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Profile of the Economy

Financial Operations

International Statistics

Special Reports

SEPTEMBER 2011
Additional Financial Management Service 

Releases on Federal Finances

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The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
September 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 Third-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 ................................................................................................................................................. 30 

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
September 2011 

IV 

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 (second 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
September 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 ..................................................................................................................................................... 100 

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. 
September 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

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
September 2011 

3

Growth of Real GDP

-1.8

1.3

-3.7

-8.9

-6.7

3.8 3.8

0.4

1.3 1.7

2.3

1.7

3.6

2.5

3.9

-0.7

0.5

3.0

-12.0

-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 August 15, 2011 

Introduction 

Economic growth moderated during the first half of 

2011, partly due to transitory factors, including poor weather 

early in the year, an unusually sharp drop in federal defense 

spending, a spike in energy prices, and automotive supplychain disruptions stemming from the natural disaster in 

Japan. These factors have either reversed or are receding, 

and their absence is expected to provide a boost to growth in 

coming months. However, a more general slowing in 

underlying demand appears to have contributed to the softerthan-expected performance of the economy in recent 

months. Over the past 17 months, the economy has added a 

total of 1.9 million payroll jobs and the unemployment rate 

has trended broadly lower but is still high at 9.1 percent. 

Activity in the housing sector remains weak and continues to 

be restrained by excess supply, tight lending standards, and 

uncertainty about future home price values. 

The run-up in oil and food prices earlier this year has 

impacted inflation as well as private consumption. Headline 

inflation has moved higher recently, but core inflation 

(which excludes food and energy) remains low by historical 

standards. In financial markets, equity indexes have turned 

lower very recently, and Treasury bond yields have declined 

substantially 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 in December 2010, 

included a 2 percent payroll tax cut designed to help 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. At the end of June 2011, 

the Federal Reserve completed its purchases of longer-term 

Treasury securities. At its latest meeting in August, the 

Federal Open Market Committee (FOMC) affirmed a 

continuation of the current federal funds rate target range 

through mid-2013, citing a weak economy and labor market. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 5.0 percent. According to the 

advance estimate, real gross domestic product (GDP) growth 

accelerated from a 0.4 percent annual rate in the first quarter 

of 2011 to a 1.3 percent annual rate in the second quarter of 

2011–the eighth straight quarter of growth since the 

economy emerged from recession in mid-2009. Growth in 

the second quarter was held down by automotive supplychain disruptions which caused domestic motor vehicle 

output to fall and contributed to a pronounced drop in 

consumer spending. However, supply-chain problems are 

being resolved fairly rapidly, and automotive output is 

projected to rebound sharply in the third quarter, providing a 

boost to real GDP growth. Private consensus forecasts 

currently put third-quarter real GDP growth at a 3 percent 

annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

by 0.9 percent in the second quarter, slowing from the first 

quarter’s 2.0 percent rise. The deceleration reflected a 

marked slowdown in consumer spending. 

Real personal consumption expenditures–which account 

for about 70 percent of GDP–edged up only 0.1 percent at an 

annual rate in the second quarter, after growing by 2.1 

percent at an annual rate in the first quarter. A large decline 

in motor vehicle purchases accounted for about half of the 

slowdown in consumer expenditures between the first and 

second quarters. 

Residential investment–mostly residential homebuilding– 

rose 3.8 percent in the second quarter, after falling 2.4 

percent in the first quarter. The pick-up in residential activity 

added 0.1 percentage point to real GDP growth. Housing 

activity continues to be weighed down by a number of 

factors, including uncertainty about future home price values 

and the high level of unemployment. New home building 
4 PROFILE OF THE ECONOMY 

September 2011 

and sales remain depressed. Single family housing starts rose 

9.4 percent in June to 453,000 units (annualized), but this 

level was still 75 percent below the January 2006 peak. New 

single-family home sales fell 1.0 percent in June to 312,000 

(annualized) but were still 77.5 percent below the July 2005 

peak. Existing single-family home sales were unchanged in 

June at 4.2 million units (annualized), but were 33 percent 

below the September 2005 peak. The number of new singlefamily homes for sale is at its lowest level on record (back to 

1963). Relative to sales, there was a 6.3-month supply of 

new homes on the market at the end of June. While the 

supply of new homes available for sale has returned to its 

long-run average, the inventory of existing single-family 

homes was still very high relative to sales at a 9.5 month 

supply in June. Home price measures continue to fall on a 

year-over-year basis. The Federal Housing Financing 

Authority (FHFA) purchase-only house price index 

increased 0.4 percent in May, but was down 6.3 percent in 

the year through May, compared with a 2.2 percent decline a 

year earlier. The Standard & Poor’s (S&P)/Case-Shiller 

composite home price indexes rose in May the 20-city index 

rose 1.0 percent and the 10-city index rose 1.1 percent. On a 

12-month basis through May 2011, the 20-city index 

declined 4.5 percent while the 10-city index was 3.6 percent 

lower. 

Nonresidential fixed investment–about 10 percent of 

GDP–advanced 6.3 percent at an annual rate in the second 

quarter of 2011, accelerating from an annual rate of 2.1 

percent in the first quarter. For the past six quarters, 

nonresidential fixed investment growth has averaged nearly 

9 percent. Growth in business spending on equipment and 

software moderated to a 5.7 percent pace in the second 

quarter, after rising 8.7 percent in the first quarter. However, 

after falling by 14.3 percent in the first quarter, outlays for 

structures jumped 8.1 percent. Altogether, nonresidential 

fixed investment contributed 0.6 percentage point to real 

GDP growth in the second quarter. Inventory accumulation 

boosted growth by an additional 0.2 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 for the 

year as a whole, net exports posed a drag on growth of 0.5 

percentage point. In the first quarter of this year, net exports 

were only a modest drag on growth of 0.3 percentage point, 

as exports grew nearly 8 percent and imports advanced by 

8.3 percent. In the second quarter, export growth slowed to 6 

percent, but import growth slowed substantially more to 1.3 

percent. The result improvement in the trade deficit 

contributed 0.6 percentage point to second-quarter GDP 

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 $377 billion (2.7 

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

widened in 2010 to $471 billion (3.2 percent of GDP) as the 

U.S. economy recovered. The current account deficit 

continued to grow in early 2011, rising to $477 billion at an 

annual rate, but remained roughly stable as a share of GDP 

at 3.2 percent. 

Government purchases–which account for roughly 20 

percent of GDP–fell 1.1 percent at an annual rate in the 

second quarter, subtracting 0.2 percentage point from real 

GDP growth. A 2.2 percent increase in federal spending was 

completely offset by a 3.4 percent decline in state and local 

government expenditures. (In the first quarter, government 

spending had plunged by 5.9 percent, pulled down by a 12.6 

percent drop in Federal defense outlays.) 

Labor Markets 

During the recession (from December 2007 through June 

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

economy continued to lose jobs even after the recovery 

began, but in March 2010 nonfarm payrolls began to rise. 

Since then, total employment has grown by more than 1.9 

million. In the private sector, employment has increased by 

almost 2.4 million during the same period. 

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 649,000, 

and leisure and hospitality industries’ employment has 

increased by 293,000. Manufacturing payrolls have grown 

by 283,000 since early 2010. A few sectors continued to add 

jobs throughout the recession and are still hiring: since early 

2010, the health care sector has added 491,000 jobs. On the 

other hand, the government sector, notably at the local level, 

has lost more jobs in recent months than during the 19 

months of recession. Since early 2010, government payrolls 

have declined by 440,000, including 323,000 local 

government jobs. 

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, on trend, reaching 

8.8 percent in March 2011 before climbing back up to 9.2 

percent in June. As of July 2011, however, it had edged back 

down to 9.1 percent. 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 stood at 16.1 percent in July 
PROFILE OF THE ECONOMY 5 

September 2011 

Payroll Employment

166

105

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 II

(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)

July 2011

9.1%

-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

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 July 2011, it had edged down to 44.4 

percent. 

Inflation 

Headline inflation has moved higher recently, reflecting 

sharp increases in food and energy prices, but core inflation 

(excluding food and energy) is still low by historical 

standards. Headline consumer prices rose 3.6 percent over 

the 12 months ending in June, accelerating from the previous 

year’s 1.1 percent increase. Energy prices rose 20.1 percent 

in the year through June, well above the year-earlier, 3.0 

percent increase. On a 12-month basis core consumer prices 

(excluding food and energy) rose 1.6 percent through June 

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

Energy prices have fallen more recently, a trend expected to 

help reduce headline inflation in the future. Labor market 

slack and the continued low level of capacity utilization are 

expected to keep core inflation relatively low going forward. 

Energy prices rose sharply earlier this year, reflecting 

political turmoil in the Middle East and North Africa and 

concerns about supply disruptions. From mid February to 

late April, the front-month futures price of West Texas 

Intermediate (WTI) crude oil increased by almost $30 (about 

35 percent) to nearly $114 per barrel. Retail gasoline prices 

climbed in response, reaching a peak of $3.97 per gallon in 

May. Energy prices have since fallen, with the front-month 

futures price of WTI averaging $87 per barrel in the first half 

of August. The retail price of regular gasoline was $3.67 per 

gallon in the week ended August 8, 2011, down 30 cents 

from its early May peak. 

Food prices have risen noticeably in the past several 

months. In the year through June 2011, consumer food 

prices increased 3.7 percent, much faster than the 0.7 percent 

rise of the previous year. 
6 PROFILE OF THE ECONOMY 

September 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). The 

Administration’s Fiscal Year 2012 Budget, which was 

released in February, projects the deficit will widen to 

10.9 percent of GDP in fiscal year 2011, in part because of 

the December 2010 tax cut agreement, but then narrow 

significantly over subsequent 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. The 

forthcoming Mid-Session Review of the Budget will contain 

revised projections for the future path of the budget deficit. 

The Budget Control Act signed into law on August 2 will 

reduce the budget deficit by nearly $1 trillion over 10 years, 

with savings split equally between cuts to defense and 

nondefense discretionary spending. The agreement also 

established a bipartisan committee process to identify an 

additional $1.5 trillion in deficit reduction, including savings 

from entitlement and tax reform. The committee is required 

to report legislation by November 23, 2011, and Congress is 

required to vote on recommendations by December 23, 

2011. If the committee fails to produce an agreement, an 

automatic sequestration process will reduce government 

spending by an additional $133 billion each year from 2013 

to 2021, for a total savings of $1.2 trillion. Cuts will be split 

equally between defense and nondefense outlays; Social 

Security, Medicaid and low-income programs would be 

exempt. 

According to the Congressional Budget Office (CBO) 

estimates, the deal will lower projected deficits by an 

average of 1.1 percent of GDP each year from 2013 to 2021 

(assuming at least $2.1 trillion in deficit reduction). Between 

2016 and 2021, the deficit will average 3.5 percent of GDP. 

The primary deficit will average 0.3 percent of GDP from 

2016 to 2021, and will be eliminated in 2021. The Budget 

Control Act also authorized the President to increase the 

debt limit by at least $2.1 trillion, eliminating the need for 

further increases until 2013. 

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 late July, 

2011, nearly $670 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 CBO estimates that payroll 

employment would have been 1.2 million to 3.3 million 

lower in the first quarter of 2011 without the Recovery Act. 

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, 

extensions of unemployment benefits, and extensions of 

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

tax cuts. 

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 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 early 

August 2011. At the same time, the Committee 

acknowledged that the pace of recovery has slowed and 

indicated that, “economic conditions are likely to warrant 

exceptionally low levels for the federal funds rate at least 

through 2013.” Whereas the June FOMC accompanying 

statement noted that, “the Committee expected the pace of 

recovery to pick up over coming quarters,” the August 

statement observed that, “downside risks to the economic 

outlook have increased.” 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 the end of 

June 2011, the FOMC completed purchases of $600 billion 

of longer-term Treasury securities. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

have recently come under renewed pressure as investors 

express concerns about slowing economic growth in the U.S. 

as well as globally. Credit flows have improved substantially 

since early 2009, although credit conditions in some markets 

remain relatively tight. Bank lending has been picking up, 

with stabilization or further easing of standards, terms, and 

loan demand, depending upon market segment. Measures of 

risk tolerance and volatility have recently deteriorated 

somewhat, also reflecting renewed concerns about economic 

conditions in the U.S. and abroad. 

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 
PROFILE OF THE ECONOMY 7 

September 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

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

index rose 23.5 percent in 2009 and 12.8 percent in 2010. 

However, thus far in 2011, the S&P 500 is about 4 percent 

lower. 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 midMay 2010. It declined relatively steadily thereafter, but more 

recently has moved higher, and in mid-August stood at 32 

percent. 

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 and most 

recently, concern about the need for fiscal retrenchment and 

the downgrade of U.S. Treasury debt by rating agency S&P 

in early August. 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. The yield on the 10-year note 

has trended lower since then, and in recent weeks has 

dropped precipitously, reaching 2.3 percent in mid-August 

(within 25 basis points of 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 short-term 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 fluctuated in a wider range, from 0.02 to 0.10 percent, 

and stood at 0.02 percent as of early August 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 again to 233 basis 

points as of early August 2011. 

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 early 

August, 2011, the spread was about 30 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 
8 PROFILE OF THE ECONOMY 

September 2011 

spread has consistently remained below 300 basis points, 

falling to 233 basis points in early August 2011. This level is 

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 

4.3 percent as of early August 2011. 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. For example, between February 

2002 and July 2009, the exchange value of the dollar 

compared to an index of these currencies fell by about 19 

percent over this timeframe. Over the past 2 years (July 2009 

to July 2011), the dollar has depreciated by about 9 percent 

against this index. Over the longer timeframe, the dollar 

depreciated by nearly 30 percent against the yen and by 

almost 40 percent against the euro. Over the past 2 years, the 

dollar has depreciated by 16 percent against the yen and by 

about 1 percent against the euro. Against an index of 

currencies of 19 other important trading partners (including 

China, India, and Mexico), the dollar depreciated 2 percent 

over the longer timeframe, and has depreciated roughly 9 

percent against this basket over the past 2 years. 
September 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 

September 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 Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2011 supplements fiscal data reported in the 

June 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 $339.3 billion for the third 

quarter of fiscal year 2011. This is an increase of $77.5 

billion over the comparable prior year quarter. Withheld 

receipts increased by $22.3 billion and non-withheld receipts 

increased by $43.7 billion during this period. Refunds 

decreased by $11.5 billion over the comparable fiscal year 

2010 quarter. There was a decrease of $7.3 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 $79.2 billion for the third quarter of fiscal year 

2011. This is an increase of $0.2 billion compared to the 

prior year third quarter. The $0.2 billion change is comprised 

of a decrease of $7.6 billion in estimated and final payments, 

and a decrease of $7.9 billion in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2011 were $206.9 billion, a decrease of $19.3 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 -$19.3 billion, -$3.3 billion, and $3.2 billion respectively. 

There was a -$1.1 billion accounting adjustment for prior 

years’ employment tax liabilities made in the third quarter of 

fiscal year 2011, while there was a -$8.4 billion adjustment in 

the third quarter of fiscal year 2010. 

Unemployment insurance—Unemployment insurance 

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

2011 were $28.7 billion, an increase of $4.5 billion over the 

comparable quarter of fiscal year 2010. Net State taxes 

deposited in the U.S. Treasury increased by $4.3 billion to 

$24.9 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $3.8 billion. 
FEDERAL FISCAL OPERATIONS 

September 2011 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

third 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 third 

quarter of fiscal year 2011 were $18.1 billion, an increase of 

$0.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.1 billion, a 

decrease of $0.5 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts were 

$6.6 billion for the third quarter of fiscal year 2011. These 

receipts represent an increase of $0.9 billion over the same 

quarter in fiscal year 2010. 

Customs duties—Customs duties net of refunds were 

$7.1 billion for the third 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 third quarter of fiscal year 2011 were $27.2 billion, 

an increase of $5.8 billion over the comparable prior year 

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

Federal Reserve banks increasing by $6.0 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”] 

 Third quarter 

 April -June 

 Actual fiscal 

year to date 2011 

Total on- and off-budget results: 

Total receipts ............................................................... 714,137 1,734,033

On-budget receipts .................................................. 559,933 1,300,856

Off-budget receipts .................................................. 154,204 433,178

Total outlays................................................................. 855,244 2,704,557

On-budget outlays.................................................... 762,409 2,353,560

Off-budget outlays.................................................... 92,835 350,995

Total surplus or deficit (-) ............................................. -141,108 -970,524

On-budget surplus or deficit (-)................................ -202,476 -1,052,700

Off-budget surplus or deficit (-)................................ 61,368 82,181

Means of financing: 

Borrowing from the public............................................ 92,701 720,797

Reduction of operating cash........................................ -18,928 172,849

Other means ................................................................ 67,335 76,878

Total on- and off-budget financing........................... 141,108 970,524

Third-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 April May June 

Individual income taxes...................................................... 155.6 70.7 113.1 

Corporate income taxes..................................................... 25.0 5.4 48.8 

Employment and general retirement.................................. 80.1 59.1 67.7 

Unemployment insurance .................................................. 5.7 22.3 0.7 

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

Excise taxes ....................................................................... 6.3 5.1 6.8 

Estate and gift taxes .......................................................... 6.2 0.3 0.2 

Customs duties .................................................................. 2.5 2.1 2.5 

Miscellaneous receipts....................................................... 7.9 9.6 9.7

Total budget receipts ..................................................... 289.5 174.9 249.7

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

September 2011 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2010-2011

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

J J A SONDJ F MAMJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

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) 
FEDERAL FISCAL OPERATIONS 

September 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 - 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 50,678 279,845 216,700 63,145 -34,639 -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 39,778 315,009 314,504 505 -78,134 -117,406 39,272 162,832 

2011 - Jan ................... 226,550 171,448 55,102 276,346 230,966 45,380 -49,796 -59,518 9,722 103,980 

Feb .................. 110,656 67,556 43,100 r 333,163 r 282,276 50,887 r -222,507 r -214,721 -7,787 63,412 

Mar .................. 150,894 105,897 44,997 339,047 r 289,979 r 49,068 -188,153 r -184,082 r -4,071 76,515 

Apr................... 289,543 229,912 59,631 329,929 284,498 45,431 -40,387 -54,586 14,200 18,920 

May.................. 174,936 130,554 44,382 232,577 181,441 51,136 -57,641 -50,887 -6,754 56,961 

June................. 249,658 199,467 50,191 292,738 296,470 -3,732 -43,080 -97,003 53,922 -221 

Fiscal year 2011 to date ... 1,734,033 1,300,856 433,178 2,704,557 2,353,558 350,998 -970,524 -1,052,703 82,178 783,628 

 

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 - 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 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 - 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 -15,445 - r 222,507 

Mar ............................ -135 -10,441 86,821 -72,557 r -1,512 -683 6,509 33,089 - 188,153 

Apr............................. 166 14,476 4,610 -11,596 1,264 953 636 27,034 - 40,387 

May............................ -2 -11,184 68,143 13,159 -662 -380 1,692 3,307 - 57,641 

June........................... -125 -20,294 19,948 17,365 90 3,148 81 43,816 - 43,080 Fiscal year 2011 to date........... 531 63,363 720,797 -172,849 -177 2,906 8,790 88,397 - 970,524 

 

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 

September 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 - 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 

Apr......... 76,384 143,394 64,217 155,561 30,969 5,922 25,046 180,607 79,707 - 79,707 

May........ 80,651 5,847 15,807 70,691 8,529 3,123 5,406 76,097 58,693 - 58,693 

June....... 75,013 41,972 3,913 113,072 50,594 1,839 48,755 161,827 67,792 - 67,792 

 

Fiscal year 2011 

 to date................. 760,195 280,748 226,021 814,924 189,019 54,729 134,288 949,212 575,165 - 575,165 

 

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 - 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 

Apr................... 372 1 372 80,079 5,672 18 5,654 369 2 371 

May ................. 425 2 423 59,116 22,331 8 22,323 322 2 325 

June ................ -117 1 -119 67,673 697 15 682 359 2 361 

 

Fiscal year 2011 to date.... 3,093 4 3,089 578,256 44,776 64 44,713 3,051 21 3,073 

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

September 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 - 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 

Apr.............. 6,303 6,248 57 6,191 2,570 109 2,461 6,233 1,641 7,875 229,912 59,631 

May ............ 5,089 295 32 263 2,211 101 2,110 8,283 1,330 9,613 130,554 44,382 

June ........... 6,752 208 18 190 2,599 88 2,511 8,298 1,364 9,662 199,467 50,191 

Fiscal year 2011 

 to date....................... 51,175 8,410 1,590 6,820 22,074 873 21,201 64,894 14,689 79,585 1,300,859 433,178 

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 - 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 

Apr .................... 86,104 975 - 975 59 - 59 3,230 - 3,230 2,209 170 2,039 

May ................... 81,764 979 4 975 39 - 39 2,551 - 2,551 2,327 803 1,524 

June .................. 68,716 1,017 - 1,017 51 - 51 3,099 - 3,099 2,678 93 2,585 

Fiscal year 2011 to date.... 626,042 7,974 11 7,963 433 - 433 25,633 - 25,633 19,492 2,345 17,147 
FEDERAL FISCAL OPERATIONS 

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

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053 2011 - 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 - 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 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

Apr.............. 369 700 10,090 702 57,512 3,904 2,137 87,693 3,302 4,560 898 2,449 10,757

May............. 408 571 11,385 904 49,318 8,519 2,972 56,260 3,958 3,633 1,144 2,754 9,897

