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Archived - Debt Management Report 2003–2004 : 2

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Reference Table I
Gross Public Debt, Outstanding Market Debt and Debt Charges

Fiscal years	Outstanding	Fixed-rate portion¹	Average fixed-rate portion²	Total debt charges	Outstanding³	Fixed-rate portion	Total debt charges	Average interest rate

	Gross public debt				Outstanding market debt


	($ billions)	(%)	(%)	($ billions)	($ billions)	(%)	($ billions)	(%)
1985–86	321.5	51.9	0	27.7	202.3	36.7	20.7	10.66
1986–87	357.2	50.9	0	28.7	229.7	36.9	21.5	9.34
1987–88	390.3	51.2	0	31.2	251.9	38.2	23.1	9.61
1988–89	423.8	49.6	0	35.5	277.4	37.2	26.5	10.82
1989–90	451.8	49.9	0	41.2	295.7	38.1	31.4	11.20
1990–91	490.3	50.4	0	45.0	325.0	38.5	34.3	10.72
1991–92	526.9	50.7	0	43.9	353.0	38.9	32.4	8.86
1992–93	566.0	50.4	0	41.3	383.9	39.0	29.4	7.88
1993–94	610.7	53.3	0	40.1	415.1	42.7	28.0	6.75
1994–95	651.6	55.1	0	44.2	442.8	44.4	31.4	7.97
1995–96	694.6	56.9	0	49.4	471.4	47.9	35.3	7.34
1996–97	711.9	61.7	0	47.3	478.8	53.8	33.0	6.66
1997–98	713.4	63.7	0	43.1	469.2	56.8	31.0	6.64
1998–99	717.7	64.5	66.6	43.3	463.0	58.5	30.8	6.70
1999–00	716.3	66.5	66.6	43.4	459.0	59.1	30.5	6.15
2000–01	715.0	67.8	67.6	43.9	449.0	60.5	30.7	6.11
2001–02	704.3	67.4	67.6	39.7	444.9	60.1	27.4	5.56
2002–03	700.1	65.8	65.8	37.3	442.4	61.2	25.2	5.32
2003–04	701.1	63.8	64.4	35.7	440.2	58.7	23.4	4.91

¹ For interest-bearing debt as of March 31. Calculation methodology may vary slightly from year to year. The definition of interest-bearing debt has changed slightly in 2002–03 to reflect the adoption of the full accrual basis of accounting. ² Average over the year. Comparative figures for prior years are not available. ³ Includes capital lease obligations. Sources: Public Accounts of Canada, Bank of Canada Review, Department of Finance estimates.

Reference Table II
Government of Canada Outstanding Market Debt

Fiscal years	Treasury bills	Marketable bonds	Retail debt	CPP bonds	Total	Marketable bonds	Canada bills	Canada notes¹	Standby drawings	Term loan	Total	Total market debt

