first published for banks and insurance companies in the May 1941 Treasury Bulletin, for corporations and savings and loan associations in the September I960 Bulletin, and for State and local governments in the February 1962 Bulletin. Holdings by commercial banks distributed according to Federal Reserve member bank classes and nonmember banks are published for June 30 and Decomber 31. Holdings by corporate pension trust funds are published quarterly, first appearing in the March 1954 Bulletin. T a b l e T S O S u m m a r y o f F e d e r a l Securities (Par values - in millions of llars) Held by private investors covered in Treasury Survey Classification amount outstanding 1/ U.S. Government accounts and Federal Reserve banks 5413 private investors commercial banks 2/ 461 mutual savings banks 2/ Insurance companies 289 life 435 fire, casualty, and marine savings and loan associations corporations State and local governments 310 general funds 181 pension and retirement funds All other private investors 3/ Public debt issues: Interest-bearing public debt securities: Marketable... Nonmarketable 4/... interest-bearing public debt securities Matured debt and debt bearing no interest... public debt securities... Government agency issues: 509, , ,095 1, , , , , , , , ,501 1, , ,244 3,244 3,244 3,143 3,143 3,143 8,600 8,600 8, ,127 7,127 7, , ,875 1, ,920 Regular issues... Participation certificates 5/... Government agency securities covered in Treasury Survey... Nonsurveyed Government agency securities... Government agency securities 6/... Federal securities.. 2,527 3,254 5,781 1,464 7, , ,343 1, , ,169 2,386 1,911 4,297 1,374 5, , , ,860 Footnotes at end of Table TS0-5.

90 82 Treasury Bulletin Classification T R E A S U R Y S U R V E Y O F O W N E R S H IP A U G U S T 31, 1979 Table TSO-2. - Interest-Bearing Marketable Public D ebt Securities amount outstanding If U.S. Government accounts and Federal Reserve banks V by Type and Maturity Distribution (Par values - in millions of llars) 5,413 commercial banks 2/ Held by investors covered in Treasury Survey 461 mutual savings banks 2/ Insurance companies 289 life 435 fire, casualty, and marine 484 savings and loan associations 431 corporations State and local governments 310 general funds 181 pension and retirement funds Held by all other investors 3/ By type security: Issued by U.S. Government: 160,489 42,911 4, ,831 2, , ,582 57,446 58,723 2,779 1,021 6,740 3,115 4,615 6,610 1, ,831 71,116 24,059 3, ,035 1, ,714 5,149 32, , ,416 66,813 3,244 3,143 8,600 3,547 7,127 10,853 7, ,145 By'maturity distribution: Call classes (due or first becoming callable): Within 1 year ,898 63,383 20, ,550 1,363 4,200 5, , ,555 29,937 37,005 1, ,043 2,047 2,219 3, ,617 50,233 15,644 6, , ,032 22,246 18,314 4, ,251 10, to 20 years... 11,258 4, ,816 21,928 7,075 1, ,761 9, , ,416 66,813 3,244 Maturity classes (final 3,143 8,600 3,547 7,127 10,853 7, ,145 maturity): 245,699 62,809 20, ,476 1,334 4,150 5, , ,771 30,164 37,055 1,752 1,013 4,082 2,070 2,266 3, , to 15 years... 45,510 13,118 6, , ,408 20,914 4, ,248 11,737 5,356 30,937 2,823 10, , ,722 1,897 13, , ,416 66,813 3,244 3,143 8,600 3,547 7,127 10,853 7, ,145 Footnotes at end of Table TSO-5. Table TSO-3. - Interest-Bearing M arketable Public Debt Securities by Issue amount. outstand (Par values - in millions of llars) 5413 commer U.S. Government ac Issue ing 1/ cial savings counts and banks banks 289 Federal 2/ 2/ life Reserve banks Held by investors covered in Treasury Survey 461 mutual Insurance companies fire, casualty, and marine 431 savings and loan associations corporations States and local governments 310, general funds 181 pension and retirement funds Held by all other investors 3/ Treasury Bills: Regular weekly and annual maturing: Sept ,924 6., ,131 Oct ,281 7., ,613 Nov ,922 9., ,683 Dec ,756 4,, ,202 Jan ,831 4,, ,731 Feb ,601 3., ,066 Mar ,326 1., ,019 Apr ,366 2,, ,139 May , ,597 June , ,589 July , ,272 Aug , ,221 Treasury Bills , ,911 4, ,831 2, ,264 Treasury s: 8-1/2 Sept F... 2, , /8 Sept U... 3, , /4 Oct V... 4, , /4 Nov K... 3, , /8 Nov B... 1,604 1,, Nov C... 2, , /8 Nov W... 4, , /2 Dec G... 2, , /8 Dec X... 3, , /2 Jan K... 3, , , /2 Feb G... 4,608 1,, , /8 Feb L... 3, , /2 Mar C... 6, , , /4 Apr N... 3, , /8 May 1980-A... 7,265 5,, ,017 8 May 1980-P... 3, , /8 2, , /4 June 1980-Q... 4, , /2 July 1980-R... 4, , /4 Aug H... 4, ,090 9 Aug B... 4,296 2,, , /8 Aug S... 3, , /8 Sept E... 2, , /8 Sept T... 3, , /8 Oct U... 3, , /8 Nov J... 4, , /4 5-7/8 Nov. Dec V F... 3,195 2, ,135 1,182

91 October Issue TREASURY SURVEY OF OWNERSHIP AUGUST 31, 1979 Table TSO-3. - Interest-Bearing M arketable Public Debt Securities by Issue Continued amount ing 1/ (Par values - in millions of llars) Held by investors covered in Treasury Survey 5, cial banks 2/ mutual savings banks 21 Insurance companies 289 life 435 fire, casualty, and marine savings and loan fissociation U.S. Government accounts and Federal Reserve banks corporations general funds State and local governments 181. pension and retirement funds Held by all other investors 3/ Treasury s (Continued) 9-7/8 Dec W... 3, , /4 Jan P... 3, ,961 7 Feb , /8 Feb C... 4,796 1,037 1, , /4 Feb , , /8 Mar H... 2, , /8 Mar R... 3, , /4 Apr S... 3, , /8 May 1981-D... 2, /2 May 1981-M... 3,893 1,068 1, , /4 May 1981-T... 2, , /4 June 1981-J... 2, , /8 June 1981-U... 3, , /8 July 1981-V... 3, , /8 Aug F... 2, /8 Aug N... 4,110 1, , /8 Aug W... 3, , , /4 Sept K... 2, ,852 7 Nov G... 2, , /4 Nov B... 4,477 1, , /4 Dec L... 3, , , /8 Feb D... 2, , /8 Mar G... 2, , ,038 7 May 1982-E... 2, ,421 8 May 1982-A... 2,747 1, /4 May 1982-K... 3,556 1, , /4 June 1982-H... 2, , /8 Aug B... 2,918 1, Aug M... 3,586 1, , /8 Sept J... 2, , /8 Nov C... 2, , /8 Nov F... 2, /8 Dec L... 3, ,608 8 Feb A... J 7,958 2,142 1, , /4 Mar D... J 2, , , /8 May 1983-C... 2, , /8 June 1983-E... 3, , ,359 7 Nov B.... 2, , /4 Feb A.... 8,438 3,906 1, , /4 Aug B.... 2, ,385 8 Feb A.... 4,203 1, , /4 Aug B.... 4,837 1,635 1, , /8 May 1986-A.... 5,219 1, ,588 8 Aug B.... 9,515 1,987 1, ,839 9 Feb B.... 6,237 1,629 1, , /8 Nov A.... 2, /4 May 1988-A.... 4,148 1, , /4 Nov B... 3,445 1, , /4 May 1989-A... 2, , ,582 57,446 58,723 2,779 1,021 6,740 3,115 4,615 6,610 1, ,831 Treasury Bonds: 4-1/4 May /4 June , Feb , /2 Nov , Aug /8 Feb ,702 1, , /8 Aug ,203 1, /4 May /8 Nov , /4 Aug ,674 1, ,234 4 Feb /2 Aug ,914 1, /8 May /2 Feb , , /4 May , b /4 Aug , /4 Feb /8 Feb , May /8 Aug , , /8 Nov , Feb , , /2 May ,414 1, /4 Aug , ,281 3 Feb /8 Feb , , /8 Aug ,662 2, ,684 8 Aug , /2 Nov , /4 May ,246 2, , /8 Feb ,249 1, /8 Nov , /8 Aug , /4 Nov ,230 1, , /8 May , ,559 Treasury Bonds ,116 24,059 3, ,035 1, ,714 5,149 32,051 Marketable Public Debt 505, ,418 66,664 3,237 3,143 8,598 3,544 7,102 10,714 7, ,924 Footnotes at end of Table TSO-5.

92 84 Treasury Bulletin T R E A S U R Y S U R V E Y O F O W N E R S H I P A U G U S T 31, 1979 T able TSO Securities Issued by Governm ent Agencies amount outstanding 1/ U.S. Government accounts and Federal Reserve banks (Par values - in millions of llars) 5413 commercial banks 2/ Held by investors covered in Treasury Survey 461 mutual savings banks 2/ Insurance companies 289 life 435 fire, casualty, and marine 484 savings and loan associations 431 rations 310 general funds State and local governments 181 pension and retirement funds Held by investors not in Treasury survey 3/ Export-Import Bank: Federal Housing Administration: Debentures Government National Mortgage Association: Participation Certificates... U.S. Postal Service: Tennessee Valley Authority: Government agency ,004 1, , ~ ,136 5,781 1, ,860 T a b le T S O -5. -Securities Issued by G overnm ent-s ponsored Agencies F arm ers H o m e A d m in is tra tio n and the D is tr ic t o f C o lu m b ia (Par values - in millions of llars) Held by investors covered in Treasury Survey Issue amount outstanding 1/ U.S. Government accounts and Federal Reserve banks 5413 commercial banks 2/ 461 mutual savings banks 2/ Insurance companies 484 savings 289 life 435 fire, casualty, and marine and loan associations 431 corporations State and local governments 310 general funds 181 pension and retirement funds Held by investors not in Treasury survey 3/ Banks for Cooperatives: Debentures Farm Credit Administration: Discount s... 3, ,117 Consolidated Bonds... 24, , ,341 Farmers Home Administration: Insured s... 2, Federal Home Loan Banks: - 2, ,236 11,695 Discount s... 4,536 25, , , ,439 FHLMC Mtg. Backed Certificates & Bonds 8/... 2, FHLMC Mtg. PMT. Certificates 8/ 9/... FHLMC Capital Debentures 8/ , , Issues to State and Local Govts. 7/ 8/ FHLB... 45,064 2,313 6, , , ,245 1,244 26,980 Federal Intermediate Credit Banks: Debentures... 3, , ,268 Federal Land Banks: 17,075 1,186 3, ,635 Federal National Mortgage Association: Discount s... 4, ,908 Interest Bearing s Debentures ,400 3,116 7,451 1, , , ,187 Mtg. Backed Bonds , Issues to State and Local Govts. 7/ FNMA... 46,108 3,333 8,750 1, , , ,472 District of Columbia: Stadium Bonds _ ,213 8,129 24,236 " ,746 1,478 6,609 1,374 7,626 3,012 85,507 1/ Securities issued by the Treasury and Government agencies that are classified as debt under the new unified budget concept. For debt subject to limitation, see Table FD-9. 2/ Includes trust departments. 3/ Included with all other investors are those banks, insurance companies, savings and loan associations, corporations, and State and local government funds not reporting in the Treasury Survey. Also included are certain Government deposit accounts and Governmentsponsored agencies. 4/ Data on the holdings of nonmarketable Public Debt were no longer collected beginning with July 1974 Treasury Survey of Ownership. 5/ Includes Export-Import Bank and Government National Mortgage Association participation certificates. 6/ Includes matured securities outstanding on which interest has ceased. 7/ Direct placements (mortgage-backed bonds) with State and local governments with various interest rates and maturity dates. 8/ Obligation of the Federal Home Loan Mortgage Corporation. The capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. 9/ Data on these securities were first published in the January 1979 Treasury Bulletin. Less than $500,000.

93 October M A R K E T Q U O T A T I O N S O N T R E A S U R Y S E C U R I T I E S, S E P T E M B E R 28, Current market quotations shown here are over-the- listed include all regularly quoted public marketable secucounter closing bid quotations in the New York market for rities issued by the United States Treasury. Securities the last trading day of the month, as reported to the Treasury issued by Federal agencies and guaranteed by the United by the Federal Reserve Bank of New York. The securities States Government are excluded. T a b l e M Q T r e a s u r y Bills Amount outstanding (m illions) 13-week 26-week 23-week 26-week Issue date Bank discount Amount Maturity date Bid Change from la s t month outstanding (m illions) 52-week Issue date 52-week Maturity date Bid Bank discount Change from la s t month $2,907 $3,008 7/05/79 4 /05/79 10/04/ % +.09% $3,474 10/17/78 10/16/ % -.02% 2,916 3,019 7/12/79 4/12/79 10/11/ ,896 11/14/78 '1 1 /1 3 / ,914 3,021 7/19/79 4/19/79 10/18/ ,029 12/12/78 12/11/ ,013 3,009 7/26/79 4/26/79 10/25/ ,705 1/09/79 1/08/ ,016 3,113 8 /02/79 5/03/79 11/01/ ,543 2/06/79 2/05/ ,014 3,016 8 /09/79 5/10/79 11/08/ ,326 3/06/79 3/04/ ,013 3,017 8 /16/79 5/17/79 11/15/ ,346 4/05/79 4/01/ ,003 2,919 8 /23/79 5/24/79 11/23/ ,020 5/01/79 4/29/ ,004 2,913 8 /30/79 5/31/79 11/29/ ,762 5/29/79 5/27/ ,021 2,813 9/06/79 6 /07/79 12/06/ ,788 6/26/79 6/24/ ,018 3,002 9/13/79 6 /14/79 12/13/ ,389 7/24/79 7/22/ ,014 2,906 9/20/79 6 /21/79 12/20/ ,545 8/21/79 8/19/ ,909 3,006 9/27/79 6 /28/79 12/27/ ,556 9/18/79 9/16/ ,018 7/05/79 1/03/ ,034 7/12/79 1/10/ ,024 7/19/79 1/17/ ,024 7/26/79 1/24/ ,026 8/02/79 1/31/ ,022 8/09/79 2/07/ ,014 8/16/79 2/14/ ,017 8/23/79 2/21/ ,009 8/30/79 2/28/ ,014 9/06/79 3/06/ ,132 9/13/79 3/13/ ,123 9/20/79 3/20/ ,018 9/27/79 3/27/ T a b l e M Q Tr e a s u r y N o t e s Amount outstanding (m illions) Description Bid (Price decimals are 32ds) Price Yield Price range since fir s t traded 3 / Change from la s t month To maturity Change from las t month Issue date High Low Price Date Price Date $4, /4% _ 10/31/79-V % +.66% 10/31/ /29/ /02/79 3, /4-11/15/79-K /15/ /10/ /09/78 1, /8-11/15/79-B /15/ /10/ /2 3 /7 4 2, /15/79-C /15/ /10/ /2 3 /7 4 4, /8-11/30/79-W /30/ /30/ /02/79 3, /8-12/31/79-X /03/ /04/ /03/79 2, /2-12/31/79-G /06/ /02/ /10/78 3, /2-1/31/80-K /31/ /01/ /03/79 4, /2-2/15/80-G /15/ /04/ /03/79 3, /8-2/29/80-L /28/ /22/ /03/79 6, /2-3/31/80-C /17/ /02/ /03/79 3, /4-4/30/80-N /01/ /25/ /20/78 7, /8-5/15/80-A /15/ /10/ /23/74 3, /31/80-P /31/ /08/ /03/79 2, /8-6/30/80-D /10/ /02/ /03/79 4, /4-6 /30/ /30/ /09/ /29/78 4, /2-7/31/80-R /31/ /09/ /03/79 4, /4-8/15/80-H /15/ /06/ /03/79 4, /15/80-B /15/ /10/ /13/79 3, /8-8/31/80-S /31/ /28/ /03/79 2, /8-9/30/80-E /14/ /02/ /03/79 3, /8-9/30/80-T /02/ /21/ /03/79 3, /8-10/31/80-U /31/ /25/ /18/79 4, /8-11/15/80-J /15/ /15/ /03/79 3, /4-11/30/80-V U /30/ /05/ /18/79 2, /8-12/31/80-F /07/ /03/ /02/79 3, /8-12/31/80-W /02/ /05/ /18/79 3, /4-1/31/81-P /31/ /03/ /18/79 1, /15/81-A /15/ /26/ /2 3 /7 4 4, /8-2/15/81-C /18/ /02/ /03/79 2, /4-2/28/81-Q /28/ /05/ /18/79 2, /8-3/31/81-H /08/ /14/ /03/79 3, /8-3/31/81-R /09/ /03/ /18/79 3, /4-4/30/81-S /30/ /03/ /18/79 Footnotes at end of Table MQ-3.

94 86 Treasury Bulletin M A R K E T Q U O T A T I O N S O N T R E A S U R Y S E C U R I T I E S, S E P T E M B E R 28, T a b l e M Q T r e a s u r y N o t e s C o n t i n u e d (Price decimals are 32ds) Amount outstanding (m illions) Description Bid Price Change from la s t month To maturity Yield Change from la s t month Issue date Price range since fir s t trade 1 / High Low Price Date Price Date $2, /8% - 5/15/81-D % +. 44% 1/26/ /12/ /03/79 3, /2-5/15/81-M /15/ /02/ /02/79 2, /4-5/31/81-T /31/ /02/ /18/79 2, /4-6/30/81-J /03/ /28/ /02/79 3, /8-6/30/81-U /02/ /27/ /18/79 3, /8-7/31/81-V /31/ /02/ /18/79 2, /8-8/15/81-F /09/ /02/ /21/78 4, /8-8/15/81-N /15/ /09/ /02/79 3, /8-8/31/81-W /31/ /23/ /18/79 2, /4-9/30/81-K /07/ /06/ /03/79 2, /15/81-G /12/ /26/ /03/79 4, /4-11/15/81-B /15/ /02/ /03/79 3, /4-12/31/81-L /07/ /01/ /03/79 2, /8-2/15/82-D /06/ /31/ /03/79 2, /8-3/31/82-G /06/ /17/ /02/79 2, /15/82-E /04/ /14/ /02/79 2, /15/82-A /15/ /03/ /27/79 3, /4-5/15/82-K /15/ /02/ /18/79 2, /4-6/30/82-H /07/ /09/ /07/79 2, /8-8/15/82-B /15/ /10/ /18/79 3, /15/82-M /15/ /07/ /28/79 2, /8-9 /30/82-J /06/ /11/ /18/79 2, /8-11/15/82-F /17/ /06/ /02/79 2," /S - 11/15/82-C U P.31 11/17/ ' 11703/ /28/79 3, /8-12/31/82-L /02/ /02/7Q Q9.01 9/28/79 7, /15/83-A '2/17/ /03/ /28/79 2, /4-3/31/83-D /05/ /02/ /27/79 2, /8-5/15/83-C ^ /05/ /17/ /27/79 3, /8-6/30/83-E /02/ /02/ /27/79 2, /15/83-B /15/ /10/ /02/79 8, /4-2/15/84-A /15/ /28/ /02/79 2, /4-5/15/84-C /05/ /29/ /27/79 2, /4-8/15/84-B /15/ /06/ /03/79 4, /15/85-A /15/ /21/ /28/79 4, /4-8/15/85-B /15/ /09/ /28/79 5, /8-5/15/86-A /17/ /30/ /27/79 9, /15/86-B /1 6 / /30/ /28/79 6, /15/87-B /15/ /02/ /28/79 2, /8-11/15/87-A /15/ /21/ /08/79 4, /4-5 /15/88-A /15/ /12/ /28/79 3, /4-11/15/88-B /15/ /17/ /28/79 2, /4-5/15/89-A /15/ /02/ /28/ /2-4/1/80-EA /1 / /28/ /30/ /2 - I0/1/80-E /1/ /28/ /30/75 1-1/2-4/1/81-EA /1 / /28/ /28/ /2-10/1/81-E /1/ /31/ /31/77 1-1/2-4/1/82-EA /1 / /31/ /31/ /2-10/1/82-E /1/ /31/ /30/78 1-1/2-4/1/83-EA /1 / /31/ /30/ /2 - lo/l/83-eo /1/ /31/ /31/78 1-1/2-4/1/84-EA /1 / /31/ /31/79 1-1/2-10/1/84-E /1/ /28/ /28 /79

95 October M A R K E T Q U O T A T I O N S O N T R E A S U R Y S E C U R I T I E S, S E P T E M B E R 28, T a b l e M Q T r e a s u r y B o n d s (Price decimals are 32ds) Amount outstanding (m illions) Description Bid Price Change from la s t month To f ir s t c a ll or maturity 2/ Yield Change from la st month Issue date Price range since fir s t trade 1/ High Low Price Date Price Date $2,345 4 % _ 2/15/ % +1.39% 1 /23/ /12/ /29/69 1, /2-11/15/ /03/ /12/ /24/ /15/ /15/ /15/ /12/79 2, /8-2/15/ /15/ /09/ /2 8 /7 4 1, /4-6/15/ /01/ /0 4 / /26/70 2, /8 _ 8/1 5 / /15/ /03/ /2 7 / /4-5/15/ /03/ /11/ /26/ /4-5/15/ /15/ /05/ /10/79 1, /8-11/15/ /15/ /05/ /22/78 2, /2-2/15/90 3 / /14/ /21/ /26/70 1, /4 _ 5/15/90 3 / /07/ /31/ /27/79 2, /4-8 /1 5/ /15/ /26/ /26/70 1, /4-8 /15/92 3 / /08/ /29/ /27/ /15/ /17/ /16/ /26/ /4-2/15/93 3 / /10/ /04/ /28/79 1, /8 _ 2/15/93 3 / /06/ /30/ /27/79 1, /2-8 /15/ /15/ /28/ /28/79 1, /8-8 /15/93 3 / /11/ /12/ /28/79 1, /8-11/15/93 3 / /10/ /13/ /28/79 3, /15/94 3 / /11/ /02/ /28/ /8-5/15/ /18/ /28/ /2 6 /7 4 1, /4-8 /15/94 3 / /09/ /02/ /28/ /15/95 3 / /15/ /18/ /26/ /15/ / /15/ /28/ /28/79 1, /2-11/15/98 3 / /03/ /12/ /26/70 2, /2 _ 5/15/ / /15/ /31/ /04/79 2, /8-2/15/ / /18/ /31/ /07/79 4, /8-8/15/ / /15/ /31/ /07/79 1, /B / ? / till 8/16/ /31/ /04/79 4, /4-5/15/ / /15/ /31/ /07/79 4, /8 _ 2/15/ / /15/ /28/ /04/79 1, /8-11/15/ / /15/ /23/ /07/79 2, /8-8 /15/ / /15/ /12/ /04/79 5, /4-11/15/ / /15/ /16/ /04/79 4, /8 5/15/ / /15/ /02/ /04/79 1/ Beginning April 1953, prices are closing bid quotations in the overthe-counter market. Prices, for prior dates are the mean of closing bid and ask quotations. "When issued 1 prices are included in the history beginning October Dates of highs and lows in case of recurrences are the latest dates. %/ On callable issues market convention treats the yields to earliest call date as most significant when an issue is selling above par, and to maturity when it is selling at par or below. 2/ Included in the average yield of long term taxable Treasury bonds as shown under "Average yields of Long-Term-Bonds."

