B U L L E T I N

DECEMBER 2013 

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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L

L

E

T I N

The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical 

data is compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. Readers can contact the publication staff at (202) 874-9939 to 

inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fms.treas.gov

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
Contents

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

Analysis.—Summary of Economic Indicators....................................................................................................................... 3

FEDERAL FISCAL OPERATIONS

Introduction.—Federal Fiscal Operations.............................................................................................................................. 9

Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source .................... 10

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 12

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 13

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 18

FFO-5 —Internal Revenue Receipts by State...................................................................................................................... 19

FFO-6 —Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 23

ACCOUNT OF THE U.S. TREASURY

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 29

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances.......................................... 29

FEDERAL DEBT

Introduction.—Federal Debt................................................................................................................................................ 31

FD-1.—Summary of Federal Debt ...................................................................................................................................... 32

FD-2.—Debt Held by the Public ......................................................................................................................................... 33

FD-3.—Government Account Series................................................................................................................................... 34

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 35

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by

 Private Investors .................................................................................................................................................... 36

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 37

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 38

PUBLIC DEBT OPERATIONS

Introduction.—Public Debt Operations............................................................................................................................... 40

TREASURY FINANCING ................................................................................................................................................. 40

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 48

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 49

OWNERSHIP OF FEDERAL SECURITIES

Introduction.—Ownership of Federal Securities ................................................................................................................. 50

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 51

OFS-2.—Estimated Ownership of U.S. Treasury Securities............................................................................................... 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 52

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 52

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals......................... 53

December 2013
IV

Contents

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.—International Financial Statistics................................................................................................................. 57

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 57

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries.............................................................................................................................. 59

CAPITAL MOVEMENTS

Introduction.—Capital Movements ..................................................................................................................................... 60

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 63

CM-I-2.—Total Liabilities by Country................................................................................................................................ 64

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 66

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers

 with Respect to Selected Countries...................................................................................................................... 68

SECTION II.—Claims on Foreigners Reported by Banks in the United States

CM-II-1.—Total Claims by Type ........................................................................................................................................ 69

CM-II-2.—Total Claims by Country ................................................................................................................................... 70

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers

 with Respect to Selected Countries...................................................................................................................... 74

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business

 Enterprises in the United States

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 75

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 76

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 78

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 80

SECTION IV.—U.S. International Transactions in Long-Term Securities

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 82

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 83

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 84

CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type

 and Country, during (third quarter)................................................................................................................... 86

CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type

 and Country, during (calendar year) ................................................................................................................. 88

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 90

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.......................................................... 91

SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by

 Businesses in the United States

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 92

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 93

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 94

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 95

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 96

December 2013
V

Contents

FOREIGN CURRENCY POSITIONS

Introduction.—Foreign Currency Positions......................................................................................................................... 97

SECTION I.—Canadian Dollar Positions

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 98

FCP-I-2.—Monthly Report of Major Market Participants................................................................................................... 99

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 99

SECTION II.—Japanese Yen Positions

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................. 100

FCP-II-2.—Monthly Report of Major Market Participants............................................................................................... 101

FCP-II-3.—Quarterly Report of Large Market Participants.............................................................................................. 101

SECTION III.—Swiss Franc Positions

FCP-III-1.—Weekly Report of Major Market Participants............................................................................................... 102

FCP-III-2.—Monthly Report of Major Market Participants.............................................................................................. 103

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................. 103

SECTION IV.—Sterling Positions

FCP-IV-1.—Weekly Report of Major Market Participants............................................................................................... 104

FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 105

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 105

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants................................................................................................ 106

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 107

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 107

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 108

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 109

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 109

EXCHANGE STABILIZATION FUND

Introduction.—Exchange Stabilization Fund..................................................................................................................... 110

ESF-1.—Balance Sheet ..................................................................................................................................................... 110

ESF-2.—Income and Expense ........................................................................................................................................... 111

SPECIAL REPORTS

TRUST FUNDS

Introduction.—Highway Trust Fund ................................................................................................................................. 115

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 115

RESEARCH PAPER SERIES........................................................................................................................................... 116

GLOSSARY ...................................................................................................................................................................... 118

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because 

of rounding; p = Preliminary; n.a. = Not available; r = Revised.

December 2013
VI

Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports............................................................................... √

Special Reports

Financial Report of the United States Government excerpt...................................... √

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund............................................................. √

Airport and Airway Trust Fund ........................................................................ √

Black Lung Disability Trust Fund .................................................................... √

Harbor Maintenance Trust Fund ....................................................................... √

Hazardous Substance Superfund....................................................................... √

Highway Trust Fund ......................................................................................... √

Inland Waterways Trust Fund........................................................................... √

Leaking Underground Storage Tank Trust Fund .............................................. √

Nuclear Waste Fund.......................................................................................... √

Oil Spill Liability Trust Fund ........................................................................... √

Reforestation Trust Fund .................................................................................. √

Sport Fish Restoration and Boating Trust Fund................................................ √

Uranium Enrichment Decontamination and Decommissioning Fund............... √

Vaccine Injury Compensation Trust Fund ........................................................ √

Wool Research, Development, and Promotion Trust Fund............................... √

December 2013
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

As of November 8, 2013

Introduction

The pace of real gross domestic product (GDP) growth 

accelerated in the third quarter, after having picked up in the 

first and second quarters of 2013. Higher private inventory 

accumulation in particular contributed to the acceleration, 

along with slower import growth and a slight increase in

State and local government outlays. These factors were 

partially offset by slower growth in consumer spending, 

exports, and nonresidential investment. Job creation 

continued at a moderate pace, on average, during the third 

quarter of 2013 and strengthened in October. The economy 

has added 7.8 million private sector jobs since job growth 

resumed in early 2010, and the unemployment rate has 

declined 2.7 percentage points from its peak level of 10 

percent in October 2009, but remained elevated at 7.3 

percent as of October 2013. Conditions in the housing sector 

continued to improve, despite a run-up in mortgage interest 

rates.

Although the Administration has taken a number of steps 

in recent years to promote stronger economic growth in the 

near-term, it has also pursued deficit reduction measures in 

the interests of the nation’s longer-term growth. More than 

$2.7 trillion in deficit reduction measures have been enacted 

over the past 2-1/2 years, including the January 2013

enactment of the American Taxpayer Relief Act (ATRA), 

which will reduce the deficit by an estimated $737 billion 

over the next 10 years. Since fiscal year 2009, the federal 

budget deficit has fallen from a peak of 9.8 percent of GDP 

to 4.1 percent in fiscal year 2013.

At its most recent meeting in October 2013, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

announced it would maintain its monetary stance, including 

existing programs of asset purchase, reinvestment of 

principal payments, and roll-overs of maturing Treasuries at 

auction.

Economic Growth

Since the current expansion began in mid-2009, the 

economy has grown by about 10.0 percent and, as of the 

third quarter of 2013, real GDP was 5.3 percent above its 

level at the end of 2007, when the recession began. 

According to the advance estimate, real GDP rose 2.8 

percent at an annual rate during the third quarter of 2013, 

after increasing by 2.5 percent in the second quarter of this 

year. The acceleration in growth in the latest quarter 

reflected a faster pace of inventory accumulation, slower 

growth in imports, and a positive contribution from the 

government sector at the State and local level. These factors 

were partly offset by slower growth of personal consumption 

expenditures, exports, and nonresidential fixed investment; 

business spending on equipment declined outright. 

Consensus forecasts currently put real GDP growth in the 

fourth quarter of 2013 at a 1.8 percent annual rate.

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

spending, inventory movements, and net exports) grew at a 

2.0 percent annual rate in the third quarter, slowing from the 

second quarter’s 2.7 percent pace. Real personal 

consumption expenditures—which account for about 70 

percent of GDP—rose at a 1.5 percent annual rate in the 

third quarter, from the 1.8 percent rise in the second quarter. 

Consumption added 1.0 percentage point to real GDP 

growth in the latest quarter.

Residential investment—mostly residential homebuilding—

grew 14.6 percent in the third quarter, accelerating slightly 

from a 14.2 percent pace in the second quarter. Residential 

activity added 0.4 percentage point to third-quarter real GDP 

growth. Growth in residential investment has averaged just 

over 11 percent per quarter for the past 12 consecutive 

quarters. Significantly, residential investment grew by nearly 

13 percent in 2012, the strongest yearly increase since 1992.

Noteworthy progress has been made in the housing 

market for over a year, as captured by several measures. 

Single-family housing starts jumped 7.0 percent in August 

2013 to 628,000 units at an annual rate, and were 17 percent 

above the level in August 2012. The level of single-family 

starts has risen by about 78 percent from a low of 353,000 in 

March 2009, but in August 2013, it was still about 66 

percent below the January 2006 peak, and well below the 1.1 

million unit average observed from 1980 to 2004. Sales of 

new single-family homes have risen by 12.6 percent over the 

past year, reaching 421,000 at an annual rate in August 

December 2013
4 PROFILE OF THE ECONOMY

2013. Sales of existing single-family homes (94 percent of 

all home sales) increased by 10.7 percent over the past year 

to 5.3 million at an annual rate in August 2013. The 

inventory of homes available for sale has trended lower. 

Relative to sales, there was a 5.0-month supply of new 

homes on the market, below its long-run average. The 

inventory of existing single-family homes has also fallen 

noticeably, relative to sales. In September, it stood at a 5.0-

month supply, down considerably from a peak of 12.1 

months in June 2010. House price measures continue to rise, 

reflecting a pick-up in demand and tight inventories in some 

markets. The FHFA purchase-only house price index rose 

0.3 percent in August to its highest level in 5 years, and was 

up 8.5 percent over the past year. This was the 7th

consecutive year-over-year gain of more than 7 percent;

price increases in recent months have been the strongest 

since 2006. In August 2013, the Standard & Poor’s

(S&P)/Case-Shiller composite 20-city home price index 

increased 1.3 percent to its highest level since August 2008, 

and rose 12.8 percent year-over-year, the largest year-overyear gain since February 2006. Reflecting optimism in the 

housing market, the October 2013 Zillow Home Price 

Expectations Survey predicted that home prices will rise by 

an average 6.7 percent year-over-year in 2013, and by 4.3 

percent in 2014.

Nonresidential fixed investment—about 12 percent of 

GDP—grew 1.6 percent (annual rate) in the third quarter of 

2013, slowing from the 4.6 percent advance in the second 

quarter. The slowdown in business fixed investment partly 

reflected a large swing in investment in equipment. Growth 

in business spending on equipment decelerated, falling 3.7 

percent in the third quarter, after rising 3.3 percent in the 

second quarter. Outlays for structures rose 12.3 percent in 

the third quarter of this year, slowing from the 17.6 percent 

increase in the second quarter. Investment in intellectual 

property products-a new category that includes outlays for 

software, research and development, and entertainment, 

literary and artistic originals-grew 2.2 percent in the third 

quarter, after falling by 1.5 percent in the second quarter. 

Altogether, nonresidential fixed investment added 0.2 

percentage point to real GDP growth in the third quarter of 

2013, compared with a 0.6 percentage point contribution in 

the second quarter. Inventory accumulation made a large 

positive contribution to growth in the third quarter, adding 

0.8 percentage point to GDP growth, after making a 0.4 

percentage point contribution in the second quarter.

Exports account for about 13 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing nearly 1 percentage point, on average, to 

quarterly GDP growth in 2007 through 2009, net exports 

subtracted 0.6 percentage point in 2010, and then added 0.2

percentage point in 2011 and 2012. In the third quarter of 

2013, the net export deficit narrowed as exports rose 4.5 

percent, exceeding the 1.9 percent increase in imports. Net 

exports added 0.3 percentage point to GDP growth in the 

third quarter, after subtracting 0.1 percentage point from 

growth in the second quarter.

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $798 

billion, equivalent to 5.8 percent of GDP. After narrowing to 

$382 billion (2.6 percent of GDP) in 2009, the current 

account deficit widened again to $449 billion (3.0 percent of 

GDP) in 2010 and to $458 billion (3.0 percent of GDP) in 

2011. It narrowed in 2012, to $440 billion, or 2.7 percent of 

GDP. As of the second quarter of 2013, the current account 

deficit had narrowed further, to $396 billion, or 2.4 percent 

of GDP.

Government purchases—which account for close to 20 

percent of GDP—rose 0.2 percent in the third quarter of 

2013, swinging back from a 0.4 percent decline in the 

second quarter of the year. Government outlays for 

consumption and investment have fallen in 12 of the past 16 

quarters and, in the third quarter of this year, were roughly 

neutral for GDP growth. Federal spending fell 1.7 percent in 

the third quarter after declining 1.6 percent in the second 

quarter. After 10 straight quarterly declines in State and 

local government spending—the longest period of falling 

expenditures at this level of government in postwar 

history—State and local spending grew 0.6 percent in the 

second quarter of 2012, but fell again in the subsequent three 

quarters. In the second quarter of 2013, State and local 

spending rose 0.4 percent, and in the third quarter, rose 1.5 

percent, adding 0.2 percentage point to GDP growth. This 

was the first back-to-back positive contribution at the State 

and local government level since 2009.

Labor Markets

During the recession (from December 2007 through June 

2009), the economy lost 7.7 million private-sector jobs. Job 

losses continued even after the recovery began but, in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through October 2013, total nonfarm payroll 

employment has grown by about 7.2 million. In the private 

sector, employment has increased by 7.8 million during the 

same period.

Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

all of these sectors have added jobs. Since the labor market 

recovery began in early 2010, payrolls in professional and 

business services have risen by nearly 2.2 million, and the 

leisure and hospitality industries’ employment has increased 

by 1.35 million through October 2013. Growth in 

manufacturing payrolls has slowed in recent months, but 

payrolls have grown by 526,000 since early 2010. A few 

sectors continued to add jobs throughout the recession and 

still continue to hire new workers: since early 2010, the 

health care and social assistance sector has added an 

additional 1.1 million jobs. The government sector also 

added workers to payrolls during the recession, but the State 

December 2013
PROFILE OF THE ECONOMY 5

and local sectors have since cut employment considerably, 

although at a slower pace in more recent months. From 

February 2010 through October 2013, the government 

sector’s job losses totaled 608,000. Over that same period, 

State and local job losses numbered 450,000, including 

354,000 local government jobs (of which 243,000 were in 

local education).

The unemployment rate peaked at 10.0 percent in 

October 2009—a 26-year high—and 5.6 percentage points 

above the May 2007 low of 4.4 percent. After October 2009,

the unemployment rate trended lower, reaching 7.2 percent 

in September 2013 before edging back up to 7.3 percent in 

October 2013. Broader measures of unemployment have 

also declined. One such measure, that includes workers who 

are underemployed and those who are only marginally 

attached to the labor force (the U-6 unemployment rate), 

reached a record high of 17.1 percent in late 2009 (series 

dates from 1994)—more than double the low of 7.9 percent 

reached in December 2006. This measure stood at 13.8 

percent in October 2013. The percentage of the unemployed 

who have been out of work for 27 weeks or more peaked at 

an all-time high of 45.5 percent in March 2011. This 

measure dropped to 36.1 percent in October 2013, the lowest 

since August 2009.

Inflation

Headline inflation has generally leveled off over the past 

year, while core inflation (excluding food and energy) has 

moderated. Headline consumer prices rose 1.2 percent over 

the 12 months ending in September 2013, well below 2.0 

percent rise over the year through September 2012. Energy 

prices fell 3.1 percent in the year through September, after 

rising by 2.3 percent in the previous year. Food prices rose 

1.4 percent over the year through September 2013, a bit less 

than the 1.6 percent increase in the year through September 

2012. On a 12-month basis, core consumer prices (excluding 

food and energy) rose 1.7 percent through September 2013, 

less than the 2.0 percent advance in the year through 

September 2012.

Oil prices have increased over the past year, but gasoline 

prices have eased. The front-month futures price of West 

Texas Intermediate (WTI) crude oil averaged $100.55 per 

barrel in October 2013, up nearly $11 from the October 2012 

average. The retail price of regular gasoline averaged $3.34 

per gallon in October 2013, down 40 cents from the yearearlier average. Prices for crude oil and gasoline remained 

below the all-time highs reached in July 2008, of $147 per 

barrel and $4.11 per gallon, respectively.

December 2013
6 PROFILE OF THE ECONOMY

Federal Budget and Debt

The federal budget deficit declined to $680 billion (4.1 

percent of GDP) in fiscal year 2013, sharply dropping 

$1.089 trillion (6.8 percent of GDP) in fiscal year 2012. The 

deficit has declined by nearly 6 percentage points as a share 

of the economy from a peak of 9.8 percent in fiscal year 

2009, making the past 4 years the most rapid period of fiscal 

consolidation that the United States has experienced since 

the year following the end of World War II. The debt-toGDP ratio was 72.1 percent in fiscal year 2013, up from 70.1 

percent in fiscal year 2012.

On March 1, 2013, $1.2 trillion in mandated public 

spending cuts, collectively known as the sequester, took 

effect. In April 2013, the Administration released its Fiscal 

Year 2014 budget proposal, which would replace the 

sequester with a deficit reduction package worth $1.8 trillion 

over the next 10 years. Together with the $2.5 trillion in 

deficit reduction measures enacted in the previous 2 years, 

these measures would bring the total amount of deficit 

reduction over 10 years to $4.3 trillion. According to the 

Congressional Budget Office’s (CBO) analysis of the 

President’s fiscal year 2014 budget (released in May 2013), 

the deficit is projected to fall to 2.0 percent of GDP by 2017, 

putting Federal debt on a declining path as a share of the 

economy. The budget is projected to post a primary surplus 

(the budget deficit net of interest payments) starting in fiscal 

year 2017. Primary surpluses will average 0.5 percent of 

GDP over the last 5 years of the budget window (2009-

2023). The debt-to-GDP ratio is projected to peak at around 

77 percent of GDP in fiscal year 2014 and then begin to 

decline, falling to 69.8 percent in fiscal year 2023.

Economic Policy

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the American Recovery and Reinvestment Act (ARRA) 

authorized the Federal Government to spend $787 billion to 

stimulate domestic demand, an amount that was increased to 

$840 billion to be consistent with the President’s Fiscal Year 

2012 Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation, 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law.

In January 2013, the ATRA was signed into law. The 

ATRA permanently extended tax cuts for the vast majority 

of Americans and small businesses, extended Emergency 

Unemployment benefits for an additional year, extended a 

variety of other tax cuts and credits, postponed the sequester, 

originally scheduled to take effect on January 1, until March 

1, 2013, and raised tax rates for high-income earners 

(representing about 2 percent of taxpayers). Altogether, the 

ATRA is projected to reduce the deficit by $737 billion over 

the next decade.

Partly in response to rising financial market stress, as 

well as to signs of more slowing in the broader economy, the 

Federal Reserve began the current cycle of monetary policy 

easing in September 2007. By late 2008, the FOMC had 

lowered the federal funds target interest rate dramatically, 

reducing it to a historically low target range of 0 percent to 

0.25 percent at the December 2008 FOMC meeting. 

Beginning with the August 2011 meeting, the FOMC also 

began identifying an expected timeframe for maintaining the 

Federal funds rate target at “exceptionally low levels.” 

Initially put at mid-2013, the timeframe was extended to “at 

least late 2014” at the January 2012 FOMC meeting, and 

then to “at least mid-2015” at the September 2012 meeting, a 

timeframe for the target range which was maintained at the 

October 2012 meeting. At the December 2012 meeting, 

however, the FOMC implemented numerical thresholds for 

its policy rate guidance. Specifically, the FOMC indicated 

that it would maintain the target range as long as the 

unemployment rate remained above 6.5 percent, inflation 

between 1 and 2 years ahead is projected to be no more than 

0.5 percentage point above the FOMC’s 2 percent longer-run 

goal, and long-term inflation expectations remain well 

anchored. These numerical thresholds were maintained at the 

FOMC’s most recent meeting in November 2013.

The Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

to sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

30, 2010, all of these special facilities had expired. At the 

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 

securities, all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

December 2013
PROFILE OF THE ECONOMY 7

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. The FOMC announced additional 

monetary accommodation at the December 2012 meeting, 

including the completion of short-term securities sales 

(which drain liquidity) and the continuation of purchases of 

long-term Treasury securities at a rate of $45 billion per 

month beyond the end of 2012. The FOMC also indicated 

that monthly purchases of mortgage-backed securities at a 

pace of $40 billion per month would continue, and affirmed 

its existing policy of reinvesting principal payments. At the 

October 2013 meeting, the FOMC re-affirmed these 

arrangements, which means it will be growing its balance 

sheet at a rate of $85 billion per month on an open-ended 

basis.

Financial Markets

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure in 2011, as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. These concerns persisted in 2012 and in 

2013, expanded to include ongoing uncertainty about the 

U.S. fiscal situation and debt ceiling brinksmanship. 

Although concerns about U.S. fiscal drag and debt 

brinksmanship persist, concerns have eased about the 

sovereign debt crisis in Europe. Overall, financial conditions 

continue to improve. Credit flows have increased 

substantially since early 2009, with banks continuing to ease 

standards and terms across several lending categories, 

though to a lesser extent in the third quarter of 2013. 

Demand rose more strongly in the second quarter for a 

variety of loan types, but was little changed from those 

levels in the third quarter. After some deterioration in the 

summer of 2011, measures of risk tolerance and volatility 

have all improved.

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009 and 12.8 percent in 2010. Although the 

index was flat in 2011, it advanced 13.4 percent last year. 

Thus far in 2013, the index has reached successive record 

highs, and is up about 24 percent. The S&P Stock Market 

Volatility Index (VIX), often used as a measure of financial 

market uncertainty, surged to an all-time high of 80 in late 

October 2008, after hovering in a range of 20 to 30 for most 

of that year. The VIX retreated fairly steadily during 2009, 

ending that year at about 20. Since then, the VIX has 

fluctuated more widely, resurging to 46 in mid-May 2010 

and to that level again in early October 2011. Since the most 

recent peak, this index has trended lower, and stood at about 

12.5 as of early November 2013.

A variety of factors have buffeted long-term Treasury

interest rates, including flight-to-quality flows in response to 

a variety of specific risk events, as well as supply concerns 

related to funding of the government’s debt, concern about 

December 2013
8 PROFILE OF THE ECONOMY

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P in August 2011, 

ongoing concerns about European debt markets and debt 

downgrades in some European countries and, most recently, 

concerns about fiscal drag in the United States. The yield on 

the 10-year note traded above the 3 percent level during the 

first half of 2011, but thereafter trended lower, reaching a 

record low of 1.43 percent in late July 2012. The yield 

subsequently rose and fluctuated around the 2 percent mark 

in early 2013, then fell to about 1.7 percent in early May. 

Thereafter, the yield trended much higher, reaching almost 3 

percent in early September, its highest level since July 2011, 

but has since retreated to about 2.8 percent as of early 

November. The 3-month Treasury bill yield fluctuated in a 

range from about 0.05 percent to 0.17 percent for much of 

2011 but, between August 2011 and January 2012, the yield 

fluctuated in a range of 0.0 percent to 0.02 percent. Since 

then, the yield has fluctuated around 0.1 percent as of early 

November 2013. The 2- to 10-year Treasury yield spread, 

one measure of the steepness of the yield curve, widened to 

291 basis points in early February 2011, then trended 

noticeably lower, reaching 132 basis points in midNovember 2012. Since then, the spread has widened again, 

reaching 245 basis points as of early November 2013.

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 

spread, a measure of inter-bank liquidity and credit risk) rose 

to an all-time high of nearly 460 basis points in early 

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread. Through 

early August 2011, the TED spread fluctuated in a range 

from 14 to 25 basis points. Since then, this spread has 

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 18 basis points in early November 

2013. The spread between the Baa corporate bond yield and 

the 10-year Treasury yield peaked at nearly 620 basis points 

in December 2008. After narrowing on trend in the 

intervening years, and trading below 300 basis points for 

much of 2011, the spread widened above that level again in 

early August 2011 to about 340 basis points. The spread 

remained above 300 basis points for much of 2012, but 

dropped below that level late in the year, where it has 

remained since. This spread stood at 270 basis points as of 

early November 2013, still very high by historical standards.

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages, although 

over the summer, mortgage rates spiked. The interest rate for 

a 30-year conforming fixed-rate mortgage fell to a record 

low of 3.31 percent in November 2012; starting in May 

2013, however, it started moving sharply higher. From early 

May through mid-July 2013, the rate jumped up by nearly 

120 basis points. Since then, the rate has declined a bit, and 

stood at 4.5 percent as of early November.

Foreign Exchange Rates

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 38.5 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and October 

2013 by about 9 percent. Over the longer timeframe, the 

dollar depreciated by about 42 percent against the yen and 

by 39 percent against the euro. In the period since August 

2011 through October 2013, the dollar has appreciated by 

about 27 percent against the yen, but has depreciated by 

nearly 5 percent against the euro. Against an index of 

currencies of 19 other important trading partners (including 

China, India, and Mexico), the dollar depreciated 10.2 

percent over the longer timeframe, and has appreciated by 

nearly 4.0 percent against this basket between August 2011 

and October 2013

December 2013
9

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments.

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund 

group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service.

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the 

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government.

December 2013
10 FEDERAL FISCAL OPERATIONS

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash.

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts.

• Table FFO-3 details on- and off-budget outlays by 

agency.

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source

[Source: Office of Tax Analysis, Office of Tax Policy]

Fourth-Quarter Receipts

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2013 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter.

Individual income taxes—Individual income tax 

receipts, net of refunds, were $324.2 billion for the fourth 

quarter of fiscal year 2013. This is an increase of $32.5 

billion over the comparable prior year quarter. Withheld 

receipts increased by $22.5 billion and non-withheld receipts 

increased by $10.3 billion during this period. Refunds 

increased by $0.2 billion over the comparable fiscal year 

2012 quarter. There was an increase of $2.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2012.

Corporate income taxes—Net corporate income tax 

receipts were $67.9 billion for the fourth quarter of fiscal 

year 2013. This is an increase of $1.6 billion compared to 

the prior year fourth quarter. The $1.6 billion change is 

comprised of an increase of $1.5 billion in estimated and 

final payments, and a decrease of $0.1 billion in corporate 

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2013 were $220.5 billion, an increase of $35.9 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $27.9 billion, $4.7 billion, and $3.4 billion

respectively. There was a -$2.4 billion accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal year 2013, while there was a 

$0.1 billion adjustment in the fourth quarter of fiscal year 

2012.

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year 

2013 were $10.7 billion, a decrease of $5.4 billion over the 

comparable quarter of fiscal year 2012. Net State taxes 

deposited in the U.S. Treasury decreased by $5.4 billion to

$9.9 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.8 billion.

December 2013
FEDERAL FISCAL OPERATIONS 11

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

fourth quarter of fiscal year 2013. This was a negligible 

change from the comparable quarter of fiscal year 2012.

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2013 were $24.6 billion, an increase of 

$1.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.0 billion, an 

increase of $0.5 billion over the comparable prior year 

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $4.0 billion for the fourth quarter of fiscal year 2013. 

These receipts represent an increase of $0.5 billion over the 

same quarter in fiscal year 2012.

Customs duties—Customs duties net of refunds were 

$8.7 billion for the fourth quarter of fiscal year 2013. This is 

an increase of $0.3 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2013 were $25.4 billion, 

a decrease of $4.7 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $2.7 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

 Fourth quarter

 July - Sept.

Fiscal year

2013

Total on- and off-budget results:

Total receipts ................................................................ 686,835 2,773,979

On-budget receipts ................................................... 519,036 2,100,705

Off-budget receipts ................................................... 167,800 673,274

Total outlays.................................................................. 857,285 3,454,254

On-budget outlays..................................................... 662,041 2,820,440

Off-budget outlays..................................................... 195,245 633,815

Total surplus or deficit (-).............................................. -170,450 -680,276

On-budget surplus or deficit (-)................................. -143,007 -719,737

Off-budget surplus or deficit (-)................................. -27,445 39,460

Means of financing:

Borrowing from the public............................................. 69,016 702,019

Reduction of operating cash......................................... 46,472 -2,940

Other means ................................................................. 54,963 -18,803

Total on- and off-budget financing............................ 170,449 680,275

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2013

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Source July Aug. Sept.

Individual income taxes...................................................... 98.1 85.3 140.9

Corporate income taxes..................................................... 7.2 3.6 57.1

Employment and general retirement.................................. 70.0 71.5 79.0

Unemployment insurance .................................................. 4.4 6.0 0.3

Contributions for other insurance and retirement.............. 0.3 0.3 0.3

Excise taxes ....................................................................... 7.2 6.3 11.1

Estate and gift taxes .......................................................... 1.6 1.3 1.1

Customs duties .................................................................. 2.9 2.8 3.0

Miscellaneous receipts....................................................... 8.4 8.3 8.6

Total budget receipts ..................................................... 200.0 185.4 301.4

Note.—Detail may not add to totals due to independent rounding.

December 2013
12 FEDERAL FISCAL OPERATIONS

December 2013
FEDERAL FISCAL OPERATIONS 

December 2013 

13

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2009 ............................ 2,104,365 1,450,355 654,010 3,520,088 3,003,070 517,018 -1,415,722 -1,552,714 136,992 1,889,727

2010 ............................ 2,161,728 1,530,040 631,688 3,455,931 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476

2013 ............................ 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974 2013 - Est.................... 2,776,563 2,102,420 674,143 3,535,881 2,899,631 636,250 -759,318 -797,211 37,893 1,026,015

2014 - Est.................... 3,023,004 2,283,787 739,217 3,773,373 3,068,252 705,121 -750,369 -784,465 34,096 1,004,520 2012 - Sept.................. 261,566 213,401 48,165 186,546 157,539 29,007 75,020 55,861 19,159 51,297

Oct................... 184,316 144,166 40,150 304,311 255,939 48,372 -119,995 -111,774 -8,222 195,246

Nov .................. 161,730 118,560 43,169 333,841 278,997 54,844 -172,112 -160,437 -11,675 109,271

Dec .................. 269,508 230,049 39,459 270,699 267,740 2,959 -1,191 -37,691 36,500 63,743

2013 - Jan ................... 272,225 207,810 64,415 269,342 212,018 57,324 2,883 -4,208 7,091 1,215

Feb .................. 122,815 67,807 55,008 326,354 260,700 65,653 -203,539 -192,894 -10,645 253,395

Mar .................. 186,018 120,570 65,448 292,548 226,200 66,348 -106,530 -105,630 -900 85,043

Apr................... 406,723 332,553 74,170 293,833 236,743 57,091 112,889 95,810 17,079 59,272

May.................. 197,182 139,762 57,420 335,914 269,499 66,415 -138,732 -129,737 -8,995 -90,096

June................. 286,627 220,392 66,235 170,126 150,562 19,564 116,501 69,830 46,672 -3,629

July .................. 200,030 146,265 53,765 297,627 237,755 59,872 -97,597 -91,491 -6,107 -3,474

Aug .................. 185,370 130,599 54,771 333,293 265,356 67,937 -147,923 -134,757 -13,166 254

Sept................. 301,435 242,172 59,264 226,366 158,930 67,436 75,070 83,241 -8,172 -2,266 

Fiscal year 2013 to date ... 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974

Means of financing—net transactions, con.

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

2009 ...................................... 99 146,766 1,743,060 -96,343 45,528 1,674 8,719 -368,200 - 1,415,282

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353

2013 ...................................... 703 -33,340 702,019 2,939 -267 42 -3,658 -23,033 346 680,276 2013 - Est.............................. 536 94,832 931,719 24,554 * * * -147,847 * 759,318

2014 - Est.............................. 962 131,799 873,683 -20,000 * * * -143,314 * 750,369 2012 - Sept ........................... 298 53,472 -1,878 55,325 723 442 -57 -16,709 - -75,020

Oct............................. 394 53,304 142,335 14,520 -58 -53 -413 -8,344 - 119,995

Nov............................ -309 -33,255 142,218 -51,019 -200 391 -6 -20,940 - 172,112

Dec............................ 399 34,804 29,338 43,774 76 39 -527 15,215 - 1,191

2013 - Jan ............................. 98 22,252 -20,938 27,527 158 -151 111 45,700 - -2,883

Feb ............................ -219 -8,776 261,952 -38,497 -945 -304 -573 -98,732 - 203,539

Mar............................ -133 -10,445 95,355 -2,599 -560 -334 -825 6,857 - 106,530

Apr............................. 46 31,419 27,899 134,711 351 -133 57 -5,802 - -112,889

May ........................... 97 -43,736 -46,263 -179,182 -360 -128 -1,346 3,979 - 138,732

June .......................... 193 -4,543 1,107 100,176 186 248 618 -16,145 -235 -116,501

July............................ 165 -15,529 12,220 -25,165 333 -230 223 60,538 - 97,597

Aug............................ -199 -49,349 49,404 -83,558 78 343 -1,295 13,760 327 147,923

Sept........................... 171 -9,486 7,392 62,251 674 354 318 -19,119 254 -75,070 

Fiscal year 2013 to date ............. 703 -33,340 702,019 2,939 -267 42 -3,658 -23,033 346 680,276 

 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2014, 

released by the Office of Management and Budget on July 8, 2013. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 
14 FEDERAL FISCAL OPERATIONS

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year

or month

Income taxes

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

Individual Corporation hospital insurance

Withheld

(1)

Other

(2)

Refunds

(3)

 Net

 (4)

 Gross

 (5)

Refunds

(6)

Net

(7)

Net income 

taxes

(8)

 Gross

 (9)

 

Refunds

 (10)

Net

(11)

2009 .................. 861,774 312,474 258,940 915,307 225,891 87,662 138,229 1,053,536 847,184 2,511 844,673

2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

2013 .................. 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545

2013 - Est.......... 1,309,683 - - 1,309,683 278,684 - 278,684 1,588,367 883,936 - 883,936

2014 - Est.......... 1,395,844 - - 1,395,844 333,444 - 333,444 1,729,288 963,310 - 963,310

2012 - Sept........ 70,012 49,664 2,889 116,787 58,355 2,338 56,017 172,804 68,716 2,305 66,411

Oct......... 95,293 15,155 8,409 102,039 9,014 7,395 1,619 103,658 55,475 - 55,475

Nov........ 78,982 4,534 8,489 75,027 4,688 1,469 3,219 78,246 59,835 - 59,835

Dec........ 128,078 9,657 2,404 135,331 60,877 3,207 57,670 193,001 55,597 - 55,597

2013 - Jan ......... 93,832 62,262 127 155,967 10,206 2,454 7,752 163,719 83,981 - 83,981

Feb ........ 92,779 5,757 66,309 32,227 5,382 4,209 1,173 33,400 70,117 - 70,117

Mar ........ 103,809 9,181 58,363 54,627 33,842 4,988 28,854 83,481 83,033 - 83,033

Apr......... 85,958 209,034 54,788 240,204 41,035 4,951 36,083 276,287 96,756 - 96,756

May........ 88,094 6,436 16,090 78,439 8,586 2,324 6,262 84,701 73,300 - 73,300

June....... 72,874 50,482 5,050 118,306 64,768 1,809 62,959 181,265 85,293 - 85,293

July ........ 94,757 7,088 3,764 98,082 9,208 2,035 7,173 105,255 69,527 - 69,527

Aug........ 82,808 5,703 3,225 85,286 4,966 1,370 3,595 88,881 71,079 - 71,079

Sept....... 85,481 58,362 2,974 140,870 59,905 2,759 57,146 198,016 80,995 2,443 78,552

Fiscal year 2013 

to date ................ 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545

Fiscal year

or month

Social insurance and retirement receipts, con.

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement

Railroad retirement Net employment 

and general 

retirement

(15)

Gross

(16)

 Refunds

 (17)

 Net un-

 employment

 insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

Gross

(12)

Refunds

(13)

Net

(14)

2009 ............................ 4,214 1 4,213 848,886 37,996 107 37,889 4,104 38 4,142

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

2013 ............................ 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564

2013 - Est.................... 5,024 - 5,024 888,960 58,593 - 58,593 3,727 19 3,746

2014 - Est.................... 5,172 - 5,172 968,482 57,191 - 57,191 4,516 17 4,533

2012 - Sept ................. 358 * 358 66,770 513 10 502 288 2 290

Oct................... 570 * 570 56,045 2,771 4 2,767 294 2 296

Nov.................. 339 * 339 60,174 4,818 5 4,813 328 2 330

Dec.................. 387 58 329 55,925 649 4 645 289 3 292

2013 - Jan ................... 463 * 463 84,444 5,050 2 5,048 277 2 279

Feb.................. 569 4 565 70,683 3,598 1 3,596 271 2 273

Mar.................. 498 * 498 83,530 698 18 680 330 2 332

Apr................... 455 * 455 97,211 9,863 47 9,817 279 2 281

May ................. 484 1 483 73,783 18,255 16 18,240 312 2 314

June ................ -131 * -131 85,163 542 10 532 275 2 277

July.................. 501 * 501 70,028 4,432 15 4,418 267 2 269

Aug.................. 395 * 395 71,474 5,981 12 5,969 311 2 313

Sept................. 433 * 433 78,985 301 15 286 306 2 308

Fiscal year 2013 to date... 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564

See footnotes at end of table.

December 2013
FEDERAL FISCAL OPERATIONS 15

Fiscal year

or month

Excise

taxes, con.

Net excise 

taxes

(35)

Estate and gift taxes Customs duties

Net miscellaneous receipts

Total receipts

Deposits of 

earnings by 

Federal 

Reserve 

banks

(42)

Universal 

service fund 

and all 

other

(43)

Total

(44)

 Gross

 (36)

 Refunds

 (37)

Net

(38)

Gross

(39)

Refunds

(40)

Net 

(41)

On-budget

(45)

Off-budget

(46)

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 95,855 1,530,040 631,688

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500

2013 ....................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274

2013 - Est............... 85,334 17,690 - 17,690 32,154 - 32,154 78,000 23,719 101,719 2,102,420 674,143

2014 - Est............... 105,169 15,243 - 15,243 36,481 - 36,481 83,000 23,617 106,617 2,283,787 739,217

2012 - Sept ............ 9,641 997 50 947 2,814 77 2,737 6,697 1,178 7,874 213,401 48,165

Oct.............. 6,662 1,186 43 1,143 3,059 120 2,940 8,229 2,576 10,804 144,166 40,150

Nov............. 6,848 991 98 893 2,774 110 2,664 6,460 1,304 7,762 118,561 43,169

Dec............. 6,559 1,215 37 1,178 2,576 116 2,460 7,119 2,328 9,447 230,049 39,459

2013 - Jan .............. 6,352 1,162 32 1,130 2,873 74 2,799 5,650 2,802 8,453 207,810 64,415

Feb............. 5,051 1,107 80 1,027 2,408 124 2,284 3,845 2,656 6,501 67,807 55,008

Mar............. 7,362 1,194 67 1,126 2,608 82 2,526 5,080 1,899 6,980 120,570 65,448

Apr.............. 6,922 6,206 317 5,888 2,643 148 2,495 5,815 2,007 7,822 332,553 74,170

May ............ 6,893 1,385 53 1,333 2,493 93 2,400 7,211 2,308 9,518 139,762 57,420

June ........... 6,719 1,271 38 1,233 2,667 104 2,563 7,080 1,795 8,875 220,392 66,235

July............. 7,211 1,624 47 1,577 2,999 114 2,884 6,623 1,765 8,388 146,265 53,765

Aug............. 6,315 1,305 52 1,253 2,949 106 2,843 6,343 1,978 8,322 130,599 54,771

Sept............ 11,114 1,184 55 1,129 3,070 114 2,956 6,311 2,332 8,642 242,172 59,264

Fiscal year 2013 to date ...................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274

Note.—These estimates are based on the President’s Budget for Fiscal Year 2014, released 

by the Office of Management and Budget on July 8, 2013.

* Less than $500,000.

- No transactions.

Detail may not add to totals due to rounding.

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Excise taxes

Fiscal year 

or month

Airport and Airway Trust Fund

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous

Gross

(23)

Refunds

 (24)

 Net

 (25)

Gross

(26)

Refunds

(27)

Net

(28)

Gross

(29)

Refunds

(30)

 Net

 (31)

 Gross

 (32)

Refunds

 (33)

 Net

 (34)

2009.............................. 890,918 10,679 110 10,569 645 - 645 36,007 1,046 34,961 23,408 7,100 16,308

2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076

2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409

2013 - Est. .................... 951,299 12,670 - 12,670 587 - 587 37,596 - 37,596 34,481 - 34,481

2014 - Est ..................... 1,030,206 14,020 - 14,020 587 - 587 37,637 - 37,637 52,925 - 52,925

2012 - Sept ................... 67,562 1,004 3 1,001 104 - 104 6,549 - 6,549 2,462 475 1,987

Oct .................... 59,108 116 - 116 7 - 7 438 - 438 6,357 257 6,100

Nov.................... 65,317 1,298 - 1,298 68 - 68 4,096 - 4,096 1,481 96 1,385

Dec.................... 56,862 1,129 - 1,129 59 - 59 3,560 - 3,560 1,845 34 1,811

2013 - Jan..................... 89,771 1,049 - 1,049 55 - 55 3,305 - 3,305 1,998 55 1,943

Feb.................... 74,552 1,084 - 1,084 53 - 53 3,156 - 3,156 875 117 758

Mar.................... 84,542 1,345 7 1,338 24 - 24 2,306 - 2,306 4,221 527 3,694

Apr .................... 107,309 1,089 - 1,089 53 - 53 3,161 - 3,161 2,780 161 2,619

May ................... 92,337 1,105 - 1,105 45 - 45 3,190 - 3,190 2,732 179 2,553

June .................. 85,972 664 3 661 3 - 3 1,531 - 1,531 5,169 645 4,525

July.................... 74,715 1,051 - 1,051 43 - 43 3,031 - 3,031 3,191 105 3,086

Aug.................... 77,756 1,049 6 1,043 45 - 45 3,384 - 3,384 2,965 1,123 1,842

Sept................... 79,579 1,698 3 1,695 74 - 74 5,252 - 5,252 4,809 716 4,093

Fiscal year 2013 to date..... 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409

December 2013
FEDERAL FISCAL OPERATIONS 

December 2013 

16 

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2009 ....................... 4,703 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

2013 ....................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309 2013 - Est............... 4,792 7,283 159,620 9,391 610,266 44,431 25,977 903,970 58,377 56,518 9,964 29,897 86,163

2014 - Est............... 4,894 7,621 149,080 9,327 585,950 74,352 29,426 962,354 53,666 40,283 13,065 35,515 81,066 2012 - Sept............. 340 578 9,904 758 49,694 4,072 2,849 54,585 3,491 2,784 1,495 2,934 6,428

Oct.............. 442 573 21,437 961 62,549 3,853 2,506 76,312 4,858 2,756 910 3,569 5,493

Nov ............. 371 623 14,685 786 53,784 5,722 2,240 90,318 5,352 2,763 -892 2,485 7,651

Dec ............. 354 563 16,363 811 50,140 6,054 2,451 55,528 5,613 3,006 913 1,431 7,647

2013 - Jan .............. 380 563 15,537 736 50,885 -1,032 1,964 72,350 5,866 2,530 851 2,615 8,936

Feb ............. 328 545 11,811 688 43,625 7,971 2,055 70,377 5,146 2,749 789 2,450 6,516

Mar ............. 338 738 11,049 545 53,615 7,180 967 72,497 5,532 2,761 879 2,492 7,287

Apr.............. 399 542 11,756 927 46,514 81 1,949 75,319 4,519 2,412 940 2,486 7,703

May............. 363 616 11,747 705 54,277 6,465 2,319 93,732 4,321 2,363 726 2,899 6,020

June............ 310 501 10,443 802 42,282 -9,296 2,577 53,035 3,812 1,828 1,552 1,700 5,955

July ............. 324 576 10,801 680 48,904 4,699 1,900 78,891 3,621 7,089 633 2,568 6,750

Aug ............. 345 669 10,859 682 53,367 7,028 1,650 94,535 3,633 2,289 1,153 2,428 5,972

Sept ............ 374 557 9,409 814 47,859 2,185 2,099 53,399 4,947 24,031 1,151 2,617 4,379 

Fiscal year 2013 

 to date ...................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 2009 ....................... 21,430 73,006 383,073 318,701 95,454 6,840 57,276 8,070 742 320 14,801

2010 ....................... 23,804 77,751 413,955 30,385 108,275 9,875 54,031 11,007 583 861 20,040

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060

2013 ....................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745 2013 - Est............... 29,536 78,505 414,655 -10,700 138,901 7,180 56,453 9,158 384 -124 21,630

2014 - Est............... 30,412 86,422 419,797 93,387 149,501 7,059 57,722 8,403 408 -508 26,375 2012 - Sept ............ 3,724 8,203 16,700 -30,129 5,928 554 1,202 955 32 120 1

Oct.............. 1,893 7,489 12,923 4,787 11,396 645 5,329 900 26 -25 1,207

Nov............. 2,996 5,793 25,069 6,800 15,812 777 8,546 781 30 -146 2,082

Dec............. 2,186 6,708 95,737 -2,065 10,628 672 5,254 835 31 63 1,624

2013 - Jan .............. 1,723 5,091 17,817 3,101 6,344 537 1,523 891 29 -60 -12

Feb............. 1,757 4,787 16,882 52,350 10,719 422 5,208 951 32 -119 2,081

Mar............. 1,824 5,089 23,472 -742 12,332 424 4,759 817 37 142 2,313

Apr.............. 1,836 5,574 35,952 10,836 11,335 471 2,338 748 34 -191 845

May ............ 1,874 5,998 24,378 6,774 16,631 499 8,833 685 34 219 2,473

June ........... 1,615 6,460 93,032 -63,386 7,150 437 1,153 604 28 -103 3,150

July............. 2,357 6,883 25,077 2,746 11,145 472 4,661 553 29 -67 662

Aug............. 1,714 7,730 25,488 2,619 17,996 389 8,299 782 36 105 1,499

Sept............ 4,153 8,715 19,844 -40,438 6,975 556 908 938 34 -186 1,821 Fiscal year 2013 

 to date...................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 17

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Undistributed offsetting receipts

Fiscal year

or month

National 

Aeronautics

and

Space

Administration

(25)

National 

Science 

Foundation

(26)

Office of

Personnel 

Management

(27)

Small

Business 

Administration

(28)

Social

Security

Administration

(29)

Independent 

agencies

(30)

Employer 

share, 

employee 

retirement

(31)

Interest 

received 

by trust 

funds

(32)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(33)

Other

(34)

Total outlays

Onbudget 

(35)

 Offbudget

 (36)

2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815

2013 - Est.......... 16,802 7,293 89,465 893 868,958 37,506 -85,631 -155,978 -7,350 11,696 2,899,631 636,250

2014 - Est.......... 17,992 7,798 95,862 1,134 912,719 18,237 -84,706 -150,649 -7,516 36,925 3,068,252 705,121

2012 - Sept ....... 1,659 631 7,310 87 39,304 3,206 -5,750 422 -484 -7,040 157,539 29,007

Oct......... 1,334 650 7,520 95 69,659 3,430 -20,646 11,141 -1,661 - 255,939 48,372

Nov........ 1,397 594 6,837 93 73,919 4,210 -5,620 -1,422 -592 - 278,998 54,844

Dec........ 1,846 669 6,390 101 71,118 2,039 -5,178 -75,680 -567 -2,588 267,740 2,959

2013 - Jan ......... 980 370 7,416 123 67,180 1,941 -5,336 -1,930 -567 - 212,018 57,324

Feb........ 1,281 607 6,886 98 71,911 1,528 -5,290 -166 -621 - 260,700 65,653

Mar........ 1,455 593 6,537 117 72,501 2,006 -5,765 -1,138 -104 - 226,200 66,348

Apr......... 1,172 402 7,535 -687 71,743 1,090 -5,440 -6,231 -1,075 - 236,743 57,091

May ....... 1,580 598 6,799 115 77,140 2,653 -5,781 -1,537 -604 - 269,499 66,415

June ...... 1,278 674 6,377 106 72,962 3,386 -5,402 -74,458 -437 - 150,562 19,564

July........ 1,422 650 7,673 96 72,777 2,639 -5,419 -2,716 -1,450 - 237,755 59,872

Aug........ 1,490 851 6,908 111 77,509 3,298 -5,678 -2,095 -369 - 265,356 67,937

Sept....... 1,743 760 6,990 105 68,976 -2,314 -5,766 -444 -827 - 158,930 67,436

Fiscal year 2013 

to date................ 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815

Note.—These estimates are based on the President’s Budget for Fiscal Year 2014,

released by the Office of Management and Budget on July 8, 2013.