	Payable in Canadian dollars					Payable in foreign currencies


	(C$ millions)
1977–78	11,295	21,645	18,036	84	51,060	181	0	0	850	0	1,031	51,664
1978–79	13,535	26,988	19,443	96	60,062	3,319	0	0	2,782	1,115	7,216	66,640
1979–80	16,325	33,387	18,182	113	68,007	3,312	0	0	359	1,030	4,701	72,021
1980–81	21,770	40,976	15,966	136	78,848	3,236	0	0	355	1,046	4,637	83,138
1981–82	19,375	43,605	25,108	154	88,242	3,867	0	0	0	550	4,417	93,167
1982–83	29,125	48,473	32,753	171	110,522	4,872	0	0	0	362	5,234	116,562
1983–84	41,700	56,976	38,403	189	137,268	4,306	0	0	510	398	5,214	142,901
1984–85	52,300	69,354	42,167	205	164,026	4,972	0	0	1,909	1,172	8,053	172,719
1985–86	61,950	81,163	44,607	445	188,165	9,331	0	0	2,233	2,247	13,811	201,229
1986–87	76,950	94,520	43,854	1,796	217,120	9,120	1,045	0	0	2,047	12,212	228,611
1987–88	81,050	103,899	52,558	2,492	239,999	8,438	1,045	0	0	2,257	11,740	250,809
1988–89	102,700	115,748	47,048	3,005	268,501	6,672	1,131	0	0	934	8,737	276,301
1989–90	118,550	127,681	40,207	3,072	289,510	4,364	1,446	0	0	0	5,810	294,562
1990–91	139,150	143,601	33,782	3,492	320,025	3,555	1,008	0	0	0	4,563	323,903
1991–92	152,300	158,059	35,031	3,501	348,891	3,535	0	0	0	0	3,535	351,885
1992–93	162,050	178,436	33,884	3,505	377,875	2,926	2,552	0	0	0	5,478	382,741
1993–94	166,000	203,373	30,866	3,497	403,736	5,019	5,649	0	0	0	10,668	413,975
1994–95	164,450	225,513	30,756	3,488	424,207	7,875	9,046	0	0	0	16,921	440,998
1995–96	166,100	252,411	30,801	3,478	452,790	9,514	6,986	310	0	0	16,810	469,547
1996–97	135,400	282,059	32,911	3,468	453,838	12,460	8,436	2,121	0	0	23,017	476,852
1997–98	112,300	293,987	30,302	3,456	440,045	14,590	9,356	3,176	0	0	27,122	467,291
1998–99	96,950	294,914	28,810	4,063	424,737	19,655	10,171	6,182	0	0	36,008	460,427
1999–00	99,850	293,250	27,115	3,427	423,642	21,464	6,008	5,168	0	0	32,640	456,406
2000–01	88,700	293,879	26,457	3,404	412,440	20,509	7,228	5,695	0	0	33,432	445,724
2001–02	94,200	292,910	24,229	3,386	414,725	19,652	3,355	4,405	0	0	27,412	442,137
2002–03	104,600	286,289	22,878	3,369	417,136	14,412	2,603	4,533	0	0	21,548	436,684
2003–04	113,400	276,022	21,521	3,351	414,294	20,523	3,364	1,085	0	0	24,972	439,266

Note: Subcategorization of Government of Canada debt is in accordance with Bank of Canada reports, which may vary slightly from Public Accounts categories due to differences in classification methods. The total outstanding market debt may not equal the sum of the parts due to slight differences between the Bank of Canada’s and Department of Finance’s numbers. ¹ Includes EMTNs. Sources: Bank of Canada Review, Department of Finance.

Reference Table III
Average Weekly Domestic Market Trading in Government of Canada Securities, April 2003 to March 2004


		Marketable bonds

	Treasury bills	3 years and under	3 to 10 years	Over 10 years	Real return bonds	Total marketable bonds	Total

	($ millions)
April 2003	22,555	35,109	36,682	6,871	377	79,039	101,594
May 2003	20,535	37,425	41,998	10,732	303	90,458	110,993
June 2003	22,976	39,559	54,823	9,430	468	104,280	127,256
July 2003	24,091	34,857	53,167	7,920	332	96,276	120,367
August 2003	22,738	29,844	41,307	6,514	228	77,893	100,631
September 2003	24,686	39,767	39,831	6,231	267	86,096	110,782
October 2003	23,631	35,954	39,675	7,645	299	83,573	107,204
November 2003	23,744	32,658	37,109	7,562	212	77,541	101,285
December 2003	27,154	26,908	33,554	6,040	453	66,955	94,109
January 2004	25,009	38,429	42,207	10,718	477	91,831	116,840
February 2004	26,511	38,920	42,681	8,033	392	90,026	116,537
March 2004	27,671	36,903	45,891	8,777	343	91,914	119,585

Source: Bank of Canada, Banking and Financial Statistics.

Reference Table IV
Distribution of Domestic Holdings of Government of Canada Securities
PART A —Treasury Bills, Canada Bills, Bonds,¹ Canada Savings Bonds and Canada Premium Bonds

Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Foreign	Total⁵


	($ millions)
1976	17,932	395	8,242	8,666	716	1,436	2,273	730	1,652	42,042
1977	20,277	321	10,268	9,601	1,048	2,271	3,114	1,014	2,185	50,099
1978	22,723	403	12,001	9,896	1,537	3,738	4,017	1,721	4,770	60,806
1979	23,144	374	13,656	10,156	1,684	6,716	4,103	2,878	5,956	68,667
1980	24,253	555	15,858	10,002	2,771	9,274	5,561	4,248	7,630	80,152
1981	33,425	520	17,100	10,003	2,452	10,569	5,342	4,194	9,102	92,707
1982	42,320	2,267	15,428	11,233	3,288	13,151	9,177	4,654	10,737	112,255
1983	50,306	5,502	16,859	15,107	5,551	17,816	9,984	5,321	12,091	138,537
1984	60,748	6,783	17,184	15,164	4,887	24,039	11,978	7,166	16,205	164,154
1985	74,331	7,387	15,668	15,198	5,706	31,068	15,086	10,106	21,608	196,158
1986	71,073	6,259	18,374	17,779	7,277	34,887	18,414	11,293	33,060	218,416
1987	83,732	8,591	20,201	16,012	6,400	38,870	19,547	13,918	36,462	243,733
1988	86,591	8,634	20,606	21,115	7,492	42,460	19,028	17,186	51,134	274,246
1989	81,566	11,402	21,133	20,804	9,854	48,037	23,950	17,840	61,707	296,293
1990	80,079	11,797	20,325	24,224	10,460	52,984	26,051	19,574	72,586	318,080
1991	72,945	11,580	22,370	35,792	12,091	57,846	33,054	21,015	82,553	349,246
1992	70,930	13,696	22,607	44,555	12,428	62,042	39,396	20,222	88,878	374,754
1993	61,221	10,359	23,498	60,242	11,229	69,917	45,321	18,397	108,847	409,031
1994	52,842	12,039	24,902	70,063	9,992	78,545	52,847	24,967	110,080	436,277
1995	48,867	12,048	23,590	76,560	10,947	87,467	59,044	26,324	116,543	461,390
1996	46,187	10,013	25,556	74,789	10,952	90,174	71,514	24,828	118,474	472,487
1997	39,924	10,470	27,198	67,715	7,054	94,991	79,445	25,509	112,865	465,171
1998	33,537	8,525	27,911	66,375	6,659	99,687	79,895	28,174	106,763	457,526
1999	37,118	9,290	29,075	54,080	7,944	108,656	81,257	28,394	102,263	458,077
2000	33,259	9,062	31,726	58,269	2,842	108,752	73,911	30,280	91,477	439,578
2001	33,979	7,643	37,204	65,396	3,561	99,744	76,482	34,341	80,974	439,324
2002	22,860	8,417	38,859	66,057	3,307	97,463	81,521	33,436	88,237	440,157
2003	21,455	7,827	40,398	67,434	3,605	101,096	85,176	38,184	68,065	433,240

Reference Table IV (cont’d)
Distribution of Domestic Holdings of Government of Canada Securities
PART B —Treasury Bills, Canada Bills, Bonds,¹ and Canada Savings Bonds and Canada Premium Bonds

Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Foreign	Total⁵


	(%)
1976	42.65	0.94	19.60	20.61	1.70	3.42	5.41	1.74	3.93	100.00
1977	40.47	0.64	20.50	19.16	2.09	4.53	6.22	2.02	4.36	100.00
1978	37.37	0.66	19.74	16.27	2.53	6.15	6.61	2.83	7.84	100.00
1979	33.70	0.54	19.89	14.79	2.45	9.78	5.98	4.19	8.67	100.00
1980	30.26	0.69	19.78	12.48	3.46	11.57	6.94	5.30	9.52	100.00
1981	36.05	0.56	18.45	10.79	2.64	11.40	5.76	4.52	9.82	100.00
1982	37.70	2.02	13.74	10.01	2.93	11.72	8.18	4.15	9.56	100.00
1983	36.31	3.97	12.17	10.90	4.01	12.86	7.21	3.84	8.73	100.00
1984	37.01	4.13	10.47	9.24	2.98	14.64	7.30	4.37	9.87	100.00
1985	37.89	3.77	7.99	7.75	2.91	15.84	7.69	5.15	11.02	100.00
1986	32.54	2.87	8.41	8.14	3.33	15.97	8.43	5.17	15.14	100.00
1987	34.35	3.52	8.29	6.57	2.63	15.95	8.02	5.71	14.96	100.00
1988	31.57	3.15	7.51	7.70	2.73	15.48	6.94	6.27	18.65	100.00
1989	27.53	3.85	7.13	7.02	3.33	16.21	8.08	6.02	20.83	100.00
1990	25.18	3.71	6.39	7.62	3.29	16.66	8.19	6.15	22.82	100.00
1991	20.89	3.32	6.41	10.25	3.46	16.56	9.46	6.02	23.64	100.00
1992	18.93	3.65	6.03	11.89	3.32	16.56	10.51	5.40	23.72	100.00
1993	14.97	2.53	5.74	14.73	2.75	17.09	11.08	4.50	26.61	100.00
1994	12.11	2.76	5.71	16.06	2.29	18.00	12.11	5.72	25.23	100.00
1995	10.59	2.61	5.11	16.59	2.37	18.96	12.80	5.71	25.26	100.00
1996	9.78	2.12	5.41	15.83	2.32	19.08	15.14	5.25	25.07	100.00
1997	8.58	2.25	5.85	14.56	1.52	20.42	17.08	5.48	24.26	100.00
1998	7.33	1.86	6.10	14.51	1.46	21.79	17.46	6.16	23.33	100.00
1999	8.10	2.03	6.35	11.81	1.73	23.72	17.74	6.20	22.32	100.00
2000	7.57	2.06	7.22	13.26	0.65	24.74	16.81	6.89	20.81	100.00
2001	7.73	1.74	8.47	14.89	0.81	22.70	17.41	7.82	18.43	100.00
2002	5.19	1.91	8.83	15.01	0.75	22.14	18.52	7.60	20.05	100.00
2003	5.10	1.80	9.31	15.54	0.83	23.30	19.63	8.80	15.69	100.00

