Contents

JUNE 2002

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations ........................................................................................................................................... 10

Analysis.—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source...................... 11

FFO-A.—Chart: Monthly Receipts and Outlays ............................................................................................................................... 13

FFO-B.—Chart: Budget Receipts by Source...................................................................................................................................... 13

FFO-1.—Summary of Fiscal Operations............................................................................................................................................. 14

FFO-2.—On-Budget and Off-Budget Receipts by Source............................................................................................................... 15

FFO-3.—On-Budget and Off-Budget Outlays by Agency............................................................................................................... 17

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency.............................................................. 19

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury .................................................. 20

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances................................................ 20

FEDERAL DEBT 

Introduction.—Federal Debt.................................................................................................................................................................. 22

FD-1.—Summary of Federal Debt ....................................................................................................................................................... 23

FD-2.—Debt Held by the Public ........................................................................................................................................................... 24

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................................. 25

FD-3.—Government Account Series ................................................................................................................................................... 26

FD-4.—Interest-Bearing Securities Issued by Government Agencies........................................................................................... 27

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

Private Investors....................................................................................................................................................................... 28

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................................. 29

FD-6.—Debt Subject to Statutory Limitation (Historical)............................................................................................................... 29

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies....................................... 30

FD-A.—Chart: Average Length of Privately Held Marketable Debt............................................................................................. 32

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................................... 33

TREASURY FINANCING.................................................................................................................................................................... 33

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

and 52 -Week Treasury Bills Outstanding.......................................................................................................................... 35

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 40

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 41

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills............................................. 42

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................................ 43

SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 43

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 44

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ...................................................................................... 44
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities................................................................................................................................ 46

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues............................................................... 47

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 48

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 49

MARKET YIELDS 

Introduction.—Market Yields................................................................................................................................................................ 50

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds .............................................................. 50

MY-A.—Chart: Yields of Treasury Securities................................................................................................................................... 51

MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds.................................................................. 52

MY-B.—Chart: Average Yields of Long-Term Treasury, Corporate and Municipal Bonds..................................................... 55

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 56

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 56

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 57

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics................................................................................................................................ 61

IFS-1.—U.S. Reserve Assets................................................................................................................................................................. 61

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................................. 62

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

Residents of Foreign Countries.............................................................................................................................................. 63

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ...................................................................................................................................................... 64

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

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 66

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 67

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 69

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

with Respect to Selected Countries..................................................................................................................................... 71

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

CM-II-1.—Total Claims by Type......................................................................................................................................................... 72

CM-II-2.—Total Claims by Country.................................................................................................................................................... 73

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 75

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

with Respect to Selected Countries..................................................................................................................................... 77

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

Reported Separately .......................................................................................................................................................... 78

SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises

in the United States

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................................. 79
V 

Contents 

CM-IV-2.—Total Liabilities by Country............................................................................................................................................. 80

CM-IV-3.—Total Liabilities by Type and Country........................................................................................................................... 82

CM-IV-4.—Total Claims by Country .................................................................................................................................................. 84

CM-IV-5.—Total Claims by Type and Country ................................................................................................................................ 86

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 88

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 89

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 90

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 91

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

and Country ......................................................................................................................................................................... 93

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

and Country ......................................................................................................................................................................... 95

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 97

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions........................................................................................................................................ 98

SECTION I.—Canadian Dollar Positions

FCP-I-1.—Weekly Report of Major Market Participants................................................................................................................. 99

FCP-I-2.—Monthly Report of Major Market Participants.............................................................................................................100

FCP-I-3.—Quarterly Report of Large Market Participants............................................................................................................100

SECTION II.—Japanese Yen Positions

FCP-II-1.—Weekly Report of Major Market Participants.............................................................................................................101

FCP-II-2.—Monthly Report of Major Market Participants............................................................................................................102

FCP-II-3.—Quarterly Report of Large Market Participants..........................................................................................................102

SECTION III.—Swiss Franc Positions

FCP-III-1.—Weekly Report of Major Market Participants............................................................................................................103

FCP-III-2.—Monthly Report of Major Market Participants..........................................................................................................104

FCP-III-3.—Quarterly Report of Large Market Participants.........................................................................................................104

SECTION IV.—Sterling Positions

FCP-IV-1.—Weekly Report of Major Market Participants...........................................................................................................105

FCP-IV-2.—Monthly Report of Major Market Participants..........................................................................................................106

FCP-IV-3.—Quarterly Report of Large Market Participants.........................................................................................................106

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants.............................................................................................................107

FCP-V-2.—Monthly Report of Major Market Participants...........................................................................................................108

FCP-V-3.—Quarterly Report of Large Market Participants..........................................................................................................108

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................109

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................110

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................110

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund....................................................................................................................................111

ESF-1.—Balance Sheet ........................................................................................................................................................................111
VI 

Contents 

ESF-2.—Income and Expense.............................................................................................................................................................112

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt ..........................................................................................................................................115

Financial Report Excerpt......................................................................................................................................................................116

TRUST FUNDS 

Introduction.—Highway Trust Fund..................................................................................................................................................125

TF-15A.—Highway Trust Fund, Highway Account.......................................................................................................................125

RESEARCH PAPER INDEX ..............................................................................................................................................................126

GLOSSARY...........................................................................................................................................................................................127

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. 
VII

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 ................................................................................................ v 

FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports ................................ v 

Special Reports 

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

Trust Fund Reports: 

Airport and Airway Trust Fund................................................................................................ v 

Aquatic Res ources Trust Fund................................................................................................ v 

Black Lung Disability Trust Fund ................................................................................................ v 

Civil Service Retirement and Disability Fund................................................................ v 

Federal Disability Insurance Trust Fund ................................................................................................ v 

Federal Hospital Insurance Trust Fund................................................................................................ v 

Federal Old-Age and Survivors Insurance Trust Fund ................................................................ v 

Federal Supplementary Medical Insurance Trust Fund................................................................ v 

Harbor Maintenance Trust Fund................................................................................................ v 

Hazardous Substance Superfund................................................................................................ v 

Highway Trust Fund ................................................................................................................................ v 

Inland Waterways Trust Fund................................................................................................ v 

Investments of Specified Trust Accounts ................................................................................................ v 

Leaking Underground Storage Tank Trust Fund ................................................................ v 

National Service Life Insurance Fund ................................................................................................ v 

Nuclear Waste Fund................................................................................................................................ v 

Oil Spill Liability Trust Fund................................................................................................ v 

Railroad Retirement Account................................................................................................ v 

Reforestation Trust Fund................................................................................................ v 

Unemployment Trust Fund................................................................................................ v 

Uranium Enrichment Decontamination and Decommissioning Fund................................ v 

Vaccine Injury Compensation Trust Fund ................................................................ v 

Wool Research, Development, and Promotion Trust Fund................................................................ v 
3 

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Real GDP surged at a 5.8 percent annual rate in the first 

quarter of 2002, according to the advance estimate. That was 

the largest increase since an 8.3 percent spike in the final 

quarter of 1999. Over the four quarters of 2001, real GDP 

increased just 0.5 percent as the economy went into a 

recession. GDP fell in the third quarter of 2001 and posted 

very modest gains in the other three quarters before the very 

strong increase in the first quarter of 2002. If GDP continues 

to increase as expected, the recent recession would be the 

first in post-World War II history to show only one quarter 

of GDP decline. 

More than half of the growth in the first quarter of 2002 

was due to a much smaller decrease in inventories than in 

the previous quarter. In the fourth quarter of 2001, a record 

amount of inventory liquidation subtracted 2.2 percentage 

points from growth. Inventory decreases then narrowed 

substantially, and the greatly reduced liquidation added 3.1 

percentage points to GDP growth in the first quarter. 

Excluding inventory investment, final sales were up at a 

2.6 percent annual rate in the first quarter. Consumer 

spending continued to rise at a solid pace following a large 

increase in the fourth quarter when motor vehicle sales were 

exceptionally strong. Government purchases and residential 

investment posted large increases. Investment in equipment 

and software edged slightly lower, but the very modest 

decline suggested that the five-quarter slide in this sector 

may have reached bottom. Exports increased for the first 

time in six quarters, but imports rose even more, and the 

widening trade deficit subtracted 1.2 points from growth. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01 02* 

*Based on first quarter 

2.2 

4.1 4.3 

4.8 

4.4 

2.8 

0.5 

5.8 

The national accounts measures of inflation indicated 

that price pressures were largely absent in the first quarter. 

The GDP price index increased at a 0.8 percent annual rate. 

Excluding food and energy, the price index was up at a 1.1 

percent rate. 

Inflation 

The inflation numbers for the most part continue to be 

well behaved. Energy prices have turned up sharply in the 

last two months but remain well below their year-earlier 

levels. “Core” inflation (prices excluding food and energy) 

remains moderate. The Consumer Price Index (CPI) moved 

up at a 3.8 percent annual rate during the first four months of 

the year, from a 1.6 percent rise during 2001. The 

acceleration reflects a turnaround in energy prices, which 

fell by a sharp 13.0 percent last year but have increased at a 

28.0 percent annual rate during the first four months of this 

year. The surge this year has been fueled by rising costs for 

petroleum-based energy, which have jumped by more than 

77 percent at an annual rate. Nonetheless, in April these 

prices were still 9.1 percent below the year-earlier level. 

The cost of food at the consumer level increased at a 2.4 

percent pace so far this year, a little below the 2.8 percent 

rate during 2000 and 2001. Core consumer prices are also 

rising at a 2.4 percent rate, compared with increases of 2.7 

percent last year and 2.6 percent during 2000. 

At the producer level, energy prices are up sharply at the 

finished goods level this year but other prices have edged 

lower. Overall finished goods prices have increased at a 3.1 

percent annual rate during the first 4 months of the year. 

After dropping by more than 17 percent last year, energy 

prices have jumped at a 27-1/2 percent rate this year. Core 

and food finished goods prices were down a little through 

April. Further back in the production chain, core crude and 

intermediate materials prices have tilted upward, apparently 

reflecting to some degree the secondary impact of higher 

crude petroleum prices. 

Evidence shows that wage pressures continue to ease. 

Growth of hourly compensation costs (including stock 

options) as calculated in the national income accounts for the 

nonfarm sector slowed to a 2.7 percent annual rate in the 

first quarter, from 3.9 percent during 2001. The 

improvement in compensation costs combined with a jump 

in productivity growth to push labor costs per unit of output 
4 PROFILE OF THE ECONOMY 

down at a 5.4 percent annual rate in the first quarter. The stock options, increased by 3.9 percent for the 12-month 

employment cost index for total compensation, a fixed- period ending in March, off from the 4.1 percent increase for 

weighted compensation measure that does not account for the comparable period last year. 

Consumer Prices 

(Percent change from a year earlier) 

7 

6 

5 

4 

3 

2 

1 

89 90 91 92 93 94 95 96 97 98 99 00 01 02 

Excluding food and 

energy 

Total 

Producer Prices - Finished Goods 

(Percent change from a year earlier) 

10 

8 

6 

4 

2 

0 

-2 

-4 

89 90 91 92 93 94 95 96 97 98 99 00 01 02 

Excluding food and 

energy 

Total 

Employment and unemployment 

Employment declines lessened in the first quarter of 

2002 and job growth turned positive in April but 

unemployment continued to rise, typical of early stages of 

recovery. Overall, the number of nonfarm payroll jobs 

dipped by an average of 45,000 a month during the first 

quarter, after plunging by an average of 303,000 a month 

during the fourth quarter. In April, employment rose, 

although by a still subdued 43,000. 

Employment in manufacturing fell again in April for the 

21st straight month, but declines have tapered dramatically to 

an average of 37,000 during the past three months from 

more than 100,000 a month last year. Jobs in the private 

service-producing sector began to expand modestly in the 

first quarter after falling during the second half of last year 

and in April recorded a rise of 132,000, the biggest increase 

since 2000. 

The unemployment rate, which had reached 5.8 percent 

in December, eased to 5.5 percent by February but has since 

headed back up, hitting 6.0 percent in April. That was the 

highest since August 1994. The unemployment rate 

frequently rises in the early stages of economic expansion, 

as workers come back into the labor force faster than 

businesses are willing to hire. 

The pace of growth in average hourly earnings has been 

rather slow, reflecting the impact of the recession. Ea rnings 

in April were only 3.4 percent above the year-earlier level, 

down from 4.3 percent during the year ended April 2001. 

Even so, inflation has slowed even more, yielding a solid 

increase in real earnings of about 2 percent during the past 

year, compared to less than 1 percent during the year ended 

April 2001. 
PROFILE OF THE ECONOMY 5 

Unemployment Rate Establishment Employment 

(Percent) (Average monthly change in thousands) 

7.0 500 

6.5 400 

300 

6.0 200 

5.5 100 

0 

5.0 -100 

4.5 -200 

-300

4.0 

-400 

3.5 -500 

359 

176 

26 

107 96 

-74 -67 

-303 

-45 

43 

94 95 96 97 98 99 00 01 02 00-I II III IV 0I-I II III IV 02-I II* 

*Based on April data 

Real disposable personal income and 

consumer spending 

After slowing during the course of 2001 from an annual 

rate increase of 5.8 percent in the first quarter to a slight 

decline in the fourth quarter, personal income grew at a 5.1 

percent annual rate in the first quarter of 2002. Wages and 

salaries, which account for slightly less than 60 percent of 

personal income, rebounded from a modest decline in the 

fourth quarter to grow at a 2.5 percent annual rate in the first 

quarter. 

Other components of personal income have strengthened 

this year. Proprietors’ income was up in the first quarter 

following a drop in the fourth quarter, while growth in rental 

income picked up. Interest rates were little changed in the 

first quarter but remained at a low level and resulted in 

personal interest income slipping a little further. Personal 

interest income, accounting for more than 11 percent of 

personal income , fell at a 2.2 percent annual rate after 

registering an 8.1 percent drop during the fourth quarter of 

last year. Growth of government transfer payments picked 

up significantly in the first quarter, helping to boost income 

growth. 

After-tax income adjusted for inflation rose at a 10.5 

percent annual pace in the first quarter following an 8.5 

percent drop in the fourth quarter and an increase of 12.3 

percent in the third quarter. The pattern over the last several 

quarters has been distorted by a reduction in Federal 

personal income tax rates that began in July. The reductions, 

legislated by the Economic Growth and Tax Relief and 

Reconciliation Act of 2001, included lower withholding 

rates starting last July, advance refund checks and the phasein of further reductions in withholding in January of this 

year. 

Real consumer spending grew at a healthy 3.5 percent 

annual rate in the first quarters of the year. This followed a 

jump of 6.1 percent in the fourth quarter when spending was 

boosted by a strong incentive-driven surge in spending for 

motor vehicles. The personal saving rate was 2.1 percent in 

the first quarter, the same as averaged during the second half 

of last year but up from 1.1 percent during the first half of 

2001. The higher rate over the last three quarters reflects the 

boost to disposable income from the advance tax refunds and 

the reductions in the personal tax rates. 

Industrial production and capacity 

utilization 

After a year and a half of steady declines, industrial 

production has shown signs of a nascent revival in 2002. 

Production rose by 0.4 percent in April, marking the fourth 

consecutive increase. In the first quarter, industrial 

production advanced by 2.5 percent at an annual rate, a 

sharp contrast from the fourth quarter’s large decline of 6.7 

percent. The first quarter’s performance was the strongest 

since the second quarter of 2000. The current upswing in 

production seems to have begun roughly 10 months after the 

cyclical peak (i.e. beginning of the recession) in March 

2001. That resembles the timeline of the industrial 

production upswing that occurred just after the 1990-91 

recession. In that episode, however, production experienced 

a much shorter downturn. 
6 PROFILE OF THE ECONOMY 

Manufacturing production, which accounts for just over 

87 percent of all industrial output, advanced by 0.3 percent 

in April. A sizeable 3.1 percent increase in the production of 

motor vehicles and parts contributed to the latest month’s 

overall rise. Excluding motor vehicles and parts, factory 

production in April increased by a slim 0.1 percent. 

Manufacturing posted an increase of 3.0 percent at an annual 

rate in the first quarter, following the fourth quarter’s decline 

of 6.3 percent. Although production has risen in each month 

so far this year, manufacturing still remains 1.9 percent 

below the year-earlier level, underscoring the severe 

declines in this industry during 2001. Production increases 

in the high technology industries (computers, 

communications equipment, and semiconductors) suggest 

that this sector has likely turned around, although output in 

communications equipment continues to decline. Growth in 

these industries during the first quarter summed to a 

whopping 22.7 percent at an annual rate. Among nondurable 

industries, textile mill products and apparel products posted 

strong first quarter gains, reversing the declines in these 

industries in the fourth quarter. 

The capacity utilization rate for the industrial sector rose 

0.2 percentage point to 75.5 percent in April, the highest 

level since last September. That is still a fairly large 6.4 

percentage points below the 81.9 percent long-run average 

for utilization and 9.0 percentage points below the expansion 

peak of 84.5 percent in January 1995. Utilization in the 

manufacturing sector also edged up 0.2 percentage point in 

April to 73.9 percent, 7.0 percentage points below its longterm average. Capacity utilization in the high-tech industries 

has increased moderately so far this year, but at 63.4 percent 

is sharply below the yearly average of 85.3 percent reached 

in 2000. 

Nonfarm productivity and unit labor costs 

The existence of a “New Economy” appears to be 

confirmed by the recent performance of productivity. Labor 

productivity (real output per hour worked) is usually hard to 

maintain during a downturn because businesses find it 

difficult to reduce workhours as quickly as output slows. 

During the four quarters of 2001 (a period which spanned a 

recession), productivity rose by 2.1 percent. That gain was 

capped by an impressive 5.5 percent annual rate of growth in 

the fourth quarter. The increase for 2001 was well above the 

1.4 percent annual rate from 1973 through 1995 and was 

consistent with the upward shift in trend productivity. In the 

first quarter of 2002, productivity surged further at an 8.6 

percent annual rate, the fastest quarterly increase since 1983. 

Increases in productivity in the fourth quarter of 2001 and 

the first quarter of 2002 reflected continued cutbacks in 

hours, even as output began to grow again. 

Hourly labor compensation rose at a modest average 

annual rate of 2.4 percent in each of the past two quarters. 

These were the smallest quarterly increases since the first 

half of 1997. Compensation growth has been trending down 

since the fourth quarter of 2000 in response to the slowdown 

in economic activity. 

Robust productivity growth and slackening hourly labor 

compensation growth produced sharp drops in unit labor 

costs in the fourth quarter of 2001 and first quarter of 2002. 

As a result, unit labor costs in the first quarter were 0.9 

percent below the year-earlier level. That was the first fourquarter decline since 1984. Slower growth in unit labor costs 

should alleviate pressure on profit margins, which could 

improve the outlook for business investment and future 

business expansion. 

Productivity in manufacturing also rose strongly in the 

past two quarters. Factory output per hour worked increased 

at a 9.7 percent annual rate in the first quarter of 2002 on top 

of a 4.7 percent rate of increase in the fourth quarter. 

Productivity growth during all of 2001 was sluggish, 

however, at only 1.0 percent. That represents a sharp 

deceleration from 5.0 percent averaged during the previous 

four years. Hourly compensation in manufacturing grew at a 

subdued 2.5 percent annual rate in each of the past two 

quarters. Low compensation growth and strong productivity 

produced steep declines in unit labor costs in each of the past 

two quarters. As a result, factory unit labor costs were 0.4 

percent below the year-earlier level in the first quarter of 

2002. Slackening labor costs in manufacturing should help 

stabilize profits in manufacturing, which have been hit hard 

during the recession. 

Current account 

The U.S. current account deficit narrowed considerably 

in 2001, falling to $417.4 billion, or 4.1 percent of nominal 

GDP, from an all-time high of $444.7 billion, or 4.5 percent 

of GDP, in 2000. The current account measures trade in 

goods and services as well as investment income flows and 

unilateral transfers. It has generally been in deficit since the 

early 1980s, but has fluctuated significantly over time. The 

improvement recorded last year was the first since 1995, 

when the shortfall amounted to just $109.9 billion (1.5 

percent of GDP), and largely reflected a decline in the 

merchandise trade deficit. Sluggish economic growth in the 

United States dampened demand for merchandise imports, 

more than offsetting weaker foreign purchases of U.S. goods 

and causing the merchandise deficit to ease to $426.6 billion 

from a record high of $452.2 billion in 2000. A slight 

improvement in the services surplus and a small decline in 

unilateral transfers (including government grants and 

pension payments as well as private transfers to and from 

foreigners) also contributed to the decline in the current 

account deficit. These developments outweighed further 

deterioration in the balance on investment income, which 

has been negative since 1998. 

The current account is, by definition, financed by 

offsetting transactions in the financial and capital accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. The changing economic climate in 
PROFILE OF THE ECONOMY 7

the United States and abroad along with the fallout from the 

September 11th terrorist attacks provoked sharp swings in the 

financial account during 2001. Net foreign investment in the 

United States plunged in the third quarter to $161.6 billion at 

an annual rate from $618.3 billion in the second quarter,

then surged to an unprecedented $629.4 billion in the fourth 

quarter. U.S. purchases of foreign securities slowed a great 

deal in the second half of the year, but foreign portfolio 

investment in the United States strengthened considerably on 

“flight to quality” concerns. Foreign direct investment in the 

U.S. moderated over the course of 2001, partly because of 

deterioration in the outlook for corporate profits, but also 

because of an abrupt slowdown in merger and acquisition 

activity. In contrast, outflows for U.S. direct investment

abroad edged higher. For the entire year, net financial

inflows totaled $455.9 billion, up from $448.3 billion in 

2000. Capital account transactions, which consist mainly of 

debt forgiveness and wealth transfers associated with

immigration, are typically small and have remained roughly 

stable since early 2000 at an annual rate of $0.7 billion.

Exchange rate of the dollar

The 

appreciating throughout 2000 and 2001, despite a slowdown 

in U.S. economic activity and a significant decline in interest 

rates. However, the dollar still remains quite strong on

balance. As of April, the nominal exchange value of the 

dollar compared to a broad index covering the currencies of 

26 important U.S. trading partners was 11.1 percent above 

its December 1999 level. The rise of the dollar since late

1999 followed a two-year period of relative stability after a 

steep runup in 1996 and 1997.

Nearly all of the recent appreciation was fueled by a 

strengthening of the dollar against the seven currencies of 

the United States’ major trading partners, including the euroarea countries, Canada, Japan, the United Kingdom,

Australia, Sweden and Switzerland. During the December 

1999 to April 2002 period, the exchange rate of the dollar 

relative to these currencies climbed by 14.8 percent. The 

dollar has been particularly strong compared to the yen and 

since December 1999 has appreciated by 27.5 percent. The 

dollar/euro exchange rate rose by 14.1 percent over the same 

time span.

The persistent strength of the dollar has been attributed 

to global investors’ continued strong preference for U.S. 

assets and perceptions that the U.S. economy is more

resilient than others. Factors such as differing central bank 

and foreign exchange policies, the course of structural

reforms in the euro area, and uncertainty surrounding

Japan’s prospects for economic recovery have also played a 

role.

Interest rates

After easing monetary conditions last year in response to 

the slowdown and ensuing recession, the Federal Reserve 

has held policy steady this year, reflecting continuing

uncertainties about the economic situation.

From the beginning of 2001 through mid December, the 

Federal Reserve cut the target for the federal funds rate (the 

rate that banks and other financial institutions charge each 

other for overnight loans) by a total of 4-3/4 percentage

points. These actions brought the target down from 6-1/2 

percent to the current 1-3/4 percent, which is the lowest level 

of federal funds rates since the early 1960s. Over the same 

period, the discount rate (the rate that the Federal Reserve 

charges banks for short-term funds) was reduced from 6

percent to 1-1/4 percent. The Federal Reserve has not

changed either of these rates this year through mid May. In 

response to these actions, the market interest rate for the 3-

month Treasury bill moved down from over 6 percent late in 

2000 to around 1-3/4 percent at present.

Rates on long-term Treasury securities have been at low 

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002

Short-term Interest Rates

Discount rate

Federal funds rate

3-month Treasury bills

(Percent)

4.0

4.5

5.0

5.5

6.0

6.5

7.0

1999 2000 2001 2002

Long-term Interest Rates

30-year bond

10-year note

(Percent)

U.S. dollar has eased since February after
8 PROFILE OF THE ECONOMY 

levels throughout 2001 and into 2002. This year, the 10-year 

Treasury rate has averaged around 5.1 percent, which is very 

low by historical standards. Long-term rates are influenced 

by several factors. Weakness in the economy in general has 

helped push down long-term rates, and reduced inflationary 

expectations have played a role. Long-term rates have also 

been driven down by the terrorist attacks, which made 

Treasury securities desirable as safe havens against 

economic uncertainty. 

Mortgage interest rates generally follow the pattern of 

the 10-year Treasury. The interest rate on a conventional 30-

year fixed rate loan has declined from a recent peak of 8-1/2 

percent in May 2000 to around 6-3/4 percent in mid May 

2002. The low mortgage rates have helped boost housing 

demand, which has been an important source of strength 

throughout the recent recession. 

Housing 

Housing activity was exceptionally strong in the first 

quarter of 2002, partly because the weather was unusually 

mild and dry and extended the normal building season. 

Some payback is expected in subsequent quarters and 

growth should even out. 

Residential investment in real dollar terms increased at a 

very strong 15.7 percent annual rate in the first quarter. That 

was the largest gain since the second quarter of 1996 and 

followed a 4.6 percent decline in the fourth quarter. Most of 

the growth was due to increased construction of singlefamily housing and to a greater level of brokers’ 

commissions, also a component of residential investment. 

The rise in commissions reflected much higher sales in 

the first quarter and rising home prices. Sales of new and 

existing single-family homes reached 6.7 million at an 

annual rate in the first quarter, a new record. That was up 

from a 6.2 million pace in the fourth quarter of 2001. New 

homes sales, generally more important to the economy 

because of the associated building activity, averaged an 

879,000 annual rate in the first quarter. That was lower than 

in the fourth quarter when new home sales surged to a 

928,000 pace. In contrast, sales of existing homes, which 

typically lag new home sales because of different reporting 

methods, jumped to an all-time high of 5.8 million at an 

annual rate in the first quarter. That was up from 5.2 million 

in the fourth quarter. 

The high level of housing demand for both new and 

existing homes in recent quarters was supported by low 

mortgage interest rates. The mortgage rate for a 30-year loan 

averaged 6.8 in the fourth quarter and just under 7 percent in 

the first quarter, very favorable rates by historical standards. 

Housing starts kept pace with new home sales and were 

further boosted in the first quarter by the unusually warm 

winter weather. Starts surged to 1.715 million at an annual 

rate in the first quarter from 1.579 million in the fourth 

quarter. Starts of both single-family and multi-family units 

were very strong. 

Federal budget 

The economic recession of 2001, supplementary 

spending for the war on terrorism and homeland security, 

and tax relief and other stimulus measures to reinvigorate the 

economy were projected to lead to a Federal budget deficit 

in fiscal 2002 following three years of surplus. That appears 

to be on track through the first half of the fiscal year. 

Cumulative tax receipts for the first six months of fiscal 

2002 were $42.8 billion (4.6 percent) below the comparable 

months of fiscal 2001. The February budget projected a 2.3 

percent decline in receipts in fiscal 2002. On the outlay side, 

cumulative budget outlays were $66.1 billion (7.0 percent) 

higher than last year. That represented a slower pace than the 

10 percent increase projected in the budget, but growth in 

outlays is likely to accelerate in the rest of the fiscal year 

because of new spending initiatives. The deficit for the first 

half of fiscal 2002 totaled $133.6 billion, a deterioration of 

$108.9 billion from the deficit of $24.8 billion in the first 

half of fiscal 2001. 

Early indications for April, the most important month of 

the fiscal year for receipts, suggest a further significant 

shortfall in revenue that month. That was chiefly the result 

of last year’s weak economy and the necessary legislation 

that was passed to stimulate growth, including the Economic 

Growth and Tax Reconciliation Act of June 2001 and the 

Job Creation and Worker Assistance Act of March 2002. 

Weaker-than-expected receipts led the Treasury Department 

to announce that it expects to add $1 billion in debt in the 

April-June quarter instead of paying down $89 billion as had 

been expected in January. It may be possible that receipts 

will improve through the remainder of the fiscal year, as 

economic growth has picked up significantly. 
PROFILE OF THE ECONOMY 9 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, declined to 4.4 percent of net national product 

(NNP) in 2001 from 6.3 percent in 2000 and the recent high 

of 7.5 percent in 1998. (Net national saving and NNP 

exclude depreciation to replace worn-out or obsolete 

equipment, software and structures used in production.) 

National saving remains above readings of 4 percent or 

slightly below in both 1992 and 1993. 

The decline in saving in 2001 stemmed mainly from 

smaller government surpluses and lower retained earnings. 

The Federal surplus was reduced from 2.5 percent of NNP in 

2000 to 1.3 percent in 2001, reflecting the combination of 

tax relief measures and spending necessary to help rebuild 

and assure homeland security following the terrorist attacks. 

Even so, average net saving relative to NNP by the public 

sector (including State and local governments) last year was 

still at its third highest level since the late 1960s. The 

contribution of the public sector currently represents a huge 

improvement since 1992, when public dissaving drained the 

equivalent of 5.4 percent of NNP from national saving. 

Personal saving rose slightly to 1.3 percent of NNP in 

2001 from a 67-year low of 0.8 percent in 2000. The rise 

was primarily the result of tax relief measures, which 

boosted after-tax income last year, making more funds 

available for personal saving. Monthly data already available 

indicate that personal saving is on the rise again this year, 

reflecting primarily a further reduction in tax rates. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

slowed to 7.0 percent of NNP in 2001 from about 9-3/4 

percent in each of the previous three years. Nevertheless, last 

year's figure is still higher than the 6 percent average in the 

early 1990s. A large portion of investment in the last 10 

years was financed from abroad. U.S. net foreign investment 

has swung from 0.3 percent of NNP in 1991 to -4.3 percent 

in 2001. 

Net National Saving 

(Saving as a percent of NNP) 

15 

10 

5 

0 

-5 

-10 

60 65 70 75 80 85 90 95 00 

Public 

Total 
10 

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 norma lly 

can be used without 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 (o r 

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. 
FEDERAL FISCAL OPERATIONS 11 

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 Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

2002 supplements fiscal data reported in the March 

issue of the “Treasury Bulletin.” At the time of that 

issue’s release, not enough data were available to 

analyze adequately collections for the quarter. 

Individual income taxes—Individual income tax receipts, 

net of refunds, were $172.9 billion for the second quarter of 

fiscal 2002. This is a decrease of $45.9 billion over the 

comparable prior year quarter. Withheld receipts decreased by 

$29.6 billion and non-withheld receipts decreased by $5.1 

billion during this period. Refunds increased by $11.2 billion 

over the comparable fiscal 2001 quarter. There was an increase 

of $3.1 billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare trust 

funds over the comparable quarter in fiscal 2001. 

Corporate income taxes—Net corporate income tax 

receipts were $22.6 billion for the second quarter of fiscal 

2002. This is a decrease of $2.3 billion compared to the prior 

year second quarter. The $2.3 billion change is comprised of 

an increase of $0.5 billion in estimated and final payments, 

and an increase of $2.8 billion in corporate refunds. 

Employment taxes and contributions —Employment 

taxes and contributions receipts for the second quarter of 

fiscal 2002 were $175.2 billion, an increase of $2.5 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 

increased by $2.0 billion, $0.3 billion, and $0.2 billion 

respectively. There was a $0.7 billion accounting adjustment 

for prior years employment tax liabilities made in the second 

quarter of fiscal 2002, while there was a $3.8 billion 

adjustment in the second quarter of fiscal 2001. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the second quarter of fiscal 2002 

were $3.5 billion, a decrease of $0.4 billion over the 

comparable quarter of fiscal 2001. Net State taxes deposited 

in the U.S. Treasury decreased by $0.3 billion to $2.6 

billion. Net Federal Unemployment Tax Act (FUTA) taxes 

decreased by $0.1 billion to $0.9 billion. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.1 billion for the 

second quarter of 2002. This was a negligible change from the 

comparable quarter of fiscal 2001. The growth in contributions 

will remain relatively flat over the next few years as the number 

of employees covered by the Federal Employees’ Retirement 

System (FERS) grows slowly relative to those covered under 

the Civil Service Retirement System (CSRS). 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal 2002 were $19.1 billion, an increase of $2.6 

billion over the comparable prior year quarter. Total excise 

tax refunds for the quarter were $0.5 billion, an increase of 

$0.1 billion over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.3 billion for the second quarter of fiscal 2002. These 

receipts represent a decrease of $0.1 billion over the same 

quarter in fiscal 2001. 

Customs duties—Customs duties net of refunds were $4.1 

billion for the second quarter of fiscal 2002. This is a decrease 

of $0.7 billion over the comparable prior year quarter. 

Miscellaneous receipts —Net miscellaneous receipts for 

the second quarter of fiscal 2002 were $7.8 billion, a 

decrease of $2.7 billion over the comparable prior year 

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

Federal Reserve Banks decreasing by $1.9 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”] 

Second quarter 

January - March 

Actual fiscal 

year to date 

Budget estimates 

(February 2002) 

full fiscal 2002 

Total on- and off-budget results: 

Total receipts .................................................... 412,634 2,316,427 1,946,136 

On-budget receipts .......................................... 276,252 1,709,378 1,428,938 

Off-budget receipts .......................................... 136,382 607,049 517,198 

Total outlays..................................................... 509,199 2,512,851 2,052,320 

On-budget outlays........................................... 402,878 2,106,543 1,690,621 

Off-budget outlays........................................... 106,320 406,308 361,699 

Total surplus or deficit (-) ..................................... -96,565 -196,423 -106,184 

On-budget surplus or deficit (-)........................... -126,626 -397, 164 -261,683 

Off-budget surplus or deficit (-)........................... 30,062 200,741 155,499 

Means of financing: 

Borrowing from the public..................................... 50,770 262,756 157,482 

Reduction of operating cash................................. 38,257 -1,444 -15,781 

Other means..................................................... 7,540 -64,888 -35,517 

Total on- and off-budget financing....................... 96,565 196,423 106,184 

Second-Quarter Net Budget Receipts by Source, Fiscal 2002 

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

Source Jan. Feb. Mar. 

Individual income taxes ........................................... 112.1 35.7 25.0 

Corporate income taxes .......................................... 9.3 -1.9 15.3 

Employment taxes and contributions .......................... 64.6 52.2 58.3 

Unemployment insurance........................................ 1.2 2.0 0.3 

Contributions for other insurance and retirement ........... 0.3 0.4 0.4 

Excise taxes ......................................................... 9.2 3.8 6.1 

Estate and gift taxes ............................................... 2.4 1.9 2.1 

Customs duties ..................................................... 1.6 1.4 1.2 

Miscellaneous receipts............................................ 2.8 2.5 2.5 

Total budget receipts........................................... 203.5 98.0 111.2 

Note: Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 13 

CHART FFO-A.—

Monthly Receipts and Outlays, 2001-2002 

300 

250 

200 

150 

100 

50 

0 

-50 

(In billions of dollars) 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

A M J J A S O N D J F M A 

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2001-2002

(In billions of dollars) 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2002 

2001 * 

Individual Social Corporate Excise taxes Misc. Estate/gift Customs 

income insurance income receipts taxes duties 

taxes and taxes 

retirement 

receipts 

* Prior-year data are for the comparable period. 
14 FEDERAL FISCAL OPERATIONS 

TABLE FFO-1.—Summary of Fiscal Operations 

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

Off-budget 

surplus

or deficit

(-)

(9)

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal 

securities 

Public debt 

securities 

(10) 

Total on-budget and off-budget results 

Total surplus

or deficit 

(-)

(7)

On-budget 

surplus or deficit

(-)

(8)

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) 

19971................................ 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634 

19981................................ 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831 

1999................................ 1,827,302 1,382,834 444,468 1,702,942 1,382,164 320,778 124,360 670 123,691 128,230 

2000................................ 2,025,060 1,544,477 480,583 1,788,143 1,457,378 330,765 236,917 87,099 149,818 23,761 

2001................................ 1,990,930 1,483,410 507,519 1,863,909 1,517,071 346,838 127,021 -33,661 160,682 141,902 

2002 - Est................................ 1,946,136 1,428,938 517,198 2,052,320 1,690,621 361,699 -106,184 -261,683 155,499 366,651 

2003 - Est................................ 2,048,060 1,502,717 545,343 2,128,230 1,761,470 366,760 -80,170 -258,753 178,583 389,518 

2001 - Mar ................................ 130,074 84,123 45,951 180,736 145,185 35,551 -50,662 -61,062 10,401 36,646 

Apr ................................ 331,796 278,611 53,185 141,999 109,938 32,061 189,796 168,673 21,123 -111,915 

May ................................ 125,590 84,759 40,831 153,508 118,517 34,992 -27,919 -33, 758 5,839 -6,829 

June ................................ 202,887 151,483 51,404 171,025 167,797 3,228 31,862 -16,314 48,176 71,364 

July ................................ 127,842 89,473 38,369 125,022 92,145 32,876 2,820 -2,672 5,492 -5,902 

Aug ................................ 122,559 84,011 38,548 202,549 138,167 64,382 -79,990 -54,156 -25,834 52,245 

Sept................................ 158,496 116,598 41,899 123,250 111,253 11,997 35,247 5,344 29,902 41,731 

Oct................................ 157,163 122,003 35,159 166,548 134,013 32,534 -9,385 -12,010 2,625 11,866 

Nov ................................ 121,233 83,374 37,858 175,500 140,387 35,113 -54,267 -57,013 2,746 72,883 

Dec ................................ 187,914 150,942 36,973 161,347 162,916 -1,570 26,567 -11,975 38,542 54,573 

2002 - Jan................................ 203,452 153,541 49,911 159,723 126,998 32,725 43,729 26,543 17,185 -5,437 

Feb................................ 97,962 57,087 40,875 174,018 137,713 36,304 -76,056 -80,626 4,571 66,791 

Mar................................ 111,220 65,624 45, 596 175,458 138,167 37,291 -64,238 -72,543 8,306 1,988 

Fiscal 2002 to date 878,943 632,571 246,372 1,012,593 840,195 172,398 -133,649 -207,623 73,974 202,664 

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) 

Investments 

of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating

cash

(14)

Reserve position 

Special on the U.S.

Agency 

securities 

(11) 

drawing 

rights 

(15) 

quota in the 

IMF (deduct) 

(17) 

Fiscal year 

or month 

Other 

(16) 

19971 ................................ -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618 

19981 ................................ -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999................................ -854 216,070 -88,694 17,580 2,178 783 -1,173 -17,307 1,009 -124,360 

2000................................ -832 245,736 -222,807 -3,799 4,033 953 -6,292 -16,008 -3,207 -236,917 

2001................................ -661 231,370 -90,130 -8,440 1,603 8,181 4,717 -21,400 -9,430 -127,021 

2002 - Est................................ 167 209,336 157,482 15,781 * * * -35,517 * 106,184 

2003 - Est................................ -720 296,000 92,798 - * * * -12,628 * 80,170 

2001 - Mar ................................ -62 4,028 32,557 7,171 -262 248 -327 25,925 -990 50,662 

Apr ................................ -29 23,627 -135,572 36,846 42 1,222 33 -14,404 -1,678 -189,796 

May ................................ -117 13,662 -20,608 -58,856 60 1,049 471 -8,247 -502 27,919 

June ................................ 428 73,004 -1,212 37,412 -72 1,970 338 9,444 -446 -31,862 

July ................................ -162 1,399 -7,463 -20,588 109 3,091 345 -11,246 -1,155 -2,820 

Aug ................................ -321 -22,177 74,101 -16,770 394 25 333 -8,779 -1,350 79,990 

Sept................................ 394 40,138 1,987 37,890 7 528 3,106 3,737 560 -35,247 

Oct................................ -236 15,326 -3,695 -16,612 -93 5,448 -616 2,001 -794 9,385 

Nov ................................ -120 727 72,036 2,908 37 1,822 -496 -12,757 -741 54,267 

Dec ................................ 172 63,559 -8,813 21,838 -80 -936 561 4,886 -1,257 -26,567 

2002 - Jan................................ -87 9,715 -15,240 23,016 -126 6,606 -252 756 -1 -43,729 

Feb................................ -309 2,600 63,882 -30,729 106 6,048 -431 -13,067 235 76,056 

Mar................................ -53 -193 2,128 -30,544 46 -11,510 -90 20,012 * 64,238 

Fiscal 2002 to date................................ -632 91,734 110,298 -30,125 -111 7,478 -1,325 1,831 -2,557 133,649 * Less than $500,000. Note.—These figures are based on the fiscal 2003 budget, released by the Office of 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Management and Budget on February 4, 2002.

