Contents 

MARCH 2005 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations............................................................................................................................ 11 

Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ....................... 12 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 15 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 23 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 

FD-2.—Debt Held by the Public ......................................................................................................................................... 25 

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 26 

FD-3.—Government Account Series................................................................................................................................... 27 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 28 

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

 Private Investors .................................................................................................................................................... 29 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 30 

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 30 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 31

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............................................................................................................ 37 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 44

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 45 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 45 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 46

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 46
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 48 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 49 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical).................................... 50 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 51

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 52 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 52 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 53 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 53 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 54

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

SECTION III.—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......................................................................................................................................... 75 

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............................................................................................................... 76 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 
V

Contents 

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.............................................. 83 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 

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

 and Country, during (fourth quarter)................................................................................................................. 87 

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

 and Country, during (calendar year) ................................................................................................................. 89 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 93 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 94 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 95 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 95 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 96 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 97 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 

ESF-1.—Balance Sheet ..................................................................................................................................................... 106 

ESF-2.—Income and Expense........................................................................................................................................... 107
VI 

Contents 

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt........................................................................................................................... 111 

Financial Report Excerpt ................................................................................................................................................... 112 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund................................................................................................................. 121 

TF-10.—Airport and Airway Trust Fund .......................................................................................................................... 122 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 123 

TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................. 124 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 125 

TF-12.—Black Lung Disability Trust Fund ...................................................................................................................... 125 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 127 

TF-13.—Harbor Maintenance Trust Fund......................................................................................................................... 127 

Introduction.—Hazardous Substance Superfund Trust Fund ............................................................................................ 129 

TF-14.—Hazardous Substance Superfund......................................................................................................................... 129 

Introduction.—Highway Trust Fund ................................................................................................................................. 131 

TF-15.—Highway Trust Fund ........................................................................................................................................... 132 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 135 

TF-16.—Inland Waterways Trust Fund............................................................................................................................. 135 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 136 

TF-17.—Leaking Underground Storage Tank Trust Fund ................................................................................................ 136 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 137 

TF-18.—Nuclear Waste Fund............................................................................................................................................ 137 

TF-D.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 138 

TF-E.—Chart: Major Trust Funds, Receipts and Expenses............................................................................................... 138 

Introduction.—Reforestation Trust Fund........................................................................................................................... 139 

TF-19.—Reforestation Trust Fund .................................................................................................................................... 139 

Introduction.—Aquatic Resources Trust Fund .................................................................................................................. 140 

TF-20.—Aquatic Resources Trust Fund............................................................................................................................ 140 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 142 

TF-21.—Oil Spill Liability Trust Fund ............................................................................................................................. 142 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 143 

TF-22.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 143 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 144 

TF-23.—Wool Research, Development, and Promotion Trust Fund................................................................................. 144

 

RESEARCH PAPER INDEX............................................................................................................................................ 145

GLOSSARY ...................................................................................................................................................................... 146

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........................................................... √

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

Aquatic Resources Trust Fund.......................................................................... √ 

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

Civil Service Retirement and Disability Fund .................................................. √

Federal Disability Insurance Trust Fund........................................................... √

Federal Hospital Insurance Trust Fund............................................................. √

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

Federal Supplementary Medical Insurance Trust Fund .................................... √

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

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

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

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

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

National Service Life Insurance Fund............................................................... √

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

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

Railroad Retirement Account............................................................................ √

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

Unemployment Trust Fund............................................................................... √

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

The advance estimate of gross domestic product (GDP) 

shows that real GDP grew at a 3.1 percent annual rate in the 

fourth quarter, following an increase at a 4.0 percent pace in 

the third quarter. For all of 2004, real GDP rose by 4.4 

percent on an annual average basis and by 3.7 percent when 

growth is measured fourth quarter to fourth quarter, 

according to the advance figures. 

The slower growth relative to the third quarter can be 

mostly attributed to deterioration in the trade balance. 

Imports jumped 9.1 percent while exports fell 3.9 percent. 

The trade data are likely to be revised upward, however, 

after Statistics Canada reported that a computer error caused 

it to underestimate November imports from the United 

States by almost $1.1 billion. U.S. export figures are based 

on these data, so an upward revision is likely. 

Personal consumption tapered somewhat off the torrid 

third-quarter pace, but still remained strong. Consumption 

climbed at a 4.6 percent annual rate in the fourth quarter, 

down slightly from the 5.1 percent clip in the previous 

quarter–which was boosted by strong motor vehicle sales. 

From the fourth quarter of 2003, personal consumption 

climbed 3.9 percent. 

The pace of business fixed investment remained solid in 

the fourth quarter, growing at a 10.3 percent annual rate. 

Business fixed investment increased 9.9 percent in 2004 on a 

fourth quarter to fourth quarter basis. Residential investment, 

on the other hand, slowed to a 0.3 percent annual rate in the 

fourth quarter after 16.5 percent and 1.6 percent growth in 

the second and third quarters, respectively. 

Government spending has moderated in the last two 

quarters, increasing just 0.7 percent at an annual rate in the 

third quarter and at a 0.9 percent annual rate in the fourth. 

After jumping more than 8 percent in 2001 and 2002, federal 

spending slowed to a 5.5 percent and 4.0 percent fourth 

quarter to fourth quarter rate in 2003 and 2004, respectively. 

Growth of Real GDP

4.4 4.3 4.5 4.7

2.2

0.2

2.3

4.4

3.7

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03 04

(Percent change, fourth quarter to fourth quarter)
4 PROFILE OF THE ECONOMY 

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Inflation 

Inflation picked up last year, reflecting higher energy 

prices, but core inflation (excluding food and energy) 

remains tame. The consumer price index rose by 3.3 percent 

during the 12 months of 2004, up from a 1.9 percent increase 

during the previous year. Energy prices, which rose by 6.9 

percent during 2003, jumped by 16.6 percent over the 12 

months of 2004. Sharply higher costs for petroleum-based 

energy products were responsible for the acceleration. The 

increase in food prices slowed to 2.7 percent in 2004 from 

3.6 percent in the previous year. Core inflation doubled from 

1.1 percent in 2003 to a still quite low 2.2 percent last year. 

Inflation at the producer level remained stable. Overall 

finished goods prices were up 4.1 percent during 2004, about 

the same as the 4.0 percent rise during 2003. The increase in 

energy prices accelerated to 13.4 percent in 2004 from 11.4 

percent in 2003. Core prices rose by 2.2 percent during 

2004, after increasing by just 1.0 percent during the previous 

year. Prices further back in the production chain registered 

sizable increases last year, as the cost of core intermediate 

materials rose by 8.3 percent while the cost of core crude 

materials jumped by more than 20 percent. 

Labor costs remained subdued in 2004. Hourly 

compensation costs as calculated in the national income 

accounts for the private nonfarm business sector increased 

by 3.6 percent across the four quarters of the year. This was 

a little faster than the 2.5 percent increase in productivity. As 

a result, unit labor costs rose by 1.0 percent during 2004 

after declining by 0.2 percent during 2003. The employment 

cost index for total compensation, a fixed-weighted 

compensation measure, increased by 3.7 percent during the 

12-month period ending in December 2004, about the same 

as the 3.8 percent increase the previous year. 
PROFILE OF THE ECONOMY 5

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

96 97 98 99 00 01 02 03 04 05

(Percent)

Jan. 2005

5.2%

Payroll Employment

182

146

-161-160

9

-281

-88

-21 -42 -30

-85

-18

231

177

101

134

33

-400

-300

-200

-100

0

100

200

300

400

I II III IV I II III IV I II III IV I II III IV I*

(Average monthly change in thousands)

2001 2002 2003 2004 2005

Employment and unemployment 

As of early 2005, payroll employment was increasing at 

a steady, moderate pace. January marked the 20th

consecutive month of nonfarm job growth. The Bureau of 

Labor Statistics’ annual benchmark revision of payroll data 

shows that the low point of employment occurred May 2003. 

Since that time, the economy has created more than 2.7 

million jobs. During 2004, 2.2 million jobs were added, an 

average of 181,000 a month. 

Nonfarm payroll employment increased by 146,000 in 

January. Employment in the manufacturing sector declined 

by 25,000. Revised data show that since reaching a low 

point in February 2004, factory payrolls have risen by just 

24,000. Construction payrolls also fell in January for the first 

time in nearly a year, declining by 9,000. Bad weather may 

have contributed to this decline. On the bright side, 

transportation and warehousing and education and health 

services each posted employment gains of more than 30,000 

in January. 

The unemployment rate fell from 5.4 percent to 5.2 

percent in January, the lowest level since September 2001 

and 1.1 percentage points below the June 2004 peak of 6.3 

percent. The decline in the unemployment rate was due to a 

fall in the labor force. The labor force participation rate is 

now at 65.8 percent, the lowest level since mid-1988. 

Over the 12 months ending in January, average hourly 

earnings of nonfarm production workers rose 2.6 percent in 

nominal terms. This was up modestly from 1.9 percent a 

year earlier but still suggests little wage pressure. 
6 PROFILE OF THE ECONOMY 

Real disposable personal income and 

consumer spending 

Growth in nominal personal income increased to 6.4 

percent across the four quarters of 2004 from 4.6 percent 

during 2003. Much of the acceleration reflected a one-time 

dividend payout by Microsoft in December that sharply 

boosted dividend income in the fourth quarter and added 

more than 1 percentage point to income growth during 2004. 

Wages and salaries, which account for more than half of 

personal income, rose by a strong 4.9 percent last year on 

top of a 4.0 percent increase in 2003. Personal interest 

income grew by 2.8 percent during 2004. Interest income 

has now increased for five consecutive quarters. Prior to 

these increases, interest income had been moving down on 

average for 3 years. Even after excluding the Microsoft 

payout, dividend income increased by a healthy 9.7 percent 

last year following little change during 2003. 

Disposable (after-tax) income adjusted for inflation 

moved up by 3.9 percent for a second consecutive year 

during 2004. The increase during 2003 was boosted by the 

Jobs and Growth Tax Relief Reconciliation Act while the 

gain during 2004 was lifted by the impact of the Microsoft 

dividend. Excluding the Microsoft payment, real disposable 

income would have risen by 2.7 percent during 2004. Real 

consumer spending increased by 3.9 percent during 2004 on 

top of a 3.8 percent rise during 2003. On an annual basis, the 

personal saving rate dipped to a very low 1.0 percent from 

1.4 percent in the previous year. The 2004 rate was boosted 

by the Microsoft payout. The saving rate has on average 

been falling since reaching a post-World War II high of 

11.2 percent in 1982. 

Industrial production and capacity 

utilization 

Industrial production accelerated in the fourth quarter of 

2004. Output from factories, mines, and utilities increased 

4.1 percent at an annual rate in the fourth quarter after rising 

at a 2.7 percent annual rate in the third quarter and by 4.3 

percent in the second quarter. Over the 12 months ending in 

December, output increased by 4.4 percent. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, grew 4.1 percent at an annual 

rate in the fourth quarter after a 3.9 percent advance in the 

third quarter and following gains averaging about 6 percent 

in the previous three quarters. The acceleration in the fourth 

quarter was related to a surge in the production of motor 

vehicles and parts as well as in aerospace. Output of hightechnology goods (computers, communications equipment, 

and semiconductors) slowed to a 14.0 percent annual rate 

increase in the fourth quarter from 15.6 percent in the third 

quarter, which followed gains averaging about 20 percent 

over the previous six quarters. The deceleration reflected a 

sharp slowdown in the production of semiconductors, 

whereas the production of computers and peripheral 

equipment jumped at a 17.2 percent rate in the fourth quarter 

after two quarters of declines. Growth of output of 

communications equipment slowed to a 13.2 percent pace in 

the fourth quarter from 22.3 percent in the third quarter, but 

maintained a stronger performance after sluggish growth in 

the first half of 2004. Production of motor vehicles and parts 

surged at a 14.3 percent annual rate in the fourth quarter 

after declining at nearly a 5 percent rate over the previous 

two quarters, and exhibited the fastest growth in this sector 

since the third quarter of 2003. Apart from automobiles, 

manufacturing output rose at a 3.6 percent annual rate in the 

fourth quarter. 

Production at utilities, which accounts for 10 percent of 

total industrial output, jumped at an 8.8 percent annual rate 

in the fourth quarter after two consecutive quarters of 

weather-related declines. (Weather is usually a factor in this 

sector, with unseasonable weather also behind a strong surge 

in output during the first quarter of 2004.) Output at mines 

(the remaining 8 percent of industrial output) edged lower 

for the third straight quarter. 

The capacity utilization rate for the industrial sector rose 

to 78.8 percent in the fourth quarter from 78.2 percent in the 

third quarter. Although capacity utilization has risen in each 

of the last six quarters, it remains 2.3 percentage points 

below the long-term average of 81.1 percent. Capacity 

utilization ranged between 82 and 85 percent in the 1994–

1999 period. Capacity utilization in the manufacturing sector 

was 77.6 in the fourth quarter, above the 77.0 percent 

reading in the third quarter but 2.3 percentage points below 

its long-term average. Utilization in the high-technology 

industries edged down to 69.7 percent from 69.9 percent in 

the third quarter, still nearly 10 percentage points below its 

long-term average of 78.6 percent. 

Nonfarm productivity and unit labor costs 

Productivity slowed in the latter half of 2004, but the 

longer-term trend still appears quite strong. Preliminary 

fourth quarter data showed that nonfarm business 

productivity (real output per hour worked) rose 0.8 percent 

at an annual rate, the slowest pace since the first quarter of 

2001. Productivity growth tapered last year from about a 3-

3/4 percent annual rate in the first half of the year to 1-1/4 

percent in the second half. 

Measured over the four quarters of 2004, labor 

productivity was up by 2.5 percent, roughly in line with the 

rate seen in the latter half of the 1990s and well above the 

1.5 percent annual pace averaged from 1973 through 1995. 

During the past 4 years, productivity has risen at a 3.7 

percent pace, the highest 4-year string of productivity 

growth since the 1960s. 

Hourly compensation costs rose at a 3.1 percent annual 

rate in the fourth quarter, down from 3.5 percent in the third 

quarter. These costs increased by 3.6 percent during 2004, 

down from 5.4 percent the previous year. Unit labor costs, 

which represent the excess of compensation growth over 

productivity growth, increased at a 2.3 percent annual rate in 

the fourth quarter, up from 1.6 percent in the third quarter. 

During 2004 as a whole, these costs were up just 1.0 percent 
PROFILE OF THE ECONOMY 7

following a slight decline in costs during each of the 

previous 2 years. 

Productivity in manufacturing rose at a strong 5.6 

percent annual rate in the fourth quarter and was up 4.8 

percent during 2004. Over the past 4 years, factory 

productivity has averaged an extraordinary 5.2 percent pace, 

well above the 3.9 percent averaged in the latter half of the 

1990s. 

Hourly compensation costs in manufacturing advanced at 

a 6.0 percent annual rate in the fourth quarter, but increased 

at a more moderate 3.2 percent during all of 2004. The rapid 

growth of productivity left factory unit labor costs up at only 

a 0.4 percent annual rate in the fourth quarter. Unit labor 

costs actually fell by 1.5 percent during 2004. Since 1992, 

unit labor costs in manufacturing have risen by an average 

annual rate of just 0.1 percent. 

International transactions 

The current account measures trade in goods and 

services as well as the flow of investment income and 

unilateral transfers (including government grants and 

pension payments as well as private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the third quarter of 2004, the current account 

deficit widened by $1.2 billion to a record $658.8 billion at 

an annual rate. As a share of GDP, however, the current 

account balance held steady at -5.6 percent, also an all-time 

high. The third-quarter increase reflected a modest 

deterioration in the trade balance which slightly outweighed 

a decline in net outflows for unilateral transfers and an 

increase in the surplus on investment income. Data on trade 

in goods and services for the fourth quarter point to further 

deterioration in the current account balance at the end of 

2004. 

By definition the current account is matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers 

associated with immigration, are typically small and in the 

third quarter amounted to -$1.5 billion at an annual rate. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign 

assets) slowed in the third quarter to $612.9 billion at an 

annual rate from $659.7 billion in the second quarter. 

Foreigners purchased $1.146 trillion in U.S. assets, $63 

billion more than in the previous quarter. However, that gain 

was outpaced by U.S. acquisitions of assets overseas, which 

increased by $109 billion to $532.7 billion in the third 

quarter. The pickup in foreign financial inflows was 

primarily accounted for by a large swing in U.S. liabilities to 

unaffiliated foreigners reported by U.S. nonbanking 

concerns. Foreign direct investment in the United States also 

accelerated sharply and net foreign purchases of U.S. 

securities other than Treasuries edged higher, with corporate 

bond purchases reaching a record level. Net foreign 

purchases of U.S. Treasury securities moderated. 

Exchange rate of the dollar 

After strengthening somewhat during the first half of 

2004, the dollar resumed its depreciating trend, which began 

after it peaked in February 2002. In the 23-month period 

between that peak and January 2004, the nominal exchange 

value of the dollar relative to a broad index covering the 

currencies of 26 important U.S. trading partners depreciated 

by 13 percent. During the 6 months through January 2005, 

the dollar has eased by about 5 percent. The cumulative 

decline since February 2002 has been about 15.5 percent. 

The decline was a function mainly of dollar weakness 

against the seven currencies of the United States’ major 

trading partners, including the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. Between February 2002 and January 2005 the 

exchange rate of the dollar compared to an index of these 

currencies fell by 27.6 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely 

responsible. Over the same period, the dollar/euro exchange 

rate fell by 34 percent and the dollar/yen exchange rate fell 

by 23 percent. The dollar’s general trend of depreciation 

reflects concerns about the current account deficit as well as 

fears that record oil prices would impede ongoing U.S. 

economic recovery. 

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, 

although its pace of appreciation in more recent months has 

slowed. Since February 2002, the exchange value of the 

dollar compared to an index of currencies that includes 

Mexico, China, Brazil, and seven other Asian countries has 

appreciated by 2.3 percent. 
8 PROFILE OF THE ECONOMY 

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

Interest rates 

In late June 2004, the Federal Reserve embarked on its 

latest cycle of monetary tightening, hiking the federal funds 

target rate by 25 basis points to 1.25 percent. Previously, the 

Federal Open Market Committee (FOMC) had held the 

target for the federal funds rate (the rate that banks and other 

financial institutions charge each other for overnight loans) 

constant at 1 percent for 1 year. At its August, September, 

November, and December 2004 meetings, and most recently 

at its February 2005 meeting, the FOMC raised the federal 

funds rate in increments of 25 points to 2.5 percent. At this 

relatively low level, the Federal Reserve’s monetary stance 

remains accommodative. 

In the Treasury market, the 3-month Treasury bill rate 

remained below 1 percent for most of the period from June 

2003 until May 2004, but from early May to the present, the 

rate has risen by about 150 basis points in line with Federal 

Reserve tightening. After dipping to a low of 3.2 in June 

2003, the 10-year Treasury yield also rose in anticipation of 

faster growth and monetary tightening, to about 4.8 in May 

2004. Since then, however, the 10-year yield has trended 

lower, and in early February 2005 was at about 4.0 percent. 

Mortgage interest rates generally follow movements of 

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

30-year fixed-rate loan fell to about 5.4 percent in March 

2004, close to the low of 5.2 percent reached in June 2003. 

The low rates led to a new round of mortgage refinancings 

and helped free additional cash for consumption. In 

subsequent months, the rate rose to an average 6.3 percent at 

the end of June 2004, and the pace of refinancings subsided. 

Since then, however, it has followed the 10-year Treasury 

yield lower, and reached an average 5.71 percent in January. 

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield declined on evidence of faster growth 

and rising corporate profits, reaching an average 6.11 

percent in March 2004. The yield rose to 6.75 in May and 

June, reflecting rising yields in bond markets generally, but 

has since edged down to 6.0 percent as of January. The 

spread between the Baa yield and the 10-year Treasury 

yield, a measure of investor risk appetite, narrowed to an 

average of 1.8 percentage points as of January from nearly 4 

percentage points in late 2002, suggesting ongoing, 

significant improvement in such appetite. 
PROFILE OF THE ECONOMY 9

Housing 

The housing sector has been exceptionally vibrant the 

past few years and, despite a modest pullback in some 

indicators late in 2004, a number of new records were set. 

Single-family home sales surged to an all-time high and the 

homeownership rate reached a record level. Housing starts 

climbed to a 26-year peak, although real residential 

investment slowed in the second half of the year after a steep 

run-up in the second quarter. 

Housing starts moderated slightly in the fourth quarter of 

2004 but for the entire year increased by 5.7 percent to an 

annual average of 1.953 million. That was the best 

performance since 1978, entirely due to an uptick in singlefamily groundbreakings. The pace of real residential 

investment cooled further in the fourth quarter to 0.3 percent 

at an annual rate from 1.6 percent in the third quarter. 

Inclement weather was partly to blame for the pullback 

which followed 2-1/2 years of strong gains averaging 9.8 

percent at an annual rate. For the entire year, real residential 

investment rose 9.5 percent on an annual average basis 

compared to 8.8 percent in 2003 and 4.8 percent in 2002. 

Sales of new single-family homes climbed nearly 9 

percent in 2004 to a record 1.184 million. Resales of existing 

one-family dwellings (which account for about 85 percent of 

all single-family home sales) also reached a new high in 

2004, rising by more than 9 percent to 6.68 million. While 

the housing industry expects both sales and residential 

construction to ease in 2005, the relatively lean supply of 

homes on the market and high level of unused building 

permits suggest that any moderation will be gradual. 

Financing conditions remain very favorable and, along 

with the expanding economy and job market, are expected to 

remain supportive of housing activity in the months ahead. 

The average interest rate for a 30-year conventional fixedrate loan has eased by nearly 65 basis points from a recent 

peak of 6.29 percent in June to 5.65 percent in early 

February. Attractive mortgage rates have maintained 

housing affordability at a very favorable level, making it 

possible for record numbers of people to buy their own 

homes and boosting the homeownership rate to an all-time 

high of 69.0 percent in 2004. That is well above readings 

around 64 percent in the early 1990s. 

Federal budget 

The federal budget deficit in fiscal year 2004 was $412 

billion, $34 billion more than the $378 billion deficit in 

fiscal year 2003. Though the $412 billion is a record high in 

dollar terms, the 3.6 percent share of nominal GDP that it 

represents is well below the fiscal 1983 peak of 6.0 percent 

and lower than the shares of the mid-1980s and early 1990s. 

According to the Administration’s Fiscal Year 2006 

Budget, the deficit is projected to widen by $15 billion in 

fiscal year 2005 to $427 billion, then diminish each year of 

the forecast horizon out to fiscal year 2010. The deficit is 

expected to decline by a cumulative $220 billion over that 

period to $207 billion in fiscal year 2010, though figures for 

the years after fiscal year 2005 do not include anticipated 

supplemental funding for military operations. The 

Administration’s budget plan to cut the deficit in half by 

fiscal year 2010 would bring down the deficit’s share of 

GDP to a low 1.3 percent. 

The improvement in the budget balance stems from a 

growing economy and tight controls on outlays, particularly 

discretionary spending unrelated to defense or homeland 

security. Receipts are projected to grow by an average of 7.7 

percent a year through fiscal year 2010, while growth in 

outlays over that span is projected to rise 4.8 percent a year, 

on average (not including supplementals). 
10 PROFILE OF THE ECONOMY 

Net national saving and investment 

Net national saving has fallen sharply in recent years 

after a brief period of improvement in the mid to late 1990s. 

In the third quarter of 2004, net national saving was 

equivalent to 1.0 percent of net national product (NNP). That 

was down from 2.3 percent in the second quarter and well 

below a recent high of 7.3 percent in 1998. (Net national 

saving and NNP exclude depreciation to replace worn-out or 

obsolete equipment, software and structures used in 

production.) 

The widening federal budget deficit has accounted for 

part of the recent decline in the net national saving rate. The 

federal deficit has risen from 2.8 percent of NNP in calendar 

year 2002 to an average of 3.7 percent in the first three 

quarters of 2004. The effects of the recession in 2001 and 

outlays for homeland security following the terrorist attacks 

account for much of the increase in the deficit. State and 

local government budgets are on track to record a small 

surplus in 2004 after recording a deficit of 0.3 percent of 

NNP in 2002. Altogether, the public sector deficit amounted 

to 3.6 percent of NNP in the first three quarters of 2004, just 

a shade below the 3.8 percent average from 1982 through 

1995. 

Private saving dipped to 4.7 percent of NNP in the third 

quarter from 5.8 percent in the first half of 2004 but still 

remains well above the 6-decade low of 3.7 percent recorded 

in 2001. The upward trend in private saving over the past 3 

years partly reflects strong growth of corporate profits, 

which helped boost retained earnings of corporations to 4.7 

percent of NNP in the first three quarters of 2004. That was 

up from 4.0 percent in 2003 and a 20-year low of 2.0 percent 

in 2000. Personal saving, which fell to 1.1 percent of NNP 

during 2003–the lowest in 50 years–edged down further to 

0.8 percent in the first three quarters of 2004. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

climbed to 8.4 percent of NNP in the first three quarters of 

2004 from an annual average of 6.9 percent in 2003. While 

still below the 9-3/4 percent average posted from 1998 

through 2000, the current rate of net investment is 

considerably higher than readings around 6 percent in 1991 

and 1992. A large portion of domestic investment during the 

past decade was financed from abroad. This is reflected in 

the U.S. current account balance, which swung from a small 

surplus of 0.3 percent of NNP in 1991 to a deficit of 5.9 

percent in the first three quarters of 2004. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 04*

Public

Total

(Saving as a percent of NNP)

*2004 based on first three quarters
11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

off-budget receipts, outlays and deficit of the Government. 
12 FEDERAL FISCAL OPERATIONS 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the first quarter of fiscal year 2005 

supplements fiscal data reported in the December 

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 $216.0 billion for the first 

quarter of fiscal year 2005. This is an increase of $17.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $14.0 billion and non-withheld receipts 

increased by $2.6 billion during this period. Refunds 

decreased by $0.7 billion over the comparable fiscal year 

2004 quarter. There was a decrease of $2.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2004. 

Corporate income taxes—Net corporate income tax 

receipts were $62.4 billion for the first quarter of fiscal year 

2005. This is an increase of $19.3 billion compared to the 

prior year first quarter. The $19.3 billion change is 

comprised of an increase of $12.9 billion in estimated and 

final payments, and a decrease of $6.4 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2005 were $165.7 billion, an increase of $9.8 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $6.2 billion, $1.1 billion, and $3.0 billion, 

respectively. There was a -$2.0 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2005, while there was a -

$4.5 billion adjustment in the first quarter of fiscal year 

2004. 

Unemployment insurance—Unemployment insurance 

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

2005 were $5.8 billion, an increase of $1.0 billion over the 

comparable quarter of fiscal year 2004. Net State taxes 

deposited in the U.S. Treasury increased by $1.0 billion to 

$5.0 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.8 billion. 

 
FEDERAL FISCAL OPERATIONS 13

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2005. This was a negligible 

change from the comparable quarter of fiscal year 2004. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2005 were $16.6 billion, an increase of 

$0.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.2 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.7 billion for the first quarter of fiscal year 2005. 

These receipts represent a decrease of $0.1 billion over the 

same quarter in fiscal year 2004. 

Customs duties—Customs duties net of refunds were 

$5.8 billion for the first quarter of fiscal year 2005. This is 

an increase of $0.7 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2005 were $8.1 billion, a 

decrease of $1.8 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $1.5 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”] 

First quarter 

Oct. - Dec. 

Actual fiscal 

year to date 2005 

Budget estimates 

(Feb. 2005) 

full fiscal year 2005 

Total on- and off-budget results: 

Total receipts ................................................................ 487,196 487,196 2,052,845

On-budget receipts ................................................... 362,402 362,402 1,491,482

Off-budget receipts ................................................... 124,794 124,794 561,363

Total outlays.................................................................. 605,804 605,804 2,479,404

On-budget outlays..................................................... 533,966 533,966 2,080,022

Off-budget outlays..................................................... 71,838 71,838 399,382

Total surplus or deficit (-) .............................................. -118,608 -118,608 -426,559

On-budget surplus or deficit (-)................................. -171,564 -171,564 -588,540

Off-budget surplus or deficit (-)................................. 52,956 52,956 161,981

Means of financing: 

Borrowing from the public............................................. 102,767 102,767 425,681

Reduction of operating cash......................................... 11,660 11,660 1,349

Other means ................................................................. 4,182 4,182 -471

Total on- and off-budget financing............................ 118,608 118,608 426,559

First-Quarter Net Budget Receipts by Source, Fiscal Year 2005 

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 64.5 57.9 93.5 

Corporate income taxes..................................................... 7.7 2.8 51.9 

Employment and general retirement.................................. 51.7 56.1 57.8 

Unemployment insurance .................................................. 1.4 4.1 0.4 

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

Excise taxes ....................................................................... 4.3 6.4 6.0 

Estate and gift taxes .......................................................... 2.0 2.1 1.7 

Customs duties .................................................................. 2.1 1.8 1.8 

Miscellaneous receipts....................................................... 2.8 3.0 2.2

Total budget receipts ..................................................... 136.9 134.5 215.7

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

CHART FFO-A.—

Monthly Receipts and Outlays, 2004-2005

(In billions of dollars) 

-50

0

50

100

150

200

250

J FMAMJ J ASONDJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

Individual

income taxes

Social

insurance

and

retirement

receipts

Corporate

income taxes

Excise taxes M isc.

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year. 

2005

2004 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2004-2005

(In billions of dollars) 

The classification of certain taxes collected through the Electronic Federal Tax Payment System (EFTPS) in late December 2004 was not available until 

after the December MTS month-end closing. Accordingly, a reclassification for the following receipt categories has been made for the month of December 2004: 

Individual Income Taxes Withheld -$2,214 million, Individual Income Taxes Other $84 million, Corporation Income Taxes $1,917 million, Railroad Retirement 

$140 million, Unemployment Insurance $13 million, Excise Taxes $61 million, and Estate and Gift Taxes $1 million. 

Excise Taxes – Receipts have been increased in September 2004 and correspondingly decreased in October 2004 by $4 million to reflect an adjustment 

by the Department of Transportation. 
FEDERAL FISCAL OPERATIONS 15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2000 ............................ 2,025,060 1,544,477 480,583 1,788,441 1,457,678 330,765 236,619 86,801 149,818 23,761 

2001 ............................ 1,991,044 1,483,525 507,519 r 1,862,764 r 1,516,762 346,002 r 128,281 r -33,237 161,518 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 2,010,855 1,655,192 355,663 -157,804 -317,462 159,658 428,391 

2003 ............................ 1,782,108 1,258,265 523,842 r 2,159,248 r 1,796,238 363,010 r -377,140 r -537,973 160,833 561,811

2004 ............................ r 1,879,779 r 1,345,035 534,744 r 2,292,065 r 1,912,553 379,512 r -412,285 r -567,518 155,233 595,064 

 

2005 - Est.................... 2,052,845 1,491,482 561,363 2,479,404 2,080,022 399,382 -426,559 -588,540 161,981 677,277 

2006 - Est.................... 2,177,550 1,584,359 593,191 2,567,617 2,144,300 423,317 -390,067 -559,941 169,874 676,402 

 

2003 - Dec................... 186,730 146,748 39,981 204,370 207,954 -3,584 -17,640 -61,206 43,566 73,172 

2004 - Jan ................... 185,169 133,254 51,915 186,552 149,707 36,845 -1,383 -16,452 15,070 14,176 

Feb .................. 92,009 50,494 41,515 188,709 148,964 39,744 -96,700 -98,471 1,771 82,305 

Mar .................. 132,425 86,979 45,446 205,112 165,431 39,681 -72,688 -78,453 5,765 39,686 

Apr................... 220,091 162,882 57,209 202,458 166,198 36,259 17,633 -3,317 20,950 1,178 

May.................. 115,450 72,010 43,440 177,913 138,570 39,342 -62,463 -66,561 4,098 61,589 

June................. 214,382 166,393 47,989 195,242 195,259 -17 19,140 -28,866 48,006 77,702 

July .................. 134,415 93,572 40,843 203,575 166,630 36,944 -69,160 -73,058 3,899 41,815 

Aug .................. 137,729 95,899 41,830 178,865 137,465 41,400 -41,136 -41,565 430 34,072 

Sept................. r 207,347 r 160,728 46,619 r 182,720 r 141,747 40,973 r 24,627 r 18,981 5,646 27,834 

Oct................... 136,900 97,738 39,162 194,193 159,514 34,679 -57,293 -61,776 4,483 50,618 

Nov .................. 134,547 92,178 42,369 192,428 152,290 40,138 -57,881 -60,112 2,231 94,923 

Dec .................. 215,749 172,486 43,263 219,183 222,162 -2,978 -3,435 -49,676 46,241 70,639 

 

Fiscal year 2005 to date ... 487,196 362,402 124,794 605,804 533,966 71,839 -118,609 -171,564 52,955 216,180 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2000 ...................................... -832 245,736 -222,809 -3,799 4,033 3,185 -6,292 r -12,627 -4,056 -236,619 

2001 ...................................... -661 231,496 -90,256 -8,440 1,603 r 8,543 4,717 r -21,554 r -10,048 r -128,281 

2002 ...................................... r -137 207,713 220,542 16,667 790 r 15,724 2,457 r -24,298 -2,802 r 157,804 

2003 ...................................... -922 187,324 373,565 -25,926 353 r -7,010 3,208 r -26,352 r 552 r 377,140 

2004 ...................................... -1,769 r 213,677 r 379,618 1,390 720 r -23,534 -4,630 r 5,951 662 r 412,285 

 

2005 - Est.............................. -563 251,033 425,681 -1,349 * * * -471 * 426,559 

2006 - Est.............................. -163 276,644 399,595 - * * * -9,528 * 390,067 

 

2003 - Dec............................. -1,097 61,362 10,714 11,785 395 -9,048 -1,099 8,959 * 17,640 

2004 - Jan ............................. -448 10,159 3,568 9,304 -40 487 -636 6,804 126 1,383 

Feb ............................ 127 1,755 80,677 -25,779 89 -3,014 -68 -12,749 * 96,700 

Mar ............................ 89 -11,874 51,649 4,567 4 -17,379 -177 7,983 71 72,688 

Apr............................. -185 18,933 -17,941 19,163 -246 -49 -1,310 17,866 * -17,633 

May............................ -71 13,703 47,815 -24,582 237 69 -33 -9,661 - 62,463 

June........................... 282 66,038 11,946 28,760 -22 602 -221 -2,257 290 -19,140 

July ............................ -186 -6,155 47,784 -9,997 -73 565 -683 11,188 * 69,160 

Aug ............................ -240 3,681 30,150 -32,104 124 -309 416 r -20,887 - 41,136 

Sept........................... 388 r 22,852 r 5,370 33,836 72 r -427 -371 r 2,938 175 r -24,627 

Oct............................. -62 37,351 13,205 11,725 259 554 96 56,722 * 57,293 

Nov ............................ 43 5,787 89,179 -30,042 436 -253 543 -60,614 - 57,881 

Dec ............................ 96 70,352 383 6,657 150 -184 -602 9,043 30 3,435 

 

Fiscal year 2005 to date .......... 77 113,490 102,767 -11,660 845 117 37 5,151 30 118,609 

 

* Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

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

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

2000 .............................. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111 

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 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,476 672,727 1,699 671,028 

2004 .............................. 753,260 243,324 187,626 808,958 230,619 41,250 189,370 998,328 686,313 980 685,333 

 

2005 - Est...................... 893,704 - - 893,704 226,526 - 226,526 1,120,230 722,723 - 722,723 

2006 - Est...................... 966,877 - - 966,877 220,258 - 220,258 1,187,135 765,326 - 765,326 

 

2003 - Dec..................... 75,560 7,577 1,723 81,414 44,059 4,756 39,303 120,717 52,592 - 52,592 

2004 - Jan ..................... 64,946 38,665 2,797 100,814 5,796 1,405 4,391 105,205 66,357 - 66,357 

Feb .................... 63,883 3,095 42,602 24,377 3,256 2,431 825 25,202 52,367 - 52,367 

Mar .................... 77,807 6,209 40,216 43,800 24,236 5,306 18,931 62,731 56,567 - 56,567 

Apr..................... 57,798 98,173 52,358 103,614 28,925 5,439 23,485 127,099 73,441 - 73,441 

May.................... 52,696 2,923 24,950 30,668 6,483 1,255 5,228 35,897 54,966 - 54,966 

June................... 65,944 31,289 2,793 94,440 46,392 2,086 44,307 138,747 60,930 - 60,930 

July .................... 60,494 4,063 3,991 60,566 6,557 1,616 4,941 65,507 52,225 - 52,225 

Aug .................... 60,711 4,952 2,810 62,853 3,658 1,852 1,806 64,659 53,553 - 53,553 

Sept................... 57,311 35,761 3,949 89,123 45,569 3,286 42,283 131,406 61,002 980 60,022 

Oct..................... 58,025 9,101 2,592 64,534 13,917 6,222 7,694 72,228 51,419 - 51,419 

Nov .................... 60,003 4,222 6,289 57,935 4,560 1,775 2,785 60,720 55,779 - 55,779 

Dec .................... 87,605 7,489 1,559 93,535 54,149 2,206 51,943 145,478 57,954 415 57,539 

 

Fiscal year 2005 to date... 205,633 20,812 10,440 216,004 72,626 10,203 62,422 278,426 165,152 415 164,737 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

2000 ............................ 4,345 8 4,337 620,447 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 4,713 

2002 ............................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

2003 ............................ 3,963 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631 

2004 ............................ 4,030 5 4,026 689,359 39,582 129 39,453 4,545 51 4,596 

 

2005 - Est.................... 3,913 - 3,913 726,636 42,476 - 42,476 4,574 45 4,619 

2006 - Est.................... 3,969 - 3,969 769,295 44,956 - 44,956 4,540 43 4,583 

 

2003 - Dec .................. 315 1 315 52,906 365 6 359 353 5 357 

2004 - Jan ................... 327 2 325 66,682 1,115 7 1,108 418 3 421 

Feb.................. 415 * 415 52,782 2,875 2 2,873 347 5 352 

Mar.................. 440 * 440 57,007 686 10 677 377 4 381 

Apr................... 301 * 301 73,742 6,719 28 6,691 410 4 414 

May ................. 349 1 348 55,314 12,752 11 12,741 348 5 353 

June ................ 74 * 74 61,005 1,139 10 1,129 347 5 352 

July.................. 375 * 375 52,600 2,946 18 2,929 421 4 425 

Aug.................. 423 -1 424 53,977 5,868 14 5,853 405 5 409 

Sept................. 312 * 312 60,334 633 8 625 368 3 371 

Oct................... 323 * 323 51,742 1,402 8 1,393 344 5 349 

Nov.................. 341 14 327 56,106 4,058 6 4,052 344 5 349 

Dec.................. 281 -1 282 57,821 387 5 382 425 3 428 

 

Fiscal year 2005 to date.... 945 13 932 165,669 5,847 19 5,827 1,113 13 1,126 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise

taxes 

(35) 

Gross 

(36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

2000 .......................... 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583 

2001 .......................... 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 .......................... 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321 

2003 .......................... 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,430 r 34,309 1,258,265 523,842 

2004 .......................... 69,851 25,579 749 24,831 21,806 723 21,083 19,652 r 12,627 r 32,279 r 1,345,035 534,744 

 

2005 - Est.................. 74,013 23,754 - 23,754 24,674 - 24,674 24,102 12,341 36,443 1,491,482 561,363 

2006 - Est.................. 75,566 26,121 - 26,121 28,256 - 28,256 28,528 13,110 41,638 1,584,359 593,191 

 

2003 - Dec................. 5,877 1,899 81 1,818 1,674 77 1,597 2,138 961 3,099 146,748 39,981 

2004 - Jan ................. 5,424 2,055 21 2,034 1,696 28 1,668 1,522 1,105 2,627 133,254 51,915 

Feb ................ 5,102 1,652 63 1,590 1,585 62 1,523 1,528 1,057 2,585 50,494 41,515 

Mar ................ 5,670 2,242 84 2,159 1,811 64 1,747 1,157 896 2,053 86,979 45,446 

Apr................. 5,877 2,766 62 2,705 1,820 74 1,746 930 886 1,817 162,882 57,209 

May ............... 5,471 1,955 36 1,919 1,590 75 1,515 1,197 1,043 2,241 72,010 43,440 

June .............. 6,192 1,943 81 1,862 1,848 73 1,775 2,089 1,231 3,320 166,393 47,989 

July................ 6,078 2,257 52 2,205 2,153 48 2,105 1,518 1,050 2,567 93,572 40,843 

Aug................ 5,916 2,372 78 2,295 2,098 80 2,018 1,564 1,038 2,602 95,899 41,830 

