2 3 FB 4 5 6 13 7 8 10 11 12 15 13 14 15 16 17 18 19

57 233 124 421 76 JGB 193 5 58 3 32 4 13 8 18 18 158 13 1 14 2 3 15 4 49 4 5

15 3 15 6 5,042,536 5,171,053 4,210,991 4,285,281 10 2,797,930 2,810,201 2 6 1,069,384 1,103,166 1 343,678 371,915 755,644 800,608 10 294,310 322,822 2 5 461,334 477,786 2,384 1,538 21,424 22,215 52,092 61,410 1,070,205 585,907 1 583,147 110,125 1 487,058 475,783 574,864 680,639 6,687,605 6,437,599 15 3 15 6 585,856 588,258 1 2

FB 15 3 15 6 565,254 612,623 0 58,196 9,610 9,820 574,864 680,639 15 240,000 12,000 790,000 150,000 600 7,713

14 (a) (b) (a)+(b) 2 41,091 41,091 2,136 2,136 4,199 4,199 9,988 9,988 7,119 2,870 7,119 2,870 10,201 10,201 9,740 9,740 8,730 3,886 12,617 1,374 1,374 1 5,705 5,705 9,717 9,717 1 479,500 479,500 296,560 170,000 466,561 14,792 14,792 892,361 175,261 1,070,205 1 15 4 15 6 3 484,298 2 (a)+(b) 1,070,205 14 2,169 32

14 167,122 147,536 61,200 15,646 25,401 7,795 15,990 1,870 7,116 1,360 5,862 560 3,913 370 3,741 247 3,611 120 3,601 25 3,600 1 3,234 3,200 2,079 2,050 1,525 1,203 802 500 400 280 250 247 92 317,017 175,538 40,971 1 14 50,643 2

13 H.13 H.13 37.04 11.92 117.25 19.35 21.49 42.10 299.22 306.27 40.59 239.34 2.14 157.70 19.77 107.38 6.69 24.90 6.77 0.37 63.03 115.65 1.88 104.91 2.84 17.43 0.40 954.84 47.55 4.55 200.25 754.58 754.58 1 2 3 157.70 295.00 801.60 954.84 1,092.14 1,598.74 200.25 337.55 844.15 1 2 3 1 123 1 2 3 3 60.27

536.8 81.7 469.2 46.6 409.0 366.7 339.1 299.7 270.9 241.7 219.1 203.7 7.7% 8.7% 10.7% 11.7% 12.3% 23.5% 20.0% 13.6% 15.0% 13.4% 28.7% 24.5% 21.8% 21.4% 23.2% 24.4% 12.2% 15.1% 18.9% 21.8% 2.9% 3.9% 3.7% 3.3% 3.4% 3.3% 6.2% 5.8% 2.8% 3.2% 7.2% 8.0% 11.3% 12.0% 11.6% 11.4% 15.1% 14.9% 11.6% 11.9% 28.1% 26.2% 23.0% 20.8% 19.7% 18.7% 18.7% 19.0% 23.5% 20.1% 19.5% 20.7% 20.7% 18.9% 16.8% 17.4% 17.5% 19.9% 19.1% 16.8% 4.2% 3.8% 4.5% 6.1% 8.1% 3.2% 3.6% 6.0% 5.1% 3.8% 4.7% 4.6% 4.7% 3.9% 4.8% 3.4% 3.8% 3.4% 3.8% 4.4% 0.4% 0.3% 0.9% 0.1% 0.1% 0.3% 0.3% 0.3% 0.1% 0.4% 0 100 200 300 400 500 600 H.14 H.13 H.12 H.11 H.10 H.9 H.8 H.7 H.6 H.5

H.15 3 H.15 3 H.143 H.15 3 2,250,763 41.9% 14.6% 4.0% 0.0% 657,276 12.2% 756,972 14.1% 506,056 9.4% 810,606 15.1% 17.5% 5.5% 0.3% 1,731,460 32.3% 10.7% 68.6% 41.6% 1,004,843 18.7% 4.2% 89,382 1.7% 8.1% 116,518 2.2% 0.5% 172,643 3.2% 33.9% 12.2% 40.4% 126,825 2.4% 13.8% 9.6% 17.7% 53,259 1.0% 16,171 0.3% 1.0% 0.1% 3 5,367,627 100.0% 36,737 2,788 13,113 1 15 3 27,368 Treasury Bulletin 2 3 Flow of Funds Accounts of the United States FRB Bank of England Quarterly Bulletin, Bank Return BOE Deutsche Bundesbank Monthly Report 2003 9