Statement of Receipts and Outlays of the United States Government,” the source for this 

table.
FEDERAL FISCAL OPERATIONS 15 

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”] 

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

hospital insurance

Income taxes 

Individual Corporation 

Net 

(7) 

Net income 

taxes

(8)

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

Net 

(4) 

Gross 

(5) 

Refunds 

(6) 

Gross 

(9) 

Refunds 

(10) 

Net 

(11) 

19971................................ 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 

19981................................ 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

1999................................ 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 

2000................................ 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

2001................................ 793,386 383,204 182,251 994,339 186,732 35,657 151,075 1,145,414 660,276 3,106 657,170 

2002 - Est................................ 949,239 - - 949,239 201,445 - 201,445 1,150,684 668,875 - 668,875 

2003 - Est................................ 1,006,354 - - 1,006,354 205,489 - 205,489 1,211,843 704,653 - 704,653 

2001 - Mar ................................ 67,068 7,676 39,693 35,051 26,986 6,299 20,688 55,739 59,074 - 59,074 

Apr ................................ 64,489 187,044 31,147 220,386 26,693 3,307 23,385 243,771 68,351 - 68,351 

May ................................ 63,237 13,763 29,213 47,787 6,453 2,000 4,452 52,239 51,770 - 51,770 

June ................................ 53,125 43,814 3,263 93,676 31,563 1,617 29,946 123,622 66,095 - 66,095 

July ................................ 65,601 5,031 10,165 60,466 5,036 2,328 2,709 63,175 49,220 - 49,220 

Aug ................................ 66,415 6,436 20,831 52,020 4,618 1,475 3,143 55,163 49,578 - 49,578 

Sept................................ 49,679 45,676 14,078 81,277 9,533 2,057 7,476 88,753 58,214 3,106 55,108 

Oct................................ 69,963 9,858 2,049 77,772 30,134 10,388 19,745 97,517 46,469 * 46,469 

Nov ................................ 59,818 2,729 6,013 56,534 3,411 3,450 -39 56,495 50,192 * 50,192 

Dec ................................ 86,889 6,472 1,325 92,036 38,238 2,247 35,992 128,028 49,836 1 49,835 

2002 - Jan................................ 64,403 49,134 1,442 112,095 12,321 3,071 9,250 121,345 64,030 1 64,029 

Feb................................ 62,002 3,351 29,607 35,745 2,995 4,935 -1,940 33,805 51,878 - 51,878 

Mar................................ 65,528 6,272 46,778 25,022 23,444 8,117 15,327 40,349 57,910 1 57,909 

Fiscal 2002 to date................................ 408,602 77,816 87,214 399,204 110,542 32,208 78,334 477,538 320,316 * 320,316 

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 

Net unemployment Federal 

employees Other 

Fiscal year Gross Refunds Net retirement Gross Refunds insurance retirement retirement Total 

or month (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) 

19971 ................................ 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418 

19981 ................................ 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

1999................................ 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 

2000................................ 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763 

2001................................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,712 

2002 - Est................................ 4,260 - 4,260 673,135 30,288 - 30,288 4,550 62 4,612 

2003 - Est................................ 4,133 - 4,133 708,786 35,849 - 35,849 4,527 50 4,577 

2001 - Mar ................................ 416 -9 424 59,499 227 19 209 422 5 427 

Apr ................................ 422 * 421 68,773 4,786 26 4,760 349 5 354 

May ................................ 442 1 441 52,210 8,801 15 8,786 436 5 441 

June ................................ -56 * -56 66,039 357 13 344 344 5 349 

July ................................ 457 5 452 49,672 2,143 16 2,128 348 7 355 

Aug ................................ 396 * 396 49,974 3,308 14 3,294 419 5 424 

Sept................................ 325 * 325 55,433 355 5 349 359 6 365 

Oct................................ 418 * 418 46,887 1,534 5 1,529 373 5 378 

Nov ................................ 302 * 302 50,494 2,364 8 2,356 407 6 413 

Dec ................................ 224 3 221 50,058 231 7 224 341 5 346 

2002 - Jan................................ 564 * 564 64,593 1,228 5 1,223 343 5 348 

Feb................................ 367 2 365 52,243 2,018 2 2,016 354 3 358 

Mar................................ 426 * 426 58,335 282 11 271 432 6 438 

Fiscal 2002 to date................................ 2,300 5 2,294 322,610 7,657 38 7,619 2,250 31 2,281 

See footnote at end of table. 
16 FEDERAL FISCAL OPERATIONS 

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”] 

Fiscal y ear 

or month 

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Excise taxes 

Airport and Airway Trust Fund Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous 

Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Refunds Net 

(23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) 

19971................................ 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 

19981................................ 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

1999................................ 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 

2000................................ 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

2001................................ 693,967 9,244 83 9,161 522 522 32,629 996 31,633 25,935 1,020 24,916 

2002 - Est................................ 708,035 8,939 - 8,939 554 - 554 31,926 - 31,926 25,452 - 25,452 

2003 - Est................................ 749,212 9,680 - 9,680 573 - 573 32,952 - 32,952 25,816 - 25,816 

2001 - Mar ................................ 60,135 684 - 684 33 - 33 1,875 - 1,875 4,507 37 4,470 

Apr ................................ 73,887 695 - 695 39 - 39 2,518 - 2,518 2,535 97 2,438 

May ................................ 61,437 901 10 891 49 - 49 3,195 244 2,951 557 60 497 

June ................................ 66,732 937 * 937 41 - 41 2,793 6 2,787 2,247 47 2,201 

July ................................ 52,154 704 - 704 38 - 38 2,493 - 2,493 2,610 112 2,498 

Aug ................................ 53,692 862 7 855 45 - 45 2,971 239 2,732 1,976 170 1,806 

Sept................................ 56,147 972 45 927 93 - 93 4,722 183 4,539 1,074 190 884 

Oct................................ 48,794 19 * 19 8 - 8 479 2 477 3,234 81 3,153 

Nov ................................ 53,263 118 * 118 49 - 49 3,014 1 3,013 1,728 65 1,662 

Dec ................................ 50,628 181 - 181 48 - 48 2,645 17 2,628 305 150 155 

2002 - Jan................................ 66,164 1,999 - 1,999 43 - 43 2,616 -17 2,633 4,577 90 4,487 

Feb................................ 54,617 874 30 844 49 - 49 2,931 386 2,545 368 -27 396 

Mar................................ 59,044 928 - 928 48 - 48 2,575 - 2,575 2,583 70 2,512 

Fiscal 2002 to date ................................ 332,510 4,119 29 4,089 243 - 243 14,260 389 13,871 12,794 429 12,365 

Net miscellaneous receipts 

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Gross 

(36) 

Deposits of 

earnings by 

Federal 

Reserve 

Banks 

(42) 

Universal Estate and gift taxes Customs duties 

service fund Total receipts 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

and all other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

19971................................ 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989 

19981................................ 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999................................ 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,834 444,468 

2000................................ 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,376 42,669 1,544,477 480,583 

2001................................ 66,232 29,248 848 28,400 20,543 927 19,616 26,124 11,426 37,550 1,483,410 507,519 

2002 - Est................................ 66,871 27,490 - 27,490 18,666 - 18,666 25,596 10,794 36,390 1,428,938 517,198 

2003 - Est................................ 69,021 22,999 - 22,999 19,805 - 19,805 29,025 11,155 40,180 1,502,717 545,343 

2001 - Mar ................................ 7,063 2,270 63 2,206 1,729 76 1,653 2,143 1,133 3,279 84,123 45,951 

Apr ................................ 5,690 4,512 52 4,460 1,581 103 1,477 1,617 893 2,510 278,611 53,185 

May ................................ 4,388 2,526 60 2,466 1,560 59 1,501 2,849 710 3,559 84,759 40,831 

June ................................ 5,965 2,118 60 2,058 1,641 70 1,571 2,057 882 2,939 151,483 51,404 

July ................................ 5,733 2,180 81 2,099 1,827 72 1,755 1,989 937 2,926 89,473 38,369 

Aug ................................ 5,438 2,331 134 2,196 1,997 70 1,926 3,252 891 4,142 84,011 38,548 

Sept................................ 6,443 1,820 59 1,761 1,631 68 1,563 2,413 1,415 3,828 116,598 41,899 

Oct................................ 3,657 2,547 59 2,488 1,991 70 1,920 1,950 836 2,786 122,003 35,159 

Nov ................................ 4,842 2,281 76 2,204 1,659 88 1,571 1,861 996 2,857 83,374 37,858 

Dec ................................ 3,011 1,969 74 1,895 1,422 126 1,297 1,728 1,328 3,056 150,942 36,973 

2002 - Jan................................ 9,162 2,425 36 2,389 1,622 60 1,562 1,912 920 2,831 153,541 49,911 

Feb................................ 3,834 1,945 64 1,881 1,466 115 1,351 1,723 751 2,473 57,087 40,875 

Mar................................ 6,063 2,116 42 2,074 1,305 86 1,219 1,864 608 2,471 65,624 45,596 

Fiscal 2002 to date................................ 30,569 13,284 353 12,931 9,465 545 8,919 11,038 5,437 16,475 632,571 246,372 

* Less than $500,000. Note.—These figures are based on the fiscal 2003 budget, released by the Office of 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Management and Budget on February 4, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this 

table. 
FEDERAL FISCAL OPERATIONS 17 

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”] 

Department 

Depart- Department of Housing 

Department Department Department Department ment of Health and Urban Department 

Legislative Judicial of of of Defense, of of and Human Develop- of the Department Department 

Fiscal year branch branch Agriculture Commerce military Education Energy Services ment Interior of Justice of Labor 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

19971................................ 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461 

19981................................ 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999................................ 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

2000................................ 2,913 4,087 75,658 7,929 281,234 33,309 15,010 382,627 30,829 8,022 19,561 31,355 

2001................................ 3,029 4,409 68,156 5,017 290,980 35,959 16,420 426,444 33,937 8,024 20,810 39,280 

2002 - Est................................ 3,625 4,977 76,565 5,495 330,553 47,587 19,093 459,366 30,948 10,290 23,073 58,579 

2003 - Est................................ 3,970 5,497 74,443 5,670 360,989 53,800 19,784 488,794 34,600 10,822 29,385 56,554 

2001 - Mar ................................ 247 459 5,892 415 30,002 4,562 1,593 39,761 3,660 582 1,710 3,608 

Apr ................................ 234 346 4,169 367 21,095 2,610 1,470 32,395 1,725 442 1,776 3719 

May ................................ 226 349 4,175 389 24,942 3,628 1,405 38,116 2,345 720 1,702 3596 

June ................................ 225 359 4,273 421 28,281 4,214 1,503 40,529 3,762 593 1,638 3594 

July ................................ 219 349 3,558 379 20,880 2,114 985 32,114 1,293 426 1,530 3,575 

Aug ................................ 238 466 9,187 471 29,134 -560 1,442 40,172 6,984 559 1,703 3,981 

Sept................................ 227 355 2,161 400 22,890 2,876 1,573 35,339 1,268 1,209 1,667 3,151 

Oct................................ 370 397 8,732 466 25,004 3,445 1,427 37,404 3,259 819 2,316 4,056 

Nov ................................ 256 382 7,944 458 29,651 3,135 2,120 39,906 3,911 859 2,143 4,097 

Dec ................................ 262 351 8,849 509 25,842 3,431 1,874 37,161 1,550 963 1,948 4,225 

2002 - Jan................................ 267 385 6,639 391 23,199 4,897 1,091 3,645 2,990 994 1,666 5,854 

Feb................................ 239 371 5,272 429 26,252 4,232 1,190 35,841 1,829 755 1,736 4,116 

Mar................................ 199 488 6,242 375 30,286 3,703 2,162 38,749 4,299 822 2,052 5,198 

Fiscal 2002 to date................................ 1,593 2,375 43,678 2,628 160,234 22,843 9,864 225,498 17,838 5,213 11,860 27,547 

Department 

of the 

Treasury, 

interest on 

Treasury Department Other Environ- Federal General InterDepart- Department debt of the Department Defense, mental Executive Emergency Services national 

ment of of Transpor- securities Treasury, of Veterans Corps of civil Protection Office of the Management Admin- Assistance 

Fiscal year State tation (gross) other Affairs Engineers programs Agency President Agency istration Program 

or month (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) 

19971................................ 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191 

19981................................ 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999................................ 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000................................ 6,849 45,966 361,998 29,238 47,087 4,334 32,861 7,240 281 3,143 25 12,084 

2001................................ 7,446 54,075 359,508 30,436 45,043 4,703 34,161 7,390 280 4,415 -8 11,767 

2002 - Est................................ 11,132 60,788 338,833 43,783 51,451 4,975 35,537 7,790 464 5,789 586 13,287 

2003 - Est................................ 9,883 58,843 353,078 45,110 56,513 4,347 40,933 8,061 334 7,550 -52 12,969 

2001 - Mar ................................ 641 3,916 18,724 7,983 6,270 337 2,900 595 46 388 24 1,208 

Apr ................................ 595 3,602 18,634 3,393 2,247 323 2,879 545 17 242 180 765 

May ................................ 562 4,850 24,009 1,908 2,834 499 2,884 608 29 238 -2 954 

June ................................ 439 4,645 80,607 2,759 5,657 384 2,850 652 21 432 -41 853 

July ................................ 360 4,350 18,014 400 2,155 386 2,848 577 21 654 -8 323 

Aug ................................ 524 5,454 19,852 -244 6,201 406 2,853 582 49 707 -117 -18 

Sept................................ 647 7,371 15,176 -4,618 2,170 464 2,862 802 -4 548 -217 452 

Oct................................ 1,572 5,433 17,621 1,625 4,324 449 2,846 629 74 516 -73 987 

Nov ................................ 1,204 5,894 21,127 618 5,921 539 2,900 573 106 329 -80 1,340 

Dec ................................ 730 4,581 80,118 2,691 4,029 446 2,939 526 19 344 -21 1,157 

2002 - Jan................................ 473 4,558 15,184 1,491 2,394 325 2,946 591 27 167 58 4,381 

Feb................................ 791 4,388 16,335 19,110 4,318 305 2,968 582 24 185 119 1,280 

Mar................................ 607 4,439 14,028 9,038 3,518 337 2,929 737 32 471 -76 986 

Fiscal 2002 to date ................................ 5,377 29,292 164,414 34,573 24,503 2,400 17,527 3,639 282 2,013 -74 10,133 

See footnote at end of table. 
18 FEDERAL FISCAL OPERATIONS 

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 

Rents 

and 

National royalties 

Aeronau- Employer on the 

tics and National Office of Small Social share, Interest Outer Allow -

Space Science Personnel Business Security Indepen- employee received Continen- ances Total outlays 

Adminis - Foun- Manage- Adminis- Admin- dent retire- by trust tal Shelf and On- OffFiscal year tration dation ment tration istration agencies ment funds lands other budget budget 

or month (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

19971................................ 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 

19981................................ 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999................................ 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000................................ 13,443 3,487 48,660 -422 441,810 10,371 -37,851 -128,911 -4,580 -1,503 1,457,378 330,765 

2001................................ 14,094 3,691 50,915 -569 461,748 13,306 -38,792 -143,935 -7,194 -1,025 1,517,071 346,838 

2002 - Est................................ 14,484 4,564 54,277 1,073 492,671 19,967 -50,837 -151,109 -3,806 -530 1,690,621 361,699 

2003 - Est................................ 14,885 4,886 67,940 587 509,655 17,258 -70,828 -161,094 -2,832 -460 1,761,470 366,760 

2001 - Mar ................................ 1,273 282 4,173 54 41,148 1,639 -3,081 -206 -69 - 145,185 35,551 

Apr ................................ 1,106 234 4,511 -807 36,212 1,717 -2,876 -772 -1,093 * 109,938 32,061 

May ................................ 1,275 356 3,782 -50 38,852 -2,234 -3,175 -5,558 -707 * 118,517 34,992 

June ................................ 1,230 331 4,588 5 44,710 -717 -2,849 -64,476 -444 * 167,797 3,228 

July ................................ 1,071 337 4,611 79 37,339 -11,739 -2,902 -413 -863 * 92,145 32,876 

Aug ................................ 1,316 429 3,923 105 70,026 2,053 -3,094 -1,875 -365 - 138,167 64,382 

Sept................................ 1,146 302 4,319 -111 7,772 17,833 -6,668 -212 -43 * 111,108 11,997 

Oct................................ 1,376 335 4,763 70 39,014 2,174 -3,016 -1,156 -712 * 134,013 32,534 

Nov ................................ 1,213 314 3,935 180 41,680 1,087 -3,092 -4,685 -468 * 140,387 35,113 

Dec ................................ 1,149 316 4,408 -60 39,775 1,015 -2,954 -66,488 -341 - 162,916 -1,570 

2002 - Jan................................ 997 305 4,847 80 37,530 2,551 -3,005 -293 -694 * 126,998 32,725 

Feb................................ 1,090 331 4,043 63 41,062 519 -3,513 -1,865 -378 * 137,713 36,304 

Mar................................ 1,173 289 4,206 22 40,693 744 -3,365 202 -129 * 138,167 37,291 

Fiscal 2002 to date................................ 3,737 965 13,106 190 120,469 4,279 -9,061 -72,329 -1,520 * 437,317 66,077 

*Less than $500,000. Note.—These figures are based on the fiscal 2003 budget, released by the Office of 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Management and Budget on February 4, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this table. 
FEDERAL FISCAL OPERATIONS 19 

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

March 2002 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Management, Management, 

consolidated, consolidated, 

General revolving and Trust Total General revolving and Trust Total 

funds special funds funds funds funds special funds funds funds 

Classification (1) (2) (3) (4) (5) (6) (7) (8) 

Budget receipts: 

Individual income taxes .......................................... 399,176 28 - 399,204 438,702 24 - 438,726 

Corporation income taxes ....................................... 78,327 - 7 78,334 79,959 - 4 79,963 

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) ....... - - 246,372 246,372 - - 243,284 243,284 

Employment and general retirement (on-budget) ....... - - 76,238 76,238 - - 76,056 76,056 

Unemployment insurance................................ - - 7,619 7,619 - - 8,152 8,152 

Other retirement ................................................ - - 2,281 2,281 - - 2,426 2,426 

Excise taxes ........................................................ 11,763 293 18,513 30,569 13,998 283 18,294 32,575 

Estate and gift taxes .............................................. 12,931 - - 12,931 13,360 - - 13,360 

Customs duties..................................................... 5,861 2,720 339 8,919 6,429 2,993 400 9,822 

Miscellaneous receipts ........................................... 11,697 4,299 479 16,475 13,238 3,712 446 17,397 

Total receipts................................................. 519,755 7,340 351,848 878,943 565,686 7,011 349,063 921,760 

(On-budget) ............................................... 519,755 7,340 105,476 632,571 565,686 7,011 105,778 678,476 

(Off-budget) ............................................... - - 246,372 246,372 - - 243,284 243,284 

Budget outlays: 

Legislative branch................................................. 1,474 128 -9 1,593 1,321 281 59 1,661 

Judicial branch ..................................................... 2,279 116 -19 2,375 2,039 165 -19 2,184 

Department of Agriculture ....................................... 27,172 16,548 -42 43,679 23,374 16,993 275 40,642 

Department of Commerce....................................... 2,633 -8 3 2,628 2,522 69 * 2,592 

Department of Defense-military ................................ 158,451 1,820 -37 160,234 141,135 2,567 56 143,758 

Department of Education ........................................ 22,861 -19 * 22,843 21,093 -15 * 21,078 

Department of Energy ............................................ 10,214 -350 - 9,864 9,346 -1,303 * 8,043 

Department of Health and Human Services ................. 159,510 42 65,947 225,499 138,795 63 68,920 207,778 

Department of Housing and Urban Development .......... 19,916 -2,078 * 17,838 18,724 -2,164 * 16,561 

Department of the Interior ....................................... 4,773 348 92 5,213 4,091 -162 144 4,073 

Department of Justice............................................ 10,817 508 537 11,861 6,423 349 4,023 10,795 

Department of Labor.............................................. 5,040 -1,360 23,866 27,545 4,014 -975 14,627 17,665 

Department of State............................................... 4,982 231 164 5,377 4,065 134 121 4,320 

Department of Transportation................................ 3,091 20 26,181 29,292 844 -180 23,137 23,801 

Department of the Treasury: 

Interest on the public debt................................ 164,414 - - 164,414 183,216 - - 183,216 

Other .............................................................. 34,613 -39 * 34,573 27,727 -1,048 13 26,692 

Department of Veterans Affairs................................ 24,539 -525 489 24,503 23,663 -395 509 23,778 

Corps of Engineers................................................ 1,876 142 381 2,400 1,713 152 376 2,241 

Other defense civil programs ................................ 17,080 * 447 17,527 16,119 4 862 16,985 

Environmental Protection Agency.............................. 3,761 -68 -54 3,639 3,727 -50 -53 3,625 

Executive Office of the President .............................. 282 * - 282 147 * * 147 

Federal Emergency Management Agency ................... 2,152 -139 * 2,013 1,783 -189 * 1,594 

General Services Administration............................... 73 -147 - -74 90 107 * 197 

International Assistance Program .............................. 10,132 -865 866 10,133 9,178 -823 82 8,436 

National Aeronautics and Space Administration............ 6,996 - * 6,997 6,951 - * 6,951 

National Science Foundation ................................ 1,864 8 18 1,890 1,683 4 15 1,702 

Office of Personnel Management.............................. 3,097 2 23,102 26,202 2,728 21 22,415 25,164 

Small Business Administration ................................ 435 -80 * 355 393 -184 * 210 

Social Security Administration ................................ 22,976 * 216,777 239,754 20,936 * 205,898 226,835 

Other independent agencies ................................ 3,874 -116 4,336 8,094 3,628 -1,380 4,147 6,394 

Undistributed offsetting receipts: 

Interest............................................................ - - -74,284 -74,284 - - -70,629 -70,629 

Other .............................................................. -2,724 2 -18,944 -21,667 -4,705 2 -17,227 -21,931 

Total outlays.................................................. 728,653 14,121 269,818 1,012,593 676,761 12,042 257,753 946,555 

(On-budget) ............................................... 728,653 16,286 95,256 840,195 676,761 13,491 89,002 779,254 

(Off-budget) ............................................... - -2,165 174,563 172,398 - -1,449 168,751 167,302 

Surplus (+) or deficit (-) ................................ -208,899 -6,780 82,030 -133,649 -111,075 -5,031 91,310 -24,795 

(On-budget) ............................................... -208,899 -8,945 10,220 -207,623 -111,075 -6,480 16,777 -100,778 

(Off-budget) ............................................... - 2,165 71,810 73,974 - 1,449 74,534 75,983 

- No transactions. 

* Less than $500,000. 
20 

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, which 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

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

Credits and withdrawals 

Federal Reserve accounts 

Credits 1 Tax and loan note accounts 

Received through Withdrawals 

remittance option tax (transfers to Federal 

Received directly and loan depositaries Withdrawals 2 Taxes 3 Reserve accounts) 

Fiscal year or month (1) (2) (3) (4) (5) 

1997....................................... 

1998....................................... 

1999....................................... 

2000....................................... 

2001....................................... 

2001 - Mar................................ 

Apr................................ 

May ................................ 

June............................... 

July ................................ 

Aug................................ 

Sept ............................... 

Oct................................ 

Nov ................................ 

Dec ................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

See footnotes at end of table. 

4,263,210 191,134 4,454,345 775,799 776,394 

4,238,957 259,197 4,500,895 969,668 971,671 

4,893,279 259,019 5,150,608 1,048,120 1,032,230 

4,921,490 253,060 5,172,731 1,189,835 1,195,453 

5,050,444 340,364 5,389,954 1,271,952 1,281,245 

409,750 30,301 439,350 122,393 115,924 

607,227 32,755 637,745 117,724 83,115 

440,133 25,386 469,017 95,185 150,543 

371,084 31,379 399,671 114,390 79,771 

383,987 27,970 413,553 92,867 111,859 

539,534 25,932 565,525 93,659 110,370 

361,932 26,257 383,927 87,197 53,569 

442,010 31,332 478,027 113,962 125,889 

530,231 25,750 554,873 86,025 84,224 

463,353 38,052 500,980 136,364 114,952 

509,243 30,607 532,807 109,257 93,284 

509,855 26,264 544,055 89,231 112,024 

445,253 31,359 476,672 114,126 144,609 
ACCOUNT OF THE U.S. TREASURY 21 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

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

Balances 

During period 

End of period High Low Average 

Federal Tax and loan Federal Tax and loan Federal Tax and loan Federal Tax and loan 

Reserve 

(6) 

Reserve 

(8) 

Reserve 

(10) 

Reserve 

(12) 

note accounts 

(7) 

note accounts 

(9) 

note accounts 

(11) 

note accounts 

Fiscal year or month (13)

1997................................ 

1998................................ 

1999................................ 

2000................................ 

2001................................ 

2001 - Mar........................ 

Apr......................... 

May........................ 

June....................... 

July........................ 

Aug........................ 

Sept....................... 

Oct......................... 

Nov........................ 

Dec........................ 

2002 - Jan........................ 

Feb........................ 

Mar........................ 

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 

7,894 57,236 8,090 60,700 4,536 917 5,903 18,756 

4,396 1,878 6,961 67,588 3,721 1,878 5,149 25,702 

7,188 36,498 7,823 42,083 3,642 386 5,605 15,206 

5,592 17,506 7,188 37,258 4,558 3,846 5,127 19,851 

5,533 795 6,139 52,387 4,069 795 5,040 26,698 

9,976 34,423 10,513 40,807 4,126 126 6,644 19,601 

5,112 22,495 9,237 45,030 4,232 17,213 5,234 27,835 

6,219 24,295 6,470 46,237 3,824 54 5,131 22,489 

6,645 45,707 7,988 52,039 4,473 364 5,274 27,175 

13,688 61,680 13,688 61,680 4,412 14,970 6,999 39,213 

5,752 38,887 5,852 49,030 4,097 23,328 4,907 32,986 

5,692 8,403 7,396 36,432 3,080 7,977 5,551 16,861 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other under the Federal Insurance Contributions Act beginning January 1950 and under 

than Government account series and taxes. the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions beginning July 1953; estimated corporation income taxes beginning April 1967; all 

of securities other than Government account series and investment (transfer) of excess funds corporation income taxes due on or after March 15, 1968; Federal Unemployment 

out of this account to the tax and loan note accounts. Tax Act taxes beginning April 1970 and individual estimated income taxes beginning 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries October 1988.

as follows: Withheld income taxes beginning March 1948; taxes on employers and employees
22 

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.” 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt 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 Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• 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. 

• Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities— 

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• 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 nonmarketables 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. 

• In table FD-6 (Historical), the same debt 

information is compared as in table FD-6. Changes in the 

non-interest- bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• 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. 
FEDERAL DEBT 23 

TABLE FD-1.—Summary of Federal Debt 

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

Securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

Agency 

securities 

(8) (9) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621 

5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

5,800,558 5,773,740 26,818 2,339,405 2,339,354 51 3,461,153 3,434,386 26,767 

5,688,136 5,661,348 26,788 2,364,024 2,363,973 51 3,324,112 3,297,375 26,737 

5,682,853 5,656,182 26,671 2,379,862 2,379,862 - 3,302,991 3,276,320 26,671 

5,753,914 5,726,815 27,099 2,452,639 2,452,639 - 3,301,275 3,274,176 27,099 

5,745,240 5,718,303 26,937 2,452,358 2,452,358 - 3,292,882 3,265,945 26,937 

5,796,493 5,769,876 26,617 2,429,635 2,429,635 - 3,366,858 3,340,241 26,617 

5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

5,842,758 5,815,983 26,775 2,483,578 2,483,578 - 3,359,180 3,332,405 26,775 

5,915,552 5,888,897 26,655 2,485,497 2,485,497 - 3,430,055 3,403,400 26,655 

5,970,267 5,943,439 26,828 2,549,681 2,549,681 - 3,420,586 3,393,758 26,828 

5,963,970 5,937,229 26,741 2,558,938 2,558,938 - 3,405,032 3,378,291 26,741 

6,029,884 6,003,453 26,431 2,561,674 2,561,674 - 3,468,210 3,441,779 26,431 

6,032,411 6,006,032 26,379 2,562,358 2,562,358 - 3,470,053 3,443,674 26,379 

Federal debt securities Securities held by Government accounts Securities held by the public 

Net Net Net 

Amount unamortized Amount unamortized Amount unamortized 

outstanding premium Accrual outstanding premium Accrual outstanding premium Accrual 

End of fiscal face value and discount amount face value and discount amount face value and discount amount 

year or month (10) (11) (12) (13) (14) (15) (16) (17) (18) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

5,701,851 72,842 5,629,009 2,235,763 16,867 2,218,896 3,466,088 55,975 3,410,113 

5,834,475 64,225 5,770,249 2,468,757 18,490 2,450,266 3,365,718 45,735 3,319,983 

5,800,558 71,196 5,729,362 2,339,405 18,793 2,320,613 3,461,153 52,403 3,408,749 

5,688,136 70,718 5,617,418 2,364,024 19,784 2,344,240 3,324,112 50,934 3,273,178 

5,682,853 72,382 5, 610,472 2,379,862 21,960 2,357,902 3,302,991 50,422 3,252,570 

5,753,914 71,651 5,682,264 2,452,639 21,733 2,430,906 3,301,275 49,918 3,251,358 

5,745,240 69,041 5,676,200 2,452,358 20,353 2,432,005 3,292,882 48,688 3,244,195 

5,796,493 68,369 5,728,124 2,429,635 19,508 2,410,128 3,366,858 48,861 3,317,996 

5,834,475 64,225 5,770,249 2,468,757 18,490 2,450,266 3,365,718 45,735 3,319,983 

5,842,758 60,879 5,781,880 2,483,578 17,986 2,465,592 3,359,180 42,893 3,316,287 

5,915,552 60,910 5,854,643 2,485,497 19,178 2,466,319 3,430,055 41,732 3,388,324 

5,970,267 60,878 5,909,389 2,549,681 19,803 2,529,878 3,420,586 41,075 3,379,511 

5,963,970 60,105 5,903,864 2,558,938 19,345 2,539,593 3,405,032 40,761 3,364,271 

6,029,884 59,539 5,970,346 2,561,674 19,481 2,542,193 3,468,210 40,058 3,428,152 

6,032,411 60,129 5,972,281 2,562,358 20,357 2,542,001 3,470,053 39,772 3,430,281 
24 FEDERAL DEBT 

TABLE FD-2.—Debt Held by the Public* 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Total public debt Marketable Nonsecurities Inflation-indexed marketable 

End of fiscal outstanding Total Bills Notes Bonds notes and bonds Total 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001 - Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 

3,297,980 2,862,371 619,072 1,492,282 622,498 128,520 435,608 

3,276,924 2,839,920 618,460 1,474,376 618,264 128,820 437,005 

3,274,773 2,840,238 620,044 1,474,373 616,496 129,324 434,535 

3,266,222 2,837,389 653,046 1,437,088 612,244 135,012 428,834 

3,340,818 2,913,337 732,584 1,432,960 612,542 135,252 427,481 

3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

3,333,039 2,905,752 736,217 1,419,620 610,023 139,891 427,288 

3,404,027 2,975,878 813,365 1,415,453 606,559 140,500 428,149 

3,394,399 2,967,501 811,214 1,413,951 602,272 140,064 426,898 

3,378,924 2,952,685 792,693 1,411, 894 602,271 145,827 426,239 

3,442,244 3,018,119 833,211 1,443,237 596,365 145,306 424,125 

3,444,137 3,019,527 834,378 1,443,242 596,325 145,582 424,610 

Nonmarketable, con. 

U.S. savings Government account State and local Domestic 

End of fiscal securities Foreign series series government series series Other 

year or month (8) (9) (10) (11) (12) (13) 

2001 - Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

184,815 24,736 37,047 152,887 29,996 3,139 

185,198 24,536 37,759 154,746 29,995 3,373 

185,347 24,186 38,149 155,955 29,995 3,373 

185,517 24,036 38,190 153,322 29,995 3,473 

185,816 22,213 38,241 149,095 29,995 3,473 

186,011 21,719 38,990 147,293 29,995 3,472 

186,464 18,269 39,488 146,364 29,995 3,505 

188,448 16,041 40,621 148,631 29,995 3,551 

189,873 15,454 41,069 148,209 29,995 3,549 

190,390 15,412 41,216 146,246 29,995 3,639 

190,947 16,412 42,019 143,196 29,995 3,670 

191,514 14,778 42,344 141,823 29,995 3,670 

191,962 14,578 43,269 141,053 29,995 3,752 

* Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United States.” 
FEDERAL DEBT 25 

TABLE FD-2.—Interest-Bearing Public Debt (Historical) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

Total interest- Treasury Federal Nonbearing public Treasury Treasury Treasury inflation-indexed Financing marketable 

End of fiscal debt Total bills notes bonds notes and bonds Bank Total 

year or month (1) (2) (3) (4) (5) (6) (7) (8) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 - 424,085 

Nonmarketable, con. 

State and local 

U.S. savings Government government Domestic 

End of fiscal securities Foreign series account series series series Other 

year or month (9) (10) (11) (12) (13) (14) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

182,665 34,909 1,608,478 111,863 29,995 1 

180,816 35,079 1,777,329 164,431 29,995 1 

180,019 30,970 2,005,166 168,091 29,995 1 

177,724 25,431 2,242,900 153,288 29,996 1 

186,464 18,269 39,488 146,364 29,995 3,505 
26 FEDERAL DEBT 

Table FD-3.—Government Account Series 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Federal 

Exchange Federal Federal Federal Federal Old-age and 

Airport and Bank Employees Stabili- Disability employees Hospital Housing Survivors 

Airway Insurance Life Insurance zation Insurance retirement Insurance Adminis - Insurance 

End of fiscal Total Trust Fund Fund Fund Fund Trust Fund funds Trust Fund tration Trust Fund 

year or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1997............................... 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445 

1998............................... 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999............................... 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000............................... 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001............................... 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2001 - Mar ....................... 2,360,298 13,703 30,146 23,026 10,069 123,356 510,317 182,106 19,956 958,190 

Apr ....................... 2,385,627 13,744 30,160 23,046 10,111 126,405 508,516 188,703 18,863 976,216 

May ...................... 2,401,909 13,873 30,412 23,421 10,009 127,276 505,506 188,389 17,482 980,716 

June ..................... 2,474,736 14,420 29,830 23,404 10,041 133,498 520,577 197,142 20,489 1,022,270 

July ...................... 2,474,826 14,386 30,549 23,386 9,959 134,119 517,866 198,020 20,492 1,026,351 

Aug ...................... 2,452,553 14,396 30,770 23,704 9,990 132,114 515,514 194,961 17,386 1,009,408 

Sept...................... 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197, 137 17,289 1,034,114 

Oct....................... 2,508,064 13,800 30,690 23,536 10,036 135,942 535,807 198,167 17,716 1,036,461 

Nov ...................... 2,510,442 13,706 30,989 23,988 9,948 136,496 533,432 197,329 17,913 1,038,508 

Dec ...................... 2,574,756 13,848 30,950 24,086 9,854 140,907 549,127 208, 888 18,482 1,071,795 

2002 - Jan........................ 2,584,822 13,483 30,108 24,089 9,869 143,025 546,351 213,823 19,484 1,085,847 

Feb....................... 2,588,053 13,478 29,918 24,374 9,799 143,566 543,822 214,569 20,067 1,089,319 

Mar....................... 2,589,665 13,500 29,328 24,306 9,813 144,686 541,352 214,168 20,244 1,096,981 

Federal 

Savings and Federal National 

Loan Supplemen- Service 

Corporation, tary Medical Government Highway Life Railroad Treasury Unemploy -

Resolution Insurance Life Insurance Trust Insurance Postal Retirement deposit ment Trust 

End of fiscal Fund Trust Fund Fund Fund Fund Service Fund Account funds Fund Other 

year or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1997............................... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933 

1998............................... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999............................... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153 

2000............................... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001............................... 2,650 41,978 - 24,115 11,639 - 24,983 - 88,638 297,775 

2001 - Mar ....................... 2,487 45,560 - 25,712 11,727 - 22,950 - 83,139 297,854 

Apr ....................... 2,513 46,763 - 25,896 11,643 - 23,448 - 81,894 297,706 

May ...................... 2,521 45,174 - 26,767 11,559 - 24,528 - 91,182 303,094 

June ..................... 2,546 44,286 - 26,546 11,894 - 24,816 - 91,621 301,356 

July ...................... 2,569 45,431 - 26,173 11,814 - 24,944 - 89,896 298,871 

Aug ...................... 2,577 48,917 - 26,155 11,735 - 24,999 - 91,107 298,820 

Sept...................... 2,650 41,978 - 24,115 11,639 - 24,983 - 88,638 297,775 

Oct....................... 2,635 41,495 - 24,843 11,561 - 25,026 - 86,668 313,681 

Nov ...................... 2,639 39,286 - 25,306 11,489 600 24,992 - 86,523 317,298 

Dec ...................... 2,689 40,828 - 24,955 11,821 - 24,961 - 85,917 315,648 

2002 - Jan........................ 2,692 42,539 - 20,016 11,736 - 25,011 - 81,754 314,995 

Feb....................... 2,716 41,775 - 20,212 11,654 1,327 25,043 - 80,147 316,267 

Mar....................... 2,719 42,788 - 19,969 11,561 416 25,023 - 75,874 316,937 
FEDERAL DEBT 27 

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”] 

Federal Deposit Department of 

Insurance Corporation Housing and Farm Credit 

Federal Savings and Urban System Other 

Loan Insurance Development Financial independent 

Total Corporation, Federal Housing Assistance Tennessee Postal 

End of fiscal outstanding Resolution Fund Administration Corp. Valley Authority Service Other 

year or month (1) (2) (3) (4) (5) (6) (7) 

1997................................ 

1998................................ 

1999................................ 

2000................................ 

2001................................ 

2001 - Mar........................ 

Apr........................ 

May ....................... 

June...................... 

July ....................... 

Aug....................... 

Sept ...................... 

Oct........................ 

Nov ....................... 

Dec ....................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

33,173 95 68 1,261 27,386 3,898 465 

29,359 63 174 1,261 26,685 717 458 

28,505 63 114 863 26,378 634 451 

27,672 63 227 775 25,987 51 569 

27,011 63 231 775 25,381 - 561 

26,818 63 307 775 25,057 51 565 

26,788 63 315 775 25,018 51 566 

26,671 63 201 775 25,064 - 568 

27,099 63 204 775 25,489 - 569 

26,937 63 210 775 25,319 - 570 

26,617 63 224 775 24,995 - 560 

27,011 63 231 775 25,381 - 561 

26,775 63 252 775 25,123 - 562 

26,655 63 269 775 24,985 - 563 

26,828 63 270 775 25,155 - 565 

26,741 63 284 775 25,053 - 566 

26,431 63 163 775 24,872 - 559 

26,379 63 166 775 24,818 - 556 
28 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 Market Finance, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

Amount outstanding Within 20 years 

End of fiscal privately held 1 year 1-5 years 5-10 years 10-20 years or more Average length 1 

year or month (1) (2) (3) (4) (5) (6) (7) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - Mar.................. 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 9 mos. 

2,317,798 806,690 712,551 340,779 164,662 293,116 5 yrs. 11 mos. 

2,294,130 789,827 716,107 333,361 173,218 281,617 6 yrs. 0 mos. 

2,260,841 781,923 693,530 333,618 170,990 280,779 6 yrs. 0 mos. 

2,282,982 824,863 691,268 319,016 169,852 277,983 5 yrs. 10 mos. 

2,353,208 902,150 673,169 329,438 174,653 273,798 5 yrs. 9 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

2,342,638 892,994 683,271 315,731 174,415 276,227 5 yrs. 8 mos. 

2,405,814 940,974 696,263 319,510 199,232 249,835 5 yrs. 6 mos. 

2,392,530 932,153 696,991 317,932 197,742 247,712 5 yrs. 6 mos. 

2,371,510 906,466 715,370 307,869 197,484 247,321 5 yrs. 6 mos. 

2,430,599 959,624 719,279 308,109 197,408 246,179 5 yrs. 5 mos. 

2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 5 mos. 

1

 Beginning September 1976, the maturity distribution and average length were calculated Note.—Details may not add to totals due to rounding. 

on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered 

in 1997) are excluded from the average length calculation. Published data were changed 

for the end of the fiscal years back through 1967. 
FEDERAL DEBT 29 

TABLE FD-6.—Debt Subject to Statutory Limit* 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding subject to limit Securities 

Statutory debt not subject 

End of fiscal limit Total Public debt Other debt 1 Public debt Other debt to limit 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001 - Mar............................... 

Apr............................... 

May .............................. 

June............................. 

July .............................. 

Aug .............................. 

Sept.............................. 

Oct............................... 

Nov .............................. 

Dec .............................. 

2002 - Jan................................ 

Feb............................... 

Mar............................... 

5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416 

5,950,000 5,580,508 5,580,327 181 5,661,348 181 81,021 

5,950,000 5,573,705 5,573,513 193 5,656,182 193 82,669 

5,950,000 5,644,978 5,644,783 195 5,726,815 195 82,033 

5,950,000 5,639,073 5,638,873 201 5,718,303 201 79,430 

5,950,000 5,691,120 5,690,906 214 5,769,876 214 78,969 

5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

5,950,000 5,744,523 5,744,281 242 5,815,983 242 71,703 

5,950,000 5,816,823 5,816,564 259 5,888,897 259 72,333 

5,950,000 5,871,413 5,871,154 259 5,943,439 259 72,285 

5,950,000 5,865,892 5,865,743 149 5,937,229 149 71,486 

5,950,000 5,933,154 5,933,001 153 6,003,453 153 70,451 

5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080 

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States. 

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt outstanding Interest-bearing debt 

subject to limitation subject to limitation 

Total 

(2) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

End of fiscal 

year or month 

Statutory debt 

limit

(1)

Public debt 

(3) 

Other debt 1 

(4) 

Public debt Other debt 

(5) (6) 

1997....................................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546 

1998....................................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999....................................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000....................................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

2001....................................... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. 
30 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”] 

Department of Agriculture 

Rural Business 

Rural Housing and Cooperative Foreign 

Farm-Service Rural Utilities and Community Development Agricultural 

End of fiscal Total Agency Service Development Service Service Service 

year or month (1) (2) (3) (4) (5) (6) 

1997....................................... 

1998....................................... 

1999....................................... 

2000....................................... 

2001....................................... 

2001 - Mar............................... 

Apr............................... 

May .............................. 

June............................. 

July .............................. 

Aug ................................ 

Sept.............................. 

Oct............................... 

Nov .............................. 

Dec .............................. 

2002 - Jan................................ 

Feb............................... 

Mar............................... 

133,301 9,818 12,925 6,676 157 670 

154,155 19,937 13,295 7,808 203 642 

182,988 32,625 13,837 8,506 261 761 

191,596 27,323 14,690 9,413 305 729 

205,328 28,817 15,128 10,168 336 970 

200,210 23,934 15,074 9,423 361 739 

205,299 24,762 15,571 10,509 361 739 

205,508 25,134 15,571 10,509 361 739 

203,413 26,350 15,270 10,509 361 935 

221,728 26,533 15,270 10,509 361 935 

225,777 31,680 15,250 10,509 361 935 

205,328 28,817 15,128 10,168 336 970 

214,946 33,448 14,968 10,168 336 889 

215,476 33,707 14,968 10,168 336 889 

205,112 22,189 15,008 10,188 341 889 

209,227 24,776 15,055 10,188 341 889 

216,447 25,817 15,778 11,416 395 889 

217,140 26,026 15,778 11,416 395 889 

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

Department of 

Veterans Affairs 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing Other Housing Federal 

Financing Bank 

(11) 

Direct Loan

Fund

(12)

End of fiscal 

year or month 

Administration 

(9) 

programs 

(10) 

1997....................................... 23,532 2,499 3,639 6,174 34,944 * 

1998....................................... 35,610 2,499 6,579 5,293 34,036 -

1999....................................... 52,440 2,515 7,996 4,628 28,115 -

2000....................................... 65,716 2,513 7,155 3,653 27,836 -

2001....................................... 77,448 2,689 4,544 3,103 27,862 -

2001 - Mar ............................... 76,158 2,648 7,155 3,653 24,351 -

Apr ............................... 79,311 2,648 7,155 3,653 24,075 -

May .............................. 79,311 2,648 7,155 3,653 23,742 -

June ............................. 79,311 2,723 7,155 3,653 23,236 -

July .............................. 85,200 2,723 7,155 3,653 22,509 -

Aug .............................. 82,928 2,773 7,155 3,653 22,788 -

Sept.............................. 77,448 2,689 4,544 3,103 27,862 -

Oct............................... 84,089 2,689 4,544 3,103 25,611 -

Nov .............................. 85,172 2,689 4,544 3,103 25,522 -

Dec .............................. 85,170 2,689 4,544 3,103 24,133 -

2002 - Jan................................ 87,340 2,689 4,544 3,103 23,177 -

Feb............................... 89,853 2,689 5,044 3,103 24,181 -

Mar............................... 89,853 2,829 5,044 3,103 23,075 -
FEDERAL DEBT 31 

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”] 

Department of Export-Import Railroad 

Veterans Affairs, con. Bank of the Retirement Small Business 

End of fiscal Loan Guaranty Fund United States Board Administration Other 

year or month (13) (14) (15) (16) (17) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

2,028 3,140 5,039 9,406 12,651 

- 3,956 4,993 9,559 9,745 

- 6,603 4,848 9,825 10,030 

- 6,683 4,874 10,012 10,694 

- 7,045 5,012 10,087 12,120 

- 7,327 6,430 10,083 12,876 

- 6,854 6,694 10,083 12,884 

- 7,004 6,934 10,083 12,666 

- 7,054 4,200 10,083 12,575 

- 7,082 4,467 10,083 25,251 

- 7,067 4,733 10,083 25,865 

- 7,045 5,012 10,087 12,120 

- 7,045 5,291 10,370 12,395 

- 7,045 5,529 9,346 12,458 

- 7,145 5,778 9,346 14,591 

- 7,145 6,028 9,346 14,607 

- 7,145 6,272 9,346 14,519 

- 6,062 6,547 10,653 15,472 

* Less than $500,000. 
32 FEDERAL DEBT 

CHARTS FD-A.—Average Length 

of Privately Held Marketable Debt 

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) 

Years 

6 

March 31, 2002 

5 Years, 5 Months 5.5 

5 

J F M A M J J A S O N D 

Years 

12 

10 

8 

6 

4 

2 

0 

June 1947 

10 Years, 

5 Months 

Dec. 1975 

2 Years, 

5 Months 

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01 
33 

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 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve Banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 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. Issues of cash management bills also are 

presented. 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 $1 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13- and 26-week bills. 

