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  • Philippines May Swap New Dollar Debt for Older Notes, Treasurer Tan Says

    The Philippines plans to exchange new longer-dated, dollar bonds for existing securities with shorter maturities in its first foreign-currency debt swap in four years, to free up more cash for economic stimulus.

    Bloomberg

  • IMF sees Chinese currency 'substantially' undervalued

    Washington - The International Monetary Fund (IMF) on Wednesday said the Chinese yuan currency remains undervalued despite the Communist government's pledge last month to move towards a more flexible exchange rate.

    EARTHtimes.org

  • BPI-Philam eyes HSBC currency swap

    BPI-Philam Life Assurance Corp. is planning to enter into a five-year cross-currency swap with Hongkong Shanghai Banking Corp. (HSBC) to cover obligations under its newest peso-denominated Max Protext product. Based on documents submitted to the Bangko Sentral ng Pilipinas (BSP), the cross-currency swap will enable the insurer to cover its exposure under the Max Protect vis-à-vis its dollar ...

    Manila Bulletin

U.S. Treasury - Press Releases - All

  • United States, Other Donors Eliminate Haiti’s Debt to International Financial Institutions

    July 30, 2010
    TG-796

    United States, Other Donors Eliminate Haiti’s Debt to International Financial Institutions

    Achievement of Debt Relief by International Partners Among Swiftest in History  

    WASHINGTON – The U.S. Department of the Treasury today announced that the United States, the International Financial Institutions (IFIs), and other donors have together reached the goal of eliminating the total debt stock that Haiti owed to the IFIs at the time of the January earthquake. Today's announcement comes just six months after Treasury Secretary Tim Geithner stated his intention to work closely with partners around the world to relieve Haiti's debt. This achievement is among the fastest complete IFI debt reductions in history.

    "With President Obama's signing of the FY 10 Supplemental Appropriations Act, Haiti can take another important step forward on the path to rebuilding," said Secretary Geithner. "We are proud to stand together with our international partners at the forefront of this decisive response."

    Treasury also noted the key support of the U.S. Congress, which passed the FY 10 Supplemental Appropriations Act, providing the Administration with a contribution of up to $248 million towards an international agreement to cancel Haiti's debt at the multilateral development institutions. In addition, Secretary Geithner praised the multilateral development institutions for structuring debt relief in a manner that would unlock $318 million in grant funding for Haiti.

    "This innovative proposal not only achieved full cancellation of debt, but also increased resources available for Haiti's recovery over the near and long term," Secretary Geithner continued. The additional funding can be used to support Haiti's recovery by financing such activities as the building of schools, restoration of basic services, and boosting of agriculture and employment programs.  

    In particular, the Inter-American Development Bank (IDB), as part of the debt relief agreement, will make available $295 million in new grant flows to Haiti. Similarly, the International Fund for Agricultural Development (IFAD) will convert $23 million in loans to grants.

    For its part, the International Monetary Fund (IMF) took the unprecedented step of creating a new facility, the Post-Catastrophe Debt Reduction (PCDR) Trust, to join international debt relief efforts for Haiti as well as to help very poor countries hit by catastrophic natural disasters in the future. The IMF fully financed the PCDR Trust using internal IMF resources.

    When the earthquake struck, Haiti owed $447 million to the IDB, $51 million to IFAD, $39 million to the International Development Association (IDA), and $158 million to the IMF. On April 23, IFAD's executive directors approved a 100 percent debt relief package for Haiti.[1] On May 28, the World Bank announced the cancellation of Haiti's IDA debt.[2] On July 21, the IMF cancelled Haiti's $268 million in outstanding debt to the IMF, including the $110 million emergency loan approved immediately after the earthquake.[3] With the U.S. contribution to the IDB, the Treasury-led effort to eliminate the entirety of Haiti's pre-earthquake debt obligations to the IFIs will be fully achieved.

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    LINKS

  • PSA Campaign to Raise Awareness of Making Home Affordable Program

    July 28, 2010
    tg-795

    U.S. Department of the Treasury, U.S. Department of Housing and Urban Development and the Ad Council Unveil National PSA Campaign to Raise Awareness of Making Home Affordable Program

    Campaign features real homeowners that are among the over one million Americans who have benefited from the program

    NEW YORK, NY – The Advertising Council, in partnership with the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD),  announced today the launch of a national public service advertising (PSA) campaign designed to encourage homeowners who are struggling with their monthly mortgage payments to learn about the Making Home Affordable Program. While over one million homeowners have already received assistance from the program, the national campaign encourages other struggling homeowners who may be eligible for assistance to reach out for the help they need through free resources made available by the Federal Government.  The PSAs direct homeowners to visit MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) to see if they may be eligible for assistance to make their mortgage payments more affordable and to understand options they may have to avoid foreclosure. 

    Created pro bono by The Kaplan Thaler Group, a New York-based advertising agency, the new campaign is available in English and Spanish and features real homeowners from across the country who have benefited from the program. 

