<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION 1818 H Street, N.W. (202) 477-1234
AND DEVELOPMENT Washington, D.C. 20433
U.S.A.
FILE NO. 1-3431
REGULATION BW
RULE 2
May 15, 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 Financial Statements of the International Bank for
Reconstruction and Development for the nine months ending March 31, 1996; and
(b) the list of transactions with regard to the Bank's securities and borrowings
during the quarter ending March 31, 1996.
Sincerely yours,
Daoud L. Khairallah
Deputy General Counsel
Administration, Finance and Institutional Affairs
Enclosures
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
{WORLD BANK LOGO}
CONDENSED
QUARTERLY FINANCIAL STATEMENTS
MARCH 31, 1996
(UNAUDITED)
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
<PAGE>
- - -------------------------------------------------------------------------------
TABLE OF CONTENTS
MARCH 31, 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>
- - -------------------------------------------------------------------------------
BALANCE SHEET
MARCH 31, 1996 (UNAUDITED) AND JUNE 30, 1995
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31 JUNE 30
---------- ---------
<S> <C> <C>
ASSETS
Due from banks ............................................................. $ 535 $ 589
Investments--Note C
Trading ................................................................ 14,804 19,821
Held-to-maturity ....................................................... 1,153 1,203
Securities purchased under resale agreements ............................... 1,382 246
Nonnegotiable, noninterest-bearing demand obligations on account of
subscribed capital ........................................................ 1,641 1,610
Receivable from currency swaps ............................................. 15,706 16,735
Receivable from covered forwards ........................................... 928 1,307
Other receivables .......................................................... 3,567 5,565
Loans outstanding--Note D
Total loans ........................................................... 163,805 179,453
Less undisbursed balance .............................................. 51,842 55,954
---------- ---------
Loans outstanding ................................................. 111,963 123,499
Less accumulated provision for loan losses ............................ 3,405 3,740
---------- ---------
Loans outstanding net of accumulated provision .................... 108,558 119,759
---------- ---------
Other assets ............................................................... 1,655 1,744
---------- ---------
Total assets ............................................................... $149,929 $168,579
---------- ---------
---------- ---------
LIABILITIES
Borrowings--Note E
Short-term ................................................................. $ 3,553 $ 3,898
Medium- and long-term ...................................................... 91,801 104,392
---------- ---------
95,354 108,290
Securities sold under agreements to repurchase and payable for cash
collateral received ....................................................... 2,732 2,567
Payable for currency swaps ................................................. 17,834 19,985
Payable for covered forwards ............................................... 928 1,306
Payable for Board-approved transfers--Note F ............................... 295 135
Other liabilities .......................................................... 4,538 5,835
---------- ---------
Total liabilities ................................................. 121,681 138,118
---------- ---------
EQUITY
Capital stock
Authorized (1,525,248 shares--March 31, 1996; 1,525,248 shares--
June 30, 1995)
Subscribed (1,486,534 shares--March 31, 1996; 1,462,574
shares--June 30, 1995) ........................................... 179,328 176,438
Less uncalled portion of subscriptions ............................ 168,377 165,580
---------- ---------
10,951 10,858
Deferred amounts to maintain value of currency holdings of paid-in
capital stock ............................................................. 29 770
Payments on account of pending subscriptions--Note B ....................... 16 23
Retained earnings--Note F .................................................. 15,820 15,502
Cumulative translation adjustment .......................................... 1,432 3,308
---------- ---------
Total equity ...................................................... 28,248 30,461
---------- ---------
Total liabilities and equity ............................................... $ 149,929 $168,579
---------- ---------
---------- ---------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
- - -------------------------------------------------------------------------------
STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED MARCH 31, 1996 (UNAUDITED) AND MARCH 31, 1995
(UNAUDITED)
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---------- ---------
<S> <C> <C>
INCOME
Loans--Note D .......................................................... $ 6,036 $ 6,029
Investments--Note C
Trading ........................................................... 511 685
Held-to-maturity .................................................. 75 51
Securities purchased under resale agreements--Note C ................... 52 41
Other .................................................................. 9 9
---------- ---------
Total income ................................................. 6,683 6,815
---------- ---------
EXPENSES
Borrowings--Note E .................................................... 5,007 5,127
Securities sold under agreements to repurchase and payable for