Sept............... 7,768 2,335 58 2,278 1,954 43 1,911 1,582 r 1,072 r 2,654 r 160,728 46,619 

Oct................. 4,269 2,048 81 1,968 2,186 65 2,121 1,916 913 2,830 97,738 39,162 

Nov................ 6,386 2,137 69 2,069 1,931 106 1,825 1,992 1,047 3,039 92,178 42,369 

Dec................ 5,961 1,756 68 1,688 1,848 40 1,808 1,181 1,002 2,183 172,486 43,263 

 

Fiscal year 2005 to date. 16,616 5,941 218 5,725 5,965 211 5,754 5,089 2,962 8,052 362,402 124,794 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability Trust 

Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

2000............................ 652,851 9,784 46 9,739 518 - 518 35,987 1,014 34,973 24,357 721 23,636

2001............................ 693,967 9,244 53 9,191 522 - 522 32,465 996 31,469 26,009 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

2003............................ 712,979 8,729 44 8,684 506 - 506 34,756 1,032 33,724 25,499 891 24,608

2004............................ 733,408 9,230 56 9,174 566 - 566 35,721 1,014 34,707 26,260 856 25,404 

2005 - Est ................... 773,731 10,517 - 10,517 584 - 584 38,881 - 38,881 24,031 - 24,031

2006 - Est ................... 818,834 11,319 - 11,319 601 - 601 40,226 - 40,226 23,420 - 23,420

 

2003 - Dec .................. 53,623 794 - 794 43 - 43 3,011 - 3,011 2,126 98 2,029

2004 - Jan................... 68,211 731 - 731 43 - 43 2,934 - 2,934 1,751 35 1,716

Feb.................. 56,007 719 26 693 41 - 41 2,782 323 2,459 2,000 92 1,908

Mar.................. 58,065 679 - 679 47 - 47 2,804 - 2,804 2,232 92 2,140

Apr .................. 80,847 792 - 792 46 - 46 3,057 - 3,058 2,046 63 1,983

May ................. 68,408 753 16 737 46 - 46 2,917 261 2,656 2,079 48 2,032

June ................ 62,486 706 - 706 50 - 50 2,056 - 2,056 3,487 106 3,381

July.................. 55,953 802 - 802 49 - 49 3,113 - 3,113 2,173 60 2,113

Aug.................. 60,239 805 7 799 49 - 49 3,083 267 2,815 2,326 73 2,253

Sept................. 61,330 1,489 7 1,482 96 - 96 6,128 163 5,965 295 71 225

Oct .................. 53,484 147 * 147 9 - 9 557 2 555 3,602 43 3,559

Nov.................. 60,507 841 - 841 51 - 51 3,418 - 3,418 2,155 78 2,077

Dec.................. 58,631 1,053 - 1,053 51 - 51 3,124 - 3,124 1,793 59 1,733

 

Fiscal year 2005 to date.. 172,622 2,041 * 2,041 111 - 111 7,099 2 7,097 7,550 180 7,369

 
18 FEDERAL FISCAL OPERATIONS 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 1 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department

of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

2000 ..................... 2,913 4,086 75,658 7,929 281,234 33,309 15,010 382,627 12,365 30,829 8,022 17,377 31,876

2001 ..................... 3,030 4,408 r 68,047 5,017 r 290,413 35,724 16,420 426,391 14,086 33,937 7,876 18,868 39,757

2002 ..................... 3,243 4,823 r 68,982 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 r 21,408 64,703

2003 ..................... 3,420 5,123 r 72,483 5,680 388,891 57,400 19,385 505,410 31,843 37,470 9,204 21,775 69,592

2004 ..................... 3,880 5,396 r 71,768 r 5,849 437,111 62,814 19,974 543,215 r 26,724 45,024 r 8,916 28,953 r 56,708

 

2005 - Est............. 4,083 5,741 94,912 6,278 444,068 70,953 22,178 585,772 33,259 42,614 9,433 21,171 50,034

2006 - Est............. 4,356 6,145 94,590 6,500 426,315 64,272 21,969 643,886 33,284 40,185 9,812 23,380 51,713

 

2003 - Dec............ 331 437 8,188 498 40,716 5,134 1,871 50,878 2,144 3,337 835 1,971 6,166

2004 - Jan ............ 291 512 6,689 359 35,929 7,460 1,376 42,526 1,985 3,062 568 1,918 6,186

Feb ........... 283 435 5,020 439 30,590 5,767 1,219 38,395 1,942 2,641 507 1,930 4,484

Mar ........... 314 428 6,112 606 38,734 4,553 1,501 50,068 2,404 3,342 1,058 2,527 5,269

Apr............ 309 478 4,281 411 40,731 4,484 2,493 50,117 2,214 3,074 630 2,080 4,852

May........... 283 381 3,252 451 31,484 4,413 1,385 40,130 1,686 10,077 595 2,637 4,283

June.......... 317 457 4,677 474 37,116 5,154 1,869 50,444 2,620 3,962 952 3,420 4,310

July ........... 329 545 4,472 481 42,126 4,928 1,678 47,136 2,086 3,165 837 4,221 3,978

Aug ........... 309 410 5,198 599 33,805 4,532 1,017 42,866 2,434 2,960 1,032 2,234 3,978

Sept .......... 419 451 r 5,247 r 633 38,883 7,938 2,068 46,118 r 2,735 3,171 r 813 r 2,002 r 3,111

Oct............ 300 443 12,110 422 34,683 6,191 1,798 45,382 3,070 3,429 727 1,938 2,875

Nov ........... 295 435 9,676 517 37,107 4,343 2,093 46,371 3,036 3,456 420 1,789 3,980

Dec ........... 373 531 10,326 526 44,255 5,234 1,995 51,947 3,850 4,237 770 1,774 4,807

 

Fiscal year 2005 to 

 date......................... 968 1,409 32,112 1,465 116,045 15,768 5,886 143,700 9,956 11,122 1,917 5,501 11,662

 

Fiscal year 

or month 

 Depart- 

 ment of 

 State 

 (14) 

Department of 

Transportation 

 (15) 

Department

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department 

of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

Federal 

Emergency 

Management

Agency 

(23) 

General 

Services 

Administration 

(24) 

International 

Assistance 

Program 

(25) 

 

2000 .................. 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 - 25 12,084 

2001 .................. 7,446 49,372 359,508 27,415 45,043 4,726 34,161 7,390 246 - -8 11,771 

2002 .................. 9,453 56,112 332,537 38,021 50,881 4,798 35,158 7,450 453 - -271 13,309 

2003 .................. 9,257 50,808 318,149 48,374 56,892 4,749 39,881 8,065 388 - 323 13,466 

2004 .................. r 10,942 r 54,541 321,566 r 53,140 r 59,556 4,842 r 41,732 8,335 3,309 - -403 r 13,739 

 

2005 - Est.......... 11,934 58,215 347,890 55,082 68,046 4,891 43,460 7,862 5,765 - 459 14,754 

2006 - Est.......... 14,109 60,585 392,387 48,811 68,281 4,643 44,489 8,202 7,192 - 54 17,022 

 

2003 - Dec ........ 876 4,480 82,436 2,777 7,173 417 3,704 810 108 - 72 225 

2004 - Jan ......... 613 3,435 13,004 4,216 5,432 337 3,366 594 278 - -120 962 

Feb........ 717 3,632 15,151 23,500 2,926 338 3,400 637 100 - -122 4,280 

Mar........ 1,118 3,956 14,097 9,877 3,143 267 3,850 829 61 - 130 1,249 

Apr......... 896 3,890 12,755 5,160 7,508 443 3,505 649 153 - 359 1,561 

May ....... 844 4,484 20,433 3,119 2,661 318 3,312 622 224 - -233 396 

June ...... 889 4,663 84,469 696 5,091 263 3,604 705 201 - -42 1,746 

July........ 753 5,872 15,098 1,399 8,012 509 3,397 734 322 - -158 1,205 

Aug........ 826 5,276 18,989 1,705 3,046 386 3,198 743 511 - -185 246 

Sept....... r 1,189 r 6,278 12,532 r -7,365 r 4,985 524 r 3,475 707 r 452 - 59 r 618 

Oct......... 1,241 4,335 13,735 2,924 5,234 626 3,819 551 272 - -86 778 

Nov........ 836 4,403 19,601 1,399 5,459 696 3,556 694 434 - 23 416 

Dec........ 1,401 4,496 86,912 691 8,549 493 3,913 674 542 - 173 1,442 

 

Fiscal year 2005 to 

 date....................... 3,478 13,234 120,248 5,014 19,242 1,815 11,288 1,919 1,248 - 110 2,636 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 19

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 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(26) 

National

Science 

Foundation 

(27) 

Office of 

Personnel 

Management 

(28) 

Small 

Business 

Administration 

(29) 

Social 

Security 

Administration 

(30) 

Independent 

agencies 

 (31) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Onbudget 

(36) 

Offbudget 

(37) 

 

2000 .......................... 13,443 3,487 48,660 -422 441,289 10,879 -37,851 -129,088 -4,580 -1,502 1,457,678 330,765 

2001 .......................... 14,094 3,691 50,916 -569 461,261 13,449 -38,792 -144,111 -7,194 -1,025 r 1,516,762 346,002 

2002 .......................... 14,429 4,187 52,512 492 488,242 15,854 -42,782 -153,316 -5,024 -2 r 1,655,192 355,663 

2003 .......................... 14,552 4,735 r 54,134 1,559 507,734 r 8,947 -49,351 r -156,066 -5,029 * r 1,796,238 363,010 

2004 .......................... 15,186 5,118 56,533 4,077 530,206 r 5,832 -53,430 r -153,982 -5,105 * r 1,912,553 379,512 

 

2005 - Est.................. 15,719 5,641 60,964 3,036 559,048 19,671 -58,990 -163,452 -5,886 -100 2,080,022 399,382 

2006 - Est.................. 15,744 5,666 64,259 790 583,492 22,607 -62,542 -171,518 -7,131 -100 2,144,300 423,317 

 

2003 - Dec ................ 1,378 381 4,907 68 46,021 732 -4,114 -70,011 -577 - 207,954 -3,584 

2004 - Jan ................. 913 373 4,546 48 43,406 913 -4,610 79 -92 * 149,707 36,845 

Feb................ 1,151 401 4,344 72 41,157 -680 -4,173 -1,491 -284 - 148,964 39,744 

Mar................ 1,529 394 4,921 3,465 43,971 593 -4,512 -20 -719 - 165,431 39,681 

Apr................. 1,207 379 4,898 51 47,221 1,058 -4,763 -13 -613 * 166,198 36,259 

May ............... 1,353 368 4,577 58 42,157 1,651 -4,907 -4,480 -98 * 138,570 39,342 

June .............. 1,284 492 5,258 -10 48,029 -1,109 -4,521 -71,298 -939 * 195,259 -17 

July................ 1,117 468 4,775 64 46,884 1,803 -4,485 -64 -111 - 166,630 36,944 

Aug................ 1,248 571 4,340 59 41,984 2,035 -4,538 -2,194 -755 - 137,465 41,400 

Sept............... 1,938 493 r 4,749 61 44,331 r -1,170 -4,257 r 5 -469 * r 141,747 40,973 

Oct................. 827 464 5,233 69 44,591 745 -4,433 9 -109 * 159,514 34,679 

Nov................ 1,458 414 4,702 80 44,647 52 -4,433 -4,703 -824 * 152,290 40,138 

Dec................ 1,308 422 4,535 71 48,397 1,921 -4,759 -72,314 -309 - 222,162 -2,978 

Fiscal year 2005 to 

date .......................... 3,593 1,300 14,470 220 137,635 2,718 -13,625 -77,008 -1,242 - 533,966 71,839 

 

 1 The Department of Homeland Security was established on March 1, 2003, pursuant to 

Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 

25, 2002. Activity previously reported as the Immigration and Naturalization Service, 

Department of Justice; the Transportation Security Administration, Department of 

Transportation; the Coast Guard, Department of Transportation; the Federal Law 

Enforcement Training Center, Department of the Treasury; the United States Customs 

Service, Department of the Treasury; the United States Secret Service, Department of the 

Treasury; and the Federal Emergency Management Agency is now included in the 

Department of Homeland Security. 

* Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

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

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

December 2004 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 216,003 1 - 216,004 198,701 2 - 198,702

Corporation income taxes........................................... 62,422 - - 62,422 43,173 - - 43,173

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 124,794 124,794 - - 117,938 117,938

Employment and general retirement (on-budget)... - - 40,874 40,874 - - 37,978 37,978

Unemployment insurance ....................................... - - 5,828 5,828 - - 4,827 4,827

Other retirement...................................................... - - 1,126 1,126 - - 1,118 1,118

Excise taxes ................................................................ 7,058 161 9,398 16,617 7,337 164 8,853 16,354

Estate and gift taxes ................................................... 5,724 - - 5,724 5,786 - - 5,786

Customs duties ........................................................... 3,754 1,719 282 5,755 3,302 1,543 229 5,074

Miscellaneous receipts................................................ 5,693 2,268 90 8,052 7,088 2,412 311 9,811

Total receipts....................................................... 300,653 4,150 182,393 487,196 265,387 4,120 171,254 440,762

(On-budget)..................................................... 300,653 4,150 57,599 362,402 265,387 4,120 53,316 322,824

(Off-budget)..................................................... - - 124,794 124,794 - - 117,938 117,938

 

Budget outlays: 

Legislative branch ....................................................... 939 26 4 968 925 115 -14 1,026

Judicial branch ............................................................ 1,154 245 9 1,409 1,033 257 9 1,299

Department of Agriculture ........................................... 17,098 15,020 -7 32,112 15,566 11,207 44 26,817

Department of Commerce........................................... 1,401 63 * 1,465 1,451 -56 * 1,396

Department of Defense-military .................................. 113,194 2,815 36 116,045 106,522 1,149 44 107,714

Department of Education ............................................ 15,781 -13 * 15,768 13,600 -15 * 13,585

Department of Energy................................................. 6,160 -274 * 5,885 5,919 -550 * 5,369

Department of Health and Human Services ............... 101,625 -13 42,087 143,700 93,137 33 42,245 135,415

Department of Homeland Security.............................. 9,418 497 41 9,956 6,665 -81 35 6,619

Department of Housing and Urban Development....... 11,135 -11 -2 11,122 9,622 -53 * 9,570

Department of the Interior........................................... 2,129 -280 68 1,917 2,311 -456 69 1,925

Department of Justice ................................................. 4,996 422 82 5,501 5,516 360 109 5,985

Department of Labor................................................... 3,123 241 8,297 11,661 2,949 226 13,083 16,258

Department of State.................................................... 3,276 51 152 3,479 2,853 122 122 3,097

Department of Transportation..................................... 3,946 15 9,273 13,234 3,691 200 9,162 13,053

Department of the Treasury: 

Interest on the public debt....................................... 120,248 - - 120,248 115,040 - - 115,040

Other ....................................................................... 5,019 -96 92 5,014 11,246 -511 97 10,833

Department of Veterans Affairs .................................. 19,285 -229 186 19,242 17,010 -442 183 16,751

Corps of Engineers ..................................................... 1,539 84 193 1,816 1,237 185 33 1,455

Other defense civil programs...................................... 22,920 1,797 -13,430 11,287 34,470 -14,647 -9,199 10,625

Environmental Protection Agency............................... 2,862 -31 -912 1,919 1,733 -17 399 2,115

Executive Office of the President................................ 1,249 * - 1,249 479 * - 479

General Services Administration ................................ 45 64 - 109 41 -132 - -91

International Assistance Program............................... 2,595 -246 286 2,636 2,257 -156 -95 2,007

National Aeronautics and Space Administration ........ 3,592 - * 3,592 3,447 - * 3,447

National Science Foundation...................................... 1,301 3 -6 1,299 1,167 3 10 1,181

Office of Personnel Management ............................... 1,949 -15 12,537 14,471 1,881 4 12,240 14,126

Small Business Administration ................................... 220 -1 * 219 193 16 * 209

Social Security Administration .................................... 16,865 * 120,771 137,635 15,033 * 116,033 131,066

Other independent agencies....................................... 3,060 -832 490 2,719 2,513 -2,621 850 742

Undistributed offsetting receipts: 

Interest .................................................................... - - -77,008 -77,008 - - -74,504 -74,504

Other ....................................................................... -1,242 -2,492 -11,132 -14,866 -1,025 -2,276 -10,388 -13,689

Total outlays........................................................ 496,886 16,809 92,110 605,804 478,483 -8,135 100,570 570,918

(On-budget)..................................................... 496,886 18,372 18,708 533,966 478,483 -4,962 29,059 502,580

(Off-budget)..................................................... - -1,564 73,402 71,838 - -3,173 71,512 68,339

Surplus or deficit (-)............................................. -196,232 -12,659 90,283 -118,608 -213,096 12,255 70,684 -130,157

(On-budget)..................................................... -196,232 -14,223 38,891 -171,564 -213,096 9,082 24,258 -179,756

(Off-budget)..................................................... - 1,564 51,392 52,956 - 3,173 46,427 49,600

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003 ................................................ 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

2004 ................................................ 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

 

2003 - Dec....................................... 574,316 49,324 623,829 123,685 111,711 

2004 - Jan ....................................... 556,290 38,277 596,105 93,603 82,760 

Feb ...................................... 583,637 34,728 616,036 84,920 113,028 

Mar ...................................... 606,819 42,866 650,315 113,704 108,509 

 Apr....................................... 694,764 41,609 735,865 107,192 88,537 

May ..................................... 522,420 30,342 554,517 82,997 105,823 

June .................................... 659,073 43,553 701,230 123,501 96,136 

July...................................... 579,783 31,854 612,753 86,898 95,778 

Aug...................................... 583,266 35,694 621,421 81,990 111,633 

Sept..................................... 687,583 48,402 732,453 109,780 79,476 

Oct....................................... 508,948 38,035 547,855 84,853 72,257 

Nov...................................... 637,909 34,300 673,566 86,010 114,695 

Dec...................................... 653,542 49,944 701,333 149,391 144,888 

 

See footnotes at end of table. 
22 ACCOUNT OF THE U.S. TREASURY 

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 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

 

2003 - Dec............................. 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 

2004 - Jan ............................. 4,184 38,301 7,740 51,834 4,184 1,885 5,587 24,314 

Feb ............................ 6,513 10,194 6,513 40,535 3,885 4,667 5,269 15,774 

Mar ............................ 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 

Apr............................. 6,392 34,044 7,900 47,271 4,242 59 6,045 16,366 

May............................ 4,637 11,218 6,392 34,044 4,247 6,391 5,356 13,362 

June........................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 

July ............................ 4,917 29,701 6,714 29,701 2,915 149 4,963 10,053 

Aug ............................ 2,456 58 5,995 29,701 2,456 27 4,801 3,063 

Sept........................... 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 

Oct............................. 5,116 42,959 6,216 42,959 3,640 6,118 5,024 20,335 

Nov ............................ 3,759 14,274 6,210 28,924 3,759 1,230 4,921 12,730 

Dec ............................ 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 

 

 1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other 

than Government account series, and taxes. 

2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions 

of securities other than Government account series, and investment (transfer) of excess funds 

out of this account to the tax and loan note accounts. 

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment 

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
23

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. 
24 FEDERAL DEBT 

TABLE FD-1.—Summary of Federal Debt

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

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 

(8) 

Agency 

securities 

(9) 

 

2000............................... 5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,416 27,672 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002............................... 6,255,110 6,228,236 26,874 2,675,648 2,675,648 - 3,579,463 3,552,589 26,874 

2003............................... 6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952 

2004............................... 7,403,236 7,379,053 24,183 3,075,703 3,075,263 440 4,327,533 4,303,790 23,743 

 

2003 - Dec ..................... 7,022,392 6,997,964 24,428 2,954,450 2,953,910 540 4,067,942 4,044,054 23,888 

2004 - Jan...................... 7,033,215 7,009,235 23,980 2,964,456 2,964,219 237 4,068,759 4,045,016 23,743 

Feb..................... 7,116,050 7,091,943 24,107 2,966,503 2,966,503 - 4,149,547 4,125,440 24,107 

Mar..................... 7,155,263 7,131,068 24,195 2,954,401 2,954,401 - 4,200,862 4,176,667 24,195 

Apr ..................... 7,157,799 7,133,789 24,010 2,974,990 2,974,990 - 4,182,809 4,158,799 24,010 

May .................... 7,220,322 7,196,383 23,939 2,989,498 2,989,498 - 4,230,824 4,206,885 23,939 

June ................... 7,298,556 7,274,335 24,221 3,055,601 3,055,601 - 4,242,955 4,218,734 24,221 

July..................... 7,340,603 7,316,568 24,035 3,049,266 3,048,826 440 4,291,337 4,267,742 23,595 

Aug..................... 7,374,745 7,350,950 23,795 3,053,080 3,052,698 382 4,321,665 4,298,252 23,413 

Sept.................... 7,403,236 7,379,053 24,183 3,075,703 3,075,263 440 4,327,533 4,303,790 23,743 

Oct...................... 7,453,800 7,429,678 24,122 3,112,949 3,112,487 462 4,340,851 4,317,191 23,660 

Nov..................... 7,549,374 7,525,210 24,164 3,118,942 3,118,530 412 4,430,432 4,406,680 23,752 

Dec..................... 7,620,404 7,596,143 24,261 3,189,090 3,188,718 372 4,431,314 4,407,425 23,889 

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 16,865 2,218,895 3,466,088 56,648 3,409,440

2001 ............................... 5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,719 46,533 r 3,319,185

2002 ............................... 6,255,111 57,278 6,197,833 2,675,648 17,541 2,658,107 3,579,463 39,737 3,539,726

2003 ............................... 6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

2004 ............................... 7,403,236 51,219 7,352,017 3,075,703 r 16,596 r 3,059,107 4,327,533 r 34,623 r 4,292,910

 

2003 - Dec...................... 7,022,392 50,487 6,971,905 2,954,451 14,436 2,940,015 4,067,941 36,051 4,031,890

2004 - Jan ...................... 7,033,215 47,582 6,985,633 2,964,456 14,282 2,950,174 4,068,759 33,300 4,035,458

Feb ..................... 7,116,051 47,984 7,068,067 2,966,503 14,573 2,951,930 4,149,548 33,411 4,116,137

Mar ..................... 7,155,263 47,423 7,107,840 2,954,401 14,345 2,940,056 4,200,862 33,078 4,167,784

Apr...................... 7,157,799 48,967 7,108,832 2,974,990 16,001 2,958,989 4,182,809 32,966 4,149,843

May..................... 7,220,322 49,972 7,170,350 2,989,498 16,806 2,972,692 4,230,824 33,166 4,197,658

June.................... 7,298,557 50,221 7,248,335 3,055,601 16,872 3,038,730 4,242,956 33,349 4,209,605

July ..................... 7,340,603 50,639 7,289,964 3,049,266 16,692 3,032,574 4,291,337 33,948 4,257,390

Aug ..................... 7,374,745 50,950 7,323,795 3,053,080 16,825 3,036,255 4,321,665 34,125 4,287,540

Sept.................... 7,403,236 51,219 7,352,017 3,075,703 r 16,596 r 3,059,107 4,327,533 r 34,623 r 4,292,910

Oct...................... 7,453,799 51,226 7,402,573 3,112,949 16,490 3,096,459 4,340,850 34,736 4,306,114

Nov ..................... 7,549,374 51,835 7,497,539 3,118,943 16,697 3,102,245 4,430,431 35,138 4,395,293

Dec ..................... 7,620,403 52,130 7,568,274 3,189,090 16,493 3,172,597 4,431,313 35,637 4,395,676

 
FEDERAL DEBT 25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

 

2003 - Dec ............................. 203,862 18,812 9,702 53,569 149,189 29,995 4,241 

2004 - Jan .............................. 204,254 18,812 5,881 53,088 147,438 29,995 4,241 

Feb ............................. 204,518 16,330 6,731 53,612 147,603 29,995 4,223 

Mar ............................. 204,465 - 6,731 54,714 155,712 29,995 4,332 

Apr.............................. 204,539 - 6,731 54,521 161,634 29,995 4,420 

May ............................ 204,666 - 6,431 56,135 161,058 29,995 4,416 

June............................ 204,631 - 6,431 56,514 161,474 29,995 4,571 

July ............................. 204,559 - 6,431 57,294 156,803 29,995 4,570 

Aug ............................. 204,232 - 5,881 58,387 154,923 29,995 4,584 

Sept............................ 204,201 - 5,881 58,528 158,214 29,995 4,669 

Oct.............................. 204,299 - 5,881 12,968 160,523 29,995 4,680 

Nov ............................. 204,425 - 5,881 58,468 157,754 29,995 4,680 

Dec ............................. 204,454 - 5,881 58,986 160,682 29,995 4,796 

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

Bills 

(3) 

Notes 

(4) 

Bonds 

(5) 

Inflation-indexed 

notes and bonds 

(6) 

Nonmarketable 

Total 

(7) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

 

2003 - Dec ........................ 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371 

2004 - Jan ......................... 4,045,201 3,581,490 907,841 1,921,742 564,180 187,727 463,711 

Feb ........................ 4,125,593 3,662,580 958,164 1,952,714 564,174 187,527 463,014 

Mar ........................ 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951 

Apr......................... 4,158,978 3,697,136 933,396 2,001,114 564,169 198,457 461,842 

May ....................... 4,207,088 3,744,385 958,051 2,030,669 555,934 199,731 462,703 

June....................... 4,218,910 3,755,294 946,759 2,052,221 555,923 200,391 463,617 

July ........................ 4,267,913 3,808,260 962,514 2,067,221 555,916 222,609 459,654 

Aug ........................ 4,298,492 3,840,488 976,732 2,088,509 551,910 223,337 458,004 

Sept....................... 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

Oct......................... 4,318,485 3,900,137 979,562 2,124,510 551,902 244,164 418,348 

Nov ........................ 4,407,907 3,946,702 1,028,304 2,134,318 539,415 244,666 461,205 

Dec ........................ 4,408,389 3,943,593 1,001,189 2,157,067 539,406 245,930 464,796 

 
26 FEDERAL DEBT 

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

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

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 27

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

 

2003 - Dec............ 2,951 23,711 15,811 11,394 914 669 - 41,519 389,892 

2004 - Jan ............ 2,953 24,925 16,870 11,301 550 662 - 37,353 386,947 

 Feb ........... 2,954 26,800 16,117 11,202 550 576 - 36,105 388,316 

 Mar ........... 2,950 26,431 14,669 11,102 553 482 - 32,684 387,525 

 Apr............ 2,953 24,317 15,383 11,012 551 530 - 31,373 386,610 

 May........... 2,953 26,331 15,785 10,938 550 385 - 44,811 392,422 

 June.......... 2,955 26,032 13,628 11,208 941 424 - 43,871 391,295 

 July ........... 2,969 23,640 13,734 11,130 550 586 - 43,225 390,704 

 Aug ........... 2,972 24,077 10,915 11,053 550 521 - 46,918 407,967 

 Sept.......... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

 Oct............ 3,014 16,557 10,991 10,878 604 562 - 44,306 385,314 

 Nov ........... 3,026 15,782 11,719 10,802 1,055 406 - 46,166 434,377 

 Dec ........... 3,034 20,273 12,564 11,067 1,037 333 - 44,115 446,016 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

 

2003 - Dec..... 3,006,980 13,088 31,335 27,131 10,529 175,222 623,963 256,739 27,001 1,355,111 

2004 - Jan ..... 3,016,822 12,938 31,165 27,196 10,538 176,851 621,440 259,194 26,300 1,369,639 

 Feb .... 3,019,670 13,476 31,577 27,472 10,389 176,796 618,635 259,672 27,691 1,371,342 

 Mar .... 3,008,617 10,617 31,580 27,444 10,399 176,690 616,066 255,208 28,122 1,376,095 

 Apr..... 3,029,036 10,946 31,391 27,435 10,407 178,947 613,487 260,006 28,458 1,395,230 

 May.... 3,045,225 10,903 31,971 27,780 10,346 178,431 610,808 260,177 21,886 1,398,748 

 June... 3,111,724 11,132 31,856 27,766 10,355 183,508 626,116 267,270 22,336 1,441,031 

 July .... 3,105,732 11,155 31,962 27,806 10,366 183,348 623,579 263,282 22,337 1,445,359 

 Aug .... 3,110,630 11,242 32,335 28,090 10,305 182,635 608,277 263,003 22,666 1,447,104 

 Sept... 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

 Oct..... 3,121,569 10,681 32,073 28,123 10,333 182,212 641,678 263,733 23,324 1,457,186 

 Nov .... 3,158,863 11,521 32,511 28,465 10,268 181,692 624,923 263,539 23,543 1,459,068 

 Dec .... 3,230,551 12,139 32,198 28,512 10,285 186,191 627,770 270,383 23,870 1,500,764 

 
28 FEDERAL DEBT 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

Postal 

Service 

(6) 

 Other 

 (7) 

 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... 26,875 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,184 - 200 325 23,253 - 406 

 

2003 - Dec ........................... 24,428 - 290 325 23,372 - 441 

2004 - Jan ............................ 23,981 - 120 325 23,104 - 432 

Feb ........................... 24,107 - 120 325 23,242 - 420 

Mar ........................... 24,195 - 120 325 23,329 - 421 

Apr............................ 24,012 - 149 325 23,115 - 423 

May .......................... 23,940 - 162 325 23,029 - 424 

June ......................... 24,222 - 163 325 23,313 - 421 

July........................... 24,035 - 185 325 23,103 - 422 

Aug........................... 23,795 - 196 325 22,864 - 410 

Sept.......................... 24,184 - 200 325 23,253 - 406 

Oct............................ 24,121 - 203 325 23,186 - 407 

Nov........................... 24,164 - 207 325 23,224 - 408 

Dec........................... 24,261 - 207 325 23,319 - 409 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 29

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

 

2003 - Dec...................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos. 

2004 - Jan ...................... 2,889,890 1,086,110 1,000,107 363,307 243,755 196,611 5 yrs. 0 mos. 

Feb ..................... 2,967,133 1,149,251 998,984 378,812 243,520 196,566 4 yrs. 11 mos. 

Mar ..................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos. 

Apr...................... 3,019,341 1,125,763 1,054,136 398,995 243,520 196,928 4 yrs. 11 mos. 

May..................... 3,035,769 1,153,189 1,043,862 398,095 243,436 197,187 4 yrs. 11 mos. 

June.................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos. 

July ..................... 3,088,164 1,147,439 1,070,294 418,436 243,436 208,560 4 yrs. 11 mos. 

Aug ..................... 3,145,333 1,148,585 1,137,991 406,590 243,436 208,731 4 yrs. 11 mos. 

Sept.................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

Oct...................... 3,166,311 1,143,145 1,137,251 434,604 242,636 208,675 4 yrs. 10 mos. 

Nov ..................... 3,233,704 1,177,963 1,159,725 444,697 250,625 200,694 4 yrs. 10 mos. 

Dec ..................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 

 

Note.—Detail may not add to totals due to rounding. 
30 FEDERAL DEBT 

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 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

 

2003 - Dec....................................... 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347 

2004 - Jan ....................................... 7,384,000 6,966,851 6,966,747 104 7,009,235 104 42,488 

Feb ...................................... 7,384,000 7,049,163 7,049,059 104 7,091,943 104 42,884 

Mar ...................................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536 

Apr....................................... 7,384,000 7,089,700 7,089,567 133 7,133,789 133 44,222 

May...................................... 7,384,000 7,151,523 7,151,377 146 7,196,383 146 45,006 

June..................................... 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161 

July ...................................... 7,384,000 7,271,328 7,271,159 169 7,316,568 169 45,408 

Aug ...................................... 7,384,000 7,305,531 7,305,351 180 7,350,950 180 45,599 

Sept..................................... 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

Oct....................................... 7,384,000 7,383,975 7,383,788 187 7,429,677 187 45,889 

Nov ...................................... 8,184,000 7,464,740 7,464,549 191 7,525,210 191 60,660 

Dec ...................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 

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 

subject to limitation 

Interest-bearing debt 

subject to limitation 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1

(4) 

Public debt 

(5) 

Other debt 

(6) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 31

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 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2000 ................................................ r 189,468 27,323 14,690 9,413 305 729 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,554 25,074 16,312 10,780 417 906 

2003 ................................................ 224,471 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

 

2003 - Dec....................................... 222,446 16,430 15,291 11,432 379 1,873 

2004 - Jan ....................................... 226,846 15,269 15,297 11,445 379 1,873 

Feb ...................................... 226,799 15,119 15,942 11,449 379 1,873 

Mar ...................................... 227,465 15,149 15,998 11,675 379 1,873 

Apr....................................... 228,895 15,671 15,998 12,757 379 2,064 

May...................................... 228,358 15,480 16,023 12,764 379 2,064 

June..................................... 231,020 15,223 16,646 12,764 379 2,089 

July ...................................... 231,865 15,263 16,647 12,763 379 2,089 

Aug ...................................... 233,883 15,142 16,792 12,817 403 2,089 

Sept..................................... 213,321 15,956 16,560 11,937 474 1,897 

Oct....................................... 226,700 23,213 16,560 11,937 474 1,897 

Nov ...................................... 205,234 16,074 16,560 11,937 474 1,897 

Dec ...................................... 216,545 19,478 16,560 11,937 474 1,831 

 

 Department 

of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2000 ................................................ 65,716 2,513 7,155 3,653 27,836 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

 

2003 - Dec ...................................... 99,250 2,698 10,294 2,056 31,454 

2004 - Jan ....................................... 102,609 2,747 11,794 2,056 31,602 

Feb...................................... 102,609 2,747 11,794 2,056 31,194 

Mar...................................... 102,170 2,747 11,794 2,056 30,466 

Apr....................................... 102,170 2,847 11,794 2,056 29,483 

May ..................................... 101,690 2,820 11,794 2,056 29,174 

June .................................... 107,991 2,770 11,794 2,056 28,692 

July...................................... 107,991 2,820 11,794 2,056 28,877 

Aug...................................... 109,164 2,820 11,794 2,056 29,195 

Sept..................................... 96,530 2,900 7,635 1,203 29,305 

Oct....................................... 100,473 2,900 7,635 1,203 27,803 

Nov...................................... 100,473 2,955 7,635 1,203 13,157 

Dec...................................... 107,811 2,955 7,635 1,203 13,555 

 
32 FEDERAL DEBT 

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2000 ...................................... 6,683 2,746 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,536 

2004 ...................................... 7,237 2,962 8,546 10,179 

 

2003 - Dec ............................ 7,281 3,763 8,435 11,810 

2004 - Jan ............................. 7,281 4,044 8,435 12,015 

Feb ............................ 6,882 4,292 8,435 12,028 

Mar ............................ 6,985 4,566 8,554 13,053 

Apr............................. 6,985 4,839 8,554 13,298 

May ........................... 6,985 5,090 8,554 13,485 

June .......................... 6,985 2,137 8,545 12,949 

July............................ 6,985 2,422 8,546 13,233 

Aug............................ 6,985 2,678 8,546 13,402 

Sept........................... 7,237 2,962 8,546 10,179 

Oct............................. 7,237 3,240 12,189 9,939 

Nov............................ 7,237 3,496 12,189 9,947 

Dec............................ 7,237 3,781 12,189 9,899 

 

Note.—Detail may not add to totals due to rounding. 
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 $5 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: OCTOBER-DECEMBER

[Source: Bureau of the Public Debt, Office of Financing]

O C T O B E R

Cash Management Bills

On September 28, 2004, Treasury announced it would 

auction $14,000 million of 14-day bills. They were issued 

October 1 and matured October 15. The issue was to raise 

new cash. Treasury auctioned the bills on September 29. 

Tenders totaled $30,830 million; Treasury accepted $14,000 

million. The high bank discount rate was 1.595 percent.

On October 7, Treasury announced it would auction

$8,000 million of 2-day bills. They were issued October 13 

and matured October 15. The issue was to raise new cash. 

Treasury auctioned the bills on October 12. Tenders totaled 

$27,855 million; Treasury accepted $8,001 million. The high 

bank discount rate was 1.680 percent.

Auction of 5-Year Notes

On October 4, 2004, Treasury announced it would

auction $15,000 million of 5-year notes of Series N-2009. 

The issue was to raise new cash.

The notes of Series N-2009 were dated and issued

October 15. They are due October 15, 2009, with interest 

payable on April 15 and October 15 until maturity. Treasury 

set an interest rate of 3-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders 

on October 6. Tenders totaled $34,811 million; Treasury 

accepted $15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.490 percent with an equivalent price of $99.476542. 

Treasury accepted in full all competitive tenders at yields 

lower than 3.490 percent. Tenders at the high yield were 

allotted 45.72 percent. The median yield was 3.458 percent, 

and the low yield was 3.438 percent. Noncompetitive

tenders totaled $102 million. Competitive tenders accepted 

from private investors totaled $14,793 million. The

minimum par amount required for STRIPS of notes of Series 

N-2009 is $1,000.

Auction of 9-Year 9-Month 2 Percent Treasury 

Inflation-Protected Security (TIPS)

On October 4, 2004, Treasury announced it would

auction $9,000 million of 9-year 9-month TIPS to raise new 

cash. The 9-year 9-month, TIPS of Series D-2014 were 

dated July 15 and issued October 15. They are due July 15,

2014, with interest payable on January 15 and July 15 until 

maturity. Treasury set an interest rate of 2 percent after

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the TIPS before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on October 7. Tenders totaled 

$21,970 million; Treasury accepted $9,000 million. All
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.

34

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.885 percent with an 

equivalent adjusted price of $101.525704. Treasury accepted 

in full all competitive tenders at yields lower than 1.885. 

Tenders at the high yield were allotted 25.09 percent. The 

median yield was 1.860 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $39 million.

Competitive tenders accepted from private investors totaled 

$8,961 million. Adjusted accrued interest of $5.02515 per 

$1,000 must be paid for the period from July 15 to October 

15. Both the unadjusted price of $101.017586 and the

unadjusted accrued interest of $5.00000 were adjusted by an 

index ratio of 1.00503 for the period from July 15 through 

October 15. The minimum par amount required for STRIPS 

of TIPS is $1,000.

Auction of 5-Year 6-Month TIPS

On October 21, 2004, Treasury announced it would

auction $12,000 million of 5-year 6-month TIPS to raise

new cash. The 5-year 6-month TIPS of Series D-2010 were 

dated October 15 and issued October 29. They are due April 

15, 2010, with interest payable on April 15 and October 15 

until maturity. Treasury set an interest rate of 7/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the TIPS before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on October 26. Tenders

totaled $21,653 million; Treasury accepted $12,000 million 

at the high yield of 0.950 percent with an equivalent adjusted 

price of $99.625501. Tenders at the high yield were allotted 

50.25 percent. The median yield was 0.896 percent, and the 

low yield was 0.800 percent. Noncompetitive tenders totaled 

$128 million. Competitive tenders accepted from private

investors totaled $11,872 million. Adjusted accrued interest 

of $0.33662 per $1,000 must be paid for the period from 

October 15 to October 29. Both the unadjusted price of

$99.601597 and the unadjusted accrued interest of $0.33654 

were adjusted by an index ratio of 1.00024 for the period 

from October 15 through October 29. The minimum par 

amount required for STRIPS of TIPS is $1,000. 

N O V E M B E R

Cash Management Bills

On November 17, 2004, Treasury announced it would 

auction $7,000 million of 5-day bills. They were issued

November 18 and matured November 23. The issue was to 

raise new cash. Treasury auctioned the bills on November 

17. Tenders totaled $28,215 million; Treasury accepted

$7,000 million. The high bank discount rate was 1.890

percent.

November Quarterly Financing

On November 3, 2004, Treasury announced it would 

auction $22,000 million of 3-year notes of Series L-2007, 

$15,000 million of 5-year notes of Series P-2009, and 

$14,000 million of 10-year notes of Series F-2014 to refund 

$48,013 million of Treasury securities maturing or called on 

November 15 and to raise new cash of approximately $2,987 

million.

The 3-year notes of Series L-2007 were dated and issued 

November 15. They are due November 15, 2007, with

interest payable on May 15 and November 15 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 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on November 8. 

Tenders totaled $49,172 million; Treasury accepted $22,000 

million. All noncompetitive and successful competitive

bidders were allotted securities at the high yield of 3.090 

percent with an equivalent price of $99.744019. Treasury 

accepted in full all competitive tenders at yields lower than 

3.090 percent. Tenders at the high yield were allotted 71.02 

percent. The median yield was 3.060 percent, and the low 

yield was 3.020 percent. Noncompetitive tenders totaled

$358 million. Competitive tenders accepted from private

investors totaled $21,542 million.

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $5,301 million from 

FRBs for their own accounts.