96 YIELDS OF TREASURY SECURITIES SEPTEMBER 28, 1979 Based oh closing bid quotations > C O Iw i! 00 CO a 3 s C o k M arket yields on coupon issues due in less than 3 months are excluded. I -

97 October 1979 AVERAGE YIELDS OF LONG -TERM BONDS. 89 T able AY-1. - Average Yields of Long-Term Treasury, C orporate and M unicipal B onds by Periods Period Treasury bonds 1/ New Aa corporate bonds 2/ New Aa municipal bonds 3/ Treasury bonds 1/ New Aa corporate bonds 2/ New Aa I Treasury municipal I bonds 1/ bonds 3/ I New Aa corporate bonds 2/ New Aa municipal bonds 3/ Treasury bonds 1/ New Aa corporate bonds 2/ New Aa municipal bonds 3/ Monthly series - avera ges of daily or weekly series / / / / July Aug / / Sept / Nov / / / Feb , / / /5/ / July / Aug / /5, / / / / Feb , Mar Ma y /5/ / / / Oct / / Period Treasury bonds 1/ New Aa corporate bonds 2j New Aa municipal bonds 3/ Period Treasury bonds 1/ New Aa corporate bonds 2/ New Aa municipal bonds 3/ Period Treasury bonds 1/ New Aa corporate bonds 2/ New Aa municipal bonds 3/ Weekly ;series - average for weeks ending Apr June n.a , n.a n.a / May / 9.86 n.a. July n.a n.a / / treasury bond yields are based on a composite of closing bid quotations in the over-the counter market. Series includes bonds on which the interest income is subject to normal tax and surtax which are neither due nor callable before 10 years. For bonds currently in series, see Table MQ-3. 2/ Treasury series based on reoffering yields of new corporate bonds rated Aa by Moodys Investors Service and having an original maturity of at least 20 years. Prior to June 1973, this series reflected bonds without call protection. From June 1973 to July 1976, the series was adjusted to reflect 5 years call protection. Since that time the 2/ y 5/ series reflects bond yields regardless cf the call protection offerer! Index of new reoffering yields on 20 year general obligations rated Aa by Moody's Investors Service. Prior to June 1970, the series was compiled by Securities Industries Association. Since then, the series has been compiled by Treasury. One or more new long-term bonds added to the average. An existing bond dropped from the long-term bond average.. Not available.

98 P E R C E N T A V E R A G E YIELDS O F L O N G - T E R M TREASURY, CORPORATE, A N D MUNICIPAL B O N D S P E R C E N T vo o > 8.0 > o H tr d co O t-1 o as o h H w 2 to o z d CO I-

99 October E X C H A N G E STABILIZATIO N F U N D. Table ESF-1. - Balance as o f March 31, 1979 and June 30, 1979 (In thousands of llars) Assets, Liabilities, and Equity March 31, 1979 March 31, 1979 through June 30, 1979 June 30, 1979 Assets Current Assets: Cash: Account of U.S. Treasury... Federal Reserve Bank of New York, special account Special drawing rights 1/... Investments: U.S. Government securities... Foreign exchange and securities: 2/... Pounds sterling... Deutsche marks... Japanese yen... Swiss francs... Accounts receivable... current assets... $ 2,736,009 29,161 $ 2,765,170 2,667,085 1,182,046 1,453,090 16, $ 8,210,006 $ (2,735,900) $ (2,735,900) 3,018 2,834, ,421 (42,887) 409 $ 473,329 $ ,161 $ 29,270 2,670,103 2,834,994 1,635,467 1,410,203 16,918 86,380 $ 8,683,335 Fixed assets: Land... Building, less allowance for depreciation... Furniture and equipment (includes auto equipment), less allowance for depreciation... fixed assets $ $ assets $ 8,210,830 $ 473,484 $ 8,684,314 Liabilities and Equity Current liabilities: Accounts payable... Exchange translation liability - Swiss franc notes 3/... Advance from U.S. Treasury (US drawing on IMF) 4/.. current liabilities... Other liabilities: Special drawing rights certificates... Special drawing rights allocations... other liabilities... Equity: Capital account... Net income (loss) (see Table ESF-2)... equity... liabilities and equity... $ 141,273 2,781 3,000,000 $ 3,144,054 $ 1,300, $ 5,376,777 $ 200,000 (510,001) $ (310,001) $ (92,410) (2,781) $ (95,191) $ 500,000 13,548 $ 513,548 $ 55,127 $ 55,127 $ 8,210,830 $ 473,484 $ 48,,863 3j,000,000 $ 3.>048,,863 $ 1,800.,000 4,,090,,325 $ 5.,890.,325 $ 200.,000 i(454.,874) i(254.,874) I H $ 8:,684,,314 See footnotes at end of Table ESF-2.

100 92 Treasury Bulletin EXCHANGE STABILIZATION FUND, T ab le ESF-2. - Income and Expense (In thousands of llars) Classification Current Ouarter April 1, 1979 through June 30, 1979 Year to Date October 1, 1979 through June 30, 1979 Income: Profit (loss) on: $ $ 66,238 (12,650) (194,238) 1 3 Interest (charges) on: U.S. investments , , ,338 78,619 (23,213) (50,259) Foreign balances (4,599) (8,376) Expense: income... $ 60.,393 $ 66,233 Personnel compensation and benefits... $ 3.,213 $ 10, Transportation of things Rent, communications, and utilities ,126 Supplies and materials ,288 3,249 expense... $ 5,,072 $ 15, Net income (loss)...,... $ 55.,127 $ 49,730 : Annual balance sheets for fiscal years 1934 through 1940 appear in the 1940 Annual Report of the Secretary of the Treasury and those for succeeding years appear in subsequent reports. Quarterly balance sheets beginning with December 31, 1938 have been published in the Treasury Bulletin. Data from inception to 9/30/78 may be found on the statements published in the January, 1979 Treasury Bulletin. 1/ Beginning July 1974, the IMF apted a technique for valuing the SDR based on a weighted average of exchange rates for the currencies of 16 member countries. The United States SDR holdings and allocations are valued on this basis beginning July _2/ Excludes foreign exchange transactions for future and spot delivery. 3/ The Exchange Translation Liability shown at March 31, 1979 is the amount of loss the Exchange Stabilization Fund would have sustained if redemption of the outstanding $3 million Swiss franc-denominated U.S. Treasury notes had taken place at the exchange rate on that date. All notes were fully redeemed at April 3, 1979 resulting in a loss of $3 million on final redemption. hi A non-interest bearing liability to the U.S. Treasury resulting from the transfer to ESF of foreign currencies drawn from IMF by the U.S. 5/ a. Deutsche Mark Transactions - During the period April 1, 1979 to June 30, 1979 cash gains of $4.6 million were realized. There were no cash gains or.losses for the month of July, b. Swiss Franc Redemption - All Swiss Franc s were fully redeemed as of April 3, A cash loss of $3 million was sustained at final redemption. No further gains or losses were incurred for the quarter. There were no cash gains/losses during the month of July. c. Japanese Yen Transactions - During the period April 1, 1979 through June 30, 1979 no cash gains or losses were incurred. There were no cash gains or losses for the month of July.

101 October INTERNATIONAL FINANCIAL STATISTICS, The tables m t h i s section are designed to provide data on United States reserve assets and liabilities and other statistics related to the United States balance of payments and international financial position. all other foreigners, which are used in the United States balance-of-payments statistics. Table IFS-3 presents an area breakwn of United States liabilities to official institutions of foreign countries. Table IFS-1 shows the reserve assets of the United States, including its gold stock, special drawing rights held inths Special Drawing Account in the International Monetary Fund holdings of convertible foreign currencies, and reserve position ift the International Monetary Fund. Table IFS-2 brings together statistics on liabilities %o foreign official institutions, and liquid liabilities to Table IFS-4 shows United S tates Treasury nonmarketable -bonds and- notes issued to o f f i c i a l in s titu tio n s o f fo reig n co u ntries. Table IFS-5 sets fo rth the facto rs which a ffe c t the United S tates p o s itio n ill the In te rn a tio n a l Monetary Fund. Table IFS-6 presents a measure o f weighted-average changes in exchange ra tes between the United States d o lla r and the currencies o f c e rta in other countries. Table IFS-1. - U.S. Reserve Assets End of calendar year or month reserve assets 1/ (1) 3/ (In millions of llars) (2) Gold stock If Treasury (3) Special drawing rights 1/ 4/ (4) Foreign currencies 5/ ,964 7/ 11,859 10',367-2,781 7/ 2, ,487 11,072 10, , ,167 8/ 10,206 10,132 1, / 585 (5) Reserve position in International Monetary Fund 1/ 6/ (6) ,151 9/ 10,487 9/ 10,410 9/ 1,958 9/ / ,378 10/ 11,652 10/ 11,567 10/ 2,166 10/ / ,883 11,652 11,652 2, , ,226 11,599 11,599 2, , ,747 11,598 11,598 2, ,434 L ,312 11,719 11,719 2, , ,650 11,671 11,671 1,558 4,374 1, Sept... 10,830 11,668 ll,bbb 2, ,214 Oct... 18,935 11,655 11,655 3, ,147 17,967 11,642 11,642 1,522 3,704 1,099 Dec ,650 11,671 11,671 1,558 4,374 1, Jan... 20,468 11,592 11,592 2,661 5,198 1,017 Feb ,292 11,544 11,544 2,672 4,956-1,120 21,658 11,479 11,479 2,667 6,391 1,121 21,403 11,418 11,418 2,602 6,286 1,097 May... 22,230-11,354 11,354-2,624 7,059 1,193, 21,246 11,323 11,323 2, ,204 20,023 11,290 11,290 2,690 4,843 1,200 20,023 11,259 11,259 2,689 4,798 1,277 Sept ,534 11,228 11,228 2,725 3,301 1,280 1/ Beginning July 1974, the IMF apted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the Currencies of 16 member countries,ithe United States SDR holdings and reserve position in the IMF are also valued on this basis beginning July / Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, and gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for the purpose of making gold subscriptions to the Fund under quota increases. For corresponding liabilities see Table IFS-2". 3/ includes gold held by the Exchange Stabilization Fund (ESF). See "Account of the U.S. Treasury," Table UST-3. 4/ Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million^ jthird allocation on January _o_f $7Id million, and fourth_allqeatixm. on January 1, 1979 of 874 million (in SDR terms) of SDRs in the Special Drawing Account in the International Monetary_Fund, plus or minus transactions in SDRs. 5/ Includes holdings of Treasury and Federal Reserve System; beginning November 1978, valued at current market exchange rates. 6/ The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically if needed. Under appropriate conditions the United States could purchase additional amounts related to the United States quota. See Table IFS-5. JJ Includes gain of $68 million resulting from revaluation of the German mark in October 1969, of which $13 million represents gain on German mark holdings at the time of revaluation. See also footnotes 3 and 4, Table IFS-4. 8/ Includes $28 million increase in llar value of foreign currencies revalued to reflect market exchange rates as of December 31, See also footnotes 3 and 5, Table IFS-4. 9/ reserve assets include increase of $1,016 million resulting from change in par value of the U.S. llar in May 1972, consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million special drawing rights and $33 million reserve position in the International Monetary Fund. 10/ ' reserve assets include increase of $1,436 million resulting from change in par value of the llar on October 18, 1973, consisting of $1,165 million total gold stock, $1,15? million Treasury gold stock, $217 million special drawing rights, and $54 million reserve position in the International Monetary Fund.

102 94 Treasury Bulletin ^.INTERNATIONAL FINANCIAL STATISTICS Table IFS-2. Selected UJS. liab ilities to Foreigners (In m illions of llars) L iabilities to_foreign countries End of calendar year or month L ia b ilitie s to IMF arising from gold transactions 1/ O fficial institutions 2:/ L iab ilit ie s reported by banks in U.S. Marketable U.S. Treasury bonds and notes 3f Nonmarketable U.S. Treasury bonds and notes 4 / Other readily marketable lia b ilitie s 5 / L iab ilit ie s to banks 6/ L iab ilit ie s reported by banks in U.S. L ia b ilitie s to other foreigners Marketable U.S. Govt. bonds and notes 3 / 7 / Nonmarketable U.S. Treasury bonds and notes 8/ L ia b ilitie s to nonmonetary international and regional organizations It <1 ) ( 2 ) (3) (4) (5) Q6) (7) ( 8 ) (9) <10 ( U >5 ( 1 2) (13) / f 46, / 1,019 15,975 1./ 12, ,070 11/ 23,694 4,639 l:l/ 3, , 1,548 ( 47,034 1,019 15,998 12, ,070-23,701 4,764 4, , H in / / 48, ,786 20, ,452 _ 17,303 4,864 4, ,633 \ 48, ,775 20, ,452-17,335 4,792. 4, , / 1 2 / /... / 68, ,209 39,823 1,955 9,431 _ 10,519 4,329 3, ,974 ^ 68, ,651 39,162 1,955 9,534-11,206 4,350 3, ,969 f 83,769-61,526 40,093 5,236 15, ,925 5,130 4, ,188 ( 83,787-61,526 40,093 5,236 15, ,925 5,130 4, , ,642 I 3 / j66,861 13/ 44,233 5,701 15,564 V. / 1,363 17,985 6,032 5, ,764 1Q7A in / f 120,417-76,816 53,196 5,059 16,339 2, ,575 8,882 8, ,144 \ 120,325-76,823 53,203 5,059 16,339 2, ,367 8,991 8, , ,432-80,712 50,461 6,671 19,976 3,604 29,881 10,801 10, , ,468-91,975 54,956 11,788 20,648 4,583 37, ,791 12, , j, ,080 65,822 32,165 20,443 7,650 43,250 16,466 14,736 1,730-8, , ,642' 90,793 35,907 20,970 8,972 60,093 19,932 16,023 2,314 1,595 7, Aug , ,842 76,557 34,903 20,375 9,007 48,261' 17^976 15^ ^287 Sept , ,010 75,128 35,607 20,305 8,970 54,457 17,544 15,316 2,228-7, , , ,121 36,183 21,427 8,968 54,080 18,279 15,981 2,298-8, , ,811 84,601 36,252 20,993-8,965 57,996 18,802 16,575 2,227-7,613 Dec , ,642 90,793, 35,907 20,970 8,972 60,093 3,9 i ,023. 2,314 1,595 7, Jan , ,977 91,036 36,056 20fc , v251 15,9-67 2,486 2,798 7,202 Feb , ,330 88,981 35,539 80,912 8,898 58,859 21,835 16,415 2,626 2,79& 6,814 Mar , ,925 82,473 36,063 20,47, 18 67,845 22,710 15,842 2,718 4,150 6,965 Apr , ,985 76,262 36,305 20,467 8,951 j66, ,919 17,047 2,722 4, J57 236,831 _ {34,647 69,131 36,156 20,467 8,893 71,609 23,652 16,753 2,749 4,150 6,923 June,p ,089 13?883 71,653 36,454 20,697 9,079 78,421 23,885 16,886 2,849 4,150 6,900 July p ,037 _ 141,667 75,031 37,456 19,797 9,353 75,249 24,228 17,170 2,907 4,150 7,893 Aug. p , ,260 75,257 38,000 19,547. 9, ,140 17,165 2,825 4,150 8,155 : Table is based on Treasury Department data and on data reported to the Treasury Department by banks and brokers in the United States. Data correspond generally to sta tis tic s following in this section and in the "Capital Movements" section, except for the exclusion of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign o ffic ia l nonreserve agencies and the inclusion of investments by foreign o fficia l reserve agencies in debt securities of U.S. Fede ra l ly - sponsored agencies and U.S. corporations. Table excludes International Monetary Fund "holdings of d o lla r s," and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. JV Includes lia b ility on gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases pr gold subscriptions to the Fund under quota increases, and U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning % assets. If Includes Bank for International Settlements and European Fund. 3/ Derived by applying reported transactions to benchmark data. 4 / Excludes notes issued to foreign o ffic ia l nonreserve agencies. 5 / Includes debt securities of U.S. Government corporations, Federa lly - sponsored agencies, and private corporations. 6/ Includes lia b ilitie s payable in llars to foreign banks, and lia b ilitie s payable in foreign currencies to foreign banks and to "other foreigners." 7 / Includes marketable U.S. Government bonds and notes held by f o r e i gn banks. 8/ Includes nonmarketable U.S. Government bonds and notes held by foreign banks. Principally the International Bank for Reconstruction and Development; the Inter-American Development Bank and the Asian Development Bank, lg/. Data on the two lines shown for this date d iffer because of changes in reporting coverage.-''5figures on the f i r s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to tftose shown for the following date.,11/ Includes increase in llar value of foreign currency lia b ilitie s ' resulting from revaluation of the German mark in October 1969, as follows: column 6, $101 m illion; column'1 2, $10 m illion. 12/ Data on the second line d iffer from those on the f ir s t line because certain accounts previously c lassified as "o f f ic ia l in stitu tion s" are included with "banks"; a number of reporting banks are included in the series for the fir s t time; and foreign currency lia b ilitie s are increased in value to re fle ct market exchange rates as of December 31, 1971, as follow s; U.S. Treasury certifica tes $7 m illion; nonmarketable U.S. Treasury bonds and notes, column 6, $103 million and column 12, $18 m illion. Jl3/ Includes $162 m illion increase in llar value of foreign currency lia b ilitie s to o ffic ia l institutions of foreign countries revalued to reflect market exchange" rates, as follows: short-term lia b ilitie s, $15 m illion; and nonmarketable U.S. Treasury notes, $147 m illion, p. Preliminary

103 October INTERNATIONAL FINANCIAL g'tattfirrpa Table IFS-3. - U.S. Liabilities to Official Institutions o f Foreign Countries, by Area End of calendar year or month foreign countries (1) Western Europe 1/ (2) Canada (In millions of llars) (3) Latin American and Caribbean Republics (4> Asia <5> Africa (6) _ Other countries 2/ - (7) /... f 15,9.75 4/ 7,074 4/ 1,624 1,888 4, ( 15,998 4/ 7,074 4/ 1,624 1,911 4, /... f 23,786 13,620 2,951 1,681 4, \ 23,775 13,615 2,951 1,681 4, / 5/... f 51,209 30,010 3,980 1,414 14, ,651 30,134 3,980 1,429 13, ,526 34,197 4,279 1,733 17, , ,861 6/ 45,764 6/ 3,853 2,544 10, , / 76,816 44,328 3,662 4,419 18,619 3,161 2,627 ^ 76,823 44,328 3,662 4,419 18,626 3,161 2, ,712 45,701 3,132 4,448 22,551 2,983 1, ,975 45,882 3,406 4,906 34,108 1,893 1, ,080 70,748 2,334 4,&33 45,676, 1, ,642 92,984 2,486 5,018 52,958 2, ,842 79,855 2,071 4,609 51,460 2, ,010 80,424 1,497 3,880 51,441 2, Oct ,699 85,149 2,619 4,599 51,391 2, ,811 88,450 2,446 4,481 52,322 2, ,642 92,984 2,486 5,018 52,958 2, Jan ,977 94,456 2,150 4, ,215 2, Feb ,330 92,867 1,908 4,335 51,993 2, Mar ,925 90,191 3,088 4,183 47,638 2, Apr., ,985 85,040 3,044 4,762 45,766 2, ,647 80,995 1,993 4,759 43,440 2, ,883 83,500 1,979 4.,526" 44,483 2, July p ,667 86,601 2,116 5,330 44,296 2, Aug. p ,260 86,327 2,185 4,464 45,620 3., : Data represent short-term and long-term liabilities to the official institutions of foreign countries, as reported by banks in the United States; foreign official holdings of marketable and nonmarketable U.S. Government securities with an original maturity of more than one year except for nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve agencies in debt securities of U.S. Government corporations, Federally-sponsored agencies, and private corporations: agencies in debt securities of U.S. Government corporations, 1/ Includes Bank for International Settlements and European Fund. 2J Includes countries in Oceania, Eastern Europe and Western European dependencies in Latin America. 3/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 4/ Includes $101 million increase in llar value of foreign currency liabilities due to revaluation of the German mark in October / Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks"; a number of reporting banks are included in the series for the first time; and U.S. Treasury.liabilities payable in foreign currencies to official institutions of foreign countries are increased in value by $101 million to reflect market exchange rates as of December 31, / Includes $162 million increase in llar value of foreign currency liabilities revalued to reflect market exchange rates, p Preliminary.

104 96 Treasury Bulletin.INTERNATIONAL FINANCIAL STATISTICS Table IFS-4. - Nonmarketable U.S. Treasury Bonds and s Issued to Official In stitu tio n s and O ther Residents of Foreign Countries (In millions of llars or llar equivalent) July, Aug., Sept, Oct., Nov., Dec., 1979-Jan., Feb. Mar., Apr., May., June, July, Aug., Sept End of calendar year or month Grand total (1) (2) 3,316 3/ 1,431 3,698 2,480 9,809 5/ 7,829 15,872 14,333 15,669 6/ 14,210 16,339 14,867 19,976 18,377 20,648 19,102 20,443 19,274 22,565 20,624 19,214 18,353 20,375 19,566 20,305 19,537 21,427 20,708 20,993 20,639 22,565 20,624 23,750 20,606 23,710 20,592 24,621 20,468 24,617 20,467 24,617 20,467 24,847 20,697 23,947 19,797 23,697 19,547 23,697 19,547 Germany (3) 5,000 11,315 11,670 12,327 16,277 16, ,46T Payable in llars Switzerland (4) ,499 1,470 2,741 2, ,689 2,675 2, , Other Europe 1/ (5) Canada 2/ (6) 1,129 2,289 2,640 2, ,100 1, Asia (7) End of calendar year or month (8) Payable in foreign currencies Germany Switzerland (9) (10) Other Europe (U) ,885 3/ 1,219 3/ 4/ , / ,980 5/ 765 4/ 1, , , ,459 6/ - 1, ,472-1, ,599-1, ,546-1, ,169-1, / July Aug _ _ 354 v ,941 1,595 y Jan... 3,144 1,595 7/ 1,549 8/ _ Feb... 3,118 1,595 7/ 1,523 8/ - Mar... 4,153 2,947 If 1,206 8/ _ Apr... 4,150 2,947 If 1,203 9/ - 4,150 2,947 If 1,203 9/ - 4,150 2,947 7/ 1,203 9/ - July... 4,150 2,947 7/ 1,203 9/ _ 4,150 2,947 If 1,203 9/ - 4,150 2,947 7/ 1,203 9/ - : For further information, see "Public Debt Operations", Tables PDO-8 and 9. If Includes notes issued to the Government of Italy in connection with military purchases in the United States. 2/ Includes bonds issued to the Government of Canada in connection with transactions under the Columbia River Treaty. Amounts outstanding were $84 million through September 1969; $54 million, October 1969 through September 1970; and $24 million, October 1970 through October / Includes an increase in llar value of $84 million resulting from revaluation of the German mark in October See also footnote 7, Table IFS-1. kf Includes nonmarketable Treasury notes amounting to $125 million equivalent held by a group of German commercial banks from June 1968 through November The llar value of these notes was increased by $10 million in October 1969, and by $18 million as of December 31, See also footnotes 7 and 8, Table IFS-1. 5/ Includes $106 million increase in llar value of foreign currency obligations revalued to reflect market exchange rate as of December 31, See also footnote 8, Table IFS-1. 6/ Includes $15 million increase in March and $132 million increase in April in llar value of foreign currency obligations revalued to reflect market exchange rates. 7/ s publicly issued to private German residents. 8/ Includes $1,203 million of notes publicly issued to private Swiss residents. j)/ s publicly issued to private Swiss residents.