    "Even though the economy is getting stronger, many Americans are still facing the fear and uncertainty of losing their home to foreclosure," said Treasury Secretary Tim Geithner.  "The Administration's loan modification programs have given more than a million responsible homeowners a chance to stay in their homes, and we want to do all we can to help make sure that struggling homeowners know about these free resources for help."

    "Many responsible borrowers continue to face challenges due to unemployment, negative equity or because of soaring utility payments," said HUD Secretary Shaun Donovan. "These public service announcements will help us to reach at-risk borrowers now, while they are still current on their payments and eligible to receive help through the Making Home Affordable Program or our expanded options for Federal Housing Administration (FHA) refinancing."

    "We are proud to partner with the Treasury and HUD on this critical campaign to educate Americans about free resources available to help them prevent foreclosures," said Peggy Conlon, President and CEO, the Ad Council.  "We hope Americans who are struggling will be empowered by these compelling PSAs and take simple actions to help them stay in their homes."

    The Ad Council will distribute the new PSAs to more than 33,000 media outlets nationwide.  The campaign includes television, radio, print, out of home and web advertising.  The PSAs will air in advertising space donated by the media.

    The Making Home Affordable Program was launched in February 2009 to help homeowners who are at risk of foreclosure through no fault of their own make their monthly mortgage payments more affordable.  Since then, more than 1.5 million homeowners have been offered help under the program, and almost 1.3 million homeowners have started a trial plan.  Homeowners in permanent modifications under the program have a median monthly savings of over $500 each month or about one-third of their previous payment. 

    Any homeowner who is struggling with their mortgage is encouraged to visit MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) to learn about options they may have and to speak with a HUD-approved housing counselor for free.

    To view the PSAs, visit the link below.

    The Advertising Council

    The Ad Council (www.adcouncil.org) is a private, non-profit organization that marshals talent from the advertising and communications industries, the facilities of the media and the resources of the business and non-profit communities to produce, distribute and promote public service campaigns on behalf of non-profit organizations and government agencies.  The Ad Council addresses issue areas such as improving the quality of life for children, preventive health, education, community well-being, environmental preservation and strengthening families.

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    LINKS

  • U.S. International Reserve Position

    July 27, 2010
    2010-7-27-18-8-58-7451

    U.S. International Reserve Position

    The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $128,279 million as of the end of that week, compared to $128,602 million as of the end of the prior week.

    I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)

     

     

     

     

    July 23, 2010

    A. Official reserve assets (in US millions unless otherwise specified) 1

     

     

    128,279

    (1) Foreign currency reserves (in convertible foreign currencies)

    Euro

    Yen

    Total

    (a) Securities

    9,121

    14,891

    24,013

    of which: issuer headquartered in reporting country but located abroad

     

     

    0

    (b) total currency and deposits with:

     

     

     

    (i) other national central banks, BIS and IMF

    13,485

    7,298

    20,783

    ii) banks headquartered in the reporting country

     

     

    0

    of which: located abroad

     

     

    0

    (iii) banks headquartered outside the reporting country

     

     

    0

    of which: located in the reporting country

     

     

    0

     

     

    (2) IMF reserve position 2

    11,898

     

     

    (3) SDRs 2

    55,807

     

     

    (4) gold (including gold deposits and, if appropriate, gold swapped) 3

    11,041

    --volume in millions of fine troy ounces

    261.499

     

     

    (5) other reserve assets (specify)

    4,736

    --financial derivatives

     

    --loans to nonbank nonresidents

     

    --other (foreign currency assets invested through reverse repurchase agreements)

    4,736

    B. Other foreign currency assets (specify)

     

    --securities not included in official reserve assets

     

    --deposits not included in official reserve assets

     

    --loans not included in official reserve assets

     

    --financial derivatives not included in official reserve assets

     

    --gold not included in official reserve assets

     

    --other

     

     

     

     

    II. Predetermined short-term net drains on foreign currency assets (nominal value)

     

     

     

     

     

     

     

     

     

    Maturity breakdown (residual maturity)

     

    Total

    Up to 1 month

    More than 1 and up to 3 months

    More than 3 months and up to 1 year

    1. Foreign currency loans, securities, and deposits

     

     

     

     

    --outflows (-)

    Principal

     

     

     

     

     

    Interest

     

     

     

     

    --inflows (+)

    Principal

     

     

     

     

     

    Interest

     

     

     

     

    2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)

     

     

     

     

    (a) Short positions ( - ) 4

     -1,242

     

     -1,242 

     

    (b) Long positions (+)

     

     

     

     

    3. Other (specify)

     

     

     

     

    --outflows related to repos (-)

     

     

     

     

    --inflows related to reverse repos (+)

     

     

     

     

    --trade credit (-)

     

     

     

     

    --trade credit (+)

     

     

     

     

    --other accounts payable (-)

     

     

     

     

    --other accounts receivable (+)