Reference Table IV (cont’d)
Distribution of Domestic Holdings of Government of Canada Securities
PART C —Treasury Bills and Canada Bills


Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Total⁵

	($ millions)
1976	171	125	1,964	4,219	52	44	515	193	7,283
1977	394	136	2,461	4,949	143	98	1,020	311	9,512
1978	576	198	3,567	5,517	193	261	1,554	519	12,385
1979	785	165	4,345	6,690	65	245	1,550	843	14,688
1980	1,493	288	5,317	7,500	619	460	2,431	1,512	19,620
1981	1,019	369	5,431	8,597	343	560	2,187	1,082	19,588
1982	1,237	1,930	2,483	10,034	1,357	1,244	5,008	1,199	24,492
1983	3,766	5,146	2,595	12,879	3,180	2,587	5,376	1,286	36,815
1984	7,454	6,275	3,515	12,997	2,792	3,876	6,544	2,498	45,951
1985	13,340	6,517	3,985	12,629	3,651	3,924	8,129	4,136	56,311
1986	16,158	4,875	7,967	15,161	4,709	3,592	10,164	3,416	66,042
1987	17,733	7,232	9,682	11,498	3,725	4,806	9,589	5,002	69,267
1988	20,213	7,414	9,945	15,224	5,614	7,648	9,133	7,726	82,917
1989	29,156	9,668	11,124	17,410	8,116	9,664	12,908	9,251	107,297
1990	36,461	10,756	10,574	17,841	8,976	11,737	13,298	9,388	119,031
1991	30,423	10,437	13,093	24,382	9,089	12,386	17,636	10,417	127,863
1992	32,901	11,254	14,634	27,989	9,646	13,639	19,907	8,726	138,696
1993	27,459	9,657	16,876	29,901	9,222	17,085	22,336	7,151	139,687
1994	17,562	8,499	18,973	30,415	6,879	14,376	22,021	10,631	129,356
1995	16,296	9,204	18,298	30,865	7,760	15,315	25,183	10,603	133,524
1996	10,474	8,285	17,593	23,470	5,493	13,520	32,752	6,264	117,851
1997	5,966	6,858	14,233	19,448	3,133	8,944	32,653	3,803	95,038
1998	1,291	6,215	10,729	16,713	2,392	4,529	32,508	3,578	77,955
1999	8,539	6,662	8,584	9,814	3,234	8,128	36,932	3,497	85,390
2000	7,568	6,735	8,090	6,188	685	7,222	31,087	5,108	72,683
2001	8,744	6,990	11,427	9,969	675	10,401	37,154	6,838	92,198
2002	551	5,894	11,639	18,869	708	12,768	40,087	7,115	97,631
2003	987	5,268	11,733	26,150	863	15,196	40,843	7,647	108,687

Reference Table IV (cont’d)
Distribution of Domestic Holdings of Government of Canada Securities
PART D—Treasury Bills and Canada Bills


Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Total⁵

	(%)
1976	2.35	1.72	26.97	57.93	0.71	0.60	7.07	2.65	100.00
1977	4.14	1.43	25.87	52.03	1.50	1.03	10.72	3.27	100.00
1978	4.65	1.60	28.80	44.55	1.56	2.11	12.55	4.19	100.00
1979	5.34	1.12	29.58	45.55	0.44	1.67	10.55	5.74	100.00
1980	7.61	1.47	27.10	38.23	3.15	2.34	12.39	7.71	100.00
1981	5.20	1.88	27.73	43.89	1.75	2.86	11.16	5.52	100.00
1982	5.05	7.88	10.14	40.97	5.54	5.08	20.45	4.90	100.00
1983	10.23	13.98	7.05	34.98	8.64	7.03	14.60	3.49	100.00
1984	16.22	13.66	7.65	28.28	6.08	8.44	14.24	5.44	100.00
1985	23.69	11.57	7.08	22.43	6.48	6.97	14.44	7.34	100.00
1986	24.47	7.38	12.06	22.96	7.13	5.44	15.39	5.17	100.00
1987	25.60	10.44	13.98	16.60	5.38	6.94	13.84	7.22	100.00
1988	24.38	8.94	11.99	18.36	6.77	9.22	11.01	9.32	100.00
1989	27.17	9.01	10.37	16.23	7.56	9.01	12.03	8.62	100.00
1990	30.63	9.04	8.88	14.99	7.54	9.86	11.17	7.89	100.00
1991	23.79	8.16	10.24	19.07	7.11	9.69	13.79	8.15	100.00
1992	23.72	8.11	10.55	20.18	6.95	9.83	14.35	6.29	100.00
1993	19.66	6.91	12.08	21.41	6.60	12.23	15.99	5.12	100.00
1994	13.58	6.57	14.67	23.51	5.32	11.11	17.02	8.22	100.00
1995	12.20	6.89	13.70	23.12	5.81	11.47	18.86	7.94	100.00
1996	8.89	7.03	14.93	19.91	4.66	11.47	27.79	5.32	100.00
1997	6.28	7.22	14.98	20.46	3.30	9.41	34.36	4.00	100.00
1998	1.66	7.97	13.76	21.44	3.07	5.81	41.70	4.59	100.00
1999	10.00	7.80	10.05	11.49	3.79	9.52	43.25	4.10	100.00
2000	10.41	9.27	11.13	8.51	0.94	9.94	42.77	7.03	100.00
2001	9.48	7.58	12.39	10.81	0.73	11.28	40.30	7.42	100.00
2002	0.56	6.04	11.92	19.33	0.73	13.08	41.06	7.29	100.00
2003	0.91	4.85	10.80	24.06	0.79	13.98	37.58	7.04	100.00

Reference Table IV (cont’d)
Distribution of Domestic Holdings of Government of Canada Securities
PART E—Bonds¹


Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Total⁵

	($ millions)
1976	17,761	270	6,278	4,447	664	1,392	1,758	537	33,107
1977	19,883	185	7,807	4,652	905	2,173	2,094	703	38,402
1978	22,147	205	8,434	4,379	1,344	3,477	2,463	1,202	43,651
1979	22,359	209	9,311	3,466	1,619	6,471	2,553	2,035	48,023
1980	22,760	267	10,541	2,502	2,152	8,814	3,130	2,736	52,902
1981	32,406	151	11,669	1,406	2,109	10,009	3,155	3,112	64,017
1982	41,083	337	12,945	1,199	1,931	11,907	4,169	3,455	77,026
1983	46,540	356	14,264	2,228	2,371	15,229	4,608	4,035	89,631
1984	53,294	508	13,669	2,167	2,095	20,163	5,434	4,668	101,998
1985	60,991	870	11,683	2,569	2,055	27,144	6,957	5,970	118,239
1986	54,915	1,384	10,407	2,618	2,568	31,295	8,250	7,877	119,314
1987	65,999	1,359	10,519	4,514	2,675	34,064	9,958	8,916	138,004
1988	66,378	1,220	10,661	5,891	1,878	34,812	9,895	9,460	140,195
1989	52,410	1,734	10,009	3,394	1,738	38,373	11,042	8,589	127,289
1990	43,618	1,041	9,751	6,383	1,484	41,247	12,753	10,186	126,463
1991	42,522	1,143	9,277	11,410	3,002	45,460	15,418	10,598	138,830
1992	38,029	2,442	7,973	16,566	2,782	48,403	19,489	11,496	147,180
1993	33,762	702	6,622	30,341	2,007	52,832	22,985	11,246	160,497
1994	35,280	3,540	5,929	39,648	3,113	64,169	30,826	14,336	196,841
1995	32,571	2,844	5,292	45,695	3,187	72,152	33,861	15,721	211,323
1996	35,713	1,728	7,963	51,319	5,459	76,654	38,762	18,564	236,162
1997	33,958	3,612	12,965	48,267	3,921	86,047	46,792	21,706	257,268
1998	32,246	2,310	17,182	49,662	4,267	95,158	47,387	24,596	272,808
1999	28,579	2,628	20,491	44,266	4,710	100,528	44,325	24,897	270,424
2000	25,691	2,327	23,636	52,081	2,157	101,530	42,824	25,172	275,418
2001	25,235	653	25,777	55,427	2,886	89,343	39,328	27,503	266,152
2002	22,309	2,523	27,220	47,188	2,599	84,695	41,434	26,321	254,289
2003	20,468	2,559	28,665	41,284	2,742	85,900	44,333	30,537	256,488

