<PAGE>
International Bank for Reconstruction and
Development
LOGO
Condensed
Quarterly Financial Statements
September 30, 1996
(Unaudited)
<PAGE>
International Bank for Reconstruction and
Development
<PAGE>
- ---------------------------------------------------------------------
Table of Contents
September 30, 1996
- ---------------------------------------------------------------------
Balance Sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Statement of Income. . . . . . . . . . . . . . . . . . . . . . . . .5
Statement of Changes in Retained Earnings. . . . . . . . . . . . . .5
Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . .6
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . .7
<PAGE>
4 IBRD Condensed Financial Statements
- ---------------------------------------------------------------------
Balance Sheet
September 30, 1996 (Unaudited) and June 30, 1996
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
SEPTEMBER 30 JUNE 30
------------ -----------
<S> <C> <C>
ASSETS
Due from banks................................................................................... $ 646 $ 639
Investments--Note C
Trading......................................................................................... 17,432 15,001
Held-to-maturity................................................................................ 1,165 1,169
Securities purchased under resale agreements--Note C............................................. 956 1,282
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital........... 1,825 1,765
Receivable from currency swaps................................................................... 19,945 18,010
Receivable from covered forwards................................................................. 1,171 204
Other receivables................................................................................ 3,159 5,316
Loans outstanding--Note D
Total loans..................................................................................... 162,496 164,766
Less undisbursed balance........................................................................ 51,909 54,520
-------- --------
Loans outstanding............................................................................. 110,587 110,246
Less accumulated provision for loan losses...................................................... 3,366 3,340
-------- --------
Loans outstanding net of accumulated provision................................................ 107,221 106,906
-------- --------
Other assets..................................................................................... 1,702 1,712
-------- --------
TOTAL ASSETS..................................................................................... $155,222 $152,004
-------- --------
-------- --------
LIABILITIES
Borrowings--Note E
Short-term...................................................................................... $ 5,222 $ 4,328
Medium- and long-term........................................................................... 93,829 92,391
-------- --------
99,051 96,719
Securities sold under agreements to repurchase and payable for cash collateral received--Note C.. 797 2,439
Payable for currency swaps....................................................................... 21,302 19,427
Payable for covered forwards..................................................................... 1,152 202
Payable for Board of Governors-approved transfers--Note F........................................ 120 205
Other liabilities................................................................................ 4,213 4,712
-------- --------
TOTAL LIABILITIES............................................................................... 126,635 123,704
-------- --------
EQUITY
Capital stock
Authorized (1,558,478 shares--September 30, 1996 and June 30, 1996)
Subscribed (1,505,909 shares--September 30, 1996; 1,497,325 shares--June 30, 1996)............. 181,665 180,630
Less uncalled portion of subscriptions......................................................... 170,640 169,636
-------- --------
11,025 10,994
Deferred amounts to maintain value of currency holdings of paid-in capital stock................. 81 136
Payments on account of pending subscriptions--Note B............................................. 11 15
Retained earnings (see Statement of Changes in Retained Earnings, Note F)........................ 16,422 16,099
Cumulative translation adjustment................................................................ 1,048 1,056
-------- --------
TOTAL EQUITY.................................................................................... 28,587 28,300
-------- --------
TOTAL LIABILITIES AND EQUITY..................................................................... $155,222 $152,004
-------- --------
-------- --------
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
<PAGE>
IBRD Condensed Financial Statements 5
- -------------------------------------------------------------------------------
STATEMENT OF INCOME
For the three months ended September 30, 1996 (Unaudited) and
September 30, 1995 (Unaudited)
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
INCOME
Loans--Note D................................................................................ $1,919 $2,077
Investments--Note C
Trading.................................................................................... 164 216
Held-to-maturity........................................................................... 25 26
Securities purchased under resale agreements--Note C......................................... 18 20
Other........................................................................................ 3 3
------ ------
Total income.......................................................................... 2,129 2,342
------ ------
EXPENSES
Borrowings--Note E........................................................................... 1,561 1,755
Securities sold under agreements to repurchase and payable for cash collateral
received--Note C........................................................................... 12 18
Administrative--Note G....................................................................... 170 190
Provision for loan losses--Note D............................................................ 31 13