* Less than $500,000.

- No transactions.

Detail may not add to totals due to rounding.

December 2013
18 FEDERAL FISCAL OPERATIONS

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency,

September 2013 and Other Periods

[In millions of dollars. Source: Financial Management Service]

This fiscal year to date Prior fiscal year to date

Classification

General

funds

(1)

Management, 

consolidated, 

revolving and 

special funds

(2)

Trust

funds

(3)

 Total

 funds

 (4)

 General

 funds

 (5)

Management, 

consolidated, 

revolving and 

special funds

(6)

Trust

funds

(7)

Total

funds

(8)

Budget receipts:

Individual income taxes............................................... 1,316,370 35 - 1,316,405 1,132,168 37 - 1,132,206

Corporation income taxes........................................... 273,505 -. * 273,506 242,289 - * 242,289

Social insurance and retirement receipts:

Employment and general retirement (off-budget)... - - 673,274 673,274 - - 569,501 569,501

Employment and general retirement (on-budget)... - - 214,171 214,171 - - 205,426 205,426

Unemployment insurance ....................................... - - 56,810 56,810 - - 66,647 66,647

Other retirement...................................................... - - 3,564 3,564 - - 3,739 3,739

Excise taxes ................................................................ 30,015 1,231 52,763 84,008 19,362 997 58,703 79,061

Estate and gift taxes ................................................... 18,912 - - 18,912 13,973 - - 13,973

Customs duties ........................................................... 20,638 9,578 1,599 31,814 19,464 9,232 1,611 30,307

Miscellaneous receipts................................................ 81,342 17,611 2,561 101,513 85,075 19,942 926 105,943

Total receipts....................................................... 1,740,781 28,455 1,004,742 2,773,978 1,512,331 30,209 906,553 2,449,093

(On-budget)..................................................... 1,740,781 28,455 331,467 2,100,704 1,512,331 30,209 337,052 1,879,592

(Off-budget)..................................................... - - 673,274 673,274 - - 569,501 569,501

Budget outlays:

Legislative branch ....................................................... 4,314 -6 22 4,329 4,536 -99 * 4,437

Judicial branch ............................................................ 6,490 615 -40 7,065 6,907 353 -32 7,228

Department of Agriculture........................................... 131,734 23,230 929 155,893 128,024 10,609 1,081 139,714

Department of Commerce........................................... 8,917 207 13 9,137 10,115 157 -1 10,271

Department of Defense-military .................................. 604,373 3,227 202 607,801 645,667 5,012 185 650,864

Department of Education ............................................ 41,110 -201 1 40,910 56,913 336 1 57,249

Department of Energy................................................. 26,547 -1,871 * 24,675 34,051 -1,571 * 32,481

Department of Health and Human Services ............... 630,759 -163 255,698 886,293 607,717 -236 240,572 848,054

Department of Homeland Security.............................. 52,917 4,067 234 57,219 49,679 -2,754 499 47,423

Department of Housing and Urban Development....... 56,769 -194 1 56,576 50,709 -1,113 1 49,597

Department of the Interior........................................... 11,473 -2,362 495 9,606 12,773 -325 441 12,889

Department of Justice ................................................. 27,554 2,200 -12 29,742 27,836 3,323 1 31,159

Department of Labor................................................... 36,825 -1,434 44,919 80,310 51,621 -289 53,278 104,610

Department of State.................................................... 25,690 -259 495 25,926 26,487 -79 540 26,948

Department of Transportation..................................... 19,682 -70 56,709 76,320 16,946 -221 58,423 75,148

Department of the Treasury:

Interest on the public debt....................................... 415,670 - - 415,670 359,241 - - 359,241

Other ....................................................................... -17,200 510 73 -16,617 104,957 693 -179 105,471

Department of Veterans Affairs .................................. 140,374 -2,911 1,001 138,464 125,855 -2,762 1,033 124,126

Corps of Engineers ..................................................... 5,567 -156 889 6,300 6,824 -135 1,088 7,777

Other defense civil programs...................................... 79,592 -4,208 -12,272 56,812 71,625 21,389 -15,699 77,314

Environmental Protection Agency............................... 9,223 -45 306 9,484 9,946 -25 2,875 12,796

Executive Office of the President................................ 381 * - 380 405 * * 405

General Services Administration ................................ 121 -490 - -369 31 1,723 - 1,754

International Assistance Program............................... 20,746 -703 -303 19,741 21,340 -881 -450 20,009

National Aeronautics and Space Administration ........ 17,003 -29 1 16,976 17,275 -86 1 17,190

National Science Foundation...................................... 7,295 94 28 7,417 7,143 109 4 7,256

Office of Personnel Management ............................... 44,061 -1,407 41,214 83,868 43,927 -1,785 37,314 79,456

Small Business Administration.................................... 506 -30 * 476 2,954 -18 * 2,936

Social Security Administration .................................... 109,855 -5 757,543 867,394 188,232 9 632,903 821,144

Other independent agencies....................................... 10,517 11,447 3,945 25,909 10,940 18,307 4,771 34,017

Undistributed offsetting receipts:

Interest .................................................................... - - -156,675 -156,675 - - -127,142 -127,142

Other ....................................................................... -10,411 -9,578 -72,794 -92,783 -18,549 -12,192 -72,794 -103,535

Total outlays........................................................ 2,518,456 19,475 922,624 3,454,253 2,682,125 37,447 818,713 3,538,286

(On-budget)..................................................... 2,518,201 21,642 287,448 2,820,440 2,681,869 35,032 313,794 3,030,697

(Off-budget)..................................................... 255 -2,168 635,175 633,813 256 2,415 504,919 507,589

Surplus or deficit (-)............................................. -777,675 8,980 82,118 -680,276 -1,169,794 -7,238 87,840 -1,089,193

(On-budget)..................................................... -777,420 6,812 44,019 -719,736 -1,169,538 -4,823 23,258 -1,151,105

(Off-budget)..................................................... -255 2,168 38,099 39,461 -256 -2,415 64,582 61,912

- No transactions.

* Less than $500,000.

Note.—Detail may not add to totals due to rounding.

December 2013
FEDERAL FISCAL OPERATIONS 19

TABLE FFO-5.—Internal Revenue Receipts by State, 2013

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

 Individual income taxes, employment taxes, and estate and trust income taxes

State

Total

Internal

Revenue

collections 1

(1)

Business

income

taxes 2

(2)

Total

(3)

Individual

Income taxes

withheld and

FICA taxes 3

(4)

Individual

income taxes

not withheld

and SECA

taxes 3

(5)

United States, total 4 ................... 2,855,059,420 311,993,954 2,462,201,644 1,953,721,711 470,346,703 

Alabama ........................................ 23,768,453 1,142,197 22,274,286 18,039,205 4,055,257 

Alaska............................................ 5,292,749 179,154 5,051,144 3,901,510 1,095,706 

Arizona .......................................... 36,766,759 2,926,319 32,241,697 25,297,111 6,574,499 

Arkansas ....................................... 28,770,400 7,449,802 20,637,519 17,423,948 2,904,659 

California ....................................... 334,445,683 35,639,767 291,126,396 219,888,306 68,136,334 

Colorado........................................ 46,540,795 5,141,534 40,280,328 31,106,516 8,870,020 

Connecticut ................................... 53,704,785 6,939,000 45,530,123 33,402,502 10,946,145 

Delaware ....................................... 20,057,532 5,771,419 13,941,683 12,063,576 950,605 

District of Columbia....................... 24,464,851 1,625,771 22,755,545 20,189,446 2,115,874 

Florida ........................................... 141,179,869 8,235,208 129,887,704 93,370,326 33,952,358 

Georgia.......................................... 74,303,515 10,396,978 60,618,390 50,308,951 9,704,993 

Hawaii............................................ 7,139,543 383,103 6,528,314 4,964,525 1,491,985 

Idaho ............................................. 8,666,412 505,957 8,084,956 6,382,856 1,635,771 

Illinois ............................................ 137,079,047 16,206,472 117,324,824 93,606,450 20,721,869 

Indiana........................................... 50,995,987 3,616,067 46,392,430 39,764,188 6,247,914 

Iowa............................................... 21,190,283 1,265,814 19,633,500 15,314,666 4,200,992 

Kansas .......................................... 24,724,220 2,659,407 20,368,356 15,756,662 4,110,647 

Kentucky........................................ 27,746,957 2,282,636 24,959,741 21,357,485 3,393,797 

Louisiana....................................... 40,184,133 1,510,901 38,108,971 31,802,335 6,086,146 

Maine............................................. 6,744,846 290,224 6,217,120 4,895,862 1,252,510 

Maryland........................................ 56,331,330 2,662,637 53,095,369 43,528,741 8,872,780 

Massachusetts .............................. 90,473,596 5,999,251 82,798,541 66,746,613 15,090,064 

Michigan........................................ 68,913,699 4,942,077 63,300,506 51,123,570 11,306,533 

Minnesota...................................... 90,714,676 18,053,508 71,577,258 62,958,077 8,110,161 

Mississippi..................................... 10,432,421 491,179 9,764,861 7,463,190 2,209,464 

Missouri......................................... 54,411,455 6,832,392 46,242,283 39,156,715 6,409,029 

Montana ........................................ 4,995,933 188,462 4,741,631 3,286,125 1,391,949 

Nebraska....................................... 23,804,581 7,730,463 15,897,544 11,816,784 2,828,918 

Nevada.......................................... 15,858,518 879,520 14,672,430 9,788,103 4,416,251 

New Hampshire............................. 10,002,159 277,679 9,436,613 7,209,619 1,826,805 

New Jersey ................................... 128,056,463 19,109,061 105,736,180 88,887,425 15,728,794 

New Mexico................................... 8,547,162 201,375 8,102,959 6,154,593 1,867,105 

New York....................................... 231,883,392 25,433,000 201,731,316 154,697,354 43,698,863 

North Carolina............................... 66,075,031 6,967,687 58,644,114 49,655,447 8,484,011 

North Dakota................................. 7,568,627 892,267 6,602,013 4,235,096 2,331,127 

Ohio............................................... 124,728,306 12,141,660 108,536,464 95,491,346 11,808,070 

Oklahoma...................................... 30,056,240 3,602,573 22,877,333 16,844,457 5,193,092 

See footnotes at end of table.

December 2013
20 FEDERAL FISCAL OPERATIONS

TABLE FFO-5.—Internal Revenue Receipts by State, 2013, con.

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

 Individual income taxes, employment taxes, and estate and trust income taxes

State

Total

Internal

Revenue

collections 1

(1)

Business

income

taxes 2

(2)

Total

(3)

Individual

Income taxes

withheld and

FICA taxes 3

(4)

Individual

income taxes

not withheld

and SECA

taxes 3

(5)

Oregon .......................................... 25,722,995 1,674,506 23,695,692 19,118,656 4,412,109 

Pennsylvania................................. 120,386,216 11,902,703 105,290,204 88,000,639 16,028,246 

Rhode Island................................. 13,010,520 3,269,557 9,649,119 8,194,169 1,247,267 

South Carolina .............................. 20,445,012 1,174,816 18,913,162 14,937,307 3,827,541 

South Dakota ................................ 6,317,283 239,288 6,008,407 3,443,073 1,712,668 

Tennessee .................................... 53,900,702 5,511,839 46,987,905 40,169,160 6,450,452 

Texas............................................. 249,918,795 33,933,242 195,548,621 146,935,454 44,135,584 

Utah............................................... 17,659,078 1,526,284 15,477,647 12,192,239 3,134,397 

Vermont......................................... 45,047,000 320,442 3,670,831 2,816,169 754,383 

Virginia .......................................... 71,370,293 10,514,645 60,251,350 47,615,838 11,375,651 

Washington ................................... 59,873,187 4,212,838 54,510,630 42,158,932 11,898,590 

West Virginia................................. 6 ,799,372 364,399 6,337,005 5,050,153 1,242,937 

Wisconsin...................................... 46,378,037 5,016,289 40,695,445 33,031,965 7,092,602 

Wyoming ....................................... 5,305,213 134,181 4,997,781 2,411,968 2,438,596 

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 

654,719 26,411 623,130 501,397 109,940 

Puerto Rico ................................... 3 ,303,483 66,060 3,235,258 2,875,357 331,669 

International .................................. 9,373,683 1,434,272 7,551,182 3,984,037 3,548,573 

Undistributed 5............................... 3,973,423 99,664 3,037,836 2,405,514 584,405 

See footnotes at end of table.

December 2013
FEDERAL FISCAL OPERATIONS 21

TABLE FFO-5.—Internal Revenue Receipts by State, 2013, con.

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

Individual income and employment taxes-continued

State

Unemployment

insurance

taxes

(6)

Railroad

retirement

taxes

(7)

Estate

and trust

income

taxes

(8)

Estate

taxes 4

(9)

Gift

taxes

(10)

Excise

taxes 

(11)

United States, total 5 ........................ 7,895,992 5,510,733 24,726,505 14,051,771 5,778,377 61,033,674 

Alabama ............................................. 64,450 2,998 112,375 137,594 27,269 187,108 

Alaska................................................. 12,089 1,812 40,026 10,576 218 51,657 

Arizona ............................................... 132,482 1,674 235,931 123,379 109,249 1,366,115 

Arkansas ............................................ 166,402 3,153 139,357 65,770 8,201 609,107 

California ............................................ 1,087,932 18,706 1,995,118 2,927,159 843,931 3,908,430 

Colorado............................................. 95,048 14,975 193,769 203,738 102,863 812,332 

Connecticut ........................................ 112,001 5,204 1,064,271 330,025 187,557 718,080 

Delaware ............................................ 31,986 177 895,340 19,478 838 324,113 

District of Columbia............................ 14,807 387,953 47,465 48,604 4,798 30,133 

Florida ................................................ 551,857 754,599 1,258,564 1,513,989 576,960 966,008 

Georgia............................................... 296,538 1,977 305,932 148,464 236,087 2,903,596 

Hawaii................................................. 16,021 - 55,782 41,803 22,571 163,752 

Idaho .................................................. 34,228 997 31,104 22,909 17,260 35,331 

Illinois ................................................. 288,284 219,980 2,488,240 522,402 248,154 2,777,195 

Indiana................................................ 200,797 24,417 155,114 150,506 28,831 808,153 

Iowa.................................................... 49,220 5,409 63,214 122,489 26,780 141,701 

Kansas ............................................... 63,204 308,317 129,526 85,720 50,376 1,560,362 

Kentucky............................................. 112,787 11,429 84,243 298,494 24,394 181,693 

Louisiana............................................ 69,377 4,018 147,094 158,904 36,043 369,314 

Maine.................................................. 17,112 5,721 45,915 75,269 4,558 157,675 

Maryland............................................. 110,865 13,184 569,800 212,826 113,921 246,577

Massachusetts ................................... 173,020 64,817 724,028 350,074 154,994 1,170,736 

Michigan............................................. 182,751 76,860 610,792 331,301 85,973 253,843 

Minnesota........................................... 189,410 93,110 226,501 171,943 104,991 806,976 

Mississippi.......................................... 32,405 1,133 58,669 53,620 8,140 114,621 

Missouri.............................................. 187,875 76,930 411,733 313,648 34,676 988,457 

Montana ............................................. 13,044 24,809 25,705 13,081 8,911 43,848 

Nebraska............................................ 37,530 1,136,959 77,353 55,771 35,317 85,486 

Nevada............................................... 73,526 103 394,448 146,142 51,480 108,946 

New Hampshire.................................. 21,884 64 378,241 58,721 39,812 189,333 

New Jersey ........................................ 315,231 139,401 665,330 326,929 192,097 2,692,196 

New Mexico........................................ 23,399 77 57,784 39,461 22,091 181,276 

New York............................................ 563,289 363,944 2,407,868 1,439,069 655,581 2,624,426 

North Carolina.................................... 269,448 6,634 228,573 162,398 85,075 215,757 

North Dakota...................................... 14,768 5,723 15,299 27,349 4,854 42,143 

Ohio.................................................... 396,867 21,901 818,279 226,743 103,568 3,719,871 

Oklahoma........................................... 66,107 2,848 770,828 96,995 29,651 3,449,688 

See footnotes at end of table.

December 2013
22 FEDERAL FISCAL OPERATIONS

TABLE FFO-5.—Internal Revenue Receipts by State, 2013, con.

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

Individual income and employment taxes-continued

State

Unemployment

insurance

taxes

(6)

Railroad

retirement

taxes

(7)

Estate

and trust

income

taxes

(8)

Estate

taxes

(9)

Gift

taxes

(10)

Excise

taxes 

(11)

Oregon ............................................... 71,084 777 93,066 90,734 42,973 219,089 

Pennsylvania...................................... 280,407 60,116 920,796 499,016 228,801 2,465,492 

Rhode Island...................................... 40,131 11 167,540 44,800 30,832 16,213 

South Carolina ................................... 58,642 1,288 88,383 139,018 18,861 199,156 

South Dakota ..................................... 11,263 323 841,080 18,942 15,835 34,810 

Tennessee ......................................... 171,532 2,278 194,483 167,716 24,125 1,209,118 

Texas.................................................. 518,905 789,856 3,168,821 890,069 596,861 18,950,003 

Utah.................................................... 50,551 5,041 95,420 58,987 13,254 582,905 

Vermont.............................................. 12,122 2,432 85,725 31,602 2,342 21,784 

Virginia ............................................... 155,519 831,110 273,232 291,142 109,157 203,999 

Washington ........................................ 157,911 8,754 286,442 168,554 172,939 808,226 

West Virginia...................................... 16,308 461 27,146 32,787 7,412 57,769 

Wisconsin........................................... 196,972 4,009 369,896 132,246 27,654 506,404 

Wyoming ............................................ 7,738 768 138,711 53,425 52,295 67,532 

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 4,460 - 7,333 4,489 176 513 

Puerto Rico ....................................... 27,965 (1) 268 647 - 1,518 

International ...................................... 9,003 1,447 8,121 77,691 16,710 293,828 

Undistributed 3................................... 17,437 48 30,431 316,564 130,080 389,279 

1 Excludes excise taxes paid to the U.S. Customs Border Protection and the Alcohol and 

Tobacco Tax and Trade Bureau. 2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 3 Collections of individual income tax are not reported by taxpayers separately from Old-Age, 

Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and wages (under 

the Federal Insurance Contributions Act or FICA) and taxes on self-employment income 

(under the Self-Employment Insurance Contributions Act or SECA). 4 Excludes adjustments and credits to taxpayer accounts.

5 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts.

Notes: Partnership and S corporation data are not shown in this table since these entities 

generally do not have a tax liability. Instead, they pass through any profits or losses to the 

underlying owners who include these profits or losses on their income tax returns.

Collection and refund data may not be comparable for a given fiscal year, 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2013 may result in 

negative amounts when such adjustments exceed current-year collections.

Classification by State is based on the individual's address (or, in the case of 

businesses, the location of the principal office or place of business). However, 

some individuals may use the address of a tax attorney or accountant. Sole 

proprietors, partners in a partnership, or shareholders in an S corporation may 

use their business addresses. Such addresses could have been located in a 

State other than the State in which the individual resided. Similarly, taxes 

withheld reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

principal office, the operations of these corporations may be located in one or 

more other State(s).

Detail may not add to totals because of rounding

December 2013
FEDERAL FISCAL OPERATIONS 23

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Headquarters:

Revenue Division, Indianapolis, IN.............................. $3,571,793,630.59

Portland, Maine:

Portland, ME .................................. 10101................. 40,537,462.57

Bangor, ME .................................... 10102................. 204,352.24

Eastport, ME .................................. 10103................. 81,533.95

Jackman, ME ................................. 10104................. 634,346.62

Vanceboro, ME .............................. 10105................. 5,030,066.83

Houlton, ME ................................... 10106................. 3,695,610.67

Fort Fairfield, ME............................ 10107................. 56,267.66

Van Buren, ME............................... 10108................. 62,418.79

Madawaska, ME............................. 10109................. 58,111.17

Fort Kent, ME................................. 10110................. 12,229.77

Calais, ME...................................... 10115................. 3,487,891.93

Limestone, ME ............................... 10118................. 1,694.85

Bridgewater, ME............................. 10127................. 20,549.12

Portsmouth, NH.............................. 10131................. 736,529.82

Belfast, ME..................................... 10132................. 598,332.64

Manchester Airport, NH ................... 10182................. 225,653.26

Total District ........................................................... 55,443,051.89

St. Albans, Vermont:

St. Albans, VT....................................... 10201................. 323,505.57

Richford, VT.......................................... 10203................. 24,711.42

Beecher Falls, VT................................. 10206................. 10,906.27

Burlington, VT....................................... 10207................. 46,073.21

Derby Line, VT...................................... 10209................. 6,355,876.48

Norton, VT............................................. 10211................. 1,057,351.39

Highgate Springs/Alburg, VT.............. 10212................. 43,463,033.78

Total District ........................................................... 51,281,458.12

Boston, Massachusetts:

Boston, MA..................................... 10401................. 230,652,024.69

Springfield, MA............................... 10402................. 11,203.84

Worcester, MA ............................... 10403................. 21,868,191.87

Gloucester, MA .............................. 10404................. 3,820.09

New Bedford, MA........................... 10405................. 8,386,925.36

Salem, MA...................................... 10408................. 8,890,791.94

Bridgeport, CT................................ 10410................. 2,497,513.01

Hartford, CT ................................... 10411................. 6,982,939.42

New Haven, CT.............................. 10412................. 7,378,797.10

New London, CT ............................ 10413................. 197,334.68

Lawrence, MA ................................ 10416................. 184,933.55

Logan Airport, MA.......................... 10417................. 78,983,100.00

Hanscom User Fee Airport, MA..... 10481................. 292,614.87

Total District ........................................................... 366,330,190.42

Providence, Rhode Island:

Newport, RI .................................... 10501................. 23,446.40

Providence, RI................................ 10502................. 146,890,932.27

Total District ........................................................... 146,914,378.67

Ogdensburg, New York:

Ogdensburg, NY ............................ 10701................. 3,279,919.64

Massena, NY.................................. 10704................. 1,868,881.09

Alexandria Bay, NY........................ 10708................. 18,251,250.08

Ogdensburg, New York, con.:

Champlain-Rouses Point, NY........ 10712................. 121,494,421.85

Trout River, NY .............................. 10715................. 194,366.64

Total District ........................................................... 145,088,839.30

Buffalo, New York:

Buffalo-Niagara Falls, NY .............. 10901................. 312,223,875.37

Rochester, NY................................ 10903................. 6,013,840.70

Oswego, NY................................... 10904................. 259,429.34

Syracuse, NY ................................. 10906................. 5,153,782.39

Binghamton Regional Airport, NY... 10981................. 138,468.11

Total District ........................................................... 323,789,395.91

New York, New York:

New York, NY................................. 21001................. 410,880,961.27

Albany, NY ..................................... 21002................. 1,048,950.88

New York/Newark Area, NJ ........... 24601................. 4,630,336,719.83

Perth Amboy, NJ............................ 24602................. 8,188,315.67

UPS, Newark, NJ ........................... 24670................. 24,341,049.14

Federal Express ECCF, NJ............ 24671................. 45,811,988.88

Morristown Airport, NJ ................... 24681................. 209,396.29

John F. Kennedy Airport, NY......... 24701................. 1,031,721,918.12

NYACC, NY.................................... 24771................. 5,619,552.51

DHL Airways, NY ........................... 24772................. 11,629,622.57

Emery Worldwide, NY.................... 24773................. 4,600,951.99

TNT Skypak., NY ........................... 24778................. 4,980,592.95

Total District ........................................................... 6,179,370,020.10

Philadelphia, Pennsylvania:

Philadelphia, PA............................. 11101................. 205,135,624.48

Chester, PA.................................... 11102................. 100,325,855.48

Wilmington, DE .............................. 11103................. 28,063,942.08

Pittsburgh, PA ................................ 11104................. 58,513,388.62

Wilkes-Barre/Scranton, PA ............ 11106................. 3,322,086.89

Philadelphia International

 Airport, PA................................... 11108................. 34,141,590.30

Harrisburg, PA................................ 11109................. 36,676,683.13

Allentown, PA................................. 11119................. 10,996,394.64

Atlantic City Airport, NJ .................. 11182................. 129,389.98

Trenton/Mercer CTY Airport, PA.... 11183................. 155,532.25

UPS HUB, Philadelphia, PA........... 11195................. 36,728,971.33

Total District ........................................................... 514,189,459.18

Baltimore, Maryland:

Baltimore, MD ................................ 11303................. 686,376,905.02

BWI Airport, MD............................. 11305................. 18,814,472.20

Total District ........................................................... 705,191,377.22

Norfolk, Virginia:

Norfolk, VA..................................... 41401................. 768,206,218.96

Newport News, VA......................... 41402................. 314,577.34

Norfolk Subport, VA ....................... 41403................. 958.35

Richmond-Petersburg, VA ............. 41404................. 6,548,839.58

Charleston, WV.............................. 41409................. 13,310,335.60

Front Royal, VA.............................. 41410................. 6,449.02

New River Valley Airport, VA......... 41412................. 22,716,224.46

Total District ............................................................ 811,103,603.31

December 2013
24 FEDERAL FISCAL OPERATION

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, con.

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Charlotte, North Carolina:

Wilmington, NC.............................. 41501...................... 129,789,155.65

Winston Salem, NC........................ 41502...................... 35,743,194.55

Durham, NC ................................... 41503...................... 11,909,681.41

Beaufort-Morehead City, NC.......... 41511...................... 1,043,449.85

Charlotte, NC ................................. 41512...................... 109,177,215.94

Total District ................................................................ 287,662,697.40

Charleston, South Carolina:

Charleston, SC............................... 41601...................... 933,591,114.88

Georgetown, SC............................. 41602...................... 15,277.31

Greenville-Spartanburg, SC ............ 41603...................... 187,820,320.42

Columbia, SC................................. 41604...................... 2,508,920.18

Myrtle Beach Int’l Airport, SC........... 41681...................... 142,137.08

Total District ................................................................ 1,124,077,769.87

Savannah, Georgia:

Brunswick, GA................................ 41701...................... 300,995,010.16

Savannah, GA................................ 41703...................... 1,256,516,660.54

Atlanta, GA..................................... 41704...................... 522,957,050.95

Total District ................................................................ 2,080,468,721.65

Tampa, Florida:

Tampa, FL...................................... 41801...................... 77,592,158.44

Jacksonville, FL.............................. 41803...................... 337,994,021.44

Fernandina Beach, FL ................... 41805...................... 71,062.15

Orlando, FL .................................... 41808...................... 12,241,883.88

Orlando Sanford Airport, FL........... 41809...................... 349,412.04

St. Petersburg, FL.......................... 41814...................... 33,675.36

Port Canaveral, FL......................... 41816...................... 7,447,138.15

Panama City, FL ............................ 41818...................... 30,149,041.62

Pensacola, FL ................................ 41819...................... 175,330.85

Port Manatee, FL ........................... 41821...................... 24,035,462.14

Ft. Myers, FL.................................. 41822...................... 78,923.98

Naples Municipal Airport, FL.......... 41880...................... 262,114.69

Sarasota Bradenton Airport, FL..... 41883...................... 163,514.75

Daytona Beach, Int’l Airport, FL..... 41884...................... 142,672.79

Melbourne Airport, FL .................... 41885...................... 155,967.75

Leesburg Regional Airport, FL....... 41887...................... 131,738.78

Orlando Executive Airport, FL........ 41888...................... 137,588.35

St. Augustine Airport UFA, FL........ 41889...................... 131,024.85

Total District ............................................................... 491,292,732.01

Mobile, Alabama:

Mobile, AL ...................................... 51901...................... 73,274,874.77

Gulfport, MS................................... 51902...................... 24,569,951.56

Pascagoula, MS............................. 51903...................... 1,956,135.04

Birmingham, AL.............................. 51904...................... 39,617,606.41

Huntsville, AL ................................. 51910...................... 68,195,352.63

Total District ................................................................ 207,613,920.41

New Orleans, Louisiana:

Morgan City, LA ............................. 52001...................... 7,362,675.51

New Orleans, LA............................ 52002...................... 215,756,775.01

Little Rock, AR ............................... 52003...................... 1,656,843.47

Baton Rouge, LA............................ 52004...................... 17,696,978.59

Memphis, TN.................................. 52006...................... 421,592,550.07

Nashville, TN.................................. 52007...................... 179,543,779.87

New Orleans, Louisiana, con.:

Chattanooga, TN............................ 52008...................... 2,501,072.67

Gramercy, LA................................. 52010...................... 19,901,415.56

Vicksburg, MS................................ 52015...................... 27,198,023.97

Knoxville, TN.................................. 52016...................... 57,593,159.32

Lake Charles, LA............................ 52017...................... 3,210,206.89

Shrevesport/Bossler City, LA......... 52018...................... 88,169.44

Port of Tri-Cities, TN............................ 52027...................... 2,460,890.93

Rogers Municipal Airport, AR......... 52084...................... 136,841.32

FEDEX Courier,Memphis, TN........... 52095...................... 403,613,431.77

Memphis, TN Cartage-CNTL............. 52098...................... 73.16

Total District ............................................................... 1,360,312,887.55

Port Arthur, Texas:

Port Arthur, TX ............................... 62101...................... 15,821,771.61

Beaumont, TX ................................ 62104...................... 1,329,840.30

Blythe CA Border Patrol................. 62151...................... 61,266.00

Yuma AZ Border Patrol.................. 62152...................... 151,300.18

Wellton AZ Border Patrol ............... 62153...................... 1,780.00

Total District ............................................................... 17,365,958.09

Laredo Border Patrol:

Galveston, TX................................ 62201...................... 100.00

Border Patrol Sector HQ, TX ......... 62250...................... 65,005.14

Total District ............................................................... 65,105.14

Laredo, Texas:

Brownsville, TX .............................. 62301...................... 32,032,819.31

Del Rio, TX..................................... 62302...................... 4,504,486.71

Eagle Pass, TX .............................. 62303...................... 153,656,494.41

Laredo, TX...................................... 62304...................... 428,088,268.83

Hidalgo, TX .................................... 62305...................... 65,731,812.52

Rio Grande City, TX....................... 62307...................... 223,696.72

Progresso, TX ................................ 62309...................... 2,291,332.07

Roma, TX....................................... 62310...................... 348,750.62

Border Patrol Sector HQ, TX ......... 62350...................... 1,026.98

Comstock Border Patrol, TX.......... 62351...................... 2,250.00

Carrizo Springs Border 

 Patrol, TX .................................... 62352...................... 19,762.55

Del Rio Border Patrol, TX .............. 62353...................... 26,315.00

Eagle Pass Border Patrol, TX........ 62354...................... 8,757.75

Brackettville Border Patrol, TX....... 62355...................... 4,550.00

Uvalde Border Patrol, TX............... 62356...................... 4,250.00

San Angelo Border Patrol, TX........ 62358...................... 4,100.00

Abilene Border Patrol, TX .............. 62360...................... 14,160.00

Border Patrol Sector HQ, TX ......... 62361...................... 4,750.00

Valley Int'l Airport UFA, TX ............ 62383...................... 303,458.03

Total District ............................................................... 687,271,041.50

El Paso, Texas:

El Paso District, TX ........................ 62401...................... 77.47

El Paso, TX .................................... 62402...................... 190,483,144.04

Presidio, TX.................................... 62403...................... 651,238.99

Fabens, TX..................................... 62404...................... 29,470.88

Columbus, NM ............................... 62406...................... 211,614.97

Albuquerque, NM........................... 62407...................... 557,072.82

Santa Teresa, NM.......................... 62408...................... 12,147,686.69

Total District ............................................................... 204,080,305.86

December 2013
FEDERAL FISCAL OPERATIONS 25

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, con.

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Nogales, Arizona:

Douglas, AZ ................................... 62601................... 2,855,061.04

Lukeville, AZ................................... 62602................... 192,246.75

Naco, AZ ........................................ 62603................... 152,598.11

Nogales, AZ ................................... 62604................... 72,845,317.34

Phoenix, AZ.................................... 62605................... 34,087,299.64

Sasabe, AZ .................................... 62606................... 15,691.25

San Luis, AZ................................... 62608................... 7,203,627.23

Tucson, AZ..................................... 62609................... 578,896.22

Border Patrol Sector HQ, AZ ......... 62650................... 116,449.63

Casa Grande AZ Border Patrol...... 62651................... 29,820.56

Tucson AZ Border Patrol ............... 62652................... 74,366.33

Nogales AZ Border Patrol.............. 62653................... 49,747.11

Willcox AZ Border Patrol................ 62654................... 17,735.79

Douglas AZ Border Patrol.............. 62655................... 7,899.96

Ajo AZ Border Patrol ...................... 62656................... 10,539.08

Naco Border Patrol, AZ.................. 62657................... 1,057.75

Sonoita AZ Border Patrol............... 62658................... 1,849.00

Scottsdale User Fee Airport, AZ.... 62681................... 136,559.65

Williams Gateway Airport, AZ ........ 62682................... 159,968.71

Total District ......................................................... 118,536,731.15

San Diego, California:

San Diego, CA ............................... 72501................... 145,461,391.76

Andrade, CA................................... 72502................... 171,381.95

Calexico, CA .................................. 72503................... 114,820.50

San Ysidro, CA............................... 72504................... 4,726,724.49

Tecate, CA ..................................... 72505................... 1,818,580.15

Otay Mesa, CA............................... 72506................... 133,711,548.98

Calexico-East, CA.......................... 72507................... 25,554,171.79

McClellan-Palomar Airport, CA ..... 72581................... 278,006.27

Total District ............................................................. 311,836,625.89

Los Angeles, California:

Los Angeles, CA ............................ 72704................... 10,070,157,775.78

Long Beach, CA............................. 72709................... 71,828.42

Port Hueneme, CA......................... 72713................... 77,669,210.33

Los Angeles Int’l Airport, CA............. 72720................... 643,755,644.23

Ontario Int’l Airport, CA ..................... 72721................... 317.29

Las Vegas, NV ............................... 72722................... 21,186,627.36

TNT Express Worldwide, CA......... 72775................... 324,518.30

Int'l Bonded Couriers, CA............... 72776................... 2,593,226.63

Micom, CA...................................... 72777................... 112,825.99

Palm Springs User Fee, CA........... 72781................... 173,347.26

San Bernardino U.F. Airport, CA ... 72782................... 14,760,552.10

So. California Logistics Airport, CA.... 72783................... 1,868,043.38

Meadows Field Airport, CA ............ 72786................... 3,438,587.54

John Wayne Airport, CA ................ 72787................... 2,024,543.84

DHL HUB, CA ................................ 72791................... 20,932,307.65

UPS Ontario, Los Angeles, CA...... 72795................... 22,443,993.68

Total District ............................................................. 10,881,513,349.78

San Francisco, CA:

San Francisco Int'l Airport, CA....... 72801................... 121,501,789.40

Eureka, CA..................................... 72802................... 11,081.98

Fresno, CA..................................... 72803................... 121,986,916.48

San Francisco, CA......................... 72809................... 1,165,811,627.22

Oakland, CA................................... 72811................... 28,015.90

Alameda, CA.................................. 72813................... 42.15

Reno, NV........................................ 72833................... 1,685,581.75

San Francisco, CA, con.:

San Jose Int’l Airport, CA............... 72834................... 158,863.70

Sacramento Int'l Airport, CA .......... 72835................... 12,668,011.20

DHL Worldwide Express, CA......... 72870................... 1,960,857.73

Fresno Yosemite Airport, CA......... 72882................... 686,474.09

FEDEX Courier Facility, CA........... 72895................... 30,611,360.08

Total District ............................................................. 1,457,110,621.68

Great Falls, Montana:

Raymond, MT................................. 33301................... 572,794.20

Eastport, ID .................................... 33302................... 9,720,557.91

Salt Lake City, UT.......................... 33303................... 54,968,494.11

Great Falls, MT .............................. 33304................... 865,681.65

Butte, MT........................................ 33305................... 3,543.19

Turner, MT...................................... 33306................... 30,496.05

Denver, CO.................................... 33307................... 87,842,254.94

Porthill, ID....................................... 33308................... 979,603.61

Scoby, MT ...................................... 33309................... 6,262.40

Sweetgrass, MT ............................. 33310................... 22,423,784.00

Whitetail, MT .................................. 33312................... 231.75

Piegan, MT..................................... 33316................... 73,960.95

Opheim, MT ................................... 33317................... 7,493.08

Roosville, MT ................................. 33318................... 106,659.27

Morgan, MT.................................... 33319................... 357,413.49

Whitlash, MT .................................. 33321................... 572.70

Del Bonita, MT ............................... 33322................... 15,196.33

Wildhorse, MT................................ 33323................... 19,139.36

Willow Creek, MT........................... 33325................... 594.25

JEFFCO User Fee Airport, CO..... 33383................... 147,768.65

Centennial Airport, CO................... 33384................... 177,519.50

Eagle County Regional

 Airport, CO.................................. 33385................... 150,902.77

Bozeman Yellowstone, MT ............ 33386................... 144,468.76

Total District ............................................................. 178,615,392.92

Pembina, North Dakota:

Pembina, ND.................................. 33401................... 22,625,947.35

Portal, ND....................................... 33403................... 11,919,176.33

Neche, ND...................................... 33404................... 40,726.28

St. John, ND................................... 33405................... 3,865.56

Northgate, ND ................................ 33406................... 9,841.75

Walhalla, ND .................................. 33407................... 53,248.65

Hannah, ND ................................... 33408................... 322.75

Sarles, ND...................................... 33409................... 4,000.66

Ambrose, ND.................................. 33410................... 6.00

Fargo In’tl Airport, ND .................... 33411................... 68,072.21

Antler, ND....................................... 33413................... 2,446.75

Sherwood, ND................................ 33414................... 213,708.80

Hansboro, ND ................................ 33415................... 8,493.26

Maida, ND ...................................... 33416................... 3,636.89

Fortuna, ND.................................... 33417................... 17,767.28

Westhope, ND................................ 33419................... 6,850.70

Noonan, ND ................................... 33420................... 17,629.90

Carbury, ND ................................... 33421................... 8,079.73

Dunseith, ND.................................. 33422................... 712,274.38

Warroad, MN.................................. 33423................... 74,482.50

Baudette, MN ................................. 33424................... 49,630.21

Pinecreek, MN................................ 33425................... 2,766.00

Roseau, MN ................................... 33426................... 347,954.30

December 2013
26 FEDERAL FISCAL OPERATION

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, con.