cash collateral received--Note C ..................................... 61 62
Administrative--Note G ................................................ 566 674
Provision for loan losses--Note D ..................................... 33 7
Other ................................................................. 6 6
---------- ---------
Total expenses ............................................... 5,673 5,876
---------- ---------
OPERATING INCOME ........................................................... 1,010 939
Less contributions to special programs ..................................... 102 103
---------- ---------
NET INCOME ................................................................. $ 908 $ 836
---------- ---------
---------- ---------
</TABLE>
- - --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN RETAINED EARNINGS
FOR THE NINE MONTHS ENDED MARCH 31, 1996 (UNAUDITED) AND THE FISCAL YEAR ENDED
JUNE 30, 1995
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31 JUNE 30
---------- ---------
<S> <C> <C>
Retained earnings at beginning of the fiscal year .......................... $ 15,502 $ 14,468
Board-approved transfers--Note F ....................................... (590) (320)
Net income for the period .............................................. 908 1,354
---------- ---------
Retained earnings at end of the period ..................................... $ 15,820 $ 15,502
---------- ---------
---------- ---------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
- - --------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED MARCH 31, 1996 (UNAUDITED) AND MARCH 31, 1995
(UNAUDITED)
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---------- ---------
<S> <C> <C>
Cash flows from lending, investing and development activities
Loans
Disbursements ..................................................... $(10,179) $ (9,606)
Principal repayments and prepayments .............................. 9,681 8,890
Investments: Held-to-maturity
Purchases ......................................................... (5,911) (4,004)
Maturities ........................................................ 5,916 2,646
Payments for Board-approved transfers .................................. (425) (708)
---------- ---------
Net cash used in lending, investing and development
activities .................................................. (918) (2,782)
---------- ---------
Cash flows from financing activities
Medium- and long-term borrowings
New issues ........................................................ 6,120 7,500
Retirements ....................................................... (8,629) (8,757)
Net short-term borrowings .............................................. (416) (294)
Net currency swaps ..................................................... (472) (247)
Net capital transactions ............................................... 58 49
---------- ---------
Net cash used in financing activities ........................ (3,339) (1,749)
---------- ---------
Cash flows from operating activities
Net income ............................................................. 908 836
Adjustments to reconcile net income to net cash provided by operating
activities
Depreciation and amortization ..................................... 303 196
Provision for loan losses ......................................... 33 7
Net changes in other assets and liabilities ....................... 31 (129)
---------- ---------
Net cash provided by operating activities .................... 1,275 910
---------- ---------
Effect of exchange rate changes on unrestricted cash and liquid
investments ............................................................... (1,434) 1,095
---------- ---------
Net decrease in unrestricted cash and liquid investments ................... (4,416) (2,526)
Unrestricted cash and liquid investments at beginning of the fiscal year ... 17,072 19,095
---------- ---------
Unrestricted cash and liquid investments at end of the period .............. $ 12,656 $ 16,569
---------- ---------
---------- ---------
Composed of
Investments held in trading portfolio .................................. $ 14,804 $ 20,031
Unrestricted currencies (included in Due from banks) ................... 30 80
Net payable for investment securities purchased/sold ................... (828) (1,243)
Net payable from covered forwards ...................................... 0 (7)
Net payable for securities purchased/sold under resale/repurchase
agreements and payable for cash collateral received ................... (1,350) (2,292)
---------- ---------
$ 12,656 $ 16,569
---------- ---------
---------- ---------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate
fluctuations
Loans outstanding ...................................................... $(12,034) $11,530
Borrowings ............................................................. (10,217) 8,144
Currency swaps ......................................................... (650) 1,960
Investments: Held-to-maturity .......................................... (45) 23
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
- - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
NOTE A--FINANCIAL INFORMATION
The unaudited condensed financial statements should be read in conjunction
with the June 30, 1995 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 information. The
results of operations for the first nine 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 1996, IBRD adopted a new accounting
standard which prescribes the methodology for calculating the Accumulated
Provision for Loan Losses for impaired loans. The adoption of the new
accounting standard, however, had no impact on the way that IBRD determines
its Accumulated Provision for Loan Losses or on its results of operations.