Reference Table IV (cont’d)
Distribution of Domestic Holdings of Government of Canada Securities
PART F—Bonds¹


Year end	Persons and unincorporated businesses	Non-financial corporations	Bank of Canada	Chartered banks	Quasi- banks²	Life insurance companies and pension funds	Public and other financial institutions³	All levels of government⁴	Total⁵

	(%)
1976	53.65	0.82	18.96	13.43	2.01	4.20	5.31	1.62	100.00
1977	51.78	0.48	20.33	12.11	2.36	5.66	5.45	1.83	100.00
1978	50.74	0.47	19.32	10.03	3.08	7.97	5.64	2.75	100.00
1979	46.56	0.44	19.39	7.22	3.37	13.47	5.32	4.24	100.00
1980	43.02	0.50	19.93	4.73	4.07	16.66	5.92	5.17	100.00
1981	50.62	0.24	18.23	2.20	3.29	15.63	4.93	4.86	100.00
1982	53.34	0.44	16.81	1.56	2.51	15.46	5.41	4.49	100.00
1983	51.92	0.40	15.91	2.49	2.65	16.99	5.14	4.50	100.00
1984	52.25	0.50	13.40	2.12	2.05	19.77	5.33	4.58	100.00
1985	51.58	0.74	9.88	2.17	1.74	22.96	5.88	5.05	100.00
1986	46.03	1.16	8.72	2.19	2.15	26.23	6.91	6.60	100.00
1987	47.82	0.98	7.62	3.27	1.94	24.68	7.22	6.46	100.00
1988	47.35	0.87	7.60	4.20	1.34	24.83	7.06	6.75	100.00
1989	41.17	1.36	7.86	2.67	1.37	30.15	8.67	6.75	100.00
1990	34.49	0.82	7.71	5.05	1.17	32.62	10.08	8.05	100.00
1991	30.63	0.82	6.68	8.22	2.16	32.75	11.11	7.63	100.00
1992	25.84	1.66	5.42	11.26	1.89	32.89	13.24	7.81	100.00
1993	21.04	0.44	4.13	18.90	1.25	32.92	14.32	7.01	100.00
1994	17.92	1.80	3.01	20.14	1.58	32.60	15.66	7.28	100.00
1995	15.41	1.35	2.50	21.62	1.51	34.14	16.02	7.44	100.00
1996	15.12	0.73	3.37	21.73	2.31	32.46	16.41	7.86	100.00
1997	13.20	1.40	5.04	18.76	1.52	33.45	18.19	8.44	100.00
1998	11.82	0.85	6.30	18.20	1.56	34.88	17.37	9.02	100.00
1999	10.57	0.97	7.58	16.37	1.74	37.17	16.39	9.21	100.00
2000	9.33	0.84	8.58	18.91	0.78	36.86	15.55	9.14	100.00
2001	9.48	0.25	9.69	20.83	1.08	33.57	14.78	10.33	100.00
2002	8.77	0.99	10.70	18.56	1.02	33.31	16.29	10.35	100.00
2003	7.98	1.00	11.18	16.10	1.07	33.49	17.28	11.91	100.00