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Pembina, North Dakota, con.:

Grand Forks Airport, ND ................ 33427........................ 4,978.77

Lancaster, MN................................ 33430........................ 223,155.01

Portal ND Border Patrol ................. 33452........................ 924.20

Hector Int’l Airport, ND................... 33481........................ 847.08

Total District .................................................................. 36,420,833.30

Minneapolis, Minnesota:

Minneapolis-St. Paul, MN .............. 33501........................ 188,791,357.53

Sioux Falls, SD............................... 33502........................ 18,612.91

Duluth, MN ..................................... 33510........................ 428,949.68

Omaha, NE ................................... 33512........................ 62,468,559.37

Des Moines, IA............................... 33513........................ 2,516,842.46

Rochester, MN............................... 33581........................ 144,674.01

Total District .................................................................. 254,368,995.96

International Falls, Minnesota:

International Falls, MN................... 33604........................ 10,364,479.50

Grand Portage, MN........................ 33613........................ 1,840,022.21

Total District .................................................................. 12,204,501.71

Milwaukee, Wisconsin:

Milwaukee, WI................................ 33701........................ 23,347,817.39

Green Bay, WI................................ 33703........................ 488,434.29

Racine, WI...................................... 33708........................ 173,768.96

Total District .................................................................. 24,010,020.64

Portland, Oregon:

Astoria, OR..................................... 72901........................ 591,967.93

Newport, OR .................................. 72902........................ 1,426.72

Coos Bay, OR ................................ 72903........................ 95,275.77

Portland, OR .................................. 72904........................ 340,742,520.14

Longview, WA ................................ 72905........................ 1,156,543.19

Boise, ID......................................... 72907........................ 589,327.99

Vancouver, WA .............................. 72908........................ 555.04

Portland Int'l Airport, OR................ 72910........................ 8,743.20

Hillsboro Airport, OR...................... 72983........................ 139,130.23

Total District .................................................................. 343,325,490.21

Detroit, Michigan:

Detroit, MI....................................... 33801........................ 499,808,860.61

Port Huron, MI................................ 33802........................ 83,827,057.04

Sault St. Marie, MI.......................... 33803........................ 1,046,367.62

Saginaw/Bay City, MI..................... 33804........................ 26,862.51

Battle Creek, MI ............................. 33805........................ 4,950,676.38

Grand Rapids, MI........................... 33806........................ 41,869,342.08

Detroit Metropolitan Airport, MI...... 33807........................ 68,692,919.49

Algonac, MI .................................... 33814........................ 4,864.03

Oakland County Int’l Airport, MI.......... 33881........................ 322,308.02

Willow Run Airport, MI ................... 33882........................ 379,967.18

Capital Region Int’l Airport, MI ....... 33883........................ 527,255.02

Total District .............................................................. 701,456,479.98

Chicago, Illinois:

Chicago, IL..................................... 33901........................ 1,962,465,929.75

Peoria, IL........................................ 33902........................ 14,141,810.72

Davenport-Rock Island, IL................ 33908........................ 3,127,870.27

Rockford Airport, IL ........................ 33909........................ 38,987,789.16

Midway Int'l Airport, IL.................... 33910........................ 134,690.89

TNT ECCF Chicago, IL.................. 33971........................ 54,861.44

Waukegan Airport, IL ..................... 33981........................ 143,313.59

Chicago Executive Airport, IL......... 33983........................ 164,664.16

Dupage Airport Auth, IL ................. 33984........................ 139,966.05

Decatur Airport, IL.......................... 33985........................ 131,403.78

Total District .................................................................. 2,019,492,299.81

Cleveland, Ohio:

Cleveland, OH................................ 34101........................ 182,329,204.92

Cincinnati, OH................................... 34102........................ 215,859,902.55

Columbus, OH................................ 34103........................ 828,662,386.17

Dayton, OH .................................... 34104........................ 2,458,022.38

Toledo, OH..................................... 34105........................ 3,229,739.96

Erie, PA.......................................... 34106........................ 27,197.11

Indianapolis, IN .............................. 34110........................ 108,893,975.79

Louisville, KY.................................. 34115........................ 179,215,074.14

Owensboro-Evansville, IN.............. 34116........................ 36,341,185.57

Ashtabula/Conneaut, OH............... 34122........................ 225,359.56

Fort Wayne Airport, IN ................... 34183........................ 162,826.01

Blue Grass Airport, KY................... 34184........................ 161,715.85

Burlington Air Express, OH............ 34192........................ 89,783.63

DHL Express, OH........................... 34194........................ 52,722.68

Emery Courier, OH......................... 34195........................ 915.14

UPS Courier Louisville, KY ............ 34196........................ 271,698,105.97

DHL Courier, OH............................ 34197........................ 99,980,235.02

Federal Express Hub, IN................ 34198........................ 20,206,802.19

Total District ............................................................. 1,949,595,154.64

St. Louis, Missouri:

Kansas City, MO............................ 34501........................ 201,822,263.96

St. Louis, MO ................................. 34503........................ 149,560,073.69

Wichita, KS..................................... 34504........................ 130,135,340.57

Springfield, MO .............................. 34505........................ 8,437,518.62

MidAmerica Airport, MO................. 34581........................ 126,459.29

Total District .................................................................. 490,081,656.13

Preclearance, Washington, DC:

USCBP Vancouver Preclearance

 Washington, DC........................... 37922........................ 1,044,892.87

USCBP Calgary, Preclearance

 Washington, DC.......................... 37923........................ 1,396,505.48

USCBP Edmondton,

 Preclearance Washington, DC.... 37924........................ 731,937.39

USCBP Montreal, Preclearance

 Washington, DC.......................... 37925........................ 851,533.28

USCBP Toronto, Preclearance

 Washington, DC.......................... 37926........................ 2,571,693.98

December 2013
FEDERAL FISCAL OPERATIONS 27

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, con.

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Preclearance, Washington, DC, con.:

USCBP Winnipeg, Preclearance

 Washington, DC ............................ 37928........................ 319,766.64

USCBP Ottawa, Preclearance

 Washington, DC ............................ 37929........................ 272,196.59

USCBP Victoria, Preclearance

 Washington, DC ............................ 37930........................ 89,320.00

USCBP Halifax NS, Preclearance

 Washington, DC ............................ 37931........................ 108,300.24

USCBP St. Thomas

 Preclearance, VI............................ 47401........................ 364,564.38

USCBP St. Croix

 Preclearance VI............................. 47404........................ 5,553.67

USCBP Bermuda Preclearance

 Washington, DC ............................ 47421........................ 28,554.56

USCBP Freeport Preclearance

 Washington, DC ............................ 47422........................ 993.25

USCBP Nassau Preclearance

 Washington, DC ............................ 47423........................ 82,152.55

USCBP Aruba Preclearance

 Washington, DC ............................ 47424........................ 63,353.66

Dublin, IE Preclearance

 Washington, DC ............................ 57541........................ 52,436.66

Shannon, IE Preclearance,

 Washington, DC ............................ 57542........................ 19,512.86

Total District..................................................................... 8,003,268.06

San Juan, Puerto Rico:

Aguadilla, PR.................................... 44901........................ 445,404.21

Fajardo, PR....................................... 44904........................ 3,758,316.20

Mayaguez, PR.................................. 44907........................ 471,183.74

Ponce, PR......................................... 44908........................ 2,193,946.14

San Juan, PR.................................... 44909........................ 101,010,115.91

San Juan Int'l Airport, PR ................. 44913........................ 178,138,421.99

Total District..................................................................... 286,017,388.19

Virgin Islands of the United States:

Charlotte Amalie, VI.......................... 45101........................ 8,251,126.48

Cruz Bay, VI...................................... 45102........................ 168,668.13

Christiansted, VI ............................... 45104........................ 4,412,023.25

St. Croix, VI....................................... 45107........................ 74.74

Total District..................................................................... 12,831,892.60

Miami, Florida:

Miami, FL.......................................... 45201........................ 523,342,632.89

Key West, FL .................................... 45202........................ 71,409.31

Port Everglades, FL.......................... 45203........................ 201,084,302.38

West Palm Beach, FL....................... 45204........................ 15,466,132.30

Fort Pierce, FL.................................. 45205........................ 23,667.55

Miami Int'l Airport, FL........................ 45206........................ 103,680,019.14

Fort Lauderdale Int'l Airport, FL........ 45210........................ 297,548.68

DHL Worldwide Express, FL ............ 45271........................ 509.20

Miami Int’lAirport UPS (Inactive), FL......... 45273........................ 77.72

UPS Miami Int'l Airport, FL ............... 45295........................ 130,692.66

DHL Worldwide Express, FL ............ 45296........................ 1,004,743.06

FEDEX Courier Hub Miami, FL ........ 45297........................ 1,366,060.81

IBC Courier Hub Miami, FL .............. 45298........................ 192,468.85

Miami Seaport ALT, FL..................... 45299........................ 2,298,007.09

Total District..................................................................... 848,958,271.64

Washington, DC:

Washington, DC................................ 45401........................ 34,748,544.88

Total District..................................................................... 34,748,544.88

Houston, Texas:

Houston, TX...................................... 65301........................ 1,023,356,372.55

Houston George Bush

 Intercontinental Airport, TX............ 65309........................ 70,343,186.83

Galveston, TX................................... 65310........................ 13,284,904.89

Freeport, TX...................................... 65311........................ 6,116,572.98

Corpus Christi, TX ............................ 65312........................ 9,005,364.33

Port Lavaca, TX................................ 65313........................ 803,743.74

Border Patrol Sector HQ, TX............ 65350........................ 127,675.53

Mercedes (Weslaco) TX Border

 Patrol.............................................. 65351........................ 33,203.00

Falfurrias TX Border Patrol............... 65352........................ 256,399.00

Rio Grande City TX Border Patrol.... 65353........................ 31,000.00

McAllen TX Border Patrol................. 65354........................ 57,645.18

Brownsville TX Border Patrol ........... 65355........................ 3,950.00

Harlingen TX Border Patrol ............. 65356........................ 10,649.00

Kingsville TX Border Patrol............... 65357........................ 72,717.00

Ft. Brown TX Border Patrol ............. 65358........................ 2,300.00

Sugar Land Regional AP, TX ........... 65381........................ 189,132.28

Total District..................................................................... 1,123,694,816.31

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX ......................... 65501........................ 590,504,464.84

Amarillo, TX ...................................... 65502........................ 25,927.30

Lubbock, TX...................................... 65503........................ 229,731.77

Oklahoma City, OK........................... 65504........................ 1,201,869.90

Tulsa, OK.......................................... 65505........................ 9,801,685.25

Austin, TX ......................................... 65506........................ 2,096,289.07

San Antonio, TX................................ 65507........................ 26,990,774.42

Border Patrol Sector HQ, TX............ 65550........................ 13,951.91

Lubbock TX Border Patrol ................ 65551........................ 2,442.50

Amarillo TX Border Patrol................. 65552........................ 1,000.00

Presidio TX Border Patrol................. 65553........................ 5,925.30

Marfa TX Border Patrol..................... 65554........................ 7,862.50

Sanderson TX Border Patrol ............ 65557........................ 660.00

Alpine TX Border Patrol.................... 65558........................ 946.50

Sierra Blanca TX Border Patrol........ 65560........................ 39,267.53

Van Horn TX Border Patrol............... 65561........................ 3,492.50

Midland TX Int’l Airport ..................... 65582........................ 140,602.80

Fort Worth Alliance Airport, TX......... 65583........................ 138,243.74

Addison Airport, TX .......................... 65584........................ 166,109.34

Collin County Regional Airport, TX..... 65585........................ 127,679.15

Kelly Field Annex, TX............................. 65587........................ 123,438.00

Dallas Love Field (DAL), TX.................. 65588........................ 213,423.52

Total District..................................................................... 631,835,787.84

Seattle, Washington:

Seattle, WA....................................... 73001........................ 584,767,966.75

Tacoma, WA..................................... 73002........................ 584,042,288.79

Aberdeen, WA .................................. 73003........................ 829,507.35

Blaine, WA........................................ 73004........................ 41,283,481.97

Bellingham, WA................................ 73005........................ 3,240,483.27

Everett, WA....................................... 73006........................ 3,160,470.07

Port Angeles, WA ............................. 73007........................ 129,838.10

Port Townsend, WA.......................... 73008........................ 2,925.74

December 2013
28 FEDERAL FISCAL OPERATION

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, con.

[Source: U. S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2013

Seattle, Washington, con.:

Sumas, WA....................................... 73009................... 4,401,020.33

Anacortes, WA.................................. 73010................... 2,519,750.81

Nighthawk, WA................................. 73011................... 716.11

Danville, WA ..................................... 73012................... 9,798.67

Ferry, WA.......................................... 73013................... 2,273.50

Friday Harbor, WA............................ 73014................... 149,360.40

Boundary, WA................................... 73015................... 24,642.42

Laurier, WA....................................... 73016................... 12,652.41

Point Roberts, WA............................ 73017................... 180,385.74

Oroville, WA...................................... 73019................... 1,148,862.48

Frontier, WA...................................... 73020................... 36,084.71

Spokane, WA.................................... 73022................... 270,906.41

Lynden, WA ...................................... 73023................... 350,829.77

Metaline Falls, WA............................ 73025................... 16,662.50

Olympia, WA..................................... 73026................... 21,002.87

Seattle-Tacoma Int’l Airport, WA...... 73029................... 73,409,202.19

UPS, Seattle, WA ............................. 73071................... 2,357,180.59

Grant County Airport, Moses

 Lake, WA ....................................... 73082................... 163,876.03

Total District................................................................ 1,302,532,169.98

Anchorage, Alaska:

Juneau, AK ....................................... 73101................... 63,577.80

Ketchikan, AK ................................... 73102................... 206,025.64

Skagway, AK .................................... 73103................... 42,255.87

Alcan, AK.......................................... 73104................... 566,622.84

Wrangell, AK..................................... 73105................... 6,766.50

Dalton Cache, AK............................. 73106................... 14,115.67

Valdez, AK........................................ 73107................... 21,090.32

Fairbanks, AK ................................... 73111................... 41,212.35

Sitka, AK........................................... 73115................... 6,235.98

Anchorage, AK.................................. 73126................... 9,253,142.40

Kodiak, AK........................................ 73127................... 1,719.39

Federal Express Courier, AK............ 73195................... 85,019,225.38

UPS Courier Hub, AK....................... 73196................... 198,005.77

Total District................................................................ 95,439,995.91

Honolulu, Hawaii:

Honolulu, HI...................................... 73201................... 30,307,398.61

Hilo, HI .............................................. 73202................... 121,535.52

Kahului, HI ........................................ 73203................... 118,359.35

Nawiliwili-Port Allen, HI..................... 73204................... 25.50

Honolulu Airport, HI .......................... 73205................... 6,193,780.92

Kona, HI............................................ 73206................... 142,393.25

Total District................................................................ 36,883,493.15

Total Customs and Border Protection Collections for 

fiscal year 2013 ............................................................ $42,490,220,326.55

December 2013
29

INTRODUCTION: Source and Availability of the

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country.

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries.

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs.

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances 1

[In millions of dollars. Source: Financial Management Service]

Credits and withdrawals

Federal Reserve accounts

Credits 2 Tax and loan note accounts

Fiscal year or month

Received directly

(1)

Received through 

remittance option tax 

and loan depositaries

(2)

Withdrawals 3

(3)

Taxes 4

(4)

Withdrawals 

(transfers to Federal 

Reserve accounts)

(5)

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

2013 ................................................ 9,451,987 2,297,190 11,746,237 - -

2012 - Sept..................................... 682,488 194,354 821,517 - -

Oct....................................... 787,462 160,834 933,776 - -

Nov...................................... 842,137 142,178 1,035,334 - -

Dec...................................... 746,167 245,049 947,442 - -

2013 - Jan....................................... 811,055 185,580 969,109 - -

Feb ...................................... 787,139 166,969 992,604 - -

Mar ...................................... 667,629 218,342 888,570 - -

Apr....................................... 1,018,049 238,276 1,121,614 - -

May...................................... 767,537 167,350 1,114,069 - -

June..................................... 653,891 217,151 770,866 - -

July ...................................... 735,024 173,251 933,439 - -

Aug...................................... 753,024 156,275 992,856 - -

Sept..................................... 881,837 225,937 1,045,523 - -

See footnotes at end of table.

December 2013
30 ACCOUNT OF THE U.S. TREASURY

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances, con. 1

[In millions of dollars. Source: Financial Management Service]

Balances

During period

End of period High Low Average

Fiscal year

or month

Federal

Reserve

(6)

SFP

(7)

Tax and 

loan

note 

accounts

(8)

Federal

Reserve

(9)

SFP

(10)

Tax and 

loan

note 

accounts

(11)

Federal 

Reserve

(12)

SFP

(13)

Tax and 

loan 

note 

accounts

(14)

Federal

Reserve

(15)

SFP

(16)

Tax and 

loan

note 

accounts

(17)

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - -

2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - -

2012 - Sept............ 85,446 - - 85,446 - - 26,561 - - 58,635 - -

Oct.............. 99,966 - - 99,966 - - 43,543 - - 62,963 - -

Nov............. 48,947 - - 48,947 - - 15,639 - - 30,286 - -

Dec............. 92,720 - - 92,720 - - 19,121 - - 49,448 - -

2013 - Jan.............. 120,247 - - 120,247 - - 42,637 - - 67,626 - -

Feb ............. 81,750 - - 81,750 - - 14,411 - - 40,394 - -

Mar ............. 79,152 - - 90,815 - - 22,220 - - 56,669 - -

Apr.............. 213,863 - - 213,863 - - 52,487 - - 101,126 - -

May............. 34,681 - - 184,624 - - 11,950 - - 71,117 - -

June............ 134,858 - - 134,858 - - 11,476 - - 72,062 - -

July ............. 109,693 - - 128,534 - - 49,324 - - 74,309 - -

Aug............. 26,135 - - 79,176 - - 25,064 - - 51,378 - -

Sept............ 88,386 - - 94,495 - - 16,949 - - 40,252 - -

1 This report does not include Supplementary Financing Program (SFP) balances.

2 Represents transfers from tax and loan note accounts, proceeds from sales of securities

other than Government account series, and taxes.

3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts.

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988.

December 2013
31

INTRODUCTION: Federal Debt

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.”

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.)

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public.

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketabletes at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities.

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”)

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt.

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988.

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs.

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling.

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public.

December 2013
32 FEDERAL DEBT

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Amount outstanding

Securities held by

Government accounts The public

Total

(1)

Public debt

securities

(2)

Agency

securities

(3)

Total

(4)

Public debt

securities

(5)

Agency

securities

(6)

Total

(7)

Public debt 

securities

(8)

Agency

securities

(9)

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

2013............................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

2012 - Sept .................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

Oct ..................... 16,286,263 16,261,470 24,793 4,845,056 4,845,052 5 11,441,207 11,416,418 24,788

Nov..................... 16,394,033 16,369,548 24,485 4,811,469 4,811,464 5 11,582,564 11,558,084 24,480

Dec..................... 16,457,613 16,432,729 24,884 4,846,174 4,846,169 5 11,611,439 11,586,560 24,879

2013 - Jan...................... 16,458,774 16,433,792 24,982 4,868,335 4,868,329 5 11,590,439 11,565,463 24,977

Feb..................... 16,712,052 16,687,289 24,763 4,859,474 4,859,468 5 11,852,578 11,827,821 24,758

Mar..................... 16,796,009 16,771,378 24,631 4,848,930 4,848,924 5 11,947,079 11,922,454 24,626

Apr ..................... 16,853,522 16,828,845 24,677 4,880,244 4,880,239 5 11,973,278 11,948,606 24,672

May .................... 16,763,595 16,738,821 24,774 4,836,371 4,836,365 5 11,927,224 11,902,456 24,769

June ................... 16,763,286 16,738,319 24,967 4,831,752 4,831,746 5 11,931,534 11,906,573 24,962

July..................... 16,763,730 16,738,599 25,131 4,816,157 4,816,151 5 11,947,573 11,922,447 25,126

Aug..................... 16,763,581 16,738,649 24,932 4,766,719 4,766,714 5 11,996,862 11,971,936 24,926

Sept.................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

End of fiscal

year or month

Federal debt securities Securities held by Government accounts Securities held by the public

Amount 

outstanding 

face value

(10)

Net 

unamortized 

premium 

and discount

(11)

Accrual

amount

(12)

Amount 

outstanding 

face value

(13)

Net 

unamortized 

premium 

and discount

(14)

Accrual

amount

(15)

Amount 

outstanding 

face value

(16)

Net 

unamortized 

premium 

and discount

(17)

Accrual

amount

(18)

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

2013 ............................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,075 24,203 11,981,872

2012 - Sept .................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

Oct...................... 16,286,263 42,512 16,243,751 4,845,056 23,494 4,821,563 11,441,207 19,018 11,422,189

Nov..................... 16,394,033 41,319 16,352,714 4,811,469 23,162 4,788,307 11,582,564 18,157 11,564,407

Dec..................... 16,457,613 40,757 16,416,857 4,846,174 23,062 4,823,112 11,611,439 17,695 11,593,745

2013 - Jan ...................... 16,458,774 40,603 16,418,170 4,868,335 22,971 4,845,364 11,590,439 17,632 11,572,806

Feb..................... 16,712,052 40,705 16,671,347 4,859,474 22,886 4,836,588 11,852,578 17,819 11,834,759

Mar..................... 16,796,009 39,752 16,756,257 4,848,930 22,787 4,826,143 11,947,079 16,965 11,930,114

Apr...................... 16,853,522 37,947 16,815,575 4,880,244 22,682 4,857,562 11,973,278 15,265 11,958,013

May .................... 16,763,595 38,020 16,725,576 4,836,371 22,544 4,813,826 11,927,224 15,476 11,911,750

June ................... 16,763,286 41,147 16,722,139 4,831,752 22,469 4,809,283 11,931,534 18,678 11,912,856

July..................... 16,763,730 44,900 16,718,830 4,816,157 22,402 4,793,754 11,947,573 22,497 11,925,076

Aug..................... 16,763,581 44,696 16,718,885 4,766,719 22,314 4,744,405 11,996,862 22,383 11,974,480

Sept.................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,075 24,203 11,981,872

December 2013
FEDERAL DEBT 33

Nonmarketable, con.

End of fiscal

year or month

U.S. savings 

securities

(8)

Depositary

compensation

securities

(9)

Foreign series 

(10)

Government 

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

2009 .................................... 192,452 - 4,886 118,636 216,488 29,995 1,466

2010 .................................... 188,796 - 4,186 129,355 193,208 29,995 1,340

2011 .................................... 185,187 - 2,986 151,346 151,831 29,995 1,386

2012 .................................... 183,661 - 2,986 162,880 158,514 29,995 1,380

2013 .................................... 180,022 - 2,986 60,445 124,079 29,995 1,353

2012 - Sept ......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

Oct........................... 183,489 - 2,986 162,355 163,558 29,995 1,340

Nov.......................... 183,187 - 2,986 163,626 158,866 29,995 1,333

Dec.......................... 182,513 - 2,986 168,647 162,587 29,995 1,306

2013 - Jan ........................... 182,245 - 2,986 90,661 157,729 29,995 1,328

Feb.......................... 182,054 - 2,986 164,095 153,957 29,995 1,346

Mar.......................... 181,783 - 2,986 165,586 157,814 29,995 1,307

Apr........................... 181,559 - 2,986 167,609 163,574 29,995 1,288

May ......................... 181,233 - 2,986 138,165 166,692 29,995 1,315

June ........................ 180,958 - 2,986 155,293 154,875 29,995 1,317

July.......................... 180,630 - 2,986 99,954 138,083 29,995 1,355

Aug.......................... 180,270 - 2,986 57,550 127,632 29,995 1,369

Sept......................... 180,022 - 2,986 60,445 124,079 29,995 1,353

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal

year or month

Total public debt 

securities 

outstanding

(1)

Marketable

Nonmarketable 

Total

(7)

Total

(2)

 Bills

 (3)

Notes

(4)

Bonds

(5)

Treasury 

inflation-protected 

securities

(6)

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880

2011 .................................. 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731

2012 .................................. 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415

2013 .................................. 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 398,879

2012 - Sept ....................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415

Oct......................... 11,411,598 10,867,875 1,619,648 7,221,718 1,207,849 818,660 543,723

Nov........................ 11,553,201 11,013,208 1,692,740 7,261,197 1,223,858 835,413 539,992

Dec........................ 11,581,518 11,033,484 1,626,480 7,320,862 1,236,669 849,473 548,034

2013 - Jan ......................... 11,560,176 11,095,232 1,604,981 7,380,028 1,249,625 860,597 464,944

Feb........................ 11,822,436 11,288,004 1,738,404 7,416,574 1,265,673 867,353 534,432

Mar........................ 11,916,888 11,377,417 1,788,158 7,428,092 1,278,670 882,497 539,471

Apr......................... 11,943,148 11,396,138 1,692,540 7,520,728 1,291,619 891,251 547,011

May ....................... 11,897,151 11,376,764 1,605,043 7,557,102 1,307,774 906,846 520,387

June ...................... 11,901,292 11,375,869 1,568,076 7,574,018 1,320,622 913,153 525,424

July........................ 11,917,023 11,464,020 1,553,784 7,672,139 1,333,834 904,262 453,003

Aug........................ 11,967,014 11,567,212 1,635,748 7,658,872 1,350,079 922,513 399,802

Sept....................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 398,879

December 2013
34 FEDERAL DEBT

End of fiscal 

year or month

Federal

Old-Age and 

Survivors 

Insurance

Trust Fund

(10)

Federal 

Savings

and Loan

Corporation, 

Resolution 

Fund

(11)

Federal 

Supplementary 

Medical 

Insurance

Trust Fund

(12)

Highway

Trust

Fund

(13)

National 

Service Life

Insurance 

Fund

(14)

Postal

Service

Fund

(15)

Railroad 

Retirement 

Account

(16)

Unemployment 

Trust

Fund

(17)

Other

(18)

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

2013 ..................... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

2012 - Sept .......... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

Oct............ 2,580,771 3,425 68,472 8,047 6,847 1,884 616 18,972 1,004,740

Nov........... 2,572,536 3,425 60,423 13,598 6,771 2,592 697 19,610 998,007

Dec........... 2,610,272 3,425 67,220 13,448 6,858 3,215 432 20,169 998,659

2013 - Jan ............ 2,618,654 3,425 66,158 13,917 6,772 3,976 557 19,097 923,886

Feb........... 2,611,958 3,425 67,523 13,890 6,690 3,979 597 21,516 995,517

Mar........... 2,613,914 3,425 68,363 12,681 6,605 3,032 592 19,390 997,902

Apr............ 2,630,299 3,425 67,800 13,221 6,506 3,203 630 20,521 1,004,446

May .......... 2,625,157 3,425 60,464 12,317 6,426 3,353 701 33,264 970,298

June ......... 2,672,229 3,425 69,175 9,332 6,500 3,415 515 28,951 985,291

July........... 2,668,964 3,425 68,283 8,018 6,416 3,845 606 26,646 929,127

Aug........... 2,660,513 3,425 60,152 4,815 6,336 2,969 506 30,029 882,471

Sept.......... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

Note.—Detail may not add to totals due to rounding.

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal 

year or month

Total

(1)

Airport and

Airway

Trust Fund

(2)

Deposit 

Insurance 

Fund

(3)

Employees

Life

Insurance

Fund

(4)

Exchange 

Stabilization 

Fund

(5)

Federal

Disability 

Insurance 

Trust Fund

(6)

Federal 

employees 

retirement

funds

(7)

Federal 

Hospital 

Insurance 

Trust Fund

(8)

Federal

Housing

Administration

(9)

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

2013 .................. 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

2012 - Sept ....... 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

Oct......... 4,992,141 10,455 36,165 41,268 22,682 128,039 832,175 224,268 3,315

Nov........ 4,959,905 10,452 36,094 41,125 22,678 124,808 828,546 213,859 4,684

Dec........ 4,999,647 10,329 37,086 41,160 22,679 122,802 815,965 219,979 5,949

2013 - Jan ......... 4,943,694 10,570 36,883 41,176 22,680 120,655 828,595 219,545 7,148

Feb........ 5,008,104 10,912 36,805 41,460 22,677 117,261 832,316 213,006 8,572

Mar........ 4,998,995 11,525 35,554 41,500 22,678 114,965 828,544 208,549 9,776

Apr......... 5,032,189 12,247 38,374 41,507 22,679 114,848 824,127 217,368 10,988

May ....... 4,958,796 12,112 37,639 41,739 22,673 111,509 800,609 204,701 12,409

June ...... 4,972,693 11,699 31,972 41,781 22,673 111,225 744,014 216,653 13,843

July........ 4,901,566 11,451 32,844 41,783 22,674 107,700 743,967 210,013 15,804

Aug........ 4,809,725 11,550 32,712 41,575 22,669 103,821 731,172 197,327 17,683

Sept....... 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

December 2013
FEDERAL DEBT 35

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Total

outstanding

(1)

Department of

Housing and 

Urban 

Development 

Federal Housing

Administration

(2)

Architect

of the

Capitol

(3)

Other

independent

Tennessee

Valley Authority

(4)

National Archives

and Records

Administration

(5)

Other/Federal

Communications

Commission

(6)

2009 ............................ 23,203 33 144 22,834 193 *

2010 ............................ 23,974 29 139 23,627 180 *

2011 ............................ 24,988 29 133 24,660 166 *

2012 ............................ 24,399 19 128 24,103 151 *

2013 ............................ 25,103 19 130 24,821 134 *

2012 - Sept ................. 24,399 19 128 24,103 151 *

Oct................... 24,793 19 128 24,496 151 *

Nov.................. 24,485 19 129 24,186 151 *

Dec.................. 24,884 19 130 24,585 151 *

2013 - Jan ................... 24,982 19 131 24,682 151 *

Feb.................. 24,763 19 124 24,471 151 *

Mar.................. 24,631 19 124 24,345 142 *

Apr................... 24,677 19 125 24,391 142 *

May ................. 24,774 19 126 24,487 142 *

June ................ 24,967 19 127 24,678 142 *

July.................. 25,131 19 128 24,842 142 *

Aug.................. 24,932 19 128 24,651 134 *

Sept................. 25,103 19 130 24,821 134 *

Note.—Detail may not add to totals due to rounding. * Less than $500,000.

December 2013
36 FEDERAL DEBT

TABLE FD-5.—Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

End of fiscal

year or month

Amount 

outstanding

privately held

(1)

Maturity classes

Within

1 year

(2)

1-5

years

(3)

5-10

years

(4)

 10-20

 years

 (5)

 20 years

 or more

 (6)

Average length

(months)

(7)

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

2013 ............................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55

2012 - Sept..................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

Oct...................... 9,228,648 2,906,732 3,997,210 1,516,348 269,465 538,893 55

Nov..................... 9,361,561 2,992,450 4,051,300 1,513,173 263,682 540,956 54

Dec..................... 9,373,556 2,932,843 4,124,101 1,516,995 261,723 537,895 54

2013 - Jan ...................... 9,391,764 2,944,052 4,125,151 1,523,751 259,977 538,834 54

Feb ..................... 9,540,293 3,088,899 4,128,157 1,520,833 251,891 550,513 54

Mar ..................... 9,531,585 3,140,173 4,072,625 1,518,590 250,764 549,433 53

Apr...................... 9,566,751 3,054,099 4,146,448 1,566,604 249,491 550,108 54

May..................... 9,501,911 2,978,685 4,137,715 1,583,519 247,762 554,229 54

June.................... 9,394,294 2,952,585 4,066,202 1,566,245 246,724 562,539 55

July ..................... 9,495,318 2,949,386 4,126,062 1,612,954 245,489 561,427 55

Aug..................... 9,492,159 3,034,960 4,062,450 1,598,970 231,820 563,958 54

Sept.................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55

Note.—Detail may not add to totals due to rounding. 

December 2013
FEDERAL DEBT 37

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal

year or month

Statutory debt 

limit

(1)

Debt subject to limit Securities outstanding Securities

not subject

to limit

 (7)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

2013 ................................................ 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787

2012 - Sept............................. 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

Oct.............................. 16,394,000 16,222,235 16,222,235 - 16,261,471 - 39,236

Nov............................. 16,394,000 16,330,896 16,330,896 - 16,369,549 - 38,654

Dec............................. 16,394,000 16,393,975 16,393,975 - 16,432,730 - 38,756

2013 - Jan .............................. 16,394,000 16,393,975 16,393,975 - 16,433,792 - 39,818

Feb2 ............................ - 16,647,907 16,647,907 - 16,687,289 - 39,383

Mar2 ............................ - 16,732,270 16,732,270 - 16,771,379 - 39,110

Apr2............................. - 16,790,780 16,790,780 - 16,828,845 - 38,067

May............................. 16,699,421 16,699,396 16,699,396 - 16,738,822 - 39,427

June............................ 16,699,421 16,699,396 16,699,396 - 16,738,320 - 38,925

July ............................. 16,699,421 16,699,396 16,699,396 - 16,738,599 - 39,203

Aug............................. 16,699,421 16,699,396 16,699,396 - 16,738,650 - 39,254

Sept............................ 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787

1 Consists of guaranteed debt issued by the Federal Housing Administration.

2 Pursuant to 31 U.S.C. 310(b). By Act of February 4, 2013, Public Law 113-3, the Statutory Debt 

Limit has been suspended and shall no apply for the period beginning February 4, 2013 and 

ending on May 18, 2013.

December 2013
38 FEDERAL DEBT

TABLE FD-7.—Treasury Holdings of Securities Issued

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Total

(1)

Department of Agriculture

Farm-Service

Agency

(2)

Rural Utilities 

Service

(3)

Rural Housing

and Community

Development

Service

(4)

Rural Business 

and Cooperative 

Development 

Service

(5)

Foreign 

Agricultural

Service

(6)

2009 ................................................ 747,566 11,617 26,074 16,675 481 778

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

2012 ................................................ 979,021 9,009 24,759 20,523 495 1,001

2013 ................................................ 1,115,182 12,135 26,069 22,111 554 908

2012 - Sept ............................ 979,021 9,009 24,759 20,523 495 1,001

Oct.............................. 1,076,815 15,791 24,935 20,669 501 1,001

Nov............................. 1,068,378 17,748 25,058 20,795 506 1,001

Dec............................. 1,070,328 19,641 25,228 20,970 509 1,001

2013 - Jan .............................. 1,071,958 12,150 25,360 21,107 515 1,001

Feb............................. 1,081,368 12,040 25,707 21,373 519 1,001

Mar............................. 1,085,168 11,961 25,985 21,590 523 1,001

Apr.............................. 1,079,533 11,584 25,048 21,462 506 1,001

May ............................ 1,086,192 11,079 25,162 21,318 508 1,001

June ........................... 1,138,206 11,080 25,336 21,430 510 1,001

July............................. 1,132,832 11,371 25,336 21,430 509 1,001

Aug............................. 1,110,241 10,848 25,874 22,062 542 907

Sept............................ 1,115,182 12,135 26,069 22,111 554 908

Department

of Energy

Department of Housing

and Urban Development

Department

of the Treasury

End of fiscal

year or month

Department of

Education

(7)

Bonneville Power

Administration

(8)

Federal Housing

Administration

(9)

Other Housing

programs

(10)

Federal

Financing Bank

(11)

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

2012 ................................................ 714,368 3,421 11,527 40 57,134

2013 ................................................ 851,295 3,885 25,940 139 63,061

2012 - Sept ............................ 714,368 3,421 11,527 40 57,134

Oct ............................. 801,112 3,386 11,527 40 57,588

Nov............................. 801,112 3,506 11,527 40 58,291

Dec............................. 799,329 3,506 11,527 40 58,790

2013 - Jan.............................. 803,837 3,615 11,527 70 59,102

Feb............................. 808,681 3,648 11,527 70 59,779

Mar............................. 808,681 3,701 11,527 68 60,442

Apr ............................. 820,528 3,769 11,527 68 60,787

May ............................ 826,789 3,817 11,527 68 61,214

June ........................... 880,835 3,890 11,527 68 61,647

July............................. 872,629 3,915 11,527 133 62,680

Aug............................. 861,072 3,994 11,527 139 62,927

Sept............................ 851,295 3,885 25,940 139 63,061

December 2013
FEDERAL DEBT 39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Export-Import

Bank of the

United States

(12)

Railroad

Retirement

Board

(13)

Small Business

Administration

(14)

Other

(15)

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

2012 ...................................... 11,301 3,402 7,920 114,117

2013 ...................................... 18,102 3,587 8,088 79,308

2012 - Sept ........................... 11,301 3,402 7,920 114,117

Oct............................. 11,955 3,753 7,920 116,632

Nov............................ 12,872 4,051 8,073 103,796

Dec............................ 13,495 4,400 8,073 103,816

2013 - Jan ............................. 13,818 4,742 9,081 106,032

Feb............................ 13,953 5,010 9,081 108,978

Mar............................ 14,964 5,354 9,081 110,288

Apr............................. 15,788 5,699 8,522 93,243

May ........................... 16,194 6,005 8,522 92,988

June .......................... 16,381 2,606 8,541 93,354

July............................ 18,121 2,952 8,541 92,687

Aug............................ 18,694 3,246 8,541 79,867

Sept........................... 18,102 3,587 8,088 79,308

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date.

Note.—Detail may not add to totals due to rounding.

December 2013
40

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities.

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday.

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High yields on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive bases.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities.

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented.

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/

press/releases/hp1144.htm or call 202-622-2960.

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009.

TREASURY FINANCING: JULY-SEPTEMBER

[Source: Bureau of the Fiscal Service, Office of Financing]

J U L Y

Auction of 2-Year Notes

On June 20, 2013, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$58,271 million of securities maturing June 30 and to raise 

new cash of approximately $40,729 million.

The 2-year notes of Series AN-2015 were dated June 30 

and issued July 1. They are due June 30, 2015, with interest 

payable on December 31 and June 30 until maturity. Treasury 

set an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on June 25. Tenders totaled 

$106,889 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.430 percent with an 

equivalent price of $99.890734. Treasury accepted in full all 

competitive tenders at yields lower than 0.430 percent. 

Tenders at the high yield were allotted 4.79 percent. The 

median yield was 0.404 percent, and the low yield was 0.348 

percent. Noncompetitive tenders totaled $133 million. 

Competitive tenders accepted from private investors totaled 

$34,757 million. Accrued interest of $0.01019 per $1,000 

must be paid for the period from June 30 to July 1. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AN-2015 is $100.

Auction of 5-Year Notes

On June 20, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$58,271 million of securities maturing June 30 and to raise 

new cash of approximately $40,729 million.

The 5-year notes of Series AA-2018 were dated June 30 

and issued July 1. They are due June 30, 2018, with interest 

payable on December 31 and June 30 until maturity. Treasury 

set an interest rate of 1-3/8 percent after determining which 

tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 26. Tenders totaled $85,668 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.484 percent with an 

equivalent price of $99.476843. Treasury accepted in full all 

competitive tenders at yields lower than 1.484 percent. 

Tenders at the high yield were allotted 61.53 percent. The 

median yield was 1.429 percent, and the low yield was 1.372 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$34,954 million. Accrued interest of $0.03736 per $1,000 

must be paid for the period from June 30 to July 1. The 

minimum par amount required for STRIPS of notes of Series 

AA-2018 is $100.

December 2013
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY- SEPTEMBER, con.

41

Auction of 7-Year Notes

On June 20, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$58,271 million of securities maturing June 30 and to raise 

new cash of approximately $40,729 million.

The 7-year notes of Series M-2020 were dated June 30 

and issued July 1. They are due June 30, 2020, with interest 

payable on December 31 and June 30 until maturity. Treasury 

set an interest rate of 1-7/8 percent after determining which 

tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 27. Tenders totaled $75,783 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.932 percent with an 

equivalent price of $99.628563. Treasury accepted in full all 

competitive tenders at yields lower than 1.932 percent. 

Tenders at the high yield were allotted 2.95 percent. The 

median yield was 1.898 percent, and the low yield was 1.835 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$28,987 million. Accrued interest of $0.05095 per $1,000 

must be paid for the period from June 30 to July 1. The 

minimum par amount required for STRIPS of notes of Series 

M-2020 is $100.

Auction of 3-Year Notes

On July 3, 2013, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$60,361 million of securities maturing July 15 and to raise 

new cash of approximately $5,639 million.

The 3-year notes of Series AN-2016 were dated and issued 

July 15. They are due July 15, 2016, with interest payable on 

January 15 and July 15 until maturity. Treasury set an interest 

rate of 0-5/8 percent after determining which tenders were 

accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 9. Tenders totaled $107,200 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.719 percent with an 

equivalent price of $99.721515. Treasury accepted in full all 

competitive tenders at yields lower than 0.719 percent. 

Tenders at the high yield were allotted 66.85 percent. The 

median yield was 0.695 percent, and the low yield was 0.600 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled 

$31,871 million. The minimum par amount required for 

STRIPS of notes of Series AN-2016 is $100.

Auction of 9-Year 10-Month 1-3/4 Percent Notes

On July 3, 2013, Treasury announced it would auction 

$21,000 million of 9-year 10-month 1-3/4 percent notes. The 

issue was to refund $60,361 million of securities maturing 

July 15 and to raise new cash of approximately $5,639 

million.

The 9-year 10-month notes of Series C-2023 were dated 

May 15 and issued July 15. They are due May 15, 2023, with 

interest payable on November 15 and May 15 until maturity.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 10. Tenders totaled $53,906 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.670 percent with an 

equivalent price of $92.085831. Treasury accepted in full all 

competitive tenders at yields lower than 2.670 percent. 

Tenders at the high yield were allotted 19.76 percent. The 

median yield was 2.637 percent, and the low yield was 2.550 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors totaled 

$20,979 million. Accrued interest of $2.90082 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2023 is $100.

Auction of 29-Year 10-Month 2-7/8 Percent Bonds

On July 3, 2013, Treasury announced it would auction 

$13,000 million of 29-year 10-month 2-7/8 percent bonds. 

The issue was to refund $60,361 million of securities 

maturing July 15 and to raise new cash of approximately 

$5,639 million.

The 29-year 10-month bonds of May 2043 were dated 

May 15 and issued July 15. They are due May 15, 2043, with 

interest payable on November 15 and May 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 11. Tenders totaled $29,343 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.660 percent with an 

equivalent price of $85.814558. Treasury accepted in full all 

competitive tenders at yields lower than 3.660 percent. 

Tenders at the high yield were allotted 81.51 percent. The 

median yield was 3.619 percent, and the low yield was 3.500 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$12,991 million. Accrued interest of $4.76563 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of bonds of May 

2043 is $100.

December 2013
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY- SEPTEMBER, con.

42

52-Week Bills

On July 18, 2013, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

July 25, and will mature July 24, 2014. The issue was to 

refund $114,989 million of all maturing bills and to raise new 

cash of approximately $5,011 million. Treasury auctioned the 

bills on July 23. Tenders totaled $116,352 million; Treasury 

accepted $25,001 million. That included $151 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.115 percent.

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS)

On July 11, 2013, Treasury announced it would auction 

$15,000 million of 10-year TIPS. The issue was to refund 

$59,355 million of securities maturing July 31 and to raise 

new cash of approximately $54,645 million.

The 10-year TIPS of Series D-2023 were dated July 15 

and issued July 31. They are due July 15, 2023, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis.

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 18. Tenders totaled $36,558 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.384 percent with an 

equivalent adjusted price of $100.004056. Treasury accepted 

in full all competitive tenders at yields lower than 0.384 

percent. Tenders at the high yield were allotted 84.23 percent. 

The median yield was 0.310 percent, and the low yield was 

0.270 percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$14,972 million. Adjusted accrued interest of $0.16319 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $99.912137 and the unadjusted 

accrued interest of $0.16304 were adjusted by an index ratio 

of 1.00092, for the period from July 15 to July 31. The 

minimum par amount required for STRIPS of TIPS of Series 

D-2023 is $100.

Auction of 2-Year Notes

On July 18, 2013, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$59,355 million of securities maturing July 31 and to raise 

new cash of approximately $54,645 million.

The 2-year notes of Series AP-2015 were dated and issued 

July 31. They are due July 31, 2015, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 0-1/4 percent after determining which tenders were 

accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 23. Tenders totaled $107,699 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.336 percent with an 

equivalent price of $99.828720. Treasury accepted in full all 

competitive tenders at yields lower than 0.336 percent. 

Tenders at the high yield were allotted 42.14 percent. The 

median yield was 0.315 percent, and the low yield was 0.285 

percent. Noncompetitive tenders totaled $147 million. 

Competitive tenders accepted from private investors totaled 

$34,723 million. The minimum par amount required for 

STRIPS of notes of Series AP-2015 is $100.

Auction of 5-Year Notes

On July 18, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$59,355 million of securities maturing July 31 and to raise 

new cash of approximately $54,645 million.

The 5-year notes of Series AB-2018 were dated and issued 

July 31. They are due July 31, 2018, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 1-3/8 percent after determining which tenders were 

accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 24. Tenders totaled $85,995 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.410 percent with an 

equivalent price of $99.831599. Treasury accepted in full all 

competitive tenders at yields lower than 1.410 percent. 

Tenders at the high yield were allotted 48.70 percent. The 

median yield was 1.373 percent, and the low yield was 1.240 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$34,944 million. The minimum par amount required for 

STRIPS of notes of Series AB-2018 is $100.

Auction of 7-Year Notes

On July 18, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$59,355 million of securities maturing July 31 and to raise 

new cash of approximately $54,645 million.

The 7-year notes of Series N-2020 were dated and issued 

July 31. They are due July 31, 2020, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 2 percent after determining which tenders were 

accepted on a yield auction basis.

December 2013
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Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 25. Tenders totaled $73,695 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.026 percent with an 

equivalent price of $99.831111. Treasury accepted in full all 

competitive tenders at yields lower than 2.026 percent. 

Tenders at the high yield were allotted 88.57 percent. The 

median yield was 1.990 percent, and the low yield was 1.940 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$28,987 million. The minimum par amount required for 

STRIPS of notes of Series N-2020 is $100.

A U G U S T

Cash Management Bills

On August 8, 2013, Treasury announced it would auction 

$25,000 million of 21-day bills. They were issued August 15 

and matured September 5. The issue was to raise new cash. 

Treasury auctioned the bills on August 13. Tenders totaled 

$120,361 million; Treasury accepted $25,000 million. The 

high bank discount rate was 0.060 percent.

On August 26, Treasury announced it would auction 

$25,000 million of 14-day bills. They were issued August 29 

and matured September 12. The issue was to raise new cash. 

