Produced and Published by

BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

JUNE 2011
Additional Financial Management Service 

Releases on Federal Finances

Sold on a subscription basis only (exceptions noted) by the Superintendent of 

Documents, U.S. Government Printing Office, Washington, D.C. 20402.†

Combined Statement of Receipts, Outlays, and Balances of the United States 

Government. This statement presents budget results and the cash-related assets 

and liabilities of the Federal Government with supporting details. Single copy 

price: $67.00 (domestic), $93.80 (foreign). 

Financial Report of the United States Government. This annual report provides 

information about Government financial operations on the accrual basis. Single 

copy price: $26.00 (domestic), $36.40 (foreign). 

† Subscription order form on inside back cover.
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

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

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

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

other Federal program agencies. Readers can contact the publication staff at (202) 874-9938/9939 to 

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

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fms.treas.gov 

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

through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
June 2011 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 19 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 21 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 

FD-2.—Debt Held by the Public ......................................................................................................................................... 23 

FD-3.—Government Account Series................................................................................................................................... 24 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 27 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 28

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 36 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 37 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 39 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 42 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
IV 

June 2011 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

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

 Residents of Foreign Countries.............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 

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

 with Respect to Selected Countries...................................................................................................................... 58 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

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

 with Respect to Selected Countries ...................................................................................................................... 64

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 70 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 

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

 and Country, during (first quarter)................................................................................................................... 76 

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

 and Country, during (calendar year) ................................................................................................................ 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82

CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 83 

CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country....................................................................... 84 

CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract................... 85 

CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ................................ 86
June 2011 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 88 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 93 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 93 

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 101 

ESF-2.—Income and Expense........................................................................................................................................... 101

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 105 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105

RESEARCH PAPER SERIES........................................................................................................................................... 106

GLOSSARY ...................................................................................................................................................................... 108

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. 
June 2011 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
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
June 2011 

3

Growth of Real GDP

-0.7

0.6

-4.0

-6.8

-4.9

5.0

1.7 1.8

2.9 3.1

1.6

3.2 2.6

3.7

-0.7

0.9

2.3

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2007 2008 2009 2010 2011

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of May 17, 2011 

Introduction 

Although the pace of expansion slowed in the first 

quarter, the recovery remains on a firm footing, with healthy 

growth in consumer spending and strong investment in 

business equipment and software. Over the past 14 months, 

the economy has added a total of 1.8 million payroll jobs, 

and the unemployment rate has been trending lower. 

Nevertheless, the unemployment rate is still high at 9 

percent and the housing sector remains weak, with home 

prices still declining. 

The recent run-up in oil prices is a concern for inflation 

as well as for private consumption. While inflation has 

edged up slightly, it remains in check. In financial markets, 

equity indexes have rallied, on balance, thus far in 2011, and 

Treasury bond yields have trended lower in recent weeks. 

Financial disbursements under the American Recovery 

and Reinvestment Act of 2009 (ARRA, or the “Recovery 

Act”) will be completed this year, but additional measures to 

restore financial stability and improve housing markets 

remain in place, including the Tax Relief, Unemployment 

Insurance Reauthorization and Job Creation Act of 2010 

(2010 Tax Relief Act). This Act, passed last December, 

included a 2 percent payroll tax cut and is designed to 

sustain the upward momentum of the recovery. 

Pursuing its statutory mandate to foster maximum 

employment and price stability, the Federal Reserve 

continues to bolster liquidity by maintaining holdings of 

securities at current levels and rolling over holdings of 

Treasury securities as they mature. In April 2011, the 

Federal Reserve announced its intention to complete 

purchases of longer-term Treasury securities by the end of 

the second quarter of 2011. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 4.9 percent. According to the 

advance estimate, real gross domestic product (GDP) growth 

moderated from a 3.1 percent annual rate in the final quarter 

of 2010 to a 1.8 percent annual rate in the first quarter of 

2011–the seventh straight quarter of growth since the 

economy emerged from recession in mid-2009. The 

slowdown was driven in part by temporary factors, including 

severe winter weather early in the quarter that curtailed 

construction spending, a drop in government purchases, a 

deceleration in consumer spending, and an increase in 

imports. These developments were partly offset by the 

change in private inventories, which boosted GDP growth in 

the first quarter. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

by 2.4 percent, slowing from the fourth quarter’s 4.4 percent 

rise. Still, the ongoing strength of this measure over the past 

five quarters indicates that private demand remains solid, 

and the recovery is not dependent on government stimulus. 

While the steep run-up in gas prices during the first few 

months of 2011 likely cut into consumer spending, real 

personal consumption expenditures–which account for about 

70 percent of GDP–grew 2.7 percent at an annual rate in the 

first quarter. After declining by 0.3 percent in 2008, and by 

1.2 percent in 2009, consumer spending has expanded for 

seven straight quarters, and in the first quarter of 2011, 

contributed 1.9 percentage points to real GDP growth. 

Residential investment–mostly residential homebuilding–

declined 4.1 percent in the first quarter, after rising 3.3 

percent in the fourth quarter, and is now at a 28-year low. 

The decline in residential activity shaved less than 0.1 

percentage point off of real GDP growth. Housing markets 

have remained weak thus far in 2011, weighed down by a 

number of factors, including uncertainty about future home 

price values and the high level of unemployment. Single 

family housing starts fell 5.1 percent in April to 394,000 

units (annualized), nearly 12 percent above the early 2009 

low but still 78 percent below the January 2006 peak. Home 

sales are still below April 2010 levels, which were boosted 

by a rush to beat the April 30 expiration of the home buyer 

tax credit. New single-family home sales increased 11.1 

percent in March to 300,000 (annualized) but were still 78 

percent below the July 2005 peak. Existing single-family 

home sales rose 3.7 percent in March to 5.1 million units 
4 PROFILE OF THE ECONOMY 

June 2011 

(annualized), but were still 30 percent below the September 

2005 peak. Inventories of unsold new single family homes 

stood at their lowest level in 43 years, but relative to sales 

remained very high at a 7.3-month supply in March. 

Inventories of existing single-family homes stood at an 8.4-

month supply in March. Home prices have been declining 

again, but at a slower pace than during the recession. The 

Federal Housing Financing Authority (FHFA) purchase-only 

house price index fell 1.6 percent in February and was down 

5.7 percent compared to a year earlier. The Standard & 

Poor’s (S&P)/Case-Shiller composite home price indexes 

fell for the 7th-straight month in February on a monthly 

basis: the 20-city and 10-city indexes both declined 1.1 

percent. On a 12-month basis through February 2011, the 

20-city index declined 3.3 percent although the 10-city index 

was 0.7 percent higher. 

Nonresidential fixed investment–about 10 percent of 

GDP–advanced 1.8 percent at an annual rate in the first 

quarter of 2011, slowing markedly from an annual rate of 

7.7 percent in the fourth quarter (and double-digit surges in 

each of the two quarters prior to that). For the fourth of the 

past five quarters, business spending on equipment and 

software grew at a double-digit pace, rising 11.6 percent in 

the first quarter–the eighth-straight quarter of growth. 

However, after rising for the first time in 2 years in the 

fourth quarter, outlays for structures sharply fell in the first 

quarter of 2011, by 21.7 percent, to its lowest level since 

1978. Altogether, nonresidential fixed investment 

contributed 0.2 percentage point to real GDP growth in the 

first quarter. Inventory accumulation rose at a faster pace, 

boosting growth by an additional 0.9 percentage point. 

Exports account for about 12 percent of GDP, while 

imports, which are subtracted from total domestic spending 

to calculate GDP, account for about 17 percent. In each of 

the 3 years prior to 2010, the net export deficit (exports less 

imports) narrowed, reflecting weak demand for imports that 

exceeded softer foreign demand for U.S. goods and services. 

The improvement in the net export deficit contributed 1 

percentage point on average to quarterly real GDP growth 

during this period. In 2010, this trend reversed, and net 

exports posed a significant drag on growth in the first three 

quarters of the year. Although the trade deficit narrowed 

substantially in last year’s fourth quarter, the previous trend 

resumed in the first quarter of 2011, as export growth slowed 

to 4.9 percent and imports increased by 4.4 percent. As a 

result, net exports subtracted 0.1 percentage point from real 

GDP growth-a dramatic shift from the fourth quarter, when 

net exports added 3.3 percentage points to growth. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s, and in 2006, reached a record $803 

billion, equivalent to 6.0 percent of GDP. By 2009, the 

current account deficit had narrowed to $378 billion (2.7 

percent of GDP), as the trade deficit narrowed, but it 

widened in 2010 to $470 billion (3.2 percent of GDP) as the 

U.S. economy recovered. 

Government purchases–which account for roughly 20 

percent of GDP– fell 5.2 percent at an annual rate in the first 

quarter, subtracting 1.1 percentage points from real GDP 

growth. Federal spending fell 7.9 percent (led by an 11.7 

percent plunge in national defense spending) and State and 

local government expenditures fell 3.3 percent. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.8 million private-sector jobs. Job 

losses continued even after the recovery began, with payrolls 

resuming growth in March 2010. Total employment has 

grown by 1.8 million over the past 14 months, and privatesector payrolls have consistently grown over that period, 

adding 2.1 million new payroll jobs. 

Job losses during the recession were spread broadly 

across most sectors but with the resumption of job growth, 

many of these sectors have added jobs. Since the labor 

market recovery began in early 2010, payrolls in 

professional and business services have risen by 584,000, 

and leisure and hospitality industries’ employment has 

increased by 290,000. A few sectors continued to add jobs 

throughout the recession and now well beyond it: since early 

2010, the health care and education sectors have together 

added more than 514,000 million payroll jobs, including a 

gain of more than 426,000 jobs in health services. Notably, 

since reaching an early trough in December 2009, 

manufacturing payrolls have grown by 250,000. On the 

other hand, the government sector, especially at the local 

level, has lost more jobs in subsequent months than during 

the 19 months of the recession. Local government payrolls 

fell by 91,000 between December 2007 and June 2009, but 

since then they have fallen by 370,000. 

The unemployment rate peaked at 10.1 percent in 

October 2009–a 26-year high and 5.7 percentage points 

above the March 2007 low of 4.4 percent. The 

unemployment rate has since declined, reaching 8.8 percent 

in March 2011 before edging back up to 9.0 percent in April 

2011. A broader measure of unemployment that includes 

workers who are underemployed and those who are only 

marginally attached to the labor force reached a record high 

of 17.4 percent in October 2009 (series dates from 1994)–

nearly double its level of 8.8 percent in December 2007. 

This measure fell to 16.5 percent in June 2010 and then 

trended higher again, reaching 17.1 percent in September 

2010 before falling to 15.9 percent in April 2011. The 

percentage of the unemployed who have been out of work 

for 27 weeks or more peaked at an all-time high of 45.6 

percent in May 2010, then edged down in subsequent 

months before climbing again to reach 45.5 percent in 

March 2011. As of April 2011, it had declined to 43.4 

percent. 
PROFILE OF THE ECONOMY 5 

June 2011 

Payroll Employment

175

39

181

-46

139

-135

-256

-516

-781

-643

-47

-199

-311

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2008 2011 2009 2010

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

00 01 02 03 04 05 06 07 08 09 10 11

(Percent)

Apr. 2011

9.0%

-3

-2

-1

0

1

2

3

4

5

6

7

00 01 02 03 04 05 06 07 08 09 10 11

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food

Inflation 

Despite rising commodity prices, inflation remains 

relatively low. Factors including the high level of 

unemployment and the low level of capacity utilization 

continue to restrain underlying price pressures. Headline 

consumer prices rose 3.2 percent over the 12 months ending 

in April, accelerating from the previous year’s 2.2 percent 

increase. Energy prices rose 19.0 percent in the year through 

April, roughly in line with the year-earlier, 18.5 percent 

increase. On a 12-month basis core consumer prices 

(excluding food and energy) rose 1.3 percent through April 

2011, compared with a 0.9 percent advance a year ago. 

Measures for the most recent 3 months underscore that 

commodity price pressures are not having a significant 

impact on core consumer prices. Although headline 

consumer inflation rose to 6.5 percent at an annual rate over 

the 3 months ended in April (with energy prices rising more 

than 46 percent over the same period), core consumer 

inflation was just 2.6 percent at an annual rate during the 

same period. 

Energy prices have sharply risen over the past several 

months but are still below summer 2008 peaks. The frontmonth futures price for West Texas Intermediate (WTI) 

crude oil rose to a record $147 per barrel in July 2008; it 

averaged $110 per barrel in April 2011 and has averaged 

$104 per barrel thus far in May. The retail price of regular 

gasoline was $3.97 per gallon in the week ended May 9, 

2011, up $1.06 from a year ago, but still below July 2008’s 

record $4.11 per gallon. 

Food prices have been rising noticeably in the past 

several months. In the year through April 2011, consumer 

food prices increased 3.2 percent, much faster than the 0.5 

percent rise of the previous year. For the 3 months ending in 

April 2011, food prices were 4.4 percent higher at an annual 

rate. 
6 PROFILE OF THE ECONOMY 

June 2011 

Federal Budget 

The federal budget deficit narrowed to $1.3 trillion (8.9 

percent of GDP) in fiscal year 2010, from $1.4 trillion in 

fiscal year 2009 (10.0 percent of GDP), but is expected to 

widen to 10.9 percent of GDP in fiscal year 2011, in part 

because of the December 2010 tax cut agreement. 

Nonetheless, the Administration’s Fiscal Year 2012 Budget 

projects a significant narrowing of the deficit over the next 

few years, as the economy recovers and provisions of the 

Recovery Act and the December 2010 tax legislation expire. 

By fiscal year 2013, the deficit is expected to fall by half to 

4.6 percent of GDP. Over the longer term (fiscal years 2016 

to 2021), the deficit is projected to average 3.1 percent of 

GDP. About 80 percent of the overall deficit in the long term 

is due to interest payments; the primary deficit (receipts less 

spending excluding interest payments) is forecast to fall 

from 7.6 percent of GDP in fiscal year 2010 to 0.4 percent in 

fiscal year 2016, then shift to rough balance in fiscal year 

2017 and to a small surplus of about 0.3 percent of GDP 

from fiscal years 2018 to 2021. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

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

side, the ARRA authorized the Federal Government to spend 

$787 billion to stimulate domestic demand. As of mid-May 

2011, about $650 billion in funds had been paid out, and all 

disbursements will be completed later this year. This 

spending has provided an important boost to economic 

activity in recent years. The Council of Economic Advisers 

estimates that as of the fourth quarter of 2010, the Recovery 

Act raised employment relative to what it otherwise would 

have been by between 2.5 and 3.6 million. 

Late in 2009, the first-time home buyer tax credit was 

temporarily extended and expanded to include all home 

buyers (it expired on April 30, 2010), and a new Small 

Business Jobs and Wages Tax Credit was announced to help 

small businesses create jobs. In August 2010, the 

Government approved legislation providing an additional 

$26 billion for State and local Governments to support jobs 

and medical services. Finally, in December 2010, the 2010 

Tax Relief Act authorized a 2 percent payroll tax cut, an 

extension of unemployment benefits, extensions of 

refundable tax credits, and a 2-year extension of the 2001 tax 

cuts. 

In mid-April, building on the policies of the fiscal year 

2012 budget, the President announced a Fiscal Framework to 

reduce the budget deficit by an additional $4 trillion over the 

next 12 years and to put the national debt on a declining path 

by the second half the current decade. Deficit reduction 

under this framework will be phased in over time, so as to 

protect and strengthen the economic recovery. (The 

Administration has not yet released updated projections of 

future budget deficits that incorporate measures of the 

proposed Fiscal Framework.) 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007. By late 2008, the Federal Open Market Committee 

(FOMC) had lowered the federal funds target interest rate 

dramatically, reducing it to a historically low target range of 

0 percent to 0.25 percent at the December 2008 FOMC 

meeting. That target range was maintained at the FOMC’s 

most recent meeting in late April 2011. At the same time, the 

Committee acknowledged the softer tone of recent data on 

growth but was more definitively positive about 

improvements in the labor market than in the statement 

accompanying the March FOMC meeting. In addition to 

lowering the federal funds rate target, in late 2008, the 

Federal Reserve significantly expanded its tools to increase 

liquidity in credit markets and eased lending terms to sectors 

in need of liquidity, including a variety of facilities and 

funds directed at specific financial markets. As of June 30, 

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

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and to continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At its most recent meeting in April, the FOMC 

definitely signaled that it will complete purchases of 

$600 billion of longer-term Treasury securities by the end of 

the current quarter (i.e., end-June 2011). 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have been improving substantially since early 2009. 

Bank lending has been picking up, with further easing of 

standards and terms, and loan demand has stabilized or 

improved, depending upon market segment. Measures of 

risk tolerance and volatility have largely returned to precrisis levels. 

After plunging 38.5 percent in 2008, the sharpest loss 

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

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

23.5 percent in 2009 and 12.8 percent in 2010. Measured 

from the S&P 500’s 12-year low in mid-March 2009, the 

index has risen about 97 percent through mid-May, and thus 

far in 2011, is about 6 percent higher. The S&P Stock 

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

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

percent in late October 2008, after hovering in a range of 20 

to 30 percent for most of that year. The VIX retreated fairly 

steadily during 2009, ending that year at about 20 percent, 

but fluctuated more widely last year, resurging to a recent 

peak of nearly 46 percent in mid-May 2010. Since then, it 

has declined more steadily, to about 17 percent in mid-May 

2011. 
PROFILE OF THE ECONOMY 7 

June 2011 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010 2011

(Percent)

Corporate Baa to

Treasury Ten-Year

Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009 2010 2011

(Percent)

TED Spread

Libor-OIS Spread

A variety of factors have buffeted long-term Treasury 

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

a variety of specific risk events as well as supply concerns 

related to funding of the government’s debt. The yield on the 

10-year note reached a low of 2.1 percent in late December 

2008, but then moved higher, closing in early April 2010 

above the 4 percent mark for the first time since October 

2008. For the remainder of last year, the yield fell, reaching 

a recent low of 2.41 percent in early October before 

resuming an upward climb to 3.75 percent as of February 

2011. Since then the yield trended lower, dipping below 3.2 

percent as of mid-May 2011, roughly 110 basis points above 

the December 2008 low. The 3-month Treasury bill yield, by 

contrast, generally trended lower throughout 2008 under the 

relatively steady influence of safe-haven demand for shortterm liquid assets. The yield almost fell to zero–a record 

low–by the end of December 2008, then fluctuated in a 

range of 0.0 to 0.2 percent throughout 2009. Last year, the 

yield moved in a narrow range of 0.05 to 0.2 percent, 

fluctuating at the upper end of this range through late 

February 2011. Since then, the yield has moved lower, 

reaching 0.02 percent as of mid-May 2011. The 2- to 10-

year Treasury yield spread, one measure of the steepness of 

the yield curve, widened (steepened) noticeably starting in 

mid-2007, when it was roughly 20 basis points, to 290 basis 

points in mid-January 2010, then narrowed during the rest of 

last year, reaching about 200 basis points last October. After 

that, the spread widened, reaching 291 basis points as of 

early February 2011 before narrowing somewhat to 265 

basis points as of mid-May 2011. In the current economic 

environment, a generally steepening yield curve may suggest 

a rising probability of economic recovery. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

October 2008. However, improvements in short-term credit 

availability led to a narrowing of this spread to 9 basis points 

in March 2010. Through mid-June 2010, the spread widened 

again to nearly 50 basis points, then narrowed to a recent 

low of 12 basis points in late November 2010. As of midMay 2011, the spread was about 17 basis points. The spread 

between the Baa corporate bond yield and the 10-year 

Treasury yield peaked at nearly 620 basis points in 

December 2008. After narrowing in 2009 and early 2010, 

the spread widened again to a recent peak of 331 basis points 

in mid-November 2010. However, since late last year, the 

spread has consistently remained below 300 basis points, 

falling to 265 basis points in mid-May 2011, though still 

very high by historical standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

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

record low of 4.17 percent in early November 2010, then 

climbed to a recent high of nearly 5.2 percent in midFebruary 2011. Since then, the rate has declined, reaching 

4.7 percent as of mid-May 2011. 
8 PROFILE OF THE ECONOMY 

June 2011 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) had begun to stabilize after 

depreciating significantly from its February 2002 peak, it has 

resumed a depreciating trend. For example, between 

February 2002 and January 2009, the exchange value of the 

dollar compared to an index of these currencies fell by about 

16 percent over the timeframe, but between October 2007 

and October 2009, the dollar appreciated by roughly 1.0 

percent against this index. Over the past 2 years, however, 

the dollar has depreciated by 15 percent against this index. 

Over the longer timeframe, the dollar depreciated by about 

33 percent against the yen, and by 34 percent against the 

euro. Over the past 2 years, the dollar has depreciated by 

about 15 percent against the yen and by 10 percent against 

the euro. Against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico), the dollar appreciated by about 1 percent over the 

longer timeframe, but over the past 2 years, the dollar has 

depreciated by about 13 percent against this basket. 
June 2011 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2011 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2011 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $219.6 billion for the second 

quarter of fiscal year 2011. This is an increase of $33.8 

billion over the comparable prior year quarter. Withheld 

receipts increased by $30.1 billion and non-withheld receipts 

increased by $4.6 billion during this period. Refunds 

increased by $0.9 billion over the comparable fiscal year 

2010 quarter. There was a decrease of $3.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2010. 

Corporate income taxes—Net corporate income tax 

receipts were $19.1 billion for the second quarter of fiscal 

year 2011. This is a decrease of $0.9 billion compared to the 

prior year second quarter. The $0.9 billion change is 

comprised of a decrease of $16.7 billion in estimated and 

final payments, and a decrease of $15.9 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2011 were $190.8 billion, a decrease of $16.0 

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 -$16.4 billion, -$2.8 billion, and $3.2 

billion respectively. There was a -$1.2 billion accounting 

adjustment of for prior years’ employment tax liabilities 

made in the second quarter of fiscal year 2011, while there 

was a -$5.0 billion adjustment in the second quarter of fiscal 

year 2010. 

Unemployment insurance—Unemployment insurance 

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

2011 were $6.9 billion, an increase of $1.6 billion over the 

comparable quarter of fiscal year 2010. Net State taxes 

deposited in the U.S. Treasury increased by $1.4 billion to 

$5.5 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.2 billion to $1.4 billion. 
FEDERAL FISCAL OPERATIONS 

June 2011 

11

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

second quarter of fiscal year 2011. This was a negligible 

change from the comparable quarter of fiscal year 2010. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2011 were $16.3 billion, an increase of 

$3.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.8 billion, a 

decrease of $2.9 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were -$0.5 billion for the second quarter of fiscal year 2011. 

These receipts represent a decrease of $5.9 billion over the 

same quarter in fiscal year 2010, mainly due to the 

expiration of the estate tax in 2010. 

Customs duties—Customs duties net of refunds were 

$6.7 billion for the second quarter of fiscal year 2011. This 

is an increase of $1.0 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2011 were $28.2 billion, 

an increase of $5.4 billion over the comparable prior year 

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

Federal Reserve banks increasing by $4.9 billion. 

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

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

 Second quarter 

 Jan. - Mar. 

 Actual fiscal 

year to date 2011 

Total on- and off-budget results: 

Total receipts ............................................................... 488,100 1,019,896

On-budget receipts .................................................. 344,901 740,923

Off-budget receipts .................................................. 143,199 278,974

Total outlays................................................................. 948,549 1,849,306

On-budget outlays.................................................... 803,217 1,591,145

Off-budget outlays.................................................... 145,332 258,160

Total surplus or deficit (-) ............................................. -460,449 -829,409

On-budget surplus or deficit (-)................................ -458,318 -850,224

Off-budget surplus or deficit (-)................................ -2,133 20,813

Means of financing: 

Borrowing from the public............................................ 260,210 628,096

Reduction of operating cash........................................ 224,672 191,777

Other means ................................................................ -24,433 9,536

Total on- and off-budget financing........................... 460,449 829,409

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2011 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 129.0 37.8 52.8 

Corporate income taxes..................................................... 3.6 -1.4 16.9 

Employment and general retirement.................................. 73.3 57.2 60.4 

Unemployment insurance .................................................. 2.8 3.4 0.7 

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

Excise taxes ....................................................................... 5.1 4.0 7.1 

Estate and gift taxes .......................................................... -0.8 0.1 0.1 

Customs duties .................................................................. 2.4 2.1 2.2 

Miscellaneous receipts....................................................... 10.8 7.0 10.4

Total budget receipts ..................................................... 226.6 110.7 150.9

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

June 2011 

12 

0

100

200

300

400

500

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc. 

receipts **

Excise

taxes

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2011

2010 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2010-2011

(In billions of dollars) 

CHART FFO-A.—

Monthly Receipts and Outlays, 2010-2011

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
FEDERAL FISCAL OPERATIONS 

June 2011 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from 

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2006 ............................ 2,406,328 1,797,946 608,382 2,654,525 2,232,456 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,447 1,932,359 635,088 2,728,970 2,275,334 453,636 -161,527 -342,978 181,452 499,976 

2008 ............................ 2,523,324 1,865,279 658,045 2,978,123 2,503,371 474,751 -454,798 -638,092 183,294 1,035,015 

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

2010 ............................ 2,161,745 1,530,058 631,688 3,455,982 2,901,298 554,683 -1,294,236 -1,371,240 77,004 1,652,342 

2011 - Est.................... 2,173,700 1,614,278 559,422 3,818,819 3,317,275 501,544 -1,645,119 -1,702,997 57,878 1,946,590 

2012 - Est.................... 2,627,449 1,968,719 658,730 3,728,686 3,145,904 582,782 -1,101,237 -1,177,185 75,948 1,177,828 

2010 - Mar................... 153,358 103,165 50,193 218,745 162,696 56,049 -65,387 -59,531 -5,856 332,391 

Apr................... 245,260 176,472 68,788 327,950 276,119 51,830 -82,689 -99,647 16,958 174,543 

May.................. 146,794 94,337 52,457 282,721 225,281 57,441 -135,927 -130,943 -4,984 43,257 

June................. 251,048 195,558 55,490 319,470 316,411 3,059 -68,422 -120,853 52,431 209,886 

July .................. 155,546 105,885 49,661 320,588 267,809 52,779 -165,043 -161,924 -3,118 37,478 

Aug .................. 163,998 114,564 49,434 254,524 197,201 57,323 -90,526 -82,637 -7,889 211,256 

Sept................. 245,206 194,528 50,678 r 279,845 r 216,700 r 63,145 r -34,639 r -22,171 -12,468 112,781 

Oct................... 145,951 99,702 46,249 286,384 232,255 54,128 -140,432 -132,553 -7,879 108,712 

Nov .................. 148,970 99,222 49,748 299,364 241,169 58,195 -150,394 -141,947 -8,447 192,517 

Dec .................. 236,875 197,098 39,778 r 315,009 r 314,504 r 505 r -78,134 r -117,406 r 39,272 162,832 

2011 - Jan ................... 226,550 171,448 55,102 276,346 230,965 45,380 -49,796 -59,518 9,722 103,980 

Feb .................. 110,656 67,556 43,100 333,156 282,270 50,887 -222,500 -214,714 -7,787 63,412 

Mar .................. 150,894 105,897 44,997 339,047 289,982 49,065 -188,153 -184,086 -4,068 76,515 

Fiscal year 2011 to date ... 1,019,896 740,923 278,974 1,849,306 1,591,145 258,160 -829,409 -850,224 20,813 707,968 

 

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) 

 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 20,983 666 248,197 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 160,745 

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,356 - 454,040 

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

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -146,495 -375 1,294,236 

2011 - Est.............................. 846 109,926 1,837,510 167 * * * -192,224 * 1,645,119 

2012 - Est.............................. 189 153,330 1,024,686 -235,000 * * * -158,449 * 1,101,237 

2010 - Mar............................. 146 -20,396 352,933 176,714 -529 494 57 -110,810 - 65,387 

Apr............................. 68 31,142 143,469 81,729 -263 420 -157 20,949 - 82,689 

May............................ 186 -16,645 60,088 -78,369 -1,350 -209 198 -3,891 - 135,927 

June........................... 15 68,970 140,931 67,685 169 68 -274 -4,861 - 68,422 

July ............................ 116 -32,158 69,753 -86,335 1,461 50 969 11,435 - 165,043 

Aug ............................ -61 -11,791 222,985 74,254 -347 346 -226 -58,432 - 90,526 

Sept........................... 65 15,474 97,373 32,366 1,744 -221 832 -28,288 275 r 34,639 

Oct............................. 111 61,033 47,790 -83,658 576 73 189 9,822 - 140,432 

Nov ............................ -52 -13,168 205,633 55,202 -1,688 101 -771 -2,395 - 150,394 

Dec ............................ 134 48,503 114,463 61,351 526 -773 136 24,911 - r 78,134 

2011 - Jan ............................. 209 10,832 93,358 6,412 808 365 235 -35,742 - 49,796 

Feb ............................ 225 -16,394 80,031 -158,527 421 102 83 -15,452 - 222,500 

Mar ............................ -135 -10,441 86,821 -72,557 463 -683 6,509 35,064 - 188,153 Fiscal year 2011 to date........... 492 80,365 628,096 -191,777 1,106 -815 6,381 16,208 - 829,409 

 

Note.—These estimates are based on the Fiscal Year 2012 Budget, released by the Office 

of Management and Budget on February 14, 2011. 

* Less than $500,000. 