June............ 370 584 10,888 775 56,729 -20,237 3,449 77,921 4,174 13,095 1,410 2,477 9,395

 ` Fiscal year 2011 

 to date .................... 3,513 5,315 107,693 7,603 506,097 46,058 25,766 659,910 33,515 46,149 9,863 23,084 102,158

 

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 - 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 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 r 1,448 

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

Apr.............. 1,502 5,070 28,895 17,995 15,092 871 2,927 745 42 259 1,548 

May ............ 1,769 5,926 30,859 -35,302 5,443 910 3,629 841 35 114 3,324 

June ........... 1,790 7,491 110,537 8,426 9,996 921 4,037 815 45 263 3,083 

Fiscal year 2011 

 to date ..................... 17,356 54,768 385,872 95,147 91,268 8,154 37,156 8,286 385 1,509 15,875 

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

September 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 - 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 - 216,700 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 -3,502 -5,773 -84,354 -375 - 314,504 505 

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 - r 282,276 50,887 

Mar ........ 1,633 515 6,902 4,872 64,407 -1,571 -5,137 -1,427 -455 - r 289,979 49,068 

Apr......... 1,356 583 6,228 131 69,076 2,589 -5,652 -4,316 -84 - 284,498 45,431 

May ....... 1,477 539 5,910 120 61,420 3,253 -5,365 -2,777 -1,161 -108 181,441 51,136 

June ...... 1,500 655 5,558 112 69,482 -1,742 -5,715 -84,994 -551 - 296,470 -3,732

 Fiscal year 2011 

to date ................ 13,033 5,037 54,919 5,864 584,181 2,306 -64,274 -184,221 -4,678 -108 2,353,558 350,998 

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 

September 2011 

18 

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

June 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............................................... 814,884 38 - 814,922 655,335 39 - 655,374

Corporation income taxes........................................... 134,288 - * 134,288 132,957 - 2 132,959

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 433,178 433,178 - - 481,914 481,914

Employment and general retirement (on-budget)... - - 145,079 145,079 - - 140,053 140,053

Unemployment insurance ....................................... - - 44,712 44,712 - - 34,934 34,934

Other retirement...................................................... - - 3,073 3,073 - - 3,115 3,115

Excise taxes ................................................................ 14,717 660 35,800 51,176 13,828 647 32,852 47,326

Estate and gift taxes ................................................... 6,818 - - 6,818 15,098 - - 15,098

Customs duties ........................................................... 13,087 7,004 1,110 21,201 10,898 5,868 924 17,690

Miscellaneous receipts................................................ 67,335 11,585 665 79,585 56,117 11,676 736 68,530

Total receipts....................................................... 1,051,129 19,287 663,617 1,734,032 884,233 18,230 694,530 1,596,993

(On-budget)..................................................... 1,051,129 19,287 230,439 1,300,855 884,233 18,230 212,616 1,115,079

(Off-budget)..................................................... - - 433,178 433,178 - - 481,914 481,914

 

Budget outlays: 

Legislative branch ....................................................... 3,513 7 -7 3,513 3,538 242 -5 3,776

Judicial branch ............................................................ 5,135 216 -37 5,315 5,182 147 -33 5,295

Department of Agriculture ........................................... 94,625 12,353 715 107,692 87,278 12,903 749 100,930

Department of Commerce........................................... 7,190 412 1 7,604 10,049 165 * 10,214

Department of Defense-military .................................. 503,561 2,464 72 506,097 496,598 2,443 53 499,094

Department of Education ............................................ 46,625 -568 1 46,058 78,879 -654 3 78,228

Department of Energy................................................. 26,989 -1,223 * 25,766 22,773 -1,320 - 21,453

Department of Health and Human Services ............... 493,802 -218 166,323 659,906 472,564 -239 159,042 631,368

Department of Homeland Security.............................. 36,108 -2,729 136 33,515 34,961 -1,641 94 33,414

Department of Housing and Urban Development....... 46,410 -254 -7 46,149 48,875 -850 -7 48,019

Department of the Interior........................................... 9,262 236 365 9,862 9,203 160 320 9,684

Department of Justice ................................................. 21,419 1,697 -32 23,084 20,883 1,483 * 22,366

Department of Labor................................................... 64,018 -1,086 39,225 102,157 78,788 -1,010 53,464 131,242

Department of State.................................................... 16,802 86 468 17,356 16,047 -213 477 16,311

Department of Transportation..................................... 15,640 -217 39,343 54,766 38,367 -377 15,850 53,839

Department of the Treasury: 

Interest on the public debt....................................... 385,873 - - 385,873 354,862 - - 354,862

Other ....................................................................... 94,663 305 179 95,147 44,070 23 163 44,256

Department of Veterans Affairs .................................. 92,628 -2,112 752 91,269 82,672 -2,149 739 81,261

Corps of Engineers ..................................................... 7,866 192 97 8,154 6,380 15 675 7,070

Other defense civil programs...................................... 71,277 -11,078 -23,043 37,156 68,710 -8,378 -20,630 39,702

Environmental Protection Agency............................... 8,362 -29 -46 8,288 8,372 -79 -594 7,699

Executive Office of the President................................ 385 * * 385 483 * * 483

General Services Administration ................................ 90 1,421 * 1,511 115 489 1 605

International Assistance Program............................... 17,554 -508 -1,170 15,876 17,748 -565 -1,014 16,169

National Aeronautics and Space Administration ........ 13,046 -14 1 13,034 13,756 3 1 13,760

National Science Foundation...................................... 4,956 92 -11 5,037 4,546 89 * 4,636

Office of Personnel Management ............................... 7,633 -1,632 48,919 54,920 7,218 -1,253 50,004 55,970

Small Business Administration ................................... 5,870 -6 * 5,864 5,773 -4 * 5,769

Social Security Administration .................................... 107,227 * 476,954 584,181 53,668 -26 510,519 564,161

Other independent agencies....................................... 8,836 -5,215 -1,317 2,305 9,592 -23,797 2,270 -11,935

Undistributed offsetting receipts: 

Interest .................................................................... - - -184,221 -184,221 - - -183,519 -183,519

Other ....................................................................... -4,680 -11,422 -52,959 -69,061 -3,299 -11,544 -50,316 -65,159

Total outlays........................................................ 2,212,685 -18,830 510,701 2,704,558 2,098,651 -35,937 538,306 2,601,023

(On-budget)..................................................... 2,212,428 -19,557 160,686 2,353,557 2,098,392 -35,910 157,103 2,219,588

(Off-budget)..................................................... 257 727 350,015 350,999 259 -27 381,203 381,435

Surplus or deficit (-)............................................. -1,161,556 38,117 152,916 -970,526 -1,214,418 54,167 156,224 -1,004,030

(On-budget)..................................................... -1,161,299 38,844 69,753 -1,052,702 -1,214,159 54,140 55,513 -1,104,509

(Off-budget)..................................................... -257 -727 83,163 82,179 -259 27 100,711 100,479

- No transactions. 

* Less than $500,000. 

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

Apr....................................... 856,002 55,336 923,094 130,541 130,380 

May...................................... 881,266 45,463 913,531 99,821 99,860 

June..................................... 907,430 58,898 948,843 127,622 127,742 

 

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

September 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 - 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 

Apr.............. 99,447 5,000 2,012 131,725 5,000 2,046 23,405 5,000 1,911 66,889 5,000 2,001 

May............. 112,645 5,000 1,974 144,911 5,000 2,228 54,144 5,000 1,605 90,511 5,000 1,993 

June............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 

 

 

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. 
September 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 

September 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 - 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 

Apr ..................... 14,312,261 14,287,629 24,632 4,627,930 4,627,924 6 9,684,331 9,659,705 24,626 

May .................... 14,369,297 14,344,667 24,629 4,616,651 4,616,645 6 9,752,646 9,728,022 24,623 

June ................... 14,367,591 14,343,087 24,504 4,596,214 4,596,208 6 9,771,377 9,746,879 24,498 

 

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 - 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 

Apr...................... 14,312,261 58,082 14,254,179 4,627,930 24,221 4,603,710 9,684,331 33,861 9,650,470 

May .................... 14,369,297 58,159 14,311,138 4,616,651 24,126 4,592,526 9,752,646 34,033 9,718,612 

June ................... 14,367,591 56,800 14,310,792 4,596,214 23,983 4,572,231 9,771,377 32,817 9,738,561 

 
FEDERAL DEBT 

September 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 - 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 

Apr.............................. 186,562 - 3,786 137,707 180,849 29,995 1,336 

May ............................ 186,428 - 3,686 85,545 175,651 29,995 1,364 

June ........................... 186,085 - 3,686 39,793 166,423 29,995 1,380 

 

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 - 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 

Apr......................... 9,654,950 9,114,716 1,635,406 5,898,889 945,100 635,321 540,234 

May ....................... 9,723,456 9,240,787 1,576,536 6,049,390 961,176 653,686 482,669 

June ...................... 9,742,223 9,314,861 1,529,417 6,145,991 974,150 665,303 427,363 
FEDERAL DEBT 

September 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 - 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 

 Apr............ 3,398 72,338 24,000 7,781 555 544 - 12,201 847,269 

 May .......... 3,374 78,365 24,177 7,694 392 457 - 23,668 797,171 

 June ......... 3,374 80,356 22,050 7,803 592 484 - 21,126 742,747 

 

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 - 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 

 Apr......... 4,748,039 8,700 38,747 38,669 22,906 172,809 779,362 260,974 7,774 2,450,012 

 May ....... 4,684,821 7,071 37,583 39,025 22,890 169,639 757,549 260,890 8,263 2,446,613 

 June ...... 4,620,377 7,604 37,161 39,077 22,750 171,004 696,628 267,165 2,245 2,498,211 

 
FEDERAL DEBT 

September 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 - 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 * 

Apr................... 24,632 31 137 24,291 173 * 

May ................. 24,629 31 138 24,287 173 * 

June ................ 24,504 31 139 24,161 173 * 

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

September 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 - 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 

Apr...................... 7,653,649 2,522,043 2,870,226 1,496,984 324,243 440,152 58 

May..................... 7,721,626 2,499,253 2,953,201 1,499,893 317,188 452,090 59 

June.................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59 

 

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

September 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 - 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 

Apr....................................... 14,294,000 14,235,938 14,235,925 13 14,287,630 13 51,704 

May...................................... 14,294,000 14,293,975 14,293,962 13 14,344,668 13 50,705 

June..................................... 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

September 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 - 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 

Apr....................................... 1,008,098 10,178 26,212 19,753 548 1,160 

May ..................................... 991,105 11,009 26,387 19,923 553 1,160 

June .................................... 1,006,839 11,113 25,682 19,599 513 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 5 47,107 

2010 ................................................ 373,717 2,513 4,749 21 46,809 

 

2010 - June..................................... 347,424 2,358 4,420 26 40,830 

July...................................... 351,013 2,405 4,420 26 40,664 

Aug...................................... 364,932 2,490 4,420 26 40,827 

Sept..................................... 373,717 2,513 4,749 26 46,809 

Oct ...................................... 438,811 2,578 4,749 26 39,098 

Nov...................................... 438,811 2,578 4,749 26 39,024 

Dec...................................... 435,535 2,588 4,749 26 38,612 

2011 - Jan....................................... 448,202 2,763 4,749 26 38,598 

Feb...................................... 451,721 2,883 4,749 26 39,476 

Mar...................................... 470,015 2,883 4,749 26 39,738 

Apr ...................................... 474,825 2,948 4,749 26 41,751 

May ..................................... 483,302 3,048 4,749 26 42,422 

June .................................... 505,409 3,218 4,749 26 43,475 

 
FEDERAL DEBT 

September 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 r 385,323 

2010 ...................................... 7,254 3,481 11,752 r 374,997 

 

2010 - June ........................... 7,499 2,524 11,543 r 493,659 

July............................ 7,499 2,857 11,543 r 493,701 

Aug............................ 7,499 3,152 11,749 r 430,571 

Sept........................... 7,254 3,481 11,752 r 374,992 

Oct............................. 7,357 3,812 11,751 r 379,664 

Nov............................ 7,357 4,119 11,811 r 379,647 

Dec............................ 7,432 4,465 11,811 r 375,014 

2011 - Jan ............................. 7,483 4,806 11,811 r 394,200 

Feb ............................ 7,483 5,089 11,811 r 410,445 

Mar ............................ 7,635 5,409 10,942 r 400,218 

Apr............................. 7,669 5,708 11,037 401,534 

May ........................... 7,872 6,003 11,037 373,614 

June .......................... 8,241 2,523 11,037 370,064 

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
30 

September 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: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing]

A P R I L 

52-Week Bills 

On March 31, 2011, Treasury announced it would 

auction $24,000 million of 364-day Treasury bills. They 

were issued April 7, and will mature April 5, 2012. The 

issue was to refund $124,005 million of all maturing bills 

and raise new cash of approximately $1,995 million. 

Treasury auctioned the bills on April 5. Tenders totaled 

$88,774 million; Treasury accepted $24,001 million, which 

included $202 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.280 percent. 

Auction of 3-Year Notes 

On April 7, 2011, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$19,190 million of securities maturing April 15 and to raise 

new cash of approximately $46,810 million. 

The 3-year notes of Series Y-2014 were dated and 

issued April 15. They are due April 15, 2014, with interest 

payable on October 15 and April 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 eastern time (e.t.) for noncompetitive tenders and 

before 1:00 p.m. e.t. for competitive tenders on April 12. 

Tenders totaled $104,014 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 1.280 percent with the equivalent price of $99.911982. 

Treasury accepted in full all competitive tenders at yields 

lower than 1.280 percent. Tenders at the high yield were 

allotted 76.10 percent. The median yield was 1.249 percent, 

and the low yield was 1.192 percent. Noncompetitive 

tenders totaled $46 million. Competitive tenders accepted 

from private investors totaled $31,954 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $1,575 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 Y-2014 is $100. 

Auction of 9-Year 10-Month 3-5/8 Percent Notes 

On April 7, 2011, Treasury announced it would auction 

$21,000 million of 9-year 10-month 3-5/8 percent notes. The 

issue was to refund $19,190 million of securities maturing 

April 15 and to raise new cash of approximately $46,810 

million. 

The 9-year 10-month notes of Series B-2021 were dated 

February 15 and issued April 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 April 13. Tenders totaled 

$65,791 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.494 percent with an 

equivalent price of $101.075834. Treasury accepted in full 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2011 

31

all competitive tenders at yields lower than 3.494 percent. 

Tenders at the high yield were allotted 13.82 percent. The 

median yield was 3.429 percent, and the low yield was 3.364 

percent. Noncompetitive tenders totaled $59 million. 

Competitive tenders accepted from private investors totaled 

$20,941 million. Accrued interest of $5.90815 per $1,000 

must be paid for the period from February 15 to April 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,034 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2021 is $100. 

Auction of 29-Year 10-Month 4-3/4 Percent Bonds 

On April 7, 2011, Treasury announced it would auction 

$13,000 million of 29-year 10-month 4-3/4 percent bonds. 

The issue was to refund $19,190 million of securities 

maturing April 15 and to raise new cash of approximately 

$46,810 million. 

The 29-year 10-month bonds of February 2041 were 

dated February 15 and issued April 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 April 14. Tenders totaled 

$36,810 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.531 percent with an 

equivalent price of $103.552179. Treasury accepted in full 

all competitive tenders at yields lower than 4.531 percent. 

Tenders at the high yield were allotted 34.31 percent. The 

median yield was 4.495 percent, and the low yield was 4.400 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$12,987 million. Accrued interest of $7.74171 per $1,000 

must be paid for the period from February 15 to April 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $640 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of February 2041 is $100. 

Auction of 5-Year Treasury Inflation-Protected 

Security (TIPS) 

On April 14, 2011, Treasury announced it would 

auction $14,000 million of 5-year TIPS. The issue was to 

raise new cash. The 5-year TIPS of Series W-2016 were 

dated April 15 and issued April 29. They are due April 15, 

2016, with interest payable on October 15 and April 15 until 

maturity. Treasury set an interest rate of 0-1/8 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 April 21. Tenders totaled 

$36,000 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.180 percent with an 

equivalent adjusted price of $101.754296. Treasury 

accepted, in full, all competitive tenders at yields lower than 

-0.180 percent. Tenders at the high yield were allotted 40.46 

percent. The median yield was -0.260 percent, and the low 

yield was -0.400 percent. Noncompetitive tenders totaled 

$162 million. Competitive tenders accepted from private 

investors totaled $13,839 million. Adjusted accrued interest 

of $0.04792 per $1,000 must be paid for the period from 

April 15 to April 29. Both the unadjusted price of 

$101.520798 and the unadjusted accrued interest of 

$0.04781 were adjusted by an index ratio of 1.00230 for the 

period from April 15 to April 29. 

The minimum par amount required for STRIPS of TIPS 

of Series W-2016 is $100. 

M A Y 

Cash Management Bills 

On May 16, 2011, Treasury announced it would auction 

$5,000 million of 56-day bills. They were issued May 19 

and matured July 14. The issue was part of the SFP. 

Treasury auctioned the bills on May 18. Tenders totaled 

$34,275 million; Treasury accepted $5,000 million. The high 

bank discount rate was 0.020 percent. 

Auction of 2-Year Notes 

On April 21, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $52,642 million of securities maturing April 30 and 

to raise new cash of approximately $46,358 million. 

The 2-year notes of Series AK-2013 were dated April 

30 and issued May 2. They are due April 30, 2013, with 

interest payable on October 31 and April 30 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 April 26. Tenders totaled 

$106,975 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.673 percent with an 

equivalent price of $99.905047. Treasury accepted in full all 

competitive tenders at yields lower than 0.673 percent. 

Tenders at the high yield were allotted 79.79 percent. The 

median yield was 0.640 percent, and the low yield was 0.577 

percent. Noncompetitive tenders totaled $311 million. 

Competitive tenders accepted from private investors totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2011 

32 

$34,689 million. Accrued interest of $0.03397 per $1,000 

must be paid for the period from April 30 to May 2. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $2,208 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AK-2013 is $100. 

Auction of 5-Year Notes 

On April 21, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $52,642 million of securities maturing April 30 and 

to raise new cash of approximately $46,358 million. 

The 5-year notes of Series X-2016 were dated April 30 

and issued May 2. They are due April 30, 2016, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 

a.m. e.t. for noncompetitive tenders and before 11:30 a.m. 

e.t. for competitive tenders on April 27. Tenders totaled 

$96,968 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.124 percent with an 

equivalent price of $99.415214. Treasury accepted in full all 

competitive tenders at yields lower than 2.124 percent. 

Tenders at the high yield were allotted 22.11 percent. The 

median yield was 2.070 percent, and the low yield was 1.980 

percent. Noncompetitive tenders totaled $102 million. 

Competitive tenders accepted from private investors totaled 

$34,898 million. Accrued interest of $0.10870 per $1,000 

must be paid for the period from April 30 to May 2. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $2,208 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series X-2016 is $100. 

Auction of 7-Year Notes 

On April 21, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $52,642 million of securities maturing April 30 and 

to raise new cash of approximately $46,358 million. 

The 7-year notes of Series K-2018 were dated April 30 

and issued May 2. They are due April 30, 2018, with interest 

payable on October 31 and April 30 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 April 28. Tenders totaled 

$76,229 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.712 percent with an 

equivalent price of $99.448900. Treasury accepted in full all 

competitive tenders at yields lower than 2.712 percent. 

Tenders at the high yield were allotted 22.94 percent. The 

median yield was 2.654 percent, and the low yield was 2.566 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$29,990 million. Accrued interest of $0.14266 per $1,000 

must be paid for the period from April 30 to May 2. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1,830 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2018 is $100. 

52-Week Bills 

On April 28, 2011, Treasury announced it would 

auction $24,000 million of 364-day Treasury bills. They 

were issued May 5, and will mature May 3, 2012. The issue 

was to refund $125,999 million of all maturing bills and pay 

down approximately $17,999 million. Treasury auctioned 

the bills on May 3. Tenders totaled $115,438 million; 

Treasury accepted $24,000 million. That included $94 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.200 percent. 

May Quarterly Financing 

On May 4, 2011, Treasury announced it would auction 

$32,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to raise new 

cash of approximately $72,000 million. 

The 3-year notes of Series Z-2014 were dated May 15 

and issued May 16. They are due May 15, 2014, with 

interest payable on November 15 and May 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 e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on May 10. Tenders totaled 

$105,258 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.000 percent with an 

equivalent price of $99.999987. Treasury accepted in full all 

competitive tenders at yields lower than 1.000. Tenders at 

the high yield were allotted 20.92 percent. The median yield 

was 0.968 percent, and the low yield was 0.882 percent. 

Noncompetitive tenders totaled $26 million. Competitive 

tenders accepted from private investors totaled $31,974 

million. Accrued d from May 15 to May 16. The minimum 

par amount required for STRIPS of notes of Series Z-2014 is 

$100. 

The 10-year notes of Series C-2021 were dated May 15 

and issued May 16. They are due May 15, 2021, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 3-1/8 percent after 
PUBLIC DEBT OPERATIONS 

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September 2011 

33

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 May 11. Tenders totaled 

$72,033 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.210 percent with an 

equivalent price of $99.277862. Treasury accepted in full all 

competitive tenders at yields lower than 3.210. Tenders at 

the high yield were allotted 18.26 percent. The median yield 

was 3.175 percent, and the low yield was 3.096 percent. 