IBRD's Accumulated Provision for Loan Losses is a general provision not
maintained for any specific loan, but rather for potential losses on the
portfolio taken as a whole. IBRD does not believe that it has any loan
impairment under this new accounting standard except to the extent that it
does not charge interest on overdue interest. Under the new accounting
standard such interest would be included in determining the Accumulated
Provision for Loan Losses. The estimated present value of interest on overdue
interest on loans which is covered by the new accounting standard is
immaterial.
IBRD does not reschedule interest or principal payments on its loans or
participate in debt rescheduling agreements with respect to its loans. In
exceptional cases, however, such as when implementation of a financed project
has been delayed, the loan amortization schedule may be modified to avoid
substantial repayments prior to project completion. In addition, in the
special case of Bosnia and Herzegovina, IBRD's Executive Directors have
authorized IBRD to refinance/reschedule, through a new consolidated IBRD
loan, certain loans made to the former Socialist Federal Republic of
Yugoslavia (SFRY) for which Bosnia and Herzegovina accepts liability. IBRD's
special treatment in that case was based on the following criteria: the
country (i) has emerged from a current, or former, member of IBRD, (ii) is
assuming responsibility for a share of the debt of that member, (iii) has
limited creditworthiness for servicing the debt that it assumes, because of a
major armed conflict in its territory involving extensive destruction of
physical assets, and (iv) can improve significantly its repayment capacity
through refinancing/rescheduling, if appropriate supporting measures are
taken. At the Balance Sheet date no other country met these criteria.
It is the policy of IBRD to place in nonaccrual status all loans made to or
guaranteed by a member of IBRD if 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. In addition, if development credits by IDA to a member
government are placed in nonaccrual status, all loans to that member
government will also be placed in nonaccrual status by IBRD. On the date a
member's loans are placed in nonaccrual status, unpaid interest and other
charges accrued on loans outstanding to the member are deducted from the
income of the current period. Interest and other charges on nonaccruing loans
are included in income only to the extent that payments have actually been
received by IBRD. If IBRD refinances/reschedules nonaccruing loans to a
member so that no debt-service payments remain overdue or if collectibility
risk is considered to be particularly high at the time of arrears clearance,
its loans would not automatically emerge from nonaccrual status, even though
its eligibility for new loans would have been restored. The previously
overdue interest and other charges would not be recognized as income in the
period the refinancing/rescheduling occurs, but rather would be deferred
until the member's loans emerged from nonaccrual status. 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.
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 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) were authorized to succeed to the
SFRY's membership when certain requirements are met including entering into a
final agreement with
<PAGE>
- - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- - --------------------------------------------------------------------------------
IBRD on IBRD's loans made to or guaranteed by the SFRY which the particular
successor Republic would assume. At the Balance Sheet date, three of the five
successor Republics--the Republics of Croatia and Slovenia and the former
Yugoslav Republic of Macedonia--had become members of IBRD. The paid-in
portion of the SFRY's subscribed capital allocated to the other successor
countries (Bosnia and Herzegovina and the FRY) is included under Payments on
Account of Pending Subscriptions until the requirements of succession are met.
On April 1, 1996, Bosnia and Herzegovina fulfilled the requirements for
succession to membership of the SFRY and became a member of IBRD. On that
date Bosnia and Herzegovina was allocated 979 shares, of which 549 shares
have been subscribed.
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 nine months ended March 31, 1996, including both realized and
unrealized gains and losses, was 4.32 percent (4.95 percent--March 31, 1995).