105 October 1979 IN T E R N A T IO N A L F IN A N C IA L S T A T IS T IC S _ Table IFS-5. - U.S. Position in the International Monetary Fund Calendar year or month Payments of sub,-' scrip.- tion in0 llars (1) (In millions of llars) Transactions affecting IMF holdings of llars during period U.S. transactions with IMF Net gold sales by IMF 1/ (2) Net borrowings by IMF 2 / (3) Transactions in foreign currencies 3/ (4) IMF net income in llars (5) Transaction by other countries with IMF Purchases of llars 4/ (6) Repurchases > in llars (7) change (8) IMF holding of llars at end of period Amount (9) Percent of U.S. quota (10) U.S. reserve position in IMF at end of period 5/ _ , ,034 2, , , / ,929 4, , , ,350 6, / , / , , ,265 6, , , , , ,214 3, , ,779 1, , , , , ,157 2,783 5,588 9,551 8/ 90 1,047 9/ 1978-Sept ,998 8/ 67 4,214 9/ Oct ,946 8/ 67 4,147 9/ , ,912 9,858 8/ 93 1,099 9/ " ,551 8/ 90 1,047 9/ 1979-Jan ,567 8/ 91 1,017 9/ Feb ,469 8/ 90 1,120 9/ ,466 8/ 90 1,121 9/ Apr ,478 8/ 90 1,097 9/ ,378 8/ 89 1,193 9/ June ,388 8/ 89 1,204 9/ July ,401 S/ 89 1,200 9/ Aug ,322 8/ 88 1,277 9/ Sept ,336 8/ 88 1,280 9/ (11) s The initial U.S. quota in the International Monetary Fund was $2,750 million. The U.S. quota was increased to $4,125 million in 1959, $5,160 million in February 1966, and $6,700 million in December 1970, and revalued to $7,274 million in May 1972 and $8,083 million in October 1973 as a result of changes in the par value of the llar. In April 1978 the U.S. quota was increased in SDR terms from 6,700 million to 8,405 million. 1/ Represents net Fund sales of gold to acquire U.S., llars for use in Fund operations. Does not include transactions in gold relating to gold deposits or gold investment (see Table IFS-2). Represents net loans made to the IMF under the General Arrangements to Borrow. Positive figures represent purchases from the Fund of currencies of other members for equivalent amounts of llars; negative figures represent repurchases of llars, including llars derived from charges on purchases and from other net llar income of the Fund. The United States has a commitment to repurchase within 3-5 years, but only to the extent that the Fund's holdings of llars exceed 75 percent of the U.S. quota. Purchases of llars by other countries reduce the U.S. commitment to repurchase by and equivalent amount. Beginning January 1970, includes llars obtained by countries other than the United States from sales of gold to the Fund. Represents the United States reserve tranche position in the Fund (the United States quota, plus net U.S. loans to the IMF, minus Fund's holdings of llars), which is the amount that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the United States quota. i/ Includes $30 million of special drawing rights. 7/ Represents amount paid in llars to the Fund to maintain the value of Fund holdings of U.S. llars. 8/ Excludes currency valuation adjustments for each month as follows (in millions of llars): Payable to the U.S. Payable to the IMF Sept Oct K0V Dec Ja n.32 Feb Mar Apr May June July Aug....._1 r Sept ' 130 9/ Includes valuation adjustments on net borrowings by the IMF due to changes arising from fluctuations in the llar value of the IMF's unit of account (SDR), for each month as follows (in millions of llars): Increase or Decrese (-) 1978-Sep t. Oct.... Nov.... Dec Ja... n... Feb.... Mar.... Apr... May... June... July... A u?... Sept.... Less than $500,000.

106 98 Treasury Bulletin TMngBMATTON AT. FINANCIAL STATTSTtnS T able IFS-6. - Weighted-Average of Exchange Rate Changes for the D ollar (Percent change relative to exchange rates as of end-may 1970) End of calendar year or month Currencies of OECD countries 2/ Trade-weighted average appreciation (+) or depreciation (-) of the U.S. llar 1/ Vis-a-Vis Currencies of 46 main trading countries 3/ Aug Dec Jan Feb Apr This table presents calculations of weighted average percentage changes in the rates of exchange between the llar and certain foreign currencies, in order to provide a measure of changes in the llar's general foreign exchange value broader than a measure provided by any single exchange rate change. Calculations are provided for two sets of countries that account for a major share of U.S. foreign trade. U.S. bilateral trade patterns in 1972 are used as a convenient, readily available proxy for the assignment of relative weights to individual exchange rate changes, though such weights not provide a full measure of individual currencies' relative importance in U.S. international transactions because they take no account of factors other than trade. The calculations not purport to represent a guide to measuring the impact of exchange rate changes on U.S. international transactions. Exchange rate data used in constructing the indices reported here differ somewhat from those used in earlier calculations to more accurately reflect end-of-period currency values. The equations used are as follows: Equation one is used to calculate a trade-weighted average of changes in the llar cost of foreign currencies: (EQ1) W h e r e: E m - E ( A $ / f Ci Mi/2M) Em is t he w e i g h t e d a v e r a g e o f p e r c e n t a g e c h a n g e s i n t h e d o l l a r c o s t o f i n d i v i d u a l f o r e i g n c u r r e n c i e s ; A $ / f c i is t h e p e r c e n t c h a n g e i n t h e d o l l a r c o s t o f f o r e i g n c u r r e n c y i; a n d M j / E M is U.S. i m p o r t s f r o m c o u n t r y i, as a p r o p o r t i o n o f t o t a l U.S. i m p o r t s f r o m all c o u n t r i e s in t h e set. Equation two is used to calculate a trade-weighted average of changes in the foreign exchange cost of llars: (EQ2) E x = Z ( A f c 1/$ Xj/ZX) W h e r e : E x is t he w e i g h t e d a v e r a g e o f p e r c e n t a g e c h a n g e s i n t h e f o r e i g n c u r r e n c y c o s t of d o l l a r s ; A f c j / $ is t h e p e r c e n t c h a n g e in the f o r e i g n c u r r e n c y i c o s t o f d o ll a r s ; a n d X i / E X is U.S. e x p o r t s t o c o u n t r y i, as a p r o p o r t i o n of t o t a l U.S. e x p o r t s t o a l l courier: c ~ -- Equation three combines the above export-weighted and import-weighted averages to provide an overall measure of exchange rate change: (EQ3) E = [ (Em m/m+x)(-l) ] + [Ex x/m+x] W h e r e : m / m + x is U.S. i m p o r t s as a p r o p o r t i o n o f i t s t o t a l t r a d e w i t h a l l c o u n t r i e s in t h e set; and x / m + x is U.S. e x p o r t s as a p r o p o r t i o n o f its t o t a l t r a d e w i t h al l c o u n t r i e s in th e set - 2/ Australia, Austria, Belgium-Luxembourg, Canada, Demark, Finland, France Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingm. 3/ The currencies of 46 IMF member countries which account for approximately 907. of U.S. total trade, p Preliminary.

107 O c t o b e r CAPITAL MOVEMENTS, Background Data relating to capital movements between the United States and foreign countries have been collected since 1935 under Treasury regulations pursuant to Executive Orders Nos of January 15, 1934 and of February 8, 1949, and the International Investment Survey Act of Reports are filed with Federal Reserve Banks by bank's, bank holding companies, securities brokers and dealers, and nonbanking enterprises in the United States. Statistics on the principal types of data and the principal countries are then consolidated and are published in the monthly Treasury Bulletin. The reporting forms and instructions 1/ used in the Treasury International Capital (TIC) Reporting System have been revised a number of times to meet changing conditions and to increase the usefulness of the published statistics. Recent revisions to the reporting forms are 'art of a broad program conducted over the past several years to ensure the adequacy of the Treasury capital movements statistics for analysis and policy formulation with respect to the international financial position of the United States and on movements of capital between the United States and foreign countries. Revised forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultations with representatives of banks, securities firms and nonbanking enterprises. The most recent revisions of the TIC B-series Forms, filed by banks and some brokers in the United States, became effective with reports as of April 30, 1978; new data series were introduced in the July 1978 Treasury Bulletin. Substantial revisions of the C-series Forms, filed by nonbanking enterprises, were effective with reports as of December 31, 1978; the new data series are shown beginning with the June 1979 issue. Major revisions of the TIC Forms that affect the format and coverage of the current Capital Movements tables are noted1under "Description of Statistics" below. Basic Definitions The term "foreigner" as used in the Treasury reports covers all institutions and individuals miciled outside the United States, including United States citizens miciled abroad, and the foreign branches, subsidiaries and offices of United States banks and business concerns; the cetitral governments, central banks and other official institutions of foreign countries, wherever located; and international and regional organizations,' wherever located. The term "foreigner" also includes persons in the United States to the = tent that they are known by reporting institutions to be acting on behalf of foreigners. In general, data are reported opposite the foreign country or geographical area in which the foreigner is miciled, as shown on the records of reporting institutions. For a number of reasons, the geographical breakwn of the reported data may not in all cases reflect the ultimate ownership of the assets. Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of micile of the ultimate beneficiary. Furthermore, U.S. liabilities arising from deposits of llars with foreign banks are reported generally in the Treasury statistics as liabilities to foreign banks, whereas the liability of the foreign bank receiving the deposit may be to foreign official institutions or residents of another country. Data pertaining to branches or agencies of foreign official institutions are reported opposite the country to which the official institution belongs. Data pertaining to international and regional organizations are reported opposite the appropriate international or regional classification except for the Bank for International Settlements and the European Fund, which are included in the classification "Other Europe." Geographical Classification A number of changes in geographical classification were introduced for most Capital Movements tables in the July 1978 issue. Several countries formerly included in "Eastern Europe" and in "Other Latin American Republics" are shown separately in the country list as well as a new category in the International and Regional grouping for "Middle Eastern Regional" in view of the proliferation of regional financial organizations, primarily in the Arab States. The remaining countries in the categories "Other Eastern Europe" and "Other Western Europe" were combined into a single "Other Europe" category; and the heading, "Latin America" «ras re titled "Latin America and Caribbean." To the extent possible, the statistics for earlier dates have been adjusted in accordance with the revised country stub. Reporting Coverage Reports are required from banks, bank holding companies securities brokers and dealers,and nonbanking enterprises in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign firms. Institutions that have reportable liabilitities, claims, or securities transactions below specified exemption levels are exempt from reporting. Banks file reports monthly covering their llar liabilities to, and llar claims on, foreigners in a number of countries. Twice a year as of June 30 and December 31, they also report the same liabilities and claims items with respect to' foreigners in countries not shown separately on the monthly reports. Beginning with reports due as of June 30, 1978, banks also report quarterly their liabilities and claims vis a vis foreigners that are denominated in foreign currencies. The specified exemption level applicable to the monthly reports is $2 million and is based on the average for the report dates during a six-month period, including the current report date. There are no separate exemption levels for the quarterly and semiannual reports. Banks, securities brokers and dealers, and in some instances, nonbanking enterprises, report monthly their transactions in securities with foreigners; the applicable exemption level is $500,000 on the grand total of purchases and on the grand total of sales during the month covered by the report. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions other than banks and brokers, and other nonbanking enterprises if their liabilities or claims, on the six-month average basis, are $2 million or more. Beginning December 31, 1978, these firms also report for each month-end their U.S. llardenominated deposit and certificate of deposit claims on banks abroad of $10 million or more. Description of Statistics Section I presents data in four tables on liabilities to foreigners reported by banks in the United States. Beginning April 1978, amounts due to banks' own foreign offices are shown separately; the previous distinction between short-term and long-term liabilities has been eliminated; there is a separation of the liabilities of the reporting banks themselves from their custody liabilities to foreigners; and foreign currency liabilities are only reported quarterly. Also, beginning April 1978, the data on\liabilities are more complete by extending to securitiesi brokers and dealers the requirement to report certain of their own liabilities and all of their custody liabilities to foreigners. Table CM-I-1, showing total liabilities by type of foreign holder, combines liabilities previously shown separately as either short-term or long-term. Table CM-I-2, Parts A and B, on foreigners holdings of liabilities by type, shows total bank reported liabilities payable in llars. Table CM-I-3 presents total liabilities by country for recent periods and includes the long-term data previously shown separately;whereas CM-1-4, covering total liabilities by type and country for the most recent month, includes several data items not reported separately prior to April The liabilities data on supplementary countries previously presented in Table CM-1-5 now appear in Table CM-III-1. (See Section III below.)

108 1 0 0 T r e a s u r y B u l l e t i n CAPITAL MOVEMENTS Section IX presents the claims on foreigners reported bybanks in the United States. Beginning with data reported as of the end of April 1978, banks'claims held for their own acacount are reported separately from claims held for their mestic customers. The former are available in a monthly series whereas the latter data are collected on a quarterly basis only. Also, there is no longer a breakwn available on the long-term and short-term components of banks' claims. Maturity data are collected quarterly on a time remaining to maturity basis as opposed to the historic original maturity classification. Foreign currency claims are also collected only on a quarterly basis. Table CM-II-1 presents total claims by type as reported on the old B-series Forms and has been revised to include the long-term claims components formerly published separately. Table CM-XI-2, showing total claims by type, is based on the revised banking reports. Table CM-II-3, which represents total claims by country, merges the previously reported shortterm and long-term claims data from old CM-II-2 and CM-II-5. New Tables CM-II-4 through CM-II-7 are based on the revised reports and replace the previous tables which showed shortterm and long-term claims separately. Another important change in the claims reporting, beginning with new quarterly data as of June 30, 1978, is the aption of abroadened concept of ' foreign public borrower," which replaces the previous category of "foreign official institution to produce more meaningful information on lending to the public sector of foreign countries. The term "foreign public borrower" encompasses central governments and departments of central governments of foreign countries and of their possessions; foreign central banks, stabilization funds, and exchange authorities; corporations and other agencies of central governments, including development banks, development institutions and'other agencies which are majority-owned by the central government or its departments; State, provincial and local governments of foreign countries and their departments and agencies; and any international or regional organization or subordinate or affiliated agency thereof, created by treaty qx convention between sovereign states. Section III includes two supplementary tables on U#$. banks' liabilities - to, and claims on, foreigners. Table CM-III-1 summarizes llar liabilities to, and banks' own llar claims on, countries and areas not regularly reported separately. Beginning with reports due as of June 30, 1978, these data are collected semiannually. Previously, the semiannual reports were addressed to liabilities items only and were reported as of April and December; however, they are now collected as of the end of June and December. Table CM-III-2 presents data on U.S. banks' loans and credits to nonbank foreigners, based on the TIC reports and on the monthly Federal Reserve 2502 reports submitted for foreign branches of U.S. banks. Sections IV and V, respectively, show t e liabilities to, and claims on, unaffiliated foreigners by exporters,importers, industrial and commercial concerns, financial institutions other than banks and brokers, and other nonbanking enterprises in the United States. The data exclude the intercompany accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. (Such transactions are reported by business enterprises to the Department of Commerce on its direct investment forms.) The data also exclude claims held through banks in the United States. Beginning with data published in June 1979 (reported as of December 31, 1978), there is separation of the financial liabilities and claims of reporting enterprises from their commercial liabilities and claims; and items are collected on a time remaining basis instead of the prior original maturity basis. In addition, the number of reporters increased somewhat as a result of a broad canvass of prospective reporters undertaken in late In Section IV, Table CM-IV-1 combines liabilities previously shown as either short-term or long-term in old Table CM-IV-1; Table CM-IV-2 combines these shortterm and long-term liabilities by country and replaces previous Tables CM-IV-2 and CM-IV-4. Table CM-IV-3, covering total liabilities by type and country for the most recent quarter-end, includes several items not previously reported separately prior to December The tables in Section V have been extensively revised to reflect the changes in data collection format outlined above and the elimination of a monthly form that covered nonbanking enterprises' liquid claims on foreigners. Specifically, Table CM-V-1 combines short-term and long-term claims; Table CM-V-2 shows total claims by country and replaces former Tables CM-V-2 and CM-V-7. Current Table CM- V-3 shows total claims by type and country and includes items that were not reported separately prior to end-year Tables CM-.V-4, CM-V-5 and CM-V-6 no longer appear. Section VI contains data on transactions in all types of long-term mestic and foreign securities by foreigners as reported by banks and brokers in the United States (except nonmarketable U.S. Treasury notes, foreign series; and nonmarketable U.S. Treasury bonds and notes, foreign currency series, which are shown in the "International Financial Statistics" section, Table IFS-4). The data cover new issues of securities, transactions in outstanding issues, and redemptions of securities. They include transactions executed in the United States for the account of foreigners, and transactions executed abroad for the account of reporting institutions and their mestic customers. The data include some transactions which are classified as direct investments in the balance of payments accounts. The data exclude securities issued abroad by foreign subsidiaries of U.S. corporations, some of which are treated in the balance of payments as issues of U.S. corporations. The geographical breakwn of the data on securities transactions shows the country of micile of the foreign buyers and sellers of the securities; in the case of outstanding issues, this may differ from the country of the original issuer. The gross figures contain some offsetting transactions between foreigners. The net figures for total transactions represent transactions by foreigners with United States residents; but the net figures for transactions of individual countries and areas may include some transactions between foreigners of different countries. Beginning with data for 1969, transactions between foreigners in new issues not offered for sale to United States residents but managed by underwriters in the United States are excluded from the gross figures. The data published in these sections not cover all types of reported capital movements between the United States and foreign countries. The principal exclusions are the intercompany capital transactions of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies, and capital transactions of the United States 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. Copies of the reporting forms and instructions may be obtained from the Office of Statistical Reports, Office of the Assistant Secretary for International Affairs, Department of the Treasury, Washington, D.C , or from Federal Reserve Banks.

109 October 19 J CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the U nited S tates Table CM-I-1. - Liabilities' by Type of Holder (In millions of llars) End of calendar year or month liabilities Official institutions 1/ Foreign countries International and regional 2/ Banks and other foreigners (1) (2) Payable in llars (3) Payable in foreign currencies (4) (5) Payable in llars (6) Payable in foreign currencies (7) (8) Payable in llars (9) Payable in foreign currencies (10) f 42,530 12,559 12, ,673 27, , ,298 _ j 42,690 12,582 12, ,806 27, ,302 4/ 2, /... f 43,422 20,028 19, ,385 21, ,009 4/ 2,009 _ ^ 43,464 20,028 19, ,427 21, ,009 4/ 2, 'I/ f 56,306 39,823 39, ,267 14, ,217 4/ 2,217 { 56,331 39,162 5) 38,988 5/ 165 6/ 14,956 5/ 14,708 5/ 248 2,213 4/ 2, ,689 40,093 39, ,629 19, ,968 1, ,535 44, , / 23,587 23, ,716 2, /... f 96,128 53,196 53, / 38,959 38, ,973 3,973-96,056 53,203 53, / 38,860 38, ,992 3, ,147 50,461 50,461-39,982 39, ,704 5, ,430 54,956 54,956-50,764 4»9, ,710 5, ,065 65,822 65,822-57,985 57, ,256 3, ,541 90,793 90, ,116 73,894 2,220 2,632 2, ±42,4U1 /o, >»>»t ru,j;( _ U jl+ 0 1,464 8/ 2,833 2, / Sept... 75,128 75, ,010 1,761 3,416 3, Oct ,120 80,121 80, ,060 68,300 1,761 8/ 2,939 2, / Nov ,407 84,601 84, ,571 72,809 1,761 8/ 2,235 2, / Dec ,541 90,793 90, , ,894 2,220 2,632 2, J an , ,729 71,508 2,220 8/ 2,332 2, / Feb ,365 88,981 88^ ,274 73,053 2,220 8/ 2,110 2, / Mar ,527 82,473 82, , ,757 1,930 2,367 2,364 3 Apr ,733 76,262 76,262-83,168 81,239 1,930-8/ 2,303 2, / 160,253 69,131 69,131-88,362 86,432 1,930 8/ 2,760 2, / 169,818 71,653 71, ,307 93,352 1,956 2,858 2,851 7 July p ,894 75,031 75,031-92,419 90,463 1,956 8/ 3,444 3, / Aug. p ,781 75,257 75, , ,010 1,956 8/ 3,558 3, / : liabilities include liabilities pteviously classified as either "short-term" or "long-term" on the Treasury reports filed by banks. The maturity distinction was discountinued with new reports filed as of April 30, 1978, and the historical series adjusted accordingly. See introductory text to Capital Movements tables for discussion of changes in reporting. 1/ Includes Bank for International Settlements and European Fund. 2/ Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 3/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 4/ Includes U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets as follows: $800 million at end 1969; $400 million at end 1970 and Upon termination of investment, the same quantity of gold was reacquired by the International Monetary Fund. 5/ Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions " are included with "banks" and a number of reporting banks are included in the series the first time. 6/ Includes $7 million increase in llar value of foreign currency obligations revalued to reflect market exchange rates as of Dec. 31, ]_/ Includes $15 million increase in llar value of foreign currency liabilities revalued to reflect market exchange rates. 8/ Data as of most immediately preceding quarter end. p Preliminary.