Other........................................................................................ 2 3
------ ------
TOTAL EXPENSES........................................................................ 1,776 1,979
------ ------
OPERATING INCOME............................................................................... 353 363
Less contributions to special programs......................................................... 30 28
------ ------
NET INCOME..................................................................................... $ 323 $ 335
------ ------
------ ------
</TABLE>
- -------------------------------------------------------------------------------
STATEMENT OF CHANGES IN RETAINED EARNINGS
For the three months ended September 30, 1996 (Unaudited) and September 30,
1995 (Unaudited)
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Retained earnings at beginning of the fiscal year.............................................. $16,099 $15,502
Board of Governors-approved transfers--Note F................................................ -- --
Net income for the period.................................................................... 323 335
------- -------
Retained earnings at end of the period......................................................... $16,422 $15,837
------- -------
------- -------
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
<PAGE>
6 IBRD Condensed Financial Statements
- -------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
For the three months ended September 30, 1996 (Unaudited) and September 30,
1995 (Unaudited)
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Cash flows from lending and investing activities
Loans
Disbursements....................................................................... $ (3,446) $ (3,275)
Principal repayments and prepayments................................................ 2,989 3,412
Investments: Held-to-maturity
Purchases........................................................................... (1,736) (1,760)
Maturities.......................................................................... 1,755 1,780
-------- --------
Net cash (used in) provided by lending.......................................... (438) 157
-------- --------
Cash flows used for payments for Board of Govornors-approved transfers......................... (85) (30)
Cash flows from financing activities
Medium- and long-term borrowings
New issues.......................................................................... 3,943 3,840
Retirements......................................................................... (2,519) (2,010)
Net short-term borrowings............................................................. 870 777
Net currency swaps.................................................................... (60) (122)
Net capital stock transactions........................................................ 13 6
-------- --------
Net cash provided by financing.................................................. 2,247 2,491
-------- --------
Cash flows from operating activities
Net income............................................................................ 323 335
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization....................................................... 99 98
Provision for loan losses........................................................... 31 13
Net changes in other assets and liabilities......................................... (6) 71
-------- --------
Net cash provided by operating.................................................. 447 517
-------- --------
Effect of exchange rate changes on unrestricted cash and liquid investments.................... 28 (1,090)
-------- --------
Net increase in unrestricted cash and liquid investments....................................... 2,199 2,045
Unrestricted cash and liquid investments at beginning of the fiscal year....................... 14,730 17,072
-------- --------
Unrestricted cash and liquid investments at.................................................... $16,929 $19,117
-------- --------
-------- --------
Composed of
Investments held in trading portfolio................................................. $17,432 $20,060
Unrestricted currencies (included in Due from banks).................................. 30 227
Net payable for investment securities traded/purchased................................ (711) (106)
Net receivable from covered forwards.................................................. 19 6
Net receivable (payable) for securities purchased/sold under resale/repurchase
agreements and payable for cash collateral received................................. 159 (1,070)
-------- --------
$16,929 $19,117
-------- --------
-------- --------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate fluctuations
Loans outstanding................................................................... $ (116) $(8,652)
Borrowings.......................................................................... (57) (7,495)
Currency swaps...................................................................... -- (265)
Investments: Held-to-maturity....................................................... 15 (10)
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
<PAGE>
IBRD Condensed Financial Statements 7
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
NOTE A--FINANCIAL INFORMATION
The unaudited condensed financial statements should be read in conjunction with
the June 30, 1996 financial statements and the notes included therein. In the
opinion of management, the condensed financial statements reflect all
adjustments necessary for a fair presentation of financial position. The results
of operations for the first three months of the current fiscal year are not
necessarily indicative of results that may be expected for the full year.
During the first quarter of fiscal year 1997, IBRD adopted a new accounting
standard which prescribes the accounting for impairment of long-lived assets.
This accounting standard does not apply to financial instruments. The adoption
of this new accounting standard, however, had no impact on IBRD's financial
statements.
Certain reclassifications of prior period information have been made to conform
to the current period's presentation.