Noncompetitive tenders totaled $62 million. Competitive 

tenders accepted from private investors totaled $23,898 

million. Accrued interest of $0.08492 per $1,000 must be 

paid for the period from May 15 to May 16. The minimum 

par amount required for STRIPS of notes of Series C-2021 is 

$100. 

The 30-year bonds were dated May 15 and issued May 

16. They are due May 15, 2041, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 4-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on May 12. Tenders totaled 

$38,833 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.380 percent with an 

equivalent price of $99.916711. Treasury accepted in full all 

competitive tenders at yields lower than 4.380. Tenders at 

the high yield were allotted 62.12 percent. The median yield 

was 4.300 percent, and the low yield was 4.230 percent. 

Noncompetitive tenders totaled $24 million. Competitive 

tenders accepted from private investors totaled $15,976 

million. Accrued interest of $0.11889 per $1,000 must be 

paid for the period from May 15 to May 16. The minimum 

par amount required for STRIPS of bonds of May 2040 is 

$100. 

Auction of 2-Year Notes 

On May 19, 2011, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$49,172 million of securities maturing May 31 and to raise 

new cash of approximately $60,828 million. 

The 2-year notes of Series AL-2013 were dated and 

issued May 31. They are due May 31, 2013, with interest 

payable on November 30 and May 31 until maturity. 

Treasury set an interest rate of 0-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on May 24. Tenders totaled 

$121,202 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.560 percent with an 

equivalent price of $99.880835. Treasury accepted in full all 

competitive tenders at yields lower than 0.560 percent. 

Tenders at the high yield were allotted 89.70 percent. The 

median yield was 0.540 percent, and the low yield was 0.470 

percent. Noncompetitive tenders totaled $149 million. 

Competitive tenders accepted from private investors totaled 

$34,851 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $2,946 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AL-2013 is $100. 

Auction of 5-Year Notes 

On May 19, 2011, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$49,172 million of securities maturing May 31 and to raise 

new cash of approximately $60,828 million. 

The 5-year notes of Series Y-2016 were dated and 

issued May 31. They are due May 31, 2016, with interest 

payable on November 30 and May 31 until maturity. 

Treasury set an interest rate of 1-3/4 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 May 25. Tenders totaled 

$112,148 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.813 percent with an 

equivalent price of $99.700152. Treasury accepted in full all 

competitive tenders at yields lower than 1.813 percent. 

Tenders at the high yield were allotted 1.56 percent. The 

median yield was 1.780 percent, and the low yield was 1.720 

percent. Noncompetitive tenders totaled $55 million. 

Competitive tenders accepted from private investors totaled 

$34,945 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $2,946 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Y-2016 is $100. 

Auction of 7-Year Notes 

On May 19, 2011, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$49,172 million of securities maturing May 31 and to raise 

new cash of approximately $60,828 million. 

The 7-year notes of Series L-2018 were dated and 

issued May 31. They are due May 31, 2018, with interest 

payable on November 30 and May 31 until maturity. 

Treasury set an interest rate of 2-3/8 percent after 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2011 

34 

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 May 26. Tenders totaled 

$93,906 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.429 percent with an 

equivalent price of $99.654311. Treasury accepted in full all 

competitive tenders at yields lower than 2.429 percent. 

Tenders at the high yield were allotted 43.21 percent. The 

median yield was 2.400 percent, and the low yield was 2.330 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$28,981 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $2,441 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2018 is $100. 

Auction of 9-Year 8-Month 1-1/8 Percent TIPS 

On March 12, 2011, Treasury announced it would 

auction $11,000 million of 9-year 8-month 1-1/8 percent 

TIPS. The issue was to refund $49,172 million of securities 

maturing May 31 and to raise new cash of approximately 

$60,828 million. 

The 9-year 8-month TIPS of Series A-2021 were dated 

January 15 and issued May 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 May 19. Tenders totaled 

$29,244 million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.887 percent with an 

equivalent adjusted price of $104.359972. Treasury accepted 

in full all competitive tenders at yields lower than 0.887. 

Tenders at the high yield were allotted 96.61 percent. The 

median yield was 0.798 percent, and the low yield was 0.699 

percent. Noncompetitive tenders totaled $65 million. 

Competitive tenders accepted from private investors totaled 

$10,905 million. Adjusted accrued interest of $4.31625 per 

$1,000 must be paid for the period from January 15 to May 

31. Both the unadjusted price of $102.190468 and the 

unadjusted accrued interest of $4.22652 were adjusted by an 

index ratio of 1.02123, for the period from January 15 to 

May 31. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $926 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2021 is $100. 

J U N E 

Cash Management Bills 

On June 6, 2011, Treasury announced it would auction 

$15,000 million of 6-day bills. They were issued June 9 and 

matured June 15. The issue was to raise new cash. Treasury 

auctioned the bills on June 8. Tenders totaled $82,655 

million; Treasury accepted $15,000 million. The high bank 

discount rate was 0.040 percent. 

52-Week Bills 

On May 26, 2011, Treasury announced it would auction 

$24,000 million of 364-day Treasury bills. They were issued 

June 2, and will mature May 31, 2012. The issue was to 

refund $113,003 million of all maturing bills and to pay 

down approximately $10,003 million. Treasury auctioned 

the bills on June 1. Tenders totaled $112,646 million; 

Treasury accepted $24,001 million. That included $103 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.180 percent. 

Auction of 3-Year Notes 

On June 2, 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 AA-2014 were dated and 

issued June 15. They are due June 15, 2014, with interest 

payable on December 15 and June 15 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 June 7. Tenders totaled 

$104,926 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.765 percent with the 

equivalent price of $99.955596. Treasury accepted in full all 

competitive tenders at yields lower than 0.765 percent. 

Tenders at the high yield were allotted 74.36 percent. The 

median yield was 0.739 percent, and the low yield was 0.657 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$31,980 million. The minimum par amount required for 

STRIPS of notes of Series AA-2014 is $100. 

Auction of 9-Year 11-Month 3-1/8 Percent Notes 

On June 2, 2011, Treasury announced that it would 

auction $21,000 million of 9-year 11-month 3-1/8 percent 

notes. The issue was to raise new cash of approximately 

$66,000 million. 
PUBLIC DEBT OPERATIONS 

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35

The 9-year 11-month notes of Series C-2021 were dated 

May 15 and issued June 15. They are due May 15, 2021, 

with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on June 8. Tenders totaled 

$67,782 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.967 percent with an 

equivalent price of $101.345530. Treasury accepted in full 

all competitive tenders at yields lower than 2.967 percent. 

Tenders at the high yield were allotted 3.76 percent. The 

median yield was 2.920 percent, and the low yield was 2.808 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors totaled 

$20,978 million. Accrued interest of $2.63247 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2021 is $100. 

Auction of 29-Year 11-Month 4-3/8 Percent Bonds 

On June 2, 2011, Treasury announced it would auction 

$13,000 million of 29-year 11-month 4-3/8 percent bonds. 

The issue was to raise new cash of approximately $66,000 

million. 

The 29-year 11-month bonds of May 2041 were dated 

May 15 and issued June 15. They are due May 15, 2041, 

with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on June 9. Tenders totaled 

$34,175 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.238 percent with an 

equivalent price of $102.304368. Treasury accepted in full 

all competitive tenders at yields lower than 4.238 percent. 

Tenders at the high yield were allotted 17.21 percent. The 

median yield was 4.170 percent, and the low yield was 4.100 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$12,980 million. Accrued interest of $3.68546 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of Bonds of May 

2041 is $100. 

52-Week Bills 

On June 23, 2011, Treasury announced it would auction 

$24,000 million of 364-day Treasury bills. They were issued 

June 30, and will mature June 28, 2012. The issue was to 

refund $113,007 million of all maturing bills and to pay 

down approximately $10,007 million. Treasury auctioned 

the bills on June 28. Tenders totaled $99,706 million; 

Treasury accepted $24,000 million. That included $108 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.200 percent. 

Auction of 2-Year Notes 

On June 23, 2011, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$55,249 million of securities maturing June 30 and to raise 

new cash of approximately $50,751 million. 

The 2-year notes of Series AM-2013 were dated and 

issued June 30. They are due June 30, 2013, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 0-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on June 27. Tenders totaled 

$107,830 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.395 percent with an 

equivalent price of $99.960197. Treasury accepted in full all 

competitive tenders at yields lower than 0.395 percent. 

Tenders at the high yield were allotted 50.43 percent. The 

median yield was 0.359 percent, and the low yield was 0.290 

percent. Noncompetitive tenders totaled $149 million. 

Competitive tenders accepted from private investors totaled 

$34,851 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,127 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AM-2013 is $100. 

Auction of 5-Year Notes 

On June 23, 2011, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$55,249 million of securities maturing June 30 and to raise 

new cash of approximately $50,751 million. 

The 5-year notes of Series Z-2016 were dated and 

issued June 30. They are due June 30, 2016, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 1-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on June 28. Tenders totaled 

$90,601 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.615 percent with an 

equivalent price of $99.449734. Treasury accepted in full all 

competitive tenders at yields lower than 1.615 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2011 

36 

Tenders at the high yield were allotted 35.97 percent. The 

median yield was 1.550 percent, and the low yield was 1.470 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$34,962 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,127 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2016 is $100. 

Auction of 7-Year Notes 

On June 23, 2011, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$55,249 million of securities maturing June 30 and to raise 

new cash of approximately $50,751 million. 

The 7-year notes of Series M-2018 were dated and 

issued June 30. They are due June 30, 2018, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 2-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on June 29. Tenders totaled 

$75,945 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.430 percent with an 

equivalent price of $99.647922. Treasury accepted in full all 

competitive tenders at yields lower than 2.430 percent. 

Tenders at the high yield were allotted 23.98 percent. The 

median yield was 2.360 percent, and the low yield was 2.285 

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 $934 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2018 is $100. 

Auction of 29-Year 8-Month 2-1/8 Percent TIPS 

On June 16, 2011, Treasury announced that it would 

auction $7,000 million of 29-year 8-month 2 1/8 percent 

TIPS. The issue was to refund $55,249 million of securities 

maturing June 30 and to raise new cash of approximately 

$50,751 million. 

The 29-year 8-month TIPS of February 2041 were dated 

February 15 and issued June 30. 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 June 23. Tenders totaled 

$21,165 million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.744 percent with an 

equivalent adjusted price of $111.698711. Treasury accepted 

in full all competitive tenders at yields lower than 1.744 

percent. Tenders at the high yield were allotted 84.66 

percent. The median yield was 1.690 percent, and the low 

yield was 1.630 percent. Noncompetitive tenders totaled $21 

million. Competitive tenders accepted from private investors 

totaled $6,979 million. Adjusted accrued interest of 

$8.13702 per $1,000 must be paid for the period from 

February 15 to June 30. Both the unadjusted price of 

$108.784378 and the unadjusted accrued interest of 

$7.92472 were adjusted by an index ratio of 1.02679, for the 

period from February 15 to June 30. 

In addition to the $7,000 million of tenders accepted in 

the auction process, Treasury accepted $225 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of February 2041 is $100. 
PUBLIC DEBT OPERATIONS 

September 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 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(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 - Apr. 07.............. 2011 - May 05 28 164,738.5 45,939.2 39,664.0 237.1 99.996111 0.050 0.051

July 07 91 138,908.5 32,000.2 30,783.4 995.8 99.987361 0.050 0.051

Oct. 06 182 131,990.5 30,000.2 28,823.9 676.2 99.934278 0.130 0.132

Apr. 14................. May 12 28 185,877.4 43,781.6 39,592.7 217.9 99.998056 0.025 0.025

 July 14 91 133,758.4 32,000.3 30,678.0 1,018.4 99.987361 0.050 0.051

 Oct. 13 182 133,418.9 30,000.7 28,466.0 809.6 99.944389 0.110 0.112

Apr. 21................. May 19 28 154,195.9 40,285.5 33,682.7 217.7 99.997667 0.030 0.030

 July 21 91 144,541.4 30,000.2 28,695.2 1,055.1 99.984833 0.060 0.061

 Oct. 20 182 134,051.7 28,000.3 26,692.6 721.1 99.944389 0.110 0.112

Apr. 28................. May 26 28 145,646.4 32,418.7 28,784.2 221.1 99.997667 0.030 0.030

 July 28 91 136,980.3 29,000.5 27,004.3 998.7 99.983569 0.065 0.066

 Oct. 27 182 128,179.5 27,000.1 25,309.1 691.0 99.941861 0.115 0.117

May 05................. June 02 28 134,377.2 33,938.2 27,689.3 210.9 99.999611 0.005 0.005

 Aug. 04 91 137,691.3 29,000.7 27,847.6 953.1 99.987361 0.050 0.051

 Nov. 03 182 133,511.5 27,000.6 25,792.8 657.7 99.949444 0.100 0.102

May 12................. June 09 28 138,186.7 31,781.6 27,764.0 236.0 99.998833 0.015 0.015

 Aug. 11 91 135,334.1 29,000.4 27,875.8 954.6 99.993681 0.025 0.025

 Nov. 10 182 128,452.1 27,000.4 25,560.3 790.1 99.967139 0.065 0.066

May 19................. June 16 28 133,674.2 34,286.0 27,778.9 222.1 99.998056 0.025 0.025

 Aug. 18 91 118,568.3 27,000.1 25,920.4 976.0 99.992417 0.030 0.031

 Nov. 17 182 121,197.3 24,000.3 22,764.6 660.7 99.964611 0.070 0.071

May 26................. June 23 28 131,261.9 30,418.1 26,779.0 232.9 99.997278 0.035 0.036

 Aug. 25 91 126,988.1 27,000.4 25,101.9 903.3 99.986097 0.055 0.056

 Nov. 25 183 119,274.2 24,001.0 22,365.0 656.5 99.949167 0.100 0.102

June 02................ June 30 28 137,438.3 33,938.1 27,810.0 190.1 99.996889 0.040 0.041

 Sept. 01 91 125,869.7 27,000.1 25,935.9 923.5 99.984833 0.060 0.061

 Dec. 01 182 114,233.8 24,000.2 22,814.3 685.8 99.941861 0.115 0.117

June 09................ July 07 28 128,687.4 31,781.7 27,726.9 223.3 99.999611 0.005 0.005

 Sept. 08 91 130,937.2 27,000.4 25,914.1 886.2 99.988625 0.045 0.046

 Dec. 08 182 120,869.3 24,001.0 22,830.7 670.3 99.946917 0.105 0.107

June 16................ July 14 28 137,305.6 34,285.3 27,781.7 218.6 99.998833 0.015 0.015

 Sept. 15 91 124,596.3 27,000.0 25,985.3 914.7 99.987361 0.050 0.051

 Dec. 15 182 120,816.2 24,000.1 22,958.1 642.0 99.946917 0.105 0.107

June 23................ July 21 28 126,828.9 30,418.8 27,774.5 226.3 99.999611 0.005 0.005

 Sept. 22 91 126,627.4 27,000.5 26,069.0 916.4 99.991153 0.035 0.036

 Dec. 22 182 112,674.2 24,000.2 23,074.9 725.3 99.949444 0.100 0.102

June 30................ July 28 28 133,912.3 33,938.7 26,793.2 223.5 99.999611 0.005 0.005

 Sept. 29 91 126,056.5 27,000.1 25,069.5 931.2 99.993681 0.025 0.025

 Dec. 29 182 118,378.0 24,000.8 22,375.5 631.3 99.951972 0.095 0.097

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 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) 

 

04/05/11 04/07/11 0.280% bill—04/05/12 364d 88,774 24,001 

04/12/11 04/15/11 1.250% note—04/15/14-Y 3y 105,589 33,575 1.280 - 99.911982 

04/13/11 04/15/11 3.625% note—02/15/21-B 9y 10m 66,825 22,034 3.494 - 101.075834 

04/14/11 04/15/11 4.750% bond—02/15/41 29y 10m 37,450 13,640 4.531 - 103.552179 

04/21/11 04/29/11 0.125% TIPS—04/15/16-W 5y 36,000 14,000 -0.180 - 101.754296 

04/26/11 05/02/11 0.625% note—04/30/13-AK 2y 109,183 37,208 0.673 - 99.905047 

04/27/11 05/02/11 2.000% note—04/30/16-X 5y 99,176 37,208 2.124 - 99.415214 

04/28/11 05/02/11 2.625% note—04/30/18-K 7y 78,059 30,830 2.712 - 99.448900 

05/03/11 05/05/11 0.200% bill—05/03/12 364d 115,438 24,000 

05/10/11 05/16/11 1.000% note—05/15/14-Z 3y 105,258 32,000 1.000 - 99.999987 

05/11/11 05/16/11 3.125% note—05/15/21-C 10y 72,033 24,000 3.210 - 99.277862 

05/12/11 05/16/11 4.375% bond—05/15/41 30y 38,833 16,000 4.380 - 99.916711 

05/18/11 05/19/11 0.020% bill—07/14/11 56d 34,275 5,000 

05/19/11 05/31/11 1.125% TIPS—01/15/21-A 9y 8m 30,170 11,926 0.887 - 104.359972 

05/24/11 05/31/11 0.500% note—05/31/13-AL 2y 124,148 37,946 0.560 - 99.880835 

05/25/11 05/31/11 1.750% note—05/31/16-Y 5y 115,094 37,946 1.813 - 99.700152 

05/26/11 05/31/11 2.375% note—05/31/18-L 7y 96,347 31,441 2.429 - 99.654311 

06/01/11 06/02/11 0.180% bill—05/31/12 364d 112,646 24,001 

06/08/11 06/09/11 0.040% bill—06/15/11 6d 82,655 15,000 

06/07/11 06/15/11 0.750% note—06/15/14-AA 3y 104,926 32,000 0.765 - 99.955596 

06/08/11 06/15/11 3.125% note—05/15/21-C 9y 11m 67,782 21,000 2.967 - 101.345530 

06/09/11 06/15/11 4.375% bond—05/15/41 29y 11m 34,175 13,000 4.238 - 102.304368 

06/23/11 06/30/11 2.125% TIPS—02/15/41 29y 8m 21,390 7,225 1.744 - 111.698711 

06/28/11 06/30/11 0.200% bill—06/28/12 364d 99,706 24,000 

06/27/11 06/30/11 0.375% note—06/30/13-AM 2y 108,957 36,127 0.395 - 99.960197 

06/28/11 06/30/11 1.500% note—06/30/16-Z 5y 91,728 36,127 1.615 - 99.449734 

06/29/11 06/30/11 2.375% note—06/30/18-M 7y 76,878 29,934 2.430 - 99.647922 

 

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. 
September 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 

September 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 - 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 

Apr....................................... 14,312,261 14,287,629 4,627,930 - 4,627,930 1,506,178 

May...................................... 14,369,297 14,344,667 4,616,651 - 4,616,651 1,614,484 

June..................................... 14,367,591 14,343,087 4,596,214 - 4,596,214 1,702,065 

 

 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 - 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

Apr........................................................... 8,153,521 7,630,392 523,130 24,632 24,626 6

May.......................................................... 8,113,532 7,647,747 465,786 24,629 24,623 6

June......................................................... 8,044,808 7,632,583 412,225 24,504 24,498 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 

September 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 2,103.1 362.5 

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 2,194.8 373.2 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 580.3 2,192.0 246.9 

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 538.5 2,235.3 335.5 

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 537.6 2,353.2 278.2 

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 7,513.3 274.4 190.2 462.2 179.1 224.8 649.6 506.1 3,877.8 1,152.4 

 June ....... 13,201.8 5,345.1 7,856.7 270.1 189.6 531.9 182.0 229.8 634.4 511.6 4,069.9 1,237.4 

 Sept........ 13,561.6 5,350.5 8,211.1 328.8 188.7 595.2 185.5 237.3 609.6 508.0 4,324.1 1,234.0 

 Dec......... 14,025.2 5,656.2 8,368.9 322.7 187.9 615.9 185.6 243.7 637.9 516.7 4,437.9 1,220.6 

2011 - Mar......... 14,270.0 5,958.9 8,311.1 328.7 186.7 637.7 187.9 248.8 643.4 506.1 4,479.2 1,092.5 

 June ....... 14,343.1 6,220.4 8,122.7 n.a. 186.0 n.a. n.a. n.a. n.a. n.a. n.a. 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. 
September 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, June 30, 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 .............................. $1,188,431,252,484 $1,144,961,990,770 $1,144,478,733,569 $240,595,466 $242,661,735

Less amounts held by: 

The Treasury....................................... 185,645,067 28,630,144 28,424,483 7,505 198,156

FRBs ................................................... 159,335,930,647 157,224,532,202 157,224,513,326 - 18,876

Amounts in circulation............................. $1,028,909,676,770 $987,708,828,424 $987,225,795,760 $240,587,961 $242,444,703

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $43,469,261,714 $6,203,987,008 $37,265,274,706 

Less amounts held by: 

The Treasury....................................... 157,014,923 92,433,778 64,581,145 

FRBs ................................................... 2,111,398,445 1,271,967,961 839,430,484 

Amounts in circulation............................. $41,200,848,346 $4,839,585,269 $36,361,263,077 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2011 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 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 ................................................................................ $9,813,612,968 $9,671,610,324 $143,503 $141,859,141 

$2 ................................................................................ 1,834,819,666 1,702,826,476 131,980,618 12,572 

$5 ................................................................................ 11,348,207,260 11,213,973,940 108,442,610 25,790,710 

$10 .............................................................................. 16,444,843,570 16,424,166,020 6,300 20,671,250 

$20 .............................................................................. 134,976,537,960 134,956,433,100 3,840 20,101,020 