Treasury auctioned the bills on August 27. Tenders totaled 

$132,815 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.035 percent.

August Quarterly Financing

On July 31, 2013, Treasury announced it would auction 

$32,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $69,557 

million of securities maturing August 15 and to raise new cash 

of approximately $2,443 million.

The 3-year notes of Series AP-2016 were dated and issued 

August 15. They are due August 15, 2016, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 0-5/8 percent after determining 

which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 6. Tenders totaled $102,852 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.631 percent with an 

equivalent price of $99.982197. Treasury accepted in full all 

competitive tenders at yields lower than 0.631 percent. 

Tenders at the high yield were allotted 90.49 percent. The 

median yield was 0.614 percent, and the low yield was 0.561 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$31,850 million. The minimum par amount required for 

STRIPS of notes of Series AP-2016 is $100.

The 10-year notes of Series E-2023 were dated and issued 

August 15. They are due August 15, 2023, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-1/2 percent after determining 

which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 7. Tenders totaled $58,817 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.620 percent with an 

equivalent price of $98.950326. Treasury accepted in full all 

competitive tenders at yields lower than 2.620 percent. 

Tenders at the high yield were allotted 91.54 percent. The 

median yield was 2.589 percent, and the low yield was 2.540 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$23,931 million. The minimum par amount required for 

STRIPS of notes of Series E-2023 is $100.

The 30-year bonds of August 2043 were dated and issued 

August 15. They are due August 15, 2043, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 3-5/8 percent after determining 

which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 8. Tenders totaled $33,821 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.652 percent with an 

equivalent price of $99.510318. Treasury accepted in full all 

competitive tenders at yields lower than 3.652 percent. 

Tenders at the high yield were allotted 85.26 percent. The 

median yield was 3.599 percent, and the low yield was 3.550 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$15,988 million. The minimum par amount required for 

STRIPS of bonds of August 2043 is $100.

52-Week Bills

On August 15, 2013, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

August 22, and will mature August 21, 2014. The issue was to 

refund $124,993 million of all maturing bills and to raise new 

cash of approximately $5,007 million. Treasury auctioned the 

bills on August 20. Tenders totaled $116,848 million; 

Treasury accepted $25,001 million. That included $167 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.135 percent.

December 2013
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Auction of 4-Year 8-Month 0-1/8 Percent TIPS

On August 15, 2013, Treasury announced it would auction 

$16,000 million of 4-year 8-month 0-1/8 percent TIPS. The 

issue was to raise new cash of approximately $16,000 million.

The 4-year 8-month TIPS of Series X-2018 were dated 

April 15 and issued August 30. They are due April 15, 2018, 

with interest payable on October 15 and April 15 until 

maturity.

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 22. Tenders totaled $34,825 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.127 percent with an 

equivalent adjusted price of $102.179146. Treasury accepted 

in full all competitive tenders at yields lower than -0.127 

percent. Tenders at the high yield were allotted 93.21 percent. 

The median yield was -0.222 percent, and the low yield was

-0.310 percent. Noncompetitive tenders totaled $18 

million. Competitive tenders accepted from private investors 

totaled $15,982 million. Adjusted accrued interest of 

$0.47257 per $1,000 must be paid for the period from April 

15 to August 30. Both the unadjusted price of $101.169475 

and the unadjusted accrued interest of $0.46790 were adjusted 

by an index ratio of 1.00998, for the period from April 15 to 

August 30. The minimum par amount required for STRIPS of 

TIPS of Series X-2018 is $100.

S E P T E M B E R

Cash Management Bills

On September 3, 2013, Treasury announced it would 

auction $30,000 million of 11-day bills. They were issued 

September 5 and matured September 16. The issue was to 

raise new cash. Treasury auctioned the bills on September 4. 

Tenders totaled $128,185 million; Treasury accepted $30,001 

million. The high bank discount rate was 0.030 percent.

On September 9, Treasury announced it would auction 

$35,000 million of 5-day bills. They were issued September 

12 and matured September 17. The issue was to raise new 

cash. Treasury auctioned the bills on September 10. Tenders 

totaled $131,835 million; Treasury accepted $35,001 million. 

The high bank discount rate was 0.040 percent.

Auction of 2-Year Notes

On August 22, 2013, Treasury announced it would auction 

$34,000 million of 2-year notes. The issue was to refund 

$59,907 million of securities maturing August 31 and to raise 

new cash of approximately $38,093 million.

The 2-year notes of Series AQ-2015 were dated August 31 

and issued September 3. They are due August 31, 2015, with 

interest payable on the last calendar days of February and 

August until maturity. Treasury set an interest rate of 0-3/8 

percent after determining which tenders were accepted on a 

yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 27. Tenders totaled $109,018 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.386 percent with an 

equivalent price of $99.978190. Treasury accepted in full all 

competitive tenders at yields lower than 0.386 percent. 

Tenders at the high yield were allotted 70.92 percent. The 

median yield was 0.372 percent, and the low yield was 0.330 

percent. Noncompetitive tenders totaled $143 million. 

Competitive tenders accepted from private investors totaled 

$33,757 million. Accrued interest of $0.03108 per $1,000 

must be paid for the period from August 31 to September 3. 

The minimum par amount required for STRIPS of notes of 

Series AQ-2015 is $100.

Auction of 5-Year Notes

On August 22, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$59,907 million of securities maturing August 31 and to raise 

new cash of approximately $38,093 million

The 5-year notes of Series P-2018 were dated August 31 

and issued September 3. They are due August 31, 2018, with 

interest payable on the last calendar days of February and 

August until maturity.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 28. Tenders totaled $83,188 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.624 percent with an 

equivalent price of $99.407655. Treasury accepted in full all 

competitive tenders at yields lower than 1.624 percent. 

Tenders at the high yield were allotted 91.92 percent. The 

median yield was 1.587 percent, and the low yield was 1.525 

percent. Noncompetitive tenders totaled $46 million. 

Competitive tenders accepted from private investors totaled 

$34,954 million. Accrued interest of $0.12431 per $1,000 

must be paid for the period from August 31 to September 3. 

The minimum par amount required for STRIPS of notes of 

Series P-2018 is $100.

Auction of 7-Year Notes

On August 22, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$59,907 million of securities maturing August 31 and to raise 

new cash of approximately $38,093 million.

December 2013
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The 7-year notes of Series P-2020 were dated August 31 

and issued September 3. They are due August 31, 2020, with 

interest payable on the last calendar days of February and 

August until maturity. Treasury set an interest rate of 2-1/8 

percent after determining which tenders were accepted on a 

yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 29. Tenders totaled $70,432 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.221 percent with an 

equivalent price of $99.381289. Treasury accepted in full all 

competitive tenders at yields lower than 2.221 percent. 

Tenders at the high yield were allotted 55.56 percent. The 

median yield was 2.190 percent, and the low yield was 2.130 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$28,970 million. Accrued interest of $0.17610 per $1,000 

must be paid for the period from August 31 to September 3. 

The minimum par amount required for STRIPS of notes of 

Series P-2020 is $100.

Auction of 3-Year Note

On September 5, 2013, Treasury announced it would 

auction $31,000 million of 3-year notes. The issue was to 

refund $33,357 million of securities maturing September 15 

and to raise new cash of approximately $31,643 million.

The 3-year notes of Series AQ-2016 were dated 

September 15 and issued September 16. They are due 

September 15, 2016, with interest payable on March 15 and

September 15 until maturity. Treasury set an interest rate of 

0-7/8 percent after determining which tenders were accepted 

on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 10. Tenders totaled 

$101,903 million; Treasury accepted $31,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.913 percent with an 

equivalent price of $99.887890. Treasury accepted in full all 

competitive tenders at yields lower than 0.913 percent. 

Tenders at the high yield were allotted 73.36 percent. The 

median yield was 0.897 percent, and the low yield was 0.820 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$30,859 million. Accrued interest of $0.02417 per $1,000 

must be paid for the period from September 15 to September 

16. The minimum par amount required for STRIPS of notes of 

Series AQ-2016 is $100.

Auction of 9-Year 11 Month 2-1/2 Percent Notes

On September 5, 2013, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2-1/2 percent 

notes. The issue was to refund $33,357 million of securities 

maturing September 15 and to raise new cash of 

approximately $31,643 million.

The 9-year 11-month notes of Series E-2023 were dated 

August 15 and issued September 16. They are due August 15, 

2023, with interest payable on February 15 and August 15 

until maturity.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 11. Tenders totaled $59,999 

million; Treasury accepted $21,000 million. All

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.946 percent with an 

equivalent price of $96.187171. Treasury accepted in full all 

competitive tenders at yields lower than 2.946 percent. 

Tenders at the high yield were allotted 12.35 percent. The 

median yield was 2.908 percent, and the low yield was 2.860 

percent. Noncompetitive tenders totaled $55 million. 

Competitive tenders accepted from private investors totaled 

$20,939 million. Accrued interest of $2.17391 per $1,000 

must be paid for the period from August 15 to September 16. 

The minimum par amount required for STRIPS of notes of 

Series E-2023 is $100.

Auction of 29-Year 11 Month 3-5/8 Percent Bonds

On September 5, 2013, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3-5/8 percent 

bonds. The issue was to refund $33,357 million of securities 

maturing September 15 and to raise new cash of 

approximately $31,643 million.

The 29-year 11-month bonds of August 2043 were dated 

August 15 and issued September 16. They are due August 15, 

2043, with interest payable on February 15 and August 15 

until maturity.

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 12. Tenders totaled $31,169 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.820 percent with an 

equivalent price of $96.536207. Treasury accepted in full all 

competitive tenders at yields lower than 3.820 percent. 

Tenders at the high yield were allotted 58.87 percent. The 

median yield was 3.779 percent, and the low yield was 3.720 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$12,989 million. Accrued interest of $3.15217 per $1,000 

must be paid for the period from August 15 to September 16. 

December 2013
PUBLIC DEBT OPERATIONS

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The minimum par amount required for STRIPS of bonds of 

August 2043 is $100.

52-Week Bills

On September 12, 2013, Treasury announced it would 

auction $22,000 million of 364-day Treasury bills. They were 

issued September 19, and will mature September 18, 2014. 

The issue was to refund $135,003 million of all maturing bills 

and to pay down approximately $23,003 million. Treasury 

auctioned the bills on September 17. Tenders totaled $99,198 

million; Treasury accepted $22,001 million. That included 

$172 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.120 percent.

Auction of 9-Year 10 Month 0-3/8 Percent TIPS

On September 12, 2013, Treasury announced it would 

auction $13,000 million of 9-year 10-month 0-3/8 percent 

TIPS. The issue was to refund $62,308 million of securities 

maturing September 30 and to raise new cash of 

approximately $47,692 million.

The 9-year 10-month TIPS of Series D-2023 were dated 

July 15 and issued September 30. They are due July 15, 2023, 

with interest payable on January 15 and July 15 until maturity.

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 19. Tenders totaled $30,959 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.500 percent with an 

equivalent adjusted price of $99.178464. Treasury accepted in 

full all competitive tenders at yields lower than 0.500 percent. 

Tenders at the high yield were allotted 22.56 percent. The 

median yield was 0.404 percent, and the low yield was 0.350 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$12,981 million. Adjusted accrued interest of $0.78760 per 

$1,000 must be paid for the period from July 15 to September 

30. Both the unadjusted price of $98.806950 and the 

unadjusted accrued interest of $0.78465 were adjusted by an 

index ratio of 1.00376, for the period from July 15 to 

September 30. The minimum par amount required for STRIPS 

of TIPS of Series D-2023 is $100.

Auction of 2-Year Notes

On September 19, 2013, Treasury announced it would 

auction $33,000 million of 2-year notes. The issue was to 

refund $62,308 million of securities maturing September 30 

and to raise new cash of approximately $47,692 million.

The 2-year notes of Series AR-2015 were dated and issued 

September 30. They are due September 30, 2015, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 0-1/4 percent after determining 

which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 24. Tenders totaled 

$101,981 million; Treasury accepted $33,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.348 percent with an 

equivalent price of $99.804850. Treasury accepted in full all 

competitive tenders at yields lower than 0.348 percent. 

Tenders at the high yield were allotted 49.47 percent. The 

median yield was 0.330 percent, and the low yield was 0.289 

percent. Noncompetitive tenders totaled $171 million. 

Competitive tenders accepted from private investors totaled 

$32,729 million. The minimum par amount required for 

STRIPS of notes of Series AR-2015 is $100.

Auction of 5-Year Notes

On September 19, 2013, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $62,308 million of securities maturing September 30 

and to raise new cash of approximately $47,692 million.

The 5-year notes of Series Q-2018 were dated and issued 

September 30. They are due September 30, 2018, with interest 

payable on March 31 and September 30 until maturity.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 25. Tenders totaled $93,500 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.436 percent with an 

equivalent price of $99.706706. Treasury accepted in full all 

competitive tenders at yields lower than 1.436 percent. 

Tenders at the high yield were allotted 43.73 percent. The 

median yield was 1.398 percent, and the low yield was 1.300 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors totaled 

$34,968 million. The minimum par amount required for 

STRIPS of notes of Series Q-2018 is $100.

Auction of 7-Year Notes

On September 19, 2013, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $62,308 million of securities maturing September 30 

and to raise new cash of approximately $47,692 million.

The 7-year notes of Series Q-2020 were dated and issued 

September 30. They are due September 30, 2020, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 2 percent after determining 

which tenders were accepted on a yield auction basis.

December 2013
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Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 26. Tenders totaled $71,385 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.058 percent with an 

equivalent price of $99.623686. Treasury accepted in full all

competitive tenders at yields lower than 2.058 percent. 

Tenders at the high yield were allotted 9.87 percent. The 

median yield was 2.017 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$28,970 million. The minimum par amount required for 

STRIPS of notes of Series Q-2020 is $100.

December 2013
48 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Office of Financing]

On total competitive bids accepted

Issue date

Description of new issue Amounts of bids accepted

High

price per

hundred

(7)

High

discount 

rate

(percent)

(8)

High investment rate

(percent) 4

(9)

Maturity date

(1)

Number

of days to

maturity 1

(2)

Amount

of bids

tendered

(3)

Total

amount 2

(4)

On

competitive

basis

(5)

On noncompetitive

basis 3

(6)

Regular weekly:

(4 week, 13 week, and 26 week)

2013 - July 05.................. 2013 - Aug. 01 27 122,706.4 30,000.3 29,777.1 223.2 99.998875 0.015 0.015

Oct. 03 90 128,776.4 30,000.2 28,720.1 559.1 99.987500 0.050 0.051

2014 - Jan. 02 181 122,707.8 25,000.6 23,875.2 399.5 99.957264 0.085 0.086

July 11 ................. 2013 - Aug. 08 28 142,686.4 35,000.3 34,761.4 238.9 99.998056 0.025 0.025

Oct. 10 91 135,518.2 30,000.5 29,389.2 461.3 99.988625 0.045 0.046

2014 - Jan. 09 182 125,764.2 25,000.4 23,870.4 429.0 99.962083 0.075 0.076

July 18 ................. 2013 - Aug. 15 28 161,639.6 35,000.2 34,713.3 281.9 99.998444 0.020 0.020

Oct. 17 91 148,439.8 30,000.5 29,379.2 509.9 99.989889 0.040 0.041

2014 - Jan. 16 182 138,504.6 25,000.3 24,106.6 417.7 99.964611 0.070 0.071

July 25 ................. 2013 - Aug. 22 28 165,455.7 40,001.1 39,732.4 268.7 99.998444 0.020 0.020

Oct. 24 91 139,985.4 30,001.2 29,516.0 485.2 99.991153 0.035 0.035

2014 - Jan. 23 182 132,788.7 25,000.1 24,044.6 479.5 99.964611 0.070 0.071

Aug. 01 ................ 2013 - Aug. 29 28 177,325.3 45,000.7 43,956.8 256.0 99.997667 0.030 0.030

Oct. 31 91 136,192.0 30,000.1 28,672.1 440.9 99.992417 0.030 0.030

2014 - Jan. 30 182 127,508.7 25,000.8 23,747.6 453.2 99.967139 0.065 0.066

Aug. 08 ................ 2013 - Sept. 05 28 179,246.4 45,000.2 44,762.5 232.6 99.996500 0.045 0.046

Nov. 07 91 141,825.5 30,000.4 29,334.4 466.0 99.989889 0.040 0.041

2014 - Feb. 06 182 128,177.7 25,000.7 24,057.6 467.2 99.962083 0.075 0.076

Aug. 15 ................ 2013 - Sept. 12 28 183,594.7 45,001.2 44,686.9 264.3 99.995722 0.055 0.056

Nov. 14 91 143,313.4 30,000.5 29,417.1 483.4 99.986097 0.055 0.056

2014 - Feb. 13 182 125,135.8 25,000.5 23,872.8 451.7 99.962083 0.075 0.076

Aug. 22 ................ 2013 - Sept. 19 28 210,781.4 50,001.1 49,744.0 257.1 99.996500 0.045 0.046

Nov. 21 91 139,905.2 30,000.9 29,392.4 503.4 99.987361 0.050 0.051

2014 - Feb. 20 182 132,751.3 25,001.1 24,039.5 400.6 99.962083 0.075 0.076

Aug. 29 ................ 2013 - Sept. 26 28 191,363.2 50,000.2 49,044.4 272.0 99.996889 0.040 0.041

Nov. 29 92 141,568.8 30,001.0 28,535.8 478.2 99.989778 0.040 0.041

2014 - Feb. 27 182 134,169.8 25,000.2 23,871.7 352.5 99.967139 0.065 0.066

Sept. 05 ............... 2013 - Oct. 03 28 202,574.5 50,001.0 49,735.2 265.8 99.998444 0.020 0.020

Dec. 05 91 146,316.8 30,000.7 29,346.4 454.3 99.992417 0.030 0.030

2014 - Mar. 06 182 133,982.9 25,000.1 24,161.5 362.6 99.972194 0.055 0.056

Sept. 12 ............... 2013 - Oct. 10 28 155,821.8 35,001.9 34,758.6 243.3 99.999222 0.010 0.010

Dec. 12 91 123,649.7 30,000.6 29,541.1 444.5 99.994944 0.020 0.020

2014 - Mar. 13 182 152,968.8 25,000.5 24,160.7 363.8 99.982306 0.035 0.035

Sept. 19 ............... 2013 - Oct. 17 28 171,909.0 35,000.1 34,711.3 238.8 100.000000 0.000 0.000

Dec. 19 91 130,173.1 30,000.1 29,422.0 478.2 99.997472 0.010 0.010

2014 - Mar. 20 182 114,285.0 25,000.6 24,274.6 350.0 99.984833 0.030 0.030

Sept. 26 ............... 2013 - Oct. 24 28 145,656.6 35,001.2 34,223.9 243.5 99.998833 0.015 0.015

Dec. 26 91 136,124.3 30,000.1 28,501.1 502.4 99.994944 0.020 0.020

2014 - Mar. 27 182 119,755.2 25,000.2 23,609.7 392.1 99.974722 0.050 0.051

1 All 4-week and 13-week bills represent additional issues of bills with an original maturity

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an

original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System.

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield.

December 2013
PUBLIC DEBT OPERATIONS 49

TABLE PDO-2.—Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Office of Financing]

Auction date

Issue date

(1)

Description of securities 1

(2)

Period to final maturity

(years, months, days) 2

(3)

Amount

tendered

(4)

Amount

accepted 3, 4

(5)

Accepted yield and

equivalent price

for notes and 

bonds

(6)

06/25/13 07/01/13 0.375% note—06/30/15-AN 2y 106,889 35,000 0.430 - 99.890734

06/26/13 07/01/13 1.375% note—06/30/18-AA 5y 85,668 35,000 1.484 - 99.476843

06/27/13 07/01/13 1.875% note—06/30/20-M 7y 75,783 29,000 1.932 - 99.628563

07/09/13 07/15/13 0.625% note—07/15/16-AN 3y 107,200 32,000 0.719 - 99.721515

07/10/13 07/15/13 1.750% note—05/15/23-C 9y 10m 53,906 21,000 2.670 - 92.085831

07/11/13 07/15/13 2.875% bond—05/15/43 29y 10m 29,343 13,000 3.660 - 85.814558

07/18/13 07/31/13 0.375% TIPS—07/15/23-D 10y 36,558 15,000 0.384 - 100.004056

07/23/13 07/25/13 0.115% bill—07/24/14 364d 116,352 25,001

07/23/13 07/31/13 0.250% note—07/31/15-AP 2y 107,699 35,000 0.336 - 99.828720

07/24/13 07/31/13 1.375% note—07/31/18-AB 5y 85,995 35,000 1.410 - 99.831599

07/25/13 07/31/13 2.000% note—07/31/20-N 7y 73,695 29,000 2.026 - 99.831111

08/06/13 08/15/13 0.625% note—08/15/16-AP 3y 102,852 32,000 0.631 - 99.982197

08/07/13 08/15/13 2.500% note—08/15/23-E 10y 58,817 24,000 2.620 - 98.950326

08/08/13 08/15/13 3.625% bond—08/15/43 30y 33,821 16,000 3.652 - 99.510318

08/13/13 08/15/13 0.060% bill—09/05/13 21d 120,361 25,000

08/20/13 08/22/13 0.135% bill—08/21/14 364d 116,848 25,001

08/22/13 08/30/13 0.125% TIPS—04/15/18-X 4y 8m 34,825 16,000 -0.127 - 102.179146

08/27/13 08/29/13 0.035% bill—09/12/13 14d 132,815 25,001

08/27/13 09/03/13 0.375% note—08/31/15-AQ 2y 109,018 34,000 0.386 - 99.978190

08/28/13 09/03/13 1.500% note—08/31/18-P 5y 83,188 35,000 1.624 - 99.407655

08/29/13 09/03/13 2.125% note—08/31/20-P 7y 70,432 29,000 2.221 - 99.381289

09/04/13 09/05/13 0.030% bill—09/16/13 11d 128,185 30,001

09/10/13 09/12/13 0.040% bill—09/17/13 5d 131,835 35,001

09/10/13 09/16/13 0.875% note—09/15/16-AQ 3y 101,903 31,000 0.913 - 99.887890

09/11/13 09/16/13 2.500% note—08/15/23-E 9y 11m 59,999 21,000 2.946 - 96.187171

09/12/13 09/16/13 3.625% bond—08/15/43 29y 11m 31,169 13,000 3.820 - 96.536207

09/17/13 09/19/13 0.120% bill—09/18/14 364d 99,198 22,001

09/19/13 09/30/13 0.375% TIPS—07/15/23-D 9y 10m 30,959 13,000 0.500 - 99.178464

09/24/13 09/30/13 0.250% note—09/30/15-AR 2y 101,981 33,000 0.348 - 99.804850

09/25/13 09/30/13 1.375% note—09/30/18-Q 5y 93,500 35,000 1.436 - 99.706706

09/26/13 09/30/13 2.000% note—09/30/20-Q 7y 71,385 29,000 2.058 - 99.623686

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS.

2 From date of additional issue in case of a reopening.

3 In reopenings, the amount accepted is in addition to the amount of original offerings.

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash.

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day.

December 2013
50

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes.

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.)

December 2013
OWNERSHIP OF FEDERAL SECURITIES 51

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues

[In millions of dollars. Source: Bureau of the Fiscal Service]

End of

fiscal year

or month

 Total

 Federal

 securities

outstanding

(1)

Public debt securities

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6)

 Total

 outstanding

 (2)

Total

(3)

 Marketable

 (4)

Nonmarketable

(5)

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2012 - Sept...................................... 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

Oct....................................... 16,286,263 16,261,470 4,845,056 - 4,845,056 1,747,981

Nov...................................... 16,394,033 16,369,549 4,811,469 - 4,811,469 1,769,685

Dec...................................... 16,457,613 16,432,730 4,846,173 - 4,846,173 1,786,023

2013 - Jan ....................................... 16,458,774 16,433,792 4,868,335 - 4,868,335 1,848,206

Feb ...................................... 16,712,052 16,687,289 4,859,474 - 4,859,474 1,911,125

Mar ...................................... 16,796,009 16,771,378 4,848,930 - 4,848,930 1,971,959

Apr....................................... 16,853,522 16,828,845 4,880,244 - 4,880,244 2,025,818

May...................................... 16,763,595 16,738,821 4,836,371 - 4,836,371 2,084,249

June..................................... 16,763,286 16,738,319 4,831,752 - 4,831,752 2,145,596

July ...................................... 16,763,730 16,738,599 4,816,157 - 4,816,157 2,204,961

Aug...................................... 16,763,581 16,738,649 4,766,719 - 4,766,719 2,261,118

Sept..................................... 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

Public debt securities, con. Agency securities 1

End of

fiscal year

or month

Held by private investors

Total

outstanding

 (10)

Held by

private

investors

(11)

Held by

Government

accounts

(12)

Total

(7)

Marketable

(8)

 Nonmarketable

 (9)

2009 ................................................ 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 ................................................ 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2012 - Sept...................................... 9,530,116 9,005,483 524,634 24,399 24,394 5

Oct....................................... 9,668,434 9,139,487 528,946 24,793 24,788 5

Nov...................................... 9,788,395 9,263,099 525,296 24,485 24,480 5

Dec...................................... 9,800,534 9,267,179 533,355 24,884 24,879 5

2013 - Jan ....................................... 9,717,251 9,267,115 450,136 24,982 24,977 5

Feb ...................................... 9,916,690 9,397,228 519,462 24,763 24,758 5

Mar ...................................... 9,950,490 9,426,046 524,444 24,631 24,626 5

Apr....................................... 9,922,783 9,390,943 531,841 24,677 24,672 5

May...................................... 9,818,201 9,313,062 505,040 24,774 24,769 5

June..................................... 9,760,971 9,249,407 511,565 24,967 24,962 5

July ...................................... 9,717,481 9,278,530 438,952 25,131 25,126 5

Aug...................................... 9,710,813 9,325,061 385,752 24,932 24,926 5

Sept..................................... 9,665,949 9,281,132 384,818 25,103 25,098 5

1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts.

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage 

Corporation, and the Federal Home Loan Bank System.

December 2013
52 OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

SOMA and

Intragovernmental 

Holdings 2,3

(2)

Pension funds 3

End of month

Total

public

debt 1

(1)

Total

privately

held

(3)

 Depository

institutions 4, 5

 (4)

U.S.

savings

bonds 6

(5)

 Private 7

 (6)

State and

local

governments

(7)

 Insurance

 compa-

 nies 4

 (8)

Mutual

funds 4, 8

(9)

 State and

 local

 govern-

 ments 4

 (10)

 Foreign

 and inter-

 national 9

 (11)

Other

 investors 10

 (12)

2013 - Sept........ 16,738.2 6,834.2 9,904.0 n.a. 180.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 June ...... 16,738.2 6,773.3 9,964.9 301.6 180.9 478.9 241.1 261.1 924.4 526.6 5,595.7 1,454.6

 Mar........ 16,771.6 6,656.8 10,114.8 340.1 181.7 465.1 225.9 264.0 947.4 531.0 5,721.8 1,437.9

2012 - Dec......... 16,432.7 6,523.7 9,909.1 348.5 182.5 451.1 214.5 262.0 908.2 533.6 5,571.5 1,437.1

 Sept........ 16,066.2 6,446.8 9,619.4 339.3 183.8 436.9 203.8 261.6 888.1 541.3 5,472.7 1,291.9

 June ....... 15,855.5 6,475.8 9,379.7 304.2 184.7 422.5 195.7 260.6 859.1 548.6 5,310.9 1,293.4

 Mar......... 15,582.3 6,397.2 9,185.1 320.2 184.8 411.0 189.4 263.5 863.4 540.2 5,145.1 1,267.6

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.1 173.3 263.5 809.6 545.4 5,006.9 1,128.5

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 380.2 165.4 253.4 711.6 552.7 4,912.1 1,008.1

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 364.1 166.5 250.6 648.0 569.3 4,690.6 968.2

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 353.7 165.3 251.4 633.9 580.9 4,481.4 1,336.7

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 345.4 160.0 248.4 631.2 591.9 4,435.6 1,449.4

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 334.4 150.2 240.6 600.3 584.7 4,324.2 1,465.1

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 323.1 149.0 231.8 624.5 583.2 4,070.0 1,419.2

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 311.0 153.3 225.7 638.3 584.0 3,877.9 1,263.7

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 302.1 151.9 222.0 658.2 585.1 3,685.1 1,036.2

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 291.1 146.8 210.2 637.2 583.2 3,570.6 952.9

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 281.6 146.6 200.0 687.1 588.4 3,460.8 819.6

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 272.4 137.0 191.0 707.4 589.2 3,265.7 859.5

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 259.7 129.9 171.4 758.3 602.4 3,077.2 595.4

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 252.7 136.7 163.4 645.7 614.1 2,802.4 392.8

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 243.8 135.5 159.4 466.9 635.1 2,587.4 270.4

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 240.1 135.4 152.1 483.7 646.4 2,506.3 258.5

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 228.7 144.2 141.9 362.4 647.8 2,353.2 191.3

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 225.4 153.2 155.1 306.0 642.8 2,235.3 235.1

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 220.6 162.3 168.9 267.8 637.8 2,192.0 194.2

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 219.6 156.3 185.4 264.5 608.5 2,194.8 323.9

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 216.1 153.4 197.9 250.6 570.6 2,103.1 313.2

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.7 149.3 196.8 235.7 542.3 2,025.3 405.9

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 191.6 149.6 196.1 244.2 531.6 1,977.8 415.3

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.2 152.9 200.3 248.7 515.8 2,082.1 409.0

2005 - Dec......... 8,170.4 4,199.8 3,970.6 129.4 205.2 184.4 154.2 202.3 251.3 512.3 2,033.9 297.7

 Sept........ 7,932.7 4,067.8 3,864.9 134.0 203.6 183.6 161.1 200.7 244.4 493.5 1,929.6 314.3

 June ....... 7,836.5 4,033.5 3,803.0 135.9 204.2 180.4 165.9 195.0 248.7 461.1 1,877.5 334.4

 Mar......... 7,776.9 3,921.6 3,855.3 149.4 204.2 176.8 157.2 193.3 261.6 429.6 1,952.2 331.1

2004 - Dec......... 7,596.1 3,905.6 3,690.5 133.4 204.5 173.3 149.4 188.5 258.6 405.3 1,849.3 328.4

 Sept........ 7,379.1 3,772.0 3,607.1 146.3 204.2 173.7 140.1 182.9 254.9 393.3 1,794.5 317.2

 June ....... 7,274.3 3,742.8 3,531.5 167.8 204.6 173.1 134.9 174.6 258.9 390.1 1,735.4 292.0

 Mar......... 7,131.1 3,628.3 3,502.8 172.7 204.5 169.8 143.6 172.4 280.8 373.0 1,670.0 316.1

2003 - Dec......... 6,998.0 3,620.1 3,377.9 165.3 203.9 172.4 148.6 166.4 280.6 361.9 1,523.1 355.6

 Sept........ 6,783.2 3,515.3 3,267.9 158.0 201.6 168.2 155.5 168.5 287.1 356.2 1,443.3 329.6

 June ....... 6,670.1 3,505.4 3,164.7 155.0 199.2 170.5 161.3 166.0 302.3 347.9 1,371.9 290.8

 Mar......... 6,460.8 3,390.8 3,070.0 162.6 196.9 166.0 162.1 163.5 296.8 350.0 1,275.2 296.8

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value.

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements.

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings.

4 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 6 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value.

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.

December 2013
53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, Sept. 30, 2013

[Source: Bureau of the Fiscal Service]

Currency

Total 

currency

and coin

(1)

Total currency

(2)

Federal Reserve notes 1

(3)

U.S. notes

(4)

Currency no

longer issued

(5)

Amounts outstanding .............................. $1,528,659,297,107 $1,483,806,290,042 $1,483,324,894,628 $240,265,366 $241,130,048

Less amounts held by:

The Treasury....................................... 240,990,043 49,380,160 49,165,329 7,505 207,326

FRBs ................................................... 321,433,875,556 319,423,425,128 319,423,419,063 11 6,054

Amounts in circulation............................. $1,206,984,431,508 $1,164,333,484,754 $1,163,852,310,236 $240,257,850 $240,916,668

Coins 2

Total

(1)

Dollars 2, 3

(2)

Fractional

coins

(3)

Amounts outstanding .............................. $44,853,007,065 $6,448,918,110 $38,404,088,955

Less amounts held by:

The Treasury....................................... 191,609,883 57,102,705 134,507,178

FRBs ................................................... 2,010,450,428 1,385,132,807 625,317,621

Amounts in circulation............................. $42,650,946,754 $5,006,682,598 $37,644,264,156

See footnotes following table USCC-2.

December 2013
54 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2013

[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination

Total

(1)

Federal Reserve notes 1

(2)

U.S. notes

(3)

Currency no

longer issued

(4)

$1 ................................................................................ $10,300,707,149 $10,159,275,159 $143,503 $141,288,487

$2 ................................................................................ 2,018,606,850 1,886,720,262 131,874,012 12,576

$5 ................................................................................ 12,065,535,165 11,932,240,985 108,219,105 25,075,075

$10 .............................................................................. 17,483,309,130 17,462,877,480 6,300 20,425,350

$20 .............................................................................. 147,839,276,560 147,819,171,700 3,840 20,101,020

$50 .............................................................................. 71,445,768,600 71,434,275,550 500 11,492,550

$100 ............................................................................ 902,867,568,200 902,845,594,100 -4 21,974,100

$500 ............................................................................ 142,078,500 141,885,000 5,500 188,000

$1,000 ......................................................................... 165,409,000 165,200,000 5,000 204,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510

Total currency ......................................................... $1,164,333,484,754 $1,163,852,310,236 $240,257,850 $240,916,668

Comparative totals of currency and coins in circulation—selected dates

 Amounts (in millions)

 (1)

 Per capita 6

 (2)

Sept. 30, 2013...................................................................................... 1,206,984 3,809

Aug. 31, 2013....................................................................................... 1,208,239 3,815

July 31, 2013........................................................................................ 1,197,410 3,783

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30,1970 ....................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

1 Issued on or after July 1, 1929.

2 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 6 Based on Bureau of the Census’ estimates of population.

September 2013
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held in 

the Special Drawing Account in the International Monetary

Fund (IMF), holdings of convertible foreign currencies and 

reserve position in the IMF.

• Table IFS-2 contains statistics on liabilities to foreign 

official institutions, and selected liabilities to all other 

foreigners, which are used in the U.S. balance of payments 

statistics.

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries.

Note: After the December 2013 issue of the Treasury Bulletin, 

the "International Financial Statistics" tables will be 

discontinued. The same data will continue to be available 

monthly on the Treasury website at: http://www.treasury.gov/ 

resource-center/data-chart-center/tic/Pages/index.aspx, except 

that U.S. Reserve data in Table IFS-1 will be available weekly 

at: http://www.treasury.gov/resource-center/data-chartcenter/IR-Position/Pages/default.aspx.

TABLE IFS-1.—U.S. Reserve Assets

[In millions of dollars. Source: Treasury International Capital Reporting System]

End of calendar

year or month

Total reserve

assets 1

(1)

Gold stock 2

(2)

Special drawing

rights 1, 3

(3)

Foreign 

currencies 4

(4)

Reserve 

position in 

International 

Monetary

Fund 1, 5, 6

(5)

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492

2011 ................................................................................... 147,953 11,041 54,955 51,878 30,080

2012 - Oct........................................................................... 152,228 11,041 55,175 51,192 34,821 

Nov......................................................................... 151,276 11,041 54,975 50,590 34,670 

Dec......................................................................... 150,175 11,041 55,050 49,922 34,161 

2013 - Jan .......................................................................... 151,895 11,041 55,209 49,708 35,937 

Feb ......................................................................... 148,837 11,041 54,264 48,396 35,136 

Mar ......................................................................... 146,329 11,041 53,704 47,544 34,039 

Apr.......................................................................... 146,795 11,041 54,055 47,556 34,143 

May......................................................................... 144,042 11,041 53,695 46,556 32,750 

June........................................................................ 145,703 11,041 53,881 46,920 33,860 

July ......................................................................... 147,427 11,041 54,214 47,688 34,483 

Aug......................................................................... 145,755 11,041 54,292 47,543 32,880 

Sept........................................................................ 147,747 11,041 54,966 48,278 33,462 

Oct.......................................................................... 147,086 11,041 55,108 48,458 32,479 

1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for 

valuing the special drawing right (SDR) based on a weighted average of exchange rates for 

the currencies of selected member countries. The U.S. SDR holdings and reserve position 

in the IMF also are valued on this basis beginning July 1974. 

2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate 

against all gold held.

3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million.

4 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly 

Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency 

dominated assets are shown not at market value but rather at amortized cost revalued at 

current foreign currency market exchange rates in order to report these assets in U.S. 

dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of 

end-October 2013, swaps outstanding were $272 million with the European Central Bank. 5 The United States has the right to purchase foreign currencies equivalent to its reserve 

position in the IMF automatically if needed. Under appropriate conditions, the United States 

could purchase additional amounts related to the U.S. quota.

6 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to 

Borrow.

Note.—Detail may not add to totals due to rounding.

December 2013
58 INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities to foreign countries

Liabilities

to non- monetary

interna- tional and 

regional

organiza- tions 7

(11)

Official institutions 1

End of

calendar

year or

month

Total

(1)

Total

(2)

Liabilities

reported 

by

banks in

United

States

(3)

Marketable

U.S.

Treasury

bonds

and

notes 2

(4)

Non- marketable

U.S.

Treasury

bonds

and

notes 3

(5)

Other

readily

marketable

liabilities 2, 4

(6)

Liabilities

to

banks 5

(7)

Liabilities to other foreigners

Total

(8)

Liabilities

reported

by banks

in the

United

States

(9)

Marketable

U.S.

Treasury

bonds

and

notes 2, 6

(10)

2000 ............................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926

2001 ............................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612

2002 - June 8 .................. 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263

Series Break.................. 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690

2002 ............................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692

2003 - June 8 .................. 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864

Series Break .................. 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677

2003 ............................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081

2004 - June 8 .................. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631

Series Break .................. 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324

2004 ............................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178

2005 - June 8.................. 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502

Series break................... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905

2005 ............................... 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8.................. 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series break................... 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................... 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8.................. 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series break................... 7,210,387 2,795,998 495 ,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8.................. 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series break................... 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................... 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8.................. 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series break................... 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................... 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8.................. 8,667,907 3,752,827 630,061 2,232,904 1,354 888,509 2,661,737 2,200,406 1,187,414 1,012,992 52,937

Series break................... 8,664,958 4,065,513 630,061 2,615,683 1,354 818,416 2,661,737 1,870,438 1,187,414 683,024 67,270

2010 ............................... 9,089,635 4,140,756 640,802 2,725,592 1,409 772,953 2,774,797 2,112,366 1,175,392 936,974 61,716

2011 - June.................... 9,517,644 4,220,155 601,197 2,829,418 1,466 788,075 2,942,320 2,275,266 1,261,581 1,013,685 79,903

Series Break .................. 9,624,988 4,443,157 601,197 3,101,991 1,466 738,503 2,942,320 2,144,508 1,261,581 882,927 95,003

2011 ............................... 9,955,621 4,452,563 563,195 3,142,320 1,525 745,523 3,000,736 2,394,134 1,311,051 1,083,083 108,187

2012 - June.................... 9,827,360 4,578,768 556,588 3,287,153 1,587 733,440 2,638,251 2,507,903 1,294,468 1,213,435 102,438

Series Break .................. 9,851,469 4,698,613 556,588 3,487,449 1,587 652,989 2,638,251 2,404,669 1,294,468 1,110,201 109,936

2012 - Sept .................... 10,029,141 4,793,921 582,745 3,540,502 1,619 669,055 2,661,919 2,462,217 1,329,332 1,132,885 111,084

Oct .................... 9,972,759 4,800,686 584,560 3,547,618 1,630 666,878 2,573,631 2,482,752 1,343,620 1,139,132 115,690

Nov.................... 9,954,312 4,794,407 578,099 3,544,106 1,640 670,561 2,524,093 2,523,665 1,356,168 1,167,497 112,147

Dec ................... 10,013,203 4,802,017 577,123 3,552,472 1,651 670,770 2,532,485 2,557,784 1,370,366 1,187,418 120,917

2013 - Jan ...................... 10,130,379 4,856,838 570,479 3,605,522 1,663 679,174 2,611,128 2,542,339 1,378,532 1,163,807 120,074

Feb.................... 10,197,688 4,873,965 589,630 3,598,739 1,673 683,923 2,653,717 2,550,575 1,378,685 1,171,890 119,431

Mar.................... 10,233,455 4,914,301 628,508 3,581,642 1,684 702,466 2,591,412 2,613,295 1,431,866 1,181,429 114,447

Apr .................... 10,277,816 4,891,799 613,931 3,557,861 1,695 718,311 2,676,866 2,596,536 1,426,697 1,169,839 112,615

May................... 10,301,551 4,908,380 588,282 3,598,159 1,706 720,232 2,705,488 2,578,917 1,441,699 1,137,218 108,766

June.................. 10,287,099 4,903,068 577,825 3,597,478 1,717 726,047 2,740,888 2,536,843 1,438,880 1,097,963 106,300

July ................... 10,340,519 4,906,542 577,053 3,581,589 1,729 746,170 2,762,964 2,565,545 1,417,461 1,148,084 105,468

Aug. p ............... 10,319,891 4,928,077 600,302 3,570,717 1,741 755,317 2,712,117 2,573,060 1,425,359 1,147,701 106,637

Sept. p .............. 10,270,733 4,926,470 615,363 3,547,478 1,752 761,876 2,618,650 2,614,889 1,416,632 1,198,257 110,724

1 Includes Bank for International Settlements. 2 Derived by applying reported transactions to benchmark data.

3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations.

5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.”

6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings 

of selected U.S. long-term securities. Figures on the first line are comparable to the figures for earlier 

dates; figures on the second line (“Series Break”) are based in part on benchmark surveys as of 

end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, 

end-June 2008, end-June 2009, end-June 2010, end-June 2011, and end-June 2012, respectively, 

and are comparable to the figures shown for the subsequent dates.

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other 

depository institutions, and brokers in the United States. Data generally correspond to statistics 

following in this section and in the “Capital Movements” section. Table excludes International 

Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

nonnegotiable noninterest-bearing special U.S. notes held by international and regional 

organizations.

December 2013
INTERNATIONAL FINANCIAL STATISTICS 59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

End of calendar

year or month

Payable in dollars

Grand total

(1)

Total

(2)

Argentina 1

(3)

Venezuela 2

(4)

2008 .............................................................................. 1,203 1,203 95 1,108

2009 .............................................................................. 1,302 1,302 102 1,200

2010 .............................................................................. 1,409 1,409 110 1,299

2011 .............................................................................. 1,525 1,525 118 1,407

2012 - Sept.................................................................... 1,619 1,619 124 1,494

Oct..................................................................... 1,630 1,630 125 1,505

Nov.................................................................... 1,640 1,640 126 1,514

Dec.................................................................... 1,651 1,651 127 1,525

2013 - Jan ..................................................................... 1,663 1,663 127 1,535

Feb .................................................................... 1,673 1,673 128 1,545

Mar .................................................................... 1,684 1,684 129 1,555

Apr..................................................................... 1,695 1,695 130 1,565

May.................................................................... 1,706 1,706 130 1,576

June................................................................... 1,717 1,717 131 1,586

July .................................................................... 1,729 1,729 132 1,597

Aug.................................................................... 1,741 1,741 133 1,608

Sept................................................................... 1,752 1,752 134 1,619

1 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. 

Remaining face value of issue is $264 million.

2 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million.

December 2013
60

INTRODUCTION: Capital Movements

Background

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies.

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System.

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.)

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks.

Basic definitions

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.”

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity.

Reporting coverage

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs),

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data.

December 2013
CAPITAL MOVEMENTS 61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million.

Banks and other depository institutions, securities brokers 

and dealers, and other entities report their transactions with 

foreigners by country in long-term securities on monthly 

Form S. Respondents must report securities transactions with 

foreigners if their aggregate purchases or their aggregate sales 

amount to at least $50 million during the covered month.

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007,

with data on holdings beginning from end-December 2005,

and data on net settlements beginning from the first quarter of

2006.