NOTE B--CAPITAL
In February 1993 IBRD's Executive Directors decided that the Socialist Federal
Republic of Yugoslavia (SFRY) had ceased to be a member of IBRD and that the
Republic of Bosnia and Herzegovina (now called Bosnia and Herzegovina), the
Republic of Croatia, the former Yugoslav Republic of Macedonia, the Republic of
Slovenia and the Federal Republic of Yugoslavia (Serbia and Montenegro) (FRY)
are authorized to succeed to the SFRY's membership when certain requirements are
met including entering into a final agreement with IBRD on IBRD's loans made to
or guaranteed by the SFRY which the particular successor Republic would assume.
Four of the five successor Republics--Bosnia and Herzegovina, the Republic of
Croatia, the Republic of Slovenia and the former Yugoslav Republic of
Macedonia--have become members of IBRD. The paid-in portion of the SFRY's
subscribed capital allocated to FRY is included under Payments on Account of
Pending Subscriptions until the requirements of succession have been met.
NOTE C--INVESTMENTS
The annualized rate of return on average investments in the Trading portfolio,
net of agreements to repurchase and cash collateral received, during the three
months ended September 30, 1996, including both realized and unrealized gains
and losses, was 4.44 percent (4.96 percent--September 30, 1995). The annualized
rate of return on average investments in the Held-to-maturity portfolio during
the three months ended September 30, 1996 was 8.27 percent (8.44
percent--September 30, 1995).
NOTE D--LOANS AND GUARANTEES
On August 1, 1996, IBRD's Executive Directors approved a one-year interest
waiver of 25 basis points on disbursed and outstanding loans for all payment
periods commencing in the fiscal year ending June 30, 1997 for all eligible
borrowers. A similar waiver of 25 basis points was in effect for the fiscal year
ended June 30, 1996. In fiscal year 1995 IBRD's Executive Directors approved a
one-time 10 basis point interest waiver, for two consecutive six-month interest
periods, on currency pool loans which a borrower converts from interest rate
terms in effect between 1982 and 1989 to interest rate terms in effect since
1989. For the three months ended September 30, 1996, the combined effect of
these waivers was to reduce Net Income by $67 million ($70 million--September
30, 1995).
Further, on August 1, 1996, IBRD's Executive Directors approved a one-year
commitment fee waiver of 50 basis points on undisbursed loans to all borrowers
for all payment periods commencing in the fiscal year ending June 30, 1997. A
similar waiver of 50 basis points was in effect for the fiscal year ended June
30, 1996. For the three months ended September 30, 1996, the effect of the
commitment fee waiver was to reduce Net Income by $57 million ($59
million--September 30, 1995).
<PAGE>
8 IBRD Condensed Financial Statements
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- -------------------------------------------------------------------------------
In connection with the cessation of the membership of the SFRY discussed in
Note B, in February 1993 IBRD reached an agreement with the FRY for the
apportionment and service of debt due to IBRD on loans made to or guaranteed by
the SFRY and assumed by the FRY, which confirmed a February 1992 interim
agreement between the SFRY (then consisting of the Republics of Bosnia and
Herzegovina, Macedonia, Montenegro and Serbia) and IBRD pertaining, among other
things, to such loans. As of the date hereof, no debt-service payments have
been received by IBRD from the FRY.
At September 30, 1996, no loans payable to IBRD other than those referred to in
the following paragraph were overdue by more than three months.
At September 30, 1996, the loans made to or guaranteed by certain member
countries and the FRY with an aggregate principal balance outstanding of $2,511
million ($2,520 million--June 30, 1996), of which $1,277 million ($1,227
million--June 30, 1996) was overdue, were in nonaccrual status. At such date,
overdue interest and other charges in respect of these loans totaled $846
million ($808 million--June 30, 1996). If these loans had not been in nonaccrual
status, income from loans for the three months ended September 30, 1996 would
have been higher by $44 million ($49 million--September 30, 1995).