- No Transactions 

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

June 2011 

14 

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) 

 

2006 .................. 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,811 

2007 .................. 928,583 437,668 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996 

2008 .................. 970,195 455,399 279,845 1,145,748 354,293 49,947 304,346 1,450,094 854,485 2,461 852,024 

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

2010 .................. 880,361 278,220 260,033 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756 

 

2011 - Est.......... 956,033 - - 956,033 198,431 - 198,431 1,154,464 746,625 - 746,625 

2012 - Est.......... 1,140,504 - - 1,140,504 329,324 - 329,324 1,469,828 859,961 - 859,961 

2010 - Mar......... 101,735 8,989 51,220 59,503 30,622 22,044 8,578 68,081 62,829 - 62,829 

Apr......... 69,556 106,518 68,765 107,309 32,683 9,566 23,118 130,427 88,434 - 88,434 

May........ 60,212 6,151 20,809 45,554 8,515 4,110 4,405 49,959 66,366 11 66,355 

June....... 79,975 34,846 5,817 109,005 56,529 5,061 51,468 160,473 70,703 - 70,703 

July ........ 66,995 4,786 7,706 64,076 10,145 3,391 6,753 70,829 63,437 -11 63,448 

Aug ........ 71,717 4,427 4,373 71,771 5,933 3,249 2,684 74,455 63,319 - 63,319 

Sept....... 70,883 40,620 4,176 107,327 54,046 5,006 49,040 156,367 67,727 1,748 65,979 

Oct......... 69,456 11,359 9,417 71,399 8,729 13,132 -4,404 66,995 60,675 - 60,675 

Nov ........ 72,592 4,063 12,349 64,306 3,648 6,713 -3,065 61,241 65,456 - 65,456 

Dec ........ 111,023 11,803 2,510 120,316 48,864 5,463 43,400 163,716 53,289 - 53,289 

2011 - Jan ......... 86,420 47,292 4,737 128,975 9,213 5,568 3,645 132,620 72,868 - 72,868 

Feb ........ 87,161 4,469 53,783 37,847 4,555 5,953 -1,397 36,450 56,688 - 56,688 

Mar ........ 101,495 10,549 59,288 52,757 23,918 7,016 16,902 69,659 59,997 - 59,997 

 

Fiscal year 2011 

 to date................. 528,147 89,535 142,084 475,600 98,927 43,845 55,081 530,681 368,973 - 368,973 

 

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) 

 

2006 ............................ 4,234 2 4,231 790,042 43,559 139 43,420 4,308 50 4,358 

2007 ............................ 4,263 2 4,261 824,257 41,216 125 41,091 4,207 51 4,258 

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,125 44 4,169 

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

2010 ............................ 4,141 1 4,140 815,896 44,923 99 44,823 4,042 35 4,076 

 

2011 - Est.................... 4,047 - 4,047 750,672 51,810 - 51,810 4,293 26 4,319 

2012 - Est.................... 4,305 - 4,305 864,266 56,765 - 56,765 4,027 23 4,050 

 

2010 - Mar................... 445 * 445 63,274 702 8 693 314 3 318 

Apr................... 368 4 364 88,798 8,455 20 8,435 379 4 383 

May ................. 370 2 368 66,724 14,599 8 14,591 311 2 314 

June ................ -101 * -101 70,602 1,138 10 1,128 370 3 373 

July.................. 389 -4 392 63,841 2,388 14 2,373 329 3 333 

Aug.................. 432 -1 433 63,752 6,817 7 6,810 310 2 312 

Sept................. 357 * 357 66,336 718 13 705 313 3 316 

Oct................... 358 * 358 61,034 1,682 5 1,677 379 2 382 

Nov.................. 386 * 386 65,842 4,818 1 4,817 337 2 339 

Dec.................. 379 * 379 53,669 2,659 4 2,655 368 3 370 

2011 - Jan ................... 425 * 425 73,292 2,810 4 2,806 307 3 310 

Feb.................. 483 * 483 57,171 3,426 1 3,426 302 2 304 

Mar.................. 382 * 382 60,380 681 8 673 308 3 311 

 

Fiscal year 2011 to date.... 2,413 - 2,413 371,388 16,076 23 16,054 2,001 15 2,016 

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2011 

15

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 

(45) 

Off-budget

(46) 

 

2006 ....................... 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,092 44,037 1,797,946 608,382 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 14,960 47,003 1,932,359 635,088 

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 15,732 49,330 1,865,279 658,045 

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

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,028 95,873 1,530,058 631,688 

2011 - Est............... 74,079 12,227 - 12,227 27,691 - 27,691 79,511 18,927 98,438 1,614,278 559,422 

2012 - Est............... 103,069 13,600 - 13,600 29,754 - 29,754 65,803 20,314 86,117 1,968,719 658,730 

2010 - Mar.............. 6,782 2,916 86 2,830 2,046 104 1,942 7,427 2,010 9,437 103,165 50,193 

Apr.............. 6,321 3,323 73 3,250 2,171 54 2,117 3,763 1,766 5,529 176,472 68,788 

May ............ 4,692 1,212 79 1,133 1,855 71 1,784 6,240 1,357 7,598 94,337 52,457 

June ........... 6,725 1,427 56 1,371 2,255 99 2,156 6,803 1,419 8,222 195,558 55,490 

July............. 5,916 1,460 62 1,398 2,723 74 2,649 6,488 1,719 8,207 105,885 49,661 

Aug............. 5,306 1,334 53 1,281 2,434 102 2,332 7,412 2,337 9,750 114,564 49,434 

Sept............ 8,361 1,161 53 1,108 2,685 59 2,626 7,423 1,966 9,386 194,528 50,678 

Oct.............. 4,476 330 49 281 2,699 80 2,619 6,569 1,919 8,488 99,702 46,249 

Nov............. 6,326 320 95 225 2,553 95 2,458 5,915 1,807 7,722 99,222 49,748 

Dec............. 5,968 289 71 218 2,390 94 2,296 6,269 1,714 7,983 197,098 39,778 

2011 - Jan .............. 5,137 262 1,066 -804 2,509 89 2,420 9,095 1,676 10,771 171,451 55,102 

Feb ............. 4,016 226 92 134 2,192 81 2,111 5,424 1,618 7,043 67,556 43,100 

Mar ............. 7,108 232 110 122 2,351 136 2,215 8,808 1,620 10,428 105,897 44,997 

Fiscal year 2011 

 to date....................... 33,031 1,659 1,483 176 14,694 575 14,119 42,080 10,354 52,435 740,926 278,974 

Note.—These estimates are based on the Fiscal Year 2012 Budget, released by the Office of 

Management and Budget on February 14, 2011. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

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) 

 

2006.............................. 837,820 10,531 105 10,425 607 - 607 39,433 891 38,543 25,509 1,123 24,386 

2007.............................. 869,607 11,535 67 11,468 639 - 639 40,402 1,040 39,362 18,734 5,134 13,600 

2008.............................. 900,154 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304 

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

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

2011 - Est ..................... 806,801 10,127 - 10,127 613 - 613 37,499 - 37,499 25,840 - 25,840 

2012 - Est ..................... 925,081 10,250 - 10,250 636 - 636 64,420 - 64,420 27,763 - 27,763 

2010 - Mar .................... 64,285 790 - 790 50 - 50 2,639 - 2,639 3,518 215 3,303 

Apr .................... 97,616 906 - 906 58 - 58 3,025 - 3,025 2,447 115 2,332 

May ................... 81,629 747 5 743 31 - 31 2,702 227 2,475 2,462 1,017 1,445 

June .................. 72,103 979 - 979 57 - 57 3,349 - 3,349 2,506 166 2,340 

July.................... 66,547 927 - 927 54 - 54 3,169 - 3,169 1,859 93 1,766 

Aug.................... 70,874 853 7 846 40 - 40 2,920 - 2,920 3,203 1,703 1,500 

Sept................... 67,357 1,807 3 1,804 79 - 79 5,232 - 5,232 1,558 312 1,246 

Oct .................... 63,093 138 - 138 8 - 8 477 - 477 4,007 154 3,853 

Nov.................... 70,998 1,008 - 1,008 58 - 58 3,461 - 3,461 1,958 159 1,799 

Dec.................... 56,694 930 - 930 53 - 53 3,191 - 3,191 1,969 175 1,794 

2011 - Jan..................... 76,408 867 - 867 50 - 50 2,971 - 2,971 1,370 121 1,249 

Feb.................... 60,901 1,210 7 1,203 64 - 64 3,835 - 3,835 -664 421 -1,085 

Mar.................... 61,364 850 - 850 51 - 51 2,818 - 2,818 3,638 249 3,389 

Fiscal year 2011 to date.... 389,458 5,003 7 4,996 284 - 284 16,753 - 16,753 12,278 1,279 10,999 
FEDERAL FISCAL OPERATIONS 

June 2011 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 2006 ....................... 4,101 5,820 93,533 6,373 499,337 93,366 19,651 614,272 69,033 42,434 9,036 23,320 43,139

2007 ....................... 4,292 6,008 84,423 6,477 528,575 66,372 20,117 671,983 39,172 45,559 10,467 23,351 47,543

2008 ....................... 4,409 6,345 90,789 7,725 594,656 65,957 21,404 700,454 40,683 49,086 9,822 26,544 58,840

2009 ....................... 4,701 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053 2011 - Est............... 4,919 7,370 152,085 11,885 739,664 79,363 44,621 909,713 48,069 60,814 12,990 33,484 148,011

2012 - Est............... 5,333 7,567 144,008 13,141 707,466 70,907 41,377 892,700 46,901 49,399 13,790 33,129 109,017 2010 - Mar.............. 399 588 13,117 1,250 61,429 9,001 2,478 75,628 4,042 4,947 1,013 2,373 17,103

Apr.............. 550 754 9,940 1,095 61,093 7,727 2,502 86,311 3,496 4,256 791 2,246 14,041

May............. 369 496 9,302 1,675 46,840 8,341 2,608 55,687 3,231 14,274 872 2,361 13,009

June............ 459 593 9,546 1,997 55,802 8,645 2,791 71,697 4,423 4,580 1,599 3,078 13,997

July ............. 355 554 8,829 1,036 57,863 2,718 2,517 92,016 3,604 4,428 1,117 2,380 12,425

Aug ............. 362 577 9,580 1,125 48,076 667 2,716 58,368 3,356 4,198 1,069 2,510 15,121

Sept ............ 1,345 759 10,114 859 61,684 11,244 4,088 72,309 4,081 3,498 1,293 2,302 r 14,265

Oct.............. 395 598 16,406 789 65,401 7,645 2,900 71,553 3,890 4,174 796 2,353 10,339

Nov ............. 442 579 11,916 1,126 57,827 7,559 2,753 72,978 4,284 4,019 1,540 3,169 12,949

Dec ............. 428 594 13,314 853 64,556 8,077 3,421 78,810 3,902 4,416 1,167 2,341 12,943

2011 - Jan .............. 358 555 11,842 644 46,360 7,615 2,403 63,800 3,268 4,104 1,044 2,771 12,249

Feb ............. 362 533 9,775 1,012 47,268 11,746 2,521 70,925 2,766 3,840 924 2,191 10,916

Mar ............. 381 601 12,077 798 61,126 11,230 3,210 79,970 3,971 4,308 940 2,579 12,713

 ` Fiscal year 2011 

 to date .................... 2,366 3,460 75,330 5,222 342,538 53,872 17,208 438,036 22,081 24,861 6,411 15,404 72,109

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2006 ....................... 12,949 60,141 405,872 58,865 69,778 6,946 44,434 8,322 5,378 22 13,920 

2007 ....................... 13,739 61,701 429,978 60,619 72,792 3,918 47,111 8,258 2,957 29 12,750 

2008 ....................... 17,493 64,945 451,154 97,658 84,746 5,077 45,783 7,938 1,172 342 11,362 

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

2010 ....................... 23,804 77,751 413,955 30,416 108,275 9,875 54,031 11,007 583 861 20,040 

 

2011 - Est............... 28,890 79,495 430,414 101,885 141,130 10,635 59,189 11,100 463 3,120 25,161 

2012 - Est............... 32,480 89,622 474,146 88,328 124,325 8,015 51,517 9,986 574 2,058 29,399 

2010 - Mar.............. 2,382 5,173 20,787 -85,751 9,856 746 4,671 1,040 99 176 543 

Apr.............. 1,671 5,369 22,485 11,695 13,870 779 3,513 926 75 -85 759 

May ............ 1,488 5,999 23,787 784 4,751 799 4,460 876 71 329 2,161 

June ........... 1,589 7,370 106,661 22,358 8,874 858 4,664 1,237 44 231 3,051 

July............. 1,774 8,053 20,386 6,452 12,569 1,053 4,860 970 40 67 907 

Aug............. 1,519 7,554 20,521 3,905 5,173 812 4,648 1,160 32 70 1,569 

Sept............ 4,200 8,305 18,186 -24,199 9,272 939 4,821 1,178 29 119 1,393 

Oct.............. 1,867 7,182 24,143 3,386 10,265 882 3,588 1,019 51 20 997 

Nov............. 2,202 7,694 19,396 5,633 9,644 920 4,852 1,032 38 178 2,075 

Dec............. 2,641 6,306 104,700 2,183 13,889 1,165 r 4,489 1,041 34 215 1,255 

2011 - Jan .............. 1,355 5,172 21,123 14,204 5,593 764 4,958 825 34 29 1,154 

Feb............. 2,092 4,772 21,759 54,223 9,781 878 4,143 1,044 42 98 1,442 

Mar............. 2,138 5,155 24,460 24,399 11,565 843 4,533 924 64 333 991 

 Fiscal year 2011 

 to date ..................... 12,295 36,281 215,581 104,028 60,737 5,452 26,563 5,885 263 873 7,914 

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

June 2011 

17

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

 Offbudget

 (36) 

 

2006 .................. 15,125 5,510 62,400 905 585,742 12,346 -60,856 -169,295 -7,282 -113 2,232,456 422,069 

2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636 

2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751 

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

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,076 -77,036 -185,764 -4,883 -197 2,901,298 554,684 

 

2011 - Est.......... 19,477 8,602 80,619 6,218 801,436 24,527 -82,215 -180,080 -5,223 988 3,317,275 501,544 

2012 - Est.......... 18,174 7,906 80,125 1,205 814,908 34,444 -84,257 -180,203 -7,343 -1,458 3,145,904 582,782 

 

2010 - Mar......... 1,699 504 6,869 126 62,321 792 -5,306 -781 -437 -130 162,696 56,049 

Apr......... 1,900 509 6,186 127 66,774 5,594 -5,416 -3,045 -539 - 276,119 51,830 

May ....... 1,386 514 6,271 127 59,362 16,607 -5,086 -938 -95 - 225,281 57,441 

June ...... 1,594 608 5,713 149 67,141 1,930 -5,406 -86,974 -1,429 - 316,411 3,059 

July........ 1,619 690 6,617 120 67,001 3,885 -5,240 -1,007 -70 - 267,809 52,779 

Aug........ 1,562 738 6,325 118 59,361 -1,329 -5,134 -1,045 -762 - 197,201 57,323 

Sept....... 1,965 657 1,004 119 63,657 6,304 -5,249 -193 -502 - r 216,700 r 63,145 

Oct......... 1,247 546 6,269 90 63,693 -1,561 -21,471 -3,141 76 - 232,255 54,128 

Nov........ 1,703 629 6,097 116 63,614 -1,459 -4,837 -354 -954 - 241,169 58,195 

Dec........ 1,737 536 5,636 137 68,227 r -3,502 r -5,773 -84,354 -375 - r 314,504 r 505

2011 - Jan ......... 1,172 537 6,469 156 60,044 2,724 -5,181 -1,189 -609 - 230,966 45,380

Feb ........ 1,208 497 5,850 130 64,218 3,575 -5,143 -1,669 -565 - 282,270 50,887

Mar ........ 1,633 515 6,902 4,872 64,407 -1,571 -5,137 -1,427 -455 - 289,982 49,065

 Fiscal year 2011 

to date ................ 8,700 3,260 37,223 5,501 384,203 -1,794 -47,542 -92,134 -2,882 - 1,591,146 258,160 

Note.—These estimates are based on the Fiscal Year 2012 Budget, released by the Office of 

Management and Budget on February 14, 2011. 

* Less than $500,000. 

- No transactions. 

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

June 2011 

18 

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

March 2011 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............................................... 475,580 18 - 475,598 393,487 19 - 393,506

Corporation income taxes........................................... 55,081 - * 55,081 53,967 - 2 53,969

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 278,974 278,974 - - 305,179 305,179

Employment and general retirement (on-budget)... - - 92,414 92,414 - - 90,665 90,665

Unemployment insurance ....................................... - - 16,053 16,053 - - 10,780 10,780

Other retirement...................................................... - - 2,016 2,016 - - 2,046 2,046

Excise taxes ................................................................ 9,408 440 23,183 33,032 8,569 425 20,595 29,588

Estate and gift taxes ................................................... 175 - - 175 9,344 - - 9,344

Customs duties ........................................................... 8,720 4,663 737 14,119 7,152 3,876 604 11,632

Miscellaneous receipts................................................ 43,693 8,153 589 52,434 38,428 8,238 515 47,181

Total receipts....................................................... 592,657 13,274 413,966 1,019,896 510,947 12,558 430,386 953,890

(On-budget)..................................................... 592,657 13,274 134,992 740,922 510,947 12,558 125,207 648,711

(Off-budget)..................................................... - - 278,974 278,974 - - 305,179 305,179

 

Budget outlays: 

Legislative branch ....................................................... 2,364 6 -4 2,366 2,339 68 -9 2,398

Judicial branch ............................................................ 2,966 464 31 3,460 3,440 66 -55 3,451

Department of Agriculture ........................................... 61,897 12,954 479 75,330 57,449 14,197 496 72,142

Department of Commerce........................................... 4,826 396 1 5,223 5,329 117 * 5,446

Department of Defense-military .................................. 340,777 1,736 24 342,537 332,937 2,405 16 335,359

Department of Education ............................................ 53,884 -12 * 53,872 54,159 -645 2 53,515

Department of Energy................................................. 18,201 -993 * 17,208 14,772 -1,220 - 13,552

Department of Health and Human Services ............... 324,066 -136 114,105 438,034 306,800 -143 111,016 417,673

Department of Homeland Security.............................. 23,594 -1,666 153 22,081 23,190 -1,056 130 22,264

Department of Housing and Urban Development....... 25,012 -152 1 24,862 25,654 -737 -7 24,910

Department of the Interior........................................... 5,979 191 240 6,411 5,860 340 222 6,422

Department of Justice ................................................. 14,210 1,240 -46 15,405 13,848 860 -26 14,682

Department of Labor................................................... 61,321 -212 11,000 72,108 54,967 -293 35,521 90,195

Department of State.................................................... 11,586 368 340 12,295 11,670 -370 263 11,563

Department of Transportation..................................... 11,737 -51 24,594 36,280 11,143 -263 24,222 35,102

Department of the Treasury: 

Interest on the public debt....................................... 215,582 - - 215,582 201,929 - - 201,929

Other ....................................................................... 103,885 160 -17 104,028 9,682 -232 -28 9,422

Department of Veterans Affairs .................................. 61,537 -1,303 504 60,738 54,698 -1,434 502 53,767

Corps of Engineers ..................................................... 5,222 142 87 5,452 4,055 165 415 4,635

Other defense civil programs...................................... 71,246 -8,837 -35,847 26,562 68,682 -8,273 -33,344 27,065

Environmental Protection Agency............................... 5,811 -55 130 5,886 5,720 -105 -955 4,660

Executive Office of the President................................ 263 * * 263 293 * * 293

General Services Administration ................................ 96 779 * 874 76 53 * 130

International Assistance Program............................... 9,672 -368 -1,389 7,914 11,946 -429 -1,319 10,197

National Aeronautics and Space Administration ........ 8,701 -2 1 8,700 8,884 -4 1 8,881

National Science Foundation...................................... 3,210 60 -11 3,260 2,952 61 -7 3,005

Office of Personnel Management ............................... 4,993 -768 33,000 37,225 4,741 -462 33,520 37,800

Small Business Administration ................................... 5,508 -6 * 5,502 5,372 -6 * 5,366

Social Security Administration .................................... 60,665 * 323,539 384,204 35,139 -13 335,758 370,883

Other independent agencies....................................... 5,659 -8,792 1,337 -1,796 6,918 -46,711 3,726 -36,067

Undistributed offsetting receipts: 

Interest .................................................................... - - -92,134 -92,134 - - -92,562 -92,562

Other ....................................................................... -2,884 -11,314 -36,226 -50,424 -1,237 -11,544 -34,414 -47,195

Total outlays........................................................ 1,521,586 -16,171 343,892 1,849,308 1,343,407 -55,608 383,085 1,670,883

(On-budget)..................................................... 1,526,433 -16,019 85,709 1,591,144 1,343,310 -55,113 268,617 1,401,777

(Off-budget)..................................................... 133 -152 258,183 258,164 97 -626 269,634 269,105

Surplus or deficit (-)............................................. -933,909 29,445 70,074 -829,412 -832,460 67,437 47,302 -716,990

(On-budget)..................................................... -933,776 29,293 49,283 -850,222 -832,363 67,671 -144,410 -753,064

(Off-budget)..................................................... -133 152 20,791 20,810 -97 626 35,545 36,074

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2011 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2006 ................................................ 7,839,784 501,945 8,340,659 1,478,945 1,463,568 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

 2010 - Mar....................................... 1,033,580 52,303 909,161 141,828 141,836 

Apr....................................... 1,127,018 56,028 1,101,309 123,573 123,581 

May...................................... 727,320 42,976 848,648 88,851 88,868 

June..................................... 1,054,902 58,973 1,046,179 138,820 138,831 

July ...................................... 904,217 43,894 1,032,540 94,615 96,521 

Aug ...................................... 1,017,701 42,466 987,829 95,793 93,877 

Sept..................................... 1,041,313 55,848 1,064,800 129,983 129,977 

Oct....................................... 719,030 43,597 846,304 92,813 92,794 

Nov ...................................... 940,586 42,471 927,843 96,841 96,853 

Dec ...................................... 1,019,745 63,172 1,021,566 151,833 151,834 

2011 - Jan ....................................... 872,343 45,483 911,411 115,496 115,499 

Feb ...................................... 811,106 40,299 1,009,944 104,826 104,814 

Mar ...................................... 994,693 51,559 1,118,662 132,553 132,700 

 

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

June 2011 

20 

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

and Tax and Loan Note Account Balances, con. 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2006 ....................... 5,451 - 46,676 7,507 - 93,784 2,637 - 78 5,019 - 20,614 

2007 ....................... 5,539 - 69,698 29,504 - 98,264 3,239 - 75 5,216 - 23,961 

2008 ....................... 32,988 - 39,129 32,988 - 135,752 2,973 - - 5,181 - 17,751 

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

 

2010 - Mar.............. 91,519 124,979 2,004 105,190 124,979 2,392 13,746 24,997 1,918 49,986 58,861 1,993 

Apr.............. 98,277 199,958 1,996 98,277 199,961 2,329 7,709 149,973 1,829 35,610 134,141 1,983 

May............. 19,925 199,958 1,979 98,277 199,959 2,105 7,219 199,957 1,814 34,859 129,005 1,973 

June............ 87,615 199,965 1,968 87,615 199,965 2,132 4,310 199,958 1,813 38,808 146,639 1,976 

July ............. 3,131 199,960 62 55,122 199,963 2,161 3,191 199,960 62 32,111 199,962 1,871 

Aug ............. 75,533 199,956 1,978 75,533 199,960 2,112 3,191 199,954 62 27,590 199,956 1,915 

Sept............ 107,888 199,962 1,983 114,568 199,962 2,030 4,859 199,956 1,159 47,204 199,959 1,949 

Oct.............. 24,212 199,960 2,003 63,148 199,962 2,007 7,394 199,960 1,890 37,561 199,962 1,974 

Nov ............. 79,426 199,959 1,991 79,426 199,960 2,018 3,302 199,958 113 28,682 199,959 1,785 

Dec ............. 140,773 199,964 1,990 140,773 199,964 2,117 10,567 199,959 1,931 60,317 199,961 1,979 

2011 - Jan .............. 147,189 199,963 1,987 147,189 199,964 2,015 41,191 199,961 1,987 87,841 199,962 1,990 

Feb ............. 88,632 99,980 1,999 117,875 199,963 2,052 23,123 99,980 1,999 58,348 144,615 2,010 

Mar ............. 111,203 5,000 1,852 111,203 99,980 2,163 14,159 5,000 1,852 57,477 41,605 2,011 

 

 

1 This report includes Supplementary Financing Program (SFP) balances.

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

taxes beginning April 1970; and individual estimated income taxes beginning October 

1988. 
June 2011 

21

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s 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.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series 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. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2011

22 

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) 

 

2006............................... 8,530,366 8,506,974 23,392 3,663,773 3,663,766 7 4,866,593 4,843,208 23,385 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971 

 

2010 - Mar ..................... 12,796,707 12,773,123 23,584 4,478,875 4,478,872 3 8,317,832 8,294,251 23,581 

Apr ..................... 12,972,391 12,948,739 23,652 4,509,918 4,509,915 3 8,462,473 8,438,824 23,649 

May .................... 13,016,378 12,992,539 23,839 4,493,694 4,493,691 3 8,522,684 8,498,848 23,836 

June ................... 13,225,646 13,201,792 23,854 4,562,576 4,562,572 4 8,663,070 8,639,220 23,850 

July..................... 13,261,698 13,237,727 23,970 4,530,315 4,530,311 3 8,731,383 8,707,416 23,967 

Aug..................... 13,473,561 13,449,652 23,909 4,518,902 4,518,899 3 8,954,659 8,930,753 23,906 

Sept.................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971 

Oct ..................... 13,692,910 13,668,825 24,085 4,594,673 4,594,669 4 9,098,237 9,074,156 24,081 

Nov..................... 13,884,806 13,860,773 24,033 4,581,398 4,581,393 5 9,303,408 9,279,380 24,028 

Dec..................... 14,049,381 14,025,215 24,166 4,629,808 4,629,804 5 9,419,573 9,395,411 24,161 

2011 - Jan...................... 14,155,425 14,131,050 24,375 4,640,544 4,640,539 5 9,514,881 9,490,511 24,370 

Feb..................... 14,219,364 14,194,764 24,600 4,624,079 4,624,074 5 9,595,285 9,570,690 24,595 

Mar..................... 14,294,579 14,270,114 24,465 4,613,547 4,613,541 6 9,681,032 9,656,573 24,459 

 

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) 

 

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,370 3,622,403 4,866,593 40,005 4,826,588 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764 

 

2010 - Mar...................... 12,796,707 59,665 12,737,042 4,478,875 24,998 4,453,877 8,317,832 34,667 8,283,165 

Apr...................... 12,972,391 60,737 12,911,653 4,509,918 24,899 4,485,019 8,462,473 35,838 8,426,633 

May .................... 13,016,378 61,281 12,955,096 4,493,694 25,319 4,468,374 8,522,684 35,962 8,486,722 

June ................... 13,225,646 60,648 13,164,997 4,562,576 25,232 4,537,344 8,663,070 35,416 8,627,653 

July..................... 13,261,698 59,105 13,202,591 4,530,315 25,129 4,505,186 8,731,383 33,976 8,697,406 

Aug..................... 13,473,561 59,774 13,413,787 4,518,902 25,507 4,493,395 8,954,659 34,267 8,920,391 

Sept.................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764 

Oct...................... 13,692,910 57,454 13,635,456 4,594,673 24,771 4,569,902 9,098,237 32,683 9,065,554 

Nov..................... 13,884,806 56,884 13,827,921 4,581,398 24,664 4,556,734 9,303,408 32,220 9,271,187 

Dec..................... 14,049,381 58,494 13,990,887 4,629,808 24,571 4,605,237 9,419,573 33,923 9,385,650 

2011 - Jan ...................... 14,155,425 60,349 14,095,076 4,640,544 24,475 4,616,069 9,514,881 35,874 9,479,007 

Feb ..................... 14,219,364 60,650 14,158,713 4,624,079 24,404 4,599,675 9,595,285 36,246 9,559,038 

Mar ..................... 14,294,579 59,486 14,235,093 4,613,547 24,313 4,589,234 9,681,032 35,173 9,645,860 

 
FEDERAL DEBT 

June 2011 

23

 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) 

 

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

2010 ....................................... 188,796 - 4,186 129,355 193,208 29,995 1,340 

 

2010 - Mar.............................. 190,293 - 4,886 121,558 208,494 29,995 1,281 

Apr.............................. 190,063 - 4,486 121,626 209,445 29,995 1,256 

May ............................ 189,855 - 4,436 125,057 209,330 29,995 1,298 

June ........................... 189,665 - 4,036 125,612 204,002 29,995 1,304 

July............................. 189,420 - 3,386 126,761 195,589 29,995 1,355 

Aug............................. 189,040 - 4,186 128,131 192,658 29,995 1,362 

Sept............................ 188,796 - 4,186 129,355 193,208 29,995 1,340 

Oct.............................. 188,674 - 4,186 129,594 195,009 29,995 1,363 

Nov............................. 188,401 - 4,186 130,034 194,181 29,995 1,336 

Dec............................. 188,007 - 3,986 132,852 192,928 29,995 1,297 

2011 - Jan .............................. 187,537 - 3,986 132,537 187,213 29,995 1,293 

Feb ............................. 187,303 - 3,786 134,593 182,360 29,995 1,289 

Mar ............................. 186,864 - 3,786 136,956 181,922 29,995 1,301 

 

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) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880 

 

2010 - Mar......................... 8,290,069 7,733,561 1,838,020 4,563,766 758,781 572,994 556,508 

Apr......................... 8,434,435 7,877,563 1,842,292 4,701,670 772,542 561,058 556,872 

May ....................... 8,494,419 7,934,448 1,850,311 4,731,332 789,717 563,089 559,972 

June ...................... 8,633,680 8,079,066 1,777,032 4,935,131 802,589 564,314 554,615 

July........................ 8,702,458 8,155,950 1,785,129 4,978,425 815,696 576,701 546,507 

Aug........................ 8,927,061 8,381,689 1,820,104 5,145,381 832,775 583,429 545,372 

Sept....................... 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880 

Oct......................... 9,069,879 8,521,058 1,764,088 5,293,330 859,206 604,435 548,821 

Nov........................ 9,275,025 8,726,892 1,771,238 5,464,887 875,646 615,121 548,133 

Dec........................ 9,390,476 8,841,411 1,768,931 5,568,201 888,429 615,851 549,065 

2011 - Jan ......................... 9,485,417 8,942,856 1,756,620 5,668,644 901,967 615,625 542,561 

Feb ........................ 9,565,541 9,026,217 1,734,504 5,747,050 918,418 626,245 539,325 

Mar ........................ 9,651,643 9,110,819 1,694,692 5,843,938 931,474 640,714 540,824 
FEDERAL DEBT 

June 2011

24 

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) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

2007 ..................... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

2008 ..................... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

2009 ..................... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

2010 ..................... 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426 

 - 

2010 - Mar ........... 3,329 67,638 7,991 8,470 950 395 - 13,794 758,921 

 Apr............ 3,344 63,770 28,254 8,376 950 619 - 13,199 760,458 

 May .......... 3,344 69,968 27,784 8,298 952 443 - 24,116 763,368 

 June ......... 3,344 71,353 28,375 8,432 950 437 - 21,517 761,691 

 July........... 3,344 66,811 27,559 8,351 750 500 - 19,301 760,804 

 Aug........... 3,388 71,224 26,204 8,261 750 432 - 22,078 755,096 

 Sept.......... 3,388 70,982 24,455 8,161 1,142 506 - 18,703 759,426 

 Oct............ 3,391 70,639 22,557 8,089 950 481 - 16,163 837,532 

 Nov........... 3,392 70,922 23,352 8,018 750 388 - 17,472 835,976 

 Dec........... 3,397 71,662 22,273 8,151 1,005 378 - 14,268 837,643 

2011 - Jan ............ 3,398 75,117 22,487 8,072 392 469 - 12,486 837,859 

 Feb ........... 3,398 76,202 21,610 7,986 392 498 - 13,582 841,130 

 Mar ........... 3,398 77,342 23,752 7,879 592 543 - 12,144 842,528 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2006 .................. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194 2,399,111 

 

2010 - Mar ........ 4,580,640 6,145 57,065 36,931 20,434 197,399 754,452 292,491 11,839 2,342,396 

 Apr......... 4,611,722 6,391 53,679 36,991 20,436 197,521 750,971 293,967 12,091 2,360,705 

 May ....... 4,598,742 6,525 39,531 37,046 20,439 195,004 747,212 293,057 3,100 2,358,555 

 June ...... 4,669,888 6,712 38,060 37,120 20,435 196,596 764,006 298,892 3,334 2,408,634 

 July........ 4,638,636 7,300 37,221 37,167 20,438 193,704 760,169 282,962 3,544 2,408,711 

 Aug........ 4,627,455 7,578 38,311 37,603 20,440 190,257 756,380 282,496 3,911 2,403,046 

 Sept....... 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194 2,399,111 

 Oct......... 4,706,387 8,065 36,751 37,728 20,438 183,975 782,501 275,943 4,460 2,396,724 

 Nov........ 4,693,896 7,884 38,426 38,103 20,441 180,685 778,955 272,840 5,057 2,391,235 

 Dec........ 4,745,249 7,862 39,430 38,200 20,434 180,023 793,917 271,405 5,687 2,429,514 

2011 - Jan ......... 4,755,829 7,537 37,593 38,254 20,437 179,313 790,056 275,462 6,326 2,440,571 

 Feb ........ 4,741,324 8,394 35,914 38,555 20,438 175,823 786,319 268,110 6,939 2,436,034 

 Mar ........ 4,733,014 8,463 38,291 38,591 22,905 173,057 782,674 259,965 7,351 2,433,539 

 
FEDERAL DEBT 

June 2011 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2006 ............................ 23,392 112 156 22,899 225 * 

2007 ............................ 22,959 85 152 22,506 215 -1 

2008 ............................ 23,104 69 150 22,680 204 * 

2009 ............................ 23,203 33 144 22,834 193 * 

2010 ............................ 23,974 29 139 23,627 180 * 

 

2010 - Mar................... 23,584 33 141 23,224 186 * 

Apr................... 23,652 33 142 23,291 186 * 

May ................. 23,839 10 143 23,499 186 * 

June ................ 23,854 55 144 23,468 186 * 

July.................. 23,970 42 145 23,596 186 * 

Aug.................. 23,909 42 138 23,549 180 * 

Sept................. 23,974 29 139 23,627 180 * 

Oct................... 24,085 29 140 23,737 180 * 

Nov.................. 24,033 29 141 23,683 180 * 

Dec.................. 24,166 31 142 23,813 180 * 

2011 - Jan ................... 24,375 31 143 24,021 180 * 

Feb .................. 24,600 31 135 24,261 173 * 

Mar .................. 24,465 31 136 24,125 173 * 

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

June 2011

26 

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 

(months) 

(7) 

 

2006 ............................... 3,496,395 1,140,555 1,295,598 589,764 290,738 179,740 59 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 49 

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 

 

2010 - Mar...................... 6,968,331 2,492,450 2,579,109 1,258,977 343,413 294,382 54 

Apr...................... 7,112,555 2,496,967 2,644,691 1,320,051 343,461 307,386 54 

May..................... 7,139,749 2,493,407 2,659,186 1,324,667 353,259 309,231 55 

June.................... 7,315,097 2,432,122 2,800,261 1,406,962 353,497 322,256 55 

July ..................... 7,360,528 2,453,077 2,797,309 1,421,267 353,608 335,267 56 

Aug ..................... 7,607,853 2,504,906 2,922,651 1,481,051 341,136 358,109 56 

Sept.................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 

Oct...................... 7,659,482 2,470,906 2,930,452 1,537,902 338,278 381,945 57 

Nov ..................... 7,827,328 2,510,845 3,012,545 1,572,551 334,655 396,733 57 

Dec ..................... 7,831,450 2,544,760 2,981,135 1,568,471 330,178 406,906 57 

2011 - Jan ...................... 7,825,784 2,559,917 2,968,708 1,552,207 328,998 415,954 57 

Feb ..................... 7,810,240 2,568,072 2,962,896 1,527,039 329,050 423,183 57 

Mar ..................... 7,781,983 2,555,954 2,937,225 1,528,474 329,019 431,311 58 

 

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

June 2011 

27

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 

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) 

 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

 

2010 - Mar....................................... 14,294,000 12,716,511 12,716,474 37 12,773,123 37 56,649 

Apr....................................... 14,294,000 12,892,729 12,892,692 37 12,948,739 37 56,047 

May...................................... 14,294,000 12,937,208 12,937,171 37 12,992,539 37 55,368 

June..................................... 14,294,000 13,149,560 13,149,523 37 13,201,792 37 52,268 

July ...................................... 14,294,000 13,185,208 13,185,184 24 13,237,727 24 52,543 

Aug ...................................... 14,294,000 13,398,794 13,398,770 24 13,449,653 24 50,882 

Sept..................................... 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

Oct....................................... 14,294,000 13,617,337 13,617,326 10 13,668,825 10 51,499 

Nov ...................................... 14,294,000 13,809,121 13,809,111 10 13,860,774 10 51,663 

Dec ...................................... 14,294,000 13,972,516 13,972,503 13 14,025,215 13 52,713 

2011 - Jan ....................................... 14,294,000 14,078,501 14,078,487 13 14,131,051 13 52,564 

Feb ...................................... 14,294,000 14,142,331 14,142,318 13 14,194,764 13 52,447 

Mar ...................................... 14,294,000 14,217,862 14,217,849 13 14,270,115 13 52,266 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

June 2011

28 

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) 

 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160 

 

2010 - Mar....................................... 915,813 11,262 27,033 17,881 501 778 

Apr....................................... 929,950 10,938 27,107 17,971 500 778 

May ..................................... 926,599 11,292 27,206 18,208 506 778 

June .................................... 969,159 11,910 27,008 18,349 500 1,109 

July...................................... 972,397 11,303 27,008 18,348 500 1,109 

Aug...................................... 923,416 11,120 26,640 18,370 510 1,109 

Sept..................................... 881,890 11,284 25,098 18,534 522 1,160 

Oct....................................... 950,919 17,429 25,292 18,666 526 1,160 

Nov...................................... 954,009 19,822 25,439 18,939 528 1,160 

Dec...................................... 948,584 21,740 25,707 19,213 532 1,160 

2011 - Jan ....................................... 981,808 22,280 25,823 19,368 538 1,160 

Feb ...................................... 1,003,066 22,254 25,958 19,470 540 1,160 

Mar ...................................... 999,202 10,178 26,117 19,587 545 1,160 

 

 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) 

 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

2009 ................................................ 234,918 2,130 4,420 - 47,107 

2010 ................................................ 373,717 2,513 4,749 - 46,809 

 

2010 - Mar ...................................... 291,824 2,279 4,420 - 38,488 

Apr ...................................... 304,459 2,339 4,420 - 39,679 

May ..................................... 306,461 2,376 4,420 - 39,940 

June .................................... 347,424 2,358 4,420 - 40,830 

July...................................... 351,013 2,405 4,420 - 40,664 

Aug...................................... 364,932 2,490 4,420 - 40,827 

Sept..................................... 373,717 2,513 4,749 - 46,809 

Oct ...................................... 438,811 2,578 4,749 - 39,098 

Nov...................................... 438,811 2,578 4,749 - 39,024 

Dec...................................... 435,535 2,588 4,749 - 38,612 

2011 - Jan....................................... 448,202 2,763 4,749 - 38,598 

Feb...................................... 451,721 2,883 4,749 - 39,476 

Mar...................................... 470,015 2,883 4,749 - 39,738 

 
FEDERAL DEBT 

June 2011 

29

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) 

 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,328 

2010 ...................................... 7,254 3,481 11,752 375,018 

 

2010 - Mar............................. 5,337 5,269 11,543 499,196 

Apr............................. 5,337 5,582 11,543 499,297 

May ........................... 5,370 5,877 11,543 492,622 

June .......................... 7,499 2,524 11,543 493,685 

July............................ 7,499 2,857 11,543 493,727 

Aug............................ 7,499 3,152 11,749 430,597 

Sept........................... 7,254 3,481 11,752 375,018 

Oct............................. 7,357 3,812 11,751 379,690 

Nov............................ 7,357 4,119 11,811 379,673 

Dec............................ 7,432 4,465 11,811 375,040 

2011 - Jan ............................. 7,483 4,806 11,811 394,226 

Feb ............................ 7,483 5,089 11,811 410,471 

Mar ............................ 7,635 5,409 10,942 400,244 

 

Note.—Detail may not add to totals due to rounding. 
30 

June 2011 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Public Debt, Office of Financing]

J A N U A R Y 

Cash Management Bills 

On January 3, 2011, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued January 6 

and matured March 3. The issue was part of the SFP. Treasury 

auctioned the bills on January 5. Tenders totaled $116,478 

million; Treasury accepted $25,001 million. The high bank 

discount rate was 0.140 percent. 

