Federal Credit Support Page
Credit Subsidy Calculator
This page is the authoritative source for the Credit Subsidy Calculator.
Last updated: September 22, 2006
The following materials are available.
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Reports by independent firms
Outside firms have verified the conformance of the Credit Subsidy Calculator (CSC) with the applicable standards and have tested for
Y2K issues. Reports presenting the results of these efforts may be downloaded in PDF format.
Working papers that describe the concepts and methods used by the CSC are available in PDF and HTML format:
Getting started (pdf format, 1,565 kb)
Performing reestimates with the revised credit subsidy calculator
(pdf format, 2,304 kb)
How to organize cash flow estimates in a
spreadsheet file (pdf format, 177 kb)
How the subsidy and its components are derived from cash flow observations
(pdf format, 87 kb)
Error messages and warning messages: how the cash flow observations are checked
(pdf format, 35 kb)
How to use the CSC in "DOS" or "command line" mode
(pdf format, 14 kb)
How to compare results with the previous release
(pdf format, 9 kb)
The basket-of-zeros approach to discounting (a short, non-technical description)
(pdf format, 21 kb)
Description of the "basket-of-zeros" discounting method and the derivation of present
value factors from the yield curve (technical description) (pdf
format, 42 kb)
How the single effective rate is calculated
(pdf format, 32 kb)
Updates to the interest rate files (actual rates and budget assumptions)
If you wish to receive an email notification when new material becomes available, please fax your name,
email address, and phone number to (202) 395-7230, attn "credit updates"
email@example.com, subject line credit updates."
The "basket-of-zeros" rates are in a data file named "rates.txt" that may be found in the same folder as
the CSC. Periodically, this rate file must be updated. Updates may be downloaded from
this web site. Update announcements will be sent by email to all who have sent in their email address to
the FAX number above.
The most recent similar maturity rates for completed fiscal years (1992-present) are included in the
rate file and may be viewed online.
List of known defects and work-arounds
Due to a Microsoft security patch for MS Office 2003, released in July 2006, MS Excel can no longer read
.XLS files produced by the CSC (versions A-K).
Description: A recent security patch issued by Microsoft renders all current and past CSC .XLS output
invalid. Users with the patch will see the following message when attempting to load a file: "Errors were
detected in 'filename.xls,' but Microsoft Office Excel was able to open the file by making the repairs listed
below. Save the file to make these repairs permanent." The resulting file will retain numerical values but
will lose all text information. It is NOT recommended that users save the resulting file.
Solution: Going forward, users users should download an updated installation file from this site (see above.)
The installation file contains updated files that will allow the CSC to generate valid output. We are working on
a solution that will allow users to open files created with past versions of the CSC and we will update this site
when that solution becomes available. NOTE: LOTUS 123 users are unaffected by this issue. In addition, Excel users
with access to Lotus can open CSC formatted .XLS files without any problems. If the user performs a "Save as" - .xls
the resulting file will now be accessible by Excel.
Under certain network environments the CSC will not retain the user preferences (versions 1g and
Files saved in ".123" format may produce a "file may be damaged" message in error (reported on 12/13/99).
Description: Spreadsheet files that are saved in ".123" format and have a chart may produce the following message
"The spreadsheet file may be damaged or not in the format indicated by the extension." This message appears to result from
the presence of a chart in the spreadsheet file and does not mean that your file is damaged. If you receive the "file may be damaged"
message and do not have a chart in the file, please email a copy of the spreadsheet to firstname.lastname@example.org with
any comments that might be helpful.
Solution: Avoid using charts if you save files in ".123" format. If you need to have a chart, please save
the file in "wk4" format. The presence of a chart in the file does not appear to cause problems when the file
is saved in "wk4" format.
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