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and securities 

firms), and other nonbanking enterprises on their liabilities 

and claims positions with unaffiliated foreigners. Separate 

reports are filed for financial balances and for commercial 

balances. Effective for reports filed as of March 31, 2003, the 

threshold applicable to Form CQ-1 for reporting financial 

liabilities to, and claims on, foreigners is $50 million, up from 

$10 million. At the same time, the reporting threshold for 

Form CQ-2, which covers commercial liabilities and claims 

positions with foreigners, was raised from $10 million to $25 

million.

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006.

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments.

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks.

Description of statistics

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, with 

tables showing time series by type and country, and detailed 

breakdowns of the latest available data. The expansion of the 

country coverage on the standard report forms allows for 

publication of additional country detail for data beginning as 

of June 2006. As a result, the former Capital Movements 

Section III, which listed bank-reported claims and liabilities of 

selected countries from the semiannual reports, has been 

discontinued.

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers and 

dealers in the United States. BHCs/FHCs also report for all 

domestic nonbank, non-securities firm affiliates, other than 

their insurance affiliates, which report separately on the Cseries forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated in 

foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was broadened 

to cover the positions of U.S. broker-dealer respondents with 

their affiliated foreign offices. (Depository institutions and 

BHCs/FHCs already reported such positions.) The scope of 

the reports was also extended to include cross-border 

brokerage balances as well as offshore sweep accounts and 

loans to U.S. residents in “managed” foreign offices of U.S. 

reporting institutions. Additionally, in a new Part 2, Form BQ2 was expanded to include the foreign currency-denominated 

liabilities held by respondents for their domestic customers. 

Further, banks’ own positions have been defined to be 

consistent with regulatory reports such as the FR 2950/2951 to 

include all amounts in the respondent’s “due to/due from” 

accounts, unless in an instrument that is specifically excluded. 

Finally, the columns for demand deposits and nontransactions accounts are now combined, as are short-term 

U.S. agency securities and other negotiable and readily 

transferable instruments.

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers and 

dealers in the United States. BHCs/FHCs also report for their 

domestic nonbank and non-securities firm affiliates, other than 

their insurance affiliates, which report separately on the Cseries forms. Data on respondents’ own dollar claims are 

December 2013
62 CAPITAL MOVEMENTS

collected monthly on Form BC. Information on claims held 

for domestic customers as well as on claims denominated in 

foreign currencies is collected on a quarterly basis only on 

Forms BQ-1 and BQ-2, respectively. Effective with reports 

filed as of February 28, 2003, reporting coverage was 

expanded as outlined in Section I. Additionally, columns were 

added for separate reporting of negotiable CDs and other 

short-term negotiable instruments issued by foreigners. 

Further, the foreigner category, “foreign official institutions,” 

replaced the former, broader category, “foreign public 

borrowers,” for consistency with the liabilities reporting on 

this sector.

• Section III (formerly reported as Section IV) shows 

the liabilities to, and claims on, unaffiliated foreigners of 

exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States.

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce on 

its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between endMarch 2003 and end-March 2006. That reporting requirement 

was discontinued with the reports beginning as of June 2006.

• Section IV (formerly Section V) contains information 

on transactions with foreigners in long-term domestic and

foreign securities as reported by banks, securities brokers and 

dealers, and other entities in the United States. The data cover 

transactions executed in the United States for the accounts of 

foreigners and transactions executed abroad for the accounts 

of reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in Table IFS-3.

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the country 

of beneficial owner or issuer, or the currency of denomination 

of securities. For instance, a U.S. purchaser’s order for 

Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, purchases 

and sales of U.S. securities for the account of an Italian 

resident may be placed, for example, in the Swiss market. In 

that case, the trades would be reported opposite Switzerland 

and not opposite Italy.

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the reporter. 

The fair (market) value is generally defined as the amount for 

which a derivative contract could be exchanged in a current 

transaction between willing parties, other than in a forced or 

liquidation sale.

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the terms 

of derivatives contracts such as the periodic settlement under a 

swap agreement and the daily settlement of an exchangetraded contract. In calculating net settlements, U.S. receipts of 

cash from foreign persons are positive amounts (+), and U.S. 

payments of cash to foreign persons are negative amounts (-). 

Items excluded from net settlements are: (a) collateral 

including initial and maintenance margins, whether or not in 

the form of cash; and (b) purchases of underlying 

commodities, securities, or other noncash assets. (e.g., the 

purchase/sale by foreigners of a long-term security is reported 

on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative and 

by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty.

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table on 

“Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the TIC 

website are updated monthly.

NOTE: After the December 2013 issue of the Treasury 

Bulletin, the “Capital Movements” tables will be 

discontinued. The same data will continue to be available 

monthly on the Treasury website: http://www.treasury.gov/

resource-center/data-chart-center/tic/Pages/index.aspx.

December 2013
CAPITAL MOVEMENTS 63

SECTION I.—Liabilities to Foreigners Reported by Banks

in the United States

Table CM-I-1.—Total Liabilities by Type and Holder

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Type of Liability

Calendar

Year

2012 r

2013

Mar. r Apr. r May r June July Aug. Sept. p

Total liabilities to all foreigners............................... 4,526,138 4,691,810 4,759,089 4,769,878 4,790,425 4,789,846 4,770,834 4,687,295

Payable in dollars............................................... 4,299,086 4,472,544 4,539,823 4,550,612 4,552,540 4,551,961 4,532,949 4,449,410

Foreign official institutions.............................. 577,123 628,508 613,931 588,282 577,825 577,053 600,302 615,363

Deposits, excluding negotiable CDs............. 50,246 66,318 61,532 59,697 67,332 72,986 78,948 84,364

U.S. Treasury bills and certificates ............... 372,720 404,047 399,222 379,830 362,718 362,959 372,958 370,204

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities ....................................................... 

12,731 

 

15,012 

 

14,691 

 

16,878 

 

15,418 17,712 17,050 22,579

Other liabilities............................................ 141,426 143,131 138,486 131,877 132,357 123,396 131,346 138,216

Foreign banks (including own foreign

offices) and other foreigners ....................... 3,677,137 3,804,661 3,884,946 3,928,570 3,942,533 3,943,190 3,900,241 3,798,047

Deposits, excluding negotiable CDs.......... 1,801,415 1,790,525 1,870,249 1,874,315 1,882,664 1,926,422 1,904,404 1,826,069

U.S. Treasury bills and certificates ............ 279,706 307,572 297,532 279,936 306,223 286,685 293,927 271,871

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 395,593 391,937 379,284 380,418 368,684 372,598 350,764 343,627

Other liabilities............................................ 1,200,423 1,314,627 1,337,881 1,393,901 1,384,962 1,357,485 1,351,146 1,356,480

International and regional organizations 1 ..... 44,826 39,375 40,946 33,760 32,182 31,718 32,406 36,000

Deposits, excluding negotiable CDs.......... 16,035 19,360 20,357 20,462 20,852 20,489 21,641 22,726

U.S. Treasury bills and certificates ............ 9,228 8,616 8,369 6,136 5,783 4,236 4,464 3,039

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 3,631 3,561 3,616 3,702 3,306 3,784 2,978 2,584

Other liabilities............................................ 15,932 7,838 8,604 3,460 2,241 3,209 3,323 7,651

Payable in foreign currencies 2 .......................... 227,052 219,266 219,266 219,266 237,885 237,885 237,885 237,885

Sector:

Banks and other foreigners........................ 225,714 218,617 218,617 218,617 237,235 237,235 237,235 237,235 

International and regional organizations 1 ...... 1,338 649 649 649 650 650 650 650 

Major currencies:

Canadian dollars ........................................ 24,637 24,297 24,297 24,297 28,429 28,429 28,429 28,429

Euro............................................................ 88,977 83,098 83,098 83,098 91,976 91,976 91,976 91,976

United Kingdom pounds sterling................ 29,181 27,911 27,911 27,911 26,779 26,779 26,779 26,779

Japanese yen............................................. 34,612 34,612 34,612 34,612 38,556 38,556 38,556 38,556

Memoranda:

Respondents’ own liabilities payable in

dollars........................................................ 3,225,477 3,341,799 3,437,109 3,483,712 3,490,408 3,503,987 3,490,808 3,435,506

Liabilities to own foreign offices..................... 1,833,584 1,875,751 1,991,381 2,019,929 2,026,170 2,055,525 2,018,756 1,909,715

Liabilities collaterized by repurchase

agreements ............................................ 765,691 821,135 818,748 819,243 791,797 761,112 770,567 794,455

Foreign official institutions...................... 128,853 132,981 124,935 121,433 121,772 112,118 119,032 125,783

Foreign banks and other foreigners....... 621,642 682,846 688,038 695,329 668,625 647,210 650,012 662,812

International and regional organizations 1 ..... 15,196 5,308 5,775 2,481 1,400 1,784 1,523 5,860

Reported by IBFs ................................... 488,006 492,450 476,237 505,976 538,781 533,160 522,556 539,158

Respondents’ own liabilities payable in

foreign currencies 2 ...................................... 219,738 211,803 211,803 211,803 227,039 227,039 227,039 227,039

Reported by IBFs ................................... 47,190 38,935 38,935 38,935 38,613 38,613 38,613 38,613

Liabilities held in custody for domestic

customers and selected other liabilities 3 .... 1,080,923 1,138,208 1,110,177 1,074,363 1,072,978 1,058,820 1,052,987 1,024,750

Payable in dollars....................................... 1,073,609 1,130,745 1,102,714 1,066,900 1,062,132 1,047,974 1,042,141 1,013,904

of which: other short-term negotiable 

securities and negotiable CDs............ 187,160 198,885 203,957 214,375 199,138 208,257 187,517 187,866

of which: short-term U.S. Government

agency securities ................................ 21,841 21,710 18,488 21,906 23,798 30,859 24,132 25,206

of which: negotiable CDs ...................... 67,493 72,322 77,913 77,669 74,482 83,114 76,136 78,919

Payable in foreign currencies 2 .................. 7,314 7,463 7,463 7,463 10,846 10,846 10,846 10,846

1 Principally the Bank for International Settlements, the International Bank for Reconstruction 

and Development (World Bank), and the Inter-American Development Bank. 

2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions.

December 2013
64 CAPITAL MOVEMENTS

TABLE CM-I-2.—Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2013

2010 2011 2012 r May r June r July Aug. Sept. p

Europe:

Austria ............................................... 2,426 3,493 2,060 3,367 2,077 1,822 2,421 2,813

Belgium ............................................ 18,355 19,438 33,905 24,843 27,046 24,474 24,767 26,408

Bulgaria ............................................. 130 140 671 702 587 581 590 576

Cyprus............................................... 968 770 1,763 1,285 944 793 961 959

Czech Republic................................. 504 171 568 171 278 231 210 214

Denmark............................................ 5,168 6,011 6,798 6,090 6,607 6,346 6,253 7,113

Finland............................................... 900 3,586 6,450 14,259 12,595 12,559 17,096 15,624

France ............................................... 58,463 159,334 94,177 106,991 112,161 113,450 114,729 94,844

Germany............................................ 104,054 122,547 90,500 88,379 88,689 83,599 79,771 84,863

Greece............................................... 1,272 4,409 3,126 2,793 2,611 4,317 2,806 2,685

Hungary............................................. 671 1,292 1,488 1,076 1,035 1,061 1,013 1,090

Iceland .............................................. 795 1,757 608 867 830 884 954 994

Ireland ............................................... 128,409 146,285 159,739 166,320 161,950 154,753 147,614 144,062

Italy.................................................... 6,359 14,191 12,958 12,377 15,275 15,040 11,954 17,389

Kazakhstan ....................................... 13,051 22,537 23,566 22,534 22,604 23,862 25,686 23,830

Luxembourg ..................................... 86,461 113,573 128,369 116,367 119,063 123,799 112,315 109,560

Monaco.............................................. 186 809 720 715 662 547 633 584

Netherlands....................................... 15,784 18,827 21,576 35,909 26,061 25,215 26,550 43,726

Norway .............................................. 2,999 3,521 2,934 2,016 2,882 2,868 2,339 1,935

Poland ............................................... 6,037 5,647 2,523 1,881 1,884 1,289 1,514 829

Portugal............................................. 2,710 1,968 2,170 1,790 1,363 2,432 2,016 1,826

Romania............................................ 3,468 343 798 1,229 1,113 1,029 880 1,082

Russia .............................................. 50,963 12,823 20,814 16,364 20,470 18,889 15,692 19,724

Serbia and Montenegro .................... 457 1,320 1,568 1,654 1,381 1,502 1,523 1,398

Spain ................................................. 12,612 13,879 16,656 15,251 16,153 18,071 17,278 20,029

Sweden ............................................. 5,295 7,264 6,563 14,308 13,884 13,938 14,637 13,465

Switzerland........................................ 44,600 87,919 61,567 66,159 59,716 76,639 69,278 73,896

Turkey ............................................... 24,177 21,379 50,759 46,004 44,367 40,827 43,517 40,614

Ukraine.............................................. 4,278 3,380 6,026 4,152 4,337 4,159 4,294 4,205

United Kingdom................................. 996,991 1,085,392 882,702 1,007,680 980,003 978,565 980,467 969,667

Channel Islands ................................ 18,226 25,274 26,182 27,471 28,418 28,530 30,549 29,875

All other Europe ................................ 8,828 13,533 13,296 15,380 14,919 16,858 14,885 15,911

Total Europe.................................. 1,625,597 1,922,812 1,683,599 1,826,383 1,791,965 1,798,929 1,775,193 1,771,790

Memo: Euro Area 1........................ 439,347 622,933 574,159 590,590 587,063 581,049 560,960 565,468

Memo: European Union 2.............. 1,458,271 1,729,604 1,476,680 1,623,988 1,592,977 1,584,445 1,566,839 1,559,730

Canada.................................................. 109,604 139,938 161,399 156,284 162,430 163,858 151,010 155,075

Latin America:

Argentina........................................... 12,342 11,242 12,892 12,788 13,042 12,810 12,779 14,013

Belize................................................. 308 510 714 677 668 688 633 647

Bolivia................................................ 1,711 2,359 2,557 3,197 3,324 2,970 3,385 3,290

Brazil ................................................. 41,018 24,965 34,408 40,892 43,621 47,872 48,835 53,023

Chile .................................................. 16,281 21,639 27,391 25,977 23,816 23,801 24,522 26,217

Colombia ........................................... 21,024 12,060 8,303 10,215 10,542 10,485 9,601 10,369

Costa Rica......................................... 1,431 1,536 3,892 4,113 2,777 1,976 2,041 2,058

Ecuador............................................. 3,840 3,864 3,817 3,393 3,476 3,496 3,528 3,702

El Salvador........................................ 1,873 1,515 1,728 1,382 1,114 1,058 1,080 1,223

Guatemala......................................... 2,170 1,862 1,715 1,753 1,631 1,611 1,808 1,484

Guyana.............................................. 270 223 272 120 123 148 168 141

Honduras........................................... 1,558 1,745 1,491 1,519 1,728 1,706 1,663 1,538

Mexico............................................... 62,664 71,052 67,180 67,707 69,891 82,451 90,955 92,808

Nicaragua.......................................... 773 810 667 756 724 729 686 647

Panama............................................. 8,051 7,902 8,673 10,175 9,905 9,837 10,387 10,943

Paraguay........................................... 902 830 868 842 893 992 1,022 969

Peru................................................... 7,740 9,077 9,130 8,667 8,803 10,906 12,698 12,532

Suriname........................................... 269 520 593 549 591 802 769 652

Uruguay............................................. 7,745 8,082 9,271 9,786 10,658 10,214 10,674 11,659

Venezuela ......................................... 23,079 26,922 20,828 20,512 21,080 20,221 20,469 20,815

All other Latin America...................... 50 35 34 6 8 7 4 17

Total Latin America ....................... 215,099 208,750 216,424 225,026 228,415 244,780 257,707 268,747

Caribbean:

Anguilla.............................................. 10,914 12,317 13,955 16,153 15,594 17,590 16,810 18,673

Antigua and Barbuda ........................ 69 100 139 144 153 130 122 124

Aruba................................................. 373 335 345 423 328 287 520 524

Bahamas ........................................... 264,406 237,897 208,887 189,382 174,481 180,559 154,513 169,568

Barbados........................................... 11,213 14,857 14,165 13,038 14,298 13,054 13,319 13,508

Bermuda............................................ 42,009 48,188 45,482 44,228 50,084 43,530 46,981 43,574

British Virgin Islands.......................... 44,188 41,281 41,389 43,011 42,048 44,784 45,191 45,229

Cayman Islands ................................ 1,528,616 1,415,473 1,306,969 1,413,034 1,481,904 1,461,569 1,484,403 1,349,218

Cuba.................................................. 77 46 54 45 44 52 44 43

Dominican Republic .......................... 3,548 3,247 3,094 2,990 3,266 3,166 3,008 2,799

French West Indies ........................... 35 37 25 25 23 25 23 23

Haiti ................................................... 1,279 928 703 538 555 493 469 530

Jamaica............................................. 877 974 906 1,051 822 828 868 723

Netherlands Antilles .......................... 7,694 6,603 8,237 15,401 5,792 13,084 13,476 13,581

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 65

TABLE CM-I-2.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2013

2010 2011 2012 r May r June r July Aug. Sept. p

Caribbean, con. St. Kitts and Nevis............................. 159 214 482 536 443 493 497 535

Trinidad and Tobago......................... 3,474 4,897 4,311 4,280 4,457 4,239 4,163 4,272

Turks and Caicos Islands.................. 100 68 171 88 130 88 84 81

All other Caribbean ........................... 161 293 240 402 380 359 364 404

Total Caribbean............................. 1,919,193 1,787,755 1,649,554 1,744,768 1,794,801 1,784,330 1,784,855 1,663,409

Asia:

Bangladesh ....................................... 3,837 2,841 5,209 5,343 5,714 5,932 6,544 6,069

China, Mainland ................................ 47,449 56,691 70,760 71,624 62,024 57,478 56,550 65,831

Hong Kong ........................................ 105,350 93,556 86,062 83,342 72,256 75,390 96,107 103,149

India................................................... 23,137 19,603 15,099 11,146 11,017 10,381 10,826 12,132

Indonesia........................................... 22,546 19,485 11,656 15,258 14,392 15,450 15,915 17,252

Israel.................................................. 18,498 21,219 21,710 23,307 22,428 20,252 19,161 19,324

Japan................................................. 162,291 217,606 179,514 184,437 205,934 200,007 188,485 188,377

Jordan ............................................... 2,752 2,059 2,080 1,768 1,998 2,150 1,823 2,604

Korea, South ..................................... 11,182 19,041 14,168 21,284 23,573 23,316 26,761 29,455

Laos................................................... 103 97 67 47 32 87 144 284

Lebanon ............................................ 1,620 1,245 3,882 3,246 3,239 2,042 1,741 2,488

Malaysia ............................................ 4,276 4,146 3,955 5,468 5,002 4,306 4,519 4,203

Pakistan............................................. 5,253 4,332 4,304 1,849 2,153 1,917 1,655 2,119

Philippines......................................... 6,189 11,292 13,522 5,180 5,229 6,170 4,516 6,021

Singapore.......................................... 40,918 38,013 40,351 30,105 33,667 31,237 31,825 33,254

Syria .................................................. 39 40 47 13 14 11 12 11

Taiwan............................................... 31,360 31,249 30,872 25,294 26,870 25,666 25,038 25,318

Thailand............................................. 31,724 35,310 37,166 45,290 42,084 35,098 29,288 29,431

Yemen............................................... 247 275 834 451 487 433 395 299

Oil exporting countries 3 .................... 100,888 136,179 131,458 137,346 131,991 133,423 129,680 127,294

All other Asia..................................... 6,498 9,393 11,762 9,847 9,385 8,318 10,653 11,709

Total Asia ...................................... 626,157 723,672 684,478 681,645 679,489 659,064 661,638 686,624

Africa:

Botswana........................................... 232 319 321 368 368 492 384 307

Egypt ................................................. 26,550 7,101 4,432 6,935 5,686 7,948 8,071 8,716

Ghana................................................ 641 858 1,342 765 743 1,070 1,718 1,257

Kenya ................................................ 400 515 768 1,272 935 864 843 893

Liberia................................................ 664 556 480 414 370 399 377 364

Mauritius............................................ 2,145 1,972 2,054 2,356 2,401 2,254 2,004 2,632

Morocco............................................. 784 230 243 228 213 216 312 221

Mozambique...................................... 283 555 333 535 562 567 1,019 786

South Africa....................................... 1,384 2,455 2,443 2,363 2,903 3,301 3,820 4,185

Tanzania............................................ 483 697 534 661 832 788 511 464

Uganda.............................................. 468 597 705 711 812 671 419 423

Zambia .............................................. 425 369 316 268 219 261 268 203

Zimbabwe.......................................... 321 213 270 349 307 283 189 220

Oil exporting countries 4 .................... 5,605 6,668 7,575 8,476 6,371 7,108 7,740 7,639

All other Africa................................... 6,938 7,418 7,320 4,508 6,824 5,382 4,604 5,531

Total Africa .................................... 47,323 30,523 29,136 30,209 29,546 31,604 32,279 33,841

Other countries:

Australia ............................................ 32,702 48,754 41,735 57,578 53,506 58,409 59,859 55,433

New Zealand..................................... 142 131 137 138 157 139 139 133

French Polynesia .............................. 3,926 4,800 4,865 4,751 4,929 4,055 2,837 3,276

All other............................................. 11,248 7,847 8,647 8,687 12,355 12,310 12,261 12,317

Total other .................................... 48,018 61,532 55,384 71,154 70,947 74,913 75,096 71,159

All countries........................................... 4,590,991 4,874,982 4,479,974 4,735,469 4,757,593 4,757,478 4,737,778 4,650,645

International and regional orgs:

International organizations............... 14,667 31,917 37,171 24,864 24,303 23,126 24,631 27,831

Regional organizations 5 .................. 5,462 8,034 8,993 9,545 8,529 9,242 8,425 8,819

Total international and 

regional organizations................ 20,129 39,951 46,164 34,409 32,832 32,368 33,056 36,650

Grand total ................................ 4,611,120 4,914,933 4,526,138 4,769,878 4,790,425 4,789,846 4,770,834 4,687,295

1 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, 

Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning 

June 2006.

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.

December 2013
66 CAPITAL MOVEMENTS

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2013, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Total 

liabilities

payable in 

dollars and 

foreign 

currency

(1)

Liabilities payable in dollars

Total

liabilities 

payable in

foreign 

currency 3

(12)

Total 

liabilities 

payable in 

dollars

(2)

Total own 

liabilities 

payable in 

dollars

(3)

Total 

custody 

liabilities 

payable in 

dollars 

(4)

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities

Other

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions

and foreign 

banks

(5)

Held by all 

other 

foreigners

(6)

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7)

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8)

Of which: 

negotiable 

CDs

(9)

Held by 

foreign 

official 

institutions 

and foreign 

banks

(10)

Held by all 

other 

foreigners 

(11)

Europe:

Austria ............................ 2,813 2,211 1,940 271 1,093 557 190 - 2 343 26 602

Belgium.......................... 26,408 23,909 13,273 10,636 4,850 645 10,163 403 70 7,767 11 2,499

Cyprus............................ 959 933 917 15 261 653 15 - - 3 - 26

Czech Republic.............. 214 172 166 6 52 88 6 - - 25 1 42

Denmark......................... 7,113 7,048 2,340 4,708 948 1,292 4,571 70 5 141 21 65

Finland............................ 15,624 15,440 14,587 853 14,351 124 58 79 704 89 35 184

France ............................ 94,844 86,219 76,681 9,538 43,528 2,988 7,197 1,168 839 20,818 9,681 8,625

Germany......................... 84,863 69,052 63,574 5,478 22,765 3,511 4,692 158 298 35,797 1,831 15,811

Greece............................ 2,685 2,607 1,107 1,500 368 692 1,484 - 16 40 7 78

Hungary.......................... 1,090 977 327 650 174 68 612 27 11 84 1 113

Ireland ............................ 144,062 142,997 41,097 101,900 3,238 15,337 25,441 39,242 33,616 3,483 22,640 1,065

Italy................................. 17,389 16,710 16,365 345 14,399 961 272 - 4 1,011 63 679

Kazakhstan .................... 23,830 23,823 6,166 17,657 2,786 173 17,657 - - 3,203 4 7

Luxembourg ................... 109,560 97,771 26,648 71,124 6,067 9,931 36,272 16,660 15,721 955 12,166 11,789

Monaco........................... 584 574 489 85 56 378 85 - - 54 1 10

Netherlands.................... 43,726 42,598 36,293 6,305 22,030 7,667 4,279 1,188 48 3,374 4,011 1,128

Norway ........................... 1,935 1,880 1,101 779 442 114 728 13 1 394 188 55

Poland ............................ 829 753 738 15 122 104 9 6 - 512 - 76

Portugal.......................... 1,826 1,822 1,693 129 1,064 594 126 - 1 32 5 4

Romania......................... 1,082 1,072 1,072 - 67 30 - - - 974 1 10

Russia ............................ 19,724 19,481 19,476 5 17,172 1,794 1 - 4 463 47 243

Spain .............................. 20,029 19,642 18,850 793 3,519 3,643 462 99 157 11,717 45 387

Sweden........................... 13,465 13,377 5,176 8,201 223 375 5,602 1,292 1,187 3,993 705 88

Switzerland..................... 73,896 71,067 41,439 29,628 26,535 5,399 21,306 7,882 327 6,573 3,045 2,829

Turkey............................. 40,614 40,491 5,513 34,978 1,722 229 34,959 15 2 3,562 2 123

Ukraine ........................... 4,205 3,750 3,750 - 3,628 66 - - - 54 2 455

United Kingdom.............. 969,667 893,858 866,719 27,139 237,183 26,142 18,205 3,031 3,662 313,076 292,559 75,809

Channel Islands ............. 29,875 29,053 25,468 3,585 2,722 4,359 2,979 238 85 16,720 1,950 822

All other Europe............... 18,879 18,146 14,924 3,222 5,044 748 2,563 129 470 9,081 111 733

Total Europe................ 1,771,790 1,647,433 1,307,888 339,545 436,410 88,662 199,934 71,700 57,230 444,338 349,159 124,357

Memo: Euro Area 4...... 565,468 522,581 313,529 209,052 137,730 47,492 90,782 59,029 51,478 85,503 50,567 42,887

Canada................................. 155,075 146,167 122,599 23,568 46,090 11,573 16,630 3,768 1,566 46,260 20,280 8,908

Latin America:

Argentina.......................... 14,013 13,772 13,407 365 1,759 11,364 157 107 98 134 153 241

Belize................................ 647 641 616 25 308 267 2 - 23 41 - 6

Bolivia............................... 3,290 3,007 1,923 1,084 770 1,151 81 147 856 1 1 283

Brazil................................. 53,023 52,205 26,427 25,778 10,542 8,146 25,177 139 453 3,689 4,059 818

Chile.................................. 26,217 25,825 14,173 11,652 5,359 7,013 9,060 910 1,679 1,741 63 392

Colombia.......................... 10,369 10,272 9,064 1,208 2,442 5,426 968 189 32 1,187 28 97

Costa Rica........................ 2,058 2,051 2,010 41 766 642 8 19 13 594 9 7

Ecuador............................ 3,702 3,699 2,949 750 517 2,161 204 481 18 242 76 3

El Salvador....................... 1,223 1,218 1,072 146 368 418 12 120 14 284 2 5

Guatemala........................ 1,484 1,437 1,423 14 188 1,132 2 2 9 94 10 47

Honduras.......................... 1,538 1,538 1,492 46 653 640 1 3 33 199 9 -

Mexico.............................. 92,808 76,652 51,910 24,742 25,131 20,458 22,277 408 2,036 5,864 478 16,156

Panama............................ 10,943 10,863 10,265 598 4,686 4,873 181 248 142 639 94 80

Paraguay.......................... 969 969 944 25 393 544 1 17 7 - 7 -

Peru.................................. 12,532 11,319 9,767 1,552 7,717 1,734 5 82 1,462 293 26 1,213

Uruguay............................ 11,659 11,529 10,382 1,147 3,226 4,194 801 266 80 2,915 47 130

Venezuela........................ 20,815 20,707 20,359 348 2,914 17,156 29 115 199 220 74 108

All other Latin America .... 1,457 1,455 1,301 154 470 395 71 69 14 435 1 2

Total Latin America ..... 268,747 249,159 179,484 69,675 68,209 87,714 59,037 3,322 7,168 18,572 5,137 19,588

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 67

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2013, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Total 

liabilities

payable in 

dollars and 

foreign 

currency

(1)

Liabilities payable in dollars

Total 

liabilities 

payable in 

foreign 

currency 3

(12)

Total 

liabilities 

payable in 

dollars

(2)

Total own 

liabilities 

payable in 

dollars

(3)

Total 

custody 

liabilities 

payable in 

dollars 

(4)

Non-negotiable

deposits and 

brokerage balances 1

Negotiable CDs and short-term

securities

Other 

Miscellaneous

Liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks

(5)

Held by all 

other 

foreigners

(6)

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7)

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8)

Of which: 

negotiable 

CDs

(9)

Held by 

foreign 

official 

institutions 

and foreign 

banks

(10)

Held by all 

other 

foreigners 

(11)

Caribbean: Aruba......................................... 524 523 434 89 184 170 - 81 8 62 18 1

Bahamas................................... 169,568 169,033 166,548 2,485 122,956 7,501 1,463 948 63 33,778 2,324 535

Barbados................................... 13,508 13,496 10,358 3,138 152 959 1,469 1,397 272 7,041 2,206 12

Bermuda ................................... 43,574 41,221 22,192 19,029 1,723 16,881 15,823 2,003 528 247 4,016 2,353

British Virgin Islands................. 45,229 43,398 33,314 10,084 18 32,213 7,267 1,869 642 - 1,389 1,831

Cayman Islands........................ 1,349,218 1,312,019 1,054,881 257,138 468,960 249,443 81,289 9,765 1,317 375,488 125,757 37,199

Dominican Republic................. 2,799 2,781 2,754 27 855 1,596 2 10 15 292 11 18

Haiti ........................................... 530 530 521 9 154 267 2 - 4 103 - - Jamaica..................................... 723 678 674 4 249 326 2 - 2 95 4 45

Netherlands Antilles ................. 13,581 13,507 13,400 107 12,333 785 95 - 12 148 134 74

Trinidad and Tobago................ 4,272 4,210 2,975 1,235 1,591 689 1,184 32 4 616 94 62

All other Caribbean ................... 19,883 17,715 17,216 499 326 15,554 304 110 13 22 1,386 2,168

Total Caribbean .................. 1,663,409 1,619,111 1,325,267 293,844 609,501 326,384 108,900 16,215 2,880 417,892 137,339 44,298

Asia:

China, Mainland ....................... 65,831 63,786 61,048 2,738 35,958 4,792 2,242 251 36 19,818 689 2,045

Hong Kong................................ 103,149 101,509 36,973 64,536 19,289 3,622 64,135 274 81 11,811 2,297 1,640

India........................................... 12,132 12,077 8,904 3,173 2,990 812 3,045 1 57 4,994 178 55

Indonesia ................................... 17,252 17,203 11,977 5,226 5,577 459 4,606 379 241 5,932 9 49

Israel.......................................... 19,324 19,105 11,348 7,757 1,474 2,285 7,550 117 59 7,579 41 219

Japan.......................................... 188,377 171,888 109,181 62,707 27,253 10,675 60,470 970 96 68,396 4,028 16,489

Jordan ........................................ 2,604 2,604 2,604 - 2,538 49 - - - 16 1 - Korea, South............................. 29,455 29,013 15,995 13,018 10,407 597 9,968 763 2,114 5,000 164 442

Malaysia.................................... 4,203 4,155 3,978 177 2,613 741 168 8 1 590 34 48

Pakistan .................................... 2,119 2,119 1,470 649 373 150 621 - 2 943 30 - Philippines................................. 6,021 5,957 5,521 436 3,717 491 409 16 7 1,170 147 64

Singapore.................................. 33,254 32,575 24,981 7,594 20,200 2,607 2,466 2,216 2,836 1,938 312 679

Taiwan....................................... 25,318 24,935 21,629 3,306 8,230 5,683 3,055 51 175 7,407 334 383

Thailand .................................... 29,431 29,255 3,893 25,362 2,293 336 25,347 9 4 1,261 5 176

All other Asia............................. 148,154 148,107 77,610 70,497 27,292 2,824 60,859 6,622 3,005 46,470 1,035 47

Total Asia .............................. 686,624 664,288 397,112 267,176 170,204 36,123 244,941 11,677 8,714 183,325 9,304 22,336

Africa:

Egypt......................................... 8,716 8,638 8,390 248 1,659 213 244 1 3 6,516 2 78

Ghana ........................................ 1,257 1,257 939 318 158 83 318 - - 698 - - Kenya........................................ 893 892 892 - 424 83 - - - 384 1 1

Liberia........................................ 364 343 337 6 8 236 4 - 2 93 - 21

Morocco .................................... 221 221 221 - 164 46 - - - 11 - - South Africa .............................. 4,185 4,085 3,972 113 3,138 418 71 16 26 357 59 100

All other Africa .......................... 18,205 17,990 16,993 997 11,654 1,682 896 64 36 3,277 381 215

Total Africa ........................... 33,841 33,426 31,744 1,682 17,205 2,761 1,533 81 67 11,336 443 415

Other countries:

Australia .................................... 55,433 49,053 36,460 12,593 5,432 2,444 10,994 701 101 20,479 8,902 6,380

New Zealand ............................. 3,276 3,194 3,138 56 114 553 16 38 2 2,464 7 82

All other..................................... 12,450 1,579 1,437 142 280 774 90 10 42 379 4 10,871

Total other........................... 71,159 53,826 41,035 12,791 5,826 3,771 11,100 749 145 23,322 8,913 17,333

All countries................................... 4,650,645 4,413,410 3,405,129 1,008,281 1,353,445 556,988 642,075 107,512 77,770 1,145,045 530,575 237,235

International and regional orgs:

International organizations ...... 27,831 27,205 24,506 2,699 - 17,559 2,255 236 208 - 6,947 626

Regional organizations 5.......... 8,819 8,795 5,871 2,924 - 5,167 784 1,199 941 - 704 24

Total International and

regional organizations ......... 36,650 36,000 30,377 5,623 - 22,726 3,039 1,435 1,149 - 7,651 650

Grand total....................... 4,687,295 4,449,410 3,435,506 1,013,904 1,353,445 579,714 645,114 108,947 78,919 1,145,045 538,226 237,885

1 Excludes negotiable certificates of deposit. 2 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end.

4 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.

December 2013
68 CAPITAL MOVEMENTS

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.7 trillion in September 2013, an increase of 

$161 billion from year-end 2012. U.S. banking liabilities include foreign holdings of U.S. short-term securities but 

exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities increased about $131 billion in 2010 and 

$304 billion in 2011 but decreased $389 billion in 2012. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that about 56 

percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the 

Caribbean. Overall, banking liabilities rebounded in 2010 and 2011 from earlier declines, with the exception of 

Caribbean banking centers. In 2012, liabilities to Caribbean banking centers continued to fall and liabilities to other 

international financial centers and Japan turned down. However, liabilities to “all other countries” have continued to 

grow at a steady pace in the post crisis years. In the first three quarters of 2013, liabilities to most regions increased, 

especially those to the United Kingdom. The only region to which there was a decline in liabilities was “all other Asia”. 

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar years

 2009 2010 2011 2012 Sept. 2013

United Kingdom..................... 784,529 996,991 1,085,392 882,702 969,667

All other Europe..................... 688,431 628,606 837,420 800,897 802,123

Caribbean banking centers 1 .... 1,862,921 1,894,964 1,757,344 1,619,637 1,632,113

Japan..................................... 185,546 162,291 217,606 179,514 188,377

All other Asia ......................... 522,362 463,866 506,066 504,964 498,247

Subtotal ............................... 4,043,789 4,146,718 4,403,828 3,987,714 4,090,527

All other countries.................. 436,178 464,402 511,105 538,424 596,768

Grand total........................... 4,479,967 4,611,120 4,914,933 4,526,138 4,687,295

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 

December 2013
CAPITAL MOVEMENTS 69

SECTION II.—Claims on Foreigners Reported by Banks in the United States

TABLE CM-II-1.—Total Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Type of Claim

Calendar

Year

2011

2012 2013

June r Sept. r Dec. r Mar. June p

Total claims.............................................................. 4,263,195 3,720,551 3,875,769 3,833,788 3,800,254 3,660,877

Payable in dollars.................................................. 3,825,465 3,289,377 3,415,287 3,410,449 3,406,033 3,254,029

Own claims on foreigners................................... 3,181,274 2,752,960 2,811,937 2,819,598 2,793,907 2,617,076

Foreign official institutions............................... 29,856 36,436 39,486 34,809 33,885 36,223

Foreign banks, including own foreign 

offices........................................................... 2,323,791 1,889,525 1,935,589 1,905,217 1,868,389 1,744,134

All other foreigners .......................................... 827,627 826,999 836,862 879,572 891,633 836,719

Claims of domestic customers.............................. 644,191 536,417 603,350 590,851 612,126 636,953

Payable in foreign currencies .................................. 437,730 431,174 460,482 423,339 394,221 406,848

Own claims on foreigners ..................................... 366,417 374,224 387,291 368,443 347,684 358,937

of which:

Canadian dollars.............................................. 41,458 45,287 53,247 58,089 56,240 61,825

Euros................................................................ 152,483 142,185 135,075 125,791 125,567 128,207

United Kingdom pounds sterling...................... 45,150 54,304 61,241 52,017 49,773 46,610

Japanese yen................................................... 63,437 59,220 73,407 64,832 47,444 45,924

Claims of domestic customers.............................. 71,313 56,950 73,191 54,896 46,537 47,911

of which:

Canadian dollars.............................................. 12,705 11,352 13,076 13,532 11,118 10,011

Euros................................................................ 6,777 4,927 12,232 6,415 5,968 5,617

United Kingdom pounds sterling...................... 2,178 1,751 2,373 2,450 3,391 3,776

Japanese yen................................................... 36,070 22,270 25,099 12,015 4,071 3,599

Memoranda:

Total own claims on foreigners ............................. 3,547,691 3,127,184 3,199,228 3,188,041 3,141,591 2,976,013

Non-negotiable deposits .................................... 1,481,677 1,050,172 1,098,721 1,068,399 1,019,813 922,607

Short-term negotiable instruments

 (payable in dollars)........................................... 12,377 9,828 11,374 9,432 10,365 9,462

Resale agreements ............................................ 808,014 818,631 818,036 847,723 830,087 790,145

Other................................................................... 1,245,623 1,248,553 1,271,097 1,262,487 1,281,326 1,253,799

Claims on own foreign offices............................... 2,274,435 1,827,656 1,877,724 1,822,286 1,761,093 1,619,391

Claims reported by IBFs ....................................... 656,935 432,673 421,476 452,210 431,683 411,257

Payable in dollars............................................... 592,270 371,523 382,939 410,012 393,084 376,660

Payable in foreign currencies............................. 64,665 61,150 38,537 42,198 38,599 34,597

Total claims held for domestic customers ............ 715,504 593,367 676,541 645,747 658,663 684,864

Non-negotiable deposits .................................... 360,308 254,671 297,266 282,324 281,766 299,221

Short-term negotiable instruments

 (payable in dollars)........................................... 286,985 278,354 302,756 304,695 325,335 337,929

Other................................................................... 68,211 60,342 76,519 58,728 51,562 47,714

December 2013
70 CAPITAL MOVEMENTS

TABLE CM-II-2.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar 

year

2010 

2011 2012 2013

Dec. Mar. r. June r Sept. r Dec. r. Mar. June p

Europe: . 

Austria ................................................... 3,470 3,105 3,329 3,957 3,284 3,452 3,232 3,414

Belgium.................................................. 20,991 9,912 7,660 9,095 8,587 12,047 9,324 8,467

Bulgaria ................................................. 19 11 6 10 19 6 8 12

Czech Republic ..................................... 51 81 20 108 25 62 15 32

Denmark................................................ 4,004 3,574 3,505 797 956 912 1,875 1,721

Finland................................................... 45,772 37,664 29,555 27,805 15,516 26,776 25,008 16,393

France ................................................... 206,754 104,759 96,514 101,279 71,164 82,318 92,143 101,229

Germany................................................ 87,489 56,754 66,441 65,109 82,380 65,103 74,823 86,421

Greece................................................... 700 147 140 137 147 185 88 199

Hungary................................................. 556 353 390 323 353 568 448 814

Ireland.................................................... 29,276 26,612 26,026 24,786 19,703 15,095 14,517 16,814

Italy ........................................................ 32,855 6,160 6,072 4,850 11,108 2,371 3,788 5,271

Kazakhstan ........................................... 270 141 169 82 85 198 74 113

Luxembourg .......................................... 23,688 26,992 28,968 29,096 32,119 34,281 35,555 42,469

Netherlands ........................................... 48,277 55,440 51,867 51,141 58,928 51,641 54,711 51,138

Norway .................................................. 17,456 15,953 14,329 15,130 13,590 18,820 16,059 20,144

Poland ................................................... 391 621 680 1,614 568 475 1,036 860

Portugal ................................................. 1,415 796 905 632 789 670 703 548

Romania ................................................ 112 406 315 108 69 90 152 147

Russia.................................................... 1,353 1,427 1,166 1,152 1,268 1,911 2,030 1,631

Spain ..................................................... 15,506 5,861 7,697 7,002 8,068 9,849 9,735 8,336

Sweden.................................................. 41,082 38,081 37,255 28,767 36,345 33,798 38,984 49,200

Switzerland............................................ 57,846 75,182 59,264 47,469 48,265 45,598 53,252 56,281

Turkey.................................................... 5,519 5,231 5,900 6,210 6,340 7,247 8,281 8,124

United Kingdom..................................... 1,325,525 1,270,212 1,203,766 1,145,235 1,241,945 1,196,222 1,150,281 1,063,076

Channel Islands..................................... 15,538 10,365 8,627 8,330 6,900 7,352 8,572 6,288

All other Europe .................................... 4,901 4,075 3,617 3,429 3,115 3,179 3,142 2,572

Total Europe....................................... 1,990,817 1,759,915 1,664,183 1,583,655 1,671,635 1,620,226 1,607,837 1,551,714

Memo: Euro Area 1 ............................. 518,230 335,148 326,373 325,928 312,531 305,325 325,210 341,604

Memo: European Union 2 ................... 1,889,977 1,648,503 1,572,321 1,502,917 1,592,834 1,537,476 1,518,026 1,457,510

Canada..................................................... 221,144 222,300 213,826 218,525 248,383 272,313 258,959 264,269

Latin America:

Argentina ............................................... 4,444 5,403 5,709 5,804 5,847 4,656 4,351 5,008

Bolivia ................................................... 154 140 145 150 155 201 149 234

Brazil...................................................... 56,667 83,083 82,202 81,948 79,744 81,396 86,401 84,280

Chile ...................................................... 14,986 17,142 16,882 19,736 19,906 22,115 20,407 19,419

Colombia ............................................... 7,442 8,520 8,109 7,429 7,606 8,717 8,527 9,164

Costa Rica ............................................ 1,226 1,974 1,981 2,048 2,327 2,378 2,364 2,458

Ecuador................................................. 491 475 537 549 540 597 651 670

El Salvador ........................................... 386 560 554 573 668 800 771 845

Guatemala............................................. 1,249 2,345 2,327 2,461 2,442 2,315 2,314 2,116

Honduras .............................................. 372 477 536 623 569 787 714 574

Mexico ................................................... 31,826 38,671 38,958 40,763 39,817 42,155 42,281 40,100

Nicaragua .............................................. 97 85 98 111 143 110 120 119

Panama ................................................. 3,766 4,666 4,542 5,051 5,161 5,962 6,959 5,960

Paraguay .............................................. 488 447 417 416 548 356 524 444

Peru....................................................... 4,434 5,085 6,620 7,268 6,991 7,137 7,839 6,910

Uruguay................................................. 2,446 675 1,872 3,092 1,455 1,652 1,991 2,246

Venezuela.............................................. 1,573 1,683 1,885 1,918 2,176 2,094 2,061 2,466

All other Latin America ......................... 72 195 184 189 192 190 201 278

Total Latin America............................. 132,119 171,626 173,558 180,129 176,287 183,618 188,625 183,291

Caribbean:

Anguilla ................................................. 10,826 13,968 14,718 13,615 15,389 15,016 17,551 16,664

Bahamas ............................................... 380,494 470,556 358,915 184,686 192,240 185,753 199,946 154,274

Barbados .............................................. 504 493 859 816 972 636 593 473

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 71

TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar

year

2010 

2011 2012 2013

 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Caribbean, con.