On January 10, 2011, Treasury announced it would 

auction $25,000 million of 56-day bills. They were issued 

January 13 and matured March 10. The issue was part of the 

SFP. Treasury auctioned the bills on January 12. Tenders 

totaled $115,741 million; Treasury accepted $25,000 million. 

The high bank discount rate was 0.155 percent. 

On January 18, 2011, Treasury announced it would 

auction $25,000 million of 56-day bills. They were issued 

January 20 and matured March 17. The issue was part of the 

SFP. Treasury auctioned the bills on January 19. Tenders 

totaled $116,368 million; Treasury accepted $25,001 million. 

The high bank discount rate was 0.160 percent. 

On January 24, 2011, Treasury announced it would 

auction $25,000 million of 56-day bills. They were issued 

January 27 and matured March 24. The issue was part of the 

SFP. Treasury auctioned the bills on January 26. Tenders 

totaled $118,784 million; Treasury accepted $25,002 million. 

The high bank discount rate was 0.160 percent. 

52-Week Bills 

On January 6, 2011, Treasury announced it would auction 

$22,000 million of 364-day Treasury bills. They were issued 

January 13, and will mature January 12, 2012. The issue was 

to refund $135,003 million of all maturing bills and pay down 

approximately $6,003 million. Treasury auctioned the bills on 

January 11. Tenders totaled $117,556 million; Treasury 

accepted $22,000 million. That included $198 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.275 percent. 

Auction of 3-Year Notes 

On January 6, 2011, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$25,382 million of securities maturing January 15 and to raise 

new cash of approximately $40,618 million. 

The 3-year notes of Series V-2014 were dated January 15 

and issued January 18. They are due January 15, 2014, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on January 11. Tenders 

totaled $97,833 million; Treasury accepted $32,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.027 percent with the 

equivalent price of $99.920611. Treasury accepted in full all 

competitive tenders at yields lower than 1.027 percent. 

Tenders at the high yield were allotted 41.70 percent. The 

median yield was 0.983 percent, and the low yield was 0.928 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

31

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$31,959 million. Accrued interest of $0.08287 per $1,000 

must be paid for the period from January 15 to January 18. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $701 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series V-2014 is $100. 

Auction of 9-Year 10-Month 2-5/8 Percent Notes 

On January 6, 2011, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2-5/8 percent notes. The 

issue was to refund $25,382 million of securities maturing 

January 15 and to raise new cash of approximately $40,618 

million. 

The 9-year 10-month notes of Series F-2020 were dated 

November 15, 2010, and issued January 18, 2011. They are 

due November 15, 2020, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 12. Tenders totaled $69,368 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.388 percent with an 

equivalent price of $93.664061. Treasury accepted in full all 

competitive tenders at yields lower than 3.388 percent. 

Tenders at the high yield were allotted 38.50 percent. The 

median yield was 3.350 percent, and the low yield was 3.285 

percent. Noncompetitive tenders totaled $37 million. 

Competitive tenders accepted from private investors totaled 

$20,963 million. Accrued interest of $4.64088 per $1,000 

must be paid for the period from November 15 to January 18. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $460 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2020 is $100. 

Auction of 29-Year 10-Month 4-1/4 Percent Bonds 

On January 6, 2011, Treasury announced it would auction 

$13,000 million of 29-year 10-month 4-1/4 percent bonds. 

The issue was to refund $25,382 million of securities 

maturing January 15 and to raise new cash of approximately 

$40,618 million. 

The 29-year 10-month bonds of November 2040 were 

dated November 15, 2010, and issued January 18, 2011. They 

are due November 15, 2040, with interest payable on May 15 

and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on January 13. Tenders totaled 

$34,715 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.515 percent with an 

equivalent price of $95.669689. Treasury accepted in full all 

competitive tenders at yields lower than 4.515 percent. 

Tenders at the high yield were allotted 40.45 percent. The 

median yield was 4.429 percent, and the low yield was 4.150 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$12,988 million. Accrued interest of $7.51381 per $1,000 

must be paid for the period from November 15 to January 18. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $285 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of November 2040 is $100.

Auction of 2-Year Notes 

On January 20, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $39,466 million of securities maturing January 31 and 

to raise new cash of approximately $72,534 million. 

The 2-year notes of Series AG-2013 were dated and 

issued January 31. They are due January 31, 2013, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 0-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 25. Tenders totaled $121,361 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.650 percent with an 

equivalent price of $99.950404. Treasury accepted in full all 

competitive tenders at yields lower than 0.650 percent. 

Tenders at the high yield were allotted 26.64 percent. The 

median yield was 0.621 percent, and the low yield was 0.530 

percent. Noncompetitive tenders totaled $306 million. 

Competitive tenders accepted from private investors totaled 

$34,694 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $697 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AG-2013 is $100. 

Auction of 5-Year Notes 

On January 20, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $39,466 million of securities maturing January 31 and 

to raise new cash of approximately $72,534 million. 

The 5-year notes of Series T-2016 were dated and issued 

January 31. They are due January 31, 2016, with interest 

payable on July 31 and January 31 until maturity. Treasury set 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

32 

an interest rate of 2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 26. Tenders totaled $103,938 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.041 percent with an 

equivalent price of $99.806052. Treasury accepted in full all 

competitive tenders at yields lower than 2.041 percent. 

Tenders at the high yield were allotted 29.85 percent. The 

median yield was 2.000 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $61 million. 

Competitive tenders accepted from private investors totaled 

$34,939 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $697 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2016 is $100. 

Auction of 7-Year Notes 

On January 20, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $39,466 million of securities maturing January 31 and 

to raise new cash of approximately $72,534 million. 

The 7-year notes of Series G-2018 were dated and issued 

January 31. They are due January 31, 2018, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 2-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 27. Tenders totaled $82,622 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.744 percent with an 

equivalent price of $99.246792. Treasury accepted in full all 

competitive tenders at yields lower than 2.744 percent. 

Tenders at the high yield were allotted 95.59 percent. The 

median yield was 2.700 percent, and the low yield was 2.637 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$28,983 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $578 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2018 is $100. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 13, 2011, Treasury announced it would 

auction $13,000 million of 10-year TIPS. The issue was to 

refund $39,466 million of securities maturing January 31 and 

to raise new cash of approximately $72,534 million. 

The 10-year TIPS of Series A-2021 were dated January 

15 and issued January 31. They are due January 15, 2021, 

with interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 1-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 20. Tenders totaled $30,809 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.170 percent with an 

equivalent adjusted price of $99.599898. Treasury accepted in 

full all competitive tenders at yields lower than 1.170 percent. 

Tenders at the high yield were allotted 30.64 percent. The 

median yield was 1.040 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $158 million. 

Competitive tenders accepted from private investors totaled 

$12,842 million. Adjusted accrued interest of $0.49735 must 

be paid for the period from January 15 to January 31. Both the 

unadjusted price of $99.577991 and the unadjusted accrued 

interest of $0.49724 were adjusted by an index ratio of 

1.00022 for the period from January 15 to January 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $259 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2021 is $100. 

F E B R U A R Y 

Cash Management Bills 

On February 22, 2011, Treasury announced it would 

auction $25,000 million of 49-day bills. They were issued 

February 25 and matured April 15. The issue was to raise new 

cash. Treasury auctioned the bills on February 23. Tenders 

totaled $118,699 million; Treasury accepted $25,000 million. 

The high bank discount rate was 0.125 percent. 

52-Week Bills 

On February 3, 2011, Treasury announced it would 

auction $22,000 million of 364-day Treasury bills. They were 

issued February 10, and will mature February 9, 2012. The 

issue was to refund $135,009 million of all maturing bills and 

to pay down approximately $16,009 million. Treasury 

auctioned the bills on February 8. Tenders totaled $103,949 

million; Treasury accepted $22,001 million, which included 

$221 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.305 percent. 

February Quarterly Financing 

On February 2, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes, $24,000 million of 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

33

10-year notes, and $16,000 million of 30-year bonds to refund 

$21,784 million of Treasury securities maturing on February 

15 and to raise new cash of approximately $50,216 million. 

The 3-year notes of Series W-2014 were dated and issued 

February 15. They are due February 15, 2014, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 1-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 8. Tenders totaled $96,428 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.349 percent with an 

equivalent price of $99.709887. Treasury accepted in full all 

competitive tenders at yields lower than 1.349. Tenders at the 

high yield were allotted 23.20 percent. The median yield was 

1.308 percent, and the low yield was 1.243 percent. 

Noncompetitive tenders totaled $66 million. Competitive 

tenders accepted from private investors totaled $31,929 

million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $734 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2014 is $100. 

The 10-year notes of Series B-2021 were dated and 

issued February 15. They are due February 15, 2021, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 9. Tenders totaled $77,626 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.665 percent with an 

equivalent price of $99.667623. Treasury accepted in full all 

competitive tenders at yields lower than 3.665. Tenders at the 

high yield were allotted 58.81 percent. The median yield was 

3.620 percent, and the low yield was 3.510 percent. 

Noncompetitive tenders totaled $144 million. Competitive 

tenders accepted from private investors totaled $23,856 

million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $551 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2021 is $100. 

The 30-year bonds of February 2041 were dated and 

issued February 15. They are due February 15, 2041, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on February 10. Tenders totaled 

$40,170 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.750 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 4.750. Tenders at the 

high yield were allotted 66.45 percent. The median yield was 

4.670 percent, and the low yield was 4.600 percent. 

Noncompetitive tenders totaled $43 million. Competitive 

tenders accepted from private investors totaled $15,957 

million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $367 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2041 is $100. 

Auction of 2-Year Notes 

On February 17, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $53,712 million of securities maturing February 28 and 

to raise new cash of approximately $54,288 million. 

The 2-year notes of Series AH-2013 were dated and 

issued February 28. They are due February 28, 2013, with 

interest payable on the last calendar day of August and 

February until maturity. Treasury set an interest rate of 0-5/8 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 22. Tenders totaled $106,204 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.745 percent with an 

equivalent price of $99.762218. Treasury accepted in full all 

competitive tenders at yields lower than 0.745 percent. 

Tenders at the high yield were allotted 50.16 percent. The 

median yield was 0.714 percent, and the low yield was 0.650 

percent. Noncompetitive tenders totaled $323 million. 

Competitive tenders accepted from private investors totaled 

$34,647 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,923 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AH-2013 is $100. 

Auction of 5-Year Notes 

On February 17, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $53,712 million of securities maturing February 28 and 

to raise new cash of approximately $54,288 million. 

The 5-year notes of Series U-2016 were dated and issued 

February 28. They are due February 29, 2016, with interest 

payable on the last calendar day of August and February until 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

34 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 23. Tenders totaled $94,233 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.190 percent with an 

equivalent price of $99.693745. Treasury accepted in full all 

competitive tenders at yields lower than 2.190 percent. 

Tenders at the high yield were allotted 31.65 percent. The 

median yield was 2.120 percent, and the low yield was 2.058 

percent. Noncompetitive tenders totaled $96 million. 

Competitive tenders accepted from private investors totaled 

$34,904 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,923 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2016 is $100. 

Auction of 7-Year Notes 

On February 17, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $53,712 million of securities maturing February 28 and 

to raise new cash of approximately $54,288 million. 

The 7-year notes of Series H-2018 were dated and issued 

February 28. They are due February 28, 2018, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 24. Tenders totaled $82,818 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.854 percent with an 

equivalent price of $99.344326. Treasury accepted in full all 

competitive tenders at yields lower than 2.854 percent. 

Tenders at the high yield were allotted 75.76 percent. The 

median yield was 2.790 percent, and the low yield was 2.736 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors totaled 

$28,979 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1,593 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2018 is $100. 

Auction of 30-Year TIPS 

On February 10, 2011, Treasury announced it would 

auction $9,000 million of 30-year TIPS. The issue was to 

refund $53,712 million of securities maturing February 28 and 

to raise new cash of approximately $54,288 million. 

The 30-year TIPS of February 2041 were dated February 

15 and issued February 28. They are due February 15, 2041, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 17. Tenders totaled $22,888 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.190 percent with an 

equivalent adjusted price of $98.655406. Treasury accepted in 

full all competitive tenders at yields lower than 2.190 percent. 

Tenders at the high yield were allotted 98.60 percent. The 

median yield was 2.130 percent, and the low yield was 1.999 

percent. Noncompetitive tenders totaled $58 million. 

Competitive tenders accepted from private investors totaled 

$8,942 million. Adjusted accrued interest of $0.76373 per 

$1,000 must be paid for the period from February 15 to 

February 28. Both the unadjusted price of $98.576545 and the 

unadjusted accrued interest of $0.76312 were adjusted by an 

index ratio of 1.00080, for the period from February 15 to 

February 28. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $494 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of February 2041 is $100. 

M A R C H 

Cash Management Bills 

On February 28, 2011, Treasury announced it would 

auction $25,000 million of 49-day bills. They were issued 

March 3 and matured April 21. The issue was to raise new 

cash. Treasury auctioned the bills on March 1. Tenders totaled 

$127,828 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.125 percent. 

On March 21, 2011, Treasury announced it would auction 

$5,000 million of 56-day bills. They were issued March 24 

and matured May 19. The issue was part of the SFP. Treasury 

auctioned the bills on March 23. Tenders totaled $33,933 

million; Treasury accepted $5,000 million. The high bank 

discount rate was 0.055 percent. 

52-Week Bills 

On March 3, 2011, Treasury announced it would auction 

$23,000 million of 364-day Treasury bills. They were issued 

March 10, and will mature March 8, 2012. The issue was to 

refund $144,990 million of all maturing bills and pay down 

approximately $19,990 million. Treasury auctioned the bills 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

35

on March 8. Tenders totaled $112,470 million; Treasury 

accepted $23,000 million, which included $220 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.260 percent. 

Auction of 3-Year Notes 

On March 3, 2011, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to raise new 

cash of approximately $66,000 million. 

The 3-year notes of Series X-2014 were dated and issued 

March 15. They are due March 15, 2014, with interest payable 

on September 15 and March 15 until maturity. Treasury set an 

interest rate of 1-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 8. Tenders totaled $103,014 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.298 percent with the 

equivalent price of $99.859215. Treasury accepted in full all 

competitive tenders at yields lower than 1.298 percent. 

Tenders at the high yield were allotted 31.72 percent. The 

median yield was 1.267 percent, and the low yield was 1.197 

percent. Noncompetitive tenders totaled $60 million. 

Competitive tenders accepted from private investors totaled 

$31,890 million. The minimum par amount required for 

STRIPS of notes of Series X-2014 is $100. 

Auction of 9-Year 11-Month 3-5/8 Percent Notes 

On March 3, 2011, Treasury announced it would auction 

$21,000 million of 9-year 11-month 3-5/8 percent notes. The 

issue was to raise new cash of approximately $66,000 million. 

The 9-year 11-month notes of Series B-2021 were dated 

February 15 and issued March 15. They are due February 15, 

2021, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 9. Tenders totaled $69,692 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.499 percent with an 

equivalent price of $101.044608. Treasury accepted in full all 

competitive tenders at yields lower than 3.499 percent. 

Tenders at the high yield were allotted 77.02 percent. The 

median yield was 3.475 percent, and the low yield was 3.410 

percent. Noncompetitive tenders totaled $69 million. 

Competitive tenders accepted from private investors totaled 

$20,931 million. Accrued interest of $2.80387 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of notes of 

Series B-2021 is $100. 

Auction of 29-Year 11-Month 4-3/4 Percent Bonds 

On March 3, 2011, Treasury announced it would auction 

$13,000 million of 29-year 11-month 4-3/4 percent bonds. 

The issue was to raise new cash of approximately $66,000 

million. 

The 29-year 11-month bonds of February 2041 were 

dated February 15 and issued March 15. They are due 

February 15, 2041, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on March 10. Tenders totaled $39,263 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.569 percent with an 

equivalent price of $102.929408. Treasury accepted in full all 

competitive tenders at yields lower than 4.569 percent. 

Tenders at the high yield were allotted 45.51 percent. The 

median yield was 4.530 percent, and the low yield was 4.459 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$12,981 million. Accrued interest of $3.67403 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of bonds of 

February 2041 is $100. 

Auction of 2-Year Notes 

On March 24, 2011, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$54,462 million of securities maturing March 31 and to raise 

new cash of approximately $55,538 million. 

The 2-year notes of Series AJ-2013 were dated and 

issued March 31. They are due March 31, 2013, with interest 

payable on September 30 and March 31 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 28. Tenders totaled $110,739 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.789 percent with an 

equivalent price of $99.922763. Treasury accepted in full all 

competitive tenders at yields lower than 0.789 percent. 

Tenders at the high yield were allotted 9.50 percent. The 

median yield was 0.750 percent, and the low yield was 0.686 

percent. Noncompetitive tenders totaled $387 million. 

Competitive tenders accepted from private investors totaled 

$34,613 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,570 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2013 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2011 

36 

Auction of 5-Year Notes 

On March 24, 2011, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$54,462 million of securities maturing March 31 and to raise 

new cash of approximately $55,538 million. 

The 5-year notes of Series V-2016 were dated and issued 

March 31. They are due March 31, 2016, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 29. Tenders totaled $97,578 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.260 percent with an 

equivalent price of $99.952972. Treasury accepted in full all 

competitive tenders at yields lower than 2.260 percent. 

Tenders at the high yield were allotted 11.14 percent. The 

median yield was 2.201 percent, and the low yield was 2.123 

percent. Noncompetitive tenders totaled $121 million. 

Competitive tenders accepted from private investors totaled 

$34,879 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,570 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2016 is $100. 

Auction of 7-Year Notes 

On March 24, 2011, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$54,462 million of securities maturing March 31 and to raise 

new cash of approximately $55,538 million. 

The 7-year notes of Series J-2018 were dated and issued 

March 31. They are due March 31, 2018, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 30. Tenders totaled $80,951 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.895 percent with an 

equivalent price of $99.874094. Treasury accepted in full all 

competitive tenders at yields lower than 2.895 percent. 

Tenders at the high yield were allotted 93.86 percent. The 

median yield was 2.825 percent, and the low yield was 2.769 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$28,965 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1,301 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2018 is $100. 

Auction of 9-Year 10-Month 1-1/8 Percent TIPS 

On March 17, 2011, Treasury announced it would auction 

$11,000 million of 9-year 10-month 1-1/8 percent TIPS. The 

issue was to refund $54,462 million of securities maturing 

March 31 and to raise new cash of approximately $55,538 

million. 

The 9-year 10-month TIPS of Series A-2021 were dated 

January 15 and issued March 31. They are due January 15, 

2021, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 24. Tenders totaled $32,688 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.920 percent with an 

equivalent adjusted price of $102.584550. Treasury accepted 

in full all competitive tenders at yields lower than 0.920. 

Tenders at the high yield were allotted 77.76 percent. The 

median yield was 0.870 percent, and the low yield was 0.490 

percent. Noncompetitive tenders totaled $68 million. 

Competitive tenders accepted from private investors totaled 

$10,932 million. Adjusted accrued interest of $2.34611 per 

$1,000 must be paid for the period from January 15 to March 

31. Both the unadjusted price of $101.914969 and the 

unadjusted accrued interest of $2.33080 were adjusted by an 

index ratio of 1.00657, for the period from January 15 to 

March 31. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $493 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2021 is $100. 
PUBLIC DEBT OPERATIONS 

June 2011 

37

TABLE PDO-1.—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 

maturity1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis

(6) 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent)4

(9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2011 - Jan. 06.............. 2011 - Feb. 03 28 120,606.8 27,418.4 24,745.9 254.5 99.990667 0.120 0.122

 Apr. 07 91 134,264.9 29,000.1 27,750.0 1,050.2 99.962083 0.150 0.152

 July 07 182 130,431.2 28,000.1 26,822.1 777.9 99.903944 0.190 0.193

Jan. 13................. Feb. 10 28 128,618.6 30,939.1 24,727.3 273.8 99.988722 0.145 0.147

 Apr. 14 91 126,231.8 29,001.5 27,486.1 1,140.4 99.962083 0.150 0.152

 July 14 182 126,872.7 28,000.2 26,768.7 831.4 99.909000 0.180 0.183

Jan. 20................. Feb. 17 28 117,927.5 28,782.3 24,663.6 237.1 99.987944 0.155 0.157

 Apr. 21 91 125,905.3 29,000.7 27,635.8 1,114.9 99.960819 0.155 0.157

 July 21 182 126,761.6 28,000.0 26,569.3 873.8 99.906472 0.185 0.188

Jan. 27................. Feb. 24 28 126,005.4 31,285.1 24,151.4 253.7 99.988722 0.145 0.147

 Apr. 28 91 136,523.6 29,000.1 26,832.6 1,169.1 99.960819 0.155 0.157

 July 28 182 144,525.9 28,000.6 26,188.7 812.1 99.909000 0.180 0.183

Feb. 03 ................ Mar. 03 28 159,061.0 37,420.6 34,585.4 317.2 99.987556 0.160 0.162

 May 05 91 134,786.7 32,001.9 30,726.7 1,075.2 99.962083 0.150 0.152

 Aug. 04 182 123,440.2 30,000.8 28,821.9 816.4 99.914056 0.170 0.173

Feb. 10 ................ Mar. 10 28 162,515.6 40,938.0 34,657.6 242.5 99.989500 0.135 0.137

 May 12 91 151,185.7 32,000.9 30,485.0 1,190.9 99.962083 0.150 0.152

 Aug. 11 182 138,431.8 30,001.0 28,534.3 754.2 99.911528 0.175 0.178

Feb. 17 ................ Mar. 17 28 163,096.7 38,781.8 34,666.6 233.6 99.992222 0.100 0.101

 May 19 91 145,790.6 32,001.0 30,605.4 1,160.3 99.967139 0.130 0.132

 Aug. 18 182 141,533.7 30,001.6 28,662.8 901.3 99.916583 0.165 0.167

Feb. 24 ................ Mar. 24 28 172,277.4 46,286.6 39,603.2 219.4 99.990667 0.120 0.122

 May 26 91 132,610.9 32,000.2 29,971.5 1,067.4 99.972194 0.110 0.112

 Aug. 25 182 128,711.2 30,000.4 28,319.8 680.7 99.921639 0.155 0.157

Mar. 03 ................ Mar. 31 28 171,265.2 42,419.1 39,629.1 272.0 99.989500 0.135 0.137

 June 02 91 133,834.1 32,000.6 30,690.2 1,027.8 99.963347 0.145 0.147

 Sept. 01 182 135,663.3 30,000.2 28,762.8 762.4 99.914056 0.170 0.173

Mar. 10 ................ Apr. 07 28 158,919.8 45,938.6 39,612.9 287.7 99.994556 0.070 0.071

 June 09 91 141,807.2 32,000.1 30,587.7 1,062.4 99.972194 0.110 0.112

 Sept. 08 182 136,530.3 30,000.7 28,877.9 672.8 99.921639 0.155 0.158

Mar. 17 ................ Apr. 14 28 182,103.3 43,782.7 39,671.0 230.2 99.995333 0.060 0.061

 June 16 91 140,091.2 32,000.4 30,834.5 1,065.9 99.977250 0.090 0.092

 Sept. 15 182 135,213.3 30,000.7 28,745.5 780.1 99.931750 0.135 0.137

Mar. 24 ................ Apr. 21 28 171,926.2 46,285.2 39,653.9 246.3 99.994167 0.075 0.076

 June 23 91 145,368.9 32,000.2 30,771.5 1,013.7 99.975986 0.095 0.097

 Sept. 22 182 138,415.4 30,000.2 29,026.2 674.0 99.924167 0.150 0.153

Mar. 31 ................ Apr. 28 28 163,668.6 42,418.6 38,757.6 243.8 99.996500 0.045 0.046

 June 30 91 142,055.8 32,000.3 29,970.2 1,042.2 99.974722 0.100 0.102

 Sept. 29 182 140,554.4 30,000.6 28,181.3 836.5 99.914056 0.170 0.173

 

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 

June 2011

38 

TABLE PDO-2.—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) 

 

01/05/11 01/06/11 0.140% bill—03/03/11 56d 116,478 25,001 

01/12/11 01/13/11 0.155% bill—03/10/11 56d 115,741 25,000 

01/11/11 01/13/11 0.275% bill—01/12/12 364d 117,556 22,000 

01/11/11 01/18/11 1.000% note—01/15/14-V 3y 98,534 32,701 1.027 - 99.920611 

01/12/11 01/18/11 2.625% note—11/15/20-F 9y 10m 69,828 21,460 3.388 - 93.664061 

01/13/11 01/18/11 4.250% bond—11/15/40 29y 10m 35,000 13,285 4.515 - 95.669689 

01/19/11 01/20/11 0.160% bill—03/17/11 56d 116,368 25,001 

01/26/11 01/27/11 0.160% bill—03/24/11 56d 118,784 25,002 

01/25/11 01/31/11 0.625% note—01/31/13-AG 2y 122,059 35,698 0.650 - 99.950404 

01/26/11 01/31/11 2.000% note—01/31/16-T 5y 104,636 35,698 2.041 - 99.806052 

01/27/11 01/31/11 2.625% note—01/31/18-G 7y 83,200 29,578 2.744 - 99.246792 

01/20/11 01/31/11 1.125% TIPS—01/15/21-A 10y 31,068 13,259 1.170 - 99.599898 

02/08/11 02/10/11 0.305% bill—02/09/12 364d 103,949 22,001 

02/08/11 02/15/11 1.250% note—02/15/14-W 3y 97,162 32,734 1.349 - 99.709887 

02/09/11 02/15/11 3.625% note—02/15/21-B 10y 78,176 24,551 3.665 - 99.667623 

02/10/11 02/15/11 4.750% bond—02/15/41 30y 40,537 16,367 4.750 - 100.000000 

02/23/11 02/25/11 0.125% bill—04/15/11 49d 118,699 25,000 

02/22/11 02/28/11 0.625% note—02/28/13-AH 2y 108,127 36,923 0.745 - 99.762218 

02/23/11 02/28/11 2.125% note—02/29/16-U 5y 96,156 36,923 2.190 - 99.693745 

02/24/11 02/28/11 2.750% note—02/28/18-H 7y 84,411 30,593 2.854 - 99.344326 

02/17/11 02/28/11 2.125% TIPS—02/15/41 30y 23,383 9,494 2.190 - 98.655406 

03/01/11 03/03/11 0.125% bill—04/21/11 49d 127,828 25,001 

03/08/11 03/10/11 0.260% bill—03/08/12 364d 112,470 23,000 

03/08/11 03/15/11 1.250% note—03/15/14-X 3y 103,014 32,000 1.298 - 99.859215 

03/09/11 03/15/11 3.625% note—02/15/21-B 9y 11m 69,692 21,000 3.499 - 101.044608 

03/10/11 03/15/11 4.750% bond—02/15/41 29y 11m 39,263 13,000 4.569 - 102.929408 

03/23/11 03/24/11 0.055% bill—05/19/11 56d 33,933 5,000 

03/28/11 03/31/11 0.750% note—03/31/13-AJ 2y 112,309 36,570 0.789 - 99.922763 

03/29/11 03/31/11 2.250% note—03/31/16-V 5y 99,147 36,570 2.260 - 99.952972 

03/30/11 03/31/11 2.875% note—03/31/18-J 7y 82,251 30,301 2.895 - 99.874094 

03/24/11 03/31/11 1.125% TIPS—01/15/21-A 9y 10m 33,182 11,493 0.920 - 102.584550 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
June 2011 

39

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 

June 2011 

40 

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) 

 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126 

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910 

 

2010 - Mar....................................... 12,796,707 12,773,123 4,478,875 - 4,478,875 879,026 

Apr....................................... 12,972,391 12,948,739 4,509,918 - 4,509,918 880,476 

May...................................... 13,016,378 12,992,539 4,493,694 - 4,493,694 880,179 

June..................................... 13,225,646 13,201,792 4,562,576 - 4,562,576 879,405 

July ...................................... 13,261,698 13,237,727 4,530,315 - 4,530,315 878,457 

Aug ...................................... 13,473,561 13,449,652 4,518,902 - 4,518,902 886,443 

Sept..................................... 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910 

Oct....................................... 13,692,910 13,668,825 4,594,673 - 4,594,673 935,625 

Nov ...................................... 13,884,806 13,860,773 4,581,398 - 4,581,398 1,004,438 

Dec ...................................... 14,049,381 14,025,215 4,629,808 - 4,629,808 1,112,948 

2011 - Jan ....................................... 14,155,425 14,131,050 4,640,544 - 4,640,544 1,218,348 

Feb ...................................... 14,219,364 14,194,764 4,624,079 - 4,624,079 1,316,019 

Mar ...................................... 14,294,579 14,270,114 4,613,547 - 4,613,547 1,427,405 

 

 Public debt securities, con. Agency securities 1

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,385 7

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,953 6

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

 

2010 - Mar........................................................... 7,415,222 6,878,015 537,207 23,584 23,581 3

Apr........................................................... 7,558,345 7,020,802 537,543 23,652 23,649 3

May.......................................................... 7,618,666 7,078,210 540,456 23,839 23,836 3

June......................................................... 7,759,811 7,223,003 536,807 23,854 23,850 4

July .......................................................... 7,828,955 7,300,395 528,560 23,970 23,967 3

Aug .......................................................... 8,044,307 7,518,021 526,287 23,909 23,906 3

Sept......................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

Oct........................................................... 8,138,527 7,607,094 531,433 24,085 24,081 4

Nov .......................................................... 8,274,937 7,743,848 531,089 24,033 24,028 5

Dec .......................................................... 8,282,459 7,750,313 532,147 24,166 24,161 5

2011 - Jan ........................................................... 8,272,158 7,746,357 525,802 24,375 24,370 5

Feb .......................................................... 8,254,666 7,732,196 522,471 24,600 24,595 5

Mar .......................................................... 8,229,162 7,705,335 523,827 24,465 24,459 6

 

1

 Agency securities have been revised to show separate amounts for securities held 

by private investors and those held by government accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

June 2011 

41

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 

Intragovernmental 

Holdings 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) 

 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4 

2003 - Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8 

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0 

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8 

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1 

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5 

 Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4 

2005 - Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5 

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4 

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 467.6 1,929.6 344.3 

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 481.4 2,033.9 340.6 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 486.1 2,082.1 438.1 

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 192.1 150.9 196.1 244.2 499.4 1,977.8 445.6 

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.9 154.7 196.8 235.7 502.1 2,025.3 440.3 

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 156.2 197.9 250.7 516.9 2,103.1 372.5 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.7 158.3 185.4 264.5 535.0 2,194.8 393.2 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 580.3 2,192.0 242.7 

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 538.5 2,235.3 332.0 

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 537.6 2,353.2 274.6 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.4 270.5 142.0 152.1 484.4 531.0 2,506.3 335.8 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 519.9 2,587.4 336.1 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.5 143.9 163.4 656.1 503.2 2,802.4 446.2 

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.2 146.4 171.4 768.8 485.5 3,077.2 647.9 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 194.0 330.9 150.2 191.0 715.9 516.8 3,265.7 848.1 

 June ....... 11,545.3 5,026.8 6,518.5 140.7 193.6 353.4 159.9 200.0 695.6 514.3 3,460.8 800.1 

 Sept........ 11,909.8 5,127.1 6,782.7 199.3 192.5 398.1 167.3 210.2 644.9 504.2 3,570.6 895.6 

 Dec......... 12,311.3 5,276.9 7,034.4 206.4 191.3 429.8 174.5 222.0 666.2 505.6 3,685.1 953.5 

2010 - Mar......... 12,773.1 5,259.8 7,513.3 274.4 190.2 462.2 179.1 229.8 649.6 506.1 3,877.8 1,144.1 

 June ....... 13,201.8 5,345.1 7,856.7 270.1 189.6 531.9 182.0 240.0 634.4 511.6 4,069.9 1,227.2 

 Sept........ 13,561.6 5,350.5 8,211.1 328.8 188.7 595.2 185.5 247.3 609.6 508.0 4,324.1 1,223.9 

 Dec......... 14,025.2 5,656.2 8,368.9 315.7 187.9 615.9 185.8 253.0 636.4 519.8 4,437.9 1,216.6 

2011 - Mar......... 14,270.0 5,958.9 8,311.1 n.a. 187.7 n.a. n.a. n.a. n.a. n.a. 4,475.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, Statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 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. For additional information see: http://www.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfh.txt. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2011 

42 

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, March 31, 2011 

[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 .............................. $1,162,218,976,673 $1,118,912,778,806 $1,118,429,265,736 $240,637,666 $242,875,404

Less amounts held by: 

The Treasury....................................... 232,197,037 25,828,574 25,633,828 7,505 187,241

FRBs ................................................... 156,699,140,946 154,510,490,362 154,510,471,072 - 19,290

Amounts in circulation............................. $1,005,287,638,690 $964,376,459,870 $963,893,160,836 $240,630,161 $242,668,873

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $43,306,197,867 $6,129,203,008 $37,176,994,859 

Less amounts held by: 

The Treasury....................................... 206,368,463 122,229,731 84,138,732 

FRBs ................................................... 2,188,650,584 1,207,673,793 980,976,791 

Amounts in circulation............................. $40,911,178,820 $4,799,299,484 $36,111,879,336 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2011 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2011 

[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 ................................................................................ $9,651,625,747 $9,509,540,668 $143,503 $141,941,576 

$2 ................................................................................ 1,819,147,828 1,687,144,338 131,990,918 12,572 

$5 ................................................................................ 11,191,606,105 11,057,238,830 108,474,510 25,892,765 

$10 .............................................................................. 16,258,279,610 16,237,572,700 6,300 20,700,610 

$20 .............................................................................. 132,044,009,830 132,023,902,850 3,840 20,103,140 

$50 .............................................................................. 67,244,912,250 67,233,414,950 500 11,496,800 

$100 ............................................................................ 725,853,974,400 725,831,991,000 - 5 21,983,400 

$500 ............................................................................ 142,184,500 141,991,500 5,500 187,500 

$1,000 ......................................................................... 165,504,000 165,294,000 5,000 205,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $964,376,459,870 $963,893,160,836 $240,630,161 $242,668,873 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

 

Mar. 31, 2011 ....................................................................................... 1,005,288 $3,232 

Feb. 28, 2011 ....................................................................................... 996,986 3,207 

Jan. 31, 2011 ....................................................................................... 977,246 3,145 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain partial denominations not presented for redemption. 