TREASURY FINANCING: JANUARY-MARCH 2002 

[Source: Bureau of the Public Debt, Office of Financing] 

JANUARY 

Auction of 10-Year Inflation-Indexed Notes 

On January 2, 2002, Treasury announced it would auction 

$6,000 million of 10-year inflation-indexed notes to raise cash. 

The 10-year inflation-indexed notes of series A-2012 were 

dated and issued January 15, 2002. They are due January 15, 

2012, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on January 9. 

Tenders totaled $14,317 million; Treasury accepted $6,000 

million at the high yield of 3.480 percent with an equivalent 

price of 99.120. Tenders at the high yield were allotted 91.98 

percent. The median yield was 3.449 percent, and the low yield 

was 3.358 percent. Noncompetitive tenders totaled $192 

million. Competitive tenders accepted from private investors 

totaled $5,808 million. 

The minimum par amount required for STRIPS of inflationindexed notes is $1,000. 

Auction of 2-Year Note 

On January 16, Treasury announced it would auction 

$25,000 million of 2-year notes of Series J-2004. The issue was 

to refund $27,068 million of securities maturing January 31 and 

to pay down about $2,068 million. 

The notes of Series J-2004 were dated and issued January 

31, 2002. They are due January 31, 2004, with interest payable 

on July 31 and January 31 until maturity. Treasury set an 

interest rate of 3 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon e.s.t. 

for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on January 23. Tenders totaled $38,479 

million; Treasury accepted $25,000 million. All noncomp etitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.039 percent with the equivalent price of 

$99.925. Tenders at the high yield were allotted 58.90 percent. 

The median yield was 2.980 percent, and the low yield was 

2.920 percent. Noncompetitive tenders totaled $1,172 million 

including $100 million from Federal Reserve Banks (FRBs) as 

agents for foreign and international monetary authorities. 

Competitive tenders accepted from private investors totaled 

$23,828 million. 

In addition to the $25,000 million of tenders accepted in the 

auction process, Treasury accepted $5,766 million from FRBs 

for their own account. 

The minimum par amount required for STRIPS of notes of 

Series J-2004 is $1,000. 

FEBRUARY 

February Quarterly Financing 

On January 30, Treasury announced that it would auction 

$16,000 million of 4-3/4-year notes of Series F-2006 and 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

$13,000 million of 10-year notes of Series B-2012. The issue 

was to refund $4,146 million of Treasury securities maturing 

February 15 and to raise about $24,854 million of new cash. 

The 4-3/4-year 3-1/2 percent notes of Series F-2006 were 

dated November 15, 2001 and issued February 15, 2002. They 

are due November 15, 2006, with interest payable on May 15 

and November 15 until maturity. Accrued interest of $8.89503 

per $1,000, covering the period from November 15, 2001, to 

February 15, 2002, was payable with each accepted tender. 

Treasury received tenders for the notes before 12 noon e.s.t. 

for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 5. Tenders totaled $23,457 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.254 percent with an 

equivalent price of 96.780. Treasury accepted in full all 

competitive tenders at yields lower than 4.254. Tenders at the 

high yield were allotted 11.31 percent. The median yield was 

4.210 percent, and the low yield was 4.160 percent. 

Noncompetitive tenders totaled $617 million. Competitive 

tenders accepted from private investors totaled $15,383 million. 

In addition to the $16,000 million of tenders accepted in the 

auction process, Treasury accepted $944 million from FRBs for 

their own accounts. The minimum par amount required for 

STRIPS of notes of Series F-2006 is $1,000. 

The 10-year notes of Series B-2012 were dated and issued 

February 15, 2002. They are due February 15, 2012, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-7/8 percent after determining 

which tender were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon e.s.t. 

for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 6. Tenders totaled $23,353 

million; Treasury accepted $13,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.880 percent with an equivalent price of 

99.961. Tenders at the high yield were allotted 31.06 percent. 

Treas ury accepted in full all competitive tenders at yields lower 

than 4.880 percent. The median yield was 4.840 percent, and 

the low yield was 4.800 percent. Noncompetitive tenders 

totaled $529 million. Competitive tenders accepted from private 

investors totaled $12,471 million. 

In addition to the $13,000 million of tenders accepted in the 

auction process, Treasury accepted $753 million from FRBs for 

their own account. The minimum par amount required for 

STRIPS of Series B-2012 is $1,000. 

Auction of 2-Year Notes 

On February 20, Treasury announced it would auction 

$25,000 million of 2-year notes. The issue was to refund 

$23,628 million of securities maturing February 28 and to raise 

about $1,372 million of new cash. 

The notes of Series K-2004 were dated and issued February 

28, 2002. They are due February 29, 2004, with interest payable 

on August 31 and February 28 until maturity. Treasury set an 

interest rate of 3 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon e.s.t. 

for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 27. Tenders totaled $45,218 

million; Treasury accepted $25,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.059 percent with an equivalent price of 

99.886. Tenders at the high yield were allotted 35.07 percent. 

Treasury accepted in full all competitive tenders at yields lower 

than 3.059 percent. The median yield was 3.014 percent, and 

the low yield was 2.980 percent. Noncompetitive tenders 

totaled $1,320 million. Competitive tenders accepted from 

private investors totaled $23,680 million. 

In addition to the $25,000 million of tenders accepted in the 

auction process, Treasury accepted $6,735 million from FRBs 

for their own accounts. 

MARCH 

Auction of 2-Year Notes 

On March 20, Treasury announced it would auction 

$25,000 million of 2-year notes. The issue was to refund 

$23,666 million of securities maturing March 31 and to raise 

about $1,334 million of new cash. 

The notes of Series L-2004 were dated March 31, 2002, and 

issued April 1, 2002. They are due March 31, 2004, with 

interest payable on September 30 and March 31 until maturity. 

Treasury set an interest rate of 3-5/8 percent after determining 

which tenders were accepted on a yield auction basis. Accrued 

interest of $0.09904 per $1,000, covering the period from 

March 31, 2002, to April 1, 2002, was payable with each 

accepted tender. 

Treasury received tenders for the notes before 12 noon e.s.t. 

for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on March 27. Tenders totaled $49,042 

million; Treasury accepted $25,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.705 percent with an equivalent price of 

99.847. Tenders at the high yield were allotted 95.37 percent. 

Treasury accepted in full all competitive tenders at yields lower 

than 3.705 percent. The median yield was 3.670 percent, and 

the low yield was 3.610 percent. Noncompetitive tenders 

totaled $1,458 million. Competitive tenders accepted from 

private investors totaled $23,542 million. 

In addition to the $25,000 million of tenders accepted in the 

auction process, Treasury accepted $7,873 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series L-2004 is $1,000. 
PUBLIC DEBT OPERATIONS 35 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2002 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

2002 

Apr. 30............................................................. 6-5/8%-F note 04/30/97 14,475 3,316 11,158 

Apr. 30............................................................. 1 6-3/8%-U note 05/01/00 17,391 4,332 13,059 

May 15 ............................................................ 1 7-1/2%-A note 05/15/92 11,714 2,732 8,982 

May 31 ............................................................ 6-1/2%-G note 06/02/97 13,504 1,803 11,701 

May 31 ............................................................ 1 6-5/8%-V note 05/31/00 14,872 4,496 10,376 

June 30............................................................ 6-1/4%-H note 06/30/97 13,059 1,920 11,139 

June 30............................................................ 1 6-3/8%-W note 06/30/00 14,321 4,864 9,457 

July 15............................................................. 1 3-5/8%-J note 07/15/97 18,595 995 17,600 

July 31............................................................. 6%-K note 07/31/97 12,231 797 11,434 

July 31............................................................. 1 6-1/4%-X note 07/31/00 15,058 4,845 10,213 

Aug. 15............................................................ 1 6-3/8%-B note 08/17/92 23,859 4,700 19,159 

Aug. 31............................................................ 6-1/4%-L note 09/02/97 12,732 2,205 10,527 

Aug. 31............................................................ 1 6-1/8%-Y note 08/31/00 15,072 4,226 10,846 

Sept. 30........................................................... 1 5-7/8% -M note 09/30/97 12,807 2,109 10,698 

Sept. 30........................................................... 1 6%-Z note 10/02/00 15,144 5,237 9,907 

Oct. 31............................................................. 1 5-3/4%-N note 10/31/97 26,594 5,339 21,255 

Nov. 15, 02-07................................................... 7-7/8% bond 11/15/77 1,495 389 1,106 

Nov. 15............................................................ 11-5/8% bond 09/29/82 2,753 794 1,959 

Nov. 30............................................................ 1 5-3/4%-P note 12/01/97 12,121 1,556 10,565 

Nov. 30............................................................ 1 5-5/8%-AC note 11/30/00 15,059 3,784 11,274 

Dec. 31............................................................ 1 5-5/8%-Q note 12/31/97 12,052 1,149 10,904 

Dec. 31............................................................ 1 5-1/8%-AD note 01/02/01 14,822 4,574 10,248 

Total...................................... 309,729 66,161 243,568 

2003 

Jan. 31 ............................................................ 1 5-1/2%-C note 02/02/98 13,101 2,044 11,056 

Jan. 31 ............................................................ 1 4-3/4%-L note 01/31/01 15,453 4,092 11,360 

Feb. 15............................................................ 10-3/4% bond 01/04/83 3,007 867 2,139 

Feb. 15............................................................ 1 6-1/4%-A note 02/16/93 23,563 2,972 20,591 

Feb. 28............................................................ 1 5-1/2%-D note 03/02/98 13,670 2,532 11,139 

Feb. 28............................................................ 1 4-5/8% -M note 02/28/01 14,685 4,138 10,547 

Mar. 31............................................................ 1 5-1/2%-E note 03/31/98 14,173 3,792 10,381 

Mar. 31............................................................ 1 4-1/4%-N note 04/02/01 14,675 4,042 10,633 

Apr. 30............................................................. 1 5-3/4%-F note 04/30/98 12,573 3,113 9,460 

Apr. 30............................................................. 1 4%-P note 04/30/01 13,339 3,568 9,770 

May 15 ............................................................ 10-3/4% bond 04/04/83 3,249 964 2,285 

May 31 ............................................................ 1 5-1/2%-G note 06/01/98 13,132 2,268 10,864 

May 31 ............................................................ 1 4-1/4%-Q note 05/31/01 13,332 3,482 9,850 

June 30............................................................ 1 5-3/8%-H note 06/30/98 13,127 2,255 10,872 

June 30............................................................ 1 3-7/8%-R note 06/30/01 14,671 4,092 10,580 

July 31............................................................. 1 3-7/8%-S note 07/31/01 16,003 4,606 11,397 

Aug. 15, 03-08................................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15............................................................ 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15............................................................ 1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15............................................................ 1 5-1/4% -J note 08/17/98 19,852 3,468 16,384 

Aug. 31............................................................ 1 3-5/8%-T note 08/31/01 18,665 4,717 13,948 

Sept. 30........................................................... 1 2-3/4%-U note 10/01/01 22,675 5,980 16,696 

Oct. 31............................................................. 1 2-3/4%-V note 10/31/01 25,148 6,143 19,005 

Nov. 15, 03-08................................................... 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15............................................................ 11-7/8% bond 10/05/83 7,260 1,936 5,324 

Nov. 15............................................................ 4-1/4%-K note 11/16/98 18,626 1,538 17,087 

Nov. 30............................................................ 1 3%-W note 11/30/01 26,171 5,571 20,599 

Dec. 31............................................................ 1 3-1/4%-X note 12/31/01 29,667 7,208 22,459 

Total...................................... 418,661 93,361 325,300 

See footnote at end of table. 
36 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

Description 

(1) 

Issue date 

Date of final maturity (2)

2004 

Jan. 31............................................................ 

Feb. 15............................................................ 

Feb. 15............................................................ 

Feb. 29............................................................ 

May 15, 04-09................................................... 

May 15............................................................ 

May 15............................................................ 

May 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ 

Nov. 15, 04-09................................................... 

Nov. 15............................................................ 

Nov. 15............................................................ 

Nov. 15............................................................ 

2005 

Feb. 15, 05-10................................................... 

Feb. 15............................................................ 

May 15, 05-10................................................... 

May 15............................................................ 

May 15............................................................ 

May 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ 

Nov. 15, 05-10................................................... 

Nov. 15............................................................ 

Nov 15............................................................. 

2006 

Feb. 15............................................................ 

Feb. 15............................................................ 

May 15, 06-11................................................... 

May 15............................................................ 

May 15............................................................ 

July 15............................................................. 

Oct. 15............................................................. 

Nov. 15, 06-11................................................... 

Nov. 15............................................................ 

2007 

Jan. 15............................................................ 

Feb. 15............................................................ 

May 15............................................................ 

Aug. 15............................................................ 

Nov. 15, 07-12................................................... 

See footnote at end of table. 

1 3%-J note 01/31/02 1 5-7/8%-A note 02/15/94 1 4-3/4%-E note 02/16/99 1 3%-K note 02/28/02 

9-1/8% bond 05/15/79 

12-3/8% bond 04/05/84 1 7-1/4%-B note 05/16/94 1 5-1/4%-F note 05/17/99 

13-3/4% bond 07/10/84 1 7-1/4%-C note 08/15/94 1

 6%-G note 08/16/99 

10-3/8% bond 11/15/79 1 11-5/8% bond 10/30/84 1 7-7/8%-D note 11/15/94 

1 5-7/8%-H note 11/15/99 

30,776 5,766 25,009 

12,955 940 12,015 

17,823 2,274 15,549 

31,746 6,735 25,011 

4,606 1,111 3,495 

3,755 925 2,830 

14,440 3,567 10,873 

18,925 2,721 16,205 

4,000 942 3,059 

13,346 1,804 11,543 

18,090 2,034 16,056 

4,201 1,076 3,125 

8,302 1,972 6,330 

14,374 3,417 10,956 

32,658 4,641 28,017 

Total...................................... 229,998 39,924 190,074 

11-3/4% bond 02/15/80 1 7-1/2%-A note 02/15/95 

10% bond 05/15/80 1 12% bond 04/02/85 1 6-1/2%-B note 05/15/95 1 6-3/4%-E note 05/15/00 1 10-3/4% bond 07/02/85 1 6-1/2%-C note 08/15/95 

12-3/4% bond 11/17/80 1 5-7/8%-D note 11/24/95 1 5-3/4%-F note 11/15/00 

2,315 858 1,457 

13,835 2,964 10,871 

2,987 1,177 1,811 

4,261 896 3,364 

14,740 2,216 12,524 

28,562 4,926 23,637 

9,270 2,081 7,189 

15,003 2,188 12,814 

4,081 1,261 2,821 

15,210 2,055 13,155 

28,063 3,753 24,310 

Total.......................................... 138,326 24,374 113,953 

1 9-3/8% bond 01/15/86 1 5-5/8%-A note 02/15/96 

13-7/8% bond 05/15/81 1 6-7/8%-B note 05/15/96 1 4-5/8%-E note 05/15/01 1 7%-C note 07/15/96 1 6-1/2%-D note 10/15/96 

14% bond 11/16/81 

1 3-1/2%-F note 11/15/01 

4,756 969 3,787 

15,514 1,943 13,571 

3,545 1,074 2,471 

16,015 3,355 12,661 

27,798 3,798 24,000 

22,740 4,759 17,982 

22,460 4,600 17,860 

4,048 975 3,073 

35,380 3,744 31,636 

Total.......................................... 152,256 25,216 127,040 

1 3-3/8%-A note 02/06/97 17,613 1,699 15,914 1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 1 6-1/8%-D note 08/15/97 25,637 4,594 21,043 

10-3/8% bond 11/15/82 10,126 1,919 8,207 

Total.................. ..................... 80,438 12,219 68,218 
PUBLIC DEBT OPERATIONS 37 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

Description 

(1) 

Issue date 

Date of final maturity (2)

2008 

Jan. 15............................................................ 

Feb. 15........................................................... 

May 15 ........................................................... 

Aug. 15, 08-13 .................................................. 

Nov. 15........................................................... 

2009 

Jan. 15............................................................ 

May 15, 09-14................................................... 

May 15............................................................ 

Aug. 15, 09-14 .................................................. 

Aug. 15........................................................... 

Nov. 15, 09-14 .................................................. 

2010 

Jan. 15............................................................ 

Feb. 15........................................................... 

Aug. 15........................................................... 

2011 

Jan. 15............................................................ 

Feb. 15........................................................... 

Aug. 15........................................................... 

2012 

Jan. 15............................................................ 

Feb. 15........................................................... 

2015 

Feb. 15........................................................... 

Aug. 15........................................................... 

Nov. 15........................................................... 

2016 

Feb. 15........................................................... 

May 15............................................................ 

Nov. 15........................................................... 

2017 

May 15............................................................ 

Aug. 15........................................................... 

2018 

May 15............................................................ 

Nov. 15........................................................... 

2019 

Feb. 15........................................................... 

Aug. 15........................................................... 

See footnote at end of table. 

1 3-5/8%-A note 01/15/98 1 5-1/2%-B note 02/17/98 1 5-5/8%-C note 05/15/98 

12% bond 08/15/83 

4-3/4%-D note 11/16/98 

18,428 1,894 16,534 

13,583 1,855 11,728 

27,191 5,112 22,079 

11,917 3,041 8,876 

25,083 3,428 21,655 

Total...................................... 96,202 15,330 80,872 

1 3-7/8%-A note 01/15/99 

13-1/4% bond 05/15/84 1 5-1/2%-B note 05/17/99 

12-1/2% bond 08/15/84 1 6%-C note 08/16/99 

1 11-3/4% bond 11/15/84 

17,171 975 16,196 

4,481 869 3,611 

14,795 2,425 12,370 

4,388 906 3,482 

27,400 4,807 22,593 

5,015 1,195 3,820 

Total...................................... 73,250 11,177 62,073 

1 4-1/4%-A note 01/18/00 1 6-1/2%-B note 02/15/00 1 5-3/4%-C note 08/15/00 

11,916 578 11,338 

23,356 3,962 19,394 

22,438 2,819 19,618 

Total...................................... 57,709 7,359 50,350 

1 3-1/2% -A note 01/16/01 11,193 169 11,024 1 5%-B note 02/15/01 23,436 3,428 20,008 

1 5%-C note 08/15/01 26,635 2,635 24,001 

Total...................................... 61,265 6,232 55,033 

1 3-3/8% -A note 01/15/02 6,004 - 6,004 1 4-7/8% -B note 02/15/02 13,389 753 12,636 

Total...................................... 19,394 753 18,641 

1 11-1/4% bond 02/15/85 10,783 1,846 8,938 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total...................................... 20,392 4,020 16,372 

1 9-1/4% bond 02/18/86 5,502 1,037 4,465 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 1 7-1/2% bond 11/17/86 18, 824 1,751 17,073 

Total...................................... 43,150 3,887 39,263 

1 8-3/4% bond 05/15/87 15,619 2,755 12,864 

1 8-7/8% bond 08/17/87 11,208 2,058 9,150 

Total...................................... 26,828 4,813 22,015 

1 9-1/8% bond 05/16/88 6,797 1,240 5,558 1 9% bond 11/22/88 7,174 1,053 6,121 

Total...................................... 13,972 2,293 11,679 

1 8-7/8% bond 02/15/89 13,320 2,373 10,947 

1 8-1/8% bond 08/15/89 18,941 2,710 16,231 

Total...................................... 32,261 5,083 27,178 
38 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2002, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

Description

(1)

Issue date

(2)

Total

(3)

U.S. Government accounts

and Federal

Reserve Banks

(4)

All other

investors

(5)

2020

Feb. 15 ................................................................

1 8-1/2% bond 02/15/90 9,656 1,486 8,170 

May 15................................................................

1 8-3/4% bond 05/15/90 7,707 1,502 6,206 

Aug. 15 ................................................................

1 8-3/4% bond 08/15/90 17,259 2,629 14,630 

Total ............................................

34,623 5,617 29,006 

2021

Feb. 15 ................................................................

1 7-7/8% bond 02/15/91 10,196 1,530 8,666 

May 15................................................................

1 8-1/8% bond 05/15/91 10,192 1,618 8,574 

Aug. 15 ................................................................

1 8-1/8% bond 08/15/91 9,926 1,658 8,268 

Nov. 15................................................................

1 8% bond 11/15/91 30,632 4,256 26,376 

Total ............................................

60,946 9,061 51,885 

2022

Aug. 15 ................................................................

1 7-1/4% bond 08/17/92 10,228 1,509 8,719 

Nov. 15................................................................

1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ............................................

17,651 3,110 14,542 

2023

Feb. 15 ................................................................

1 7-1/8% bond 02/16/93 16,152 2,636 13,517 

Aug. 15 ................................................................

1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total ............................................

38,811 4,245 34,566 

2024

Nov. 15................................................................

1 7-1/2% bond 08/15/94 9,704 1,615 8,089 

Total ............................................

9,704 1,615 8,089 

2025

Feb. 15 ................................................................

1 7-5/8% bond 02/15/95 10,019 1,594 8,426 

Aug. 15 ................................................................

1 6-7/8% bond 08/15/95 11,267 1,800 9,468 

Total ............................................

21,286 3,393 17,893 

2026

Feb. 15 ................................................................

1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 ................................................................

1 6-3/4% bond 08/15/96 9,000 1,614 7,386 

Nov. 15................................................................

1 6-1/2% bond 11/15/96 10,870 1,724 9,146 

Total ............................................

32,709 4,502 28,207 

2027

Feb. 15 ................................................................

1 6-5/8% bond 02/18/97 9,602 1,485 8,117 

Aug. 15 ................................................................

1 6-3/8% bond 08/15/97 9,357 1,640 7,717 

Nov. 15................................................................

1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ............................................

40,980 6,473 34,507 

2028

Apr. 15................................................................

1 3-5/8% bond 04/15/98 18,403 2,647 15,756 

Aug. 15 ................................................................

1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15................................................................

1 5-1/4% bond 11/16/98 10,947 1,491 9,456 

Total ............................................

41,127 5,910 35,216 

2029

Feb. 15 ................................................................

1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15................................................................

1 3-7/8% bond 04/15/99 21,245 2,497 18,748 

Aug. 15 ................................................................

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ............................................

43,774 5,837 37,937 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 39 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

Date of final maturity (5)

2030 

May 15............................................................ 

2031 

Feb. 15........................................................... 

2032 

Apr. 15............................................................ 

1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total...................................... 17,043 1,894 15,149 

1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total...................................... 16,428 1,423 15,005 

1 3-3/8% bond 10/15/01 5,012 156 4,857 

Total...................................... 5,012 156 4,857 

1

 This security is eligible for stripping. See table V of the Monthly Statement of the Public 

Debt of the United States. 
40 PUBLIC DEPT OPERATIONS 

TABLE PDO-2. —Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Description of new issue Amounts of bids accepted On total competitive bids accepted 

Number Amount On non- High High investof days to of bids Total On competitive competitive High price per discount rate ment rate 

Maturity date maturity 1 tendered amount 2 basis basis 3 hundred (percent) (percent) 4 

Issue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Regular weekly: 

(4 week, 13 week and 26 week) 

2002 - Jan. 3 ......... 2002 - Jan. 31 28 25,275.2 8,574.5 6,986.3 13.9 99.868 1.700 1.723 

July 5 91 34,982.7 16,786.7 11,313.0 1,337.2 99.568 1.710 1.740 

Apr. 4 183 32,790.7 20,083.8 13,830.1 1,095.2 99.085 1.800 1.842 

Jan. 10 ......... Feb. 7 28 27,294.3 7,802.8 5,973.0 27.0 99.871 1.660 1.684 

Apr. 11 91 34,871.8 15,550.2 10,244.6 1,477.4 99.582 1.655 1.684 

July 11 182 32,112.9 18,887.7 12,920.2 955.2 99.115 1.750 1.791 

Jan. 17 ......... Feb. 14 28 30,054.5 8,526.7 5,973.5 26.6 99.875 1.605 1.632 

Apr. 18 91 33,413.2 16,830.3 11,413.5 1,371.7 99.613 1.530 1.558 

July 18 182 31,596.7 17,639.4 11,750.4 1,199.8 99.201 1.580 1.615 

Jan. 24 ......... Feb. 21 28 26,868.8 8,537.8 5,983.9 16.2 99.871 1.655 1.684 

Apr. 25 91 32,213.9 18,820.3 12,310.0 1,421.1 99.578 1.670 1.700 

July 25 182 26,960.2 17,673.1 12,071.6 928.4 99.123 1.735 1.774 

Jan. 31 ......... Feb. 28 28 34,128.8 11,667.1 9,969.4 30.6 99.869 1.680 1.710 

May 2 91 35,473.4 20,010.4 13,263.8 1,569.4 99.566 1.715 1.748 

Aug. 1 182 34,588.2 19,132.0 12,217.0 1,311.1 99.075 1.830 1.872 

Feb. 7 ......... Mar. 7 28 40,096.2 16,523.8 13,974.8 25.5 99.868 1.700 1.723 

May 9 91 35,863.4 20,964.6 14,246.2 1,659.0 99.561 1.735 1.769 

Aug. 8 182 32, 722.7 19,052.7 12,834.7 1,065.7 99.075 1.830 1.872 

Feb. 14 ......... Mar. 14 28 49,339.5 20,221.0 17,976.2 24.0 99.866 1.720 1.749 

May 16 91 41,413.0 21,446.3 14,265.7 1,534.4 99.566 1.715 1.748 

Aug. 15 182 43,969.1 19,110.1 12,522.2 1,352.9 99.085 1.810 1.852 

Feb. 21 ......... Mar. 21 28 59,861.4 25,135.6 22,980.8 20.2 99.866 1.720 1.749 

May 23 91 38,368.7 21,772.3 14,409.1 1,441.0 99.563 1.730 1.760 

Aug. 22 182 39,862.9 18,950.6 12,985.2 964.8 99.075 1.830 1.872 

Feb. 28 ......... Mar. 28 28 54,895.3 26,880.1 22,971.2 29.4 99.864 1.745 1.775 

May 30 91 41,987.6 21,754.5 13,170.5 1,622.5 99.561 1.735 1.769 

Aug. 29 182 38,677.6 19,810.4 11,914.8 1,600.6 99.065 1.850 1.893 

Mar. 7 ......... Apr. 4 28 48,022.2 23,748.9 20,975.2 24.8 99.864 1.750 1.775 

June 6 91 32,092.5 19,149.4 12,267.0 1,473.1 99.555 1.760 1.793 

Sept. 5 182 37,897.5 17,640.7 11,941.1 1,034.2 99.045 1.890 1.934 

Mar. 14 ......... Apr. 11 28 51,803.0 25,100.2 22,965.9 34.3 99.862 1.770 1.801 

June 13 91 37,246.5 17,770.8 11,424.8 1,425.2 99.539 1.825 1.858 

Sept. 12 182 36,449.7 17,660.9 11,721.1 1,278.9 98.979 2.020 2.069 

Mar. 21 ......... Apr. 18 28 34,979.3 20,669.1 18,979.1 21.1 99.862 1.780 1.801 

June 20 91 44,399.5 17,834.8 11,428.8 1,397.1 99.535 1.840 1.874 

Sept. 19 182 31,757.6 17, 714.7 12,016.2 983.9 98.954 2.070 2.120 

Mar. 28 ......... Apr. 25 28 46,837.4 22,308.6 18,978.8 21.9 99.862 1.770 1.801 

June 27 91 37,415.9 17,150.8 10,371.6 1,414.4 99.540 1.820 1.854 

Sept. 26 182 38,783.8 16,737.1 10,267.5 1,212.5 98.933 2.110 2.163 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price 

weeks or 52 weeks. Certain 26- week bills represent additional issues of bills with an original of accepted competitive bids. All Treasury marketable auctions are conducted in a 

maturity of 52 weeks. single-price format as of November 2, 1998. 2

 Includes amount awarded to the Federal Reserve System. 4 Equivalent coupon-issue yield.
PUBLIC DEPT OPERATIONS 41 

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Accepted yield and 

equivalent price 

Period to final maturity Amount Amount for notes and 

Issue date Description of securities 1 (years, months, days) 2 tendered accepted 3,4 bonds 

Auction date (1) (2) (3) (4) (5) (6) 

04/25/01 04/30/01 4% note—04/30/03-P 2y 30,201 13,336 4.124 - 99.764 

05/08/01 05/ 15/01 4-5/8% note—05/15/06-E 5y 29,541 16,175 4.660 - 99.845 

05/09/01 05/15/01 5% note—02/15/11-B-reopening 9y 9m 25,482 11,457 5.189 - 98.551 

05/30/01 05/31/01 4-1/4% note—05/31/03-Q 2y 29,215 13,333 4.327 - 99.854 

05/30/01 05/31/01 3.95% bill—06/14/01 14d 59,815 20,001 

05/31/01 06/01/01 3.97% bill—06/15/01 14d 68,950 35,000 

06/27/01 07/02/01 3-7/8% note—06/30/03-R 2y 28,560 14,667 3.990 - 99.781 

07/02/01 07/03/01 3.75% bill—-07/12/01 9d 40,000 13,000 

07/11/01 07/16/01 3-1/2% note—-11/15/11-A-reopening 9y 6m 9,505 5,000 3.500 - 101.863 

07/25/01 07/31/01 3-7/8% note—07/31/03-S 2y 33,506 16,000 3.965 - 99.829 

08/07/01 08/15/01 4-5/8% note—05/15/06-E-reopening 4y 9m 24,249 11,624 4.670 - 99.797 

08/08/01 08/15/01 5% note—08/15/11-C 10y 32,395 12,043 5.078 - 99.394 

08/09/01 08/15/01 5-3/8% bond—02/15/31-reopening 29y 6m 11,345 5,540 5.520 - 97.900 

08/29/01 08/31/01 3-5/8% note—08/13/03-T 2y 34,981 18,667 3.685 - 99.885 

09/26/01 10/01/01 2-3/4% note—09/30/03-U 2y 46,848 22,667 2.869 - 99.770 

10/04/01 10/05/01 5% note—08/15/11-C-reopening 9y 10m 14,175 6,000 4.519 - 103.783 

10/10/01 10/15/01 3-3/8% bond—04/15/32 30y 6m 11,157 5,000 3.465 - 98.314 

10/24/01 10/31/01 2-3/4% note—10/31/03-V 2y 49,363 25,143 2.770 - 99.961 

11/06/01 11/15/01 3-1/2% note—11/15/06-F 5y 37,671 18,799 3.617 - 99.469 

11/07/01 11/15/01 5% note—08/15/11-C-reopening 9y 9m 15,636 8,592 4.220 - 106.170 

11/28/01 11/30/01 3% note—11/30/03-W 2y 36,929 26,167 3.008 - 99.985 

12/27/01 12/31/01 3-1/4% note—12/31/03-X 2y 61,963 29,666 3.300 - 99.904 

01/09/02 01/15/02 3-3/8% note—01/15/12-A 10y 14,317 6,000 3.480 - 99.120 

01/23/02 01/31/02 3% note—01/31/04 -J 2y 44,245 30,766 3.039 - 99.925 

02/05/02 02/15/02 3-1/2% note—11/15/06-F-reopening 4y 9m 24,401 16,944 4.254 - 96.780 

02/06/02 02/15/02 4-7/8% note—02/15/12-B 10y 24,106 13,753 4.880 - 99.961 

02/27/02 02/28/02 3% note—02/29/04-K 2y 51,953 31,735 3.059 - 99.886 

03/27/02 04/01/02 3-5/8% note—03/31/04-L 2y 56,916 32,873 3.705 - 99.847 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 4 Includes securities issued to the Federal Reserve System; and to foreign and 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of international monetary authorities, whether in exchange for maturing securities or for new 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and cash.

bonds are eligible for STRIPS. 2

 From date of additional issue in case of a reopening. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded 3

 In reopenings, the amount accepted is in addition to the amount of original offerings. on auction day.
42 PUBLIC DEBT OPERATIONS 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Private 

pension 

Deposi- and Foreign 

Federal tory Dealers retire- Invest- Insurance and 

Total Reserve insti - Individ- and ment ment com- internaDate of issue Banks tutions 1 uals 2 brokers funds funds panies tional Other 3 

financing Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9 

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310 

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6 

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350 

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262 

08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/11-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

02/15/01 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

04/30/01 4% note—4/30/03-P 13,339 3,333 57 986 6,994 1 23 1 1,925 19 

05/15/01 4-5/8% note—5/16/06-E 16,181 3,175 12 362 10,519 76 1,377 * 656 4 

05/15/01 5% note—2/15/11-B-reopening 11,460 2,457 1 372 6,349 * 1,760 - 515 6 

05/31/01 4-1/4% note—5/31/03-Q 13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

07/02/01 3-7/8% note—6/30/03-R 14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

07/16/01 3-1/2% note—1/15/11-A-reopening 5,000 - 76 135 2,967 50 741 422 352 257 

07/31/01 3-7/8% note—7/31/01-S-2003 16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

08/15/01 4-5/8% note—5/15/06-E-reopening 11,617 623 8 165 9,447 * 738 - 635 1 

08/15/01 5% note—8/15/11-C 12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

08/15/01 5-3/8% bond—2/15/31- reopening 5,541 540 55 53 3,681 10 1,013 - 188 1 

08/31/01 3-5/8% note—8/31/03-T 18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

10/01/01 2-3/4% note—9/30/03-U 22,675 5,667 138 893 10,361 1 128 * 5,475 12 

10/05/01 5% note—08/15/11-C-reopening 6,000 - - * 4,651 - 1,112 - 175 62 

10/15/01 3-3/8% bond—4/13/32 5,000 - 4 88 2,065 370 1,826 54 338 255 

10/31/01 2-3/4% note—10/31/03-V 25,126 6,143 45 698 11,415 10 751 * 6,037 27 

11/15/01 3-1/2% note—11/15/06-F 18,804 2,799 3,009 192 9,201 1 206 25 3,360 10 

11/15/01 5% note—8/15/11-C-reopening 8,596 1,592 201 77 5,548 - 200 - 975 3 

11/30/01 3% note—11/30/03-W 26,171 5,167 55 738 14,299 - 501 - 5,400 10 

12/31/01 3-1/4% note—12/31/03-X 29,668 6,666 41 852 14,373 1 5,202 1 2,478 53 

01/15/02 3-3/8% note—1/15/12-A 6,004 - 17 535 2,565 5 2,524 - 355 3 

01/31/02 3% note—1/31/04-J 30,776 5,766 75 1,065 18,830 1 976 * 4,030 33 

02/15/02 3-1/2% note—11/15/06-F-reopening 16,579 944 13 235 13,130 5 900 2 1,340 10 

02/15/02 4-7/8% note—2/15/12-B 13,389 753 13 187 8,122 116 2,617 - 1,580 1 

02/28/02 3% note—2/29/04-K 31,746 6,735 171 1,271 19,705 1 619 1 2,867 376 

04/01/02 3-5/8% note—3/31/04-L 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245 

* Less than $500,000. 

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts. 3

 Residual.
43 

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 1982. Series J and K were sold from May 1, 1952, through 

bonds, on sale since September 1, 1998, are the savings April 30, 1957. U.S. savings notes were on sale May 1, 

bonds currently being sold. Series HH bonds are issued in 1967, through June 30, 1970. The notes were eligible for 

exchange for series E and EE savings bonds and savings purchase by individuals with the simultaneous purchase of 

notes. Series A-D were sold from March 1, 1935, through series E savings bonds. 

April 30, 1941. Series E was on sale from May 1, 1941, The principal terms and conditions for purchase and through December 31, 1979 (through June 1980 to payroll redemption and information on investment yields of savings

savers only). Series F and G were sold from May 1, 1941, notes appear in the “Treasury Bulletins” of March 1967 and through April 30, 1952. Series H was sold from June 1, June 1968; and in the Annual Report of the Secretary of the 1952, through December 31, 1979. Series HH bonds were Treasury for fiscal 1974.

sold for cash from January 1, 1980, through October 31, 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2002 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Series 

Sales 1 

(1) 

Accrued 

Discount 

(2) 

Sales plus 

accrued discount 

(3) 

Redemptions 1 

(4) 

Interestbearing debt 

(5) 

Matured 

non-interestbearing debt 

(6) 

Savings bonds: 

Series A-D 2 ............................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H and HH ................................ 375,328 225,470 600,798 384,349 172,744 8,234 

Series I ..................................................... 8,942 217 9,159 189 10,837 -

Series F and G............................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K............................................ 3,556 198 3,754 3,753 - -

Savings notes ............................................. 862 710 1,572 1,311 - 122 

Total...................................................... 421,033 228,774 649,807 424,121 183,581 8,360 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 2

 Details by series on a cumulative basis and by period of series A-D combined can be 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J found in the February 1952 and previous issues of the “Treasury Bulletin.”

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds.
44 U.S. SAVINGS BONDS AND NOTES 

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Sales plus Redemptions Matured 

Accrued accrued Accrued Interest- non-interestSales discount discount Total Sales price 1 discount 1 bearing debt bearing debt 

Period (1) (2) (3) (4) (5) (6) (7) (8) 

Fiscal years: 

1935-98........................... 386,717 201,511 588,228 379,502 302,095 99,666 180,744 5,091 

1999............................... 6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169 

2000............................... 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

2001............................... 8,047 8,381 16,428 13,846 6,480 5,824 179,515 6,751 

Calendar years: 

1935-98........................... 397,079 224,465 621,544 423,677 314,596 109,081 180,254 6,273 

1999............................... 6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

2000............................... 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001............................... 1,277 1,475 2,752 2,822 1,326 1,496 177,049 7,430 

2001 - Mar....................... 698 662 1,359 1,203 561 433 177,305 7,299 

Apr ....................... 820 805 1,625 1,209 538 579 177,783 7,207 

May ...................... 708 612 1,320 1,130 506 519 178,054 7,087 

June ..................... 624 657 1,281 1,072 490 491 178,329 6,985 

July ...................... 718 767 1,485 1,163 544 506 178,715 6,900 

Aug ...................... 746 685 1,430 1,214 566 544 179,000 6,811 

Sept...................... 707 647 1,355 856 400 364 179,515 6,751 

Oct....................... 2,198 787 2,985 971 424 440 181,581 6,670 

Nov ...................... 2,146 574 2,720 882 384 401 183,078 6,599 

Dec ...................... 915 618 1,533 987 484 420 181,416 8,780 

2002 - Jan....................... 1,233 726 1,958 1,371 554 685 182,234 8,522 

Feb....................... 948 657 1,606 975 396 439 182,961 8,364 

Mar....................... 1,023 477 1,500 1,001 424 443 183,540 8,235 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Amount outstanding 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

(9) 

Series E and EE 

Fiscal years: 

1941-98............... 345,255 197,852 543,107 336,808 244,791 93,026 21,597 180,744 5,091 

1999................... 4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 

2000................... 3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

2001................... 4,307 8,271 12,578 12,822 5,330 6,469 1,160 161,044 6,710 

Calendar years: 

1941-98............... 346,997 211,608 558,605 351,094 255,493 101,165 23,918 167,375 6,250 

1999................... 5,460 8,774 14,234 13,804 6,171 6,435 1,101 165,702 6,983 

2000................... 4,396 8,262 12,658 12,951 6,631 7,551 663 161,386 7,739 

2001................... 

2001 - Mar........... 

Apr........... 

May .......... 

June......... 

July .......... 

Aug .......... 

Sept.......... 

Oct........... 

Nov .......... 

Dec .......... 

2002 - Jan........... 

Feb........... 

Mar........... 

See note at end of table. 

715 1,446 2,161 2,608 1,096 1,407 191 161,101 7,386 

375 646 1,356 1,106 454 579 114 161,029 7,259 

414 788 1,624 1,114 431 579 105 161,131 7,140 

318 595 1,317 1,035 398 519 118 161,000 7,030 

336 658 1,279 978 382 491 106 160,986 6,934 

379 747 1,483 1,052 435 504 113 161,027 6,853 

351 662 1,428 1,102 457 541 104 160,918 6,768 

320 624 1,344 784 330 362 93 161,044 6,710 

973 762 1,735 877 332 438 108 161,874 6,630 

194 547 741 791 296 399 98 161,408 6,561 

489 589 1,078 902 401 418 84 159,365 8,695 

514 695 1,209 1,259 378 682 133 159,430 8,447 

415 614 1,029 874 255 436 142 159,596 8,295 

540 433 973 895 281 440 136 159,662 8,171 
U.S. SAVINGS BONDS AND NOTES 45 

TABLE SBN-3.—Sales and Rede mptions by Period, Series E, EE, H, HH and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

Period (9)

Series H and HH 

Fiscal years: 

1952-98........................... 13,638 - 13,638 22,305 22,305 - 21,515 12,541 19 

1999............................... 167 - 167 1,280 1,280 - 1,080 12,813 19 

2000............................... 165 - 165 1,154 1,154 - 924 12,759 20 

2001............................... 101 - 101 1,023 1,023 - 1,160 12,815 41 

Calendar years: 

1952-98........................... 13,614 - 13,614 23,219 23,219 - 22,528 12,594 23 

1999............................... 40 - 40 820 820 - 1,101 12,869 22 

2000............................... 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001............................... 12 - 12 214 214 - 191 12,704 44 

2001 - Mar....................... 3 - 3 97 97 - 114 12,722 40 

Apr ....................... 1 - 1 94 94 - 105 12,705 67 

May ...................... 4 - 4 96 96 - 118 12,733 57 

June ..................... 2 - 2 94 94 - 106 12,750 51 

July ...................... 1 - 1 94 94 - 113 12,773 47 

Aug ...................... 3 - 3 93 93 - 104 12,790 43 

Sept...................... 11 - 11 58 58 - 93 12,815 41 

Oct....................... 3 - 3 77 77 - 108 12,845 40 

Nov ...................... 2 - 2 70 70 - 98 12,876 38 

Dec ...................... 8 - 8 62 62 - 84 12,860 85 

2002 - Jan....................... 13 - 13 88 88 - 133 12,928 75 

Feb....................... 10 - 10 79 79 - 141 12,986 69 

Mar....................... 3 - 3 82 82 - 136 13,042 63 

Series I 

Fiscal years: 

1999-00........................... 1,730 41 1,771 49 49 - - 2,152 -

2001............................... 3,633 195 3,828 131 131 - - 5,656 -

Calendar years: 

1998............................... 117 - 117 - - - - 117 -

1999............................... 568 1 569 14 14 - - 469 -

2000............................... 1,898 70 1,968 61 61 - - 2,712 -

2001............................... 549 28 577 18 18 - - 3,244 -

2001 - Mar....................... 320 16 336 10 10 - - 3,554 -

Apr ....................... 406 16 422 12 12 - - 3,948 -

May ...................... 386 18 404 13 13 - - 4,321 -

June ..................... 286 19 305 14 14 - - 4,593 -

July ...................... 338 20 358 15 15 - - 4,916 -

Aug ...................... 392 22 414 16 16 - - 5,292 -

Sept...................... 376 24 400 13 13 - - 5,656 -

Oct....................... 1,222 25 1,247 15 15 - - 6,863 -

Nov ...................... 1,950 27 1,977 18 18 - - 8,795 -

Dec ...................... 418 28 446 21 21 - - 9,192 -

2002 - Jan....................... 706 30 736 22 22 - - 9,876 -

Feb....................... 523 43 566 20 20 - - 10,379 -

Mar....................... 479 45 524 22 22 - - 10,837 -

Note—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
46 

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 

Public Debt 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 Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’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 amount of 

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial 

institution regulatory agencies. 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.) 
OWNERSHIP OF FEDERAL SECURITIES 47 

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

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

Total Public debt securities 

Federal Held by U.S. Government accounts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

2001 - Mar................................ 