It is the policy of IBRD to place in nonaccrual status all loans made to or
guaranteed by a member of IBRD if (a) principal, interest, or other charges with
respect to any such loan are overdue by more than six months, unless IBRD
management determines that the overdue amount will be collected in the immediate
future, or if (b) development credits made by the International Development
Association (IDA) to such member are placed in nonaccrual status. When a member
pays its arrears in full, its loans emerge from nonaccrual status and its
eligibility for new loans is restored. However, if collectibility risk is
considered to be particularly high at the time of arrears clearance or if IBRD
refinances/reschedules nonaccruing loans to a member so that no debt-service
payments remain overdue, its loans would not automatically emerge from
nonaccrual status, even though its eligibility for new loans would have been
restored. After a suitable period of payment performance has passed from the
time of arrears clearance, a decision on the restoration of accrual status would
be made on a case-by-case basis.
A summary of countries with loans or guarantees in nonaccrual status follows:
<TABLE>
<CAPTION>
IN MILLIONS
- -----------------------------------------------------------------------------------
SEPTEMBER 30, 1996
--------------------------------------------------
PRINCIPAL PRINCIPAL AND NONACCRUAL
BORROWER OUTSTANDING CHARGES OVERDUE SINCE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
WITH OVERDUES
Federal Republic of
Yugoslavia................. $1,203 $1,198 September 1992
Iraq......................... 51 68 December 1990
Liberia...................... 152 254 June 1987
Sudan........................ 6 3 January 1994
Syrian Arab Republic......... 400 541 February 1987
Zaire........................ 88 59 November 1993
------ ------
Total.......................... 1,900 2,123
WITHOUT OVERDUES
Bosnia and Herzegovina....... 611 -- September 1992
------ ------
Total.......................... $2,511 $2,123
------ ------
------ ------
</TABLE>
The average recorded investment in nonaccruing loans during the three months
ended September 30, 1996 was $2,537 million ($2,536 million--September 30,
1995).
<PAGE>
IBRD Condensed Financial Statements 9
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
During the three months ended September 30, 1996 and September 30, 1995, no
loans came out of nonaccrual status.
An analysis of the changes to the Accumulated Provision for Loan Losses for the
three months ended September 30, 1996 and for the fiscal year ended June 30,
1996 appears below:
<TABLE>
<CAPTION>
IN MILLIONS
- -------------------------------------------------------------------------------
SEPTEMBER 30 JUNE 30
------------ -------
<S> <C> <C>
Balance, beginning of the fiscal year.............. $3,340 $3,740
Provision for loan losses for the period........... 31 42
Translation adjustment for the period.............. (5) (442)
------ ------
Balance, end of the period......................... $3,366 $3,340
------ ------
------ ------
</TABLE>
Guarantees of $1,611 million at September 30, 1996 ($1,537 million--June 30,
1996) were not included in reported loan balances. At September 30, 1996, $148
million of these guarantees were subject to call ($122 million--June 30, 1996).
IBRD also has partially guaranteed the timely payment of interest amounts on
certain loans that have been sold. At September 30, 1996, these guarantees,
approximating $1 million ($1 million--June 30, 1996), were subject to call.
Under an IDA program established in September 1988, a portion of principal
repayments to IDA are allocated on an annual basis to provide supplementary IDA
credits to IDA-eligible countries that are no longer able to borrow on IBRD
terms, but have outstanding IBRD loans approved prior to September 1988 and have
in place an IDA-supported structural adjustment program. Such supplementary IDA
credits are allocated to countries that meet specified conditions, in proportion
to each country's interest payments due that year on its pre-September 1988 IBRD
loans. To be eligible for such IDA supplemental credits, a member country must
meet IDA's eligibility criteria for lending, must be ineligible for IBRD lending
and must not have had an IBRD loan approved within the last twelve months. To
receive a supplemental credit from the program, a member country cannot be more
than 60 days overdue on its debt-service payments to IBRD or IDA. At September
30, 1996, IDA had approved credits of $1,379 million ($1,379 million--June 30,
1996) under this program from inception, of which $1,331 million ($1,327
million--June 30, 1996) had been disbursed to the eligible countries.
NOTE E--BORROWINGS
The annualized average cost of borrowings outstanding (after swaps), including
short-term borrowings, during the three months ended September 30, 1996 was 6.25
percent (6.48 percent--September 30, 1995).