5 Represents current FRB adjustment. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2011 

47

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) 

 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385 

 

2010 - Apr .......................................................................... 126,481 11,041 55,733 48,270 11,437 

May......................................................................... 124,174 11,041 54,383 47,129 11,621 

June........................................................................ 124,514 11,041 54,551 47,557 11,365 

July ......................................................................... 129,127 11,041 56,013 49,743 12,330 

Aug ......................................................................... 128,447 11,041 55,666 49,634 12,106 

Sept........................................................................ 133,099 11,041 57,410 51,709 12,938 

Oct.......................................................................... 135,392 11,041 57,986 53,241 13,124 

Nov ......................................................................... 130,282 11,041 56,298 50,588 12,355 

Dec ......................................................................... 132,433 11,041 56,824 52,075 12,492 

2011 - Jan .......................................................................... 133,943 11,041 57,633 52,544 12,725 

Feb ......................................................................... 134,655 11,041 58,054 52,754 12,806 

Mar ......................................................................... 139,315 11,041 56,543 52,399 19,332 

Apr.......................................................................... 142,989 11,041 57,806 54,191 19,950 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; 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. Excludes 

outstanding reciprocal currency swaps with foreign central banks. As of end-April 

2011, there were no swaps outstanding. 

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 totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2011 

48 

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 ............................ 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ............................ 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ............... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break................ 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002............................. 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 ............... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break................ 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003............................. 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 .............. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break................ 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004............................. 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ............... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break................ 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431 

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933 

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487 

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192 

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129 

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563 

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192 

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619 

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955 

2009 - June 8 ............... 8,035,627 3,473,629 779,889 1,722,168 1,251 970,321 2,566,045 1,959,293 1,171,468 787,825 36,659 

Series Break................ 8,043,646 3,734,843 779,889 2,052,329 1,251 901,375 2,566,045 1,695,535 1,171,468 524,067 47,223 

2009 ............................ 8,294,578 3,766,420 713,965 2,170,748 1,302 880,406 2,607,893 1,876,620 1,141,107 735,513 43,645 

2010 - June 8 .............. 8,649,507 3,753,568 629,225 2,234,580 1,354 888,410 2,647,028 2,195,971 1,184,653 1,011,318 52,940 

Series Break................ 8,646,652 4,064,677 629,225 2,615,683 1,354 818,416 2,647,028 1,867,677 1,184,653 683,024 67,270 

 

2010 - July r ................ 8,652,425 4,087,644 647,768 2,624,396 1,363 814,118 2,624,597 1,873,486 1,168,868 704,618 66,697 

Aug. r............... 8,789,241 4,128,921 665,954 2,655,875 1,372 805,720 2,652,215 1,940,145 1,149,118 791,027 67,960 

Sept. r.............. 8,966,652 4,151,670 680,291 2,695,334 1,381 774,664 2,738,003 2,009,121 1,180,048 829,073 67,858 

Oct. r................ 8,983,527 4,189,009 723,994 2,694,492 1,391 769,133 2,691,862 2,033,328 1,179,925 853,403 69,328 

Nov .................. 8,988,616 4,169,372 682,875 2,711,053 1,400 774,045 2,672,191 2,078,722 1,179,125 899,597 68,331 

Dec .................. 9,101,004 4,138,406 639,369 2,724,684 1,409 772,944 2,787,100 2,114,067 1,173,615 940,452 61,431 

2011 - Jan ................... 9,124,894 4,128,050 607,744 2,736,612 1,419 782,276 2,749,152 2,179,285 1,203,661 975,624 68,407 

Feb. p .............. 9,262,194 4,142,139 601,106 2,752,485 1,427 787,121 2,841,285 2,213,855 1,223,515 990,340 64,915 

Mar. p .............. 9,503,085 4,138,844 587,870 2,759,321 1,437 790,216 3,003,967 2,292,790 1,282,913 1,009,877 67,484 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies 

to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to those 

for earlier dates; figures on the second line are based in part on benchmark surveys as of endJune 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, 

end-June 2008, end-June 2009, and end-June 2010, 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 

June 2011 

49

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) 

Venezuela 2

(4) 

 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

2008 .............................................................................. 1,203 1,203 95 1,108 

2009 .............................................................................. 1,302 1,302 102 1,200 

 

2010 - Mar..................................................................... 1,328 1,328 104 1,224 

Apr ..................................................................... 1,336 1,336 105 1,232 

May .................................................................... 1,345 1,345 105 1,240 

June................................................................... 1,354 1,354 106 1,248 

July .................................................................... 1,363 1,363 106 1,257 

Aug .................................................................... 1,372 1,372 107 1,265 

Sept ................................................................... 1,381 1,381 108 1,274 

Oct ..................................................................... 1,391 1,391 108 1,282 

Nov .................................................................... 1,400 1,400 109 1,291 

Dec .................................................................... 1,409 1,409 110 1,299 

2011 - Jan ..................................................................... 1,419 1,419 110 1,308 

Feb..................................................................... 1,427 1,427 111 1,317 

Mar..................................................................... 1,437 1,437 112 1,326 

 

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2011 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

June 2011 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

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 
CAPITAL MOVEMENTS 

June 2011 

52 

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 (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2011 

53

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] 

2010 2011 

Type of Liability 

 Calendar 

 Year 

 2009 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 4,479,544 4,623,484 4,622,569 4,560,896 4,620,159 4,588,225 4,690,090 4,901,094 

Payable in dollars............................................... 4,257,364 4,411,993 4,411,078 4,349,405 4,427,258 4,395,324 4,497,189 4,708,193 

Foreign official institutions 713,965 680,291 723,994 682,875 639,369 607,744 601,106 587,870 

Deposits, excluding negotiable CDs............. 50,746 48,618 52,509 57,435 49,810 45,428 46,279 48,989 

U.S. Treasury bills and certificates ............... 528,063 495,417 531,296 499,193 462,303 438,916 432,412 414,920 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ....................................................... 24,629 36,565 34,069 30,220 26,180 28,457 25,557 22,804 

Other liabilities............................................ 110,527 99,691 106,120 96,027 101,076 94,943 96,858 101,157 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,527,769 3,707,951 3,661,687 3,641,216 3,768,705 3,760,803 3,872,790 4,094,870 

Deposits, excluding negotiable CDs.......... 1,700,131 1,726,076 1,702,136 1,670,592 1,769,891 1,746,648 1,797,092 1,927,608 

U.S. Treasury bills and certificates ............ 219,198 251,531 241,639 251,936 262,202 250,016 248,479 244,427 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 414,576 385,315 392,283 377,527 363,051 370,465 380,361 387,043 

Other liabilities............................................ 1,193,864 1,345,029 1,325,629 1,341,161 1,373,561 1,393,674 1,446,858 1,535,792 

International and regional organizations 1 ..... 15,630 23,751 25,397 25,314 19,184 26,777 23,293 25,453 

Deposits, excluding negotiable CDs.......... 7,888 10,320 12,218 12,732 9,637 11,211 10,335 13,413 

U.S. Treasury bills and certificates ............ 3,176 8,624 8,159 7,687 5,454 9,683 8,464 8,081 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 1,412 2,108 1,907 1,581 1,809 1,688 2,125 1,834 

Other liabilities............................................ 3,154 2,699 3,113 3,314 2,284 4,195 2,369 2,125 

Payable in foreign currencies 2 .......................... 222,180 211,491 211,491 211,491 192,901 192,901 192,901 192,901 

Sector: 

Banks and other foreigners........................ 221,231 210,100 210,100 210,100 192,010 192,010 192,010 192,010 

International and regional organizations 1 ...... 949 1,391 1,391 1,391 891 891 891 891 

Major currencies: 

Canadian dollars ........................................ 17,694 21,241 21,241 21,241 15,429 15,429 15,429 15,429 

Euro............................................................ 99,279 85,960 85,960 85,960 81,851 81,851 81,851 81,851 

United Kingdom pounds sterling................ 10,455 12,648 12,648 12,648 11,385 11,385 11,385 11,385 

Japanese yen............................................. 55,505 49,393 49,393 49,393 46,160 46,160 46,160 46,160 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,066,310 3,232,433 3,201,725 3,181,261 3,306,259 3,296,099 3,399,791 

3,629,084 

Liabilities to own foreign offices..................... 2,076,639 2,196,992 2,169,505 2,140,722 2,246,234 2,227,164 2,300,651 2,485,501 

Liabilities collaterized by repurchase 

agreements ............................................ 561,544 634,099 634,327 641,289 635,119 624,124 668,049 693,884 

Foreign official institutions ..................... 96,592 91,922 96,398 87,298 86,495 82,174 85,345 92,216 

Foreign banks and other foreigners....... 462,897 539,999 535,687 551,791 547,065 538,332 580,854 599,959 

International and regional organizations 1..... 2,055 2,178 2,242 2,200 1,559 3,618 1,850 1,709 

Reported by IBFs ....................................... 563,771 548,276 531,445 526,235 559,875 571,675 566,029 668,717 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 215,883 204,092 204,092 204,092 186,681 186,681 186,681 186,681 

Reported by IBFs ....................................... 49,194 45,583 45,583 45,583 45,469 45,469 45,469 45,469 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,197,351 1,186,959 1,216,752 1,175,543 1,127,219 1,105,445 1,103,618 1,085,329 

Payable in dollars....................................... 1,191,054 1,179,560 1,209,353 1,168,144 1,120,999 1,099,225 1,097,398 1,079,109 

of which: other short-term negotiable 

securities and negotiable CDs............ 228,580 228,238 236,003 217,658 202,716 212,424 213,419 223,049 

 of which: short-term U.S. Government 

agency securities ................................ 53,343 60,619 55,159 49,698 43,595 48,971 43,048 38,018 

 of which: negotiable CDs ...................... 65,515 62,513 72,354 66,570 59,119 59,356 62,881 70,510 

Payable in foreign currencies 2 .................. 6,297 7,399 7,399 7,399 6,220 6,220 6,220 6,220 

 

 1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2011 

54 

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 2010 2011 

Country 2007 2008 2009 Nov. r Dec. Jan. Feb. Mar. p

Europe: 

Austria ............................................... 3,575 2,568 1,954 2,209 2,435 2,476 2,490 3,342

Belgium ............................................ 22,437 16,278 14,676 19,123 19,087 21,056 19,663 21,054

Bulgaria ............................................. 148 125 148 212 130 127 117 122

Cyprus............................................... 1,068 789 1,780 1,363 968 821 935 864

Czech Republic................................. 1,433 681 881 845 503 760 833 803

Denmark............................................ 791 4,548 3,339 4,780 5,167 5,141 5,841 5,278

Finland............................................... 1,456 1,615 1,127 1,449 1,095 1,237 1,095 1,155

France ............................................... 73,355 59,520 60,903 68,521 58,446 71,141 70,474 91,833

Germany............................................ 145,955 159,709 112,143 115,091 107,786 111,753 110,446 112,163

Greece............................................... 1,357 2,005 1,071 1,231 1,268 1,220 1,139 1,164

Hungary............................................. 1,219 781 575 820 794 1,034 997 1,058

Iceland .............................................. 667 1,096 815 620 864 713 619 846

Ireland ............................................... 123,913 182,351 147,936 126,116 119,693 114,214 122,785 142,366

Italy.................................................... 10,421 8,821 8,692 6,828 6,359 7,830 7,321 7,587

Kazakhstan ....................................... 5,945 13,765 10,425 13,024 13,219 11,298 14,056 13,564

Luxembourg ..................................... 108,463 130,917 101,534 87,290 89,560 89,676 89,970 97,865

Monaco.............................................. 206 314 177 185 186 161 155 156

Netherlands....................................... 26,125 37,005 17,924 21,373 15,707 20,281 17,125 19,546

Norway .............................................. 48,309 18,000 2,438 2,140 3,001 2,667 3,043 2,353

Poland ............................................... 19,651 4,731 4,786 6,516 6,037 8,124 7,821 8,425

Portugal............................................. 2,999 2,166 1,790 2,154 2,684 1,744 1,622 2,022

Romania............................................ 581 647 590 5,898 3,467 5,616 5,935 2,303

Russia .............................................. 104,741 73,139 74,671 63,992 50,962 41,614 38,417 39,441

Serbia and Montenegro .................... 532 182 300 395 457 516 573 571

Spain ................................................. 13,022 17,414 14,345 14,764 12,547 13,958 15,202 16,764

Sweden ............................................. 7,723 3,963 5,917 4,695 4,802 5,127 6,333 8,419

Switzerland........................................ 58,468 57,583 47,786 39,836 45,809 37,502 36,984 38,227

Turkey ............................................... 12,139 20,281 22,377 23,823 24,177 25,502 26,954 29,549

Ukraine.............................................. 1,392 4,071 3,167 3,652 4,278 3,614 4,489 3,141

United Kingdom................................. 1,051,764 784,793 784,131 971,833 995,081 966,875 1,026,927 1,112,482

Channel Islands ................................ 25,391 12,344 14,953 15,827 18,234 15,738 17,729 17,046

All other Europe ................................ 4,897 7,965 9,182 8,996 8,826 9,128 8,776 8,839

Total Europe.................................. 1,880,143 1,630,168 1,472,534 1,635,600 1,623,629 1,598,666 1,666,866 1,810,345

Memo: Euro Area 1 .......................... 533,078 621,493 486,377 468,168 438,209 458,104 461,037 518,417

Memo: European Union 2 ................. 1,619,013 1,422,690 1,287,555 1,464,329 1,454,850 1,451,538 1,516,518 1,658,050

Canada.................................................. 68,274 80,127 93,980 98,723 110,518 113,911 118,533 130,248

Latin America: 

Argentina........................................... 12,090 12,949 12,636 12,266 12,344 12,047 12,724 12,634

Belize................................................. 307 299 323 295 300 334 313 331

Bolivia................................................ 2,559 4,544 2,939 1,871 1,690 2,056 2,210 2,076

Brazil ................................................. 24,887 18,586 62,353 57,267 47,162 40,867 31,925 30,312

Chile .................................................. 15,731 15,909 11,704 15,731 15,692 17,200 18,342 19,441

Colombia ........................................... 11,038 10,396 17,628 22,100 21,012 21,791 21,064 20,590

Costa Rica......................................... 2,502 2,005 1,952 1,371 1,428 1,645 1,570 1,642

Ecuador............................................. 3,296 3,600 3,869 3,653 3,800 3,721 3,713 3,721

El Salvador........................................ 2,352 2,945 2,823 1,784 1,804 1,938 2,124 2,166

Guatemala......................................... 1,851 1,875 2,129 1,721 2,148 1,744 1,901 1,926

Guyana.............................................. 141 276 204 294 270 268 279 333

Honduras........................................... 2,162 1,570 1,401 1,540 1,527 1,766 1,539 1,649

Mexico............................................... 53,234 71,040 51,611 67,732 62,126 60,513 57,795 61,654

Nicaragua.......................................... 215 301 488 786 766 746 857 898

Panama............................................. 7,062 10,891 9,783 8,015 8,010 7,671 7,318 7,699

Paraguay........................................... 693 667 715 840 901 875 834 1,042

Peru................................................... 5,286 4,712 4,889 6,735 7,574 7,701 8,838 10,385

Suriname........................................... 128 157 278 234 264 272 322 350

Uruguay............................................. 6,503 8,221 8,766 8,065 7,729 8,284 8,269 8,273

Venezuela ......................................... 23,588 26,816 25,014 22,229 22,699 22,289 21,554 21,209

All other Latin America...................... 15 48 59 50 50 53 54 56

Total Latin America ....................... 175,640 197,807 221,564 234,579 219,296 213,781 203,545 208,387

Caribbean: 

Anguilla.............................................. 13,065 13,091 11,520 11,809 10,912 11,408 11,291 12,744

Antigua and Barbuda ........................ 217 115 114 72 65 87 78 77

Aruba................................................. 265 738 579 544 351 357 460 448

Bahamas ........................................... 286,669 338,432 290,352 260,262 264,350 271,889 268,283 270,524

Barbados........................................... 21,602 17,056 10,405 10,847 11,532 12,013 11,772 12,434

Bermuda............................................ 49,865 53,173 40,290 40,131 42,321 42,072 42,523 45,609

British Virgin Islands ......................... 35,092 44,616 34,789 39,661 43,776 42,531 44,465 42,626

Cayman Islands ................................ 1,488,182 1,544,995 1,481,978 1,446,843 1,532,260 1,534,773 1,583,758 1,612,765

Cuba.................................................. 80 89 83 78 77 75 79 76

Dominican Republic .......................... 3,813 3,089 3,226 2,839 3,495 3,075 3,191 2,871

French West Indies ........................... 35 26 36 32 35 32 33 32

Haiti ................................................... 555 540 679 1,244 1,275 1,173 1,192 1,240

Jamaica............................................. 1,358 1,023 989 858 877 956 1,027 909

Netherlands Antilles .......................... 10,131 6,679 6,943 6,771 7,669 6,232 7,676 10,433

See footnotes at end of table.
CAPITAL MOVEMENTS 

June 2011 

55

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 2010 2011 

Country 2007 2008 2009 Nov. r Dec. Jan. Feb. Mar. p

 

Caribbean, con. 

St. Kitts and Nevis.......................... 122 139 143 175 158 153 147 179

Trinidad and Tobago...................... 3,389 3,945 3,988 2,957 3,475 3,380 3,326 3,680

Turks and Caicos Islands............... 213 227 107 98 100 103 96 93

All other Caribbean ........................ 189 170 127 139 159 155 179 222

Total Caribbean.......................... 1,914,842 2,028,143 1,886,348 1,825,360 1,922,888 1,930,465 1,979,577 2,016,963

Asia: 

Bangladesh .................................... 889 3,479 4,506 3,606 3,836 3,242 4,126 3,551

China, Mainland ............................. 94,369 226,169 105,851 61,126 47,011 41,162 43,387 36,269

Hong Kong ..................................... 47,133 54,534 129,909 118,699 106,352 106,815 103,161 101,564

India................................................ 18,257 28,834 26,421 25,568 25,711 25,903 25,789 28,054

Indonesia........................................ 5,223 10,005 21,671 19,553 22,546 21,687 25,838 33,044

Israel............................................... 7,812 20,860 16,815 19,772 18,293 17,992 19,233 18,730

Japan.............................................. 190,122 251,993 185,544 163,004 160,815 158,336 154,352 174,198

Jordan ............................................ 1,179 2,247 2,527 2,885 2,751 2,534 2,750 2,618

Korea, South .................................. 35,215 16,078 12,457 13,328 12,223 13,631 13,728 12,040

Laos................................................ 380 66 74 59 103 130 96 93

Lebanon ......................................... 1,032 1,434 1,421 1,670 1,616 1,886 1,446 1,564

Malaysia ......................................... 2,852 2,346 2,297 3,656 4,289 4,390 3,963 3,764

Pakistan.......................................... 1,464 4,186 3,805 4,882 5,273 5,917 6,243 6,911

Philippines...................................... 4,927 9,561 5,363 3,587 6,178 4,415 4,084 6,886

Singapore....................................... 38,704 45,194 28,378 35,901 43,416 30,446 35,454 30,477

Syria ............................................... 24 65 34 41 39 41 53 45

Taiwan............................................ 25,952 30,702 29,800 27,326 31,201 28,758 31,319 25,838

Thailand.......................................... 14,189 18,748 17,028 36,447 31,634 35,163 35,816 35,353

Yemen............................................ 202 212 336 255 247 264 244 440

Oil exporting countries 3 ................. 80,593 121,758 105,728 98,627 100,799 105,856 102,109 101,195

All other Asia .................................. 5,052 7,133 7,563 5,590 6,502 6,245 5,835 6,532

Total Asia ................................... 575,570 855,604 707,528 645,582 630,835 614,813 619,026 629,166

Africa: 

Botswana........................................ 925 376 307 296 232 676 493 1,053

Egypt .............................................. 3,683 9,401 17,481 31,575 26,550 23,534 17,539 19,287

Ghana............................................. 346 316 284 756 642 813 772 412

Kenya ............................................. 612 342 476 450 400 424 543 417

Liberia............................................. 422 466 626 744 664 674 684 811

Mauritius......................................... 6,436 1,089 1,669 1,946 2,145 1,896 1,599 1,985

Morocco.......................................... 180 379 339 941 787 812 796 770

Mozambique................................... 126 141 232 248 282 178 255 168

South Africa.................................... 1,649 4,215 3,005 1,960 1,356 2,186 2,247 1,759

Tanzania......................................... 407 682 482 595 483 468 494 448

Uganda........................................... 1,233 329 441 451 468 378 491 541

Zambia ........................................... 190 141 235 429 425 426 400 471

Zimbabwe....................................... 105 88 276 236 321 219 210 174

Oil exporting countries 4 ................. 6,131 4,380 7,108 5,308 5,605 6,862 5,678 5,956

All other Africa................................ 3,443 6,605 8,239 4,278 6,940 6,164 5,936 5,265

Total Africa ................................. 25,888 28,950 41,200 50,213 47,300 45,710 38,137 39,517

Other countries: 

Australia ......................................... 14,891 33,479 27,056 28,279 30,790 31,200 28,638 27,143

New Zealand .................................. 3,190 3,849 5,480 4,922 3,918 3,956 3,501 4,668

French Polynesia ........................... 83 143 164 164 141 143 130 150

All other .......................................... 19,455 10,857 7,111 10,769 10,769 7,912 7,953 8,163

Total other ................................. 37,619 48,328 39,811 44,134 45,618 43,211 40,222 40,124

All countries........................................ 4,677,976 4,869,127 4,462,965 4,534,191 4,600,084 4,560,557 4,665,906 4,874,750

International and regional orgs: 

International organizations............ 24,236 32,837 13,453 21,415 14,667 22,811 18,747 20,329

Regional organizations 5 ............... 4,098 4,692 3,126 5,290 5,408 4,857 5,437 6,015

Total international and 

 regional organizations............. 28,334 37,529 16,579 26,705 20,075 27,668 24,184 26,344

Grand total ............................. 4,706,310 4,906,656 4,479,544 4,560,896 4,620,159 4,588,225 4,690,090 4,901,094

 

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. For data as of 

January 2011, also includes Estonia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2011 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 3,342 2,620 1,971 649 1,044 620 508 1 6 321 120 722

Belgium............................. 21,054 16,843 8,222 8,620 3,237 481 2,318 1,315 4,974 4,504 13 4,211

Cyprus .............................. 864 861 856 5 388 458 5 - - 3 7 3

Czech Republic................. 803 803 203 600 64 75 600 - - 63 1 -

Denmark........................... 5,278 5,269 1,193 4,076 246 868 3,980 3 20 129 23 9

Finland.............................. 1,155 1,057 356 700 125 98 201 198 301 86 47 98

France .............................. 91,833 86,210 76,536 9,674 29,862 4,435 8,992 528 25 24,960 17,408 5,623

Germany........................... 112,163 99,288 90,382 8,906 32,460 2,536 6,021 916 626 55,501 1,228 12,875

Greece.............................. 1,164 1,162 1,080 82 253 764 74 3 5 42 21 2

Hungary............................ 1,058 935 400 535 99 226 505 21 9 57 18 123

Ireland............................... 142,366 141,221 32,773 108,448 1,869 10,560 26,101 54,730 24,529 6,596 16,836 1,145

Italy................................... 7,587 6,907 5,608 1,299 3,702 1,042 1,180 14 12 863 94 680

Kazakhstan....................... 13,564 13,541 1,921 11,620 646 43 11,620 - - 1,214 18 23

Luxembourg...................... 97,865 95,914 18,622 77,292 5,583 3,936 33,356 16,687 25,098 1,215 10,039 1,951

Monaco............................. 156 156 75 81 23 52 81 - - - - -

Netherlands ...................... 19,546 18,830 12,023 6,806 3,592 5,802 3,067 2,410 131 1,745 2,082 716

Norway ............................. 2,353 2,318 1,157 1,161 324 451 969 159 33 358 24 35

Poland .............................. 8,425 8,410 1,736 6,674 582 195 5,496 1,177 1 959 - 15

Portugal ............................ 2,022 2,006 1,937 69 1,445 242 67 - 2 248 2 16

Romania ........................... 2,303 2,300 598 1,702 43 63 1,702 - - 482 10 3

Russia............................... 39,441 39,375 11,570 27,805 7,432 2,728 27,800 4 1 1,313 97 66

Spain ................................ 16,764 16,080 13,833 2,247 3,736 2,038 2,131 6 46 7,914 208 684

Sweden............................. 8,419 8,321 4,535 3,786 308 339 1,889 1,232 335 3,110 1,108 98

Switzerland ....................... 38,227 35,153 14,380 20,773 5,080 2,044 15,453 4,648 578 6,195 1,155 3,074

Turkey............................... 29,549 29,492 2,637 26,855 1,186 300 26,823 27 3 1,147 6 57

Ukraine ............................. 3,141 3,128 3,128 - 2,955 160 - - - 7 6 13

United Kingdom ................ 1,112,482 1,053,917 1,029,728 24,189 431,849 22,066 17,306 1,721 3,107 308,093 269,775 58,565

Channel Islands................ 17,046 16,647 9,168 7,479 3,637 2,350 6,665 246 475 185 3,089 399

All other Europe.................. 10,378 10,363 8,358 2,006 2,235 846 1,893 111 2 5,229 48 15

Total Europe .................. 1,810,345 1,719,124 1,354,985 364,139 544,006 65,818 206,803 86,157 60,319 432,538 323,483 91,221

Memo: Euro Area 4 ........ 518,417 489,682 264,717 224,965 87,504 33,279 84,103 76,893 55,756 104,039 48,108 28,735

Canada ................................... 130,248 124,400 113,876 10,524 11,984 7,972 6,502 2,380 622 78,417 16,523 5,848

Latin America: 

Argentina............................ 12,634 12,466 11,837 629 740 10,640 337 72 220 280 177 168

Belize.................................. 331 330 319 11 129 176 3 - 8 13 1 1

Bolivia................................. 2,076 2,057 1,583 474 467 1,113 246 214 14 2 1 19

Brazil................................... 30,312 30,131 18,811 11,320 4,055 7,613 10,877 175 222 3,321 3,868 181

Chile ................................... 19,441 19,203 12,044 7,159 6,901 4,006 4,763 2,357 18 1,096 62 238

Colombia ............................ 20,590 20,520 6,246 14,274 1,124 4,718 13,413 534 299 363 69 70

Costa Rica.......................... 1,642 1,636 1,163 473 360 565 445 14 13 238 1 6

Ecuador.............................. 3,721 3,697 3,495 202 845 2,464 147 22 23 163 33 24

El Salvador......................... 2,166 2,157 1,353 804 383 584 101 549 154 362 24 9

Guatemala.......................... 1,926 1,888 1,780 108 231 1,159 30 60 18 380 10 38

Honduras............................ 1,649 1,649 1,584 65 815 658 10 31 23 111 1 -

Mexico................................ 61,654 54,286 49,932 4,354 20,677 21,630 2,297 1,445 600 6,987 650 7,368

Panama.............................. 7,699 7,563 6,670 893 2,618 3,543 474 295 122 432 79 136

Paraguay............................ 1,042 1,041 1,014 27 435 569 - 25 2 3 7 1

Peru.................................... 10,385 10,214 9,028 1,186 6,099 1,549 86 897 200 1,368 15 171

Uruguay.............................. 8,273 8,229 7,337 892 1,400 2,529 509 272 111 2,936 472 44

Venezuela .......................... 21,209 20,962 20,541 421 2,220 17,786 56 197 167 327 209 247

All other Latin America....... 1,637 1,637 1,433 204 515 505 26 100 78 413 - -

Total Latin America........ 208,387 199,666 156,170 43,496 50,014 81,807 33,820 7,259 2,292 18,795 5,679 8,721

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2011 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2011, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 448 448 439 9 85 266 1 5 3 20 68 -

Bahamas.................................. 270,524 269,921 266,795 3,126 212,001 6,575 2,131 502 112 45,775 2,825 603

Barbados.................................. 12,434 12,402 7,199 5,203 3,567 374 2,842 1,848 504 3,170 97 32

Bermuda .................................. 45,609 43,229 15,575 27,654 640 11,913 19,351 7,506 536 49 3,234 2,380

British Virgin Islands ................ 42,626 41,299 23,536 17,763 118 20,640 14,761 2,167 443 - 3,170 1,327

Cayman Islands....................... 1,612,765 1,580,727 1,331,381 249,346 589,452 170,575 59,911 15,124 1,452 605,940 138,273 32,038

Dominican Republic................. 2,871 2,832 2,785 47 656 1,919 18 23 6 204 6 39

Haiti 7........................................ 1,240 1,239 1,219 20 419 336 1 11 8 464 - 1

Jamaica.................................... 909 812 800 12 369 330 8 - 4 95 6 97

Netherlands Antilles................. 10,433 10,378 9,912 466 2,548 2,291 60 385 21 486 4,587 55

Trinidad and Tobago................ 3,680 3,348 2,282 1,066 1,320 500 1,012 1 12 458 45 332

All other Caribbean.................. 13,424 12,238 12,071 167 233 9,981 144 2 21 2 1,855 1,186

Total Caribbean.................. 2,016,963 1,978,873 1,673,994 304,879 811,408 225,700 100,240 27,574 3,122 656,663 154,166 38,090

Asia: China, Mainland....................... 36,269 36,181 29,322 6,859 14,465 3,339 5,697 984 80 11,428 188 88

Hong Kong............................... 101,564 101,184 27,726 73,458 12,320 3,085 66,270 6,930 157 11,536 886 380

India ......................................... 28,054 27,989 9,185 18,804 2,667 2,259 14,799 3,870 36 4,069 289 65

Indonesia ................................. 33,044 33,033 5,578 27,455 3,227 343 25,045 2,402 7 1,801 208 11

Israel ........................................ 18,730 18,709 8,129 10,580 1,057 1,816 10,451 75 53 5,233 24 21

Japan ....................................... 174,198 139,767 71,598 68,169 24,369 7,879 63,608 3,101 202 38,002 2,606 34,431

Jordan ...................................... 2,618 2,618 1,859 759 1,376 78 650 - 109 401 4 -

Korea, South............................ 12,040 11,691 7,061 4,630 2,493 811 1,361 2,387 411 4,017 211 349

Malaysia................................... 3,764 3,757 2,898 859 2,051 293 821 31 2 538 21 7

Pakistan ................................... 6,911 6,911 4,425 2,486 391 241 2,438 19 1 3,788 33 -

Philippines................................ 6,886 6,870 5,378 1,492 2,198 659 1,446 22 23 2,457 65 16

Singapore................................. 30,477 29,602 25,415 4,187 19,405 2,010 2,989 669 513 3,860 156 875

Taiwan...................................... 25,838 25,637 22,229 3,408 8,292 6,749 3,011 64 311 6,919 291 201

Thailand ................................... 35,353 35,346 2,246 33,100 1,252 477 33,013 77 5 512 10 7

All other Asia............................ 113,420 113,405 44,371 69,034 16,518 2,897 61,875 6,347 785 24,618 365 15

Total Asia............................. 629,166 592,700 267,420 325,280 112,081 32,936 293,474 26,978 2,695 119,179 5,357 36,466

Africa: Egypt........................................ 19,287 19,284 6,045 13,239 1,958 192 13,199 - 40 3,893 2 3

Ghana ...................................... 412 411 411 - 265 77 - - - 69 - 1

Kenya....................................... 417 417 404 13 293 98 13 - - 12 1 -

Liberia ...................................... 811 802 652 150 27 462 72 76 2 161 2 9

Morocco ................................... 770 769 761 8 198 65 - 1 - 498 7 1

South Africa ............................. 1,759 1,700 1,470 230 1,026 291 193 30 7 61 92 59

All other Africa.......................... 16,061 15,816 14,562 1,254 8,640 2,664 1,252 2 - 2,872 386 245

Total Africa........................... 39,517 39,199 24,305 14,894 12,407 3,849 14,729 109 49 7,566 490 318

Other countries: Australia ................................... 27,143 22,594 18,185 4,409 12,614 2,453 2,234 910 721 2,488 1,174 4,549

New Zealand............................ 4,668 4,623 3,195 1,428 226 309 1,409 12 7 2,605 55 45

All other.................................... 8,313 1,561 1,416 145 456 557 136 4 5 394 9 6,752

Total other........................... 40,124 28,778 22,796 5,982 13,296 3,319 3,779 926 733 5,487 1,238 11,346

All countries.................................. 4,874,750 4,682,740 3,613,546 1,069,194 1,555,196 421,401 659,347 151,383 69,832 1,318,645 506,936 192,010

International and regional orgs: International organizations....... 20,329 19,445 12,707 6,738 - 11,480 6,300 93 345 - 1,227 884