The annualized rate of return on average investments in the Held-to-maturity
portfolio, during the nine months ended March 31, 1996 was 8.36 percent (8.05
percent--March 31, 1995).
NOTE D--LOANS AND GUARANTEES
On August 1, 1995, 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, 1996 for all eligible
borrowers. A similar waiver was in effect for the fiscal year ended June 30,
1995. In December 1994 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 loan terms in effect
between 1982 and 1989 to loan terms in effect since 1989. For the nine months
ended March 31, 1996, the combined effect of these interest waivers was to
reduce Net Income by $218 million ($179 million--March 31, 1995).
On August 1, 1995, the 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, 1996. A similar
waiver was in effect for the fiscal year ended June 30, 1995. For the nine
months ended March 31, 1996, the effect of the commitment waiver was to
reduce Net Income by $179 million ($175 million--March 31, 1995).
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 Republic of Bosnia and
Herzegovina and the Republics of 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. With respect
to Bosnia and Herzegovina, a preliminary understanding was reached in June
1993 on the loans made to or guaranteed by the SFRY to be assumed by Bosnia
and Herzegovina. At the Balance Sheet date loans benefitting Bosnia and
Herzegovina are included with the loans assumed by the FRY in accordance with
IBRD's above-mentioned agreement with the FRY.
On April 1, 1996, Bosnia and Herzegovina entered into a final agreement with
IBRD to assume $463 million of IBRD loans made to or guaranteed by the SFRY
allocated to it.
At March 31, 1996, no loans payable to IBRD other than those referred to in
the following paragraph were overdue by more than three months.
At March 31, 1996, the loans made to or guaranteed by certain member
countries, the FRY and Bosnia and Herzegovina, with an aggregate principal
balance outstanding of $2,407 million ($2,618 million--June 30, 1995), of
which $1,498 million ($1,411 million--June 30, 1995) was overdue, were in
nonaccrual status. At such date, overdue interest and other charges in
respect of these loans totaled $940 million ($864 million--June 30, 1995). If
these loans had not been in nonaccrual status,
<PAGE>
- - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
income from loans for the nine months ended March 31, 1996 would have been
higher by $143 million ($114 million--March 31, 1995). A summary of countries
with loans or guarantees in nonaccrual status follows:
<TABLE>
<CAPTION>
IN MILLIONS
-------------------------------------------------------------------------------------------------------------------------
MARCH 31, 1996
---------------------------------------------------
PRINCIPAL PRINCIPAL AND NONACCRUAL
COUNTRY OUTSTANDING CHARGES OVERDUE SINCE
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bosnia-Herzegovina/Federal Republic of Yugoslavia ................ $1,689 $1,543 September 1992
Iraq ............................................................. 52 64 December 1990
Liberia .......................................................... 156 249 June 1987
Sudan ............................................................ 6 3 January 1994
Syrian Arab Republic ............................................. 414 528 February 1987
Zaire ............................................................ 90 51 November 1993
-------- -------
Total ............................................................ $2,407 $2,438
-------- -------
-------- -------
</TABLE>
During the nine months ended March 31, 1996 and March 31, 1995, no loans came
out of nonaccrual status.
The average recorded investment in nonaccruing loans during the nine months
ended March 31, 1996 was $2,467 million ($2,421 million--March 31, 1995).
An analysis of the changes to the Accumulated Provision for Loan Losses for
the nine months ended March 31, 1996 and for the fiscal year ended June 30,
1995 appears below:
<TABLE>
<CAPTION>
IN MILLIONS
-------------------------------------------------------------------------
MARCH 31, JUNE 30,
1996 1995
--------- ---------
<S> <C> <C>
Balance, beginning of the fiscal year ....... $3,740 $3,324
Provision for loan losses for the period .... 33 12
Translation adjustment for the period ....... (368) 404
--------- ---------
Balance, end of the period .................. $3,405 $3,740
--------- ---------
--------- ---------
</TABLE>
Guarantees of loan principal of $1,691 million at March 31, 1996 ($1,610
million--June 30, 1995) were not included in reported loan balances. $259
million of these guarantees were subject to call at March 31, 1996 ($173
million--June 30, 1995). IBRD has partially guaranteed the timely payment of
interest on certain loans that have been sold. At March 31, 1996, these
guarantees, approximating $1 million ($4 million--June 30, 1995), were
subject to call.