Apr................................ 

May ................................ 

June................................ 

July ................................ 

Aug ................................ 

Sept................................ 

Oct................................ 

Nov ................................ 

Dec ................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 

5,688,136 5,661,348 2,363,973 460 2,363,513 544,455 

5,682,853 5,656,182 2,379,862 460 2,379,402 545,667 

5,753,914 5,726,815 2,452,639 460 2,452,179 552,164 

5,745,240 5,718,303 2,452,358 460 2,451,898 554,293 

5,796,493 5,769,876 2,429,635 460 2,429,175 560,005 

5,834,475 5,807,464 2,468,757 460 2,468,297 559,636 

5,842,758 5,815,983 2,483,578 460 2,483,118 563,010 

5,915,552 5,888,897 2,485,497 460 2,485,037 569,918 

5,970,267 5,943,439 2,549,681 460 2,549,221 574,863 

5,963,970 5,937,229 2,558,938 460 2,558,478 581,069 

6,029,884 6,003,453 2,561,674 311 2,561,363 587,481 

6,032,411 6,006,032 2,562,358 311 2,562,047 595,082 

Agency securities 

Held by 

Public debt securities, con. U.S. Government 

End of Held by private investors accounts and 

Total Federal Reserve 

Held by 

private 

fiscal year Total Marketable Nonmarketable outstanding Banks investors 

or month (7) (8) (9) (10) (11) (12) 

2001 - Mar ........................................................... 2,892,210 2,475,233 416,977 26,818 51 26,767 

Apr ........................................................... 2,752,920 2,332,957 419,963 26,788 51 26,737 

May .......................................................... 2,730,653 2,309,290 421,363 26,671 - 26,671 

June ......................................................... 2,722,012 2,303,111 418,901 27,099 - 27,099 

July .......................................................... 2,711,652 2,298,132 413,521 26,937 - 26,937 

Aug .......................................................... 2,780,236 2,368,367 411,869 26,617 - 26,617 

Sept.......................................................... 2,779,070 2,370,630 408,441 27,011 - 26,011 

Oct........................................................... 2,769,395 2,357,783 411,613 26,775 - 26,775 

Nov .......................................................... 2,833,482 2,420,997 412,485 26,655 - 26,655 

Dec .......................................................... 2,818,895 2,407,678 411,217 26,828 - 26,828 

2002 - Jan............................................................ 2,797,222 2,386,657 410,565 26,828 - 26,741 

Feb........................................................... 2,854,298 2,445,828 408,470 26,431 - 26,431 

Mar........................................................... 2,848,592 2,439,632 408,960 26,379 - 26,379 

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the “Monthly Statement of the Public Debt of the United States.” 
48 OWNERSHIP OF FEDERAL SECURITIES 

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

(Historical) 

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

Total Interest-bearing public debt securities 

Federal Held by U.S. Government ac counts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

1997................................................................ 5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

1998................................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000................................................................ 5,701,851 5,622,092 2,235,710 461 2,235,249 511,413 

2001................................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

Matured Agency sec urities 

Interest-bearing public debt securities, con. 

Held by private investors 

public 

debt 

and debt 

Held by 

U.S. Government 

accounts and Held by 

End of Non- bearing no Total Federal Reserve private 

fiscal year Total Marketable marketable interest outstanding Banks investors 

or month (7) (8) (9) (10) (11) (12) (13) 

1997................................ 3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

1998................................ 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999................................ 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000................................ 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

2001................................ 2,779,070 2,370,630 408,441 - 27,011 - 27,011 
OWNERSHIP OF FEDERAL SECURITIES 49 

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

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Pension Funds 3 

Federal State and State and 

Total Reserve and Total U.S. local Insurance local Foreign 

public Government privately Depository savings govern- compa- Mutual govern- and inter- Other 

debt 1 accounts 2 held institutions 3,4 bonds 5 Private 6 ments nies 3 funds 3,7 ments 3 national 8 investors 9 

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1991 - Mar ................................ 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 r 161.0 415.6 492.0 r 516.2 

June ................................ 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 r 153.8 416.8 502.0 r 527.0 

Sept................................ 3,665.3 1,166.9 2,498.4 r 251.6 r 138.1 126.2 140.2 171.4 r 171.6 430.2 506.3 r 562.8 

Dec ................................ 3,801.7 1,223.2 2,578.5 r 271.6 138.1 126.9 141.7 181.8 r 192.2 435.5 520.9 r 569.8 

1992 - Mar ................................ 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 r 141.7 188.4 r 193.8 460.0 536.4 r 586.0 

June ................................ 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 r 193.7 435.6 558.2 r 608.2 

Sept................................ 4,064.6 1,282.4 2,782.2 r 337.2 150.3 120.0 166.4 194.8 r 195.9 429.3 562.8 r 625.5 

Dec ................................ 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 r 200.4 418.2 576.7 r 655.5 

1993 - Mar ................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 r 202.0 434.0 585.9 r 662.7 

June ................................ 4,352.0 1,400.6 2,951.4 r 360.9 166.5 111.6 176.9 217.8 r 219.5 441.2 596.8 r 660.2 

Sept................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 r 189.2 229.4 r 217.6 434.0 619.1 r 639.7 

Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 r 186.6 234.5 r 227.1 447.8 650.3 r 649.2 

1994 - Mar ................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 r 195.3 233.4 r 212.8 443.4 661.1 r 661.9 

June ................................ 4,645.8 1,547.5 3,098.3 r 383.8 177.1 128.9 193.4 r 238.0 r 204.6 425.2 659.9 r 687.4 

Sept................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 r 201.6 398.2 682.0 r 734.1 

Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 r 179.9 r 139.6 r 191.9 240.1 r 209.4 370.0 667.3 r 839.8 

1995 - Mar ................................ 4,864.1 1,619.3 3,244.8 r 353.0 181.4 141.1 203.1 244.2 r 210.6 350.5 707.0 r 854.0 

June ................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 r 142.1 197.2 245.0 r 202.5 313.7 762.5 r 875.8 

Sept................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 r 141.5 193.0 245.2 r 211.6 304.3 820.4 r 855.7 

Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 r 241.5 289.8 835.2 r 865.6 

1996 - Mar ................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 r 143.8 198.9 239.4 r 240.9 283.6 908.1 r 864.1 

June ................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 r 144.0 208.2 229.5 r 230.6 283.3 929.7 r 823.9 

Sept................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 r 140.7 202.4 226.8 r 226.8 r 263.7 993.4 r 841.7 

Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 r 139.9 203.5 214.1 r 227.4 257.0 1,102.1 r 803.6 

1997 - Mar ................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 r 181.8 r 221.9 r 248.1 1,157.6 r 794.7 

June ................................ 5,376.2 1,998.9 3,377.3 r 300.1 186.3 r 141.4 209.3 r 183.1 r 216.8 243.3 1,182.7 r 714.2 

Sept................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 r 142.4 219.7 r 186.8 r 221.6 r 235.2 1,230.5 r 686.4 

Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 r 143.5 216.9 176.6 r 232.8 239.3 1,241.6 r 677.1 

1998 - Mar ................................ 5,542.4 2,104.9 3,437.5 308.2 r 186.2 r 132.8 211.9 169.4 r 235.1 238.1 1,250.5 r 705.3 

June ................................ 5,547.9 2,198.6 3,349.3 290.7 186.0 r 126.3 214.8 160.6 r 231.2 258.5 1,256.0 r 625.2 

Sept................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 r 117.3 211.2 151.3 r 232.5 266.4 1,224.2 r 679.9 

Dec ................................ 5,614.2 2,280.2 3,334.0 237.3 r 186.6 r 112.5 217.7 r 141.7 r 253.9 269.3 1,278.7 r 636.3 

1999 - Mar ................................ 5,651.6 2,324.1 3,327.5 246.5 186.5 r 109.7 218.4 r 137.5 r 252.4 272.5 1,272.3 r 631.7 

June ................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 r 111.8 222.5 r 133.6 r 219.2 279.1 1,258.8 r 547.1 

Sept................................ 5,656.3 2,480.9 3,175.4 239.9 186.2 r 111.9 r 215.3 r 128.0 r 224.8 271.6 1,281.4 r 516.3 

Dec ................................ 5,776.1 2,542.2 3,233.9 246.4 186.4 r 112.1 211.2 123.4 r 229.1 266.8 1,268.7 r 589.8 

2000 - Mar ................................ 5,773.4 2,590.6 3,182.8 234.9 185.3 r 111.4 211.1 120.0 r 222.4 257.2 1,273.9 r 566.6 

June ................................ 5,685.9 2,698.6 2,987.4 219.3 184.6 r 112.9 210.5 116.5 r 205.3 256.4 1,249.1 r 432.8 

Sept................................ 5,674.2 2,737.9 2,936.2 218.3 184.3 r 113.1 200.7 113.8 r 207.6 241.9 1,224.9 r 431.6 

Dec ................................ 5,662.2 2,781.8 2,880.4 r 199.1 184.8 r 111.8 195.7 110.2 r 221.8 236.2 1,201.3 r 419.5 

2001 - Mar ................................ 5,773.7 2,880.9 2,892.9 187.9 184.8 r 107.3 195.3 101.9 r 222.6 r 231.5 1,196.8 r 464.8 

June ................................ 5,726.8 3,004.2 2,722.6 190. 1 185.5 r 104.0 r 204.4 94.8 r 219.2 r 224.0 1,167.4 r 333.2 

Sept................................ 5,807.5 3,027.8 2,779.7 r 189.5 186.4 r 99.6 r 187.7 88.5 r 231.7 r 208.9 1,170.1 r 417.3 

Dec ................................ 5,943.4 3,123.9 2,819.5 p 182.2 190.4 p 102.4 p 186.0 p 85.7 p 258.5 p 205.4 1,218.1 r 390.8 

2002 - Mar ................................ 6,006.0 3,156.5 2,849.5 n.a p 192.0 n.a. n.a. n.a. n.a. n.a. p 1,214.1 n.a. 

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes 2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes 

condition, for System Open Market Accounts; and U. S. Treasury for Government accounts. Treasury securities held under repurchase agreements in custody accounts at the 

Federal Reserve holdings exclude Treasury securities held under repurchase agreements. Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to date. 4

 Includes commercial banks, savings institutions and credit unions. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 5

 Source: “Monthly Statement of the Public Debt of the United States.” Current personal trusts and estates, corporate and non-corporate businesses, and other 

accrual value. investors. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Note.—Ownership data were revised (in June 1999) back to March 1989 in order to 

Savings Plan "G Fund." update ownership categories and to incorporate greater reliance on Flow of Funds data 7

 Includes money market mutual funds, mutual funds and closed-end investment companies. of the Federal Reserve Board. 
50 

INTRODUCTION: Market Yields

The tables and charts in this section present yields on 

Treasury marketable securities, and compare long-term 

yields on Treasury securities with yields on long-term 

corporate and municipal securities. 

• Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes and bonds. The Treasury 

yield curve in the accompanying chart is based on current 

market bid quotations on the most actively traded Treasury 

securities as of 3:30 p.m. on the last business day of the 

calendar quarter. 

The Treasury uses quotations obtained by the FRB of 

New York to derive the yield curve, based on semiannual 

interest payments and read at constant maturity points to 

develop a consistent data series. The Board of Governors of 

the Federal Reserve System publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

• Table MY-2 shows average yields of long-term 

Treasury, corporate and municipal bonds. The long-term 

Treasury average yield is the 30-year constant maturity yield 

prior to February 2002 and the 20-year maturity yie ld 

beginning in February 2002. The corporate bond average 

yield is developed by Treasury by calculating reoffering 

yields on new long-term securities maturing in at least 20 

years and rated Aa by Moody’s Investors Service. The 

municipal bond average yield prior to 1991 was compiled by 

Treasury. Beginning with January 1991, the average yield is 

the “Municipal Bond Yield Average,” published by 

Moody’s Investors Service for 20-year reoffering yields on 

selected Aa-rated general obligations. See the footnotes for 

further explanation. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes and Bonds* 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

1-mo. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr. 

Period (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

Monthly average: 

2001 - Apr.............................................. n.a. 3.97 3.99 3.98 4.23 4.42 4.76 5.03 5.14 5.78 5.65 

May ................................ n.a. 3.70 3.74 3.78 4.26 4.51 4.93 5.24 5.39 5.92 5.78 

June................................ n.a. 3.57 3.56 3.58 4.08 4.35 4.81 5.14 5.28 5.82 5.67 

July ................................ n.a. 3.59 3.56 3.62 4.04 4.31 4.76 5.06 5.24 5.75 5.61 

Aug ................................ 3.53 3.44 3.39 3.47 3.76 4.04 4.57 4.84 4.97 5.58 5.48 

Sept ................................ 2.68 2.69 2.71 2.82 3.12 3.45 4.12 4.51 4.73 5.53 5.48 

Oct............................................. 2.27 2.20 2.17 2.33 2.73 3.14 3.91 4.31 4.57 5.34 5.32 

Nov ................................ 1.99 1.91 1.92 2.18 2.78 3.22 3.97 4.42 4.65 5.33 5.12 

Dec ................................ 1.72 1.72 1.82 2.22 3.11 3.62 4.39 4.86 5.09 5.76 5.48 

2002 - Jan.............................................. 1.68 1.68 1.77 2.16 3.03 3.56 4.34 4.79 5.04 5.69 5.45 

Feb ................................ 1.74 1.76 1.86 2.23 3.02 3.55 4.30 4.71 4.91 5.61 n.a. 

Mar ................................ 1.79 1.83 2.06 2.57 3.56 4.14 4.74 5.14 5.28 5.93 n.a. 

End of month: 

2001 - Apr........................................................... n.a. 3.95 3.97 3.94 4.30 4.55 4.97 5.22 5.35 5.92 5.78 

May ................................ n.a. 3.63 3.59 3.63 4.22 4.49 4.94 5.27 5.43 5.95 5.78 

June................................ n.a. 3.65 3.63 3.72 4.25 4.52 4.97 5.28 5.42 5.91 5.75 

July ................................ 3.67 3.54 3.47 3.53 3.79 4.06 4.57 4.86 5.07 5.61 5.51 

Aug ................................ 3.40 3.37 3.31 3.41 3.64 3.91 4.46 4.72 4.85 5.47 5.39 

Sept ................................ 2.28 2.40 2.36 2.49 2.86 3.22 3.93 4.37 4.60 5.45 5.42 

Oct............................................. 2.15 2.05 1.95 2.07 2.44 2.87 3.66 4.03 4.30 5.05 4.89 

Nov ................................ 1.87 1.78 1.79 2.06 2.84 3.30 4.08 4.55 4.78 5.54 5.27 

Dec ................................ 1.68 1.74 1.83 2.17 3.07 3.59 4.38 4.84 5.07 5.74 5.48 

2002 - Jan.............................................. 1.69 1.76 1.89 2.29 3.16 3.70 4.42 4.82 5.07 5.68 5.44 

Feb ................................ 1.76 1.79 1.87 2.25 3.06 3.64 4.27 4.70 4.88 5.61 n.a. 

Mar ................................ 1.76 1.79 2.12 2.70 3.72 4.31 4.91 5.29 5.42 6.03 n.a. 

* Rates are from the Treasury yields curve. 
MARKET YIELDS 51 

CHART MY-A.—Yields of Treasury Securities, 

March 28, 2002* 

Based on closing bid quotations (in percentages) 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

0 2 4 6 8 10 12 14 16 18 20 

Note: The yield curve is based on actively traded issues. 

Years to maturity 

* Source: Office of Market Finance 
52 MARKET YIELDS 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1991 

Jan................................................................................................................................................................ 8.27 9.60 7.00 

Feb................................................................................................................................................................ 8.03 9.14 6.61 

Mar................................................................................................................................................................ 8.29 9.14 6.88 

Apr ................................................................................................................................................................ 8.21 9.07 6.81 

May ................................................................................................................................................................ 8.27 9.13 6.78 

June ................................................................................................................................................................ 8.47 9.37 6.90 

July ................................................................................................................................................................ 8.45 9.38 6.89 

Aug ................................................................................................................................................................ 8.14 8.88 6.66 

Sept................................................................................................................................................................ 7.95 8.79 6.58 

Oct................................................................................................................................................................ 7.93 8.81 6.44 

Nov ................................................................................................................................................................ 7.92 8.72 6.37 

Dec ................................................................................................................................................................ 7.70 8.55 6.43 

1992 

Jan................................................................................................................................................................ 7.58 8.36 6.29 

Feb................................................................................................................................................................ 7.85 8.63 6.42 

Mar................................................................................................................................................................ 7.97 8.62 6.59 

Apr ................................................................................................................................................................ 7.96 8.59 6.54 

May ................................................................................................................................................................ 7.89 8.57 6.39 

June ................................................................................................................................................................ 7.84 8.45 6.32 

July ................................................................................................................................................................ 7.60 8.19 5.90 

Aug ................................................................................................................................................................ 7.39 7.96 5.81 

Sept................................................................................................................................................................ 7.34 7.99 6.05 

Oct................................................................................................................................................................ 7.53 8.17 6.18 

Nov ................................................................................................................................................................ 7.61 8.25 6.22 

Dec ................................................................................................................................................................ 7.44 8.12 6.02 

1993 

Jan................................................................................................................................................................ 7.34 7.91 6.05 

Feb................................................................................................................................................................ 7.09 7.73 5.74 

Mar................................................................................................................................................................ 6.82 7.39 5.54 

Apr ................................................................................................................................................................ 6.85 7.48 5.64 

May ................................................................................................................................................................ 6.92 7.52 5.61 

June ................................................................................................................................................................ 6.81 7.48 5.54 

July ................................................................................................................................................................ 6.63 7.35 5.40 

Aug ................................................................................................................................................................ 6.32 7.04 5.50 

Sept................................................................................................................................................................ 6.00 6.88 5.44 

Oct................................................................................................................................................................ 5.94 6.88 5.23 

Nov ................................................................................................................................................................ 6.21 7.17 5.19 

Dec ................................................................................................................................................................ 6.25 7.22 5.27 

1994 

Jan................................................................................................................................................................ 6.29 7.16 5.19 

Feb................................................................................................................................................................ 6.49 7.27 5.16 

Mar................................................................................................................................................................ 6.91 7.64 5.47 

Apr ................................................................................................................................................................ 7.27 7.95 5.59 

May ................................................................................................................................................................ 7.41 8.17 5.79 

June ................................................................................................................................................................ 7.40 8.16 5.96 

July ................................................................................................................................................................ 7.58 8.30 6.11 

Aug ................................................................................................................................................................ 7.49 8.25 6.07 

Sept................................................................................................................................................................ 7.71 8.48 6.10 

Oct................................................................................................................................................................ 7.94 8.76 6.31 

Nov ................................................................................................................................................................ 8.08 8.89 6.79 

Dec ................................................................................................................................................................ 7.87 8.66 6.63 

See footnotes at end of table. 
MARKET YIELDS 53 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1995 

Jan................................................................................................................................................................ 7.85 8.59 6.48 

Feb................................................................................................................................................................ 7.61 8.39 6.09 

Mar................................................................................................................................................................ 7.45 8.23 5.91 

Apr ................................................................................................................................................................ 7.36 8.10 5.80 

May ................................................................................................................................................................ 6.95 7.68 5.75 

June ................................................................................................................................................................ 6.57 7.42 5.61 

July ................................................................................................................................................................ 6.72 7.54 5.69 

Aug ................................................................................................................................................................ 6.86 7.75 5.81 

Sept................................................................................................................................................................ 6.55 7.42 5.75 

Oct................................................................................................................................................................ 6.37 7.29 5.80 

Nov ................................................................................................................................................................ 6.26 7.20 5.56 

Dec ................................................................................................................................................................ 6.06 7.02 5.46 

1996 

Jan................................................................................................................................................................ 6.05 7.00 5.41 

Feb................................................................................................................................................................ 6.24 7.14 5.41 

Mar................................................................................................................................................................ 6.60 7.58 5.57 

Apr ................................................................................................................................................................ 6.79 7.81 5.72 

May ................................................................................................................................................................ 6.93 7.87 5.73 

June ................................................................................................................................................................ 7.06 8.00 5.82 

July ................................................................................................................................................................ 7.03 7.97 5.82 

Aug ................................................................................................................................................................ 6.84 7.68 5.69 

Sept................................................................................................................................................................ 7.03 7.84 5.62 

Oct................................................................................................................................................................ 6.81 7.69 5.53 

Nov ................................................................................................................................................................ 6.48 7.43 5.47 

Dec ................................................................................................................................................................ 6.55 7.45 5.47 

1997 

Jan................................................................................................................................................................ 6.83 7.62 5.53 

Feb................................................................................................................................................................ 6.69 7.54 5.40 

Mar................................................................................................................................................................ 6.93 7.85 5.59 

Apr ................................................................................................................................................................ 7.09 8.04 5.73 

May ................................................................................................................................................................ 6.94 7.90 5.53 

June ................................................................................................................................................................ 6.77 7.71 5.39 

July ................................................................................................................................................................ 6.51 7.44 5.27 

Aug ................................................................................................................................................................ 6.58 7.30 5.27 

Sept................................................................................................................................................................ 6.50 7.04 5.25 

Oct................................................................................................................................................................ 6.33 6.90 5.26 

Nov ................................................................................................................................................................ 6.11 6.79 5.23 

Dec ................................................................................................................................................................ 5.99 6.68 5.07 

1998 

Jan................................................................................................................................................................ 5.81 6.62 4.93 

Feb................................................................................................................................................................ 5.89 6.66 4.96 

Mar................................................................................................................................................................ 5.95 6.63 5.10 

Apr ................................................................................................................................................................ 5.92 6.59 5.10 

May ................................................................................................................................................................ 5.93 6.63 5.17 

June ................................................................................................................................................................ 5.70 6.43 5.01 

July ................................................................................................................................................................ 5.68 6.36 5.04 

Aug ................................................................................................................................................................ 5.54 6.34 5.06 

Sept................................................................................................................................................................ 5.20 6.26 4.94 

Oct................................................................................................................................................................ 5.01 6.21 4.82 

Nov ................................................................................................................................................................ 5.25 6.42 4.93 

Dec ................................................................................................................................................................ 5.06 6.13 4.90 

See footnotes at end of table. 
54 MARKET YIELDS 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1999 

Jan................................................................................................................................................................ 5.16 6.14 4.94 

Feb................................................................................................................................................................ 5.37 6.33 4.89 

Mar................................................................................................................................................................ 5.58 6.52 5.02 

Apr ................................................................................................................................................................ 5.55 6.58 5.00 

May ................................................................................................................................................................ 5.81 6.86 5.15 

June ................................................................................................................................................................ 6.04 7.21 5.31 

July ................................................................................................................................................................ 5.98 7.20 5.30 

Aug ................................................................................................................................................................ 6.07 7.36 5.56 

Sept................................................................................................................................................................ 6.07 7.38 5.67 

Oct................................................................................................................................................................ 6.26 7.51 5.84 

Nov ................................................................................................................................................................ 6.15 7.35 5.90 

Dec ................................................................................................................................................................ 6.35 7.55 5.91 

2000 

Jan................................................................................................................................................................ 6.63 7.83 6.02 

Feb................................................................................................................................................................ 6.23 7.59 5.95 

Mar................................................................................................................................................................ 6.05 7.54 5.80 

Apr ................................................................................................................................................................ 5.85 7.49 5.64 

May ................................................................................................................................................................ 6.15 7.85 5.94 

June ................................................................................................................................................................ 5.93 7.75 5.74 

July ................................................................................................................................................................ 5.85 7.66 5.59 

Aug ................................................................................................................................................................ 5.72 7.47 5.48 

Sept................................................................................................................................................................ 5.83 7.50 5.50 

Oct................................................................................................................................................................ 5.80 7.50 5.56 

Nov ................................................................................................................................................................ 5.78 7.41 5.50 

Dec ................................................................................................................................................................ 5.49 7.21 5.23 

2001 

Jan................................................................................................................................................................ 5.54 7.15 5.07 

Feb................................................................................................................................................................ 5.45 7.08 5.14 

Mar................................................................................................................................................................ 5.34 6.87 5.08 

Apr ................................................................................................................................................................ 5.65 7.09 5.24 

May ................................................................................................................................................................ 5.78 7.19 5.25 

June ................................................................................................................................................................ 5.67 7.11 5.18 

July ................................................................................................................................................................ 5.61 7.02 5.15 

Aug ................................................................................................................................................................ 5.48 6.85 4.99 

Sept................................................................................................................................................................ 5.48 6.83 5.05 

Oct................................................................................................................................................................ 5.32 6.72 4.99 

Nov ................................................................................................................................................................ 5.12 6.51 4.96 

Dec ................................................................................................................................................................ 5.48 6.80 5.22 

2002 

Jan................................................................................................................................................................ 5.45 6.75 5.16 

Feb................................................................................................................................................................ 5.61 6.65 5.11 

Mar................................................................................................................................................................ 5.93 6.79 5.29 

1

 Treasury bond rate is for a 30- year maturity prior to February 2002 and for a 20- year 3 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors 

maturity thereafter. Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 2

 Treasury series based on 3- week moving average of reoffering yields of new corporate 

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.
MARKET YIELDS 55

CHART MY-B.—Average Yields of Long-Term

Treasury, Corporate and Municipal Bonds*

Monthly averages (in percentages)

4

5

6

7

8

9

10

11

90 91 92 93 94 95 96 97 98 99 00 01 02

Calendar years

*Source: Office of Market Finance

Aa municipal bonds

Treasury bonds

Aa corporate bonds
56 

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, various 

U.S. Mint offices, the Federal Reserve Banks (FRBs) and 

the Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2002 

[Source: Financial Management Service] 

Currency 

Total no 

currency longer 

and coin Total currency Federal Reserve notes 1 U.S. Notes issued 

Currency (1) (2) (3) (4) (5) 

Amounts outstanding ................................ $781,394,357,493 $748,279,962,795 $747,764,424,988 $263,227,516 $252,310,291 

Less amounts held by: 

The Treasury ................................ 375,767,515 20,934,515 20,728,726 20,739 185,050 

FRBs .............................................................. 139,109,680,209 138,016,035,246 138,016,034,545 - 701 

Amounts in circulation................................ $641,908,909,769 $610,242,993,034 $609,727,661,717 $263,206,777 $252,124,540 

Fractional 

Total Dollars 3 coins 

Coins 2 (1) (2) (3) 

Amounts outstanding ................................ $33,114,394,698 $3,490,183,398 $29,624,211,300 

Less amounts held by: 

The Treasury ................................ 354,833,000 307,629,000 47,204,000 

FRBs .............................................................. 1,093,644,963 289,230,180 804,414,783 

Amounts in circulation................................ $31,665,916,735 $2,893,324,218 $28,772,592,517 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2002 

[Source: Financial Management Service] 

Currency no 

Total Federal Reserve notes 1 U.S. notes longer issued 

Currency in circulation by denomination (1) (2) (3) (4) 

$1 ................................................................ 

$2 ................................................................ 

$5 ................................................................ 

$10................................................................ 

$20................................................................ 

$50................................................................ 

$100................................................................ 

$500................................................................ 

$1,000................................................................ 

$5,000................................................................ 

$10,000.............................................................. 

Fractional parts..................................................... 

Partial notes 4

....................................................... 

$7,482,995,349 $7,336,748,544 $143,481 $146,103,324 

1,273,699,146 1,141,325,904 132,360,666 12,576 

8,755,901,355 8,616,195,315 109,753,910 29,952,130 

13,874,715,410 13,852,795,000 5,950 21,914,460 

94,951,022,980 94,930,916,460 3,380 20,103,140 

55,692,412,100 55,680,916,300 - 11,495,800 

427,897,832,094 427,854,899,194 20,939,300 21,993,600 

142,961,000 142,773,000 - 188,000 

166,258,000 166,052,000 - 206,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

Total currency ................................................... $610,242,993,034 $609,727,661,717 $263,206,777 $252,124,540 

Amounts (in millions) Per capita 5 

Comparative totals of currency and coins in circulation—selected dates (1) (2) 

Mar. 31, 2002....................................................... 

Feb. 28, 2002....................................................... 

Jan. 31, 2002........................................................ 

Sept. 30, 2000...................................................... 

Sept. 30, 1995...................................................... 

Sept. 30, 1990...................................................... 

Sept. 30, 1985...................................................... 

Sept. 30, 1980...................................................... 

June 30, 1975....................................................... 

June 30, 1970....................................................... 

June 30, 1965....................................................... 

June 30, 1960....................................................... 

June 30, 1955....................................................... 

641,909 $2,238.45 

638,367 2,227.41 

631,179 2,203.63 

568,614 2.061.26 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1

 Issued on or after July 1, 1929. 4 Represents value of certain partial denominations not presented for redemption. 5

 Based on Bureau of the Census estimates of population. 3

 Includes $481,781,898 in standard silver dollars. 

2

 Excludes coins sold to collectors at premium prices. 
61 

INTRODUCTION: International Financial Statistics 

The tables in this section provide statistics on U.S. • Table IFS-2 contains statistics on liabilities to 

Government reserve assets, liabilities to foreigners and its foreign official institutions, and selected liabilities to all

international financial position. All monetary figures are in other foreigners, which are used in the U.S. balance of

dollars or dollar equivalents. payments statistics. 

• Table IFS-1 shows reserve assets of the United • Table IFS-3 shows nonmarketable bonds and notes 

States, including its gold stock, special drawing rights held that the Treasury issues to official institutions and other 

in the Special Drawing Account in the International residents of foreign countries. 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Reserve 

position in 

International 

Total reserve Special drawing Foreign Monetary 

End of calendar assets 1 Gold stock 2 rights 1,3 currencies 4 Fund 1,5,6 

year or month (1) (2) (3) (4) (5) 

1997 ................................................................................... 69,954 11,047 10,027 30,809 18,071 

1998 ................................................................................... 81,761 11,046 10,603 36,001 24,111 

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 - Apr........................................................................... 64,731 11,046 10,420 29,449 13,816 

May......................................................................... 65,254 11,044 10,481 29,446 14,283 

June........................................................................ 64,847 11,044 10,409 28,775 14,619 

July ......................................................................... 65,736 11,044 10,518 29,209 14,965 

Aug ......................................................................... 67,852 11,044 10,913 30,598 15,297 

Sept ........................................................................ 70,963 11,045 10,919 30,595 18,404 

Oct.......................................................................... 69,707 11,045 10,827 30,048 17,787 

Nov ......................................................................... 69,157 11,045 10,863 29,956 17,293 

Dec ......................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 - Jan .......................................................................... 67,532 11,044 10,657 28,229 17,602 

Feb ......................................................................... 67,357 11,044 10,763 28,381 17,169 

Mar ......................................................................... 67,574 11,044 10,809 28,643 17,078 

Apr.......................................................................... 67,844 11,044 10,988 29,628 16,184 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 4 Includes holdings of Treasury and Federal Reserve System; beginning November 

the special drawing right (SDR) based on a weighted average of exchange rates for the 1978, these are valued at current market exchange rates or, where appropriate, at 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the such other rates as may be agreed upon by the parties to the transactions. 

IMF also are valued on this basis beginning July 1974. 5 The United States has the right to purchase foreign currencies equivalent to its 2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United reserve position in the IMF automatically if needed. Under appropriate conditions, the 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against United States could purchase additional amounts related to the U.S. quota.

all gold held. 6

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

transactions in SDRs. Arrangements to Borrow in December 1998.
62 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 

Official institutions 1 other foreigners Liabilities 

Non- to nonLiabilities Marketable marketable Liabilities Marketable monetary 

reported U.S. U.S. reported U.S. internaby Treasury Treasury Other by banks Treasury tional and 

End of banks in bonds bonds readily Liabilities in the bonds regional 

calendar United and and marketable to United and organizayear or Total Total States notes 2 notes 3 liabilities 4 banks 5 Total States notes 2,6 tions 7 

month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997................................ 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000................................ 2,696,609 821,882 297,603 415,964 5,348 102,967 1,049,619 807,640 228,332 579,308 17,468 

2001 - Mar. r ................................ 2,711,125 841, 484 309,820 419,106 4,984 107,574 1,048,021 804,348 224,202 580,146 17,272 

Apr. r................................ 2,728,451 830,955 302,530 410,051 5,017 113,357 1,054,500 825,407 249,723 575,684 17,589 

May r ................................ 2,735,187 812,691 281,549 410,964 5,049 115,129 1,078,028 824,918 247,316 577,602 19,550 

June r ................................ 2,737,066 810,984 283,609 407,721 5,081 114,573 1,074,472 830,703 253,095 577,608 20,907 

July r ................................ 2,725,011 820,433 295,146 406,980 4,846 113,461 1,063,116 822,944 256,263 566,681 18,518 

Aug. r ................................ 2,719,589 816,932 292,429 407,323 4,805 112,375 1,059,055 823,306 252,378 570,928 20,296 

Sept. r ................................ 2,695,826 826,419 297,531 409,872 4,036 114,980 1,030,710 816,651 250,410 566,241 22,046 

Oct. r ................................ 2,793,733 834,477 301,084 412,111 3,520 117,762 1,099,288 840,809 261,923 578,886 19,159 

Nov................................ 2,880,476 841,465 298,223 418,377 3,398 121,467 1,158,851 860,396 274,874 585,522 19,764 

Dec................................ 2,854,460 831,835 284,844 419,438 3,411 124,142 1,131,509 870,988 275,996 594,992 20,128 

2002 - Jan................................ 2,787,194 835,407 288,821 416,438 3,433 126,715 1,073,632 851,411 270,446 580,965 26,744 

Feb. p................................ 2,822,035 843,403 297,630 414,261 3,138 128,374 1,098,153 855,113 272,464 582,649 25,366 

Mar. p................................ 2,854,650 842,936 286,821 419,515 3,159 133,441 1,127,517 862,029 270,867 591,162 22,168 

1

 Includes Bank for International Settlements. 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 2

 Derived by applying reported transactions to benchmark data. 7 Principally the International Bank for Reconstruction and Development, the Inter- 3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as American Development Bank and the Asian Development Bank.

follows: Mexico, beginning March 1990, 30- year maturity iss ue; Venezuela, beginning 

December 1990, 30- year maturity issue; Argentina, beginning April 1993, 30-year maturity Note.—Table is based on Treasury data and on data reported to the Treasury by 

issue. Also, see footnotes to table IFS-3. banks, other depository institutions and brokers in the United States. Data generally 4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies correspond to statistics following in this section and in the “Capital Movements” section. 

and private corporations. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. 5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by 

currencies to foreign banks and to “other foreigners.” international and regional organizations.
INTERNATIONAL FINANCIAL STATISTICS 63 

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] 

Payable in dollars 

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3 

year or month (1) (2) (3) (4) (5) 

1997................................................................ 5,994 5,994 1,091 3,692 1,211 

1998................................................................ 6,074 6,074 1,172 3,991 911 

1999................................................................ 6,111 6,111 1,259 4,313 539 

2000................................................................ 5,348 5,348 1,244 3,520 584 

2001 - Mar ........................................................... 4,984 4,984 1,266 3,122 596 

Apr ........................................................... 5,017 5,017 1,274 3,143 600 

May .......................................................... 5,049 5,049 1,281 3,164 604 

June ......................................................... 5,081 5,081 1,289 3,184 608 

July .......................................................... 4,846 4,846 1,029 3,205 612 

Aug .......................................................... 4,805 4,805 963 3,226 616 

Sept.......................................................... 4,036 4,036 968 2,448 620 

Oct........................................................... 3,520 3,520 974 1,921 625 

Nov .......................................................... 3,398 3,398 980 1,789 629 

Dec .......................................................... 3,411 3,411 977 1,801 633 

2002 - Jan............................................................ 3,433 3,433 983 1,813 637 

Feb........................................................... 3,138 3,138 673 1,824 641 

Mar........................................................... 3,159 3,159 677 1,836 646 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zero- 3 Beginning December 1990, indicates current value of zero-coupon, 30- year maturity 

coupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

face value of the issue is $3,060 million. $2,721 million. 2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $7,297 million. 
64 

INTRODUCTION: Capital Movements

Treasury collects information about the transference of 

financial assets and other portfolio capital movements 

between the United States and foreigners and has since 

1935. Commercial banks and other depository institutions, 

bank holding companies, securities brokers and dealers, and 

nonbanking enterprises in the United States file capital 

movement reports with district FRBs. Beginning in late 

1998, the Federal Reserve Board also performs services on 

behalf of the Treasury in support of this data collection 

system. 

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. The 

most recent revisions to selected reporting forms and 

instructions were effective January 31, 2001. The major 

changes are outlined below. Copies of the reporting forms 

and instructions may be obtained from the Office of 

Program Services, 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 FRBs. A number of reporting forms and instructions 

als o may be downloaded from the Treasury International 

Capital (TIC) reporting system website at the address 

highlighted in the NOTE at the end of the 

INTRODUCTION text. 

In general, information is reported opposite the country 

or geographical area where the foreigner is located, as 

shown on records of reporting institutions. However, 

information may not always reflect the ultimate ownership 

of assets. Reporting institutions are not required to go 

beyond addresses shown on their records and so 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 country, but are accounted for 

in regional groupings of such organizations. The only 

exception is information pertaining to the Bank for 

International Settlements, which is reported opposite “Other 

Europe.” For purposes of publication only, information on 

the European Central Bank also is included in “Other 

Europe.” 

Banks and other depository institutions, bank holding 

companies, securities brokers and dealers, and nonbanking 

enterprises in the United States must file reports. These 

enterprises include the branches, agencies, subsidiaries and 

other affiliates in the United States of foreign banking and 

nonbanking firms. Those with liabilities, claims or securities 

transactions below specified exemption levels are exempt 

from reporting. 

Banks and other depository institutions, and some 

brokers and dealers, file monthly reports covering their 

dollar liabilities to, and dollar claims on, foreigners in a 

number of countries. Twice a year, June 30 and December 

31, they also report the same liabilities and claims items 

attributed to foreigners in countries not shown separately on 

the monthly reports. Quarterly reports are filed for liabilities 

and claims denominated in foreign currencies. Beginning 

January 2001, the geographical detail of the international 

banking transactions forms was changed to add lines for 

Luxembourg, the combined Channel Islands and Isle of 

Man, the Caribbean region, New Zealand, and the European 

Central Bank. In addition, the British West Indies line was 

replaced with a line for the Cayman Islands. At the same 

time, the exemption level applicable to the banking reports 

was raised from $15 million to $50 million. The new 

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 enterprises report monthly 

their transactions with foreigners by country in long-term 

securities. This country list was amended in January 2001 as 

outlined in the reporting of international banking activity 

above. 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. Prior to January 2001, this exception level had been 

set at $2 million. 

Exporters, importers, industrial and commercial 

concerns, financial institutions (other than banks, other 

depository institutions and brokers), and other nonbanking 

enterprises must file reports quarterly if liabilities to, or 

claims on, unaffiliated foreigners amount to $10 million or 

more at the end of the covered quarter. 

Nonbanking enterprises also report each month their 

aggregate U.S. dollar denominated deposit and certificates 

of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of 

reported capital movements between the United States and 

other countries. 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 (Commerce) in its regular reports on the U.S. 

balance of payments. 
CAPITAL MOVEMENTS 65 

• Section I presents liabilities to foreigners reported 

by U.S. banks and other depository institutions, as well as 

brokers and dealers. Dollar liabilities are reported monthly; 

those denominated in foreign currencies are reported 

quarterly. Respondents report certain of their own liabilities 

and a wide range of their custody liabilities to foreigners. 

Beginning with the June 2001 issue, new table CM -I-1 

replaces former tables CM -I-1 and CM-I-2 and includes 

new breakouts of liabilities arising under repurchase 

agreements and from foreign ownership of short-term 

securities issued by U.S. Government and Federallysponsored agencies. The remaining tables in this section 

have been renumbered accordingly. 

• Section II presents claims on foreigners reported by 

U.S. banks and other depository institutions, brokers and 

dealers. Data on banks’ claims held for their own account 

are collected monthly. Information on claims held for their 

domestic customers as well as on foreign currency claims is 

collected on a quarterly basis only. Maturity data are 

reported according to time remaining to maturity. Reporting 

also covers certain items held by brokers and dealers in the 

United States. Beginning with the June 2001 issue, table 

CM-II-1 in this section has been revised to include a new 

breakout of claims on foreigners arising under resale 

agreements. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, brokers and dealers in the United 

States. The supplementary reports are filed semiannually as 

of the end of June and December. 

• 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 brokers), and other 

nonbanking enterprises in the United States. Information 

does not include accounts of nonbanking enterprises in the 

United States with their own branches and subsidiaries 

abroad or with their foreign parent companies. These are 

reported by business enterprises to Commerce on its direct 

investment forms. Data exclude claims on foreigners held 

through banks in the United States. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, brokers 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 breakdown of the transactions data 

does not necessarily reflect the domicile of the ultimate 

owners or the original issuers of the securities. This is 

because the path of a security is not tracked prior to its 

being purchased from, or after it is sold to, a foreigner in a 

reportable transaction. That is, before it enters and after it 

departs the reporting system, ownership of a security may 

be transferred between foreigners of different countries. 