Regional organizations 5.......... 6,015 6,008 2,831 3,177 - 1,933 1,781 1,063 333 - 898 7

Total International and 

 regional organizations ........ 26,344 25,453 15,538 9,915 - 13,413 8,081 1,156 678 - 2,125 891

Grand total ...................... 4,901,094 4,708,193 3,629,084 1,079,109 1,555,196 434,814 667,428 152,539 70,510 1,318,645 509,061 192,901

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. For data as of 

January 2011, also includes Estonia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2011 

58 

0

500

1000

1500

2000

2500

2007 2008 2009 2010 Mar. 2011

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 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.9 trillion in March 2011, an increase of $281 billion from 

yearend 2010. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term 

securities. U.S. banking liabilities decreased about $427 billion in 2009 but increased about $200 billion in 2008 and about $141 billion in 

2010. However, the 2008 increase is primarily attributable to the addition of several new bank holding companies to the reporter panel. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that over 60 percent of U.S. 

banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers recorded 

most of the decline in banking liabilities from 2007 through 2009. However, the crisis affected other regions as well, including all other 

Europe and Asia (including Japan), all of which experienced a decline in banking liabilities against the United States in 2009. This 

downward trend in U.S. liabilities to foreigners reversed in 2010, and U.S. liabilities continued to grow during the first quarter of 2011 for 

most regions. Asia was an exception, with U.S. liabilities as of March 2011 remaining below the level recorded at the end of 2009. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009 2010 Mar. 2011 

United Kingdom ............................. 1,051,764 784,793 784,131 995,081 1,112,482

All other Europe ............................. 828,379 845,375 688,403 628,548 697,863

Caribbean banking centers 1 ............ 1,877,001 1,998,786 1,864,135 1,898,386 1,989,656

Japan ............................................. 190,122 251,993 185,544 160,815 174,198

All other Asia.................................. 385,448 603,611 521,984 470,020 454,968

Subtotal........................................ 4,332,714 4,484,558 4,044,197 4,152,850 4,429,167

All other countries .......................... 373,596 422,098 435,347 467,309 471,927

Grand total ................................... 4,706,310 4,906,656 4,479,544 4,620,159 4,901,094

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin 

Islands. 
 CAPITAL MOVEMENTS 

June 2011 

59

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] 

2009 2010 

Type of Claim 

Calendar 

Year 

2008 Dec. Mar. r June r Sept. Dec. p 

 

Total claims.............................................................. 3,719,193 3,965,868 4,186,896 4,239,738 4,421,239 4,530,846 

Payable in dollars.................................................. 3,352,755 3,585,010 3,840,829 3,873,568 4,021,125 4,112,898 

Own claims on foreigners................................... 2,593,510 2,806,742 3,005,574 3,059,720 3,218,213 3,246,348 

Foreign official institutions............................... 51,657 47,033 58,155 69,054 59,323 55,772 

Foreign banks, including own foreign 

offices........................................................... 1,996,215 2,155,966 2,292,509 2,320,594 2,448,604 2,467,628 

All other foreigners .......................................... 545,638 603,743 654,910 670,072 710,286 724,705 

Claims of domestic customers.............................. 759,245 778,268 835,255 813,848 802,912 866,550 

Payable in foreign currencies .................................. 366,438 380,858 346,067 366,170 400,114 417,948 

Own claims on foreigners ..................................... 324,230 333,622 297,352 312,718 324,671 337,903 

of which: 

Canadian dollars.............................................. 25,114 43,712 42,654 36,642 38,055 42,430 

Euros................................................................ 182,388 182,243 142,172 169,695 160,833 168,045 

United Kingdom pounds sterling...................... 20,919 33,074 37,418 33,733 32,771 30,430 

Japanese yen................................................... 56,761 37,615 35,450 36,112 48,659 50,801 

Claims of domestic customers.............................. 42,208 47,236 48,715 53,452 75,443 80,045 

of which: 

Canadian dollars.............................................. 4,457 6,912 7,341 11,487 13,791 14,886 

Euros................................................................ 31,067 28,355 30,393 27,158 31,267 32,165 

United Kingdom pounds sterling...................... 1,137 3,680 3,307 5,215 3,012 2,684 

Japanese yen................................................... 2,560 3,468 1,881 2,170 17,182 18,062 

Memoranda: 

Total own claims on foreigners ............................. 2,917,740 3,140,364 3,302,926 3,372,438 3,542,884 3,584,251 

Non-negotiable deposits .................................... 1,236,087 1,490,672 1,594,653 1,549,165 1,610,246 1,637,254 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 14,068 12,890 14,274 13,365 14,167 16,438 

Resale agreements ............................................ 508,372 530,467 626,494 696,880 752,636 734,239 

Other................................................................... 1,159,213 1,106,335 1,067,550 1,113,064 1,165,793 1,196,320 

Claims on own foreign offices............................... 1,771,613 2,054,945 2,207,261 2,192,915 2,286,560 2,285,477 

Claims reported by IBFs ....................................... 514,225 669,710 706,250 586,407 655,933 669,234 

Payable in dollars............................................... 468,962 627,476 669,541 541,801 600,171 615,435 

Payable in foreign currencies............................. 45,263 42,234 36,709 44,606 55,762 53,799 

Total claims held for domestic customers ............ 801,453 825,504 883,970 867,300 878,355 946,595 

Non-negotiable deposits .................................... 485,165 372,735 383,033 407,903 401,154 439,738 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 286,758 417,110 453,310 406,102 402,086 424,519 

Other ..................................................................... 29,530 35,659 47,627 53,295 75,115 82,338 

 

 
CAPITAL MOVEMENTS 

June 2011 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Country 

 Calendar 

 year 

 2008 June Sept. Dec. Mar. r June r Sept. Dec. p

 

Europe: 

Austria ................................................... 5,294 5,761 4,464 3,299 3,600 3,119 2,786 3,316

Belgium.................................................. 16,821 14,469 20,346 14,021 13,505 17,702 19,546 20,140

Bulgaria ................................................. 43 29 17 23 18 17 15 19

Czech Republic ..................................... 225 156 143 514 469 114 50 71

Denmark................................................ 9,844 12,361 11,079 6,016 4,421 3,237 4,278 4,004

Finland................................................... 25,315 23,943 24,757 43,722 26,151 27,998 36,662 45,750

France ................................................... 191,695 197,042 203,773 196,236 208,368 165,397 205,355 210,108

Germany................................................ 77,686 126,509 115,541 87,867 76,762 90,310 96,471 91,921

Greece................................................... 1,227 1,201 1,010 970 1,313 663 655 689

Hungary................................................. 413 302 1,281 1,395 1,322 1,075 600 556

Ireland.................................................... 88,371 61,053 74,662 75,917 60,124 54,392 43,295 29,122

Italy ........................................................ 52,700 53,150 55,231 51,029 54,205 29,786 44,999 32,865

Kazakhstan ........................................... 1,048 420 400 377 262 223 357 270

Luxembourg .......................................... 26,209 26,252 31,495 31,381 25,439 26,805 24,935 23,880

Netherlands ........................................... 74,144 83,580 82,355 66,870 57,785 47,014 52,460 47,470

Norway .................................................. 19,935 15,472 18,519 21,433 18,123 20,626 22,695 17,378

Poland ................................................... 1,712 2,246 709 495 1,270 1,229 2,192 402

Portugal ................................................. 1,885 4,016 2,163 2,319 1,534 1,191 1,164 1,284

Romania ................................................ 154 127 138 183 128 119 116 112

Russia.................................................... 2,269 1,691 1,874 1,822 1,548 1,219 1,452 1,353

Spain ..................................................... 61,971 48,977 49,597 46,946 44,895 27,808 28,310 15,044

Sweden.................................................. 17,606 21,617 26,597 15,673 24,061 33,573 32,274 41,543

Switzerland............................................ 113,177 90,958 90,952 79,382 73,897 66,768 67,436 57,742

Turkey.................................................... 3,881 4,366 4,212 4,165 4,417 4,884 5,371 5,522

United Kingdom..................................... 1,016,448 1,095,050 1,192,092 1,156,878 1,240,971 1,246,193 1,308,785 1,327,242

Channel Islands..................................... 19,830 20,635 21,393 19,589 19,274 13,678 15,661 15,520

All other Europe .................................... 2,887 3,104 3,888 5,227 6,927 6,995 5,444 4,899

Total Europe ....................................... 1,832,790 1,914,487 2,038,686 1,933,748 1,970,790 1,892,133 2,023,364 1,998,221

Memo: Euro Area 1 ............................. 623,984 647,263 667,607 624,445 577,056 495,657 558,959 523,622

Memo: European Union 2 ................... 1,670,521 1,779,160 1,899,680 1,805,634 1,849,727 1,781,226 1,907,279 1,897,578

Canada..................................................... 159,408 148,702 170,013 170,164 200,905 190,372 184,602 220,939

Latin America: 

Argentina ............................................... 4,319 6,502 3,961 3,585 3,552 3,866 4,188 4,343

Bolivia ................................................... 157 148 197 516 411 387 409 154

Brazil...................................................... 35,080 31,722 35,886 32,869 36,686 42,031 53,620 56,536

Chile ...................................................... 10,172 11,222 11,889 14,446 14,004 14,359 14,914 14,862

Colombia ............................................... 4,257 3,119 2,893 3,535 3,843 4,336 4,563 7,401

Costa Rica ............................................ 1,339 1,069 1,055 1,013 950 1,034 995 1,226

Ecuador................................................. 826 627 573 492 491 479 497 483

El Salvador ........................................... 928 772 634 558 422 356 261 383

Guatemala............................................. 1,275 1,177 1,114 1,094 1,102 1,051 1,036 1,240

Honduras .............................................. 533 465 412 388 314 342 333 370

Mexico ................................................... 27,855 25,927 24,189 24,638 26,118 29,764 28,674 31,612

Nicaragua .............................................. 134 92 72 73 77 68 76 97

Panama ................................................. 4,880 3,385 3,734 3,200 2,982 3,020 3,743 3,741

Paraguay .............................................. 153 114 89 136 151 147 180 482

Peru ....................................................... 4,603 3,351 2,944 3,115 3,602 3,703 4,376 4,414

Uruguay................................................. 696 1,685 1,063 715 538 693 401 2,454

Venezuela ............................................. 1,625 1,521 1,628 1,742 1,573 1,544 1,497 1,535

All other Latin America ......................... 92 75 72 35 32 31 29 72

Total Latin America............................. 98,924 92,973 92,405 92,150 96,848 107,211 119,792 131,405

Caribbean: 

Anguilla ................................................. 12,180 8,711 8,960 10,715 11,545 13,168 10,694 10,827

Bahamas ............................................... 283,701 199,841 240,018 267,769 352,330 355,342 370,709 380,527

Barbados .............................................. 1,324 801 777 468 417 541 503 487

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2011 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Country 

Calendar 

year 

2008 June Sept. Dec. Mar. r June r Sept. Dec. p

 

Caribbean, con. 

Bermuda...................................... 16,296 10,960 11,289 11,202 10,549 10,773 10,577 12,324

British Virgin Islands.................... 5,882 8,203 7,990 7,007 9,336 11,885 11,042 12,911

Cayman Islands........................... 1,074,414 1,083,166 1,106,327 1,059,463 1,085,721 1,143,172 1,133,746 1,168,010

Dominican Republic .................... 813 774 691 735 678 804 819 849

Haiti ............................................. 92 53 69 48 42 40 43 38

Jamaica ....................................... 833 464 452 451 434 394 340 378

Netherlands Antilles .................... 4,836 7,568 4,623 7,208 7,124 8,024 6,905 6,080

Trinidad and Tobago ................... 713 702 520 540 611 419 526 546

All other Caribbean...................... 499 474 649 796 677 573 563 643

Total Caribbean........................ 1,401,583 1,321,717 1,382,365 1,366,402 1,479,464 1,545,135 1,546,467 1,593,620

Asia: 

China, Mainland. ......................... 3,304 5,107 4,460 4,242 12,457 20,251 14,946 17,651

Hong Kong .................................. 13,449 7,488 13,354 21,503 30,099 36,603 41,709 38,653

India............................................. 6,215 6,894 7,615 7,585 9,847 11,406 12,266 12,968

Indonesia..................................... 1,111 990 946 816 746 719 681 1,006

Israel............................................ 2,621 1,830 3,728 3,373 3,971 5,578 5,631 5,553

Japan........................................... 101,218 173,135 203,188 185,928 193,393 225,846 269,546 289,372

Jordan ......................................... 23 23 36 17 24 19 46 77

Korea, South ............................... 13,812 12,834 12,802 15,648 22,278 25,656 24,130 19,256

Lebanon....................................... 56 60 58 67 69 96 77 59

Malaysia ...................................... 561 470 506 344 479 1,361 1,987 2,278

Pakistan....................................... 76 44 19 21 49 29 20 10

Philippines ................................... 1,069 802 1,226 905 1,158 1,064 1,839 1,715

Singapore .................................... 10,057 9,816 8,850 16,266 20,271 22,616 21,637 19,919

Taiwan......................................... 1,367 2,071 1,404 3,019 2,618 3,587 5,382 5,378

Thailand....................................... 181 282 231 236 296 335 385 702

Asian oil exporters 3 .................... 11,863 11,977 17,104 22,711 13,391 15,552 14,138 16,019

All other Asia ............................... 807 694 630 602 654 822 904 1,289

Total Asia.................................. 167,790 234,517 276,157 283,283 311,800 371,540 415,324 431,905

Africa: 

Cameroon.................................... 10 9 7 86 7 6 5

Egypt ........................................... 1,288 1,043 1,042 646 2,391 3,089 4,307 7,748

Ghana.......................................... 18 80 97 186 194 218 198 104

Liberia.......................................... 367 394 415 449 605 675 665 951

Morocco....................................... 33 21 7 12 36 108 112 232

South Africa................................. 1,495 662 1,067 1,506 887 696 1,184 1,264

African oil exporters 4 .................. 1,333 378 307 291 273 346 269 308

All other Africa ............................. 3,367 6,905 5,776 5,691 5,643 5,595 6,115 6,228

Total Africa ............................... 7,911 9,492 8,718 8,789 10,035 10,734 12,856 16,840

Other countries: 

Australia....................................... 35,814 51,355 54,745 84,347 84,129 90,817 87,049 96,756

New Zealand ............................... 6,048 6,417 8,055 10,658 10,530 9,839 9,210 10,101

All other ....................................... 599 550 563 573 608 707 4,175 4,679

Total other countries................. 42,461 58,322 63,363 95,578 95,267 101,363 100,434 111,536

Total foreign countries ........... 3,710,867 3,780,210 4,031,707 3,950,114 4,165,109 4,218,488 4,402,839 4,504,466

International and regional orgs: 

International organizations.......... 5,119 4,732 7,769 14,328 20,669 17,133 16,735 16,799

Regional organizations 5 ............. 3,207 799 2,000 1,426 1,118 4,117 1,665 9,581

Total international 

 and regional organizations ......... 8,326 5,531 9,769 15,754 21,787 21,250 18,400 26,380

 Grand total ............................ 3,719,193 3,785,741 4,041,476 3,965,868 4,186,896 4,239,738 4,421,239 4,530,846

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. For data as of 

January 2011, also includes Estonia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2011 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2010 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,316 2,357 2,208 384 1,824 149 959 371 588

Belgium.............................................. 20,140 16,443 15,139 14,309 830 1,304 3,697 2,817 880

Czech Republic ................................. 71 67 3 1 2 64 4 1 3

Denmark............................................ 4,004 1,950 1,281 973 358 669 2,054 1,934 120

Finland............................................... 45,750 34,883 34,866 34,802 64 17 10,867 9,978 889

France ............................................... 210,108 163,818 151,617 126,623 25,394 12,201 46,290 39,474 6,816

Germany............................................ 91,921 62,942 54,379 50,228 4,251 8,563 28,979 22,200 6,779

Greece............................................... 689 94 88 8 80 6 595 - 595

Hungary............................................. 556 555 544 224 320 11 1 - 1

Ireland................................................ 29,122 25,648 19,701 4,631 15,070 5,947 3,474 2,905 569

Italy .................................................... 32,865 28,709 27,276 26,860 416 1,433 4,156 359 3,797

Kazakhstan........................................ 270 270 270 89 181 - - - -

Luxembourg ...................................... 23,880 19,761 17,310 2,247 15,063 2,451 4,119 3,892 227

Netherlands ....................................... 47,470 33,916 28,908 8,263 20,645 5,008 13,554 10,537 3,017

Norway .............................................. 17,378 7,904 7,759 7,217 542 145 9,474 8,795 679

Poland ............................................... 402 308 279 277 2 29 94 - 94

Portugal ............................................. 1,284 711 674 307 367 37 573 43 530

Romania ............................................ 112 109 97 4 93 12 3 - 3

Russia................................................ 1,353 1,308 1,285 1,023 262 23 45 45 -

Spain ................................................. 15,044 11,110 8,371 7,929 442 2,739 3,934 1,419 2,515

Sweden.............................................. 41,543 9,549 3,779 2,273 1,506 5,770 31,994 31,535 459

Switzerland........................................ 57,742 54,123 49,440 42,137 7,290 4,683 3,619 3,489 130

Turkey................................................ 5,522 5,466 4,553 3,633 920 913 56 16 40

United Kingdom................................. 1,327,242 1,155,573 997,647 722,880 274,867 157,926 171,669 163,918 7,751

Channel Islands .................................. 15,520 8,642 8,341 2,402 5,939 301 6,878 6,769 109

All other Europe ................................ 4,918 3,341 2,850 627 2,223 491 1,576 1,131 445

Total Europe ................................... 1,998,221 1,649,557 1,438,665 1,060,351 378,951 210,892 348,664 311,628 37,036

Memo: Euro Area 1 ............................... 523,622 401,103 361,075 276,822 84,753 40,028 122,519 94,947 27,572

Canada................................................. 220,939 162,594 128,380 106,231 22,407 34,214 58,345 43,741 14,604

Latin America: 

Argentina ........................................... 4,343 4,322 4,183 1,020 3,163 139 21 21 -

Bolivia................................................ 154 153 143 4 139 10 1 1 -

Brazil.................................................. 56,536 55,570 52,867 31,909 20,958 2,703 966 865 101

Chile .................................................. 14,862 14,759 14,314 8,585 5,724 445 103 102 1

Colombia ........................................... 7,401 7,401 5,772 3,574 2,198 1,629 - - -

Costa Rica ........................................ 1,226 1,225 1,214 621 593 11 1 1 -

Ecuador............................................. 483 483 475 55 420 8 - - -

El Salvador ....................................... 383 382 382 213 169 - 1 1 -

Guatemala......................................... 1,240 1,240 1,202 667 535 38 - - -

Honduras .......................................... 370 366 365 244 121 1 4 4 -

Mexico ............................................... 31,612 31,429 28,970 6,752 23,030 2,459 183 7 176

Panama ............................................. 3,741 3,625 3,475 1,815 1,660 150 116 116 -

Peru ................................................... 4,414 4,406 4,239 1,956 2,283 167 8 8 -

Uruguay............................................. 2,454 2,445 2,437 76 2,361 8 9 1 8

Venezuela ......................................... 1,535 1,423 1,314 260 1,054 109 112 112 -

All other Latin America ..................... 651 651 651 193 458 - - - -

Total Latin America......................... 131,405 129,880 122,003 57,944 64,866 7,877 1,525 1,239 286

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2011 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2010, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in

foreign 

currencies

(6) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 380,527 293,056 292,313 284,222 8,091 743 87,471 87,439 32 

Bermuda............................................ 12,324 12,227 10,264 2 10,259 1,963 97 97 - 

British Virgin Islands.......................... 12,911 12,822 10,396 100 10,296 2,426 89 89 - 

Cayman Islands................................. 1,168,010 842,917 808,983 674,379 134,774 33,934 325,093 323,018 2,075 

Dominican Republic .......................... 849 848 842 392 450 6 1 1 - 

Jamaica ............................................. 378 378 377 134 243 1 - - - 

Netherlands Antilles .......................... 6,080 6,080 5,968 438 5,530 112 - - - 

Trinidad and Tobago ......................... 546 546 545 8 537 1 - - - 

All other Caribbean ........................... 11,995 11,995 10,183 194 9,989 1,812 - - - 

Total Caribbean.............................. 1,593,620 1,180,869 1,139,871 959,869 180,169 40,998 412,751 410,644 2,107 

Asia: 

China, Mainland ................................ 17,651 16,717 16,458 15,464 995 259 934 879 55 

Hong Kong ........................................ 38,653 38,467 36,626 34,698 1,870 1,841 186 55 131 

India................................................... 12,968 12,036 11,839 9,131 2,708 197 932 881 51 

Indonesia........................................... 1,006 899 830 749 81 69 107 34 73 

Israel.................................................. 5,553 3,355 3,271 2,953 318 84 2,198 292 1,906 

Japan................................................. 289,372 257,809 227,258 186,064 41,194 30,551 31,563 14,774 16,789 

Korea, South ..................................... 19,256 18,919 15,077 14,448 629 3,842 337 253 84 

Malaysia ............................................ 2,278 355 313 59 254 42 1,923 4 1,919 

Pakistan............................................. 10 9 9 8 1 - 1 - 1 

Philippines ......................................... 1,715 1,652 1,514 1,398 106 138 63 7 56 

Singapore .......................................... 19,919 19,592 18,678 16,918 1,760 914 327 237 90 

Taiwan............................................... 5,378 5,191 4,875 4,282 593 316 187 6 181 

Thailand............................................. 702 606 551 507 44 55 96 4 92 

All other Asia ..................................... 17,444 17,358 16,937 14,462 2,475 421 86 65 21 

Total Asia........................................ 431,905 392,965 354,236 301,141 53,028 38,729 38,940 17,491 21,449 

Africa: 

Egypt ................................................. 7,748 3,988 3,960 3,777 183 28 3,760 8 3,752 

Ghana................................................ 104 104 104 95 9 - - - - 

Liberia................................................ 951 951 905 1 904 46 - - - 

Morocco............................................. 232 230 226 226 - 4 2 1 1 

South Africa....................................... 1,264 1,230 1,012 931 81 218 34 - 34 

All other Africa ................................... 6,541 6,492 6,117 419 5,698 375 49 39 10 

Total Africa ..................................... 16,840 12,995 12,324 5,449 6,875 671 3,845 48 3,797 

Other countries: 

Australia............................................. 96,756 37,200 34,890 31,429 3,416 2,310 59,556 58,877 679 

New Zealand ..................................... 10,101 3,056 1,189 981 208 1,867 7,045 6,971 74 

All other ............................................. 4,679 4,678 4,335 5 4,330 343 1 1 - 

Total other countries....................... 111,536 44,934 40,414 32,415 7,954 4,520 66,602 65,849 753 

Total foreign countries ................. 4,504,466 3,573,794 3,235,893 2,523,400 714,250 337,901 930,672 850,640 80,032 

International and regional orgs: 

International organizations................ 16,799 8,799 8,797 - 8,797 2 8,000 7,999 1 

Regional organizations 2.................... 9,581 1,658 1,658 - 1,658 - 7,923 7,911 12 

Total international and regional 

 organizations ................................ 26,380 10,457 10,455 - 10,455 2 15,923 15,910 13 

 Grand total .................................. 4,530,846 3,584,251 3,246,348 2,523,400 724,705 337,903 946,595 866,550 80,045 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. For data as of January 2011, also includes Estonia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2011 

64 

In December 2010, U.S. claims on foreigners reported by U.S. banks amounted to about $4.5 trillion, an increase 

of $565 billion from that recorded at yearend 2009. U.S. banking claims include holdings of foreign short-term 

securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $247 billion in 2009 

and $674 billion in 2007. However, they decreased $95 billion during the global financial crisis in 2008, despite an 

increase from the addition of several new bank holding companies to the reporter panel. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial 

centers. Nearly 65 percent of these claims are reported opposite the United Kingdom and banking centers in the 

Caribbean. These financial centers accounted for much of the decline in U.S. banking claims from 2007 through 

2009. U.S. banking claims on most regions recovered during 2010. An exception was Europe other than the United 

Kingdom, where claims in December 2010 remained well below the levels recorded in December 2007. The share of 

U.S. claims accounted for by “All other countries”, which includes Australia and Canada as well as countries in Latin 

America, has increased steadily over the past 4 years. 

0

500

1000

1500

2000

2006 2007 2008 2009 Dec. 2010

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 2006 2007 2008 2009 Dec. 2010 

United Kingdom ...................... 938,123 1,111,135 1,016,448 1,156,878 1,327,242

All other Europe ...................... 672,126 945,500 816,342 776,870 670,979

Caribbean banking centers 1 .. 1,061,389 1,239,679 1,390,009 1,355,849 1,583,593

Japan ...................................... 157,671 97,856 101,218 185,928 289,372

All other Asia........................... 89,770 111,059 66,572 97,355 142,533

Subtotal................................. 2,919,079 3,505,229 3,390,589 3,572,880 4,013,719

All other countries ................... 221,485 309,079 328,604 392,988 517,127

Grand total ............................ 3,140,564 3,814,308 3,719,193 3,965,868 4,530,846

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries
CAPITAL MOVEMENTS 

June 2011 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Type of liability or claim 2006 2007 2008 Dec. Mar. r June r Sept. Dec. p

Total liabilities ................................................... 89,217 103,835 87,630 77,708 82,941 95,877 81,254 81,804 

Payable in dollars.......................................... 72,331 79,161 69,124 57,450 62,028 76,936 62,835 64,398 

Financial.................................................... 35,033 26,474 18,650 12,792 13,266 13,353 11,802 13,081 

Short-term negotiable securities........... 8,266 1,983 2,740 1,221 764 923 1,012 902 

Other ..................................................... 26,767 24,491 15,910 11,571 12,762 12,585 10,868 12,179 

Commercial............................................... 37,298 52,687 50,474 44,658 48,762 63,583 51,033 51,317 

Trade payables ..................................... 24,101 26,261 18,811 20,050 23,232 37,929 26,169 26,878 

Advance receipts and other.................. 13,197 26,426 31,663 24,608 25,729 25,790 25,051 24,439 

Payable in foreign currencies ....................... 16,886 24,674 18,506 20,258 20,913 18,941 18,419 17,406 

By major foreign currency: 

Canadian dollars................................... 3,536 2,162 2,235 3,296 4,520 4,677 4,031 4,779 

Euros..................................................... 5,239 9,075 6,487 5,276 5,599 5,175 5,354 5,190 

United Kingdom pounds sterling........... 4,494 4,267 1,361 1,431 1,813 1,756 1,579 1,792 

Japanese yen........................................ 1,770 3,908 962 926 1,549 751 1,487 1,618 

Other ..................................................... 1,847 5,262 7,461 9,329 7,432 6,582 5,968 4,027 

By type of liability: 

Financial................................................ 13,679 21,445 15,632 16,914 16,638 15,037 14,267 12,355 

Short-term negotiable securities....... 3,351 2,940 2,108 1,264 1,262 278 624 633 

Other ................................................. 10,328 18,505 13,524 15,650 15,376 14,759 13,643 11,722 

Commercial........................................... 3,207 3,229 2,874 3,344 4,275 3,904 4,152 5,051 

Trade payables ................................. 1,572 1,605 1,334 1,212 2,041 1,567 1,937 1,794 

Advance receipts and other.............. 1,635 1,624 1,540 2,132 2,648 2,754 2,635 3,257 

Total claims....................................................... 126,032 136,416 107,476 95,821 92,443 93,518 86,987 86,559 

Payable in dollars.......................................... 100,031 110,070 83,810 77,840 76,591 78,466 73,718 75,557 

Financial.................................................... 66,871 66,726 43,223 37,676 37,236 34,975 33,339 29,046 

Non-negotiable deposits ....................... 28,380 28,393 12,539 13,651 8,731 10,100 9,430 8,933 

Negotiable CDs and short-term 

negotiable instruments.......................... 2,624 1,168 1,133 61 18 17 99 1,006 

Other ..................................................... 35,867 37,165 29,551 23,964 28,571 24,943 23,892 19,107 

Commercial............................................... 33,160 43,344 40,587 40,164 39,355 43,491 40,379 46,511 

Trade receivables ................................. 29,388 37,108 31,161 28,158 29,059 32,204 31,227 34,143 

Advance payments and other............... 3,772 6,236 9,426 12,006 11,306 12,042 11,061 12,368 

Payable in foreign currencies ....................... 26,001 26,346 23,666 17,981 15,852 15,052 13,269 11,002 

By major foreign currency: 

Canadian dollars................................... 9,194 5,371 2,409 2,583 2,560 2,345 2,251 1,613 

Euros..................................................... 6,951 10,833 5,140 3,386 2,804 2,696 2,955 2,596 

United Kingdom pounds sterling........... 4,675 4,210 1,922 1,683 1,580 1,256 1,645 1,479 

Japanese yen........................................ 1,027 1,378 451 647 714 747 791 600 

Other ..................................................... 4,154 4,554 13,744 9,682 8,194 8,008 5,627 4,714 

By type of claim: 

Financial................................................ 21,775 21,305 19,851 14,474 12,752 11,697 9,790 7,430 

Non-negotiable deposits ................... 3,529 1,498 1,968 2,232 2,007 2,641 1,667 1,216 

Short-term negotiable securities....... 120 77 86 438 496 572 787 652 

Other ................................................. 18,126 19,730 17,797 11,804 10,165 8,399 7,254 5,562 

Commercial........................................... 4,226 5,041 3,815 3,507 3,100 3,355 3,479 3,572 

Trade receivables ............................. 3,414 4,684 3,595 3,292 2,876 3,185 3,236 3,248 

Advance payments and other........... 812 357 220 215 262 211 291 324 
CAPITAL MOVEMENTS 

June 2011 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2006 2007 2008 Dec. Mar. June Sept. Dec. p

Europe: 

Austria................................. 91 230 95 73 80 228 166 113

Belgium ............................... 181 492 427 201 219 403 289 294

Bulgaria............................... 44 36 1 - - 1 - -

Czech Republic................... 14 25 45 43 24 1,743 28 32

Denmark.............................. 132 937 161 140 97 122 166 177

Finland ................................ 140 63 79 521 459 54 118 105

France................................. 2,562 3,165 4,801 2,999 2,995 3,253 3,545 3,142

Germany ............................. 12,391 4,977 3,746 5,410 5,952 5,669 5,399 4,949

Greece ................................ 182 187 241 232 290 272 261 273

Hungary............................... 18 46 30 16 20 24 57 58

Ireland ................................. 316 1,569 2,067 2,647 2,072 1,934 1,688 1,384

Italy...................................... 1,040 1,196 509 509 551 584 433 459

Luxembourg ........................ 977 235 837 503 381 404 495 373

Netherlands......................... 1,709 1,194 1,728 879 953 880 909 727

Norway................................ 545 721 385 472 628 652 835 866

Poland................................. 330 385 269 200 169 155 140 151

Portugal............................... 27 205 35 24 30 26 55 25

Romania.............................. 9 6 71 11 10 11 19 15

Russia ................................. 110 306 524 297 215 346 425 714

Serbia and Montenegro 

(formerly Yugoslavia)...... 1 3 6 - 3 1 3 2

Spain................................... 269 533 816 502 439 417 528 363

Sweden ............................... 952 438 274 432 414 230 209 1,345

Switzerland ......................... 1,070 1,705 2,333 2,444 1,911 2,534 2,491 2,356

Turkey ................................. 261 754 709 1,619 1,889 1,919 1,916 1,358

United Kingdom .................. 17,339 23,350 14,916 10,427 9,341 10,671 9,318 10,690

Channel Islands and 

Isle of Man ...................... 15 208 95 84 85 75 171 70

Other Europe ...................... 421 539 435 520 710 1,160 503 484

Total Europe ................... 41,146 43,505 35,635 31,205 29,937 33,768 30,167 30,525

Canada.................................... 7,694 7,767 5,960 5,768 8,324 9,288 8,736 10,099

Latin America: 

Argentina............................. 138 156 89 68 106 72 88 107

Brazil ................................... 264 940 626 586 623 706 519 732

Chile .................................... 406 546 353 315 446 359 462 552

Colombia............................. 208 356 332 385 528 603 509 548

Ecuador............................... 89 33 30 13 53 194 23 27

Guatemala .......................... 25 10 8 6 8 7 8 5

Mexico................................. 2,150 2,848 1,579 2,067 2,513 2,632 2,415 3,087

Panama............................... 57 85 166 330 212 210 232 221

Peru..................................... 6 36 34 32 52 124 71 99

Uruguay............................... 13 20 12 13 3 33 12 55

Venezuela ........................... 353 575 413 184 419 450 501 726

Other Latin America............ 24 106 50 74 118 119 167 34

Total Latin America............ 3,733 5,711 3,692 4,073 5,081 5,509 5,007 6,193

Caribbean: 

Bahamas............................. 70 89 52 85 130 37 131 103

Bermuda.................................. 777 707 723 878 1,024 2,760 1,360 1,064

Cayman Islands .................. 12,804 15,969 10,354 8,348 7,962 5,760 4,132 3,008

Cuba.................................... - - - 8 - - - 1

Jamaica............................... 20 18 37 15 16 12 17 13

Netherlands Antilles............ 2 4 6 3 5 4 10 8

Trinidad and Tobago........... 25 74 60 45 19 19 52 19

Other Caribbean ................. 761 803 444 347 1,202 1,307 1,023 1,056

Total Caribbean .............. 14,459 17,664 11,676 9,729 10,358 9,899 6,725 5,272

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2011 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2006 2007 2008 Dec. Mar. June Sept. Dec. p

Asia: 

China, Mainland. ...................... 1,297 857 4,769 3,956 3,891 4,499 4,118 4,333

Hong Kong ............................... 564 981 593 673 811 7,863 1,059 1,145

India.......................................... 418 1,447 1,082 753 954 1,030 755 818

Indonesia.................................. 57 172 366 381 368 375 369 424

Israel......................................... 385 293 292 336 205 251 155 203

Japan........................................ 7,210 6,888 6,190 6,046 6,770 6,647 6,875 6,494

Korea, South ............................ 1,350 1,213 1,314 868 1,023 1,325 1,107 1,127

Lebanon ................................... 11 9 15 8 6 9 3 7

Malaysia ................................... 471 562 363 310 302 511 178 347

Pakistan.................................... 171 172 28 25 77 72 83 67

Philippines................................ 95 89 107 86 76 100 93 100

Singapore................................. 2,839 4,255 3,767 1,870 2,022 1,751 1,850 1,446