Under an International Development Association (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
March 31, 1996, IDA had approved credits of $1,311 million ($1,179
million--June 30, 1995) under this
<PAGE>
- - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- - --------------------------------------------------------------------------------
program from inception, of which $1,241 million ($1,128 million--June 30,
1995) 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 nine months ended March 31, 1996
was 6.46 percent (6.66 percent--March 31, 1995).
NOTE F--RETAINED EARNINGS AND ALLOCATION OF NET INCOME
Retained Earnings comprises the following elements at March 31, 1996 and June
30, 1995:
<TABLE>
<CAPTION>
IN MILLIONS
-------------------------------------------------------------------------
MARCH 31, JUNE 30,
1996 1995
--------- ---------
<S> <C> <C>
Special Reserve ............................. $ 293 $ 293
General Reserve ............................. 13,909 13,629
Surplus ..................................... 710 226
Unallocated Net Income for the period ....... 908 1,354
--------- ---------
$15,820 $15,502
--------- ---------
--------- ---------
</TABLE>
On August 1, 1995, the Executive Directors allocated $280 million of the net
income earned in the fiscal year ended June 30, 1995 to the General Reserve.
On October 12, 1995, the Board of Governors approved the following transfers,
by way of grant, out of the net income earned in the fiscal year ended June
30, 1995: $250 million in an equivalent amount in SDRs to IDA, $100 million
to the Debt Reduction Facility for IDA-Only Countries, and $90 million to the
Trust Fund for Gaza and West Bank. On the same day, the Board of Governors
also approved a transfer of $634 million to Surplus. On February 23, 1996,
the Board of Governors approved a transfer from Surplus, by way of grant, of
$150 million to a trust fund administered by IDA to finance an emergency
reconstruction program in Bosnia and Herzegovina.
NOTE G--ADMINISTRATIVE EXPENSES
In February 1995 the Executive Directors authorized expenditures for costs
associated with planned staff reductions. During fiscal year 1995, IBRD
charged to expense $131 million for these reductions, of which $53 million
was charged to IDA. The reductions are designed to improve IBRD's and IDA's
efficiency, adjust the staffing skills mix and thereby better meet client
demands. The planned staff reductions are expected to lower future years'
administrative expenses by an amount greater than the associated cost. At
March 31, 1996, $15 million has been charged against the accrual of $131
million.
Administrative expenses for the nine months ended March 31, 1996 are net of
the management fee of $386 million ($464 million--March 31, 1995) charged to
IDA and $77 million ($85 million--March 31, 1995) charged to reimbursable
programs. Included in the amounts charged to reimbursable programs are
allocated charges of $16 million ($16 million--March 31, 1995) charged to the
International Finance Corporation and $0.5 million ($0.5 million--March 31,
1995) charged to the Multilateral Investment Guarantee Agency.