     

     

     

     

     

     

     

     

     

     

     

    III. Contingent short-term net drains on foreign currency assets (nominal value)

     

     

     

     

     

     

     

     

    Maturity breakdown (residual maturity, where applicable)

     

    Total

    Up to 1 month

    More than 1 and up to 3 months

    More than 3 months and up to 1 year

    1. Contingent liabilities in foreign currency

     

     

     

     

    (a) Collateral guarantees on debt falling due within 1 year

     

     

     

     

    (b) Other contingent liabilities

     

     

     

     

    2. Foreign currency securities issued with embedded options (puttable bonds)

     

     

     

     

    3. Undrawn, unconditional credit lines provided by:

     

     

     

     

    (a) other national monetary authorities, BIS, IMF, and other international organizations

     

     

     

     

    --other national monetary authorities (+)

     

     

     

     

    --BIS (+)

     

     

     

     

    --IMF (+)

     

     

     

     

    (b) with banks and other financial institutions headquartered in the reporting country (+)

     

     

     

     

    (c) with banks and other financial institutions headquartered outside the reporting country (+)

     

     

     

     

    Undrawn, unconditional credit lines provided to:

     

     

     

     

    (a) other national monetary authorities, BIS, IMF, and other international organizations

     

     

     

     

    --other national monetary authorities (-)

     

     

     

     

    --BIS (-)

     

     

     

     

    --IMF (-)

     

     

     

     

    (b) banks and other financial institutions headquartered in reporting country (- )

     

     

     

     

    (c) banks and other financial institutions headquartered outside the reporting country ( - )

     

     

     

     

    4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency

     

     

     

     

    (a) Short positions

     

     

     

     

    (i) Bought puts

     

     

     

     

    (ii) Written calls

     

     

     

     

    (b) Long positions

     

     

     

     

    (i) Bought calls

     

     

     

     

    (ii) Written puts

     

     

     

     

    PRO MEMORIA: In-the-money options 11

     

     

     

     

    (1) At current exchange rate

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

    (2) + 5 % (depreciation of 5%)

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

    (3) - 5 % (appreciation of 5%)

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

    (4) +10 % (depreciation of 10%)

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

    (5) - 10 % (appreciation of 10%)

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

    (6) Other (specify)

     

     

     

     

    (a) Short position

     

     

     

     

    (b) Long position

     

     

     

     

     

    IV. Memo items

     

     

     

    (1) To be reported with standard periodicity and timeliness:

     

    (a) short-term domestic currency debt indexed to the exchange rate

     

    (b) financial instruments denominated in foreign currency and settled by other means (e.g., in domestic currency) 

     

    --nondeliverable forwards

     

       --short positions

     

       --long positions

     

    --other instruments

     

    (c) pledged assets

     

    --included in reserve assets

     

    --included in other foreign currency assets

     

    (d) securities lent and on repo

    4,833

    --lent or repoed and included in Section I

     

    --lent or repoed but not included in Section I

     

    --borrowed or acquired and included in Section I

     

    --borrowed or acquired but not included in Section I

    4,833

    (e) financial derivative assets (net, marked to market)

     

    --forwards

     

    --futures

     

    --swaps

     

    --options

     

    --other

     

    (f) derivatives (forward, futures, or options contracts) that have a residual maturity greater than one year, which are subject to margin calls.

     

    --aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)

     

    (a) short positions ( – )

     

    (b) long positions (+)

     

    --aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency

     

    (a) short positions

     

    (i) bought puts

     

    (ii) written calls

     

    (b) long positions

     

    (i) bought calls

     

    (ii) written puts

     

    (2) To be disclosed less frequently:

     

    (a) currency composition of reserves (by groups of currencies)

    49,532

    --currencies in SDR basket

    49,532

    2--currencies not in SDR basket

     

    --by individual currencies (optional)

     

     

     

    Notes:

    1/ Includes holdings of the Treasury's Exchange Stabilization Fund (ESF) and the Federal Reserve's System Open Market Account (SOMA), valued at current market exchange rates. Foreign currency holdings listed as securities reflect marked-to-market values, and deposits reflect carrying values. 

    2/ The items, "2. IMF Reserve Position" and "3. Special Drawing Rights (SDRs)," are based on data provided by the IMF and are valued in dollar terms at the official SDR/dollar exchange rate for the reporting date. The entries for the latest week reflect any necessary adjustments, including revaluation, by the U.S. Treasury to IMF data for the prior month end. 

    3/  Gold stock is valued monthly at $42.2222 per fine troy ounce.

    4/ The short positions reflect foreign exchange acquired under reciprocal currency arrangements with certain foreign central banks.  The foreign exchange acquired is not included in Section I, "official reserve assets and other foreign currency assets," of the template for reporting international reserves.  However, it is included in the broader balance of payments presentation as "U.S. Government assets, other than official reserve assets/U.S. foreign currency holdings and U.S. short-term assets."

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