110 102 CAPITAL M OVEM ENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-2. - Liabilities by Type, Payable in Dollars Part A - Foreign Countries Treasury Bulletin (In millions of llars) Official institutions If Banks Other foreigners End of calendar year or month foreign countries (1) Demand (2) Deposits Time 2/ (3) U.S. Treas. bills & certificates (4) Other liabilities 2/ (5) Deposits Demand (6) Time 2/ (7) U.S. Treas. bills & certificates (8) Other liabilities 2/ (9) To own foreign offices 3/ (10) Demand (11) Deposits Time 2/ (12) U.S. Treas. bills & certificates f 39,802 1,918 2,951 3,844 3,643 16,745 1, ,713-1,709 1, ( 39,958 1,930 2,942 3,844 3,663 16,756 1, ,699-1,711 1, / 41,044 1,652 2,554 13,367 2,307 12,376 1, ,367-1,688 1, \ 41,086 1,652 2,554 13,367 2,307 12,385 1, ,362-1,688 1, Q71 A / / / 53,684 1,620 2,504 32,311 3,230 7, ,367-1,660 1, \ 53,706 1,327 5/ 2,039 5/ 32,311 3,321 3,399 5/ 320 5, 8 7,232 5/ - 1,660 1, Q70 A / / 59,205 1,591 2,880 31,453 3,998 4, ,510-1,955 2, ^59,204 1,591 2,880 31,453 3,998 4, ,510-1,955 2, ,222 2,125 3,911 31,511 6,558 6, ,034-2,143 2, , / f 91,389 2,951 4,257 34,656 11,205 8,248 1, ,546-2,729 3, ,581 ^ 91,297 2,951 4,167 34,656 11,302 8,231 1, ,355-2,729 3, , ,891 2,644 3,423 34,199 10,195 7,534 1, ,588-3,248 4, , ,943 3,394 2,321 37,725 11,516 9,104 2, ,652-4,015 6, , ,893 3,528 1,797 47,820 12,677 10,933 2, ,222-4,304 7, , ,433 3,390 2,546 67,415 17,185 11,239 1, ,185 37,669 4,242 8, , Aug ,104 2,646 2,731 56,299 14,881 9,226 1, ,696 29,190 4,090 8, ,797 Sept ,139 3,310 2,716 55,014 14,088 9,710 1, ,711 34,698 4,039 8, ,761 Oct ,412 3,050 2,600 57,959 16,503 10,148 1, ,673 32,553 4,222 8, ,242 Nov ,108 3,416 2,538 62,332 16,011 10,066 1, ,370 36,693 4,628 8, ,384 Dec ,433 3,390 2,546 67,415 17,185 11,239 1, ,185 37,669 4,242 8, , Jan ,358 2,699 2,504 68,250 17,396 10,405 1, ,076 36,278 4,328 8, ,091 Feb ,878 2,759 2,365 65,647 18,055 9,426 1, ,905 38,585 4,744 8, ,957 Mar ,229 2,864 2,524 59,774 17,310 9,349 1, ,042 47,836 4,207 8, ,832 Apr ,501 3,583 2,491 51,614 18,574 10,202 1, ,388 44,840 4,312 8,623 1,152 2,960 May ,563 3,170 2,572 43,747 19,642 10,265 1, ,799 48,791 4,358 8, ,936 J une,165,004 3,196 2,506 46,304 19,646 11,138 1, ,006 55,517 4,729 8, , ,494 2,850 2,590 49,427 20,164 11,361 1, ,598 52,776 4,662 8, ,429 Aug. p ,267 2,406 2,587 50,146 20,117 11,731 1, ,200 73,008 4,607 8, ,521 (13) Other liabilities 2/ (14) If Includes Bank for International Settlements and European Fund. If Time deposits exclude negotiable time cercificates of deposit, which are included in "Other liabilities." 3/ Da.ta not available separately prior to April, / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date: figures on the second line are comparable to those shown for the following date. J5/ Data on the second line differ from those on the first line because those liabilities of U.S. banks to their foreign branches and those liabilities of U.S. agencies and branches of foreign-banks to their head offices and foreign branches which were previously reported as deposits are included in "Other liabilities"jcertain accounts previously classified as "official institutions" are included with "banks"; and a number of reporting banks are included in the aeries for the first time, p Preliminary.

111 October CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM Liabilities by Type, Payable in Dollars Continued Part B - Nonmonetary International and Regional Organizations (In millions of llars) End of calendar year or month Deposits U.S. Treasury bills and certificates Other liabilities 1/ Demand Time 1/ (1) (2) (3) (4) (5) /... f 1, ,109 ^ 1, , , , /... f 1, ,342 ^ 1, ,338 1, , , , ,4 2/... f 3, ,226 ^ 3, , , ,554 2, , ,701 2,509 3, ,169 2, ,992 2, / 368 2,215 3, ,036 2,127 Oct... 2, ,277 2, ,787 2, , Jan... 2, ,712 Feb... 2, ,527 2, ,778 2, ,718 2, ,198 June... 2, ,301 3, ,345 1,797 3, ,531 1,779 : "Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank; excludes Bank for International Settlements and European Fund. 1/ Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." 2/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date, p Preliminary.

112 104 Treasury Bulletin C A P I T A L M O V E M E N T S - Country Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-3. - Liabilities by Country (Position at end of period in millions of llars) Calendar year Apr. May July p Europe: Austria... Belgium-Luxembourg.... Bulgaria... Czechoslovakia... Denmark Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal.... Romania... Spf in... Sweden... Switzerland... Turkey... United Kingm... U.S.S.R... Yugoslavia... Other Europe... Europe... Canada... Latin America and Caribbean: Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuar... Guatemala... Jamaica... Mexico... Netherlands Antilles... Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean... Asia: China: Mainland... Taiwan.... Hong Kong.... India.... Innesia.... Israel... Japan.... Korea... Lebanon.... Malaysia... Pakistan.... Philippines.... Singapore.... Syria... Thailand.... Oilexporting countries 1/, Other Asia... Asia... Africa: Egypt... Ghana... Liberia... Morocco... South Africa... Zaire... Oil-exporting countries 2/. Other Africa... Africa... Other countries: Australia... All other... other countries... foreign countries... International and regional: International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional... international and regional... Grand total ,314 n.a. n.a ,894 n.a. 6, n.a. 3,212 3, n.a. 240 n.a ,693 9, , ,508 1,540 2, ,438 1, , n.a. n.a. 2, , ,120 1, , n.a. n.a , , n.a , ,301 1, ,020 5, n.a. 5, ,590 n.a. n.a ,293 n.a. 7, n.a. 6,866 2, n.a ,718 12, , ,755 4,731 1,469 3, ,396 4, , n.a. n.a. 2, , ,931 1,971 23, ,013 1, , , , , ,538 1, ,808 2, n.a. 3, , , , , ,713 2,416 1, ,126 18, , , , , ,950 $5 13, ,197 2,779 1, ,526 18, , , , , ,994 2,829 1, ,603 15, , , , , , ,807 2,902 1, , , , , , , ,687 2,654 1, ,232 2,450 16, , ,963 87,174 82, ,156 9,016 8,177 1,648 6, ,141 6, , , , ,825 1,598 1,729 13, ,148 7, , , , ,223 1,562 1,678 10, ,262 7, , , , ,439 1,742 2,080 11, ,591 9, , , , ,684 1,565 2,047 16, ,388 9, , ,009 1,675 32,168 36,651 40,477 45, , , , , , , , , , ,501 1, ,338 1, , ,435 32,638 31,363 28, , , , ,525 1,263 1,561 1,530 1, ,892 2,664 3,001 3,070 3, m , n.a , ,493., , ,631 2,367 2, , / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2/ Includes Algeria, Gabon, Libya, and Nigeria. Less than $500,000. Preliminary. n.a. Not available , , , , ,490 2,381 1, ,128 2,240 16, , , ,849 13, ,351 8, , , , ,947 1,537 41, , , , , ,699 Z22_ , , , , , , ,708 2,653 1, ,063 2,381 15, , ,913 24, ,097 13, , , , ,031 1,597 57, ,028 1, , , , , , Q ,223 2,

113 October Country C A P I T A L M O V E M E N T S Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-4. - Liabilities by Type and Country, as of August 31, 1979 Preliminary liabilities (Position in millions of llars) Liabilities payable in llars Treasury obligations Liabilities to banks' own foreign offices Liabilities to Memorandum all other foreigners To foreign official s institutions and Payable unaffiliated foreign banks Payable in xn Deposits forej-gn Banks Custody Shortllars Other currencies 1/ bilities ities Demand Time own lia liabil term U.S. 2/ liabilities Deposits S iortterm U.S. 'Demand Time 2/ Treasury obligations (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (ID (12) (13) (14) (15) ,782 2, ,343 1, k j _ ,423 1, , ~ ,042 9, ,721 7, , , German Democratic Republic ,655 10, ,232 7, ,989 1, k k 1 k Italy... 9,708 9, ,938 6, ,889 2, a 240 2,653 2, ,233 1, ,321 1, k 1 k ,063 1, ,381 2, , , ,872 15, ,869 11, ,730 4,188 2, , k 22,602 22, ,500 3, ,052 2, U.S.S.R _ 3,352 3, ,986 1, , Other liabilities Negotiable CD's held for all foreigners 86,763 85,762 1,001 39,410 46,352 5,906 2,766 33,553 17,565 22,533 1, ,203 5,987 8,634 8, ,598 1, , , Lffttn Africa afld, Caribbean: 1,913 1, , ,070 24, , , ,097 1, _ ,514 13, , , Chile ,390 2, , , Cuba Ecuar Guatemala Jamaica _ k Mexico... 3,681 3, , _ , Netherlands Antilles Panama... 3,085 3, , , Peru Trinidad and Tobago _ 1 Uruguay, _ Venezuela.... 3,031 3, , , Other Latin America and Caribbean.... 1,597 1,596 1, Latin America and Caribbean... j57,068 56, ,584 3,876 2, ,904 38,511 1,874 6, ,828 2,185 Asia: 1 Chinas Mainland ,028 1, Hong Kong... 1,577 1, , India Innesia Israel ,149 13, ,870 8, , , Korea Lebanon j Malaysia Pakistan Philippines Singapore Syria Thailand dther Asia... 11,497 11, ,949 6,544 1, ,696 j/4,580.7_ >/ Asia ,085 32, ,384 16,621 3, ,800 6,069 6,173 1, ,/zo Africa: Egypt Ghana k Liberia _ Morocco _ South Africa Zaire... I ' " Other Africa... 7 f ~ x, j o i M w io 3 Africa Other countries: Australia All other Z Z05 90s 182 1R in q other countries JjZ /.VH XZ Z loj Hi 35 XI foreign countries... 18^ , fi Rfi9,,, 50,531 28,317 73,008 4,607 8, ,521 10,003 International and reeional: International... 2,516 2, , , European regional _ Latin American regional Asian regional...? African regional _ _ - k Middle Eastern regional... - k ~ - international and regional... ', r'58 3, , ,531 1,779. k 1,071 Grand +otal... 19^ ,818 1, ,007 73,811 14,290 4,197 52,0t>2 30,096 73,008 4,607 8, ,521 11,075 _/ so end o June, _3^U.S. Treasury bills and certificates held m custody for the a ro\'" nii- ' deludes negotiable time certificates of deposit, which exporting countries in "Other Asia" and Other Africa" amounted ic $5,340 million, are included xn "Other" lxabilxties. Less than $500,000.

114 106 Treasury Bulletin p a p t t a t. M O V E M E N T S Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-1. - Claims by Type (o l d series) fin millions of llars Payable in llars Payable :in foreign culrrencies End of calendar year or month claims (1) (2) (3) Official institutions (L) Loans Banks (5) Other foreigners (6) Collectionances Accept outstanding made for for account account of of foreigners reporting hanks and mestic customers (7 (8) Other claims (9) (10) Deposits of reporting hanks and mestic customers with foreigners (11)., '12,278 11,813 6, ,934 3,614 1,733 2, /... Other claims f 12,828 12,295 6, ,155 3,169 1,954 3,169 1, ^12,930 12,397 6, ,152 3,169 2,015 3,202 1, ,877 13,242, 5, ,956 3,170 2,389 3,985 1, ' 1 CfT\ 1 / 0 / fl6,837 15,973 7, ,928 2,/ 4,12 2,475 4,243 1,407 g/ \ 16,939 16,022 7, ,395 2/ 4,113 2,475 4,254 1,979 2/ /... / 20,425 19,539 10, ,405 5,811 3,269 2, ^20,739 19,853 10,259 1,007 3,400 5,852 3,276 3,226 3, ,719 25,985 13,106 1,444 5,129 6,532 4,307 4,160 4, ,235 44,958 17,777 1,709 8,263 7,805 5,637 11,237 10,307 1, ,767 58,307 21,516 1,989 9,202 10,324 5,467 11,147 20,178 1, ,135 79,302 28,308 2,885 13,406 12,018 5,756 12,358 32,878 1,833 1, ,562 90,205 30,631 2,961 15,367 12,302 6,176 14,212 39,187 2, , Apr... 78,210 76,283 26,799 2,409 12,702 11,687 6,339 12,991 30,154 1, Wa y... 80,476 78,510 27,065 2,663 13,002 11,401 6,317 13,087 32,041 1, ,101 82,033 80,065 26,590 2,662 12,532 11,396 6,417 13,209 33,848 1, ,133 July... 81,874 80,039 27,921 2,536 13,829 11,556 6,352 13,478 32,288 1, ,041 Aug... 81,085 78,970 27,284 2,759 12,967 11,558 6,200 13,610 31,877 2,114 1,006 1,109 Sept... 83,812 81,869 28,997 2,792 14,310 11,894 6,025 13,698 33,149 1, ,126 Oct... 86,507 84,300 28,969 2,896 13,961 12,112 6,005 13,768 35,557 2, ,307 Nov... 87,357 85,270 28,183 2,889 13,665 11,629 6,045 13,462 37,580 2, ,246 Dec ,562 90,205 30,631 2,961 15,367 12,302 6,176 14,212 39,187 2, , Jan... 94,246 91,874 29,306 3,037 13,922 12,346 6,342 13,592 42,634 2, ,432 Feb... 93,357 91,040 29,346 3,079 14,115 12,151 6,446 13,689 41,559 2, ,422 Mar... 98,832 96,449 32,498 3,003 16,949 12,546 6,765 13,892 43,293 2, ,435 Apr...., 98,197 95,876 32,335 3,311 16,596 12,428 6,910 13,783 42,847 2,321 1,034 1,288 1! (1?L : claims include claims previously classified as either "short-term" or "long-term" on the Treasury reports filed by banks. A monthly maturity breakwn was discontinued with new reports filed as of April 30, 1978, and the historical series has been adjusted accordingly(see -introductory text to Capital Movements Section for discussion of changes in reporting forms and coverage.) L/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 2/ Data on the second line differ from those on the first line because those claims of U.S. banks on their foreign branches and those claims of the U.S. agencies and branches of foreign banks on their head offices and foreign branches which were previously reported as loans are included in "Other claims"; and a number of reporting banks are included in the series for the first time. Table CM-II-2. - Claims by Type (NEW SERIZS) (In millions of llars) Payable in llars Payable in foreign currencies End of calendar year or quarter-end month claims (1) (2) Banks own claims (3) Claims of banks' mestic customers (4) (5) Banks' own claims (6) Claims of banks' mestic customers (7) 1978-June ,958r 98,527r 89,413r 9,114 3,431 2, ,775r 104,372r 95,315r 9,057r 3,403r 2,957r ,797r 125,883r 114,774r ll,109r 3,914r 3,547r Mar , , ,470 11,648 3,097 2, , , ,633 13,548 3,052 2, : See introductory text to Capital Movements Section for discussion of changes in reporting forms and coverage for new quarterly data filed as of June 30, p Preliminary r Revlsed.

115 October C A P I T A L M O V E M E N T S. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-3. - Claims by Country (Position at end of period In millions of llars) Country Calmdayeat^ 1979 June p Austria... Belgium-Luxembourg.... Bulgaria.... Czechoslovakia... Denmark... Finland..., France... German Democratic Republic Germany.... Greece..,.... Hungary... Italy... Netherlands.... Norway... Poland.... Portugal... Romania... Spain... Switzerland... Turkey... United Kingm.. U.S.S.R... Yugoslavia... Other Europe..., Europe. Canada ;... totfo ipbeioft m3 CarfoTrean: Argentina... Bahamas... Bermuda... Brazil... British West Indies.... Chile... Colombia.... Cuba... Ecuar... Guatemala... Jamaica... Mexico... Netherlands Antilles Peru.... Trinidad and Tobago... Uruguay... Venezuela.... Other Latin America and Caribbean.... Latin America and Caribbean... Asia: China: Mainland... Taiwan... Hong Kong... India... Innesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand... Oil-exporting countries 1/ Other Asia... Asia., Africa: Egypt... Ghana... Liberia... Morocco... South Africa... Zaire... Oil-exporting countries 2/ Other Africa... Africa., Otfrer pomi-fcrtfift: Australia... All other... other countries.%.. foreign countries... and rstfmaii International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional.., international and regional Grand total ,571 1,083 1,235 1,571 2,118 1,944 it.a. n.a n.a. n.a r r r ,643 2,137 4,505r 2,816 3,463r 4,505r 3,661 4,309 n.a. n.a. 62r 63 43r 62r ,382 l,076r 1,038 1,382 1,175 1, n.a. n.a ,034 1,347 1,694r 1,181 l,182r 1,694r 1,548 1, n.a r r r r n.a. n.a r , r 1,242 1,091 1, ,659 1,032 1,083 1,659 1,280 1, r r ,138 9,080 14,041r 10,026 10,535r 14,041r 11,954 16, r r 159r ,548 18,929 31,080r 21,948r 23,426 31,080r 27,347 32,054 3,686 4,163 7,732 5,027r 5,782r 7,732 8,158 7,972 1,192 1,479 2,462r 1,732 l,866r 2,462r 2,947 3,427 15,493 19,919 21,274r 18,804 19,805 21,274r 20,194 18, r r ,902 4,665 6,436r 4,883r 5,410r 6,436r 6,498 6,389 5,082 6,633 9,698r 8,255r 9,304r 9,698r 7,744 9, , ,061 1,017 1, l,070r l,070r 1,042 1, r r n.a. n.a r n.a. n.a ,844 4,922 5,651 5,208 5,217r 5,651 5,807 6, r r ,374 1,415 3,120 1,956 2,347 3,120 2,973 3, ,850 2,336 3,889r 2,539r 3,063 3,889r 3,946 4,087 1,422 1,352 l,621r l,395r l,561r l,621r 1,674 1,567 39,127 46,159 58,964r 48,476r 52,505r 58,964r 56,385 58, ,345 1,721 l,806r 1,604 l,520r l,806r 2,187 2, ,611 1,005 1,054 1,611 2,080 1, r r ,379 10,087 14,010r ll,358r ll,066r 14,010r 13,884 13,798 1,982 2,341 2,475 2,431r 2,060 2,475 2,834 3, n.a n.a r r ,393 1, ,393 1, r r 777r ,459 1,769 3,522r 2,411 2,545r 3,522r 2,330 2, ,576 19,538 28,056r 22,687r r r n.a ,005 1,129 1,072 1,253 1,238 1, ,371 2,583 2,747 2,634 2,694 2, , ,108 1,114 1,115 1,207 1,114 1,100 1,138 81,095 92, ,692r 101,886r 107,691r 129,692r I f n.a. n.a. - " ,135 92, ,797r 101,958r 107,775r 129,797r 123, ,233 1/ Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the P Preliminary. United Arab Emirates (Trucial States). Less t-h«r> $500,000. 2/ Includes Algeria, Gabon, Libya, and Nigeria. r Revised. n.a. Not available.

116 108 Treasury Bulletin C A P I T A L M O V F i M F. M T g Section II - Claims on Foreigners Reported by Banks in the United States Table CM-H-4. - Claims on Foreigners by Type and Country Reported by Banks in the U.S. as of June 30, 1979 Country claims banks' own (Position in millions of llars) Reporting banks' own claims 1 J public borrowers and On own claims unaffiliated payable foreign foreieners offices in foreign currencies One year or less (3) More than one year Memorandum Customer liability on acceptances Claims of banks' mestic customers Payable in llars Payable in foreign currencies (1) (2) (' ) (5) «(6) (7) (8) (9) (10) Europe: , ,9 Q Iftft jr ins i" " ia ono lot fti German Democratic Republic ^OAft 175 inft 5a 15l oa an 7 Italy... ftftl 1, ft 177 fti 017 ofta 265 AIR 771 oo 153 An 10A 60 90ft 170 ft! in laa 1Si r A oo ino Ol A n ft ,344 0ft7 ftai 366 7ftft in ift ^58 AOft a , ,661 4,563 U.S.S.R... Inft 7in A fti oon 1Q1 110 An 3 43 oa 28 1,228 1,883 ft ft 7/,9/2 5,338 2,678 1, " 2,634 2, Latin America and Caribbean: 1, ,364 18, _ 81 1QO I 6, ,873 2,608 2, _1 _ ,449 9,339 2, in Chile... 1, ft 58 1,139 _ _ - Ecuar it Guatemala I it Jamaica o ft g 6 6,687 6,447 3,150 3, Netherlands Antilles Panama ,629 3,579 1, , Peru \ Trinidad and Tobago Uruguay Venezuela ,087 3,841 2, Other Latin America and Caribbean... 1,567 1, h Latin America and Caribbean... 58,338 56,301 22,937 10,214 22, ,298 2,037 2,031 Asia: China: ,203 1,889 1, Hong Kong , ,977 1, , India... Innesia Japan 13,798 Korea 12,863 9, , , ,602 3,322 2, , Lebanon Malaysia Pakistan Philippines Singapore Syria Thailand... " ~ ~ Other Asia.... 2,162 1,754 1, Asia ,993 25,756 18,166 1,871 5, ,808 2,238 2, Africa: Egypt Ghana Liberia Morocco _ South Africa Zaire Other Africa... 1, Africa... 2,645 2,153 1, th$y countries; Australia An other other countries... 1,138 1, foreign countries , ,075 59,737 17,557 36,295 2,487 16, , International and yegipaal,: International European regional _ Latin American regional Asian regional... African regional... _ Middle Eastern regional " international and regional _ 43 _ 3 3 _ Grand total , ,164 59,763 17,575 36,295 2,530 16,838 14,069 13, Less than $500,000.

117 October End of calendar year or quarter-end month reporting banks own claims (1) fiapttat. MOVF.MF.NTfi Section II - Claims on Foreigners Reported by Banks in the United States (2) Table CM-II-5. - Banks Own Claims, by Type Claims on unaffiliated foreigners Remaining maturity (Position in millions of llars) Payable in llars One year or less Over one year On foreign On all On foreigfl On all public other public other borrowers foreigners borrowers foreigners (31 (4) (5) (6) Claims on own foreign offices (7) Memorandum claims items On unaffiliated foreign banks Deposits On all Customer other liability on foreigners acceptances (10) (11) Payable in foreign currencies (12) Deposits 1978-June... 92,034r 55,471r 3,067 41,071r 3,226r 8,107r 33,942r 5,226r 24,908r 19,582r 11,840 2,622 1,084 1,538 98,271r 59,948r 3,702 43,395r 4,230r 8,620r 35,367r 4,567r 26,972r 20,532r 12,723 2,957r l,375r l,582r Dec ,321r 73,557r 4,558r 53,719r 5,328r 9,952r 41,217r 5,664r 34,716r 23,338r 14,917r 3,547r l,672r l,875r 1979-Mar ,091 71,539 4,627 50,729 5,937 10,246 36,931 6,340 31,048 23,643 15,098 2,620 1,139 1, ,164 77,339 4,551 55,212 6,372 11,204 36,295 7,390 34,084 25,131 16,838 2,530 1,345 1,185 (8) Other (9) (13) Other (14) p Preliminary, r Revised.