NOTE F--RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS
Retained Earnings is comprised of the following elements at September 30, 1996
and June 30, 1996:
<TABLE>
<CAPTION>
IN MILLIONS
- -------------------------------------------------------------------------------
SEPTEMBER 30 JUNE 30
------------ -------
<S> <C> <C>
Special Reserve.................................... $ 293 $ 293
General Reserve.................................... 14,159 13,909
Surplus............................................ 710 710
Unallocated Net Income............................. 1,260 1,187
------- -------
$16,422 $16,099
------- -------
------- -------
</TABLE>
<PAGE>
10 IBRD Condensed Financial Statements
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- -------------------------------------------------------------------------------
Unallocated Net Income consists of earnings in the current and previous fiscal
years. Commencing in 1950, a portion or all of the unallocated Net Income has
been allocated to the General Reserve. The Board of Governors, consisting of
one Governor appointed by each member, annually approves transfers out of
unallocated Net Income, after an assessment by the Executive Directors of IBRD's
reserve needs, and periodically has approved transfers out of Surplus, to
various programs or entities for development purposes consistent with IBRD's
Articles of Agreement.
On August 1, 1996, the Executive Directors allocated $250 million of the net
income earned in the fiscal year ended June 30, 1996 to the General Reserve. On
October 3, 1996, the Board of Governors approved the following transfers out of
unallocated Net Income: an amount equivalent to $300 million in SDRs (valued at
June 30, 1996) to IDA, by way of grant, and $637 million to Surplus. On the
same day, the Board of Governors approved the following transfers, by way of
grant, out of Surplus: an amount equivalent to $300 million in SDRs (valued at
June 30, 1996) to IDA and $500 million to the Highly Indebted Poor Countries
(HIPC) Trust Fund to be established or other arrangements in support of the HIPC
Debt Initiative when other creditors of the eligible beneficiary countries are
determined by IBRD to have agreed to meet their share of the costs envisaged
within the framework of the initiative.
NOTE G--ADMINISTRATIVE EXPENSES
In fiscal year 1995 the Executive Directors authorized expenditures for costs
associated with planned staff reductions. Under this program 608 staff were
identified. The total cost of this program was $112 million, of which $45
million was charged to IDA. At September 30, 1996, $36 million ($3
million--September 30, 1995) has been charged against the accrual of $112
million. This accrual included costs associated with job search assistance,
training, outplacement consulting, pension plan contributions, medical insurance
contributions and related tax allowances.
Administrative expenses for the three months ended September 30, 1996 are net of
the management fee of $122 million ($128 million--September 30, 1995) charged to
IDA and $15 million ($14 million--September 30, 1995) charged to reimbursable
programs. Included in the amounts charged to reimbursable programs are allocated
charges of $6 million ($5 million--September 30, 1995) charged to the
International Finance Corporation and $0.2 million ($0.2 million--September 30,
1995) charged to the Multilateral Investment Guarantee Agency.
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 1
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
- ------------------
8.25% AUD Notes of 1996,
due July 8, 1999 539 AUD 1 100,000,000 78,260,000 08-JUL-1996
8.25% AUD Notes of 1996,
