<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
CONDENSED
QUARTERLY FINANCIAL STATEMENTS
March 31, 1997
(Unaudited)
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
<PAGE>
- -------------------------------------------------------------------------------
TABLE OF CONTENTS
March 31, 1997
- -------------------------------------------------------------------------------
Balance Sheet............................................................ 4
Statement of Income...................................................... 5
Statement of Changes in Retained Earnings................................ 5
Statement of Cash Flows.................................................. 6
Notes to Financial Statements............................................ 7
Review Report of Independent Accountants................................. 11
<PAGE>
- -------------------------------------------------------------------------------
Balance Sheet
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31, 1997
(UNAUDIED) JUNE 30, 1996
-------------- -------------
<S> <C> <C>
Assets
Due from banks................................................. $ 663 $ 639
Investments
Trading....................................................... 14,949 15,001
Held-to-maturity.............................................. 1,249 1,169
Securities purchased under resale agreements................... 324 1,282
Nonnegotiable, noninterest-bearing demand obligations on
account of subscribed capital................................ 1,900 1,765
Receivable from currency swaps................................. 24,698 18,010
Receivable from covered forwards............................... 1,965 204
Other receivables.............................................. 2,800 5,316
Loans outstanding--Note C
Total loans................................................... 151,757 164,766
Less undisbursed balance...................................... 48,815 54,520
------------ ------------
Loans outstanding.............................................. 102,942 110,246
Less accumulated provision for loan losses..................... 3,129 3,340
------------ ------------
Loans outstanding net of accumulated provision.............. 99,813 106,906
------------ ------------
Other assets................................................... 1,841 1,712
Total assets................................................... $ 150,202 $ 152,004
------------ ------------
------------ ------------
Liabilities
Borrowings
Short-term.................................................... $ 5,417 $ 4,328
Medium- and long-term......................................... 85,906 92,391
------------ ------------
91,323 96,719
Securities sold under agreements to repurchase and payable for
cash collateral received..................................... 747 2,439
Payable for currency swaps..................................... 25,617 19,427
Payable for covered forwards................................... 1,915 202
Payable for Board of Governors-approved transfers-- Note D..... 211 205
Other liabilities.............................................. 3,489 4,712
------------ ------------
Total liabilities........................................... 123,302 123,704
------------ ------------
Equity
Capital stock
Authorized (1,558,478 shares--March 31, 1997 and June 30, 1996)
Subscribed (1,512,211 shares--March 31, 1997; 1,497,325
shares--June 30, 1996)....................................... 182,426 180,630
Less uncalled portion of subscriptions........................ 171,378 169,636
------------ ------------
11,048 10,994
Deferred amounts to maintain value of currency holdings of
paid-in capital stock........................................ (357) 136
Payments on account of pending subscriptions--Note B........... 8 15
Retained earnings (see Statement of Changes in
Retained Earnings, Note D)................................... 16,393 16,099
Cumulative translation adjustment.............................. (192) 1,056
------------ ------------
Total equity................................................ 26,900 28,300
------------ ------------
Total liabilities and equity................................... $ 150,202 $ 152,004
------------ ------------
------------ ------------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
- -------------------------------------------------------------------------------
STATEMENT OF INCOME
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
(UNAUDITED) (UNAUDITED)
-------------------- --------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Income
Loans--Note C.............................................................. $ 1,742 $ 1,941 $ 5,541 $ 6,036
Investments
Trading................................................................... 175 87 514 511
Held-to-maturity.......................................................... 25 24 76 75
Securities purchased under resale agreements................................ 8 14 46 52
Other....................................................................... 6 2 11 9
--------- --------- --------- ---------
Total income............................................................. 1,956 2,068 6,188 6,683
Expenses
Borrowings................................................................. 1,471 1,601 4,5556 5,007
Securities sold under agreements torepurchase and payable for cash
collateral received....................................................... 10 21 36 61
Administrative--Note E...................................................... 133 187 476 566
Provision for loan losses--Note C........................................... -- 2 39 33
Other....................................................................... 3 2 7 6
--------- --------- --------- ---------
Total expenses........................................................... 1,617 1,813 5,114 5,673
--------- --------- --------- ---------
Operating Income............................................................ 339 255 1,074 1,010
Less contributions to special programs...................................... 30 15 90 102