$50 .............................................................................. 67,796,754,100 67,785,258,000 500 11,495,600 

$100 ............................................................................ 745,181,164,800 745,159,184,400 - 5 21,980,400 

$500 ............................................................................ 142,177,500 141,987,500 5,500 184,500 

$1,000 ......................................................................... 165,495,000 165,286,000 5,000 204,000 

$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 ......................................................... $987,708,828,424 $987,225,795,760 $240,587,961 $242,444,703 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

 

June 30, 2011 ...................................................................................... 1,028,910 $3,302 

May 31, 2011 ....................................................................................... 1,025,087 3,292 

Apr. 30, 2011........................................................................................ 1,013,376 3,256 

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
September 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 - 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 

May......................................................................... 143,128 11,041 57,144 53,301 21,642 

June........................................................................ 143,843 11,041 57,234 53,843 21,725 

July ......................................................................... 145,882 11,041 57,182 54,635 23,024 

 

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-July 

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 

September 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 .............. 8,655,211 3,754,358 630,015 2,234,580 1,354 888,410 2,656,568 2,191,345 1,180,027 1,011,318 52,940 

Series Break................ 8,652,356 4,065,467 630,015 2,615,683 1,354 818,416 2,656,568 1,863,051 1,180,027 683,024 67,270 

 

2010 - July r ................ 8,658,052 4,088,445 648,569 2,624,396 1,363 814,118 2,633,452 1,869,457 1,164,839 704,618 66,697 

Aug. r............... 8,794,459 4,129,461 666,494 2,655,875 1,372 805,720 2,658,811 1,938,227 1,147,200 791,027 67,960 

Sept. r.............. 8,971,884 4,152,429 681,050 2,695,334 1,381 774,664 2,747,537 2,004,060 1,174,987 829,073 67,858 

Oct. r................ 8,988,889 4,189,009 723,994 2,694,492 1,391 769,133 2,702,987 2,027,565 1,174,162 853,403 69,328 

Nov. r............... 8,992,459 4,170,125 683,628 2,711,053 1,400 774,045 2,680,817 2,073,186 1,173,589 899,597 68,331 

Dec. r............... 9,102,004 4,139,388 640,351 2,724,684 1,409 772,944 2,791,916 2,109,269 1,168,817 940,452 61,431 

2011 - Jan. r ................ 9,126,107 4,134,506 608,016 2,742,796 1,419 782,276 2,756,479 2,166,712 1,197,275 969,437 68,410 

Feb .................. 9,263,780 4,148,700 602,068 2,758,228 1,427 786,977 2,849,336 2,200,230 1,216,232 983,998 65,514 

Mar .................. 9,524,081 4,146,819 589,804 2,765,654 1,437 789,924 3,030,310 2,277,074 1,275,258 1,001,816 69,878 

Apr................... 9,645,633 4,193,758 607,844 2,793,773 1,447 790,695 3,123,377 2,249,405 1,256,458 992,947 79,093 

May p............... 9,731,253 4,210,968 603,236 2,815,303 1,456 790,973 3,210,089 2,235,605 1,226,101 1,009,504 74,591 

June p.............. 9,409,324 4,214,011 595,573 2,829,074 1,466 787,899 2,893,833 2,222,251 1,231,646 990,605 79,229 

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 

September 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 - 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 

Apr ..................................................................... 1,447 1,447 112 1,334 

May .................................................................... 1,456 1,456 113 1,343 

June................................................................... 1,466 1,466 114 1,352 

 

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. 
 

September 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 

September 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 

September 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 

September 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 Dec. r Jan. r Feb. r Mar. Apr. May June p

Total liabilities to all foreigners............................... 4,479,544 4,621,159 4,589,438 4,691,820 4,922,382 5,019,816 5,067,194 4,752,817 

Payable in dollars............................................... 4,257,364 4,429,639 4,397,918 4,500,300 4,704,565 4,801,999 4,849,377 4,535,000 

Foreign official institutions.............................. 713,965 640,351 608,016 602,068 589,804 607,844 603,236 595,573 

Deposits, excluding negotiable CDs............. 50,746 49,812 45,430 46,281 48,988 57,711 59,079 56,788 

U.S. Treasury bills and certificates ............... 528,063 462,303 438,916 432,412 414,920 421,459 422,946 407,494 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ....................................................... 24,629 26,180 28,457 25,557 22,804 22,324 20,657 24,919 

Other liabilities............................................ 110,527 102,056 95,213 97,818 103,092 106,350 100,554 106,372 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,527,769 3,770,104 3,763,125 3,874,939 4,089,308 4,163,575 4,219,930 3,909,219 

Deposits, excluding negotiable CDs.......... 1,700,131 1,772,469 1,749,427 1,800,361 1,926,767 1,937,195 2,010,408 1,885,280 

U.S. Treasury bills and certificates ............ 219,198 262,207 250,079 248,557 244,505 224,116 214,364 217,857 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 414,576 363,051 370,465 380,361 387,043 392,409 399,043 392,322 

Other liabilities............................................ 1,193,864 1,372,377 1,393,154 1,445,660 1,530,993 1,609,855 1,596,115 1,413,760 

International and regional organizations 1 ..... 15,630 19,184 26,777 23,293 25,453 30,580 26,211 30,208 

Deposits, excluding negotiable CDs.......... 7,888 9,637 11,211 10,335 13,413 17,566 16,151 17,734 

U.S. Treasury bills and certificates ............ 3,176 5,454 9,683 8,464 8,081 8,448 5,560 5,258 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 1,412 1,809 1,688 2,125 1,834 2,318 2,270 2,340 

Other liabilities............................................ 3,154 2,284 4,195 2,369 2,125 2,248 2,230 4,876 

Payable in foreign currencies2 ........................... 222,180 191,520 191,520 191,520 217,817 217,817 217,817 217,817 

Sector: 

Banks and other foreigners........................ 221,231 190,629 190,629 190,629 216,260 216,260 216,260 216,260 

International and regional organizations1 ....... 949 891 891 891 1,557 1,557 1,557 1,557 

Major currencies: 

Canadian dollars ........................................ 17,694 14,910 14,910 14,910 21,216 21,216 21,216 21,216 

Euro............................................................ 99,279 81,228 81,228 81,228 93,150 93,150 93,150 93,150 

United Kingdom pounds sterling................ 10,455 11,252 11,252 11,252 14,582 14,582 14,582 14,582 

Japanese yen............................................. 55,505 46,165 46,165 46,165 48,533 48,533 48,533 48,533 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,066,310 3,308,635 3,298,630 3,402,824 3,625,378 3,730,925 3,784,537 3,484,810 

Liabilities to own foreign offices..................... 2,076,639 2,246,810 2,227,694 2,301,165 2,480,175 2,548,587 2,592,136 2,266,678 

Liabilities collaterized by repurchase 

agreements ............................................ 561,544 635,119 624,124 668,049 693,884 743,842 760,373 733,697 

Foreign official institutions...................... 96,592 87,475 82,444 86,305 94,151 92,173 88,254 96,720 

Foreign banks and other foreigners....... 462,897 546,085 538,062 579,894 598,024 650,225 670,692 633,636 

International and regional organizations 1..... 2,055 1,559 3,618 1,850 1,709 1,444 1,427 3,341 

Reported by IBFs ....................................... 563,771 559,875 571,675 566,029 668,717 655,209 689,317 649,525 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 215,883 185,008 185,008 185,008 210,543 210,543 210,543 210,543 

Reported by IBFs ....................................... 49,194 45,469 45,469 45,469 50,767 50,767 50,767 50,767 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,197,351 1,127,516 1,105,800 1,103,988 1,086,461 1,078,348 1,072,114 1,057,464 

Payable in dollars....................................... 1,191,054 1,121,004 1,099,288 1,097,476 1,079,187 1,071,074 1,064,840 1,050,190 

of which: other short-term negotiable 

securities and negotiable CDs............ 228,580 202,716 212,424 213,419 223,049 227,882 234,416 229,827 

 of which: short-term U.S. Government 

agency securities ................................ 53,343 43,595 48,971 43,048 38,018 40,339 36,162 39,480 

 of which: negotiable CDs ...................... 65,515 59,119 59,356 62,881 70,510 74,275 83,776 76,100 

Payable in foreign currencies 2 .................. 6,297 6,512 6,512 6,512 7,274 7,274 7,274 7,274 

 

 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 

September 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 2011 

Country 2008 2009 2010 r Feb. r Mar. Apr May June p

Europe: 

Austria ............................................... 2,568 1,954 2,436 2,492 3,337 3,020 3,454 3,932

Belgium ............................................ 16,278 14,676 19,089 19,665 20,944 22,925 21,746 23,411

Bulgaria ............................................. 125 148 130 117 122 154 158 215

Cyprus............................................... 789 1,780 968 935 861 1,190 1,084 1,094

Czech Republic................................. 681 881 504 834 820 852 176 1,107

Denmark............................................ 4,548 3,339 5,168 5,842 5,318 5,113 5,513 5,151

Finland............................................... 1,615 1,127 1,095 1,095 1,150 1,157 1,045 2,792

France ............................................... 59,520 60,903 58,458 70,486 90,893 79,154 85,424 96,061

Germany............................................ 159,709 112,143 107,791 110,452 119,143 138,796 141,692 128,326

Greece............................................... 2,005 1,071 1,269 1,139 1,166 1,165 1,130 1,237

Hungary............................................. 781 575 794 997 1,082 1,198 1,227 681

Iceland .............................................. 1,096 815 864 619 858 951 696 1,578

Ireland ............................................... 182,351 147,936 119,721 122,798 142,360 130,170 136,660 142,703

Italy.................................................... 8,821 8,692 6,361 7,323 7,446 9,760 10,849 8,758

Kazakhstan ....................................... 13,765 10,425 13,219 14,056 13,905 16,422 17,401 15,075

Luxembourg ..................................... 130,917 101,534 89,568 89,976 97,221 93,566 91,949 90,726

Monaco.............................................. 314 177 186 155 157 197 196 208

Netherlands....................................... 37,005 17,924 15,740 17,253 19,514 19,176 26,885 23,257

Norway .............................................. 18,000 2,438 3,002 3,044 2,382 2,829 2,916 2,416

Poland ............................................... 4,731 4,786 6,037 7,821 8,444 7,952 8,591 7,001

Portugal............................................. 2,166 1,790 2,685 1,622 2,046 2,130 1,370 1,678

Romania............................................ 647 590 3,468 5,936 2,302 394 450 427

Russia .............................................. 73,139 74,671 50,963 38,418 39,448 36,820 34,843 25,007

Serbia and Montenegro .................... 182 300 457 573 571 494 583 481

Spain ................................................. 17,414 14,345 12,551 15,206 16,977 13,584 21,382 14,150

Sweden ............................................. 3,963 5,917 4,825 6,346 8,407 7,885 9,591 10,365

Switzerland........................................ 57,583 47,786 45,820 37,003 39,180 35,865 39,012 40,593

Turkey ............................................... 20,281 22,377 24,178 26,955 29,540 30,300 32,927 33,465

Ukraine.............................................. 4,071 3,167 4,278 4,489 3,142 4,098 3,642 4,654

United Kingdom................................. 784,793 784,131 995,171 1,026,864 1,119,804 1,155,972 1,168,712 1,017,764

Channel Islands ................................ 12,344 14,953 18,257 17,750 16,887 15,679 14,180 12,235

All other Europe ................................ 7,965 9,182 8,826 8,776 8,854 9,144 9,134 8,608

Total Europe.................................. 1,630,168 1,472,534 1,623,879 1,667,037 1,824,278 1,848,112 1,894,620 1,725,157

Memo: Euro Area 1 .......................... 621,493 486,377 438,306 461,212 523,750 516,450 545,416 538,755

Memo: European Union 2................. 1,422,690 1,287,555 1,455,063 1,516,646 1,670,792 1,696,741 1,740,507 1,582,160

Canada.................................................. 80,127 93,980 110,550 118,583 130,656 132,099 129,417 140,048

Latin America: 

Argentina........................................... 12,949 12,636 12,346 12,725 12,639 12,765 12,109 11,931

Belize................................................. 299 323 300 313 331 354 397 420

Bolivia................................................ 4,544 2,939 1,693 2,212 2,220 2,375 2,346 2,386

Brazil ................................................. 18,586 62,353 47,251 32,026 30,542 33,185 27,400 23,660

Chile .................................................. 15,909 11,704 15,691 18,340 19,777 20,237 19,841 19,362

Colombia ........................................... 10,396 17,628 21,012 21,062 20,596 19,711 20,223 19,825

Costa Rica......................................... 2,005 1,952 1,429 1,569 1,642 1,800 1,422 1,197

Ecuador............................................. 3,600 3,869 3,799 3,713 3,737 3,792 3,624 3,633

El Salvador........................................ 2,945 2,823 1,805 2,122 2,170 2,135 2,259 2,108

Guatemala......................................... 1,875 2,129 2,150 1,902 1,932 2,118 2,115 1,959

Guyana.............................................. 276 204 270 279 334 332 330 352

Honduras........................................... 1,570 1,401 1,526 1,538 1,648 1,833 1,687 1,636

Mexico............................................... 71,040 51,611 62,258 57,943 64,863 69,451 68,066 63,413

Nicaragua.......................................... 301 488 766 857 898 854 999 1,019

Panama............................................. 10,891 9,783 8,019 7,325 7,764 7,540 7,807 7,861

Paraguay........................................... 667 715 901 834 1,042 983 795 628

Peru................................................... 4,712 4,889 7,575 8,840 10,378 10,712 11,760 11,349

Suriname........................................... 157 278 264 322 350 345 320 344

Uruguay............................................. 8,221 8,766 7,737 8,275 8,284 8,275 8,151 8,252

Venezuela ......................................... 26,816 25,014 22,701 21,555 21,821 21,439 22,448 22,146

All other Latin America...................... 48 59 50 54 56 61 57 58

Total Latin America ....................... 197,807 221,564 219,543 203,806 213,024 220,297 214,156 203,539

Caribbean: 

Anguilla.............................................. 13,091 11,520 10,913 11,291 12,592 11,526 11,336 11,996

Antigua and Barbuda ........................ 115 114 65 78 77 75 77 85

Aruba................................................. 738 579 351 460 448 401 368 461

Bahamas ........................................... 338,432 290,352 264,384 268,283 270,657 273,492 293,634 264,287

Barbados........................................... 17,056 10,405 11,532 11,772 12,420 11,361 11,469 10,933

Bermuda............................................ 53,173 40,290 42,393 42,593 45,749 45,748 46,472 47,346

British Virgin Islands ......................... 44,616 34,789 44,166 44,912 42,607 41,173 43,436 41,645

Cayman Islands ................................ 1,544,995 1,481,978 1,530,848 1,583,046 1,605,967 1,644,041 1,632,244 1,514,135

Cuba.................................................. 89 83 77 79 76 54 52 52

Dominican Republic .......................... 3,089 3,226 3,494 3,189 2,873 2,945 2,914 2,850

French West Indies ........................... 26 36 35 33 32 26 29 26

Haiti ................................................... 540 679 1,275 1,191 1,238 1,147 1,159 1,156

Jamaica............................................. 1,023 989 877 1,027 909 931 1,136 989

Netherlands Antilles .......................... 6,679 6,943 7,670 7,677 10,411 7,968 6,655 6,096

See footnotes at end of table.
CAPITAL MOVEMENTS 

September 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 2011 

Country 2008 2009 2010 r Feb. r Mar. Apr. May June p

 

Caribbean, con. 

St. Kitts and Nevis.......................... 139 143 158 147 180 172 177 168

Trinidad and Tobago...................... 3,945 3,988 3,474 3,325 3,625 3,638 3,662 3,940

Turks and Caicos Islands............... 227 107 100 96 93 96 94 89

All other Caribbean ........................ 170 127 159 179 222 190 188 192

Total Caribbean.......................... 2,028,143 1,886,348 1,921,972 1,979,379 2,010,177 2,044,984 2,055,101 1,906,445

Asia: 

Bangladesh .................................... 3,479 4,506 3,837 4,127 3,552 3,813 2,895 3,590

China, Mainland ............................. 226,169 105,851 47,020 43,396 37,480 32,180 32,928 42,847

Hong Kong ..................................... 54,534 129,909 106,369 103,178 101,818 107,132 105,249 97,706

India................................................ 28,834 26,421 25,711 25,788 28,059 29,242 26,324 24,417

Indonesia........................................ 10,005 21,671 22,547 25,839 33,037 33,710 35,342 32,425

Israel............................................... 20,860 16,815 18,318 19,255 18,754 18,772 18,475 17,664

Japan.............................................. 251,993 185,544 161,602 155,203 179,681 183,423 187,499 177,703

Jordan ............................................ 2,247 2,527 2,752 2,751 2,619 2,501 2,455 2,508

Korea, South .................................. 16,078 12,457 12,231 13,739 12,102 13,595 13,796 13,147

Laos................................................ 66 74 103 96 93 105 89 87

Lebanon ......................................... 1,434 1,421 1,616 1,446 1,563 1,718 1,464 1,606

Malaysia ......................................... 2,346 2,297 4,290 3,964 3,774 4,033 4,438 3,463

Pakistan.......................................... 4,186 3,805 5,272 6,242 6,911 6,750 7,222 8,338

Philippines...................................... 9,561 5,363 6,185 4,091 6,905 5,041 5,465 6,809

Singapore....................................... 45,194 28,378 43,422 35,460 30,723 31,219 33,109 35,092

Syria ............................................... 65 34 39 53 45 44 41 43

Taiwan............................................ 30,702 29,800 31,321 31,439 25,992 30,753 27,851 26,064

Thailand.......................................... 18,748 17,028 31,736 35,918 35,458 39,225 38,496 41,196

Yemen............................................ 212 336 247 244 440 480 280 273

Oil exporting countries 3 ................. 121,758 105,728 100,800 102,110 101,207 102,012 107,405 115,808

All other Asia .................................. 7,133 7,563 6,501 5,831 6,530 7,213 7,483 7,499

Total Asia ................................... 855,604 707,528 631,919 620,170 636,743 652,961 658,306 658,285

Africa: 

Botswana........................................ 376 307 232 493 1,052 571 419 494

Egypt .............................................. 9,401 17,481 26,550 17,540 19,295 17,309 16,298 15,616

Ghana............................................. 316 284 641 771 410 711 490 1,764

Kenya ............................................. 342 476 400 543 417 554 422 596

Liberia............................................. 466 626 664 684 807 777 797 773

Mauritius......................................... 1,089 1,669 2,145 1,599 2,089 1,778 1,676 1,852

Morocco.......................................... 379 339 786 795 769 596 515 645

Mozambique................................... 141 232 283 256 169 237 350 234

South Africa.................................... 4,215 3,005 1,359 2,248 1,778 1,951 2,071 1,675

Tanzania......................................... 682 482 483 494 448 478 450 455

Uganda........................................... 329 441 468 491 541 745 552 529

Zambia ........................................... 141 235 425 400 471 584 380 496

Zimbabwe....................................... 88 276 321 210 174 181 253 317

Oil exporting countries 4 ................. 4,380 7,108 5,605 5,677 5,958 7,002 6,258 6,035

All other Africa................................ 6,605 8,239 6,938 5,934 5,263 5,510 8,304 9,864

Total Africa ................................. 28,950 41,200 47,300 38,135 39,641 38,984 39,235 41,345

Other countries: 

Australia ......................................... 33,479 27,056 30,798 28,647 27,325 36,213 34,326 33,507

New Zealand .................................. 3,849 5,480 3,919 3,502 4,670 4,980 5,779 4,307

French Polynesia ........................... 143 164 142 131 149 133 125 130

All other .......................................... 10,857 7,111 11,062 8,246 8,709 8,916 8,361 8,289

Total other ................................. 48,328 39,811 45,921 40,526 40,853 50,242 48,591 46,233

All countries........................................ 4,869,127 4,462,965 4,601,084 4,667,636 4,895,372 4,987,679 5,039,426 4,721,052

International and regional orgs: 

International organizations............ 32,837 13,453 14,667 18,747 20,997 26,172 22,605 26,625

Regional organizations 5 ............... 4,692 3,126 5,408 5,437 6,013 5,965 5,163 5,140

Total international and 

 regional organizations............. 37,529 16,579 20,075 24,184 27,010 32,137 27,768 31,765

Grand total ............................. 4,906,656 4,479,544 4,621,159 4,691,820 4,922,382 5,019,816 5,067,194 4,752,817

 

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 

September 2011 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 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 ............................ 3,932 3,216 2,386 830 1,457 632 664 1 5 290 167 716

Belgium .......................... 23,411 19,311 9,216 10,094 4,545 515 3,625 1,624 4,832 4,158 11 4,100

Cyprus............................ 1,094 1,094 1,088 6 752 327 6 - - 2 7 -

Czech Republic.............. 1,107 1,091 1,091 - 49 85 - - - 956 1 16

Denmark......................... 5,151 5,103 1,163 3,940 310 556 3,846 79 15 285 12 48

Finland............................ 2,792 2,699 2,254 445 1,973 108 68 76 301 137 36 93

France ............................ 96,061 91,390 76,972 14,418 32,656 2,074 12,599 1,551 155 26,776 15,579 4,671

Germany......................... 128,326 108,476 99,970 8,506 29,447 2,355 5,875 800 597 68,663 739 19,850