due July 8, 1999 539 AUD 2 50,000,000 39,130,000 08-JUL-1996
8.25% AUD NOTES OF 1996,
DUE JULY 31, 2000 543 AUD 1 100,000,000 78,830,000 31-JUL-1996
7.50% AUD NOTES OF 1996,
DUE AUGUST 13, 1996 545 AUD 1 150,000,000 116,790,000 13-AUG-1996
7.00% AUD NOTES OF 1996,
DUE JULY 27, 2000 546 AUD 1 100,000,000 79,070,000 27-AUG-1996
-----------
** Total By Currency 392,080,000
-----------
Canadian dollars
- ------------------
6.50% CAD Notes of 1996,
due September 20, 2002 548 CAD 1 100,000,000 72,939,460 20-SEP-1996
Hong Kong dollars
- ------------------
7.00% HKD LAF ELIGIBLE NOTES
OF 1996, DUE JULY 8, 1999 540 HKD 1 1,000,000,000 129,190,621 08-JUL-1996
Italian lire
- ------------------
ITL 200 BILLION 5-YR CAPPED
AND CALLABLE FLOATER 13 ITL 1 200,000,000,000 130,329,669 03-JUL-1996
ITL 300 BILLION CAPPED FLOATING
RATE NOTE, DUE AUG 5, 2003 17 ITL 1 300,000,000,000 197,524,361 05-AUG-1996
-----------
** Total By Currency 327,854,030
-----------
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 2
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Japanese yen
- ------------------
6.60% JPY/AUD Dual
Currency Bonds of 1996,
due Jul 17, 1998 15 JPY 1 7,000,000,000 63,291,139 17-JUL-1996
5.0% JPY/USD Dual
Currency Bonds of 1996,
due Jul 30, 1998 16 JPY 1 30,000,000,000 277,315,585 30-JUL-1996
5.10% JPY/USD Dual
Currency Bonds of 96,
due August 27, 1998 19 JPY 1 7,000,000,000 64,635,272 27-AUG-1996
6.62% JPY/AUD Dual
Currency Bonds of 1996,
due Aug 13, 1998 20 JPY 1 10,000,000,000 92,336,103 13-AUG-1996
7.00% JPY/NZD Dual
Currency Bonds of 96,
due August 29, 1997 21 JPY 1 5,000,000,000 46,296,296 28-AUG-1996
-----------
** Total By Currency 543,874,395
-----------
New Zealand dollars
- ------------------
9.00% NZD Notes of 1996,
due July 8, 1999 541 NZD 1 100,000,000 68,480,000 08-JUL-1996
9.00% Notes of 1996,
due July 8, 1999 541 NZD 2 100,000,000 68,480,000 08-JUL-1996
9.00% NZD Notes of 1996,
due July 8, 1999 541 NZD 3 50,000,000 34,240,000 08-JUL-1996
-----------
** Total By Currency 171,200,000
-----------
United States dollars
- ------------------
6.70% USD CALLABLE NOTES OF
1996, DUE JULY 19, 1999 18 USD 1 50,000,000 50,000,000 19-JUL-1996
6-5/8% BONDS OF 1996,
DUE AUGUST 21, 2006 268 USD 1 1,000,000,000 1,000,000,000 21-AUG-1996
6.25% USD NOTES OF 1996,
DUE DECEMBER 30, 1998 542 USD 1 200,000,000 200,000,000 10-JUL-1996
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 3
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
5.68% USD NOTES OF 1996,
DUE SEPTEMBER 27, 1999 549 USD 1 1,000,000,000 1,000,000,000 26-SEP-1996
-------------
** Total By Currency 2,250,000,000
-------------
South African Rand
- ----------------------
ZAR 200 Million 13.625% Bonds
of 1996 due August 12, 1999 544 ZAR 1 200,000,000 44,444,444 12-AUG-1996
-------------
** Total By Source 3,931,582,950
-------------
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 4
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Italian lire
- ----------------------
8.75% ITL 30 bn Notes of 1996
due August 22, 2005 547 ITL 1 30,000,000,000 19,765,971 22-AUG-1996
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT LIABILITIES Page 5
MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Official
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deutsche mark
- ----------------------
8.94% DEM Notes of 1991,
Due August 1, 1996 272 DEM 1 250,000,000 169,101,732 01-AUG-1996
</TABLE>
Indicates Partial Maturity
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT LIABILITIES Page 6
MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Belgian francs
- ----------------------
7.25% BF Bonds of 1986,
due 1996 11 BEF 1 5,000,000,000 164,230,580 28-AUG-1996
Canadian dollars
- ----------------------