As the interest rate determined in this auction matched 

that of an outstanding issue with the same maturity and 

interest payment dates, it will be considered an additional 

issue of the 5-year note of Series G-2007 originally dated 

November 15, 2002. The minimum par amount required for 

STRIPS of notes of Series G-2007 is $1,000.

The 5-year notes of Series P-2009 were dated and issued 

November 15. They are due November 15, 2009, with

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 3-1/2 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 1p.m. e.s.t. for 

competitive tenders on November 9. Tenders totaled

$43,473 million; Treasury accepted $15,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.510 percent with an 

equivalent price of $99.954506. Treasury accepted in full all 

competitive tenders at yields lower than 3.510 percent.

Tenders at the high yield were allotted 44.54 percent. The 

median yield was 3.480 percent, and the low yield was 3.400 
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.

35

percent. Noncompetitive tenders totaled $211 million.

Competitive tenders accepted from private investors totaled 

$14,684 million.

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $3,750 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2009 is $1,000.

The 10-year notes of Series F-2014 were dated and

issued November 15. They are due November 15, 2014, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 4-1/4 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 1p.m. e.s.t. for 

competitive tenders on November 10. Tenders totaled

$28,761 million; Treasury accepted $14,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.280 percent with an 

equivalent price of $99.758010. Treasury accepted in full all 

competitive tenders at yields lower than 4.280 percent.

Tenders at the high yield were allotted 61.68 percent. The 

median yield was 4.231 percent, and the low yield was 4.200 

percent. Noncompetitive tenders totaled $124 million.

Competitive tenders accepted from private investors totaled 

$13,777 million.

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $2,471 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2014 is $1,000.

Auction of 2-Year Notes

On October 25, 2004, Treasury announced it would

auction $24,000 million of 2-year notes of Series U-2006. 

The issue was to refund $26,880 million of securities

maturing October 31 and to pay down approximately $2,880 

million.

The notes of Series U-2006 were dated October 31 and 

issued November 1. They are due October 31, 2006, with 

interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 2-1/2 percent after

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on October 27. Tenders totaled

$46,390 million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.590 percent with the 

equivalent price of $99.825825. Tenders at the high yield 

were allotted 37.24 percent. The median yield was 2.560 

percent, and the low yield was 2.450 percent.

Noncompetitive tenders totaled $742 million. Competitive 

tenders accepted from private investors totaled $23,258 

million. Accrued interest of $0.06906 per $1,000 must be

paid for the period from October 31 to November 1.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $5,560 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2006 is $1,000.

On November 19, Treasury announced it would auction 

$24,000 million of 2-year notes. The issue was to refund 

$26,827 million of securities maturing November 30 and to 

pay down approximately $2,827 million.

The notes of Series V-2006 were dated and issued

November 30. They are due November 30, 2006, with

interest payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 2-7/8 percent after

determining wh ich tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12:00 

noon e.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.s.t. for competitive tenders on November 23. Tenders

totaled $62,585 million; Treasury accepted $24,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.945 percent with an 

equivalent price of $99.865006. Treasury accepted in full all 

competitive tenders at yields lower than 2.945 percent. 

Tenders at the high yield were allotted 98.56 percent. The 

median yield was 2.930 percent, and the low yield was 2.900 

percent. Noncompetitive tenders totaled $741 million.

Competitive tenders accepted from private investors totaled 

$23,259 million.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $6,044 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2006 is $1,000.

D E C E M B E R

Cash Management Bills

On November 29, 2004, Treasury announced it would 

auction $4,000 million of 14-day bills. They were issued 

December 1 and matured December 15. The issue was to 

raise new cash. Treasury auctioned the bills on November 

30. Tenders totaled $17,377 million; Treasury accepted

$4,000 million. The high bank discount rate was 1.950

percent.

On November 30, Treasury announced it would auction 

$24,000 million of 12-day bills. They were issued December 

3 and matured December 15. The issue was to raise new

cash. Treasury auctioned the bills on December 1. Tenders 
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.

36

totaled $56,045 million; Treasury accepted $24,001 million. 

The high bank discount rate was 1.960 percent.

On December 2, Treasury announced it would auction 

$14,000 million of 8-day bills. They were issued December 

7 and matured December 15. The issue was to raise new

cash. Treasury auctioned the bills on December 3. Tenders 

totaled $32,240 million; Treasury accepted $14,000 million. 

The high bank discount rate was 1.980 percent.

Auction of 5-Year Notes

On December 6, 2004, Treasury announced it would 

auction $15,000 million of 5-year notes of Series Q-2009. 

The issue was to raise new cash.

The notes of Series Q-2009 were dated and issued

December 15. They are due December 15, 2009, with

interest payable on June 15 and December 15 until maturity. 

Treasury set an interest rate of 3-1/2 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 1:00 p.m. e.s.t. 

for competitive tenders on December 8. Tenders totaled

$39,029 million; Treasury accepted $15,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.550 percent with an 

equivalent price of $99.772769. Treasury accepted in full all 

competitive tenders at yields lower than 3.550 percent.

Tenders at the high yield were allotted 88.03 percent. The 

median yield was 3.510 percent, and the low yield was 3.500 

percent. Noncompetitive tenders totaled $108 million.

Competitive tenders accepted from private investors totaled 

$14,792 million. The minimum par amount required for

STRIPS of notes of Series Q-2009 is $1,000.

Auction of 9-Year 11-Month 4-1/4 Percent Notes

On December 6, 2004, Treasury announced it would 

auction $9,000 million of 9-year 11-month 4-1/4 percent 

notes of Series F-2014. The issue was to raise new cash.

The notes of Series F-2014 were dated November 15 and 

issued December 15. They are due November 15, 2014, with 

interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on December 9. Tenders totaled

$24,159 million; Treasury accepted $9,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.150 percent with an 

equivalent price of $100.800290. Treasury accepted in full 

all competitive tenders at yields lower than 4.150 percent. 

Tenders at the high yield were allotted 89.20 percent. The 

median yield was 4.130 percent, and the low yield was 4.090 

percent. Noncompetitive tenders totaled $39 million.

Competitive tenders accepted from private investors totaled 

$8,961 million. Accrued interest of $3.52210 per $1,000

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes 

of notes of Series F-2014 is $1,000.

Auction of 2-Year Notes

On December 27, 2004, Treasury announced it would 

auction $24,000 million of 2-year notes of Series W-2006. 

The issue was to refund $25,255 million of securities

maturing December 31 and to pay down approximately 

$1,255 million.

The notes of Series W-2006 were dated and issued

December 31. They are due December 31, 2006, with

interest payable on June 30 and December 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 1:00 p.m. e.s.t. 

for competitive tenders on December 29. Tenders totaled 

$47,973 million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.120 percent with an 

equivalent price of $99.769076. Treasury accepted in full all 

competitive tenders at yields lower than 3.120 percent.

Tenders at the high yield were allotted 69.91 percent. The 

median yield was 3.095 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $794 million.

Competitive tenders accepted from private investors totaled 

$23,206 million.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $7,948 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2006 is $1,000.
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, Dec. 31, 2004 

[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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2005

Jan. 31........................................................... 1 1-5/8%-G note 01/31/03 33,837 8,005 25,832 

Feb. 15, 05-10............................................... 11-3/4% bond 02/15/80 2,315 943 1,372 

Feb. 15 .......................................................... 1 7-1/2%-A note 02/15/95 13,835 3,908 9,927 

Feb. 28 .......................................................... 1 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31 .......................................................... 1 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30........................................................... 1 1-5/8%-K note 04/30/03 34,295 7,994 26,301 

May 15, 05-10 ............................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15........................................................... 1 12% bond 04/02/85 4,261 941 3,319 

May 15........................................................... 1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15........................................................... 1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31........................................................... 1 1-1/4%-L note 06/02/03 31,021 7,124 23,897 

June 30.......................................................... 1 1-1/8%-M note 06/30/03 31,701 7,971 23,730 

July 31........................................................... 1 1-1/2%-N note 07/31/03 29,997 5,864 24,133 

Aug. 15.......................................................... 1 10-3/4% bond 07/02/85 9,270 2,603 6,666 

Aug. 15.......................................................... 1 6-1/2%-C note 08/15/95 15,003 3,118 11,884 

Aug. 31.......................................................... 1 2%-P note 09/02/03 30,592 7,424 23,168 

Sept. 30......................................................... 1 1-5/8%-Q note 09/30/03 31,539 6,585 24,954 

Oct. 31........................................................... 1 1-5/8%-R note 10/31/03 32,368 6,551 25,818 

Nov. 15, 05-10............................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15.......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,525 12,685 

Nov. 15.......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,845 23,218 

Nov. 30.......................................................... 1 1-7/8%-S note 12/01/03 32,204 6,856 25,348 

Dec. 31.......................................................... 1 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

Total ............................. 530,421 119,049 414,372 

2006 

Jan. 31........................................................... 1 1-7/8%-K note 02/02/04 32,533 6,928 25,605 

Feb. 15 .......................................................... 1 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15 .......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28 .......................................................... 1 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31 .......................................................... 1 1-1/2%-M note 03/31/04 34,339 8,339 26,000 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,353 25,981 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 3,935 12,080 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

May 15........................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

May 31........................................................... 1 2-1/2%-P note 06/01/04 31,308 7,072 24,236 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,588 7,997 24,591 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,001 23,009 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 4,194 23,715 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 5,560 24,009 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,193 23,343 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 6,044 24,005 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,951 7,948 24,003 

Total ............................. 614,247 125,615 488,631 
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, Dec. 31, 2004, 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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 18,984 2,057 16,926 

Feb. 15 .......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,792 11,312 

Feb. 15 .......................................................... 1 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 2,668 22,005 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,362 7,764 

 Total............................. 259,897 38,306 221,592 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 19,862 2,198 17,664 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,512 23,977 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,119 21,072 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,097 17,260 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 811 15,191 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,402 15,779 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 752 15,248 

Total............................. 246,001 29,307 216,693 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 18,508 2,549 15,959 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 603 15,400 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 302 15,700 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 - 16,003 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 3,422 14,638 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

June 15........................................................... 1 4%-J note 06/15/04 15,005 - 15,005 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 - 15,005 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,555 21,845 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,290 15,004 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 - 15,005 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 - 15,005 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,750 15,002 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 - 15,002 

Total............................. 269,156 25,496 243,660 

 

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, Dec. 31, 2004, 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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 12,843 1,411 11,432 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,554 18,802 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 12,092 413 11,678 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total ............................. 70,728 9,973 60,755 

 

2011 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,064 333 11,732 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total ............................. 62,136 7,122 55,014 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,454 75 6,379 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 2,965 21,815 

July 15 .............................................................. 1 3%-C note 07/15/02 24,435 2,167 22,267 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 2,867 16,781 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 93,429 8,310 85,120 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 20,793 305 20,489 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 3,911 29,610 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,036 28,601 

Total ............................. 122,703 8,000 114,703 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 21,694 558 21,136 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,072 27,009 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,293 25,010 

July 15 .............................................................. 1 2%-D note 07/15/04 19,241 - 19,241 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 1,718 23,004 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 146,513 8,112 138,401 

 

2015 

Feb. 15.............................................................. 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15 ............................................................. 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ............................................................. 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total ............................. 20,129 4,020 16,109 

 

2016 

Feb. 15.............................................................. 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15.............................................................. 1 7-1/4% bond 05/15/86 18,824 1,174 17,649 

Nov. 15 ............................................................. 1 7-1/2% bond 11/17/86 18,787 2,355 16,432 

Total ............................. 43,043 4,566 38,477 

 

2017 

May 15.............................................................. 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ............................................................. 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ............................. 26,528 4,813 21,715 

 See footnote at end of table. 
40 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, Dec. 31, 2004, 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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total .............................. 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total .............................. 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total .............................. 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,371 26,261 

Total .............................. 60,281 9,176 51,105 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total .............................. 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ........................................................... 1 6-1/4% bond 08/16/93 22,659 1,935 20,725 

Total............................. 38,441 4,570 33,871 

 

2024 

Nov. 15 ........................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total............................. 9,604 1,615 7,989 

 

2025 

Jan. 15............................................................ 1 2-3/8% bond 07/30/04 11,139 15 11,124 

Feb. 15............................................................ 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ........................................................... 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total .............................. 31,836 3,408 28,427 

 

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 8,810 1,614 7,196 

Nov. 15 ........................................................... 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total .............................. 32,509 4,502 28,007 

 

2027 

Feb. 15............................................................ 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ........................................................... 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ........................................................... 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total .............................. 40,740 6,473 34,267 

 See footnote at end of table. 
PUBLIC DEBT OPERATIONS 41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2004, 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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 19,806 2,994 16,812 

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 1,611 9,336 

Total ................................ 42,529 6,377 36,152 

 

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 22,637 3,096 19,541 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ................................ 45,166 6,436 38,730 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total ................................ 17,043 1,894 15,149 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ................................ 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,390 259 5,131 

Total ................................ 5,390 259 5,131 

 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
42 PUBLIC DEBT OPERATIONS 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

 Number 

 of days to 

 maturity 1

 (2) 

Amount 

 of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2004 - Oct. 07 .................. 2004 - Nov. 04 28 46,747.3 17,182.9 14,919.1 81.3 99.881000 1.530 1.553

2005 - Jan. 06 91 47,860.4 25,779.8 17,008.4 1,635.6 99.574069 1.685 1.716

2005 - Apr. 07 182 37,123.0 23,222.7 15,718.7 1,186.3 98.993944 1.990 2.038

Oct. 14................. 2004 - Nov. 12 29 38,868.8 17,438.0 14,936.3 64.0 99.874736 1.555 1.579

2005 - Jan. 13 91 41,947.8 25,358.3 17,258.4 1,407.0 99.575333 1.680 1.711

2005 - Apr. 14 182 45,208.7 23,122.9 15,795.4 904.9 99.011639 1.955 2.002

Oct. 21................. 2004 - Nov. 18 28 26,883.4 12,133.1 9,954.3 45.8 99.877889 1.570 1.594

2005 - Jan. 20 91 44,167.5 26,261.2 18,483.0 1,401.5 99.552583 1.770 1.803

2005 - Apr. 21 182 40,417.2 24,349.4 16,870.5 1,079.5 98.993944 1.990 2.038

Oct. 28................. 2004 - Nov. 26 29 37,131.1 21,322.1 19,929.3 70.9 99.858222 1.760 1.787

2005 - Jan. 27 91 45,374.7 27,918.7 19,050.0 1,533.8 99.531097 1.855 1.890

2005 - Apr. 28 182 41,451.0 25,750.5 17,248.0 1,023.9 98.968667 2.040 2.090

Nov. 04 ................ 2004 - Dec. 02 28 48,581.3 22,027.9 19,928.0 72.1 99.857278 1.835 1.863

2005 - Feb. 03 91 44,438.4 27,650.3 19,116.5 1,511.2 99.507083 1.950 1.987

2005 - May 05 182 42,686.5 25,663.3 17,789.8 1,085.3 98.918111 2.140 2.193

Nov. 12 ................ 2004 - Dec. 09 27 62,257.6 25,494.7 23,926.2 74.0 99.857500 1.900 1.929

2005 - Feb. 10 90 46,696.2 27,991.9 19,254.8 1,445.3 99.488750 2.045 2.084

2005 - May 12 181 41,666.8 25,784.0 18,104.7 895.5 98.863722 2.260 2.318

Nov. 18 ................ 2005 - Feb. 17 91 47,476.2 27,095.3 17,218.8 1,632.5 99.475486 2.075 2.115

2005 - May 19 182 37,519.1 24,047.3 15,737.4 1,112.8 98.847333 2.280 2.339

Nov. 23 ................ 2004 - Dec. 16 23 52,814.3 24,000.3 23,995.1 5.3 99.877014 1.925 1.954

Nov. 26 ................ 2004 - Dec. 23 27 49,083.3 24,423.8 21,925.6 74.4 99.853750 1.950 1.980

2005 - Feb. 24 90 52,514.4 25,431.7 17,109.4 1,633.4 99.461250 2.155 2.197

2005 - May 26 181 37,214.5 23,073.0 15,827.9 1,082.1 98.810931 2.365 2.427

Dec. 02 ................ 2004 - Dec. 30 28 45,737.4 21,861.6 18,919.7 80.6 99.841722 2.035 2.067

2005 - Mar. 03 91 44,084.3 25,021.1 17,502.2 1,397.8 99.445153 2.195 2.238

2005 - June 02 182 39,699.2 23,160.4 15,869.1 1,005.9 98.789194 2.395 2.458

Dec. 09 ................ 2005 - Jan. 06 28 55,460.1 22,178.4 18,897.7 102.5 99.840556 2.050 2.082

2005 - Mar. 10 91 48,099.8 24,707.3 17,203.2 1,568.8 99.441361 2.210 2.253

2005 - June 09 182 43,410.0 23,178.3 15,945.6 979.5 98.796778 2.380 2.442

Dec. 16 ................ 2005 - Jan. 13 28 33,324.9 12,066.2 9,953.3 47.0 99.847556 1.960 1.990

2005 - Mar. 17 91 48,670.0 23,711.0 17,341.0 1,484.4 99.443889 2.200 2.243

2005 - June 16 182 40,761.6 22,682.2 15,824.3 1,075.7 98.774028 2.425 2.489

Dec. 23 ................ 2005 - Jan. 20 28 34,227.7 12,786.7 9,919.4 80.7 99.853778 1.880 1.909

2005 - Mar. 24 91 47,204.5 25,228.8 17,174.0 1,611.2 99.448944 2.180 2.223

2005 - June 23 182 37,769.3 22,932.8 15,893.4 956.7 98.753806 2.465 2.531

Dec. 30 ................ 2005 - Jan. 27 28 28,682.5 13,019.4 9,931.9 68.2 99.856889 1.840 1.868

 2005 - Mar. 31 91 40,945.4 25,491.8 17,013.3 1,459.1 99.437569 2.225 2.269

 2005 - June 30 182 36,031.6 23,005.6 15,337.0 1,027.6 98.705778 2.560 2.630

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 43

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] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

01/07/04 01/15/04 3-1/4% note—01/15/09-D 5y 40,133 16,000 3.260 - 99.954 

01/08/04 01/15/04 2% note—01/15/14-A 10y 23,359 12,000 2.019 - 99.829 

01/29/04 02/02/04 1-7/8% note—01/31/06-K 2y 55,064 32,531 1.930 - 99.893 

02/10/04 02/17/04 2-1/4% note—02/15/07-H 3y 56,139 25,666 2.330 - 99.770 

02/11/04 02/17/04 3% note—02/15/09-E 5y 46,887 17,430 3.030 - 99.862 

02/12/04 02/17/04 4% note—02/15/14-B 10y 33,053 17,072 4.060 - 99.511 

02/25/04 03/01/04 1-5/8% note—02/28/06-L 2y 71,055 34,000 1.675 - 99.902 

03/02/04 03/03/04 0.980% bill—03/15/04 12d 91,255 27,000 

03/10/04 03/15/04 2-5/8% note—03/15/09-F 5y 39,573 16,000 2.695 - 99.675 

03/11/04 03/15/04 4% note—02/15/14-B 9y 11m 19,896 11,000 3.752 - 102.034 

03/24/04 03/31/04 1-1/2% note—03/31/06-M 2y 64,995 34,334 1.520 - 99.961 

04/01/04 04/02/04 0.960% bill—04/15/04 13d 78,305 25,004 

04/05/04 04/06/04 0.935% bill—04/20/04 14d 29,705 5,000 

04/07/04 04/08/04 0.970% bill—04/19/04 11d 45,016 16,000 

04/06/04 04/15/04 3-1/8% note—04/15/09-G 5y 36,548 16,000 3.220 - 99.564 

04/07/04 04/15/04 2% note—01/15/14-A 9y 9m 16,003 9,000 1.809 - 102.189 

04/28/04 04/30/04 2-1/4% note—04/30/06-N 2y 63,074 34,334 2.270 - 99.961 

05/11/04 05/17/04 3-1/8% note—05/15/07-J 3y 53,540 27,562 3.199 - 99.790 

05/12/04 05/17/04 3-7/8% note—05/15/09-H 5y 42,609 18,058 3.927 - 99.766 

05/13/04 05/17/04 4-3/4% note—05/15/14-C 10y 44,006 17,294 4.848 - 99.230 

05/26/04 06/01/04 2-1/2% note—05/31/06-P 2y 64,225 31,298 2.538 - 99.926 

05/27/04 06/01/04 0.905% bill—06/14/04 13d 25,405 5,000 

06/02/04 06/03/04 0.965% bill—06/15/04 12d 73,860 30,000 

06/08/04 06/09/04 0.970% bill—06/11/04 2d 14,930 4,000 

06/09/04 06/15/04 4% note—06/15/09-J 5y 43,696 15,000 4.010 - 99.955 

06/10/04 06/15/04 4-3/4% note—05/15/14-C 9y 11m 29,304 10,000 4.828 - 99.383 

06/23/04 06/30/04 2-3/4% note—06/30/06-Q 2y 61,894 32,581 2.785 - 99.932 

07/01/04 07/02/04 1.150% bill—07/15/04 13d 43,825 21,001 

07/06/04 07/08/04 1.160% bill—07/15/04 7d 21,241 6,000 

07/07/04 07/15/04 3-5/8% note—07/15/09-K 5y 34,879 15,000 3.663 - 99.828 

07/08/04 07/15/04 2% TIPS—07/15/14-D 10y 18,864 10,000 2.020 - 99.820 

07/27/04 07/30/04 2-3/8% TIPS—01/15/25 20y 6m 16,440 11,000 2.470 - 98.758 

07/28/04 08/02/04 2-3/4% note—07/31/06-R 2y 63,678 31,006 2.797 - 99.909 

08/09/04 08/16/04 2-3/4% note—08/15/07-K 3y 47,145 24,668 2.842 - 99.737 

08/11/04 08/16/04 3-1/2% note—08/15/09-L 5y 41,940 17,290 3.520 - 99.909 

08/12/04 08/16/04 4-1/4% note—08/15/14-E 10y 42,312 15,718 4.270 - 99.838 

08/25/04 08/31/04 2-3/8% note—08/31/06-S 2y 60,382 31,807 2.494 - 99.769 

08/31/04 09/01/04 1.480% bill—09/15/04 14d 38,794 16,000 

09/02/04 09/03/04 1.460% bill—09/15/04 12d 37,380 16,000 

09/07/04 09/08/04 1.480% bill—09/15/04 7d 29,455 9,000 

09/08/04 09/15/04 3-3/8% note—09/15/09-M 5y 40,806 15,000 3.439 - 99.708 

09/09/04 09/15/04 4-1/4% note—08/15/14-E 9y 11m 19,059 9,000 4.195 - 100.436 

09/29/04 09/30/04 2-1/2% note—09/30/06-T 2y 60,355 31,652 2.620 - 99.767659 

09/29/04 10/01/04 1.595% bill—10/15/04 14d 30,830 14,000 

10/06/04 10/15/04 3-3/8% note—10/15/09-N 5y 34,811 15,000 3.490 - 99.476542 

10/07/04 10/15/04 2% TIPS—07/15/14-D 9y 9m 21,970 9,000 1.885 - 101.525704 

10/12/04 10/13/04 1.680% bill—10/15/04 2d 27,855 8,001 

10/26/04 10/29/04 7/8% TIPS—04/15/10-D 5y 6m 21,653 12,000 0.950 - 99.625501 

10/27/04 11/01/04 2-1/2% note—10/31/06-U 2y 51,950 29,560 2.590 - 99.825825 

11/08/04 11/15/04 3% note—11/15/07-G 3y 54,473 27,301 3.090 - 99.744019 

11/09/04 11/15/04 3-1/2% note—11/15/09-P 5y 47,223 18,750 3.510 - 99.954506 

11/10/04 11/15/04 4-1/4% note—11/15/14-F 10y 31,232 16,471 4.280 - 99.758010 

11/17/04 11/18/04 1.890% bill—11/23/04 5d 28,215 7,000 

11/23/04 11/30/04 2-7/8% note—11/30/06-V 2y 68,629 30,044 2.945 - 99.865006 

11/30/04 12/01/04 1.950% bill—12/15/04 14d 17,377 4,000 

12/01/04 12/03/04 1.960% bill—12/15/04 12d 56,045 24,001 

12/03/04 12/07/04 1.980% bill—12/15/04 8d 32,240 14,000 

12/08/04 12/15/04 3-1/2% note—12/15/09-Q 5y 39,029 15,000 3.550 - 99.772769 

12/09/04 12/15/04 4-1/4% note—11/15/14-F 9y 11m 24,159 9,000 4.150 - 100.800290 

12/29/04 12/31/04 3% note—12/31/06-W 2y 55,921 31,948 3.120 - 99.769076 

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
44 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 Debt Management, Office of the Under Secretary for Domestic Finance] 

Issue 

date 

Coupon

rate 

(%) 

(1) 

Security 

type 

(2) 

 Cusip 

 (3) 

Maturity 

date 

(4) 

Total 

issue 

(5) 

Federal 

Reserve 

banks 

(6) 

Depository 

institutions 1

(7) 

Individuals 2

(8) 

Dealers 

 and 

brokers 

(9) 

Private 

pension 

and 

retirement 

funds and 

Ins. Co. 

(10) 

Invest

ment 

funds 

(11) 

Foreign 

and 

international 

 (12) 

Other 3 

(13) 04/30/2003 1-5/8 note 912828AX8 04/30/2005 34,295 7,293 26 743 13,601 1 6,550 6,068 13 

05/15/2003 2 note 912828AY6 05/15/2006 22,392 391 58 796 15,929 1 2,068 2,941 208 

05/15/2003 2-5/8 note 912828AZ3 05/15/2008 18,339 336 50 163 12,177 2 2,788 2,823 1 

05/15/2003 3-5/8 note 912828BA7 05/15/2013 18,254 252 250 141 13,667 - 2,346 1,559 39 

06/02/2003 1-1/4 note 912828BB5 05/31/2005 31,021 6,020 77 845 15,000 4 1,746 7,320 8 

06/16/2003 2-5/8 note 912828AZ3 05/15/2008 15,000 - 296 48 12,881 - 1,234 542 - 

06/30/2003 1-1/8 note 912828BC3 06/30/2005 31,701 6,700 100 800 15,414 4 1,403 7,270 11 

07/15/2003 1-7/8 IIS note 912828BD1 07/15/2013 11,006 - 20 542 4,925 204 3,250 2,042 23 

07/31/2003 1-1/2 note 912828BE9 07/31/2005 29,997 4,996 55 677 15,453 10 1,059 7,737 9 

08/15/2003 2-3/8 note 912828BF6 08/15/2006 27,909 3,907 51 255 19,505 1 1,046 3,110 35 

08/15/2003 3-1/4 note 912828BG4 08/15/2008 21,357 3,354 15 228 12,055 1 1,637 4,051 16 

08/15/2003 4-1/4 note 912828BH2 08/15/2013 20,521 2,515 8 230 12,366 1 1,778 3,575 48 

09/02/2003 2 note 912828BJ8 08/31/2005 30,592 5,590 69 812 17,518 8 2,292 4,293 10 

09/15/2003 3-1/8 note 912828BK5 09/15/2008 16,002 - 6 138 12,137 2 660 3,060 - 

09/15/2003 4-1/4 note 912828BH2 08/15/2013 13,000 - 100 76 9,910 - 2,070 775 69 

09/30/2003 1-5/8 note 912828BL3 09/30/2005 31,539 6,535 47 715 15,458 8 1,647 7,089 41 

10/15/2003 3-1/8 note 912828BM1 10/15/2008 15,996 - 7 94 8,000 - 3,540 4,345 10 

10/15/2003 1-7/8 IIS note 912828BD1 07/15/2013 9,002 - 5 307 5,517 7 3,121 34 11 

10/31/2003 1-5/8 note 912828BN9 10/31/2005 32,368 6,368 56 651 13,976 8 4,231 7,050 30 

11/17/2003 2-5/8 note 912828BP4 11/15/2006 26,536 2,538 26 198 15,071 1 2,121 6,503 78 

11/17/2003 3-3/8 note 912828BQ2 11/15/2008 18,181 2,178 15 277 10,962 - 596 4,140 12 

11/17/2003 4-1/4 note 912828BR0 11/15/2013 18,636 1,634 2 175 10,539 - 3,075 3,200 11 

12/01/2003 1-7/8 note 912828BS8 11/30/2005 32,204 6,201 54 639 16,961 8 1,932 6,400 9 

12/15/2003 3-3/8 note 912828BT6 12/15/2008 16,000 - 6 97 10,402 - 1,232 4,250 11 

12/15/2003 4-1/4 note 912828BR0 11/15/2013 12,001 - 185 55 9,181 - 1,275 1,285 20 

12/31/2003 1-7/8 note 912828BU3 12/31/2005 33,996 7,987 63 681 17,766 7 2,011 5,400 82 

01/15/2004 3-1/4 note 912828BV1 01/15/2009 16,003 - 5 358 9,561 251 1,601 4,147 80 

01/15/2004 2 IIS note 912828BW9 01/15/2014 12,000 - 10 275 7,051 14 4,175 453 23 

02/02/2004 1-7/8 note 912828BX7 01/31/2006 32,533 6,531 61 851 14,254 9 2,100 8,603 124 

02/17/2004 2-1/4 note 912828BY5 02/15/2007 25,469 1,666 25 257 12,981 10 2,421 7,995 113 

02/17/2004 3 note 912828BZ2 02/15/2009 17,434 1,430 15 194 9,094 257 984 5,325 135 

02/17/2004 4 note 912828CA6 02/15/2014 17,082 1,072 1 144 8,733 6 2,244 4,820 60 

03/01/2004 1-5/8 note 912828CB4 02/28/2006 34,002 8,000 71 873 13,798 5 2,501 8,555 199 

03/15/2004 2-5/8 note 912828CC2 03/15/2009 16,001 - 256 94 8,661 - 1,425 5,495 70 

03/15/2004 4 note 912828CA6 02/15/2014 11,000 - 100 45 8,842 - 760 1,235 18 

03/31/2004 1-1/2 note 912828CD0 03/31/2006 34,339 8,334 37 929 13,813 6 2,224 8,742 256 

04/15/2004 3-1/8 note 912828CE8 04/15/2009 16,003 - 9 91 9,374 - 1,555 4,863 110 

04/15/2004 2 IIS note 912828BW9 01/15/2014 9,001 - 1,133 272 4,942 92 2,197 355 9 

04/30/2004 2-1/4 note 912828CF5 04/30/2006 34,335 8,333 44 898 14,524 3 1,336 9,040 155 

05/17/2004 3-1/8 note 912828CG3 05/15/2007 27,564 3,562 32 487 13,007 10 3,115 7,200 151 

05/17/2004 3-7/8 note 912828CH1 05/15/2009 18,060 3,058 11 216 9,696 - 398 4,605 76 

05/17/2004 4-3/4 note 912828CJ7 05/15/2014 17,298 2,293 2 428 8,463 9 1,539 4,500 64 

06/01/2004 2-1/2 note 912828CK4 05/31/2006 31,308 6,298 140 1,628 13,850 8 1,557 7,690 136 

06/15/2004 4 note 912828CL2 06/15/2009 15,005 - 11 160 6,508 - 3,690 4,550 85 

06/15/2004 4-3/4 note 912828CJ7 05/15/2014 10,005 - - 68 6,191 - 726 3,000 21 

06/30/2004 2-3/4 note 912828CM0 06/30/2006 32,588 7,581 45 964 9,270 8 6,551 7,980 189 

07/15/2004 3-5/8 note 912828CN8 07/15/2009 15,005 - 501 109 8,694 - 1,025 4,610 65 

07/15/2004 2 IIS note 912828CP3 07/15/2014 10,001 - 5 112 6,255 38 2,576 926 89 

07/30/2004 2-3/8 IIS bond 912810FR4 01/15/2025 11,001 - 5 771 5,869 298 3,445 535 77 

08/02/2004 2-3/4 note 912828CQ1 07/31/2006 31,011 7,006 31 1,098 9,446 8 5,606 7,700 117 

08/16/2004 2-3/4 note 912828CR9 08/15/2007 24,674 2,668 10 268 13,868 - 866 6,861 132 

08/16/2004 3-1/2 note 912828CS7 08/15/2009 17,295 2,290 7 181 8,600 - 1,251 4,896 70 

08/16/2004 4-1/4 note 912828CT5 08/15/2014 15,721 1,718 - 122 6,345 - 3,050 4,449 37 

08/31/2004 2-3/8 note 912828CU2 08/31/2006 31,814 7,807 32 970 12,544 5 1,530 8,874 51 

09/15/2004 3-3/8 note 912828CV0 09/15/2009 15,005 - 4,736 93 5,474 1 695 4,006 - 

09/15/2004 4-1/4 note 912828CT5 08/15/2014 9,000 - - 37 8,739 - 25 200 - 

09/30/2004 2-1/2 note 912828CW8 09/30/2006 31,656 7,652 57 898 11,319 8 5,066 6,555 102 

10/15/2004 3-3/8 note 912828CX6 10/15/2009 15,005 - 3 106 9,053 - 1,761 4,030 53 

10/15/2004 2 IIS note 912828CP3 07/15/2014 9,002 - 1 118 4,475 - 3,910 487 11 

10/29/2004 7/8 IIS note 912828CZ1 04/15/2010 12,001 - 4 122 5,827 233 5,640 175 - 

11/01/2004 2-1/2 note 912828CY4 10/31/2006 29,569 5,560 62 709 14,002 6 1,834 7,245 153 

11/15/2004 3 note 912828AN0 11/15/2007 27,308 5,301 9 347 10,113 - 5,530 6,000 8 

11/15/2004 3-1/2 note 912828DB3 11/15/2009 18,752 3,750 8 198 8,218 - 2,170 4,351 56 

11/15/2004 4-1/4 note 912828DC1 11/15/2014 16,472 2,471 1 153 8,203 1 1,678 3,960 5 

11/30/2004 2-7/8 note 912828DD9 11/30/2006 30,049 6,044 106 695 13,260 7 2,323 7,600 13 

12/15/2004 3-1/2 note 912828DE7 12/15/2009 15,002 - 1 110 5,177 - 4,924 4,791 - 

12/15/2004 4-1/4 note 912828DC1 11/15/2014 9,000 - - 39 8,127 - 768 66 - 

12/31/2004 3 note 912828DF4 12/31/2006 31,952 7,948 79 757 15,446 8 3,021 4,590 104 

01/18/2005 3-5/8 note 912828DG2 01/15/2010 15,005 - 4 62 9,007 - 3,070 2,800 61 

01/18/2005 1-5/8 IIS note 912828DH0 01/15/2015 10,001 - 7 248 6,543 54 1,858 1,285 6 

1

 Depository institutions include banks. 

2

 Includes partnerships and personal trust accounts. 

3

 Residual. 
45

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1, 

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through December 31, 2004 

[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) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest-

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D 2..................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 861,097 242,047 1,103,144 396,955 150,352 12,490 

Series I ............................................................ 22,005,956 2,131 22,008,087 1,763 26,215 - 

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.................................................. 862 721 1,583 1,350 - 86 

Total ............................................................ 22,903,816 247,276 23,151,092 438,340 176,567 12,580 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

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. 