Note: Because of timing and valuation differences, The National Balance Sheet Accounts data contained in this table are not necessarily on the same basis as other data elsewhere in this publication (most of the data in this report are on a par-value basis—that is, outstanding securities are valued at par). For this reason, although the two sets of data yield very similar information, the data in this table are not strictly comparable with other data in this publication. ¹ Includes bonds denominated in foreign currencies. ² Includes Quebec savings banks, credit unions and caisses populaires, trust companies and mortgage loan companies. ³ Includes investment dealers, mutual funds, property and casualty insurance companies, sales, finance and consumer loan companies, accident and sickness branches of life insurance companies, other private financial institutions (not elsewhere included), federal public financial institutions, and provincial financial institutions. ⁴ Includes Government of Canada holdings of its own debt, provincial, municipal and hospital holdings, and holdings of the Canada Pension Plan and the Quebec Pension Plan. ⁵ May not add due to rounding. Source: Statistics Canada, The National Balance Sheet Accounts.

Reference Table V
Non-Resident (Direct) Holdings of Government of Canada Debt

As at March 31	Marketable bonds¹	Treasury bills Canada bills	Total	Total as per cent of total market debt²


		(C$ billions)		(%)
1979	5.0	0.9	5.9
1980	5.6	0.7	6.3
1981	6.8	1.1	7.9
1982	8.8	1.1	9.9
1983	10.0	1.6	11.6
1984	10.3	2.6	12.9
1985	14.5	4.6	19.1
1986	22.1	3.0	25.1	12.4
1987	30.3	4.7	35.0	15.2
1988	33.0	9.3	42.3	16.8
1989	41.3	15.7	57.0	20.5
1990	49.9	13.3	63.2	21.4
1991	57.6	16.1	73.7	22.7
1992	63.6	23.0	86.6	24.5
1993	80.1	28.3	108.4	28.2
1994	79.3	34.0	113.3	27.3
1995	73.7	39.2	112.9	25.5
1996	84.1	37.7	121.8	25.8
1997	91.8	27.7	119.4	24.9
1998	94.3	20.0	114.3	24.4
1999	86.6	19.4	106.0	22.9
2000	85.7	14.2	99.9	21.8
2001	83.5	10.5	94.0	20.9
2002	74.0	7.4	81.4	18.3
2003	80.7	8.5	89.2	20.2
2004	57.0	9.2	66.2	15.0

Note: Numbers may not add due to rounding. ¹ Includes bonds denominated in foreign currencies. ² Includes capital lease obligations. For the 1979–1985 period, market debt data (includes capital leases) is unavailable. Source: Statistics Canada, Canada’s International Transactions in Securities.

Reference Table VI
Fiscal 2003–04 Treasury Bill Program

Settlement date	CMB¹	3 mo	6 mo	12 mo	Total	CMB¹	3 mo	6 mo	12 mo	Total	Total	Cumulative	O/S²	CMB¹	3 mo	6 mo	12 mo

	Maturing					New issues					Net increment			Average tender yields


						($ millions)								(%)
10-Apr-2003	4,000	3,800	3,800		11,600	4,100	1,700	1,700	7,500	-4,100	-4,100	100,500			3.19	3.36	3.62
24-Apr-2003		4,100		3,800	7,900	4,700	1,900	1,900	8,500	600	-3,500	101,100			3.24	3.36	3.55
8-May-2003		4,700	3,900		8,600	4,700	1,900	1,900	8,500	-100	-3,600	101,000			3.22	3.35	3.55
22-May-2003		4,100		3,800	7,900	3,000	5,000	2,000	2,000	12,000	4,100	500	105,100	3.22	3.20	3.32	3.43
29-May-2003					0	2,000				2,000	2,000	2,500	107,100	3.19
5-Jun-2003	3,000	4,700	3,500		11,200	5,000	2,000	2,000	9,000	-2,200	300	104,900			3.15	3.19	3.17
19-Jun-2003		4,700		3,700	8,400	5,000	2,000	2,000	9,000	600	900	105,500			3.13	3.08	2.97
26-Jun-2003					0	2,000				2,000	2,000	2,900	107,500	3.08
3-Jul-2003	2,000	4,700	3,300		10,000	5,000	2,000	2,000	9,000	-1,000	1,900	106,500			3.08	3.04	2.99
17-Jul-2003		4,100		3,700	7,800	5,300	2,100	2,100	9,500	1,700	3,600	108,200			2.87	2.89	2.89
29-Jul-2003					0	1,000				1,000	1,000	4,600	109,200	2.95
31-Jul-2003		4,700	3,600		8,300	5,300	2,100	2,100	9,500	1,200	5,800	110,400			2.81	2.72	2.69
5-Aug-2003	1,000				1,000					0	-1,000	4,800	109,400
14-Aug-2003	2,000	4,700		3,600	10,300		5,300	2,100	2,100	9,500	-800	4,000	108,600		2.82	2.78	2.84
21-Aug-2003					0	3,000				3,000	3,000	7,000	111,600	2.79
28-Aug-2003		5,000	3,800		8,800	2,000	5,300	2,100	2,100	11,500	2,700	9,700	114,300	2.91	2.70	2.74	2.85
4-Sep-2003	2,000				2,000					0	-2,000	7,700	112,300
11-Sep-2003		5,000		3,600	8,600		5,000	2,000	2,000	9,000	400	8,100	112,700		2.65	2.68	2.80
25-Sep-2003	3,000	5,000	3,600		11,600	1,500	5,300	2,100	2,100	11,000	-600	7,500	112,100	2.69	2.60	2.59	2.67
2-Oct-2003	1,500				1,500					0	-1,500	6,000	110,600
9-Oct-2003		5,000		3,800	8,800		5,000	2,000	2,000	9,000	200	6,200	110,800		2.59	2.62	2.68
23-Oct-2003		5,300	3,800		9,100		5,300	2,100	2,100	9,500	400	6,600	111,200		2.65	2.70	2.83
29-Oct-2003					0	500				500	500	7,100	111,700	2.63