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 1
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Czech Koruna
- - ------------
10.20% CZK 2.5 Billion Euronotes of 1996, due 1/23/1998 519 CZK 1 2,500,000,000 92,657,796 23-JAN-1996
Deutsche mark
- - -------------
DM150 mn. 5.35% Note of 1996 due January 30, 2003 520 DEM 1 150,000,000 100,840,336 30-JAN-1996
Spanish pesetas
- - ---------------
8.25% ESP 15 BILLION BONDS OF 1996, DUE FEBRUARY 16, 1998 15 ESP 1 15,000,000,000 121,182,744 16-FEB-1996
French francs
- - -------------
5.75% FRF 500 million Notes of 1996 due March 4, 2002. 526 FRF 1 500,000,000 99,088,387 04-MAR-1996
Italian lire
- - ------------
9.375% Callable Notes due 1999; call option March 5, 1997 6 ITL 1 200,000,000,000 128,013,109 05-MAR-1996
9.375% Callable Notes due 1999; call option March 5, 1997 6 ITL 2 100,000,000,000 64,006,554 05-MAR-1996
--------------
** Total By Currency 192,019,663
--------------
</TABLE>
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 2
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Portuguese escudos
- - ------------------
8.70 percent Step up Callable notes due 2006 7 PTE 1 10,000,000,000 65,205,201 08-MAR-1996
---------------
** Total By Source 670,994,127
---------------
</TABLE>
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 3
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Japanese yen
- - ------------
3% JPY Double up Callable Bonds of 1995, due Dec. 22, 2005 215 JPY 2 5,000,000,000 46,917,506 22-MAR-1996
United States dollars
- - ---------------------
4.55% USD NOTES OF 1996, DUE FEBRUARY 22, 1999 521 USD 1 100,000,000 100,000,000 22-FEB-1996
ZERO COUPON USD NOTES OF 1996, DUE MARCH 11, 1999 524 USD 1 300,000,000 300,000,000 11-MAR-1996
---------------
** Total By Currency 400,000,000
---------------
---------------
** Total By Source 446,917,506
---------------
</TABLE>
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 4
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Official
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deutsche mark
- - -------------
9.02% Deutsche Mark Note of 1991, due 2/1/96 270 DEM 1 250,000,000 168,406,871 01-FEB-1996
</TABLE>
* Indicates Partial Maturity
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 5
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
5.75% DM Bonds of 1986, due 1996 237 DEM 1 300,000,000 203,748,981 15-MAR-1996
Spanish pesetas
- - ---------------
13-5/8% SPANISH PESETAS NOTES OF 1991 DUE 3/1/96 10 ESP 1 15,000,000,000 122,269,319 01-MAR-1996
Hong Kong dollars
- - -----------------
8.95% Bonds of 1990, due 1996 2 HKD 1 500,000,000 64,676,610 12-FEB-1996
Japanese yen
- - ------------
6.5% JPY Bonds of 1986, due Feb. 13, 1996 (9th Issue) 111 JPY 1 25,000,000,000 233,100,233 13-FEB-1996
United States dollars
- - ---------------------
USD Zero Coupon of 1985, due 15 Feb. 1996 189 USD 41 18,000,000 18,000,000 15-FEB-1996
USD 100,000,000 LIBOR-LINKED NOTES DUE 2/22/96 264 USD 1 100,000,000 100,000,000 22-FEB-1996
-------------
** Total By Currency 118,000,000
-------------
-------------
** Total By Source 741,795,143
-------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 6
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
French francs
- - -------------
9.75% F Bonds of 1986, due 1996 3 FRF 1 200,000,000 39,600,040 19-MAR-1996
Netherlands guilders
- - --------------------
9% f. Private Placement of 1983, due 1989/98 35 NLG 1 15,000,000 9,266,123 17-JAN-1996 *
9% NLG Private Placement of '84 Due 1990-99. 50 NLG 1 15,000,000 9,074,959 15-FEB-1996 *
------------
** Total By Currency 18,341,082
------------
------------
** Total By Source 57,941,122
------------
</TABLE>
<PAGE>
* Indicates Partial Maturity
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 7