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.” 
46 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 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

 

Fiscal years: 

1935-01.............................. 406,939 225,226 632,165 424,473 323,697 100,776 179,515 6,751 

2002 ................................... 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

2003 ................................... 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

2004 ................................... 12,228 6,396 18,623 14,674 5,949 18,135 194,062 9,985 

 

Calendar years: 

1935-00.............................. 409,865 241,586 651,451 454,633 331,065 123,568 176,802 7,794 

2001 ................................... 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002 ................................... 10,101 7,596 17,697 12,582 5,524 7,058 184,698 10,058 

2003 ................................... 13,868 6,381 20,249 10,868 4,844 6,024 192,900 10,521 

 

2003 - Dec ......................... 953 555 1,508 1,142 472 670 192,160 11,538 

2004 - Jan .......................... 1,145 662 1,807 1,320 541 1,860 192,832 11,259 

Feb......................... 781 604 1,385 1,009 410 1,419 193,282 11,075 

Mar......................... 726 549 1,275 1,218 506 1,724 193,423 10,883 

Apr.......................... 645 674 1,319 1,146 480 1,626 193,657 10,723 

May ........................ 956 347 1,302 1,087 471 1,558 193,909 10,599 

June ....................... 825 529 1,354 1,306 543 1,848 194,018 10,455 

July......................... 1,036 433 1,469 1,463 580 2,043 194,097 10,305 

Aug......................... 1,054 544 1,598 1,858 756 2,614 193,912 10,166 

Sept........................ 1,196 494 1,690 1,392 419 1,811 194,062 9,985 

Oct.......................... 536 629 1,165 1,248 447 1,695 194,256 9,890 

Nov......................... 690 483 1,173 966 264 1,230 194,468 9,805 

Dec......................... 820 522 1,342 1,229 599 1,828 191,673 12,630 

 

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] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

 

Fiscal years: 

1941-01 ............. 358,040 221,371 579,411 373,198 262,718 110,480 24,771 161,044 6,710 

2002 .................. 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

2003 .................. 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

2004 .................. 6,162 5,360 11,522 12,999 4,292 15,447 2,484 153,433 9,903 

 

Calendar years: 

1941-00 ............. 356,853 228,644 585,497 377,849 268,295 109,554 25,682 161,386 7,739 

2001 .................. 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002 .................. 5,695 7,042 12,737 11,195 3,272 7,923 1,442 158,083 9,948 

2003 .................. 4,187 5,804 9,991 9,673 3,558 6,115 1,095 156,811 10,442 

 

2003 - Dec......... 557 464 1,021 1,027 359 668 109 155,722 11,417 

2004 - Jan ......... 640 567 1,207 1,178 401 1,579 121 155,899 11,147 

 Feb ........ 253 498 751 884 286 1,170 122 155,822 10,969 

 Mar ........ 401 448 849 1,065 354 1,419 148 155,644 10,783 

 Apr......... 367 578 945 998 333 1,331 142 155,603 10,628 

 May........ 529 258 787 951 336 1,287 142 155,419 10,507 

 June....... 440 444 884 1,154 393 1,547 229 155,061 10,366 

 July ........ 691 355 1,046 1,301 419 1,720 304 154,650 10,218 

 Aug ........ 691 479 1,170 1,692 591 2,283 498 153,767 10,081 

 Sept....... 801 426 1,227 1,229 257 1,486 511 153,433 9,903 

 Oct......... 420 555 975 810 285 1,095 82 153,433 9,810 

 Nov ........ 287 403 690 810 109 919 24 153,382 9,726 

 Dec ........ 367 438 805 1,062 433 1,495 9 150,352 12,490 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 47

TABLE SBN-3.—Sales and Redemptions 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 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-01 ........... 14,071 - 14,071 25,762 25,762 - 24,679 12,815 41 

2002 ................ 47 - 47 921 921 - 1,470 13,361 50 

2003 ................ 33 - 33 946 946 - 1,336 13,765 71 

2004 ................ 279 - 279 952 952 - 2,484 15,286 82 

 

Calendar years: 

1952-00 ........... 13,760 - 13,760 26,330 26,330 - 24,681 12,704 22 

2001 ................ 47 - 47 1,053 1,053 - 1,225 12,860 85 

2002 ................ 41 - 41 923 923 - 1,580 13,496 110 

2003 ................ 28 - 28 824 824 - 1,106 13,759 73 

 

2003 - Dec....... 2 - 2 70 70 - 109 13,789 121 

2004 - Jan ....... 8 - 8 89 89 - 121 13,838 112 

 Feb ...... 3 - 3 79 79 - 122 13,885 106 

 Mar ...... 4 - 4 96 96 - 148 13,939 99 

 Apr....... 2 - 2 83 83 - 142 14,001 94 

 May...... 20 - 20 71 71 - 142 14,095 92 

 June..... 9 - 9 76 76 - 229 14,259 89 

 July ...... 23 - 23 85 85 - 304 14,504 87 

 Aug ...... 70 - 70 86 86 - 498 14,988 84 

 Sept..... 131 - 131 84 84 - 511 15,286 82 

 Oct....... 15 - 15 72 72 - 82 15,292 81 

 Nov ...... - - - 74 74 - 24 15,243 79 

 Dec ...... - - - 85 85 - 9 15,107 140 

 

Series I 

 

Fiscal years: 

1999-01 ........... 5,363 236 5,599 180 180 - - 5,656 - 

2002 ................ 6,806 490 7,296 366 366 - - 12,096 - 

2003 ................ 8,682 590 9,272 518 518 - - 20,262 - 

2004 ................ 5,778 1,034 6,812 707 707 - - 25,343 - 

 

Calendar years: 

1999-00 ........... 2,583 71 2,654 75 75 - - 2,712 - 

2001 ................ 6,543 243 6,786 165 165 - 9,192 - 

2002 ................ 4,363 545 4,908 438 438 - - 13,120 - 

2003 ................ 8,614 581 9,195 488 488 - - 19,373 - 

 

2003 - Dec....... 766 84 850 36 36 - - 22,299 - 

2004 - Jan ....... 498 95 593 51 51 - - 23,096 - 

 Feb ...... 525 106 631 45 45 - - 23,576 - 

 Mar ...... 320 101 421 56 56 - - 23,840 - 

 Apr....... 276 96 372 64 64 - - 24,052 - 

 May...... 406 89 495 64 64 - - 24,395 - 

 June..... 377 84 461 74 74 - - 24,698 - 

 July ...... 322 78 400 77 77 - - 24,943 - 

 Aug ...... 293 65 358 79 79 - - 25,157 - 

 Sept..... 264 68 332 78 78 - - 25,343 - 

 Oct....... 101 73 174 280 280 - - 25,521 - 

 Nov ...... 402 80 482 81 81 - - 25,842 - 

 Dec ...... 453 84 537 81 81 - - 26,215 - 

 

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. 
48 

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 ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 49

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

 

2003 - Dec....................................... 7,022,392 6,997,964 2,954,451 233 2,954,218 665,000 

2004 - Jan ....................................... 7,033,215 7,009,235 2,964,456 233 2,964,223 659,088 

Feb ...................................... 7,116,050 7,091,943 2,966,503 233 2,966,270 661,978 

Mar ...................................... 7,155,263 7,131,068 2,954,401 233 2,954,168 672,391 

Apr....................................... 7,157,799 7,133,789 2,974,990 233 2,974,757 675,908 

May...................................... 7,220,322 7,196,383 2,989,498 142 2,989,356 679,588 

June..................................... 7,298,556 7,274,335 3,055,601 142 3,055,459 685,454 

July ...................................... 7,340,603 7,316,568 3,049,266 142 3,049,124 691,656 

Aug ...................................... 7,374,745 7,350,950 3,053,080 142 3,052,938 692,734 

Sept..................................... 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

Oct....................................... 7,453,800 7,429,678 3,112,949 142 3,112,807 710,668 

Nov ...................................... 7,549,374 7,525,210 3,118,943 142 3,118,801 710,668 

Dec ...................................... 7,620,404 7,596,143 3,189,090 142 3,188,948 715,507 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

 

2003 - Dec........................................................... 3,378,513 2,909,949 468,564 24,428 24,428 

2004 - Jan ........................................................... 3,385,691 2,922,468 463,222 23,980 23,980 

Feb .......................................................... 3,463,462 3,000,660 462,802 24,107 24,107 

Mar .......................................................... 3,504,276 3,048,590 455,686 24,195 24,195 

Apr........................................................... 3,482,891 3,021,292 461,599 24,010 24,010 

May.......................................................... 3,527,297 3,064,860 462,437 23,939 23,939 

June......................................................... 3,533,280 3,069,912 463,368 24,221 24,221 

July .......................................................... 3,575,646 3,116,678 458,968 24,035 24,035 

Aug .......................................................... 3,605,136 3,147,828 457,309 23,795 23,795 

Sept......................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

Oct........................................................... 3,606,060 3,191,919 414,142 24,122 24,122 

Nov .......................................................... 3,695,599 3,252,800 442,798 24,164 24,164 

Dec .......................................................... 3,691,547 3,244,132 447,414 24,261 24,261 

 
50 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] 

Interest-bearing public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2000 ................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

banks 

(12) 

Held by 

private 

investors 

(13) 

 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 51

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 224.3 233.4 212.8 443.4 661.1 632.5 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 220.6 238.0 204.6 425.2 659.9 659.9 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 217.4 243.7 201.6 398.2 682.0 708.3 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 215.6 240.1 209.4 370.0 667.3 815.8 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 225.0 244.2 210.6 350.5 707.0 831.7 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 217.2 245.0 202.5 313.7 762.5 855.4 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 211.3 245.2 211.6 304.3 820.4 837.1 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 208.2 241.5 225.1 289.8 835.2 864.9 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 213.5 239.4 240.9 283.6 908.1 849.0 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 221.1 229.5 230.6 283.3 929.7 810.6 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 213.4 226.8 226.8 263.7 993.4 830.2 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 212.8 214.1 227.4 257.0 1,102.1 794.3 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 211.1 181.8 221.9 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 214.9 183.1 216.8 243.3 1,182.7 708.1 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 223.5 186.8 221.6 235.2 1,230.5 682.0 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 212.1 169.4 234.7 238.1 1,250.5 701.6 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 213.2 160.6 230.7 258.5 1,256.0 623.8 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 207.8 151.3 231.8 271.8 1,224.2 674.7 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 212.6 141.7 253.5 279.7 1,278.7 630.6 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 110.4 211.5 137.5 254.0 286.8 1,272.3 621.1 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 113.7 213.8 133.6 227.9 298.5 1,258.8 525.8 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 116.8 204.8 128.0 224.4 298.5 1,281.4 494.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 118.5 198.8 123.4 228.7 303.2 1,268.7 557.6 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 114.3 196.9 120.0 222.0 301.6 1,106.9 698.0 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 114.9 194.5 116.5 204.8 302.2 1,082.0 565.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 114.7 184.7 113.7 207.4 297.4 1,057.9 555.6 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 113.2 177.9 110.2 220.7 297.2 1,034.2 540.6 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 115.2 175.8 109.1 220.7 309.4 1,029.9 560.0 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 115.9 181.2 108.1 217.5 322.7 1,000.5 403.2 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 119.3 164.5 106.8 231.2 325.7 1,005.5 451.2 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 120.7 152.4 105.7 257.5 339.4 1,051.2 420.9 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 123.3 160.2 114.0 264.3 342.8 1,067.1 398.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 125.2 150.4 122.0 251.7 343.9 1,135.4 323.8 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 130.9 145.5 130.4 254.6 344.2 1,200.8 314.6 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 134.7 144.1 139.7 278.8 351.5 1,246.8 305.1 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 138.7 140.9 139.5 295.1 348.3 1,285.9 371.6 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 137.9 148.1 138.7 301.2 345.0 1,388.8 360.4 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 139.6 141.6 137.4 286.4 355.6 1,455.8 403.2 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 140.8 147.4 136.5 279.6 358.8 1,535.6 421.3 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 165.0 204.5 142.9 148.2 140.7 281.3 372.9 1,680.8 366.4 

 June ....... 7,274.3 3,742.8 3,531.5 161.6 204.6 146.0 155.6 143.6 258.8 381.3 1,828.3 251.7 

 Sept........ 7,379.1 3,772.0 3,607.0 141.1 204.2 150.1 155.9 145.7 256.9 390.7 1,886.2 276.2 

 Dec......... 7,596.1 3,929.0 3,667.1 n.a. 204.5 n.a. n.a. n.a. n.a. n.a. 1,942.0 est. n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, and the June 2003 benchmark to March 2004. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
52 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

20 years. 

Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes, and bonds. These 

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.html. The yield curve is 

fitted daily using a hermite cubic spline. For inputs, 

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data 

series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also 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 now includes a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

Chart MY-A, which previously was published in this 

section, has been discontinued. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 

Monthly average: 

2004 - Jan....................................... 0.85 0.90 0.99 1.24 1.76 2.27 3.12 3.65 4.15 5.01

Feb...................................... 0.92 0.94 1.01 1.24 1.74 2.25 3.07 3.59 4.08 4.94

Mar...................................... 0.96 0.95 1.01 1.19 1.58 2.00 2.79 3.31 3.83 4.72

Apr ...................................... 0.91 0.96 1.11 1.43 2.07 2.57 3.39 3.89 4.35 5.16

May ..................................... 0.91 1.04 1.33 1.78 2.53 3.10 3.85 4.31 4.72 5.46

June.................................... 1.05 1.29 1.64 2.12 2.76 3.26 3.93 4.35 4.73 5.45

July ..................................... 1.19 1.36 1.70 2.10 2.64 3.05 3.69 4.11 4.50 5.24

Aug ..................................... 1.37 1.50 1.76 2.02 2.51 2.88 3.47 3.90 4.28 5.07

Sept .................................... 1.55 1.68 1.91 2.12 2.53 2.83 3.36 3.75 4.13 4.89

Oct ...................................... 1.63 1.79 2.05 2.23 2.58 2.85 3.35 3.75 4.10 4.85

Nov ..................................... 1.92 2.11 2.32 2.50 2.85 3.09 3.53 3.88 4.19 4.89

Dec ..................................... 1.96 2.22 2.50 2.67 3.01 3.21 3.60 3.93 4.23 4.88

 

End of month: 

2004 - Jan....................................... 0.85 0.92 1.01 1.28 1.84 2.35 3.17 3.68 4.16 5.00

Feb...................................... 0.95 0.96 1.01 1.21 1.66 2.13 3.01 3.48 3.99 4.85

Mar...................................... 0.96 0.95 1.01 1.20 1.60 1.99 2.80 3.33 3.86 4.77

Apr ...................................... 0.83 0.98 1.17 1.55 2.31 2.86 3.63 4.11 4.53 5.31

May ..................................... 0.94 1.08 1.39 1.83 2.54 3.10 3.81 4.26 4.66 5.39

June.................................... 1.17 1.33 1.68 2.09 2.70 3.16 3.81 4.24 4.62 5.33

July ..................................... 1.27 1.45 1.77 2.13 2.68 3.09 3.71 4.13 4.50 5.24

Aug ..................................... 1.45 1.59 1.79 1.99 2.41 2.75 3.33 3.76 4.13 4.93

Sept .................................... 1.47 1.71 2.00 2.21 2.63 2.89 3.38 3.79 4.14 4.89

Oct ...................................... 1.73 1.91 2.13 2.28 2.56 2.82 3.30 3.70 4.05 4.79

Nov ..................................... 2.07 2.23 2.44 2.63 3.02 3.29 3.72 4.07 4.36 5.03

Dec ..................................... 1.89 2.22 2.59 2.75 3.08 3.25 3.63 3.94 4.24 4.85

 

* Rates are from the Treasury yields curve. 
53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, December 31, 2004 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $884,803,692,733 $848,875,174,875 $848,369,203,864 $256,854,666 $249,116,345

Less amounts held by: 

The Treasury....................................... 287,399,639 18,417,095 18,235,669 7,505 173,921

FRBs ................................................... 129,660,922,019 128,932,796,839 128,932,793,184 - 3,655

Amounts in circulation............................. $754,855,371,075 $719,923,960,941 $719,418,175,011 $256,847,161 $248,938,769

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $35,928,517,858 $3,505,529,008 $32,422,988,850 

Less amounts held by: 

The Treasury....................................... 268,982,544 228,486,544 40,496,000 

FRBs ................................................... 728,125,180 85,427,109 642,698,071 

Amounts in circulation............................. $34,931,410,134 $3,191,615,355 $31,739,794,779 

See footnotes following table USCC-2. 
54 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2004 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,291,269,489 $8,146,467,073 $143,503 $144,658,913 

$2 ...................................................................... 1,404,475,272 1,272,210,978 132,251,718 12,576 

$5 ...................................................................... 9,826,855,730 9,688,882,110 109,333,310 28,640,310 

$10 .................................................................... 15,103,012,910 15,081,529,160 6,300 21,477,450 

$20 .................................................................... 107,640,527,340 107,620,418,840 3,840 20,104,660 

$50 .................................................................... 60,648,107,800 60,636,607,950 500 11,499,350 

$100 .................................................................. 516,696,115,800 516,659,024,900 15,097,400 21,993,500 

$500 .................................................................. 142,539,000 142,344,000 5,500 189,500 

$1,000 ............................................................... 165,832,000 165,620,000 5,000 207,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $719,923,960,941 $719,418,175,011 $256,847,161 $248,938,769 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Dec. 31, 2004 ................................................................................................. 754,855 $2,557 

Nov. 30, 2004 ................................................................................................. 754,215 2,557 

Oct. 31, 2004.................................................................................................. 741,432 2,516 

Sept. 30, 2000 ................................................................................................ 568,614 2,061 

Sept. 30, 1995 ................................................................................................ 409,272 1,553 

Sept. 30, 1990 ................................................................................................ 278,903 1,105 

Sept. 30, 1985 ................................................................................................ 187,337 782 

Sept. 30, 1980 ................................................................................................ 129,916 581 

June 30, 1975................................................................................................. 81,196 380 

June 30, 1970................................................................................................. 54,351 265 

June 30, 1965................................................................................................. 39,719 204 

June 30, 1960................................................................................................. 32,064 177 

June 30, 1955................................................................................................. 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

 

2004 - Jan .......................................................................... 85,257 11,045 12,598 39,727 21,887 

Feb ......................................................................... 84,741 11,045 12,687 39,190 21,819 

Mar ......................................................................... 85,192 11,045 12,691 39,814 21,642 

Apr.......................................................................... 82,091 11,045 12,445 38,279 20,322 

May......................................................................... 82,804 11,045 12,682 38,780 20,297 

June........................................................................ 82,652 11,045 12,659 38,872 20,076 

July ......................................................................... 81,375 11,044 12,586 38,352 19,393 

Aug ......................................................................... 82,602 11,043 12,710 39,037 19,812 

Sept........................................................................ 82,578 11,043 12,782 39,310 19,443 

Oct.......................................................................... 84,232 11,043 13,041 40,618 19,530 

Nov......................................................................... 86,702 11,043 13,478 42,102 20,079 

Dec ......................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 - Jan .......................................................................... 81,369 11,045 13,342 41,735 15,247 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
58 INTERNATIONAL FINANCIAL STATISTICS 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 

2002 - June 8 .......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 

Series Break .......... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 

2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 

2003 - June 8 r ....... 3,597,305 1,177,090 379,114 610,122 2,876 184,978 1,432,237 960,448 452,617 507,831 27,530 

Series Break r ........ 3,604,698 1,233,387 379,114 650,336 2,876 201,061 1,432,237 911,397 452,617 458,780 27,677 

 

2003 - Dec. r .......... 3,863,297 1,344,250 401,856 723,591 2,613 216,190 1,437,197 1,056,206 518,962 537,244 25,644 

2004 - Jan. r ........... 3,992,813 1,399,274 426,260 751,250 1,521 220,243 1,460,643 1,105,976 550,725 555,251 26,920 

Feb. r .......... 4,117,260 1,429,260 435,400 767,719 1,529 224,612 1,519,196 1,143,550 579,538 564,012 25,254 

Mar. r .......... 4,192,687 1,478,745 446,757 801,791 1,540 228,657 1,524,646 1,165,313 581,673 583,640 23,983 

Apr. r .......... 4,275,749 1,492,034 434,421 825,046 1,549 231,018 1,515,473 1,243,889 632,993 610,896 24,353 

May r .......... 4,295,591 1,501,476 435,772 834,280 1,558 229,866 1,508,964 1,260,881 630,113 630,768 24,270 

June r ......... 4,426,351 1,565,703 483,495 851,037 1,568 229,603 1,542,633 1,294,903 634,935 659,968 23,112 

July r .......... 4,500,525 1,587,015 495,875 856,671 1,578 232,891 1,596,424 1,295,919 627,851 668,068 21,167 

Aug ............. 4,547,182 1,599,120 488,859 872,186 1,588 236,487 1,594,398 1,333,712 667,885 665,827 19,952 

Sept ............ 4,550,958 1,624,973 500,404 883,060 1,599 239,910 1,538,144 1,368,224 695,844 672,380 19,617 

Oct .............. 4,659,455 1,656,434 516,272 898,709 1,609 239,844 1,594,253 1,385,942 708,826 677,116 22,826 

Nov. p ......... 4,738,979 1,669,605 503,036 919,758 1,619 245,192 1,607,805 1,440,360 751,756 688,604 21,209 

Dec. p ......... 4,763,236 1,692,790 516,549 926,734 1,630 247,877 1,579,860 1,470,067 779,927 690,140 20,519 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, and end-June 2003, respectively, and are 

comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

1999 .............................................................................. 6,111 6,111 1,259 4,313 539 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

 

2003 - Dec..................................................................... 2,613 2,613 768 1,102 743 

2004 - Jan ..................................................................... 1,521 1,521 773 - 748 

Feb .................................................................... 1,529 1,529 777 - 752 

Mar .................................................................... 1,540 1,540 782 - 758 

Apr..................................................................... 1,549 1,549 786 - 763 

May.................................................................... 1,559 1,559 791 - 768 

June................................................................... 1,569 1,569 796 - 773 

July .................................................................... 1,579 1,579 801 - 778 

Aug .................................................................... 1,589 1,589 806 - 783 

Sept................................................................... 1,599 1,599 810 - 789 

Oct..................................................................... 1,609 1,609 815 - 794 

Nov .................................................................... 1,619 1,619 820 - 799 

Dec .................................................................... 1,630 1,630 825 - 805 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 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 $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” 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. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. 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.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. 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 and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III 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, and securities 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 
62 CAPITAL MOVEMENTS 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

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. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

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 TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 

Type of Liability 

 Calendar 

 Year 

 2003 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners............................... 2,380,183 2,680,100 2,737,626 2,766,717 2,750,396 2,838,095 2,879,437 2,892,660 

Payable in dollars............................................... 2,315,606 2,613,814 2,671,340 2,700,431 2,682,207 2,769,906 2,811,248 2,824,471 

Foreign official institutions 1 ........................... 401,856 483,495 495,875 488,859 500,404 516,272 503,036 516,549 

Deposits, excluding negotiable CDs.......... 24,208 28,765 25,747 24,207 23,656 24,124 26,302 28,222 

U.S. Treasury bills and certificates ............ 212,032 248,918 251,305 253,664 259,473 259,507 255,434 244,573 

Other liabilities............................................ 165,616 205,812 218,823 210,988 217,275 232,641 221,300 243,754 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 1,899,601 2,114,964 2,161,671 2,199,679 2,169,130 2,238,221 2,294,703 2,294,929 

Deposits, excluding negotiable CDs.......... 822,461 866,650 889,580 911,068 868,798 907,131 938,003 957,731 

U.S. Treasury bills and certificates ............ 46,655 54,816 55,763 57,294 57,726 57,611 62,188 67,146 

Other liabilities............................................ 1,030,485 1,193,498 1,216,328 1,231,317 1,242,606 1,273,479 1,294,512 1,270,052 

International and regional organizations 2 ..... 14,149 15,355 13,794 11,893 12,673 15,413 13,509 12,993 

Deposits, excluding negotiable CDs.......... 6,134 7,268 5,704 4,909 5,275 6,594 6,328 6,063 

U.S. Treasury bills and certificates ............ 110 810 770 930 1,276 1,617 1,402 1,339 

Other liabilities............................................ 7,905 7,277 7,320 6,054 6,122 7,202 5,779 5,591 

Payable in foreign currencies 3 .......................... 64,577 66,286 66,286 66,286 68,189 68,189 68,189 68,189 

Sector: 

Banks and other foreigners........................ 56,558 62,604 62,604 62,604 64,858 64,858 64,858 64,858 

International and regional organizations 2 ...... 8,019 3,682 3,682 3,682 3,331 3,331 3,331 3,331 

Major currencies: 

Canadian dollars ........................................ 4,774 6,060 6,060 6,060 6,023 6,023 6,023 6,023 

Euro............................................................ 33,395 32,500 32,500 32,500 35,608 35,608 35,608 35,608 

United Kingdom pounds sterling................ 4,528 6,009 6,009 6,009 5,168 5,168 5,168 5,168 

Japanese yen............................................. 16,163 12,860 12,860 12,860 10,941 10,941 10,941 10,941 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 1,677,193 1,856,509 1,901,894 1,926,391 1,897,373 1,964,602 2,020,463 2,033,024 

Liabilities to own foreign offices..................... 1,125,352 1,198,583 1,239,133 1,268,081 1,217,319 1,272,334 1,280,761 1,284,933 

Liabilities collaterized by repurchase 

 agreements ............................................. 460,191 550,689 586,997 600,077 599,575 608,098 619,144 646,727 

Foreign official institutions 1 ................... 82,927 106,358 114,210 102,636 113,818 109,791 100,195 109,506 

Foreign banks and other foreigners....... 372,524 442,542 469,928 495,141 484,050 494,937 517,212 535,984 

International and regional organizations 2..... 4,740 1,789 2,859 2,300 1,707 3,370 1,737 1,237 

Reported by IBFs ........................................... 367,196 392,170 426,812 426,766 398,262 404,013 400,568 369,576 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 63,050 61,986 61,986 61,986 64,235 64,235 64,235 64,235 

Reported by IBFs ........................................... 36,689 34,121 34,121 34,121 35,759 35,759 35,759 35,759 

Liabilities held in custody for domestic 

 customers..................................................... 639,940 761,605 773,746 778,340 788,788 809,258 794,739 795,401

Payable in dollars....................................... 638,413 757,305 769,446 774,040 784,834 805,304 790,785 791,447 

Payable in foreign currencies 3 .................. 1,527 4,300 4,300 4,300 3,954 3,954 3,954 3,954 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
64 CAPITAL MOVEMENTS 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 

Country 2001 2002 2003 r Aug. Sept. Oct. Nov. Dec. p 

Europe: 

Austria ............................................... 3,277 2,862 4,841 5,062 5,741 5,310 4,850 4,588

Belgium 1 ........................................... 6,852 9,641 9,642 12,109 13,673 15,679 13,587 14,132

Bulgaria ............................................. 267 219 224 141 190 123 160 224

Czech Republic................................. 612 531 2,359 1,754 1,319 1,652 1,523 1,639

Denmark............................................ 3,778 5,115 3,746 3,092 4,602 4,167 3,708 3,297

Finland............................................... 1,446 1,711 1,821 2,782 1,259 1,412 1,338 1,457

France ............................................... 57,924 44,098 41,727 49,255 49,927 57,886 59,240 59,416

Germany............................................ 26,296 42,235 53,617 62,651 62,799 65,446 60,460 58,238

Greece............................................... 2,308 2,996 1,266 2,081 1,621 1,623 1,649 1,299

Hungary............................................. 730 439 344 603 736 816 1,047 779

Ireland ............................................... 16,694 33,146 30,888 44,748 55,269 55,804 55,935 61,298

Italy.................................................... 7,243 6,098 6,643 7,855 8,219 8,638 8,728 7,772

Luxembourg 1 .................................... 17,107 32,943 37,005 54,448 52,532 51,905 52,553 51,138

Netherlands....................................... 12,660 11,419 17,150 19,020 14,685 17,813 17,819 21,078

Norway .............................................. 3,746 18,907 22,471 24,367 38,921 34,962 25,940 32,956

Poland ............................................... 3,695 4,205 3,724 4,734 6,021 4,998 5,764 5,670

Portugal............................................. 4,082 3,676 1,011 1,487 1,265 1,368 2,222 1,801

Romania............................................ 1,481 1,919 575 1,148 1,434 1,349 1,104 1,635

Russia 2 ............................................. 20,808 23,158 41,694 52,253 58,791 64,622 63,860 70,359

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 309 301 162 112 96 141 101 110

Spain ................................................. 9,251 14,499 10,329 12,037 10,011 9,194 10,702 9,171

Sweden ............................................. 3,451 4,697 7,376 5,261 6,757 6,229 5,958 6,594

Switzerland........................................ 67,379 133,546 111,670 140,429 113,294 122,178 117,584 101,424

Turkey ............................................... 7,486 12,132 13,749 9,755 9,522 9,124 7,988 5,200

United Kingdom................................. 222,032 203,237 345,030 440,718 458,092 455,730 471,482 437,008

Channel Islands and Isle of Man 4 .... 36,307 47,820 20,814 21,877 21,522 22,230 22,157 20,860

Other Europe..................................... 19,397 25,108 17,501 21,169 22,407 22,450 28,188 26,444

Total Europe.................................. 556,618 686,658 807,379 1,000,948 1,020,705 1,042,849 1,045,647 1,005,587

Canada.................................................. 31,529 32,221 37,805 34,361 36,388 36,022 35,099 34,892

Latin America: 

Argentina........................................... 10,786 10,938 9,880 11,584 11,547 12,001 11,058 10,919

Brazil ................................................. 15,219 11,332 17,839 19,377 17,512 17,645 17,087 16,890

Chile .................................................. 4,993 6,194 4,504 6,098 6,163 8,261 8,420 7,313

Colombia ........................................... 4,716 4,174 4,277 5,221 5,219 5,420 5,429 6,311

Ecuador............................................. 2,396 2,307 2,611 2,550 2,609 2,519 2,612 2,688

Guatemala......................................... 1,900 1,396 1,557 1,803 1,557 1,500 1,486 1,540

Mexico............................................... 40,548 37,374 36,952 50,570 49,587 48,497 51,698 51,424

Panama............................................. 3,646 3,903 4,125 3,832 3,877 4,149 4,316 4,532

Peru................................................... 1,368 1,366 1,406 1,463 1,540 1,869 1,731 1,972

Uruguay............................................. 3,222 2,822 3,688 4,530 3,975 4,120 4,231 4,243

Venezuela ......................................... 25,311 22,540 21,546 23,589 23,828 24,797 24,447 24,926

Other Latin America 5........................ 6,311 6,415 6,014 6,209 6,376 6,570 6,437 6,507

Total Latin America ....................... 120,416 110,761 114,399 136,826 133,790 137,348 138,952 139,265

Caribbean: 

Bahamas ........................................... 179,382 164,133 157,689 142,892 147,112 148,918 173,547 214,630

Bermuda............................................ 10,611 25,281 39,222 66,040 58,370 69,110 78,910 94,020

Cayman Islands 6 .............................. 445,040 639,443 745,754 848,244 831,743 867,575 870,851 862,630

Cuba.................................................. 88 91 96 96 97 107 107 107

Jamaica............................................. 1,222 840 720 864 949 1,015 1,006 972

Netherlands Antilles .......................... 3,273 5,011 8,739 3,423 3,793 4,561 4,619 5,864

Trinidad and Tobago......................... 1,281 1,420 1,259 1,244 1,390 1,362 1,348 1,631

Other Caribbean 5 ............................. 12,208 11,757 27,662 35,655 35,541 34,682 41,637 39,799

Total Caribbean............................. 653,105 847,976 981,141 1,098,458 1,078,995 1,127,330 1,172,025 1,219,653

See footnotes at end of table. 
CAPITAL MOVEMENTS 65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 

Country 2001 2002 2003 r Aug. Sept. Oct. Nov. Dec. p 

 

Asia: 

China: 

Mainland..................................... 10,498 15,483 13,236 52,579 57,394 65,639 52,763 53,126

Taiwan........................................ 17,657 18,708 26,835 22,909 22,040 21,423 24,716 26,624

Hong Kong ..................................... 26,706 33,365 49,975 38,403 40,867 37,787 37,252 43,498

India................................................ 3,676 7,968 14,535 11,234 10,997 11,688 11,857 11,309

Indonesia........................................ 12,424 14,123 14,374 9,435 8,268 7,664 6,562 5,933

Israel............................................... 7,908 7,505 12,231 14,463 13,028 9,694 11,092 11,272

Japan.............................................. 173,640 176,331 170,497 188,035 176,462 177,618 171,898 169,175

Korea.............................................. 9,035 8,978 12,659 14,321 10,943 10,344 12,822 12,514

Lebanon ......................................... 563 651 676 804 640 756 795 777

Malaysia ......................................... 1,299 1,221 1,644 2,597 2,802 2,058 2,830 2,934

Pakistan.......................................... 1,971 2,093 2,963 1,533 1,594 922 1,180 1,196

Philippines...................................... 1,777 1,813 1,690 2,150 2,104 2,112 2,346 2,972

Singapore....................................... 16,872 17,676 23,748 21,218 23,061 24,977 27,538 28,915

Syria ............................................... 67 35 22 23 19 26 21 21

Thailand.......................................... 4,757 7,607 7,231 10,380 9,499 10,507 11,424 11,448

Oil-exporting countries 7................. 19,334 18,893 24,722 38,505 41,818 40,903 44,648 41,203

Other Asia ...................................... 5,785 6,819 7,656 6,103 6,184 6,794 6,599 6,841

Total Asia ................................... 313,969 339,269 384,694 434,692 427,720 430,912 426,343 429,758

Africa: 

Congo (formerly Zaire)................... 4 2 18 4 4 6 3 4

Egypt .............................................. 2,783 2,655 2,336 2,910 2,561 2,349 2,256 2,755

Ghana............................................. 133 312 596 397 460 538 608 468

Liberia............................................. 229 141 181 167 147 171 208 229

Morocco.......................................... 274 306 376 103 95 99 124 169

South Africa.................................... 715 1,118 3,734 4,167 3,943 4,002 3,572 3,382

Oil-exporting countries 8................. 4,461 4,466 3,608 6,359 6,245 7,412 4,370 5,259

Other Africa .................................... 2,734 3,361 3,113 2,859 3,152 3,159 3,168 3,391

Total Africa ................................. 11,333 12,361 13,962 16,966 16,607 17,736 14,309 15,657

Other countries: 

Australia ......................................... 5,072 12,055 14,087 21,507 12,463 19,323 21,828 23,465

New Zealand 9................................ 318 1,918 2,592 2,623 3,130 3,198 3,902 3,600

All other .......................................... 413 263 1,956 4,761 4,594 4,633 4,492 4,459

Total other countries .................. 5,803 14,236 18,635 28,891 20,187 27,154 30,222 31,524

Total foreign countries ........... 1,692,773 2,043,482 2,358,015 2,751,142 2,734,392 2,819,351 2,862,597 2,876,336

International and regional 

 organizations: 

International ................................... 15,508 20,464 18,437 13,380 13,458 16,322 14,546 13,695

European regional.......................... 689 1,511 449 423 501 407 474 568

Latin American regional ................. 480 507 502 418 606 608 620 568

Caribbean regional 10 ..................... 84 67 63 85 70 83 99 113

Asian regional ................................ 213 85 2,221 212 239 348 276 300

African regional .............................. 33 15 496 929 983 839 722 989

Middle Eastern regional ................. - - - 128 147 137 103 91

Total international 

 and regional ............................ 17,007 22,649 22,168 15,575 16,004 18,744 16,840 16,324

Grand total ............................. 1,709,780 2,066,131 2,380,183 2,766,717 2,750,396 2,838,095 2,879,437 2,892,660

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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other 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. 

4

Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
66 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2004, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 4,588 4,277 311 1,147 3,130 182 364 3,364 217 61 89 1 2,366

Belgium 4 ................................. 14,132 13,814 318 8,709 5,105 2,916 2,207 6,065 268 292 2,066 1,756 1,895

Bulgaria................................... 224 224 - 123 101 66 50 96 11 1 - 2 -

Czech Republic....................... 1,639 1,607 32 172 1,435 97 900 560 49 - 1 2 1

Denmark.................................. 3,297 3,200 97 2,274 926 210 738 1,899 182 167 4 243 -

Finland .................................... 1,457 1,418 39 219 1,199 98 357 670 43 18 232 24 506

France..................................... 59,416 57,185 2,231 42,149 15,036 8,218 10,161 18,535 1,341 269 18,661 13,037 642

Germany ................................. 58,238 51,003 7,235 43,195 7,808 13,766 956 27,784 1,879 482 6,136 23,256 2,843

Greece .................................... 1,299 1,205 94 1,120 85 401 - 170 555 4 75 247 19

Hungary................................... 779 763 16 238 525 29 315 156 53 210 - 1 -

Ireland ..................................... 61,298 61,195 103 10,004 51,191 2,522 546 2,816 1,320 5,712 48,279 497 8,283

Italy.......................................... 7,772 7,246 526 4,231 3,015 2,087 1,884 2,417 718 12 128 1,448 1,009

Luxembourg 4.......................... 51,138 50,539 599 21,766 28,773 4,563 6,315 5,339 352 1,194 32,776 16,927 4,722

Netherlands............................. 21,078 19,861 1,217 13,625 6,236 4,015 302 4,534 1,060 810 9,140 7,254 1,837

Norway.................................... 32,956 32,749 207 30,923 1,826 72 106 32,369 89 21 92 - 547

Poland..................................... 5,670 5,648 22 1,495 4,153 1,263 3,075 1,225 59 - 26 12 12

Portugal................................... 1,801 1,607 194 816 791 462 - 150 208 - 787 102 6

Romania.................................. 1,635 1,628 7 902 726 67 - 1,530 27 4 - 5 -

Russia 5 ................................... 70,359 70,357 2 8,656 61,701 1,200 - 68,774 379 2 2 11 2

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 110 110 - 110 - 36 - 51 19 - 4 - -

Spain....................................... 9,171 8,481 690 5,899 2,582 2,305 2,283 2,310 1,198 45 340 1,223 92

Sweden ................................... 6,594 6,581 13 5,730 851 246 171 736 168 43 5,217 79 588

Switzerland.............................. 101,424 99,924 1,500 90,218 9,706 74,324 4,592 8,025 3,863 2,163 6,957 81,254 585

Turkey ..................................... 5,200 5,190 10 1,200 3,990 614 3,946 453 131 5 41 76 10

United Kingdom....................... 437,008 420,045 16,963 402,952 17,093 100,661 1,031 127,098 12,080 5,409 173,766 277,807 4,630

Channel Islands and Isle 

 of Man 7 ................................. 20,860 20,727 133 19,525 1,202 18,674 141 275 193 370 1,074 18,676 40

Other Europe ............................. 26,444 26,372 72 11,930 14,442 5,910 11,253 7,407 499 229 1,074 141 39

Total Europe.......................... 1,005,587 972,956 32,631 729,328 243,628 245,004 51,693 324,808 26,961 17,523 306,967 444,081 30,674

Canada........................................... 34,892 32,856 2,036 21,325 11,531 5,124 4,684 12,366 3,925 1,104 5,653 10,520 1,403

Latin America: Argentina.................................... 10,919 10,823 96 9,100 1,723 224 413 1,446 8,151 260 329 188 169

Brazil .......................................... 16,890 15,159 1,731 13,811 1,348 6,762 43 2,762 4,816 109 667 1,611 76

Chile ........................................... 7,313 7,248 65 4,755 2,493 1,047 200 2,516 3,082 222 181 185 190

Colombia.................................... 6,311 6,261 50 4,439 1,822 494 200 1,969 3,313 76 209 53 142

Ecuador...................................... 2,688 2,676 12 2,534 142 496 15 367 1,683 8 107 185 19

Guatemala ................................. 1,540 1,526 14 1,250 276 150 141 385 806 9 35 3 29

Mexico........................................ 51,424 50,290 1,134 22,892 27,398 4,341 12,010 15,072 15,887 1,002 1,978 357 370

Panama...................................... 4,532 4,510 22 3,622 888 1,198 1 577 1,928 312 494 804 94

Peru............................................ 1,972 1,968 4 1,732 236 566 3 80 1,087 176 56 94 19

Uruguay ..................................... 4,243 4,199 44 3,814 385 789 105 1,603 1,295 163 244 1,290 59

Venezuela.................................. 24,926 24,641 285 18,533 6,108 5,911 4,979 475 12,075 128 1,073 201 98

Other Latin America .................. 6,507 6,474 33 5,761 713 2,141 123 1,020 2,913 34 243 126 412

Total Latin America............... 139,265 135,775 3,490 92,243 43,532 24,119 18,233 28,272 57,036 2,499 5,616 5,097 1,677

Caribbean: Bahamas.................................... 214,630 212,369 2,261 209,227 3,142 180,481 374 21,258 5,157 967 4,132 183,144 130

Bermuda .................................... 94,020 93,696 324 73,399 20,297 1,557 475 4,536 5,072 3,018 79,038 11,516 602

Cayman Islands 8 ...................... 862,630 855,042 7,588 665,778 189,264 296,748 189 385,075 18,507 9,223 145,300 548,725 3,293

Cuba........................................... 107 107 - 107 - 13 - 4 82 - 8 - -

Jamaica...................................... 972 829 143 821 8 436 - 213 174 - 6 56 2

Netherlands Antilles .................. 5,864 5,859 5 3,381 2,478 1,803 2,106 268 677 49 956 566 45

Trinidad and Tobago................. 1,631 1,624 7 1,463 161 838 16 321 306 18 125 157 6

Other Caribbean........................ 39,799 39,604 195 28,719 10,885 4,191 370 649 8,226 2,264 23,904 413 2,836

Total Caribbean .................. 1,219,653 1,209,130 10,523 982,895 226,235 486,067 3,530 412,324 38,201 15,539 253,469 744,577 6,914

See footnotes at end of table. 
CAPITAL MOVEMENTS 67

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2004, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

in 

foreign 

currencies 1

(3) 

Own 

liabilities 

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities 

(8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

 (9) 

Shortterm 

U.S. 

Treasury 

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland ...................... 53,126 53,126 - 14,155 38,971 2,719 17,725 28,687 748 55 3,192 1,317 747

Taiwan ......................... 26,624 26,568 56 23,604 2,964 4,140 2,113 15,161 4,506 127 521 1,221 306

Hong Kong....................... 43,498 42,675 823 16,915 25,760 11,647 17,486 8,784 2,968 357 1,433 9,379 316

India.................................. 11,309 11,270 39 2,073 9,197 828 6,464 2,617 649 3 709 429 6

Indonesia ......................... 5,933 5,931 2 1,375 4,556 653 3,368 1,361 544 - 5 248 8

Israel................................. 11,272 11,236 36 4,059 7,177 885 6,096 1,162 2,051 185 857 721 111

Japan ............................... 169,175 163,511 5,664 58,462 105,049 24,736 97,082 31,910 4,072 1,285 4,426 42,551 448

Korea................................ 12,514 12,489 25 6,107 6,382 3,549 1,554 6,770 370 6 240 1,482 322

Lebanon........................... 777 769 8 759 10 302 - 358 100 7 2 4 2

Malaysia........................... 2,934 2,906 28 1,567 1,339 420 881 1,141 92 1 371 69 39

Pakistan ........................... 1,196 1,187 9 677 510 404 384 262 80 - 57 189 3

Philippines........................ 2,972 2,968 4 1,990 978 865 629 775 583 4 112 154 23

Singapore......................... 28,915 26,773 2,142 18,940 7,833 13,115 4,990 5,194 731 697 2,046 14,749 158

Syria ................................. 21 21 - 19 2 - - - 19 - 2 - 2

Thailand ........................... 11,448 11,439 9 1,981 9,458 513 9,280 1,124 381 49 92 183 3

Other Asia........................ 48,044 45,243 2,801 22,411 22,832 7,459 17,543 15,031 1,287 541 3,382 4,556 2,585

Total Asia..................... 429,758 418,112 11,646 175,094 243,018 72,235 185,595 120,337 19,181 3,317 17,447 77,252 5,079

Africa: Congo (formerly Zaire).... 4 4 - 4 - 2 - - 2 - - 1 -

Egypt ................................ 2,755 2,755 - 1,292 1,463 628 1,403 398 298 3 25 191 51

Ghana .............................. 468 468 - 269 199 50 199 200 18 - 1 - -

Liberia............................... 229 229 - 141 88 - - 2 139 28 60 3 13

Morocco ........................... 169 169 - 134 35 73 - 40 24 1 31 2 -

South Africa ..................... 3,382 3,381 1 3,229 152 536 112 2,503 218 9 3 2,617 16

Other Africa...................... 8,650 8,602 48 5,056 3,546 2,685 2,852 2,071 629 185 180 348 211

Total Africa .................. 15,657 15,608 49 10,125 5,483 3,974 4,566 5,214 1,328 226 300 3,162 291

Other countries: Australia ........................... 23,465 23,099 366 10,064 13,035 1,625 1,711 17,200 546 528 1,489 213 1,892

New Zealand ................... 3,600 3,437 163 2,015 1,422 167 875 1,639 205 79 472 - 7

All other............................ 4,459 505 3,954 428 77 61 17 111 194 - 122 31 2

Total other countries ... 31,524 27,041 4,483 12,507 14,534 1,853 2,603 18,950 945 607 2,083 244 1,901

Total foreign 

countries..............2,876,336 2,811,478 64,858 2,023,517 787,961 838,376 270,904 922,271 147,577 40,815 591,535 1,284,933 47,939

International and 

regional orgs.: 

International..................... 13,695 10,627 3,068 8,502 2,125 - - - 5,350 1,184 4,093 - 295

European regional........... 568 568 - 458 110 - - - 449 9 110 - -

Latin American regional.... 568 305 263 271 34 - - - 217 - 88 - 34

Caribbean regional.......... 113 113 - 80 33 - - - 32 29 52 - -

Asian regional.................. 300 300 - 167 133 - - - 7 - 293 - -

African regional................ 989 989 - 29 960 - - - 8 79 902 - -

Middle Eastern regional.... 91 91 - - 91 - - - - 38 53 - 44

Total international 

and regional ............ 16,324 12,993 3,331 9,507 3,486 - - - 6,063 1,339 5,591 - 373

Grand total...............2,892,660 2,824,471 68,189 2,033,024 791,447 838,376 270,904 922,271 153,640 42,154 597,126 1,284,933 48,312

 

 1

 These data as of September 30, 2004. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other 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 since June 1994 for the former 

Yugoslav Republic of Macedonia. 