--------- --------- --------- ---------
Net Income.................................................................. $ 309 $ 240 $ 984 $ 908
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
- -------------------------------------------------------------------------------
STATEMENT OF CHANGES IN RETAINED EARNINGS
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NINE MONTHS
ENDED
MARCH 31
(UNAUDITED)
--------------------
<S> <C> <C>
1997 1996
--------- ---------
Retained earnings at beginning of the fiscal year....................... $ 16,099 $ 15,502
Board of Governors-approved transfers--Note D.......................... (690) (590)
Net income for the period.............................................. 984 908
--------- ---------
Retained earnings at end of the period.................................. $ 16,393 $ 15,820
--------- ---------
--------- ---------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
2
<PAGE>
- -------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NINE
MONTHS
ENDED
MARCH 31
(UNAUDITED)
----------------------
<S> <C> <C>
1997 1996
---------- ----------
Cash flows from lending and investing activities
Loans
Disbursements......................................................... $ (10,453) $ (10,179)
Principal repayments and prepayments.................................. 9,563 9,681
Investments: Held-to-maturity
Purchases.............................................................. (6,593) (5,911)
Maturities............................................................. 6,578 5,916
---------- ----------
Net cash used in lending and investing activities.................... (905) (493)
---------- ----------
Cash flows used for payments for Board of Governors-approved
transfers............................................................. (681) (425)
Cash flows from financing activities
Medium- and long-term borrowings
New issues............................................................ 10,726 6,120
Retirements........................................................... (11,164) (8,629)
Net short-term borrowings............................................... 1,051 (416)
Net currency swaps...................................................... (215) (472)
Net capital stock transactions.......................................... 47 58
---------- ----------
Net cash provided by (used in) financing activities.................. 445 (3,339)
---------- ----------
Cash flows from operating activities
Net income............................................................. 984 908
Adjustments to reconcile net income to net cash provided by operating
activities
Depreciation and amortization......................................... 365 303
Provision for loan losses............................................. 39 33
Net changes in other assets and liabilities........................... (121) 31
---------- ----------
Net cash provided by operating activities............................ 1,267 1,275
---------- ----------
Effect of exchange rate changes on unrestricted cash and liquid
investments.......................................................... (387) (1,434)
---------- ----------
Net decrease in unrestricted cash and liquid investments............... (261) (4,416)
Unrestricted cash and liquid investments at beginning of the fiscal
year................................................................. 14,730 17,072
---------- ----------
Unrestricted cash and liquid investments at end of the period.......... $ 14,469 $ 12,656
---------- ----------
---------- ----------
Composed of Investments held in trading portfolio...................... $ 14,949 $ 14,804
Unrestricted currencies (included in Due from banks).................. 60 30
Net payable for investment securities traded/purchased................ (167) (828)
Net receivable from covered forwards.................................. 50 --
Net payable for securities purchased/sold under resale/ repurchase
agreements and payable for cash collateral received.................. (423) (1,350)
---------- ----------
$ 14,469 $ 12,656
---------- ----------
---------- ----------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate
fluctuations
Loans outstanding..................................................... $ (8,194) $ (12,034)
Borrowings............................................................ (6,405) (10,217)
Currency swaps........................................................ (283) (650)
Investments: Held-to-maturity......................................... 65 (45)
</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, 1996 financial statements and the notes included therein. A
review of the interim financial information for the three and nine months
ended March 31, 1997 and 1996 was performed by our independent public
accountants in accordance with standards established by the American
Institute of Certified Public Accountants and with International Standards on
Auditing. In the opinion of management, the condensed financial statements
reflect all adjustments necessary for a fair presentation of IBRD's financial
position. 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 1997, IBRD adopted prospectively the
Statement of Financial Accounting Standards No. 121, entitled "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
of", which prescribes that long-lived assets and certain intangibles be
reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. This accounting
standard does not apply to financial instruments. The adoption of this
standard had no impact on IBRD's financial statements.
Certain reclassifications of the prior year's 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 are met.
NOTE C--LOANS AND GUARANTEES
WAIVERS OF LOAN INTEREST AND CHARGES
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 and nine months ended March 31,
1997, the combined effect of these waivers was to reduce Net Income by $61
million and $192 million, respectively, compared to $73 million and $218
million for the respective fiscal year 1996 periods.