Greece............................ 1,237 1,233 1,129 105 309 768 97 3 5 35 17 4

Hungary.......................... 681 534 235 299 49 131 290 3 6 54 1 147

Ireland ............................ 142,703 141,565 27,123 114,442 2,207 5,973 22,618 54,512 34,005 5,803 16,447 1,138

Italy................................. 8,758 8,220 6,213 2,006 3,457 1,106 1,883 7 12 1,652 103 538

Kazakhstan .................... 15,075 14,711 2,117 12,594 1,468 54 12,594 - - 576 19 364

Luxembourg ................... 90,726 89,420 19,124 70,296 5,271 6,949 34,070 16,756 17,116 1,052 8,206 1,306

Monaco........................... 208 207 125 82 23 67 82 - - 35 - 1

Netherlands.................... 23,257 22,673 16,355 6,318 3,584 5,808 2,620 2,474 115 6,029 2,043 584

Norway ........................... 2,416 2,353 1,410 943 445 413 729 182 32 156 396 63

Poland ............................ 7,001 6,967 1,115 5,852 798 214 4,731 1,121 - 103 - 34

Portugal.......................... 1,678 1,639 1,553 86 1,209 250 84 - 2 91 3 39

Romania......................... 427 426 426 - 37 70 - - - 313 6 1

Russia ............................ 25,007 24,935 9,308 15,627 7,511 951 15,550 76 1 749 97 72

Spain .............................. 14,150 13,258 10,487 2,771 4,772 2,117 2,697 7 46 3,526 92 892

Sweden........................... 10,365 10,281 7,631 2,650 203 424 1,218 629 525 6,153 1,129 84

Switzerland..................... 40,593 36,569 20,429 16,140 10,356 2,741 11,681 3,671 675 6,564 881 4,024

Turkey............................. 33,465 33,418 2,702 30,716 1,107 222 30,699 12 3 1,372 3 47

Ukraine ........................... 4,654 4,640 4,640 - 4,332 131 - - - 170 7 14

United Kingdom.............. 1,017,764 951,888 932,198 19,690 359,045 22,766 12,309 2,384 2,965 332,445 219,974 65,876

Channel Islands ............. 12,235 11,995 8,548 3,447 3,730 2,837 2,522 694 70 262 1,880 240

All other Europe............... 10,882 10,840 8,529 2,311 2,306 886 2,134 100 2 5,350 62 42

Total Europe ................ 1,725,157 1,620,153 1,275,538 344,615 483,409 61,530 185,292 86,762 61,485 473,757 267,918 105,004

Memo: Euro Area 4...... 538,755 504,815 274,345 230,470 91,817 29,230 86,986 77,877 57,192 118,262 43,451 33,940

Canada................................. 140,048 133,826 120,926 12,900 14,340 8,819 8,905 2,663 181 82,562 16,356 6,222

Latin America: 

Argentina.......................... 11,931 11,762 11,150 612 735 10,004 337 77 198 240 171 169

Belize................................ 420 419 405 14 185 178 3 2 9 41 1 1

Bolivia............................... 2,386 2,225 1,642 583 597 1,040 107 367 109 5 - 161

Brazil................................. 23,660 23,258 18,504 4,754 5,332 7,557 4,215 234 268 1,412 4,240 402

Chile ................................. 19,362 18,787 11,534 7,253 6,080 3,223 4,664 1,846 715 2,190 69 575

Colombia .......................... 19,825 19,749 6,600 13,149 1,268 4,552 11,982 776 377 745 49 76

Costa Rica........................ 1,197 1,191 1,140 51 303 537 9 27 14 297 4 6

Ecuador............................ 3,633 3,594 3,355 239 862 2,275 146 25 23 185 78 39

El Salvador....................... 2,108 2,096 1,204 892 368 589 19 438 435 222 25 12

Guatemala........................ 1,959 1,916 1,533 383 225 1,135 313 52 18 154 19 43

Honduras.......................... 1,636 1,636 1,554 82 804 673 11 47 22 77 2 -

Mexico .............................. 63,413 52,986 49,712 3,274 22,933 21,882 1,709 942 609 4,301 610 10,427

Panama............................ 7,861 7,667 6,978 689 3,118 3,330 313 273 101 454 78 194

Paraguay.......................... 628 627 608 19 136 462 1 16 2 2 8 1

Peru .................................. 11,349 11,188 8,383 2,805 5,620 1,553 1,792 994 15 1,207 7 161

Uruguay............................ 8,252 8,197 6,824 1,373 1,400 2,455 1,229 78 66 2,788 181 55

Venezuela ........................ 22,146 21,288 20,841 447 3,329 17,127 65 215 166 202 184 858

All other Latin America .... 1,773 1,772 1,536 236 603 484 61 75 100 448 1 1

Total Latin America ..... 203,539 190,358 153,503 36,855 53,898 79,056 26,976 6,484 3,247 14,970 5,727 13,181

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2011 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 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........................................ 461 461 451 10 141 255 1 6 3 20 35 -

Bahamas.................................. 264,287 263,551 260,195 3,356 216,822 6,038 2,158 685 90 34,359 3,399 736

Barbados.................................. 10,933 10,915 6,958 3,957 2,778 386 1,788 1,507 653 3,679 124 18

Bermuda .................................. 47,346 44,829 19,314 25,515 1,686 12,924 15,484 9,136 609 199 4,791 2,517

British Virgin Islands ................ 41,645 40,346 25,011 15,335 173 21,521 11,302 3,197 441 - 3,712 1,299

Cayman Islands....................... 1,514,135 1,483,858 1,235,921 247,937 576,216 178,645 57,409 13,812 2,951 502,352 152,473 30,277

Dominican Republic................. 2,850 2,808 2,750 58 645 1,896 9 42 7 205 4 42

Haiti 4........................................ 1,156 1,156 1,136 20 278 326 - 6 14 532 - -

Jamaica.................................... 989 892 866 26 391 311 22 - 4 158 6 97

Netherlands Antilles................. 6,096 6,063 5,813 250 2,405 2,650 157 71 22 423 335 33

Trinidad and Tobago................ 3,940 3,662 2,640 1,022 1,493 590 899 57 10 553 60 278

All other Caribbean.................. 12,607 11,572 11,444 128 191 10,190 107 4 17 2 1,061 1,035

Total Caribbean.................. 1,906,445 1,870,113 1,572,499 297,614 803,219 235,732 89,336 28,523 4,821 542,482 166,000 36,332

Asia: China, Mainland....................... 42,847 41,556 36,496 5,060 25,403 3,754 4,546 302 72 7,246 233 1,291

Hong Kong............................... 97,706 97,088 30,433 66,655 15,898 3,039 59,346 7,075 136 10,364 1,230 618

India ......................................... 24,417 24,348 7,210 17,138 1,712 3,005 14,322 2,680 64 2,338 227 69

Indonesia ................................. 32,425 32,422 4,486 27,936 2,543 392 26,278 1,651 6 1,495 57 3

Israel ........................................ 17,664 17,640 8,428 9,212 1,050 1,826 9,093 65 53 5,530 23 24

Japan ....................................... 177,703 138,525 71,258 67,267 22,884 8,592 63,457 2,376 241 37,584 3,391 39,178

Jordan ...................................... 2,508 2,508 1,899 609 1,697 122 500 - 109 76 4 -

Korea, South............................ 13,147 12,748 7,871 4,877 2,640 874 1,304 2,747 615 4,383 185 399

Malaysia................................... 3,463 3,447 3,270 177 2,646 203 142 27 5 404 20 16

Pakistan ................................... 8,338 8,338 7,263 1,075 340 264 1,010 36 2 6,655 31 -

Philippines................................ 6,809 6,781 5,966 815 2,139 663 774 24 16 3,105 60 28

Singapore................................. 35,092 33,976 26,143 7,833 21,331 2,166 6,588 728 511 2,515 137 1,116

Taiwan...................................... 26,064 25,827 22,586 3,241 8,874 7,399 2,319 589 306 5,981 359 237

Thailand ................................... 41,196 41,186 2,687 38,499 1,495 589 38,450 34 6 603 9 10

All other Asia............................ 128,906 128,882 49,232 79,650 17,718 3,286 69,875 8,044 1,712 27,799 448 24

Total Asia............................. 658,285 615,272 285,228 330,044 128,370 36,174 298,004 26,378 3,854 116,078 6,414 43,013

Africa: Egypt........................................ 15,616 15,607 6,268 9,339 2,123 231 9,300 1 38 3,912 2 9

Ghana ...................................... 1,764 1,764 1,764 - 346 67 - - - 1,351 - -

Kenya....................................... 596 596 593 3 373 190 2 1 - 29 1 -

Liberia ...................................... 773 768 627 141 23 445 112 29 - 156 3 5

Morocco ................................... 645 645 432 213 334 88 204 1 - 10 8 -

South Africa ............................. 1,675 1,598 1,372 226 791 390 212 7 7 103 88 77

All other Africa.......................... 20,276 19,923 18,665 1,258 12,427 2,585 1,256 2 - 3,282 371 353

Total Africa........................... 41,345 40,901 29,721 11,180 16,417 3,996 11,086 41 45 8,843 473 444

Other countries: Australia ................................... 33,507 28,784 20,518 8,266 13,005 2,677 4,661 1,556 1,420 4,215 1,250 4,723

New Zealand............................ 4,307 4,261 3,287 974 282 363 954 11 9 2,572 70 46

All other.................................... 8,419 1,124 980 144 287 494 137 2 5 193 6 7,295

Total other........................... 46,233 34,169 24,785 9,384 13,574 3,534 5,752 1,569 1,434 6,980 1,326 12,064

All countries.................................. 4,721,052 4,504,792 3,462,200 1,042,592 1,513,227 428,841 625,351 152,420 75,067 1,245,672 464,214 216,260

International and regional orgs: International organizations....... 26,625 25,073 19,986 5,087 - 16,089 4,556 102 429 - 3,897 1,552

Regional organizations 5.......... 5,140 5,135 2,624 2,511 - 1,645 702 1,205 604 - 979 5

Total International and 

 regional organizations ........ 31,765 30,208 22,610 7,598 - 17,734 5,258 1,307 1,033 - 4,876 1,557

Grand total ...................... 4,752,817 4,535,000 3,484,810 1,050,190 1,513,227 446,575 630,609 153,727 76,100 1,245,672 469,090 217,817

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 

September 2011 

58 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.8 trillion in June 2011, an increase of 

$132 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 $142 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 in 2008 and 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 and 2010. In contrast, during the first half of 2011 U.S. 

liabilities to foreigners grew for most regions. The Caribbean was the exception, with U.S. liabilities falling slightly 

over those recorded in 2010.

0

500

1000

1500

2000

2500

2007 2008 2009 2010 June 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 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009 2010 June 2011 

United Kingdom ............................. 1,051,764 784,793 784,131 995,171 1,017,764

All other Europe ............................. 828,379 845,375 688,403 628,708 707,393

Caribbean banking centers 1 ............ 1,877,001 1,998,786 1,864,135 1,897,480 1,881,370

Japan ............................................. 190,122 251,993 185,544 161,602 177,703

All other Asia.................................. 385,448 603,611 521,984 470,317 480,582

Subtotal........................................ 4,332,714 4,484,558 4,044,197 4,153,278 4,264,812

All other countries .......................... 373,596 422,098 435,347 467,881 488,005

Grand total ................................... 4,706,310 4,906,656 4,479,544 4,621,159 4,752,817

1

 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

September 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] 

2010 2011 

Type of Claim 

Calendar 

Year 

2009 Mar. June r Sept. r Dec. Mar. p 

 

Total claims.............................................................. 3,965,868 4,186,896 4,233,266 4,415,293 4,531,085 4,636,900 

Payable in dollars.................................................. 3,585,010 3,840,829 3,867,096 4,015,179 4,110,853 4,202,335 

Own claims on foreigners................................... 2,806,742 3,005,574 3,057,135 3,216,307 3,246,844 3,339,449 

Foreign official institutions............................... 47,033 58,155 69,054 59,323 55,772 61,530 

Foreign banks, including own foreign 

offices........................................................... 2,155,966 2,292,509 2,320,594 2,448,604 2,467,628 2,502,063 

All other foreigners .......................................... 603,743 654,910 670,072 710,286 724,705 775,856 

Claims of domestic customers.............................. 778,268 835,255 809,961 798,872 864,009 862,886 

Payable in foreign currencies .................................. 380,858 346,067 366,170 400,114 420,232 434,565 

Own claims on foreigners ..................................... 333,622 297,352 312,718 324,671 338,146 350,471 

of which: 

Canadian dollars.............................................. 43,712 42,654 36,642 38,055 42,497 48,530 

Euros................................................................ 182,243 142,172 169,695 160,833 168,114 169,378 

United Kingdom pounds sterling...................... 33,074 37,418 33,733 32,771 30,429 35,602 

Japanese yen................................................... 37,615 35,450 36,112 48,659 50,862 39,974 

Claims of domestic customers.............................. 47,236 48,715 53,452 75,443 82,086 84,094 

of which: 

Canadian dollars.............................................. 6,912 7,341 11,487 13,791 15,436 16,111 

Euros................................................................ 28,355 30,393 27,158 31,267 32,940 40,628 

United Kingdom pounds sterling...................... 3,680 3,307 5,215 3,012 2,822 4,817 

Japanese yen................................................... 3,468 1,881 2,170 17,182 18,149 10,043 

Memoranda: 

Total own claims on foreigners ............................. 3,140,364 3,302,926 3,369,853 3,540,978 3,584,990 3,689,920 

Non-negotiable deposits .................................... 1,490,672 1,594,653 1,540,765 1,601,191 1,627,723 1,670,575 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 12,890 14,274 13,297 14,059 16,633 14,779 

Resale agreements ............................................ 530,467 626,494 696,880 752,636 734,239 731,224 

Other................................................................... 1,106,335 1,067,550 1,118,994 1,173,106 1,206,395 1,273,342 

Claims on own foreign offices............................... 2,054,945 2,207,261 2,185,428 2,278,447 2,285,477 2,326,304 

Claims reported by IBFs ....................................... 669,710 706,250 586,407 655,933 669,287 716,128 

Payable in dollars............................................... 627,476 669,541 541,801 600,171 615,435 664,473 

Payable in foreign currencies............................. 42,234 36,709 44,606 55,762 53,852 51,655 

Total claims held for domestic customers ............ 825,504 883,970 863,413 874,315 946,095 946,980 

Non-negotiable deposits .................................... 372,735 383,033 405,365 398,607 439,236 403,221 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 417,110 453,310 406,102 402,086 424,154 465,470 

Other ..................................................................... 35,659 47,627 53,295 75,115 82,705 78,289 

 
CAPITAL MOVEMENTS 

September 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 2011 

Country 

 Calendar 

 year 

 2008 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

 

Europe: 

Austria ................................................... 5,294 4,464 3,299 3,600 3,119 2,786 3,466 3,634

Belgium.................................................. 16,821 20,346 14,021 13,505 17,702 19,546 20,140 18,896

Bulgaria ................................................. 43 17 23 18 17 15 19 10

Czech Republic ..................................... 225 143 514 469 114 50 71 48

Denmark................................................ 9,844 11,079 6,016 4,421 3,237 4,278 4,004 3,206

Finland................................................... 25,315 24,757 43,722 26,151 27,998 36,662 45,770 41,767

France ................................................... 191,695 203,773 196,236 208,368 165,397 205,355 210,181 245,509

Germany................................................ 77,686 115,541 87,867 76,762 90,310 96,471 91,431 90,268

Greece................................................... 1,227 1,010 970 1,313 663 655 689 985

Hungary................................................. 413 1,281 1,395 1,322 1,075 600 556 179

Ireland.................................................... 88,371 74,662 75,917 60,124 54,386 43,278 29,104 32,641

Italy ........................................................ 52,700 55,231 51,029 54,205 29,786 44,999 32,821 30,149

Kazakhstan ........................................... 1,048 400 377 262 223 357 270 277

Luxembourg .......................................... 26,209 31,495 31,381 25,439 26,797 24,927 23,610 31,672

Netherlands ........................................... 74,144 82,355 66,870 57,785 47,014 52,460 48,082 58,415

Norway .................................................. 19,935 18,519 21,433 18,123 20,626 22,695 17,455 21,876

Poland ................................................... 1,712 709 495 1,270 1,229 2,192 402 940

Portugal ................................................. 1,885 2,163 2,319 1,534 1,191 1,164 1,284 1,493

Romania ................................................ 154 138 183 128 119 116 112 178

Russia.................................................... 2,269 1,874 1,822 1,548 1,219 1,452 1,353 1,105

Spain ..................................................... 61,971 49,597 46,946 44,895 27,808 28,310 15,044 13,908

Sweden.................................................. 17,606 26,597 15,673 24,061 33,556 32,255 41,065 54,852

Switzerland............................................ 113,177 90,952 79,382 73,897 66,762 67,428 57,771 69,966

Turkey.................................................... 3,881 4,212 4,165 4,417 4,884 5,371 5,523 4,944

United Kingdom..................................... 1,016,448 1,192,092 1,156,878 1,240,971 1,245,979 1,308,476 1,327,077 1,346,513

Channel Islands..................................... 19,830 21,393 19,589 19,274 13,662 15,649 15,497 16,394

All other Europe .................................... 2,887 3,888 5,227 6,927 6,995 5,444 4,899 6,097

Total Europe ....................................... 1,832,790 2,038,686 1,933,748 1,970,790 1,891,866 2,022,991 1,997,695 2,095,921

Memo: Euro Area 1 ............................. 623,984 667,607 624,445 577,056 495,643 558,934 523,655 571,670

Memo: European Union 2 ................... 1,670,521 1,899,680 1,805,634 1,849,727 1,780,981 1,906,926 1,896,968 1,977,602

Canada..................................................... 159,408 170,013 170,164 200,905 190,333 184,596 220,819 224,577

Latin America: 

Argentina ............................................... 4,319 3,961 3,585 3,552 3,866 4,188 4,343 4,543

Bolivia ................................................... 157 197 516 411 387 409 154 136

Brazil...................................................... 35,080 35,886 32,869 36,686 41,988 53,579 56,657 64,469

Chile ...................................................... 10,172 11,889 14,446 14,004 14,357 14,914 14,862 16,039

Colombia ............................................... 4,257 2,893 3,535 3,843 4,336 4,563 7,401 8,800

Costa Rica ............................................ 1,339 1,055 1,013 950 1,034 995 1,226 1,209

Ecuador................................................. 826 573 492 491 479 497 483 445

El Salvador ........................................... 928 634 558 422 356 261 383 393

Guatemala............................................. 1,275 1,114 1,094 1,102 1,051 1,036 1,240 1,299

Honduras .............................................. 533 412 388 314 342 333 370 398

Mexico ................................................... 27,855 24,189 24,638 26,118 29,764 28,674 31,660 36,669

Nicaragua .............................................. 134 72 73 77 68 76 97 89

Panama ................................................. 4,880 3,734 3,200 2,982 3,020 3,743 3,741 3,845

Paraguay .............................................. 153 89 136 151 147 180 482 283

Peru ....................................................... 4,603 2,944 3,115 3,602 3,703 4,376 4,414 5,297

Uruguay................................................. 696 1,063 715 538 687 395 2,446 514

Venezuela ............................................. 1,625 1,628 1,742 1,573 1,544 1,497 1,535 1,745

All other Latin America ......................... 92 72 35 32 31 29 72 42

Total Latin America............................. 98,924 92,405 92,150 96,848 107,160 119,745 131,566 146,215

Caribbean: 

Anguilla ................................................. 12,180 8,960 10,715 11,545 13,167 10,693 10,826 13,235

Bahamas ............................................... 283,701 240,018 267,769 352,330 355,341 370,710 380,493 404,565

Barbados .............................................. 1,324 777 468 417 541 503 487 530

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 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 2011 

Country 

Calendar 

year 

2008 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

 

Caribbean, con. 