7 Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
68 CAPITAL MOVEMENTS 

0

100

200

300

400

500

600

700

800

900

1000

1100

2000 2001 2002 2003 Sept. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

2000 2001 2002 2003 Dec. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 2003 Dec. 2004 

 

United Kingdom............................. 187,145 222,032 203,237 345,030 437,008 

All other Europe ............................ 294,716 334,586 483,421 462,349 568,579 

Caribbean banking centers 1,2....... 593,499 641,952 837,771 955,529 1,181,676 

Japan............................................. 162,449 173,640 176,331 170,497 169,175 

All other Asia ................................. 158,524 140,329 162,938 214,197 260,583 

Subtotal ....................................... 1,396,333 1,512,539 1,863,698 2,147,602 2,617,021 

All other countries ......................... 192,856 197,241 202,433 232,581 275,639 

Grand total................................... 1,589,189 1,709,780 2,066,131 2,380,183 2,892,660 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.9 trillion in December 

2004, an increase of about $512 

billion from yearend 2003. U.S. 

banking liabilities increased 

about $314 billion in 2003. 

Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $134 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest 

of Europe and in Asia account 

for about 35 percent of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 69

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

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Type of Claim 

 Calendar 

 Year 

 2002 Sept. r Dec. r Mar. r June Sept. p 

Total claims.............................................................. 1,516,742 1,738,859 1,703,983 1,873,846 1,922,033 1,973,768 

Payable in dollars.................................................. 1,409,095 1,638,040 1,604,253 1,770,600 1,810,570 1,863,690 

Own claims on foreigners................................... 1,185,445 1,359,247 1,322,363 1,500,466 1,507,956 1,573,721 

Foreign official institutions............................... n.a. 50,567 53,328 66,382 72,620 64,355 

Foreign public borrowers................................. 48,765 n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 970,357 1,024,511 979,597 1,115,374 1,109,206 1,157,723 

All other foreigners .......................................... 166,323 284,169 289,438 318,710 326,130 351,643 

Claims of domestic customers.............................. 223,650 278,793 281,890 270,134 302,614 289,969 

Payable in foreign currencies .................................. 107,647 100,819 99,730 103,246 111,463 110,078 

Own claims on foreigners ..................................... 71,724 77,097 81,403 84,837 89,999 89,485 

of which: 

Canadian dollars.............................................. 7,614 9,472 12,710 10,949 12,193 12,421 

Euros................................................................ 40,858 41,125 39,560 41,372 41,511 43,742 

United Kingdom pounds sterling...................... 6,809 5,900 6,798 8,118 9,939 7,579 

Japanese yen................................................... 9,008 15,053 16,576 18,403 20,310 17,217 

Claims of domestic customers.............................. 35,923 23,722 18,327 18,409 21,464 20,593 

of which: 

Canadian dollars.............................................. 9,032 1,955 3,101 2,147 1,591 1,662 

Euros................................................................ 12,019 10,030 6,443 6,502 7,750 7,056 

United Kingdom pounds sterling...................... 2,863 3,194 2,362 1,586 1,641 3,287 

Japanese yen................................................... 7,362 3,540 3,595 6,140 7,237 4,932 

Memoranda: 

Total own claims on foreigners ............................. 1,257,169 1,436,344 1,403,766 1,585,303 1,597,955 1,663,206 

Non-negotiable deposits .................................... n.a. 545,015 538,176 591,899 605,417 598,608 

Short-term negotiable instruments 

 (payable in dollars)........................................... n.a. 5,084 5,704 6,699 7,987 8,134 

Resale agreements ............................................ 161,585 343,778 344,753 381,554 378,174 439,243 

Other................................................................... n.a. 542,467 515,133 605,151 606,377 617,221 

Claims on own foreign offices............................... 892,340 966,074 934,166 1,041,135 1,043,085 1,088,830 

Claims reported by IBFs ....................................... 344,333 336,752 321,469 370,312 373,851 412,887 

Payable in dollars............................................... 313,450 312,776 293,898 339,364 341,323 374,908 

Payable in foreign currencies............................. 30,883 23,976 27,571 30,948 32,528 37,979 

Total claims held for domestic customers ............ 171,397 302,515 300,217 288,543 324,078 310,562 

Non-negotiable deposits .................................... n.a. 136,345 141,312 131,360 147,507 151,191 

Short-term negotiable instruments 

 (payable in dollars)........................................... 137,289 137,872 135,303 135,221 157,341 138,549 

Other ..................................................................... 34,108 28,298 23,602 21,962 19,230 20,822 

 

 
70 CAPITAL MOVEMENTS 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Country 

Calendar 

year 

2002 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

 

Europe: 

Austria .................................................... 3,972 4,880 4,543 5,937 5,650 5,270 4,759 5,268

Belgium 1 ................................................ 8,255 11,019 9,545 10,661 11,286 13,751 14,828 14,289

Bulgaria .................................................. 10 244 11 110 59 12 120 39

Czech Republic ...................................... 149 441 157 151 235 107 234 185

Denmark................................................. 2,228 3,080 4,793 4,802 3,606 2,566 3,641 3,752

Finland.................................................... 9,020 10,487 9,529 7,256 8,438 9,088 11,355 13,126

France .................................................... 76,743 78,941 87,258 85,350 88,665 98,629 101,840 93,735

Germany................................................. 43,348 44,956 40,347 44,760 41,502 43,703 47,624 43,785

Greece.................................................... 653 483 342 250 244 212 263 278

Hungary.................................................. 211 148 128 156 78 158 106 101

Ireland..................................................... 4,990 6,827 6,781 13,218 12,618 14,680 15,851 11,621

Italy ......................................................... 7,750 8,505 8,846 8,983 10,406 12,178 14,396 17,465

Luxembourg 1 ......................................... 4,506 3,942 7,824 5,987 7,486 7,252 6,459 7,660

Netherlands ............................................ 32,757 32,063 30,873 30,001 29,207 32,199 30,993 29,361

Norway ................................................... 14,980 12,636 17,961 13,804 18,696 22,183 30,941 27,184

Poland .................................................... 179 421 677 1,166 58 1,121 954 1,794

Portugal .................................................. 2,641 2,505 2,941 3,094 2,754 2,819 2,029 2,040

Romania ................................................. 107 131 160 138 192 187 194 226

Russia 2 .................................................. 896 1,129 831 1,013 1,259 1,044 1,110 960

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ 9 - - 3 - 24 - -

Spain ...................................................... 8,696 5,532 6,495 6,391 5,113 4,896 8,273 8,296

Sweden................................................... 22,789 23,053 22,215 23,141 20,043 22,765 23,245 19,824

Switzerland............................................. 138,173 113,636 112,316 101,924 82,956 106,794 96,312 112,500

Turkey..................................................... 3,305 3,556 3,384 3,401 2,210 3,299 3,261 2,351

United Kingdom...................................... 293,642 349,248 376,473 388,145 384,983 433,199 448,775 492,522

Channel Islands and Isle of Man 4 ......... 17,775 35,402 49,277 48,819 43,723 50,787 49,116 45,685

Other Europe.......................................... 1,997 2,175 2,553 2,477 3,387 4,693 5,846 6,507

Total Europe ........................................ 699,781 755,440 806,260 811,138 784,854 893,616 922,525 960,554

Canada...................................................... 94,126 81,408 78,635 81,855 78,836 76,973 79,364 72,095

Latin America: 

Argentina ................................................ 7,053 6,479 6,319 5,502 4,426 3,582 3,576 3,009

Brazil....................................................... 16,070 16,722 17,388 17,608 16,520 18,387 17,256 16,472

Chile ....................................................... 5,322 5,402 5,360 5,913 6,167 6,023 6,229 5,814

Colombia ................................................ 2,633 2,738 2,530 2,554 2,123 2,173 2,242 2,528

Ecuador.................................................. 469 508 502 427 419 425 453 447

Guatemala.............................................. 925 1,008 812 826 817 846 834 771

Mexico .................................................... 16,249 15,683 15,149 14,285 14,178 13,027 12,008 12,868

Panama .................................................. 2,070 2,012 2,104 1,925 2,090 1,992 1,874 1,541

Peru ........................................................ 1,424 1,420 1,562 1,408 1,397 1,383 1,663 1,658

Uruguay.................................................. 276 334 344 437 487 423 401 385

Venezuela .............................................. 3,404 3,455 3,421 3,229 3,093 2,990 2,993 2,784

Other Latin America 5 ............................. 2,780 2,983 2,525 2,583 2,438 2,441 2,801 2,406

Total Latin America.............................. 58,675 58,744 58,016 56,697 54,155 53,692 52,330 50,683

Caribbean: 

Bahamas ................................................ 96,358 118,996 127,555 115,056 104,468 100,739 97,503 89,677

Bermuda................................................. 10,620 24,147 22,200 13,750 15,410 20,861 16,399 26,345

Cayman Islands 6 ................................... 417,363 490,622 513,979 491,568 489,585 540,801 569,520 581,015

Cuba....................................................... - 96 93 - - - - -

Jamaica .................................................. 321 381 331 402 377 388 457 378

Netherlands Antilles ............................... 6,783 6,930 7,325 7,289 6,738 5,398 5,386 5,326

Trinidad and Tobago .............................. 889 884 862 789 747 880 981 691

Other Caribbean 5 .................................. 3,453 3,515 4,520 3,632 5,116 6,028 6,844 7,031

Total Caribbean................................... 535,787 645,571 676,865 632,486 622,441 675,095 697,090 710,463

See footnotes at end of table. 
 CAPITAL MOVEMENTS 71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Country 

 Calendar 

 year 

 2002 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

 

Asia: 

China: 

Mainland .................................... 1,110 9,483 7,063 8,551 4,320 9,792 9,009 11,947

Taiwan ....................................... 3,939 8,431 5,631 7,601 9,952 9,399 11,335 10,162

Hong Kong ................................... 7,777 5,788 7,581 7,784 7,881 9,472 6,334 4,309

India.............................................. 1,314 1,222 1,529 1,786 1,773 2,141 2,494 2,408

Indonesia...................................... 1,795 1,247 1,158 1,460 877 810 938 639

Israel............................................. 6,979 5,602 6,539 5,389 7,186 7,440 5,386 6,015

Japan............................................ 59,792 66,135 72,660 72,744 74,098 69,465 80,841 91,352

Korea............................................ 11,209 13,210 7,138 7,292 12,421 20,843 15,262 14,046

Lebanon........................................ 48 38 75 78 72 72 60 56

Malaysia ....................................... 921 1,231 1,318 1,386 1,141 1,233 1,436 1,177

Pakistan........................................ 77 364 728 1,006 74 52 88 64

Philippines .................................... 2,180 2,087 1,547 1,337 1,751 1,602 1,315 937

Singapore ..................................... 4,425 4,053 4,316 6,831 8,330 9,105 9,013 6,629

Syria ............................................. 2 2 2 2 2 2 21 5

Thailand........................................ 1,443 1,659 1,546 2,117 1,290 1,205 814 969

Oil-exporting countries 7 ............... 10,487 9,778 8,434 7,864 8,742 6,465 8,228 10,193

Other Asia .................................... 246 212 206 131 194 123 175 245

Total Asia................................... 113,744 130,542 127,471 133,359 140,104 149,221 152,749 161,153

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 500 569 429 362 251 228 214 203

Ghana........................................... 12 13 17 16 17 11 11 19

Liberia........................................... 308 300 281 366 317 257 201 265

Morocco........................................ 71 66 60 52 66 66 71 88

South Africa.................................. 653 611 3,463 3,588 3,672 3,874 432 345

Oil-exporting countries 8 ............... 238 266 230 223 158 218 161 208

Other Africa .................................. 295 369 313 292 278 211 272 206

Total Africa ................................ 2,077 2,194 4,793 4,899 4,759 4,865 1,362 1,334

Other countries: 

Australia........................................ 7,793 7,673 10,069 10,522 10,566 11,415 11,532 10,327

New Zealand ................................ 881 2,348 1,252 1,263 2,961 2,536 2,326 2,291

All other ........................................ 69 118 97 82 46 61 39 79

Total other countries.................. 8,743 10,139 11,418 11,867 13,573 14,012 13,897 12,697

Total foreign countries ............ 1,512,933 1,684,038 1,763,458 1,732,301 1,698,722 1,867,474 1,919,317 1,968,979

International and regional orgs: 

International.................................. 3,291 3,481 4,303 5,446 3,971 5,238 2,116 3,148

European regional........................ 8 1 11 4 127 206 76 25

Latin American regional ............... 179 189 153 247 265 216 232 128

Caribbean regional....................... - - - - - - - -

Asian regional............................... 331 482 1,053 861 898 712 257 1,447

African regional ............................ - - - - - - 35 35

Middle Eastern regional ............... - - - - - - - 6

Total international 

 and regional............................ 3,809 4,153 5,520 6,558 5,261 6,372 2,716 4,789

Grand total .............................. 1,516,742 1,688,191 1,768,978 1,738,859 1,703,983 1,873,846 1,922,033 1,973,768

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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other 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. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
72 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2004 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,268 5,076 1,970 3,053 152 53 192 161 31

Belgium 1 ........................................... 14,289 11,798 9,970 1,689 460 139 2,491 2,345 146

Bulgaria ............................................. 39 38 36 2 - - 1 1 -

Czech Republic ................................. 185 185 145 37 45 3 - - -

Denmark............................................ 3,752 2,303 1,839 309 101 155 1,449 867 582

Finland............................................... 13,126 11,355 11,204 76 11,087 75 1,771 1,769 2

France ............................................... 93,735 80,594 51,875 14,326 40,236 14,393 13,141 12,528 613

Germany............................................ 43,785 34,013 19,831 9,388 8,286 4,794 9,772 8,705 1,067

Greece............................................... 278 276 135 101 - 40 2 2 -

Hungary............................................. 101 79 67 2 1 10 22 - 22

Ireland................................................ 11,621 8,966 1,199 6,794 594 973 2,655 2,477 178

Italy .................................................... 17,465 16,223 14,301 153 12,104 1,769 1,242 1,223 19

Luxembourg 1 .................................... 7,660 6,381 4,605 1,696 2,291 80 1,279 913 366

Netherlands ....................................... 29,361 24,850 12,585 10,053 15,441 2,212 4,511 4,087 424

Norway .............................................. 27,184 25,630 24,625 646 709 359 1,554 1,451 103

Poland ............................................... 1,794 1,784 1,752 8 15 24 10 - 10

Portugal ............................................. 2,040 1,919 892 517 345 510 121 110 11

Romania ............................................ 226 226 28 168 4 30 - - -

Russia 2 ............................................. 960 958 488 465 5 5 2 2 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - - - - - - -

Spain ................................................. 8,296 7,630 6,345 339 5,327 946 666 663 3

Sweden.............................................. 19,824 15,427 9,466 5,542 8,908 419 4,397 4,266 131

Switzerland........................................ 112,500 110,433 106,153 2,202 103,427 2,078 2,067 1,875 192

Turkey................................................ 2,351 2,312 1,973 308 24 31 39 8 31

United Kingdom................................. 492,522 388,813 278,140 93,877 295,274 16,796 103,709 99,559 4,150

Channel Islands and Isle of Man 4.......... 45,685 44,793 40,726 3,966 40,677 101 892 698 194

Other Europe..................................... 6,507 2,533 1,595 717 10 221 3,974 60 3,914

Total Europe ................................... 960,554 804,595 601,945 156,434 545,523 46,216 155,959 143,770 12,189

Canada................................................. 72,095 60,897 43,767 7,425 39,806 9,705 11,198 8,829 2,369

Latin America: 

Argentina ........................................... 3,009 2,516 320 2,182 201 14 493 481 12

Brazil.................................................. 16,472 16,302 9,914 6,147 3,963 241 170 155 15

Chile .................................................. 5,814 5,765 2,164 3,587 313 14 49 49 -

Colombia ........................................... 2,528 2,513 1,552 942 268 19 15 15 -

Ecuador............................................. 447 426 89 337 4 - 21 21 -

Guatemala......................................... 771 761 299 450 65 12 10 10 -

Mexico ............................................... 12,868 12,730 1,415 11,238 135 77 138 130 8

Panama ............................................. 1,541 1,505 857 625 148 23 36 36 -

Peru ................................................... 1,658 1,636 609 1,026 296 1 22 22 -

Uruguay............................................. 385 381 117 247 63 17 4 4 -

Venezuela ......................................... 2,784 2,758 551 2,045 12 162 26 26 -

Other Latin America 5 ........................ 2,406 2,371 1,140 1,205 173 26 35 35 -

Total Latin America......................... 50,683 49,664 19,027 30,031 5,641 606 1,019 984 35

Caribbean: 

Bahamas ........................................... 89,677 67,771 62,441 3,857 61,143 1,473 21,906 21,904 2

Bermuda............................................ 26,345 25,642 310 25,028 6,801 304 703 634 69

Cayman Islands 6 .............................. 581,015 473,326 369,965 92,978 352,942 10,383 107,689 107,543 146

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 378 378 95 283 57 - - - -

Netherlands Antilles .......................... 5,326 5,232 1,298 3,924 1,292 10 94 87 7

Trinidad and Tobago ......................... 691 658 281 377 76 - 33 33 -

Other Caribbean 5 ............................. 7,031 6,901 265 6,595 103 41 130 130 -

Total Caribbean.............................. 710,463 579,908 434,655 133,042 422,414 12,211 130,555 130,331 224

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2004, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 11,947 11,802 11,108 651 2,749 43 145 138 7 

Taiwan ............................................ 10,162 10,005 9,152 715 378 138 157 26 131 

Hong Kong ........................................ 4,309 4,044 2,503 1,282 1,913 259 265 128 137 

India................................................... 2,408 2,236 1,817 397 379 22 172 161 11 

Indonesia........................................... 639 634 122 482 11 30 5 4 1 

Israel.................................................. 6,015 3,973 3,734 214 1,082 25 2,042 2,037 5 

Japan................................................. 91,352 86,015 62,243 10,275 53,596 13,497 5,337 475 4,862 

Korea................................................. 14,046 14,003 12,515 584 2,008 904 43 35 8 

Lebanon............................................. 56 55 49 6 - - 1 1 - 

Malaysia ............................................ 1,177 1,116 801 306 267 9 61 30 31 

Pakistan............................................. 64 57 36 20 5 1 7 7 - 

Philippines ......................................... 937 914 715 190 2 9 23 22 1 

Singapore .......................................... 6,629 6,188 4,790 376 3,916 1,022 441 385 56 

Syria .................................................. 5 3 - 3 - - 2 2 - 

Thailand............................................. 969 911 656 20 203 235 58 29 29 

Other Asia ......................................... 10,438 10,296 6,224 345 4,908 3,727 142 142 - 

Total Asia........................................ 161,153 152,252 116,465 15,866 71,417 19,921 8,901 3,622 5,279 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 203 176 159 15 60 2 27 12 15 

Ghana................................................ 19 7 3 1 - 3 12 12 - 

Liberia................................................ 265 257 2 236 - 19 8 8 - 

Morocco............................................. 88 77 53 16 - 8 11 11 - 

South Africa....................................... 345 313 185 113 118 15 32 8 24 

Other Africa ....................................... 414 389 228 161 63 - 25 25 - 

Total Africa ..................................... 1,334 1,219 630 542 241 47 115 76 39 

Other countries: Australia............................................. 10,327 8,849 5,295 3,000 3,785 554 1,478 1,188 290 

New Zealand ..................................... 2,291 978 292 461 - 225 1,313 1,151 162 

All other ............................................. 79 79 2 77 3 - - - - 

Total other countries....................... 12,697 9,906 5,589 3,538 3,788 779 2,791 2,339 452 

Total foreign countries ................. 1,968,979 1,658,441 1,222,078 346,878 1,088,830 89,485 310,538 289,951 20,587 

International and regional orgs: 

International....................................... 3,148 3,143 - 3,143 - - 5 5 - 

European regional............................. 25 6 - 6 - - 19 13 6 

Latin American regional .................... 128 128 - 128 - - - - - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 1,447 1,447 - 1,447 - - - - - 

African regional ................................. 35 35 - 35 - - - - - 

Middle Eastern regional .................... 6 6 - 6 - - - - - 

Total international and regional...... 4,789 4,765 - 4,765 - - 24 18 6 

Grand total ................................... 1,973,768 1,663,206 1,222,078 351,643 1,088,830 89,485 310,562 289,969 20,593 

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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other 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.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
74 CAPITAL MOVEMENTS 

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 June 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 Sept. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 2003 Sept. 2004 

United Kingdom...................... 223,976 300,665 293,642 384,983 492,522

All other Europe ...................... 324,734 362,960 406,139 399,871 468,032

Caribbean banking centers 1,2 388,987 422,615 533,194 618,291 703,904

Japan ...................................... 39,179 40,047 59,792 74,098 91,352

All other Asia........................... 49,440 57,326 53,952 66,006 69,801 

Subtotal................................. 1,026,316 1,183,613 1,346,719 1,543,249 1,825,611 

All other countries................... 150,876 167,986 170,023 160,734 148,157 

Grand total ............................ 1,177,192 1,351,599 1,516,742 1,703,983 1,973,768 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In September 2004, U.S. 

banking claims, excluding 

long-term securities, amounted 

to almost $2 trillion, an 

increase of about $270 billion 

from yearend 2003. U.S. 

banking claims increased $187 

billion in 2003. In large part, 

the increase in claims in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking claims increased $16 

billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 
 CAPITAL MOVEMENTS 75

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 2004 Calendar year 2004 

Country 2002 2003 June 2002 2003 June 

 

Other Europe: 

Cyprus.............................................................. 143 182 180 22 184 194 

Iceland.............................................................. 104 241 331 n.a. 16 69 

Monaco............................................................. 239 365 206 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 255 425 323 292 179 180 

Barbados.......................................................... 1,597 11,092 10,623 619 n.a. 111 

Belize................................................................ 319 167 207 n.a. 18 n.a. 

Bolivia............................................................... 878 1,041 948 214 216 133 

Costa Rica........................................................ 933 955 918 708 700 683 

Dominica .......................................................... 45 69 45 n.a. n.a. - 

Dominican Republic ......................................... 1,460 1,744 2,207 1,085 551 454 

El Salvador....................................................... 968 1,320 1,229 887 806 935 

French West Indies and French Guiana.......... 26 40 38 n.a. - n.a. 

Haiti .................................................................. 256 350 375 24 43 50 

Honduras.......................................................... 1,718 1,277 1,591 362 245 275 

Nicaragua......................................................... 126 135 185 84 60 54 

Paraguay.......................................................... 789 719 713 77 62 204 

Suriname.......................................................... 201 158 142 11 n.a. n.a. 

Other Asia: 

Afghanistan ...................................................... 45 49 n.a. - - - 

Burma............................................................... 9 5 7 - - - 

Jordan .............................................................. n.a. 1,574 1,294 82 99 44 

Macau............................................................... 85 91 91 - 6 5 

Sri Lanka .......................................................... n.a. 548 492 n.a. n.a. 14 

Yemen.............................................................. 185 333 263 n.a. n.a. n.a. 

Other Africa: 

Angola .............................................................. n.a. 139 n.a. n.a. n.a. n.a. 

Cameroon......................................................... 16 17 15 14 20 16 

Ethiopia ............................................................ n.a. 348 304 - - - 

Guinea.............................................................. 28 16 14 n.a. 12 n.a. 

Ivory Coast ....................................................... n.a. 77 143 n.a. n.a. n.a. 

Kenya ............................................................... 106 123 146 2 n.a. n.a. 

Mauritius........................................................... 116 113 109 n.a. 9 n.a. 

Mozambique..................................................... n.a. n.a. 111 - - - 

Rwanda ............................................................ 91 64 41 - n.a. - 

Senegal ............................................................ 30 n.a. 25 n.a. n.a. n.a. 

Somalia ............................................................ 9 n.a. n.a. - - - 

Sudan............................................................... 5 n.a. n.a. - - - 

Tanzania........................................................... 279 451 183 n.a. 9 n.a. 

Tunisia.............................................................. n.a. 43 56 84 67 73 

Uganda............................................................. 202 167 230 n.a. n.a. n.a. 

Zambia ............................................................. 87 93 72 n.a. - - 

Zimbabwe......................................................... 63 61 143 - - - 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. n.a. n.a. - 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
76 CAPITAL MOVEMENTS 

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 2003 2004 

Type of liability or claim 2000 2001 2002 Sept. Dec. Mar. June Sept. p 

Total liabilities ................................................ 73,904 66,679 67,664 83,956 83,475 88,728 105,176 103,419 

Payable in dollars....................................... 48,931 42,925 45,087 54,396 52,922 62,328 72,069 69,922 

Financial................................................. 25,246 18,763 18,844 28,781 25,290 34,150 42,406 43,842 

Short-term negotiable securities........ n.a. n.a. n.a. 2,511 1,895 2,369 1,980 2,867 

Other .................................................. n.a. n.a. n.a. 26,270 23,395 31,781 40,426 40,975 

Commercial............................................ 23,685 24,162 26,243 25,615 27,632 28,178 29,663 26,080 

Trade payables .................................. 12,162 10,893 13,469 15,284 16,000 16,264 17,002 17,044 

Advance receipts and other............... 11,523 13,269 12,774 10,331 11,632 11,914 12,661 9,036 

Payable in foreign currencies .................... 24,973 23,754 22,577 29,560 30,553 26,400 33,107 33,497 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. 1,431 1,630 1,345 1,913 2,222 

Euros.................................................. n.a. n.a. n.a. 14,221 11,159 7,846 8,727 8,708 

United Kingdom pounds sterling........ n.a. n.a. n.a. 8,529 12,031 13,407 18,476 18,020 

Japanese yen..................................... n.a. n.a. n.a. 2,099 2,702 1,553 1,915 1,944 

Other .................................................. n.a. n.a. n.a. 3,280 3,031 2,249 2,076 2,603 

By type of liability: 

Financial............................................. 22,173 22,271 20,717 27,549 28,095 24,146 30,628 30,201 

Short-term negotiable securities.... n.a. n.a. n.a. 14,899 12,107 7,490 8,888 8,548 

Other .............................................. n.a. n.a. n.a. 12,650 15,988 16,656 21,740 21,653 

Commercial........................................ 2,800 1,483 1,860 2,011 2,458 2,254 2,479 3,296 

Trade payables .............................. 2,131 888 1,230 977 1,174 1,220 1,385 1,308 

Advance receipts and other........... 669 595 630 1,034 1,284 1,034 1,094 1,988 

Total claims.................................................... 90,157 113,082 102,566 181,821 165,934 176,473 188,543 192,347 

Payable in dollars....................................... 79,558 103,864 91,551 164,576 148,406 158,866 163,326 170,584 

Financial................................................. 46,157 74,471 65,070 140,249 122,879 132,701 135,909 142,665 

Non-negotiable deposits .................... n.a. n.a. n.a. 44,701 33,944 43,937 41,344 48,986 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. n.a. 3,006 3,047 2,353 5,272 7,436 

Other .................................................. n.a. n.a. n.a. 92,542 85,888 86,411 89,293 86,243 

Commercial............................................ 33,401 29,393 26,481 24,327 25,527 26,165 27,417 27,919 

Trade receivables .............................. 30,007 25,828 22,635 19,598 21,278 21,773 23,663 24,134 

Advance payments and other............ 3,394 3,565 3,846 4,729 4,249 4,392 3,754 3,785 

Payable in foreign currencies .................... 10,599 9,218 11,015 17,245 17,528 17,607 25,217 21,763 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. 2,633 2,469 2,772 1,789 1,606 

Euros.................................................. n.a. n.a. n.a. 4,893 4,318 3,680 5,648 9,988 

United Kingdom pounds sterling........ n.a. n.a. n.a. 3,827 4,429 5,021 8,632 4,242 

Japanese yen..................................... n.a. n.a. n.a. 1,529 1,420 1,370 4,172 3,706 

Other .................................................. n.a. n.a. n.a. 4,363 4,892 4,764 4,976 2,221 

By type of claim: 

Financial............................................. 6,874 6,816 6,319 10,312 9,453 9,931 18,187 17,887 

Non-negotiable deposits ................ n.a. n.a. n.a. 2,041 1,976 1,478 1,630 1,328 

Short-term negotiable securities.... n.a. n.a. n.a. 168 164 149 196 159 

Other .............................................. n.a. n.a. n.a. 8,103 7,313 8,304 16,361 16,400 

Commercial........................................ 3,725 2,402 4,696 6,933 8,075 7,676 7,030 3,876 

Trade receivables .......................... 3,097 1,685 3,750 6,151 7,373 6,850 6,258 3,223 

Advance payments and other........ 628 717 946 782 702 826 772 653 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 47,419 41,034 39,561 45,364 43,845 45,349 58,319 57,367 

Financial claims ................................. 53,031 81,287 71,389 83,450 67,347 80,256 92,499 101,867 

Selected positions with affiliated 

 entities: 1 

Financial liabilities.............................. n.a. n.a. n.a. 10,966 9,540 12,947 14,715 16,676 

Financial claims ................................. n.a. n.a. n.a. 67,111 64,985 62,376 61,597 58,685 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 

 
CAPITAL MOVEMENTS 77

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Sept. Dec. Mar. June Sept. p 

Europe: 

Austria.................................. 112 111 151 64 71 82 80 95 83

Belgium 1 .............................. 171 440 253 285 174 163 107 82 98

Bulgaria................................ - 2 3 4 2 3 2 2 2

Czech Republic.................... 26 7 10 13 12 6 6 29 26

Denmark............................... 105 149 148 522 99 67 76 118 72

Finland ................................. 48 91 86 56 25 47 53 34 39

France.................................. 2,331 2,459 3,575 6,008 3,522 4,443 3,150 3,184 3,340

Germany .............................. 3,105 3,215 3,249 3,704 4,130 4,386 4,033 4,974 4,356

Greece ................................. 141 400 410 403 209 474 542 535 284

Hungary................................ 9 8 27 32 11 11 12 20 10

Ireland .................................. 827 1,216 1,264 785 1,182 856 848 891 1,635

Italy....................................... 749 1,773 1,395 1,271 797 1,154 1,011 1,063 892

Luxembourg 1....................... n.a. n.a. n.a. n.a. 679 705 566 592 712

Netherlands.......................... 2,503 2,316 3,117 2,415 1,611 668 587 609 656

Norway................................. 266 286 320 406 419 445 357 7,655 4,664

Poland.................................. 46 42 43 46 27 26 28 156 154

Portugal................................ 34 16 16 17 5 7 10 22 23

Romania............................... 159 178 17 20 44 30 31 31 43

Russia 2 ................................ 251 91 48 38 51 71 44 93 61

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 11 14 9 5 - 24 - 1

Spain.................................... 501 468 423 403 529 1,068 937 1,021 1,292

Sweden ................................ 158 117 97 115 359 656 760 762 746

Switzerland .......................... 773 606 884 494 400 1,884 1,067 936 1,047

Turkey .................................. 384 408 133 101 145 302 332 302 121

United Kingdom ................... 19,592 29,209 25,131 25,180 27,584 26,911 25,025 32,024 31,291

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. n.a. 60 - 2 3 1

Other Europe ....................... 201 182 211 201 167 188 229 296 325

Total Europe .................... 32,503 43,801 41,025 42,592 42,319 44,653 39,919 55,529 51,974

Canada..................................... 2,059 2,344 2,577 2,179 3,418 3,640 3,879 4,295 4,171

Latin America: 

Argentina.............................. 169 146 50 62 113 125 270 101 75

Brazil .................................... 271 262 325 318 375 475 517 367 283

Chile ..................................... 64 52 56 55 55 60 77 74 62

Colombia.............................. 141 131 82 50 18 118 149 96 136

Ecuador................................ 58 32 4 5 17 21 11 20 38

Guatemala ........................... 6 10 13 13 13 15 18 13 9

Mexico.................................. 912 867 935 1,201 1,305 1,332 1,390 1,780 1,949

Panama................................ 67 32 49 61 62 52 51 39 27

Peru...................................... 28 24 41 21 20 15 14 79 18

Uruguay................................ 8 27 8 6 2 4 4 2 1

Venezuela ............................ 305 286 168 178 517 332 389 481 499

Other Latin America 5 ........... 379 1,994 284 503 134 98 202 88 77

Total Latin America.............. 2,408 3,863 2,015 2,473 2,631 2,647 3,092 3,140 3,174

Caribbean: 

Bahamas.............................. 23 37 209 74 51 14 16 39 35

Bermuda.................................... 157 2,020 1,551 1,528 3,493 1,224 4,251 3,101 3,017

British West Indies 6.................. 540 482 1,672 401 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. n.a. 2,458 3,154 3,987 3,515 4,620

Cuba..................................... 27 20 42 29 8 2 3 2 2

Jamaica................................ 13 16 12 28 12 17 17 21 13

Netherlands Antilles............. 19 32 46 11 9 3 12 15 39

Trinidad and Tobago............ 15 36 38 33 18 16 67 19 12

Other Caribbean 5 ................ n.a. n.a. n.a. n.a. 566 564 586 630 702

Total Caribbean ............... 794 2,643 3,570 2,104 6,615 4,994 8,939 7,342 8,440

See footnotes at end of table. 
78 CAPITAL MOVEMENTS 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Sept. Dec. Mar. June Sept. p 

Asia: 

China: 

Mainland............................. 627 497 735 1,252 1,845 1,129 3,081 3,496 3,439

Taiwan................................ 1,175 970 819 659 531 441 513 572 539

Hong Kong ............................. 223 640 560 495 473 583 494 714 736

India........................................ 519 309 179 160 115 86 202 222 139

Indonesia................................ 83 81 44 100 71 60 57 43 43

Israel....................................... 160 468 195 350 495 519 886 481 376

Japan...................................... 5,751 8,973 5,850 6,124 6,385 6,196 6,404 6,367 5,952

Korea...................................... 543 941 897 548 611 1,331 1,445 1,597 692

Lebanon ................................. 56 53 57 53 10 13 44 40 37

Malaysia ................................. 118 162 393 140 204 188 170 256 311

Pakistan.................................. 37 96 94 158 252 233 77 101 109

Philippines.............................. 169 114 1,100 108 139 139 110 60 120

Singapore............................... 917 2,280 1,793 1,796 1,278 1,436 1,699 1,348 1,165

Syria ....................................... 8 27 6 13 30 2 22 2 38

Thailand.................................. 165 203 105 118 151 34 37 54 24

Oil-exporting countries 7......... 2,555 2,844 2,649 3,993 3,001 3,184 2,582 2,335 3,342

Other Asia .............................. 217 290 83 247 227 284 236 283 232

Total Asia ........................... 13,323 18,948 15,559 16,314 15,818 15,858 18,059 17,971 17,294

Africa: 

Congo (formerly Zaire)........... 9 - 1 1 1 86 - 2 -

Egypt ...................................... 86 166 117 128 144 28 136 126 131

Ghana..................................... 1 6 3 2 4 4 5 5 3

Liberia..................................... 2 18 30 1 - - 4 - -

Morocco.................................. 31 11 34 42 43 41 36 37 42

South Africa............................ 138 135 111 130 86 52 46 44 41

Oil-exporting countries 8......... 499 483 441 496 464 464 641 660 581

Other Africa ............................ 212 181 152 158 261 230 267 326 277

Total Africa ......................... 978 1,000 889 958 1,003 905 1,135 1,200 1,075

Other countries: 

Australia ................................. 634 344 584 732 906 1,053 619 574 464

New Zealand 9........................ n.a. n.a. n.a. n.a. 18 71 58 36 53

All other .................................. 300 898 430 238 236 98 78 371 96

Total other countries .......... 934 1,242 1,014 970 1,160 1,222 755 981 613

Total foreign countries ... 52,975 73,841 66,649 67,590 72,964 73,919 75,778 90,458 86,741

International and regional orgs: 

International ........................... 1 1 - 22 - - - - -

European regional.................. 44 45 30 3 19 16 3 3 2

Latin American regional ......... - - - 46 - - - - -

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. - - - - -

Asian regional ........................ - 9 - 3 7 - - - -

African regional ...................... - 8 - - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 45 63 30 74 26 16 3 3 2

Grand total ..................... 53,020 73,904 66,679 67,664 72,990 73,935 75,781 90,461 86,743

 

 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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other 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 since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 79

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Sept. Dec. Mar. June Sept. p 

Europe: 

Austria....................................... 208 498 1,985 1,770 1,841 1,752 1,794 1,744 1,841 

Belgium 1 ................................... 845 748 893 991 365 523 567 541 457 

Bulgaria..................................... 6 6 13 9 16 14 36 27 28 

Czech Republic......................... 26 67 79 62 54 54 61 65 48 

Denmark.................................... 310 229 138 112 256 716 150 156 235 

Finland ...................................... 261 224 238 624 275 176 161 198 139 

France....................................... 3,203 4,301 4,371 6,411 6,634 5,865 5,853 6,978 6,202 

Germany ................................... 2,464 2,830 2,726 5,447 7,257 4,143 6,067 4,680 3,636 

Greece ...................................... 487 332 339 409 247 204 248 295 160 

Hungary..................................... 54 47 66 51 39 53 32 33 38 

Ireland ....................................... 340 616 821 516 403 423 380 395 387 

Italy............................................ 1,284 1,114 1,434 2,963 4,635 4,075 4,381 3,223 3,547 

Luxembourg 1............................ n.a. n.a. n.a. n.a. 69 115 898 903 133 

Netherlands............................... 2,658 3,125 2,667 5,138 5,776 3,186 2,714 3,319 3,545 

Norway...................................... 273 308 257 286 458 315 301 3,471 3,415 

Poland....................................... 62 67 77 79 92 104 84 72 61 

Portugal..................................... 91 83 71 222 176 161 161 184 144 

Romania.................................... 11 16 34 24 18 25 21 30 38 

Russia 2 ..................................... 293 373 137 93 88 118 133 150 148 

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 17 15 23 10 10 13 9 10 17 

Spain......................................... 715 860 1,042 1,370 1,454 1,803 1,527 2,578 1,612 

Sweden ..................................... 339 360 441 417 567 779 637 597 867 

Switzerland ............................... 1,253 1,462 1,200 886 2,419 2,538 1,866 1,710 1,803 

Turkey ....................................... 464 700 383 503 636 479 537 465 499 

United Kingdom ........................ 13,388 20,402 20,343 14,390 15,667 15,366 17,149 27,294 30,421 

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. n.a. - - 8 184 39 

Other Europe ............................ 360 291 362 422 760 546 888 595 590 

Total Europe ......................... 29,412 39,074 40,140 43,205 50,212 43,546 46,663 59,897 60,050 

Canada.......................................... 5,310 8,078 9,011 7,803 7,615 8,381 8,550 6,826 8,086 

Latin America: 

Argentina................................... 896 1,109 810 602 543 398 550 355 420 

Brazil ......................................... 2,381 2,784 3,081 3,036 3,400 2,735 2,969 2,773 2,736 

Chile .......................................... 263 302 242 217 228 382 302 327 287 

Colombia................................... 349 351 240 240 273 234 247 272 288 

Ecuador..................................... 82 66 62 112 85 117 109 74 86 

Guatemala ................................ 85 106 90 79 83 76 96 85 84 

Mexico....................................... 3,476 3,955 4,466 4,180 3,317 2,968 2,872 2,951 3,293 

Panama..................................... 168 244 105 79 123 232 145 132 180 

Peru........................................... 148 171 79 69 64 73 100 76 87 

Uruguay..................................... 68 35 20 30 13 16 53 17 15 

Venezuela ................................. 487 415 371 392 356 361 402 386 400 

Other Latin America 5 ................ 1,325 842 919 1,102 546 427 550 492 491 

Total Latin America................... 9,728 10,380 10,485 10,138 9,031 8,019 8,395 7,940 8,367 

Caribbean: 

Bahamas................................... 1,613 1,390 1,018 1,069 437 1,075 681 827 1,407 

Bermuda......................................... 401 395 1,287 1,011 980 1,024 1,773 2,100 1,829 

British West Indies 6....................... 12,280 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ...................... n.a. n.a. n.a. n.a. 26,986 20,067 28,644 27,679 35,312 

Cuba.......................................... - 1 2 - 5 16 2 8 2 

Jamaica..................................... 52 126 93 94 85 84 87 82 77 

Netherlands Antilles.................. 45 84 70 45 13 32 16 40 34 

Trinidad and Tobago................. 46 59 45 54 81 100 126 130 114 

Other Caribbean 5 ..................... n.a. n.a. n.a. n.a. 1,000 951 1,076 1,086 1,089 

Total Caribbean .................... 14,437 14,788 35,575 23,820 29,587 23,349 32,405 31,952 39,864 

See footnotes at end of table. 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2003 2004 