118 Treasury Bulletin C A P I T A L M n V B M B W T S Section II - Claims on Foreigners Reported by Banks in thfi United States Table CM-II-6. - Banks Own Claims, by Type and Country, Payable in Dollars,! as of August 31, 1979 Preliminary (Position in millions of llars) Country (1) On foreign public borrowers and unaffiliated foreign banks (2) On banks' own foreign offices (3) On all other foreigners (4) Europe; Belgium-Luxembourg... 1, Czechoslo vakia \ I France... 3,240 1, German Democratic Republic Greece _ 11 Italy... 1,474 1, Netherlands Norway Poland _ 77 Portugal Romania Spain Sweden Switzerland Turkey United Kingm... 12,487 7,153 4, _ _ 160 Other Europe Europe... 25,893 15, ,093 2, LsrtjLn America ^ d Caribbean: Argentina... 3,410 2, ,935 5,262 14, Bermuda ,536 3, i 2,343 British West Indies... 10,490 2,756 7, Chile... 1, Colombia... 1, _ 4 Ecuar Jamaica Mexico... 7,649 4, ,931 Netherlands Antilles Panama... 4,375 1,005 2, Peru Trinidad and Tobago Venezuela... 4,043 1, ,151 Other Latin America and Caribbean... 1, Latin America and Caribbean ,593 Asia: China: Mainland Taiwan... 1,990 1, Hong Kong... 1, India Innesia Japan... 15,190 5,161 3,197 6,832 Korea... 3,612 2, Lebanon Pakistan Philippines Singapore... 1, , Thailand Other Asia... 1,825 1, Asia... 29,046 12,529 6,351 10,166 Africa: Egypt Ghana Liberia Morocco South Africa Zaire Other Africa Africa... 1, Other countries: Australia All other other countries foreign countries ,898 57,491 40,349 28,058 International European regional Latin American regional Asian regional Middle Eastern regional... international and regional Grand total ,949 57,542 40,349 28,058 Less than $500,000.

119 October flapttat, MOVEMENTS Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-7. - Domestic Customers Claims by Type (Position in millions, of llars) End of calendar year or quaxterend month claims of banks' mestic customers Deposits Payable in llars Negotiable and readily transferable instruments Collections and other Payable in foreign currencies Deposits Other (1) (2) (3) (4) (5) (6) (7) (8) 1978-June... 9,924 9, ,694 5, ,503r 9,057r 500 3,724 4,833r ll,476r ll,109r 994r 4,762 5,353r Mar... 12,124 11,648 1,143 4,863 5, ,069 13,548 1,438 6,230!1 5, p Preliminary, r Revised.

120 1 1 2 CAPITAL M O V E M E N T S, Treasury Bulletin 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 C ountries and Areas Not Regularly Reported Separately ^Position at end cff neriod in millions of llars) _ Country liabilities Dec June 1978 Dec banks' own claims Dec / June 1978 Dec "Other Europe" Cyprus... Iceland... Ireland... Monaco n.a "Other Latin America and Caribbean0 Barbas... Belize... Bolivia... Costa Rica... Dominican Republic... El Salvar... French West Indies and French Guiana. Guyana... Haiti... Honduras... Nicaragua... Paraguay... Suriname n.a I "Other Asigt" Afghanistan... Bangladesh... Brunei... Burma Jordan... Kampuchea (formerly Cambodia) Macao... Nepal Sri Lanka... Vietnam... Yemen (Aden)... Yemen (Sana) n.a. 8 n.a. n.a. 7 n.a. n.a. n.a. 1 n.a. "Other Africa" Angola... Burundi... Cameroon... Ethiopia, including Eritrea Guinea... Ivory Coast... Kenya,... Madagascar... Mauritania... Mauritius... Mozambique... Niger.... Rwanda... Sudan... Tanzania... Tunisia.... Uganda.... Zambia n.a n.a n.a n.a n.a. n.a. n.a Iim Other" New Hebrides... New Zealand... Papua New Guinea... U.S. Trust Territory of the Pacific Islands n.a n.a s Data represent a partial breakwn of the amounts shown for the n.a. Not available Less than $500,000. corresponding dates for the "Othei;'' geographical categories in the regular monthly series in the Treasurer Bulletin. 11 Data not available prior to June 1978.

121 October CAPITAL MOVEMENTS Section III - Supplementary L iabilities and Claim s Data Reported by Banks in the United States Table C M -III-2. - Dollar Claims on Nonbank Foreigners End of calendar year or month llar claims on nonbank foreigners (Position at end of period in millions of llars) U.S.-based banks Dollar claims of U.S. offices U.S. agencies & branches of foreign banks (3) Dollar claims of U.S.-based banks1 major foreign branches 1/ (1) (2) (4) 1978-Apr... 90,942 16,876 8,321 65,745 94,306 17,011 8,287 69,008 97,366 18,125 9,037 70,204 J... 98,424 18,546 9,492 70, ,329 18,950 10,224 71,155 99,904 18,094 11,125 70,685 Oct... 99,642 19,065 11,227 69, ,982 19,529 12,179 69, ,132 20,750 12,978 69, Jan ,230 20,019 13,326 68,885 Feb ,871 20,184 13,701 68, ,592 20,044 14,373 69, ,807 19,610 14,942 69,255 M a y. 104,079 20,136 15,136 68, ,403 20,549 15,709 69, ,126 21,866 16,455 68,805 p. Preliminary 1/ Federal Reserve Board data.

122 114 Treasury Bulletin C A P IT A L M O V E M E N T S Section IV - Liabilities to Foreigners R eported by Nonbanking Business Enterprises in the United States Table CM-IV-1. - Liabilities by Type (In millions of llars) End of calendar year or quarter-end month liabilities (1) Payable in llars (2) Payable in foreign currencies (3) /... f 3,511 ^ 4, ,780 5, /... f 5,863 5, /... f 6,659 7,017 3,124 3,958 5,388 5,439 6,174 6,550 7,899 7, ,799 8, ,345 9, ,099 9, ,085 10, Mar... 11,510 10, ,870 11, ,786 11, f 12,807 11, v. 13,888 11,166 2, Mar.p... 13,370 10,930 2, / Data on the two lines shown for this date differ because of changes 2/ See introductory text to Capital Movements Section for explanation in reporting coverage. Figures on the first line are comparable in of changes in reporting, coverage to those shown for the preceding date; figures on the second p Preliminary, line are comparable to those shown for the following date.

123 October C A P I T A L M O V E M E N T S. Section IV - Liabilities to Foreigners Reported by Nonbanking Business Enterprises in the United States Table CM-IV-2. - Liabilities by Country (Position at end of period in millions o llars) Calendar year June Sept. Dec.1/ Mar. p Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark..., Finland..., France..., German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal Romania Spain... Sweden... Switzerland... Turkey... United Kingm... U.S.S.R... Yugoslavia... Other Europe n.a. n.a. n.a. n.a. n.a. 1 1 n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a ,073 2,497 2,637 2,265 1,956 2,176 2,312 2,363 2,707 2, Europe. Canada... Latin America and Caribbean: Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile Colombia... Cuba... ^Ecuar... Guatemala... Jamaica... Mexico... Netherlands Antilles 2/.. Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean... Asia: China: Mainland... Taiwan... Hong Kong.... India.... Innesia.... Israel... Japan.... Korea.... Lebanon.... Malaysia.... Pakistan.... Philippines Singapore......, Syria......, Thailand.... Oil-exporting countries 3/ Other Asia... Asia., Africa; Egypt.... Ghana.... Liberia.... Morocco.... South Africa.... Zaire.... Oil-exporting countries..4/ Other Afri&a... Africa., Other countries: Australia... All other... other countries., foreign countries., International and regional: International... European regional... Latin American regional.. Asian regional... African regional... Middle Eastern regional.. international and regional... 4,769 6,053 5,651 4,903 4,916 5,415 5,633 5,747 6,394 6, n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a i ,233 1,137 1,229 1,351 1,484 1,668 1,766 1,747 2,002 2, ,062 1,119 1,158 1,101 1,079 3? n.a. 1 n.a. n.a. n.a n.a. j n.a. n.a. n.a n.a.. n.a. n.a. n.a n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a A f 1,511 1,498 1,751 1,524 1,591 1,154 J , ,697 2,191 2,406 3,178 3,298 3,823 3, , n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a v r } [ J H I V ,899 9,641 10,069 9,891 10,870 11,738 12,661 12,682 13,763 13, n.a. n.a. n.a. n.a. n.a. - : : : ,899 9,799 10,345 10,099 11,085 11,870 12,786 12,807 13,888 13,370 Data in two columns shown for this date differ because of changes in reporting coverage. Figures in the first column are comparable in coverage to those shown for the preceding date} figures in the second column are comparable to those shown for the following date. (See introductory text to Capital Movements Section for explanation of changes in reporting.) 2/ Through December 31, 1975, Suriname -tnrlmted with Netherlands Antilles. 3/ Includes Bahrain, Iran, Iraq, Kuwait Oman, Qatar, Saudi Arabia, and ~ the United Arab Emirates (Trucial States). 4/ Includes Algeria, Gabon, Libya, and Nigeria. Less than $500,000. p Preliminary, i.a. Not available.

124 116. C A P I T A L M O V E M E N T S. Treasury Bulletin Section IV - Liabilities to Foreigners Reported by Nonbanking Business Enterprises in the United States Table CM-IV-3. - Liabilities by Type and Country as of (March 31, 1979 Preliminary Country Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark... Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway Poland.... Portugal... Romania..., Spain.... Sweden... Switzerland.... Turkey... United Kingm... U.S.S.R.... Yugoslavia.... Other Europe.... Europe., Canada Latin America and Caribbean: Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuar... Guatemala... Jamaica... Mexico... Netherlands Antilles Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean.... Latin America and Caribbean.... Asia: China: Mainland... Taiwan... Hong Kong... India... Innesia... Israel... Japan.... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand Other Asia... Asia., Africa: Egypt.... Ghana.... Liberia... Morocco.... South Africa., Zaire.... Other Africa Africa., Other countries: Australia... All other... other countries... foreign countries... International and regional: International... European regional... Latin American regional.. Asian regional... African regional... Middle Eastern regional.. international and regional... Grand total. liabilities (1) (2) (Position in millions of llars) Financial liabilities Payable I in llars (3) Payable in foreign currencies (4) (5) Commercial liabilities Trade payables _ 1 _ _ _ _ _ _ ,663 1,852 1, Z ,090 3,281 1,990 1,291 2,809 1,181 1, _ _ _ _ _ , , _ , _ _ _ , , , , , _ _ _ & m ,242 5,238 3,419 1,819 8,004 3,431 4, ,370 5,238 3,419 1,819 8,131 3,431 4,700 - (6) I Other (7) Less than $500,000.

125 October CAPITAL MOVEMENTS. Section V - Claims on Foreigners Reported by Nonbanking Business Enterprises in the United States Table CM-V-1. - Claims by Type (in millions of llars) Payable in llars Payable in foreign currencies End of calendar year or quarter-end month claims Deposits Other Deposits Other (1) (2) (3) (4) (5) (6) (7) /... f 5,925 5,339 n.a. n.a ^ 6,523 5,895 n.a. n.a ,110 6,528 n.a. n.a /... ( 8,303 7,652 n.a ^ 8,068 7,534 n.a. n.a /... f 9,094 8,445 n.a. n.a ^ 9,960 9,309 n.a. n.a ,529 11,642 n.a. n.a ,806 14,785 n.a. n.a. 1, ,047 15,942 n.a. n.a. 1, ,350 18,300 n.a. n.a. 1, ,298 19,880 n.a. n.a. 1, Mar... 23,541 21,779 n.a. n.a. 1, June ,229 21,665 n.a. n.a. 1, Sept ,260 21,292 n.a. n.a. 1, ,165 Dec. 1/ 2/... f 25,160 23,396 n.a. n.a. 1, ,138 24,160 9,694 14,466 2,978 1,041 1, Mar.p... 29,859 27,036 13,087 13,950 2, ,920 1/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 2J See introductory text to Capital Movements Section for explanation of changes in reporting, n.a. Not available. p Preliminary.

126 C A P I T A L M f l V R M R W T S Treasury Bulletin Section V - Claims on Foreigners Reported by Nonbanking Business Enterprises in the United States Table CM-V-2. - Claims by Country (Position at end of period in millions of Hollars) Country Calendar year Uune Sept. Dec. 1/ Mar. p Europe: n.a. n.a. n.a. n.a. n.a Czechoslovakia... n.a. n.a. n.a. n.a German Democratic Republic. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a Italy n.a. n.a. n.a n.a. n.a. n.a ,835 2,211 2,232 2,703 3,105 2,701 3,158 3,988 4,652 5, Canada... 4,419 5,458 5,450 6,147 6,627 6,216 6,811 8,088 8,989 9,133 2,399 2,897 3,521 4,148 4,457 5,313 5,503 5,093 5,555 6,236 Latin America and Caribbean: ,511 2,060 3,084 2,359 2,696 2,945 4,241 n.a. n.a. n.a n.a , ,125 1,240 2,405 Chile n.a n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a Netherlands Antilles 2 j n.a. n.a. n.a. n.a Other Latin America and , Latin America and As lb: ,726 4,005 5,214 5,868 7,299 6,430 7,242 7,732 10,028 China: Mainland Taiwan India Innesia ,068 1,342 1, ,134 1,220 1,227 1,305 1,284 1, Lebanon... n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a Pakistan... n.a. n.a. n.a. n,a m n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a ^ Oil-exporting countries 3/ 27 r J ^ ,302 3,007 3,294 3,065 3,594 3,613 3,716 3, ,004 3, (. Africa: Egypt ! n.a. n.a. n.a. n.a Liberia... n.a. n.a. n.a. n.a / Oil-exporting countries 4/ ^ J Africa Other countries: ' All other foreign countries... 12,524 15,801 17,040 19,342 21,281 23,211 23,243 25,144 27,121 29, Latin American regional Asian regional ~ " " Middle Eastern regional... n.a. n.a. n.a. n.a. n.a. international ,806 17,047 19,350 21,298 23,229 23,260 25,160 27,138 29,859 1/ Data in two columns shown for this date differ because of changes in 2/ Through December , Suriname included with Netherlands Antilles. ~~ reporting coverage. Figures in the first column are comparable in 3/ Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and coverage to those shown for the preceding date; figures in the second the United Arab Emirates (Trucial States), column are comparable to those shown for the following date. (See 4/ Includes Algeria, Gabon, Libya, and Nigeria. Introductory text to Capital Movements Section for explanation of Less than $500,000. p Preliminary.,changes in reporting.) n.a. Not available.

127 October C A P I T A L M O V E M E N T S. 119 Section V - Claims on Foreigners Reported by Nonbanking Business Enterprises in the United States Table CM-V-3. - Claims by Type and Country as of March 31, 1979 Preliminary.Europe: Austria... Belgium-Luxembourg... Bulgaria... Czechoslo vakia... Denmark... Finland... France.... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal Romania... Spain... Sweden... Switzerland... Turkey... United Kingm... U.S.S.R... Yugoslavia... Other Europe... Europe., Canada... Lfrtin AffleriQa and Cgr : Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuar... Guatemala... Jamaica... Mexico... Netherlands Antilles Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean.....Asia; China: Mainland... Taiwan... Hong Kong.... India.... Innesia.... Israel.... Japan.... Korea... Lebanon.... Malaysia... Pakistan.... Philippines... Singapore.... Syria... Thailand., Other Asia., Asia., Africa; Egypt... Ghana.... Liberia.... Morocco.... South Africa., Zaire.., Other Africa., Africa Other countries: Australia... All other... other countries. foreign countries... International and regional: International... European regional... Latin American regional.. Asian regional... African regional... Middle Eastern regional.. international and regional... claims financial claims (3) (Position In millions of llars) >enominated,n llars Deposits (4) Financial claims Other (5) (6) Denominated in foreign currencies Deposits (7) Other (8) commercial claims (9) Commercial claims Trade receivables (10) tt> 12L _ _ _ _ _ ,087 4,409 4,183 3, _ ,133 5,333 4,739 4,074 ' ,800 3, ,236 5,130 3,645 2,612 1,03^ "" 1, ,375 1, , _ ,241 4,124 4,005 3, ,405 2,394 2,359 2, _ _ _ _ _ j _ _ 35 35, ,028 7,566 7,389 6,348 1, ,461 2, _ 167 I _ _ 10 _ , _ _ _ 7 7 _ 40 1 l , ,748 2, _ 2 2 _ 1 1 « _ 76 _ - _ _ c ,842 19,082 16,644 13,087 3,554 2, ,535 10,760 10, _ _ : : - : Other (11) Less than $500,000., 29,859 19,097 16,659 13,087 3,573 2, ,535 10,762 10,

128 120.CAPITAL M OVEM ENTS. Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-1. - Foreign Purchases and Sales o f Long-Term Domestic Securities by Type Treasury Bulletin Calendar year or month Jan.-Aug. p Au g Sept... Oct... Nov... Dec Jan. Feb... Mar...;... Apr... May... June... July p... Aug. p... (In millions of llars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) (1) ,672 3, ,995 8,096 22,843 4,702 2, , , Marketable Treasury bonds and notes Net foreign purchases Foreign countries Official institutions ,661 3, ,612 5,117 20,377 3,742 2, , (3) Other foreigners Internationa] and regiona].(jo ,702 1, Gross foreign purchases (5) ,414 4,358 2,738 3,382 8,898 25,610 39,818 32,354 25,242 2,853 2,516 4,219 2,960 1,029 3,549 1,929 2,073 3,321 2,367 2,165 5,043 4,796 Gross foreign sales (6) ,043 2,433 3,854 6,903 17,514 16,974 27,651 23,163 2,427 1,877 2,809 2,736 1,543 3,480 2,471 1,563 2,719 3,280 1,887 3,546 4,216 U.S. Gov't, corporations and Federally-sponsored agencies Net foreign purchases (7) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,712 1, Gross foreign purchases (8) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,297 4,496 3, Gross foreign sales (9) 1,585 3,253 3, Net foreign purchases (10) 1, ,881 1,961 1, ,202 1,467 1, Corporate and other securities Bonds 1/ Gross foreign purchase: -111) 3,054 2,499 2,967 4,723 5,828 8,621 5,408 5,529 3,442 3,459 2, Gross Net foreigd foreign sales purchases 1,853 1,543 2,263 2,842 3,867 7,582 4,642 4,327 1,975 2,256 1, <13) 1, ,188 2, ,678 2,753 2,675 2,420 1, Gross Gross foreign foreign purchases sales (i) 12,429 I8,927 11,626 14,361 12,767 7,636 15,355 18,227 14,154 20,142 13,806 2,446 2,357 1,521 1,461 1,438 1,361 1,384 1,941 1,614 1,578 1,860 1,766 2,301 J U 5 L 10, ,894 12,173 9,978 7,096 10,678 15,475 11,479 17,723 12,640 2,680 2,115 1,523 1,359 1, ,264 1,437 1,520 1,386 1,794 1,774 2,163 If Data include transactions in issues of states and municipalities. Through December 1976, data also included transactions in issues of U.S. Government corporations and Federally-sponsored agencies. p Preliminary. n.a. Not available, Calendar year or month Table CM-VI-2. - Foreign Purchases and Sales o f Long-Term Foreign Securities by Type (In millions of llars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Net foreign purchases of foreign securities 4 (1) Net foreign purchases (2) Foreign bonds Gross foreign purchases (3) Gross foreign sales (4) Net foreign purchases (5) Foreign stocks Gross foreign purchases (6) Gross foreign sales ,547-1,029 1;,552 2, ,519 2, ,,490 2, , ,,687 2, ,385 1, ,031 1,,901 2, ,532 2, ,,474 2, ,729 1,554-2,034-2,218 1,,036 3, ,907 1, ,526-6,338 2.,383 8, ,542 1, ,097-8,774 4,,932 13, ,937 2, ,506-5,096 8,,040 13, ,255 2, ,488-4,015 11,,046 15, ,666 3,139-2^705-2,553 8;,206 10, ,811 2, Aug , Oct , , Dec ,, Jan , Feb , ,182 1, May June ,,011 1, , ,575 2, (7) p Preliminary

129 October C A P I T A L M O V E M E N T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-3. - Net Foreign Transactions in Marketable Treasury Bonds and s by Country (In millions of llars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year Country through Aug. p Mar. Apr. May June July p Aug. p Europe: Belgium-Luxembourg n.a. n.a n.a. n.a Denmark German Democratic Republic n.a. n.a ,404 3, n.a. n.a. - _ Italy Norway n.a _ n.a. n.a Sp^in Turkey ,403-3,515 1, ,245 11,606 1,541 2, , Latin America and Caribbean: -1 _ _ _ Chile... 2 _ _ _ Cuba... _ n.a. n.a. _ Jamaica... n.a. n.a Panama Other Latin America and " - - Latin America and Asia: China: _ _ Hong Kong India Japan ,173 4,668 1, n.a _ Pakistan... n.a _ Syria Oil-exporting countries \ f. 3,887 4,451-1,785-1, Asia... 3,954 9,422 2, Africa: Egypt _ n.a. - - _ - - _ - " - - Oil-exporting countries 2/ _ - _ Africa Other countries: -1-1 _ ,393 21,130 4,326 2, , International and reeional: 2,584 1, _ - - _ Latin American regional Asian regional... 1 _ 1 - _ African regional _ Middle Eastern regional... n.a. n.a. - - " international 2,702 1, ,096 22,843 4,702 2, , / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2/ Includes Algeria, Gabon, Libya and Nigeria, p Preliminary. Less than $500,000. n.a. Not available.

130 122 Treasury Bulletin 1 C A P I T A L M O V E M E N T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-4. - Estimated Foreign Holdings of Marketable Treasury Bonds and s by Country (Position at end of period -in millions of llars) Calendar year 19-?9 Country Mar. Apr. May June July P Aug. p Euro e: Belgium-Luxembourg Bulgaria 1 / n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n a Czechoslovakia... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. na Denmark France German Democratic Republic!/ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a ,168 7,110 7,269 7,865 7,881 7,804 7,834 8, n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. a. Italy ,358 1,587 1,637 1,672 1,695 1,655 1, Poland 1/... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Spain Sweden Turkey... United Kingm ,888 5,373 5,991 5,735 5,697 6,016 6,938 6, Europe... 2,330 13,936 15,477 16,022 16,443 16,517 16,898 18,063 18, Latin America and Caribbean: Argentina.... it 5 4 Bermuda 1/... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Chile it Ecuar 1/.... n.a. n.a. n.a. tua. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Netherlands Antilles 1/ Panama Trinidad and Tobago >1/... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Venezuela Other Latin America and Latin America and Caribbean Asia: China: Mainland... Taiwan... it 8 Hong Kong Japan ,687 6,860 11, ,729 12,982 13,014 13, , n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Pakistani/... n.a. n.a. n.a. n.a. n.a. n.a. na. n.a. n.a Singapore 1/... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a ,486 11,227 9,343 8,124 7,652 7,447 7,433 7,230 7,608 9,323 18,745 21,488 21,488 21,273 21,097 21,103 20,874 20,957 Africa: Egypt... Liberia 1/... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a _ South Africa... Zaire Other countries: other countries it foreign countries... 12,765 33,895 38,221 38,781 39,027 38,905 39,303 40,393 40,825 International and reeional: International... European regional... 2,905-4,646-5,089-4,560. 4,915 _ 4,114-3,993 _ 4,400 4,551 Latin American regional Asian regional Middle Eastern regional... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. international and regional... 3,033 4, Grand total... 15,798 38,641 43,343 43,379 43,981 43,068 43,345 44,842 45,422 s Data represent estimated official and private holdings of marketable I f Country or area not listed separately in benchmark survey^ therefore, U.S. Treasury securities with an original maturity of more than one year. holdings are included in respective "Other' geographical category. Data ae based on a benchmark survey as of January 31, 1971, and the p Preliminary. monthly transactions reports. Country detail may not add to the area Less than $500,000. n.a. Not available, totals or to Grand total.