Such transfers may occur any number of times and are 

concealed among the net figures for U.S. transactions 

opposite individual countries. Hence, the geographical 

breakdown shows only the country of domicile of the 

foreign buyers and sellers of securities in a particular round 

of transactions. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the Treasury International 

Capital (TIC) reporting system 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 is 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 on the last business day of each month. 
66 CAPITAL MOVEMENTS 

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] 

Calendar 2001 2002 

Year 

Type of Liability 2000 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners................................ 1,589,189 1,597,375 1,678,047 1,748,531 1,709,330 1,656,231 1,689,877 1,703,488 

Payable in dollars .............................................. 1,511,410 1,503,862 1,584,534 1,655,018 1,618,798 1,565,699 1,599,345 1,612,956 

Foreign official institutions 1............................... 297,603 297,531 301,084 298,223 284,844 288,821 297,630 286,821 

Demand deposits ................................ 3,952 3,038 2,496 3,336 2,988 2,877 2,150 3,285 

Time deposits ............................................. 35,573 31,997 24,275 18,348 19,471 15,141 16,265 13,882 

U.S. Treasury bills and certificates................... 153,010 153,899 161,081 167,562 161,719 166,640 164,076 161,312 

Short-term U.S. agency obligations.................. n.a. 39,961 41,078 35,037 36,351 31,445 45,085 40,826 

Other liabilities ............................................ 105,068 68,636 72,154 73,940 64,315 72,718 70,054 67,516 

Unaffiliated foreign banks and other 

foreigners.................................................. 516,278 533,346 545,429 560,104 537,756 544,408 550,126 558,153 

Demand deposits ................................ 29,372 32,711 27,199 31,368 30,578 28,792 30,555 34,965 

Time deposits ............................................. 146,064 143,733 140,841 134,049 130,934 129,134 124,742 123,041 

U.S. Treasury bills and certificates................... 24,584 19,220 21,325 22,707 23,629 22,510 22,798 26,720 

Short-term U.S. agency obligations.................. n.a. 22,054 24,556 24,650 23,390 21,046 20,947 22,847 

Other liabilities ............................................ 316,258 315,628 331,508 347,330 329,225 342,926 351,084 350,580 

Banks’ own foreign offices ................................ 684,987 659,676 727,685 785,523 785,394 715,315 736,136 755,876 

International and regional organizations 2 ............. 12,542 13,309 10,336 11,168 10,804 17,155 15,453 12,106 

Demand deposits ................................ 41 36 40 21 34 35 31 22 

Time deposits ............................................. 6,246 2,299 2,827 3,133 3,755 7,581 5,482 7,023 

U.S. Treasury bills and certificates................... 252 118 521 779 577 883 859 1,105 

Short-term U.S. agency obligations.................. n.a. 102 18 36 40 24 24 21 

Other liabilities ............................................ 6,003 10,754 6,930 7,199 6,398 8,632 9,057 3,935 

Payable in foreign currencies 3.............................. 77,779 93,513 93,513 93,513 90,532 90,532 90,532 90,532 

Sector: 

Banks and other foreigners ............................ 76,687 88,098 88,098 88,098 84,355 84,355 84,355 84,355 

International and regional organizations ............ 1,092 5,415 5,415 5,415 6,177 6,177 6,177 6,177 

Major foreign currencies: 

Canadian dollars................................ n.a. 6,521 6,521 6,521 5,936 5,936 5,936 5,936 

Euro......................................................... n.a. 36,396 36,396 36,396 36,168 36,168 36,168 36,168 

U.K. pounds sterling................................ n.a. 9,325 9,325 9,325 8,780 8,780 8,780 8,780 

Japanese yen............................................. n.a. 28,231 28,231 28,231 25,545 25,545 25,545 25,545 

Memoranda: 

Banks’ own liabilities to foreigners 

payable in dollars ................................ 1,077,636 1,071,272 1,132,115 1,194,815 1,172,303 1,107,502 1,131,045 1,148,277 

Collateralized by repurchase agreements............ n.a. 111,109 127,386 134,672 150,737 127,852 131,331 127,160 

Foreign official institutions .......................... n.a. 44,839 46,488 48,885 45,422 47,376 42,717 43,636 

Foreign banks and other foreigners............... n.a. 65,362 80,056 85,055 102,640 78,314 84,815 82,520 

International and regional organizations ............ n.a. 908 842 732 2,675 2,162 3,799 1,004 

Liabilities to foreigners reported by IBFs ............... 429,404 388,460 392,270 448,165 441,349 425,558 444,107 453,149 

Payable in dollars ................................ 384,543 342,042 345,852 401,747 389,263 373,472 392,021 401,063 

Payable in foreign currencies 3........................ 44,861 46,418 46,418 46,418 52,086 52,086 52,086 52,086 

Custody liabilities of domestic 

customers payable in dollars .......................... 433,774 432,590 452,419 460,203 446,495 458,197 468,300 464,679 

1

 Includes Bank for International Settlements. 3

 Data may be as of preceding quarter-end for most recent month shown in table. 2

 Principally the International Bank for Reconstruction and Development and the 

Inter-American Development Bank. 
CAPITAL MOVEMENTS 67 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1998 1999 2000 Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ............................................................ 3,474 2,960 2,755 3,409 3,274 3,354 3,405 3,501 

Belgium 1......................................................... 45,004 46,078 34,230 7,044 6,854 6,879 6,873 8,236 

Bulgaria........................................................... 776 472 367 245 267 261 215 268 

Czech Republic ................................ 323 790 626 689 612 554 673 279 

Denmark.......................................................... 1,720 2,357 3,134 4,319 3,785 3,309 3,130 3,038 

Finland............................................................ 2,098 1,749 1,412 1,135 1,445 1,372 1,159 1,682 

France............................................................ 49,839 58,317 41,275 58,607 57,892 53,960 50,030 43,971 

Germany ......................................................... 30,898 29,004 41,416 28,491 26,320 27,772 27,718 30,084 

Greece............................................................ 2,085 3,877 2,042 2,082 2,304 2,707 2,857 2,561 

Hungary .......................................................... 911 871 1,127 658 729 524 884 363 

Ireland ............................................................ 8,485 7,691 8,115 16,277 16,729 17,509 19,813 17,394 

Italy ................................................................ 10,103 9,756 6,755 6,818 7,370 6,625 6,137 6,576 

Luxembourg 1 ................................ n.a. n.a. n.a. 17,192 17,315 15,540 15,167 14,718 

Netherlands ................................ 12,163 9,365 7,587 13,398 12,701 13,651 14,176 14,116 

Norway ........................................................... 788 1,363 2,310 3,067 3,742 4,993 4,888 7,720 

Poland ............................................................ 6,053 4,274 3,649 4,004 3,692 4,109 3,789 3,783 

Portugal .......................................................... 3,788 2,501 2,529 3,997 4,078 4,418 4,848 5,465 

Romania.......................................................... 311 768 850 1,499 1,481 1,390 1,606 1,656 

Russia 2........................................................... 2,441 5,476 19,052 21,252 20,790 19,784 20,849 21,431 

Spain.............................................................. 16,991 11,091 8,236 11,173 9,188 13,015 10,630 9,803 

Sweden........................................................... 3,237 4,744 6,506 3,753 3,447 3,180 3,776 3,488 

Switzerland ................................ 53,891 64,092 76,307 83,258 68,717 83,150 97,016 109,987 

Turkey ............................................................ 4,358 7,972 7,636 7,553 7,484 8,100 10,553 10,585 

United Kingdom................................ 202,280 190,706 187,145 202,739 222,087 187,258 188,096 179,361 

Channel Islands and Isle of Man 3.......................... n.a n.a. n.a. 36,390 36,340 36,757 37,509 38,295 

Yugoslavia 4 ................................ 233 286 282 310 309 298 317 296 

Other Europe................................ 14,384 14,778 16,518 21,976 19,387 20,115 18,211 17,957 

Total Europe................................ 476,634 481,338 481,861 561,335 558,339 540,584 554,325 556,614 

Canada .............................................................. 34,708 40,579 36,975 32,292 31,356 32,260 31,616 31,485 

Latin America: 

Argentina......................................................... 19,037 18,650 19,500 10,804 10,724 9,973 10,429 11,691 

Brazil.............................................................. 16,483 12,944 11,726 15,572 15,184 14,181 13,923 15,627 

Chile............................................................... 5,047 7,095 5,946 5,382 4,983 5,329 5,197 5,153 

Colombia......................................................... 4,639 5,685 4,561 4,661 4,687 4,525 4,606 4,178 

Ecuador .......................................................... 1,575 1,959 2,117 2,016 2,383 2,237 2,369 2,275 

Guatemala................................ 1,338 1,632 1,619 1,951 1,893 1,878 1,838 1,829 

Mexico............................................................ 38,644 32,263 33,041 41,823 41,174 41,899 42,341 37,244 

Panama.......................................................... 3,869 4,420 4,353 3,591 3,623 3,549 3,639 3,385 

Peru ............................................................... 843 1,143 1,444 1,592 1,359 1,350 1,356 1,557 

Uruguay .......................................................... 2,522 2,393 3,036 3,339 3,210 2,696 2,586 2,926 

Venezuela........................................................ 20,202 20,459 24,984 26,382 25,249 24,587 23,281 23,158 

Other Latin America 5................................ 9,808 10,916 10,094 6,624 6,287 6,726 6,662 6,743 

Total Latin America ................................ 124,007 119,559 122,421 123,737 120,756 118,930 118,227 115,766 

Caribbean: 

Bahamas ......................................................... 126,029 139,425 191,061 202,385 180,097 157,151 148,729 156,911 

Bermuda ......................................................... 7,279 8,005 9,763 9,476 10,565 9,715 11,325 10,390 

British West Indies 6 ................................ 309,090 331, 546 382,868 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6................................ n.a. n.a. n.a. 443,286 438,593 433,050 446,469 445,237 

Cuba .............................................................. 62 75 90 85 88 88 89 89 

Jamaica.......................................................... 604 547 828 970 1,219 1,146 1,143 1,155 

Netherlands Antilles ................................ 5,308 4,205 5,454 4,084 3,181 3,480 3,124 3,766 

Trinidad and Tobago ................................ 475 601 904 1,781 1,278 1,991 1,559 1,418 

Other Caribbean 5................................ n.a. n.a. n.a. 12,917 12,075 10,241 10,087 10,611 

Total Caribbean................................ 448,847 484,404 590,968 674,984 647,096 616,862 622,525 629,577 

See footnotes at end of table. 
68 CAPITAL MOVEMENTS 

TABLE CM-I-2. —Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1998 1999 2000 Nov. r Dec. Jan. Feb. Mar. p 

Asia: 

China: 

Mainland ................................ 13,441 12,325 16,531 12,378 10,484 8,513 21,179 16,736 

Taiwan................................ 12,748 13,644 17,374 21,139 17,658 17,093 21,629 20,558 

Hong Kong................................ 21,779 28,260 26,996 26,573 27,197 25,924 24,401 23,533 

India ............................................................... 5,372 7,368 4,530 3,916 3,703 3,766 4,167 4,512 

Indonesia................................ 8,326 6,571 8,514 11,759 12,422 11,934 11,482 11,261 

Israel .............................................................. 7,756 7,489 8,099 7,767 7,864 10,765 9,471 9,638 

Japan ............................................................. 193,202 170,614 162,449 174,560 174,013 165,680 170,451 185,408 

Korea.............................................................. 12,525 12,991 7,960 8,170 9,052 6,754 6,563 5,631 

Lebanon.......................................................... 1,190 1,212 681 642 560 592 695 691 

Malaysia.......................................................... 2,392 3,851 2,335 1,402 1,298 1,508 1,848 1,218 

Pakistan .......................................................... 847 813 1,024 2,413 1,965 1,658 1,826 1,820 

Philippines ................................ 3,564 3,806 2,320 2,112 1,769 1,915 1,434 1,535 

Singapore................................ 24,838 32,840 28,638 16,383 17,163 17,711 17,011 16,059 

Syria.............................................................. 40 55 59 37 65 88 53 55 

Thailand.......................................................... 7,363 6,052 3,212 4,805 4,756 4,665 5,049 5,446 

Oil-exporting countries 7 ................................ 17,068 22,565 24,939 20,023 21,242 19,070 18,151 19,904 

Other Asia................................ 3,975 5,387 5,312 5,593 5,785 5,872 6,741 6,307 

Total Asia ................................ 336,426 335,843 320,973 319,672 316,996 303,508 322,151 330,312 

Africa: 

Congo (formerly Zaire)................................ 5 14 4 1 4 6 2 1 

Egypt.............................................................. 1,343 2,023 2,621 3,117 2,779 4,276 3,966 3,862 

Ghana............................................................. 213 147 188 144 133 141 107 107 

Liberia............................................................. 269 423 318 230 227 230 197 189 

Morocco.......................................................... 97 179 148 344 273 243 197 127 

South Africa................................ 1,539 1,497 1,011 1,022 837 1,141 932 1,064 

Oil-exporting countries 8 ................................ 3,177 3,010 4,141 4,061 4,456 4,249 3,847 3,995 

Other Africa................................ 2,492 2,280 2,535 2,445 2,734 2,802 2,835 2,778 

Total Africa................................ 9,135 9,573 10,966 11,364 11,443 13,088 12,083 12,123 

Other countries: 

Australia.......................................................... 5,528 8,408 10,109 7,857 5,625 6,794 6,408 8,230 

New Zealand 9 ................................ n.a. n.a. n.a. 305 325 457 505 542 

All other........................................................... 1,158 1,413 1,281 402 413 416 407 556 

Total other countries................................ 6,686 9,821 11,390 8,564 6,363 7,667 7,320 9,328 

Total foreign countries ................................ 1,436,443 1,481,117 1,575,554 1,731,948 1,692,349 1,632,899 1,668,247 1,685,205 

International and regional 

organizations: 

International ................................ 10,648 13,758 12,193 14,825 15,482 21,698 19,891 16,030 

European regional................................ 577 504 453 989 689 936 926 1,170 

Latin American regional................................750 1,150 740 462 480 443 520 731 

Caribbean regional 10

................................ n.a. n.a. n.a. 62 84 78 79 81 

Asian regional................................ 477 607 175 223 213 163 190 232 

African regional................................ 67 141 74 22 33 14 24 39 

Middle Eastern regional................................ - - - - - - - -

Total international 

and regional................................ 12,519 16,160 13,635 16,583 16,981 23,332 21,630 18,283 

Grand total................................ 1,448,962 1,497,277 1,589,189 1,748,531 1,709,330 1,656,231 1,689,877 1,703,488 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized (Trucial States).

by the United States. Data for entities of the former Yugoslavia recognized as independent 8 Includes Algeria, Gabon, Libya and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 10 Before January 2001, included in “Latin American regional.”

Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 69 

TABLE CM-I-3.— Total Liabilities by Type and Country, Mar. 31, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

To foreign official institutions and 

Total liabilities unaffiliated foreign banks To all other foreigners Memorandum 

Payable Totals 

Shortterm Liabilities 

to 

Shortterm Negotiable 

in U.S. banks’ U.S. CDs 

Payable foreign Banks’ Treasury own Treasury held for 

in curren- own Custody Deposits obliga- Other lia- foreign Deposits obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Europe: 

Austria................................3,501 3,146 355 1,812 1,334 61 355 950 1,504 16 35 159 8 58 39 

Belgium................................ 8,236 7,930 306 6,614 1,316 103 505 945 5,257 343 75 213 109 380 36 

Bulgaria................................268 268 - 152 116 5 4 65 185 1 4 3 - 1 -

Czech Republic................................ 279 264 15 251 13 8 95 - 74 14 13 55 5 - -

Denmark................................ 3,038 2,878 160 2,274 604 67 1 47 2,594 10 40 12 100 7 452 

Finland................................1,682 1,682 - 719 963 32 - 181 888 554 14 10 1 2 781 

France................................ 43,971 35,113 8,858 18,635 16,478 713 511 11,298 8,271 7,013 207 465 26 6,609 454 

Germany................................ 30,084 26,106 3,978 18,561 7,545 955 2,791 725 11,886 4,188 324 970 132 4,135 3,967 

Greece................................2,561 2,560 1 1,081 1,479 36 108 1,365 343 49 63 481 43 72 52 

Hungary................................363 356 7 189 167 16 6 75 218 22 7 12 - - -

Ireland................................ 17,394 17,358 36 4,873 12,485 75 159 14 872 638 149 235 1,236 13,980 1,614 

Italy ................................ 6,576 5,548 1,028 4,970 578 260 701 401 2,512 919 158 435 26 136 103 

Luxembourg................................ 14,718 14,278 440 5,745 8,533 305 521 1,195 3,508 3,399 149 391 294 4,516 581 

Netherlands................................ 14,116 13,819 297 8,123 5,696 401 2,674 455 1,028 2,181 267 405 330 6,078 51 

Norway................................7,720 7,703 17 7,685 18 769 - 7 6,622 15 17 31 1 241 1 

Poland................................3,783 3,766 17 1,910 1,856 18 171 1,200 1,562 771 8 31 - 5 5 

Portugal................................ 5,465 5,416 49 1,589 3,827 37 175 3,705 817 331 23 182 4 142 6 

Romania................................ 1,656 1,652 4 504 1,148 5 1 845 778 8 4 11 - - -

Russia 4

................................ 21,431 21,423 8 4,358 17,065 1,802 66 1,337 17,855 252 30 61 - 20 6 

Spain................................ 9,803 9,406 397 4,756 4,650 153 292 2,353 4,703 488 146 778 15 478 183 

Sweden................................ 3,488 3,412 76 2,230 1,182 74 10 101 884 238 42 72 76 1,915 827 

Switzerland................................ 109,987 107,650 2,337 98,454 9,196 847 678 3,436 5,671 92,916 248 465 2,757 632 785 

Turkey................................ 10,585 10,573 12 1,837 8,736 67 416 8,699 1,080 179 18 74 9 31 1 

United Kingdom ................................ 179,361 161,436 17,925 150,341 11,095 2,492 11,552 742 12,296 113,204 1,656 1,752 2,254 15,488 1,809 

Channel Islands and Isle 

of Man 5................................ 38,295 38,012 283 37,531 481 80 125 - 141 36,683 35 87 116 745 351 

Yugoslavia 6

................................ 296 296 - 296 - 11 54 - 150 - 1 7 - 73 -

Other Europe................................ 17,957 17,098 859 9,704 7,394 268 840 7,122 8,335 101 75 192 16 149 8 

Total Europe................................ 556,614 519,149 37,465 395,194 123,955 9,660 22,811 47,263 100,034 264,533 3,808 7,589 7,558 55,893 12,112 

Canada................................31,485 27,228 4,257 18,960 8,268 176 792 4,370 5,047 9,597 1,005 1,117 443 4,681 302 

Latin America: 

Argentina ................................ 11,691 11,622 69 8,867 2,755 86 207 1,320 1,283 295 1,489 5,717 329 896 198 

Brazil................................15,627 14,578 1,049 13,604 974 310 2,884 201 2,950 1,899 733 4,780 471 350 151 

Chile................................ 5,153 5,099 54 4,441 658 147 178 55 756 608 433 2,451 128 343 352 

Colombia................................ 4,178 4,159 19 3,754 405 39 260 - 624 27 477 2,435 60 237 300 

Ecuador................................ 2,275 2,269 6 2,184 85 23 160 - 329 68 344 1,208 11 126 34 

Guatemala................................ 1,829 1,812 17 1,752 60 25 206 2 209 5 139 1,169 3 54 11 

Mexico................................ 37,244 35,700 1,544 22,828 12,872 186 1,245 6,586 6,023 4,729 1,947 11,392 875 2,717 853 

Panama................................ 3,385 3,350 35 2,787 563 55 315 - 300 377 177 1,580 178 368 121 

Peru................................ 1,557 1,548 9 1,481 67 15 138 - 141 202 107 868 29 48 19 

Uruguay................................ 2,926 2,876 50 2,505 371 41 216 94 661 695 146 739 153 131 54 

Venezuela................................ 23,158 22,829 329 17,323 5,506 126 2,565 4,893 2,521 127 1,989 10,047 51 510 105 

Other Latin America................................ 6,743 6,696 47 6,280 416 143 1,865 142 1,302 155 314 2,478 26 271 66 

Total Latin America................................ 115,766 112,538 3,228 87,806 24,732 1,196 10,239 13,293 17,099 9,187 8,295 44,864 2,314 6,051 2,264 

Caribbean: 

Bahamas ................................ 156,911 156,001 910 142,616 13,385 166 947 128 12,804 135,242 197 1,661 709 4,147 327 

Bermuda................................ 10,390 10,248 142 6,492 3,756 50 701 475 2,021 307 263 731 417 5,283 92 

Cayman Islands ................................ 445,237 430,288 14,949 297,536 132,752 38 4,097 130 118,855 247,437 321 3,364 1,225 54,821 2,382 

Cuba................................ 89 89 - 89 - 3 6 - 11 - - 61 - 8 -

Jamaica................................ 1,155 1,115 40 1,112 3 14 567 - 291 35 26 125 - 57 1 

Netherlands Antilles ................................ 3,766 3,757 9 3,595 162 12 175 3 227 277 77 355 61 2,570 4 

Trinidad and Tobago................................ 1,418 1,406 12 1,331 75 47 790 - 279 29 43 141 64 13 4 

Other Caribbean................................ 10,611 10,517 94 7,330 3,187 154 361 355 1,249 672 627 4,326 1,285 1,488 540 

Total Caribbean................................ 629,577 613,421 16,156 460,101 153,320 484 7,644 1,091 135,737 383,999 1,554 10,764 3,761 68,387 3,350 

See footnotes at end of table. 
70 

TABLE CM-I-3. —Total Liabilities by Type and Country, Mar. 31, 2002, Preliminary, con. 

[Position in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

To foreign official institutions and 

Total liabilities unaffiliated foreign banks To all other foreigners 

MemoTotals randum 

Short- Short- NegotiaPayable term Liabilities term ble 

in U.S. to banks’ U.S. CDs 

Payable foreign Banks’ Deposits Treasury own Deposits Treasury held for 

in curren- own Custody obliga- Other lia- foreign obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland................................ 16,736 16,724 12 6,476 10,248 472 951 756 13,088 557 91 478 59 272 46 

Taiwan ................................ 20,558 20,462 96 17,502 2,960 203 2,190 2,090 11,232 693 287 3,002 284 481 298 

Hong Kong................................ 23,533 22,830 703 16,965 5,865 486 1,051 479 5,935 8,604 399 1,929 138 3,809 82 

India ................................ 4,512 4,512 - 2,079 2,433 194 42 1,300 1,537 837 90 129 27 356 9 

Indonesia................................ 11,261 11,220 41 1,500 9,720 172 278 9,678 495 228 144 206 - 19 9 

Israel ................................ 9,638 9,600 38 3,446 6,154 132 76 5,873 982 624 114 1,580 21 198 146 

Japan................................ 185,408 166,655 18,753 74,235 92,420 2,391 8,171 71,352 8,582 56,622 904 1,372 211 17,050 1,742 

Korea................................ 5,631 5,593 38 3,336 2,257 109 172 1,042 1,516 2,249 66 202 - 237 8 

Lebanon ................................ 691 691 - 678 13 25 12 - 535 10 7 86 2 14 11 

Malaysia ................................ 1,218 1,175 43 958 217 71 13 103 720 197 19 41 - 11 1 

Pakistan ................................ 1,820 1,814 6 1,358 456 59 46 348 777 462 21 58 - 43 28 

Philippines................................ 1,535 1,530 5 1,391 139 219 75 41 412 341 129 250 29 34 14 

Singapore ................................ 16,059 14,003 2,056 12,225 1,778 599 1,492 448 2,407 7,903 178 430 86 460 19 

Syria................................ 55 55 - 53 2 24 2 - 6 - 2 18 - 3 2 

Thailand ................................ 5,446 5,432 14 1,429 4,003 89 22 3,802 832 285 92 166 94 50 20 

Other Asia................................ 26,211 24,989 1,222 18,126 6,863 754 3,842 3,397 6,585 7,434 307 518 443 1,709 842 

Total Asia................................ 330,312 307,285 23,027 161,757 145,528 5,999 18,435 100,709 55,641 87,046 2,850 10,465 1,394 24,746 3,277 

Africa: 

Congo (formerly Zaire)................................ 1 1 - 1 - - - - - 1 - - - - -

Egypt ................................ 3,862 3,857 5 1,301 2,556 96 96 2,446 712 126 17 314 - 50 40 

Ghana................................ 107 107 - 107 - 17 36 - 37 5 3 9 - - -

Liberia ................................ 189 189 - 131 58 11 4 - - - 7 109 8 50 9 

Morocco................................ 127 127 - 125 2 33 - - 66 - 5 21 - 2 -

South Africa................................ 1,064 1,060 4 1,006 54 70 1 - 404 163 195 149 - 78 4 

Other Africa................................ 6,773 6,682 91 5,390 1,292 1,326 837 1,044 2,151 563 144 294 23 300 16 

Total Africa ................................ 12,123 12,023 100 8,061 3,962 1,553 974 3,490 3,370 858 371 896 31 480 69 

Other countries: 

Australia ................................ 8,230 8,195 35 4,554 3,641 473 132 2,030 3,702 551 669 88 213 337 103 

New Zealand................................ 542 456 86 400 56 49 - - 277 10 34 30 47 9 1 

All Other ................................ 556 555 1 530 25 35 - 25 277 95 39 83 - 1 -

Total other countries ................................ 9,328 9,206 122 5,484 3,722 557 132 2,055 4,256 656 742 201 260 347 104 

Total foreign 

countries................................ 1,685,205 1,600,850 84,355 1,137,363 463,487 19,625 61,027 172,271 321,184 755,876 18,625 75,896 15,761 160,585 21,478 

International and 

regional orgs.: 

International................................ 16,030 9,853 6,177 9,853 - - - - - - 11 6,826 - 3,016 -

European regional................................ 1,170 1,170 - 44 1,126 - - - - - 2 7 1,105 56 -

Latin American regional................................ 731 731 - 710 21 - - - - - 6 181 - 544 20 

Caribbean regional ................................ 81 81 - 81 - - - - - - - - - 81 -

Asian regional ................................ 232 232 - 187 45 - - - - - 2 9 - 221 -

African regional................................ 39 39 - 39 - - - - - - 1 - - 38 -

Middle Eastern regional................................ - - - - - - - - - - - - - - -

Total international 

and regional ................................ 18,283 12,106 6,177 10,914 1,192 - - - - - 22 7,023 1,105 3,956 20 

Grand total................................ 1,703,488 1,612,956 90,532 1,148,277 464,679 19,625 61,027 172,271 321,184 755,876 18,647 82,919 16,866 164,541 21,498 

1 These data as of December 31, 2001. 5 Before January 2001, data included in United Kingdom. 2 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other States. Data for entities of the former Yugoslavia recognized as independent states by the United States 

Asia” and “Other Africa” amount to $1,972 million. are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia 4 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia.
71 

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries

700 

In the first quarter of 2002,

U.S. banking liabilities

decreased $6 billion. In 2001, 

600

(In billions of dollars) 

banking liabilities increased

$120 billion. 

U.S. banking liabilities to

foreigners, excluding long- 500 term securities, are 

concentrated in international 

financial centers. The data on 

this page show that nearly 

400 one-half of U.S. banking

liabilities currently is 

reported opposite the United

Kingdom and the banking 

300 centers in the Caribbean. 

Foreigners domiciled in the

rest of Europe and in Asia

hold an additional 40 percent. 

200 U.S. banking liabilities in the

mid-1990s went through a

growth spurt. The annual

growth rate between 1993 

100 and 1997 averaged 10

percent. In 1998 and 1999,

growth slowed to about 5

percent per year, more in line

with the 1989 through 1992 0 period. Last year, growth 

1998 1999 2000 2001 Mar. 2002 increased to almost 8 percent. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 Mar. 2002 

United Kingdom................................ 202,280 190,706 187,145 222,087 179,361 

All other Europe ................................ 274,354 290,632 294,716 336,252 377,253 

Caribbean banking centers 1,2................................ 451,575 487,601 593,499 636,059 619,689 

Japan................................................................ 193,202 170,614 162,449 174,013 185,408 

All other Asia ................................................................ 143,224 165,229 158,524 142,983 144,904 

Subtotal ................................................................ 1,264,635 1,304,782 1,396,333 1,511,394 1,506,615 

All other countries. ................................ 184,327 192,495 192,856 197,936 196,873 

Grand total ................................................................ 1,448,962 1,497,277 1,589,189 1,709,330 1,703,488 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 
72 CAPITAL MOVEMENTS 

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] 

Calendar 2000 2001 

Year 

Type of Claim 1999 June Sept. Dec. Mar. r June r Sept. Dec. p 

Total claims ......................................................... 1,033,128 1,115,293 1,105,023 1,177,192 1,288,257 1,282,319 1,226,363 1,347,469 

Payable in dollars................................ 944,937 1,028,630 1,025,546 1,095,869 1,193,973 1,183,775 1,136,410 1,253,992 

Banks’ own claims on foreigners........................... 793,139 844,105 855,492 904,642 977,272 992,837 963,630 1,051,613 

Foreign public borrowers ................................ 30,527 36,081 35,152 33,221 46,347 47,500 41,304 44,072 

Unaffiliated foreign banks: 

Deposits..................................................... 34,538 22,371 23,765 23,886 20,047 20,336 20,022 26,189 

Other......................................................... 62,648 66,331 63,023 71,357 81,835 71,352 72,511 74,386 

Own foreign offices................................ 529,682 575,022 592,669 630,137 667,391 688,011 663,840 745,834 

All other foreigners ................................ 135,744 144,300 140,883 146,041 161,652 165,638 165,953 161,132 

Claims of banks’ domestic customers....................... 151,798 184,525 170,054 191,227 216,701 190,938 172,780 202,379 

Deposits ......................................................... 88,006 106,464 87,882 100,352 111,323 93,656 71,537 92,546 

Negotiable and readily 

transferable instruments ................................ 51,161 62,975 70,334 78,147 92,013 81,034 91,408 94,016 

Collections and other ................................ 12,631 15,086 11,838 12,728 13,365 16,248 9,835 15,817 

Payable in foreign currencies ............................... 88,191 86,663 79,477 81,323 94,284 98,544 89,953 93,477 

Banks’ own claims on foreigners 

of which........................................................ 67,365 67,861 60,354 56,912 73,179 77,400 69,068 75,846 

Canadian dollars ................................ n.a. n.a. n.a. n.a. n.a. 5,413 6,166 6,077 

Euros........................................................... n.a. n.a. n.a. n.a. n.a. 32,962 28,523 41,954 

U.K. pounds sterling................................ n.a. n.a. n.a. n.a. n.a. 9,023 6,992 6,184 

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. 11,193 10,485 9,497 

Claims of banks’ domestic 

customers of which................................ 20,826 18,802 19,123 24,411 21,105 21,144 20,885 17,631 

Canadian dollars ................................ n.a. n.a. n.a. n.a. n.a. 811 892 935 

Euros........................................................... n.a. n.a. n.a. n.a. n.a. 6,378 9,008 3,097 

U.K. pounds sterling................................ n.a. n.a. n.a. n.a. n.a. 2,114 1,745 1,133 

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. 874 359 351 

Memoranda: 

Claims reported by IBFs ................................ 274,611 294,186 307,289 308,953 325,510 344,652 311,172 339,685 

Payable in dollars................................ 243,765 261,072 277,410 281,707 293,792 312,578 281,395 306,381 

Payable in foreign currencies ............................... 30,846 33,114 29,879 27,246 31,718 32,074 29,777 33,304 

Customer liability on acceptances ........................... 4,553 5,053 4,701 4,257 2,993 3,054 2,468 2,588 

Collateralized by resale agreements........................ n.a. n.a. n.a. n.a. 134,083 129,693 111,844 137,349 

Foreign public borrowers................................ n.a. n.a. n.a. n.a. 27,964 28,463 21,427 26,576 

Foreign banks and other foreigners ....................... n.a. n.a. n.a. n.a. 103,575 96,770 86,058 106,021 

International and regional orgs ............................. n.a. n.a. n.a. n.a. 2,544 4,460 4,359 4,752 

Claims with remaining maturity 

of 1 year or less: 

On foreign public borrowers................................ 18,328 21,001 19,713 17,443 21,575 23,171 16,858 23,724 

On all other unaffiliated foreigners......................... 169,566 160,395 154,280 168,660 173,368 168,567 161,327 176,101 

Claims with remaining maturity of 

more than 1 year: 

On foreign public borrowers................................ 11,933 14,605 14,886 15,108 24,341 23,770 23,563 19,687 

On all other unaffiliated foreigners......................... 67,255 72,541 73,500 72,798 88,280 86,552 96,766 85,083 
CAPITAL MOVEMENTS 73 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar 2000 2001 

year 

Country 1999 June Sept. Dec. Mar. r June r Sept. Dec. p 

Europe: 

Austria.............................................................. 4,651 5,601 6,570 4,862 4,728 4,405 3,849 7,378 

Belgium 1........................................................... 15,774 12,693 10,769 9,957 6,962 6,200 6,988 7,431 

Bulgaria ............................................................ 7 3 6 23 7 2 1 2 

Czech Republic................................ 152 183 140 139 179 129 147 600 

Denmark ........................................................... 3,223 4,840 5,310 4,923 7,086 6,693 4,175 3,472 

Finland ............................................................. 2,426 3,272 4,258 8,691 7,924 9,173 11,199 10,877 

France.............................................................. 36,433 41,877 38,826 53,007 62,158 70,406 69,720 86,667 

Germany ........................................................... 58,385 62,081 57,955 70,564 82,015 83,506 62,485 54,736 

Greece............................................................. 1,165 1,115 1,080 1,247 784 868 521 517 

Hungary ............................................................ 37 33 46 41 25 19 59 25 

Ireland .............................................................. 4,612 7,830 6,196 6,970 5,264 3,852 3,477 9,022 

Italy................................................................ 12,765 13,592 11,126 12,586 10,743 12,410 10,651 8,115 

Luxembourg 1..................................................... na. n.a. n.a. n.a. 3,884 8,529 9,642 3,760 

Netherlands ....................................................... 19,928 22,913 23,089 22,974 30,918 24,961 25,075 22,600 

Norway ............................................................. 1,160 3,036 5,613 5,655 9,013 7,301 5,264 7,007 

Poland.............................................................. 1,219 403 240 434 397 192 427 535 

Portugal ............................................................ 1,927 2,217 2,195 2,105 1,934 2,106 1,765 2,159 

Romania ........................................................... 68 64 79 80 91 61 62 99 

Russia 2 ............................................................ 731 763 661 690 1,147 1,091 969 606 

Spain................................................................ 5,400 5,029 4,163 4,531 7,529 5,452 5,789 4,688 

Sweden ............................................................ 8,508 15,326 15,295 15,985 19,379 18,847 19,302 19,758 

Switzerland........................................................ 85,388 96,171 105,416 87,736 111,214 124,159 80,082 99,346 

Turkey .............................................................. 9,906 4,742 4,254 4,455 4,369 3,983 4,056 3,370 

United Kingdom ................................ 172,345 210,737 209,012 223,976 258,891 256,100 261,780 299,090 

Channel Islands and Isle of Man 3 ........................... na. n.a. n.a. n.a. 3,352 3,276 4,171 4,513 

Yugoslavia 4....................................................... 50 49 49 50 49 49 4 -

Other Europe ..................................................... 9,515 8,957 9,307 7,029 3,329 2,489 2,571 2,894 

Total Europe ................................ 455,775 523,527 521,655 548,710 643,371 656,259 594,231 659,267 

Canada............................................................... 56,906 62,337 54,604 55,908 64,476 68,001 66,977 76,081 

Latin America: 

Argentina........................................................... 11,486 11,804 12,322 12,911 12,620 13,233 13,273 11,586 

Brazil............................................................... 18,733 18,971 20,184 22,130 21,374 22,959 24,007 20,846 

Chile ................................................................ 6,743 6,312 6,115 6,067 6,120 5,603 5,544 5,464 

Colombia........................................................... 4,543 3,808 3,870 4,388 4,044 3,657 3,625 3,646 

Ecuador............................................................ 780 626 641 651 551 538 524 507 

Guatemala......................................................... 1,162 1,255 1,252 1,279 1,205 1,229 1,297 1,532 

Mexico.............................................................. 19,160 17,798 17,373 18,247 18,192 17,874 17,624 16,885 

Panama............................................................ 3,512 3,289 3,040 3,239 3,235 3,389 3,606 3,442 

Peru................................................................ 2,559 2,493 2,719 2,823 2,830 2,583 2,448 2,198 

Uruguay ............................................................ 822 641 744 702 458 446 552 459 

Venezuela ......................................................... 3,720 3,602 3,593 3,749 3,451 3,124 3,385 3,202 

Other Latin America 5 ................................ 5,135 5,260 4,969 5,277 3,575 3,103 3,323 3,399 

Total Latin America................................ 78,355 75,859 76,822 81,463 77,655 77,738 79,208 73,166 

Caribbean: 

Bahamas........................................................... 112,826 112,818 109,297 132,681 121,521 110,733 118,458 103,541 

Bermuda........................................................... 8,117 6,369 6,530 9,485 8,280 6,799 8,401 8,470 

British West Indies 6................................ 210,411 216,609 219,416 237,770 n.a. n.a. n.a. n.a. 

Cayman Islands 6 ................................ n.a. n.a. n.a. n.a. 246,770 243,236 237,135 300,589 

Netherlands Antilles ................................ 6,051 6,513 5,783 5,812 6,961 5,802 9,900 6,741 

Trinidad and Tobago................................ 609 685 599 609 710 949 944 940 

Other Caribbean 5................................ n.a. n.a. n.a. n.a. 5,211 4,380 3,633 3,786 

Total Caribbean ................................ 338,313 343,290 341,966 386,712 389,801 372,200 378,840 424,485 

See footnotes at end of table. 
74 CAPITAL MOVEMENTS 

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar 2000 2001 

year 

Country 1999 June Sept. Dec. Mar. r June r Sept. Dec. p 

Asia: 

China: 

Mainland................................ 2,160 1,720 1,558 1,658 1,445 4,479 3,541 2,138 

Taiwan................................ 1,639 1,763 3,150 2,720 1,985 2,657 3,347 4,573 

Hong Kong ................................ 6,580 5,320 7,202 7,346 11,460 9,544 6,844 10,365 

India................................................................ 1,874 2,047 2,144 2,341 1,962 1,763 1,747 1,477 

Indonesia ................................ 1,853 1,905 2,034 1,944 2,042 1,972 1,985 1,795 

Israel................................................................ 5,061 4,632 4,126 5,588 5,196 5,149 6,356 6,984 

Japan............................................................... 34, 627 37,907 39,825 39,179 45,397 39,858 38,216 42,115 

Korea ............................................................... 9,625 16,187 14,708 8,014 12,530 11,480 12,003 10,755 

Lebanon................................ 29 55 36 39 63 58 35 45 

Malaysia ................................ 1,092 1,031 1,047 849 986 869 861 731 

Pakistan................................ 405 670 742 165 426 547 647 129 

Philippines ................................ 1,466 1,918 1,545 1,833 1,240 1,874 2,109 2,598 

Singapore................................ 3,988 3,779 3,109 4,576 2,821 1,768 4,097 3,513 

Syria .............................................................. - 1 2 12 2 3 3 3 

Thailand................................ 1,556 1,289 1,124 1,404 1,308 1,598 1,292 2,544 

Oil-exporting countries 7................................ 15,502 12,996 10,838 10,627 10,301 10,308 9,512 9,222 

Other Asia ................................ 437 332 310 324 274 314 241 357 

Total Asia................................ 87,894 93,552 93,500 88,619 99,438 94,241 92,836 99,344 

Africa: 

Congo (formerly Zaire)................................ 25 3 1 - - - 2 -

Egypt................................................................ 308 272 199 228 367 551 426 430 

Ghana .............................................................. 22 16 18 18 90 20 23 25 

Liberia .............................................................. 513 525 591 545 356 476 376 417 

Morocco................................ 377 287 290 241 229 211 170 123 

South Africa................................ 714 827 400 378 604 579 535 769 

Oil-exporting countries 8................................ 277 431 917 477 221 147 157 175 

Other Africa................................ 276 285 280 357 393 324 314 311 

Total Africa................................ 2,512 2,646 2,696 2,244 2,260 2,308 2,003 2,250 

Other countries: 

Australia................................ 8,308 9,056 8,313 8,228 7,521 5,827 6,119 7,272 

New Zealand 9................................ n.a. n.a. n.a. n.a. 509 614 436 512 

All other ................................ 486 303 602 427 153 182 1,041 40 

Total other countries ................................ 8,794 9,359 8,915 8,655 8,183 6,623 7,596 7,824 

Total foreign countries................................ 1,028,549 1,110,570 1,100,158 1,172,311 1,285,184 1,277,370 1,221,691 1,342,417 

International and regional orgs.: 

International ................................ 4,555 4,677 4,544 4,777 3,019 4,488 4,446 4,322 

European regional................................ 10 5 42 - 10 8 7 14 

Latin American regional ................................ 14 41 78 104 44 105 104 237 

Caribbean regional 10................................ n.a. n.a. n.a. n.a. - - - -

Asian regional................................ - - 201 - - 348 115 479 

African regional................................ - - - - - - - -

Middle Eastern regional ................................ - - - - - - - -

Total International 

and regional................................ 4,579 4,723 4,865 4,881 3,073 4,949 4,672 5,052 

Grand total ................................ 1,033,128 1,115,293 1,105,023 1,177,192 1,288,257 1,282,319 1,226,363 1,347,469 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab 4

 Includes Serbia and Montenegro, which presently form an entity not for mally recognized Emirates (Trucial States).

by the United States. Data for entities of the former Yugoslavia recognized as independent 8 Includes Algeria, Gabon, Libya, and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 10 Before January 2001, included in “Latin American regional.”

Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 75 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2001 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Total 

On foreign 

public borClaims of banks’ domestic 

Memorandum customers 

banks’ rowers and On own Payable in Customers’ Payable in 

Total own unaffiliated foreign foreign liability on Payable in foreign 

claims claims foreigners offices currencies acceptances Total dollars currencies 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Europe: 

Austria.............................................................. 7,378 6,578 3,455 1,551 1,572 - 800 257 543 

Belgium 1........................................................... 7,431 6,370 5,578 761 31 - 1,061 1,052 9 

Bulgaria ............................................................ 2 - - - - - 2 2 -

Czech Republic................................ 600 600 381 197 22 - - - -

Denmark ........................................................... 3,472 1,236 1,005 100 131 4 2,236 1,937 299 

Finland ............................................................. 10,877 10,365 181 10,169 15 30 512 283 229 

France.............................................................. 86,667 77,619 16,434 44,236 16,949 - 9,048 8,175 873 

Germany ........................................................... 54,736 37,601 11,700 18,202 7,699 4 17,135 15,973 1,162 

Greece............................................................. 517 376 291 39 46 - 141 140 1 

Hungary ............................................................ 25 6 - - 6 - 19 - 19 

Ireland .............................................................. 9,022 3,664 3,397 122 145 - 5,358 588 4,770 

Italy................................................................ 8,115 6,786 2,067 2,138 2,581 - 1,329 1,131 198 

Luxembourg 1................................ 3,760 1,593 853 414 326 5 2,167 1,278 889 

Netherlands ................................ 22,600 16,958 10,663 5,264 1,031 7 5,642 5,578 64 

Norway ............................................................. 7,007 6,265 6,248 1 16 - 742 619 123 

Poland.............................................................. 535 528 406 94 28 - 7 1 6 

Portugal ............................................................ 2,159 1,648 872 731 45 - 511 511 -

Romania ........................................................... 99 99 93 - 6 - - - -

Russia 2 ............................................................ 606 605 594 - 11 - 1 1 -

Spain................................................................ 4,688 4,120 2,341 890 889 10 568 564 4 

Sweden ............................................................ 19,758 12,790 3,722 8,822 246 - 6,968 6,738 230 

Switzerland................................ 99,346 89,817 5,728 81,635 2,454 16 9,529 9,444 85 

Turkey .............................................................. 3,370 2,155 2,052 72 31 79 1,215 1,196 19 

United Kingdom ................................ 299,090 218,431 35,293 165,628 17,510 24 80,659 75,359 5,300 

Channel Islands and Isle of Man3............................... 4,513 4,480 1,728 2,750 2 - 33 33 -

Yugoslavia 4................................ - - - - - - - - -

Other Europe ................................ 2,894 2,307 2,065 7 235 2 587 16 571 

Total Europe ................................ 659,267 512,997 117,147 343,823 52,027 181 146,270 130,876 15,394 

Canada............................................................... 76,081 60,928 13,705 40,716 6,507 3 15,153 13,980 1,173 

Latin America: 

Argentina........................................................... 11,586 11,255 9,415 1,348 492 15 331 284 47 

Brazil............................................................... 20,846 20,015 12,797 6,637 581 273 831 610 221 

Chile ................................................................ 5,464 5,390 5,228 89 73 5 74 58 16 

Colombia........................................................... 3,646 3,630 3,506 96 28 9 16 16 -

Ecuador............................................................ 507 498 456 39 3 11 9 9 -

Guatemala......................................................... 1,532 1,522 1,428 67 27 11 10 10 -

Mexico.............................................................. 16,885 16,697 16,465 57 175 83 188 154 34 

Panama............................................................ 3,442 3,279 1,812 1,254 213 47 163 163 -

Peru................................................................ 2,198 2,189 1,724 461 4 5 9 9 -

Uruguay ............................................................ 459 458 376 71 11 - 1 1 -

Venezuela ......................................................... 3,202 3,187 3,010 67 110 9 15 15 -

Other Latin America 5 ................................ 3,399 3,373 3,082 277 14 23 26 24 2 

Total Latin America................................ 73,166 71,493 59,299 10, 463 1,731 491 1,673 1,353 320 

Caribbean: 

Bahamas........................................................... 103,541 101,620 3,833 97,201 586 14 1,921 1,907 14 

Bermuda........................................................... 8,470 8,044 7,873 27 144 - 426 416 10 

Cayman Islands 6 ................................ 300,589 257,191 40,584 206,502 10,105 20 43,398 43,314 84 

Cuba................................................................ - - - - - - - - -

Jamaica............................................................ 418 418 366 52 - - - - -

Netherlands Antilles ................................ 6,741 6,738 2,826 3,903 9 - 3 - 3 

Trinidad and Tobago................................ 940 940 694 237 9 - - - -

Other Caribbean 5................................ 3,786 3,784 3,210 347 227 14 2 2 -

Total Caribbean ................................ 424,485 378,735 59,386 308,269 11,080 48 45,750 45,639 111 

See footnotes at end of table. 
76 CAPITAL MOVEMENTS

TABLE CM-II-3. — Total Claims on Foreigners by Type and Country, Dec. 31, 2001, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Reporting banks’ own claims

Memorandum

Claims of banks’ domestic 

customers

Country

 Total

 claims

 (1)

 Total

 banks’

 own

 claims

 (2)

 On foreign

 public bor-

 rowers and

 unaffiliated

 foreigners

 (3)

On own

foreign

offices

(4)

 Payable in

 foreign

 currencies

 (5)

Customers’

liability on

acceptances

(6)

 Total

 (7)

 Payable in

 dollars

 (8)

Payable in

foreign

currencies

(9)

Asia:

China:

Mainland ................................................................ 2,138 2,078 2,006 67 5 17 60 60 -

Taiwan ................................................................ 4,573 4,497 3,897 510 90 5 76 24 52

Hong Kong ................................................................ 10,365 10,156 6,945 3,050 161 11 209 169 40

India................................................................ 1,477 1,350 1,188 160 2 11 127 123 4

Indonesia................................................................ 1,795 1,788 1,722 30 36 - 7 3 4

Israel................................................................6,984 4,400 3,480 916 4 2 2,584 2,582 2

Japan................................................................ 42,115 36,608 8,399 25,726 2,483 41 5,507 5,132 375

Korea................................................................ 10,755 10,680 8,746 1,876 58 1,587 75 54 21

Lebanon................................................................ 45 38 36 2 - - 7 7 -

Malaysia ................................................................731 722 686 34 2 - 9 6 3

Pakistan................................................................129 128 56 71 1 - 1 1 -

Philippines ................................................................ 2,598 2,590 2,551 36 3 65 8 8 -

Singapore ................................................................ 3,513 3,174 2,074 988 112 3 339 333 6

Syria ................................................................ 3 1 1 - - - 2 2 -

Thailand................................................................ 2,544 2,527 1,686 813 28 10 17 17 -

Other Asia................................................................ 9,579 9,339 1,484 6,646 1,209 18 240 240 -

Total Asia................................................................ 99,344 90,076 44,957 40,925 4,194 1,770 9,268 8,761 507

Africa:

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt ................................................................ 430 418 296 120 2 30 12 11 1

Ghana................................................................ 25 16 16 - - - 9 9 -

Liberia................................................................ 417 417 417 - - - - - -

Morocco................................................................123 113 106 - 7 - 10 10 -

South Africa................................................................ 769 739 656 54 29 10 30 8 22

Other Africa ................................................................ 486 470 422 48 - 1 16 14 2

Total Africa ................................................................ 2,250 2,173 1,913 222 38 41 77 52 25

Other countries:

Australia................................................................ 7,272 5,618 4,039 1,416 163 53 1,654 1,574 80

New Zealand 7................................................................ 512 454 349 - 105 - 58 37 21

All other ................................................................ 40 39 38 - 1 1 1 1 -

Total other countries................................ 7,824 6,111 4,426 1,416 269 54 1,713 1,612 101

Total foreign countries................................ 1,342,417 1,122,513 300,833 745,834 75,846 2,588 219,904 202,273 17,631

International and regional orgs.:

International................................................................ 4,322 4,322 4,322 - - - - - -

European regional................................ 14 14 14 - - - - - -

Latin American regional ................................ 237 131 131 - - - 106 106 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................................................ 479 479 479 - - - - - -

African regional .............................................................. - - - - - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total International and regional................................ 5,052 4,946 4,946 - - - 106 106 -

Grand total................................................................ 1,347,469 1,127,459 305,779 745,834 75,846 2,588 220,010 202,379 17,631

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized 

by the United States. Data for entities of the former Yugoslavia recognized as independent 

states by the United States are reported under “Other Europe” as follows: since December 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 

Former Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Before January 2001, data for Cayman Islands included in British West Indies.

7

 Before January 2001, data included in “All other.”.

8 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 77 

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries

500 

400 

300 

200 

100 

0 

1997 1998 1999 2000 2001 

(In billions of dollars) 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1997 1998 1999 2000 2001 

United Kingdom................................ 151,645 162,874 172,345 223,976 299,090 

All other Europe ................................ 176,991 213,888 283,430 324,734 360,177 

Caribbean banking centers 1,2................................ 297,995 304,395 340,917 388,987 422,783 

Japan................................................................ 86,759 55,170 34,627 39,179 42,115 

All other Asia ................................................................ 79,301 63,088 53,267 49,440 57,229 

Subtotal ................................................................ 792,691 799,415 884,586 1,026,316 1,181,394 

All other countries. ................................ 151,390 175,356 148,542 150,876 166,075 

Grand total ................................................................ 944,081 974,771 1,033,128 1,177,192 1,347,469 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

In 2001, U.S. banking claims

on foreigners increased $170

billion, due mainly to an

increase opposite Europe. In

2000, banking claims on

foreigners increased $144

billion, due to strong

increases in claims opposite

Europe and the banking

centers in the Caribbean. 

U.S. banking claims on

foreigners, excluding long- term securities, are 

concentrated in international 

financial centers. The data on 

this page show that 80

percent of U.S. claims

currently are reported

opposite the United

Kingdom, “All other

Europe,” and the banking

centers in the Caribbean. 

Foreigners domiciled in Asia

hold less than 10 percent of

U.S. claims, down from 20 

percent at the end of 1996. 

After extremely strong

growth in the mid-1990s, 

total U.S. banking claims on

foreigners leveled off in 1998 

and 1999, growing at only

about 5 percent per year. In

2000 and 2001, growth

reached 14 percent, matching

the growth rate of 1997. 
78 CAPITAL MOVEMENTS 

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar 

year 2001 

Calendar 

year 2001 

Country 2000 June r Dec. 2000 June r Dec. 

Other Europe: 

Cyprus.............................................................. 140 238 180 42 n.a. 28 

Iceland.............................................................. 116 73 56 13 11 n.a. 

Monaco............................................................. 161 169 296 n.a. 61 n.a. 

Other Latin America and Caribbean: 

Aruba ............................................................... 366 126 237 n.a. n.a. n.a. 

Barbados ........................................................... 1,306 1,484 2,128 629 829 831 

Belize............................................................... 149 185 147 42 71 n.a. 

Bolivia .............................................................. 800 760 778 367 341 259 

Costa Rica......................................................... 1,374 1,380 1,071 647 771 910 

Dominica........................................................... 51 87 53 37 9 n.a. 

Dominican Republic............................................. 1,617 1,551 1,934 952 974 976 

El Salvador........................................................ 633 739 760 1,029 1,060 1,150 

French West Indies and French Guiana.................... 51 77 21 n.a. n.a. 11 

Haiti ................................................................ 303 321 295 53 33 31 

Honduras .......................................................... 1,674 1,779 1,767 287 262 338 

Nicaragua.......................................................... 127 126 156 98 98 85 

Paraguay ........................................................... 824 858 819 88 100 84 

Suriname........................................................... 173 217 313 50 n.a. n.a. 

Other Asia: 

Afghanistan........................................................ 55 59 56 - - n.a. 

Burma.............................................................. 5 5 8 - - -

Jordan.............................................................. 391 423 n.a. 66 84 103 

Macau .............................................................. 66 54 41 n.a. - -

Sri Lanka........................................................... 208 284 196 29 55 11 

Yemen.............................................................. 325 339 393 4 - 2 

Other Africa: 

Angola.............................................................. 390 526 n.a. n.a. n.a. n.a. 

Cameroon ......................................................... 23 17 13 7 n.a. 9 

Ethiopia ............................................................ 137 178 249 n.a. n.a. -

Guinea.............................................................. 40 48 38 - n.a. n.a. 

Ivory Coast........................................................ 74 56 n.a. 20 n.a. 15 

Kenya............................................................... 116 122 147 5 12 n.a. 

Mauritius ........................................................... 116 188 87 n.a. n.a. 4 

Mozambique ...................................................... 199 118 55 n.a. - n.a. 

Rwanda ............................................................ 66 41 44 n.a. - n.a. 

Senegal ............................................................ 18 17 n.a. 16 n.a. n.a. 

Somalia ............................................................ 13 13 11 - - -

Sudan............................................................... 12 11 7 n.a. - -

Tanzania........................................................... 294 188 229 3 2 5 

Tunisia.............................................................. 66 65 172 100 103 89 

Uganda............................................................. 95 79 79 1 - 2 

Zambia ............................................................. 107 66 67 n.a. - -

Zimbabwe.......................................................... 56 63 84 n.a. n.a. -

All other: 

New Zealand 1 ................................................... 718 n.a. n.a. 148 n.a. n.a. 

Papua New Guinea.............................................. n.a. n.a. n.a. 27 n.a. 12 

1

 Beginning January 2001, the New Zealand line shifted to monthly and quarterly reports Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

Bulletin.” 

of U.S. banking liabilities and claims. See Capital Movements Sections I and II. dates for the “Other” geographical categories in the regular monthly series in the “Treasury 
CAPITAL MOVEMENTS 79 

SECTION IV. — Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2000 2001 

Type of liability or claim 1997 1998 1999 Dec. Mar. June r Sept. Dec. p 

Type of liabilities ................................................... 57,382 46,570 53,020 73,904 73,655 68,113 53,526 66,718 

Payable in dollars ................................ 41,543 36,668 37, 605 48,931 46,526 41,819 35,347 42,957 

Financial.......................................................... 12,630 10,371 13,883 25,246 23,201 17,655 11,415 18,763 

Commercial: 

Trade payable............................................... 9,599 10,133 11,720 12,162 10,789 12,077 10,524 10,925 

Advance receipts and other ............................... 19,314 16,164 12,002 11,523 12,536 12,087 13,408 13,269 

Payable in foreign currencies ................................ 15,839 9,902 15,415 24,973 27,129 26,294 18,179 23,761 

Financial............................................................ 14,247 8,884 14,097 22,173 24,607 24,253 16,087 22,271 

Commercial: 

Trade payables.................................................. 1,305 845 1,114 2, 131 1,692 1,136 1,216 895 

Advance receipts and other ................................ 287 173 204 669 830 905 876 595 

Total claims ......................................................... 68,128 77,462 76,642 90,157 107,705 97,946 94,076 113,155 

Payable in dollars ................................ 62,173 72,171 69,170 79,558 94,932 88,166 83,292 103,937 

Financial: 

Deposit........................................................ 21,060 28,549 16,373 21,015 23,244 23,174 19,888 27,850 

Other ........................................................... 11,806 14,049 18,593 25,142 41,417 32,038 32,076 46,621 

Commercial: 

Trade receivables ................................ 26,157 25,743 30,624 30,007 26,544 28,771 27,312 25,901 

Advance payments and other ................................ 3,150 3,830 3,580 3,394 3,727 4,183 4,016 3,565 

Payable in foreign currencies ................................ 5,955 5,291 7,472 10,599 12,773 9,780 10,784 9,218 

Financial: 

Deposits .......................................................... 1,849 1,650 2,193 2,359 2,175 2,207 2,503 1,951 

Other ............................................................. 2,244 2,012 3,072 4,515 7,419 4,472 5,548 4,865 

Commercial: 

Trade receivables ................................ 1,379 1,459 1,978 3,097 2,414 2,336 2,016 1,685 

Advance payments and other ................................ 483 170 229 628 765 765 717 717 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-2. —Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2000 2001 

Country 1996 1997 1998 1999 Dec. Mar. June Sept. Dec. p 

Europe: 

Austria................................ 67 112 118 112 111 147 138 183 152 

Belgium -Luxembourg ................................ 1,111 852 357 171 440 363 395 236 253 

Bulgaria ................................ 2 5 3 - 2 2 1 1 3 

Czech Republic ................................ 22 38 105 26 7 9 7 16 10 

Denmark ................................ 93 170 132 105 149 118 107 85 148 

Finland ................................ 161 281 83 48 91 61 76 148 86 

France................................ 1,771 2,189 2,017 2,331 2,459 2,242 1,887 2,430 3,576 

Germany................................ 2,836 3,232 3,455 3,105 3,215 3,606 3,480 2,960 3,252 

Greece ................................ 72 89 120 141 400 464 321 543 410 

Hungary................................ 12 13 3 9 8 8 6 11 27 

Ireland................................ 449 1,136 1,307 827 1,216 1,216 1,161 1,195 1,264 

Italy ................................................................ 911 923 1,177 749 1,773 1,557 1,690 1,491 1,396 

Netherlands ................................ 1,322 933 1,835 2,503 2,316 2,518 2,106 2,341 3,117 

Norway ................................ 424 242 188 266 286 314 362 332 320 

Poland................................ 30 7 11 46 42 52 40 48 43 

Portugal................................ 33 36 29 34 16 17 12 30 16 

Romania ................................ 9 165 149 159 178 24 22 23 17 

Russia 1................................ 105 115 82 251 91 57 40 46 48 

Spain ................................ 222 334 546 501 468 742 298 403 425 

Sweden ................................ 204 244 171 158 117 102 111 121 98 

Switzerland................................ 1,323 936 654 773 606 726 790 775 884 

Turkey ................................ 129 285 211 384 408 327 166 176 133 

United Kin gdom ................................ 21,464 15,753 9,677 19,592 29,209 31,354 28,069 17,115 25,132 

Yugoslavia 2................................ 9 6 8 11 11 25 30 27 14 

Other Europe................................ 165 159 181 201 182 163 193 202 212 

Total Europe ................................ 32,946 28,255 22,619 32,503 43,801 46,214 41,508 30,938 41,036 

Canada................................ 2,491 3,549 2,083 2,059 2,344 2,343 2,671 2,005 2,588 

Latin America and 

Caribbean: 

Argentina................................ 272 219 118 169 146 89 76 77 50 

Bahamas................................ 299 157 21 23 37 23 71 49 209 

Bermuda ................................ 347 432 299 157 2,020 2,117 828 617 1,551 

Brazil................................ 274 363 304 271 262 265 300 334 325 

British West Indies ................................ 1,044 616 967 540 482 1,721 1,529 271 1,672 

Chile ................................ 160 150 111 64 52 97 124 104 56 

Colombia................................ 123 120 72 141 131 86 113 90 82 

Cuba ................................ 5 - 5 27 20 14 14 13 42 

Ecuador................................ 27 22 19 58 32 18 4 10 4 

Guatemala................................ 12 30 12 6 10 7 8 11 13 

Jamaica ................................ 16 18 12 13 16 5 8 24 12 

Mexico................................ 682 591 406 912 867 823 782 908 937 

Netherlands Antilles ................................ 53 23 44 19 32 20 18 164 46 

Panama ................................ 12 16 16 67 32 35 49 43 49 

Peru ................................ 44 30 35 28 24 20 21 26 41 

Trinidad and Tobago ................................ 144 75 34 15 36 29 41 39 38 

Uruguay ................................ 6 20 8 8 27 5 6 6 8 

Venezuela ................................ 329 262 204 305 286 244 219 245 168 

Other Latin America 

and Caribbean ................................ 393 418 426 379 1,994 180 181 262 284 

Total Latin America 

and Caribbean................................ 4,242 3,562 3,113 3,202 6,506 5,798 4,392 3,293 5,587 

See footnotes at end of table. 
CAPITAL MOVEMENTS 81 

TABLE CM-IV-2. —Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2000 2001 

Country 1996 1997 1998 1999 Dec. Mar. June Sept. Dec. p 

Asia: 

China: 

Mainland................................ 990 1,250 708 627 497 686 665 695 735 

Taiwan................................ 697 936 898 1,175 970 938 1,036 858 819 

Hong Kong................................ 610 750 388 223 640 455 1,133 190 560 

India ................................................................ 181 170 387 519 309 168 179 151 179 

Indonesia................................ 314 213 154 83 81 42 55 39 44 

Israel................................................................ 205 176 228 160 468 142 210 89 195 

Japan................................ 10,483 8,602 7,439 5,751 8,973 7,188 5,674 5,863 5,861 

Korea................................ 1,558 1,150 945 543 941 959 1,013 1,041 898 

Lebanon ................................ 72 29 27 56 53 53 55 54 57 

Malaysia................................ 586 766 141 118 162 168 266 381 393 

Pakistan ................................ 77 60 33 37 96 94 117 111 94 

Philippines ................................ 110 222 169 169 114 116 977 120 1,100 

Singapore ................................ 908 1,252 1,240 917 2,280 1,962 2,191 1,998 1,793 

Syria................................................................ 61 23 15 8 27 21 6 19 6 

Thailand ................................ 473 405 362 165 203 205 134 60 105 

Oil-exporting countries 3................................ 2,193 3,138 2,852 2,555 2,844 3,374 3,095 3,062 2,652 

Other Asia................................ 327 211 141 217 290 295 217 252 83 

Total Asia................................ 19,845 19,353 16,127 13,323 18,948 16,866 17,023 14,983 15,574 

Africa: 

Congo (formerly Zaire) ................................ - - - 9 - 1 122 1 1 

Egypt ................................ 198 90 39 86 166 227 173 204 117 

Ghana................................ 29 28 9 1 6 6 5 5 3 

Liberia................................ - 1 9 2 18 19 39 - 30 

Morocco................................ 21 49 41 31 11 12 24 43 34 

South Africa................................ 154 255 189 138 135 112 117 113 111 

Oil-exporting countries 4................................ 532 408 393 499 483 566 539 476 441 

Other Africa................................ 144 103 142 212 181 167 157 124 152 

Total Africa................................ 1,078 934 822 978 1,000 1,110 1,176 966 889 

Other countries: 

Australia ................................ 945 911 949 634 344 317 369 338 584 

All other................................ 125 810 852 300 898 968 918 973 430 

Total other 

countries................................ 1,070 1,721 1,801 934 1,242 1,285 1,287 1,311 1,014 

Total foreign 

countries................................ 61,672 57,374 46,565 52,975 73,841 73,616 68,057 53,496 66,688 

International 

and regional orgs.: 

International................................ 55 - - 1 1 - - - -

European regional................................55 8 5 44 45 39 40 30

Latin American regional................................ - - - - - - 16 - -

Asian regional................................ - - - - 9 - - - -

African regional................................ - - - - 8 - - - -

Middle Eastern regional................................ - - - - - - - - -

Total international 

and regional................................ 110 8 5 45 63 39 56 30 

Grand total................................61,782 57,382 46,570 53,020 73,904 73,655 68,113 53,526 66,718 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

all other republics of the former U.S.S.R. are reported under “Other Europe. Emirates (Trucial States). 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally 4 Includes Algeria, Gabon, Libya and Nigeria. 

recognized by the United States. Data for entities of the former Yugoslavia recognized as 

independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 

30 

30 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2001, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Europe: 

Austria............................................................... 

Belgium-Luxembourg................................ 

Bulgaria............................................................. 

Czech Republic ................................ 

Denmark............................................................ 

Finland.............................................................. 

France............................................................... 

Germany............................................................ 

Greece.............................................................. 

Hungary............................................................. 

Ireland............................................................... 

Italy ................................................................ 

Netherlands ................................ 

Norway .............................................................. 

Poland............................................................... 

Portugal............................................................. 

Romania............................................................ 

Russia 1............................................................. 

Spain................................................................ 

Sweden............................................................. 

Switzerland......................................................... 

Turkey ............................................................... 

United Kingdom ................................ 

Yugoslavia 2

................................ 

Other Europe................................ 

152 - - - 152 

253 154 154 - 99 

3 - - - 3 

10 - - - 10 

148 - - - 148 

86 72 11 61 14 

3,576 2,841 1,412 1,429 735 

3,252 2,344 1,540 804 908 

410 7 7 - 403 

27 5 5 - 22 

1,264 1,051 343 708 213 

1,396 357 10 347 1,039 

3,117 1,954 1,948 6 1,163 

320 3 3 - 317 

43 - - - 43 

16 9 3 6 7 

17 - - - 17 

48 16 5 11 32 

425 9 8 1 416 

98 - - - 98 

884 94 79 15 790 

133 5 5 - 128 

25,132 22,852 6,368 16,484 2,280 

14 - - - 14 

212 33 33 - 179 

Total Europe ................................ 41,036 31,806 11,934 19,872 9,230 

Canada............................................................... 2,588 955 952 3 1,633 

Latin America 

and Caribbean: 

Argentina........................................................... 

Bahamas ......................................................... 

Bermuda............................................................ 

Brazil................................................................ 

British West Indies................................ 

Chile................................................................ 

Colombia........................................................... 

Cuba................................................................ 

Ecuador............................................................. 

Guatemala......................................................... 

Jamaica............................................................. 

Mexico.............................................................. 

Netherlands Antilles................................ 

Panama............................................................. 

Peru................................................................ 

Trinidad and Tobago................................ 

Uruguay............................................................. 

Venezuela.......................................................... 

Other Latin America 

and Caribbean................................ 

50 8 8 - 42 

209 157 157 - 52 

1,551 960 947 13 591 

325 35 33 2 290 

1,672 1,627 1,627 - 45 

56 8 8 - 48 

82 3 2 1 79 

42 - - - 42 

4 - - - 4 

13 - - - 13 

12 2 2 - 10 

937 36 13 23 901 

46 10 10 - 36 

49 - - - 49 

41 1 1 - 40 

38 5 5 - 33 

8 - - - 8 

168 2 - 2 166 

284 4 1 3 280 

Total Latin America 

and Caribbean ................................ 5,587 2,858 2,814 44 2,729 

See footnotes at end of table. 
CAPITAL MOVEMENTS 83 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2001, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland.......................................................... 

Taiwan............................................................ 

Hong Kong......................................................... 

India................................................................ 

Indonesia........................................................... 

Israel................................................................ 

Japan............................................................... 

Korea................................................................ 

Lebanon............................................................ 

Malaysia............................................................ 

Pakistan............................................................ 

Philippines ......................................................... 

Singapore.......................................................... 

Syria................................................................ 

Thailand............................................................ 

Other Asia.......................................................... 

735 57 56 1 678 

819 3 2 1 816 

560 388 364 24 172 

179 7 6 1 172 

44 4 4 - 40 

195 3 2 1 192 

5,861 3,269 1,273 1,996 2,592 

898 15 14 1 883 

57 5 5 - 52 

393 1 1 - 392 

94 - - - 94 

1,100 980 980 - 120 

1,793 242 218 24 1,551 

6 - - - 6 

105 44 43 1 61 

2,735 24 24 - 2,711 

Total Asia......................................................... 15,574 5,042 2,992 2,050 10,532 

Africa: 

Congo (formerly Zaire)................................ 1 - - - 1 

Egypt................................................................ 117 3 1 2 114 

Ghana............................................................... 3 - - - 3 

Liberia............................................................... 30 30 30 - -

Morocco............................................................ 34 - - - 34 

South Africa....................................................... 111 3 - 3 108 

Other Africa........................................................ 593 17 17 - 576 

Total Africa....................................................... 889 53 48 5 836 

Other countries: 

Australia .......................................................... 584 73 18 55 511 

All other........................................................... 430 247 5 242 183 

Total other countries ................................ 1,014 320 23 297 694 

Total foreign countries................................ 66,688 41,034 18,763 22,271 25,654 

International and regional orgs.: 

International ....................................................... - - - - -

European regional ................................ 30 - - - 30 

Latin American regional................................ - - - - -

Asian regional..................................................... - - - - -

African regional................................................... - - - - -

Middle Eastern regional................................ - - - - -

Total international 

and regional................................................... 30 - - - 30 

Grand total .................................................... 66,718 41,034 18,763 22,271 25,684 

1

 Beginning with series for December 1992 forward, data for all other r epublics of the former independent s tates by the United States are reported under “Other Europe” as follows: 

U.S.S.R. are reported under “Other Europe.” Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

recognized by the United States. Data for entities of the former Yugoslavia recognized as
84 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2000 2001 

Country 1996 1997 1998 1999 Dec. Mar. June r Sept. Dec. p 

Europe: 

Austria................................ 159 126 146 208 498 520 516 556 1,985 

Belgium -Luxembourg................................ 411 734 899 845 748 825 666 726 893 

Bulgaria................................ 19 32 11 6 6 8 17 19 14 

Czech Republic ................................ 34 42 67 26 67 54 77 60 79 

Denmark ................................ 101 155 81 310 229 148 282 160 138 

Finland................................ 173 211 244 261 224 254 310 365 238 

France................................ 2,338 2,811 3,035 3,203 4,301 6,621 4,568 4,744 4,372 

Germany................................ 1,613 2,041 2,126 2,464 2,830 2,987 3,156 3,089 2,730 

Greece................................ 148 386 316 487 332 391 399 395 340 

Hungary................................ 17 62 66 54 47 46 51 52 66 

Ireland................................ 274 277 244 340 616 719 864 621 821 

Italy ................................................................ 1,039 1,466 1,257 1,284 1,114 1,238 1,419 1,462 1,435 

Netherlands ................................ 1,055 1,274 1,342 2,658 3,125 3,070 1,935 1,798 2,667 

Norway ................................ 251 303 165 273 308 251 235 239 257 

Poland................................ 108 124 111 62 67 75 68 66 77 

Portugal................................ 92 78 153 91 83 106 62 80 71 

Romania................................ 14 7 20 11 16 19 15 48 34 

Russia 1................................ 239 221 232 293 373 184 133 129 137 

Spain ................................ 645 623 527 715 860 1,346 1,157 1,071 1,042 

Sweden................................ 372 504 565 339 360 317 294 369 441 

Switzerland................................ 1,116 988 897 1,253 1,462 1,247 1,125 1,179 1,200 

Turkey ................................ 222 379 236 464 700 392 976 438 383 

United Kingdom ................................ 10,868 13,997 12,535 13,388 20,402 24,500 19,732 19,241 20,349 

Yugoslavia 2................................ 6 11 14 17 15 19 15 33 23 

Other Europe................................ 214 267 251 360 291 293 485 510 362 

Total Europe ................................ 21,528 27,119 25,540 29,412 39,074 45,630 38,557 37,450 40,154 

Canada................................ 5,607 5,973 5,120 5,310 8,078 8,239 8,283 7,370 9,048 

Latin America 

and Caribbean: 

Argentina ................................ 617 688 893 896 1,109 1,033 922 852 810 

Bahamas ................................ 1,588 2,335 427 1,613 1,390 581 857 684 1,018 

Bermuda................................ 415 352 575 401 395 2,136 1,076 606 1,287 

Brazil ................................ 2,771 2,475 1,859 2,381 2,784 2,623 3,241 3,248 3,085 

British West Indies................................ 15,726 10,571 24,492 12,280 12,733 21,357 17,640 19,358 33,060 

Chile................................................................ 374 327 320 263 302 272 339 286 242 

Colombia ................................ 422 424 279 349 351 278 303 303 240 

Cuba................................................................ 5 - - - 1 1 2 - 2 

Ecuador................................ 107 101 103 82 66 57 64 61 62 

Guatemala ................................ 98 93 88 85 106 73 101 89 90 

Jamaica................................ 40 52 45 52 126 85 123 104 93 

Mexico................................ 1,585 1,929 2,790 3,476 3,955 3,811 4,049 4,352 4,476 

Netherlands Antilles................................ 114 153 37 45 84 65 96 119 70 

Panama................................ 109 145 173 168 244 206 173 149 105 

Peru................................................................ 201 147 183 148 171 84 91 94 79 

Trinidad and Tobago................................ 25 20 55 46 59 35 47 60 45 

Uruguay................................ 42 49 59 68 35 45 21 24 20 

Venezuela................................ 388 612 456 487 415 330 387 381 371 

Other Latin Am erica 

and Caribbean ................................ 681 820 1,176 1,325 842 863 978 919 920 

Total Latin America 

and Caribbean................................ 25,308 21,293 34,010 24,165 25,168 33,935 30,510 31,689 46,075 

See footnotes at end of table. 
CAPITAL MOVEMENTS 85 

TABLE CM-IV-4.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2000 2001 

Country 1996 1997 1998 1999 Dec. Mar. June r Sept. Dec. p 

Asia: 

China: 

Mainland................................ 992 1,076 825 760 1,096 1,143 1,139 1,262 1,053 

Taiwan................................ 511 814 770 1,097 1,299 1,290 1,166 923 853 

Hong Kong................................ 669 562 331 400 593 662 1,422 583 1,094 

India ................................................................ 402 439 348 599 661 674 642 789 638 

Indonesia................................ 665 704 417 408 407 336 369 366 239 

Israel................................................................ 323 347 327 336 458 515 638 732 701 

Japan................................ 3,038 2,799 2,875 5,336 4,427 6,427 4,852 4,199 3,611 

Korea................................ 822 988 1,084 1,378 1,745 1,673 1,693 1,800 1,852 

Lebanon ................................ 41 37 26 14 36 18 22 16 16 

Malaysia................................ 560 547 492 516 743 722 694 739 645 

Pakistan ................................ 99 44 37 23 37 43 54 58 44 

Philippines ................................ 245 144 148 258 106 99 870 88 1,001 

Singapore ................................ 781 779 734 1,041 1,065 1,015 1,211 1,033 1,120 

Syria................................................................ 7 11 12 5 11 5 3 2 11 

Thailand ................................ 288 280 489 651 344 351 380 202 232 

Oil-exporting countries 3................................ 993 1,118 1,144 1,648 1,104 1,052 1,127 1,019 986 

Other Asia................................ 161 157 160 152 195 175 239 167 189 

Total Asia................................ 10,597 10,846 10,219 14,622 14,327 16,200 16,521 13,978 14,285 

Africa: 

Congo (formerly Zaire) ................................ 13 3 1 - - 7 - - -

Egypt ................................ 155 286 136 186 266 287 275 280 233 

Ghana................................ 15 9 14 6 5 7 7 8 7 

Liberia................................ 29 8 11 3 2 21 40 1 28 

Morocco................................ 27 28 29 35 49 25 25 27 35 

South Africa................................ 277 322 272 323 266 365 313 349 293 

Oil-exporting countries 4................................ 180 134 181 186 237 207 189 253 137 

Other Africa................................ 224 209 226 178 258 284 296 348 326 

Total Africa................................ 920 999 870 917 1,083 1,203 1,145 1,266 1,059 

Other countries: 

Australia ................................ 1,536 1,485 1,398 1,889 2,041 1,917 1,950 1,948 2,151 

All other................................ 265 390 286 351 359 399 513 360 

Total other countries ................................ 1,801 1,875 1,684 2,240 2,400 2,316 2,463 2,308 2,534 

Total foreign countries................................ 65,761 68,105 77,443 76,639 90,130 107,523 97,479 94,061 113,155 

International and 

regional orgs.: 

International ................................ 60 18 15 2 2 - 2 1 -

European regional................................ 58 5 3 - 4 175 448 9 -

Latin American regional ................................ 2 - - - - - 6 2 -

Asian regional................................ 13 - - - 12 - 10 3 -

African regional................................ 3 - 1 1 2 - 1 - -

Middle Eastern regional ................................ - - - - 7 7 - - -

Total international 

and regional................................ 136 23 19 3 27 182 467 15 -

Grand total................................65,897 68,128 77,462 76,642 90,157 107,705 97,946 94,076 113,155 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

other republics of the former U.S.S.R. are reported under “Other Europe.” 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally Emirates (Trucial States).

recognized by the United States. Data for entities of the former Yugoslavia recognized as 4 Includes Algeria, Gabon, Libya and Nigeria.

independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

383 
86 CAPITAL MOVEMENTS

TABLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2002, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Financial claims

Country

Total claims

(1)

Total

(2)

Denominated in dollars

(3)

Denominated in foreign

currencies

(4)

Commercial

claims

(5)

Europe:

Austria............................................................... 1,985 1,796 1,795 1 189

Belgium-Luxembourg................................ 893 625 587 38 268

Bulgaria............................................................. 14 - - - 14

Czech Republic ................................ 79 28 28 - 51

Denmark............................................................ 138 68 68 - 70

Finland.............................................................. 238 13 12 1 225

France............................................................... 4,372 1,450 1,321 129 2,922

Germany............................................................ 2,730 1,068 633 435 1,662

Greece.............................................................. 340 179 179 - 161

Hungary............................................................. 66 - - - 66

Ireland............................................................... 821 442 440 2 379

Italy ................................................................ 1,435 319 300 19 1,116

Netherlands................................ 2,667 2,138 1,700 438 529

Norway .............................................................. 257 146 136 10 111

Poland............................................................... 77 2 1 1 75

Portugal............................................................. 71 2 1 1 69

Romania............................................................ 34 - - - 34

Russia 1............................................................. 137 31 29 2 106

Spain................................................................ 1,042 326 314 12 716

Sweden............................................................. 441 104 104 - 337

Switzerland......................................................... 1,200 589 577 12 611

Turkey ............................................................... 383 240 233 7 143

United Kingdom................................ 20,349 16,510 13,826 2,684 3,839

Yugoslavia 2................................ 23 - - - 23

Other Europe................................ 362 42 30 12 320

Total Europe................................ 40,154 26,118 22,314 3,804 14,036

Canada............................................................... 9,048 6,193 5,369 824 2,855

Latin America

and Caribbean:

Argentina........................................................... 810 378 365 13 432

Bahamas ......................................................... 1,018 976 970 6 42

Bermuda............................................................ 1,287 918 908 10 369

Brazil................................................................ 3,085 2,127 2,123 4 958

British West Indies................................ 33,060 32,965 32,965 - 95

Chile................................................................ 242 35 33 2 207

Colombia........................................................... 240 74 70 4 166

Cuba................................................................ 2 - - - 2

Ecuador............................................................. 62 6 6 - 56

Guatemala......................................................... 90 25 25 - 65

Jamaica............................................................. 93 61 59 2 32

Mexico.............................................................. 4,476 3,075 2,893 182 1,401

Netherlands Antilles................................ 70 54 54 - 16

Panama............................................................. 105 41 41 - 64

Peru................................................................ 79 16 16 - 63

Trinidad and Tobago................................ 45 - - - 45

Uruguay............................................................. 20 1 1 - 19

Venezuela.......................................................... 371 83 80 3 288

Other Latin America

and Caribbean................................ 920 366 357 9 554

Total Latin America

and Caribbean................................

46,075 41,201 40,966 235 4,874

See footnotes at end of table.
CAPITAL MOVEMENTS 87

TABLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2002, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims

Country

Total claims

(1)

Total

(2)

Denominated in dollars

(3)

Denominated in foreign

currencies

(4)

Commercial

claims

(5)

Asia:

China:

Mainland.......................................................... 1,053 294 286 8 759

Taiwan............................................................. 853 125 96 29 728

Hong Kong......................................................... 1,094 796 391 405 298

India ................................................................ 638 314 170 144 324

Indonesia........................................................... 239 110 109 1 129

Israel................................................................ 701 188 187 1 513

Japan................................................................ 3,611 1,604 431 1,173 2,007

Korea................................................................ 1,852 1,112 1,111 1 740

Lebanon............................................................ 16 - - - 16

Malaysia............................................................ 645 431 368 63 214

Pakistan ............................................................ 44 3 3 - 41

Philippines.......................................................... 1,001 922 921 1 79

Singapore.......................................................... 1,120 260 253 7 860

Syria................................................................ 11 - - - 11

Thailand............................................................ 232 101 90 11 131

Other Asia.......................................................... 1,175 170 168 2 1,005

Total Asia................................ 14,285 6,430 4,584 1,846 7,855

Africa:

Congo (formerly Zaire)................................ - - - - -

Egypt................................................................ 233 58 55 3 175

Ghana............................................................... 7 - - - 7

Liberia............................................................... 28 28 28 - -

Morocco............................................................ 35 17 16 1 18

South Africa................................ 293 139 137 2 154

Other Africa................................ 463 172 172 - 291

Total Africa................................ 1,059 414 408 6 645

Other countries:

Australia............................................................ 2,151 745 659 86 1,406

All other............................................................. 383 186 171 15 197

Total other countries ................................2,534 931 830 101 1,603

Total foreign countries................................ 113,155 81,287 74,471 6,816 31,868

International and regional orgs.:

International................................ - - - - -

European regional................................ - - - - -

Latin American regional................................ - - - - -

Asian regional ................................ - - - - -

African regional................................ - - - - -

Middle Eastern regional................................

- - - - -

Total international 

and regional................................

- - - - -

Grand total................................ 113,155 81,287 74,471 6,816 31,868

1

 Beginning with series for December 1992 forward, data for all other republics of the 

former U.S.S.R. are reported under “Other Europe.”

2

Includes data on Serbia and Montenegro, which presently form an entity not formally 

recognized by the United States. Data for entities of the former Yugoslavia recognized

as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and 

Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of 

Macedonia.
88 CAPITAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries 

250 

200 

150 

100 

50 

0 

-50 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1998 1999 2000 2001 2002 

Jan. - Mar. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 

2002 

Jan. - Mar. 

United Kingdom ................................ 137,970 129,014 166,290 184,465 42,366 

All other Europe................................ 84,047 71,492 128,577 78,921 10,755 

Caribbean banking centers 1,2................................ 11,738 43,142 19,883 58,786 8,866 

Japan................................................................ 20,261 43,366 52,006 58,661 -7,655 

All other Asia ................................ 11,050 34,168 52,151 110,996 29,787 

Subtotal................................ 265,066 321,182 418,907 491,829 84,119 

All other countries................................. 12,725 28,979 38,921 29,970 9,219 

Grand total................................ 277,791 350,161 457, 828 521,799 93,338 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

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 to

the Treasury International 

Capital (TIC) reporting system. 

Foreign investors also acquired

U.S. equities through mergers 

that involve stock swaps. Net 

foreign acquisitions of U.S. 

equities through stock swaps 

amounted to $14 billion in 

1999, $20 billion in 2000, $10 

billion in 2001, and about $5 

billion in the first quarter of 

2002. (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. 

The data present aggregate net 

purchases on an annual basis

for 1998 through 2001, as well 

as the amount for the first 

quarter of 2002. The figures

show that foreigners’ annual net 

purchases (gross purchases 

minus gross sales) of U.S.

securities have maintained an 

extremely high level since 

1998. 

Annual net foreign purchases of 

U.S. securities first surpassed

$100 billion in 1993. In 2001, 

net acquisitions (including 

stock swaps) of U.S. securities

totaled a record $532 billion. 

The pattern of net purchases 

was striking, with very large

purchases of corporate bonds 

and stocks in the first half of the 

year giving way to strong

purchases of agency and 

Treasury securities in the 

second half. In the first quarter

of 2002, net foreign 

acquisitions (including stock 

swaps) of U.S. securities totaled

$100 billion, somewhat below 

last year’s record pace. 
CAPITAL MOVEMENTS 89 

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

TABLE CM-V-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] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally sponsored agencies 

International 

and regional 

(4) 

Gross 

foreign 

purchases 

(5) 

Gross 

foreign 

sales 

(6) 

Official Other Net foreign 

purchases 

(7) 

Gross foreign 

purchases 

(8) 

Gross foreign

sales

(9)

Calendar 

year or month 

Total 

(1) 

institutions 

(2) 

foreigners 

(3) 

1998 ................................................................ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999 ................................................................ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 ................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ................................ 18,472 3,474 15,684 -686 5,267,709 5,249,237 165,086 1,202,197 1,037,111 

2002 - Jan. - Mar. p ................................ -3,015 77 -3,830 738 1,413,081 1,416,096 30,079 373,980 343,901 

2001 - Mar................................ 4,897 249 4,650 -2 446,523 441,626 19,544 104,309 84,765 

Apr ................................ -13,711 -9,055 -4,462 -194 434,782 448,493 15,470 88,033 72,563 

May ................................ 3,076 913 1,918 245 464,403 461,327 6,950 85,083 78,133 

June................................ -3,445 -3,243 6 -208 391,897 395,342 16,906 91,203 74,297 

July................................ -11,494 -741 -10,927 174 382,161 393,655 12,476 85,388 72,912 

Aug................................ 4,410 343 4,247 -180 426,541 422,131 12,036 99,946 87,910 

Sept ................................ -1,990 2,549 -4,687 148 387,659 389,649 8,428 110,730 102,302 

Oct ................................ 14,969 2,239 12,645 85 487,225 472,256 27,279 125,030 97,751 

Nov ................................ 12,676 6,266 6,636 -226 589,200 576,524 14,313 120,751 106,438 

Dec................................ 10,497 1,061 9,470 -34 376,692 366,195 8,883 125,311 116,428 

2002 - Jan................................ -16,762 -3,000 -14,027 265 473,667 490,429 3,932 121,678 117,746 

Feb. p................................ -169 -2,177 1,684 324 405,564 405,733 6,233 114,781 108,548 

Mar. p................................ 13,916 5,254 8,513 149 533,850 519,934 19,914 137,521 117,607 

Corporate and other securities

Bonds 1 Stocks

Net foreign Gross foreign Gross foreign Net foreign Gross foreign Gross foreign 

Calendar 

year or month 

purchases 

(10) 

purchases 

(11) 

sales 

(12) 

purchases 

(13) 

purchases 

(14) 

sales 

(15) 

1998................................................................ 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999................................................................ 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000................................................................ 184,128 479,456 295,328 174,890 3,605,196 3,430, 306 

2001................................................................ 221,855 740,961 519,106 116,386 3,051,355 2,934,969 

2002 - Jan. - Mar. p................................................ 48,640 195,491 146,851 17,634 802,226 784,592 

2001 - Mar. .......................................................... 26,703 65,541 38,838 7,428 284,280 276,852 

Apr ........................................................... 21,730 60,897 39,167 6,627 249,736 243,109 

May .......................................................... 33,432 84,445 51,013 17,321 276,905 259,584 

June ......................................................... 15,026 66,954 51,928 10,438 259,622 249,184 

July .......................................................... 14,927 54,013 39,086 11,475 244,887 233,412 

Aug. r........................................................ 12,711 57,739 45,028 7,703 247,297 239,594 

Sept.......................................................... 10,182 45,728 35,546 -11,532 193,492 205,024 

Oct. r......................................................... 13,551 67,412 53,861 7,257 255,682 248,425 

Nov........................................................... 16,783 66,364 49,581 13,171 241,318 228,147 

Dec .......................................................... 13,600 52,410 38,810 13,285 239,289 226,004 

2002 - Jan............................................................ 15,602 59,841 44,239 8,616 255,725 247,109 

Feb. p....................................................... 7,254 53,943 46,689 2,101 259,951 257,850 

Mar. p....................................................... 25,784 81,707 55,923 6,917 286,550 279,633 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
90 CAPITAL MOVEMENTS 

TABLE CM-V-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] 

Net foreign pur- Foreign bonds Foreign stocks 

chases of for- Net foreign Gross foreign Net foreign Gross foreign 

eign securities purchases from purchases from Gross foreign purchases from purchases from Gross foreign 

Calendar from U.S U.S. U.S. sales to U.S. U.S. U.S. sales to U.S. 

year or month (1) (2) (3) (4) (5) (6) (7) 

1998................................................................ 