Country 1999 2000 2001 2002 Sept. Dec. Mar. June Sept. p 

 

Asia: 

China: 

Mainland............................. 760 1,096 1,052 867 2,288 1,066 2,023 3,246 2,900 

Taiwan................................ 1,097 1,299 853 696 655 783 908 782 880 

Hong Kong ............................. 400 593 1,094 682 672 832 696 561 607 

India ....................................... 599 661 638 743 752 668 612 424 458 

Indonesia................................ 408 407 239 280 170 170 247 217 592 

Israel ...................................... 336 458 700 453 531 749 858 711 586 

Japan ..................................... 5,336 4,427 3,610 3,618 3,230 2,955 2,567 2,795 2,897 

Korea...................................... 1,378 1,745 1,850 1,738 2,003 1,456 1,552 1,656 1,472 

Lebanon ................................. 14 36 16 21 16 34 23 23 18 

Malaysia................................. 516 743 645 521 517 497 497 516 573 

Pakistan ................................. 23 37 44 17 39 34 18 50 52 

Philippines.............................. 258 106 1,001 708 262 743 404 304 255 

Singapore............................... 1,041 1,065 1,120 1,044 834 1,162 908 1,091 1,267 

Syria ....................................... 5 11 11 28 3 6 4 9 4 

Thailand ................................. 651 344 232 237 277 250 231 256 282 

Oil-exporting countries 7......... 1,648 1,104 985 897 1,013 1,046 1,118 1,206 1,131 

Other Asia .............................. 152 195 189 132 207 222 234 295 261 

Total Asia ........................... 14,622 14,327 14,279 12,682 13,469 12,673 12,900 14,142 14,235 

Africa: 

Congo (formerly Zaire)........... - - - 18 8 2 2 - 5 

Egypt...................................... 186 266 233 155 109 176 132 181 238 

Ghana .................................... 6 5 7 9 8 8 9 10 11 

Liberia .................................... 3 2 28 50 154 109 71 23 52 

Morocco ................................. 35 49 35 24 27 27 41 47 46 

South Africa ........................... 323 266 293 273 268 247 235 150 148 

Oil-exporting countries 8......... 186 237 137 120 170 150 196 232 212 

Other Africa............................ 178 258 326 330 369 336 326 306 329 

Total Africa......................... 917 1,083 1,059 979 1,113 1,055 1,012 949 1,041 

Other countries: 

Australia ................................. 1,889 2,041 2,150 3,540 3,332 3,624 3,794 3,820 1,458 

New Zealand 9........................ n.a. n.a. n.a. n.a. 178 208 255 367 403 

All other.................................. 351 359 383 393 84 83 112 1,043 146 

Total other countries .......... 2,240 2,400 2,533 3,933 3,594 3,915 4,161 5,230 2,007 

Total foreign countries ... 76,639 90,130 113,082 102,560 114,621 100,938 114,086 126,936 133,650 

International and regional orgs : 

International ........................... 2 2 - 2 13 1 2 2 2 

European regional.................. - 4 - 1 26 2 3 1 - 

Latin American regional......... - - - 1 18 6 5 5 5 

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. 24 - - - - 

Asian regional ........................ - 12 - - 5 2 1 2 5 

African regional...................... 1 2 - 1 - - - - - 

Middle Eastern regional......... - 7 - 1 3 - - - - 

Total international 

 and regional ..................... 3 27 - 6 89 11 11 10 12 

Grand total ..................... 76,642 90,157 113,082 102,566 114,710 100,949 114,097 126,946 133,662 

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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other 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 since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 81

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, September 30, 2004, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 83 25 58 1,841 1,795 46 

Belgium 1 ....................................... 98 6 92 457 269 188 

Bulgaria ......................................... 2 - 2 28 22 6 

Czech Republic............................. 26 - 26 48 6 42 

Denmark........................................ 72 29 43 235 159 76 

Finland........................................... 39 23 16 139 13 126 

France ........................................... 3,340 2,290 1,050 6,202 3,620 2,582 

Germany........................................ 4,356 3,335 1,021 3,636 2,299 1,337 

Greece........................................... 284 13 271 160 40 120 

Hungary......................................... 10 5 5 38 2 36 

Ireland ........................................... 1,635 1,571 64 387 177 210 

Italy................................................ 892 355 537 3,547 2,490 1,057 

Luxembourg 1 ................................ 712 671 41 133 23 110 

Netherlands................................... 656 340 316 3,545 3,149 396 

Norway .......................................... 4,664 4,284 380 3,415 3,361 54 

Poland ........................................... 154 - 154 61 1 60 

Portugal......................................... 23 3 20 144 96 48 

Romania........................................ 43 - 43 38 - 38 

Russia 2 ......................................... 61 4 57 148 44 104 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 1 - 1 17 3 14 

Spain ............................................. 1,292 947 345 1,612 994 618 

Sweden ......................................... 746 605 141 867 590 277 

Switzerland.................................... 1,047 431 616 1,803 585 1,218 

Turkey ........................................... 121 10 111 499 359 140 

United Kingdom............................. 31,291 28,166 3,125 30,421 26,604 3,817 

Channel Islands and 

Isle of Man 4 .............................. 1 - 1 39 37 2 

Other Europe................................. 325 21 304 590 302 288 

Total Europe.............................. 51,974 43,134 8,840 60,050 47,040 13,010 

Canada.............................................. 4,171 2,181 1,990 8,086 5,825 2,261 

Latin America: 

Argentina....................................... 75 34 41 420 162 258 

Brazil ............................................. 283 185 98 2,736 1,833 903 

Chile .............................................. 62 5 57 287 77 210 

Colombia ....................................... 136 40 96 288 49 239 

Ecuador......................................... 38 - 38 86 22 64 

Guatemala..................................... 9 - 9 84 29 55 

Mexico........................................... 1,949 24 1,925 3,293 1,527 1,766 

Panama......................................... 27 1 26 180 84 96 

Peru............................................... 18 - 18 87 17 70 

Uruguay......................................... 1 - 1 15 1 14 

Venezuela ..................................... 499 22 477 400 139 261 

Other Latin America 5 .................... 77 2 75 491 264 227 

Total Latin America ....................... 3,174 313 2,861 8,367 4,204 4,163 

Caribbean: 

Bahamas ....................................... 35 - 35 1,407 1,346 61 

Bermuda............................................. 3,017 2,382 635 1,829 1,063 766 

Cayman Islands 6............................. 4,620 4,591 29 35,312 35,188 124 

Cuba.............................................. 2 - 2 2 - 2 

Jamaica......................................... 13 6 7 77 48 29 

Netherlands Antilles ...................... 39 - 39 34 22 12 

Trinidad and Tobago..................... 12 4 8 114 89 25 

Other Caribbean 5 ......................... 702 1 701 1,089 131 958 

Total Caribbean......................... 8,440 6,984 1,456 39,864 37,887 1,977 

 

See footnotes at end of table. 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, September 30, 2004, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 3,439 2,293 1,146 2,900 1,679 1,221 

Taiwan....................................... 539 13 526 880 129 751 

Hong Kong .................................... 736 214 522 607 196 411 

India............................................... 139 9 130 458 37 421 

Indonesia....................................... 43 8 35 592 426 166 

Israel.............................................. 376 101 275 586 214 372 

Japan............................................. 5,952 1,664 4,288 2,897 1,050 1,847 

Korea............................................. 692 49 643 1,472 865 607 

Lebanon ........................................ 37 2 35 18 - 18 

Malaysia ........................................ 311 1 310 573 327 246 

Pakistan......................................... 109 - 109 52 8 44 

Philippines..................................... 120 7 113 255 153 102 

Singapore...................................... 1,165 172 993 1,267 163 1,104 

Syria .............................................. 38 - 38 4 - 4 

Thailand......................................... 24 3 21 282 117 165 

Other Asia ..................................... 3,574 53 3,521 1,392 269 1,123 

Total Asia .................................... 17,294 4,589 12,705 14,235 5,633 8,602 

Africa: 

Congo (formerly Zaire).................. - - - 5 4 1 

Egypt ............................................. 131 - 131 238 14 224 

Ghana............................................ 3 1 2 11 1 10 

Liberia............................................ - - - 52 41 11 

Morocco......................................... 42 1 41 46 31 15 

South Africa................................... 41 10 31 148 40 108 

Other Africa ................................... 858 107 751 541 127 414 

Total Africa ................................ 1,075 119 956 1,041 258 783 

Other countries: 

Australia ........................................ 464 39 425 1,458 890 568 

New Zealand 7............................... 53 7 46 403 85 318 

All other ......................................... 96 1 95 146 45 101 

Total other countries ................. 613 47 566 2,007 1,020 987 

Total foreign countries .......... 86,741 57,367 29,374 133,650 101,867 31,783 

International and regional orgs: 

International .................................. - - - 2 - 2 

European regional......................... 2 - 2 - - - 

Latin American regional ................ - - - 5 - 5 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... - - - 5 - 5 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - - - - 

Total international 

 and regional ............................ 2 - 2 12 - 12 

Grand total ............................ 86,743 57,367 29,376 133,662 101,867 31,795 

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

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other 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 since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 83

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

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2000 ......................................... -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ......................................... 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 r ....................................... 273,940 113,486 161,169 -715 8,314,145 8,040,205 165,203 1,956,940 1,791,737 

2004 - Jan. - Dec. p.................. 356,758 203,143 152,896 719 8,967,810 8,611,052 232,457 1,209,960 977,503 

 

2003 - Dec. r ............................ 28,375 8,660 19,700 15 590,148 561,773 15,986 66,069 50,083 

2004 - Jan. r............................. 45,790 27,659 18,007 124 662,100 616,310 27,037 91,620 64,583 

Feb. r............................ 25,105 16,469 8,761 -125 665,739 640,634 20,917 102,357 81,440 

Mar. r ............................ 53,804 34,072 19,628 104 809,442 755,638 422 117,441 117,019 

Apr. r............................. 50,722 23,255 27,256 211 820,004 769,282 28,308 121,273 92,965 

May r ............................ 29,101 9,234 19,872 -5 776,044 746,943 19,846 125,959 106,113 

June r ........................... 46,247 16,757 29,200 290 717,188 670,941 14,397 110,416 96,019 

July r............................. 13,350 5,634 8,100 -384 652,728 639,378 19,278 122,153 102,875 

Aug ............................... 13,960 15,515 -2,241 686 769,866 755,906 17,483 87,389 69,906 

Sept.............................. 16,663 10,874 6,553 -764 788,428 771,765 8,410 79,256 70,846 

Oct................................ 20,854 15,649 4,736 469 699,046 678,192 21,955 82,837 60,882 

Nov. p........................... 32,824 21,049 11,488 287 843,663 810,839 27,802 94,784 66,982 

Dec. p........................... 8,338 6,976 1,536 -174 763,562 755,224 26,602 74,475 47,873 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2000 .............................................................................. 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571

2003 r ............................................................................ 268,866 985,865 716,999 37,881 3,117,710 3,079,829

2004 - Jan. - Dec. p....................................................... 300,805 1,161,152 860,347 25,815 4,054,576 4,028,761

 

2003 - Dec. r ................................................................. 20,353 79,686 59,333 13,348 288,489 275,141

2004 - Jan. r .................................................................. 9,583 80,337 70,754 12,885 323,537 310,652

Feb. r................................................................. 20,754 91,884 71,130 2,684 317,007 314,323

Mar. r ................................................................. 26,985 114,857 87,872 -13,101 376,718 389,819

Apr. r.................................................................. 16,995 89,685 72,690 -1,793 366,620 368,413

May r ................................................................. 18,468 86,082 67,614 -7,517 348,723 356,240

June r ................................................................ 26,574 93,830 67,256 2,445 333,716 331,271

July r.................................................................. 28,128 97,266 69,138 9,780 359,103 349,323

Aug .................................................................... 24,486 87,534 63,048 -1,166 284,280 285,446

Sept................................................................... 43,519 108,466 64,947 -2,876 281,547 284,423

Oct..................................................................... 18,935 89,702 70,767 2,851 332,878 330,027

Nov. p................................................................ 25,569 104,206 78,637 14,482 368,802 354,320

Dec. p................................................................ 40,809 117,303 76,494 7,141 361,645 354,504

 

 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
84 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] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2000 ..................................................... -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 r ................................................... -62,306 20,061 1,558,558 1,538,497 -82,367 1,332,490 1,414,857 

2004 - Jan. - Dec. p.............................. -94,027 -2,349 1,466,195 1,468,544 -91,678 1,711,458 1,803,136 

 

2003 - Dec. r ........................................ -3,885 2,917 111,493 108,576 -6,802 115,104 121,906 

2004 - Jan. r......................................... -8,355 5,255 145,276 140,021 -13,610 130,051 143,661 

Feb. r........................................ 1,035 4,486 141,233 136,747 -3,451 144,424 147,875 

Mar. r ........................................ 3,549 2,344 154,377 152,033 1,205 182,904 181,699 

Apr. r......................................... -11,892 871 104,972 104,101 -12,763 157,219 169,982 

May r ........................................ 294 7,486 112,043 104,557 -7,192 147,675 154,867 

June r ...................................... -8,592 -2,829 107,714 110,543 -5,763 144,147 149,910 

July r ........................................ -11,864 -1,843 107,608 109,451 -10,021 132,127 142,148 

Aug ........................................... -2,963 -3,153 111,207 114,360 190 129,974 129,784 

Sept.......................................... -4,564 -826 125,472 126,298 -3,738 116,948 120,686 

Oct............................................ -17,726 -5,061 119,956 125,017 -12,665 133,863 146,528 

Nov. p....................................... -11,351 -2,869 118,354 121,223 -8,482 150,336 158,818 

Dec. p....................................... -21,598 -6,210 117,983 124,193 -15,388 141,790 157,178 

 
 CAPITAL MOVEMENTS 85

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 

 2004 2004 2004 2004 

Country 

 Calendar 

 year 

 2003 r 

 (1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

 through 

 Dec. p 

 (3) 

Calendar 

year 

2003 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through

 Dec. p 

 (6) 

 Calendar 

 year 

 2003 r 

 (7) 

 Jan. 

 through

 Dec. 

 (8) 

Oct. 

through 

Dec. p 

(9) 

Calendar

year 

2003 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct 

through 

Dec. p 

(12) 

Europe: 

Austria ............................ -860 701 191 657 -332 -59 417 266 88 -181 -134 -214

Belgium 1 ........................ 1,741 118 458 654 5,649 3,717 2,464 5,737 1,668 229 -809 -345

Bulgaria .......................... 47 -213 -183 14 -6 4 18 63 - -2 -12 -1

Czech Republic............... 281 1,189 870 2,097 10 27 72 34 27 26 -12 -18

Denmark ......................... 2,362 -299 -62 1,580 70 100 1,200 1,023 173 693 351 316

Finland............................ -425 -68 492 113 255 29 -89 159 -1 290 -191 -272

France ............................ -6,934 -10,219 -2,523 866 -213 534 3,869 7,393 2,292 6,216 -828 -2,452

Germany......................... 7,890 8,510 3,918 -1,146 -120 -84 3,587 11,735 -267 -991 -2,379 534

Greece............................ 535 -1,350 -322 -102 63 1 27 115 67 -44 78 38

Hungary .......................... 44 230 138 2 -3 - 12 -7 -18 -5 149 144

Ireland............................. 3,754 1,697 294 3,122 4,223 1,691 10,047 10,222 1,754 7,779 2,122 1,202

Italy................................. -2,684 -212 377 390 -280 65 2,041 578 339 560 -1,700 -480

Luxembourg 1 ................. 905 -575 -80 2,732 800 468 5,174 5,807 1,779 2,037 4,535 1,003

Netherlands .................... -240 -3,152 -611 382 -161 59 2,263 2,120 458 70 2,228 1,095

Norway ........................... 10,839 12,341 6,262 592 1,569 552 5,765 3,512 1,415 5,024 1,587 207

Poland ............................ 859 -254 -42 406 105 -1 25 -33 -28 -5 2 -40

Portugal .......................... 743 1,958 212 130 54 37 -30 80 15 117 24 -2

Romania ......................... 905 172 220 -39 1,037 305 69 185 159 - - -

Russia 2 .......................... -127 -281 158 3,502 14,783 3,107 83 161 -7 - -43 3

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 15 135 30 - - - 9 - - 2 -3 -4

Spain .............................. -5,136 -1,965 364 -4,028 -368 -96 673 1,944 140 371 63 58

Sweden........................... 407 3,236 2,846 -88 148 163 268 1,109 132 3,413 785 1,148

Switzerland ..................... 4,893 5,516 2,246 1,578 3,013 1,080 6,050 4,071 181 -2,194 -1,276 -1,073

Turkey............................. -1,591 4,326 -670 7 30 3 -343 31 15 25 -27 -5

United Kingdom.............. 36,084 80,488 32,700 25,216 53,290 17,858 107,099 97,873 35,777 851 15,137 17,759

Channel Islands and 

Isle of Man 4................ 1,670 1,176 249 1,809 575 -134 18,336 5,902 1,907 96 -185 -481

Other Europe .................. -1,894 -10,218 -4,867 179 192 -153 588 1,965 456 -27 11 -67

Total Europe............... 54,083 92,987 42,665 40,625 84,383 29,273 169,694 162,045 48,521 24,350 19,473 18,053

Canada ............................... 10,318 16,106 7,520 -1,043 6,000 1,039 5,607 6,334 2,293 11,697 -433 -1,413

Latin America: 

Argentina ........................ 1,413 415 141 -364 168 52 395 397 251 -299 -77 -34

Brazil............................... 2,923 1,543 -1,039 -480 1,767 1,165 831 747 235 165 109 -72

Chile ............................... -245 475 85 292 -616 -245 85 272 102 142 29 31

Colombia ........................ -562 214 83 415 142 90 160 383 8 47 53 27

Ecuador .......................... 60 -32 7 417 143 35 67 71 -22 30 -11 -12

Guatemala ...................... 3 35 11 62 49 3 8 5 10 -37 -1 -5

Mexico ............................ 5,357 8,370 431 3,591 3,854 599 3,294 15,398 5,882 -298 -261 -180

Panama .......................... -184 -491 -150 1,456 1,030 400 334 738 265 -19 607 532

Peru................................ 590 482 18 971 570 61 224 562 244 142 -101 -1

Uruguay .......................... 791 -28 -5 468 335 143 432 350 112 259 115 33

Venezuela....................... 312 -15 37 638 1,001 56 460 972 331 581 58 145

Other Latin America........ 281 77 36 1,205 1,031 273 775 493 153 -32 -62 -56

Total Latin America..... 10,739 11,045 -345 8,671 9,474 2,632 7,065 20,388 7,571 681 458 408

Caribbean: 

Bahamas ........................ -6,905 4,701 -13,518 4,668 4,231 333 2,218 -73 82 -133 2,434 1,639

Bermuda ......................... 24,906 -20,147 -24,962 8,537 3,860 -445 13,832 11,059 1,746 -4,329 911 703

Cayman Islands .............. -14,697 18,938 2,351 17,007 21,709 8,051 33,660 34,829 5,182 2,194 -5,730 1,725

Cuba............................... - n.a. n.a. - n.a. n.a. - n.a. n.a. -2 n.a. n.a.

Jamaica .......................... -1 -79 - 468 84 -30 124 415 49 17 11 2

Netherlands Antilles........ 7,982 11,596 573 -917 162 30 698 462 199 741 975 1,299

Trinidad and Tobago....... 65 206 158 277 259 87 61 105 43 13 -26 -24

Other Caribbean ............. -2,623 7,402 5,649 3,720 3,303 1,146 4,695 4,473 2,450 287 462 461

Total Caribbean .......... 8,727 22,617 -29,749 33,760 33,608 9,172 55,288 51,270 9,751 -1,212 -963 5,805

See footnotes at end of table. 
86 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 

2004 2004 2004 2004 

Country 

Calendar 

year 

2003 r 

(1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar

year 

2003 r 

(4) 

Jan. 

through 

Dec. 

(5) 

Oct 

through 

Dec. p 

(6) 

Calendar 

year 

2003 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2003 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct 

through 

Dec. p 

(12) 

Asia: 

China: 

Mainland................................ 30,149 18,895 12,931 29,425 16,387 5,112 4,585 12,341 4,763 -72 -290 -45

Taiwan................................... 9,072 7,156 1,119 8,548 3,243 605 1,575 1,590 474 308 -294 -298

Hong Kong................................. 6,237 1,082 376 11,926 11,291 2,817 4,462 5,744 2,406 795 -779 -278

India........................................... 485 -127 -415 -18 11 3 19 8 8 -70 -159 -33

Indonesia................................... 670 1,166 525 498 1,693 389 47 -74 1 67 21 -13

Israel.......................................... -2,318 2,237 1,303 716 745 134 547 471 230 -24 89 -148

Japan......................................... 148,348 166,383 8,723 21,861 44,442 22,182 10,621 30,440 7,370 -2,230 2,837 1,700

Korea......................................... 4,897 5,856 4,456 8,413 10,868 1,438 718 1,647 368 -26 -45 -50

Lebanon..................................... 18 -4 - 7 1 - 8 10 7 -33 -3 -17

Malaysia .................................... -258 439 433 -1,168 551 130 8 124 47 -13 -109 -8

Pakistan..................................... - -297 -166 3 24 -35 3 1 -17 -5 -8 -3

Philippines ................................. 461 140 1 55 600 266 88 234 70 -37 20 1

Singapore .................................. -1,308 3,470 1,391 619 2,060 546 3,218 4,413 1,014 3,466 -1,453 -1,495

Syria .......................................... -1 -10 n.a. -2 -3 n.a. -1 -9 n.a. 1 3 n.a.

Thailand..................................... -5,987 -443 69 162 254 106 397 81 29 -9 17 20

Oil-exporting countries 5............. -7,134 9,041 8,318 1,717 4,353 423 2,030 348 165 504 6,473 2,342

Other Asia.................................. 153 -198 -81 4 -27 -67 87 58 42 13 125 44

Total Asia .............................. 183,484 214,786 38,983 82,766 96,493 34,049 28,412 57,427 16,977 2,635 6,445 1,719

Africa: 

Congo (formerly Zaire)............... - -1 n.a. - - n.a. - - n.a. -9 - n.a.

Egypt ......................................... 48 -20 -12 86 13 24 97 23 24 -55 20 -14

Ghana........................................ - - - - - - 1 - - 1 -2 -1

Liberia........................................ -34 -34 -3 709 505 -204 201 262 55 9 -153 -13

Morocco..................................... -49 248 - 1 - - -1 2 - 187 5 -1

South Africa ............................... -123 31 12 35 85 10 -40 -175 -133 6 21 7

Oil-exporting countries 6............. 52 249 250 859 299 - -8 200 100 -13 -21 -2

Other Africa ............................... 163 204 35 271 95 33 143 140 53 132 96 29

Total Africa ............................ 57 677 282 1,961 997 -137 393 452 99 258 -34 5

Other countries: 

Australia..................................... 6,706 -2,213 2,016 -769 370 -24 397 1,417 -242 -637 353 -184

New Zealand.............................. -409 -326 19 -144 47 -7 88 72 10 207 793 156

All other countries ...................... 950 360 43 440 220 86 1,113 -122 73 -65 -140 -14

Total other countries.............. 7,247 -2,179 2,078 -473 637 55 1,598 1,367 -159 -495 1,006 -42

Total foreign countries ....... 274,655 356,039 61,434 166,267 231,592 76,083 268,057 299,283 85,053 37,914 25,952 24,535

International and regional orgs: 

International............................... -435 2 -533 -930 385 -112 630 1,206 106 -51 -133 -60

European regional ..................... 114 62 6 - 9 - 27 95 40 - -2 -

Latin American regional ............. -38 11 23 -31 148 19 139 112 76 -7 2 4

Caribbean regional .................... -15 -37 -32 37 40 21 - -3 - -1 - -

Asian regional............................ -351 634 1,118 -126 229 296 2 - - -5 -1 -1

African regional.......................... 10 47 - -14 2 32 11 104 36 - - -

Middle Eastern regional ............. - - - - 52 20 - 8 2 31 -3 -4

Total international and regional.. -715 719 582 -1,064 865 276 809 1,522 260 -33 -137 -61

Grand total......................... 273,940 356,758 62,016 165,203 232,457 76,359 268,866 300,805 85,313 37,881 25,815 24,474

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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 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. 

4 Before January 2001, data included in United Kingdom. 

5 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States). 

6 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2004, 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 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

 Total 

 pur- 

 chases

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

agencies

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps 

and 

federallysponsored 

agencies

 (10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds

 (13) 

 Stocks

 (14) 

Europe: 

Austria ........................................ 3,965 1,917 245 198 780 548 277 4,071 1,726 304 110 994 446 491 

Belgium 1 .................................... 33,791 5,997 19,441 2,105 4,640 301 1,307 28,103 5,539 15,724 437 4,985 127 1,291 

Bulgaria ...................................... 125 114 4 - 4 3 - 305 297 - - 5 3 - 

Czech Republic........................... 5,275 4,895 71 36 203 1 69 4,381 4,025 44 9 221 8 74 

Denmark ..................................... 5,546 2,437 478 538 1,213 257 623 5,128 2,499 378 365 897 195 794 

Finland........................................ 2,442 1,507 83 46 437 18 351 2,277 1,015 54 47 709 14 438 

France ........................................ 287,340 167,748 1,276 5,295 93,578 6,995 12,448 289,710 170,271 742 3,003 96,030 6,922 12,742 

Germany..................................... 74,762 26,411 1,157 4,963 27,364 10,325 4,542 71,295 22,493 1,241 5,230 26,830 10,258 5,243 

Greece........................................ 1,055 143 22 78 324 47 441 1,491 465 21 11 286 168 540 

Hungary ...................................... 791 222 - 76 212 26 255 424 84 - 94 68 11 167 

Ireland......................................... 128,296 94,203 5,879 6,854 11,178 3,764 6,418 122,110 93,909 4,188 5,100 9,976 3,825 5,112 

Italy............................................. 19,903 4,755 1,020 440 9,106 1,896 2,686 20,683 4,378 955 101 9,586 2,149 3,514 

Luxembourg 1.............................. 22,831 7,491 2,865 3,197 5,748 1,846 1,684 19,612 7,571 2,397 1,418 4,745 1,387 2,094 

Netherlands ................................ 37,036 13,847 1,831 2,417 13,220 1,403 4,318 35,975 14,458 1,772 1,959 12,125 1,141 4,520 

Norway ....................................... 78,130 64,993 4,842 1,961 3,348 1,784 1,202 69,539 58,731 4,290 546 3,141 1,535 1,296 

Poland ........................................ 1,609 1,216 75 - 76 146 96 1,919 1,258 76 28 116 288 153 

Portugal ...................................... 4,174 3,008 239 48 429 172 278 3,780 2,796 202 33 431 52 266 

Romania ..................................... 1,936 1,106 430 193 4 203 - 1,132 886 125 34 4 83 - 

Russia 2 ...................................... 5,088 652 3,718 7 240 185 286 2,003 494 611 14 237 283 364 

Serbia and Montenegro (formerly

Yugoslavia) 3 .......................... 148 147 - - - 1 - 121 117 - - 4 - - 

Spain .......................................... 23,114 5,635 825 11,032 2,196 1,178 2,248 23,839 5,271 921 10,892 2,138 934 3,683 

Sweden....................................... 23,870 10,467 3,333 332 6,778 200 2,760 22,638 7,621 3,170 200 5,630 139 5,878 

Switzerland ................................. 43,944 14,762 2,779 2,416 15,899 1,575 6,513 40,988 12,516 1,699 2,235 16,972 1,474 6,092 

Turkey......................................... 1,160 92 11 31 36 660 330 2,168 762 8 16 41 868 473 

United Kingdom .......................... 1,811,610 956,763 50,332 137,043 318,719 183,028 165,725 1,738,067 924,063 32,474 101,266 300,960 199,760 179,544 

Channel Islands and Isle of Man 4..... 16,233 1,060 358 5,039 3,754 4,978 1,044 14,829 811 492 3,132 4,235 5,138 1,021 

Other Europe .............................. 15,470 7,138 617 732 1,179 1,678 4,126 20,321 12,005 770 276 1,246 1,518 4,506 

Total Europe........................... 2,649,644 1,398,726 101,931 185,077 520,665 223,218 220,027 2,546,909 1,356,061 72,658 136,556 502,612 238,726 240,296 

Canada............................................ 194,869 105,839 3,907 6,825 26,339 29,712 22,247 189,194 98,319 2,868 4,532 27,752 31,753 23,970 

Latin America: 

Argentina .................................... 3,158 363 131 391 831 792 650 2,388 222 79 140 865 478 604 

Brazil........................................... 13,892 7,601 1,250 521 615 1,873 2,032 14,855 8,640 85 286 687 2,528 2,629 

Chile ........................................... 5,163 3,191 241 234 378 706 413 5,100 3,106 486 132 347 695 334 

Colombia..................................... 2,429 928 194 197 209 837 64 2,871 845 104 189 182 1,480 71 

Ecuador ...................................... 520 49 49 109 80 123 110 474 42 14 131 92 69 126 

Guatemala .................................. 452 15 7 12 24 391 3 335 4 4 2 29 289 7 

Mexico ........................................ 18,800 2,729 1,212 6,471 1,929 4,278 2,181 12,663 2,298 613 589 2,109 4,418 2,636 

Panama ...................................... 5,245 450 1,623 719 1,118 1,054 281 5,148 600 1,223 454 586 2,027 258 

Peru............................................ 780 79 90 309 70 160 72 507 61 29 65 71 231 50 

Uruguay ...................................... 2,482 627 184 236 364 818 253 2,096 632 41 124 331 776 192 

Venezuela................................... 2,995 424 104 546 881 867 173 2,569 387 48 215 736 964 219 

Other Latin America 5.................. 3,447 2,229 331 190 176 475 46 2,919 2,193 58 37 232 360 39 

Total Latin America................. 59,363 18,685 5,416 9,935 6,675 12,374 6,278 51,925 19,030 2,784 2,364 6,267 14,315 7,165 

Caribbean: 

Bahamas..................................... 78,922 47,246 3,412 1,790 18,369 4,536 3,569 89,772 60,764 3,079 1,708 16,730 3,998 3,493 

Bermuda ..................................... 326,798 160,094 7,398 10,662 125,720 5,962 16,962 349,341 185,056 7,843 8,916 125,017 5,791 16,718 

Cayman Islands 6........................ 576,615 181,517 57,113 56,791 207,055 35,873 38,266 556,954 179,166 49,062 51,609 205,330 37,551 34,236 

Cuba ........................................... - - - - - - - - - - - - - - 

Jamaica ...................................... 353 20 92 58 14 169 - 372 20 122 9 12 208 1 

Netherlands Antilles.................... 30,122 8,400 169 540 15,854 2,187 2,972 27,543 7,827 139 341 14,555 1,979 2,702 

Trinidad and Tobago................... 1,568 751 504 51 42 207 13 1,285 593 417 8 66 196 5 

Other Caribbean 5 ....................... 218,827 84,848 2,716 9,688 102,722 2,422 16,431 208,207 79,199 1,570 7,238 102,261 2,369 15,570 

Total Caribbean...................... 1,233,205 482,876 71,404 79,580 469,776 51,356 78,213 1,233,474 512,625 62,232 69,829 463,971 52,092 72,725 

 

See footnotes at end of table. 
88 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2004, 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 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally- 

 spon- 

 sored 

 agencies 

 (10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 77,443 54,728 14,900 5,246 587 1,673 309 53,942 41,797 9,788 483 632 636 606

Taiwan......................... 15,564 3,530 2,446 695 1,404 650 6,839 18,522 2,411 1,841 221 1,702 287 12,060

Hong Kong ...................... 53,180 18,496 6,322 3,620 3,043 3,834 17,865 50,375 18,120 3,505 1,214 3,321 4,234 19,981

India ................................ 2,605 1,243 3 9 66 63 1,221 3,701 1,658 - 1 99 1 1,942

Indonesia......................... 1,891 897 574 3 79 85 253 1,129 372 185 2 92 67 411

Israel ............................... 7,121 3,314 186 532 2,130 126 833 5,963 2,011 52 302 2,278 95 1,225

Japan .............................. 276,628 150,982 33,935 14,005 12,270 21,164 44,272 243,004 142,259 11,753 6,635 10,570 19,153 52,634

Korea............................... 20,848 11,336 3,508 594 110 1,614 3,686 13,525 6,880 2,070 226 160 435 3,754

Lebanon .......................... 150 - 1 8 98 36 7 160 - 1 1 115 28 15

Malaysia .......................... 3,091 1,786 183 54 115 294 659 2,772 1,353 53 7 123 139 1,097

Pakistan........................... 107 80 8 8 8 3 - 328 246 43 25 11 - 3

Philippines....................... 2,010 799 628 97 125 261 100 1,696 798 362 27 124 238 147

Singapore........................ 40,081 20,223 1,915 2,627 6,781 2,901 5,634 38,159 18,832 1,369 1,613 8,276 1,708 6,361

Syria ................................ 1 - - - 1 - - 2 - - - 1 1 -

Thailand........................... 1,725 860 115 31 148 26 545 1,731 791 9 2 128 9 792

Other Asia ....................... 24,353 12,388 1,687 536 7,723 990 1,029 12,948 4,151 1,331 329 5,337 856 944

Total Asia .................... 526,798 280,662 66,411 28,065 34,688 33,720 83,252 447,957 241,679 32,362 11,088 32,969 27,887 101,972

Africa: 

Congo (formerly Zaire)..... - - - - - - - - - - - - - -

Egypt ............................... 443 5 40 56 164 48 130 547 17 16 32 178 20 284

Ghana ............................. 9 - - - - - 9 10 - - - 1 - 9

Liberia ............................. 786 - 221 84 323 29 129 990 3 425 29 336 42 155

Morocco........................... 26 - - - 10 4 12 34 - - - 11 - 23

South Africa..................... 901 97 10 11 123 212 448 1,405 85 - 144 116 209 851

Other Africa ..................... 2,455 569 72 218 144 1,035 417 880 284 39 65 117 107 268

Total Africa .................. 4,620 671 343 369 764 1,328 1,145 3,866 389 480 270 759 378 1,590

Other countries: 

Australia .......................... 35,863 13,877 1,057 611 3,311 2,803 14,204 34,657 11,861 1,081 853 3,495 3,329 14,038

New Zealand ................... 1,572 209 30 52 311 642 328 1,311 190 37 42 155 506 381

All other countries............ 891 151 158 86 184 248 64 768 108 72 13 198 259 118

Total other countries.... 38,326 14,237 1,245 749 3,806 3,693 14,596 36,736 12,159 1,190 908 3,848 4,094 14,537

Total foreign countries.. 4,706,825 2,301,696 250,657 310,600 1,062,713 355,401 425,758 4,510,061 2,240,262 174,574 225,547 1,038,178 369,245 462,255

International and 

 regional orgs: 

International..................... 4,215 2,172 384 445 524 673 17 5,210 2,705 496 339 584 1,072 14

European regional ........... 442 6 4 40 - 183 209 328 - 4 - - 72 252

Latin American regional... 255 25 42 88 74 26 - 138 2 23 12 70 31 -

Caribbean regional .......... 26 - 24 - - 2 - 35 32 3 - - - -

Asian regional.................. 3,317 2,372 933 - 3 8 1 1,909 1,254 637 - 4 13 1

African regional................ 68 - 32 36 - - - - - - - - - -

Middle Eastern regional... 37 - 20 2 11 - 4 17 - - - 15 - 2

Total international 

 and regional............. 8,360 4,575 1,439 611 612 892 231 7,637 3,993 1,163 351 673 1,188 269

Grand total .............. 4,715,185 2,306,271 252,096 311,211 1,063,325 356,293 425,989 4,517,698 2,244,255 175,737 225,898 1,038,851 370,433 462,524

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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 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. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2004 

[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 

Corporate and 

other Foreign securities 

Corporate and 

other 

Foreign 

securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks 

 (5) 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks

(14) 

Europe: 

Austria ....................................... 18,075 9,738 1,538 768 3,193 1,762 1,076 17,601 9,037 1,870 502 3,327 1,453 1,412

Belgium 1 ................................... 100,606 27,250 40,194 7,731 16,832 3,896 4,703 88,578 27,132 34,545 1,994 17,641 2,936 4,330

Bulgaria ..................................... 397 248 20 77 31 15 6 551 461 26 14 43 7 -

Czech Republic.......................... 30,080 28,024 700 69 719 305 263 28,514 26,835 690 35 731 41 182

Denmark .................................... 25,896 12,951 2,787 2,566 3,710 1,191 2,691 25,273 13,250 2,717 1,543 3,359 1,589 2,815

Finland....................................... 9,408 4,472 571 390 1,901 224 1,850 9,145 4,540 316 231 2,092 169 1,797

France ....................................... 1,056,562 573,751 4,983 21,698 390,093 18,674 47,363 1,065,652 583,970 5,196 14,305 390,921 20,200 51,060

Germany.................................... 302,542 138,242 5,589 23,566 71,704 44,730 18,711 283,665 129,732 5,709 11,831 74,083 41,042 21,268

Greece....................................... 6,162 3,263 134 160 997 414 1,194 7,723 4,613 71 45 919 530 1,545

Hungary ..................................... 1,909 738 41 111 392 160 467 1,286 508 44 118 243 61 312

Ireland........................................ 497,326 379,649 20,811 26,493 41,527 12,356 16,490 474,356 377,952 16,588 16,271 39,405 9,676 14,464

Italy............................................ 84,314 22,701 3,552 1,466 38,176 8,239 10,180 85,889 22,913 3,832 888 39,876 7,127 11,253

Luxembourg 1 ............................ 81,684 18,568 14,919 11,651 23,150 6,463 6,933 68,573 19,143 14,119 5,844 18,615 4,006 6,846

Netherlands ............................... 148,301 67,831 6,601 8,519 41,806 5,583 17,961 147,111 70,983 6,762 6,399 39,578 5,691 17,698

Norway ...................................... 329,104 291,421 10,395 4,952 11,836 6,614 3,886 310,281 279,080 8,826 1,440 10,249 6,239 4,447

Poland ....................................... 6,161 4,315 458 10 261 810 307 6,206 4,569 353 43 259 620 362

Portugal ..................................... 22,620 18,813 813 163 1,306 642 883 20,296 16,855 759 83 1,282 430 887

Romania .................................... 7,087 5,051 1,260 269 21 486 - 5,425 4,879 223 84 21 218 -

Russia 2 ..................................... 26,721 2,034 21,080 222 683 947 1,755 12,167 2,315 6,297 61 726 1,207 1,561

Serbia and Montenegro 

(formerly Yugoslavia) 3 .......... 986 935 - - 2 49 - 843 800 - - 5 31 7

Spain ......................................... 78,184 24,503 2,832 27,433 8,120 7,325 7,971 81,042 26,468 3,200 25,489 8,057 7,858 9,970

Sweden...................................... 103,488 53,573 14,956 1,649 22,466 868 9,976 107,025 50,337 14,808 540 21,681 1,082 18,577

Switzerland ................................ 177,384 58,192 8,730 12,509 63,063 9,620 25,270 163,440 52,676 5,717 8,438 64,339 7,707 24,563

Turkey........................................ 16,846 14,258 53 89 136 1,170 1,140 13,412 9,932 23 58 163 1,869 1,367

United Kingdom......................... 6,484,093 3,387,903 188,831 459,755 1,006,352 778,633 662,619 6,318,565 3,307,415 135,541 361,882 991,215 824,926 697,586

Channel Islands and Isle 

 of Man 4.................................. 62,394 9,865 1,660 23,972 14,537 8,827 3,533 55,937 8,689 1,085 18,070 14,722 9,795 3,576

Other Europe ............................. 57,499 24,940 5,687 2,905 4,776 6,398 12,793 65,614 35,158 5,495 940 4,765 5,673 13,583

Total Europe.......................... 9,735,829 5,183,229 359,195 639,193 1,767,790 926,401 860,021 9,464,170 5,090,242 274,812 477,148 1,748,317 962,183 911,468

Canada .......................................... 777,044 424,198 16,834 24,709 119,843 113,194 78,266 750,283 408,092 10,834 18,375 120,276 113,634 79,072

Latin America: 

Argentina ................................... 12,619 1,604 618 1,077 4,160 3,172 1,988 10,560 1,189 450 680 4,237 2,230 1,774

Brazil.......................................... 74,492 44,779 2,921 1,747 2,616 14,651 7,778 70,869 43,236 1,154 1,000 2,507 14,119 8,853

Chile .......................................... 19,688 10,466 1,514 884 1,693 3,744 1,387 18,576 9,991 2,130 612 1,664 2,990 1,189

Colombia ................................... 10,052 3,441 1,140 892 1,100 3,248 231 9,621 3,227 998 509 1,047 3,590 250