Bermuda...................................... 16,296 11,289 11,202 10,549 10,718 10,524 12,256 12,700

British Virgin Islands.................... 5,882 7,990 7,007 9,336 11,452 10,651 12,545 13,461

Cayman Islands........................... 1,074,414 1,106,327 1,059,463 1,085,721 1,137,450 1,128,575 1,167,730 1,123,100

Dominican Republic .................... 813 691 735 678 804 819 849 885

Haiti ............................................. 92 69 48 42 40 43 38 40

Jamaica ....................................... 833 452 451 434 394 340 378 356

Netherlands Antilles .................... 4,836 4,623 7,208 7,124 8,024 6,904 6,079 7,016

Trinidad and Tobago ................... 713 520 540 611 419 526 546 641

All other Caribbean...................... 499 649 796 677 573 563 643 460

Total Caribbean........................ 1,401,583 1,382,365 1,366,402 1,479,464 1,538,923 1,540,851 1,592,870 1,576,989

Asia: 

China, Mainland. ......................... 3,304 4,460 4,242 12,457 20,251 14,946 17,655 23,296

Hong Kong .................................. 13,449 13,354 21,503 30,099 36,603 41,709 38,655 49,840

India............................................. 6,215 7,615 7,585 9,847 11,406 12,266 12,983 14,435

Indonesia..................................... 1,111 946 816 746 719 681 1,008 1,240

Israel............................................ 2,621 3,728 3,373 3,971 5,572 5,625 5,649 5,607

Japan........................................... 101,218 203,188 185,928 193,393 225,846 269,546 289,375 279,634

Jordan ......................................... 23 36 17 24 19 46 77 72

Korea, South ............................... 13,812 12,802 15,648 22,278 25,656 24,130 19,256 18,264

Lebanon....................................... 56 58 67 69 96 77 59 114

Malaysia ...................................... 561 506 344 479 1,361 1,987 2,293 3,439

Pakistan....................................... 76 19 21 49 29 20 10 70

Philippines ................................... 1,069 1,226 905 1,158 1,064 1,839 1,715 1,956

Singapore .................................... 10,057 8,850 16,266 20,271 22,616 21,637 19,919 21,248

Taiwan......................................... 1,367 1,404 3,019 2,618 3,587 5,382 5,378 5,752

Thailand....................................... 181 231 236 296 335 385 702 1,385

Asian oil exporters 3 .................... 11,863 17,104 22,711 13,391 15,552 14,138 16,019 19,035

All other Asia ............................... 807 630 602 654 822 904 1,289 1,697

Total Asia.................................. 167,790 276,157 283,283 311,800 371,534 415,318 432,042 447,084

Africa: 

Cameroon.................................... 10 7 8 67 6 5 7

Egypt ........................................... 1,288 1,042 646 2,391 3,089 4,307 7,773 4,282

Ghana.......................................... 18 97 186 194 218 198 104 153

Liberia.......................................... 367 415 449 605 737 723 951 1,014

Morocco....................................... 33 7 12 36 108 112 232 175

South Africa................................. 1,495 1,067 1,506 887 696 1,184 1,264 1,495

African oil exporters 4 .................. 1,333 307 291 273 346 269 308 276

All other Africa ............................. 3,367 5,776 5,691 5,643 5,595 6,115 6,228 5,978

Total Africa ............................... 7,911 8,718 8,789 10,035 10,796 12,914 16,865 13,380

Other countries: 

Australia....................................... 35,814 54,745 84,347 84,129 90,814 87,047 97,198 104,503

New Zealand ............................... 6,048 8,055 10,658 10,530 9,839 9,210 10,436 8,744

All other ....................................... 599 563 573 608 751 4,221 4,679 1,067

Total other countries................. 42,461 63,363 95,578 95,267 101,404 100,478 112,313 114,314

Total foreign countries ........... 3,710,867 4,031,707 3,950,114 4,165,109 4,212,016 4,396,893 4,504,170 4,618,480

International and regional orgs: 

International organizations.......... 5,119 7,769 14,328 20,669 17,133 16,735 17,234 14,226

Regional organizations 5 ............. 3,207 2,000 1,426 1,118 4,117 1,665 9,681 4,194

Total international 

 and regional organizations ......... 8,326 9,769 15,754 21,787 21,250 18,400 26,915 18,420

 Grand total ............................ 3,719,193 4,041,476 3,965,868 4,186,896 4,233,266 4,415,293 4,531,085 4,636,900

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 

September 2011 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2011 

[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 ............................................... 3,634 2,529 2,521 272 2,249 8 1,105 316 789

Belgium.............................................. 18,896 16,668 15,357 14,617 740 1,311 2,228 1,225 1,003

Czech Republic ................................. 48 45 8 4 4 37 3 1 2

Denmark............................................ 3,206 2,180 733 406 327 1,447 1,026 747 279

Finland............................................... 41,767 38,083 37,300 37,242 58 783 3,684 2,974 710

France ............................................... 245,509 180,439 166,155 136,009 30,146 14,284 65,069 56,738 8,331

Germany............................................ 90,268 58,202 49,081 44,663 4,418 9,121 32,066 22,644 9,422

Greece............................................... 985 176 94 14 80 82 809 - 809

Hungary............................................. 179 165 152 4 148 13 14 - 14

Ireland................................................ 32,641 26,120 19,833 5,837 13,996 6,287 6,520 5,919 601

Italy .................................................... 30,149 24,540 22,477 22,348 129 2,063 5,610 369 5,241

Kazakhstan........................................ 277 275 275 69 206 - 2 - 2

Luxembourg ...................................... 31,672 24,675 22,479 3,509 18,970 2,196 6,997 6,641 356

Netherlands ....................................... 58,415 41,182 35,929 14,784 21,145 5,253 17,232 14,334 2,898

Norway .............................................. 21,876 10,311 10,204 9,348 856 107 11,565 10,797 768

Poland ............................................... 940 924 864 860 4 60 16 2 14

Portugal ............................................. 1,493 781 728 175 553 53 712 - 712

Romania ............................................ 178 132 99 12 87 33 46 - 46

Russia................................................ 1,105 1,068 1,033 787 246 35 37 37 -

Spain ................................................. 13,908 8,911 5,712 5,230 482 3,199 4,997 1,622 3,375

Sweden.............................................. 54,852 10,961 4,774 3,436 1,338 6,187 43,891 42,770 1,121

Switzerland........................................ 69,966 64,859 60,508 55,032 5,476 4,351 5,107 4,979 128

Turkey................................................ 4,944 4,841 4,668 3,720 948 173 103 38 65

United Kingdom................................. 1,346,513 1,169,399 1,007,741 721,836 285,905 161,658 177,114 167,643 9,471

Channel Islands .................................. 16,394 9,558 9,212 2,533 6,679 346 6,836 6,798 38

All other Europe ................................ 6,107 4,289 3,703 476 3,227 586 1,818 1,207 611

Total Europe ................................... 2,095,921 1,701,314 1,481,641 1,083,224 398,417 219,673 394,607 347,801 46,806

Memo: Euro Area 1 ............................... 571,670 423,007 378,039 284,835 93,204 44,968 148,663 113,846 34,817

Canada................................................. 224,577 166,423 130,773 107,674 23,099 35,650 58,154 42,850 15,304

Latin America: 

Argentina ........................................... 4,543 4,519 4,287 695 3,592 232 24 24 -

Bolivia................................................ 136 136 126 5 121 10 - - -

Brazil.................................................. 64,469 61,622 57,945 35,179 22,766 3,677 2,847 2,794 53

Chile .................................................. 16,039 15,940 15,646 9,362 6,284 294 99 98 1

Colombia ........................................... 8,800 8,800 6,683 4,542 2,141 2,117 - - -

Costa Rica ........................................ 1,209 1,209 1,198 566 632 11 - - -

Ecuador............................................. 445 445 436 45 391 9 - - -

El Salvador ....................................... 393 392 392 259 133 - 1 1 -

Guatemala......................................... 1,299 1,299 1,264 740 524 35 - - -

Honduras .......................................... 398 398 397 272 125 1 - - -

Mexico ............................................... 36,669 36,408 33,204 10,803 22,401 3,204 261 7 254

Panama ............................................. 3,845 3,770 3,612 1,618 1,994 158 75 75 -

Peru ................................................... 5,297 5,287 5,113 2,263 2,850 174 10 10 -

Uruguay............................................. 514 504 495 79 416 9 10 1 9

Venezuela ......................................... 1,745 1,621 1,520 446 1,074 101 124 124 -

All other Latin America ..................... 414 414 414 202 212 - - - -

Total Latin America......................... 146,215 142,764 132,732 67,076 65,656 10,032 3,451 3,134 317

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2011 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2011, 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 ........................................... 404,565 311,984 311,372 305,099 6,273 612 92,581 92,478 103 

Bermuda............................................ 12,700 11,561 9,159 10 9,149 2,402 1,139 1,139 - 

British Virgin Islands.......................... 13,461 13,386 10,144 46 10,098 3,242 75 75 - 

Cayman Islands................................. 1,123,100 836,072 796,943 640,506 156,437 39,129 287,028 283,602 3,426 

Dominican Republic .......................... 885 885 880 249 631 5 - - - 

Jamaica ............................................. 356 356 355 131 224 1 - - - 

Netherlands Antilles .......................... 7,016 7,015 6,687 535 6,152 328 1 1 - 

Trinidad and Tobago ......................... 641 641 640 10 630 1 - - - 

All other Caribbean ........................... 14,265 14,265 11,914 140 11,774 2,351 - - - 

Total Caribbean.............................. 1,576,989 1,196,165 1,148,094 946,726 201,368 48,071 380,824 377,295 3,529 

Asia: 

China, Mainland ................................ 23,296 22,015 21,580 20,427 1,153 435 1,281 1,210 71 

Hong Kong ........................................ 49,840 49,678 45,407 41,630 3,777 4,271 162 55 107 

India................................................... 14,435 13,423 13,164 10,410 2,754 259 1,012 976 36 

Indonesia........................................... 1,240 1,144 1,077 1,016 61 67 96 37 59 

Israel.................................................. 5,607 3,272 3,109 2,690 419 163 2,335 286 2,049 

Japan................................................. 279,634 256,774 234,754 185,611 49,143 22,020 22,860 13,468 9,392 

Korea, South ..................................... 18,264 17,655 15,731 15,245 486 1,924 609 369 240 

Malaysia ............................................ 3,439 597 435 204 231 162 2,842 2 2,840 

Pakistan............................................. 70 70 69 66 3 1 - - - 

Philippines ......................................... 1,956 1,693 1,444 1,293 151 249 263 7 256 

Singapore .......................................... 21,248 21,083 20,237 17,002 3,235 846 165 15 150 

Taiwan............................................... 5,752 5,595 5,235 4,883 352 360 157 8 149 

Thailand............................................. 1,385 1,234 1,049 1,006 43 185 151 9 142 

All other Asia ..................................... 20,918 20,795 20,510 18,302 2,208 285 123 78 45 

Total Asia........................................ 447,084 415,028 383,801 319,785 64,016 31,227 32,056 16,520 15,536 

Africa: 

Egypt ................................................. 4,282 2,225 2,200 2,025 175 25 2,057 7 2,050 

Ghana................................................ 153 152 152 142 10 - 1 1 - 

Liberia................................................ 1,014 1,013 965 1 964 48 1 - 1 

Morocco............................................. 175 175 164 161 3 11 - - - 

South Africa....................................... 1,495 1,452 1,122 1,043 79 330 43 - 43 

All other Africa ................................... 6,261 6,199 5,812 330 5,482 387 62 51 11 

Total Africa ..................................... 13,380 11,216 10,415 3,702 6,713 801 2,164 59 2,105 

Other countries: 

Australia............................................. 104,503 42,955 39,851 34,534 5,317 3,104 61,548 61,129 419 

New Zealand ..................................... 8,744 2,973 1,093 870 223 1,880 5,771 5,713 58 

All other ............................................. 1,067 1,067 1,037 2 1,035 30 - - - 

Total other countries....................... 114,314 46,995 41,981 35,406 6,575 5,014 67,319 66,842 477 

Total foreign countries ................. 4,618,480 3,679,905 3,329,437 2,563,593 765,844 350,468 938,575 854,501 84,074 

International and regional orgs: 

International organizations................ 14,226 7,973 7,970 - 7,970 3 6,253 6,245 8 

Regional organizations 2.................... 4,194 2,042 2,042 - 2,042 - 2,152 2,140 12 

Total international and regional 

 organizations ................................ 18,420 10,015 10,012 - 10,012 3 8,405 8,385 20 

 Grand total .................................. 4,636,900 3,689,920 3,339,449 2,563,593 775,856 350,471 946,980 862,886 84,094 

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

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2011 

64 

In March 2011, U.S. claims on foreigners reported by U.S. banks amounted to about $4.6 trillion, an increase of 

$106 billion from that recorded at yearend 2010. 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 $565 billion in 2010. 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 in 2008. U.S. banking 

claims on most regions recovered during 2009 and 2010 and remained strong throughout the first quarter of 2011; 

however, claims fell slightly for the Caribbean and Japan. 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

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)

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009 2010 Mar. 2011 

United Kingdom....................... 1,111,135 1,016,448 1,156,878 1,327,077 1,346,513

All other Europe....................... 945,500 816,342 776,870 670,618 749,408

Caribbean banking centers 1 ... 1,239,679 1,390,009 1,355,849 1,582,844 1,564,687

Japan....................................... 97,856 101,218 185,928 289,375 279,634

All other Asia ........................... 111,059 66,572 97,355 142,667 167,450

Subtotal ................................. 3,505,229 3,390,589 3,572,880 4,012,581 4,107,692

All other countries.................... 309,079 328,604 392,988 518,504 529,208

Grand total............................. 3,814,308 3,719,193 3,965,868 4,531,085 4,636,900

1

 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries
CAPITAL MOVEMENTS 

September 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 2010 2011

Type of liability or claim 2007 2008 2009 Mar. r June r Sept. r Dec. Mar. p

Total liabilities ................................................... 103,835 87,630 77,708 83,814 85,921 81,940 81,177 77,721 

Payable in dollars.......................................... 79,161 69,124 57,450 62,487 66,563 63,101 63,676 61,466 

Financial.................................................... 26,474 18,650 12,792 13,526 13,508 11,880 12,248 11,016 

Short-term negotiable securities........... 1,983 2,740 1,221 764 923 1,012 902 417 

Other ..................................................... 24,491 15,910 11,571 12,762 12,585 10,868 11,346 10,599 

Commercial............................................... 52,687 50,474 44,658 48,961 53,055 51,221 51,428 50,450 

Trade payables ..................................... 26,261 18,811 20,050 23,232 27,265 26,170 26,977 26,514 

Advance receipts and other.................. 26,426 31,663 24,608 25,729 25,790 25,051 24,451 23,936 

Payable in foreign currencies ....................... 24,674 18,506 20,258 21,327 19,358 18,839 17,501 16,255 

By major foreign currency: 

Canadian dollars................................... 2,162 2,235 3,296 4,932 5,092 4,449 4,874 4,909 

Euros..................................................... 9,075 6,487 5,276 5,599 5,175 5,354 5,190 4,831 

United Kingdom pounds sterling........... 4,267 1,361 1,431 1,813 1,756 1,579 1,792 1,958 

Japanese yen........................................ 3,908 962 926 1,549 751 1,489 1,618 1,324 

Other ..................................................... 5,262 7,461 9,329 7,434 6,584 5,968 4,027 3,233 

By type of liability: 

Financial................................................ 21,445 15,632 16,914 16,638 15,037 14,267 12,355 11,053 

Short-term negotiable securities....... 2,940 2,108 1,264 1,262 278 624 633 501 

Other ................................................. 18,505 13,524 15,650 15,376 14,759 13,643 11,722 10,552 

Commercial........................................... 3,229 2,874 3,344 4,689 4,321 4,572 5,146 5,202 

Trade payables ................................. 1,605 1,334 1,212 2,041 1,567 1,937 1,889 2,210 

Advance receipts and other.............. 1,624 1,540 2,132 2,648 2,754 2,635 3,257 2,992 

Total claims....................................................... 136,416 107,476 95,821 89,779 84,945 81,570 84,218 75,542 

Payable in dollars.......................................... 110,070 83,810 77,840 73,973 69,937 68,335 73,206 64,549 

Financial.................................................... 66,726 43,223 37,676 33,608 26,844 25,970 26,058 22,726 

Non-negotiable deposits ....................... 28,393 12,539 13,651 8,731 10,100 9,430 8,933 9,128 

Negotiable CDs and short-term 

negotiable instruments.......................... 1,168 1,133 61 18 17 99 1,006 691 

Other ..................................................... 37,165 29,551 23,964 24,859 16,727 16,441 16,119 12,907 

Commercial............................................... 43,344 40,587 40,164 40,365 43,093 42,365 47,148 41,823 

Trade receivables ................................. 37,108 31,161 28,158 29,059 31,051 31,300 34,771 31,890 

Advance payments and other............... 6,236 9,426 12,006 11,306 12,042 11,065 12,377 9,933 

Payable in foreign currencies ....................... 26,346 23,666 17,981 15,806 15,008 13,235 11,012 10,993 

By major foreign currency: 

Canadian dollars................................... 5,371 2,409 2,583 2,507 2,294 2,208 1,613 1,657 

Euros..................................................... 10,833 5,140 3,386 2,804 2,696 2,956 2,606 2,860 

United Kingdom pounds sterling........... 4,210 1,922 1,683 1,580 1,256 1,645 1,479 1,519 

Japanese yen........................................ 1,378 451 647 714 747 799 600 744 

Other ..................................................... 4,554 13,744 9,682 8,201 8,015 5,627 4,714 4,213 

By type of claim: 

Financial................................................ 21,305 19,851 14,474 12,668 11,612 9,708 7,430 6,661 

Non-negotiable deposits ................... 1,498 1,968 2,232 2,007 2,641 1,667 1,216 1,243 

Short-term negotiable securities....... 77 86 438 496 572 787 652 492 

Other ................................................. 19,730 17,797 11,804 10,165 8,399 7,254 5,562 4,926 

Commercial........................................... 5,041 3,815 3,507 3,138 3,396 3,527 3,582 4,332 

Trade receivables ............................. 4,684 3,595 3,292 2,876 3,185 3,236 3,258 3,793 

Advance payments and other........... 357 220 215 262 211 291 324 539 
CAPITAL MOVEMENTS 

September 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 2010 2011

Country 2006 2007 2008 2009 Mar. r June r Sept. r Dec. Mar. p

Europe: 

Austria................................. 91 230 95 73 80 180 166 113 166

Belgium ............................... 181 492 427 201 219 401 290 294 243

Bulgaria............................... 44 36 1 - - 1 - - -

Czech Republic................... 14 25 45 43 27 24 28 32 32

Denmark.............................. 132 937 161 140 101 123 166 177 195

Finland ................................ 140 63 79 521 459 54 118 105 70

France................................. 2,562 3,165 4,801 2,999 3,011 3,211 3,546 3,143 2,756

Germany ............................. 12,391 4,977 3,746 5,410 5,986 5,664 5,401 4,967 4,125

Greece ................................ 182 187 241 232 299 278 277 273 245

Hungary............................... 18 46 30 16 20 24 57 58 60

Ireland ................................. 316 1,569 2,067 2,647 2,096 1,934 1,688 1,388 1,189

Italy...................................... 1,040 1,196 509 509 572 584 435 463 473

Luxembourg ........................ 977 235 837 503 381 404 529 373 378

Netherlands......................... 1,709 1,194 1,728 879 960 880 909 731 629

Norway................................ 545 721 385 472 628 652 835 870 887

Poland................................. 330 385 269 200 169 155 140 151 133

Portugal............................... 27 205 35 24 30 26 55 25 18

Romania.............................. 9 6 71 11 10 11 19 15 14

Russia ................................. 110 306 524 297 215 346 425 714 428

Serbia and Montenegro 

(formerly Yugoslavia)...... 1 3 6 - 4 3 3 2 3

Spain................................... 269 533 816 502 455 417 528 363 456

Sweden ............................... 952 438 274 432 414 230 209 1,345 1,370

Switzerland ......................... 1,070 1,705 2,333 2,444 1,943 2,533 2,500 2,357 2,235

Turkey ................................. 261 754 709 1,619 1,889 1,919 1,916 1,358 886

United Kingdom .................. 17,339 23,350 14,916 10,427 9,364 10,554 9,348 10,701 9,264

Channel Islands and 

Isle of Man ...................... 15 208 95 84 85 75 171 70 60

Other Europe ...................... 421 539 435 520 711 1,166 503 484 660

Total Europe ................... 41,146 43,505 35,635 31,205 30,128 31,849 30,262 30,572 26,975

Canada.................................... 7,694 7,767 5,960 5,768 8,737 9,411 9,157 10,214 10,593

Latin America: 

Argentina............................. 138 156 89 68 106 72 88 107 175

Brazil ................................... 264 940 626 586 623 659 519 733 790

Chile .................................... 406 546 353 315 446 359 462 552 572

Colombia............................. 208 356 332 385 528 603 509 550 393

Ecuador............................... 89 33 30 13 53 194 23 28 70

Guatemala .......................... 25 10 8 6 8 6 8 5 9

Mexico................................. 2,150 2,848 1,579 2,067 2,513 2,632 2,416 3,088 3,055

Panama............................... 57 85 166 330 212 208 232 221 188

Peru..................................... 6 36 34 32 52 123 71 99 94

Uruguay............................... 13 20 12 13 3 33 12 55 5

Venezuela ........................... 353 575 413 184 421 452 506 726 868

Other Latin America............ 24 106 50 74 118 110 167 34 71

Total Latin America............ 3,733 5,711 3,692 4,073 5,083 5,451 5,013 6,198 6,290

Caribbean: 

Bahamas............................. 70 89 52 85 130 37 131 103 79

Bermuda.................................. 777 707 723 878 1,195 2,856 1,428 1,064 618

Cayman Islands .................. 12,804 15,969 10,354 8,348 7,962 5,760 4,132 2,175 1,902

Cuba.................................... - - - 8 - - -1 1

Jamaica............................... 20 18 37 15 16 12 17 13 12

Netherlands Antilles............ 2 4 6 3 5 4 10 8 3

Trinidad and Tobago........... 25 74 60 45 19 19 52 19 24

Other Caribbean ................. 761 803 444 347 1,224 1,331 1,048 1,056 1,557

Total Caribbean .............. 14,459 17,664 11,676 9,729 10,551 10,019 6,818 4,439 4,196

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 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 2010 2011

Country 2006 2007 2008 2009 Mar. r June r Sept. r Dec. Mar. p

Asia: 

China, Mainland. ...................... 1,297 857 4,769 3,956 3,891 4,285 4,121 4,346 4,757

Hong Kong ............................... 564 981 593 673 827 850 1,060 1,146 1,325

India.......................................... 418 1,447 1,082 753 958 953 755 818 870

Indonesia.................................. 57 172 366 381 368 375 369 424 472

Israel......................................... 385 293 292 336 205 217 155 205 129

Japan........................................ 7,210 6,888 6,190 6,046 6,770 6,510 6,891 6,494 6,368