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Loans
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption 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 16,861,827 16-FEB-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1991/1996 125 JPY 2 1,800,000,000 16,783,217 13-FEB-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1994/2001 125 JPY 3 1,000,000,000 9,324,009 13-FEB-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1992/1997 126 JPY 2 2,250,000,000 20,949,721 29-JAN-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1996-2001 127 JPY 1 660,000,000 6,171,108 31-JAN-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1991-1996 127 JPY 2 900,000,000 8,415,147 31-JAN-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1992-1997 128 JPY 1 2,250,000,000 21,327,014 18-JAN-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1994-1999 131 JPY 1 2,700,000,000 25,646,710 10-JAN-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1993-1998 135 JPY 1 2,700,000,000 25,689,819 21-FEB-1996 *
JAPANESE YEN LOAN OF 1987, DUE 1994-1999 136 JPY 1 1,350,000,000 12,823,355 10-JAN-1996 *
-------------
** Total By Currency 163,991,927
-------------
Netherlands guilders
- - --------------------
7.875% f. Loan of 1984, due 1986-00 63 NLG 1 5,155,080 3,206,693 15-JAN-1996 *
7.875% f. Loan of 1984, due 1991-00 63 NLG 2 4,565,000 2,839,637 15-JAN-1996 *
7.875% f. Loan of 1984, due 1996-05 63 NLG 3 2,700,000 1,679,522 15-JAN-1996 *
8.75% f. Loan of 1985, due 1991/2000 67 NLG 1 10,000,000 6,070,171 15-MAR-1996 *
7.375% f. Loan of 1986, due 1992-96 78 NLG 1 20,000,000 12,401,716 10-JAN-1996
-------------
** Total By Currency 26,197,739
-------------
-------------
** Total By Source 190,189,666
-------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 8
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
United States dollars
- - ---------------------
9.7% COLTS DUE 01-FEB-1996 875 USD 1 100,000 100,000 01-FEB-1996
9.47% COLTS DUE 15-MAR-1996 890 USD 1 25,000 25,000 15-MAR-1996
8% COLTS DUE 24-JAN-1996 891 USD 1 50,000 50,000 24-JAN-1996
9.45% COLTS DUE 26-JAN-1996 896 USD 1 200,000 200,000 26-JAN-1996
9.3% COLTS DUE 02-FEB-1996 913 USD 1 25,000 25,000 02-FEB-1996
9.4% COLTS DUE 15-FEB-1996 920 USD 1 2,500,000 2,500,000 15-FEB-1996
9.36% COLTS DUE 12-FEB-1996 926 USD 1 25,000 25,000 12-FEB-1996
9.42% COLTS DUE 15-FEB-1996 928 USD 1 2,500,000 2,500,000 15-FEB-1996
9.4% COLTS DUE 01-FEB-1996 931 USD 1 152,000 152,000 01-FEB-1996
9.5% COLTS DUE 26-FEB-1996 958 USD 1 100,000 100,000 26-FEB-1996
9.66% COLTS DUE 15-MAR-1996 981 USD 1 75,000 75,000 15-MAR-1996
0% COLTS DUE 16-FEB-1996 1069 USD 1 875,000 875,000 16-FEB-1996
8.7% COLTS DUE 15-MAR-1996 1161 USD 1 100,000 100,000 15-MAR-1996
8.82% COLTS DUE 15-MAR-1996 1164 USD 1 25,000 25,000 15-MAR-1996
8% COLTS DUE 15-MAR-1996 1490 USD 1 250,000 250,000 15-MAR-1996
8% COLTS DUE 30-JAN-1996 1494 USD 1 25,000 25,000 30-JAN-1996
8.03% COLTS DUE 29-JAN-1996 1495 USD 1 15,000,000 15,000,000 29-JAN-1996
7.94% COLTS DUE 07-FEB-1996 1501 USD 1 25,000 25,000 07-FEB-1996
8% COLTS DUE 14-MAR-1996 1518 USD 1 50,000 50,000 14-MAR-1996
--------------
** Total By Currency 22,102,000
--------------
--------------
** Total By Source 22,102,000
--------------
</TABLE>
<PAGE>
MAY 9, 1996 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:24:25 LIABILITIES MANAGEMENT SYSTEM Page 9
SEC Report On Changes in Borrowings
REPAYMENT ADVICES (MLT) 01-JAN-1996 thru 31-MAR-1996
Source : Official
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Prepayment Amount US$ Equivalent Prepayment Date
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
United States dollars
- - ---------------------
8.5% US$ Loan of 1976, due 1977-2001 106 USD 1 180,628,433 180,628,433 15-JAN-1996
</TABLE>