131 October Europe: C A P I T A L M O V E M E N T S... Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-5. - Net Foreign Transactions in Long-Term Domestic Bonds, Other than Treasury Bonds and s, by Country Country German Democratic Republic. (In millions of llars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year through Aug. p Mar. Apr. May June July p Aug. p n a n a _ it 5-1 it 39 n.a. -34 n.a _ it it it it , i n U.S.S.R... it _ Other Europe it 86 1, ' Latin America and Caribbean: it it it Chile... it it _ it it _ it _ it _ m it Guatemala it Jamaica... na nla it it _ Mexico > i it -1 it l Peru it Trinidad and Tobago.... it Uruguay I _ Venezuela it it it 1-1 it Other Latin America and Caribbean it 2 it it it Latin America and Asia: China: Mainland Taiwan... 5 it _ it Hong Kong ± it 1 India it it it 1 Innesia it 2 it 1 it 2 2 j n it 8 Korea it 41 it 5 5 Lebanon c it it _ Malaysia... it 2 _2 it it -1 _ n.a. -2 Pakistan... Philippines...,S K it it it it Singapore it Syria.... it T h a i l a n d..... it _1 it it Oil-exporting countries \J. Other Asia... 1,179 1, it Asia Africa: 1. Ghana Liberia... n.a Morocco... - it i it - - South Africa.... it it - - ~ - Zaire... - it Oil-exporting countries 2/. it -2 it Other Africa it Africa... - A. it it it Other countries: Australia it 2 i it it All other... it 1-1 other countries it ,243 4,083 2, International and regional: International European regional... it -14 Latin American regional Asian regional _ African regional. _ Middle Eastern regional... international n.a. n.a Grand total ,202 4,179 2, / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Oatar, Saudi Arabia, and 1 ) Includes Algeria, Gabon, Libya, and Nigeria, the United Arab Emirates (Trucial States). p Preliminary. Less than $500,000. n.a. Not available.

132 124 Treasury Bulletin Europe: Country C A P I T A L M O V E M E N T S - Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-6. - Net Foreign Transactions in Domestic Stocks by Countiy Calendar year through Aug, p Mar. Apr. May June July p Aug. p it -2 Belgium-Luxembourg n.a. n.a. n.a. n.a. _ Finland German Democratic Republic. Germany it -1 Hungary... n.a. n.a. _ it it it Italy n.a. 40 n.a _ Norway it -1 Poland... n.a Romania... n.a. n.a. - _ Turkey it , _ in Europe ,006 1, ? Latin America and Caribbean: Bahamas Chile Colombia Cuba it Jamaica... n.a. n.a. n.a. n.a it -1-1 it 1 Netherlands Antilles Peru it 4 it 2 3 it it it -1 2 it it Other Latin America and it it Latin America and Asia: China: _ Taiwan it India... 2 Innesia it it Japan Korea... 1 it it it _3 n.a. it 1 it 2-1 n.a Singapore _ it Oil-exporting countries 1/. 1,803 1, Other Asia Asia... 1,922 1, Africa: Egypt... 2 it - it - - Morocco... n.a it - it it - Oil-exporting countries 2/ 1 it it it -2 Other countries: it other countries ,740 2,661 2,466-1, International and regional: International Latin American regional Asian regional Middle Eastern regional... n.a. n.a. " " ~ international and regional >,753 2,675 2,420 1, I f Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 21 Includes Algeria, Gabon, Libya and Nigeria, p Preliminary. Less 'than $500,000. n.a. Not available.

133 October Country C A P I T A L M O V E M E N T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country (In millions of llars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year through Aug. p Mar. Apr. May June July p Aug. p Europe: it 6 if Bulgaria.... n.a. n.a n.a. n.a. _ - _ it it France German Democratic Republic. n.a. n.a. _ - _ Germany _ - - Hungary n.a. n.a it Norway it -90 Poland _ Romania... n.a. n.a. _ it it Yugoslavia... _ _ it it , ,231-2,205-3, Latin America and Caribbean: n.a n.a Chile it Cuba... _ n.a. 2 1 it it it n.a. n.a. _ it - it Jamaica... n.a. n.a. 3 4 _ it it Trinidad and Tobago... n.a Uruguay....' it -1 1 Other Latin America and Caribbean it it Latin America and ' Asia: China: _ - Taiwan India Innesia it _ _ Lebanon... n.a _ it - - n.a Pakistan... n.a Singapore.... n.a n.a _ Africa: Egypt _ - n.a.. _ - Liberia... n.a _ _ _ it 1 Zaire... _ - Other Africa it it Other countries: it ,872-3,540-3,843-1, International and regional: , Latin American regional Asian regional _ - - _» - Middle Eastern regional... n.a. n.a ~ international p Preliminary. Less than $500,000. n.a. Not available. -1, ,774-5,096-4,015-2,

134 126 Treasury Bulletin Country C A P I T A L M O V E M E N T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-8. - Net Foreign Transactions in Foreign Stocks by Country (In millions of llars: negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year through Aug. p Mar. Apr. May June July p Aug. p Europe: n.a. n.a n.a. n.a Finland German Democratic Republic. n.a. n.a Greece it -1 n.a. n.a Netherlands Norway n.a Portugal n.a. n.a Spain.! it Switzerland Turkey _ _ Other Europe it Canada Latin America and Caribbean: 15-2 it Bahamas Bermuda... n.a it it -2-7 Brazil it 1 it British West Indies... n.a Chile it it it - Colombia it Ecuar... n.a. - it it - n.a. n.a it Jamaica n.a. n.a it Netherlands Antilles Panama it it - - _ Trinidad and Tobago... n.a. - it it it it Venezuela it Other Latin America and -8-1 it Latin America and Caribbean Asia: China: Mainland _ Taiwan India... - it - - it - _ Israel Japan Korea.... _ _ Lebanon n.a. n.a. it Pakistan... n.a it it n.a it it -1 n.a _ Africa: Egypt it _ Ghana n.a. _ _ n.< 1 - it 1 _. - _ - _ South Africa Zaire _ it -1 Africa ,-2 Other countries: Australia All other... - other countries foreign countries International and regional: _ _ European regional Latin American regional _ Middle Eastern regional... n.a. n.a. " " - international p Preliminary. Less than $500,000. n.a. Not available

135 O ctober 1979 Count-rv C A P I T A L M O V E M E N T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-9. - Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During August 1979 Preliminary (In millions of llars) Gross purchases by foreigners Gross sales by foreigners Domestic securities Foreign Domestic securities Foreign securities securities Marketable of U.S. Corpora Market Bonds Treasury Gov't. other te & able of U,S. Corporate & Treasury Gov't. other purchases & Federal corp. and sales & Federal Financing Federally- Financing Federallysponsored Bonds Stocks Bonds Stocks Bank bonds sponsored Bonds Stocks Bonds Stocks Bank bonds & notes agencies & notes agencies (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) m > (12) (13) (14) k 55 2 _ ~ German Democratic Republic g ; k it _ Italy k 6 s i k k g 91 k k k 3 ~ k 10 k k k k k U.S.S.R... 2,356 1, ,445 1, Other Europe k k 10 k 1 Europe.... 4,894 2, , ,942 1, ,398 1, ! k 2 1 k " " Chile... 3 ~ Colombia... I " - - Cuba... 1 k 1 " 1 1 Ecuar... I ~ ~ " - - ~ Guatemala... " 1 ~ 1 " 1 Jamaica... J 1-1 " k k k Mexico " 1 1 " - ~ - ~ Netherlands Antilles Panama k Peru k Trinidad and Tobago " - k ~ 12 Uruguay... 1 " Venezuela... 6 " 2 _ 1 k 4 9 k 9 Other Latin America and 1 Caribbean " 4 " 3 k k Latin America and Caribbean _ Asia: China: Mainland Taiwan... ~ Hong Kong k k 2 India Innesia Israel _ Japan k 1 48 k ,973 1,193 1 Korea Lebanon ~ k " 1 Malaysia " 5 8 ~ 8 - k Pakistan... " Philippines ~ " k " - Singapore.... " 1 k Syria Thailand... " ~ Other "Asiai... ~ k 1, Asia ,004 1, Africa: Egypt... Ghana Liberia... ~ ~ " " 3 Morocco... k k South Africa Zaire... Other Africa... k - 1k k ~ Africa k Other countries: Australia All other... " ~ k other countries... foreign countries ,994 4, ,299 1, ,950 3, ,163 1, International and regional: International European regional Latin American regional " Asian regional.... African regional... Middle Eastern regional... - : : - : : : : : : : international _ 2 55 _ _ 139 _ Grand total,,.... 9,728 4, ,301 1, ,630 4, ,163 2, Less than $500,000.

136 128 Treasury Bulletin CAPITAL MOVEMENTS Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VT Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1978 (In millions of llars) Country Gross purchases by foreigners Gross sales by foreigners Domestic securities Foreign Domestic securities Foreign Marketable Bonds securities Market- Bonds securities Corporate & of U.S. Treasury Gov't. other Treasury Gov't other purchases & Federal Corp. and & Federal corp. and sales Financing Federally- Financing Federal ly- Bank bonds sponsored Bonds Stocks Bonds Stocks Bank bonds. spottsored Bonds Stocks Bonds Stocks & notes agencies & notes agencies (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) Eyroi>e: Czechoslo vakia , , , , German Democratic Republic ,085 4, , , , Italy , , ,150 1, , , , ,016 7,847 2, ,504 3, ,290 11,361 1, ,274 3, ,526 14,853 2,384 1,217 12,277 5,344 1,450 33,827 13,312 1,668 1,019 10,994 5,718 1,117 4, , , ,081 3, Latin America and Caribbean: r 21 1, , Chile Netherlands Antilles ' Uruguay Venezuela Other Latin America and ' Latin America and 4, ,205 1, , ,054 1, Asia: China: Mainland _ India _ _ _ ,043 6, ,859 1,159 4,853 1, , _ Philippines _ ,065 1,668 1,192 1,284 2, ,022 3,453 1, , ,067 1,209 1,637 3,407 2,956 1,239 13,513 5,324 1, ,439 2, Africa: Egypt... :... 8 _ South Africa _ Zaire " Africa Oth? s iffl± i s; 71 _ foreign countries... 64,953 23,692 3,640 3,389 20, ,446 3,666 59,438 19,366 2,810 2,183 17,654 14,289 3,136 XntgxftMionai and resapnal: 9,930 8, ,941 8, European regional Latin American regional Asian regional African regional Middle Eastern regional... " " - " ' ' ' international 10,210 8, ,646 8, and regional... Less than $500, ,163 32,354 4,496 3, ,046 3,666 69,083 27,651 3,253 2,256 17,723 15,061 3,139

137 October 1979.FOREIGN CURRENCY POSITIONS. 129 Background Data have been collected since 1974 on the foreign currency positions of banks and nonbanking firms in the United States, and on those of foreign branches, majorityowned foreign partnerships, and majority-owned foreign subsidiaries of United States banks and nonbanking firms. Reports cover nine major foreign exchange market currencies and United States llars held abroad. Reporting has been required pursuant to T itle II of Public Law , an Amendment to the Par Value Modification Act, of September 21, 1973, and implementing Treasury regulations. S ta tistic s on the positions w ill be published monthly in the Treasury B u lletin, beginning with data for December "Majority-owned foreign partnerships" are those organized under the laws of a foreign country in which one or more nonbanking concerns or nonprofit in stitutions in the United States, directly or in directly, own more than 50 percent p ro fit in terest. "Majority-owned foreign subsidiaries" are foreign corporations in which one or more nonbanking business concerns or nonprofit institutions located in the United States directly or indirectly own stock with more than 50 percent of the tota l combined voting power of a ll classes o f stock entitled to vote, or more than 50 percent of the total value of a ll classes of stock. The report forms and instructions used in the collection o f bank data were revised effective with reports as of November 1, 1978, for the weekly reports, and as of October 31, 1978 (the la st business day of the month), for the monthly reports. The most recent revision of the nonbank Foreign Currency forms (see below) became effective as of the la st business day of September Among the changes on the forms, the Belgian franc was deleted as a reporting currency. Common Definitions and Concepts The term "United States" means the States o f the United States, the D istrict of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Canal Zone, Midway Island, the Virgin Islands, and Wake Island. The term "foreign" means locations other than the "United S ta tes". The term "Worldwide" is used to describe the sum o f "United States" and "foreign " data. Data for the United States include amounts reported by sole proprietorships, partnerships, and corporations in the United States including the U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of "nonbanking firms positio n s", and the agencies, branches, and subsidiaries located in the United States of foreign banks and banking in stitu tion s, in the case of the weekly and monthly "bank positions". Data for "foreign branches and "abroad" include amounts reported by the branches, majority-owned partnerships and majority-owned subsidiaries o f United States banking and nonbanking concerns. In general, these data not refle c t the positions of foreign parents or foreign parents subsidiaries located abroad except through intercompany accounts. The data include the foreign subsidiaries of a few foreign-owned U.S. based corporations. Assets, lia b ili t ie s, and foreign exchange contract data are reported on the basis of time remaining to maturity as of the date of the report, regardless of the original maturity of the instrument involved. "Spot" means due for receipt or delivery within two business days from the date of the report. "Short-term" means maturing in one year or less from the date of the report. Reporting Threshold The exemption level applicable to banks and banking in stitutions is $10 m illion equivalent. The exemption level applicable to nonbanking business concerns and nonprofit in stitutions was $1 m illion equivalent on a ll nonbank forms from March 1975 through November I t was raised to $2 m illion equivalent on the monthly reports of positions held in the United States. From November 1976 through September 1978 the exemption level was raised to $3 m illion on foreign subsidiary positions on June 31, 1977 and for positions held in the United States on September 30, Firms must report their entire foreign currency position in a specified foreign currency i f a specified United States llar equivalent value is reached in any category o f assets, li a b ili t ie s, exchange contracts bought and sold, or the net position in the'currency. In general, exemption levels are applied to the entire firm in the United States and separately to each foreign branch or subsidiary. In reports on their foreign branches, majority-owned foreign partnerships and majority-owned foreign subsidiaries, United States banks and nonbanks are required to report the United States llar denominated assets, lia b ili t ie s, exchange contracts bought and sold, and net positions o f those branches, partnerships, and subsidiaries with reportable positions in the specified foreign currencies. Description of S ta tistic s Data collected on the Treasury Foreign Currency forms are published in the Treasury Bulletin in nine sections. The f ir s t section presents a summary of worldwide net positions in a l l o f the currencies reported. Sections II through IX each present data on a specified foreign currency. Section X presents the United States llar positions of the foreign branches and subsidiaries of United States firms which are required to report in one or more of the specified foreign currencies.

138 130 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section I - Summary Positions Table FCP-I-1. - Nonbanking Firms Positions (In millions of foreign currency units) Report date Canadian French German Italian Japanese Swiss Sterling U.S. llars francs marks lire yen francs llars 2/ (1) (2) (3) (4) (5) (6) (7) (8) 1978-Dec... 9,927 8,209 8, , , ,393-2, Mar... 10,820 8,832 8, , , ,373-1,429 Table Weekly Bank Positions (In millions of foreign currency units) Canadian French German Italian Japanese Swiss British U.S. Report date llars francs marks lire yen francs pounds llars 2/ (1) (2) (3) (4) (5) (6) (7) (8) 12/06/ ,127 22,624 56, ,753 12/13/ ,191 34,521 62, ,702 12/20/ ,229 27,990 70, /27/ ,261 41,842 70, /03/ ,146 27,992 73,716' /10/ ,089 29,569 61, /17/ ,315 47,530 60, /24/ ,570 29,512 70, /31/ ,057 40, /07/ ,123 43,029 55, /14/ ,804 53, /21/ ,038 52,653 54,003, /28/ ,960 60, /07/ ,027 24,053 61, /14/ ,955 21, r r 3/21/ ,362 44, r r 3/28/ ,993 37, /04/ ,558 19, r /11/79 329r -279r 544r -5,816 46,104x -299r -50r 56 6r 4/18/ ,143 26,186 23, /25/ ,148 16,877 44, /02/79 1-4oe ^ U 1 33, ,184 5/09/ ,761 53, /16/ ,250 39, /23/ ,198 4, ,166 5/30/ ,485-2, ,786 Table-I-3. - Monthly Bank Positions (In millions of foreign currency units) End of month Canadian llars French francs German marks Italian lire Japanese yen Swiss francs British pounds U.S. llars 6/ (1) (2) (3) (4) ,051 72, , Jan ,528 33, Feb ,404 68, ,881 13, ,227 78, ,274 22, (5) (6) (7) (8)

139 October FOREIGN CURRENCY POSITIONS Section II - Canadian Dollar Positions Table FCP-II-1. - Nonbanking Firms Positions Position at end of month Liquid assets 2/ Shortterm debt 2/ Short-term trade Receivables ij Payables >/ Other assets 6/ Other liabilities 2/ Forward exchange 8/ Net position 2/ Exchange rate 10/ Positions held by offices in: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Dec ,680r 5,240r 14,630r 7,673r 24,293r 20,604r ,937r Abroad Dec r r 768r 4.147r 1.278r r 990r United States Dec ,724r 5,508r 15,124r 8,44lr 28,440r 21,882r 1,608 4,138r 9,927r Worldwide J&n l,049r r 4,108r l,295r ' "1,057. 3,233r l,132r United States Feb l,107r r 682r 4,160r l,331r 1,194 3,343r l,282r United States Mar ,473 5,986 15,011r 7,326 25,361 21,310 1, , Abroad Mar r 260r 354r 713r 4.284r 1.287r r 1.312r United States Mar ,518r 6,246r 15,365r 8,039r 29,645r 22,597r 2,087 3,913r 10,820r Worldwide Apr l,024r 237r 416r 745r 4,116r l,303r l,505r 3,053r l,723r United States May ,102 1,343 1,512 2,977 1, United States Bought Sold Table FCP-II-2. - Weekly Bank Positions Assets and liabilities 12/ Exchange contracts 13/ Net position Date Banks in U.S. Foreign Worldwide branch wide Banks in U.S. Foreign World United branch Foreign Worldwide 16/ Exchange net net States 1^/ branch net net rate 17/ Assets Liabilities Net Bought Sold Net 15/ (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (ID (12) (13) (U) 12/06/78 1, ,306 17, /13/ ,029 17,991 18, /20/ ,016 17,117 17, /27/ ,062 16,397 17, /03/ ,028 16,286 17, /10/ ,478 17, /17/ ,580 17, /24/ ,768 17, /31/ ,323 17, /07/ ,044 18,021 18, A /14/ ,548 18, /21/ r 929r 17,353 17, r -729r /28/ ,575 18, /07/ ,016 19,174 19, /14/ ,063 19,115 19, /21/79 1, r l,054r 18,819 19, r -782r /28/ ,252 18,763 19, /04/79 1, r l,152r 18,935 19, r -787r /11/ r l,246r 19,171 19, r -917r r 329r /18/79 1, r 973r 18,969 19, r /25/79 1, ,127 19, /02/ ,020 18,171 18, , /09/ ,770 19, /16/ ,757 20, /23/ ,301 19, , /30/ ,875 19, Footnotes at end of Table FCP-IX-3.

140 End of month 1978-Dec... Maturity (2) 3 days-1 month... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... Section II - Canadian Dollar Positions Table FCP-II-3. - Consolidated Monthly Bank Positions Assets 12/ (1) 702 1, (In millions of Canadian llars) Worldwide ^Balance sheet items Foreign exchange contracts 20/ Liabilities Net Bought Sold (2) (3) (4) 971 3,795 4,993 3,910 2, / (5) 1,011 4,069 5,015 4,121 3, Net (6) Net overall position 21/ (7) (7) of all maturities... 3,961 2,914 1,047 16,922 17, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 4,109 3, ,922 17, Jan... (l) Demand/spot ,851 1,858 01A zlu (2) 3 days-1 month ,055 3^ (3) Over 1 month-3 months ,507 6, (4) Over 3 months-6 months ,826 4, (5) Over 6 months-1 year ,019 3, (6) Over 1 year... 1, (7) of all maturities... 4,139 3,088 1,051 18,728 19, (8) Capital assets, liabilities ,297 3, ,728 19, ; Feb... (1) Demand/spot , "1UO 94 (2) 3 days-1 month ,777 4^ (3) Over 1 month-3 months ,592 5, (4) Over 3 months-6 months ,289 4, (5) Over 6 months-1 year ,731 3, (6) Over 1 year (7) of all maturities.... 4,075 3, ,523 20, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 4,219 3, , Mar... (1) Demand/spot ,728 1, (2) 3 days-1 month... 1, ,814 4, (3) Over 1 month-3 months ,428 5, (4) Over 3 months-6 months ,887 5, (5) Over 6 months-1 year ,774 2, (6) Over 1 year... 1, (7) of all maturities... 4,243 3,235 1,008 20,068 20, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 4,390 3, ,068 20, (1) Demand/spot ,946 2, (2) 3 days-1 month... 1, ,845 4, (3) Over 1 month-3 months ,339 6, (4) Over 3 months-6 months ,489 5, (5) Over 6 months-1 year ,507 2, (6) Over 1 year.... 1, (7) of all maturities... 4,106 3, ,556 21, (8) Capital assets, liabilities _ (9) Summary ((7) + (8))... 4,240 3, ,556 21, May... (1) Demand/spot ,166 2, (2) 3 days-1 month... 1, ,274 5, (3) Over 1 month-3 months ,219 6, (4) Over 3 months-6 months ,756 4, (5) Over 6 months-1 year ,435 2, (6) Over 1 year... 1, (7) of all maturities , ,345 22,405-1, (8) Capital assets, liabilities ,133 3, ,345 22,405-1, % Is

141 October 1979 FOREIGN CURRENCY POSITIONS, Section III - French Franc Positions Table FCP-III-1. - Nonbanking Firms Positions 133 Position at end of month Liquid assets 2 / (1) Shortterm debt 2/ (2) Short-term trade Receivables 4/ (3) Payables 2/ U ) Other assets 6 / (5) Other l i a b i l itie s 2/ (6) Forward exchange 8 / Bought (7) Sold (S) Net position 2/ (9) Exchange rate 1 0 / (10) Positions held by o ffic e s in: Dec ,550r 10,598r 27,485r 15,208r 22,589r 18,153r 466 2,054 8,077r Abroad Dec r 937 1,967 2,572r 13 2r United States Dec ,761r 10,597r 27,987r 15,488r 24,189r 19,090r 2,433 4,626r 8, 209r Worldwide Jan l,612r 928r 1,424 2,252r -6r United States Feb ,584r 910r 1,488 2,225r 92r United States Mar ,826 10,049 29,101 15,419 22,754 18, ,151 8, Abroad Mar , ,330 2,204r -51r United States Mar ,035 10,399 28,844 15,783 24,244 19,891 2,,137 4,355r 8,832r Worldwide Apr , r 1,1210 2,453r -199r United States May , ,'298 2, United States Table FCP-III-2. - Weekly Bank Positions Date Assets and lia b ilitie s 12/ Exchange contracts 1 3 / Net position Banks in U.S. Foreign branch net Worldwide net Assets L iabilities Net Bought Sold Net Banks in U.S. Foreign Worldbranch wide net net United Foreign World States 1 / branch wide 16/ 1 2 / (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) ( U ) 12/06/ ,602 2,210 20,104 21,249-1, ,525-2, /13/78 1, ,725 2,517 19,972 21,082-1,110-1,475-2, /20/78 1, ,623 2,456 20,288 21,360-1, ,408-2, /27/78 1, ,791 2,459 18,615 19, ,633-2, /03/ ,558 1,964 18,628 19, ,232-1, /10/ ,638 2,160 18,557 19, ,376-2, /17/ ,953 2,393 17,405 18, ,731-2, /24/ ,690 2,055 17,538 18, ,477-2, /31/79 1, ,902 2,274 18,814 19, ,657-2, /07/79 1, ,650 1,974 20,473 20, ,472-1, /14/ ,169 2,612 19,421 20, ,895-2, /21/79 1, ,255 3,062 17,680 18,744-1,064-2,000-3, /28/79 1, ,970 2,667 18,230 19, ,806-2, /07/ ,248 2,75^ 19,224 19, , , /14/ ,275 2,584 21,213 21, ,135-2, /21/ ,519 3,151 21,773 22, ,514 3, /28/ ,511 3,089 22,066 22, ,379-3, /04/ ,436 2,865 21,544 22, ,403-3, /11/ ,029 2,474r 22,174r 23, l,926r - 2, 753r r -279r /18/ ,223 2,629 21,704 22, ,093-2, /25/ ,392 2,692 22,332 22, , , /02/ ,295 2,586 23,600 24, ,187-2, /09/ ,648 3,019 23,395 24, ,637-3, /16/ ,760 3,158 24,621 25, ,805-3, /23/ ,856 3,270 24,931 25,970-1,039-2,785-3, /30/ ,321 3,646 25,104 26, ,989-3, Exchange rate 1 7 / Footnotes at end of Table FCP-IX-3.