Ecuador ..................................... 2,762 225 454 607 756 215 505 2,586 257 311 536 767 163 552

Guatemala ................................. 939 41 92 26 94 658 28 711 6 43 21 95 513 33

Mexico ....................................... 94,391 26,787 14,111 17,714 6,331 18,222 11,226 63,162 18,417 10,257 2,316 6,592 16,610 8,970

Panama ..................................... 13,076 1,540 3,160 1,734 3,007 2,603 1,032 11,940 2,031 2,130 996 2,400 3,435 948

Peru........................................... 3,880 749 853 800 436 781 261 2,392 267 283 238 537 789 278

Uruguay ..................................... 9,383 2,426 588 747 1,750 3,102 770 8,224 2,454 253 397 1,635 2,846 639

Venezuela.................................. 11,093 1,065 1,230 1,781 3,092 3,058 867 9,532 1,080 229 809 3,034 3,544 836

Other Latin America 5................. 12,600 7,076 1,398 878 853 2,220 175 10,602 6,999 367 385 915 1,792 144

Total Latin America ............... 264,975 100,199 28,079 28,887 25,888 55,674 26,248 218,775 89,154 18,605 8,499 25,430 52,621 24,466

Caribbean: 

Bahamas ................................... 350,360 185,878 11,585 18,969 87,132 26,421 20,375 339,074 181,177 7,354 19,042 84,698 25,249 21,554

Bermuda .................................... 1,271,904 566,404 99,591 51,675 470,156 26,179 57,899 1,275,725 586,551 95,731 40,616 469,245 25,878 57,704

Cayman Islands 6....................... 2,667,191 840,854 404,860 254,510 874,240 131,866 160,861 2,589,423 821,916 383,151 219,681 879,970 129,527 155,178

Cuba.......................................... - - - - - - - - - - - - - -

Jamaica ..................................... 2,306 376 628 500 51 728 23 1,741 455 544 85 40 594 23

Netherlands Antilles................... 144,971 69,120 1,001 2,485 57,790 4,236 10,339 131,713 57,524 839 2,023 56,815 3,813 10,699

Trinidad and Tobago.................. 3,475 1,477 986 168 143 674 27 2,814 1,271 727 63 169 567 17

Other Caribbean 5 ...................... 917,300 288,423 9,214 35,008 503,624 10,310 70,721 899,842 281,021 5,911 30,535 503,162 10,698 68,515

Total Caribbean..................... 5,357,507 1,952,532 527,865 363,315 1,993,136 200,414 320,245 5,240,332 1,929,915 494,257 312,045 1,994,099 196,326 313,690

See footnotes at end of table. 
90 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 2004, 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 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and

 federally-

 spon- 

 sored 

 agencies 

 (3) 

 Bonds

 (4) 

 Stocks 

 (5) 

 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 

federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13)

 Stocks

 (14) 

Asia: 

China: 

Mainland................... 274,043 190,141 61,281 13,946 2,042 5,550 1,083 223,721 171,246 44,894 1,605 2,332 1,947 1,697

Taiwan...................... 109,323 20,239 11,831 2,326 5,363 3,421 66,143 105,443 13,083 8,588 736 5,657 1,135 76,244

Hong Kong ................... 243,436 102,599 26,625 9,737 12,636 16,944 74,895 221,282 101,517 15,334 3,993 13,415 14,089 72,934

India ............................. 15,067 8,572 21 67 220 530 5,657 15,637 8,699 10 59 379 15 6,475

Indonesia...................... 10,969 5,812 3,381 16 326 474 960 8,202 4,646 1,688 90 305 366 1,107

Israel ............................ 32,620 16,910 1,341 2,167 7,542 437 4,223 29,016 14,673 596 1,696 7,453 381 4,217

Japan ........................... 1,189,962 700,988 112,661 50,662 47,743 97,388 180,520 971,339 534,605 68,219 20,222 44,906 89,690 213,697

Korea............................ 102,703 55,862 25,221 2,538 567 5,324 13,191 84,479 50,006 14,353 891 612 3,903 14,714

Lebanon ....................... 625 9 7 17 477 56 59 652 13 6 7 480 94 52

Malaysia ....................... 13,212 7,949 1,098 179 383 1,253 2,350 12,487 7,510 547 55 492 426 3,457

Pakistan........................ 443 158 69 56 80 20 60 712 455 45 55 88 12 57

Philippines.................... 7,075 2,746 1,792 396 459 1,325 357 7,618 2,606 1,192 162 439 2,812 407

Singapore..................... 164,013 79,364 9,238 11,893 25,873 15,581 22,064 146,914 75,894 7,178 7,480 27,326 6,713 22,323

Syria ............................. 19 4 1 - 13 - 1 39 14 4 9 10 1 1

Thailand........................ 6,254 3,014 693 105 383 181 1,878 6,449 3,457 439 24 366 167 1,996

Other Asia .................... 73,886 28,216 10,571 2,810 24,726 3,630 3,933 52,810 19,373 6,245 2,404 18,128 3,287 3,373

Total Asia ................. 2,243,650 1,222,583 265,831 96,915 128,833 152,114 377,374 1,886,800 1,007,797 169,338 39,488 122,388 125,038 422,751

Africa: 

Congo (formerly Zaire).... - - - - - - - 1 1 - - - - -

Egypt ............................ 1,321 132 50 114 568 169 288 1,285 152 37 91 548 65 392

Ghana .......................... 29 - - - - - 29 26 - - - 2 - 24

Liberia .......................... 4,562 6 2,746 333 967 105 405 4,133 40 2,241 71 1,120 94 567

Morocco........................ 404 248 - 2 66 56 32 128 - - - 61 32 35

South Africa.................. 4,967 1,418 120 352 484 622 1,971 5,298 1,387 35 527 463 745 2,141

Other Africa .................. 6,208 1,596 611 478 684 1,844 995 2,943 1,143 217 138 609 231 605

Total Africa ............... 17,491 3,400 3,527 1,279 2,769 2,796 3,720 13,814 2,723 2,530 827 2,803 1,167 3,764

Other countries: 

Australia ....................... 132,918 59,320 4,163 3,798 12,386 10,085 43,166 136,251 61,533 3,793 2,381 12,033 11,318 45,193

New Zealand ................ 5,651 874 224 224 1,569 1,606 1,154 5,541 1,200 177 152 776 2,072 1,164

All other countries......... 5,425 2,078 578 498 911 966 394 4,830 1,718 358 620 1,051 589 494

Total other countries. 143,994 62,272 4,965 4,520 14,866 12,657 44,714 146,622 64,451 4,328 3,153 13,860 13,979 46,851

Total foreign 

 countries........... 18,540,490 8,948,413 1,206,296 1,158,818 4,053,125 1,463,250 1,710,588 17,720,796 8,592,374 974,704 859,535 4,027,173 1,464,948 1,802,062

International and 

 regional orgs.: 

International ..................... 18,638 12,065 1,531 1,739 1,092 2,187 24 17,802 12,063 1,146 533 1,225 2,792 43

European regional ............ 1,912 203 33 201 3 633 839 2,023 141 24 106 5 721 1,026

Latin American regional...... 1,028 48 297 282 316 85 - 726 37 149 170 314 56 -

Caribbean regional ........... 62 - 60 - - 2 - 60 37 20 3 - - -

Asian regional................... 8,710 7,025 1,648 - 3 33 1 7,842 6,391 1,419 - 4 26 2

African regional................. 209 56 43 104 - 5 1 51 9 41 - - 1 -

Middle Eastern regional .... 102 - 52 8 37 - 5 43 - - - 40 - 3

 Total international 

 and regional............ 30,661 19,397 3,664 2,334 1,451 2,945 870 28,547 18,678 2,799 812 1,588 3,596 1,074

 Grand total.............. 18,571,151 8,967,810 1,209,960 1,161,152 4,054,576 1,466,195 1,711,458 17,749,343 8,611,052 977,503 860,347 4,028,761 1,468,544 1,803,136

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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 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. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 91

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

-100

-50

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004

Jan. - Dec.

2004

Oct. - Dec.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2004 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 

2004 

Jan. - Dec. 

2004 

 Oct - Dec. 

United Kingdom .............................. 183,986 186,691 156,450 246,788 104,094

All other Europe .............................. 78,921 57,064 132,302 112,100 34,418

Caribbean banking centers 1,2......... 57,817 76,144 91,049 91,801 -13,965

Japan .............................................. 56,589 91,412 178,600 244,102 39,975

All other Asia................................... 110,995 109,314 118,697 131,049 51,753

Subtotal ....................................... 488,308 520,625 677,098 825,840 216,275

All other countries ........................... 32,541 26,940 68,792 89,995 31,887

Grand total .................................. 520,849 547,565 745,890 915,835 248,162

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 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 have been 

modest, amounting to $7 billion in 

both 2001 and 2002, $2 billion in 

2003, and $14 billion in 2004. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site. 

The data present aggregate net 

purchases for 2001 through 2004. 

The figures show that foreigners’ 

annual net purchases (gross 

purchases minus gross sales) of 

U.S. securities have maintained an 

extremely high level since 2001. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2003, net 

acquisitions (including stock 

swaps) of U.S. securities totaled a 

record $748 billion. Net 

acquisitions in 2004 were even 

stronger at $929 billion. 
92 CAPITAL MOVEMENTS 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

 2000 2001 2002 2003 2004

Jan.-Dec.

2004

Oct.-Dec.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2004

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2000 2001 2002 2003 

2004 

Jan. - Dec. 

2004 

Oct. - Dec. 

Foreign bonds ........ 4,054 -30,502 -28,492 -20,061 2,349 14,140 

Foreign stocks........ 13,088 50,113 1,493 82,367 91,678 36,535 

Total ..................... 17,142 19,611 -26,999 62,306 94,027 50,675 

* 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 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 $80 billion in 2000, 

$47 billion in 2001, $3 billion in 

2002, $17 billion in 2003, and $13 

billion in 2004. (Stock swaps data 

for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to 

substantial revisions.) These stock 

swaps are not reported under the 

TIC reporting system, but are now 

available on the TIC web site. 

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. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed, with acquisitions of 

$67 billion in 2001, net sales of 

$24 billion in 2002, and 

acquisitions of $80 billion in 

2003. In 2004, acquisitions 

amounted to a more robust $107 

billion. 
93

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 reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants 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. 
94 FOREIGN CURRENCY POSITIONS 

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] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

07/07/04 .................................................................... 394,072 394,265 -264 1.3226 

07/14/04 .................................................................... 403,459 406,377 -357 1.3223 

07/21/04 .................................................................... 414,408 416,731 -17 1.3229 

07/28/04 .................................................................... 413,210 416,808 -753 1.3297 

 

08/04/04 .................................................................... 409,595 414,429 -704 1.3151 

08/11/04 .................................................................... 404,307 407,694 -949 1.3253 

08/18/04 .................................................................... 422,603 425,713 -715 1.3053 

08/25/04 .................................................................... 433,495 437,157 -393 1.3055 

 

09/01/04 .................................................................... 438,028 440,559 -23 1.3071 

09/08/04 .................................................................... 481,505 484,613 -696 1.2911 

09/15/04 .................................................................... 413,121 417,277 -953 1.2974 

09/22/04 .................................................................... 406,463 410,109 -1,248 1.2841 

09/29/04 .................................................................... 438,113 439,867 -712 1.2700 

 

10/06/04 .................................................................... 442,908 443,962 -1,040 1.2596 

10/13/04 .................................................................... 448,565 450,403 -888 1.2576 

10/20/04 .................................................................... 452,466 443,561 -1,932 1.2435 

10/27/04 .................................................................... 468,202 466,733 -1,686 1.2257 

 

11/03/04 .................................................................... 467,722 461,986 -1,689 1.2123 

11/10/04 .................................................................... 481,851 481,498 -762 1.1980 

11/17/04 .................................................................... 472,525 471,328 -1,325 1.1927 

11/24/04 .................................................................... 487,775 488,751 -730 1.1813 

 

12/01/04 .................................................................... 504,161 503,991 -1,430 1.1864 

12/08/04 .................................................................... 532,113 526,209 -3,558 1.2250 

12/15/04 .................................................................... 444,742 440,130 -3,792 1.2236 

12/22/04 .................................................................... 447,145 443,852 -3,370 1.2403 

12/29/04 .................................................................... 434,661 431,661 -2,344 1.2167 

 
FOREIGN CURRENCY POSITIONS 95

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Jan ................... 413,327 425,659 110,494 109,499 95,839 88,258 81,997 89,467 -2,629 1.3251 

Feb .................. 436,707 458,657 93,183 90,890 82,136 79,262 79,438 78,710 -2,181 1.3358 

Mar .................. 426,677 441,700 86,714 86,198 81,103 77,376 74,539 75,000 -2,419 1.3116 

Apr................... 426,175 451,825 88,254 86,764 74,912 73,874 71,926 71,282 -2,944 1.3720 

May.................. 439,251 467,009 86,661 83,329 75,552 76,052 86,084 67,427 -3,286 1.3624 

June................. 391,255 396,272 90,537 89,758 62,418 64,246 59,908 58,697 -878 1.3331 

July .................. 416,095 426,542 102,627 95,944 57,520 60,561 53,458 53,084 -893 1.3297 

Aug .................. 441,531 448,166 101,237 93,833 56,440 62,543 57,159 53,871 -1,128 1.3131 

Sept................. 415,179 423,147 101,200 94,371 54,819 57,847 57,472 53,698 109 1.2619 

Oct................... 465,149 476,051 105,254 95,761 61,252 69,821 62,803 54,726 -2,908 1.2212 

Nov .................. 500,208 510,396 132,367 99,050 64,855 69,301 61,443 61,041 -975 1.1903 

Dec .................. 426,957 425,078 108,329 97,598 49,264 56,526 51,119 50,954 -3,963 1.2041 

 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar................... 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 

June................. 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................. 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 

Dec .................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 31,971 42,329 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 25,821 35,895 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

 
96 FOREIGN CURRENCY POSITIONS 

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] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

07/07/04 .................................................................. 184,368 185,790 447 108.50 

07/14/04 .................................................................. 184,057 185,807 438 109.16 

07/21/04 .................................................................. 183,851 185,673 545 109.92 

07/28/04 .................................................................. 185,949 187,450 511 111.72 

 

08/04/04 .................................................................. 186,149 188,220 524 111.19 

08/11/04 .................................................................. 182,701 184,857 511 110.94 

08/18/04 .................................................................. 184,446 186,826 465 109.39 

08/25/04 .................................................................. 186,635 188,923 387 110.17 

 

09/01/04 .................................................................. 195,851 198,452 445 109.52 

09/08/04 .................................................................. 191,606 193,938 578 109.35 

09/15/04 .................................................................. 185,093 186,964 577 110.05 

09/22/04 .................................................................. 181,626 181,514 534 110.62 

09/29/04 .................................................................. 181,972 183,345 471 110.92 

 

10/06/04 .................................................................. 179,748 182,423 308 111.41 

10/13/04 .................................................................. 184,717 188,092 720 109.81 

10/20/04 .................................................................. 189,088 191,893 946 108.18 

10/27/04 .................................................................. 195,972 199,182 886 106.68 

 

11/03/04 .................................................................. 198,977 201,682 977 106.21 

11/10/04 .................................................................. 179,887 182,364 1,064 106.93 

11/17/04 .................................................................. 198,665 201,852 1,006 104.19 

11/24/04 .................................................................. 191,716 193,664 974 102.94 

 

12/01/04 .................................................................. 202,096 205,028 1,045 102.83 

12/08/04 .................................................................. 215,165 218,657 772 104.75 

12/15/04 .................................................................. 194,209 198,166 879 104.05 

12/22/04 .................................................................. 185,133 187,583 521 103.99 

12/29/04 .................................................................. 187,161 190,187 706 104.24 

 
FOREIGN CURRENCY POSITIONS 97

SECTION II.—Japanese Yen Positions, con. 

TABLE FCP-II-2.—Monthly Report of Major 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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2001 - Dec................... 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Jan ................... 177,453 182,066 41,258 40,618 34,867 36,674 37,641 37,375 372 105.80 

Feb .................. 195,515 198,861 35,462 35,441 35,749 38,575 39,832 40,546 335 108.98 

Mar .................. 202,398 203,798 37,893 38,219 41,845 44,387 45,068 43,953 65 104.33 

Apr................... 205,995 209,858 39,421 38,754 41,126 43,398 45,692 43,299 265 110.55 

May.................. 190,700 193,396 37,918 37,337 43,442 46,623 47,551 45,621 249 110.32 

June................. 204,973 206,461 44,381 43,962 43,612 46,363 46,950 46,791 21 108.88 

July .................. 200,342 203,582 44,367 43,566 45,062 47,381 48,424 46,694 380 111.24 

Aug .................. 206,977 210,089 41,756 40,199 44,643 46,618 48,809 48,004 436 109.26 

Sept................. 198,411 201,242 43,559 43,592 45,457 47,335 47,300 46,440 261 110.04 

Oct................... 211,812 215,017 45,885 43,867 60,563 62,379 47,158 46,313 751 106.05 

Nov .................. 211,833 214,093 40,967 40,142 64,428 64,838 49,052 49,567 1,461 103.05 

Dec .................. 200,517 203,654 44,325 43,963 62,092 61,854 51,043 50,166 678 102.73 

 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2001 - Dec................... 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar................... 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 

June................. 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 

Sept................. 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81 

Dec .................. 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 11,366 12,220 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,951 10,316 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,673 8,507 4,499 2,613 487 562 703 461 -155 110.04 

 
98 FOREIGN CURRENCY POSITIONS 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

07/07/04 .................................................................. 453,070 464,508 4,848 1.2282 

07/14/04 .................................................................. 465,561 481,604 4,249 1.2291 

07/21/04 .................................................................. 478,822 489,161 3,828 1.2509 

07/28/04 .................................................................. 492,843 502,760 3,297 1.2770 

 

08/04/04 .................................................................. 495,010 505,676 3,075 1.2768 

08/11/04 .................................................................. 511,908 522,929 2,915 1.2624 

08/18/04 .................................................................. 508,161 518,542 2,892 1.2455 

08/25/04 .................................................................. 507,772 519,025 3,023 1.2730 

 

09/01/04 .................................................................. 517,777 530,310 3,052 1.2605 

09/08/04 .................................................................. 550,568 561,509 3,457 1.2607 

09/15/04 .................................................................. 451,962 462,214 2,749 1.2697 

09/22/04 .................................................................. 477,553 487,819 3,362 1.2612 

09/29/04 .................................................................. 473,601 482,936 3,062 1.2602 

 

10/06/04 .................................................................. 476,056 486,244 3,170 1.2649 

10/13/04 .................................................................. 494,392 507,332 3,686 1.2524 

10/20/04 .................................................................. 541,559 557,284 6,163 1.2183 

10/27/04 .................................................................. 517,025 532,559 5,871 1.2054 

 

11/03/04 .................................................................. 505,859 520,124 5,333 1.1970 

11/10/04 .................................................................. 450,240 456,013 5,659 1.1794 

11/17/04 .................................................................. 550,245 564,411 5,681 1.1652 

11/24/04 .................................................................. 476,666 492,767 4,645 1.1495 

 

12/01/04 .................................................................. 684,439 697,092 5,857 1.1443 

12/08/04 .................................................................. 709,278 721,604 4,793 1.1586 

12/15/04 .................................................................. 530,339 539,271 3,540 1.1398 

12/22/04 .................................................................. 487,411 494,474 2,361 1.1530 

12/29/04 .................................................................. 493,216 502,470 1,961 1.1376 

 
FOREIGN CURRENCY POSITIONS 99

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Jan ................... 368,060 380,909 50,080 54,218 64,170 58,318 81,924 86,361 545 1.2575 

Feb .................. 442,070 449,105 49,411 56,043 63,593 53,654 81,895 82,234 1,071 1.2623 

Mar .................. 427,867 435,937 51,334 56,809 64,476 54,824 80,056 78,859 2,011 1.2657 

Apr................... 481,262 488,926 59,664 65,341 56,674 50,341 64,894 60,178 2,242 1.2957 

May.................. 519,047 533,516 57,987 62,705 64,975 56,928 57,939 56,003 3,668 1.2530 

June................. 471,799 483,874 48,823 54,578 62,957 58,470 66,334 64,079 3,874 1.2499 

July .................. 502,675 523,210 47,761 51,209 64,620 63,306 64,142 59,634 3,195 1.2812 

Aug .................. 521,778 535,785 49,174 51,138 62,948 61,066 52,376 47,241 3,698 1.2670 

Sept................. 500,115 512,736 51,243 54,387 63,422 58,426 66,872 59,685 3,657 1.2453 

Oct................... 539,270 554,128 53,944 56,616 61,584 56,965 53,790 43,999 4,618 1.2010 

Nov .................. 552,419 565,847 54,977 58,709 63,768 58,982 58,300 54,892 6,176 1.1426 

Dec .................. 512,658 534,719 52,432 57,286 54,501 52,122 53,509 47,728 2,918 1.1417 

 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar................... 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................. 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................. 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 

Dec .................. 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,345 29,619 30,879 9,006 n.a. 1,584 387 264 n.a. 1.2453 

 
100 FOREIGN CURRENCY POSITIONS 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

07/07/04 .................................................................. 660,243 656,023 301 1.8544 

07/14/04 .................................................................. 641,801 646,671 223 1.8558 

07/21/04 .................................................................. 651,914 646,444 248 1.8398 

07/28/04 .................................................................. 658,436 654,428 373 1.8227 

 

08/04/04 .................................................................. 659,880 651,529 2,853 1.8254 

08/11/04 .................................................................. 660,657 652,248 1,544 1.8288 

08/18/04 .................................................................. 674,226 664,516 1,139 1.8235 

08/25/04 .................................................................. 643,157 635,408 197 1.7963 

 

09/01/04 .................................................................. 683,126 675,145 551 1.7924 

09/08/04 .................................................................. 712,804 699,976 -3,105 1.7864 

09/15/04 .................................................................. 657,909 644,701 -2,836 1.7763 

09/22/04 .................................................................. 661,908 645,328 -6,611 1.7921 

09/29/04 .................................................................. 665,515 656,348 -4,024 1.7992 

 

10/06/04 .................................................................. 638,185 626,416 -6,836 1.7760 

10/13/04 .................................................................. 650,730 639,578 2,724 1.7938 

10/20/04 .................................................................. 663,686 656,417 1,731 1.8187 

10/27/04 .................................................................. 667,832 659,056 2,176 1.8323 

 

11/03/04 .................................................................. 661,140 653,599 2,240 1.8445 

11/10/04 .................................................................. 607,201 598,548 1,462 1.8476 

11/17/04 .................................................................. 672,126 661,215 1,594 1.8580 

11/24/04 .................................................................. 630,287 623,081 1,963 1.8813 

 

12/01/04 .................................................................. 700,294 694,555 2,212 1.9297 

12/08/04 .................................................................. 704,089 694,785 1,445 1.9283 

12/15/04 .................................................................. 630,950 620,572 1,920 1.9446 

12/22/04 .................................................................. 640,128 631,430 n.a. 1.9125 

12/29/04 .................................................................. 638,399 627,815 n.a. 1.9157 

 
FOREIGN CURRENCY POSITIONS 101

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2001 - Dec................... 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Jan ................... 595,815 596,265 225,210 228,707 37,527 38,182 31,032 32,498 -449 1.8246 

Feb .................. 628,516 633,859 224,191 222,047 40,803 43,520 35,890 33,470 176 1.8669 

Mar .................. 626,210 624,035 216,283 216,670 41,124 43,388 35,813 35,946 261 1.8454 

Apr................... 652,387 651,280 210,501 211,901 40,855 42,616 35,935 34,731 -13 1.7773 

May.................. 630,377 633,852 225,139 226,591 55,339 56,091 35,039 35,385 846 1.8334 

June................. 649,178 650,908 200,064 200,238 38,682 37,004 33,261 34,793 140 1.8192 

July .................. 664,238 659,025 218,276 213,983 40,379 38,187 36,200 37,883 38 1.8208 

Aug .................. 667,717 660,285 198,521 193,085 42,233 42,264 36,660 36,572 -3,982 1.8021 

Sept................. 664,799 656,102 210,670 201,101 55,094 53,073 36,558 37,767 -4,724 1.8117 

Oct................... 657,512 650,585 234,693 225,775 46,447 43,737 38,096 40,267 4,933 1.8345 

Nov .................. 676,308 670,588 234,324 222,593 50,776 45,368 38,197 46,075 1,980 1.9073 

Dec .................. 629,058 618,754 231,608 221,490 42,398 42,865 36,647 38,233 2,184 1.9160 

 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2001 - Dec................... 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar................... 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 

June................. 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................. 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 

Dec .................. 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 36,182 42,176 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 31,689 40,024 50,781 33,633 1,856 1,510 2,530 4,336 572 1.8117 

 
102 FOREIGN CURRENCY POSITIONS 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

07/07/04 ................................................................ 6,464,669 6,423,965 -7,876 n.a. 

07/14/04 ................................................................ 6,538,162 6,516,525 -6,683 n.a. 

07/21/04 ................................................................ 6,552,351 6,547,450 -5,293 n.a. 

07/28/04 ................................................................ 6,682,770 6,671,722 -5,612 n.a. 

 

08/04/04 ................................................................ 6,593,061 6,598,915 -777 n.a. 

08/11/04 ................................................................ 6,613,419 6,614,503 853 n.a. 

08/18/04 ................................................................ 6,698,931 6,709,068 -1,223 n.a. 

08/25/04 ................................................................ 6,626,466 6,624,862 -854 n.a. 

 

09/01/04 ................................................................ 6,798,394 6,788,219 -981 n.a. 

09/08/04 ................................................................ 6,968,010 6,965,116 -2,813 n.a. 

09/15/04 ................................................................ 6,548,986 6,541,956 -4,643 n.a. 

09/22/04 ................................................................ 6,600,077 6,595,078 -6,826 n.a. 

09/29/04 ................................................................ 6,621,932 6,618,619 -7,830 n.a. 

 

10/06/04 ................................................................ 6,557,164 6,599,987 -7,992 n.a. 

10/13/04 ................................................................ 6,687,971 6,727,242 -11,780 n.a. 

10/20/04 ................................................................ 6,890,860 6,941,206 -14,481 n.a. 

10/27/04 ................................................................ 7,098,046 7,131,723 -14,638 n.a. 

 

11/03/04 ................................................................ 7,104,272 7,144,811 -15,680 n.a. 

11/10/04 ................................................................ 6,666,122 6,704,651 -17,052 n.a. 

11/17/04 ................................................................ 7,392,230 7,409,180 -15,679 n.a. 

11/24/04 ................................................................ 6,954,406 6,986,852 -12,532 n.a. 

 

12/01/04 ................................................................ 7,924,086 7,941,858 -9,916 n.a. 

12/08/04 ................................................................ 8,268,942 8,290,711 -9,661 n.a. 

12/15/04 ................................................................ 7,372,809 7,416,465 -8,735 n.a. 

12/22/04 ................................................................ 7,171,263 7,214,601 -6,101 n.a. 

12/29/04 ................................................................ 7,196,879 7,238,362 -10,599 n.a. 

 
FOREIGN CURRENCY POSITIONS 103

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Jan ................... 6,336,556 6,296,329 - - 885,827 865,885 953,813 979,141 2,620 n.a. 

Feb .................. 6,824,335 6,771,418 - - 936,836 903,862 1,009,540 1,057,314 1,939 n.a. 

Mar .................. 6,829,771 6,831,070 - - 988,440 958,732 1,046,222 1,085,580 -5,645 n.a. 

Apr................... 6,879,069 6,846,696 - - 975,660 940,015 1,021,542 1,066,443 -3,082 n.a. 

May.................. 6,672,447 6,609,295 - - 996,066 969,280 1,055,293 1,100,426 -4,947 n.a. 

June................. 6,769,030 6,764,937 - - 975,122 944,391 1,014,766 1,061,450 2,305 n.a. 

July .................. 6,936,615 6,951,561 - - 1,012,054 988,807 1,071,020 1,103,142 -1,597 n.a. 

Aug .................. 6,978,808 6,981,315 - - 982,513 958,248 1,081,114 1,118,568 435 n.a. 

Sept................. 6,922,807 6,970,483 - - 1,006,305 977,870 1,082,625 1,085,922 -751 n.a. 

Oct................... 7,354,057 7,407,932 - - 1,019,321 1,032,366 1,236,233 1,273,065 -6,016 n.a. 

Nov .................. 7,699,646 7,819,548 - - 1,093,954 1,130,138 1,294,657 1,332,818 -14,189 n.a. 

Dec .................. 7,524,778 7,566,829 - - 1,104,632 1,118,956 1,282,814 1,323,359 18 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

2002 - Mar................... 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

June................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Sept................. 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. 

Dec .................. 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,478 408,923 - - 13,082 9,040 n.a. n.a. n.a. n.a. 

 
104 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

07/07/04 .................................................................. 1,885,546 1,919,413 -2,340 0.8089 

07/14/04 .................................................................. 1,954,351 2,004,651 -3,238 0.8075 

07/21/04 .................................................................. 1,977,050 2,002,486 -5,143 0.8161 

07/28/04 .................................................................. 2,018,359 2,046,756 -5,032 0.8302 

 

08/04/04 .................................................................. 1,982,716 2,016,981 -7,211 0.8304 

08/11/04 .................................................................. 2,015,513 2,053,498 -6,211 0.8187 

08/18/04 .................................................................. 2,057,566 2,097,793 -3,070 0.8108 

08/25/04 .................................................................. 2,016,754 2,047,302 -5,259 0.8275 

 

09/01/04 .................................................................. 2,035,845 2,071,285 -4,850 0.8206 

09/08/04 .................................................................. 2,110,852 2,145,804 -5,675 0.8209 

09/15/04 .................................................................. 1,953,260 1,989,411 -4,792 0.8228 

09/22/04 .................................................................. 2,031,123 2,070,314 -2,809 0.8159 

09/29/04 .................................................................. 2,033,906 2,076,861 -1,250 0.8112 

 

10/06/04 .................................................................. 2,019,438 2,056,880 -2,612 0.8145 

10/13/04 .................................................................. 2,067,542 2,104,428 1,226 0.8102 

10/20/04 .................................................................. 2,106,511 2,134,224 -1,572 0.7920 

10/27/04 .................................................................. 2,167,413 2,193,977 -410 0.7859 

 

11/03/04 .................................................................. 2,201,216 2,226,528 304 0.7820 

11/10/04 .................................................................. 2,102,741 2,136,621 2,036 0.7737 

11/17/04 .................................................................. 2,269,252 2,320,412 863 0.7674 

11/24/04 .................................................................. 2,120,141 2,174,055 -724 0.7598 

 

12/01/04 .................................................................. 2,354,842 2,412,923 -1,330 0.7514 

12/08/04 .................................................................. 2,446,058 2,509,049 751 0.7546 

12/15/04 .................................................................. 2,201,898 2,242,909 -49 0.7447 

12/22/04 .................................................................. 2,121,078 2,169,586 -2,078 0.7468 

12/29/04 .................................................................. 2,119,680 2,170,067 463 0.7370 

 
FOREIGN CURRENCY POSITIONS 105

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Jan ................... 1,907,680 1,939,911 1,048,170 1,032,744 310,610 305,134 288,740 305,505 -6,813 0.8017 

Feb .................. 1,958,977 1,999,379 1,082,354 1,059,812 331,595 314,137 292,724 312,869 -5,793 0.8004 

Mar .................. 1,984,609 2,031,884 1,066,245 1,045,372 327,972 305,199 309,629 335,404 616 0.8120 

Apr................... 2,003,226 2,041,726 1,004,623 981,104 325,665 305,896 311,588 321,392 -967 0.8349 

May.................. 1,882,922 1,934,622 1,035,884 1,002,599 340,541 294,676 321,586 335,647 609 0.8190 

June................. 1,943,467 1,989,323 1,068,477 1,027,893 308,536 282,189 302,780 324,074 269 0.8200 

July .................. 2,046,327 2,087,257 1,002,049 940,273 309,389 283,310 294,379 318,007 -6,524 0.8319 

Aug .................. 2,031,989 2,076,338 992,871 939,957 303,047 276,730 288,185 307,527 -6,136 0.8216 

Sept................. 2,081,209 2,104,180 1,051,671 998,097 316,268 292,813 293,614 307,834 -9,237 0.8042 

Oct................... 2,185,265 2,214,346 1,071,183 1,012,478 327,667 300,874 286,800 301,426 -1,522 0.7846 

Nov .................. 2,314,847 2,365,396 1,061,995 999,434 348,007 323,947 296,322 323,358 -2,564 0.7542 

Dec .................. 2,157,679 2,211,577 1,114,651 1,022,346 328,432 298,524 285,839 319,351 -629 0.7387 

 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

2002 - Mar................... 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 

June................. 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 

Sept................. 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 

Dec .................. 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 176,895 181,365 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 179,490 191,720 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 148,601 152,682 200,272 123,452 13,866 n.a. 9,465 10,924 455 0.8042 

 
106

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 June 30, 2004, and Sept. 30, 2004 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital June 30, 2004 

July 1, 2004, 

through 

Sept. 30, 2004 Sept. 30, 2004 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 10,355,010 -36,308 10,318,702

Special drawing rights 1 ........................................................... 12,659,238 122,745 12,781,983

Foreign exchange and securities: 

European euro ..................................................................... 10,678,799 270,920 10,949,719

Japanese yen....................................................................... 8,631,199 -60,055 8,571,144

Accounts receivable................................................................. 155,343 12,731 168,074

Total assets.......................................................................... 42,479,589 310,033 42,789,622

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 20,946 2,672 23,618

Total current liabilities ...................................................... 20,946 2,672 23,618

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000

SDR allocations ................................................................... 7,183,789 13,571 7,197,360

Total other liabilities ......................................................... 9,383,789 13,571 9,397,360

Capital: 

Capital account .................................................................... 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) ....................... 32,874,854 293,790 33,168,644

Total capital...................................................................... 33,074,854 293,790 33,368,644

Total liabilities and capital............................................ 42,479,589 310,033 42,789,622

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 107

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2004, 

through 

Sept. 30, 2004 

Fiscal year to date 

Oct. 1, 2003, 

through 

Sept. 30, 2004 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .............................................................................. 151,827 767,242

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ..................................................... 11,071 142,146

Interest (+) or net charges (-) on: 

SDRs.................................................................................................. 26,428 90,963

U.S. Government securities............................................................... 37,514 115,820

Foreign exchange .............................................................................. 66,742 257,012

Commissions ......................................................................................... - -

Income from operations..................................................................... 293,581 1,373,183

Net income (+) or loss (-)............................................................... 293,581 1,373,183

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2004 

Financial Report of the United States Government (Financial 

Report). 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 from Federal 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 Government Accountability 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/fr.
112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2004, 

and September 30, 2003 

Statements of Net Cost 

These statements present the net cost of fiscal years 2004 and 2003 Government operations. For the purposes 

of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial 

Officer Act entities and other significant entities. Costs and earned revenues are presented by department on an 

accrual basis, while the budget presents costs and revenues by obligations and outlays based on functions (for 

example, national defense or health) on a cash basis. In the Statements of Net Cost, the costs and earned revenues 

are divided between the corresponding departments and entities mentioned above, providing greater accountability 

by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the 

United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we 

are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems 

and control of the Federal Government. 

These statements contain the following three components: 

• Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-andeffect 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 health and pension plan amendments, 

and the actuarial gains and losses for these agencies. $112.9 billion has been allocated out of OPM to the agencies. 

This represents health and pension benefits that are not reported in the individual agency statements. The interest on 

Treasury securities 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 purposes includes GSA and OPM 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. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations. They 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). They further include any adjustments and unreconciled transactions that affect the net position. 

Revenue 

Individual income tax and tax withholdings includes Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled 

spirits and imported liquor, tobacco, firearms, and others. 

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 Government operations (which is gross cost less earned revenue) flows through from the 

Statements of Net Cost. 

Unreconciled Transactions Affecting the Change 

in Net Position 

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. 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 and balances presented on the prior 

year financial statements. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Change 

in Accounting Principle and Prior Period Adjustments for detailed information. 

Net Position, End of Period 

The net position, end of period amount reflects the net position as of the end of the fiscal year. 

Reconciliations of Net Operating Cost and Unified Budget 

Deficit 

The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget 

deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share 

transaction data. 

These statements report the reconciliation of the results of operations (net operating cost) on the Statements of 

Operations and Changes in Net Position to the unified budget deficit in the President’s budget. 

Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis 

of accounting measures used in the Financial Report. These statements begin with the net results of operations (net 

operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of 

Government operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net 
114 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

accrual related to taxes receivable and (2) net cost of Government operations include items such as changes in 

liabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in 

environmental liabilities. 

Components of Net Operating Cost Not Part of the 

Budget Deficit 

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. 

Components of the Budget Deficit Not Part of 

Net Operating Cost 

This information includes the budget components, such as capitalized fixed assets, changes in accounts 

receivable, and increases in other assets not included in the operating results. These items are typically part of the 

balance sheets only, and are not part of the operating results. 

Statements of Changes in Cash Balance from Unified 

Budget and Other Activities 

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change 

in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit 

normally would not result in an equivalent change in the Government’s operating cash balance. 

These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and 

explain how the budget deficits (fiscal years 2004 and 2003) are financed. A budget deficit is the result of 

expenditures exceeding receipts (revenue) during a particular fiscal year. 

In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2004 and 

2003, the greatest amounts were net new borrowings from 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, required cash payments and contributed to the use of the surplus or deficit. These statements show the 

differences between accrual and cash budgetary basis, mainly because of timing differences in the financial 

statements.

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 the balance sheets are described in the Notes to the Financial Statements. 

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, 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115

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 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 debt securities held by the public and 

accrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits 

due and payable as of the reporting date. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much 

broader than these reported balance sheet liabilities. They include the social insurance programs disclosed in the 

Statements of Social Insurance in the Stewardship Information section and a wide range of other programs under 

which the Government provides benefits and services to the people of this Nation, as well as 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. The taxes 

collected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular 

Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the 

excess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust 

fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other 

large trust funds is included in Note 20—Dedicated Collections. That note also contains information about trust fund 

receipts, disbursements, and assets. 

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—Contingencies and Note 19—Commitments. 

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. 
116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government 

Statements of Net Cost 

for the Years Ended September 30, 2004, and September 30, 2003 

 Gross

 Cost 

 Earned 

 Revenue 

Net 

Cost 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

(In billions of dollars) 2004 2003 

Department of Defense1,2 ............................ 672.1 22.3 649.8 562.2 12.5 549.7 

Department of Health & Human Services1,2...... 583.9 33.4 550.5 542.3 29.7 512.6 

Social Security Administration..................... 534.9 2.6 532.3 512.6 0.3 512.3 

Interest on Treasury Securities held by 

the public................................................... 158.3 - 158.3 156.8 - 156.8 

Department of Agriculture1,2 ........................ 84.1 7.6 76.5 95.0 10.7 84.3 

Department of the Treasury1,2 ..................... 79.2 4.0 75.2 79.0 2.6 76.4 

Department of Education............................. 63.9 4.8 59.1 59.0 5.0 54.0 

Department of Labor.................................... 58.6 - 58.6 68.1 - 68.1 

Department of Transportation1,2 .................. 56.7 0.6 56.1 63.3 1.2 62.1 

Department of Veterans Affairs ................... 51.1 3.2 47.9 175.7 2.1 173.6 

Department of Housing and Urban 

Development............................................. 41.8 1.3 40.5 44.1 2.0 42.1 

Department of Homeland Security .............. 45.7 5.7 40.0 27.5 2.6 24.9 

Department of Justice1 ................................ 35.4 0.8 34.6 30.7 1.3 29.4 

Department of Energy1 ................................ 27.3 4.9 22.4 2.0 5.3 (3.3) 

National Aeronautics and Space 

Administration ........................................... 17.3 0.1 17.2 12.9 0.1 12.8 

Department of the Interior............................ 18.8 2.2 16.6 16.0 4.7 11.3 

Pension Benefit Guaranty Corporation........ 16.9 3.9 13.0 12.3 1.2 11.1 

Department of State .................................... 13.9 1.3 12.6 12.7 1.4 11.3 

Agency for International Development......... 10.7 0.1 10.6 10.3 0.1 10.2 

Railroad Retirement Board.......................... 9.3 - 9.3 9.6 - 9.6 

Environmental Protection Agency ............... 9.5 0.3 9.2 9.5 0.4 9.1 

Office of Personnel Management................ 22.3 13.9 8.4 0.3 - 0.3 

Department of Commerce1

.......................... 9.1 1.4 7.7 8.8 1.3 7.5 

Federal Communications Commission........ 7.6 0.8 6.8 7.1 1.2 5.9 

National Science Foundation....................... 5.2 - 5.2 4.8 - 4.8 

Small Business Administration2 .................... 2.1 0.5 1.6 5.0 0.7 4.3 

Federal Deposit Insurance Corporation ...... 0.8 0.2 0.6 (0.2) 0.2 (0.4) 

Nuclear Regulatory Commission................. 0.8 0.5 0.3 0.7 0.5 0.2 

Tennessee Valley Authority2 ....................... 8.6 8.3 0.3 8.0 7.0 1.0 

National Credit Union Administration........... 0.2 0.1 0.1 0.2 0.5 (0.3) 

General Services Administration1

................ - 0.5 (0.5) 0.8 0.3 0.5 

Export-Import Bank of the United States2

.... 1.3 2.7 (1.4) (0.3) 0.3 (0.6)

U.S. Postal Service...................................... 54.0 68.0 (14.0) 81.5 67.6 13.9 

All other entities .............................................. 30.6 11.1 19.5 34.6 2.0 32.6 

 Total .......................................................... 2,732.0 207.1 2,524.9 2,652.9 164.8 2,488.1 

1

 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security. 