Syria ......................................... 8 8 3 1 1 2 1 -

Taiwan...................................... 1,093 1,019 722 478 506 686 738 357

Thailand.................................... 599 380 295 432 466 979 437 403

Oil-exporting countries 1........... 3,955 7,158 6,378 6,700 7,198 6,780 8,435 8,553

Other Asia ................................ 156 377 460 302 294 414 606 423

Total Asia ............................. 20,679 25,880 26,744 23,225 24,970 33,294 26,862 26,247

Africa: 

Congo (formerly Zaire)............. - - - 8 - - - -

Egypt ........................................ 132 280 293 192 208 259 102 111

Ghana....................................... 6 12 5 3 4 4 4 2

Liberia....................................... 3 6 64 61 58 54 55 52

Morocco.................................... 42 190 112 118 95 77 75 89

South Africa.............................. 35 52 256 282 91 95 64 66

Oil-exporting countries 2........... 283 655 764 984 1,113 1,296 1,030 798

Other Africa .............................. 379 294 341 539 1,178 510 635 693

Total Africa ........................... 880 1,489 1,835 2,187 2,747 2,295 1,965 1,811

Other countries: 

Australia ................................... 560 1,658 1,925 1,226 1,174 1,344 1,332 1,241

New Zealand ............................ 36 91 92 168 214 262 309 279

All other .................................... 15 25 30 25 24 76 29 23

Total other countries ............ 611 1,774 2,047 1,419 1,412 1,682 1,670 1,543

Total foreign countries ..... 89,202 103,790 87,589 77,606 82,829 95,735 81,132 81,690

International and regional orgs: 

International organizations....... - 2 7 71 82 112 93 109

Regional organizations 3 .......... 15 43 34 31 30 30 29 5

Total international and 

regional organizations...... 15 45 41 102 112 142 122 114

Grand total ....................... 89,217 103,835 87,630 77,708 82,941 95,877 81,254 81,804

1

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2

 Includes Algeria, Gabon, Libya, and Nigeria. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2011 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 Dec. Mar. June Sept. Dec. p

Europe: 

Austria.......................................... 2,159 2,031 2,039 1,951 1,832 1,838 1,809 1,750 1,787

Belgium ........................................ 1,822 419 807 393 359 370 376 334 414

Bulgaria........................................ 29 3 6 6 7 4 3 13 16

Czech Republic............................ 49 50 134 85 107 112 105 92 131

Denmark....................................... 341 149 184 74 86 109 411 67 167

Finland ......................................... 336 591 805 541 1,795 315 317 312 1,468

France.......................................... 5,063 3,420 6,061 2,736 2,409 2,194 2,190 1,806 1,834

Germany ...................................... 4,238 10,148 4,926 8,621 3,552 3,697 3,810 4,323 3,654

Greece ......................................... 380 163 250 192 190 192 154 136 220

Hungary........................................ 57 45 153 95 197 42 35 43 83

Ireland .......................................... 795 858 968 1,814 1,251 1,352 1,052 884 758

Italy............................................... 3,702 2,337 2,515 1,195 1,979 2,046 2,379 1,853 1,774

Luxembourg ................................. 391 352 919 183 185 222 258 250 199

Netherlands.................................. 3,387 3,570 3,989 2,092 2,528 2,268 2,277 2,199 2,025

Norway......................................... 402 366 325 271 200 213 157 227 165

Poland.......................................... 58 99 153 132 239 279 261 195 212

Portugal........................................ 60 64 89 76 65 59 46 57 50

Romania....................................... 22 36 60 54 95 103 124 127 112

Russia .......................................... 359 774 1,326 694 538 526 532 480 506

Serbia and Montenegro 

(formerly Yugoslavia)............... 17 10 15 14 17 13 13 10 13

Spain............................................ 2,032 1,425 1,625 1,072 967 1,047 718 793 685

Sweden ........................................ 503 652 689 450 310 476 433 442 447

Switzerland .................................. 1,876 1,424 2,143 1,788 1,705 1,304 1,155 1,377 1,693

Turkey .......................................... 638 420 732 593 667 734 636 621 671

United Kingdom ........................... 24,772 17,483 23,662 17,983 14,386 13,463 14,502 14,094 12,193

Channel Islands and 

Isle of Man ............................... 16 19 109 419 541 114 114 86 100

Other Europe ............................... 1,315 1,267 1,465 1,107 425 406 624 364 411

Total Europe ............................ 54,820 48,175 56,149 44,631 36,632 33,498 34,491 32,935 31,788

Canada............................................. 16,122 17,520 16,418 10,551 9,747 10,335 8,485 7,794 7,917

Latin America: 

Argentina...................................... 350 470 463 473 513 444 554 519 560

Brazil ............................................ 2,972 2,927 2,682 2,365 2,000 1,902 1,991 1,945 2,383

Chile ............................................. 303 299 404 540 357 458 606 431 408

Colombia...................................... 299 349 449 429 411 459 452 413 443

Ecuador........................................ 95 119 160 173 146 144 148 156 169

Guatemala ................................... 100 116 200 180 134 119 103 101 109

Mexico.......................................... 4,108 3,242 3,505 3,089 3,045 3,206 3,525 2,808 3,807

Panama........................................ 198 266 323 408 340 362 375 360 326

Peru.............................................. 117 164 196 270 194 218 227 220 310

Uruguay........................................ 5 12 33 106 68 82 196 192 146

Venezuela .................................... 539 481 669 657 474 401 477 459 412

Other Latin America..................... 485 376 431 435 336 338 1,192 555 301

Total Latin America...................... 9,571 8,821 9,515 9,125 8,018 8,133 9,846 8,159 9,374

Caribbean: 

Bahamas...................................... 1,631 3,949 2,200 353 302 216 121 102 145

Bermuda............................................ 2,238 1,734 1,704 1,722 2,607 2,290 1,818 1,855 1,433

Cayman Islands ........................... 36,416 26,051 16,987 19,513 16,641 16,793 16,231 14,647 11,354

Cuba............................................. 12 2 10 - - 3 - - 2

Jamaica........................................ 70 60 106 79 64 72 54 53 49

Netherlands Antilles..................... 42 30 118 112 52 47 66 108 177

Trinidad and Tobago.................... 119 125 172 111 83 119 52 40 39

Other Caribbean .......................... 1,721 1,264 1,518 1,013 991 858 967 832 1,040

Total Caribbean ....................... 42,249 33,215 22,815 22,903 20,740 20,398 19,309 17,637 14,239

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2011 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 Dec. Mar. June Sept. Dec. p

Asia: 

China, Mainland........................ 4,958 1,772 1,913 1,455 1,720 1,611 1,907 1,877 2,267

Hong Kong ................................ 941 1,009 8,762 809 930 1,090 980 939 1,469

India .......................................... 413 654 812 695 779 731 888 897 994

Indonesia................................... 445 231 206 273 354 371 388 341 359

Israel ......................................... 403 360 601 635 455 312 275 207 272

Japan ........................................ 2,696 3,349 5,518 4,578 2,333 2,289 2,542 2,622 2,698

Korea, South ............................. 1,244 1,143 1,272 980 2,256 2,634 2,463 2,078 1,934

Lebanon .................................... 22 19 19 44 19 9 13 10 27

Malaysia.................................... 536 270 362 275 215 165 165 218 243

Pakistan .................................... 57 86 115 33 38 28 24 31 33

Philippines................................. 275 109 109 63 80 99 115 109 122

Singapore.................................. 1,944 1,811 2,809 1,448 2,987 2,901 2,852 3,236 3,500

Syria .......................................... 6 10 1 12 11 15 10 21 15

Taiwan....................................... 853 972 1,240 976 962 943 1,012 907 1,005

Thailand .................................... 295 312 416 330 336 304 217 230 241

Oil-exporting countries 1............ 1,800 1,814 2,552 3,392 2,591 2,608 3,566 2,988 3,967

Other Asia ................................. 408 328 513 179 230 224 246 209 301

Total Asia .............................. 17,296 14,249 27,220 16,177 16,296 16,334 17,663 16,920 19,447

Africa: 

Congo (formerly Zaire).............. 1 11 6 5 15 2 - -2

Egypt......................................... 194 165 296 362 227 194 229 168 210

Ghana ....................................... 16 3 8 7 6 9 8 13 14

Liberia ....................................... 98 73 54 54 55 53 52 38 37

Morocco .................................... 23 21 21 24 10 35 9 27 15

South Africa .............................. 1,075 221 254 356 374 330 337 366 400

Oil-exporting countries 2............ 295 332 350 300 259 206 283 214 264

Other Africa............................... 419 411 400 495 498 469 410 364 381

Total Africa............................ 2,121 1,237 1,389 1,603 1,444 1,298 1,328 1,190 1,323

Other countries: 

Australia .................................... 2,144 2,365 2,467 2,194 2,766 2,225 2,242 2,173 2,331

New Zealand............................. 420 351 145 72 96 125 80 77 75

All other..................................... 207 76 37 13 7 30 23 41 21

Total other countries ............. 2,771 2,792 2,649 2,279 2,869 2,380 2,345 2,291 2,427

Total foreign countries ...... 144,950 126,009 136,155 107,269 95,746 92,376 93,467 86,926 86,515

International and regional orgs: 

International organizations........ -4 150 21 49 52 46 45 37

Regional organizations 3 ........... - 19 111 186 26 15 5 16 7

Total international and 

regional organizations... - 23 261 207 75 67 51 61 44

Grand total .................... 144,950 126,032 136,416 107,476 95,821 92,443 93,518 86,987 86,559

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2011 

70 

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

Country, December 31, 2010, 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 ............................................... 113 64 49 1,787 1,687 100 

Belgium ............................................ 294 156 138 414 183 231 

Bulgaria ............................................ - - - 16 - 16 

Czech Republic................................ 32 - 32 131 6 125 

Denmark........................................... 177 1 176 167 84 83 

Finland.............................................. 105 23 82 1,468 18 1,450 

France .............................................. 3,142 1,907 1,235 1,834 525 1,309 

Germany........................................... 4,949 3,796 1,153 3,654 1,993 1,661 

Greece.............................................. 273 25 248 220 108 112 

Hungary............................................ 58 6 52 83 1 82 

Ireland .............................................. 1,384 220 1,164 758 481 277 

Italy................................................... 459 3 456 1,774 93 1,681 

Luxembourg ..................................... 373 256 117 199 60 139 

Netherlands...................................... 727 67 660 2,025 1,099 926 

Norway ............................................. 866 82 784 165 61 104 

Poland .............................................. 151 2 149 212 18 194 

Portugal............................................ 25 4 21 50 2 48 

Romania........................................... 15 - 15 112 8 104 

Russia .............................................. 714 35 679 506 271 235 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 2 1 1 13 - 13 

Spain ................................................ 363 103 260 685 177 508 

Sweden ............................................ 1,345 1,134 211 447 179 268 

Switzerland....................................... 2,356 248 2,108 1,693 518 1,175 

Turkey .............................................. 1,358 29 1,329 671 534 137 

United Kingdom................................ 10,690 6,717 3,973 12,193 6,656 5,537 

Channel Islands and 

Isle of Man.................................... 70 58 12 100 88 12 

Other Europe.................................... 484 71 413 411 237 174 

Total Europe................................. 30,525 15,008 15,517 31,788 15,087 16,701 

Canada................................................. 10,099 3,942 6,157 7,917 3,633 4,284 

Latin America: 

Argentina.......................................... 107 6 101 560 37 523 

Brazil ................................................ 732 20 712 2,383 974 1,409 

Chile ................................................. 552 21 531 408 74 334 

Colombia .......................................... 548 92 456 443 13 430 

Ecuador............................................ 27 2 25 169 28 141 

Guatemala........................................ 5 - 5 109 37 72 

Mexico.............................................. 3,087 251 2,836 3,807 667 3,140 

Panama............................................ 221 16 205 326 191 135 

Peru.................................................. 99 - 99 310 11 299 

Uruguay............................................ 55 - 55 146 2 144 

Venezuela ........................................ 726 11 715 412 65 347 

Other Latin America ......................... 34 2 32 301 83 218 

Total Latin America........................... 6,193 421 5,772 9,374 2,182 7,192 

Caribbean: 

Bahamas .......................................... 103 - 103 145 97 48 

Bermuda................................................. 1,064 4 1,060 1,433 156 1,277 

Cayman Islands................................... 3,008 2,584 424 11,354 10,774 580 

Cuba................................................. 1 -1 2 - 2 

Jamaica............................................ 13 - 13 49 29 20 

Netherlands Antilles ......................... 8 - 8 177 28 149 

Trinidad and Tobago........................ 19 6 13 39 - 39 

Other Caribbean............................... 1,056 50 1,006 1,040 171 869 

Total Caribbean............................ 5,272 2,644 2,628 14,239 11,255 2,984 

 

See footnote at end of table. 
CAPITAL MOVEMENTS 

June 2011 

71

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

Country, December 31, 2010, 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 ................................ 4,333 49 4,284 2,267 264 2,003 

Hong Kong ........................................ 1,145 48 1,097 1,469 83 1,386 

India................................................... 818 113 705 994 153 841 

Indonesia........................................... 424 27 397 359 198 161 

Israel.................................................. 203 3 200 272 19 253 

Japan................................................. 6,494 2,001 4,493 2,698 203 2,495 

Korea, South ..................................... 1,127 71 1,056 1,934 279 1,655 

Lebanon ............................................ 7 - 7 27 2 25 

Malaysia ............................................ 347 1 346 243 30 213 

Pakistan............................................. 67 3 64 33 1 32 

Philippines......................................... 100 5 95 122 43 79 

Singapore.......................................... 1,446 52 1,394 3,500 90 3,410 

Syria .................................................. - - - 15 - 15 

Taiwan............................................... 357 6 351 1,005 16 989 

Thailand............................................. 403 21 382 241 52 189 

Other Asia ......................................... 423 48 375 301 87 214 

Total Asia ........................................ 26,247 3,261 22,986 19,447 2,334 17,113 

Africa: 

Congo (formerly Zaire)...................... - - -2 - 2 

Egypt ................................................. 111 1 110 210 39 171 

Ghana................................................ 2 - 2 14 10 4 

Liberia................................................ 52 49 3 37 35 2 

Morocco............................................. 89 1 88 15 1 14 

South Africa....................................... 66 20 46 400 230 170 

Other Africa ....................................... 693 23 670 381 187 194 

Total Africa .................................... 1,811 94 1,717 1,323 520 803 

Other countries: 

Australia ............................................ 1,241 56 1,185 2,331 1,457 874 

New Zealand ..................................... 279 8 271 75 5 70 

All other ............................................. 23 2 21 21 3 18 

Total other countries ..................... 1,543 66 1,477 2,427 1,465 962 

Total foreign countries .............. 81,690 25,436 56,254 86,515 36,476 50,039 

International and regional orgs: 

International organizations................ 109 - 109 37 - 37 

 Regional organizations 1 .................. 5 - 5 7 - 7 

Total international and 

regional organizations............... 114 - 114 44 - 44 

Grand total ................................ 81,804 25,436 56,368 86,559 36,476 50,083 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2011 

72

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

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) 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 706,026 172,833 533,233 -40 16,158,462 15,452,436 108,019 1,108,653 1,000,634 

2011 - Jan. - Mar. p.................. 103,846 34,637 69,425 -216 4,663,644 4,559,798 19,281 259,836 240,555 

 

2010 - Mar. r............................. 107,648 28,288 78,466 894 1,545,948 1,438,300 20,569 82,199 61,630 

Apr. r............................. 77,191 14,542 62,668 -19 1,249,997 1,172,806 12,446 79,718 67,272 

May r ............................ 14,989 7,236 7,562 191 1,430,880 1,415,891 26,280 90,439 64,159 

June r ........................... 31,728 12,080 19,134 514 1,321,742 1,290,014 19,493 104,380 84,887 

July r............................. 30,158 8,713 21,594 -149 1,015,248 985,090 24,523 96,123 71,600 

Aug. r............................ 118,012 31,479 86,409 124 1,468,613 1,350,601 5,059 93,165 88,106 

Sept. r........................... 77,151 39,459 38,046 -354 1,433,672 1,356,521 -23,561 120,514 144,075 

Oct. r............................. 23,312 -842 24,330 -176 1,272,329 1,249,017 1,669 116,139 114,470 

Nov ............................... 61,841 16,561 46,194 -914 1,752,960 1,691,119 14,002 106,644 92,642 

Dec ............................... 54,216 13,631 40,855 -270 1,410,212 1,355,996 10,054 97,125 87,071 

2011 - Jan ................................ 46,483 11,928 35,172 -617 1,422,933 1,376,450 11,275 96,479 85,204 

Feb. p ........................... 30,581 15,873 14,716 -8 1,511,084 1,480,503 -1,487 77,070 78,557 

Mar. p ........................... 26,782 6,836 19,537 409 1,729,627 1,702,845 9,493 86,287 76,794 

Corporate and other securities 

Bonds * 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) 

 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 ............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,169 971,246 984,415 109,741 6,747,218 6,637,477 

2011 - Jan. - Dec. p....................................................... 1,916 299,730 297,814 36,745 1,902,387 1,865,642 

 

2010 - Mar. r.................................................................. 15,246 101,851 86,605 12,088 578,376 566,288 

Apr. r.................................................................. 7,728 83,516 75,788 9,777 584,772 574,995 

May r ................................................................. -13,565 65,683 79,248 -4 734,544 734,548 

June r ................................................................ -17,491 65,900 83,391 -4,226 593,016 597,242 

July r.................................................................. 5,352 69,948 64,596 12,704 513,047 500,343 

Aug. r................................................................. 7,512 80,692 73,180 4,926 482,535 477,609 

Sept. r................................................................ 4,724 106,486 101,762 20,640 493,567 472,927 

Oct. r.................................................................. 7,183 98,599 91,416 16,198 556,356 540,158 

Nov .................................................................... 4,412 90,309 85,897 13,297 569,668 556,371 

Dec .................................................................... 2,904 79,908 77,004 6,763 540,138 533,375 

2011 - Jan ..................................................................... 693 97,409 96,716 15,948 574,895 558,947 

Feb. p ................................................................ -2,542 92,925 95,467 6,097 595,054 588,957 

Mar. p ................................................................ 3,765 109,396 105,631 14,700 732,438 717,738 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

June 2011 

73

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

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) 

 

2007 ..................................................... -229,205 -133,905 2,973,330 3,107,235 -95,300 5,215,764 5,311,064 

2008 ..................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021 

2009 ..................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861 

2010 ..................................................... -127,997 -67,382 3,650,150 3,717,532 -60,615 3,673,648 3,734,263 

2011 - Jan. - Mar. p.............................. -55,227 -7,836 959,902 967,738 -47,391 1,061,728 1,109,119 

 

2010 - Mar. r......................................... -17,154 -14,328 465,599 479,927 -2,826 305,185 308,011 

Apr. r......................................... -31,811 -18,465 403,682 422,147 -13,346 309,431 322,777 

May r ........................................ 3,015 13,007 321,860 308,853 -9,992 353,204 363,196 

June r ....................................... 10,642 6,553 279,559 273,006 4,089 303,487 299,398 

July r......................................... -13,298 -7,129 243,360 250,489 -6,169 270,104 276,273 

Aug. r........................................ -9,022 -15,952 216,284 232,236 6,930 271,380 264,450 

Sept. r....................................... -3,511 1,950 308,059 306,109 -5,461 298,916 304,377 

Oct. r......................................... -20,558 -10,594 255,159 265,753 -9,964 356,515 366,479 

Nov ........................................... -8,025 605 264,879 264,274 -8,630 337,400 346,030 

Dec........................................... -11,461 -2,978 230,791 233,769 -8,483 319,975 328,458 

2011 - Jan ............................................ -19,020 -358 279,141 279,499 -18,662 315,933 334,595 

Feb. p ....................................... -5,485 7,730 295,420 287,690 -13,215 342,538 355,753 

Mar. p ....................................... -30,722 -15,208 385,341 400,549 -15,514 403,257 418,771 

 
CAPITAL MOVEMENTS 

June 2011 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2011 2010 2011 2010 2011 2010 2011 

Country 

 Calendar 

 year 

 2010 r 

 (1) 

 Oct. 

 through

 Dec. 

(2) 

Jan. 

 through 

 Mar. p 

 (3) 

Calendar

year 

2010 r 

(4) 

Oct 

 through

 Dec

 (5) 

Jan. 

 through

 Mar. p 

 (6) 

 Calendar 

 year 

 2010 r 

 (7) 

 Oct.

 through

Dec 

 (8) 

Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2010 r 

(10) 

 Oct. 

 through

 Dec. 

(11) 

Jan. 

 through

 Mar. p 

(12) 

Europe: 

Austria............................. -277 -20 -14 117 31 70 271 -28 71 -29 -32 -69

Belgium........................... -1,757 78 -365 2,256 -130 -69 -16,201 -3,576 -6,271 -494 -444 -97

Bulgaria........................... 239 101 -24 - - - - - - - -9 1

Cyprus 1 .......................... -198 1 44 42 23 -33 -114 1 -10 -25 -29 -15

Czech Republic............... -177 -72 25 -88 - - - - 6 -134 -63 63

Denmark ......................... 2,319 -106 689 -2,028 -11 10 175 178 -158 128 -208 427

Finland............................ 398 -84 -127 3 122 19 -257 17 2 719 -284 650

France............................. -5,819 -10,273 1,725 16,377 4,462 -559 -6,429 -2,265 347 19,640 4,453 -5,917

Germany ......................... 13,165 1,136 1,842 3,565 698 -534 -2,997 -806 -375 -443 -481 -32

Greece............................ 19 2 -114 -9 -2 -61 -7 1 -9 29 -13 -9

Hungary .......................... -659 30 -27 -125 92 60 13 1 44 65 271 145

Ireland............................. -3,127 -5,620 -5,099 -3,956 -516 -1,590 -2,980 -141 -673 976 516 -260

Italy ................................. 963 -231 375 392 487 -308 184 -2 -31 -3,074 -653 2,361

Kazakhstan 1................... 2,924 1,034 391 -104 50 - 99 - - -1 -1 1

Luxembourg.................... -4,704 4,471 -1,045 -15,303 -4,085 -2,679 1,380 552 2,029 131 322 2,024

Monaco 1......................... 572 -23 -8 173 -29 -37 -57 -51 -52 301 301 -80

Netherlands .................... -1,356 -443 1,467 -153 -259 24 -1,688 -664 -1,037 -5,654 -3 -986

Norway............................ 8,244 1,713 1,608 912 854 878 -956 20 -1,066 2,075 -1,344 544

Poland............................. -752 -1,488 1,120 1,065 310 -100 -23 4 -14 20 -4 9

Portugal .......................... -374 -57 -96 -14 1 -2 -109 -5 -8 -152 -37 -305

Romania ......................... 101 147 1,986 9 - - -8 -7 - -24 -6 -4

Russia............................. -15,771 -7,254 -9,565 -3 - 56 -268 -34 117 -155 -46 6

Serbia and Montenegro 2... -583 -161 -140 6 -6 9 2 - - -1 - -

Spain............................... -5,086 -203 59 -96 -91 33 -1,893 -225 -73 943 -114 102

Sweden........................... 2,150 1,145 3,070 -174 249 -16 -1,693 -188 -118 1,740 801 -2,014

Switzerland ..................... 19,750 -1,167 5,378 -3,300 -1,379 730 -277 -824 791 7,553 3,234 1,477

Turkey............................. -2,592 -601 1,942 1 - - 170 118 55 71 -19 -10

Ukraine 1 ......................... 3,609 -57 40 -126 -15 - 35 - - 34 -2 10

United Kingdom .............. 343,000 75,900 62,963 17,836 -5,534 4,461 -10,921 -187 -2,915 27,839 21,919 12,337

Channel Islands .............. -368 58 -369 590 -152 70 -1,478 -429 -456 1,625 440 378

All other Europe 1 ............ -154 608 380 -807 -107 167 -48 -63 -151 350 137 173

Total Europe ............... 353,699 58,564 68,112 17,060 -4,938 597 -46,075 -8,603 -9,955 54,053 28,602 10,910

Memo: Euro Area 3.............. -8,242 -11,247 -1,343 3,235 721 -5,700 -30,925 -7,144 -6,029 12,779 3,297 -2,412

Memo: European Union 4 .... 338,062 64,354 68,493 19,676 -4,177 -1,305 -43,315 -7,334 -9,185 42,485 26,037 8,542

Canada ............................... 80,120 19,605 16,802 7,778 2,983 2,028 1,578 3,165 -118 6,469 1,200 4,285

Latin America: 

Argentina ........................ 66 42 -155 47 7 22 243 3 -21 293 106 152

Brazil............................... 24,934 12,983 25,022 1,297 655 431 -149 6 -93 -68 362 -56

Chile ............................... 743 886 779 -98 -102 -1 369 110 -34 854 -123 -123

Colombia......................... -84 1,037 1,292 208 -387 127 232 59 -10 210 -103 257

Ecuador .......................... 335 -62 -251 -5 5 15 28 33 3 -22 -20 16

Costa Rica 5 .................... 128 182 369 683 85 91 146 60 -9 760 175 26

Guatemala ...................... -31 80 377 3 -1 -10 40 3 - 10 -4 -4

Mexico ............................ -1,973 -1,927 -5,174 1,433 -1,152 2,319 302 -637 1,338 2,598 457 1,265

Panama .......................... -244 -174 -22 524 67 163 881 123 -106 579 224 273

Peru ................................ 1,305 1,124 -435 553 196 52 254 102 -43 -556 -253 90

Uruguay .......................... 1,231 293 221 -402 -239 -359 348 45 22 308 129 11

Venezuela....................... 90 -12 1 164 56 22 194 103 57 159 -20 186

All other Latin America 5 ... 108 117 29 228 43 47 87 52 7 56 -29 -3

Total Latin America..... 26,608 14,569 22,053 4,635 -767 2,919 2,975 62 1,111 5,181 901 2,090

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2011 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2011 2010 2011 2010 2011 2010 2011 

Country 

Calendar 

year 

2010 r 

(1) 

 Oct. 

 through 

 Dec. 

(2) 

Jan. 

 through

 Mar. p

 (3) 

Calendar

year 

2010 r

(4) 

 Oct. 

 through

 Dec. 

(5) 

Jan. 

 through

 Mar. p

 (6) 

Calendar 

year 

2010 r 

(7) 

 Oct.

 through

 Dec. 

(8) 

Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2010 r 

(10) 

 Oct. 

 through

 Dec. 

 (11) 

Jan. 

 through

 Mar. p 

(12) 

Caribbean: 

Anguilla 6.................................... -1,424 -1,067 -21 -29 100 1 723 85 -50 571 -188 -370

Bahamas.................................... -8,752 5,364 678 715 1,208 95 -878 34 6 108 -331 2,043

Barbados 6 ................................. 416 423 817 772 10 48 -724 -32 107 136 119 -37

Bermuda .................................... 3,110 2,648 608 4,625 428 349 1,742 -819 234 5,501 583 411

British Virgin Islands 6 ................ -4,395 -10,854 2,428 276 109 -275 338 792 -186 1,566 797 1,015

Cayman Islands ......................... 17,901 5,314 -19,204 6,697 -611 -8,152 18,423 12,869 7,428 16,081 5,564 17,050

Cuba .......................................... ------------

Jamaica ..................................... 6 1 -2 -20 56 -5 22 -5 4 -11 -3 11

Netherlands Antilles ................... 2,763 -613 -3,630 108 107 -127 1,656 407 586 -204 -319 823

Trinidad and Tobago.................. 392 -77 197 85 76 -90 -116 -18 61 204 65 -6

All other Caribbean 6 .................. 221 91 37 582 114 -22 451 66 54 243 60 14

Total Caribbean ..................... 10,238 1,230 -18,092 13,811 1,597 -8,178 21,637 13,379 8,244 24,195 6,347 20,954

Asia: 

China, Mainland. ........................ 51,159 13,271 -5,463 -29,282 -6,504 9,220 -354 104 286 2,798 -822 89

Hong Kong................................. 8,743 1,789 -5,280 6,505 1,741 445 -896 1,332 -2,007 9,760 2,856 922

India........................................... 1,494 1,661 -468 -4 - - 14 -18 3 -591 -204 -190

Indonesia ................................... 5,081 3,645 -1,847 124 89 -101 -49 -13 -71 -50 -35 153

Israel.......................................... 3,366 549 -316 565 160 -354 210 - -21 392 99 -198

Japan......................................... 124,121 20,376 27,446 71,289 22,186 7,223 842 1,235 2,758 4,587 -220 -1,251

Korea, South.............................. -3,152 -1,785 -3,472 6,967 3,068 6,195 1,248 59 -229 281 -141 34

Lebanon..................................... 35 12 53 -1 - - 153 -13 -94 15 -16 5

Malaysia..................................... -131 122 -372 2,861 1,599 -352 454 225 -177 317 15 103

Pakistan ..................................... 69 28 - - - -3 9 1 5 -4 -6 -7

Philippines.................................. 2,846 676 2,960 -21 -13 -2,773 135 64 -15 27 -31 -16

Singapore................................... 15,219 2,996 -1,088 -1,479 -456 -389 8,280 3,532 1,152 -4,445 -3,960 -2,111

Syria........................................... - - - - - - - - - -31 -6 -1

Taiwan ....................................... 14,869 1,970 625 13,621 4,869 3,516 5,288 2,108 2,065 339 -118 -637

Thailand ..................................... 18,278 5,527 1,279 -1,549 -6 16 101 2 -3 68 -35 -17

Oil exporting countries 7 ............. -6,234 -1,686 -497 -2,060 103 -242 -5,675 -941 -279 4,570 2,126 1,360

All other Asia.............................. 152 -223 630 -32 -2 -9 53 21 14 93 -30 -9

Total Asia............................... 235,915 48,928 14,190 67,504 26,834 22,392 9,813 7,698 3,387 18,126 -528 -1,771

Africa: 

Egypt.......................................... 1,112 683 82 -42 - 3 -13 -1 -6 -19 -36 -2

Liberia........................................ 51 3 3 1 -1 -1 19 21 67 -10 -31 -2

Morocco ..................................... -115 2 -12 -914 19 2 2 - 1 -13 -5 -2

South Africa ............................... -5,020 -2,972 -1,204 21 13 18 147 3 -2 -27 22 54

Oil exporting countries 8 ............. 8,244 2,536 3,236 65 56 2 39 -4 -5 -27 -6 5

All other Africa............................ 863 210 18 39 80 -10 48 -6 24 -224 -70 30

Total Africa............................. 5,135 462 2,123 -830 167 14 242 13 79 -320 -126 83

Other countries: 

Australia..................................... -5,646 -2,621 -1,100 -638 -118 -279 -1,582 -780 114 2,024 -170 -67

New Zealand.............................. -7 -8 -27 -39 9 11 -21 18 2 93 97 5

All other countries ...................... 4 - 1 -11 -4 8 19 -15 -25 -34 -35 -5

Total other countries .............. -5,649 -2,629 -1,126 -688 -113 -260 -1,584 -777 91 2,083 -108 -67

Total foreign countries ....... 706,066 140,729 104,062 109,270 25,763 19,512 -11,414 14,937 2,839 109,787 36,288 36,484

International and regional orgs: 

International organizations ......... -83 -1,487 -443 -1,258 -30 -103 -1,615 -429 -449 -41 -29 263

Regional organizations 9 ............ 43 127 227 7 -8 -128 -140 -9 -474 -5 -1 -2

Total international and 

 regional organizations............... -40 -1,360 -216 -1,251 -38 -231 -1,755 -438 -923 -46 -30 261

Grand total......................... 706,026 139,369 103,846 108,019 25,725 19,281 -13,169 14,499 1,916 109,741 36,258 36,745

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 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 “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. For data as of 

January 2011, also includes Estonia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 

2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in 

“All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2011 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2011, 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 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

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) 

Europe: 

Austria .................................... 5,423 565 251 193 547 3,432 436 2,194 579 181 122 616 332 364

Belgium................................... 9,020 897 108 519 4,546 1,606 1,343 34,691 1,262 177 6,790 4,643 20,433 1,386

Bulgaria .................................. 219 133 - - 84 - 2 248 157 - - 83 6 2

Cyprus 1 .................................. 35,068 179 32 21 31,334 301 3,201 35,275 134 65 31 31,349 187 3,508

Czech Republic ...................... 705 106 - 6 316 162 115 557 81 - - 253 57 166

Denmark................................. 11,756 2,351 30 775 2,353 4,764 1,483 10,414 1,662 20 933 1,926 3,480 2,393

Finland.................................... 4,146 679 295 209 1,471 718 775 4,394 806 275 207 821 1,332 953

France .................................... 1,194,954 961,709 8,618 4,337 179,043 14,141 27,106 1,200,622 959,984 9,177 3,990 184,960 12,575 29,937

Germany................................. 94,892 34,249 1,305 3,160 19,218 26,341 10,618 86,042 32,407 1,839 3,535 19,250 18,872 10,140

Greece.................................... 1,091 91 2 19 529 239 211 1,100 205 63 28 538 64 202

Hungary.................................. 1,039 150 86 191 477 82 53 4,621 177 26 147 332 3,902 37

Ireland..................................... 77,648 32,886 12,103 5,472 7,585 5,953 13,649 91,206 37,985 13,693 6,145 7,845 10,590 14,948

Italy ......................................... 29,106 4,072 64 298 13,560 6,423 4,688 22,615 3,698 372 329 11,199 1,592 5,425

Kazakhstan 1 .......................... 2,880 2,165 - - 8 704 3 2,352 1,774 - - 7 571 -

Luxembourg ........................... 53,057 7,563 6,768 7,340 14,835 4,481 12,070 63,250 8,609 9,447 5,311 12,811 14,640 12,432

Monaco 1 ................................ 970 12 - 63 649 49 197 1,111 20 37 115 729 59 151

Netherlands ............................ 46,646 10,319 1,130 2,144 12,921 7,619 12,513 51,631 8,852 1,106 3,181 13,907 8,742 15,844

Norway ................................... 36,107 20,184 2,986 2,212 4,707 2,532 3,486 33,483 18,576 2,108 3,278 4,163 2,413 2,945

Poland .................................... 13,267 12,826 - 2 99 150 190 13,480 11,706 100 16 90 1,355 213

Portugal .................................. 2,411 103 1 26 1,668 225 389 2,704 198 3 34 1,973 237 259

Romania ................................. 3,214 3,162 - - 40 2 10 1,356 1,176 - - 44 2 134

Russia..................................... 10,688 9,152 56 525 283 327 345 19,884 18,717 - 408 277 9 473

Serbia and Montenegro 2 ....... 14 - 12 - 2 - - 148 140 3 - 2 3 -

Spain ...................................... 15,484 2,203 205 376 3,070 4,081 5,548 13,142 2,144 172 449 2,968 1,688 5,720

Sweden................................... 24,674 7,302 146 828 4,372 6,318 5,708 20,487 4,232 162 946 6,386 3,717 5,044

Switzerland............................. 71,815 14,495 1,343 5,421 31,174 3,682 15,700 61,472 9,117 613 4,630 29,697 3,458 13,957

Turkey..................................... 4,645 2,800 - 57 157 1,067 564 2,670 858 - 2 167 1,098 545

Ukraine 1 ................................. 809 632 - - 19 157 1 678 592 - - 9 59 18

United Kingdom...................... 3,107,362 2,030,997 64,844 110,776 313,542 273,599 313,604 3,052,374 1,968,034 60,383 113,691 301,205 278,644 330,417

Channel Islands...................... 33,692 1,244 423 1,243 21,658 5,153 3,971 34,327 1,613 353 1,699 21,280 5,063 4,319

All other Europe 1 ................... 4,396 922 457 127 2,008 366 516 4,616 542 289 278 1,835 991 681

Total Europe....................... 4,897,197 3,164,147 101,264 146,340 672,275 374,675 438,496 4,873,143 3,096,035 100,667 156,295 661,365 396,170 462,611

Memo: Euro Area 3 ..................... 1,570,399 1,055,665 30,882 24,150 291,286 75,681 92,735 1,610,363 1,057,008 36,582 30,179 293,698 91,595 101,301

Canada....................................... 583,443 245,394 8,180 13,438 127,760 109,198 79,473 561,570 228,592 6,152 13,556 123,475 108,430 81,365

Latin America: 

Argentina ................................ 4,503 141 29 160 2,141 1,042 990 7,649 296 7 181 1,989 2,092 3,084

Brazil....................................... 120,905 86,499 1,053 2,523 5,489 13,847 11,494 94,949 61,477 622 2,616 5,545 7,986 16,703

Chile ....................................... 10,358 2,918 201 164 3,297 1,581 2,197 11,572 2,139 202 198 3,420 3,599 2,014

Colombia ................................ 11,180 4,291 264 228 3,361 1,580 1,456 10,060 2,999 137 238 3,104 2,755 827

Costa Rica 4............................ 1,712 1,089 16 34 323 199 51 1,794 1,340 1 31 307 73 42

Ecuador.................................. 1,796 440 967 65 144 101 79 1,386 71 876 74 118 39 208

Guatemala.............................. 732 544 1 9 128 38 12 598 167 11 9 132 266 13

Mexico .................................... 50,054 19,706 4,090 2,779 8,966 5,564 8,949 54,335 24,880 1,771 1,441 7,701 8,877 9,665

Panama .................................. 7,485 347 285 635 2,587 2,769 862 5,941 369 122 741 2,314 1,621 774

Peru ........................................ 6,174 1,513 468 123 1,236 926 1,908 5,457 1,948 416 166 1,146 563 1,218

Uruguay.................................. 5,163 618 49 211 1,369 2,315 601 4,920 397 408 189 1,358 2,059 509

Venezuela .............................. 3,454 112 52 457 1,536 913 384 2,846 111 30 400 1,350 667 288

All other Latin America 4......... 1,421 410 154 85 278 347 147 1,824 381 107 78 281 883 94

Total Latin America ............ 224,937 118,628 7,629 7,473 30,855 31,222 29,130 203,331 96,575 4,710 6,362 28,765 31,480 35,439

Caribbean: 

Anguilla 5 ................................ 174,073 5,173 1 167 140,098 16 28,618 175,124 5,194 - 217 140,468 78 29,167

Bahamas ................................ 140,403 65,569 817 12,145 40,017 5,321 16,534 136,199 64,891 722 12,139 37,974 5,082 15,391

Barbados 5.............................. 2,172 1,018 185 236 336 288 109 1,215 201 137 129 373 242 133

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2011 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2011, 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 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 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) 

Caribbean, con. 