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 and nine months ended March 31, 1997,
the effect of the commitment fee waiver was to reduce Net Income by $56
million and $171 million, respectively, compared to $60 million and $179
million for the respective fiscal year 1996 periods.
<PAGE>
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- -------------------------------------------------------------------------------
OVERDUE AMOUNTS
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 March 31, 1997, no loans payable to IBRD other than those referred to in
the following paragraphs were overdue by more than three months.
At March 31, 1997, the loans made to or guaranteed by certain member
countries and the FRY with an aggregate principal balance outstanding of
$2,336 million ($2,520 million--June 30, 1996), of which $1,271 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 $854 million ($808 million--June 30, 1996). If these loans had not
been in nonaccrual status, income from loans for the three and nine months
ended March 31, 1997 would have been higher by $33 million and $113 million,
respectively, compared to $46 million and $143 million for the respective
fiscal year 1996 periods.
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
- ------------------------------------------------------------------------------------------------------------------
MARCH 31, 1997
--------------------------------------------------
PRINCIPAL PRINCIPAL AND NONACCRUAL
BORROWER OUTSTANDING CHARGES OVERDUE SINCE
- -------------------------------------------------------------- ----------- ----------------- ------------------
<S> <C> <C> <C>
With overdues
Federal Republic of Yugoslavia.............................. $ 1,133 $ 1,242 September 1992
Iraq........................................................ 45 65 December 1990
Liberia..................................................... 138 242 June 1987
Sudan....................................................... 6 4 January 1994
Syrian Arab Republic........................................ 356 507 February 1987
Zaire....................................................... 84 65 November 1993
----------- ------ ------------------
Total......................................................... 1,762 2,125
Without overdues
Bosnia and Herzegovina...................................... 574 -- September 1992
----------- ------ ------------------
Total......................................................... $ 2,336 $ 2,125
----------- ------
----------- ------
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- -------------------------------------------------------------------------------
The average recorded investment in nonaccruing loans during the three and
nine months ended March 31, 1997 was $2,370 million and $2,458 million,
respectively, compared to $2,426 million and $2,482 million for the
respective fiscal year 1996 periods.
During the nine months ended March 31, 1997 and March 31, 1996, no loans came
out of nonaccrual status.
ACCUMULATED PROVISION FOR LOAN LOSSES
An analysis of the changes to the Accumulated Provision for Loan Losses for
the nine months ended March 31, 1997 and for the fiscal year ended June 30,
1996 appears below:
----------------------
IN MILLIONS MARCH 31 JUNE 30
----------- ---------
Balance, beginning of the fiscal year......... $ 3,340 $ 3,740
Provision for loan losses..................... 39 42
Translation adjustment........................ (250) (442)
----------- ---------
Balance, end of the period.................... $ 3,129 $ 3,340
----------- ---------
----------- ---------
GUARANTEES
Guarantees of $1,592 million at March 31, 1997 ($1,537 million--June 30, 1996)
were not included in reported loan balances. At March 31, 1997, $147 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 March 31, 1997, these guarantees,
approximating $1 million ($1 million--June 30, 1996), were subject to call.
FIFTH DIMENSION PROGRAM
Under IDA's Fifth Dimension 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, 1997, IDA had
approved credits of $1,522 million ($1,379 million--June 30, 1996) under this
program from inception, of which $1,404 million ($1,327 million--June 30,
1996) had been disbursed to the eligible countries.
<PAGE>
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- -------------------------------------------------------------------------------
NOTE D--RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS
Retained Earnings is comprised of the following elements at March 31, 1997
and June 30, 1996:
----------------------
IN MILLIONS MARCH 31 JUNE 30
----------- ---------
Special Reserve..................................... $ 293 $ 293
General Reserve..................................... 14,159 13,909
Surplus............................................. 957 710
Unallocated Net Income.............................. 984 1,187
----------- ---------
Total............................................... $ 16,393 $ 16,099
----------- ---------
----------- ---------
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, periodically approves
transfers out of unallocated Net Income and Surplus, components of Retained
Earnings, after an assessment by the Executive Directors of IBRD's reserve
needs, to various 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 amounts up to $500
million to the Heavily Indebted Poor Countries (HIPC) Debt Initiative Trust
Fund 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. On February 3, 1997, the Board of Governors approved a
transfer from Surplus, by way of grant, of $90 million to the Trust Fund for
Gaza and West Bank.