Bermuda..................................... 12,256 14,250 17,314 17,183 16,938 17,850 18,560 17,373

British Virgin Islands................... 12,552 13,760 15,037 12,749 13,620 14,412 14,419 13,925

Cayman Islands.......................... 1,176,720 901,163 887,244 797,142 786,189 773,960 726,613 740,585

Dominican Republic ................... 891 1,270 1,137 1,038 1,192 1,390 1,267 1,196

Haiti ............................................ 38 40 31 39 51 71 120 77

Jamaica ...................................... 379 631 668 413 410 384 449 426

Netherlands Antilles ................... 6,080 2,826 2,125 1,686 1,365 1,179 1,393 1,230

Trinidad and Tobago.................. 546 689 728 565 846 460 511 720

All other Caribbean..................... 645 481 667 699 1,060 1,133 807 836

Total Caribbean....................... 1,601,931 1,420,127 1,299,443 1,030,631 1,030,272 1,012,244 982,229 947,779

Asia:

China, Mainland ......................... 17,232 18,637 20,524 22,556 19,619 18,205 26,172 33,340

Hong Kong ................................. 39,832 56,091 42,272 60,038 67,552 70,549 60,258 52,154

India............................................ 13,760 19,867 19,245 21,051 21,478 23,007 22,913 22,919

Indonesia.................................... 1,018 2,620 2,290 2,653 2,270 3,032 2,821 3,400

Israel........................................... 5,828 5,411 4,982 3,558 3,306 3,084 3,055 3,091

Japan.......................................... 289,439 362,403 334,094 383,919 414,132 394,648 371,770 331,088

Jordan ........................................ 77 71 82 82 43 92 90 88

Korea, South .............................. 19,623 22,604 22,889 24,495 24,815 22,676 24,520 26,326

Lebanon...................................... 56 62 75 79 82 74 140 252

Malaysia ..................................... 2,391 4,884 5,952 5,649 5,527 5,503 5,937 6,669

Pakistan...................................... 11 181 44 28 62 121 131 129

Philippines .................................. 1,739 1,545 1,508 1,458 1,755 2,083 3,752 2,664

Singapore ................................... 19,915 26,176 33,142 35,458 30,472 29,675 52,734 57,703

Taiwan........................................ 5,451 6,260 3,681 2,714 3,899 3,115 8,828 7,691

Thailand...................................... 842 339 463 420 545 591 1,012 1,024

Asian oil exporters 3 ................... 16,066 15,593 19,601 15,121 16,577 19,040 18,918 19,522

All other Asia .............................. 1,289 2,959 3,345 3,107 2,520 2,395 2,654 2,795

Total Asia................................. 434,569 545,703 514,189 582,386 614,654 597,890 605,705 570,855

Africa:

Cameroon................................... 5 3 5 11 9 7 7 11

Egypt .......................................... 7,772 1,064 786 750 1,134 741 700 740

Ghana......................................... 104 117 249 239 244 272 349 349

Liberia......................................... 951 1,095 1,221 1,117 1,178 1,103 1,045 1,129

Morocco...................................... 232 361 339 456 218 300 214 263

South Africa................................ 1,193 631 1,280 1,343 1,103 779 876 1,111

African oil exporters 4 ................. 308 339 763 1,041 1,174 1,752 2,007 1,590

All other Africa............................ 6,147 6,492 6,402 5,175 7,211 7,168 6,800 5,940

Total Africa .............................. 16,712 10,102 11,045 10,132 12,271 12,122 11,998 11,133

Other countries:

Australia...................................... 97,247 107,620 100,769 94,455 103,199 112,876 121,864 109,876

New Zealand .............................. 10,437 6,758 6,046 6,497 6,100 5,211 4,723 4,431

All other ...................................... 4,683 1,850 2,026 2,239 2,070 2,012 2,128 2,166

Total other countries................ 112,367 116,228 108,841 103,191 111,369 120,099 128,715 116,473

Total foreign countries.......... 4,509,659 4,246,001 3,985,085 3,708,649 3,864,871 3,818,512 3,784,068 3,645,514

International and regional orgs:

International organizations......... 10,901 14,083 10,502 8,446 7,741 11,365 11,891 12,602

Regional organizations 5 ............ 9,684 3,111 3,974 3,456 3,157 3,911 4,295 2,761

Total international and regional organizations ........ 20,585 17,194 14,476 11,902 10,898 15,276 16,186 15,363

Grand total........................... 4,530,244 4,263,195 3,999,561 3,720,551 3,875,769 3,833,788 3,800,254 3,660,877

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations.

December 2013
72 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2013

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Country

Total

claims

(1)

Total

own

claims

(2)

Total own

claims

payable in

dollars

(3)

Foreign

official

institutions

and foreign

banks

(4)

Claims

on all

other

foreigners

(5)

Payable in

foreign

currencies

(6)

Claims of domestic customers

Total

customer

claims

(7)

Payable

in

dollars

(8)

Payable in

foreign

currencies

(9)

Europe:

Austria ............................................... 3,414 3,073 3,063 288 2,775 10 341 316 25

Belgium.............................................. 8,467 8,385 7,231 6,729 502 1,154 82 16 66

Czech Republic ................................. 32 30 8 4 4 22 2 - 2

Denmark............................................ 1,721 1,392 553 170 383 839 329 303 26

Finland............................................... 16,393 14,665 12,725 12,351 374 1,939 1,728 1,710 18

France ............................................... 101,229 72,213 61,150 41,481 19,669 11,063 29,016 28,091 925

Germany............................................ 86,421 58,431 39,368 35,936 3,432 19,062 27,990 26,888 1,102

Greece............................................... 199 174 110 4 106 64 25 - 25

Hungary............................................. 814 485 330 88 242 155 329 - 329

Ireland................................................ 16,814 16,206 13,879 2,339 11,540 2,327 608 583 25

Italy .................................................... 5,271 4,947 3,823 3,674 149 1,124 323 26 297

Kazakhstan........................................ 113 113 112 28 84 1 - - -

Luxembourg ...................................... 42,469 38,935 28,238 4,729 23,509 10,696 3,534 3,502 32

Netherlands ....................................... 51,138 41,143 34,258 2,795 31,463 6,884 9,996 9,517 479

Norway .............................................. 20,144 5,007 4,898 4,568 330 109 15,137 14,106 1,031

Poland ............................................... 860 817 754 686 68 63 43 - 43

Portugal ............................................. 548 509 452 91 361 56 40 17 23

Romania ............................................ 147 67 44 31 13 23 80 - 80

Russia................................................ 1,631 1,627 1,548 1,286 262 79 4 1 3

Spain ................................................. 8,336 6,493 3,449 1,889 1,560 3,044 1,843 1,734 109

Sweden.............................................. 49,200 13,117 7,085 5,029 2,056 6,032 36,083 35,336 747

Switzerland........................................ 56,281 53,055 48,514 40,706 7,808 4,541 3,226 3,180 46

Turkey................................................ 8,124 8,035 6,845 5,351 1,494 1,190 89 3 86

United Kingdom................................. 1,063,076 981,088 851,840 579,967 271,873 129,248 81,988 75,658 6,330

Channel Islands .................................. 6,288 5,939 5,422 2,010 3,412 517 349 344 5

All other Europe ................................ 2,584 2,478 1,814 373 1,441 665 106 78 28

Total Europe................................... 1,551,714 1,338,422 1,137,513 752,603 384,910 200,909 213,292 201,409 11,883

Memo: Euro Area 1 ......................... 341,604 266,059 208,225 112,432 95,793 57,834 75,545 72,400 3,145

Canada................................................. 264,269 208,968 160,771 124,811 35,960 48,197 55,301 45,991 9,310

Latin America:

Argentina ........................................... 5,008 4,995 4,723 424 4,299 272 13 13 -

Bolivia................................................ 234 233 228 6 222 5 1 1 -

Brazil.................................................. 84,280 83,963 82,198 46,741 35,457 1,765 317 269 48

Chile .................................................. 19,419 19,089 18,791 10,232 8,559 298 330 327 3

Colombia ........................................... 9,164 9,164 8,109 4,512 3,597 1,055 - - -

Costa Rica ........................................ 2,458 2,458 2,207 1,183 1,024 251 - - -

Ecuador............................................. 670 668 668 58 610 - 2 2 -

El Salvador ....................................... 845 845 845 578 267 - - - -

Guatemala......................................... 2,116 2,116 2,092 1,292 800 24 - - -

Honduras .......................................... 574 574 573 439 134 1 - - -

Mexico ............................................... 40,100 37,033 31,304 10,438 20,866 5,729 3,067 11 3,056

Panama ............................................. 5,960 5,960 5,802 3,547 2,255 158 - - -

Peru................................................... 6,910 6,890 6,829 2,652 4,177 61 20 20 -

Uruguay............................................. 2,246 2,190 2,188 232 1,956 2 56 - 56

Venezuela.......................................... 2,466 2,213 2,114 182 1,932 99 253 253 -

All other Latin America ..................... 841 841 839 246 593 2 - - -

Total Latin America......................... 183,291 179,232 169,510 82,762 86,748 9,722 4,059 896 3,163

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2013, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Country

Total

claims

(1)

Total

own

claims

(2)

Total own

claims

payable in

dollars

(3)

Foreign

official

institutions

and foreign

banks

(4)

Claims

on all

other

foreigners

(5)

Payable in

foreign

currencies

(6)

Claims of domestic customers

Total

customer

claims

(7)

Payable

in

dollars

(8)

Payable in

foreign

currencies

(9)

Caribbean:

Bahamas ........................................... 154,274 112,569 111,768 106,266 5,502 801 41,705 41,704 1

Bermuda............................................ 17,373 16,802 14,743 273 14,470 2,059 571 571 -

British Virgin Islands.......................... 13,925 13,854 10,565 3 10,562 3,289 71 71 -

Cayman Islands................................. 740,585 493,829 453,867 276,793 177,074 39,962 246,756 243,521 3,235

Dominican Republic .......................... 1,196 1,195 1,178 274 904 17 1 1 -

Jamaica ............................................. 426 426 426 197 229 - - - -

Netherlands Antilles .......................... 1,230 1,227 908 360 548 319 3 - 3

Trinidad and Tobago......................... 720 706 705 59 646 1 14 14 -

All other Caribbean ........................... 18,050 18,050 15,367 31 15,336 2,683 - - -

Total Caribbean.............................. 947,779 658,658 609,527 384,256 225,271 49,131 289,121 285,882 3,239

Asia:

China, Mainland ................................ 33,340 32,655 29,300 21,746 7,554 3,355 685 610 75

Hong Kong ........................................ 52,154 48,728 44,374 35,845 8,529 4,354 3,426 2,661 765

India................................................... 22,919 21,465 20,216 14,053 6,163 1,249 1,454 1,408 46

Indonesia........................................... 3,400 3,370 3,274 2,897 377 96 30 24 6

Israel.................................................. 3,091 2,365 2,292 1,847 445 73 726 150 576

Japan................................................. 331,088 310,699 284,959 232,369 52,590 25,740 20,389 17,451 2,938

Korea, South ..................................... 26,326 23,629 20,673 18,566 2,107 2,956 2,697 682 2,015

Malaysia ............................................ 6,669 604 436 362 74 168 6,065 2 6,063

Pakistan............................................. 129 125 125 115 10 - 4 3 1

Philippines ......................................... 2,664 1,816 1,719 1,465 254 97 848 4 844

Singapore .......................................... 57,703 43,959 42,666 40,707 1,959 1,293 13,744 10,451 3,293

Taiwan............................................... 7,691 7,596 7,189 6,891 298 407 95 6 89

Thailand............................................. 1,024 833 467 422 45 366 191 9 182

All other Asia ..................................... 22,657 21,233 20,806 17,497 3,309 427 1,424 863 561

Total Asia........................................ 570,855 519,077 478,496 394,782 83,714 40,581 51,778 34,324 17,454

Africa:

Egypt ................................................. 740 685 684 597 87 1 55 39 16

Ghana................................................ 349 349 349 306 43 - - - -

Liberia................................................ 1,129 1,128 872 1 871 256 1 - 1

Morocco............................................. 263 262 254 245 9 8 1 - 1

South Africa....................................... 1,111 1,060 894 826 68 166 51 3 48

All other Africa................................... 7,541 6,326 5,717 1,046 4,671 609 1,215 29 1,186

Total Africa ..................................... 11,133 9,810 8,770 3,021 5,749 1,040 1,323 71 1,252

Other countries:

Australia............................................. 109,876 48,528 42,457 37,501 4,956 6,071 61,348 61,115 233

New Zealand ..................................... 4,431 1,608 1,153 617 536 455 2,823 2,807 16

All other ............................................. 2,166 2,166 2,151 4 2,147 15 - - -

Total other countries....................... 116,473 52,302 45,761 38,122 7,639 6,541 64,171 63,922 249

Total foreign countries................. 3,645,514 2,966,469 2,610,348 1,780,357 829,991 356,121 679,045 632,495 46,550

International and regional orgs:

International organizations................ 12,602 7,542 4,759 - 4,759 2,783 5,060 4,031 1,029

Regional organizations 2.................... 2,761 2,002 1,969 - 1,969 33 759 427 332

Total international and regional 

 organizations ................................ 15,363 9,544 6,728 - 6,728 2,816 5,819 4,458 1,361

Grand total.................................. 3,660,877 2,976,013 2,617,076 1,780,357 836,719 358,937 684,864 636,953 47,911

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal,

Slovakia, Slovenia, and Spain.

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations.

December 2013
74 CAPITAL MOVEMENTS

In June 2013, U.S. claims on foreigners reported by U.S. banks amounted to $3.7 trillion, a decrease of

$173 billion from yearend 2012. U.S. banking claims include holdings of foreign short-term securities 

but exclude holdings of foreign long-term securities. U.S. banking claims increased $554 billion in 

2010. However, they decreased $267 billion in 2011 and $430 billion in 2012.

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international 

financial centers. Nearly 55 percent of these claims are reported opposite the United Kingdom and 

banking centers in the Caribbean. In the post crisis years, there has been a steady fall in claims on 

Caribbean banking centers, the United Kingdom, and all other Europe. In contrast, claims on Asia have 

consistently risen since 2008. Although the lion’s share of banking claims against the Unites States is 

held by the international financial centers, this share has fallen while Asia’s share has grown from under 

5 percent in 2008 to over 15 percent in 2012.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar years

2009 2010 2011 2012 June 2013

United Kingdom........................... 1,155,891 1,325,525 1,270,212 1,196,222 1,063,076

All other Europe ........................... 775,694 665,292 489,703 424,004 488,638

Caribbean banking centers 1 ....... 1,370,044 1,591,868 1,407,221 999,116 933,347

Japan ........................................... 185,928 289,439 362,403 394,648 331,088

All other Asia................................ 97,448 145,130 183,300 203,242 239,767

Subtotal...................................... 3,585,005 4,017,254 3,712,839 3,217,232 3,055,916

All other countries ........................ 391,680 512,990 550,356 616,556 604,961

Grand total ................................. 3,976,685 4,530,244 4,263,195 3,833,788 3,660,877

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama.

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

December 2013
CAPITAL MOVEMENTS 75

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-III-1.—Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Type of liability or claim

Calendar year 2012 2013

 2009 2010 2011 June Sept. Dec. Mar. June p

Total liabilities ................................................... 79,272 78,876 84,236 84,819 91,748 87,326 92,601 92,689 

Payable in dollars.......................................... 58,595 63,764 72,381 72,800 78,798 76,421 78,416 76,373 

Financial.................................................... 12,986 12,225 12,651 11,689 12,985 12,687 12,473 11,220 

Short-term negotiable securities........... 1,300 902 936 870 545 573 113 81 

Other..................................................... 11,686 11,323 11,715 10,819 12,440 12,114 12,360 11,139 

Commercial............................................... 45,609 51,539 59,730 61,111 65,813 63,734 65,943 65,153 

Trade payables ..................................... 21,000 27,087 30,552 28,310 31,420 28,899 28,149 28,476 

Advance receipts and other.................. 24,609 24,452 29,178 32,801 34,393 34,835 37,794 36,677 

Payable in foreign currencies ....................... 20,677 15,112 11,855 12,019 12,950 10,905 14,185 16,316 

By major foreign currency:

Canadian dollars................................... 3,709 3,456 2,831 2,431 4,805 2,664 2,753 3,094 

Euros..................................................... 5,276 4,742 3,754 4,019 4,236 4,386 4,744 6,034 

United Kingdom pounds sterling........... 1,431 1,241 1,133 1,087 1,092 816 769 787 

Japanese yen........................................ 926 1,645 1,124 1,312 1,310 1,433 4,304 4,356 

Other..................................................... 9,335 4,028 3,013 3,170 1,507 1,606 1,615 2,045 

By type of liability:

Financial................................................ 16,914 9,966 6,757 7,984 8,732 6,584 10,071 11,722 

Short-term negotiable securities....... 1,264 633 453 538 573 561 539 409 

Other................................................. 15,650 9,333 6,304 7,446 8,159 6,023 9,532 11,313 

Commercial........................................... 3,763 5,146 5,098 4,035 4,218 4,321 4,114 4,594 

Trade payables ................................. 1,318 1,889 1,943 2,250 2,589 2,487 2,114 2,633 

Advance receipts and other.............. 2,445 3,257 3,155 1,785 1,629 1,834 2,000 1,961 

Total claims....................................................... 102,138 104,801 96,668 108,321 112,103 105,130 107,756 112,096 

Payable in dollars.......................................... 77,184 79,433 79,582 76,319 76,280 79,530 81,701 87,588 

Financial.................................................... 35,654 31,947 28,867 26,825 26,547 29,346 33,191 34,751 

Non-negotiable deposits....................... 9,042 10,684 8,521 8,952 7,253 8,721 10,207 14,109 

Negotiable CDs and short-term

negotiable instruments.......................... 7,082 6,525 2,095 1,206 1,337 2,456 2,767 2,741 

Other..................................................... 19,530 14,738 18,251 16,667 17,957 18,169 20,217 17,901 

Commercial............................................... 41,530 47,486 50,715 49,494 49,733 50,184 48,510 52,837 

Trade receivables ................................. 29,196 35,109 40,299 37,557 35,826 36,527 30,782 36,067 

Advance payments and other............... 12,334 12,377 10,416 11,937 13,907 13,657 17,728 16,770 

Payable in foreign currencies ....................... 24,954 25,368 17,086 32,002 35,823 25,600 26,055 24,508 

By major foreign currency:

Canadian dollars................................... 2,519 3,661 2,981 2,785 4,056 2,785 2,838 2,945 

Euros..................................................... 8,838 8,825 3,313 7,426 15,857 8,045 8,887 7,640 

United Kingdom pounds sterling........... 1,738 3,088 2,488 3,087 4,059 4,283 4,271 4,181 

Japanese yen........................................ 1,795 3,279 2,101 11,528 7,165 5,279 4,951 4,532 

Other..................................................... 10,064 6,515 6,203 7,176 4,686 5,208 5,108 5,210 

By type of claim:

Financial................................................ 21,405 21,776 12,703 27,579 31,732 20,060 20,700 19,653 

Non-negotiable deposits................... 2,139 1,377 1,580 2,242 2,890 1,565 1,491 1,679 

Short-term negotiable securities....... 7,462 10,475 1,489 10,686 11,947 4,146 1,513 1,357 

Other................................................. 11,804 9,924 9,634 14,651 16,895 14,349 17,696 16,617 

Commercial........................................... 3,549 3,592 4,383 4,423 4,091 5,540 5,355 4,855 

Trade receivables ............................. 3,334 3,268 3,964 4,109 3,712 4,981 4,693 4,145 

Advance payments and other........... 215 324 419 314 379 559 662 710 

December 2013
76 CAPITAL MOVEMENTS

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2012 2013

 2008 2009 2010 2011 June Sept. Dec. Mar. June p

Europe:

Austria................................ 95 78 113 76 82 80 121 66 78 

Belgium.............................. 427 201 258 309 336 351 216 229 187 

Bulgaria.............................. 1 - - - 1 2 3 3 2 

Czech Republic.................. 45 44 32 32 59 62 64 106 28 

Denmark............................. 161 140 177 204 180 253 277 270 221 

Finland ............................... 79 521 105 122 138 102 102 109 138 

France................................ 4,801 3,004 2,968 3,133 2,570 2,758 2,794 3,933 2,907 

Germany ............................ 3,746 5,428 4,563 4,594 5,048 4,770 5,426 5,583 5,699 

Greece ............................... 241 232 273 229 216 242 212 205 200 

Hungary.............................. 30 16 58 86 41 39 43 44 31 

Ireland ................................ 2,067 2,725 1,532 1,718 1,200 1,204 1,412 1,109 1,041 

Italy..................................... 509 509 463 799 562 641 1,002 990 776 

Luxembourg....................... 837 503 373 402 229 258 203 248 457 

Netherlands........................ 1,728 882 731 1,765 829 1,377 962 915 1,253 

Norway............................... 385 472 870 1,015 1,541 839 801 1,334 1,063 

Poland................................ 269 201 151 123 163 174 136 121 84 

Portugal.............................. 35 25 26 16 17 16 14 17 23 

Romania............................. 71 11 15 11 12 17 21 16 15 

Russia ................................ 524 297 714 847 1,181 1,255 1,118 1,014 1,058 

Serbia and Montenegro

(formerly Yugoslavia)..... 6 - 2 4 3 4 2 2 1 

Spain.................................. 816 502 363 364 333 340 449 428 351 

Sweden .............................. 274 446 1,345 1,237 1,068 1,031 1,163 1,173 1,120 

Switzerland ........................ 2,333 2,444 2,357 2,378 2,007 2,150 1,883 1,428 1,171 

Turkey ................................ 709 1,619 1,358 748 668 685 1,011 1,064 1,096 

United Kingdom ................. 14,916 10,428 10,150 11,267 9,707 9,631 10,385 12,043 13,323 

Channel Islands and

Isle of Man...................... 95 84 70 124 146 137 114 110 145 

Other Europe ..................... 435 524 484 638 784 911 903 1,035 680 

Total Europe .................. 35,635 31,336 29,551 32,241 29,121 29,329 30,837 33,595 33,148 

Canada................................... 5,960 6,199 8,800 9,899 10,589 13,105 9,563 9,245 9,557 

Latin America:

Argentina............................ 89 68 110 76 69 74 89 231 241 

Brazil .................................. 626 587 734 1,077 1,393 1,326 1,167 1,605 1,479 

Chile................................... 353 318 553 548 638 516 368 384 294 

Colombia............................ 332 385 550 453 439 418 384 613 472 

Ecuador.............................. 30 13 28 23 153 34 39 32 46 

Guatemala.......................... 8 6 5 12 13 21 20 16 17 

Mexico................................ 1,579 2,088 3,121 2,928 2,997 3,541 2,953 3,233 3,061 

Panama.............................. 166 330 221 332 199 188 294 328 345 

Peru.................................... 34 32 99 63 63 87 88 75 82 

Uruguay.............................. 12 13 55 12 30 19 22 14 28 

Venezuela .......................... 413 190 726 450 680 958 885 908 755 

Other Latin America........... 50 74 34 113 63 80 153 114 51 

Total Latin America........... 3,692 4,104 6,236 6,087 6,737 7,262 6,462 7,553 6,871 

Caribbean:

Bahamas............................ 52 85 103 50 77 197 91 189 36 

Bermuda ................................. 723 1,706 1,069 764 718 666 558 844 979 

Cayman Islands ................. 10,354 8,348 2,175 668 853 603 582 720 799 

Cuba................................... - 8 1 - - - - - 18 

Jamaica.............................. 37 15 13 10 22 19 19 22 22 

Netherlands Antilles........... 6 3 8 2 3 1 2 1 3 

Trinidad and Tobago.......... 60 45 19 57 17 18 18 21 74 

Other Caribbean ................ 444 362 1,057 1,717 981 1,100 1,273 542 689 

Total Caribbean ............. 11,676 10,572 4,445 3,268 2,671 2,604 2,543 2,339 2,620 

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 77

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2012 2013

 2008 2009 2010 2011 June Sept. Dec. Mar. June p

Asia:

China, Mainland. ...................... 4,769 3,956 4,346 5,853 7,085 7,487 7,679 7,962 8,802 

Hong Kong ............................... 593 689 1,147 806 1,467 1,796 1,220 940 1,350 

India.......................................... 1,082 761 818 682 681 805 649 682 643 

Indonesia.................................. 366 381 424 521 453 344 482 535 498 

Israel......................................... 292 336 205 96 195 230 321 295 247 

Japan........................................ 6,190 6,072 6,544 6,526 6,673 7,004 8,012 8,489 8,376 

Korea, South ............................ 1,314 919 1,169 1,391 1,315 2,029 2,081 1,788 1,853 

Lebanon ................................... 15 8 7 5 8 6 4 1 4 

Malaysia ................................... 363 311 347 469 681 699 652 495 530 

Pakistan.................................... 28 25 67 50 39 64 71 64 67 

Philippines................................ 107 86 100 210 215 263 197 183 92 

Singapore................................. 3,767 1,872 1,447 1,476 1,993 2,301 2,349 2,296 2,373 

Syria ......................................... 3 1 - 1 1 2 4 4 69 

Taiwan...................................... 722 483 360 370 577 662 422 619 602 

Thailand.................................... 295 432 403 278 411 472 490 378 765 

Oil-exporting countries 1........... 6,378 6,700 8,567 10,688 10,189 10,756 9,271 10,657 9,173 

Other Asia ................................ 460 305 423 612 522 849 607 669 713 

Total Asia ............................. 26,744 23,337 26,374 30,034 32,505 35,769 34,511 36,057 36,157 

Africa:

Congo (formerly Zaire)............. - 8 - - - - - - -

Egypt ........................................ 293 192 111 106 96 165 163 172 135 

Ghana....................................... 5 3 2 3 10 15 12 14 116 

Liberia....................................... 64 61 52 57 53 49 48 6 22 

Morocco.................................... 112 118 89 161 125 124 160 152 121 

South Africa.............................. 256 283 67 134 237 197 143 94 43 

Oil-exporting countries 2........... 764 984 799 430 699 684 690 695 767 

Other Africa .............................. 341 541 693 591 635 1,063 587 609 999 

Total Africa ........................... 1,835 2,190 1,813 1,482 1,855 2,297 1,803 1,742 2,203 

Other countries:

Australia ................................... 1,925 1,228 1,241 961 1,095 1,127 1,340 1,776 1,838 

New Zealand............................ 92 179 279 114 73 94 101 117 120 

All other.................................... 30 25 23 9 12 9 12 17 24 

Total other countries ............ 2,047 1,432 1,543 1,084 1,180 1,230 1,453 1,910 1,982 

Total foreign countries ..... 87,589 79,170 78,762 84,095 84,658 91,596 87,172 92,441 92,538 

International and regional orgs:

International organizations....... 7 71 109 137 143 147 142 145 145 

Regional organizations 3 .......... 34 31 5 4 18 5 12 15 6 

Total international and

regional organizations...... 41 102 114 141 161 152 154 160 151 

Grand total ....................... 87,630 79,272 78,876 84,236 84,819 91,748 87,326 92,601 92,689 

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab

Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria.

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional

organizations.

December 2013
78 CAPITAL MOVEMENTS

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2012 2013

 2008 2009 2010 2011 June Sept. Dec. Mar. June p

Europe:

Austria.......................................... 1,951 1,832 1,789 1,602 1,591 1,599 1,382 1,388 107 

Belgium........................................ 393 365 503 402 352 325 288 290 242 

Bulgaria........................................ 6 7 16 16 13 17 19 19 17 

Czech Republic............................ 85 107 131 63 118 107 107 95 119 

Denmark....................................... 74 272 210 190 155 146 218 138 126 

Finland ......................................... 541 1,801 1,469 62 77 76 83 96 101 

France.......................................... 2,736 3,184 2,496 3,086 4,365 5,840 4,086 5,502 4,735 

Germany ...................................... 8,621 4,151 5,073 5,298 5,308 7,973 5,601 6,660 3,777 

Greece ......................................... 192 193 223 182 194 128 166 86 83 

Hungary........................................ 95 197 83 380 244 283 212 309 366 

Ireland .......................................... 1,814 1,252 791 910 569 661 357 331 324 

Italy............................................... 1,195 1,981 1,778 1,279 1,875 2,346 2,425 2,494 2,359 

Luxembourg................................. 183 188 177 178 168 230 203 242 256 

Netherlands.................................. 2,092 2,783 2,304 2,495 2,549 1,735 1,766 1,548 1,331 

Norway......................................... 271 257 185 250 204 337 291 260 320 

Poland.......................................... 132 239 277 255 292 278 277 178 256 

Portugal........................................ 76 67 53 35 50 35 28 29 41 

Romania....................................... 54 96 132 113 94 95 90 97 86 

Russia .......................................... 694 547 506 1,483 1,158 1,169 1,675 1,262 1,148 

Serbia and Montenegro

(formerly Yugoslavia)............... 14 17 13 7 8 10 11 12 15 

Spain............................................ 1,072 967 712 1,298 1,478 1,709 1,867 1,776 1,471 

Sweden ........................................ 450 311 516 523 535 539 619 587 550 

Switzerland .................................. 1,788 1,723 1,726 1,370 1,427 1,572 1,546 1,207 1,457 

Turkey .......................................... 593 667 677 815 809 658 872 850 1,112 

United Kingdom ........................... 17,983 25,389 20,162 17,046 20,181 23,824 22,677 20,793 21,871 

Channel Islands and

Isle of Man................................ 419 541 100 424 377 407 414 362 403 

Other Europe ............................... 1,107 433 422 1,115 1,181 1,091 1,108 1,300 1,314 

Total Europe ............................ 44,631 49,567 42,524 40,878 45,373 53,191 48,389 47,913 43,988

Canada............................................. 10,551 10,474 14,233 12,378 12,747 13,048 11,476 12,935 15,129 

Latin America:

Argentina...................................... 473 513 581 452 381 331 369 388 482 

Brazil ............................................ 2,365 2,003 2,424 2,251 2,341 2,273 2,191 2,163 2,328 

Chile............................................. 540 362 454 523 610 525 611 591 581 

Colombia...................................... 429 411 455 343 619 602 477 452 799 

Ecuador........................................ 173 146 173 129 98 102 89 84 90 

Guatemala.................................... 180 134 115 99 106 78 95 90 89 

Mexico.......................................... 3,089 3,082 4,830 4,475 4,747 4,740 4,489 4,344 3,772 

Panama........................................ 408 340 330 344 468 635 620 513 491 

Peru.............................................. 270 194 319 236 416 423 397 403 466 

Uruguay........................................ 106 68 148 72 44 55 72 46 45 

Venezuela .................................... 657 479 412 461 642 764 687 663 727 

Other Latin America..................... 435 336 319 397 294 372 405 408 413 

Total Latin America....................... 9,125 8,068 10,560 9,782 10,766 10,900 10,502 10,145 10,283 

Caribbean:

Bahamas...................................... 353 302 164 545 257 205 379 597 669 

Bermuda ............................................. 1,722 3,567 1,449 1,287 1,375 1,158 1,503 2,172 2,320 

Cayman Islands ........................... 19,513 6,908 8,416 5,319 3,141 3,887 5,822 8,446 12,102 

Cuba............................................. - - 2 - - - - - -

Jamaica........................................ 79 64 58 48 48 24 74 40 24 

Netherlands Antilles..................... 112 52 178 66 69 69 42 73 44 

Trinidad and Tobago.................... 111 83 42 46 287 78 93 65 63 

Other Caribbean .......................... 1,013 1,188 1,061 1,508 1,132 1,271 1,292 844 1,142 

Total Caribbean ....................... 22,903 12,164 11,370 8,819 6,309 6,692 9,205 12,237 16,364 

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 79

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar year 2012 2013

 2008 2009 2010 2011 June Sept. Dec. Mar. June p

Asia:

China, Mainland........................ 1,455 1,737 2,278 2,468 2,429 2,176 2,192 1,905 2,178 

Hong Kong................................ 809 943 1,491 1,090 2,873 2,323 1,579 1,428 1,743 

India .......................................... 695 779 997 1,703 1,732 1,476 2,364 2,540 2,841 

Indonesia................................... 273 354 362 332 284 232 272 286 287 

Israel ......................................... 635 456 284 232 320 417 398 393 282

Japan ........................................ 4,578 2,513 4,372 4,920 11,220 6,681 3,587 4,052 3,284 

Korea, South............................. 980 2,312 1,986 1,850 1,245 810 1,006 806 1,021 

Lebanon .................................... 44 19 29 14 9 8 20 12 15 

Malaysia.................................... 275 215 245 188 208 206 353 191 324 

Pakistan .................................... 33 38 33 75 52 30 27 41 45 

Philippines................................. 63 81 126 121 172 513 177 275 309 

Singapore.................................. 1,448 2,991 3,532 3,100 2,285 2,516 3,283 2,396 4,213 

Syria.......................................... 12 11 15 34 31 267 23 22 245 

Taiwan....................................... 976 966 1,025 1,021 1,638 1,377 1,334 1,249 1,435 

Thailand .................................... 330 336 250 179 212 204 158 227 268 

Oil-exporting countries 1............ 3,392 2,601 4,035 2,969 3,643 3,372 4,063 4,014 3,702 

Other Asia ................................. 179 230 307 292 281 708 246 241 349 

Total Asia .............................. 16,177 16,582 21,367 20,588 28,634 23,316 21,082 20,078 22,541 

Africa:

Congo (formerly Zaire).............. 5 15 2 - 1 - - 2 2 

Egypt......................................... 362 228 219 242 185 313 243 283 243 

Ghana ....................................... 7 6 14 12 41 13 12 9 11 

Liberia ....................................... 54 55 37 2 - 6 2 5 1 

Morocco .................................... 24 10 15 31 24 22 35 22 33 

South Africa .............................. 356 374 403 373 216 363 412 175 185 

Oil-exporting countries 2............ 300 260 270 305 290 308 326 255 234 

Other Africa............................... 495 498 383 541 489 525 441 391 442 

Total Africa............................ 1,603 1,446 1,343 1,506 1,246 1,550 1,471 1,142 1,151 

Other countries:

Australia .................................... 2,194 3,655 3,246 2,482 2,902 3,056 2,633 2,964 2,305 

New Zealand............................. 72 100 90 65 82 232 230 252 170 

All other..................................... 13 7 24 33 99 52 87 41 38 

Total other countries ............. 2,279 3,762 3,360 2,580 3,083 3,340 2,950 3,257 2,513 

Total foreign countries ...... 107,269 102,063 104,757 96,531 108,158 112,037 105,075 107,707 111,969 

International and regional orgs:

International organizations........ 21 49 37 35 32 39 42 43 56 

Regional organizations 3 ........... 186 26 7 102 131 27 13 6 71 

Total international and

regional organizations........... 207 75 44 137 163 66 55 49 127 

Grand total .................... 107,476 102,138 104,801 96,668 108,321 112,103 105,130 107,756 112,096 

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria.

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional

organizations.

December 2013
80 CAPITAL MOVEMENTS

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and

Country, June 30, 2013, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Liabilities Claims

Total liabilities

(1)

Financial

(2)

Commercial

(3)

Total claims

(4)

Financial

(5)

Commercial

(6)

Europe:

Austria ............................................... 78 24 54 107 31 76 

Belgium............................................ 187 41 146 242 51 191 

Bulgaria ............................................ 2 - 2 17 - 17 

Czech Republic................................ 28 - 28 119 5 114 

Denmark........................................... 221 1 220 126 56 70 

Finland.............................................. 138 19 119 101 77 24 

France .............................................. 2,907 1,886 1,021 4,735 2,975 1,760 

Germany........................................... 5,699 3,517 2,182 3,777 1,566 2,211 

Greece.............................................. 200 10 190 83 33 50 

Hungary............................................ 31 1 30 366 1 365 

Ireland .............................................. 1,041 98 943 324 87 237 

Italy................................................... 776 6 770 2,359 465 1,894 

Luxembourg ..................................... 457 35 422 256 162 94 

Netherlands...................................... 1,253 451 802 1,331 259 1,072 

Norway ............................................. 1,063 136 927 320 167 153 

Poland .............................................. 84 3 81 256 25 231 

Portugal............................................ 23 6 17 41 1 40 

Romania........................................... 15 - 15 86 16 70 

Russia .............................................. 1,058 43 1,015 1,148 496 652 

Serbia and Montenegro

(formerly Yugoslavia)................... 1 - 1 15 - 15 

Spain ................................................ 351 47 304 1,471 797 674 

Sweden ............................................ 1,120 736 384 550 249 301 

Switzerland....................................... 1,171 3 1,168 1,457 344 1,113 

Turkey .............................................. 1,096 22 1,074 1,112 924 188 

United Kingdom................................ 13,323 8,476 4,847 21,871 16,412 5,459 

Channel Islands and

Isle of Man.................................... 145 115 30 403 359 44 

Other Europe.................................... 680 75 605 1,314 943 371 

Total Europe................................. 33,148 15,751 17,397 43,988 26,502 17,486 

Canada................................................. 9,557 3,774 5,783 15,129 8,641 6,488 

Latin America:

Argentina.......................................... 241 12 229 482 33 449 

Brazil ................................................ 1,479 89 1,390 2,328 985 1,343 

Chile ................................................. 294 21 273 581 117 464 

Colombia .......................................... 472 2 470 799 18 781 

Ecuador............................................ 46 8 38 90 9 81 

Guatemala........................................ 17 - 17 89 18 71 

Mexico.............................................. 3,061 56 3,005 3,772 1,416 2,356 

Panama............................................ 345 - 345 491 156 335 

Peru.................................................. 82 - 82 466 92 374 

Uruguay............................................ 28 1 27 45 3 42 

Venezuela ........................................ 755 51 704 727 128 599 

Other Latin America ......................... 51 3 48 413 46 367 

Total Latin America........................... 6,871 243 6,628 10,283 3,021 7,262 

Caribbean:

Bahamas .......................................... 36 15 21 669 479 190 

Bermuda................................................. 979 57 922 2,320 187 2,133 

Cayman Islands ................................... 799 255 544 12,102 9,799 2,303 

Cuba................................................. 18 - 18 - - -

Jamaica............................................ 22 - 22 24 5 19 

Netherlands Antilles ......................... 3 - 3 44 14 30 

Trinidad and Tobago........................ 74 9 65 63 - 63 

Other Caribbean............................... 689 2 687 1,142 48 1,094 

Total Caribbean............................ 2,620 338 2,282 16,364 10,532 5,832 

See footnote at end of table.

December 2013
CAPITAL MOVEMENTS 81

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and

Country, June 30, 2013, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

Liabilities Claims

Total liabilities

(1)

Financial

(2)

Commercial

(3)

Total claims

(4)

Financial

(5)

Commercial

(6)

Asia:

China, Mainland ................................ 8,802 102 8,700 2,178 41 2,137 

Hong Kong ........................................ 1,350 38 1,312 1,743 462 1,281 

India................................................... 643 46 597 2,841 439 2,402 

Indonesia........................................... 498 19 479 287 106 181 

Israel.................................................. 247 2 245 282 32 250 

Japan................................................. 8,376 1,436 6,940 3,284 817 2,467 

Korea, South ..................................... 1,853 16 1,837 1,021 196 825 

Lebanon ............................................ 4 1 3 15 1 14 

Malaysia ............................................ 530 1 529 324 62 262 

Pakistan............................................. 67 7 60 45 2 43 

Philippines......................................... 92 3 89 309 190 119 

Singapore.......................................... 2,373 86 2,287 4,213 800 3,413 

Syria .................................................. 69 - 69 245 - 245 

Taiwan............................................... 602 11 591 1,435 15 1,420 

Thailand............................................. 765 45 720 268 29 239 

Other Asia ......................................... 713 48 665 349 26 323 

Total Asia ........................................ 36,157 1,938 34,219 22,541 3,534 19,007 

Africa:

Congo (formerly Zaire)...................... - - - 2 - 2 

Egypt ................................................. 135 1 134 243 4 239 

Ghana................................................ 116 - 116 11 9 2 

Liberia................................................ 22 10 12 1 - 1 

Morocco............................................. 121 6 115 33 - 33 

South Africa....................................... 43 2 41 185 81 104 

Other Africa ....................................... 999 50 949 442 243 199 

Total Africa .................................... 2,203 74 2,129 1,151 388 763 

Other countries:

Australia ............................................ 1,838 799 1,039 2,305 1,645 660 

New Zealand..................................... 120 8 112 170 105 65 

All other............................................. 24 17 7 38 34 4 

Total other countries ..................... 1,982 824 1,158 2,513 1,784 729 

Total foreign countries .............. 92,538 22,942 69,596 111,969 54,402 57,567 

International and regional orgs:

International organizations................ 145 - 145 56 - 56 

Regional organizations 1 .................. 6 - 6 71 2 69 

Total international and

regional organizations............... 151 - 151 127 2 125 

Grand total ................................ 92,689 22,942 69,747 112,096 54,404 57,692 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East

regional organizations.

December 2013
82 CAPITAL MOVEMENTS

SECTION IV.—U.S. International Transactions in Long-Term Securities

TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Calendar

year or month

Marketable Treasury bonds and notes

U.S. Government corporations and

federally-sponsored agencies

Net foreign purchases

 Gross

 foreign

purchases

 (5)

Gross

foreign

sales

(6)

Foreign countries

 Total

 (1)

Official

institutions

(2)

Other

foreigners

(3)

International

and regional

(4) 

Net foreign

purchases

(7)

Gross foreign

purchases

(8)

Gross foreign

sales

(9)

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634

2011 ......................................... 432,571 144,155 276,867 11,549 17,969,880 17,537,309 80,904 1,132,565 1,051,661

2012 r....................................... 416,444 209,856 207,569 -981 14,794,953 14,378,509 132,957 1,519,708 1,386,751

2013 - Jan. - Sept. p................. 5,166 -4,994 10,839 -679 13,326,656 13,321,490 75,430 1,072,866 997,436

2012 - Sept. r ........................... -20,291 2,231 -25,778 3,256 1,128,198 1,148,489 24,030 153,095 129,065

Oct. r............................. 13,776 7,116 6,247 413 1,153,222 1,139,446 11,937 150,963 139,026

Nov. r............................ 24,572 -3,512 28,365 -281 1,038,864 1,014,292 9,463 126,851 117,388

Dec. r............................ 29,928 8,366 19,921 1,641 975,608 945,680 18,131 126,485 108,354

2013 - Jan. r. ............................ 31,758 53,050 -23,611 2,319 1,192,886 1,161,128 4,447 114,005 109,558

Feb. r............................ 2,296 -6,783 8,083 996 1,502,438 1,500,142 1,576 110,052 108,476

Mar. r............................ -11,203 -17,097 9,539 -3,645 1,439,802 1,451,005 8,657 112,522 103,865

Apr. r............................. -38,774 -23,781 -11,590 -3,403 1,499,691 1,538,465 22,822 121,322 98,500

May r ............................ 11,014 40,298 -32,621 3,337 1,857,255 1,846,241 -10,317 112,458 122,775

June r ........................... -40,825 -681 -39,255 -889 1,789,560 1,830,385 -5,478 136,332 141,810

 July............................... 33,864 -15,889 50,121 -368 1,348,089 1,314,225 22,176 134,194 112,018

Aug. p........................... -10,774 -10,872 -383 481 1,306,642 1,317,416 16,817 117,073 100,256

Sept. p.......................... 27,810 -23,239 50,556 493 1,390,293 1,362,483 14,730 114,908 100,178

Calendar

year or month

Corporate and other securities

Bonds * Stocks

Net foreign

purchases

(10)

Gross foreign

 purchases

 (11)

Gross foreign

sales

(12)

Net foreign

purchases

(13)

Gross foreign

purchases

(14)

 Gross foreign

 sales

 (15)

2009 .............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477

2011 .............................................................................. -45,175 996,101 1,041,276 25,075 7,720,283 7,695,208

2012 r............................................................................ -24,073 870,111 894,184 108,791 7,408,587 7,299,796

2013 - Jan. -Sept. p....................................................... 18,294 708,407 690,113 -26,472 5,674,538 5,701,010

2012 - Sept. r ................................................................ -5,918 76,914 82,832 24,567 631,231 606,664

Oct. r.................................................................. 4,218 86,800 82,582 3,661 704,344 700,683

Nov. r................................................................. 8,190 67,884 59,694 22,515 584,514 561,999

Dec. r................................................................. 2,426 69,891 67,465 25,224 601,405 576,181

2013 - Jan. r. ................................................................. 7,868 80,006 72,138 6,043 670,619 664,576

Feb. r................................................................. 9,261 78,118 68,857 -2,522 622,418 624,940

Mar. r................................................................. -6,657 77,085 83,742 7,246 612,550 605,304

Apr. r.................................................................. -4,854 73,421 78,275 11,010 680,339 669,329

May r ................................................................. 9,166 108,593 99,427 -8,239 690,700 698,939

June r ................................................................ -5,166 72,843 78,009 -27,132 628,607 655,739

 July.................................................................... -922 64,166 65,088 -8,501 614,179 622,680

Aug. p................................................................ 2,363 62,923 60,560 -16,880 574,449 591,329

Sept. p............................................................... 7,235 91,252 84,017 12,503 580,677 568,174

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities.