1999................................................................ 

2000................................................................ 

2001................................................................ 

2002 - Jan. - Mar. p................................ 

2001 - Mar. r......................................................... 

Apr. r......................................................... 

May r................................ 

June r................................ 

July r......................................................... 

Aug. r................................ 

Sept. r................................ 

Oct. r......................................................... 

Nov........................................................... 

Dec .......................................................... 

2002 - Jan............................................................ 

Feb. p................................ 

Mar. p................................ 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-19,720 30,393 1,159,155 1,128,762 -50,113 1,397,664 1,447,777 

10,672 4,020 292,187 288,167 6,652 315,213 308,561 

-11,029 -1,295 115,671 116,966 -9,734 132,858 142,592 

1,040 5,483 93,824 88,341 -4,443 120,555 124,998 

-5,480 2,267 101,383 99,116 -7,747 135,478 143,225 

-5,494 1,048 101,950 100,902 -6,542 119,764 126,306 

-711 5,629 91,585 85,956 -6,340 114,292 120,632 

8,430 10,535 88,714 78,179 -2,105 96,415 98,520 

12,657 10,326 87,083 76,757 2,331 99,588 97,257 

-3,851 -754 94,591 95,345 -3,097 105,799 108,896 

1,581 -1,214 95,672 96,886 2,795 108,043 105,248 

-9,900 -945 69,504 70,449 -8,955 88,033 96,988 

-1,736 -5,558 93,550 99,108 3,822 103,389 99,567 

-478 2,245 89,172 86,927 -2,723 95,364 98,087 

12,886 7,333 109,465 102,132 5,553 116,460 110,907 
CAPITAL MOVEMENTS 91 

TABLE CM-V-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] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2001 2002 2001 2002 2001 2002 2001 2002 

Calendar Oct. Jan. Calendar Oct. Jan. Calendar Oct. Jan. Calendar Oct. Jan. 

year through through year through through year through through year through through 

2001 Dec. Mar. p 2001 Dec. Mar. p 2001 Dec. Mar. p 2001 Dec. Mar. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) Country 

Europe: 

Austria ................................................................ -838 27 -144 -230 278 107 312 41 99 707 180 15 

Belgium 1................................ -598 47 39 2,272 1,652 -1,175 1,893 59 708 2,177 143 807 

Bulgaria ................................ 120 -25 -52 - - 24 54 12 14 20 -8 -

Czech Republic................................ 474 238 -110 6 - 2 172 29 - 56 40 -5 

Denmark................................ -464 250 -418 377 86 -154 1,443 194 396 1,720 -281 673 

Finland................................................................ -191 188 -25 132 104 -31 195 40 13 638 192 356 

France ................................................................ -4,272 -4,132 -992 2,036 634 300 2,992 567 360 5,914 1,225 2,011 

Germany................................ -1,668 737 -1,984 6,511 1,843 -50 5,851 1,812 1,435 8,415 2,211 1,240 

Greece................................................................ 171 282 25 143 29 209 141 4 -36 -14 56 21 

Hungary................................ 151 99 50 49 -35 -41 40 - - 13 -9 -7 

Ireland................................................................ 185 555 2,080 522 699 -180 1,245 388 2,212 1,927 804 763 

Italy................................................................ -2,008 -655 1,245 -2,126 -114 -25 233 111 292 2,249 840 1,121 

Luxembourg 1................................ n.a. 246 -561 n.a. 386 395 n.a. 260 -54 n.a. 1,291 1,381 

Netherlands................................ -6,728 -2,985 -5,177 -960 -928 -1,897 2,498 220 779 10,919 2,919 698 

Norway................................................................ 2,726 1,501 -2,951 1,762 199 1,078 -230 -132 1,206 1,996 1,814 445 

Poland................................................................ -1,320 -369 78 528 -9 93 -24 -50 - 9 1 2 

Portugal................................ 2,273 377 -102 -31 -1 -13 144 -25 60 153 102 129 

Romania................................ 170 262 39 -234 89 20 1 1 8 -1 - -

Russia 2................................ 1,477 -658 206 343 -176 948 2 - - 2 4 33 

Spain................................................................ -5,301 -2,469 252 658 -27 -350 759 280 83 857 164 -593 

Sweden................................ -1,190 -38 -298 529 241 -213 246 -33 46 3,635 1,038 1,151 

Switzerland ................................ 1,412 211 1,171 2,992 765 230 2,729 19 637 3,456 1,532 1,605 

Turkey................................................................ -934 119 253 19 8 - -15 2 - -19 - -3 

United Kingdom................................ -7,185 1,992 8,962 44,418 11,635 285 108,740 17,700 24,714 38,492 8,594 8,405 

Channel Islands and 

Isle of Man 3 ................................ n.a. -163 -207 n.a. 199 185 n.a. 629 268 n.a. -201 -297 

Yugoslavia 4................................ - - - - - - - - - - - 1 

Other Europe................................ 2,745 1,130 -1,078 198 90 -40 634 -13 -109 - 59 30 

Total Europe................................ -20,510 -3,233 301 60,957 17,647 -293 134,841 22,115 33,131 88,098 22,710 19,982 

Canada................................................................ -4,136 -543 -574 1,310 414 174 3,285 1,838 790 10,984 2,385 1,646 

Latin America: 

Argentina................................ -399 -1,654 -84 1,558 -194 -720 361 -107 109 593 498 101 

Brazil................................................................ 2,633 923 -265 1,951 1,501 -112 -17 121 287 -139 12 92 

Chile................................................................ 240 525 -7 2 4 -57 614 240 -4 204 59 55 

Colombia................................ 192 466 -176 188 108 76 495 -81 123 -6 -69 -1 

Ecuador................................ 8 2 11 45 15 44 100 13 21 56 -1 -12 

Guatemala................................ 37 62 11 54 28 10 71 34 28 16 2 -4 

Mexico ................................................................ 195 20 2,950 2,257 672 3,209 1,340 572 195 -673 -142 166 

Panama ................................ -150 15 67 686 193 289 537 149 77 39 197 -30 

Peru................................................................ 99 75 -4 611 111 401 13 2 36 37 18 172 

Uruguay................................ -225 -202 18 275 75 237 277 86 -44 193 49 55 

Venezuela................................ 290 -23 14 365 151 219 381 122 80 19 15 58 

Other Latin America 5................................ 286 141 19 997 358 -122 652 137 199 -41 -18 -345 

Total Latin America ................................ 3,206 350 2,554 8,989 3,022 3,474 4,824 1,288 1,107 298 620 307 

Caribbean: 

Bahamas................................ -4,479 589 264 472 23 647 1,797 455 48 1,907 762 -934 

Bermuda................................ 3,564 1,891 441 6,916 858 407 17,658 1,652 3,593 -11,560 -831 -2,998 

British West Indies 6................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Cayman Islands 6................................ n.a. 8,397 6,687 n.a. -847 7,868 n.a. 8,381 5,833 n.a. 2,473 -2,767 

Cuba................................................................ - - - - - - - - - - - -

Jamaica ................................ 23 1 40 187 107 156 29 15 42 14 9 -1 

Netherlands Antilles................................ -10,744 -4,555 -11,430 120 236 308 845 421 228 516 104 268 

Trinidad and Tobago................................ 17 - - -325 -170 9 88 -28 18 3 4 -3 

Other Caribbean 5................................ n.a. -2,777 -2,571 n.a. 556 351 n.a. -96 174 n.a. 1,115 488 

Total Caribbean................................ 1,840 3,546 -6,569 13,589 763 9,746 49,815 10,800 9,936 -5,455 3,636 -5,947 

See footnotes at end of table. 
92 CAPITAL MOVEMENTS 

TABLE CM-V-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] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2001 2002 2001 2002 2001 2002 2001 2002 

Country 

Calendar Oct. Jan. Calendar Oct. Jan. Calendar Oct. Jan. Calendar Oct. Jan. 

year through through year through through year through through year through through 

2001 Dec. Mar. p 2001 Dec. Mar. p 2001 Dec. Mar. p 2001 Dec. Mar. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Asia: 

China: 

Mainland ................................................................ 19,117 7,641 5,145 25,979 6,437 8,996 6,688 2,264 1,960 3 4 51 

Taiwan................................................................ 2,265 -172 -2,048 5,417 3,464 3,256 2,248 571 607 261 -15 278 

Hong Kong................................................................ 7,244 -243 253 17,843 3,402 2,683 4,187 787 682 675 213 287 

India................................................................ 935 -201 -172 -17 2 3 38 10 13 -15 14 -28 

Indonesia................................................................ -7,226 -2,061 -44 10 34 353 96 38 29 74 -10 27 

Israel................................................................ 1,282 88 928 637 227 311 553 222 225 -374 -183 99 

Japan ................................................................ 17,774 22,756 -6,502 28,018 13,288 -1,225 6,081 2,249 -915 6,788 1,627 987 

Korea................................................................ 816 3,128 2,591 -1,114 -24 41 831 37 335 -76 -52 -30 

Lebanon................................................................ 24 - - 8 7 4 17 -2 -16 23 5 18 

Malaysia................................................................ 1,642 1,196 815 232 112 1,292 66 30 56 -57 -14 -4 

Pakistan................................................................ 40 - - 3 2 1 2 -1 - -8 1 5 

Philippines................................................................ 597 188 51 300 70 117 247 17 65 -40 -7 -14 

Singapore................................................................ -7,917 441 -1,576 2,905 1,029 681 5,401 944 -528 13,078 2,361 738 

Syria................................................................ - - - - - - - - 1 -10 -1 -

Thailand................................................................ 378 344 162 42 -6 14 18 - 86 -20 -18 13 

Oil-exporting countries 7................................ 865 4,671 971 1,151 517 540 1,186 677 599 1,789 -370 -971 

Other Asia................................................................ 156 222 -280 104 121 41 -28 27 49 425 37 26 

Total Asia................................................................ 37,992 37,998 294 81,518 28,682 17,108 27,631 7,870 3,248 22,516 3,592 1,482 

Africa: 

Congo ( formerly Zaire)................................ - - n.a. -1 - n.a. 3 3 n.a. -1 - n.a. 

Egypt................................................................ -811 -657 -112 105 55 7 28 7 1 -41 -3 9 

Ghana................................................................ - - - - - 1 - - - - - -

Liberia................................................................ -111 -32 -3 -22 10 10 69 36 12 -306 6 8 

Morocco................................................................ 111 - 30 50 - - - - - -3 1 -3 

South Africa ................................................................ -97 -3 28 4 - - 177 27 -46 -154 -12 -16 

Oil-exporting countries 8................................ -2 - 1 150 1 5 1 1 - -43 -2 -1 

Other Africa ................................................................ 30 56 195 18 161 45 178 -3 -9 182 -37 14 

Total Africa ................................................................ -880 -636 139 304 227 68 456 71 -42 -366 -47 11 

Other countries: 

Australia................................................................ 1,359 744 184 -1,647 -450 -161 -120 -63 305 117 575 320 

New Zealand 9 ................................................................ n.a. -6 -160 n.a. -46 6 n.a. -135 -20 n.a. 206 -43 

All other countries................................ 274 97 78 154 109 4 662 155 137 -184 -15 14 

Total other countries................................ 1,646 835 102 -1,570 -387 -151 426 -43 422 108 766 291 

Total foreign countries................................ 19,158 38,317 -3,753 165,097 50,368 30,126 221,278 43,939 48,592 116,183 33,662 17,772 

International and regional orgs.: 

International................................................................ -290 114 389 42 166 46 493 -14 133 31 12 

European regional................................ -7 3 17 - - - 25 7 -66 - -

Latin American regional................................ 41 19 9 10 20 -25 67 -3 -1 159 40 

-33 

-

-111 

Caribbean regional 10 ................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Asian regional................................................................ -449 -311 363 -76 -77 -70 4 4 -18 -3 -1 6 

African regional................................................................ 25 - -35 13 -2 2 -12 1 - -1 -1 -

Middle Eastern regional................................ -6 - -5 - - - - - - 17 1 -

Total international and regional................................ -686 -175 738 -11 107 -47 577 -5 48 203 51 -138 

Grand total................................................................ 18,472 38,142 -3,015 165,086 50,475 30,079 221,855 43,934 48,640 116,386 33,713 17,634 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Latin America and Caribbean.” 3 Before January 2001, data included in United Kingdom. 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 4 Includes Se rbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial 

for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other States).

Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for 8 Includes Algeria, Gabon, Libya, and Nigeria.

the Former Yugoslav Republic of Macedonia. 9 Before January 2001, data included in “All other.”

10 Before January 2001, data included in “Latin American regional.” 
CAPITAL MOVEMENTS 93 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2002, 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 

Domestic securities Domestic securities 

Marketable 

Treasury Bonds 

and of U.S. 

Federal Gov’t 

Financ- corps and 

ing Bank federally 

bonds sponand sored 

notes agencies Bonds Stocks 

(2) (3) (4) (5) 

Corporate and 

other Foreign securities 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally 

sponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

(14) Country 

Total purchases 

(1) 

Europe: 

Austria ................................................................ 3,866 1,369 903 183 834 234 343 3,648 1,513 796 84 819 162 274 

Belgium ................................................................ 16,429 6,314 2,834 2,067 3,517 886 811 15,660 6,275 4,009 1,359 2,710 512 795 

Bulgaria ................................................................ 104 15 24 19 7 38 1 87 67 - 5 7 7 1 

Czech Republic ................................ 1,014 942 2 - 37 11 22 1,108 1,052 - - 42 8 6 

Denmark ................................................................ 9,474 5,530 342 778 1,930 348 546 8,874 5,948 496 382 1,257 300 491 

Finland ................................................................ 3,306 1,703 154 76 782 65 526 2,881 1,728 185 63 426 71 408 

France ................................................................ 150,168 71,805 4,928 3,193 56,685 6,745 6,812 149,137 72,797 4,628 2,833 54,674 6,997 7,208 

Germany ................................................................ 93,562 52,967 3,577 4,294 17,220 7,740 7,764 93,704 54,951 3,627 2,859 15,980 8,868 7,419 

Greece ................................................................ 1,457 651 225 49 285 27 220 1,213 626 16 85 264 3 219 

Hungary ................................................................ 266 143 - - 79 - 44 273 93 41 - 86 7 46 

Ireland ................................................................ 65,135 37,691 2,527 3,962 15,495 2,559 2,901 59,087 35,611 2,707 1,750 14,732 1,246 3,041 

Italy................................................................ 31,925 13,543 1,058 613 12,148 1,912 2,651 29,419 12,298 1,083 321 11,027 1,996 2,694 

Luxembourg ................................................................ 17,900 2,368 3,801 1,714 7,286 1,239 1,492 16,244 2,929 3,406 1,768 5,905 766 1,470 

Netherlands ................................................................ 74,477 46,405 6,241 1,827 11,635 3,026 5,343 78,098 51,582 8,138 1,048 10,937 1,825 4,568 

Norway ................................................................ 69,828 58,441 3,271 1,614 1,736 4,106 660 68,794 61,392 2,193 408 1,291 2,927 583 

Poland ................................................................ 2,648 1,876 123 - 11 542 96 2,154 1,798 30 - 9 267 50 

Portugal ................................................................ 2,689 1,874 107 95 361 170 82 2,592 1,976 120 35 232 118 111 

Romania ................................................................ 961 593 355 8 - 3 2 890 554 335 - - - 1 

Russia 1................................................................ 8,771 3,521 4,566 5 112 304 263 7,487 3,315 3,618 5 79 276 194 

Spain ................................................................ 12,783 6,571 811 145 2,596 366 2,294 13,116 6,319 1,161 62 3,189 482 1,903 

Sweden ................................................................ 13,907 6,906 614 227 4,734 98 1,328 13,337 7,204 827 181 3,583 73 1,469 

Switzerland ................................................................ 39,913 10,526 3,570 2,300 17,291 1,517 4,709 36,110 9,355 3,340 1,663 15,686 995 5,071 

Turkey ................................................................ 919 359 - 1 56 138 365 494 106 - 1 59 115 213 

United Kingdom ................................ 1,043,005 489,822 45,885 83,150 135,822 157,697 130,629 994,055 480,860 45,600 58,436 127,417 154,527 127,21 5 

Channel Islands and Isle of Man 2................................ 4,978 861 1,184 825 1,439 125 544 4,995 1,068 999 557 1,736 209 426 

Yugoslavia 3................................................................ 7 - - - 6 - 1 5 - - - 5 - -

Other Europe ................................................................ 6,390 3,763 428 295 924 263 717 7,458 4,841 468 404 894 157 694 

Total Europe ................................ 1,675,882 826,559 87,530 107,440 293,028 190,159 171,166 1,610,920 826,258 87,823 74,309 273,046 182,914 166,570 

Canada ................................................................ 114,433 52,674 6,133 4,855 25,921 9,906 14,944 112,069 53,248 5,959 4,065 24,275 11,031 13,491 

Latin America: 

Argentina ................................................................ 2,801 124 622 217 699 501 638 3,577 208 1,342 108 598 747 574 

Brazil ................................................................ 12,803 1,740 1,625 513 623 6,660 1,642 13,362 2,005 1,737 226 531 6,480 2,383 

Chile ................................................................ 3,747 1,712 102 411 509 794 219 3,497 1,719 159 415 454 629 121 

Colombia ................................................................ 2,408 915 185 384 187 727 10 2,242 1,091 109 261 188 585 8 

Ecuador ................................................................ 429 12 68 45 183 9 112 352 1 24 24 195 4 104 

Guatemala ................................................................ 202 30 11 41 25 93 2 95 19 1 13 29 31 2 

Mexico................................................................ 16,050 5,105 3,419 1,692 1,067 2,979 1,788 9,633 2,155 210 1,497 901 2,146 2,724 

Panam a ................................................................ 2,806 134 518 364 721 842 227 2,189 67 229 287 751 639 216 

Peru ................................................................ 1,190 73 429 68 237 301 82 474 77 28 32 65 181 91 

Uruguay ................................................................ 2,312 976 319 102 360 451 104 2,022 958 82 146 305 451 80 

Venezuela ................................................................ 1,372 196 283 167 361 305 60 1,098 182 64 87 303 322 140 

Other Latin America ................................ 5,019 844 196 644 574 2,692 69 5,486 825 318 445 919 2,920 59 

Total Latin America ................................ 51,139 11,861 7,777 4,648 5,546 16,354 4,953 44,027 9,307 4,303 3,541 5,239 15,135 6,502 

Caribbean: 

Bahamas................................................................ 64,071 33,679 1,818 4,298 13,456 6,268 4,552 63,920 33,415 1,171 4,250 14,390 6,337 4,357 

Bermuda ................................................................ 276,990 64,010 15,751 12,908 150,067 20,197 14,057 275,905 63,569 15,344 9,315 153,065 20,920 13,692 

Cayman Islands 4 ................................ 617,755 193,862 182,588 39,624 153,16 6 21,793 26,722 598,258 187,175 174,720 33,791 155,933 19,469 27,170 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 693 214 249 117 7 100 6 467 174 93 75 8 115 2 

Netherlands Antilles................................ 87,637 37,313 1,370 1,690 40,149 2,723 4,392 97,258 48,743 1,062 1,462 39,881 2,838 3,272 

Trinidad and Tobago ................................ 96 - 19 20 19 36 2 50 - 10 2 22 15 1 

Other Caribbean ................................ 98,877 7,092 1,480 3,744 76,714 1,692 8,155 100,237 9,663 1,129 3,570 76,226 1,567 8,082 

Total Caribbean ................................ 1,146,119 336,170 203,275 62,401 433,578 52,809 57,886 1,136,095 342,739 193,529 52,465 439,525 51,261 56,576 

See footnote at end of table. 
94 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During First Quarter 2002, 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 

Domestic securities Domestic securities 

Marketable 

Treasury Bonds 

and of U.S. 

Federal Gov’t 

Financ- corps and 

ing Bank federally 

bonds sponand sored 

notes agencies Bonds Stocks 

(2) (3) (4) (5) 

Corporate and 

other Foreign securities 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally 

sponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

Country (14)

Total purchases 

(1) 

Asia: 

China: 

Mainland................................ 42,076 26,058 12,660 2,214 383 650 111 25,398 20,913 3,664 254 332 133 102 

Taiwan ................................ 12,544 2,251 4,472 735 1,921 1,869 1,296 9,189 4,299 1,216 128 1,643 224 1,679 

Hong Kong ................................ 68,582 31,784 15,322 1,768 2,841 2,375 14,492 62,377 31,531 12,639 1,086 2,554 1,538 13,029 

India................................................................ 2,101 1,636 3 13 115 11 323 2,380 1,808 - - 143 - 429 

Indonesia................................ 1,545 843 387 42 102 103 68 1,173 887 34 13 75 62 102 

Israel................................................................ 8,658 5,893 414 399 1,120 120 712 6,985 4,965 103 174 1,021 74 648 

Japan................................................................ 153,492 64,611 22,210 3,257 17,028 10,890 35,496 164,196 71,113 23,435 4,172 16,041 14,026 35,409 

Korea................................................................ 25,810 18,035 2,982 525 170 829 3,269 25,898 15,444 2,941 190 200 4,761 2,362 

Lebanon ................................ 218 - 5 2 176 27 8 221 - 1 18 158 8 36 

Malaysia ................................ 5,720 3,457 1,812 61 49 95 246 3,718 2,642 520 5 53 103 395 

Pakistan................................ 29 - 1 - 19 3 6 27 - - - 14 - 13 

Philippines ................................ 1,573 599 266 99 89 413 107 3,042 548 149 34 103 2,082 126 

Singapore ................................ 35,272 11,476 4,069 2,443 9,976 3,172 4,136 36,034 13,052 3,388 2,971 9,238 2,413 4,972 

Syria ................................................................ 10 - - 1 1 - 8 5 - - - 1 - 4 

Thailand................................ 3,438 3,012 53 100 58 78 137 3,148 2,850 39 14 45 40 160 

Other Asia ................................ 14,605 5,163 1,428 1,333 5,891 320 470 13,563 4,472 847 685 6,836 244 479 

Total Asia ................................ 375,673 174,818 66,084 12,992 39,939 20,955 60,885 357,354 174,524 48,976 9,744 38,457 25,708 59,945 

Africa: 

Congo (formerly Zaire)................................ - - - - - - - - - - - - - -

Egypt ................................................................ 159 9 16 10 68 39 17 229 121 9 9 59 17 14 

Ghana................................................................ 9 - 1 - 7 - 1 8 - - - 7 - 1 

Liberia................................................................ 274 11 50 21 117 16 59 225 14 40 9 109 18 35 

Morocco................................ 47 30 - - 4 - 13 11 - - - 7 4 -

South Africa................................ 550 32 - 13 180 49 276 693 4 - 59 196 81 353 

Other Africa ................................ 1,059 292 141 21 282 108 215 694 96 91 30 269 64 144 

Total Africa ................................ 2,098 374 208 65 658 212 581 1,860 235 140 107 647 184 547 

Other countries: 

Australia ................................ 21,005 8,208 1,552 2,666 2,930 1,345 4,304 20,565 8,024 1,713 2,361 2,610 1,464 4,393 

New Zealand ................................ 669 124 47 35 116 207 140 959 284 41 55 159 321 99 

All other countries ................................ 1,246276 304 162 230 204 70 882 198 300 25 216 66 77 

Total other countries ................................ 22,920 8,608 1,903 2,863 3,276 1,756 4,514 22,406 8,506 2,054 2,441 2,985 1,851 4,569 

Total foreign countries ................................ 3,388,264 1,411,064 372,910 195,264 801,946 292,151 314,929 3,284,731 1,414,817 342,784 146,672 784,174 288,084 308,200 

International and 

regional orgs.: 

International ................................ 2,008 985 622 224 150 8 19 1,470 596 576 91 183 4 20 

European regional................................ 294 17 - - - 27 250 460 - - 66 - 60 334 

Latin American regional ................................ 202 67 12 - 107 1 15 339 58 37 1 218 19 6 

Caribbean regional................................ - - - - - - - - - - - - - -

Asian regional ................................ 1,396 948 432 3 13 - - 1,116 585 502 21 7 - 1 

African regional ................................ 4 - 4 - - - - 37 35 2 - - - -

Middle Eastern regional ................................ 10 - - - 10 - - 15 5 - - 10 - -

Total international 

and regional ................................ 3,914 2,017 1,070 227 280 36 284 3,437 1,279 1,117 179 418 83 361 

Grand total ................................ 3,392,178 1,413,081 373,980 195,491 802,226 292,187 315,213 3,288,168 1,416,096 343,901 146,851 784,592 288,167 308,561 

1 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 2 Before January 2001, data included in United Kingdom. since June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 4 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

for entities of the former Yugoslavia recognized as independent states by the United States are reported under 
CAPITAL MOVEMENTS 95 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2001 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. r esidents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Market - Marketable able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon- bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

Country (4) (5) (6) (7) (11) (12) (13) (14) 

Europe: 

Austria ................................................................ 19,361 8,509 2,777 679 4,711 1,165 1,520 19,109 9,347 3,007 367 4,004 1,206 1,178 

Belgium 1 ................................................................ 53,700 16,432 6,267 5,634 16,900 3,343 5,124 47,658 17,030 3,995 3,741 14,723 3,667 4,502 

Bulgaria ................................................................ 777 305 - 59 319 18 76 629 185 - 5 299 19 121 

Czech Republic ................................ 8,054 5,260 6 178 205 24 2,381 6,142 4,786 - 6 149 6 1,195 

Denmark ................................................................ 52,698 32,394 3,715 3,595 7,996 1,685 3,313 49,484 32,858 3,338 2,152 6,276 1,231 3,629 

Finland................................................................ 17,838 7,438 849 325 1,834 158 7,234 15,306 7,629 717 130 1,196 146 5,488 

France ................................................................ 492,319 238,302 14,946 11,566 175,869 12,599 39,037 483,788 242,574 12,910 8,574 169,955 13,076 36,699 

Germany................................................................ 354,568 164,607 25,235 12,470 80,822 28,382 43,052 333,469 166,275 18,724 6,619 72,407 25,966 43,478 

Greece ................................................................ 9,901 5,189 409 301 1,712 957 1,333 8,913 5,018 266 160 1,726 378 1,365 

Hungary ................................................................ 1,126 471 222 62 146 2 223 846 320 173 22 133 9 189 

Ireland ................................................................ 296,346 188,671 11,868 10,115 51,806 17,574 16,312 290,349 188,486 11,346 8,870 49,879 14,560 17,208 

Italy ................................................................ 153,233 51,651 3,458 2,452 67,032 12,343 16,297 156,061 53,659 5,584 2,219 64,783 11,426 18,390 

Luxembourg 1................................................................ 80,583 11,688 14,589 8,624 32,640 5,913 7,129 68,501 11,226 13,965 5,419 27,165 3,335 7,391 

Netherlands ................................................................ 214,518 111,687 14,442 6,534 45,293 8,283 28,279 205,224 118,415 15,402 4,036 34,374 7,907 25,090 

Norway ................................................................ 209,079 166,556 19,436 3,060 7,378 9,255 3,394 201,690 163,830 17,674 3,290 5,382 8,942 2,572 

Poland ................................................................ 10,253 8,041 1,195 26 46 702 243 10,889 9,361 667 50 37 537 237 

Portugal ................................................................ 11,453 7,311 183 283 1,388 657 1,631 9,762 5,038 214 139 1,235 490 2,646 

Romania ................................................................ 4,375 1,879 2,335 1 2 131 27 4,358 1,709 2,569 - 3 50 27 

Russia 2 ................................................................ 37,724 17,890 19,208 5 306 93 222 35,984 16,413 18,865 3 304 162 237 

Spain ................................................................ 67,169 34,241 2,711 1,146 11,199 4,520 13,352 70,192 39,542 2,053 387 10,342 4,251 13,617 

Sweden ................................................................ 55,007 17,986 2,559 1,383 23,715 1,764 7,600 51,917 19,176 2,030 1,137 20,080 1,607 7,887 

Switzerland ................................................................ 168,851 38,676 10,892 8,328 77,295 7,870 25,790 155,599 37,264 7,900 5,599 73,839 6,865 24,132 

Turkey................................................................ 20,816 2,631 23 6 503 15,991 1,662 23,401 3,565 4 21 522 15,347 3,942 

United Kingdom ................................ 4,215,297 1,846,551 204,978 346,485 635,894 628,556 552,833 4,059,389 1,853,736 160,560 237,745 597,402 635,695 574,251 

Channel Islands and Isle of 

Man 3................................................................ 16,158 1,365 2,051 3,288 6,361 879 2,214 14,846 1,544 1,632 1,707 7,059 848 2,056 

Yugoslavia 4 ................................................................ 8 - - - 7 - 1 8 - - - 7 - 1 

Other Europe ................................................................ 44,521 29,299 3,635 1,985 5,155 1,786 2,661 40,950 26,554 3,437 1,351 5,155 1,746 2,707 

Total Europe ................................................................ 6,615,733 3,015,030 367,989 428,590 1,256,534 764,650 782,940 6,364,464 3,035,540 307,032 293,749 1,168,436 759,472 800,235 

Canada ................................................................ 559,879 293,452 22,342 16,146 115,229 39,139 73,571 545,493 297,588 21,032 12,861 104,245 37,929 71,838 

Latin America: 

Argentina ................................................................ 38,784 3,046 3,054 1,316 3,758 24,947 2,663 32,719 3,445 1,496 955 3,165 21,071 2,587 

Brazil................................................................ 57,720 16,499 9,178 1,310 1,794 18,046 10,893 55,916 13,866 7,227 1,327 1,933 20,758 10,805 

Chile................................................................ 17,389 8,358 262 1,535 2,322 3,787 1,125 15,112 8,118 260 921 2,118 2,884 811 

Colombia ................................................................ 11,723 3,978 1,431 1,972 1,082 3,164 96 11,798 3,786 1,243 1,477 1,088 4,110 94 

Ecuador................................................................ 1,560 19 180 170 959 93 139 1,349 11 135 70 903 86 144 

Guatemala................................................................ 763 162 80 136 219 126 40 574 125 26 65 203 51 104 

Mexico................................................................ 59,095 28,089 2,608 3,498 3,937 10,405 10,558 50,734 27,894 351 2,158 4,610 6,239 9,482 

Panama................................................................ 10,607 543 1,540 1,587 3,462 2,784 691 9,513 693 854 1,050 3,423 2,723 770 

Peru ................................................................ 1,932 229 764 98 290 295 256 1,277 130 153 85 253 193 463 

Uruguay ................................................................ 6,729 1,380 646 598 1,522 2,001 582 5,231 1,605 371 321 1,329 1,264 341 

Venezuela ................................................................ 7,285 2,194 785 579 1,532 1,876 319 6,128 1,904 420 198 1,513 1,798 295 

Other Latin America 5 ................................ 10,262 1,426 2,161 1,114 3,057 2,051 453 7,762 1,140 1,164 462 3,098 1,510 388 

Total Latin America ................................ 223,849 65,923 22,689 13,913 23,934 69,575 27,815 198,113 62,717 13,700 9,089 23,636 62,687 26,284 

Caribbean: 

Bahamas ................................................................ 206,548 95,161 4,413 18,153 48,550 21,242 19,029 208,054 99,640 3,941 16,356 46,643 21,064 20,410 

Bermuda ................................................................ 789,185 225,106 41,103 49,230 372,729 64,846 36,171 774,784 221,542 34,187 31,572 384,289 62,162 41,032 

Cayman Islands 6 ................................ 1,874,583 529,509 431,202 127,650 595,675 81,985 108,562 1,825,537 516,543 424,974 99,912 591,945 84,412 107,751 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 3,527 1,975 740 41 85 645 41 2,916 1,952 553 12 71 305 23 

Netherlands Antilles ................................ 263,846 109,588 7,077 5,835 116,628 9,498 15,220 272,685 120,332 6,957 4,990 116,112 8,954 15,340 

Trinidad and Tobago................................ 820 122 222 166 101 162 47 922 105 547 78 98 63 31 

Other Caribbean 5................................ 393,876 27,879 5,356 15,654 307,065 6,029 31,893 391,872 27,386 5,365 13,994 307,130 5,362 32,635 

Total Caribbean ................................ 3,532,385 989,340 490,113 216,729 1,440,833 184,407 210,963 3,476,770 987,500 476,524 166,914 1,446,288 182,322 217,222 

See footnote at end of table. 
96 CAPITAL MOVEMENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2001, 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 

Domestic securities Domestic securities 

Market- Market -

able able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon - bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and Corporate and 

other Foreign securities other Foreign securities 

Bonds Stocks 

(13) (14) Country 

Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) 

Asia: 

China: 

Mainland ................................ 193,074 127,407 49,827 7,554 1,674 6,094 518 137,214 108,290 23,848 866 1,671 2,061 478 

Taiwan................................ 45,722 15,003 8,939 2,767 6,893 4,930 7,190 34,688 12,738 3,522 519 6,632 1,138 10,139 

Hong Kong................................ 293,578 134,609 60,672 7,281 18,153 10,634 62,229 265,154 127,365 42,829 3,094 17,478 7,336 67,052 

India................................ 9,579 7,282 28 48 804 53 1,364 9,345 6,347 45 10 819 15 2,109 

Indonesia................................ 4,825 1,682 53 115 511 1,936 528 11,384 8,908 43 19 437 1,610 367 

Israel................................ 25,235 12,408 1,351 1,132 5,791 620 3,933 23,132 11,126 714 579 6,165 359 4,189 

Japan ................................ 843,636 413,946 131,556 20,650 70,518 42,216 164,750 805,091 396,172 103,538 14,569 63,730 42,394 184,688 

Korea................................ 70,530 48,436 9,836 1,185 357 3,385 7,331 70,223 47,620 10,950 354 433 1,529 9,337 

Lebanon................................ 1,674 89 12 30 1,163 258 122 1,424 65 4 13 1,140 95 107 

Malaysia................................ 8,212 4,667 404 153 1,048 1,015 925 5,678 3,025 172 87 1,105 183 1,106 

Pakistan................................ 231 40 3 4 133 7 44 161 - - 2 141 3 15 

Philippines................................ 5,430 2,800 708 369 466 651 436 4,325 2,203 408 122 506 579 507 

Singapore................................ 177,649 52,720 17,256 12,424 52,125 19,280 23,844 161,402 60,637 14,351 7,023 39,047 18,987 21,357 

Syria................................ 45 - 1 - 27 2 15 103 - 1 - 37 2 63 

Thailand................................ 11,243 9,920 51 85 144 739 304 10,388 9,542 9 67 164 280 326 

Other Asia................................ 77,478 25,274 8,609 5,135 33,966 1,252 3,242 70,641 24,253 7,354 3,977 31,752 847 2,458 

Total Asia................................ 1,768,141 856,283 289,306 58,932 193,773 93,072 276,775 1,610,353 818,291 207,788 31,301 171,257 77,418 304,298 

Africa: 

Congo (formerly Zaire)................................ 27 - - 4 8 7 8 27 - 1 1 9 3 13 

Egypt................................ 960 210 126 53 277 197 97 1,512 1,021 21 25 318 74 53 

Ghana................................ 2 - 1 - - - 1 1 - 1 - - - -

Liberia................................ 1,261 76 107 123 793 69 93 1,615 187 129 54 1,099 28 118 

Morocco................................ 283 174 50 - 44 - 15 115 63 - - 47 - 5 

South Africa ................................ 2,791 532 20 213 577 29 1,420 2,966 629 16 36 731 41 1,513 

Other Africa ................................ 6,248 1,100 1,036 388 1,814 1,190 720 6,380 1,072 868 209 1,675 945 1,611 

Total Africa................................ 11,572 2,092 1,340 781 3,513 1,492 2,354 12,616 2,972 1,036 325 3,879 1,091 3,313 

Other countries: 

Australia................................ 82,405 36,990 3,694 4,115 14,259 5,305 18,042 84,231 35,631 5,341 4,235 14,142 6,028 18,854 

New Zealand 7 ................................ 2,546 746 33 102 680 436 549 2,614 733 110 218 505 435 613 

All other countries................................ 6,664 2,011 1,581 834 964 678 596 5,937 1,737 1,427 172 1,148 721 732 

Total other countries................................ 91,615 39,747 5,308 5,051 15,903 6,419 19,187 92,782 38,101 6,878 4,625 15,795 7,184 20,199 

Total foreign countries................................ 12,803,174 5,261,867 1,199,087 740,142 3,049,719 1,158,754 1,393,605 12,300,591 5,242,709 1,033,990 518,864 2,933,536 1,128,103 1,443,389 

International and 

regional orgs.: 

International................................ 6,968 2,564 2,551 643 909 205 96 7,047 2,854 2,509 150 878 512 144 

European regional................................ 4,113 57 - 26 - 172 3,858 4,418 64 - 1 - 146 4,207 

Latin American regional ................................ 1,076 159 49 143 617 24 84 705 118 39 76 458 1 13 

Caribbean regional 8................................ 10 - - - - - 10 16 - - - - - 16 

Asian regional................................ 3,584 3,036 489 4 50 - 5 4,110 3,485 565 - 53 - 7 

African regional................................ 50 26 21 3 - - - 25 1 8 15 1 - -

Middle Eastern regional ................................ 66 - - - 60 - 6 50 6 - - 43 - 1 

Total international 

and regional................................ 15,867 5,842 3,110 819 1,636 401 4,059 16,371 6,528 3,121 242 1,433 659 4,388 

Grand total................................ 12,819,041 5,267,709 1,202,197 740,961 3,051,355 1,159,155 1,397,664 12,316,962 5,249,237 1,037,111 519,106 2,934,969 1,128,762 1,447,777 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” America and Caribbean.” 3

 Before January 2001, data included in United Kingdom. 6 Beginning January 2001, Cayma n Islands replaced British West Indies in the data series. 4 Includes Serbia and Montenegro, which pre sently form an entity not formally recognized by the United States. Data for 7 Before January 2001, data included in “All other countries.”

entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other 8 Before January 2001, data included in “Latin American regional.”

Europe” as follows: since December 1992 for Bosnia and Herzegovin a, Croatia and Slovenia; and since June 1994 for 

the Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 97 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors * 

150 

100 

50 

0 

-50 

-100 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1997 1998 1999 2000 2001 2002 

Jan. - Mar. 

Foreign bonds Foreign stocks Total foreign securities 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 1997 1998 1999 2000 2001 

2002 

Jan. - Mar. 

Foreign bonds................................ 48,144 17,349 5,676 4,054 -30,393 -4,020 

Foreign stocks ................................ 40,939 -6,212 -15,640 13,088 50,113 -6,652 

Total ................................ 89,083 11,137 -9,964 17,142 19,720 -10,672 

*Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the

Treasury International Capital 

(TIC) reporting system. 

However, in the past several 

years, U.S. investors also have 

acquired a substantial amount 

of foreign stocks, mostly

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock

swaps amounted to $96 billion 

in 1998, $123 billion in 1999, 

$84 billion in 2000, $43 billion 

in 2001, and $2 billion in the 

first quarter of 2002. (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. 

Including the stock swaps, 

annual U.S. net purchases of

long-term foreign securities 

averaged about $100 billion 

from the mid-1990s through

2000, without much variation 

from year to year. In the past 

few years, the acquisitions have

been concentrated in foreign 

stocks, as net purchases of 

foreign bonds have been

negligible, far below the levels 

of the mid-1990s. In 2001, 

taking into account the $43

billion in foreign stocks 

acquired through mergers, U.S. 

residents acquired $93 billion in

foreign stocks, almost in line 

with recent years. Offsetting 

this, however, was $30 billion 

in net sales of foreign bonds. 

On net, in the first quarter of 

2002, U.S. investors sold $9 

billion in foreign stocks and 

bonds. 
98 

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, June, 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, June, 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 Treasury and FFIEC 

035 reports. Tables I-3 through VI-3 present quarterly 

consolidated currency data reported by large market 

participants and FFIEC reporters that do not file weekly 

reports. 

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. 
FOREIGN CURRENCY POSITIONS 99 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Exchange 

rate 

Spot, forward and future contracts (Canadian 

dollars per 

Purchased Sold Net options positions U.S. dollar) 

Report date (1) (2) (3) (4)

10/03/01.............................................................. 

10/10/01.............................................................. 

10/17/01.............................................................. 

10/24/01.............................................................. 

10/31/01.............................................................. 

11/07/01.............................................................. 

11/14/01.............................................................. 

11/21/01.............................................................. 

11/28/01.............................................................. 

12/05/01.............................................................. 

12/12/01.............................................................. 

12/19/01.............................................................. 

12/26/01.............................................................. 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

315,529 317,620 -560 1.5688 

321,809 321,373 52 1.5682 

323,305 320,560 -481 1.5698 

321,158 320,883 -610 1.5740 

324,449 324,096 -598 1.5888 

326,280 327,164 -557 1.5989 

302,417 299,192 -977 1.5926 

298,862 297,088 -1,294 1.6013 

306,556 306,080 -1,049 1.5851 

292,787 292,122 -971 1.5745 

313,004 312,001 -750 1.5671 

280,421 281,534 -117 1.5751 

274,036 278,096 -924 1.6015 

278,202 280,245 -1,302 1.5977 

281,516 283,555 -633 1.5969 

282,573 283,023 -1,123 1.5996 

282,297 280,897 -1,181 1.6029 

288,682 286,600 -713 1.5897 

281,645 279,597 -1,055 1.6052 

280,065 280,170 -1,256 1.5923 

283,111 280,901 -1,838 1.5894 

306,088 306,128 -951 1.6096 

303,068 302,569 -314 1.5814 

301,711 298,582 -1,181 1.5971 

271,525 268,179 -1,326 1.5798 

284,981 284,042 -2,145 1.5951 
100 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

Report date (8)

1999 - Dec................................ 

2000 - Dec................................ 

2001 - Apr................................ 

May ................................ 

June................................ 

July ................................ 

Aug ................................ 

Sept................................ 

Oct................................ 

Nov ................................ 