9% Can$ Notes of 1986,
due 1996 23 CAD 1 100,000,000 73,030,549 03-SEP-1996
Deutsche mark
- ----------------------
6% DM Bonds of 1986,
due 1996 241 DEM 1 500,000,000 327,718,424 15-JUL-1996
6% DM Bonds of 1986, due 1996 244 DEM 1 300,000,000 196,631,055 15-JUL-1996
-------------
** Total By Currency 524,349,479
-------------
Hong Kong dollars
- ----------------------
9.05% HKD 500 Million Bonds
of 1991, due 9/27/96 4 HKD 1 500,000,000 64,665,904 27-SEP-1996
Japanese yen
- ----------------------
5.75% JPY Bonds of 1986,
due Aug. 7, 1996 (10th Issue) 116 JPY 1 50,000,000,000 467,726,848 07-AUG-1996
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 7
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Netherlands guilders
- ----------------------
7.5% f. Bonds of 1985,
due 1991-1997 73 NLG 1 57,142,000 34,474,811 01-SEP-1996*
6.25% f. Bonds of 1986,
due August 15, 1996 83 NLG 1 300,000,000 180,962,722 15-AUG-1996
-------------
** Total By Currency 215,437,533
-------------
United States dollars
- ----------------------
USD Zero Coupon of 1985,
due 15 Aug. 1996 189 USD 12 18,000,000 18,000,000 15-AUG-1996
Lira Libor-Linked Inverse
USD FRNs due 9-13-96 260 USD 1 100,000,000 100,000,000 13-SEP-1996
-------------
** Total By Currency 118,000,000
-------------
-------------
** Total By Source 1,627,440,893
-------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 8
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Italian lire
- ----------------------
10.8 ITL Euro MTN Notes
of 1991, due 8/20/96 1001 ITL 1 50,000,000,000 32,966,961 20-AUG-1996
10.625% ITL Bonds of 1991
due September 16, 1996 1003 ITL 1 40,000,000,000 26,193,782 16-SEP-1996
-------------
** Total By Currency 59,160,743
-------------
United States dollars
- ----------------------
USD 10 MILLION FRNS OF 1994
DUE JULY 8, 1996 2 USD 1 10,000,000 10,000,000 08-JUL-1996
U.S. Dollar 50 Million Step-Down
Notes due 1996 240 USD 1 50,000,000 50,000,000 22-JUL-1996
-------------
** Total By Currency 60,000,000
-------------
European currency units
- ----------------------
9 ECU Euro MTN Notes of 1991,
due Sept. 3, 1996 1002 XEU 1 20,000,000 25,669,200 03-SEP-1996
Euro MTN FRN ECU 10 Million
Due Sept. 20, 1996 1004 XEU 1 10,000,000 12,645,400 20-SEP-1996
-------------
** Total By Currency 38,314,600
-------------
-------------
** Total By Source 157,475,343
-------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 9
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Loans
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Japanese yen
- ----------------------
5.80% JPY Loan of 1987,
due Feb. 16, 2001 123 JPY 1 1,800,000,000 16,716,196 16-AUG-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1991/1996 125 JPY 2 2,000,000,000 18,544,274 12-AUG-1996
JAPANESE YEN LOAN OF 1987,
DUE 1994/2001 125 JPY 3 1,000,000,000 9,272,137 12-AUG-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1992/1997 126 JPY 2 2,250,000,000 20,760,288 29-JUL-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1996-2001 127 JPY 1 660,000,000 6,087,438 31-JUL-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1991-1996 127 JPY 2 1,000,000,000 9,223,391 31-JUL-1996
JAPANESE YEN LOAN OF 1987,
DUE 1992-1997 128 JPY 1 2,250,000,000 20,417,423 18-JUL-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1994-1999 131 JPY 1 2,700,000,000 24,302,430 10-JUL-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1993-1998 135 JPY 1 2,700,000,000 25,011,579 21-AUG-1996*
JAPANESE YEN LOAN OF 1987,
DUE 1994-1999 136 JPY 1 1,350,000,000 12,151,215 10-JUL-1996*
-------------
** Total By Currency 162,486,371
-------------
Netherlands guilders
- ----------------------
8.125% NLG LOAN OF 1985,