NOTE E--ADMINISTRATIVE EXPENSES
During the six months ended December 31, 1996, IBRD recorded no pension
expense ($31 million pension expense--December 31, 1995) or income subject to
completion of a review of the pension expense accrual methodology. Upon
completion of a review of pension expense estimates, IBRD recorded pension
income of $49 million for the nine months ended March 31, 1997 ($45 million
pension expense--March 31, 1996).
<PAGE>
- -------------------------------------------------------------------------------
REVIEW REPORT OF INDEPENDENT ACCOUNTANTS
- -------------------------------------------------------------------------------
Price Waterhouse 1301 K Street, NW, 800 W Telephone: (202) 414-1000
(International Firm) Washington, DC 20005-3333 Telecopier: (202) 414-1301
Price Waterhouse
April 25, 1997
President and Board of Governors
International Bank for Reconstruction and Development
We have reviewed the financial statements appearing on pages 4 through 6 of
the Condensed Quarterly Financial Statements of the International Bank for
Reconstruction and Development (IBRD) as of March 31, 1997, and for the
three-month and nine-month periods ended March 31, 1997 and 1996. These
financial statements are the responsibility of the management of the IBRD.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants and with International
Standards on Auditing. A review of interim financial information consists
principally of applying analytical procedures to financial data and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards in the United States or with
International Standards on Auditing, the objective of which is the expression
of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the financial statements referred to above for them to be
in conformity with generally accepted accounting principles in the United
States and with International Accounting Standards.
We previously audited, in accordance with generally accepted auditing
standards in the United States and with International Standards on Auditing,
the balance sheet as of June 30, 1996 (presented herein) and the related
statements of income and of cash flows and changes in retained earnings and
of changes in cumulative translation adjustment, (not presented herein) for
the year then ended; and in our report dated July 31, 1996, we expressed an
unqualified opinion on those financial statements. In our opinion, the
information set forth in the accompanying balance sheet as of June 30, 1996,
is fairly stated in all material respects in relation to the financial
statements from which it has been derived.
Price Waterhouse
(International Firm)
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 1
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1997 thru 31-MAR-1997
Source: Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT SETTLEMENT DATE
- ----------------------------------- ------- -------- ------- ----------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
AUD 6.75% Notes of 1997, due March
27, 2001......................... 570 AUD 1 100,000,000 78,940,000 27-MAR-1997
Deutsche mark
DEM zero coupon Notes due November
8, 2016.......................... 557 DEM 2 500,000,000 303,324,436 07-FEB-1997
Pounds sterling
GBP 250 million 6% Bonds of 1997,
due March 1, 2000................ 32 GBP 1 250,000,000 407,125,000 26-FEB-1997
GBP 300 Million 6.1% Bonds of 1997,
due March 17, 2000............... 33 GBP 1 300,000,000 481,170,000 17-MAR-1997
--------------
** Total By Currency............... 888,295,000
--------------
Italian lire
ITL 1 trillion zero-coupon notes,
due February 1, 2007............. 25 ITL 1 1,000,000,000,000 618,383,299 31-JAN-1997
ITL 800 billion 6.5% notes due on
March 4, 2004.................... 26 ITL 1 800,000,000,000 474,242,694 04-MAR-1997
ITL 400 BILLION 10-YEAR CALLABLE