The majority of the assets and expenses transferred were in fiscal year 2003, immaterial transfers have taken place in fiscal year 2004. 2

 2003 numbers have been restated to reflect a change in presentation for immaterial prior period adjustments previously published as 

adjustments to net position. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2004, and September 30, 2003 

(In billions of dollars) 2004 2003 

Revenue: 

Individual income tax and tax withholdings .................................................... 1,512.3 1,481.3 

Corporation income taxes............................................................................... 183.8 128.2 

Unemployment taxes ...................................................................................... 36.8 31.2 

Excise taxes.................................................................................................... 72.5 67.6 

Estate and gift taxes ....................................................................................... 24.8 21.9 

Customs duties ............................................................................................... 21.0 19.0 

Other taxes and receipts................................................................................. 47.7 39.8 

Miscellaneous earned revenues..................................................................... 13.8 7.0 

Total revenue ............................................................................................... 1,912.7 1,796.0 

 

Less net cost of Government operations1

............................................... 2,524.9 2,488.1 

Unreconciled transactions affecting the change in 

net position (Note 16)................................................................................... ( 3.4) 24.5 

Net operating cost........................................................................................... (615.6) (667.6) 

 

Net position, beginning of period.................................................................. (7,094.2) (6,820.2) 

Change in accounting principle (Note 17) ...................................................... - 383.1 

Prior period adjustments (Note 17)................................................................. - 10.5 

Net operating cost........................................................................................... (615.6) (667.6) 

 

Net position, end of period............................................................................. (7,709.8) (7,094.2)1

1

 2003 numbers have been restated to reflect a change in presentation for immaterial prior period adjustments previously 

published as adjustments to net position. 

The accompanying notes are an integral part of these financial statements. 
118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2004, and September 30, 2003 

(In billions of dollars) 2004 2003 

Net operating cost1

.................................................................................... (615.6) (667.6) 

Components of Net Operating Cost Not Part of the Budget Deficit:

Increase in Liability for Military Employee Benefits (Note 11): 

Increase in military pension liabilities ....................................................... 98.7 9.0 

Increase in military health liabilities .......................................................... 42.3 91.0 

Increase in other military benefits............................................................. 2.4 1.1 

Increase in liability for military employee benefits .................................... 143.4 101.1 

 

Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):

(Decrease)/increase in liability for veterans.............................................. (39.7) 93.3 

Increase in liability for survivors................................................................ 9.6 12.5 

Increase/(decrease) in liability for burial benefits ..................................... 0.1 (0.2) 

(Decrease)/increase in liability for veterans compensation...................... (30.0) 105.6 

 

Increase in Liability for Civilian Employee Benefits (Note 11): 

Increase in civilian pension liabilities ........................................................ 39.8 60.6 

Increase in civilian health liabilities........................................................... 21.7 23.0 

Increase in other civilian benefits ............................................................. 7.2 0.3 

Increase in liability for civilian employee benefits..................................... 68.7 83.9 

 

Decrease in Environmental Liabilities (Note 12): 

Decrease in energy's environmental liabilities.......................................... (1.7) (26.2) 

Increase in all others' environmental liabilities ......................................... 1.0 3.1 

Decrease in environmental liabilities ........................................................ (0.7) (23.1) 

 

Depreciation expense.................................................................................. 89.9 71.2 

Property, plant, and equipment disposals and revaluations ....................... 0.2 13.0 

Increase in benefits due and payable (Note 13) ......................................... 2.9 4.7 

(Decrease)/increase in taxes receivable (Note 5)....................................... 1.6 (1.5) 

Increase in other liabilities (Note 14)........................................................... 32.3 25.1 

Seigniorage and sale of gold....................................................................... (0.7) (0.6) 

(Decrease)/increase in accounts payable (Note 9)..................................... (2.1) 6.4 

Components of the Budget Deficit Not Part of Net Operating Cost:

Capitalized Fixed Assets: 

Department of Defense............................................................................. (83.2) (67.5) 

Civilian agencies....................................................................................... (28.9) (34.5) 

Total capitalized fixed assets ................................................................. (112.1) (102.0) 

 

Increase in accounts receivable (Note 3).................................................... (1.3) (1.8) 

Increase/decrease in inventory (Note 6) ..................................................... (8.8) 17.5 

Increase in other assets (Note 8) ................................................................ (11.7) (12.3) 

Principal repayments of precredit reform loans........................................... 8.5 9.1 

Net amount of all other differences ............................................................. 23.2 (3.5) 

 

Unified budget deficit................................................................................ (412.3) (374.8) 

 1

 2003 numbers have been restated to reflect a change in presentation for immaterial prior period adjustments previously 

published as adjustments to net position. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 119

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2004, and September 30, 2003 

(In billions of dollars) 2004 2003 

Unified budget deficit ............................. (412.3) (374.8)

 

Adjustments for Noncash Outlays Included in the Budget: 

Interest accrued by Treasury on debt held 

by the public............................................... (145.6) (143.3) 

Subsidy expense (Note 4)...................... 6.6 11.8 

 

Items Affecting the Cash Balance Not Included in the Budget: 

Net Transactions from Financing Activity: 

Repayment of debt held by the public..... 4,379.5 3,914.7 

Borrowings from the public................... (4,759.2) (4,289.1) 

Total................................................... (379.7) (374.4) 

 

Net Transactions from Monetary Activity: 

Increase in special drawing rights........ 0.7 0.4 

Increase/(decrease) in other 

monetary assets ................................ (1.3) (26.5) 

Increase in loans to the IMF......................... (4.6) 3.2 

Total............................................................. (5.2) (22.9) 

 

Net Transactions from Other Activities: 

Net direct loan activity.......................... 5.5 1.3 

Interest paid by Treasury on debt 

held by the public .............................. 144.7 144.4 

Net guaranteed loan activity ................ (16.7) (5.8) 

Decrease in miscellaneous assets ...... 0.5 (0.4) 

Increase in allocations of special 

drawing rights .................................... (0.2) (0.5) 

Increase in deposit fund balances ....... (2.9) (2.8) 

(Increase)/Decrease in miscellaneous 

liabilities ................................................. (1.2) 7.1 

Seigniorage and other equity............... (0.7) (0.6) 

Reclassification of aged unreconciled 

accounts ............................................ - 0.1 

NRRIT non-Federal securities1

............ 2.4 21.3 

Total................................................... 131.4 164.1 

 

Disposition of Deficit .............................. (392.5) (364.7)

 

Decrease in operating cash balance...... (19.8) (10.1)

 

Operating Cash: (Note 2) 

Operating cash balance beginning of 

period ................................................... 50.8 60.9 

Operating cash balance end of period ... 31.0 50.8 

 1 For more information, see Railroad Retirement in the Stewardship Information section (page 90). 

The accompanying notes are an integral part of these financial statements. 
120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

United States Government 

Balance Sheets 

as of September 30, 2004, and September 30, 2003 

 

(In billions of dollars) 2004 2003 

Assets: 

Cash and other monetary assets (Note 2) ..................................... 97.0 119.6 

Accounts receivable, net (Note 3) .................................................. 35.1 33.8 

Loans receivable, net (Note 4) ....................................................... 220.9 221.1 

Taxes receivable, net (Note 5) ....................................................... 21.3 22.9 

Inventories and related property, net (Note 6)................................ 261.5 252.71

Property, plant, and equipment, net (Note 7) ................................. 652.7 658.2 

Other assets (Note 8) ..................................................................... 108.8 97.1 

Total assets.................................................................................. 1,397.3 1,405.4 

Liabilities: 

Accounts payable (Note 9) ............................................................. 60.1 62.2 

Federal debt securities held by the public and accrued interest 

(Note 10)...................................................................................... 4,329.4 3,944.9 

Federal employee and veteran benefits payable (Note 11) ........... 4,062.1 3,880.0 

Environmental and disposal liabilities (Note 12)............................. 249.2 249.9 

Benefits due and payable (Note 13)............................................... 102.9 100.0 

Loan guarantee liabilities (Note 4).................................................. 43.1 34.6 

Other liabilities (Note 14)................................................................ 260.3 228.01

Total liabilities .............................................................................. 9,107.1 8,499.6 

Contingencies (Note 18) and Commitments (Note 19) 

Net position...................................................................................... (7,709.8) (7,094.2)1

Total liabilities and net position ................................................. 1,397.3 1,405.4 

 

 

1

 Restated – See Note 17. 

The accompanying notes are an integral part of these financial statements. 

 
TRUST FUNDS 121

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years. The Act included other provisions that: 

• Retained the existing freight waybill and general 

aviation fuel/gas taxes. It also retained a special rule applied 

to flights between the continental United States and Alaska 

or Hawaii. The $6 departure tax is indexed to the Consumer 

Price Index. Effective fiscal year 2004, the tax is $6.90. 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. Beginning October 1999 through September 30, 

2007, the tax is 7.5 percent, plus in 2004, a $3.10 tax per 

segment. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels and rental 

car companies, and other businesses. 

• Increased the current $6 international departure tax 

to $12 per passenger and added a $12 international arrival 

tax, indexed to the Consumer Price Index. Effective 2004, 

the tax is $13.70. 

• Lowered tax rates on flights to certain rural airports 

to 7.5 percent without a flight segment component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax dedicated to reducing the national deficit 

from the general fund to the Airport and Airway Trust 

Fund. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year 

and those expected during the next 5 fiscal years. 
122 TRUST FUNDS 

TABLE TF-10.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2003 ................................................................................................................................................................................................ $12,396,044,111

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline.............................................................. 4041............................................................................................ 302,665,000

Gasoline................................................................................................ 4081............................................................................................ 471,485,000

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)................................................................................. 6,501,256,000

Use of international travel facilities....................................................... 4261 (c)....................................................................................... 1,455,529,000

Transportation of property, cargo ......................................................... 4271............................................................................................ 498,871,000

Gross excise taxes ....................................................................................................................................................................................... 9,229,806,000

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041.............................................................................................. 47,976,000

Gasoline................................................................................................................................................................................................................ 7,620,200

Total refunds of taxes ....................................................................................................................................................................................... 55,596,200

Net taxes........................................................................................................................................................................................................... 9,174,209,800

Interest on investments......................................................................................................................................................................................... 476,844,191

Total receipts .................................................................................................................................................................................................... 9,651,053,991

Offsetting collections................................................................................................................................................................................................. 35,885,761

Expenses: 

Operations ............................................................................................................................................................................................................ 4,488,994,770

Grants in aid.......................................................................................................................................................................................................... 2,961,341,880

Facilities and equipment....................................................................................................................................................................................... 2,739,663,605

Research, engineering, and development............................................................................................................................................................ 141,177,844

Air carriers............................................................................................................................................................................................................. 48,827,991

Total expenses.................................................................................................................................................................................................. 10,380,006,090

Offsetting collections................................................................................................................................................................................................. 35,885,761

Balance Sept. 30, 2004 ............................................................................................................................................................................................ $11,667,092,012

 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In millions of dollars. Source: DOT] 

2005 2006 2007 2008 2009 

Balance Oct. 1 ............................................................................ 11,667 11,594 10,855 10,786 11,671

Receipts: 

Excise taxes, net of refunds.................................................... 10,517 11,319 11,996 12,651 13,346

Interest on investments........................................................... 423 450 475 501 572

Offsetting collections............................................................... 152 152 150 149 148

Total receipts ...................................................................... 11,092 11,921 12,621 13,301 14,066

Expenses: 

Outlays.................................................................................... -11,165 -12,660 -12,690 -12,416 -12,314

Offsetting collections............................................................... - - - - -

Balance Sept. 30......................................................................... 11,594 10,855 10,786 11,671 13,423
TRUST FUNDS 123

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2003, the total Government contribution amount authorized 

by the Act was $4,262.5 million. During that time span, the 

Government contributed only $3,555.5 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $707.0 million. 
124 TRUST FUNDS 

TABLE TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2004 

[Source: DOE] 

Balance Oct. 1, 2003 ................................................................................................................................................................................. $908 

Receipts: 

Fees collected........................................................................................................................................................................................ 642,395,298 

Penalties collected ................................................................................................................................................................................. 4,009 

Interest on investments.......................................................................................................................................................................... 68,007,412 

Total receipts...................................................................................................................................................................................... 710,406,719 

Outlays: 

 

DOE, decontamination and decommissioning activities........................................................................................................................ 454,861,804 

Cost of investments................................................................................................................................................................................ 255,545,626 

Total outlays....................................................................................................................................................................................... 710,407,430 

Balance Sept. 30, 2004.............................................................................................................................................................................. $197 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In thousands of dollars. Source: DOE] 

 2005 2006 2007 2008 2009

Balance Oct. 1 ......................................................................... - - - - -

Receipts: 

Fees collected...................................................................... 661,187 666,241 671,424 463,000 405,000

Interest collected.................................................................. 144,943 156,459 167,774 174,766 189,117

Total receipts ................................................................... 806,130 822,700 839,198 637,766 594,117

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 495,883 504,088 526,151 444,316 197,069

Costs of investments ........................................................... 310,247 318,612 313,047 193,450 397,048

Total outlays..................................................................... 806,130 822,700 839,198 637,766 594,117

Balance Sept. 30...................................................................... - - - - -
TRUST FUNDS 125

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established 

on the books of the Treasury in fiscal year 1978 according to 

the Black Lung Benefits Revenue Act of 1977 (Public Law 

95-227). The Black Lung Benefits Revenue Act of 1981 

(Public Law 97-119) reestablished the fund in the Internal 

Revenue Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year 

moratorium on interest payments ended on September 30, 

1990. Payment of interest on advances resumed in fiscal 

year 1991. The Omnibus Budget Reconciliation Act of 1987 

(Public Law 100-203, title X, section 10503), signed 

December 22, 1987, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

TABLE TF-12.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: DOL] 

Balance Oct. 1, 2003 ........................................................................................................................................................................................... $30,432,300 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 202,043,000 

$0.55 tax on surface coal............................................................................................................................................................................. 117,498,000 

4.4 percent tax on underground coal........................................................................................................................................................... 129,262,000 

4.4 percent tax on surface coal.................................................................................................................................................................... 117,176,000 

Fines, penalties, and interest....................................................................................................................................................................... 436,253 

Collection—responsible mine operators...................................................................................................................................................... 3,176,407 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 497,000,000 

Total receipts............................................................................................................................................................................................ 1,066,591,660 

Net receipts .............................................................................................................................................................................................. 1,066,591,660 

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 60,319 

Salaries and expenses—DOL—departmental management .......................................................................................................................... 23,401,000 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 338,000 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 32,004,000 

Total outlays................................................................................................................................................................................................. 55,803,319 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 346,864,444 

Interest on repayable advances....................................................................................................................................................................... 650,578,719 

Total expenses............................................................................................................................................................................................. 997,443,163 

Balance Sept. 30, 2004 ........................................................................................................................................................................................ 43,777,478 

Cumulative debt, end of year ............................................................................................................................................................................... $8,740,556,899 
126 TRUST FUNDS 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009* 

[In thousands of dollars. Source: DOL] 

 2005 2006 2007 2008 2009 

Balance Oct. 1 ........................................................................................ 43,777 42,177 40,677 39,277 37,977

Receipts: 

Excise taxes....................................................................................... 584,000 601,000 618,000 636,000 650,000

Advances from the general fund........................................................ 477,212 466,813 459,378 451,974 448,896

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,063,212 1,069,813 1,079,378 1,089,974 1,100,896

Outlays: 

Benefit payments ............................................................................... 332,904 317,087 300,721 284,334 267,984

Administrative expenses.................................................................... 57,049 57,989 60,199 62,505 64,909

Interest on repayable advances ........................................................ 674,859 696,237 719,858 744,435 769,202

Total outlays................................................................................... 1,064,812 1,071,313 1,080,778 1,091,274 1,102,095

Balance Sept. 30.................................................................................... 42,177 40,677 39,277 37,977 36,778

Cumulative debt, end of year................................................................. 9,217,769 9,684,582 10,143,960 10,595,934 11,044,830

 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. 
TRUST FUNDS 127

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-13.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2003 ............................................................................................................................................................................................................ $2,092,079,618 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 694,883,920 

Exports.......................................................................................................................................................................................................................... 2,177,799 

Domestic ....................................................................................................................................................................................................................... 56,588,004 

Passengers ................................................................................................................................................................................................................... 6,707,801 

Foreign trade................................................................................................................................................................................................................. 109,341,495 

Interest on investments................................................................................................................................................................................................. 76,236,135 

Total receipts ............................................................................................................................................................................................................ 945,935,154 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 630,944,461 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 14,273,034 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 2,982,300 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 648,199,795 

Balance Sept. 30, 2004 ........................................................................................................................................................................................................ $2,389,814,977 *

* The source for fiscal year 2004 beginning and ending balance is from the Bureau of Public 

Debt, Office of Public Debt Accounting, Division of Federal Investments, Trust Fund 

Management Branch. 
128 TRUST FUNDS 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2005 2006 2007 2008 2009 

Balance Oct. 1 ..................................................................................................... 2,390.0 2,708.0 3,163.0 3,765.0 4,479.0

Receipts: 

 

Harbor maintenance fee .................................................................................. 896.0 1,002.0 1,098.0 1,173.0 1,221.0

Interest on investments (cash basis)............................................................... 115.0 145.0 179.0 217.0 236.0

Total receipts ............................................................................................... 1,011.0 1,147.0 1,277.0 1,390.0 1,457.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo..................................................................................... -----

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 665.0 665.0 650.0 651.0 654.0

Corps of Engineers construction ..................................................................... 9.0 9.0 7.0 7.0 7.0

Saint Lawrence Seaway Development Corporation/DOT............................... 16.0 15.0 15.0 15.0 16.0

Administrative expenses for Department of Homeland Security (Customs) ............ 3.0 3.0 3.0 3.0 3.0

Total outlays................................................................................................. 693.0 692.0 675.0 676.0 680.0

Balance Sept. 30.................................................................................................. 2,708.0 3,163.0 3,765.0 4,479.0 5,256.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenditures. 
TRUST FUNDS 129

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-14.—Hazardous Substance Superfund 

Results of Operations, Fiscal Year 2004 

[Source: EPA] 

Balance Oct. 1, 2003 ...................................................................................................................................................................................... $227,152 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ 1,000,000 

General fund appropriation ......................................................................................................................................................................... 1,258,000,000 

Cost recoveries ........................................................................................................................................................................................... 74,000,000 

Fines and penalties..................................................................................................................................................................................... 3,000,000 

Interest on investments............................................................................................................................................................................... 38,000,000 

Offsetting collections................................................................................................................................................................................... - 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - 

Total receipts........................................................................................................................................................................................... 1,374,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,258,000,000 

Other expenses........................................................................................................................................................................................... 116,000,000 

Total expenses........................................................................................................................................................................................ 1,374,000,000 

Balance Sept. 30, 2004................................................................................................................................................................................... $227,152 

Note.—Reporting in this superfund trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 
130 TRUST FUNDS 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In millions of dollars. Source: EPA] 

2005 2006 2007 2008 2009

Balance Oct. 1 ................................................................................................. - 64 71 78 85

Receipts: 

Interest ......................................................................................................... 37 20 20 20 20

Recoveries ................................................................................................... 60 60 60 60 60

Fines and penalties...................................................................................... 3 3 3 3 3

Taxes ........................................................................................................... - - - - -

Offsetting collections.................................................................................... - - - - -

General revenues ........................................................................................ 1,212 1,139 1,139 1,139 1,139

Total receipts ........................................................................................... 1,312 1,222 1,222 1,222 1,222

Appropriations.................................................................................................. 1,248 1,215 1,215 1,215 1,215

Balance Sept. 30.............................................................................................. 64 71 78 85 92

Note.—Reporting in this superfund trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 
TRUST FUNDS 131

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway, surface transportation and other acts 

since 1959. Section 9002 of the Transportation Equity Act 

for the 21st Century (TEA-21) (Public Law 105-178) 

extended the Highway Trust Fund through September 30, 

2003. The Highway Trust Fund has been extended beyond 

that date by a series of short term acts. The latest extension, 

the Surface Transportation Extension Act of 2004, Part V 

(Public Law 108-310), extends the Highway Trust Fund 

through May 31, 2005. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with section 5338 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), or the TEA-21. The remaining excise 

taxes are included in a separate account within the trust fund 

commonly referred to as the highway account. Expenditures 

from this account are made according to the provisions of 

various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. Funds also are transferred to the 

general fund of the Treasury for the payment of tax refunds. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 
132 TRUST FUNDS 

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2003 * ......................................................................................................................................................................................... $17,814,832,912 

Receipts: 

Excise taxes (transferred from general fund): 

Gasoline ........................................................................................................4081 ...................................................................................... 18,244,158,000 

Gasohol.........................................................................................................6427 ...................................................................................... 5,716,127,000 

Diesel and special motor fuels......................................................................4041 ...................................................................................... 8,935,465,000 

Highway tires.................................................................................................4071 ...................................................................................... 445,841,000 

Retail tax on trucks........................................................................................4051 ...................................................................................... 1,846,613,000 

Heavy vehicle use.........................................................................................4081 ...................................................................................... 944,563,000 

Total excise taxes .................................................................................................................................................................................... 36,132,767,000 

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel, bus use......................................................................................................................................................................................... 31,423,000 

Diesel .............................................................................................................................................................................................................. 625,821,000 

Gasohol........................................................................................................................................................................................................... 27,751,000 

Gasoline used to make gasohol ..................................................................................................................................................................... 22,865,000 

Gasoline .......................................................................................................................................................................................................... 305,285,960 

Special fuel...................................................................................................................................................................................................... 1,342,000 

Total refunds and tax credits ................................................................................................................................................................... 1,014,487,960 

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000 

To Aquatic Resources Trust Fund............................................................................................................................................................... 311,639,000 

To general fund............................................................................................................................................................................................ 111,350,000 

Total transfers .......................................................................................................................................................................................... 423,989,000 

Other income: 

Fines and penalties...................................................................................................................................................................................... 16,456,644 

International Mass Transportation Program revenue................................................................................................................................. 25,000 

Total other income ................................................................................................................................................................................... 16,481,644 

Net receipts .......................................................................................................................................................................................... 34,710,771,684 

Expenses: 

Federal Highway Administration: 

Federal aid to highways............................................................................................................................................................................... 30,049,687,075 

Right-of-way revolving fund ......................................................................................................................................................................... 465,580 

Other ............................................................................................................................................................................................................ 302,111,590 

Total ......................................................................................................................................................................................................... 30,352,264,245 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 335,404,060 

Federal Transit Administration..................................................................................................................................................................... 6,993,896,428 

National Highway Traffic Safety Administration: 

Highway-related safety grants ................................................................................................................................................................. - 

Operations and research ......................................................................................................................................................................... 53,963,902 

Highway traffic safety grants.................................................................................................................................................................... 205,509,326 

National driver register............................................................................................................................................................................. 1,953,549 

Total ..................................................................................................................................................................................................... 261,426,777 

Federal Railroad Administration .................................................................................................................................................................. - 

Other agencies............................................................................................................................................................................................. 520,046 

Total expenses......................................................................................................................................................................................... 37,943,511,556 

Balance Sept. 30, 2004........................................................................................................................................................................................ $14,582,093,040 

* Fiscal year 2004 beginning balance includes data for the Highway Account and Mass 

Transit Account. 
TRUST FUNDS 133

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2005 2006 2007 2008 2009

Balance Oct. 1 ............................................................... 14.6 18.8 19.5 19.9 18.9

Receipts: 

Excise taxes, net of refunds....................................... 38.9 40.2 41.0 41.8 42.5

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 38.9 40.2 41.0 41.8 42.5

Outlays........................................................................... 34.6 39.5 40.6 42.8 46.9

Balance Sept. 30............................................................ 18.8 19.5 19.9 18.9 14.5

 

Mass Transit Account 

 2005 2006 2007 2008 2009

 

Balance Oct. 1 .................................................................... 3.8 7.5 9.2 10.0 9.6

Receipts: 

Excise taxes, net of refunds............................................ 5.1 5.2 5.3 5.4 5.4

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5.1 5.2 5.3 5.4 5.4

Outlays................................................................................ 1.4 3.5 4.5 5.7 6.7

Balance Sept. 30................................................................. 7.5 9.2 10.0 9.6 8.3

 

Highway Account 

 2005 2006 2007 2008 2009

 

Balance Oct. 1 ......................................................................... 10.8 11.4 10.3 10.0 9.3

Receipts: 

Excise taxes, net of refunds................................................. 33.8 35.0 35.7 36.4 37.0

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 33.8 35.0 35.7 36.4 37.0

Outlays..................................................................................... 33.2 36.0 36.1 37.1 40.2

Balance Sept. 30...................................................................... 11.4 10.3 10.0 9.3 6.1

Unfunded authorizations (EOY)............................................... 66.0 66.3 66.0 67.6 74.7

24-month revenue estimate..................................................... 70.7 72.1 73.4 74.7 75.8

 

Note.—Detail may not add to totals due to rounding. 
134 TRUST FUNDS 

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 year 2006. 

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 

year 2006. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 77 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ 66 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 70.70 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 7 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ -1 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 11 
TRUST FUNDS 135

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-16.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2003........................................................................................................................................................................................... $399,014,529

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 90,845,000

Interest on investments.................................................................................................................................................................................... 6,910,752

Total receipts................................................................................................................................................................................................ 97,755,752

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 114,744,028

Balance Sept. 30, 2004........................................................................................................................................................................................ $382,026,253

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2005 2006 2007 2008 2009 

 

Balance Oct. 1....................................................................................................... 382 371 329 299 287 

Receipts: 

Fuel taxes.......................................................................................................... 91 92 93 93 94 

Interest on investments..................................................................................... 15 15 14 14 13 

Total receipts................................................................................................. 106 107 107 107 107 

Transfers: 

Corps of Engineers ........................................................................................... 117 149 137 119 121 

Balance Sept. 30................................................................................................... 371 329 299 287 273 

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
136 TRUST FUNDS 

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-

510, codified at 26 United States Code 9508), as amended 

by the Superfund Amendments and Re-authorization Act of 

1986 (Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated 

August 10, 1993), and section 1032(e)(13) of the Taxpayer 

Relief Act of 1987 (Public Law 105-34, dated August 5, 

1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-17.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: EPA] 

Balance Oct. 1, 2003...................................................................................................................................................................................... $1,979,120,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 189,000,000 

Interest........................................................................................................................................................................................................ 55,000,000 

Gross tax receipts .................................................................................................................................................................................. 244,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 76,000,000 

Total expenses....................................................................................................................................................................................... 76,000,000 

Balance Sept. 30, 2004.................................................................................................................................................................................. $2,147,120,000 

Note.—Reporting in this trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In millions of dollars. Source: EPA] 

 2005 2006 2007 2008 2009 

 

Balance Oct. 1................................................................................................................. 2,147 2,342 2,536 2,629 2,616 

Receipts: 

Taxes........................................................................................................................... 197 202 103 - - 

Interest ........................................................................................................................ 68 65 65 64 64 

Total receipts........................................................................................................... 265 267 168 64 64 

Appropriations ................................................................................................................. 70 73 75 77 79 

Balance Sept. 30............................................................................................................. 2,342 2,536 2,629 2,616 2,601 

 

Note.—Reporting in this trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 
TRUST FUNDS 137

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-18.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2004 

[Source: DOE] 

Balance Oct. 1, 2003 ........................................................................................................................................................................................... $763,001 

Receipts: 

 

Fees collected.................................................................................................................................................................................................. 773,628,614 

Penalties and interest on fee payments........................................................................................................................................................... 2,115,293 

Interest on investments.................................................................................................................................................................................... 1,314,565,555 

Total receipts................................................................................................................................................................................................ 2,090,309,462 

Nonexpenditure transfers: 

 

SF-1151 transfers in (+)................................................................................................................................................................................... - 

SF-1151 transfers out (-).................................................................................................................................................................................. - 

Net nonexpenditure transfers....................................................................................................................................................................... - 

Outlays: 

 

DOE radioactive waste disposal activities ....................................................................................................................................................... 195,822,294 

Cost investments.............................................................................................................................................................................................. 1,894,492,100 

Total outlays................................................................................................................................................................................................. 2,090,314,394 

Balance Sept. 30, 2004........................................................................................................................................................................................ $758,069 

 
138 TRUST FUNDS 

0

300

600

900

1200

1500

1800

Nuclear

Waste

Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

2003

2004 Interest on

Investments,

Fiscal Years

2003-2004

(In millions of dollars)

CHARTS TF-D and E.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.] 

0

5

10

15

20

25

30

35

40

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

Black

Lung

Trust Fund

Receipts

Expenses

Receipts and

Expenses,

Fiscal Year

2004

(In billions of dollars)
TRUST FUNDS 139

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-19.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: Department of Agriculture] 

Balance Oct. 1, 2003 ........................................................................................................................................................................................... $27,660,244 

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 29,999,676 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts................................................................................................................................................................................................ 29,999,676 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 31,401,212 

Total expenses............................................................................................................................................................................................. 31,401,212 

Adjustment *......................................................................................................................................................................................................... 1,647 

Balance Sept. 30, 2004........................................................................................................................................................................................ $26,257,061 

* The adjustment in the amount of $1,647 for Reforestation is caused by the 

Nonexpenditure Transfer of $1,647.28. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2004 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 26,257 

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 31,000 

Balance Sept. 30................................................................................................................................................................................................. 25,257 
140 TRUST FUNDS 

INTRODUCTION: Aquatic Resources Trust Fund 

The Aquatic Resources Trust Fund was established on 

the books of the Treasury pursuant to the Deficit Reduction 

Act of 1984 [Public Law 98-369, division A, title X, section 

1016(a), approved July 18, 1984]. The fund consists of two 

accounts: the Sport Fish Restoration Account and Boat 

Safety Account. 

Amounts equivalent to the excise taxes received on sport 

fishing equipment and import duties on fishing tackle, 

yachts, and pleasure craft are appropriated into the Sport 

Fish Restoration Account. Motorboat fuel taxes are 

transferred from the Highway Trust Fund to the Boat Safety 

Account. The amount transferred during any fiscal year 

cannot exceed $70 million. No amount is transferred if the 

transfer would result in increasing the balance in the Boat 

Safety Account to more than $70 million of unappropriated 

motorboat fuel taxes. 

Any amounts in excess of $70 million for motorboat fuel 

taxes are transferred from the Highway Trust Fund to the 

Sport Fish Restoration Account. Authority for such transfers 

expires on October 1, 2005. Transfers of motorboat fuel 

taxes from the Highway Trust Fund to the Land and Water 

Conservation Fund are limited to $1 million per fiscal year. 

In addition, pursuant to the Omnibus Budget Reconciliation 

Act of 1990 [Public Law 101-508, title XI, section 

11211(i)(2) and (3)], small engine gasoline taxes are 

transferred to the Sport Fish Restoration Account. 

Amounts in the Sport Fish Restoration Account are used, 

as provided by appropriations acts, for the purposes of 

carrying out “An Act to provide that the United States shall 

aid the States in fish restoration and management projects, 

and for other purposes,” approved August 9, 1950 (as in 

effect on the date of enactment of the Transportation Equity 

Act for the 21st Century (TEA-21) Restoration Act), the 

purposes of section 7404(d) of the Transportation Equity for 

the 21st Century (as in effect on the date of enactment of the 

TEA-21 Restoration Act), and the Coastal Wetlands 

Planning, Protection and Restoration Act (as in effect on the 

date of enactment of the TEA-21 Restoration Act). 

Amounts in the Boat Safety Account, as provided by 

appropriations acts, are available to carry out the purposes of 

section 13106 of title 46, United States Code (as in effect on 

the date of enactment of the TEA-21 Restoration Act). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the two accounts exceeding 

outlay requirements are invested in public debt securities 

with the interest credited to the respective accounts. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years.

TABLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Restoration 

Results of Operations, Fiscal Year 2004 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2003 ............................................................................................................................................................................................ $468,437,548

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 238,636,000

Fish equipment.............................................................................................................................................................................................. 100,699,000

Electric trolling sonar..................................................................................................................................................................................... 3,304,000

Customs/import duties .................................................................................................................................................................................. 40,186,109

Gas, motorboat small engines ...................................................................................................................................................................... 73,003,000

Total, tax revenue ..................................................................................................................................................................................... 455,828,109

Investment revenue: 

Interest on investments................................................................................................................................................................................. 15,154,296

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 15,154,296

Total revenue ............................................................................................................................................................................................ 470,982,405

Nonexpenditure transfers: 

Transfer to Interior......................................................................................................................................................................................... 345,414,417

Transfer to U.S. Coast Guard ....................................................................................................................................................................... 64,000,000

Transfer to Corps of Engineers..................................................................................................................................................................... 59,023,130

Total nonexpenditure transfers ................................................................................................................................................................. 468,437,547

Balance Sept. 30, 2004......................................................................................................................................................................................... $470,982,406
TRUST FUNDS 141

Aquatic Resources Trust Fund, Sport Fish Restoration 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In thousands of dollars. Source: Department of the Interior] 

2005 2006 2007 2008 2009 

Balance Oct. 1 ....................................................................................... 470,982 496,733 529,230 543,904 557,170

Receipts/revenue: 

Taxes ............................................................................................ 464,000 467,000 481,000 494,000 510,000

Interest .......................................................................................... 22,503 52,000 24,895 25,161 26,803

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 486,503 519,000 505,895 519,161 536,803

Expenses: 

Expenses/outlays.......................................................................... 338,697 361,204 365,327 378,152 389,747

Transfers....................................................................................... 122,055 125,299 125,894 127,743 129,414

Total expenses.......................................................................... 460,752 486,503 491,221 505,895 519,161

Balance Sept. 30............................................................................... 496,733 529,230 543,904 557,170 574,812

Aquatic Resources Trust Fund, Boat Safety 

Results of Operations, Fiscal Year 2004 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2003........................................................................................................................................................................................... $85,977,550 

Prior period adjustment *..................................................................................................................................................................................... 5,062,974 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 1,396,678 

Loss on sale of securities................................................................................................................................................................................ -26 

Total investment revenue................................................................................................................................................................................ 1,396,652 

Total revenue .............................................................................................................................................................................................. 1,396,652 

Nonexpenditure transfers: 

U.S. Coast Guard............................................................................................................................................................................................ - 

Total nonexpenditure transfers ................................................................................................................................................................... - 

Balance Sept. 30, 2004....................................................................................................................................................................................... $92,437,176 

* To correct for a prior year transfer which was charged to the Boat Safety Account as 

requested by the U.S. Coast Guard. The charge should have been to the Sport Fish 

Account. 

Aquatic Resources Trust Fund, Boat Safety 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In thousands of dollars. Source: Department of Homeland Security] 

2005 2006 2007 2008 2009 

Balance Oct. 1 ............................................................................. 92,437 93,937 95,537 97,237 99,037

Receipts/revenue: 

Taxes ....................................................................................... - - - - -

Interest ..................................................................................... 1,500 1,600 1,700 1,800 1,900

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 1,500 1,600 1,700 1,800 1,900

Expenses: 

Expenses/outlays..................................................................... - - - - -

Transfers.................................................................................. - - - - -

Total expenses..................................................................... - - - - -

Balance Sept. 30.......................................................................... 93,937 95,537 97,237 99,037 100,937
142 TRUST FUNDS 

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus 

Budget Reconciliation Act of 1986 (Public Law 99-509). It 

was made effective on January 1, 1990, by section 

7811(m)(3) of the Omnibus Budget Reconciliation Act of 

1989 (Public Law 101-239) and amended by section 9001of 

the Oil Pollution Act of 1990 (Public Law 101-380). 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if 

the Secretary of the Treasury estimates that, as of the close 

of the preceding calendar quarter, the unobligated balance in 

the fund exceeds $1 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution 

Act of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TABLE TF-21.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2003 ..................................................................................................................................................................................................... $798,416,179 

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... - 

Other income.............................................................................................................................................................................................................. - Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 11,667,267 

Fines and penalties.................................................................................................................................................................................................... 4,862,452 

Net revenue before interest ................................................................................................................................................................................... 16,529,719 

Investment Income: 

Interest on investments.............................................................................................................................................................................................. 13,495,575 

Realized gain ............................................................................................................................................................................................................. 2,790 

Total investment income ........................................................................................................................................................................................ 13,498,365 

Total revenue ......................................................................................................................................................................................................... 30,028,084 

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 40,000 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 4,273,720 

Transfer to Interior...................................................................................................................................................................................................... 7,017,453 

Transfer to EPA.......................................................................................................................................................................................................... 16,113,367 

Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 12,770,682 

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 6,021,798 

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 50,880,105 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 52,000,000 

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditures transfers ............................................................................................................................................................................ 149,077,125 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 149,117,125 

Balance Sept. 30, 2004.................................................................................................................................................................................................. $679,327,138 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In millions of dollars. Source: Department of Transportation] 

2005 2006 2007 2008 2009

 Balance Oct. 1 .................................................................................................... 956 843 710 523 223

 Estimated receipts .............................................................................................. 30 27 25 21 15

 Estimated expenses ........................................................................................... 143 160 212 321 180

 Balance Sept. 30 ................................................................................................ 843 710 523 223 58

Note.—The October 1, 2004 balance differs from the equity balance by $277 million in 

liabilities. Those liabilities are contingent and are reflected in the forecast expenses. 
TRUST FUNDS 143

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus, 

pneumococcal conjugate vaccines, and hepatitis A (26 

United States Code 4131) are appropriated into the trust 

fund, which is the source of funds to pay compensation 

awards for a vaccine-related injury or death occurring after 

October 1, 1988, as well as program administrative 

expenses. 

Annual reports to Congress, required by 26 United 

States Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 

TABLE TF-22.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2004 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2003 ........................................................................................................................................................................................... $1,946,362,012 

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 142,500,500 

Interest on investments.................................................................................................................................................................................... 67,738,991 

Total receipts................................................................................................................................................................................................ 210,239,491 

Outlays: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 4,443,962 

U.S. Department of Justice expenses ............................................................................................................................................................. 3,463,418 

Total outlays................................................................................................................................................................................................. 7,907,380 

Nonexpenditure transfers: 

Transfer to health resources............................................................................................................................................................................ 66,000,000 

Total outlays/transfers.................................................................................................................................................................................. 73,907,380 

Balance Sept. 30, 2004........................................................................................................................................................................................ $2,082,694,123 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2005-2009 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2005 2006 2007 2008 2009 

Balance Oct. 1 ........................................................................................................... 2,082,694 2,240,078 2,402,421 2,569,872 2,742,583

Receipts ..................................................................................................................... 146,775 151,178 155,714 160,385 165,197

Interest on investments.......................................................................................... 86,495 89,090 91,763 94,516 97,351

Total receipts ..................................................................................................... 233,270 240,268 247,477 254,901 262,548

Outlays: 

U.S. Court of Federal Claims expenses ................................................................ 4,443 4,443 4,443 4,443 4,443

U.S. Department of Justice expenses ................................................................... 3,463 3,463 3,463 3,463 3,463

Total outlays....................................................................................................... 7,906 7,906 7,906 7,906 7,906

Nonexpenditure transfers: 

Transfers to health resources................................................................................ 67,980 70,019 72,120 74,284 76,512

Total outlays/transfers ....................................................................................... 75,886 77,925 80,026 82,190 84,418

Balance Sept. 30........................................................................................................ 2,240,078 2,402,421 2,569,872 2,742,583 2,920,713

Note.—Detail may not add to totals due to rounding. 
144 TRUST FUNDS 

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-23.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2004 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2003................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2004............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2005 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.......................................................................................................................................................................................................... - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30...................................................................................................................................................................................................... - 
TECHNICAL PAPERS 145

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. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
146

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 December 2004, the 

debt limit was $8,184,000 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 
GLOSSARY 147

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 
148 GLOSSARY 

“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), 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).