December 2013
CAPITAL MOVEMENTS 83

TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar

year or month

Net foreign purchases of foreign securities 

from U.S.

(1)

Foreign bonds Foreign stocks

Net foreign

purchases from

U.S.

(2)

Gross foreign

purchases from

U.S.

(3)

Gross foreign

sales to U.S.

(4)

Net foreign

purchases from

U.S.

(5)

Gross foreign

purchases from

U.S.

(6)

Gross foreign

sales to U.S.

(7)

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186

2012 r.................................................... -21,205 19,877 3,950,323 3,930,446 -41,082 3,435,122 3,476,204

2013 - Jan. - Sept. p ............................. -157,290 -19,337 3,253,606 3,272,943 -137,953 2,872,521 3,010,474

2012 - Sept. r ........................................ -14,870 -21,666 348,149 369,815 6,796 273,308 266,512

Oct. r. ........................................ -25,432 -25,528 385,711 411,239 96 280,691 280,595

Nov. r......................................... -9,971 -3,226 381,874 385,100 -6,745 245,745 252,490

Dec. r......................................... -11,088 -6,230 297,498 303,728 -4,858 281,865 286,723

2013 - Jan. r.......................................... -22,710 -2,816 373,790 376,606 -19,894 316,046 335,940

Feb. r......................................... -25,112 -6,109 328,595 334,704 -19,003 295,500 314,503

Mar. r......................................... -27,703 -831 367,061 367,892 -26,872 316,465 343,337

Apr. r ......................................... -12,501 4,714 389,453 384,739 -17,215 332,118 349,333

May r ......................................... -26,839 -10,745 381,783 392,528 -16,094 353,064 369,158

June r........................................ 11,337 14,850 355,473 340,623 -3,513 323,026 326,539

 July............................................ -15,665 368 358,183 357,815 -16,033 319,498 335,531

Aug. p....................................... -1,309 11,053 325,762 314,709 -12,362 289,423 301,785

Sept. p...................................... -36,788 -29,821 373,506 403,327 -6,967 327,381 334,348

December 2013
84 CAPITAL MOVEMENTS

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar

 year

 2012 

 (1)

2013

Calendar

year

2012 

(4)

2013

 Calendar

 year

 2012

 (7)

2013

Calendar

year

2012

(10)

2013

 Jan.

 through

Sept.

(2)

 July

 through

 Sept. p 

 (3)

 Jan.

 through

Sept.

(5)

 July

 through

 Sept. p 

 (6)

 Jan.

 through

Sept.

(8)

 July

 through

 Sept. p 

 (9)

 Jan.

 through

Sept.

(11)

July.

 through

 Sept. p 

 (12)

Europe:

Austria............................. 147 -393 -162 57 -20 -5 10 -27 - -263 -77 -191

Belgium........................... -6,856 -10,541 -1,423 -134 110 -41 -21,365 -15,569 -2,239 -595 -364 563

Bulgaria........................... 53 - -5 - - - - - - -25 70 -4

Cyprus............................. 169 92 7 6 - - 8 -75 -11 1,018 -28 -42

Czech Republic............... 265 -2,856 -129 - - - -20 52 2 -83 73 -2

Denmark ......................... -3,987 -1,389 -672 103 137 32 504 420 155 1,496 585 176

Finland ............................ 465 331 165 -98 -51 -79 -298 -225 -9 -26 815 189

France............................. 84,162 69,672 27,005 -504 -2,546 -640 -5,594 -4,245 -1,443 15,716 -36 4,655

Germany ......................... 7,073 -4,460 -2,820 519 1,353 239 -3,220 -312 -515 3,343 8,466 3,031

Greece ............................ 300 -194 -89 -13 -2 -4 30 -15 1 57 -118 -94

Hungary .......................... 250 142 - 65 -14 -27 42 30 - -316 -44 -7

Ireland ............................. -14,049 9,144 -2,397 -3,652 -687 534 -4,605 -5,119 -893 7,312 3,449 95

Italy.................................. 664 -674 16 -24 -218 -52 -581 -1,919 -1,111 -2,293 -597 -29

Kazakhstan ..................... 2,471 -1,054 -443 - - - 16 1 -8 -60 -12 -14

Luxembourg.................... -32,224 -47,248 -24,036 23,834 13,391 1,113 -1,250 -4,861 -2,853 -1,236 2,011 966

Monaco ........................... 232 -3 81 -69 -3 2 130 167 28 267 16 -89

Netherlands..................... -1,730 -665 -1,384 -196 -205 257 564 -399 441 -3,748 799 2,443

Norway............................ 12,694 -3,588 -1,545 -863 -17 11 1,916 5,473 1,548 4,085 2,322 194

Poland............................. 521 3,485 -691 1,042 -50 -100 232 -71 -5 -27 45 21

Portugal........................... 303 145 97 -18 -19 -5 -14 -43 -1 -109 44 25

Romania.......................... -5,118 -1,455 -1,304 11 -6 - - - - -18 -18 -5

Russia ............................. -36,117 944 3,623 194 - - 89 7 6 -82 -32 8

Serbia and Montenegro...... -330 -45 -50 - - - - - - -2 3 -

Spain............................... -23 -2,906 569 -182 -31 -16 -277 -82 5 -693 -312 -242

Sweden ........................... -4,350 -752 198 -232 -8 -2 -734 -392 -202 2,543 2,974 -93

Switzerland ..................... 52,916 -10,251 -810 560 -1,387 -255 90 -5,919 -3,280 11,644 -1,553 -1,053

Turkey ............................. -5,453 6,111 -884 -1 - - -9 52 50 5 11 -62

Ukraine............................ 121 16 65 -54 - - -11 -6 - 113 -1 -2

United Kingdom.............. 98,436 8,839 29,632 4,555 32,652 18,943 -10,761 16,926 9,647 34,194 4,722 1,183

Channel Islands.............. -1,896 -843 19 -423 355 31 -841 -684 -115 -160 -1,487 -734

All other Europe.............. -543 -1,929 191 -107 611 36 -13 367 161 527 155 -34

Total Europe ............... 148,566 7,675 22,823 24,376 43,346 19,973 -45,962 -16,468 -641 72,584 21,881 10,852

Memo: Euro Area 1 ..... 38,159 11,879 -4,473 19,605 11,061 1,307 -36,587 -32,955 -8,647 19,000 13,990 11,377

Memo: European 

 Union 2 ..................... 124,370 17,907 22,564 25,133 43,804 20,159 -47,347 -15,935 985 56,766 22,403 12,646

Canada................................ 56,574 5,078 13,192 5,230 -9,566 -2,226 -789 6,264 4 14,685 -4,636 -1,812

Latin America:

Argentina......................... 138 16 -28 22 3 1 348 284 151 125 20 -113

Brazil ............................... 2,310 -5,336 -2,977 5,314 -217 -634 -578 -249 -123 566 196 108

Chile................................ -1,556 -1,994 -2,738 53 -255 98 -204 -494 -170 2,373 266 1,368

Colombia......................... 8,259 2,504 870 175 -913 -200 -266 -1,976 -425 29 629 -22

Ecuador........................... 97 529 139 -29 2 - 4 20 28 -59 54 -11

Costa Rica ...................... 1,970 642 255 60 592 265 167 149 -13 57 -198 -28

Guatemala ...................... -61 -29 -296 -2 16 15 26 25 16 -8 - -9

Mexico............................. 26,227 -13,180 -14,411 -4,145 -7,034 -3,262 -2,462 -661 -863 3,244 718 627

Panama........................... 46 8,344 2,988 375 99 84 -110 581 159 -52 -183 -71

Peru................................. 5,296 6 -1,197 1,442 462 -1,187 147 -229 -188 991 798 297

Uruguay .......................... 1,398 -46 659 701 -105 74 173 387 269 -24 -102 5

Venezuela....................... -261 19 -32 219 -33 -24 628 292 71 18 173 8

All other Latin America..... 263 198 44 368 110 - 272 200 33 -21 -5 13

Total Latin America .... 44,126 -8,327 -16,724 4,553 -7,273 -4,770 -1,855 -1,671 -1,055 7,239 2,366 2,172

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 85

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar

year

2012 

(1)

2013

Calendar

year

2012 

(4)

2013

Calendar

year

2012 

(7)

2013

Calendar

year

2012 

(10)

2013

 Jan.

 through

Sept

(2)

July

 through

 Sept. p 

 (3)

 Jan.

 through

Sept.

(5)

 July

 through

 Sept. p 

 (6)

 Jan.

 through

Sept.

(8)

 July

 through

 Sept. p 

 (9)

 Jan.

 through

Sept.

(11)

 July

 through

 Sept. p 

 (12)

Caribbean:

Anguilla ....................................... -719 -3,741 -202 28 -51 35 -738 -24 34 -1,288 -2,536 -1,755

Bahamas..................................... -2,979 -3,403 1,335 10,242 -158 -107 972 416 94 -337 -691 -57

Barbados..................................... 2,197 -727 -291 554 101 -5 936 1,144 313 -40 -149 -54

Bermuda ..................................... 4,664 6,017 6,232 4,201 -222 165 -76 837 233 -72 -3,391 -1,648

British Virgin Islands ................... 6,280 -7,554 -3,375 234 -143 -80 1,051 -397 77 6,097 -7,268 -2,019

Cayman Islands.......................... -14,766 -43,902 12,944 21,490 -86 3,120 5,325 8,971 2,768 10,220 -9,984 -12,504

Cuba............................................ - - - - - - - - - -46 -12 -12

Jamaica....................................... -2 11 6 -196 37 10 32 27 15 6 4 -4

Netherlands Antilles.................... -64 -1,933 3,345 177 136 39 1,162 -329 -116 242 -693 104

Trinidad and Tobago................... 140 336 159 79 -51 37 9 -9 -16 -10 55 -18

All other Caribbean..................... -22 55 47 660 -272 -327 423 174 133 -500 -324 -79

Total Caribbean...................... -5,271 -54,841 20,200 37,469 -709 2,887 9,096 10,810 3,535 14,272 -24,989 -18,046

Asia:

China, Mainland.......................... 73,158 72,746 -10,681 7,180 66,118 38,172 5,736 8,185 2,233 -1,505 2,374 13

Hong Kong.................................. -61 -23,425 -19,790 -2,413 -3,162 -1,784 -638 2,362 681 92 -2,298 -1,696

India ............................................ 6,075 -2,412 -1,377 106 -42 2 -5 -37 -24 -518 -601 -302

Indonesia .................................... 464 -4,472 -939 2,831 -720 -9 118 109 65 -56 210 -3

Israel ........................................... 3,393 -860 -781 439 452 210 -98 232 78 200 408 181

Japan .......................................... 86,324 35,327 50,095 22,060 -33,685 -4,042 2,669 -1,719 934 -8,066 -22,614 -1,672

Korea, South............................... 1,326 -823 2,331 11,911 1,110 -1,207 755 1,568 1,002 890 1,354 413

Lebanon...................................... 203 57 23 - -2 - 14 -5 -4 1 -257 -219

Malaysia...................................... -650 -3,768 -2,204 2,089 1,182 51 292 342 158 1,942 798 449

Pakistan ...................................... 30 -62 -22 - 9 10 -10 20 17 -20 -23 -4

Philippines................................... 2,300 1,855 1,630 387 54 - 134 -197 -25 7 -59 7

Singapore.................................... 703 -17,587 -4,726 1,102 -248 -221 4,446 5,099 999 -869 -350 -1,342

Syria............................................ - - - - - - - 1 1 -1 -18 -18

Taiwan......................................... -3 -3,993 -1,045 9,069 18,360 7,360 3,886 3,276 1,025 988 -1,141 -217

Thailand ...................................... 1,063 -2,715 1,398 512 -181 2 -40 -73 -64 -60 -285 -189

Oil exporting countries 3.............. -8,422 5,144 -1,632 2,965 202 -349 446 -1,989 -458 4,769 4,251 257

All other Asia............................... 1,120 -462 -824 -273 618 13 226 -1 -7 -111 248 42

Total Asia................................ 167,023 54,550 11,456 57,965 50,065 38,208 17,931 17,173 6,611 -2,317 -18,003 -4,300

Africa:

Egypt........................................... -462 11 -3 -5 -12 -5 -3 3 2 -17 -23 -12

Liberia ......................................... 10 13 3 -2 1 1 34 -37 -26 -8 -31 -17

Morocco ...................................... -100 -281 -172 41 87 42 3 12 7 -5 -3 1

South Africa ................................ -1,664 -1,331 -621 86 86 11 -79 -143 -61 367 240 -22

Oil exporting countries 4.............. 1,784 1,433 -428 511 -52 -50 576 -52 5 16 -22 1

All other Africa............................. 9 151 -484 -4 34 16 53 99 6 56 -34 -291

Total Africa.............................. -423 -4 -1,705 627 144 15 584 -118 -67 409 127 -340

Other countries:

Australia ...................................... 6,612 1,941 978 1,510 83 5 -1,448 1,727 155 952 -2,922 -1,334

New Zealand............................... 207 -221 51 -71 73 13 -174 -102 14 -55 -89 20

All other countries....................... 11 -6 23 -9 11 -1 -170 - 5 46 105 92

Total other countries............... 6,830 1,714 1,052 1,430 167 17 -1,792 1,625 174 943 -2,906 -1,222

Total foreign countries........ 417,425 5,845 50,294 131,650 76,174 54,104 -22,787 17,615 8,561 107,815 -26,160 -12,696

International and regional orgs:

International organizations ......... -1,617 -296 644 1,162 -417 -147 -1,274 672 146 999 -300 -179

Regional organizations 5............. 636 -383 -38 145 -327 -234 -12 7 -31 -23 -12 -3

Total international and

 regional organizations ............... -981 -679 606 1,307 -744 -381 -1,286 679 115 976 -312 -182

Grand total.......................... 416,444 5,166 50,900 132,957 75,430 53,723 -24,073 18,294 8,676 108,791 -26,472 -12,878

1

As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 2

As of January 2007,the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

3

Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 4

Includes Algeria, Gabon, Libya, and Nigeria.

5

Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.

December 2013
86 CAPITAL MOVEMENTS

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2013, Preliminary

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Country

Total

purchases

(1)

Domestic securities

Foreign securities Total

sales

(8)

Domestic securities

 Foreign securities

Marketable

Treasury

and

Federal

Financing 

Bank bonds

and notes

(2)

Bonds

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(3)

Corporate and

other

Marketable

Treasury

and

Federal

Financing 

Bank bonds

and notes

 (9)

Bonds 

of U.S.

Gov’t

corps and

federallysponsored

agencies

(10)

Corporate and

other

Bonds

(4)

 Stocks

 (5)

 Bonds

 (6)

 Stocks

 (7)

Bonds

(11)

Stocks

(12)

 Bonds

 (13)

Stocks

(14)

Europe:

Austria .................................... 2,428 288 173 115 797 739 316 2,708 449 178 115 988 223 754

Belgium................................... 6,680 980 204 271 2,953 1,364 907 30,221 2,404 245 2,510 2,390 21,329 1,343

Bulgaria .................................. 23 17 - - 4 - 2 40 22 - - 8 8 2

Cyprus .................................... 966 9 - 9 120 726 102 824 2 - 20 162 414 225

Czech Republic ...................... 2,666 2,044 - 2 207 297 116 2,627 2,173 - - 209 168 77

Denmark................................. 14,018 1,493 144 697 6,701 3,090 1,893 13,877 2,165 112 542 6,525 2,312 2,221

Finland.................................... 4,145 772 305 76 582 2,074 336 3,057 607 385 85 393 1,223 364

France .................................... 1,180,809 1,044,826 3,659 5,670 91,265 22,287 13,102 1,152,323 1,017,821 4,299 7,113 86,610 18,821 17,660

Germany................................. 97,462 27,608 1,125 2,728 33,908 24,695 7,398 90,037 30,429 886 3,243 30,877 15,496 9,106

Greece.................................... 1,101 65 - 3 251 731 51 721 153 4 2 345 30 186

Hungary.................................. 327 - 6 - 93 148 80 556 - 33 - 100 371 52

Ireland..................................... 105,776 21,362 29,371 6,104 15,743 14,372 18,824 111,468 23,759 28,837 6,997 15,648 18,390 17,837

Italy ......................................... 24,018 2,775 77 279 6,440 12,326 2,121 24,611 2,759 129 1,390 6,469 11,355 2,510

Kazakhstan............................. 1,178 332 - 3 28 808 7 896 775 - 11 42 59 9

Luxembourg ........................... 66,885 8,484 11,990 9,546 15,800 8,424 12,640 111,171 32,521 10,877 12,399 14,834 26,723 13,817

Monaco................................... 2,020 170 2 70 1,539 47 192 2,066 89 - 42 1,628 66 241

Netherlands ............................ 47,884 7,435 2,328 2,019 15,476 13,414 7,213 39,807 8,819 2,070 1,578 13,033 6,122 8,185

Norway ................................... 17,999 5,030 53 1,988 3,913 4,501 2,514 18,235 6,575 42 440 3,719 5,600 1,859

Poland .................................... 13,359 11,438 - - 284 1,498 139 13,819 12,129 100 5 263 1,061 261

Portugal .................................. 1,888 189 - 14 790 201 694 2,210 92 6 15 765 250 1,083

Romania ................................. 272 230 - - 6 8 28 1,552 1,534 - - 11 3 4

Russia..................................... 10,015 8,919 - 6 154 646 290 6,509 5,296 - - 146 876 191

Serbia and Montenegro.......... 144 - - - 18 125 1 109 50 - - 18 41 -

Spain ...................................... 19,277 3,237 6 209 2,941 10,927 1,957 19,828 2,668 22 204 3,183 11,466 2,285

Sweden................................... 22,375 8,161 - 66 5,833 6,129 2,186 20,214 7,963 2 268 5,926 3,062 2,993

Switzerland............................. 60,693 10,510 699 4,477 29,300 5,818 9,889 66,826 11,320 954 7,757 30,353 7,199 9,243

Turkey..................................... 3,422 1,565 - 50 245 1,222 340 3,482 2,449 - - 307 115 611

Ukraine ................................... 438 271 - - 2 164 1 315 206 - - 4 105 -

United Kingdom...................... 2,521,828 1,412,150 57,926 82,593 405,410 272,884 290,865 2,485,302 1,382,518 38,983 72,946 404,227 282,565 304,063

Channel Islands...................... 17,285 805 571 481 10,832 453 4,143 17,873 786 540 596 11,566 420 3,965

All other Europe...................... 4,660 1,277 444 284 1,275 255 1,126 4,539 1,087 408 123 1,309 626 986

Total Europe....................... 4,252,041 2,582,442 109,085 117,760 652,910 410,373 379,471 4,247,822 2,559,619 89,112 118,401 642,058 436,500 402,132

Memo: Euro Area 1 ............. 1,560,844 1,118,200 49,298 27,058 188,128 112,332 65,828 1,590,686 1,122,673 47,991 35,705 176,751 132,043 75,523

Canada....................................... 469,976 121,926 12,771 13,316 90,953 169,401 61,609 468,073 108,734 14,997 13,312 92,765 177,436 60,829

Latin America:

Argentina ................................ 4,548 81 9 329 1,503 1,528 1,098 4,254 109 8 178 1,616 1,307 1,036

Brazil....................................... 71,535 46,610 643 318 3,410 10,745 9,809 85,890 49,587 1,277 441 3,302 19,384 11,899

Chile ....................................... 29,054 13,428 100 233 6,646 6,170 2,477 28,295 16,166 2 403 5,278 3,599 2,847

Colombia ................................ 13,727 8,623 680 131 1,673 1,796 824 14,564 7,753 880 556 1,695 2,822 858

Costa Rica.............................. 1,335 734 1 50 442 73 35 1,152 595 1 22 453 41 40

Ecuador.................................. 1,311 260 662 53 180 109 47 958 5 397 66 208 227 55

Guatemala.............................. 1,178 397 28 32 138 563 20 1,089 693 13 16 147 194 26

Mexico .................................... 42,086 3,086 3,435 738 9,998 13,367 11,462 71,976 17,497 6,697 1,601 9,371 24,176 12,634

Panama .................................. 9,407 3,136 252 736 2,012 1,716 1,555 6,135 148 168 577 2,083 1,756 1,403

Peru........................................ 7,663 1,835 665 88 3,257 1,275 543 10,660 3,032 1,852 276 2,960 1,201 1,339

Uruguay.................................. 7,634 2,747 77 488 727 2,955 640 5,982 2,088 3 219 722 2,386 564

Venezuela............................... 4,386 278 14 276 1,206 2,165 447 2,898 310 38 205 1,198 749 398

All other Latin America........... 1,418 413 17 105 261 501 121 970 369 17 72 248 159 105

Total Latin America ............ 195,282 81,628 6,583 3,577 31,453 42,963 29,078 234,823 98,352 11,353 4,632 29,281 58,001 33,204

Caribbean:

Anguilla................................... 195,153 3,120 158 48 158,647 218 32,962 197,381 3,322 123 14 160,402 170 33,350

Bahamas ................................ 58,275 22,883 804 1,566 23,233 2,347 7,442 56,158 21,548 911 1,472 23,290 2,050 6,887

Barbados ................................ 2,999 363 141 617 201 380 1,297 2,638 654 146 304 255 308 971

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 87

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2013, Preliminary, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Country

Domestic securities

Foreign securities Total

sales

(8)

Domestic securities

Total

purchases

(1)

Marketable

Treasury

and

Federal

Financing

Bank bonds

and notes

(2)

Bonds

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(3)

Corporate and

other

Marketable

Treasury

and

Federal

Financing

Bank bonds

and notes

(9)

Bonds 

of U.S.

Gov’t

corps and

federallysponsored

agencies

(10)

Corporate and

other Foreign securities

Bonds

(4)

Stocks

(5)

Bonds

(6)

Stocks

(7)

Bonds

 (11)

 Stocks

(12)

Bonds

(13)

Stocks

 (14)

Caribbean, con.

Bermuda ................................ 182,404 19,211 4,977 6,756 111,213 17,042 23,205 176,768 12,979 4,812 6,523 112,861 16,486 23,107

British Virgin Islands .............. 134,656 20,657 374 3,959 71,605 18,245 19,816 136,651 24,032 454 3,882 73,624 16,538 18,121

Cayman Islands..................... 1,911,479 872,860 54,306 46,942 523,022 254,608 159,741 1,894,657 859,916 51,186 44,174 535,526 247,502 156,353

Cuba ...................................... 18 - - - 18 - - 30 - - - 30 - -

Jamaica.................................. 281 196 17 21 22 24 1 253 190 7 6 26 23 1

Netherlands Antilles............... 14,987 8,059 122 89 2,805 1,516 2,396 10,943 4,714 83 205 2,701 1,642 1,598

Trinidad and Tobago ............. 2,904 1,281 656 129 555 86 197 2,795 1,122 619 145 573 157 179

All other Caribbean................ 6,203 162 229 245 2,549 2,870 148 3,774 115 556 112 2,628 201 162

Total Caribbean................. 2,509,359 948,792 61,784 60,372 893,870 297,336 247,205 2,482,048 928,592 58,897 56,837 911,916 285,077 240,729

Asia:

China, Mainland..................... 195,541 41,205 85,037 3,108 6,134 55,896 4,161 159,886 51,886 46,865 875 6,121 51,297 2,842

Hong Kong............................. 145,205 26,501 4,509 1,504 21,235 7,429 84,027 166,929 46,291 6,293 823 22,931 5,481 85,110

India ....................................... 6,654 2,129 2 53 229 64 4,177 9,609 3,506 - 77 531 70 5,425

Indonesia ............................... 10,409 2,168 5,751 68 89 820 1,513 10,998 3,107 5,760 3 92 582 1,454

Israel ...................................... 13,973 6,091 803 338 3,883 2,008 850 13,367 6,872 593 260 3,702 265 1,675

Japan ..................................... 310,028 155,849 35,522 6,321 19,952 17,196 75,188 282,302 105,754 39,564 5,387 21,624 23,381 86,592

Korea, South.......................... 36,518 7,658 9,137 2,351 3,372 7,242 6,758 32,799 5,327 10,344 1,349 2,959 3,950 8,870

Lebanon................................. 652 34 - 19 477 16 106 846 11 - 23 696 3 113

Malaysia................................. 7,623 587 1,027 224 1,448 2,118 2,219 7,666 2,791 976 66 999 998 1,836

Pakistan ................................. 168 66 10 21 24 1 46 167 88 - 4 28 7 40

Philippines.............................. 7,530 6,473 13 9 242 265 528 6,455 4,843 13 34 235 794 536

Singapore............................... 56,180 12,856 3,004 2,771 16,266 6,373 14,910 58,071 17,582 3,225 1,772 17,608 4,128 13,756

Syria....................................... 340 - - 2 279 24 35 374 - - 1 297 30 46

Taiwan ................................... 27,151 2,997 8,381 1,779 6,564 1,485 5,945 20,291 4,042 1,021 754 6,781 972 6,721

Thailand ................................. 9,086 5,889 64 9 289 662 2,173 8,806 4,491 62 73 478 1,042 2,660

All other Asia.......................... 43,949 13,710 16,264 1,287 7,418 3,193 2,077 47,326 16,166 16,600 1,752 7,119 3,719 1,970

Total Asia........................... 871,007 284,213 169,524 19,864 87,901 104,792 204,713 825,892 272,757 131,316 13,253 92,201 96,719 219,646

Africa:

Egypt...................................... 223 47 22 4 91 12 47 260 50 27 2 103 37 41

Liberia .................................... 232 80 1 83 42 10 16 277 77 - 109 59 7 25

Morocco ................................. 286 227 42 7 4 - 6 403 399 - - 3 - 1

South Africa ........................... 3,880 1,801 113 2 486 818 660 5,234 2,422 102 63 508 1,341 798

All other Africa ....................... 5,734 2,714 41 47 462 1,991 479 5,898 3,626 75 36 752 477 932

Total Africa ........................ 10,355 4,869 219 143 1,085 2,831 1,208 12,072 6,574 204 210 1,425 1,862 1,797

Other countries:

Australia................................. 50,694 7,288 4,209 2,547 10,103 13,964 12,583 54,123 6,310 4,204 2,392 11,437 17,151 12,629

New Zealand.......................... 2,991 938 447 37 636 654 279 2,581 887 434 23 616 283 338

All other.................................. 479 55 - 21 319 50 34 455 32 1 16 227 47 132

Total other countries.......... 54,164 8,281 4,656 2,605 11,058 14,668 12,896 57,159 7,229 4,639 2,431 12,280 17,481 13,099

Total foreign countries .. 8,362,184 4,032,151 364,622 217,637 1,769,230 1,042,364 936,180 8,327,889 3,981,857 310,518 209,076 1,781,926 1,073,076 971,436

International and regional orgs:

International organizations .... 19,514 12,614 1,514 601 72 4,592 121 16,919 11,970 1,661 455 251 2,354 228

Regional organizations 2........ 10,900 259 39 103 3 10,495 1 1,131 297 273 134 6 421 -

Total international and

 regional organizations .... 30,414 12,873 1,553 704 75 15,087 122 18,050 12,267 1,934 589 257 2,775 228

Grand total..................... 8,392,598 4,045,024 366,175 218,341 1,769,305 1,057,451 936,302 8,345,939 3,994,124 312,452 209,665 1,782,183 1,075,851 971,664

1

As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

2

Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations.

December 2013
88 CAPITAL MOVEMENTS

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2012

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Country

Domestic securities Domestic securities

 Total

 purchases

 (1)

Marketable

Treasury

and

Federal

Financing 

Bank bonds

and notes

 (2)

Bonds

of U.S.

Gov’t

corps and

federallysponsored

agencies

(3)

Corporate and

other

 Marketable

 Treasury

 and

 Federal

 Financing 

Bank bonds

 and notes

 (9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

Corporate and

Foreign securities Total other Foreign securities

 sales

 (8)

 Bonds

 (4)

 Stocks

 (5)

 Bonds

 (6)

 Stocks

 (7)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

Stocks

(14)

Europe:

Austria................................. 13,782 2,288 1,160 347 2,581 6,471 934 8,932 2,141 1,102 337 2,844 1,399 1,108

Belgium............................... 29,175 2,989 1,140 1,661 9,393 9,319 4,672 129,994 9,844 1,275 23,026 9,988 82,156 3,705

Bulgaria............................... 613 361 - - 234 9 9 576 308 - - 259 4 5

Cyprus................................. 217,146 228 6 64 193,016 1,213 22,619 215,952 59 1 56 191,998 1,235 22,603

Czech Republic................... 4,488 1,279 - - 1,209 1,483 517 4,725 1,014 - 20 1,292 2,077 322

Denmark ............................. 61,394 12,268 691 2,948 25,016 14,941 5,530 58,558 16,255 588 2,444 23,520 10,781 4,970

Finland ................................ 11,856 3,535 1,964 418 1,891 2,982 1,066 12,782 3,069 2,062 716 1,917 4,076 942

France................................. 3,624,900 2,710,490 33,063 13,506 714,035 76,554 77,252 3,504,965 2,626,328 33,567 19,100 698,319 50,369 77,281

Germany ............................. 362,393 107,443 5,529 8,165 104,562 107,070 29,624 301,342 100,370 5,010 11,385 101,219 55,456 27,903

Greece ................................ 3,576 1,115 4 304 1,368 438 346 2,958 816 17 274 1,311 270 271

Hungary .............................. 2,552 373 80 106 812 1,067 114 2,550 123 15 64 1,128 1,112 108

Ireland................................. 461,332 204,737 104,369 20,083 34,626 30,422 67,095 496,070 218,786 108,021 24,688 27,314 53,145 64,116

Italy...................................... 80,814 15,210 388 770 29,235 27,470 7,742 74,130 14,546 412 1,351 31,528 17,457 8,837

Kazakhstan ......................... 6,589 5,603 - 19 42 833 92 3,664 3,132 - 3 102 357 70

Luxembourg........................ 308,677 53,878 98,139 33,611 40,025 27,485 55,539 383,691 86,102 74,305 34,861 41,261 89,592 57,571

Monaco ............................... 6,407 879 29 242 4,272 462 523 5,916 647 98 112 4,005 157 897

Netherlands......................... 155,494 16,520 3,888 7,406 46,206 51,462 30,012 155,165 18,250 4,084 6,842 49,954 43,636 32,398

Norway................................ 138,297 71,990 451 5,977 19,577 27,252 13,050 120,305 59,296 1,314 4,061 15,492 28,695 11,447

Poland................................. 48,903 34,173 1,292 310 451 12,333 344 43,440 33,652 250 78 478 8,458 524

Portugal............................... 8,898 1,534 2 31 4,357 1,599 1,375 7,936 1,231 20 45 4,466 906 1,268

Romania.............................. 3,025 2,776 16 - 58 114 61 8,087 7,894 5 - 76 68 44

Russia................................. 42,885 38,271 246 101 805 2,092 1,370 79,581 74,388 52 12 887 3,263 979

Serbia and Montenegro...... 700 167 - - 12 521 - 585 497 - - 14 74 -

Spain................................... 65,548 20,293 35 1,138 10,126 25,375 8,582 62,174 20,316 217 1,415 10,819 19,207 10,200

Sweden............................... 92,034 26,543 6 309 20,619 30,464 14,093 88,684 30,893 238 1,043 18,076 23,049 15,385

Switzerland ......................... 283,452 94,818 4,554 19,368 102,812 24,863 37,037 215,430 41,902 3,994 19,278 91,168 23,302 35,786

Turkey................................. 9,908 3,468 - 1 939 3,863 1,637 13,362 8,921 1 10 934 1,704 1,792

Ukraine................................ 4,750 3,943 11 46 204 409 137 4,322 3,822 65 57 91 195 92

United Kingdom..................10,096,578 6,159,697 234,113 294,834 1,211,280 1,065,962 1,130,692 10,014,479 6,061,261 229,558 305,595 1,177,086 1,097,237 1,143,742

Channel Islands.................. 79,732 11,720 3,240 2,404 42,583 3,678 16,107 81,876 13,616 3,663 3,245 42,743 2,955 15,654

All other Europe.................. 21,435 4,252 1,392 408 5,495 6,919 2,967 22,429 4,796 1,500 421 4,968 8,189 2,556

Total Europe...................16,247,333 9,612,840 495,809 414,577 2,627,841 1,565,126 1,531,140 16,124,662 9,464,274 471,433 460,539 2,555,257 1,630,581 1,542,578

Memo: Euro Area 1 ......... 5,349,454 3,141,860 249,750 87,614 1,194,583 368,430 307,217 5,362,004 3,103,701 230,145 124,201 1,175,583 419,801 308,573

Canada.................................... 2,044,244 722,749 42,967 60,431 595,592 379,382 243,123 1,975,052 666,175 37,737 61,220 580,907 385,046 243,967

Latin America:

Argentina............................. 22,314 654 71 1,214 6,233 10,588 3,554 14,949 516 49 866 6,108 4,712 2,698

Brazil ................................... 256,517 149,162 9,288 1,497 10,367 32,574 53,629 259,553 146,852 3,974 2,075 9,801 42,658 54,193

Chile.................................... 82,379 31,441 1,755 1,325 23,952 15,668 8,238 84,705 32,997 1,702 1,529 21,579 17,823 9,075

Colombia............................. 59,991 37,081 2,401 864 5,678 9,429 4,538 51,167 28,822 2,226 1,130 5,649 8,619 4,721

Costa Rica .......................... 5,242 3,704 72 70 902 296 198 6,490 3,607 101 66 961 1,579 176

Ecuador............................... 5,183 2,144 445 350 901 738 605 2,433 174 385 183 844 263 584

Guatemala .......................... 2,933 1,629 3 44 821 370 66 4,271 1,690 5 18 829 1,672 57

Mexico................................. 168,750 43,945 23,789 3,656 29,888 29,702 37,770 161,120 17,718 27,934 6,118 26,644 44,320 38,386

Panama............................... 26,157 1,489 1,486 3,557 5,983 7,697 5,945 26,472 1,443 1,111 3,667 6,035 8,445 5,771

Peru..................................... 33,419 11,314 3,435 1,079 7,779 7,047 2,765 27,222 6,018 1,993 932 6,788 7,514 3,977

Uruguay .............................. 26,681 9,101 1,010 1,114 4,681 8,745 2,030 23,870 7,703 309 941 4,705 8,758 1,454

Venezuela........................... 13,896 1,120 343 1,580 5,233 4,344 1,276 12,328 1,381 124 952 5,215 3,654 1,002

All other Latin America ....... 5,306 1,694 861 599 647 1,141 364 5,411 1,431 493 327 668 2,148 344

Total Latin America ........ 708,768 294,478 44,959 16,949 103,065 128,339 120,978 679,991 250,352 40,406 18,804 95,826 152,165 122,438

See footnotes at end of table.

December 2013
CAPITAL MOVEMENTS 89

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2012, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Country

Domestic securities Domestic securities

Total

purchases

(1)

Marketable

Treasury

and

Federal

Financing

Bank bonds

and notes

(2)

Bonds

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(3)

Corporate and

other Foreign securities Total

sales

(8)

Marketable

Treasury

and

Federal

Financing 

Bank bonds

and notes

(9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

Corporate and

other Foreign securities

Bonds

(4) 

Stocks

(5)

Bonds

(6)

Stocks

(7)

Bonds

(11)

Stocks

(12)

Bonds

(13)

 Stocks

 (14)

Caribbean:

Anguilla .................................. 684,025 12,369 618 302 572,793 180 97,763 687,021 13,088 590 1,040 574,081 165 98,057

Bahamas................................ 270,965 107,822 13,783 11,418 89,239 17,694 31,009 259,162 110,801 3,541 10,446 89,576 15,065 29,733

Barbados................................ 20,077 8,651 906 1,742 2,293 3,343 3,142 15,823 6,454 352 806 2,333 2,609 3,269

Bermuda ................................ 777,042 80,195 31,263 28,689 352,616 199,463 84,816 765,780 75,531 27,062 28,765 352,688 198,543 83,191

British Virgin Islands .............. 578,158 81,333 1,537 18,723 315,107 76,897 84,561 563,932 75,053 1,303 17,672 309,010 74,814 86,080

Cayman Islands ..................... 6,700,271 2,005,286 255,309 209,744 2,403,310 1,244,250 582,372 6,662,933 2,020,052 233,819 204,419 2,393,090 1,234,735 576,818

Cuba....................................... 578 - - 1 491 15 71 639 - - 1 537 11 90

Jamaica.................................. 929 160 311 188 109 125 36 1,094 162 507 156 103 136 30

Netherlands Antilles............... 47,830 20,858 787 2,438 12,442 4,557 6,748 44,959 20,922 610 1,276 12,200 3,341 6,610

Trinidad and Tobago ............. 8,304 2,828 3,809 438 574 512 143 7,969 2,688 3,730 429 584 409 129

All other Caribbean................ 12,769 811 955 817 7,084 1,687 1,415 12,253 833 295 394 7,584 1,907 1,240

Total Caribbean................. 9,100,948 2,320,313 309,278 274,500 3,756,058 1,548,723 892,076 9,021,565 2,325,584 271,809 265,404 3,741,786 1,531,735 885,247

Asia:

China, Mainland ................ 436,276 198,876 185,747 12,288 21,293 8,906 9,166 345,049 125,718 178,567 6,552 22,798 3,436 7,978

Hong Kong ......................... 483,079 115,952 20,695 6,432 44,029 31,154 264,817 491,103 116,013 23,108 7,070 43,937 20,516 280,459

India.................................... 72,721 53,577 174 18 1,191 3,650 14,111 67,699 47,502 68 23 1,709 1,645 16,752

Indonesia............................ 45,776 20,658 16,365 149 549 3,005 5,050 44,103 20,194 13,534 31 605 2,849 6,890

Israel.................................... 355,845 317,238 4,098 1,589 18,672 4,092 10,156 348,636 313,845 3,659 1,687 18,472 2,575 8,398

Japan................................... 1,269,527 724,566 221,813 37,999 73,308 64,100 147,741 1,165,383 638,242 199,753 35,330 81,374 53,752 156,932

Korea, South ...................... 196,958 43,646 71,474 7,298 7,774 33,060 33,706 174,564 42,320 59,563 6,543 6,884 22,533 36,721

Lebanon ............................. 3,033 331 1 346 1,914 225 216 2,695 128 1 332 1,913 97 224

Malaysia ............................. 37,525 3,141 8,264 777 4,373 14,076 6,894 27,730 3,791 6,175 485 2,431 7,030 7,818

Pakistan.............................. 162 30 - 5 63 16 48 178 - - 15 83 15 65

Philippines.......................... 31,009 24,456 491 291 1,885 2,526 1,360 28,920 22,156 104 157 1,878 3,222 1,403

Singapore........................... 274,420 135,538 7,438 10,596 49,126 19,527 52,195 256,562 134,835 6,336 6,150 49,995 11,700 47,546

Syria ................................... 85 - - - 8 33 44 38 - - - 9 22 7

Taiwan................................ 103,940 25,429 18,874 7,540 22,011 8,877 21,209 89,447 25,432 9,805 3,654 21,023 4,814 24,719

Thailand.............................. 19,910 7,408 627 177 1,377 2,929 7,392 21,056 6,345 115 217 1,437 2,955 9,987

All other Asia...................... 176,496 70,144 39,263 5,040 37,344 14,712 9,993 175,300 77,446 36,571 4,368 32,686 14,434 9,795

Total Asia....................... 3,506,762 1,740,990 595,324 90,545 284,917 210,888 584,098 3,238,463 1,573,967 537,359 72,614 287,234 151,595 615,694

Africa:

Egypt .................................. 2,328 296 38 21 637 909 427 2,088 758 43 24 654 206 403

Liberia.................................. 1,304 94 - 332 320 450 108 1,524 84 2 298 328 687 125

Morocco.............................. 417 264 44 8 12 72 17 425 364 3 5 17 4 32

South Africa........................ 22,716 12,831 1,073 46 1,932 3,994 2,840 26,006 14,495 987 125 1,565 5,527 3,307

All other Africa.................... 17,924 5,701 681 761 2,355 3,614 4,812 14,707 3,908 174 132 2,283 2,149 6,061

Total Africa..................... 44,689 19,186 1,836 1,168 5,256 9,039 8,204 44,750 19,609 1,209 584 4,847 8,573 9,928

Other countries:

Australia ............................. 214,031 34,281 19,009 9,689 31,664 66,333 53,055 191,161 27,669 17,499 11,137 30,712 51,004 53,140

New Zealand...................... 10,009 1,231 1,599 489 2,028 3,526 1,136 7,899 1,024 1,670 663 2,083 1,195 1,264

All other .............................. 1,241 136 80 93 543 113 276 3,066 125 89 263 497 935 1,157

Total other countries...... 225,281 35,648 20,688 10,271 34,235 69,972 54,467 202,126 28,818 19,258 12,063 33,292 53,134 55,561

Total foreign

 countries ................ 31,878,025 14,746,204 1,510,861 868,441 7,406,964 3,911,469 3,434,086 31,286,609 14,328,779 1,379,211 891,228 7,299,149 3,912,829 3,475,413

International and regional orgs:

International organizations... 68,552 47,387 7,843 1,380 1,592 9,931 419 75,422 49,004 6,681 2,654 593 16,060 430

Regional organizations 2 ...... 32,227 1,362 1,004 290 31 28,923 617 3,859 726 859 302 54 1,557 361

Total international and

 regional organizations....... 100,779 48,749 8,847 1,670 1,623 38,854 1,036 79,281 49,730 7,540 2,956 647 17,617 791

Grand total ..................... 31,978,804 14,794,953 1,519,708 870,111 7,408,587 3,950,323 3,435,122 31,365,890 14,378,509 1,386,751 894,184 7,299,796 3,930,446 3,476,204

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, 

Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.

December 2013
90 CAPITAL MOVEMENTS

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and 

Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign investors 

have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been 

relatively small in recent years. Stock swap acquisitions were less than $1 billion in 2009, picked up to $8.3 billion in 2010, but again 

slowed during 2011 to $1.3 billion. Stock swaps rose in 2012 to $2.8 billion. For the first three quarters of 2013, stock swap acquisitions 

were $2 billion (stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial 

revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website 

also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. 

government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases 

of U.S. securities by $204 billion in 2009, $231 billion in 2010, $164 billion in 2011, $226 billion in 2012, and $162 billion in the first 

three quarters of 2013. 

After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $685 billion in 2010. The pace of 

acquisitions slowed considerably in both 2011 and again in 2012, with net foreign purchases recorded at $331 billion in 2011 and $411 

billion in 2012. Foreign net purchases were negative at -$87 billion in the first three quarters of 2013. 

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country

Calendar years

 2010 2011 2012

 2013

 Jan. - Sept.

 2013

 July - June

United Kingdom........................... 376,505 133,295 126,424 63,139 59,405

All other Europe .......................... 744 -22,856 73,140 -6,705 -6,398

Caribbean banking centers 1....... 69,439 58,390 54,322 -54,936 13,710

Japan........................................... 200,839 197,866 102,987 -22,691 45,315

All other Asia............................... 130,519 -231 137,615 126,476 6,660

Subtotal ................................... 778,046 366,464 494,488 105,283 118,692

All other countries ....................... 130,242 126,911 139,631 -32,865 -18,271

Grand total .............................. 908,288 493,375 634,119 72,418 100,421

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 

December 2013
CAPITAL MOVEMENTS 91

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the 

TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $2 billion in 2009, $12 billion in 2010, $10 billion in 2011, $15 

billion in 2012, and $2.3 billion in the first three quarters of 2013 (stock swaps data for the most recent quarter are 

Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not 

reported under the TIC reporting system, but are available on the TIC website.