REVERSE FLOATER NOTES............ 28 ITL 1 400,000,000,000 236,637,383 27-MAR-1997
ITL 100 Bil 10-year Callable
Reverse Floater Notes due 2007... 28 ITL 2 100,000,000,000 59,159,346 27-MAR-1997
ITL 100 Bil 10-year Callable
Reverse Floater Notes due 2007... 28 ITL 3 100,000,000,000 59,159,346 27-MAR-1997
--------------
** Total By Currency............... 1,447,582,068
--------------
<PAGE>
</TABLE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 2
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1997 thru 31-MAR-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT SETTLEMENT DATE
- ------------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
New Zealand dollars
7.25 NZD Notes of 1996, Due
January 16, 2002................ 567 NZD 1 200,000,000 140,800,000 16-JAN-1997
United States dollars
USD 20 Million Step Up Callable
Notes, due November 1999........ 26 USD 2 20,000,000 20,000,000 27-JAN-1997
USD 100 MILLION CALLABLE REVERSE
FLOATER NOTES................... 29 USD 1 100,000,000 100,000,000 26-MAR-1997
------------
** Total By Currency.............. 120,000,000
------------
South African Rand
15% ZAR 100 million Euronotes of
1996, due January 8, 2002....... 565 ZAR 1 100,000,000 21,269,808 08-JAN-1997
ZAR 200 million 15% Euronotes due
February 12, 1999............... 568 ZAR 1 200,000,000 45,294,984 12-FEB-1997
ZAR 100 million 15% Euronotes due
February 12, 1999............... 568 ZAR 2 100,000,000 22,647,492 12-FEB-1997
ZAR 100 million 15% notes due
February 12, 1999............... 568 ZAR 3 100,000,000 22,647,492 12-FEB-1997
ZAR 100 million 15% Euronotes due
February 12, 1999............... 568 ZAR 4 100,000,000 22,647,492 12-FEB-1997
IBRD ZAR 100 million 14.5%
EuroNotes due March 6, 2002..... 569 ZAR 1 100,000,000 22,499,719 06-MAR-1997
------------
** Total By Currency.............. 157,006,987
-------------
** Total By Source................ 3,135,948,491
-------------
</TABLE>
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT _025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 3
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JAN-1997 thru 31-MAR-1997
Source: Official
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT SETTLEMENT DATE
- ------------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Deutsche mark
8.01% Deutsche Mark Note of 1992.
Due 2/1/97........................ 274 DEM 1 250,000,000 151,625,425 01-FEB-1997
</TABLE>
- ------------------------
* Indicates Partial Maturity
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 4
Source: Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- ------------- ------------- ------------- ----------- ------------------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
5.5% EURO-AUD NOTES
OF 1993, DUE 1/15/97 14 AUD 1 100,000,000 78,150,000 15-JAN-1997
Deutsche mark
5.875% DM Bonds of 1987,
due 1997 246 DEM 1 700,000,000 428,501,469 04-FEB-1997
Netherlands guilders
6.25% f. Bonds of 1987,
due 1997 86 NLG 1 300,000,000 159,447,250 01-MAR-1997
6.25% f. Bonds of 1987,
due 1997 (2nd.Issue) 88 NLG 1 150,000,000 79,723,625 01-MAR-1997
8.375% NLG Bonds of 1990,
due March 1, 1997 93 NLG 1 300,000,000 159,447,250 01-MAR-1997
-----------
** Total By Currency 398,618,125
-----------
Portuguese escudos
11.50% PTE BONDS OF 1992
DUE FEBRUARY 1997 2 PTE 1 16,900,000,000 100,542,573 28-FEB-1997
* Indicates Partial Maturity
</TABLE>
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 5
Source: Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- ------------- ------------- ------------- ----------- ------------------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Swedish kronor
10% SEK Bonds of 1992,
Due Mar. 4, 1997 7 SEK 1 500,000,000 66,580,556 04-MAR-1997
United States dollars
USD ZERO Coupon of 1985,
due 15 Feb. 1997 189 USD 42 18,000,000 18,000,000 15-FEB-1997
7.75% US$ Notes of 1987,