Bermuda................................ 290,206 29,091 8,499 9,209 130,606 84,606 28,195 286,580 28,483 8,150 8,975 130,195 83,409 27,368

British Virgin Islands 5............ 196,914 97,146 575 5,354 56,788 8,788 28,263 190,650 94,718 850 5,540 55,773 7,635 26,134

Cayman Islands..................... 1,713,655 520,889 37,627 69,436 606,663 280,595 198,445 1,713,063 540,093 45,779 62,008 589,613 278,446 197,124

Cuba...................................... ---------- ----

Jamaica................................. 239 108 36 4 50 38 3 635 110 41 - 39 442 3

Netherlands Antilles............... 37,215 13,816 2,258 994 11,281 2,886 5,980 38,485 17,446 2,385 408 10,458 1,217 6,571

Trinidad and Tobago ............. 1,979 1,074 381 174 150 146 54 1,798 877 471 113 156 121 60

All other Caribbean 5 ............. 1,657 192 157 181 590 354 183 1,670 155 179 127 576 455 178

Total Caribbean................. 2,558,513 734,076 50,536 97,900 986,579 383,038 306,384 2,545,419 752,168 58,714 89,656 965,625 377,127 302,129

Asia: 

China, Mainland. ................... 69,334 45,502 14,067 2,061 3,741 1,492 2,471 64,301 50,965 4,847 1,775 3,652 695 2,367

Hong Kong ............................ 137,503 18,886 5,445 5,253 12,719 11,338 83,862 148,479 24,166 5,000 7,260 11,797 8,385 91,871

India ...................................... 7,797 1,566 - 7 334 232 5,658 10,133 2,034 - 4 524 428 7,143

Indonesia............................... 7,005 3,396 481 2 288 539 2,299 9,078 5,243 582 73 135 586 2,459

Israel ..................................... 46,783 39,961 291 698 3,494 613 1,726 47,171 40,277 645 719 3,692 302 1,536

Japan .................................... 299,480 163,036 38,972 11,896 22,772 10,415 52,389 272,890 135,590 31,749 9,138 24,023 14,690 57,700

Korea, South ......................... 41,952 12,546 13,915 2,832 925 2,856 8,878 42,470 16,018 7,720 3,061 891 2,515 12,265

Lebanon ................................ 1,172 224 - 167 643 17 121 1,213 171 - 261 638 24 119

Malaysia ................................ 5,501 366 1,231 21 511 1,554 1,818 6,567 738 1,583 198 408 1,542 2,098

Pakistan ................................ 62 - - 10 32 7 13 65 - 3 5 39 3 15

Philippines............................. 10,300 7,059 63 27 505 2,268 378 10,402 4,099 2,836 42 521 2,389 515

Singapore.............................. 98,486 60,692 2,957 3,911 12,091 4,255 14,580 99,104 61,780 3,346 2,759 14,202 2,453 14,564

Syria...................................... 66 - - - 30 - 36 76 - - - 31 - 45

Taiwan................................... 29,454 6,285 6,672 3,158 5,253 1,343 6,743 22,962 5,660 3,156 1,093 5,890 611 6,552

Thailand ................................ 5,789 3,085 25 1 175 657 1,846 4,283 1,806 9 4 192 478 1,794

All other Asia ......................... 34,220 13,358 3,558 1,178 10,266 3,080 2,780 33,502 13,225 3,809 1,443 8,915 3,605 2,505

Total Asia .......................... 794,904 375,962 87,677 31,222 73,779 40,666 185,598 772,696 361,772 65,285 27,835 75,550 38,706 203,548

Africa: 

Egypt..................................... 1,640 783 14 - 329 296 218 1,599 701 11 6 331 412 138

Liberia ................................... 826 30 - 140 324 252 80 524 27 1 73 326 15 82

Morocco ................................ 102 51 2 1 1 29 18 83 63 - - 3 6 11

South Africa........................... 5,044 2,768 117 8 383 430 1,338 5,905 3,972 99 10 329 411 1,084

All other Africa....................... 7,270 4,587 31 54 659 467 1,472 4,332 1,333 39 35 624 656 1,645

Total Africa........................ 14,882 8,219 164 203 1,696 1,474 3,126 12,443 6,096 150 124 1,613 1,500 2,960

Other countries: 

Australia ................................ 49,988 10,403 2,479 2,798 8,497 7,128 18,683 55,934 11,503 2,758 2,684 8,564 10,599 19,826

New Zealand ......................... 1,271 64 106 51 530 193 327 1,455 91 95 49 525 407 288

All other................................. 173 8 15 16 67 13 54 224 7 7 41 72 50 47

Total other countries.......... 51,432 10,475 2,600 2,865 9,094 7,334 19,064 57,613 11,601 2,860 2,774 9,161 11,056 20,161

Total foreign countries... 9,125,308 4,656,901 258,050 299,441 1,902,038 947,607 1,061,271 9,026,215 4,552,839 238,538 296,602 1,865,554 964,469 1,108,213

International and regional orgs: 

International organizations..... 11,746 6,202 1,464 167 339 3,475 99 11,864 6,645 1,567 616 76 2,810 150

Regional organizations 6........ 10,173 541 322 122 10 8,820 358 2,587 314 450 596 12 459 756

Total international and 

 regional organizations .... 21,919 6,743 1,786 289 349 12,295 457 14,451 6,959 2,017 1,212 88 3,269 906

Grand total .................... 9,147,227 4,663,644 259,836 299,730 1,902,387 959,902 1,061,728 9,040,666 4,559,798 240,555 297,814 1,865,642 967,738 1,109,119

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 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 “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

4Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2011 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2010 

[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) 

 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) 

Europe: 

Austria................................ 13,696 2,250 815 654 1,982 5,965 2,030 9,233 2,527 698 383 2,011 1,718 1,896

Belgium .............................. 39,717 4,014 3,689 3,153 15,484 8,792 4,585 98,662 5,771 1,433 19,354 15,978 51,221 4,905

Bulgaria .............................. 1,585 1,083 - - 491 1 10 1,347 844 - - 491 3 9

Cyprus 1 ............................. 9,796 1,703 125 1,030 2,871 1,618 2,449 10,357 1,901 83 1,144 2,896 1,745 2,588

Czech Republic .................. 4,082 1,353 49 - 992 1,064 624 3,351 1,530 137 - 1,126 139 419

Denmark............................. 41,875 11,317 86 2,941 6,773 15,328 5,430 37,722 8,998 2,114 2,766 6,645 11,251 5,948

Finland ............................... 13,632 2,959 647 601 4,283 2,456 2,685 26,668 2,561 644 858 3,564 16,510 2,531

France................................ 4,074,693 2,942,757 38,993 15,675 871,487 97,369 108,412 4,042,583 2,948,576 22,616 22,104 851,847 92,793 104,648

Germany ............................ 341,578 117,835 9,465 9,007 74,460 91,442 39,369 292,800 104,669 5,900 12,004 74,903 59,283 36,040

Greece ............................... 5,670 613 67 75 2,050 1,660 1,205 4,483 594 76 82 2,021 339 1,371

Hungary.............................. 3,559 550 242 31 1,503 819 414 3,596 1,209 367 18 1,438 320 244

Ireland ................................ 297,602 137,539 32,802 18,700 35,606 26,619 46,336 314,546 140,666 36,757 21,680 34,630 37,068 43,745

Italy..................................... 117,248 20,539 1,462 1,059 56,872 22,186 15,131 108,473 19,576 1,070 875 59,946 11,384 15,622

Kazakhstan 1 ..................... 8,729 6,398 150 101 39 2,000 41 5,522 3,474 254 2 40 1,722 30

Luxembourg ....................... 194,957 26,018 36,189 22,221 55,211 26,554 28,763 250,099 30,722 51,493 20,841 55,080 64,782 27,181

Monaco 1 .......................... 3,968 753 207 337 1,860 512 299 2,565 181 34 394 1,559 112 285

Netherlands........................ 163,412 27,943 4,454 6,638 42,544 35,319 46,513 165,966 29,299 4,607 8,326 48,198 28,023 47,514

Norway ............................... 120,217 48,128 9,277 4,320 35,132 9,400 13,960 106,110 39,884 8,365 5,276 33,057 7,499 12,029

Poland................................ 44,478 38,986 1,065 18 286 3,607 516 44,386 39,738 - 41 266 3,570 771

Portugal.............................. 8,038 760 14 135 3,602 2,083 1,445 8,357 1,134 28 244 3,754 1,508 1,689

Romania............................. 1,468 1,239 10 - 184 13 22 1,399 1,138 1 8 208 27 17

Russia ................................ 54,300 51,627 - 31 1,041 393 1,208 70,338 67,398 3 299 1,196 211 1,231

Serbia and Montenegro 2 ... 269 135 77 2 38 11 6 849 718 71 - 39 3 18

Spain.................................. 69,723 28,520 526 1,401 9,517 14,275 15,484 71,887 33,605 622 3,294 8,574 7,880 17,912

Sweden .............................. 75,414 23,790 1,020 1,271 17,972 12,763 18,598 78,682 21,640 1,194 2,964 16,232 18,539 18,113

Switzerland......................... 279,616 61,160 3,017 26,072 106,787 14,154 68,426 255,444 41,410 6,317 26,349 99,234 19,873 62,261

Turkey ................................ 11,066 5,695 1 175 615 2,636 1,944 12,556 8,287 - 5 544 2,146 1,574

Ukraine 1 ............................ 7,378 6,158 28 50 95 391 656 4,351 2,549 154 15 61 473 1,099

United Kingdom..................11,655,694 7,483,433 253,535 320,235 935,538 1,516,285 1,146,668 11,247,216 7,140,433 235,699 331,156 907,699 1,489,347 1,142,882

Channel Islands.................. 79,800 5,282 2,075 4,528 47,400 5,814 14,701 79,910 5,650 1,485 6,006 45,775 5,829 15,165

All other Europe 1 ............... 16,468 4,073 1,766 795 5,120 2,293 2,421 18,438 4,227 2,572 843 4,770 3,222 2,804

Total Europe...................

17,759,728 11,064,608 401,854 441,256 2,337,835 1,923,822 1,590,353 17,377,896 10,710,909 384,794 487,331 2,283,782 1,938,539 1,572,541

Memo: Euro Area 3 ................. 5,352,431 3,313,584 129,341 80,461 1,177,620 336,722 314,703 5,406,791 3,321,826 126,106 111,386 1,164,841 374,734 307,898

Canada................................... 1,697,817 687,549 38,424 49,410 368,994 309,436 244,004 1,654,388 607,429 30,646 47,832 362,525 359,181 246,775

Latin America: 

Argentina............................ 19,115 996 180 951 7,672 5,867 3,449 18,805 930 133 708 7,379 5,624 4,031

Brazil .................................. 257,817 153,360 4,549 2,980 16,612 32,644 47,672 252,440 128,426 3,252 3,129 16,680 33,493 67,460

Chile................................... 41,187 13,089 2,252 1,050 9,762 7,102 7,932 43,337 12,346 2,350 681 8,908 12,213 6,839

Colombia ............................ 30,889 10,624 2,997 854 6,745 7,483 2,186 30,604 10,708 2,789 622 6,535 7,801 2,149

Costa Rica 4 ...................... 4,603 2,336 50 170 1,349 443 255 4,072 2,001 55 142 1,371 293 210

Ecuador.............................. 6,490 555 3,011 426 1,663 273 562 4,493 427 2,328 280 903 170 385

Guatemala.......................... 2,069 1,336 14 55 410 183 71 2,231 1,367 11 15 400 394 44

Mexico................................ 143,559 47,662 10,329 4,000 29,204 22,301 30,063 150,671 49,635 8,896 3,698 26,606 32,481 29,355

Panama.............................. 24,005 1,275 1,155 3,249 7,590 7,675 3,061 21,471 1,519 631 2,368 7,011 7,348 2,594

Peru.................................... 24,215 8,343 1,669 873 5,067 3,710 4,553 24,050 7,038 1,116 619 5,623 5,089 4,565

Uruguay.............................. 23,925 6,476 431 1,186 5,180 8,268 2,384 20,850 5,245 833 838 4,872 6,892 2,170

Venezuela .......................... 14,100 812 545 1,500 5,047 5,136 1,060 15,013 722 381 1,306 4,888 6,933 783

All other Latin America 4 .... 7,332 1,123 384 604 3,091 1,720 410 6,587 1,015 156 517 3,035 1,515 349

Total Latin America ........ 599,306 247,987 27,566 17,898 99,392 102,805 103,658 594,624 221,379 22,931 14,923 94,211 120,246 120,934

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2011 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2010, 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) 

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) 

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) 

Caribbean: 

Anguilla 5 ............................... 592,042 20,724 177 1,163 479,180 654 90,144 591,987 22,148 206 440 478,609 404 90,180

Bahamas............................... 548,283 211,569 4,929 63,536 178,838 27,989 61,422 556,370 220,321 4,214 64,414 178,730 29,139 59,552

Barbados 5............................. 8,375 3,327 1,565 512 1,095 1,406 470 7,957 2,911 793 1,236 959 1,669 389

Bermuda................................ 1,003,034 94,484 50,485 36,845 450,911 274,976 95,333 990,797 91,374 45,860 35,103 445,410 276,522 96,528

British Virgin Islands 5............ 669,415 281,782 2,096 20,454 241,794 26,701 96,588 668,011 286,177 1,820 20,116 240,228 27,197 92,473

Cayman Islands..................... 5,750,746 1,704,711 176,401 233,579 2,264,609 727,939 643,507 5,693,807 1,686,810 169,704 215,156 2,248,528 724,174 649,435

Cuba ..................................... ------ --- -----

Jamaica................................. 1,681 854 407 88 195 124 13 1,743 848 427 66 206 179 17

Netherlands Antilles .............. 146,439 77,253 2,969 3,553 38,992 8,090 15,582 142,636 74,490 2,861 1,897 39,196 7,856 16,336

Trinidad and Tobago ............. 6,534 3,568 986 247 983 501 249 5,868 3,176 901 363 779 469 180

All other Caribbean 5 ............. 7,111 747 1,281 687 3,037 689 670 6,003 526 699 236 2,794 1,273 475

Total Caribbean ................ 8,733,660 2,399,019 241,296 360,664 3,659,634 1,069,069 1,003,978 8,665,179 2,388,781 227,485 339,027 3,635,439 1,068,882 1,005,565

Asia: 

China, Mainland................ 284,556 203,746 36,696 3,917 20,377 8,280 11,540 255,240 152,587 65,978 4,271 17,579 3,901 10,924

Hong Kong ........................ 486,905 79,105 23,538 10,748 41,789 38,500 293,225 481,007 70,362 17,033 11,644 32,029 30,725 319,214

India................................... 34,123 11,326 - 99 1,104 1,624 19,970 40,235 9,832 4 85 1,695 2,759 25,860

Indonesia........................... 22,135 13,047 774 111 665 1,750 5,788 19,554 7,966 650 160 715 2,493 7,570

Israel.................................. 159,435 131,154 2,931 2,140 14,600 2,074 6,536 153,065 127,788 2,366 1,930 14,208 984 5,789

Japan................................. 1,389,490 829,747 219,125 31,759 68,633 59,618 180,608 1,208,114 705,626 147,836 30,917 64,046 66,085 193,604

Korea, South...................... 124,900 38,865 34,639 7,665 3,388 13,303 27,040 128,363 42,017 27,672 6,417 3,107 13,155 35,995

Lebanon ............................ 3,039 168 - 436 2,049 91 295 2,844 133 1 283 2,034 58 335

Malaysia ............................ 21,687 2,116 8,718 1,549 1,454 3,116 4,734 20,802 2,247 5,857 1,095 1,137 3,768 6,698

Pakistan............................. 534 145 - 30 116 142 101 427 76 - 21 120 87 123

Philippines ......................... 26,475 19,504 178 307 1,373 4,037 1,076 23,147 16,658 199 172 1,346 3,355 1,417

Singapore .......................... 345,772 210,742 12,864 17,856 37,668 20,766 45,876 314,913 195,523 14,343 9,576 42,113 9,641 43,717

Syria .................................. 205 - - - 186 - 19 228 - - - 217 - 11

Taiwan............................... 124,049 39,408 26,360 8,773 17,979 5,180 26,349 91,652 24,539 12,739 3,485 17,640 2,874 30,375

Thailand............................. 37,030 28,890 133 158 1,064 2,047 4,738 22,256 10,612 1,682 57 996 2,470 6,439

All other Asia ..................... 119,154 47,514 15,364 3,411 33,017 9,838 10,010 128,542 53,596 17,456 9,033 28,354 12,779 7,324

Total Asia ...................... 3,179,489 1,655,477 381,320 88,959 245,462 170,366 637,905 2,890,389 1,419,562 313,816 79,146 227,336 155,134 695,395

Africa: 

Egypt ................................. 5,733 2,690 27 4 867 894 1,251 4,838 1,578 69 17 886 696 1,592

Liberia................................ 2,787 109 9 222 1,955 131 361 2,623 58 8 203 1,965 35 354

Morocco............................. 449 288 25 14 49 28 45 1,533 403 939 12 62 51 66

South Africa....................... 20,919 14,036 662 247 1,185 662 4,127 27,966 19,056 641 100 1,212 3,114 3,843

All other Africa ................... 31,549 18,369 422 273 1,822 1,907 8,756 19,731 9,262 318 186 2,073 1,768 6,124

Total Africa .................... 61,437 35,492 1,145 760 5,878 3,622 14,540 56,691 30,357 1,975 518 6,198 5,664 11,979

Other countries: 

Australia ............................ 225,682 57,945 10,284 10,881 27,831 41,995 76,746 249,014 63,591 10,922 12,463 25,807 59,319 76,912

New Zealand ..................... 5,376 544 695 417 1,751 1,289 680 7,220 551 734 438 1,658 3,068 771

All other ............................. 904 20 19 150 411 38 266 2,318 16 30 131 445 550 1,146

Total other countries...... 231,962 58,509 10,998 11,448 29,993 43,322 77,692 258,552 64,158 11,686 13,032 27,910 62,937 78,829

Total foreign 

 countries................ 32,263,399 16,148,641 1,102,603 970,395 6,747,188 3,622,442 3,672,130 31,497,719 15,442,575 993,333 981,809 6,637,401 3,710,583 3,732,018

International and regional orgs: 

International organizations ... 21,346 8,909 3,802 406 7 8,049 173 21,249 8,992 5,060 2,021 48 4,911 217

Regional organizations 6 ..... 24,632 912 2,248 445 23 19,659 1,345 7,789 869 2,241 585 28 2,038 2,028

Total international and 

 regional organizations ....... 45,978 9,821 6,050 851 30 27,708 1,518 29,038 9,861 7,301 2,606 76 6,949 2,245

Grand total..................... 32,309,377 16,158,462 1,108,653 971,246 6,747,218 3,650,150 3,673,648 31,526,757 15,452,436 1,000,634 984,415 6,637,477 3,717,532 3,734,263

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 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 “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

June 2011 

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government 

agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign investors have also acquired 

U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been relatively small in recent years, 

totaling $11 billion in 2007, no acquisitions in 2008, and acquisitions of less than $1 billion in 2009. Stock swap acquisitions picked up to 

over $8 billion in 2010, and this pace of acquisition picked up further during the first quarter of 2011 to $4.6 billion. (Stock swaps data for the 

most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported 

under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides estimates from the Federal Reserve 

Bank of New York on principal repayment flows of foreign holdings of U.S. government agency and corporate asset-backed securities 

(ABS). These repayments are estimated to have reduced foreign net purchases of U.S. securities by $234 billion in 2007, $191 billion in 2008, 

$204 billion in 2009, $232 billion in the 2010, and $48 billion in the first quarter of 2011. 

After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $782 billion in 

2007. Net acquisitions slowed dramatically in 2008 to $224 billion, as foreign investors continued to acquire U.S. securities in the first half of 

the year, but on net sold U.S. securities in the second half of the year. Foreign net purchases recovered to $436 billion in 2009. The pace of 

acquisition picked up further in 2010, when foreign net purchases were recorded $687 billion, far surpassing 2008 and 2009 levels and nearly 

recovering the momentum recorded in 2007. The pace of acquisition has slowed so far in 2011 to only $118 billion in the first quarter. 

-200

-100

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

2007 2008 2009 2010 2011 

Jan. - Mar.

United Kindom 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 2011 w ith those in prior

years, the chart design depicts data for all periods

at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009 2010 

 2011

 Jan. - Mar.

United Kingdom..................................... 546,592 328,706 212,743 377,754 76,846 

All other Europe..................................... 5,310 -105,325 33,534 983 -7,182 

Caribbean banking centers 1 ................. 74,788 -74,524 23,959 69,121 2,488 

Japan ..................................................... -303 57,276 128,219 200,839 36,176 

All other Asia.......................................... 234,778 193,377 187,661 130,519 2,022 

Subtotal.............................................. 861,165 399,510 586,116 779,216 110,350 

All other countries.................................. 144,657 15,379 52,741 131,401 51,438 

Grand total ......................................... 1,005,822 414,889 638,857 910,617 161,788 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin 

Islands. 
 CAPITAL MOVEMENTS 

June 2011 

81

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC 

reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. Net acquisitions 

through stock swaps amounted to $19 billion in 2006, $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, and $12 billion in 

2010. No stock swaps were recorded during the first quarter of 2011. (Stock swaps data for the most recent quarter are Federal 

Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC 

reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $270 billion in 2006, 

but then eased somewhat to $241 billion in 2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008. 

U.S. investors resumed their net purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed 

slightly in 2010 to $140 billion; however, U.S. investors’ appetite for foreign securities recovered notably during the first quarter of 

2011 to $55 billion, with especially strong purchases of foreign stocks. 

-100

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011

Jan.-Mar. 

Foreign Bonds Foreign Stocks Total

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2011

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2006 2007 2008 2009 2010

 2011 

 Jan. - Mar.

Foreign bonds ............................... 144,452 133,905 -53,942 127,474 67,382 7,836

Foreign stocks............................... 106,455 95,300 -20,246 59,360 60,615 47,391

Total ............................................ 250,907 229,205 -74,188 186,834 127,997 55,227

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

June 2011 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

 Dec. Dec. Mar. r June r Sept. Dec. p

Gross total of holdings with negative fair values ........................... 5,967,815 3,366,037 3,315,812 4,211,100 4,679,187 3,542,488

Total over-the-counter (OTC) contracts..................................... 5,904,724 3,336,439 3,273,845 4,179,917 4,649,244 3,512,903

Single-currency interest rate contracts.................................. 3,977,190 2,532,612 2,556,552 3,380,359 3,855,297 2,787,954

Forwards ............................................................................ 9,851 5,733 9,383 6,654 9,225 6,684

Swaps ................................................................................ 3,685,072 2,310,645 2,341,557 3,129,622 3,556,177 2,557,508

Options............................................................................... 282,267 216,234 205,612 244,083 289,895 223,762

Foreign exchange contracts .................................................. 481,833 250,271 232,597 299,236 343,410 304,091

Forwards ............................................................................ 169,983 67,679 71,254 93,086 127,208 110,523

Swaps ................................................................................ 234,573 139,065 124,479 161,097 176,830 153,063

Options............................................................................... 77,277 43,527 36,864 45,053 39,372 40,505

Other contracts ...................................................................... 1,445,701 553,556 484,696 500,322 450,537 420,858

Equity ................................................................................. n.a. 47,252 41,078 46,917 45,504 40,081

Credit.................................................................................. n.a. 404,839 350,887 374,516 319,892 290,230

All other .............................................................................. n.a. 101,465 92,731 78,889 85,141 90,547

Total exchange-traded contracts ............................................... 63,091 29,598 41,967 31,183 29,943 29,585

Own contracts on foreign exchanges .................................... 1,725 515 963 1,086 911 674

U.S. customers’ contracts on foreign exchanges.................. 7,325 4,342 5,613 4,431 4,962 3,843

Foreign counterparty contracts on U.S. exchanges .............. 54,041 24,741 35,391 25,666 24,070 25,068

Memorandum items: 

Contracts with own foreign office........................................... 1,423,392 847,311 802,864 985,985 1,100,869 853,851

Contracts with foreign official institutions .............................. 26,636 14,299 14,725 16,259 16,884 15,975

Contracts of U.S. depository institutions with foreigners....... 2,803,032 n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 6,127,450 3,500,786 3,429,046 4,310,312 4,783,698 3,652,909

Total over-the-counter (OTC) contracts..................................... 6,065,174 3,471,703 3,386,131 4,279,105 4,754,629 3,622,415

Single-currency interest rate contracts.................................. 4,053,356 2,596,825 2,613,592 3,437,872 3,915,177 2,844,900

Forwards ............................................................................ 10,831 5,440 8,969 6,403 9,257 6,541

Swaps ................................................................................ 3,719,245 2,357,111 2,381,297 3,164,663 3,591,278 2,596,934

Options............................................................................... 323,280 234,274 223,326 266,806 314,642 241,425

Foreign exchange contracts .................................................. 497,234 282,590 253,008 298,553 358,225 330,315

Forwards ............................................................................ 180,414 71,203 70,327 94,487 127,118 113,373

Swaps ................................................................................ 229,552 164,657 142,395 153,342 186,574 170,886

Options............................................................................... 87,268 46,730 40,286 50,724 44,533 46,056

Other contracts ...................................................................... 1,514,584 592,288 519,531 542,680 481,227 447,200

Equity ................................................................................. n.a. 41,864 37,827 44,684 44,576 45,055

Credit.................................................................................. n.a. 445,687 388,397 415,861 355,504 318,735

All other .............................................................................. n.a. 104,737 93,307 82,135 81,147 83,410

Total exchange-traded contracts ............................................... 62,276 29,083 42,915 31,207 29,069 30,494

Own contracts on foreign exchanges .................................... 1,852 751 1,248 739 1,163 878

Customers’ contracts on foreign exchanges ......................... 7,387 3,702 5,030 3,775 3,807 3,208

Foreign counterparty contracts on U.S. exchanges .............. 53,037 24,630 36,637 26,693 24,099 26,408

Memorandum items: 

Contracts with own foreign office........................................... 1,429,761 877,838 827,774 995,809 1,107,824 874,301

Contracts with foreign official institutions .............................. 20,794 12,483 11,596 12,459 14,845 13,451

Contracts of U.S. depository institutions with foreigners....... 2,837,891 n.a. n.a. n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

June 2011 

83

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

Country Dec. Dec. Mar. r June r Sept. Dec. p

Europe: 

Belgium .......................................................................... 23,990 11,547 11,812 13,132 14,508 10,244

France............................................................................ 302,240 146,696 145,919 172,396 198,743 156,965

Germany ........................................................................ 357,176 198,962 201,469 249,953 294,082 209,066

Ireland ............................................................................ 411,112 261,475 241,276 304,670 332,169 251,881

Italy................................................................................. 11,448 7,533 7,947 9,242 9,317 6,893

Netherlands.................................................................... 42,442 13,700 13,291 14,316 17,608 12,907

Switzerland .................................................................... 114,215 49,073 59,978 79,810 94,420 81,369

United Kingdom ............................................................. 4,096,765 2,357,432 2,305,570 2,997,181 3,302,886 2,469,084

All other Europe ............................................................. 77,322 41,526 44,199 50,687 60,067 42,746

Total Europe .............................................................. 5,436,710 3,087,944 3,031,461 3,891,387 4,323,800 3,241,155

Memo: Euro Area 1 ........................................................ 1,191,135 665,950 649,301 796,865 904,730 676,444

Memo: European Union 2............................................... 5,311,575 3,032,277 2,963,664 3,805,868 4,223,012 3,154,764

Canada............................................................................... 90,601 40,304 42,606 48,091 56,200 45,278

Total Latin America............................................................ 13,049 7,949 7,722 8,355 9,337 9,326

Caribbean: 

Cayman Islands ............................................................. 133,614 46,119 62,252 53,088 50,126 48,930

All other Caribbean ........................................................ 33,447 11,917 13,660 17,694 20,261 14,925

Total Caribbean ......................................................... 167,061 58,036 75,912 70,782 70,387 63,855

Asia: 

Japan ............................................................................. 142,646 92,527 91,336 109,382 125,547 106,590

All other Asia.................................................................. 77,125 30,653 29,841 37,156 41,344 31,901

Total Asia ................................................................... 219,771 123,180 121,177 146,538 166,891 138,491

Total Africa......................................................................... 5,507 16,612 16,706 20,510 24,816 20,527

Other countries: 

Australia ......................................................................... 24,498 22,484 11,307 15,429 16,314 14,480

All other.......................................................................... 1,265 742 769 1,202 1,464 995

Total other countries .................................................. 25,763 23,226 12,076 16,631 17,778 15,475

Total foreign countries ........................................... 5,958,462 3,357,251 3,307,660 4,202,294 4,669,209 3,534,107

Total international and regional organizations................... 9,355 8,784 8,155 8,807 9,979 8,379

Grand total ................................................................. 5,967,815 3,366,037 3,315,812 4,211,100 4,679,187 3,542,488

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. For data as of January 2011, also includes Estonia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

June 2011 

84 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

Country Dec. Dec. Mar. r June r Sept. Dec. p 

 

Europe: 

Belgium .............................................................. 30,559 15,852 16,159 17,762 18,842 13,449

France ................................................................ 328,209 165,558 164,623 194,524 224,928 180,568

Germany............................................................. 365,763 217,411 216,089 261,180 305,392 220,623

Ireland ................................................................ 424,358 281,559 256,544 319,989 351,467 268,319

Italy..................................................................... 15,130 10,622 10,778 11,040 10,804 8,392

Netherlands........................................................ 45,155 16,550 15,920 15,603 20,837 15,457

Switzerland......................................................... 123,836 55,861 66,359 86,716 100,589 87,823

United Kingdom.................................................. 4,160,618 2,391,917 2,334,773 3,030,897 3,330,615 2,503,590

All other Europe ................................................. 68,471 36,643 38,682 42,359 51,641 37,176

Total Europe................................................... 5,562,099 3,191,973 3,119,927 3,980,070 4,415,115 3,335,397

Memo: Euro Area 1............................................. 1,247,252 729,103 702,867 848,062 966,650 731,307