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $189 

billion in 2009. They slowed in 2010 to $127 billion and picked up slightly in 2011 to $134 billion. In 2012, U.S. 

investors’ net purchases slowed again to $36 billion in foreign securities. Net purchases of foreign securities picked 

up notably to $160 billion in the first three quarters of 2013. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors*

[In millions of dollars. Source: Treasury International Capital Reporting System]

Type

Calendar years

2009 2010 2011

 

2012

 2013

 Jan. - Sept.

 2013

 July - Sept.

Foreign bonds ................................. 127,474 54,644 52,625 -19,877 19,337 18,400

Foreign stocks................................. 59,360 60,615 71,702 41,082 137,953 35,362

Total .............................................. 186,834 115,259 124,327 21,205 157,290 53,762

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities.

December 2013
92 CAPITAL MOVEMENTS

SECTION V.—Holdings of, and Transactions in, Financial Derivatives

Contracts with Foreigners Reported by Businesses in the United States

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values,

by Type of Contract

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2011 2012 2013

Dec. June Sept. Dec. Mar. June p

Gross total of holdings with negative fair values ........................... 4,630,539 4,088,231 3,873,113 3,561,985 3,208,352 2,765,715 

Total over-the-counter (OTC) contracts..................................... 4,581,255 4,040,450 3,831,621 3,527,668 3,173,044 2,717,685 

Single-currency interest rate contracts.................................. 3,799,720 3,360,305 3,191,914 2,912,113 2,563,709 2,152,279 

Forwards ............................................................................ 5,232 4,806 8,031 4,502 3,352 4,363 

Swaps ................................................................................ 3,486,749 3,054,469 2,910,341 2,662,024 2,338,201 1,957,176 

Options............................................................................... 307,739 301,030 273,542 245,587 222,156 190,740 

Foreign exchange contracts .................................................. 330,141 289,351 294,301 295,181 300,138 272,150 

Forwards ............................................................................ 135,840 141,253 138,970 150,827 163,143 138,045 

Swaps ................................................................................ 159,805 118,478 129,668 116,132 102,002 94,744 

Options............................................................................... 34,496 29,620 25,663 28,222 34,993 39,361 

Other contracts ...................................................................... 451,394 390,794 345,406 320,374 309,197 293,256 

Equity ................................................................................. 48,201 55,119 55,833 57,482 59,442 60,880 

Credit.................................................................................. 336,158 280,084 234,824 224,399 211,693 188,409 

All other.............................................................................. 67,035 55,591 54,749 38,493 38,062 43,967 

Total exchange-traded contracts ............................................... 49,284 47,781 41,492 34,317 35,308 48,030 

Own contracts on foreign exchanges .................................... 3,395 8,664 7,002 5,965 5,381 4,971 

U.S. customers’ contracts on foreign exchanges.................. 6,974 9,908 4,992 4,471 4,546 8,826 

Foreign counterparty contracts on U.S. exchanges .............. 38,915 29,209 29,498 23,881 25,381 34,233 

Memorandum items:

Contracts with own foreign office........................................... 1,100,643 1,079,730 1,078,393 971,414 915,610 832,014 

Contracts with foreign official institutions .............................. 18,881 20,230 20,409 15,950 15,365 14,097 

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a. 

Gross total of holdings with positive fair values............................. 4,716,578 4,155,820 3,925,606 3,619,761 3,248,377 2,825,067 

Total over-the-counter (OTC) contracts..................................... 4,668,527 4,108,439 3,883,568 3,585,781 3,212,569 2,778,730 

Single-currency interest rate contracts.................................. 3,861,581 3,420,939 3,252,272 2,973,245 2,616,516 2,205,507 

Forwards ............................................................................ 5,095 4,600 7,523 4,670 3,545 5,812 

Swaps ................................................................................ 3,520,846 3,093,254 2,957,150 2,708,998 2,382,295 1,998,983 

Options............................................................................... 335,640 323,085 287,599 259,577 230,676 200,712 

Foreign exchange contracts .................................................. 323,413 270,609 264,810 280,217 276,419 268,643 

Forwards ............................................................................ 116,356 122,079 109,291 125,011 134,760 129,983 

Swaps ................................................................................ 166,785 115,112 126,914 125,429 105,387 97,050 

Options............................................................................... 40,272 33,418 28,605 29,777 36,272 41,610 

Other contracts ...................................................................... 483,533 416,891 366,486 332,319 319,634 304,580 

Equity ................................................................................. 59,317 67,406 68,658 63,367 65,885 68,691 

Credit.................................................................................. 359,920 295,009 246,868 233,266 217,631 192,921 

All other.............................................................................. 64,296 54,476 50,960 35,686 36,118 42,968 

Total exchange-traded contracts ............................................... 48,051 47,381 42,038 33,980 35,808 46,337 

Own contracts on foreign exchanges .................................... 3,284 6,927 5,929 5,350 5,016 5,040 

Customers’ contracts on foreign exchanges ......................... 4,908 9,396 6,050 4,635 4,745 8,346 

Foreign counterparty contracts on U.S. exchanges .............. 39,859 31,058 30,059 23,995 26,047 32,951 

Memorandum items:

Contracts with own foreign office........................................... 1,119,567 1,093,984 1,091,196 996,239 935,204 858,598 

Contracts with foreign official institutions .............................. 14,669 14,936 13,959 11,895 10,456 11,344 

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a. 

December 2013
CAPITAL MOVEMENTS 93

TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values,

by Country

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

 2011 2012 2013

 Dec. June Sept. Dec. Mar. June p

Europe:

Belgium.......................................................................... 12,544 11,212 11,243 7,786 6,988 5,568 

France............................................................................ 213,092 208,748 214,504 204,131 193,856 152,455 

Germany ........................................................................ 274,134 267,536 267,115 237,720 210,932 173,868 

Ireland ............................................................................ 322,165 249,490 234,147 226,004 205,329 126,204 

Italy................................................................................. 7,904 8,024 7,979 7,613 6,425 5,340 

Netherlands.................................................................... 16,843 17,187 16,765 15,592 14,883 10,322 

Switzerland .................................................................... 65,690 54,406 41,626 39,328 34,510 33,234 

United Kingdom ............................................................. 3,322,861 2,893,375 2,702,397 2,469,756 2,213,774 1,967,011 

All other Europe ............................................................. 56,031 53,863 51,848 43,622 35,485 28,060 

Total Europe .............................................................. 4,291,264 3,763,841 3,547,624 3,251,552 2,922,182 2,502,062 

Memo: Euro Area 1 ........................................................ 882,547 795,286 782,806 728,268 661,529 491,933 

Memo: European Union 2............................................... 4,221,543 3,705,526 3,501,256 3,209,177 2,884,760 2,466,513 

Canada............................................................................... 66,134 64,960 58,009 53,408 51,704 45,856 

Total Latin America............................................................ 8,214 8,909 9,301 7,717 8,618 8,380 

Caribbean:

Cayman Islands ............................................................. 37,016 37,947 35,237 32,672 31,185 38,445 

All other Caribbean ........................................................ 14,245 14,826 14,640 12,869 13,692 12,502 

Total Caribbean ......................................................... 51,261 52,773 49,877 45,541 44,877 50,947 

Asia:

Japan ............................................................................. 129,083 115,657 115,681 95,956 83,907 65,743 

All other Asia.................................................................. 29,304 27,568 29,895 51,441 47,661 43,747 

Total Asia ................................................................... 158,387 143,225 145,576 147,397 131,568 109,490 

Total Africa......................................................................... 28,158 27,495 34,928 32,083 27,469 14,599 

Other countries:

Australia ......................................................................... 18,390 19,214 18,543 16,610 15,220 28,903 

All other.......................................................................... 1,076 1,037 999 918 770 717 

Total other countries .................................................. 19,466 20,251 19,542 17,528 15,990 29,620 

Total foreign countries ........................................... 4,622,884 4,081,454 3,864,857 3,555,226 3,202,408 2,760,954 

Total international and regional organizations................... 7,655 6,773 8,257 6,757 5,941 4,760 

Grand total ................................................................. 4,630,539 4,088,231 3,873,113 3,561,985 3,208,352 2,765,715 

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain.

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

December 2013
94 CAPITAL MOVEMENTS

TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values,

by Country

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Country

 2011 2012 2013

 Dec. June Sept. Dec. Mar. June p

Europe:

Belgium.................................................................... 16,260 14,900 14,977 10,499 9,317 7,559 

France ...................................................................... 243,291 236,076 233,091 220,286 210,995 168,607 

Germany................................................................... 291,465 281,363 279,388 250,683 222,922 183,846 

Ireland ...................................................................... 338,016 263,093 248,528 238,591 214,357 138,394 

Italy........................................................................... 9,617 9,734 9,812 10,039 8,416 7,304 

Netherlands.............................................................. 18,055 18,447 18,736 17,389 15,785 12,385 

Switzerland............................................................... 72,400 58,314 42,522 39,986 37,006 33,945 

United Kingdom........................................................ 3,326,796 2,902,490 2,701,460 2,477,642 2,210,673 1,988,535 

All other Europe ....................................................... 52,322 47,534 46,489 40,860 33,986 27,678 

Total Europe......................................................... 4,368,222 3,831,951 3,595,003 3,305,975 2,963,457 2,568,253 

Memo: Euro Area 1................................................... 953,073 856,222 835,928 776,305 704,863 537,613 

Memo: European Union 2......................................... 4,292,537 3,771,188 3,549,214 3,263,580 2,924,166 2,532,672 

Canada......................................................................... 63,950 60,867 59,704 53,483 50,988 45,650 

Total Latin America ...................................................... 10,515 11,059 10,695 9,060 9,965 9,778 

Caribbean:

Cayman Islands ....................................................... 47,638 38,613 34,549 31,160 29,069 33,348 

All other Caribbean .................................................. 14,510 14,745 15,033 13,016 14,006 12,706 

Total Caribbean.................................................... 62,148 53,358 49,582 44,176 43,075 46,054 

Asia:

Japan........................................................................ 125,913 113,039 114,120 99,470 85,630 66,526 

All other Asia............................................................ 32,072 29,216 32,210 50,045 44,622 39,990 

Total Asia ............................................................. 157,985 142,255 146,330 149,515 130,252 106,516 

Total Africa ................................................................... 31,482 32,181 38,911 34,723 29,699 16,957 

Other countries:

Australia ................................................................... 17,986 20,544 21,162 19,205 17,615 28,546 

All other.................................................................... 1,225 1,233 1,321 1,136 991 964 

Total other countries ............................................ 19,211 21,777 22,483 20,341 18,606 29,510 

Total foreign countries ..................................... 4,713,513 4,153,448 3,922,708 3,617,273 3,246,042 2,822,718 

Total international and regional organizations............. 3,065 2,370 2,897 2,488 2,331 2,350 

Grand total ........................................................... 4,716,578 4,155,820 3,925,606 3,619,761 3,248,377 2,825,067 

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain.

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

December 2013
CAPITAL MOVEMENTS 95

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign

Residents, by Type of Contract

[In millions of dollars. Source: Treasury International Capital Reporting System]

Type of Derivatives Contract

2011 2012 2012 2013

 Total Total Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. Apr.-June p

Total over-the-counter (OTC) contracts........................ 28,803 -12,128 2,730 -4,282 -2,480 -271 3,496

Single-currency interest rate contracts ..................... 2,310 -4,885 -3,109 -1,384 322 -4,196 -1,261

Foreign exchange contracts...................................... 20,890 11,187 7,423 1,913 440 5,027 4,611

Other contracts.......................................................... 5,603 -18,430 -1,584 -4,811 -3,242 -1,102 146

Total exchange-traded contracts .................................. 6,203 5,064 -311 -847 5,465 4,219 15

Own contracts on foreign exchanges ....................... 13,100 404 -468 296 185 -386 -850

U.S. customers’ contracts on foreign exchanges ..... -2,108 5,790 -2,724 3,740 2,253 3,685 -614

Foreign counterparty contacts on U.S. exchanges... -4,789 -1,130 2,881 -4,883 3,027 920 1,479

Total net cash settlements from foreigners .................. 35,006 -7,064 2,419 -5,129 2,985 3,948 3,511

Memorandum items:

Contracts with foreign official institutions.............. 518 -710 -420 -204 140 -662 -298

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States.

December 2013
96 CAPITAL MOVEMENTS

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign

Residents, by Country

[In millions of dollars. Source: Treasury International Capital Reporting System]

Country

 2011 2012 2012 2013

 Total Total Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. Apr.-June p

Europe:

Belgium................................................. -83 -17 74 18 -62 -90 -360

France................................................... -9,071 6,984 310 3,668 1,001 -918 1,511

Germany............................................... 3,063 4,543 693 3,322 -1,069 2,046 918

Ireland................................................... 5,690 -6,721 536 1,892 -443 -414 -347

Italy ....................................................... -1,988 494 -102 276 19 60 -134

Netherlands .......................................... 1,317 -389 -304 44 96 -208 476

Switzerland........................................... -1,452 262 -358 -787 248 955 -1,152

United Kingdom.................................... 24,389 -25,766 -1,614 -14,111 221 -6,241 3,387

All other Europe.................................... -137 -1,583 -10 -1,167 -1,249 -400 -697

Total Europe..................................... 21,728 -22,193 -775 -6,845 -1,238 -5,210 3,602

Memo: Euro area 1 ............................... -1,384 5,422 2,024 8,704 -836 1,422 1,907

Memo: European Union 2 ..................... 22,059 -21,205 220 -5,630 -280 -5,209 5,285

Canada ..................................................... -455 1,454 3,561 -251 -197 199 -1,716

Total Latin America................................... 4,244 2,353 597 1,004 199 3,478 -711

Caribbean:

Cayman Islands.................................... 3,199 7,052 -1,708 1,868 2,687 -564 -301

All other Caribbean............................... 5,775 5,864 1,433 1,564 224 820 731

Total Caribbean................................ 8,974 12,916 -275 3,432 2,911 256 430

Asia:

Japan.................................................... -10,309 1,459 -92 -1,872 2,937 4,293 2,811

All other Asia ........................................ 9,506 913 2,324 -985 -672 2,082 979

Total Asia.......................................... -803 2,372 2,232 -2,857 2,265 6,375 3,790

Total Africa ............................................... 2,595 116 -85 188 -239 -525 -253

Other countries:

Australia................................................ -149 -4,078 -2,477 137 -863 -211 -1,321

All other................................................. -154 405 -24 -22 26 -182 -197

Total other countries......................... -303 -3,673 -2,501 115 -837 -393 -1,518

Total foreign countries.................. 35,980 -6,655 2,754 -5,214 2,864 4,180 3,624

Total international and regional 

organizations ............................................ -976 -409 -333 85 121 -237 -113

Grand total........................................ 35,006 -7,064 2,419 -5,129 2,985 3,948 3,511

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

Note.—Negative figures indicate net cash payments or a net outflow of capital from 

the United States.

December 2013
97

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports.

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C).

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold.

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, September, September, or December).

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department.

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.

December 2013
98 FOREIGN CURRENCY POSITIONS

SECTION I.—Canadian Dollar Positions

TABLE FCP-I-1.—Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts Net options

positions

(3)

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4)

Purchased

(1)

Sold

(2)

04/03/2013 ............................................................. 779,219 783,734 n.a. 1.0134

04/10/2013 ............................................................. 787,685 794,576 n.a. 1.0148

04/17/2013 ............................................................. 815,990 825,176 n.a. 1.0263

04/24/2013 ............................................................. 786,043 795,177 477 1.0270

05/01/2013 ............................................................. 817,073 824,478 n.a. 1.0083

05/08/2013 ............................................................. 800,156 805,797 - 1.0023

05/15/2013 ............................................................. 834,507 841,549 n.a. 1.0173

05/22/2013 ............................................................. 879,529 883,922 2,048 1.0331

05/29/2013 ............................................................. 878,648 883,568 n.a. 1.0369

06/05/2013 ............................................................. 875,512 880,810 n.a. 1.0346

06/12/2013 ............................................................. 936,455 941,742 n.a. 1.0202

06/19/2013 ............................................................. 772,451 775,375 n.a. 1.0187

06/26/2013 ............................................................. 786,840 790,015 n.a. 1.0468

07/03/2013 ............................................................. 778,024 783,155 n.a. 1.0521

07/10/2013 ............................................................. 784,058 788,447 n.a. 1.0510

07/17/2013 ............................................................. 779,197 781,026 n.a. 1.0423

07/24/2013 ............................................................. 781,870 783,001 n.a. 1.0298

07/31/2013 ............................................................. 813,738 812,642 n.a. 1.0287

08/07/2013 ............................................................. 782,396 787,252 n.a. 1.0415

08/14/2013 ............................................................. 774,286 781,658 n.a. 1.0319

08/21/2013 ............................................................. 804,505 808,614 n.a. 1.0442

08/28/2013 ............................................................. 817,434 827,013 n.a. 1.0491

09/04/2013 ............................................................. 822,129 826,871 n.a. 1.0482

09/11/2013 ............................................................. 822,742 835,600 n.a. 1.0336

09/18/2013 ............................................................. 706,197 716,259 n.a. 1.0312

09/25/2013 ............................................................. 710,731 716,492 n.a. 1.0294

December 2013
FOREIGN CURRENCY POSITIONS 99

SECTION I.—Canadian Dollar Positions, con.

TABLE FCP-I-2.—Monthly Report of Major Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Canadian

dollars per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948

2011 - Dec................... 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Oct.................... 821,858 826,879 175,756 167,321 40,836 52,702 68,950 62,516 n.a. 0.9994

Nov.................. 782,901 786,394 197,717 180,850 41,625 52,669 58,025 52,032 -312 0.9931

Dec.................. 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958

2013 - Jan ................... 807,851 810,025 203,824 187,597 49,512 53,871 67,890 55,325 -888 0.9992

Feb .................. 850,569 857,930 179,323 169,797 55,486 60,750 86,588 70,292 n.a. 1.0286

Mar .................. 781,456 789,411 185,180 178,005 52,293 68,172 91,568 66,872 n.a. 1.0174

Apr................... 819,558 825,912 187,197 180,781 48,889 n.a. 116,119 68,094 109 1.0072

May.................. 886,145 890,580 187,915 187,302 59,586 87,716 122,555 81,022 n.a. 1.0337

June................. 780,031 783,200 186,980 189,185 58,923 83,676 111,640 76,776 n.a. 1.0513

July .................. 816,930 816,704 188,859 191,665 54,712 62,610 98,493 79,233 n.a. 1.0287

Aug.................. 814,831 818,337 190,520 190,770 51,238 65,260 153,325 126,729 n.a. 1.0554

Sept................. 711,277 719,838 183,335 183,207 49,552 67,189 108,424 82,460 n.a. 1.0284

TABLE FCP-I-3.—Quarterly Report of Large Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Canadian

dollars per

U.S. dollar)

(10)

Calls Puts

Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2010 - Dec................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642

Sept.................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389

Dec................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190

Sept.................. 21,078 33,681 90,487 47,000 n.a. n.a. 1,400 1,157 n.a. 0.9837

Dec................... 19,395 30,069 73,597 45,414 n.a. n.a. 869 662 n.a. 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

June ................. 20,876 43,404 88,990 55,033 737 673 10,749 7,496 n.a. 1.0513

December 2013
100 FOREIGN CURRENCY POSITIONS

SECTION II.—Japanese Yen Positions

TABLE FCP-II-1.—Weekly Report of Major Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/03/2013 .............................................................. 344,773 358,628 -279 92.96

04/10/2013 .............................................................. 372,287 379,467 -346 99.61

04/17/2013 .............................................................. 376,645 380,788 -546 97.74

04/24/2013 .............................................................. 375,614 380,645 -344 99.39

05/01/2013 .............................................................. 375,001 379,916 -197 97.28

05/08/2013 .............................................................. 358,379 363,831 -322 98.90

05/15/2013 .............................................................. 378,051 383,840 -404 102.44

05/22/2013 .............................................................. 380,852 387,142 -390 103.52

05/29/2013 .............................................................. 390,339 396,048 -23 100.91

06/05/2013 .............................................................. 391,804 397,529 -218 99.16

06/12/2013 .............................................................. 411,021 416,473 -131 95.36

06/19/2013 .............................................................. 362,559 367,833 1 95.22

06/26/2013 .............................................................. 372,207 377,588 190 97.43

07/03/2013 .............................................................. 360,787 366,591 -80 99.82

07/10/2013 .............................................................. 362,832 370,818 73 100.10

07/17/2013 .............................................................. 355,237 360,249 66 99.70

07/24/2013 .............................................................. 358,056 362,474 292 100.21

07/31/2013 .............................................................. 362,502 366,536 279 98.35

08/07/2013 .............................................................. 354,347 358,368 111 96.72

08/14/2013 .............................................................. 352,363 356,457 253 98.15

08/21/2013 .............................................................. 354,435 358,263 471 97.66

08/28/2013 .............................................................. 366,722 370,948 646 97.65

09/04/2013 .............................................................. 370,983 375,203 558 99.61

09/11/2013 .............................................................. 383,972 387,755 592 100.08

09/18/2013 .............................................................. 352,346 357,397 831 99.04

09/25/2013 .............................................................. 362,912 368,390 801 98.62

December 2013
FOREIGN CURRENCY POSITIONS 101

SECTION II.—Japanese Yen Positions, con.

TABLE FCP-II-2.—Monthly Report of Major Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

2010 - Dec................... 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11

2011 - Dec................... 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Oct.................... 353,356 388,907 78,127 73,039 32,693 31,814 55,584 56,628 455 79.94

Nov.................. 361,467 398,187 82,406 77,091 35,583 37,008 66,171 64,775 189 82.54

Dec.................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64

2013 - Jan ................... 364,151 373,200 86,198 80,798 42,662 49,481 86,117 78,014 -424 91.28

Feb .................. 383,414 389,451 87,831 83,490 44,236 51,935 105,089 89,866 -272 92.36

Mar .................. 340,014 345,523 89,082 83,565 46,073 54,631 95,979 86,419 -565 94.16

Apr................... 386,710 391,542 91,025 86,090 53,366 65,040 110,554 96,806 -296 97.52

May.................. 401,225 407,023 93,618 89,673 51,099 59,563 102,481 93,425 -168 100.83

June................. 369,638 373,671 93,234 88,991 50,153 61,085 104,812 93,171 128 99.21

July .................. 363,061 366,881 93,636 88,515 48,618 59,142 99,055 87,771 279 98.35

Aug.................. 357,232 361,134 95,547 91,215 48,171 58,255 99,347 88,676 669 98.22

Sept................. 368,080 373,070 96,249 91,788 48,537 58,103 93,250 83,703 808 98.29

TABLE FCP-II-3.—Quarterly Report of Large Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2010 - Dec................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76

June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64

Sept.................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04

Dec................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

June ................. 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81

Sept.................. 3,610 4,018 5,481 2,227 n.a. 279 689 336 -4 77.92

Dec................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16

June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21

December 2013
102 FOREIGN CURRENCY POSITIONS

SECTION III.—Swiss Franc Positions

TABLE FCP-III-1.—Weekly Report of Major Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/03/2013 .............................................................. 648,695 676,853 927 0.9451

04/10/2013 .............................................................. 634,447 670,278 874 0.9333

04/17/2013 .............................................................. 642,900 676,774 687 0.9306

04/24/2013 .............................................................. 670,741 705,011 1,309 0.9484

05/01/2013 .............................................................. 678,307 712,064 728 0.9268

05/08/2013 .............................................................. 627,270 655,145 1,169 0.9349

05/15/2013 .............................................................. 718,589 744,499 n.a. 0.9680

05/22/2013 .............................................................. 741,937 764,842 n.a. 0.9814

05/29/2013 .............................................................. 774,280 791,333 1,557 0.9613

06/05/2013 .............................................................. 752,441 767,180 2,815 0.9422

06/12/2013 .............................................................. 772,425 790,873 3,957 0.9181

06/19/2013 .............................................................. 650,837 662,087 3,453 0.9192

06/26/2013 .............................................................. 663,784 674,599 3,318 0.9432

07/03/2013 .............................................................. 641,992 653,409 2,923 0.9475

07/10/2013 .............................................................. 654,136 667,084 2,772 0.9682

07/17/2013 .............................................................. 622,383 633,855 2,048 0.9428

07/24/2013 .............................................................. 611,696 620,709 685 0.9354

07/31/2013 .............................................................. 621,154 633,623 n.a. 0.9284

08/07/2013 .............................................................. 613,178 627,284 1,610 0.9222

08/14/2013 .............................................................. 629,733 643,455 1,406 0.9354

08/21/2013 .............................................................. 615,133 629,931 992 0.9211

08/28/2013 .............................................................. 647,233 662,209 893 0.9221

09/04/2013 .............................................................. 628,061 641,016 693 0.9356

09/11/2013 .............................................................. 656,792 666,963 1,053 0.9314

09/18/2013 .............................................................. 610,501 623,884 n.a. 0.9260

09/25/2013 .............................................................. 608,949 622,296 1,275 0.9082

December 2013
FOREIGN CURRENCY POSITIONS 103

SECTION III.—Swiss Franc Positions, con.

TABLE FCP-III-2.—Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

 Sold

 (2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341

2011 - Dec................... 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Oct.................... 639,354 673,107 165,995 86,136 95,917 97,283 115,942 113,396 -754 0.9311

Nov.................. 659,865 692,228 174,905 96,630 90,673 88,542 107,736 107,764 -234 0.9264

Dec.................. 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155

2013 - Jan ................... 768,684 797,434 124,516 89,768 110,972 113,235 139,566 132,025 1,475 0.9093

Feb .................. 717,889 751,859 135,623 96,484 116,436 120,170 166,334 164,089 2,503 0.9336

Mar .................. 659,148 684,373 123,049 90,712 110,372 117,126 142,769 131,424 375 0.9490

Apr................... 638,933 673,464 103,172 67,744 112,355 129,916 155,499 136,638 171 0.9298

May.................. 768,751 788,807 97,148 68,760 127,287 171,998 212,608 162,632 1,289 0.9583

June................. 660,601 673,216 80,775 58,463 122,106 152,009 185,295 152,196 3,247 0.9450

July .................. 621,792 635,209 71,849 50,463 120,334 139,241 180,971 157,680 n.a. 0.9284

Aug.................. 600,982 609,661 80,494 52,317 117,161 133,399 197,729 178,353 737 0.9313

Sept................. 627,162 638,703 70,202 52,509 117,028 131,607 168,593 153,125 889 0.9041

TABLE FCP-III-3.—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 9,513 14,149 52,189 10,966 233. n.a. 256 n.a. -27 0.9341

2011 - Mar................... 10,382 15,792 49,574 8,475 47. n.a. 1,796 n.a. n.a. 0.9157

June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413

Sept.................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048

Dec................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026

June ................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a. n.a. 4 0.9485

Sept.................. 13,646 14,961 n.a. 8,085 n.a. n.a. 944 1,286 8 0.9400

Dec................... 14,365 16,096 n.a. 8,884 n.a. n.a. n.a. n.a. n.a. 0.9155

2013 - Mar................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490

June.................. 17,279 17,163 n.a. 9,609 730 1,144 5,802 4,085 n.a. 0.9450

December 2013
104 FOREIGN CURRENCY POSITIONS

SECTION IV.—Sterling Positions

TABLE FCP-IV-1.—Weekly Report of Major Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Exchange

rate (U.S. 

dollars per 

pound)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/03/2013 .............................................................. 1,614,017 1,596,993 -47 1.5140

04/10/2013 .............................................................. 1,599,910 1,578,138 718 1.5315

04/17/2013 .............................................................. 1,640,552 1,618,582 n.a. 1.5255

04/24/2013 .............................................................. 1,627,688 1,598,563 n.a. 1.5258

05/01/2013 .............................................................. 1,698,134 1,671,614 1,656 1.5578

05/08/2013 .............................................................. 1,616,688 1,588,332 n.a. 1.5563

05/15/2013 .............................................................. 1,680,615 1,649,844 1,219 1.5198

05/22/2013 .............................................................. 1,698,208 1,669,445 1,144 1.5038

05/29/2013 .............................................................. 1,716,033 1,685,408 n.a. 1.5121

06/05/2013 .............................................................. 1,728,383 1,701,841 n.a. 1.5392

06/12/2013 .............................................................. 1,797,175 1,766,736 140 1.5697

06/19/2013 .............................................................. 1,679,477 1,661,494 234 1.5657

06/26/2013 .............................................................. 1,712,932 1,684,336 n.a. 1.5332

07/03/2013 .............................................................. 1,603,649 1,567,943 n.a. 1.5264

07/10/2013 .............................................................. 1,644,404 1,621,433 n.a. 1.4935

07/17/2013 .............................................................. 1,665,721 1,649,701 n.a. 1.5184

07/24/2013 .............................................................. 1,637,198 1,621,831 n.a. 1.5367

07/31/2013 .............................................................. 1,687,241 1,670,642 n.a. 1.5177

08/07/2013 .............................................................. 1,695,542 1,686,674 n.a. 1.5514

08/14/2013 .............................................................. 1,654,419 1,646,139 n.a. 1.5531

08/21/2013 .............................................................. 1,657,023 1,650,464 n.a. 1.5678

08/28/2013 .............................................................. 1,702,473 1,701,521 n.a. 1.5520

09/04/2013 .............................................................. 1,667,092 1,660,978 n.a. 1.5643

09/11/2013 .............................................................. 1,716,955 1,707,424 n.a. 1.5807

09/18/2013 .............................................................. 1,635,124 1,625,627 -120 1.5965

09/25/2013 .............................................................. 1,631,303 1,622,847 n.a. 1.6080

December 2013
FOREIGN CURRENCY POSITIONS 105

SECTION IV.—Sterling Positions, con.

TABLE FCP-IV-2.—Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate 

(U.S. dollars

per pound)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598

2011 - Dec................... 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Oct.................... 1,479,915 1,463,284 656,191 550,689 51,463 56,044 63,344 62,521 -1,344 1.6111

Nov.................. 1,538,841 1,512,113 649,187 553,730 51,826 50,947 59,404 60,142 -1,677 1.6027

Dec.................. 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262

2013 - Jan ................... 1,677,493 1,651,760 638,253 551,188 53,592 86,346 99,707 70,387 -490 1.5856

Feb .................. 1,742,402 1,723,009 635,481 537,504 66,473 n.a. 221,642 120,562 52 1.5192

Mar .................. 1,637,994 1,622,393 637,349 542,434 73,239 98,708 129,208 102,655 -664 1.5193

Apr................... 1,684,697 1,659,558 613,972 539,805 75,451 103,072 134,577 104,822 n.a. 1.5539

May.................. 1,730,801 1,697,334 599,499 520,823 72,955 96,068 135,434 110,790 n.a. 1.5185

June................. 1,645,811 1,619,769 581,864 506,029 73,518 95,886 128,913 102,991 n.a. 1.5210

July .................. 1,691,970 1,674,202 589,832 512,196 80,758 102,726 149,502 119,894 n.a. 1.5177

Aug.................. 1,631,825 1,624,850 579,353 502,514 74,160 82,034 113,169 99,766 162 1.5468

Sept................. 1,590,758 1,578,000 569,889 490,430 76,225 78,736 94,800 88,849 -180 1.6179

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(U.S. dollars

per pound)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598

2011 - Mar................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048

June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067

Sept.................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624

Dec................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

June ................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686

Sept.................. 16,441 15,379 147,991 33,874 n.a. n.a. 2,046 409 -18 1.6132

Dec................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262

2013 - Mar................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

June.................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210

December 2013
106 FOREIGN CURRENCY POSITIONS

SECTION V.—U.S. Dollar Positions

TABLE FCP-V-1.—Weekly Report of Major Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts Net options

positions

(3)

Exchange

rate

(4)

Purchased

(1)

Sold

(2)

04/03/2013 ............................................................ 17,847,989 17,451,866 13,903 n.a.

04/10/2013 ............................................................ 18,047,830 17,659,929 7,301 n.a.

04/17/2013 ............................................................ 18,443,412 18,071,164 10,454 n.a.

04/24/2013 ............................................................ 18,311,449 17,932,705 3,868 n.a.

05/01/2013 ............................................................ 19,012,919 18,568,823 5,467 n.a.

05/08/2013 ............................................................ 18,232,112 17,789,393 5,300 n.a.

05/15/2013 ............................................................ 18,883,917 18,435,747 425 n.a.

05/22/2013 ............................................................ 19,186,248 18,746,944 -176 n.a.

05/29/2013 ............................................................ 19,580,970 19,145,684 -1,541 n.a.

06/05/2013 ............................................................ 19,268,646 18,835,354 1,099 n.a.

06/12/2013 ............................................................ 20,478,965 20,039,387 3,221 n.a.

06/19/2013 ............................................................ 18,434,762 18,017,034 -2,457 n.a.

06/26/2013 ............................................................ 19,052,716 18,640,647 -2,153 n.a.

07/03/2013 ............................................................ 17,739,074 17,321,088 1,425 n.a.

07/10/2013 ............................................................ 18,167,491 17,726,024 6,595 n.a.

07/17/2013 ............................................................ 18,095,653 17,645,118 3,286 n.a.

07/24/2013 ............................................................ 18,107,110 17,776,829 -4,650 n.a.

07/31/2013 ............................................................ 18,614,484 18,179,339 -4,775 n.a.

08/07/2013 ............................................................ 17,798,654 17,332,163 84 n.a.

08/14/2013 ............................................................ 17,827,544 17,354,521 -4,060 n.a.

08/21/2013 ............................................................ 18,029,077 17,524,372 -3,800 n.a.

08/28/2013 ............................................................ 18,676,402 18,181,420 -2,046 n.a.

09/04/2013 ............................................................ 18,327,100 17,850,168 -1,127 n.a.

09/11/2013 ............................................................ 19,018,285 18,537,680 -509 n.a.

09/18/2013 ............................................................ 17,810,704 17,322,120 767 n.a.

09/25/2013 ............................................................ 18,186,154 17,711,143 -3,816 n.a.

December 2013
FOREIGN CURRENCY POSITIONS 107

SECTION V.—U.S. Dollar Positions, con.

TABLE FCP-V-2.—Monthly Report of Major Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Calls Puts Net delta

equivalent

(9)

Exchange

rate

(10)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a.

2011 - Dec.............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Oct............... 18,510,917 17,956,102 - - 1,536,458 1,980,505 1,277,893 1,651,346 -1,174 n.a.

Nov............. 18,701,892 18,107,530 - - 1,595,945 2,044,060 1,306,601 1,761,886 1,276 n.a.

Dec............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a.

2013 - Jan .............. 19,567,518 19,147,340 - - 1,596,533 1,513,685 1,178,289 1,215,025 9,221 n.a.

Feb ............. 19,885,930 19,517,370 - - 1,767,592 1,864,088 1,278,583 1,548,621 11,170 n.a.

Mar ............. 18,185,851 17,729,905 - - 1,825,082 1,723,900 1,232,546 1,312,701 9,466 n.a.

Apr.............. 18,849,906 18,425,422 - - 1,951,646 1,811,444 1,368,366 1,456,066 5,958 n.a.

May............. 19,847,383 19,415,262 - - 1,941,273 1,858,474 1,401,262 1,440,136 -1,730 n.a.

June............ 18,665,861 18,230,134 - - 1,995,665 1,873,388 1,416,498 1,479,492 -681 n.a.

July ............. 18,882,611 18,423,688 - - 2,046,196 1,897,017 1,384,917 1,481,170 -4,740 n.a.

Aug............. 18,429,077 17,943,883 - - 2,045,486 1,898,114 1,392,635 1,486,109 -363 n.a.

Sept............ 18,211,622 17,633,545 - - 1,828,403 1,714,314 1,368,301 1,424,339 -2,709 n.a.

TABLE FCP-V-3.—Quarterly Report of Large Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

 Written

 (6)

 Bought

 (7)

Written

(8)

2010 - Dec................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011- Mar.................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

Sept.................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a.

Dec................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

June ................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a.

Sept.................. 271,014 297,070 - - 25,109 13,575 20,027 16,847 n.a. n.a.

Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June.................. 324,857 305,608 - - 98,395 64,260 25,319 25,299 1,863 n.a.

December 2013
108 FOREIGN CURRENCY POSITIONS

SECTION VI.—Euro Positions

TABLE FCP-VI-1.—Weekly Report of Major Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Exchange 

rate

(Euros per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/03/2013 ......................................................................... 5,168,295 5,024,337 -68 0.7784

04/10/2013 ......................................................................... 5,115,435 5,020,190 -1,199 0.7657

04/17/2013 ......................................................................... 5,250,092 5,162,525 -1,217 0.7663

04/24/2013 ......................................................................... 5,203,638 5,118,094 35 0.7694

05/01/2013 ......................................................................... 5,462,829 5,381,892 2,216 0.7580

05/08/2013 ......................................................................... 5,137,554 5,070,368 2,649 0.7589

05/15/2013 ......................................................................... 5,293,313 5,226,897 3,352 0.7778

05/22/2013 ......................................................................... 5,396,515 5,325,541 2,985 0.7774

05/29/2013 ......................................................................... 5,390,800 5,330,088 3,549 0.7726

06/05/2013 ......................................................................... 5,302,412 5,241,627 2,289 0.7641

06/12/2013 ......................................................................... 5,630,347 5,570,278 2,261 0.7488

06/19/2013 ......................................................................... 5,182,379 5,124,767 3,216 0.7461

06/26/2013 ......................................................................... 5,417,733 5,361,701 3,608 0.7689

07/03/2013 ......................................................................... 5,034,948 4,990,239 2,699 0.7689

07/10/2013 ......................................................................... 5,183,603 5,134,199 -508 0.7785

07/17/2013 ......................................................................... 5,096,911 5,049,849 1,543 0.7637

07/24/2013 ......................................................................... 5,055,820 5,019,228 n.a. 0.7560

07/31/2013 ......................................................................... 5,203,844 5,165,984 n.a. 0.7529

08/07/2013 ......................................................................... 4,923,869 4,897,927 n.a. 0.7502

08/14/2013 ......................................................................... 4,949,019 4,929,298 n.a. 0.7544

08/21/2013 ......................................................................... 4,972,759 4,952,468 n.a. 0.7481

08/28/2013 ......................................................................... 5,176,272 5,154,575 n.a. 0.7504

09/04/2013 ......................................................................... 5,065,520 5,032,658 n.a. 0.7569

09/11/2013 ......................................................................... 5,257,160 5,233,722 2,864 0.7518

09/18/2013 ......................................................................... 4,964,974 4,949,461 4,059 0.7490

09/25/2013 ......................................................................... 5,128,208 5,108,051 n.a. 0.7388

December 2013
FOREIGN CURRENCY POSITIONS 109

SECTION VI.—Euro Positions, con.

TABLE FCP-VI-2.—Monthly Report of Major Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467

2011 - Dec................... 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Oct.................... 5,126,210 5,003,037 2,105,744 2,076,500 375,512 389,803 460,273 444,128 -2,087 0.7717

Nov.................. 5,087,889 4,974,182 2,177,846 2,096,677 356,646 386,750 436,744 406,547 -4,137 0.7686

Dec.................. 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584

2013 - Jan ................... 5,533,187 5,411,447 2,070,571 1,932,021 419,502 406,678 421,143 424,355 2,590 0.7362

Feb .................. 5,711,400 5,616,840 2,095,782 1,980,412 377,951 450,952 485,330 442,258 -317 0.7646

Mar .................. 5,275,002 5,183,932 2,098,352 1,986,269 376,009 399,661 460,995 419,430 1,007 0.7803

Apr................... 5,256,805 5,176,470 2,091,683 1,989,291 376,907 395,581 454,047 423,584 1,318 0.7594

May.................. 5,476,174 5,412,009 2,040,447 1,959,135 390,222 395,208 446,123 429,359 3,674 0.7699

June................. 5,287,699 5,223,223 1,971,010 1,890,657 381,746 392,708 442,864 410,420 3,428 0.7686

July .................. 5,220,260 5,177,601 1,841,488 1,758,210 375,744 401,996 461,646 418,322 n.a. 0.7529

Aug.................. 5,051,155 5,020,424 1,979,141 1,898,153 360,458 394,891 449,771 409,472 n.a. 0.7578

Sept................. 4,983,867 4,981,003 1,873,625 1,798,450 361,071 391,608 433,625 390,856 n.a. 0.7388

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2010 - Dec................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,781 -115 0.7467

2011 - Mar................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051

June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886

Sept.................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436

Dec................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

June ................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894

Sept.................. 88,373 76,674 274,639 123,965 9,525 4,526 6,688 6,407 28 0.7778

Dec................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

June.................. 80,198 71,480 225,064 138,339 10,852 5,750 15,771 12,375 313 0.7686

December 2013
110

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President.

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system.

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets.

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account.

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter.

TABLE ESF-1.—Balances as of March 31, 2013, and June 30, 2013

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital March 31, 2013

April 1, 2013,

through

June 30, 2013 June 30, 2013

Assets

U.S. dollars:

Held with Treasury:

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,678,003 -4,764 22,673,239

Government Sponsored Enterprises (GSE) Securities... - - -

Special drawing rights 1 ........................................................... 53,704,188 177,111 53,881,299

Foreign exchange and securities: 

European euro ..................................................................... 13,879,729 193,126 14,072,855

Japanese yen....................................................................... 9,895,673 -506,113 9,389,560

Accounts receivable................................................................. 94,263 -7,866 86,397

Total assets.......................................................................... 100,251,856 -148,506 100,103,350

Liabilities and capital

Current liabilities:

Accounts payable................................................................. 8,026 -2,220 5,806 

Total current liabilities ...................................................... 8,026 -2,220 5,806 

Other liabilities:

SDR certificates ................................................................... 5,200,000 - 5,200,000

SDR allocations ................................................................... 52,945,269 168,102 53,113,371

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 58,145,269 168,102 58,313,371 

Capital:

Capital account .................................................................... 200,000 - 200,000

Net income (+) or loss (-) (see Table ESF-2)...................... -2,059,108 -265,701 -2,324,809

Total capital...................................................................... 42,098,561 -314,388 41,784,173

Total liabilities and capital............................................ 100,251,856 -148,506 100,103,350

See footnote on the following page.

December 2013
EXCHANGE STABILIZATION FUND 111

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

April 1, 2013,

through

June 30, 2013

Fiscal year to date

Oct. 1, 2012,

through

June 30, 2013

Income and expense

Profit (+) or loss (-) on:

Foreign exchange ........................................................................ -293,906 -2,397,364

Adjustment for change in valuation

of SDR holdings and allocations 1 .............................................. 2,386 -19,368

Interest (+) or net charges (-) on:

SDRs............................................................................................ 100 395 

U.S. Government securities......................................................... 1,972 11,203 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 23,747 80,325 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... -265,701 -2,324,809

Net income (+) or loss (-)............................................................. -265,701 -2,324,809

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”

December 2013
Trust Funds
TRUST FUNDS 115

TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2013.

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2013.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2014)............................................................................................................... 96

less:

Cash balance (fiscal year 2014) ......................................................................................................................................................................................... 5

Unfunded authorizations (fiscal year 2014)........................................................................................................................................................................ 91

48-month revenue estimate (fiscal years 2015, 2016, 2017, and 2018)............................................................................................................................ 131

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013)............................................................................................................... 23

less:

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... -

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 23

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 24

Note.—Detail may not add due to rounding. Note.—Estimates are based on preliminary actuals for fiscal year 2013.

December 2013
116

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997.

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001.

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001.

December 2013
RESEARCH PAPER SERIES 117

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003.

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005.

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005.

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham,

and John S. Greenlees. December 2006.

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007.

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008.

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008.

Copies may be obtained by writing to:

Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4409 MT

Washington, DC 20220

Telephone (202) 622-1519 or fax (202) 622-4112

September 2013
118

Glossary

With References to Applicable Sections and Tables

Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included.

Average discount rate (PDO-1, -2)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future.

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress.

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.)

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes.

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2013, the 

debt limit was 16,699,421 million; the limit may change from 

year to year.

Total Public Debt Subject to Limit - The Total Public Debt 

Subject to Limit is the Total Public Debt Outstanding adjusted 

for Unamortized Discount on Treasury Bills and Zero Coupon 

Treasury Bonds, Other Debt (old debt issued before 1917 and 

old currency called United States Notes), Debt held by the 

Federal Financing Bank, Hope Bonds and Guaranteed Debt of 

Government Agencies. For a breakout of the debt subject to 

limit, see the Monthly Statement of the Public Debt at 

http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm.

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.)

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver 

coins.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued.

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.)

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

December 2013
GLOSSARY 119

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners.

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction.

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States.

Par value—The face value of bonds or notes, including 

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

December 2013
120 GLOSSARY

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

December 2013
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