due 1997 209 USD 1 250,000,000 250,000,000 18-MAR-1997
8.75% USD 7-Year Bonds of
1990, due March 1, 1997 231 USD 1 1,500,000,000 1,500,000,000 01-MAR-1997
--------------
** Total By Currency 1,768,000,000
--------------
European currency units
7.75% ECU Bonds of 1987,
due 1997 9 XEU 1 150,000,000 186,895,500 09-JAN-1997
--------------
** Total By Source. 3,027,288,223
--------------
</TABLE>
- --------------
* Indicates Partial Maturity
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM Page 6
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1997 thru 31-MAR-1997
Source: Private
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- ------------- ------------- ------------- ----------- ------------------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Netherlands guilders
9% f. Private Placement
of 1983, due 1989/98 35 NLG 1 15,000,000 8,358,409 17-JAN-1997
*9% NLG Private Placement
of '84 Due 1990-99 50 NLG 1 15,000,000 7,936,508 15-FEB-1997 *
----------
** Total By Currency 16,294,917
----------
European currency units
Floating Rate ECU 65
Million of 1992 due
3/27/97 1016 XEU 1 65,000,000 75,155,600 27-MAR-1997
----------
** Total By Source 91,450,517
----------
* Indicates Partial Maturity
</TABLE>
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 Page 7
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1997 thru 31-MAR-1997
Source : Loans
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- ----------------------------------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Swiss francs
4.875% SwF Loan of 1987, due
March 17, 1997................... 198 CHF 1 25,000,000 17,199,862 17-MAR-1997
Japanese yen
5.80% JPY Loan of 1987, due
Feb. 16, 2001.................... 123 JPY 1 1,800,000,000 14,481,094 17-FEB-1997 *
JAPANESE YEN
LOAN OF 1987, DUE 1994/2001...... 125 JPY 3 1,000,000,000 8,110,300 10-FEB-1997 *
JAPANESE YEN
LOAN OF 1987, DUE 1992/1997...... 126 JPY 2 2,500,000,000 20,990,764 28-JAN-1997
JAPANESE YEN
LOAN OF 1987, DUE 1996-2001...... 127 JPY 1 660,000,000 5,434,335 31-JAN-1997 *
JAPANESE YEN
LOAN OF 1987, DUE 1992-1997...... 128 JPY 1 2,500,000,000 21,394,951 20-JAN-1997
JAPANESE YEN
LOAN OF 1987, DUE 1994-1999...... 131 JPY 1 2,700,000,000 23,407,022 10-JAN-1997 *
JAPANESE YEN
LOAN OF 1987, DUE 1993-1998...... 135 JPY 1 2,700,000,000 21,756,648 21-FEB-1997 *
JAPANESE YEN
LOAN OF 1987, DUE 1994-1999...... 136 JPY 1 1,350,000,000 11,703,511 10-JAN-1997 *
5.70% JPY Loan of 1989, due
Jan. 24, 1997 (Ref. #78) 168 JPY 1 20,000,000,000 169,419,737 24-JAN-1997
-------------- -----------
** Total By Currency............... 296,698,362
-------------- -----------
Netherlands guilders
7.875% f. Loan of 1984,
due 1986-00...................... 63 NLG 1 5,155,080 2,891,402 15-JAN-1997 *
7.875% f. Loan of 1984,
due 1991-00...................... 63 NLG 2 4,565,000 2,560,435 15-JAN-1997 *
7.875% f. Loan of 1984,
due 1996-05...................... 63 NLG 3 2,700,000 1,514,387 15-JAN-1997 *
8.75% f. Loan of 1985,
due 1991/2000.................... 67 NLG 1 10,000,000 5,244,664 17-MAR-1997 *
------------- -----------
** Total By Currency............... 12,210,888
------------- -----------
** Total By Source................. 326,109,112
------------- -----------
</TABLE>
- ------------------------
* Indicates Partial Maturity
5
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
11:33:21 LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (COLTS) 01-JAN-1997 thru 31-MAR-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- -------------- -------------- ----------- ----------- ------------------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
United States dollars
- ---------------------
7.7% COLTS DUE 30-JAN-1997 53 USD 1 1,000,000 1,000,000 30-JAN-1997
7.7% COLTS DUE 30-JAN-1997 54 USD 1 4,900,000 4,900,000 30-JAN-1997
7.67% COLTS DUE 12-FEB-1997 59 USD 1 100,000 100,000 12-FEB-1997