Memo: European Union 2................................... 5,424,906 3,129,578 3,045,612 3,887,984 4,309,146 3,243,108

Canada................................................................... 92,214 44,296 44,460 49,387 56,365 46,353

Total Latin America ................................................ 15,652 10,714 11,282 11,822 13,588 11,961

Caribbean: 

Cayman Islands ................................................. 153,197 62,954 77,702 69,445 64,962 60,329

All other Caribbean ............................................ 32,889 13,730 14,663 15,211 17,541 14,472

Total Caribbean.............................................. 186,086 76,684 92,365 84,656 82,503 74,801

Asia: 

Japan.................................................................. 141,528 92,746 90,791 105,752 122,724 104,198

All other Asia ...................................................... 91,732 35,606 33,798 38,758 43,193 35,925

Total Asia ....................................................... 233,260 128,352 124,589 144,510 165,917 140,123

Total Africa ............................................................. 6,396 16,663 17,273 20,316 25,235 20,988

Other countries: 

Australia ............................................................. 26,023 27,517 15,202 14,902 19,548 18,704

All other .............................................................. 1,833 1,075 1,133 1,459 1,877 1,049

Total other countries ...................................... 27,856 28,592 16,335 16,361 21,425 19,753

Total foreign countries ............................... 6,123,563 3,497,274 3,426,231 4,307,122 4,780,148 3,649,376

Total international and regional organizations....... 3,888 3,513 2,817 3,189 3,551 3,532

Grand total ..................................................... 6,127,450 3,500,786 3,429,046 4,310,312 4,783,698 3,652,909

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. For data as of January 2011, also includes Estonia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 
CAPITAL MOVEMENTS 

June 2011 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Derivatives Contract 2009 2010 Dec. Mar. r June r Sept. Dec. p

 

Total over-the-counter (OTC) contracts........................................... 40,539 14,785 20,693 9,640 14,558 -9,307 -106 

Single-currency interest rate contracts ........................................ 26,349 9,368 15,809 -1,312 -741 4,939 6,482 

Foreign exchange contracts......................................................... -1,039 -12,795 -2,345 6,333 8,511 -19,269 -8,370 

Other contracts............................................................................. 15,229 18,212 7,229 4,619 6,788 5,023 1,782 

Total exchange-traded contracts ..................................................... 8,917 -1,050 -1,229 6,512 -4,578 -2,586 -398 

Own contracts on foreign exchanges .......................................... -287 6,195 3,040 2,880 64 1,754 1,497 

U.S. customers’ contracts on foreign exchanges ........................ 13,333 5,072 194 2,769 -1,809 1,053 3,059 

Foreign counterparty contacts on U.S. exchanges ..................... -4,129 -12,317 -4,463 863 -2,833 -5,393 -4,954 

Total net cash settlements from foreigners ..................................... 49,456 13,735 19,464 16,152 9,980 -11,893 -504 

Memorandum items: 

Contracts with foreign official institutions................................. -2,599 -1,816 -75 -357 -967 -710 218 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

June 2011 

86 

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

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2009 2010 

Country 2009 2010 Dec. Mar. r June r Sept. Dec. p

Europe: 

Belgium.......................................................................... 2,540 3,046 776 839 802 759 646

France............................................................................ 6,065 949 1,435 -2,354 2,939 -1,146 1,510

Germany........................................................................ -1,578 6,857 3,116 2,564 2,891 1,417 -15

Ireland............................................................................ 3,399 -2,314 -323 -106 -1,918 571 -861

Italy ................................................................................ 689 -802 -122 -211 -684 301 -208

Netherlands ................................................................... 1,656 1,436 452 563 445 -234 662

Switzerland .................................................................... 3,924 4,879 265 2,019 4,198 -1,327 -11

United Kingdom............................................................. 28,187 4,446 13,040 10,647 7,339 -12,516 -1,024

All other Europe............................................................. -5,540 1,742 -2,951 258 1,468 -1,257 1,273

Total Europe .............................................................. 39,342 20,239 15,688 14,219 17,480 -13,432 1,972

Memo: Euro area 1 ........................................................ 7,510 9,833 2,083 1,492 5,455 760 2,126

Memo: European Union 2 .............................................. 32,874 13,226 15,196 11,661 12,630 -12,444 1,379

Canada .............................................................................. -7,495 -5,114 -1,451 -2,133 -1,091 -1,162 -728

Total Latin America............................................................ 1,525 -698 663 146 -614 -830 600

Caribbean: 

Cayman Islands............................................................. 6,483 5,801 1,989 4,619 -755 4,314 -2,377

All other Caribbean........................................................ 1,722 40 -512 859 -1,739 937 -17

Total Caribbean......................................................... 8,205 5,841 1,477 5,478 -2,494 5,251 -2,394

Asia: 

Japan............................................................................. -3,858 -7,893 -1,835 -2,248 -1,701 -2,542 -1,402

All other Asia ................................................................. 7,705 3,748 1,848 513 192 1,629 1,414

Total Asia................................................................... 3,847 -4,145 13 -1,735 -1,509 -913 12

Total Africa ........................................................................ 449 119 1,189 -49 461 -233 -60

Other countries: 

Australia......................................................................... 4,259 -2,022 1,468 348 -2,159 -371 160

All other.......................................................................... 286 255 248 45 78 -47 179

Total other countries.................................................. 4,545 -1,767 1,716 393 -2,081 -418 339

Total foreign countries........................................... 50,418 14,475 19,295 16,319 10,152 -11,737 -259

Total international and regional organizations .................. -964 -739 167 -167 -172 -155 -245

Grand total................................................................. 49,456 13,735 19,464 16,152 9,980 -11,893 -504

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes 

Estonia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
June 2011 

87

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 reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2011 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

10/06/10 ................................................................... 802,750 805,539 2,502 1.0073 

10/13/10 ................................................................... 796,577 798,376 2,528 1.0028 

10/20/10 ................................................................... 797,933 801,989 2,305 1.0245 

10/27/10 ................................................................... 791,461 797,606 1,635 1.0321 

 

11/03/10 ................................................................... 801,322 805,663 2,113 1.0090 

11/10/10 ................................................................... 814,726 819,791 n.a. 1.0016 

11/17/10 ................................................................... 855,495 859,706 n.a. 1.0205 

11/24/10 ................................................................... 861,553 864,230 n.a. 1.0110 

 

12/01/10 ................................................................... 889,111 892,549 n.a. 1.0160 

12/08/10 ................................................................... 886,645 886,331 n.a. 1.0100 

12/15/10 ................................................................... 801,295 803,645 2,592 1.0033 

12/22/10 ................................................................... 743,103 742,665 1,877 1.0143 

12/29/10 ................................................................... 733,672 733,242 n.a. 1.0004 

 

01/05/11 ................................................................... 801,891 801,434 n.a. 0.9946 

01/12/11 ................................................................... 807,142 805,399 n.a. 0.9864 

01/19/11 ................................................................... 804,353 804,856 n.a. 0.9938 

01/26/11 ................................................................... 797,378 797,491 n.a. 0.9954 

 

02/02/11 ................................................................... 821,142 822,231 n.a. 0.9883 

02/09/11..................................................... ... 813,464 813,066 n.a. 0.9946 

02/16/11 ................................................................... 822,269 821,717 n.a. 0.9853 

02/23/11 ................................................................... 833,128 831,386 n.a. 0.9922 

 

03/02/11 ................................................................... 858,429 853,288 n.a. 0.9733 

03/09/11 ................................................................... 857,043 857,799 n.a. 0.9686 

03/16/11 ................................................................... 819,520 815,494 n.a. 0.9921 

03/23/11 ................................................................... 781,503 778,011 n.a. 0.9820 

03/30/11 ................................................................... 783,790 780,953 n.a. 0.9715 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Dec................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461 

2010 - Apr ................... 799,563 806,969 151,521 136,606 48,298 44,578 45,374 41,132 n.a. 1.0112 

May.................. 790,273 796,993 147,825 133,912 53,264 50,203 48,879 45,241 n.a. 1.0497 

June................. 757,328 754,768 147,531 133,993 47,892 45,164 46,665 42,091 n.a. 1.0606 

July .................. 762,094 761,702 143,940 133,070 48,391 44,686 48,314 45,197 2,458 1.0293 

Aug .................. 838,616 838,310 143,910 131,069 50,343 48,453 55,858 45,008 2,633 1.0640 

Sept................. 828,261 828,390 152,309 140,238 48,501 47,668 50,625 39,248 1,869 1.0293 

Oct................... 811,314 816,413 147,841 138,053 49,040 48,537 48,582 39,113 1,803 1.0187 

Nov .................. 897,995 901,249 137,893 127,681 51,348 50,280 50,613 41,149 n.a. 1.0266 

Dec .................. 747,120 746,173 141,440 133,757 39,079 38,777 42,042 34,912 n.a. 0.9948 

2011 - Jan ................... 829,978 831,752 143,519 133,333 45,062 44,298 43,018 37,610 n.a. 1.0020 

Feb .................. 858,909 860,188 137,594 132,598 44,768 44,493 41,672 36,065 n.a. 0.9737 

Mar .................. 811,147 812,875 141,682 129,660 43,980 45,167 44,015 36,141 n.a. 0.9717 

 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June.................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

Dec ................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240 

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606 

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626 

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 

Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461 

2010 - Mar................... 23,218 23,775 77,202 39,870 2,063 n.a. n.a. n.a. 322 1.0156 

June ................. 15,373 23,010 76,448 40,542 n.a. n.a. 789 n.a. 59 1.0606 

Sept.................. 15,553 26,118 79,561 41,980 378 163 941 n.a. 2 1.0293 

Dec ................... 13,215 25,873 89,655 46,260 n.a. n.a. n.a. n.a. n.a. 0.9948 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

10/06/10 .................................................................. 333,100 336,235 n.a. 82.80 

10/13/10 .................................................................. 328,819 333,176 n.a. 81.81 

10/20/10 .................................................................. 341,428 346,571 n.a. 81.14 

10/27/10 .................................................................. 339,940 345,157 n.a. 81.55 

 

11/03/10 .................................................................. 337,616 342,783 n.a. 81.41 

11/10/10 .................................................................. 292,446 297,531 n.a. 82.53 

11/17/10 .................................................................. 333,490 338,528 n.a. 83.15 

11/24/10 .................................................................. 303,276 308,239 n.a. 83.38 

 

12/01/10 .................................................................. 348,424 353,622 n.a. 84.00 

12/08/10 .................................................................. 343,116 347,818 n.a. 84.16 

12/15/10 .................................................................. 328,464 333,835 n.a. 84.04 

12/22/10 .................................................................. 320,247 326,946 n.a. 83.56 

12/29/10 .................................................................. 323,027 329,248 n.a. 81.90 

 

01/05/11 .................................................................. 324,259 330,746 n.a. 83.22 

01/12/11 .................................................................. 337,404 343,600 n.a. 83.29 

01/19/11 .................................................................. 331,604 338,250 n.a. 83.03 

01/26/11 .................................................................. 334,044 341,088 n.a. 82.27 

 

02/02/11 .................................................................. 339,578 346,435 n.a. 81.82 

02/09/11 .................................................................. 348,837 355,283 n.a. 82.47 

02/16/11 .................................................................. 345,757 352,097 n.a. 83.73 

02/23/11 .................................................................. 348,649 355,427 n.a. 82.39 

 

03/02/11 .................................................................. 340,839 347,434 n.a. 81.62 

03/09/11 .................................................................. 340,538 346,723 n.a. 82.78 

03/16/11 .................................................................. 364,351 371,288 n.a. 80.17 

03/23/11 .................................................................. 336,666 342,508 n.a. 80.94 

03/30/11 .................................................................. 338,671 344,169 n.a. 82.98 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.79 

2009 - Dec.................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08 

2010 - Apr .................. 352,175 358,530 48,572 46,808 43,060 43,661 70,683 71,936 n.a. 94.24 

May................. 357,654 363,440 48,342 46,970 44,721 44,477 70,170 71,955 n.a. 90.81 

June................ 348,431 354,283 49,228 47,439 44,214 43,408 68,923 70,949 n.a. 88.49 

July ................. 350,989 357,087 50,542 48,481 44,359 44,122 70,078 71,472 n.a. 86.43 

Aug ................. 373,285 378,412 55,578 50,756 43,906 43,495 68,596 70,021 n.a. 84.10 

Sept................ 363,534 367,671 52,204 50,071 42,751 42,534 66,374 67,817 n.a. 83.53 

Oct.................. 362,120 367,842 52,677 50,873 41,775 41,134 65,483 66,797 n.a. 80.48 

Nov ................. 366,606 371,472 51,489 48,558 41,880 40,534 65,201 67,747 n.a. 83.56 

Dec ................. 334,455 341,219 51,195 48,863 38,832 37,514 62,387 64,110 n.a. 81.11 

2011 - Jan .................. 364,177 371,093 50,342 47,786 38,536 37,363 62,464 64,271 n.a. 81.97 

Feb ................. 360,100 366,328 50,457 48,588 39,920 37,887 63,714 66,716 n.a. 81.94 

Mar ................. 364,629 370,168 50,249 48,651 41,382 40,403 67,835 71,394 n.a. 82.76 

 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

 June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15 

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42 

Sept.................. 3,099 4,231 5,633 2,209 95 401 964 321 n.a. 89.49 

Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 

2010 - Mar................... 3,021 5,650 6,166 2,051 142 285 961 417 -66 93.40 

June ................. 2,934 4,106 5,443 2,064 135 292 919 594 50 88.49 

Sept.................. 2,516 3,636 5,388 1,989 54 253 558 274 n.a. 83.53 

Dec ................... 2,308 3,649 5,164 2,218 n.a. 206 329 n.a. -8 81.11 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

10/06/10 .................................................................. 931,883 931,641 1,084 0.9604 

10/13/10 .................................................................. 958,011 957,909 983 0.9588 

10/20/10 .................................................................. 950,930 954,522 996 0.9615 

10/27/10 .................................................................. 972,799 974,541 373 0.9893 

 

11/03/10 .................................................................. 946,610 947,121 -204 0.9793 

11/10/10 .................................................................. 857,816 853,997 109 0.9739 

11/17/10 .................................................................. 952,864 950,756 93 0.9895 

11/24/10 .................................................................. 843,398 843,626 116 0.9945 

 

12/01/10 .................................................................. 1,058,428 1,058,842 54 0.9997 

12/08/10 .................................................................. 998,335 1,002,354 n.a. 0.9879 

12/15/10 .................................................................. 967,632 970,344 1,587 0.9619 

12/22/10 .................................................................. 905,497 906,808 1,025 0.9503 

12/29/10 .................................................................. 875,501 876,450 1,071 0.9496 

 

01/05/11 .................................................................. 936,365 938,973 1,389 0.9644 

01/12/11 .................................................................. 967,738 969,229 860 0.9717 

01/19/11 .................................................................. 959,387 961,495 1,546 0.9585 

01/26/11 .................................................................. 969,213 973,521 1,517 0.9436 

 

02/02/11 .................................................................. 1,000,850 1,004,808 1,731 0.9406 

02/09/11 .................................................................. 1,025,266 1,028,008 1,204 0.9611 

02/16/11 .................................................................. 1,041,372 1,041,907 1,258 0.9616 

02/23/11 .................................................................. 1,038,471 1,039,236 1,475 0.9320 

 

03/02/11 .................................................................. 1,054,128 1,055,499 2,075 0.9220 

03/09/11 .................................................................. 1,031,828 1,027,649 n.a. 0.9298 

03/16/11 .................................................................. 1,033,077 1,027,306 n.a. 0.9120 

03/23/11 .................................................................. 980,421 977,918 n.a. 0.9064 

03/30/11 .................................................................. 1,002,743 997,556 1,605 0.9213 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Dec................... 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358 

2010 - Apr ................... 893,257 894,033 72,576 67,479 112,688 111,095 119,076 118,345 1,250 1.0767 

May.................. 969,268 968,664 87,577 76,307 138,309 139,347 132,562 130,949 -394 1.1534 

June................. 966,002 969,700 69,570 61,702 148,117 143,895 135,767 134,872 -527 1.0774 

July .................. 1,026,245 1,034,649 68,970 59,379 144,820 144,148 143,939 140,911 910 1.0410 

Aug .................. 1,086,714 1,088,961 73,978 65,734 150,567 147,143 157,433 153,918 2,106 1.0150 

Sept................. 1,004,132 1,003,544 74,068 66,824 132,292 135,587 153,885 151,346 1,572 0.9808 

Oct................... 987,907 991,373 79,232 72,269 139,735 133,612 150,018 152,457 697 0.9850 

Nov .................. 1,067,845 1,067,334 72,283 67,021 148,620 139,686 148,550 155,462 354 0.9985 

Dec .................. 925,231 925,607 71,121 66,905 140,721 129,496 137,715 152,403 721 0.9341 

2011 - Jan ................... 1,022,670 1,025,943 74,535 70,135 145,540 133,181 152,008 164,044 1,471 0.9402 

Feb .................. 1,109,820 1,109,849 73,732 68,924 148,595 141,507 175,322 177,947 1,516 0.9305 

Mar .................. 1,045,227 1,042,431 69,916 67,362 152,725 134,358 165,523 178,907 1,804 0.9157 

 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

 June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 

Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 

2010 - Mar................... 7,785 15,776 43,909 7,963 n.a. n.a. 539 n.a. n.a. 1.0528 

June ................. 7,881 14,563 50,071 6,861 n.a. n.a. 545 n.a. -56 1.0774 

Sept.................. 8,832 14,725 50,746 6,710 428 280 241 n.a. -24 0.9808 

Dec ................... 8,596 14,121 51,384 10,691 233 n.a. 256 n.a. -27 0.9341 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

10/06/10 .................................................................. 1,163,902 1,187,879 n.a. 1.5903 

10/13/10 .................................................................. 1,206,622 1,234,948 n.a. 1.5843 

10/20/10 .................................................................. 1,268,474 1,292,842 n.a. 1.5857 

10/27/10 .................................................................. 1,294,604 1,321,751 n.a. 1.5782 

 

11/03/10 .................................................................. 1,250,017 1,279,310 n.a. 1.6080 

11/10/10 .................................................................. 1,168,650 1,196,561 n.a. 1.6071 

11/17/10 .................................................................. 1,294,464 1,324,863 n.a. 1.5941 

11/24/10 .................................................................. 1,181,521 1,212,700 n.a. 1.5774 

 

12/01/10 .................................................................. 1,343,965 1,378,522 n.a. 1.5603 

12/08/10 .................................................................. 1,345,192 1,375,200 n.a. 1.5792 

12/15/10 .................................................................. 1,279,997 1,311,268 n.a. 1.5613 

12/22/10 .................................................................. 1,196,477 1,224,771 n.a. 1.5390 

12/29/10 .................................................................. 1,184,953 1,213,484 n.a. 1.5463 

 

01/05/11 .................................................................. 1,240,724 1,267,540 n.a. 1.5497 

01/12/11 .................................................................. 1,290,859 1,320,569 n.a. 1.5716 

01/19/11 .................................................................. 1,273,317 1,302,694 n.a. 1.5991 

01/26/11 .................................................................. 1,333,155 1,363,529 n.a. 1.5886 

 

02/02/11 .................................................................. 1,295,026 1,324,182 n.a. 1.6167 

02/09/11 .................................................................. 1,280,139 1,307,768 n.a. 1.6089 

02/16/11 .................................................................. 1,358,967 1,385,136 n.a. 1.6063 

02/23/11 .................................................................. 1,338,285 1,367,805 n.a. 1.6221 

 

03/02/11 .................................................................. 1,367,372 1,396,584 n.a. 1.6311 

03/09/11 .................................................................. 1,344,902 1,371,242 n.a. 1.6202 

03/16/11 .................................................................. 1,327,363 1,347,493 n.a. 1.6028 

03/23/11 .................................................................. 1,302,343 1,321,742 n.a. 1.6246 

03/30/11 .................................................................. 1,354,169 1,377,188 n.a. 1.6038 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Dec................... 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167 

2010 - Apr ................... 1,159,371 1,179,625 416,857 331,850 83,536 75,571 82,333 89,891 n.a. 1.5308 

May.................. 1,199,896 1,221,437 442,067 361,963 80,964 77,601 82,609 93,316 1,140 1.4492 

June................. 1,221,541 1,245,485 429,474 355,006 78,791 76,407 82,161 88,357 n.a. 1.4947 

July .................. 1,227,098 1,250,442 430,603 353,228 76,204 71,354 78,285 82,839 2,641 1.5714 

Aug .................. 1,296,648 1,317,056 454,150 373,687 78,398 72,236 78,271 82,507 2,015 1.5358 

Sept................. 1,255,326 1,276,208 458,532 376,306 70,872 67,588 74,381 78,529 1,562 1.5731 

Oct................... 1,318,215 1,344,868 444,767 359,408 69,653 70,928 78,659 77,742 1,232 1.6020 

Nov .................. 1,367,810 1,401,574 460,968 370,658 70,278 71,514 80,305 78,709 -71 1.5578 

Dec .................. 1,186,954 1,214,317 440,137 357,473 61,124 61,160 68,496 69,450 n.a. 1.5598 

2011 - Jan ................... 1,324,315 1,359,811 454,479 363,151 66,634 65,657 71,459 73,613 1,496 1.6042 

Feb .................. 1,346,398 1,377,467 457,600 369,742 65,282 63,651 67,650 67,081 1,644 1.6247 

Mar .................. 1,390,086 1,415,627 468,518 533,450 66,069 62,049 71,734 69,838 964 1.6048 

 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

 June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 

2010 - Mar................... 7,844 11,669 84,735 32,660 418 570 1,202 427 n.a. 1.5186 

June ................. 9,249 12,221 80,621 32,372 1,277 n.a. 1,391 388 70 1.4947 

Sept.................. 12,213 17,669 67,095 28,640 695 n.a. 2,659 n.a. n.a. 1.5731 

Dec ................... 8,935 12,996 102,530 31,868 n.a. n.a. n.a. n.a. n.a. 1.5598 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

10/06/10 ................................................................ 17,798,107 17,804,169 14,059 n.a. 

10/13/10 ................................................................ 17,927,677 17,941,099 15,370 n.a. 

10/20/10 ................................................................ 18,240,663 18,295,120 19,387 n.a. 

10/27/10 ................................................................ 18,250,152 18,287,115 21,026 n.a. 

 

11/03/10 ................................................................ 18,460,506 18,520,479 15,943 n.a. 

11/10/10 ................................................................ 16,420,563 16,501,229 22,396 n.a. 

11/17/10 ................................................................ 18,606,573 18,694,050 21,893 n.a. 

11/24/10 ................................................................ 16,739,597 16,808,274 17,816 n.a. 

 

12/01/10 ................................................................ 19,318,498 19,370,399 19,535 n.a. 

12/08/10 ................................................................ 18,973,424 19,012,325 15,824 n.a. 

12/15/10 ................................................................ 18,139,289 18,159,194 11,968 n.a. 

12/22/10 ................................................................ 17,322,258 17,329,969 25,033 n.a. 

12/29/10 ................................................................ 17,245,840 17,240,502 24,677 n.a. 

 

01/05/11 ................................................................ 17,842,732 17,845,768 29,659 n.a. 

01/12/11 ................................................................ 18,222,759 18,231,297 n.a. n.a. 

01/19/11 ................................................................ 18,258,545 18,245,141 n.a. n.a. 

01/26/11 ................................................................ 18,691,940 18,676,563 26,723 n.a. 

 

02/02/11 ................................................................ 18,594,688 18,565,783 20,411 n.a. 

02/09/11 ................................................................ 18,738,606 18,712,370 13,422 n.a. 

02/16/11 ................................................................ 18,781,356 18,759,197 15,817 n.a. 

02/23/11 ................................................................ 19,049,104 19,032,401 14,799 n.a. 

 

03/02/11 ................................................................ 19,044,738 19,016,423 14,168 n.a. 

03/09/11 ................................................................ 19,083,745 19,074,211 16,992 n.a. 

03/16/11 ................................................................ 19,176,402 19,153,088 17,477 n.a. 

03/23/11 ................................................................ 18,393,018 18,391,703 17,427 n.a. 

03/30/11 ................................................................ 19,010,459 19,014,933 12,120 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec.............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a. 

2009 - Dec.............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a. 

2010 - Apr .............. 17,415,592 17,427,483 - - 1,985,479 2,045,782 2,126,754 2,167,897 8,370 n.a. 

May............. 17,588,036 17,600,288 - - 2,005,762 2,082,258 2,129,594 2,173,438 14,966 n.a. 

June............ 17,269,417 17,259,813 - - 1,952,113 1,997,650 2,027,043 2,058,652 15,307 n.a. 

July ............. 17,780,620 17,781,424 - - 1,927,386 1,944,228 2,007,963 2,051,365 14,680 n.a. 

Aug ............. 18,424,548 18,451,893 - - 1,933,132 1,918,118 2,016,447 2,056,329 20,067 n.a. 

Sept............ 18,790,132 18,791,034 - - 1,915,912 1,954,544 2,064,399 2,084,414 11,925 n.a. 

Oct.............. 19,155,321 19,229,984 - - 2,002,542 2,056,815 2,152,366 2,187,315 23,625 n.a. 

Nov ............. 19,757,307 19,831,432 - - 1,992,441 1,994,884 2,081,154 2,145,094 19,313 n.a. 

Dec ............. 17,841,875 17,894,094 - - 1,850,633 1,880,718 1,947,389 1,981,515 31,985 n.a. 

2011 - Jan .............. 19,348,247 19,347,216 - - 1,873,961 1,858,929 1,964,439 2,033,492 29,688 n.a. 

Feb ............. 19,563,921 19,509,722 - - 1,865,744 1,846,065 1,958,218 2,013,424 19,628 n.a. 

Mar ............. 19,905,851 19,834,347 - - 1,967,993 1,946,123 2,050,308 2,074,159 10,248 n.a. 

 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

 June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept.................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

Dec................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

June ................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a. 

Sept.................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a. 

Dec................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a. 

2010 - Mar................... 266,851 214,775 - - 26,305 15,869 12,439 11,812 1,690 n.a. 

June ................. 287,185 212,890 - - 23,353 20,732 11,872 12,702 -361 n.a. 

Sept.................. 262,280 232,330 - - 20,297 17,238 17,441 15,217 -1,748 n.a. 

Dec ................... 269,279 242,657 - - 14,838 14,605 11,007 9,394 -901 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

10/06/10 .................................................................................. 4,862,955 4,818,938 8,488 0.7182 

10/13/10 .................................................................................. 4,932,168 4,890,138 7,753 0.7161 

10/20/10 .................................................................................. 4,933,202 4,928,193 8,499 0.7169 

10/27/10 .................................................................................. 5,021,226 5,000,992 8,482 0.7253 

 

11/03/10 .................................................................................. 4,996,103 4,974,808 8,873 0.7136 

11/10/10 .................................................................................. 4,465,693 4,430,289 n.a. 0.7284 

11/17/10 .................................................................................. 5,096,974 5,054,657 n.a. 0.7377 

11/24/10 .................................................................................. 4,618,419 4,565,748 n.a. 0.7491 

 

12/01/10 .................................................................................. 5,436,258 5,382,291 4,577 0.7605 

12/08/10 .................................................................................. 5,238,654 5,190,277 3,572 0.7552 

12/15/10 .................................................................................. 5,086,503 5,025,441 1,829 0.7515 

12/22/10 .................................................................................. 4,832,263 4,771,261 n.a. 0.7640 

12/29/10 .................................................................................. 4,766,982 4,715,535 n.a. 0.7586 

 

01/05/11 .................................................................................. 5,095,428 5,041,286 n.a. 0.7592 

01/12/11 .................................................................................. 5,176,225 5,116,889 n.a. 0.7654 

01/19/11 .................................................................................. 5,185,135 5,125,224 n.a. 0.7410 

01/26/11 .................................................................................. 5,299,684 5,245,081 n.a. 0.7306 

 

02/02/11 .................................................................................. 5,106,307 5,056,527 n.a. 0.7257 

02/09/11 .................................................................................. 5,212,000 5,170,725 n.a. 0.7306 

02/16/11 .................................................................................. 5,191,638 5,153,649 n.a. 0.7382 

02/23/11 .................................................................................. 5,239,651 5,197,278 n.a. 0.7269 

 

03/02/11 .................................................................................. 5,190,154 5,154,406 n.a. 0.7210 

03/09/11 .................................................................................. 5,203,227 5,170,206 n.a. 0.7191 

03/16/11 .................................................................................. 5,144,002 5,131,525 n.a. 0.7183 

03/23/11 .................................................................................. 4,957,575 4,943,448 n.a. 0.7080 

03/30/11 .................................................................................. 5,196,437 5,177,824 n.a. 0.7095 

 
FOREIGN CURRENCY POSITIONS 

June 2011 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2008 - Dec................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Dec................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977 

2010 - Apr ................... 4,845,142 4,792,894 1,664,705 1,690,160 373,461 377,834 478,246 466,591 10,367 0.7518 

May.................. 4,932,103 4,883,020 1,856,090 1,830,705 401,639 415,811 548,874 533,720 8,733 0.8085 

June................. 4,890,601 4,848,312 1,793,838 1,757,313 401,995 413,886 572,201 548,493 6,961 0.8136 

July .................. 4,981,020 4,932,970 1,691,749 1,662,557 403,713 425,428 553,201 525,109 n.a. 0.7652 

Aug .................. 5,069,041 5,016,406 1,963,498 1,942,106 379,130 401,209 517,881 484,783 n.a. 0.7872 

Sept................. 5,094,731 5,046,473 1,829,552 1,800,834 382,047 404,068 481,361 450,808 7,024 0.7352 

Oct................... 5,059,741 5,037,302 1,783,375 1,769,667 426,780 446,515 516,661 485,300 7,849 0.7197 

Nov .................. 5,487,642 5,429,686 1,787,586 1,791,160 394,661 441,571 529,553 488,377 4,010 0.7671 

Dec .................. 4,885,766 4,822,039 1,689,896 1,688,619 355,082 405,184 496,740 452,756 n.a. 0.7467 

2011 - Jan ................... 5,295,622 5,244,730 1,657,444 1,638,401 388,497 436,009 497,076 457,433 n.a. 0.7291 

Feb .................. 5,210,482 5,193,935 1,683,599 1,670,482 363,000 426,238 474,054 411,072 4,514 0.7250 

Mar .................. 5,343,106 5,330,481 1,642,586 1,612,134 367,591 432,617 483,071 417,972 n.a. 0.7051 

 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated 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) 

 

2007 - Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

 June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 

June ................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 

Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 

2010 - Mar................... 51,627 76,239 217,047 103,767 5,079 3,219 11,669 6,053 -2,245 0.7393 

June ................. 62,220 98,323 228,160 108,708 6,650 2,309 11,961 10,324 -875 0.8136 

Sept.................. 64,821 69,400 216,837 100,815 11,214 4,215 5,996 7,070 931 0.7352 

Dec ................... 59,300 69,535 224,454 99,413 9,683 2,980 7,674 7,871 -115 0.7467 

 
June 2011 

100

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 Sept. 30, 2010, and Dec. 31, 2010 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2010 

Oct. 1, 2010, 

through 

Dec. 31, 2010 Dec. 31, 2010 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 20,436,050 -1,735 20,434,315 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 57,410,474 -586,218 56,824,256 

Foreign exchange and securities: 

European euro ..................................................................... 14,170,874 -185,726 13,985,148 

Japanese yen....................................................................... 11,558,628 354,969 11,913,597 

Accounts receivable................................................................. 142,413 19,656 162,069 

Total assets.......................................................................... 103,718,439 -399,054 103,319,385 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 27,766 5,570 33,336 

Total current liabilities ...................................................... 27,766 5,570 33,336 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,957,909 -570,701 54,387,208 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 60,157,909 -570,701 59,587,208 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -84,089 250,166 166,077 

Total capital...................................................................... 43,532,764 166,077 43,698,841 

Total liabilities and capital............................................ 103,718,439 -399,054 103,319,385 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2011 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2010, 

through 

Dec. 31, 2010 

Fiscal year to date

Oct. 1, 2010, 

through 

Dec. 31, 2010 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 125,660 125,660 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -25,658 -25,658

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 2,275 2,275 

U.S. Government securities......................................................... 6,386 6,386 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 57,414 57,414 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... 166,077 166,077 

Net income (+) or loss (-)............................................................. 166,077 166,077 

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.” 
Trust Funds
TRUST FUNDS 

June 2011 

105

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2011. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2011. 

Highway Account * 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2012) .............................................................................................................. 105 

less: 

Cash balance (fiscal year 2012) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2012)........................................................................................................................................................................ 97 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 143

* Assumes the current stream of revenues and spending levels are maintained. 

Mass Transit Account * 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2012) .............................................................................................................. 17 

less: 

Cash balance (fiscal year 2012) ......................................................................................................................................................................................... 2 

Unfunded authorizations (fiscal year 2012)........................................................................................................................................................................ 16 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 20 

* Assumes the current stream of revenues and spending levels are maintained. Numbers 

may not add due to rounding. 
June 2011 

106

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. 
RESEARCH PAPER SERIES 

June 2011 

107

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
June 2011 

108

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2011, the debt 

limit was $14,294,000 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-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

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 
GLOSSARY 

June 2011 

109

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

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, 
GLOSSARY 

June 2011 

110

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
Personal name (Please type or print)

Company name

Street address

City, State, Zip code

Daytime phone including area code

❑ Check payable to Superintendent of Documents

❑ SOD Deposit Account

❑ Vis  ❑ MasterCar  ❑ Discover/NOVUS ❑ American Expre

(expiration date)

AUTHORIZING SIGNATURE 10/07

Thank you for your order!

Check Method of Payment:

Order Processing Code: 3509 Easy Secure Internet:

bookstore.gpo.gov

Toll Free: 866 512–1800

DC Area: 202 512–1800

Fax: 202 512–2104

Mail: U.S. Government Printing Office

PO Box 979050

St. Louis, MO 63197–9000

PUBLICATION AND SUBSCRIPTION

ORDER FORM

Qty Stock Number Publication Title Price Total Price

Qty List ID Title Price Total Price

Prices include regular domestic postage and handling and are subject to change.

International customers please add 40%

Publications

Subscription

Total for Publications

Total for Publications

Total Cost of Order

Please return order form with payment

Thank you for your interest in U.S. Government Information. ALL SALES ARE FINAL.

Fax or e-mail