142 Section III - French Franc Positions Table FCP-III-3. - Consolidated Monthly Bank Positions (In millions of French francs) 18/ End of month 1978-Dec Jan. Maturity (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities (9) Summary ((7) + (8))... (1) Demand/spot.... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities, (9) Summary ((7) + (8)).... (1) Demand/spot.... (2) 3 days-1 month.... (3) Over 1 month-3 months.... (4) Over 3 months-6 months.... (5) Over 6 months-1 year.... (6) Over 1 year... (7) of all maturities..., (8) Capital assets, liabilities, (9) Summary ((7) + (8))..., Assets 19/ (1) 7,205 5,232 3,960 2,592 2,990 21, ,447 6,263 5,484 4,604 2,472 2,976 21, ,298 6,618 5,400 4,732 2,854 2,819 22, ,966 Balance sheet items Liabilities (2) 10,255 4,034 2,732 1,520 1,557 20, ,841 8,242 5,075 2,983 1,557 1,627 19, ,260 6,899 5,419 3,297 2,203 1,991 19, ,606 Net (3) -3,050 1,198 1,228 1, , ,606-1, , , , , , ' 2,360 Worldwide Bought (4) 4,339 9,143 10,689 7,422 2, ,358 35,358 8,802 9,478 9,052 7,808 2,591 1,495 38,498 38,498 8,329 7,083 9,967 7,530 3,027 1,556 37,492 37,492 Foreii m exchange contracts 20/ Sold (5) 4,606 9,757 11,569 7,501 2, ,339 37,339 8,632 10,902 9,783 7,333 2,781 1,388 40,819 40,819 8,474 8,131 11,043 7,747 3,302 1,468 40,165 40,165 Net (6) ,981-1, , ,321-2, ,048-1, ,673-2,673 Net overall position 21/ (7) -3, m _ ,809-1, , Apr. May. (1) Demand/spot.... (2) 3 days-1 month.... (3) Over 1 month-3 months.... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year.... (7) of all maturities..., (8) Capital assets, liabilities, (9) Summary ((7) + (8)).... (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities. (9) Summary ((7) + (8))... (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities. (9) Summary ((7) + (8))... 6,810 5,733 4,374 2,568 3,118 22, ,170 6,520 4,970 5,003 2,189 2,312 21, ,604 6, ,851 3,014 22, ,037 8,314 4,286 2,925 2,143 2,082 19, ,579 7,412 4,633 3,428 1,756 2,113 19, ,182 6,118 5,380 3,750 1,627 2,466 19, ,089-1,504 1,447 1, , , , , , , , ,948 9,080 9,163 11,689 7,849 3,478 1,657 42,916 42,916 5,959 10,587 11,401 9,467 3, ,331 42,331 6,791 13,599 12,151 10,996 5,508 49,045 9,105 10,600 12,489 8,318 3,872 1,754 46, ,119 11,607 12,348 9,819 3, ,305 45,305 6,585 14,883 13,141 12,168 5,946 52,723,52, , ,222-3, , , , , ,678-3,678-1, ,

143 October FOREIGN CURRENCY POSITIONS Section IV - German Mark Positions i Table PCP-IV-1. - Nonbanking Firms Positions Position at end of month Liquid assets 2/ (1) Short - term debt 2/ (2) Short-term trade Receivables ij (3) Payables $/ (4) Other assets 6/ (5) Other liabilities 2/ (6) Forward exchange 8/ Bought (7) Sold (8) Net position 2/ (9) Exchange rate 10/ (10) Positions held by offices in: Dec ,678r 7,817r 15,453r 10,431r 19,372r 18,033r 1,510 1,919 6,813r Abroad Dec ,189 1,786 2,115r 3,485 1,898 l,295r United States Dec ,221r 8,423r 15,742r ll,620r 21,158r 20,148r 4,995 3,817 8,l68r Worldwide Jan l,398r ,158 1,676 2,135r 3,275 1, r United States Feb l,422r 573r 301 l,305r l,636r 2,110r 3,535 l,774r l,132r United States Mar ,908 7,762 17,019 11,389 19,846 19,239 1,291 1,374 7, Abroad Mar r 540r 325 l,164r 1,646 2jl01r 3,230 l,780r 984r United States Mar ,276r 8,302r 17,344 12,553r 21,492 21,340r 4,521 3,154r 8,284r ^ Worldwide Apr l,212r 378r 377 l,100r 1,249 2,029r 2,803r 2,000r 134r United States May , ,118 1,579 2,019 2,964 2, ' United States Table FCP-IV-2. - Weekly Bank Positions Assets and liabilities 12/ Exchange contracts 13/ Net position Date Banks in U.S. Foreign Worldwide Banks in U.S. Foreign Worldwide branch United branch Foreign Worldwide 16/ rate 12/ Exchange net net net net States 2A/ branch Assets Liabilities Net Bought Sold Net 15/ (1) (2) (3) (4) (5) (6) (7) () (?) (10) (11) (12) (13) (14) _ 12/06/78 1,378 1, ,694 2,491 42,941 43, ,214 -l-, ,480 1, /13/78 1,456 1, ,375 3,340 43,709 43, ,870-2, ,505 1, /20/78 1,916 1, ,528 3,560 42,500 42, ,196-2, ,332 1, /27/78 1,926 1, ,884 3,861 39,697 39, ,465-2, ,419 1, /03/79 1,863 1, ,447 4,405 40,998 41, ,061-3, ,386 1, /10/79 1,806 2, ,416 4,218 40,582' 40, ,967-3, ,449 1, /17/79 1,535 1, ,256 3,949 41,265 41, ,848-2, ,408 1, /24/79 1,450 1, ,370 4,097 40,017 39, ,718-2, ,652 1, /31/79 1,530 1, ,646 3,460 42,593 42, ,693-2, /07/79 1,399 1, ,605 3,501 44,966 44, ,491-2, ,114 1, /14/79 1,385 1, ,748 3,670 41,641 41, ,839-3, /21/79 1,235 1, ,788 3,653 38,479 38, ,579-2, ,209 1, /28/79 1,266 1, ,339 3,217 40,256 40, ,318-2, , /07/79 1,233 1, ,578 3,522 41,772 41, ,335-2, ,243 1, /14/79 1,241 1, ,580 3,497 43,536 43, ,310-2, , /21/79 1,204 1, ,303 3,241 44,520 44, ,156-2, , /28/79 1,192 1, ,106 3,070 46,240 46, ,861-2, , /04/79 1,108 1, ,199 2,042 49,503 49, ,384-1, /11/79 1,124 1, ,695r 2,587r 50,967 51, l,589r -2,043r -562 l,106r 544r /18/79 1,128 1, ,402 2,296 49,600 49, ,033-1, ,369 1, /25/79 1,097 1, ,622 2,461 50,597 50, ,227-1, ,395 1, /02/79 1,000 1, ,539 2,362 52,706 53, ,478-1, , /09/79 1,184 1, ,235 2,252 47,991 48, ,298-1, /16/79 1,024 1, ,214 2,231 46,744 47, ,158-1, , /23/ ,642 1,692 50,665 51, , /30/79 1, ,263 2,321 79,397 80, ,607-2, Footnotes at end of Table FCP-IX-3.

144 End of month 1978-Dec Jan. Maturity (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities (9) Summary ((7) + (8))... (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities, (9) Summary ((7) + (8))... Section IV - German Mark Positions Table FCP-IV-3. - Consolidated Monthly Bank Positions (in millions of marks) Assets 12/ (1) 9,330 19,712 13,185 8,619 4,375 9,467 64,688 1,211 65,899 9,413 16,352 15,951 8,284 4,667 9,584 64,251 1,242 65,493 Balance sheet items Liabilities (2) 11,497 20,628 12,674 6,847 3,591 5,737 60,974 1,741 62,715 11,982 17,465 15,422 6,202 3,546 6,016 60,633 1,860 62,493 Net (3) -2, , Worldwide Bought (4) 10,298 23,117 24,082 20,036 13, exchange contracts Sold (5) 10,948 24,026 25,590 20,834 12, ,714 94,389 97, ,184 94,389 97,234-2,569-1, ,082 1,U1 3,568 20,428 19,469 26,141 19,402 14,243 3, ,361 20,169 13,413 3,645 3, , , , , ,171 J0/ Net (6) , L- -2,845-2, ,323-1, ,807-2,807 Net overall position 21/ (7) -2,817-1, ,632.a, m ,932-2, ,315 1,951 3, C N Apr. (1) Demand/spot... (2) 3 days-1 month.... (3) Over 1 month-3 months.... (4) Over 3 months-6 months.... (5) Over 6 months-1 year... (6) Over 1 year.... (7) of all maturities..., (8) Capital assets, liabilities, (9) Summary ((7) + (8)).... (1) Demand/spot.... (2) 3 days-1 month.... (3) Over 1 month-3 months.... (4) Over 3 months-6 months.... (5) Over 6 months-1 year.. (6) Over 1 year.... (7) of all maturities..., (8) Capital assets, liabilities, (9) Summary ((7) + (8)).... (1) Demand/spot... (2) 3 days-1 month.... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities. (9) Summary ((7) + (8))... 9,795 14,394 15,419 8,119 4,685 10,100 62,512 1,245 63,757 9,442 17,551 11,992 7,584 5,460 10,111 62,140 1,276 63,416 8,925 14,028 14,784 8,157 5, ,552 1,163 62,715 12,186 15,063 15,560 6,152 3,771 6,519 59,251 1,833 61,084 11,999 17,936 11,938 6,691 4,731 6,341 59,636 1,861 61,497 11,307 15,339 14,225 6,970 5, ,284 1,831 61,115-2, , ,581 16,258 19,772 24,888 21,112 13,412 3,926 15,994 21,203 26,859 20,999 12,880 3,817 3,261 99, , ,673 99, , ,770 17,431 21,766 25,025 24,480 14,262 4,252 17,517 22,708 26,627 24,761 14,065 3,954 2, , , , ,628-2,382-1, , ,515 22,801 25,937 27,218 15, ,635 24,192 26,582 27,288 15,962.4,323 2, , , , , ,431-1, , , ,412-2, , Z L. -2,402-2,402-2,127-2,100-2,112 2,080 1,446 3, ,643-1,327-1, , ,502-2, , a, May. (1) Demand/spot... (2) 3 days-1 month... (3) Over 1 month-3 months... (4) Over 3 months-6 months... (5) Over 6 months-1 year... (6) Over 1 year... (7) of all maturities... (8) Capital assets, liabilities. (9) Summary ((7) + (8))... 9,650 13,164 14,837 8,921 6, ,111 64,328 12,121 15,680 13,308 7,815 5,641 6, ,888 62,974-2,471-2,516 1,529 1, ,808 13,748 28,242 27,472 28,206 15,494 4,679 12,775 27,982 29,283 28,913 15,803 4, , , , , , , ,823-1,823-1,498-2, , t o s?

145 October FOREIGN CURRENCY POSITIONS Section V r Italian Lira Positions Table FCP-V-1. - Nonbaking Firms Positions Position at end of month Liquid assets 2/ Shortterm debt 2/ Short-term trade Receivables ij Payables 5/ Other assets / Other liabilities 2/ Forward exchange 8/ Net position Exchange rate 10/ Positions held by offices in: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Dec ,482r 1,559,173 3,478,709r l,663,996r 2,141,560r 2,129,046r 16, , ,459r Abroad Dec , , ,958r 34,153 46,489r 37, , , ,646r United States Dec ,371r i,742,1^4 3,631,667r l,698,l49r' 2,188,049r 2,166,924r 145, , ,813r Worldwide Jan , ,426r 141,134r 32,554 45,111 30,040r 117, ,299-77,839r United States Feb , , ,860r 33,629r 43,454 29,437r 72, ,825-92,172r United States Mar ,187 1,198,620 3,474,811 1,701,970 2,058,899 2,2M, , , , Abroad Mar , r 34, r 21,492r 48, ,503-49,256r United States Mar ,838 1,252,160 3,616,758r ,102,232r 2,262,673r 163, , ,070r Worldwide Apr ,596 46, ,428r 26,574 42,661 21,207r 32, , ,999r United States May n.a. n.a. 84,816 15,113 43,742 21,319 20, , , United States Bought Sold Table FCP-V-2. Weekly Bank Positions Date Assets (1) Assets and liabilities 12/ Exchange contracts 13/ Net position Banks in U.S. Liabilities (2) Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold (7) Foreign branch net (9) Worldwide net (10) United States 1 Lt (11) Foreign branch 15/ (12) Worldwide 16/ 12/06/78 104,564 42,581 61, , ,379 1,859, , ,868-29, ,755-58,885 81,509 22, /13/78 94,183 42,435 51, , ,049 1,156, , ,077-37, ,528-51,329 85,850 34, /20/78 114,750 43,220 71,530 89, ,552 1,082, , ,031-14, ,562-46,501 74,491 27, /27/78 103,363 41,441 61,922 47, ,543 1,178, ,234-94,888 27,187-67,701-32,966 74,808 41, /03/79 93,411 41,993 51,418 88, ,804 1,167, ,123-84,783-27, ,812-33,365 61,357 27, /10/79 92,781 42,026 50, , ^282 1,122, ,529-78,316-46, ,713-27,561 57,130 29, /17/79 95,884 37,719 58, , ,678 1,092, ,610-99,007-12, ,148-40,842 88,372 47, /24/79 76,742 38,985 37,757 64, ,976 1,096, ,578-83,536 11,072-72,464-45,779 75,291 29, /31/79 77,061 40,296 36, , ,741 1,046, ,016-87,315-55, ,684-50,550 58,607 8, /07/79 73,807 38,097 35,710 89, ,186 1,109, ,851-83,339 1,182-82,157-47,629 90,658 43, /14/79 82,925 31,650 51,275 83, ,731 1,048, ,190-95,913 13,986-81,927-44,638 97,442 52, /21/79 68,070 32,068 36,002 93, ,996 1,026, ,344-78,680 1,337-77,343-42,678 95,331 52, /28/79 77,134 29,564 47,570 75, ,826 1,044, , ,829-2, ,866-61,259 73,219 11, /07/79 61,050 30,167 30,883 76, ,709 1,107, ,200-79,158-4,498-83,656-48,275 72,328 24, /14/79 63,087 29,765 33,322 68, ,637 1,145, ,675-90,578-7,104-97,682-57,256 61,211 3, /21/79 35,326 17,664 17,662 66,400 84,062 1,122, ,507-47,849-3,851-51,700-30,187 62,549 32, /28/79 38,567 20,275 18,292 47,574 65,866 1,115, ,849-67,542 16,669-50,873-49,250 64,243 14, /04/79 31,267 20,866 10,401-2,149 8,252 1,189, ,967-65,071 58,377-6,694-54,670 56,228 1, /11/79 28,868 20,732 8,136 73,610 81,746 1,104, ,113-62,253-25,309-87,562-54,117 48,301-5, /18/79 39,815 20,845 18,970 33,380 52,350 1,155, ,767-50,620 24,456-26,164-31,650 57,836 26, /25/79 43,383 21,121 22, , ,928 1,055, ,927-78,236-28, ,051-55,974 72,851 16, /02/79 42,730 20,013 22,717 31,375 54, , ,842-59,427 48,506-10,921-36,710 79,881 43, /09/79 33,745 21,307 12,438 42,418 54,856 1,005, ,795-46,624 34,529-12,095-34,186 76,947 42, /16/79 37,653 20,840 16, , ,568 1,102, ,204-54,449-39,869-94,318-37,636 74,886 37, /23/79 34,986 20,509 14,477 32,827 47,304 1,034, ,525-52, ,106-38,125 73,323 35, /30/79 21,634 16,420 5,214 52,677 57,891 1,067, ,614-58,641 15,235-43,406-53,427 67,912 14, Footnotes at end of Table FCP-IX-3. Net (8) (13) Exchange rate 17/ (14)

146 138 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section VI - Japanese Yen Positions Table FCP-VI-1. - Nonbanking Firms Positions Position at end of month Dec. Dec Liquid assets 2/ Shortterm debt 2/ Short-term trade Receivables (J Payables 5/ Other assets 6/ Other liabilities 2/ Forward exchange 8/ Bought Sold Net position 2/ Exchange rate 10/ (1) (2) (3) U ) (5) (6) (7) (8) (9) (10) 288,050 79, ,722 4, ,082 20, ,762 29, ,698 48, ,914r 5, , ,601r 94, , ,949r 136,705r Positions held byoffices in: Abroad United States Dec , , , , , ,680r 292,880r 234, ,654r Worldwide Jan. Feb '... 80,724 74,650 4,991 6,494 25,269 23,896 36,226 24,396 50,769 48,237 5,589 5, ,413r 195,818r 171, , ,939r 123,l31r United States United States Mar. Mar ,514 56, ,085 9, ,399 22, ,910 24, ,549 61, ,755 4,759 39, ,763r 19, , , ,963r Abroad United States Mar , , , , , , ,371r 162, ,029r Worldwide Apr ,606 ll,135r 30,328 24,804 54,747r 6, ,303r 150, ,943r United States May ,667 8,320 30,952 24,861 54,045 7, , , , United States Table FCP-VI-2. - Weekly Bank Positions Date Assets (1) Assets and liabilities 12/ Exchange contracts 13/ Net position Banks in U.S. Liabilities (2) Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold (7) Net (8) Foreign branch net (9) Worldwide net (10) United States 14/ (11) Foreign branch 15/ (12) Worldwide 16/. 13). Exchange rate 22/... (14)... 12/06/78 105,729 18,925 86, , ,440 2,302,638 2,383,204-80, , ,878 6,238 50,324 56, /13/78 80,159 25,782 54, , ,629 2,279,906 2,324,365-44, , ,066 9,918 52,645 62, /20/78 72,805 31,698 41, , ,332 2,082,545 2,105,537-22, , ,387 18,115 52,830 70, /27/78 84,323 20,533 63, , ,185 1,897,647 1,954,470-56, , ,878 6,967 63,340 70, /03/79 83,437 25,658 57, , ,260 2,105,651 2,150,492-44, , ,544 12,938 60,778 73, /10/79 73,720 24,348 49, , ,453 2,131,615 2,181,745-50, , , ,135 61, /17/79 72,922 24,104 48, , ,428 2,238,809 2,291,637-52, , ,072-4,010 64,366 60, /24/79 76,344 24,534 51, , ,511 2,238,012 2,278,571-40, , ,936 11,251 59,324 70, /31/79 74,627 28,255 46, , ,966 2,321,629 2,376,916-55, , ,686-8,915 49,195 40, /07/79 69,909 27,593 42, , ,071 2,527,446 2,564,887-37, , ,770 4,875 50,426 55, /14/79 83,429 24,180 59, , ,711 2,518,744 2,573,142-54, , ,471 4,851 48,389 53, /21/79 90,416 24,990 65, , ,087 2,359,919 2,420,477-60, , ,084 4,868 49,135 54, /28/79 113,741 27,032 86, , ,136 2,448,918 2,524,017-75, , ,710 11,610 48,816 60, /07/79 106,231 24,856 81, , ,682 2,577,999 2,647,152-69, , ,891 12,222 49,569 61, /14/79 111,481 28,982 82, , ,159 2,895,421 2,998, , , ,913-20,376 41,622 21, /21/79 110,340 30,233 80, , ,178 3,062,692 3,147,714-85, , ,289-4,915 49,804 44, /28/79 120,130 38,055 82, , ,713 2,752,338 2,852, , , ,910-18,514 56,317 37, /04/79 106,778 35,723 71, , ,228 2,794,241 2,889,567-95, , ,070-24,271 43,429 19, /11/79 100,758 39,753 61, ,020r 542,025r 2,822,674 2,885,456-62, , ,921r -1,777 47,881r 46,104r /18/79 107,024 40,564 66, , ,366 3,023,050 3,106,274-83, , ,309-16,764 39,821 23, /25/79 120,233 39,010 81, , ,425 2,975,093 3,059,553-84, , ,930-3,237 47,732 44, /02/79 125,442 44,678 80, , ,515 2,929,391 3,023,737-94, , ,199-13,582 44,898 31, /09/79 128,459 51,598 76, , ,030 3,128,200 3,215,984-87, , ,991-10,923 63,962 53, /16/79 125,117 51,136 73, , ,846 3,072,989 3,156,835-83, , ,921-9,865 49,790 39, /23/79 124,157 50,558 73, , ,979 3,062,019 3,161,434-99, , ,505-25,816 36,290 10, /30/79 121,415 45,485 75, , ,789 2,995,442 3,102, , , ,398-31,017 28,408-2, Footnotes at end of Table FCP-IX-3.