Dec ................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

301,513 299,988 48,848 46,733 29,403 32,548 24,040 25,542 43 1.4465 

367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 

371,742 376,061 72,181 67,669 28,069 28,668 27,540 28,807 -630 1.5370 

388,532 390,427 76,282 76,382 31,523 31,877 30,780 33,724 278 1.5390 

369,323 371,541 85,177 86,087 32,843 32,686 30,938 31,868 776 1.5145 

372,454 371,860 76,271 76,780 22,505 22,092 24,621 24,158 -281 1.5330 

335,295 334,566 73,093 72,741 27,846 27,982 31,858 32,739 80 1.5508 

318,517 317,865 70,546 73,476 26,672 27,149 29,366 30,323 -487 1.5797 

327,829 329,567 77,543 80,204 27,755 29,641 29,098 31,690 -77 1.5888 

307,590 306,671 72,917 76,868 26,038 27,693 28,821 30,492 -426 1.5734 

269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

286,838 288,486 77,478 74,326 38,597 43,886 35,383 36,425 -844 1.5878 

280,782 284,233 72,880 75,269 40,596 43,624 37,475 39,483 -1,946 1.6023 

268,646 272,154 75,563 72,376 34,517 39,232 28,886 26,707 -1,950 1.5932 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

Report date (8)

1998 - Dec ................................ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 1.5315 

1999 - Mar ................................ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 1.5092 

June ................................ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. 1.4632 

Sept................................ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. 1.4678 

Dec ................................ 21,393 22,581 63,004 65,217 168 n.a. n.a. n.a. n.a. 1.4465 

2000 - Mar ................................ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. 1.4494 

June ................................ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.4806 

Sept................................ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.5038 

Dec ................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 

2001 - Mar ................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 

June ................................ 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 

Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 

Dec ................................ 29,576 35,651 46,875 43,480 1,151 570 418 224 188 1.5921 
FOREIGN CURRENCY POSITIONS 101 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Exchange 

rate 

Spot, forward and future contracts (Japanese 

yen per 

Purchased Sold Net options positions U.S. dollar) 

Report date (1) (2) (3) (4)

10/03/01.............................................................. 

10/10/01.............................................................. 

10/17/01.............................................................. 

10/24/01.............................................................. 

10/31/01.............................................................. 

11/07/01.............................................................. 

11/14/01.............................................................. 

11/21/01.............................................................. 

11/28/01.............................................................. 

12/05/01.............................................................. 

12/12/01.............................................................. 

12/19/01.............................................................. 

12/26/01.............................................................. 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

179,344 184,287 989 120.67 

171,281 175,608 879 120.39 

168,245 172,020 843 121.26 

166,174 170,134 356 122.91 

166,938 171,881 444 122.50 

167,463 171,263 491 120.94 

151,798 154,476 793 121.62 

147,762 149,317 698 123.11 

155,596 158,367 654 123.13 

158,615 161,274 579 124.22 

160,324 163,189 411 125.91 

153,716 156,440 727 128.01 

147,603 150,813 744 130.79 

154,843 157,881 517 132.16 

160,443 163,496 486 132.92 

155,494 158,516 520 131.84 

154,901 158,088 387 134.40 

160,359 162,761 413 132.89 

159,138 162,449 636 133.71 

163,000 165,058 621 132.64 

161,848 164,759 687 133.80 

162,263 165,200 576 134.38 

158,830 161,262 632 130.66 

160,154 163,266 845 129.54 

155,142 158,859 923 131.50 

157,888 161,040 1,590 132.72 
102 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese ye n. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - Apr................................

May ................................

June................................

July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 102.31 

155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114. 42 

191,606 196,992 26,648 25,841 23,992 22,244 51,404 55,284 931 123.57 

191,297 196,511 31,383 30,042 32,331 29,948 58,816 60,183 1,098 119.20 

199,288 204,843 27,508 26,345 29,503 21,878 60,689 54,298 907 124.77 

186,735 191,954 26,456 26,241 23,345 22,692 54,659 53,837 912 125.09 

175,946 180,479 36,813 36,190 28,750 25,629 55,048 57,848 1,095 118.79 

181,655 186,474 33,481 34,172 28,119 27,023 55,794 56,816 1,191 119.23 

172,914 176,430 34,972 36,056 23,614 22,879 54,121 55,151 588 122.50 

158,790 161,136 32,115 32,023 20,905 19,859 52,762 53,639 645 123.44 

150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

160,321 163,216 29,508 29,634 24,297 21,669 58,592 61,238 1,048 134.76 

161,506 163,960 29,125 29,004 22,834 20,675 55,942 57,624 779 133.67 

155,938 159,019 34,703 34,727 22,441 21,064 35,832 37,181 940 132.73 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1998 - Dec ................................ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 113.30 

1999 - Mar ................................ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 118.90 

June ................................ 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 121.25 

Sept................................ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 106.35 

Dec ................................ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31 

2000 - Mar ................................ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80 

June ................................ 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07 

Sept................................ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21 

Dec ................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar ................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June ................................ 12, 129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 

Dec ................................ 11,231 11,736 5,795 6,249 510 n.a. n.a. 669 -221 131.68 
FOREIGN CURRENCY POSITIONS 103 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4)

Purchased 

(1) 

10/03/01.............................................................. 

10/10/01.............................................................. 

10/17/01.............................................................. 

10/24/01.............................................................. 

10/31/01.............................................................. 

11/07/01.............................................................. 

11/14/01.............................................................. 

11/21/01.............................................................. 

11/28/01.............................................................. 

12/05/01.............................................................. 

12/12/01.............................................................. 

12/19/01.............................................................. 

12/26/01.............................................................. 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

378,404 380,276 1,392 1.6157 

365,924 367,604 1,419 1.6290 

360,931 362,141 1,517 1.6388 

354,349 353,988 -410 1.6574 

360,530 359,691 -968 1.6344 

359,341 358,836 180 1. 6371 

352,969 350,593 101 1.6638 

317,119 318,151 363 1.6531 

339,499 338,983 300 1.6464 

331,889 330,998 -1 1.6585 

358,919 358,050 -146 1.6424 

294,647 295,878 -310 1.6377 

286,128 285,928 -793 1.6911 

307,944 310,771 -718 1.6443 

315,657 322,968 -718 1.6611 

318,865 327,715 871 1.6583 

310,675 320,145 864 1.6715 

336,003 343,606 306 1.7100 

346,507 349,359 343 1.6967 

356,621 356,599 -134 1.6860 

349,731 349,139 1,192 1.7017 

337,724 335,646 986 1.7053 

325,315 325,971 1,590 1.6818 

334,463 336,284 2,207 1.6767 

278,593 283,825 2,506 1.6539 

288,546 288,011 2,776 1.6793 
104 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 349,124 346,571 24,262 24,361 63,446 66,092 62,096 58,039 -4,618 1.5912 

2000 - Dec ................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132 

2001 - Apr................................ 460,733 454,368 62,361 66,898 66,703 63,763 60,449 56,134 -2,036 1.7354 

May ................................ 489,278 483,098 65,605 67,766 76,411 66,750 63,620 66,723 -1,349 1.7970 

June ................................ 423,227 420,597 55,723 59,780 62,916 56,424 62,313 60,380 -442 1.7940 

July ................................ 425,747 425,111 55,661 60,539 55,354 50,837 52,559 50,838 -66 1.7284 

Aug ................................ 391,997 392,065 52,265 59,718 63,769 60,695 61,730 58,227 729 1.6638 

Sept................................ 369,236 374,938 53,136 60,486 74,636 67,827 65,635 65,649 2,180 1.6880 

Oct................................ 358,640 357,116 53,792 59,659 47,498 46,773 48,008 44,645 225 1.6344 

Nov ................................ 348,670 347,449 48,958 56,370 42,301 39,113 44,762 43,361 -54 1.6420 

Dec ................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Jan................................ 326,822 335,972 46,172 56,380 49,839 47,112 47,186 45,402 -467 1.7208 

Feb................................ 315,050 316,200 45,483 55,847 47,952 45,335 45,121 43,244 1,088 1.6979 

Mar................................ 275,599 278,146 59,200 64,436 46,081 39,424 41,970 45,822 2,515 1.6826 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1998 - Dec ................................ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 1.3745 

1999 - Mar ................................ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 1.4820 

June ................................ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 1.5507 

Sept................................ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 1.4954 

Dec ................................ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.5912 

2000 - Mar ................................ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.6644 

June ................................ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.6337 

Sept................................ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.7268 

Dec ................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 

2001 - Mar ................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 

June ................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 

Sept................................ 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 

Dec ................................ 22,306 30,431 22,945 11,690 n.a. n.a. n.a. 1,278 n.a. 1.6579 
FOREIGN CURRENCY POSITIONS 105 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4)

Purchased 

(1) 

10/03/01.............................................................. 

10/10/01.............................................................. 

10/17/01.............................................................. 

10/24/01.............................................................. 

10/31/01.............................................................. 

11/07/01.............................................................. 

11/14/01.............................................................. 

11/21/01.............................................................. 

11/28/01.............................................................. 

12/05/01.............................................................. 

12/12/01.............................................................. 

12/19/01.............................................................. 

12/26/01.............................................................. 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

472,825 479,698 1,517 1.4758 

482,652 483,558 499 1.4510 

492,526 495,935 1,031 1.4468 

495,842 500,992 937 1.4285 

490,252 494,618 1,144 1.4544 

500,849 504,612 974 1.4635 

439,309 454,269 861 1.4411 

439,329 444,695 876 1.4173 

482,123 490,452 884 1.4260 

442,168 451,101 941 1.4159 

463,752 472,568 836 1.4463 

424,758 431,970 1,107 1.4505 

394,802 402,771 982 1.4528 

379,195 387,554 1,346 1.4466 

396,530 406,386 1,786 1.4369 

401,222 409,377 1,673 1.4370 

407,921 418,566 1,499 1.4241 

417,117 424,670 1,346 1.4142 

412,554 423,599 1,199 1. 4121 

434,470 446,461 1,614 1.4325 

423,461 435,940 1,413 1.4266 

435,647 448,966 1,203 1.4203 

412,554 423,599 1,199 1.4121 

434,470 446,461 1,614 1.4325 

423,461 435,940 1,413 1.4266 

435,647 448,966 1,203 1.4203 
106 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - Apr................................

May ................................

June................................

July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

432,242 417,962 87,209 89,210 33,780 40,959 38,668 36,834 -1,112 1.6176 

479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

506,302 507,602 132,544 121,137 51,805 52,214 33,446 34,151 1,609 1.4304 

518,816 522,539 128,848 114,184 44,499 44,343 40,813 42,730 1,827 1.4175 

537,865 543,914 145,806 128,126 45,012 44,350 41,576 43,582 1,234 1.4140 

508,693 511,810 151,850 136,514 39,555 40,400 35,607 35,878 1,538 1.4256 

498,928 501, 669 159,645 143,890 40,786 42,188 38,686 39,608 957 1.4539 

466,369 467,295 189,961 157,729 39,921 42,843 38,961 39,245 1,775 1.4691 

502,107 507,242 167,094 162,237 31,379 33,889 34,479 32,289 1,297 1.4544 

451,233 457,021 153,515 147,058 26,946 30,283 29,687 28,705 738 1.4248 

347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

390,686 419,174 153,585 141,738 29,245 29,876 29,476 30,090 1,390 1.4110 

399,608 432,008 156,434 146,298 29,489 30,184 31,576 30,826 1,302 1.4164 

359,381 390,676 165,793 153,716 27,540 26,578 28,823 29,707 1,293 1.4243 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought 

(5) 

Written 

(6) 

Bought Written 

Report date (3) (4) (7) (8) 

1998 - Dec ................................ 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 1.6548 

1999 - Mar ................................ 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 1.6115 

June ................................ 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 1.5768 

Sept................................ 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. 1.6465 

Dec ................................ 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.6176 

2000 - Mar ................................ 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.5927 

June ................................ 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.5166 

Sept................................ 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.4736 

Dec ................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 

2001 - Mar ................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 

June ................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 

Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 

Dec ................................ 32,360 32,229 n.a. 31,571 2,224 2,152 2,177 2,373 388 1.4556 
FOREIGN CURRENCY POSITIONS 107 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts Exchange 

Purchased Sold Net options positions rate 

Report date (1) (2) (3) (4) 

10/03/01.............................................................. 

10/10/01.............................................................. 

10/17/01.............................................................. 

10/24/01.............................................................. 

10/31/01.............................................................. 

11/07/01.............................................................. 

11/14/01.............................................................. 

11/21/01.............................................................. 

11/28/01.............................................................. 

12/05/01.............................................................. 

12/12/01.............................................................. 

12/19/01.............................................................. 

12/26/01.............................................................. 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

4,868,792 4,857,873 -601 n.a. 

4,845,331 4,843,721 1,644 n.a. 

4,793,814 4,789,423 3,882 n.a. 

4,754,464 4,718,442 4,087 n.a. 

4,760,006 4,728,579 3,810 n.a. 

4,766,765 4,719,230 2,789 n.a. 

4,504,833 4,463,432 2,579 n.a. 

4,340,588 4,302,297 2,512 n.a. 

4,580,990 4,531,264 1,425 n.a. 

4,514,562 4,455,019 951 n.a. 

4,597,467 4,546,107 4,290 n.a. 

4,439,356 4,378,866 2,196 n.a. 

4,261,561 4,193,066 1,659 n.a. 

4,258,440 4,184,987 407 n.a. 

4,402,179 4,321,602 2,990 n.a. 

4,380,560 4,297,866 4,039 n.a. 

4,346,260 4,264,561 5,343 n.a. 

4,471,052 4,402,247 5,684 n.a. 

4,451,575 4,381,085 4,767 n.a. 

4,476,785 4,414,862 3,858 n.a. 

4,458,055 4,392,710 3,458 n.a. 

4,503,501 4,426,452 4,523 n.a. 

4,397,061 4,327,320 3,462 n.a. 

4,416,169 4,361,269 2,416 n.a. 

4,280,941 4,223,835 1,503 n.a. 

4,263,277 4,205,784 3,055 n.a. 
108 FOREIGN CURRENCY POSITIONS 

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - Apr................................

May ................................

June................................

July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

5,370,925 5,391,963 - - 765,363 748,670 500,640 497,152 6,399 n.a. 

5,361,877 5,425,879 - - 833,741 819,194 568,800 562,535 2,709 n.a. 

5,419,266 5,418,760 - - 846,159 817,416 553,914 529,449 5,565 n.a. 

5,236,086 5,226,660 - - 827,658 798,790 522,169 497,990 5,380 n.a. 

4,955,089 4,918,782 - - 871,379 843,867 551,510 535,105 1,043 n.a. 

4,946,337 4,895,539 - - 870,384 841,743 571,301 561,648 -857 n.a. 

4,845,593 4,817,715 - - 729,728 696,645 465,585 460,166 2,265 n.a. 

4,541,710 4,492,706 - - 741,688 717,156 473,358 461,638 1,848 n.a. 

4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

4,458,455 4,389,232 - - 828,955 794,766 551,266 432,304 2,273 n.a. 

4,429,517 4,368,259 - - 746,260 710,875 472,309 472,279 3,288 n.a. 

4,166,841 4,116,312 - - 580,741 557,695 487,310 461,789 3,027 n.a. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2000 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2000 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. 

355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. 

369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. 

314,129 346,435 - - 39,682 n.a. 13,553 48,522 n.a. n.a. 

355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 

352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. 

324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. 

317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

371,877 391,251 - - 27,156 18,228 24,062 20,503 1,938 n.a. 

358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

329,408 376,350 - - 24,444 n.a. n.a. 30,170 n.a. n.a. 
FOREIGN CURRENCY POSITIONS 109 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Report date 

Spot, forward and future contracts 

Purchased Sold 

(1) (2) 

Exchange 

rate 

(Euros per 

Net options positions U.S. dollar) 

(3) (4) 

10/03/01.............................................................. 1,872,452 1,900,730 

10/10/01.............................................................. 1,877,753 1,906,078 

10/17/01.............................................................. 1,862,507 1,892,681 

10/24/01.............................................................. 1,875,350 1,907,873 

10/31/01.............................................................. 1,871,074 1,901,267 

11/07/01.............................................................. 1,909,766 1,939,471 

11/14/01.............................................................. 1,691,326 1,731,119 

11/21/01.............................................................. 1,580,750 1,605,049 

11/28/01.............................................................. 1,646,540 1,688,720 

12/05/01.............................................................. 1,609,548 1,658,673 

12/12/01.............................................................. 1,645,069 1,687,486 

12/19/01.............................................................. 1,598,528 1,644,442 

12/26/01.............................................................. 1,514,865 1,563,785 

01/02/02.............................................................. 1,564,583 1,605,091 

01/09/02.............................................................. 1,619,068 1,669,455 

01/16/02.............................................................. 1,565,878 1,621,889 

01/23/02.............................................................. 1,554,872 1,601,467 

01/30/02.............................................................. 1,632,379 1,683,639 

02/06/02.............................................................. 1,610,430 1,652,645 

02/13/02.............................................................. 1,581,803 1,622,196 

02/20/02.............................................................. 1,606,793 1,646,169 

02/27/02.............................................................. 1,609,203 1,646,942 

03/06/02.............................................................. 1,578,838 1,619,486 

03/13/02.............................................................. 1,603,185 1,647,785 

03/20/02.............................................................. 1,549,038 1,595,153 

03/27/02.............................................................. 1,529,731 1,576,407 

-7,378 1.0892 

-7,961 1.0982 

-9,359 1.1069 

-6,125 1.1192 

-6,499 1.1113 

-7,424 1.1143 

-8,255 1.1322 

-6,980 1.1376 

-6,281 1.1261 

-5,348 1.1257 

-6,245 1.1136 

-3,009 1.1105 

-3,860 1.1373 

-2,849 1.1068 

-2,967 1.1221 

-4,505 1.1325 

-4,032 1.1392 

-7,254 1.1612 

-5,184 1.1529 

-5,370 1.1413 

-7,324 1.1504 

-7,067 1.1555 

-6,783 1.1406 

-5,766 1.1423 

-5,086 1.1297 

-6,152 1.1459 
110 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec. ................................ 1,452,108 1,461,307 474,536 446,874 409,670 402,166 258,738 242,453 -7,254 0.9930 

2000 - Dec. ................................ 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 

2001 - Apr. ................................ 2,046,872 2,063,319 690,217 732,851 253,944 241,508 227,682 253,911 -9,721 1.1271 

May ................................ 2,052,632 2,066,415 732,181 763,897 259,621 252,416 284,968 318,475 -8,213 1.1829 

June ................................ 2,139,029 2,150,482 686,946 717,479 279,084 255,817 308,857 332,665 -9,040 1.1773 

July ................................ 2,028,684 2,060,043 767,943 766,892 306,448 290,290 351,597 388,922 -7,122 1.1423 

Aug ................................ 1,927,625 1,960,117 874,835 854,433 295,185 282,873 336,373 362,094 -7,952 1.0977 

Sept................................ 1,853,044 1,885,728 830,216 885,265 309,785 289,310 369,299 389,436 -9,737 1.0990 

Oct................................ 1,883,428 1,916,679 944,829 936,710 238,407 220,991 223,741 246,506 -7,118 1.1113 

Nov ................................ 1,652,362 1,701,547 820,654 776,510 241,356 221,178 231,710 249,530 -5,041 1.1162 

Dec ................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Jan................................. 1,604,887 1,662,583 854,938 797,261 258,234 246,849 264,633 277,132 -7,503 1.1656 

Feb................................ 1,546,774 1,596,731 833,167 795,764 252,758 238,623 269,200 276,578 -6,331 1.1511 

Mar................................ 1,482,323 1,528,912 861,503 811,109 244,395 234,640 252,874 254,191 -6,291 1.1468 

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

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Mar ................................ 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.9289 

June ................................ 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 0.9669 

Sept................................ 144,979 139,983 113, 959 93,954 6,487 5,727 6,741 4,983 -3,297 0.9350 

Dec ................................ 99,318 96,977 223,804 94,507 5,263 9,552 9,898 7,093 -3,795 0.9930 

2000 - Mar ................................ 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.0466 

June ................................ 152,605 143,345 226,923 87,974 10,660 11, 704 13,871 12,373 -447 1.0485 

Sept................................ 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.1340 

Dec ................................ 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 

2001 - Mar ................................ 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371 

June ................................ 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 

Sept................................ 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 

Dec ................................ 164,416 155,896 n.a. 142,698 17,066 n.a. n.a. 14,370 n.a. 1.1217 
111 

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 Oct. 1, 2001, and Dec. 31, 2001 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Oct. 1, 2001, 

through 

Assets, liabilities and capital Sept. 30, 2001 Dec. 31, 2001 Dec. 31, 2001 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities ............................... 10,013,968 -158,904 9,855,064 

Special drawing rights 1........................................... 10,919,337 -136,040 10,783,297 

Foreign exchange and securities: 

European euro................................................... 7,373,916 -93,350 7,280,566 

Japanese yen.................................................... 7,920,048 -713,604 7,206,444 

Accounts receivable ............................................... 126,521 -18,583 107,938 

Total assets ...................................................... 36,353,790 -1,120,481 35,233,309 

Liabilities and capital 

Current liabilities: 

Accounts payable............................................... 144,867 -120,133 24,734 

Total current liabilities....................................... 144,867 -120,133 24,734 

Other liabilities: 

SDR certificates ................................................. 2,200,000 - 2,200,000 

SDR allocations ................................................. 6,315,545 -158,159 6,157,386 

Total other liabilities ......................................... 8,515,545 -158,159 8,357,386 

Capital: 

Capital account.................................................. 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2).............. 27,493,378 -842,189 26,651,189 

Total capital ................................................... 27,693,378 -842,189 26,851,189 

Total liabilities and capital .............................. 36,353,790 -1,120,481 35,233,309 

See footnote on the following page. 
112 EXCHANGE STABILIZATION FUND 

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter Fiscal year to date 

Oct. 1, 2001, Oct. 1, 2001, 

through through 

Dec. 31, 2001 Dec. 31, 2001 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange..................................................................... 

Adjustment for change in valuation 

of SDR holdings and allocations 1................................................. 

Interest (+) or net charges (-) on: 

SDRs.................................................................................... 

U.S. Government securities ........................................................ 

Foreign exchange..................................................................... 

Commissions.............................................................................. 

-876,081 -876,081 

-118,023 -118,023 

28,022 28,022 

54,604 54,604 

69,289 69,289 

- -

Income from operations ............................................................. -842,189 -842,189 

Net income (+) or loss (-)......................................................... -842,189 -842,189 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 

the SDRs based on a weighted average of exchange rates for the currencies of selected “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared 

member countries. The U.S. SDR holdings and allocations are valued on this basis in subsequent reports through 1980. Quarterly balance sheets beginning with December 

beginning July 1974. 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.” 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115 

INTRODUCTION: Financial Report of the United States Government 

The following pages are excerpted from the 2001 

“Financial Report of the United States Government.” The 

report and accompanying information, prepared and 

published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed 

on an accrual basis of accounting. 

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled fromFederal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on “Stewardship 

Information,” and supplemental information in the complete 

document. 

The General Accounting Office (GAO) is required by 

law to audit the Financial Report. GAO’s report, as well as 

the complete Financial Report, can be accessed easily 

through the internet at www.fms.treas.gov/cfs. 
116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Financial Statements

of the United States Government

for the Years Ended September 30, 2001 

and September 30, 2000

The following chart represents the order and flow of the data in the Financial Statements for fiscal 2001 and 2000. Two 

new statements are introduced this year? the Reconciliations of Net Operating Revenue/(Cost) to the Budget Surplus 

(Unaudited) and the Dispositions of the Budget Surplus (Unaudited). 

Statements of Net 

Cost 

Statements of 

Operations and 

Changes in Net 

Position 

Reconciliations of Net 

Operating Revenue/ 

(Cost) to the Budget 

Surplus 

Dispositions of the 

Budget Surplus 

Net Operating 

Revenue 

Budget Surplus 

Budget Surplus 

Change in 

Operating Cash 

Revenue 

Net Cost of 

Government 

Operations 

Net Operating 

Revenue 

Net Position 

Gross 

Costs 

________________ 

Total 

Balance Sheets 

00 01 

Assets 

Cash 

(Operating 

Cash 

Liabilities 

Net Position 

Statements of Net Cost 

xx 

xx 

xx 

x 

xx 

x,xxx 

Earned Net 

Revenue Cost 

xxx xxx 

xx xx) 

x,xxx 

These Statements present the net cost of fiscal 2001 and 2000 Government operations. For the purposes of this 

document, “Government” refers to the United States Government. We have changed the format from the previous years’ 

presentations. The new format was adopted to provide a more direct relationship to the departments and other significant 

entities that comprise the Financial Report of the United States Government (Financial Report). It categorizes costs by major 

departments, other Chief Financial Officer (CFO) Act entities, and other significant entities. It presents costs in much the 

same way as does the budget, except that costs are divided between the corresponding departments and entities mentioned 

above, based on generally accepted accounting principles (also known as GAAP). Interest on debt held by the public is 

presented separately. 

These Statements contain the following three components: 

• Gross Cost – This is the full cost of all the departments and entities. These costs may be traced directly, assigned on 

a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities. 

• Earned Revenue – This is revenue the Government earned by providing goods and services to the public at a price. 

• Net Cost – This is computed by subtracting “Earned Revenue” from “Gross Cost.” 

Because of their specific functions, most of the costs originally associated with the General Services Administration 

(GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user 

agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the 

expenses from prior and past costs from plan amendments, and the actuarial gains and losses for these agencies. The interest 

on the debt held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because of its 

importance, and the dollar amounts, it is reported separately in these statements. Net cost for governmentwide reporting 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117 

purposes includes central agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency 

net cost amounts will not agree with the agency’s financial statements. 

For further information concerning the mission and organization of the components of the Government of the United 

States, please refer to the Discussion and Analysis section. 

Statements of Operations and Changes in Net Position 

These Statements report the results of Government operations. These include unearned revenues that are generated 

principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These Statements also cover 

the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). It 

further includes any adjustments and unreconciled transactions that affect the net position. 

Revenue 

“Individual Income Tax and Tax Withholdings” consist of Federal individual income taxes, Social Security taxes, 

Medicare taxes, and railroad retirement taxes, net of related refunds. 

“Miscellaneous Earned Revenues” consist of earned revenues received from the public with virtually no associated cost. 

This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to 

promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer 

Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands. 

Net Cost of Government Operations 

The “Net Cost of Go vernment Operations” (which is gross cost less earned revenue) flows through from the Statement 

of Net Cost. 

Unreconciled Transactions 

“Unreconciled Transactions” are adjustments needed to bring the change in net position into balance due to 

unreconciled and unaccounted for differences in the consolidated financial statements. Please refer to Note 16—Unreconciled 

Transactions Affecting the Change in Net Position for detailed information. 

Net Position, Beginning of Period 

The “Net Position, Beginning of Period” reflects the net position reported on the prior year’s Balance Sheet as of the 

end of that fiscal year. 

Prior Period Adjustments 

“Prior Period Adjustments” are revisions to adjust the beginning net position. Refer to Note 17—Prior Period 

Adjustments for detailed information. 

Net Position, End of Period 

This amount reflects the net position as of the end of the fiscal year. 
Reconciliations of Net Operating Revenue/(Cost) to the Budget 

Surplus (Unaudited) 

These Statements report the reconciliation of the results of operations (net operating revenue/(cost)) on the Statements 

of Operations and Changes in Net Position to the unified budget surplus in the President’s budget. 

Receipts and outlays in the President’s budget are measured primarily on a cash or cash-equivalent basis and, therefore, 

differ from the accrued cost-basis measures used in the Financial Report. These Statements begin with the results of 

operations, reported on an accrued cost-basis in the Statements of Operations and Changes in Net Position, and arrives at the 

unified budget surplus. Reconciling items include accrued items, such as changes in liabilities for military, veteran and 

civilian benefits, as well as depreciation expense on fixed assets, and changes in environmental liabilities. 

118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

The Federal Accounting Standards Advisory Board (FASAB) is studying what financial information should be 

presented in the Government’s financial statements to reconcile the net operating revenue (cost) in such statements with 

the unified budget results in the President’s Budget and whether additional information may be useful. Anticipating the 

disclosures that may be required, this Financial Report includes the following two financial statements: Reconciliations of 

Net Operating Revenue/(Cost) to the Budget Surplus (Unaudited) and Dispositions of the Budget Surplus (Unaudited). 

Components of Net Operating Revenue/(Cost) that 

are Not Part of the Budget Surplus 

This information includes the operating components, such as the changes of benefits payable for veterans, military and 

civilian employees, and the environmental liabilities and depreciation expense, not included in the budget results. 

This information includes the budget components not included in the operating results because of their long-term nature. 

These items are typically part of the Balance Sheets only, and are not part of the operating results. 

These Statements reconcile the unified budget surplus (unaudited) to the change in operating cash during the fiscal year, 

and explains how the budgetary surplus was used. A budgetary surplus is the result of receipts (revenue) exceeding 

expenditures during a particular fiscal year. 

In depicting how the budget surplus was used, these Statements show that the greatest amount went to repay the debt 

held by the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These 

other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash 

payments and contributed to the use of the surplus. These statements show the differences between accrual and cash 

budgetary bases, mainly because of timing differences in the financial statements. Other cash includes cash held outside of 

Treasury. Cash-like items include liquid assets, other than cash, that are based on the U.S. dollar (gold, coinage, etc.) 

Balance Sheets 

The Balance Sheets show the Government’s assets and liabilities. When combined with Stewardship Information, this 

information presents a more comprehensive understanding of the Government’s financial position. All of the line items on 

Components of the Budget Surplus that are Not 

Part of Net Operating Revenue/(Cost) 

Dispositions of the Budget Surplus (Unaudited) 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 119 

the Balance Sheets are described in the Notes to the Financial Statements. For example, Note 2? Cash and Other Monetary 

Assets provides information concerning the cash reported in the assets section. 

Assets 

Assets included on the Balance Sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the Balance Sheets are property, plant and equipment, inventories, and loans 

receivable. There are, however, other significant resources available to the Government that extend beyond the assets 

presented in these Financial Statements. Those resources include Stewardship Assets, including natural resources (see 

Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary 

policy. 

Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s 

accountability for these assets. Stewardship assets include national defense assets, stewardship land, and heritage assets. 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the Balance Sheets are Federal employee and veteran benefits payable and Federal debt 

securities held by the public. Liabilities also include social insurance benefits due and payable as of the reporting date. 

As with reported assets, the Government’s responsibilities and policy commitments are much broader than these 

reported Balance Sheet liabilities. They include the social insurance programs disclosed in Stewardship Information, a wide 

range of other programs under which the Government provides benefits and services to the people of this Nation, and certain 

future loss contingencies. 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections 

relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities 

section describes the social insurance programs, reports long-range estimates that can be used to assess the financial 

condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers 

can apply their own judgment as to the condition and sustainability of the individual programs. 

Each of the social insurance programs has an associated trust fund to account for its activity. An explanation of the trust 

funds for social insurance and many of the other large trust funds is included in Note 19—Dedicated Collections. That note 

also contains information about trust fund receipts, disbursements, and assets. 

A broad perspective on the Government’s responsibilities is provided by the Current Services Assessment, which also 

can be found in the Stewardship Information section. Presented in accordance with the President’s 2003 budget, this 

information estimates Federal expenditures and receipts for fiscal 2002 to 2007, assuming there are no changes to current 

law. 

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18? Commitments and 

Contingencies. 

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique 

access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the 

Government with the ability to meet present obligations and those that are anticipated from future operations and are not 

reflected in net position. 
120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government Statements of Net Cost

for the Years Ended September 30, 2001 and September 30, 2000

(In billions of dollars) 2001 2000 

Gross Earned Net Gross Earned Net 

Cost Revenue Cost Cost Revenue Cost 

Department of Agriculture ................................ 83.5 11.1 72.4 81.8 9.0 72.8 

Department of Commerce ................................ 7.4 1.2 6.2 11.0 1.1 9.9 

Department of Defense................................ 776.8 12.6 764.2 393.5 11.3 382.2 

Department of Education ................................ 39.9 4.1 35.8 32.9 3.3 29.6 

Department of Energy ................................ 27.0 5.2 21.8 28.9 4.7 24.2 

Department of Health & Human Services ................................ 459.2 24.7 434.5 410.2 23.0 387.2 

Department of Housing & Urban Development ................................ 34.5 2.4 32.1 36.5 3.1 33.4 

Department of Interior................................ 11.7 0.3 11.4 13.3 2.9 10.4 

Department of Justice................................ 26.5 2.3 24.2 27.0 1.9 25.1 

Department of Labor ................................................................ 42.3 - 42.3 32.8 1.2 31.6 

Department of State................................................................ 10.0 1.0 9.0 9.4 0.5 8.9 

Department of Transportation ................................ 63.6 0.3 63.3 48.9 0.2 48.7 

Department of the Treasury ................................ 60.0 4.4 55.6 65.4 6.3 59.1 

Interest on debt held by the public ................................ 217.7 - 217.7 230.2 - 230.2 

Department of Veteran Affairs ................................ 1960 2.7 193.3 118.6 2.2 116.4 

Agency for International Development ................................ 7.1 0.1 7.0 6.9 - 6.9 

Environmental Protection Agency ................................ 8.4 0.5 7.9 8.3 0.3 8.0 

Federal Emergency Management Agency................................ 6.3 16 4.7 4.7 1.6 3.1 

General Services Administration................................ 01 0.3 (0.2) 0.3 0.3 -

National Aeronautics & Space Administration ................................ 9.2 0.1 9.1 11.7 0.1 11.6 

National Science Foundation................................ 3.7 - 3.7 3.5 - 3.5 

U.S. Nuclear Regulatory Commission ................................ 0.6 0.4 0.2 0.6 0.4 0.2 

Office of Personnel Management ................................ 02 - 0.2 0.2 - 0.2 

Small Business Administration................................ 08 0.2 0.6 0.9 0.3 0.6 

Social Security Administration ................................ 4653 0.3 465.0 448.7 3.9 444.8 

Export-Import Bank of the United States ................................ 0.8 0.3 0.5 1.1 1.2 (0.1) 

Federal Communications Commission ................................ 14.9 6.7 8.2 1.4 5.7 (4.3) 

Federal Deposit Insurance Corporation................................ 3.1 0.5 2.6 1.4 (0.5) 1.9 

National Credit Union Administration................................ 0.3 0.4 (0.1) 0.3 0.1 0.2 

Pension Benefit Guaranty Corporation ................................ 2.3 0.8 1.5 0.6 0.8 (0.2) 

Railroad Retirement Board ................................ 9.0 - 9.0 9.0 - 9.0 

Tennessee Valley Authority................................ 11.8 6.9 4.9 7.6 6.7 0.9 

United States Postal Service ................................ 86.2 65.6 20.6 92.0 64.5 27.5 

All other entities ................................................................ 19.6 3.0 16.6 17.7 0.8 16.9 

Total ................................................................ 2,705.8 160.0 2,545.8 2,157.3 156.9 2,000.4 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 121 

United States Government 

Statements of Operations and Changes in Net Position

for the Years Ended September 30, 2001 and September 30, 2000

(In billions of dollars) 2001 2000 

Revenue: 

Individual income tax and tax withholdings ................................................................ 1,663.6 1,635.2 

Corporation income taxes ................................................................................................ 147.9 204.3 

Unemployment taxes ................................................................................................ 267 26.6 

Excise taxes................................................................................................ 67.3 69.3 

Estate and gift taxes ................................................................................................ 283 28.9 

Customs duties ................................................................................................ 18.7 19.4 

Other taxes and receipts ................................................................................................ 48.9 56.3 

Miscellaneous earned revenues................................................................ 12.3 4.8 

Total revenue................................................................................................ 2,013.7 2,044.8 

Less net cost of Government operations ................................................................ 2,545.8 2,000.4 

Unreconciled transactions affecting the change in 

net position (Note 16) ................................................................................................ 17.3 (4.8) 

Net operating revenue/(cost)................................................................................................ (514.8) 39.6 

Net position, beginning of period................................................................ (5,945.4) (6,026.2) 

Prior period adjustments (Note 17)................................................................ 1.4 41.2 

Net operating revenue/(cost) ................................................................................................ (514.8) 39.6 

Net position, end of period................................................................................................ (6,458.8) (5,945.4) 

The accompanying notes are an integral part of these financial statements. 
122 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government

Reconciliations of Net Operating Revenue/(Cost) to the Budget Surplus

for the Years Ended September 30, 2001 and September 30, 2000 (Unaudited)

(In billions of dollars) 2001 2000 

Net operating revenue/(cost)................................................................ (514.8) 39.6 

Components of net operating revenue/(cost) that is not part of the budget surplus: 

Increase in Liability for Military Employee Benefits: 

Increase in military pension liabilities ................................................................ 17.8 28.9 

Increase/(decrease) increase in military health liabilities ................................ 388.6 (3.8) 

Increase in other military benefits ................................................................ 0.4 14.5 

Increase in liability for military employee benefits................................................................ 406.8 39.6 

Increase in Veteran Compensation and Burial Benefits: 

Increase in liability for veterans ................................................................ 115.2 61.3 

Increase in liability for survivors ................................................................ 24.1 8.2 

Decrease in liability for burial benefits ................................................................ - (0.1) 

Increase in liability for veterans compensation................................................................ 139.3 69.4 

Increase in Liability for Civilian Employee Benefits: 

Increase in civilian pension liabilities ................................................................ 41.0 46.7 

Increase in civilian health liabilities................................................................ 7.2 18.3 

Increase/(decrease) in other civilian benefits ................................................................ 1.9 (9.8) 

Increase in liability for civilian employee benefits ................................................................ 50.1 55.2 

Increase in Environmental Liabilities: 

Increase in energy's environmental liabilities ................................................................ 4.1 3.6 

Increase in defense's environmental liabilities................................................................ 0.1 15.1 

Increase in all other's environmental liabilities................................................................ 1.5 0.9 

Increase in environmental liabilities ................................................................ 5.7 19.6 

Depreciation expense................................................................................................ 21.4 15.4 

Increase in benefits due and payable ................................................................ 8.1 4.0 

Decrease in taxes receivable ................................................................................................ 2.2 (0.6) 

Increase in other liabilities................................................................................................ 13.1 6.0 

Prior period adjustments................................................................................................ (1.4) 1.2 

Premium on early buyback of public debt ................................................................ 10.7 5.5 

Seigniorage and sale of gold................................................................................................ (1.3) (2.3) 

Increase in accounts payable................................................................................................ 4.7 5.2 

Components of the budget surplus that are not part of net operating revenue/(cost): 

Capitalized Fixed Assets: 

Department of Defense................................................................................................ (11.1) (12.0) 

Civilian agencies ................................................................................................ (23.3) (19.6) 

Total capitalized fixed assets ................................................................ (34.4) (31.6) 

(Increase)/decrease in accounts receivable ................................................................ (19) 2.7 

Decrease in inventory ................................................................................................ 1.4 (11.9) 

Increase in other assets ................................................................................................ (3.7) (5.4) 

Principal repayments of precredit reform loans ................................................................ 19.9 24.0 

Net amount of all other differences ................................................................ 1.1 1.3 

Budget surplus ................................................................................................ 127.0 236.9 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 123 

United States Government

Dispositions of the Budget Surplus 

for the Years Ended September 30, 2001 and September 30, 2000 (Unaudited)

(In billions of dollars) 2001 2000 

Budget receipts ..................................... 1,990.9 2,025.0 

Budget outlays....................................... (1,863.9) (1,788.1) 

Unified budget surplus ......................... 127.0 236.9 

Debt Held by the Public: 

Repayment of debt held 

by the public ..................................... 2,620.7 2,233.5 

Borrowings from the public................... (2,530.6) (2,010.8) 

Reduction in public debt outstanding........ 90.1 222.7 

Loan Programs: 

Net direct loan activity.......................... 19.1 21.7 

Net guaranteed loan activity................. 4.2 (4.3) 

Net activity in loan programs.............. 23.3 17.4 

Interest Payable: 

Interest paid ........................................ 175.8 184.4 

Interest accrued on debt with the public... (171.0) (186.0) 

Reduction in interest payable ................................ 4.8 (1.6) 

Premium on early buyback of public 

debt ..................................................... 10.7 5.5 

Other Assets: 

Increase in special drawing rights......... 1.6 4.0 

Increase in other monetary assets........ 8.2 0.9 

Increase/(decrease) in other assets...... 1.6 (1.6) 

Increase/(decrease) in loans to the IMF ........ 4.7 (6.4) 

Net change in other cash and cashlike assets...................................... 16.1 (3.1) 

Other Liabilities: 

(Decrease)/increase in deposit fund 

balances........................................... (4.1) 1.2 

(Decrease)/increase in other liabilities... (4.1) 0.9 

Net change in other cash and cashlike liabilities ................................... (8.2) 2.1 

Seigniorage and other equity .................. (1.3) (2.3) 

Disposition of surplus ......................... 135.5 240.7 

Operating Cash: (Note 2) 

Operating cash balance September 30, 

2001 and September 30, 2000 ........... 44.2 52.7 

Operating cash balance September 30, 

2000 and September 30, 1999 ........... (52.7) (56.5) 

Decrease in operating cash balance..... (8.5) (3.8) 

The accompanying notes are an integral part of these financial statements. 
124 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government Balance Sheets 

as of September 30, 2001 and September 30, 2000 

(In billions of dollars) 2001 2000 

Assets: 

Cash and other monetary assets (Note 2) ................................................................ 108.0 104.9 

Accounts receivable (Note 3) ................................................................ 34.2 32.3 

Loans receivable (Note 4) ................................................................ 208.9 207.6 

Taxes receivable (Note 5) ................................................................ 21.1 23.3 

Inventories and related property (Note 6)................................................................ 183.8 185.2 

Property, plant and equipment (Note 7)................................................................ 306.7 298.5 

Other assets (Note 8)................................................................ 63.4 59.7 

Total assets ................................................................................................ 926.1 911.5 

Liabilities: 

Accounts payable (Note 9) ................................................................ 95.7 91.0 

Federal debt securities held by the public (Note 10) ................................ 3,319.8 3,409.9 

Federal employee and veteran benefits payable (Note 11) ................................ 3,3608 2,764.7 

Environmental and disposal liabilities (Note 12) ................................ 306.8 301.2 

Benefits due and payable (Note 13) ................................................................ 86.0 77.8 

Loan guarantee liabilities (Note 4) ................................................................ 27.7 37.3 

Other liabilities (Note 14)................................................................ 188.1 175.0 

Total liabilities ................................................................................................ 7,384.9 6,856.9 

Commitments and contingencies (Note 18) 

Net position ................................................................................................ (6,458.8) (5,945.4) 

Total liabilities and net position ................................................................ 926.1 911.5 

The accompanying notes are an integral part of these financial statements. 
TRUST FUNDS 125 

TABLE TF-15A.—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 2003. 

The 24-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 

2003. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, FY 2003).................................................................................................. 76.33

less:

Cash balance (FY 2003).............................................................................................................................................................. 18.36

Unfunded authorizations (FY 2003)................................................................................................................................................ 57.97

24-month revenue estimate (fiscal 2004 and 2005)................................................................................................................................ 60.35

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, FY 2003).................................................................................................... 0.24

less:

Cash balance (FY 2003).............................................................................................................................................................. 4.34

Unfunded authorizations (FY 2003)................................................................................................................................................ -4.10

24-month revenue estimate (fiscal 2004 and 2005)............................................................................................................................ 9.77
126 TECHNICAL PAPERS 

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. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Ro om 4409 

Washington, D.C. 20220 

Telephone (202) 622 -1519, or fax (202) 622-1294 
127 

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I and J are discount or accrual type bonds— 

meaning principal and interest are paid when bonds are 

redeemed. Series G, H, HH and K are current-income bonds, 

and the semiannual interest paid to their holders is not 

included in accrued discount. 

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-2, -3)—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-2)—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.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)— 

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

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 March 2002, the debt 

limit was $5,950,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—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 
128 GLOSSARY 

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 

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-1, -3)—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. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

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 
GLOSSARY 129 

“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-3, -4)—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 

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 (FD -2)—(SLUGs) 

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. SLUGs 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-1, -3)—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), they 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).