Korea, South ............................ 1,350 1,213 1,314 868 1,047 1,112 1,127 1,134 1,072

Lebanon ................................... 11 9 15 8 6 9 3 7 7

Malaysia ................................... 471 562 363 310 302 358 178 347 402

Pakistan.................................... 171 172 28 25 77 72 83 67 64

Philippines................................ 95 89 107 86 76 100 93 100 124

Singapore................................. 2,839 4,255 3,767 1,870 2,038 1,636 1,851 1,446 1,907

Syria ......................................... 8 8 3 1 1 2 1 - -

Taiwan...................................... 1,093 1,019 722 478 506 419 739 358 391

Thailand.................................... 599 380 295 432 468 980 437 403 336

Oil-exporting countries 1........... 3,955 7,158 6,378 6,700 7,198 6,769 8,441 8,567 7,788

Other Asia ................................ 156 377 460 302 298 417 606 423 407

Total Asia ............................. 20,679 25,880 26,744 23,225 25,036 25,064 26,910 26,285 26,419

Africa: 

Congo (formerly Zaire)............. - - - 8 - - - - -

Egypt ........................................ 132 280 293 192 208 259 102 111 119

Ghana....................................... 6 12 5 3 4 4 4 2 4

Liberia....................................... 3 6 64 61 58 55 55 52 53

Morocco.................................... 42 190 112 118 95 77 75 89 121

South Africa.............................. 35 52 256 282 93 104 64 66 107

Oil-exporting countries 2........... 283 655 764 984 1,113 1,296 1,030 799 741

Other Africa .............................. 379 294 341 539 1,181 508 635 693 653

Total Africa ........................... 880 1,489 1,835 2,187 2,752 2,303 1,965 1,812 1,798

Other countries: 

Australia ................................... 560 1,658 1,925 1,226 1,174 1,344 1,355 1,241 1,069

New Zealand ............................ 36 91 92 168 217 262 309 279 198

All other .................................... 15 25 30 25 24 76 29 23 6

Total other countries ............ 611 1,774 2,047 1,419 1,415 1,682 1,693 1,543 1,273

Total foreign countries ..... 89,202 103,790 87,589 77,606 83,702 85,779 81,818 81,063 77,544

International and regional orgs: 

International organizations....... - 2 7 71 82 112 93 109 107

Regional organizations 3 .......... 15 43 34 31 30 30 29 5 70

Total international and 

regional organizations...... 15 45 41 102 112 142 122 114 177

Grand total ....................... 89,217 103,835 87,630 77,708 83,814 85,921 81,940 81,177 77,721

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 

September 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 2010 2011

Country 2006 2007 2008 2009 Mar. r June r Sept. r Dec. Mar. p

Europe: 

Austria.......................................... 2,031 2,039 1,951 1,832 1,839 1,809 1,752 1,789 1,775

Belgium ........................................ 419 807 393 359 373 376 374 417 390

Bulgaria........................................ 3 6 6 7 4 3 13 16 9

Czech Republic............................ 50 134 85 107 112 105 92 131 111

Denmark....................................... 149 184 74 86 109 93 69 168 69

Finland ......................................... 591 805 541 1,795 319 317 312 1,469 36

France.......................................... 3,420 6,061 2,736 2,409 2,194 2,190 2,030 1,837 1,658

Germany ...................................... 10,148 4,926 8,621 3,552 3,697 3,814 4,360 3,676 3,899

Greece ......................................... 163 250 192 190 193 154 139 223 154

Hungary........................................ 45 153 95 197 42 35 45 83 81

Ireland .......................................... 858 968 1,814 1,251 1,352 1,052 889 759 871

Italy............................................... 2,337 2,515 1,195 1,979 2,047 2,378 1,934 1,777 1,510

Luxembourg ................................. 352 919 183 185 223 258 250 175 206

Netherlands.................................. 3,570 3,989 2,092 2,528 2,268 2,277 2,200 2,029 2,028

Norway......................................... 366 325 271 200 282 157 228 167 188

Poland.......................................... 99 153 132 239 283 261 195 213 272

Portugal........................................ 64 89 76 65 61 46 65 53 39

Romania....................................... 36 60 54 95 104 124 127 112 110

Russia .......................................... 774 1,326 694 538 534 541 480 506 509

Serbia and Montenegro 

(formerly Yugoslavia)............... 10 15 14 17 13 13 10 13 8

Spain............................................ 1,425 1,625 1,072 967 1,047 718 802 692 788

Sweden ........................................ 652 689 450 310 476 433 444 448 407

Switzerland .................................. 1,424 2,143 1,788 1,705 1,310 1,160 1,433 1,702 1,735

Turkey .......................................... 420 732 593 667 734 636 631 672 452

United Kingdom ........................... 17,483 23,662 17,983 14,386 13,517 14,506 14,157 12,212 11,037

Channel Islands and 

Isle of Man ............................... 19 109 419 541 114 114 86 100 116

Other Europe ............................... 1,267 1,465 1,107 425 414 626 372 412 471

Total Europe ............................ 48,175 56,149 44,631 36,632 33,661 34,196 33,489 31,851 28,930

Canada............................................. 17,520 16,418 10,551 9,747 10,489 8,594 7,920 7,992 7,711

Latin America: 

Argentina...................................... 470 463 473 513 444 554 529 566 443

Brazil ............................................ 2,927 2,682 2,365 2,000 1,903 1,992 2,003 2,419 2,132

Chile ............................................. 299 404 540 357 458 606 445 448 506

Colombia...................................... 349 449 429 411 459 452 417 452 520

Ecuador........................................ 119 160 173 146 144 148 157 170 167

Guatemala ................................... 116 200 180 134 119 103 102 109 107

Mexico.......................................... 3,242 3,505 3,089 3,045 3,206 3,525 2,926 3,885 3,867

Panama........................................ 266 323 408 340 362 375 363 326 358

Peru.............................................. 164 196 270 194 218 227 222 316 209

Uruguay........................................ 12 33 106 68 82 196 193 147 128

Venezuela .................................... 481 669 657 474 402 479 463 412 405

Other Latin America..................... 376 431 435 336 338 358 564 303 282

Total Latin America...................... 8,821 9,515 9,125 8,018 8,135 9,015 8,384 9,553 9,124

Caribbean: 

Bahamas...................................... 3,949 2,200 353 302 216 121 109 145 209

Bermuda............................................ 1,734 1,704 1,722 2,607 3,099 2,358 2,265 1,433 1,144

Cayman Islands ........................... 26,051 16,987 19,513 16,641 12,729 7,817 7,196 8,389 6,353

Cuba............................................. 2 10 - -3 - -2 1

Jamaica........................................ 60 106 79 64 72 54 53 49 51

Netherlands Antilles..................... 30 118 112 52 47 66 109 177 75

Trinidad and Tobago.................... 125 172 111 83 119 52 40 40 32

Other Caribbean .......................... 1,264 1,518 1,013 991 1,055 1,163 1,028 1,051 1,010

Total Caribbean ....................... 33,215 22,815 22,903 20,740 17,340 11,631 10,800 11,286 8,875

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 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 2010 2011

Country 2006 2007 2008 2009 Mar. r June r Sept. r Dec. Mar. p

Asia: 

China, Mainland........................ 1,772 1,913 1,455 1,720 1,624 1,921 1,963 2,287 2,074

Hong Kong ................................ 1,009 8,762 809 930 1,090 980 964 1,482 1,289

India .......................................... 654 812 695 779 731 890 985 997 955

Indonesia................................... 231 206 273 354 371 388 348 362 454

Israel ......................................... 360 601 635 455 312 275 212 283 277

Japan ........................................ 3,349 5,518 4,578 2,333 2,336 2,608 2,718 2,790 2,363

Korea, South ............................. 1,143 1,272 980 2,256 2,634 2,464 2,148 1,954 2,215

Lebanon .................................... 19 19 44 19 9 13 12 29 10

Malaysia.................................... 270 362 275 215 165 165 219 244 154

Pakistan .................................... 86 115 33 38 28 24 31 33 38

Philippines................................. 109 109 63 80 99 115 111 125 120

Singapore.................................. 1,811 2,809 1,448 2,987 2,901 2,852 3,261 3,509 2,973

Syria .......................................... 10 1 12 11 15 10 21 15 13

Taiwan....................................... 972 1,240 976 962 943 1,012 923 1,019 925

Thailand .................................... 312 416 330 336 304 217 230 245 211

Oil-exporting countries 1............ 1,814 2,552 3,392 2,591 2,609 3,566 2,996 4,030 3,089

Other Asia ................................. 328 513 179 230 224 246 210 303 268

Total Asia .............................. 14,249 27,220 16,177 16,296 16,395 17,746 17,352 19,707 17,428

Africa: 

Congo (formerly Zaire).............. 11 6 5 15 2 - -2 1

Egypt......................................... 165 296 362 227 194 229 171 219 133

Ghana ....................................... 3 8 7 6 9 8 13 14 18

Liberia ....................................... 73 54 54 55 53 52 38 37 36

Morocco .................................... 21 21 24 10 35 9 27 15 28

South Africa .............................. 221 254 356 374 330 337 368 403 350

Oil-exporting countries 2............ 332 350 300 259 206 283 216 269 210

Other Africa............................... 411 400 495 498 470 411 364 382 326

Total Africa............................ 1,237 1,389 1,603 1,444 1,299 1,329 1,197 1,341 1,102

Other countries: 

Australia .................................... 2,365 2,467 2,194 2,766 2,238 2,274 2,248 2,344 2,214

New Zealand............................. 351 145 72 96 125 86 77 78 75

All other..................................... 76 37 13 7 30 23 42 22 16

Total other countries ............. 2,792 2,649 2,279 2,869 2,393 2,383 2,367 2,444 2,305

Total foreign countries ...... 126,009 136,155 107,269 95,746 89,712 84,894 81,509 84,174 75,475

International and regional orgs: 

International organizations........ 4 150 21 49 52 46 45 37 56

Regional organizations 3 ........... 19 111 186 26 15 5 16 7 11

Total international and 

regional organizations........... 23 261 207 75 67 51 61 44 67

Grand total .................... 126,032 136,416 107,476 95,821 89,779 84,945 81,570 84,218 75,542

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 

September 2011 

70 

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

Country, March 31, 2011, 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 ............................................... 166 57 109 1,775 1,689 86 

Belgium ............................................ 243 113 130 390 180 210 

Bulgaria ............................................ - - - 9 - 9 

Czech Republic................................ 32 1 31 111 7 104 

Denmark........................................... 195 1 194 69 7 62 

Finland.............................................. 70 17 53 36 2 34 

France .............................................. 2,756 1,863 893 1,658 437 1,221 

Germany........................................... 4,125 3,082 1,043 3,899 2,412 1,487 

Greece.............................................. 245 10 235 154 101 53 

Hungary............................................ 60 6 54 81 1 80 

Ireland .............................................. 1,189 270 919 871 503 368 

Italy................................................... 473 2 471 1,510 75 1,435 

Luxembourg ..................................... 378 222 156 206 66 140 

Netherlands...................................... 629 69 560 2,028 966 1,062 

Norway ............................................. 887 77 810 188 59 129 

Poland .............................................. 133 2 131 272 47 225 

Portugal............................................ 18 4 14 39 4 35 

Romania........................................... 14 - 14 110 12 98 

Russia .............................................. 428 48 380 509 298 211 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 3 1 2 8 - 8 

Spain ................................................ 456 129 327 788 270 518 

Sweden ............................................ 1,370 1,135 235 407 174 233 

Switzerland....................................... 2,235 312 1,923 1,735 635 1,100 

Turkey .............................................. 886 24 862 452 337 115 

United Kingdom................................ 9,264 5,389 3,875 11,037 5,616 5,421 

Channel Islands and 

Isle of Man.................................... 60 54 6 116 108 8 

Other Europe.................................... 660 68 592 471 186 285 

Total Europe................................. 26,975 12,956 14,019 28,930 14,193 14,737 

Canada................................................. 10,593 4,158 6,435 7,711 3,131 4,580 

Latin America: 

Argentina.......................................... 175 7 168 443 35 408 

Brazil ................................................ 790 24 766 2,132 935 1,197 

Chile ................................................. 572 21 551 506 72 434 

Colombia .......................................... 393 5 388 520 69 451 

Ecuador............................................ 70 3 67 167 27 140 

Guatemala........................................ 9 -9 107 32 75 

Mexico.............................................. 3,055 246 2,809 3,867 616 3,251 

Panama............................................ 188 15 173 358 184 174 

Peru.................................................. 94 - 94 209 9 200 

Uruguay............................................ 5 -5 128 2 126 

Venezuela ........................................ 868 11 857 405 57 348 

Other Latin America ......................... 71 2 69 282 81 201 

Total Latin America.......................... 6,290 334 5,956 9,124 2,119 7,005 

Caribbean: 

Bahamas .......................................... 79 - 79 209 94 115 

Bermuda................................................ 618 - 618 1,144 129 1,015 

Cayman Islands.................................. 1,902 1,673 229 6,353 5,941 412 

Cuba................................................. 1 -1 1 - 1 

Jamaica............................................ 12 - 12 51 1 50 

Netherlands Antilles ......................... 3 -3 75 25 50 

Trinidad and Tobago........................ 24 6 18 32 - 32 

Other Caribbean............................... 1,557 145 1,412 1,010 103 907 

Total Caribbean............................ 4,196 1,824 2,372 8,875 6,293 2,582 

 

See footnote at end of table. 
CAPITAL MOVEMENTS 

September 2011 

71

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, 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 Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims

(4) 

 Financial 

 (5) 

 Commercial

 (6) 

Asia: 

China, Mainland ................................ 4,757 147 4,610 2,074 446 1,628 

Hong Kong ........................................ 1,325 62 1,263 1,289 76 1,213 

India................................................... 870 150 720 955 149 806 

Indonesia........................................... 472 29 443 454 298 156 

Israel.................................................. 129 2 127 277 38 239 

Japan................................................. 6,368 1,917 4,451 2,363 140 2,223 

Korea, South ..................................... 1,072 59 1,013 2,215 294 1,921 

Lebanon ............................................ 7 -7 10 2 8 

Malaysia ............................................ 402 3 399 154 28 126 

Pakistan............................................. 64 3 61 38 1 37 

Philippines......................................... 124 3 121 120 41 79 

Singapore.......................................... 1,907 77 1,830 2,973 44 2,929 

Syria .................................................. - - - 13 - 13 

Taiwan............................................... 391 2 389 925 20 905 

Thailand............................................. 336 16 320 211 51 160 

Other Asia ......................................... 407 48 359 268 53 215 

Total Asia ........................................ 26,419 2,628 23,791 17,428 1,792 15,636 

Africa: 

Congo (formerly Zaire)...................... - - -1 - 1 

Egypt ................................................. 119 1 118 133 37 96 

Ghana................................................ 4 - 4 18 4 14 

Liberia................................................ 53 49 4 36 33 3 

Morocco............................................. 121 1 120 28 2 26 

South Africa....................................... 107 24 83 350 216 134 

Other Africa ....................................... 653 25 628 326 180 146 

Total Africa .................................... 1,798 100 1,698 1,102 486 616 

Other countries: 

Australia ............................................ 1,069 60 1,009 2,214 1,365 849 

New Zealand ..................................... 198 7 191 75 4 71 

All other ............................................. 6 2 4 16 4 12 

Total other countries ..................... 1,273 69 1,204 2,305 1,373 932 

Total foreign countries .............. 77,544 22,069 55,475 75,475 29,387 46,088 

International and regional orgs: 

International organizations................ 107 - 107 56 - 56 

 Regional organizations 1 .................. 70 - 70 11 - 11 

Total international and 

regional organizations............... 177 - 177 67 - 67 

Grand total ................................ 77,721 22,069 55,652 75,542 29,387 46,155 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 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. - June p ................. 160,651 104,390 50,153 6,108 9,265,077 9,104,426 18,267 504,212 485,945 

 

2010 - June .............................. 31,728 12,080 19,134 514 1,321,742 1,290,014 19,493 104,380 84,887 

July ............................... 30,158 8,713 21,594 -149 1,015,248 985,090 24,523 96,123 71,600 

Aug ............................... 118,012 31,479 86,409 124 1,468,613 1,350,601 5,059 93,165 88,106 

Sept.............................. 77,151 39,459 38,046 -354 1,433,672 1,356,521 -23,561 120,514 144,075 

Oct................................ 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. r ............................. 46,483 18,112 28,985 -614 1,422,933 1,376,450 11,275 96,479 85,204 

Feb ............................... 30,581 15,432 14,561 588 1,511,084 1,480,503 -1,487 77,070 78,557 

Mar ............................... 26,782 7,426 17,818 1,538 1,729,627 1,702,845 9,493 86,287 76,794 

 Apr................................ 23,338 28,119 -8,869 4,088 1,265,151 1,241,813 7,504 86,587 79,083 

May p............................ 37,954 21,530 16,557 -133 1,631,202 1,593,248 -8,264 75,207 83,471 

June p........................... -4,487 13,771 -18,899 641 1,705,080 1,709,567 -254 82,582 82,836 

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. - June p ...................................................... -6,969 586,057 593,026 67,612 3,834,795 3,767,183 

 

2010 - June ................................................................... -17,491 65,900 83,391 -4,226 593,016 597,242 

July .................................................................... 5,352 69,948 64,596 12,704 513,047 500,343 

Aug .................................................................... 7,512 80,692 73,180 4,926 482,535 477,609 

Sept................................................................... 4,724 106,486 101,762 20,640 493,567 472,927 

Oct..................................................................... 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 .................................................................... -2,542 92,925 95,467 6,097 595,054 588,957 

Mar .................................................................... 3,765 109,396 105,631 14,577 732,444 717,867 

Apr..................................................................... -3,833 84,435 88,268 17,806 593,108 575,302 

May p................................................................. 5,633 87,642 82,009 9,239 673,795 664,556 

June p................................................................ -10,685 114,250 124,935 3,945 665,499 661,554 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

September 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. - June p.............................. -74,603 -11,462 1,951,893 1,963,355 -63,141 2,072,469 2,135,610 

2010 - June ........................................... 10,642 6,553 279,559 273,006 4,089 303,487 299,398 

July............................................ -13,298 -7,129 243,360 250,489 -6,169 270,104 276,273 

Aug............................................ -9,022 -15,952 216,284 232,236 6,930 271,380 264,450 

Sept........................................... -3,511 1,950 308,059 306,109 -5,461 298,916 304,377 

Oct............................................. -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 ............................................ -5,487 7,728 295,420 287,692 -13,215 342,538 355,753 

Mar ............................................ -30,672 -16,920 385,341 402,261 -13,752 403,261 417,013 

Apr............................................. -14,240 -1,304 316,125 317,429 -12,936 328,155 341,091 

May p ........................................ -20,410 -14,050 315,927 329,977 -6,360 341,449 347,809 

June p....................................... 15,226 13,442 359,939 346,497 1,784 341,133 339,349 

 
CAPITAL MOVEMENTS 

September 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 

2011 2011 2011 2011 

Country 

 Calendar 

 year 

 2010 

 (1) 

 Jan. 

 through

 June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

Calendar

year 

2010 

(4) 

Jan. 

 through

June

 (5) 

 Apr. 

 through

 June p 

 (6) 

 Calendar 

 year 

 2010 

 (7) 

Jan. 

 through

June

 (8) 

 Apr. 

 through 

June p 

 (9) 

Calendar 

year 

2010 

(10) 

Jan. 

 through

June 

(11) 

 Apr. 

through

 June p

 (12) 

Europe: 

Austria............................. -277 42 57 117 159 89 271 102 31 -29 -100 -31

Belgium........................... -1,757 -359 5 2,256 -179 -110 -16,201 -10,631 -4,360 -494 -909 -812

Bulgaria........................... 239 106 130 - - - - -4 -4 - 10 9

Cyprus ............................ -198 113 69 42 -35 -2 -114 -16 -6 -25 -2 16

Czech Republic............... -177 98 73 -88 - - - 6 - -134 166 103

Denmark ......................... 2,319 -319 -1,008 -2,028 69 59 175 -209 -51 128 951 524

Finland............................ 398 114 241 3 27 8 -257 -74 -76 719 1,252 602

France............................. -5,819 2,826 1,101 16,377 1,014 1,574 -6,429 -3,583 -3,930 19,640 -6,395 -474

Germany ......................... 13,165 4,218 2,375 3,565 -253 281 -2,997 -1,689 -1,314 -443 1,783 1,815

Greece............................ 19 31 145 -9 -66 -4 -7 -1 8 29 -26 -17

Hungary .......................... -659 119 146 -125 23 -37 13 57 13 65 180 35

Ireland............................. -3,127 -9,571 -4,473 -3,956 -3,584 -1,994 -2,980 -148 525 976 2 262

Italy ................................. 963 -861 -1,236 392 -295 13 184 120 151 -3,074 1,591 -770

Kazakhstan ..................... 2,924 1,128 737 -104 117 117 99 3 3 -1 23 22

Luxembourg.................... -4,704 -13,812 -12,766 -15,303 -4,800 -2,121 1,380 1,378 -651 131 2,405 381

Monaco........................... 572 -9 -1 173 -37 - -57 -143 -91 301 -581 -501

Netherlands .................... -1,356 255 -1,212 -153 675 651 -1,688 -1,557 -520 -5,654 -1,627 -641

Norway............................ 8,244 894 -714 912 1,980 1,102 -956 -1,191 -125 2,075 3,040 2,497