147 End of month Maturity Section VI - Japanese Yen Positions Table FCP-VI-3. - Consolidated Monthly Bank Positions is/ (In millions of yen) Assets 19/ (1) Worldwide Balance sheet items Foreign exchange contracts 20/ Liabilities Net Bought Sold (2) (3) U) (5) Net (6) Net overall position 21/ (7) 1978-Dec 331, , , , ,469-39,205 " ,873 (2) 3 days-1 month , , ,572 1,293,363 1,408, ,389-3,817 (3) Over 1 month-3 months , , ,875 1,222,085 1,402, , ,429 (4) Over 3 months-6 months , ,330 61, , ,803-37,256 24,059 (5) Over 6 months-1 year... 58,269 48,475 9, , ,489-49,797-40,003 (6) Over 1 year , ,201 29,301 7,900 21,855 (7) of all maturities... 2,032,347 1,543, ,843 4,014,152 4,428, ,193 74,650 (8) Capital assets, liabilities... 36,108 38,560-2, ,452 2,068,455 1,582, ,391 4,014,152 4,428, ,193 72, Jan... (1) Demand/spot , , , , ,399-73, ,368 (2) 3 days-1 month , , ,950 1,012,934 1,215, ,361-23,411 (3) Over 1 month-3 months ', , ,426 1,434,491 1,554, , ,738 (4) Over 3 months-6 months , ,895 98, ,366 1,038,905-54,539 44,380 (5) Over 6 months-1 year... 65,775 43,994 21, , ,125-45,003-23,222 (6) Over 1 year... 44,773 23,840 20,933 48,850 37,451 11,399 32,332 (7) of all maturities... 2,024,409 1,503, ,455 4,641,348 5,125, ,006 36,449 (8) Capital assets, liabilities... 31,880 34,684-2, ,804 (9) Summary ((7) + (8))... 2,056,289 1,538, ,651 4,641,348 5,125, ,006 33,645 o a v o vo Feb... (1) Demand/spot , , , , ,975 18, ,137 (2) 3 days-1 month , , ,703 1,235,366 1,386, ,087-2,384 (3) Over 1 month-3 months , , ,816 1,536,465 1,766, , ,521 (4) Over 3 months-6 months , ,190 71,301 1,024,366 1,111,720-87,354-16,053 (5) Over 6 months-1 year... 66,112 43,599 22, , ,941-38,560-16,047 (6) Over 1 year ,476 13,454 42,022 38,988 35,427 3,561 45,583 (7) of all maturities... 2,095,437 1,540, ,419 4,851,340 5,336, ,936 70,483 (8) Capital assets, liabilities... 33,876 35,936-2, ,060 (9) Summary ((7) + (8))... 2,129,313 1,575, ,359 4,851,340 5,336, ,936 68,423 Mar... (1) Demand/spot , , , , ,859-1, ,763 (2) 3 days-1 month , ,234 97,270 1,358,462 1,472, ,390-17,120 (3) Over 1 month-3 months , , ,766 1,632,007 1,825, , ,079 (4) Over 3 months-6 months ,838 96, , ,031 1,146, ,205-41,228 (5) Over 6 months-1 year... 73,582 53,733 19, , ,628-22,388-2,539 (6) Over 1 year ,710-2,363 44,847 (7) of all maturities.... 2,270,310 1,763, ,887 5,363,368 5,853, ,611 16,276 (8) Capital assets, liabilities... 34,320 36,775-2, ,455 (9) Summary ((7) + (8))... 2,304,630 1,800, ,432 5,363,368 5,853, ,611 13,821 Apr... (1) Demand/spot , , ,000 1,331,394 1,347,849-16, ,455 (2) 3 days-1 month , , ,353 1,306,351 1,546, ,436-94,083 (3) Over 1 month-3 months , , ,537 1,846,364 2,010, , ,709 (4) Over 3 months-6 months , ,261 68,961 1,029,333 1,108,920-79,587-10,626 (5) Over 6 months-1 year... 72,690 52,662 20, , ,964 8,978 29,006 (6) Over 1 year ,919 45,994 51,606 52, ,195 (7) of all maturities ,297,972 1,727, ,873 6,099,990 6,592, ,127 78,746 (8) Capital assets, liabilities... 36,604 36, ,334,576 1,763, ,643 6,099,990 6,592, ,127 78,516 May... (1) Demand/spot , , , , ,271 10, ,917 (2) 3 days-1 month , , ,997 2,238,185 2,460, ,590-86,593 (3) Over 1 month-3 months , , ,513 1,780,087 1,901, , ,454 (4) Over 3 months-6 months ,483 96,667 87, ,093 1,057,423-81,330 6,486 (5) Over 6 months-1 year... 58,921 48,964 9, , ,917 2,520 12,477 (6) Over 1 year... 56,625 14,517 42,108 54,544 64,390-9, (7) of all maturities... 2,184,666 1,739, ,539 6,535, (8) Capital assets, liabilities... 36, ,708 (9) Summary ((7) + (8))... 2,220,713 1,776, , , VO

148 1 4 0 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section VII - Swiss Franc Positions Table FCP-VII-1. - Nonbanking Firms Positions Position at end of month. Liquid assets 2/ (1) Shortterm debt 2/ (2) Short-term trade Receivables ij (3) Payables >/ (4) Other assets / (5) Other liabilities 2/ (6) Forward exchange 8/ Bought (7) Sold (B) Net position 2/ (9) Exchange rate 10/ (10) Positions held by offices in: Dec l,707r 1,312 l,765r 952r 3,000r 2,648r l,665r Abroad Dec ,735 1, , United States Dec ,106r 2,253 l,793r 1,144r 3,356r 4,383r 1, r Worldwide Jan , ,644 l,154r 628 -l,514r United States Feb , ,415 1, , United States Mar ,559 1,197 1, ,844 2, , Abroad Mar , , , United States Mar ,886 2,291 1, ,132 4,030 1, Worldwide Apr l,420r 900r 619-1, United States May , , United States Table FCP-VII-2. - W eekly Bank Positions Date Assets (1) Assets and liabilities 12/ Exchange contracts 13/ Net position Banks in U.S. Liabilities (2) Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold Foreign branch net (9) Worldwide net (10) United States 2A/ ( I D Foreign branch w (12) Worldwide 16/ 12/06/ ,438 2,394 15,727 16, ,893-2, /13/ ,552 2,600 16,444 16, ,086-2, /20/ ,555 2,633 15,448 15, ,044-2, /27/ ,522 2,683 14,354 14, ,026-2, (7) 1/03/ ,575 2,726 14,455 14, ,124-2, /10/ ,972 3,042 15,928 16,029 -lok -2,321-2, /17/ ,923 2,975 15,822 16, ,338-2, /24/ ,083 3,097 15,484 15, ,408-2, /31/ ,312 3,182 15,182 15, ,757-2, /07/ ,073 3,037 16,894 17, ,481-2, /14/ , ,173 3,032 16,256 16, ,8?e -3, /21/ ,315 3,210 15,005 15, ,789-2, /28/79 1,009 1, ,387 3,350 15,821 16, ,870-3, /07/ ,354 3,383 15,698 16, ,943-3, /14/ ,862 2,859 15,025 15, ,647r -3,004r r -145r /21/ ,948 2,957 14,906 15, ,531r -2,798r r 159r /28/ ,897 2,896 13,763 14, ,412-2, /04/ ,831 2,856 14,875 15, ,696r -3,142r r -286r /11/ ,613r 2,671r 15,667 16, J)499r -2,970r r -299r /18/ ,508 2,552 15,530 15, ,257-2, S /25/ ,440 2,549 14,893 15, ,150-2, /02/ ,580 2,680 15,528 16, ,462-3, /09/ ,498 2,575 15,524 15, ,413-2, /16/ ,608 2,714 15,498 16, ,500-3, /23/ ,401 2,503 15,977 16, ,479-3, /30/ ,423 2,546 15,779 16, ,533-3, Footnotes at end of Table FCP-IX-3. Net («) (13) Exchange rate 12/ (14).

149 Section VII - Swiss Franc Positions Table FCP-VII-3 - Consolidated Monthly Bank Positions (In millions of Swiss francs) 18/ End of month 1979-Jan. Apr. May. Worldwide Maturity Balance sheet items Foreign exchange contracts 20/ Net Assets 19/ Liabilities overall Net Bought Sold Net position 21/ (1) (2) (3) (4) (5) (6) (7) (1) Demand/spot... 1,516 1, ,960 2, (2) 3 days-1 month... 3,10 2, ,504 6, (3) Over 1 month-3 months... 3,894 3, ,814 8, (4) Over 3 months-6 months... 3,561 2,377 1,184 6,428 7, (5) Over 6 months-1 year... 1,313 1, ,320 4, (b) Over 1 year (7) of all maturities... 15,255 12,535 2,720 27,752 30,275-2, (8) Capital assets, liabilities _ -237 (9) Summary ((7) + (8))... 15,607 13,124 2,483 27,752 30,275-2, (1) Demand/spot... 1,414 1, ,176 4, (2) 3 days-1 month... 2,708 2,' ,899 6, (3) Over 1 month-3 months... 4,456 3,086 1,370 8,378 9, (4) Over 3 months-6 months... 3,666 2,609 1,057 6,375 7, (5) Over 6 months-1 year... 1,509 1, ,724 5, (6) Over 1 year ,062 1, (7) of all maturities... 15,815 12,719 3,096 30,406 33,239-2, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 16,204 13,299 2,905 30,406 33,239-2, (1) Demand/spot... 1,492 1, ,227 4, (2) 3 days-1 month... 2,873 2, ,904 7, (3) Over 1 month-3 months... 4,259 2,951 1,308 7,444 8, (4) Over 3 months-6 months... 3,693 2,604 1,089 7,289 8, (5) Over 6 months-1 year... 1,505 1, ,524 4, (6) Over 1 year... 2,030 1, , (7) of all maturities... 15,852 12,475 3,377 31,274 34,402-3, (8) Capital assets, liabilities (9) Summary ((7) + (8)) ,402-3, (1) Demand/spot... 1, ,144 4, (2) 3 days-1 month... 3,476 2,459 1,017 5,789 6, (3) Over 1 month-3 months... 3,723 2,563 1,160 6,815 7, (4) Over 3 months-6 months ,296 2, ,188 7, (5) Over 6 months-1 year... 1,661 1, ,683 4, (6) Over 1 year (7) of all maturities... 15,282 12,482 2,800 29,461 32,346-2, (8) Capital assets, liabilities _ (9) Summary ((7) + (8))... 15,593 12,990 2,603 29,461 32,346-2, (1) Demand/spot... 1,273 1, ,175 3, (2) 3 days-1 month... 3,264 2, ,694 6, (3) Over 1 month-3 months... 4,308 3,166 1,142 8,382 9, (4) Over 3 months-6 months... 3,657 3, ,859 8, (5) Over 6 months-1 year... 1,915 1, ,106 5, (6) (7) of all maturities ,463 31,150 33,911-2, (8) Capital assets, liabilities _ -159 (9) 17,048 14,744 2,304 31,150 33,911-2, (1) Demand/spot... 1,858 1, ,937 3, (2) 3 days-1 month... 3,819 3, ,885 9, (3) Over 1 month-3 months... 4,243 3, ,224 9,239-1, (4) Over 3 months-6 months... 4,087 3, ,335 8, (5) Over 6 months-1 year... 1,939 1, ,681 5, (6) Over 1 year , , (7) of all maturities (8) Capital assets, liabilities (9) Summary ((7) + (8))... 18,653 16,269 2,384 34,026 37,001-2, V O ^sl VO

150 142 Treasury bulletin FOREIGN CURRENCY POSITIONS Section VIII - Sterling Positions Table FCP-VIII-1. - Nonbanking Firms Positions Position at end of month. Liquid assets 2/ (1) Shortterm debt 2/ (2) Short-term trade Receivables ij (3) Payables j>/ (4) Other assets 6/ (5) Other liabilities 2/ (6) Forward exchange 8/ Bought (7) Sold (8) Net position 2/ (9) Exchange rate 10/ (10) Positions held by offices in: Dec ,373r 2,041r 4,891r 3,706r 6,582r 6,529r ,449r Abroad Dec r 156r r 1,560r l,612r -56r United States Dec ,495r 2,197r 5,163r 3,949r 6,979r 6,925r l,907r 2,080r l,393r Worldwide Jan r 197r r l,662r l,636r -14r United States Feb r 18lr r 1,691 l,542r 87r United States Mar ,299 2,104 5,160 4,104 6,773 6, , Abroad Mar r 205r r 1,669 l,495r 115r United States Mar ,424r 2,309r 5,424 4,320 7,184 7,097r 2,133 2,066r l,373r Worldwide Apr r r 1,781 1,649r 123r United States May ,630 ' 1, United States Table FCP-VIII-2. - Weekly Bank Positions Date Assets Assets and liabilities 12/ Exchange contracts 13/ Net position Banks in U.S. Liabilities Net Foreign branch net Worldwide net Bought Banks in U.S. Sold Net (8) Foreign branch net Worldwide net United States 1 / Foreign branch 12/ (12) Worldwide 16/ Exchange rate 17/ (1) (2) (3) (4) (5) (6) (7) (9) (10) (11) (13) (14) 12/06/ ,694 10, /13/ ,773 10, /20/ ,152 10, /27/ ,419 9, /03/ ,771 9, /10/ ,906 10, /17/ ,366 10, /24/ ,346 10, /31/ ,302 10, /07/ ,808 10, /14/ ,783 10, /21/ ,556 10, /28/ ,122 11, /07/ ,147 11, /14/ ,392 11, /21/ ,407 11, /28/ ,917 12, /04/ ,802 11, /11/ r 104r 12,292 12, r -154r r -50r /18/ ,926 12, ' /25/ ,234 12, /02/ ,662 11, /09/ ,784 11, /16/ ,963 12, /23/ ' ,746 11, /30/ ,264 11, Footnotes at end of Table FCP-IX-3

151 End of month Maturity Section VIII - Sterling Positions Table FCP-VIII-3. - Consolidated Monthly Bank Positions is/ Assets 19/ (In millions of pounds) Worldwide ---- Balance, sheet items Foreign exchange contracts 20/ Liabilities Net Bought Sold... Net Net overall position 21/ (7) (1) (2) (3) (4) (5) (6) 1978-Tter (1) Demand/spot... Z 9J / / - jyz 1I j OAOC Z D (2) 3 days-1 month... 1,840 2, ,085 4^ (3) Over 1 month-3 months... 1,720 1, ,751 5, (4) Over 3 months-6 months ,782 5, (5) Over 6 months-1 year ,766 2, (6) Over 1 year (7) of all maturities... 8,175 8, ,407 20, (8) Capital assets, liabilities ,367 8, ,407 20, I VO vo 1979-Jan... 2, (2) 3 days-1 month ,833 2, ^ (3) Over 1 month-3 months... 1,862 1, ,681 6, (4) Over 3 months-6 months ,395 5, (5) Over 6 months-1 year ,975 3, (6) Over 1 year (7) of all maturities ,313 8, ,649 22, (8) Capital assets, liabilities ,501 8,501-22,649 22, Feb... (l) Demand/spot ,112 2, ,416 3, (2) 3 days-1 month... 2,379 2, ,495 4, (3) Over 1 month-3 months... 1,843 1, ,180 7, (4) Over 3 months-6 months ,665 5, (5) Over 6 months-1 year ,233 3, (6) Over 1 year... 1, (7) of all maturities... 8,703 8, ,548 24, (8) Capital assets, liabilities ,909 8, ,548 24, Mar... (1) Demand/spot... 2,162 2, ,492 3, (2) 3 days-1 month... 2,275 2, ,255 5, (3) Over 1 month-3 months... 2,010 1, ,809 6, (4) Over 3 months-6 months ,747 6, ,361 3, (6) Over 1 year (7) of all maturities... 9,021 8, ,310 26, (8) Capital assets, liabilities _ 58 (9) Summary ((7) + (8))... 9,221 9, ,310 26, Apr HQy (1) Demand/spot... Z 9Z/J DZO j O 91VZ TOO Oflll O 110 OU QA A A A (2) 3 days-1 month... 2,309 2^ ,028 5, (3) Over 1 month-3 months... 1,787 1, ,000 6, (4) Over 3 mgnths-6 months ,654 6, (5) Over 6 months-1 year ,463 3, (6) Over 1 year (7) of all maturities , ,914 26, (8) Capital assets, liabilities (9) Summary ((7) + (8)).... 9,296 9, ,914 26, (1) Demand/spot.... 2,289 2, ,417 2, (2) 3 days-1 month... 2,271 2, ,937 5, (3) Over 1 month-3 months ,903 1, ,256 7, (4) Over 3 months-6 months ,309 6, ( 5 ) Over 6 months-1 year ,381 3, (6) Over 1 year , (7) of all maturities ,116 9, ,895 25, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 9,321 9, ,895 25,

152 144 Treasury Bulletin FOREIGN CURRENCY Pngpnrnm Section IX - United States Dollar Positions Abroad Table FCP-IX-1. - Nonbanking Firms Foreign Subsidiaries Positions (In millions of United States llars) Position at end of month Liquid assets 2J Shortterm debt 3/ Short-term trade Receivable kj Payables 5/ Other assets hj Other liabilities 7/ Forward exchange 8/ Bought Sold Net position 9J (1) (2) (3) (4) (5) (6) (7) (8) (9) Dec ,722 4,866 12,057 14,881r 19,417r 21,636r 3,096 l,999r -2,090r Mar ,229 4,218 11,457 14,314 20,162 22,886 3,557 2,416-1,429 Table FCP-IX-2. - Weekly Bank Foreign O ffice Positions (In millions of United States llars) Date Net assets and liabilities 12/ Net exchange contracts 13/ Net position (1) (2) (3) 12/06/78-2,653 4,406 1,753 12/13/78-3,003 4,705 1,702 12/20/78-5,041 5, /27/78-5,515 5, /03/79-5,359 5, /10/79-5,794 5, /17/79-5,993 5, /24/79-5,171 5, /31/79-5,746 6, /07/79-5,071 5, /14/79-6,017 6, /21/79-5,988 5, /28/79-6,387 6, /07/79-5,694 5, /14/79-6,368 6,405r 37r 3/21/79-5,994 6,099r 105r 3/28/79-5,718 5, /04/79-4,556 5, /11/79-5,071r 5,637r 566r 4/18/79-4,529 5, /25/79-4,658 5, /02/79-4,099 5,283 1,184 5/09/79-4,585 5, /16/79-4,457 5, /23/79-3,752 4,918 1,166 5/30/79-3,586 5,372 1,786 Footnotes at end of Table FCP-IX-3

153 End of month 1978-Dec Jan... Feb.. Apr... May... (1) (2) (3) (4) (5) (6) (7) (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) (9) Maturity Demand/spot... 3 days-1 month... Over 1 month-3 months... Over 3 months-6 months... Over 6 months-1 year... Over 1 year... of all maturities... Capital assets, liabilities Summary ((7) + (8))... Demand/spot... 3 days-1 month.... Over 1 month-3 months.... Over 3 months-6 months... Over 6 months-1 year.... Over 1 year.... of all maturities..., Capital assets, liabilities, Summary ((7) + (8)).... Demand/spot... 3 days-1 month.... Over 1 month-3 months.... Over 3 months-6 months.... Over 6 months-1 year.... Over 1 year.... of all maturities..., Capital assets, liabilities, Summary ((7) + (8))... Demand/spot days-1 month... Over 1 month-3 months.... Over 3 months-6 months... Over 6 months-1 year.... Over 1 year.... of all maturities. Capital assets, liabilities. Summary ((7) + (8))... Demand/spot... 3 days-1 month... Over 1 month-3 months... Over 3 months-6 months... Over 6 months-1 year... Over 1 year... of all maturities... Capital assets, liabilities. Summary ((7) + (8))... Demand/spot... 3 days-1 month... Over 1 month-3 months... Over 3 months-6 months... Over 6 months-1 year... Over 1 year... of all maturities... Capital assets, liabilities. Summary ((7) + (8))... Section IX - United States Dollar Positions Abroad Table FCP-IX-3. - Monthly Bank Foreign Office Positions Assets 19/ (1) 23,849 46,979 56,745 40,614 10, , ,996 20,391 44,812 59,145 40,428 9,621 14, , ,836 20,327 44,407 59,997 38,214 9,064 14, , ,801 23,978 46,066 63,864 36,780 9, , ,568 47,219 60,417 37,582 9, ,520 25,841 48,869 59,256 39,487 9, ,604 (In millions of United States llars) Balance sheet items Liabilities (2) 40,798 61,576 48,526 31,918 10, , ,144 35,458 59,251 51,998 31,776 11,125 4, , ,431 34,404 56,355 53,254 31,745 12,191 4, , ,649 41,080 59,531 51,954 31,267 11,869 4, , ,270 39,847 56,130 51,481 31,519 12, , ,618 43,713 57,226 52,708 32,010 10, ,816 Net (3) -16,949-14,597 8,219 8, , ,148-15,067-14,439 7,147 8,652-1,504 9,453-5, ,595-14,077-11,948 6,743 6,469-3,127 9,944-5, ,848-17,102-13,465 11,910 5,513-2,569 10,935-4, ,279-8,911 8,936 6,063-2, ,158-5,098-17,782-8,357 6,548 7,477-1, ,212 Worldwide Bought (4) 8,601 23,001 25,528 22,270 12, ,934 93,934 14,881 22,189 27,370 21,552 12,651 2, , , , ,012 12,526 2, , ,872 15,456 26,115 27,770 26,036 13,352 2, , ,990 24,783 27,699 26,705 14, , ,746 25,795 31,262 27,029 13, ,266, 115,266 18/ I Foreij m exchange contracts 20/ Sold (5) 8,432 21,214 23,336 21,562 12, ,790 88,790 14,518 20,099 25,076 20,734 12,680 1,995 95,102 95,102 13,666 18,893 27,588 21,814 12,922 2,084 96,967 96,967 15,710 23,592 25,994 25,046 13,935 2, , ,665 22,226 26,329 26,145 14, , ,985 15,117 24,105 29,353 26,079 13,751 2, ,639 Net (6) 169 1,787 2, ,144 5, ,090 2, ,006 6,006 ' 247 2,105 2,325 1, ,905 5, ,523 1, ,859 4, ,557 1, ,178 5, ,690 1, ,627 Net overall position 21/ (7) -16,780-12,810 10,411 9, ,004-14,704-12,349 9,441 9,470-1,533 9, ,830-9,843 9,068 7,667-3,523 10, ,356-10,942 13,686 6,503-3,152 11, ,954-6,354 10,306 6,623-2,653 11,052 1, ,243-6,667 8,457 8,427-1,565 10, vo vo v>i