600 525 525 537 536 527 500 400 506 476 459 105 437 105 140 417 118 120 100 300 200 44 47 50 53 56 56 72 80 60 40 100 20 0 H.5H.6H.7H.8H.9 H.10 H.11 H.12 H.13 H.14 0 5 5,253,116 436,898 6 5,252,232 469,170 7 5,365,558 496,168 8 5,355,078 529,804 9 5,266,467 563,203 10 5,061,319 563,788 11 4,760,332 724,731 12 4,586,634 1,051,388 13 4,371,834 1,052,520 14 4,173,434 1,182,931 1 2 3 FB

14 2,332,465 901,100 38.6% 718,463 30.8% 17,743 0.8% 479,500 105,401 4.5% 2 16,669 0.7% 1,293,700 55.4% 13,887 2,334,613 100.0% 479,500 2,825,852 13,922 42,965 17,304 2,857,078 2,857,078 1 2 14 479,500 3 779,664 62.8% 458,278 36.9% 203,578 16.4% 280,803 22.6% 190,057 15.3% 143,000 11.5% 28,451 2.3% 8,994 0.7% 1,221,221 1,240,912 100.0% 1 16,582 36,272 1,257,494 1,257,494 2003

14 1,123,350 1,050,101 73,249 187,083 1,460,419 1,362,711 3 149,987 97,708 4 208,293 4 162,269 51.4% 73,818 23.4% 25,458 8.1% 44,676 14.1% 9,766 3.1% 315,988 100.0% 1 2 3 4 22 208,293

15 184,845 76,900 41.6 50,700 27.4% 10,0005.4% 16,2008.8% 150,718 17,8009.6 90,145 48.8% 24,000 13.0 66,145 35.8 34,127 173,988 174,515 862,107 10,062 180,693 122,600 321,725 6,939 150,718 16,386 52,984 S.48 12,600 562,00991,2005 6,721 3022,530 S.53 24,445 398,927 156,300 1022,525 3662,197 S.58 31,000 41 12,230 167,250 1024,931 3375,411 S.63 58,025 63 10,300 116,700716,826 1991,851 H.5 57,107 55 14,550 148,800923,128 22103,585 H.10 76,000 47 19,300 12 13,900951,740 32160,940 H.15 76,900 41 17,800 10 24,000 1366,145 36184,845

2,000,000 1,800,000 1,749,996 1,829,211 1,874,867 1,926,030 1,600,000 1,527,412 1,635,970 560,857 563,842 557,349 1,400,000 1,394,460 504,830 547,921 1,200,000 1,000,000 800,000 600,000 349,024 122,217 250,991 988,132 237,663 244,866 113,124 289,655 228,662 103,674 217,643 234,647 97,665 203,750 79,536 151,900 1,111,097 84,726 164,821 1,240,189 175,101 420,813 189,688 469,459 131,227 153,731 142,122 165,867 400,000 200,000 522,049 571,895618,400 680,286 741,079791,280 842,185 885,585915,413951,823 0 H4 H5 H6 H7 H8 H9 H10 H11 H12 H13 4 3

45 9.0% 40 35 GDP 8.0% 7.0% 30 6.0% 25 20 5.0% 4.0% 15 3.0% 10 2.0% 5 1.0% 0 S30 S31S32 S33 S34S35 S36 S37S38 S39 S40S41 S42 S43S44 S45 S46S47 S48 S49S50 S51 S52S53 S54 S55S56 S57 S58S59 S60 S61S62 S63 H1H2 H3 H4H5 H6 H7H8 H9 H10H11 H12 H13H14 H15 0.0% 3 1-1

8 1

8 1

5 Code for Fiscal Stability 5 2003 4

Debt and Reserves Management Report 3 HM Treasury DMO DMO BOE NSI ALM DMONSI Code for Fiscal Stability Bilan annuel / 2 Rapport d activit é / 5 Agence France Trésor LineeGuida della Gestione del Debito / Guidelines for Public Debt Management