	Maturing					New issues					Net increment			Average tender yields

Settlement date	CMB¹	3 mo	6 mo	12 mo	Total	CMB¹	3 mo	6 mo	12 mo	Total	Total	Cumulative	O/S²	CMB¹	3 mo	6 mo	12 mo

6-Nov-2003	500	5,300		3,900	9,700		5,600	2,200	2,200	10,000	300	7,400	112,000		2.66	2.67	2.81
20-Nov-2003		5,300	4,000		9,300	3,000	5,900	2,300	2,300	13,500	4,200	11,600	116,200	2.73	2.71	2.77	2.93
26-Nov-2003					0	2,000				2,000	2,000	13,600	118,200	2.68
27-Nov-2003					0	1,250				1,250	1,250	14,850	119,450	2.69
4-Dec-2003	1,250	5,300		3,500	10,050		5,300	2,100	2,100	9,500	-550	14,300	118,900		2.68	2.71	2.86
18-Dec-2003	3,000	5,000	4,000		12,000	1,500	5,000	2,000	2,000	10,500	-1,500	12,800	117,400	2.69	2.64	2.63	2.68
30-Dec-2003		5,300		3,300	8,600		4,400	1,800	1,800	8,000	-600	12,200	116,800		2.59	2.59	2.63
5-Jan-2004	1,500				1,500					0	-1,500	10,700	115,300
7-Jan-2004	2,000				2,000					0	-2,000	8,700	113,300
15-Jan-2004		5,000	4,200		9,200		3,800	1,600	1,600	7,000	-2,200	6,500	111,100		2.47	2.47	2.50
28-Jan-2004					0	1,000				1,000	1,000	7,500	112,100	2.44
29-Jan-2004		5,300		3,600	8,900		3,800	1,600	1,600	7,000	-1,900	5,600	110,200		2.26	2.26	2.25
2-Feb-2004	1,000				1,000					0	-1,000	4,600	109,200
12-Feb-2004		5,600	4,200		9,800		4,400	1,800	1,800	8,000	-1,800	2,800	107,400		2.23	2.23	2.25
26-Feb-2004		5,900		3,800	9,700		5,000	2,000	2,000	9,000	-700	2,100	106,700		2.13	2.14	2.17
11-Mar-2004		5,300	4,100		9,400		5,600	2,200	2,200	10,000	600	2,700	107,300		2.10	2.10	2.11
18-Mar-2004					0	1,200				1,200	1,200	3,900	108,500	2.16
25-Mar-2004		5,000		3,600	8,600	2,500	5,600	2,200	2,200	12,500	3,900	7,800	112,400	2.16	1.99	1.98	2.01
29-Mar-2004					0	1,000				1,000	1,000	8,800	113,400	2.22
Total	27,750	127,900	49,800	47,700	253,150	28,450	129,700	51,900	51,900	261,950	8,800

¹ Cash management bill. ² Outstanding. Source: Bank of Canada.

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