7.625% COLTS DUE 13-FEB-1997 63 USD 1 1,400,000 1,400,000 13-FEB-1997
7.65% COLTS DUE 28-FEB-1997 72 USD 1 1,550,000 1,550,000 28-FEB-1997
5.42% COLTS DUE 15-MAR-1997 291 USD 1 5,000,000 5,000,000 15-MAR-1997
9.5% COLTS DUE 15-MAR-1997 594 USD 1 700,000 700,000 15-MAR-1997
0% COLTS DUE 14-FEB-1997 1071 USD 1 880,000 880,000 14-FEB-1997
8.25% COLTS DUE 14-MAR-1997 1369 USD 1 50,000 50,000 14-MAR-1997
8.25% COLTS DUE 15-MAR-1997 1379 USD 1 35,000 35,000 15-MAR-1997
8.75% COLTS DUE 15-MAR-1997 1444 USD 1 25,000 25,000 15-MAR-1997
8.08% COLTS 15-MAR-1997 1500 USD 1 25,000 25,000 15-MAR-1997
8% COLTS DUE 15-MAR-1997 1511 USD 1 25,000 25,000 15-MAR-1997
8% COLTS DUE 14-MAR-1997 1515 USD 1 200,000 200,000 14-MAR-1997
8.05% COLTS DUE 15-MAR-1997 1516 USD 1 25,000 25,000 15-MAR-1997
8.15% COLTS DUE 15-MAR-1997 1525 USD 1 25,000 25,000 15-MAR-1997
8.15% COLTS DUE 25-MAR-1997 1527 USD 1 150,000 150,000 25-MAR-1997
0% COLTS DUE 13-FEB-1997 1549 USD 1 900,000 900,000 13-FEB-1997
-----------
** Total By Currency 16,990,000
-----------
** Total By Source 16,990,000
-----------
</TABLE>
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT RPT 025
11:33:21 LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
PREPAYMENT ADVICES (MLT) 01-JAN-1997 thru 31-MAR-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE PREPAYMENT AMOUNT US$ EQUIVALENT PREPAYMENT DATE
- ----------- -------- ---------- ----------- ------------------ ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
- -------------------
7.60% AUD NOTES OF 1996,
DUE APRIL 22, 1999 529 AUD 1 11,565,000 9,109,751 21-MAR-1997
Canadian dollars
- -------------------
DEM Libor-Linked Inverse
CAD FRNs due 10/23/97 33 CAD 1 18,600,000 13,479,238 24-MAR-1997
5.6% CAD NOTES OF 1996,
DUE JUNE 25, 1998 538 CAD 1 30,000,000 22,174,588 14-FEB-1997
-----------
** Total By Currency 35,653,826
-----------
Italian lire
- -------------------
9.375% Callable Notes due
1999; call option March 5,
1997 6 ITL 1 200,000,000,000 118,033,793 05-MAR-1997
9.375% Callable Notes due
1999; call option March 5,
1997 6 ITL 2 100,000,000,000 59,016,897 05-MAR-1997
-----------
** Total By Currency 177,050,690
-----------
Japanese yen
- -----------------------
5.0% JPY/USD
Dual Currency Bonds of
1996, due Jul 30, 1998 16 JPY 1 2,822,500,000 22,743,755 14-FEB-1997
5.0% JPY/USD
Dual Currency Bonds of
1996, due Jul 30, 1998 16 JPY 1 1,109,500,000 9,186,124 04-MAR-1997
</TABLE>
<PAGE>
MAY 5, 1997 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT RPT 025
11:33:21 LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
PREPAYMENT ADVICES (MLT) 01-JAN-1997 thru 31-MAR-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE PREPAYMENT AMOUNT US$ EQUIVALENT PREPAYMENT DATE
- ----------- -------- ---------- ----------- ------------------ ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
5.10% JPY/USD
Dual Currency Bonds of
96, due August 27, 1998 19 JPY 1 2,500,000,000 20,441,537 27-FEB-1997
5.00% JPY/USD
DUAL CURRENCY BONDS OF
1996, DUE OCT. 21, 1999 24 JPY 1 15,000,000,000 125,733,445 27-JAN-1997
5.00% JPY/USD
DUAL CURRENCY BONDS OF
1996, DUE OCT. 21, 1999 24 JPY 1 10,000,000,000 81,632,653 12-FEB-1997
5.00% JPY/USD
DUAL CURRENCY BONDS OF
1996, DUE OCT. 21, 1999 24 JPY 1 5,000,000,000 40,290,089 14-FEB-1997
5.00% JPY/USD
DUAL CURRENCY BONDS OF
1996, DUE OCT. 21, 1999 24 JPY 1 5,000,000,000 40,420,372 19-MAR-1997
-----------
** Total By Currency 340,447,975
-----------
** Total By Source 562,262,242
-----------
</TABLE>
<PAGE>
[LETTERHEAD]
FILE NO. 1-3431
REGULATION BW
RULE 2
May 9, 1997
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 nine months
ending March 31, 1997; and
(b) the list of transactions with regard to the Bank's securities and
borrowings during the quarter ending March 31, 1997.
Sincerely yours,
Scott B. White
Chief Counsel, Finance
Attachments