DUE 1993-2000 72 NLG 1 12,500,000 7,289,905 10-JUL-1996*
-------------
** Total By Source 169,776,276
-------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 10
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (COLTS) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
8.1% COLTS DUE 06-AUG-1996 11 USD 1 5,400,000 5,400,000 06-AUG-1996
8% COLTS DUE 15-AUG-1996 22 USD 1 2,000,000 2,000,000 15-AUG-1996
7.65% COLTS DUE 03-SEP-1996 29 USD 1 925,000 925,000 03-SEP-1996
7.65% COLTS DUE 03-SEP-1996 30 USD 1 2,000,000 2,000,000 03-SEP-1996
8.25% COLTS DUE 17-SEP-1996 32 USD 1 3,000,000 3,000,000 17-SEP-1996
5.8% COLTS DUE 16-SEP-1996 289 USD 1 6,500,000 6,500,000 16-SEP-1996
9.46% COLTS DUE 15-JUL-1996 379 USD 1 200,000 200,000 15-JUL-1996
9.35% COLTS DUE 01-AUG-1996 523 USD 1 25,000 25,000 01-AUG-1996
9.25% COLTS DUE 16-SEP-1996 663 USD 1 100,000 100,000 16-SEP-1996
11.875% COLTS DUE 16-SEP-1996 706 USD 1 25,000 25,000 16-SEP-1996
9.4% COLTS DUE 16-SEP-1996 929 USD 1 150,000 150,000 16-SEP-1996
8.8% COLTS DUE 01-JUL-1996 1172 USD 1 100,000 100,000 01-JUL-1996
8.375% COLTS DUE 19-JUL-1996 1177 USD 1 230,000 230,000 19-JUL-1996
9% COLTS DUE 22-JUL-1996 1192 USD 1 5,500,000 5,500,000 22-JUL-1996
8.375% COLTS DUE 01-AUG-1996 1197 USD 1 30,000 30,000 01-AUG-1996
8.4% COLTS DUE 01-AUG-1996 1198 USD 1 175,000 175,000 01-AUG-1996
8.22% COLTS DUE 02-AUG-1996 1216 USD 1 25,000 25,000 02-AUG-1996
8.14% COLTS DUE 08-AUG-1996 1240 USD 1 100,000 100,000 08-AUG-1996
8.125% COLTS DUE 02-AUG-1996 1247 USD 1 1,065,000 1,065,000 02-AUG-1996
8.3% COLTS DUE 15-AUG-1996 1263 USD 1 4,000,000 4,000,000 15-AUG-1996
8.66% COLTS DUE 23-AUG-1996 1271 USD 1 150,000 150,000 23-AUG-1996
9.25% COLTS DUE 10-SEP-1996 1283 USD 1 3,000,000 3,000,000 10-SEP-1996
8.75% COLTS DUE 06-SEP-1996 1284 USD 1 500,000 500,000 06-SEP-1996
8.9% COLTS DUE 16-SEP-1996 1469 USD 1 50,000 50,000 16-SEP-1996
8.2% COLTS DUE 15-SEP-1996 1553 USD 1 25,000 25,000 15-SEP-1996
8.15% COLTS DUE 03-JUL-1996 1557 USD 1 100,000 100,000 03-JUL-1996
16.41% COLTS DUE 15-SEP-1996 1560 USD 1 66,000,000 66,000,000 15-SEP-1996
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 11
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (COLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
-------------
** Total By Currency 101,375,000
-------------
-------------
** Total By Source 101,375,000
-------------
</TABLE>
<PAGE>
NOVEMBER 7, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION ACT_RPT_025
02:30:30 AND DEVELOPMENT Page 12
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
PREPAYMENT ADVICES (MLT) 01-JUL-1996 thru 30-SEP-1996
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Swiss francs
- ----------------------
5% SwF Bonds of 1987,
due 2002 200 CHF 1 200,000,000 165,384,933 20-AUG-1996
5% SwF Bonds of 1988,
due August 8, 2003 210 CHF 1 150,000,000 124,326,564 08-AUG-1996
-------------
** Total By Currency 289,711,497
-------------
-------------
** Total By Source 289,711,497
-------------
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION 1818 H Street, N.W. (202) 477-1234
AND DEVELOPMENT Washington, D.C. 20433 Cable Address:
U.S.A. INTBAFRAD
FILE NO. 1-3431
REGULATION BW
RULE 2
November 12, 1996
VIA EDGAR
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
Please find enclosed herewith for filing in compliance with Rule 2 of
Regulation BW:
(a) the Condensed Quarterly Financial Statements (Unaudited) of the
International Bank for Reconstruction and Development for the fiscal quarter
ending September 30, 1996; and
(b) the list of transactions with regard to the Bank's securities and
borrowings during the quarter ending September 30, 1996.
Sincerely yours,
Scott B. White
Chief Counsel, Finance
Attachments