Poland............................. -752 2,067 947 1,065 -50 50 -23 58 72 20 -56 -65

Portugal .......................... -374 -57 39 -14 -5 -3 -109 -13 -5 -152 -545 -240

Romania ......................... 101 2,304 318 9 - - -8 - - -24 -7 -3

Russia............................. -15,771 -15,358 -5,793 -3 56 - -268 126 9 -155 11 5

Serbia and Montenegro..... -583 -130 10 6 6 -3 2 - - -1 - -

Spain............................... -5,086 -1,457 -1,516 -96 18 -15 -1,893 -427 -354 943 2 -100

Sweden........................... 2,150 3,704 634 -174 -472 -456 -1,693 230 348 1,740 -1,590 424

Switzerland ..................... 19,750 5,740 2,090 -3,300 414 -305 -277 1,234 461 7,553 1,065 -411

Turkey............................. -2,592 3,741 1,799 1 - - 170 69 14 71 -23 -13

Ukraine ........................... 3,609 -168 -208 -126 -5 -5 35 1 1 34 -7 -17

United Kingdom .............. 343,000 95,591 32,628 17,836 -14,692 -19,153 -10,921 -8,567 -5,652 27,839 18,443 6,107

Channel Islands .............. -368 519 888 590 1 -69 -1,478 -1,951 -1,495 1,625 684 306

All other Europe .............. -154 339 -41 -807 392 225 -48 146 297 350 66 -107

Total Europe ............... 353,699 81,849 15,465 17,060 -19,522 -20,108 -46,075 -26,674 -16,701 54,053 19,806 8,906

Memo: Euro Area 1.............. -8,242 -18,534 -17,191 3,235 -7,335 -1,635 -30,925 -16,544 -10,515 12,779 -2,503 -84

Memo: European Union 2 .... 338,062 85,175 16,682 19,676 -22,440 -21,135 -43,315 -24,993 -15,808 42,485 15,576 7,042

Canada ............................... 80,120 5,529 -11,273 7,778 4,223 2,195 1,578 - 118 6,469 13,138 8,853

Latin America: 

Argentina ........................ 66 -85 70 47 17 -5 243 -51 -30 293 302 150

Brazil............................... 24,934 45,228 20,206 1,297 1,095 664 -149 -57 36 -68 -171 -115

Chile ............................... 743 2,565 1,786 -98 11 12 369 305 339 854 -366 -243

Colombia......................... -84 2,668 1,376 208 127 - 232 -5 5 210 -5 -262

Ecuador .......................... 335 -95 156 -5 18 3 28 2 -1 -22 23 7

Costa Rica ...................... 128 740 371 683 124 33 146 -39 -30 760 60 34

Guatemala ...................... -31 534 157 3 -13 -3 40 -18 -18 10 -3 1

Mexico ............................ -1,973 -3,419 1,755 1,433 2,865 546 302 1,062 -276 2,598 2,136 871

Panama .......................... -244 -34 -12 524 282 119 881 -268 -162 579 354 81

Peru ................................ 1,305 -486 -70 553 -45 -97 254 -106 -63 -556 128 38

Uruguay .......................... 1,231 258 37 -402 -419 -60 348 56 34 308 135 124

Venezuela....................... 90 -14 -15 164 28 6 194 148 91 159 289 103

All other Latin America ..... 108 5 -24 228 141 94 87 76 69 56 34 37

Total Latin America..... 26,608 47,865 25,793 4,635 4,231 1,312 2,975 1,105 -6 5,181 2,916 826

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 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 

2011 2011 2011 2011 

Country 

Calendar 

year 

2010 

(1) 

 Jan. 

 through 

 June 

(2) 

 Apr. 

 through

 June p 

 (3) 

Calendar

year 

2010 

(4) 

Jan. 

 through

June 

 (5) 

 Apr. 

 through

 June p 

 (6) 

Calendar 

year 

2010 

(7) 

 Jan.

 through

 June 

(8) 

 Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2010 

(10) 

Jan. 

 through

June 

 (11) 

 Apr. 

 through

 June p 

 (12) 

Caribbean: 

Anguilla ...................................... -1,424 -183 -162 -29 -44 -45 723 -155 -105 571 -747 -377

Bahamas.................................... -8,752 2,905 2,227 715 499 404 -878 224 218 108 122 -1,805

Barbados ................................... 416 1,382 565 772 126 78 -724 150 43 136 -152 -115

Bermuda .................................... 3,110 1,766 1,158 4,625 1,041 692 1,742 197 -37 5,501 2,563 2,152

British Virgin Islands................... -4,395 3,690 3,385 276 -205 70 338 87 273 1,566 1,674 659

Cayman Islands ......................... 17,901 -25,742 -8,661 6,697 1,063 9,215 18,423 7,383 -45 16,081 21,533 4,483

Cuba .......................................... - - - - - - - - - - -24 -24

Jamaica ..................................... 6 -1 1 -20 -32 -27 22 12 8 -11 11 -

Netherlands Antilles ................... 2,763 -6,166 -2,536 108 -91 36 1,656 1,384 798 -204 188 -635

Trinidad and Tobago.................. 392 453 256 85 -47 43 -116 49 -12 204 -2 4

All other Caribbean .................... 221 83 46 582 14 36 451 174 120 243 30 16

Total Caribbean ..................... 10,238 -21,813 -3,721 13,811 2,324 10,502 21,637 9,505 1,261 24,195 25,196 4,358

Asia: 

China, Mainland. ........................ 51,159 16,259 21,722 -29,282 9,834 614 -354 696 410 2,798 -546 -636

Hong Kong................................. 8,743 -2,030 3,250 6,505 719 274 -896 -1,826 181 9,760 4,689 3,768

India........................................... 1,494 -863 -395 -4 - - 14 -35 -38 -591 -322 -132

Indonesia ................................... 5,081 -234 1,613 124 24 125 -49 219 290 -50 134 -19

Israel.......................................... 3,366 378 694 565 -364 -10 210 98 119 392 -657 -459

Japan......................................... 124,121 30,712 3,266 71,289 7,742 519 842 6,397 3,639 4,587 -1,163 86

Korea, South.............................. -3,152 -6,012 -2,540 6,967 7,019 824 1,248 -369 -140 281 76 42

Lebanon..................................... 35 53 - -1 1 1 153 -171 -77 15 24 19

Malaysia..................................... -131 1,054 1,426 2,861 1,472 1,824 454 -77 100 317 93 -10

Pakistan ..................................... 69 - - - 2 5 9 -7 -12 -4 -16 -9

Philippines.................................. 2,846 2,844 -116 -21 -2,775 -2 135 10 25 27 -31 -15

Singapore................................... 15,219 1,287 2,375 -1,479 -1,203 -814 8,280 2,882 1,730 -4,445 -1,209 902

Syria........................................... - - - - - - - -3 -3 -31 -1 -

Taiwan ....................................... 14,869 -1,364 -1,989 13,621 5,422 1,906 5,288 2,786 721 339 -337 299

Thailand ..................................... 18,278 1,342 63 -1,549 -87 -103 101 243 246 68 58 75

Oil exporting countries 3 ............. -6,234 -4,791 -4,294 -2,060 -75 167 -5,675 -557 -278 4,570 4,034 2,674

All other Asia.............................. 152 727 97 -32 -34 -25 53 1 -13 93 -10 -1

Total Asia............................... 235,915 39,362 25,172 67,504 27,697 5,305 9,813 10,287 6,900 18,126 4,816 6,584

Africa: 

Egypt.......................................... 1,112 114 32 -42 -2 -5 -13 -10 -4 -19 -7 -5

Liberia........................................ 51 4 1 1 -1 - 19 73 6 -10 -2 -

Morocco ..................................... -115 -17 -5 -914 3 1 2 2 1 -13 -7 -5

South Africa ............................... -5,020 -1,824 -620 21 -14 -32 147 41 43 -27 63 9

Oil exporting countries 4 ............. 8,244 3,030 -206 65 3 1 39 -5 - -27 24 19

All other Africa............................ 863 441 442 39 167 177 48 10 -14 -224 107 77

Total Africa............................. 5,135 1,748 -356 -830 156 142 242 111 32 -320 178 95

Other countries: 

Australia..................................... -5,646 77 1,177 -638 -189 90 -1,582 196 82 2,024 1,147 1,214

New Zealand.............................. -7 -77 -50 -39 -4 -15 -21 55 53 93 110 105

All other countries ...................... 4 3 2 -11 - -8 19 -69 -44 -34 -13 -8

Total other countries .............. -5,649 3 1,129 -688 -193 67 -1,584 182 91 2,083 1,244 1,311

Total foreign countries ....... 706,066 154,543 52,209 109,270 18,916 -585 -11,414 -5,484 -8,305 109,787 67,294 30,933

International and regional orgs: 

International organizations ......... -83 5,929 4,644 -1,258 -482 -379 -1,615 -974 -545 -41 321 58

Regional organizations 5 ............ 43 179 -48 7 -167 -50 -140 -511 -35 -5 -3 -1

Total international and 

 regional organizations............... -40 6,108 4,596 -1,251 -649 -429 -1,755 -1,485 -580 -46 318 57

Grand total......................... 706,026 160,651 56,805 108,019 18,267 -1,014 -13,169 -6,969 -8,885 109,741 67,612 30,990

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as 

of January 2011, also includes Estonia. 

2

 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2011 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second 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 .................................... 3,089 639 274 139 536 1,111 390 2,455 582 185 108 567 630 383

Belgium................................... 7,640 798 143 439 3,593 1,625 1,042 29,095 793 253 4,799 4,405 17,661 1,185

Bulgaria .................................. 524 212 - 3 228 - 81 392 82 - 7 219 4 80

Cyprus .................................... 34,714 267 - - 30,812 227 3,408 34,518 198 2 6 30,796 231 3,285

Czech Republic ...................... 1,052 276 - - 343 322 111 744 203 - - 240 102 199

Denmark................................. 12,980 4,149 155 704 4,060 2,440 1,472 13,553 5,157 96 755 3,536 2,511 1,498

Finland.................................... 3,240 506 216 201 1,356 452 510 3,465 265 208 277 754 1,183 779

France .................................... 1,293,315 1,043,846 16,345 4,804 192,838 15,919 19,563 1,294,775 1,042,745 14,771 8,734 193,312 15,952 19,261

Germany................................. 87,940 28,843 1,674 2,056 26,174 19,274 9,919 75,359 26,468 1,392 3,370 24,359 9,687 10,084

Greece.................................... 1,040 274 2 11 431 166 156 783 128 6 3 448 28 170

Hungary.................................. 1,215 246 22 13 327 190 417 1,407 100 59 - 292 638 318

Ireland..................................... 63,525 20,886 7,547 5,326 9,420 6,707 13,640 75,517 25,358 9,540 4,801 9,158 12,766 13,893

Italy ......................................... 24,301 2,141 181 422 13,730 4,329 3,498 22,498 3,377 167 271 14,500 610 3,573

Kazakhstan............................. 2,554 2,126 167 3 25 189 44 1,531 1,389 50 - 3 62 27

Luxembourg ........................... 47,695 3,843 5,072 5,929 12,696 7,467 12,688 76,832 16,610 7,193 6,580 12,315 21,460 12,674

Monaco................................... 505 2 - 32 332 52 87 1,287 3 - 123 833 170 158

Netherlands ............................ 45,541 13,870 1,294 1,595 10,362 9,945 8,476 41,925 15,082 643 2,115 11,003 5,230 7,851

Norway ................................... 41,663 13,081 3,721 2,896 10,562 6,549 4,854 35,147 13,795 2,619 3,021 8,065 3,244 4,403

Poland .................................... 8,055 7,072 50 72 85 631 145 9,991 6,125 - - 150 3,335 381

Portugal .................................. 2,517 229 1 10 1,508 366 403 2,433 190 4 15 1,748 182 295

Romania ................................. 1,082 1,039 - - 41 - 2 772 721 - - 44 - 7

Russia..................................... 8,699 7,856 - 9 216 171 447 14,541 13,649 - - 211 271 410

Serbia and Montenegro.......... 122 122 - - - - - 115 112 3 - - - -

Spain ...................................... 14,759 3,135 13 603 2,685 4,990 3,333 13,812 4,651 28 957 2,785 2,168 3,223

Sweden................................... 20,904 5,320 189 949 5,450 2,937 6,059 19,731 4,686 645 601 5,026 2,737 6,036

Switzerland............................. 57,350 9,760 630 4,930 24,157 4,598 13,275 54,655 7,670 935 4,469 24,568 4,400 12,613

Turkey..................................... 3,817 2,611 - 17 135 682 372 1,653 812 - 3 148 141 549

Ukraine ................................... 545 468 - 1 10 62 4 777 676 5 - 27 41 28

United Kingdom...................... 2,917,702 1,868,220 45,012 108,194 320,446 264,139 311,691 2,910,078 1,835,592 64,165 113,846 314,339 276,014 306,122

Channel Islands...................... 38,234 2,739 665 1,006 25,308 2,309 6,207 38,230 1,851 734 2,501 25,002 2,685 5,457

All other Europe...................... 3,591 432 435 449 1,348 495 433 3,586 473 210 152 1,455 507 789

Total Europe....................... 4,749,909 3,045,007 83,805 140,813 699,214 358,344 422,726 4,781,657 3,029,542 103,913 157,514 690,308 384,649 415,731

Memo: Euro Area 1 ..................... 1,630,410 1,119,353 32,760 21,544 306,902 72,693 77,158 1,674,774 1,136,544 34,395 32,059 306,986 87,976 76,814

Canada....................................... 564,332 209,646 8,242 14,727 125,041 127,376 79,300 572,235 220,919 6,047 14,609 116,188 134,793 79,679

Latin America: 

Argentina ................................ 4,559 213 18 162 2,047 1,120 999 4,281 143 23 192 1,897 1,275 751

Brazil....................................... 80,194 50,476 2,116 781 4,161 9,310 13,350 64,716 30,270 1,452 745 4,276 12,740 15,233

Chile ....................................... 15,394 7,094 168 517 3,075 2,476 2,064 14,059 5,308 156 178 3,318 2,433 2,666

Colombia ................................ 10,101 4,352 246 150 2,636 1,962 755 8,539 2,976 246 145 2,898 1,476 798

Costa Rica.............................. 1,609 1,061 3 20 330 147 48 1,459 905 - 21 323 160 50

Ecuador.................................. 1,738 403 963 52 117 118 85 1,232 32 930 82 83 45 60

Guatemala.............................. 702 386 1 11 185 100 19 614 229 4 29 184 153 15

Mexico .................................... 36,519 7,913 3,004 2,209 8,513 5,084 9,796 35,194 6,158 2,458 2,485 7,642 8,423 8,028

Panama .................................. 6,702 641 349 755 1,912 2,189 856 7,033 653 230 917 1,831 2,682 720

Peru ........................................ 6,111 1,991 343 159 1,042 1,143 1,433 5,838 2,061 440 222 1,004 1,015 1,096

Uruguay.................................. 5,267 723 36 301 1,340 2,188 679 4,643 686 96 267 1,216 1,821 557

Venezuela .............................. 3,869 127 38 336 1,018 1,968 382 2,126 142 32 245 915 572 220

All other Latin America ........... 1,597 598 237 120 222 330 90 1,365 622 143 51 185 309 55

Total Latin America ............ 174,362 75,978 7,522 5,573 26,598 28,135 30,556 151,099 50,185 6,210 5,579 25,772 33,104 30,249

Caribbean: 

Anguilla................................... 182,197 3,526 - 120 145,663 59 32,829 182,631 3,688 45 225 146,040 78 32,555

Bahamas ................................ 83,628 29,685 1,141 7,573 30,133 5,685 9,411 83,857 27,458 737 7,355 31,938 5,305 11,064

Barbados ................................ 2,089 1,083 179 188 198 383 58 1,514 518 101 145 313 368 69

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2011 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second 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................................ 288,665 27,757 8,988 7,462 125,147 91,234 28,077 284,637 26,599 8,296 7,499 122,995 90,987 28,261

British Virgin Islands.............. 159,703 45,260 317 3,957 67,028 16,252 26,889 155,939 41,875 247 3,684 66,369 15,193 28,571

Cayman Islands..................... 1,831,462 640,020 49,880 62,259 622,252 280,922 176,129 1,832,927 648,681 40,665 62,304 617,769 272,277 191,231

Cuba...................................... - - - - - - - 24 - - - 24 - -

Jamaica................................. 581 40 120 35 48 334 4 415 39 147 27 48 150 4

Netherlands Antilles............... 28,178 14,177 280 1,044 7,387 1,130 4,160 31,472 16,713 244 246 8,022 423 5,824

Trinidad and Tobago ............. 1,905 1,138 392 61 141 121 52 1,583 882 349 73 137 103 39

All other Caribbean................ 1,590 220 118 202 455 266 329 1,289 174 82 82 439 244 268

Total Caribbean................. 2,579,998 762,906 61,415 82,901 998,452 396,386 277,938 2,576,288 766,627 50,913 81,640 994,094 385,128 297,886

Asia: 

China, Mainland. ................... 78,000 56,130 10,413 1,756 4,403 2,554 2,744 54,216 34,408 9,799 1,346 5,039 885 2,739

Hong Kong ............................ 134,990 17,751 5,475 2,154 14,351 12,986 82,273 123,625 14,501 5,201 1,973 10,583 10,000 81,367

India ...................................... 5,885 945 - 8 281 176 4,475 7,843 1,340 - 46 413 342 5,702

Indonesia............................... 8,951 6,254 201 587 101 449 1,359 7,508 4,641 76 297 120 743 1,631

Israel ..................................... 112,348 103,792 202 474 3,183 2,105 2,592 110,149 103,098 212 355 3,642 723 2,119

Japan .................................... 335,533 194,232 37,291 17,845 21,350 13,985 50,830 323,649 190,966 36,772 14,206 21,264 12,753 47,688

Korea, South ......................... 44,978 15,791 11,124 1,923 1,306 5,058 9,776 49,412 18,331 10,300 2,063 1,264 4,000 13,454

Lebanon ................................ 1,367 16 1 57 536 637 120 789 16 - 134 517 3 119

Malaysia ................................ 11,178 3,015 4,017 478 358 2,000 1,310 8,422 1,589 2,193 378 368 2,359 1,535

Pakistan ................................ 37 - 5 - 15 7 10 94 - - 12 24 34 24

Philippines............................. 6,865 5,311 6 136 391 714 307 7,150 5,427 8 111 406 866 332

Singapore.............................. 89,215 50,942 3,016 4,880 10,574 6,965 12,838 82,781 48,567 3,830 3,150 9,672 3,725 13,837

Syria...................................... 4 - - - 4 - - 12 - - 34 -5

Taiwan................................... 25,256 3,974 4,445 2,201 5,106 2,451 7,079 24,661 5,963 2,539 1,480 4,807 1,187 8,685

Thailand ................................ 4,926 1,684 11 278 256 619 2,078 4,063 1,621 114 32 181 297 1,818

All other Asia ......................... 36,112 16,937 2,892 766 10,346 2,484 2,687 37,555 21,134 2,750 1,057 7,673 2,732 2,209

Total Asia .......................... 895,645 476,774 79,099 33,543 72,561 53,190 180,478 841,929 451,602 73,794 26,643 65,977 40,649 183,264

Africa: 

Egypt..................................... 943 139 12 1 407 77 307 887 107 17 5 412 149 197

Liberia ................................... 412 33 - 64 244 29 42 373 32 - 58 244 9 30

Morocco ................................ 87 52 4 1 - 5 25 74 57 3 -536

South Africa........................... 5,510 3,579 224 53 303 324 1,027 6,295 4,199 256 10 294 577 959

All other Africa....................... 4,374 1,366 310 17 749 394 1,538 3,898 1,130 132 31 653 519 1,433

Total Africa........................ 11,326 5,169 550 136 1,703 829 2,939 11,527 5,525 408 104 1,608 1,257 2,625

Other countries: 

Australia ................................ 60,342 12,478 1,897 7,839 8,008 14,645 15,475 54,682 11,301 1,807 7,757 6,794 10,242 16,781

New Zealand ......................... 1,274 42 101 109 560 152 310 1,294 92 116 56 455 236 339

All other................................. 263 65 5 35 73 21 64 707 63 13 79 81 29 442

Total other countries.......... 61,879 12,585 2,003 7,983 8,641 14,818 15,849 56,683 11,456 1,936 7,892 7,330 10,507 17,562

Total foreign countries... 9,037,451 4,588,065 242,636 285,676 1,932,210 979,078 1,009,786 8,991,418 4,535,856 243,221 293,981 1,901,277 990,087 1,026,996

International and regional orgs: 

International organizations..... 17,658 13,130 1,167 565 186 2,452 158 14,375 8,486 1,546 1,110 128 2,899 206

Regional organizations 2........ 12,157 238 573 86 6 10,461 793 3,001 286 623 121 7 917 1,047

Total international and 

 regional organizations .... 29,815 13,368 1,740 651 192 12,913 951 17,376 8,772 2,169 1,231 135 3,816 1,253

Grand total .................... 9,067,266 4,601,433 244,376 286,327 1,932,402 991,991 1,010,737 9,008,794 4,544,628 245,390 295,212 1,901,412 993,903 1,028,249

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the 

Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 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................................ 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......................... 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 .............................. 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 46,513 165,952 29,299 4,607 8,326 48,198 28,009 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 ...... 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............................... 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.................. 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 17,377,882 10,710,909 384,794 487,331 2,283,782 1,938,525 1,572,541

Memo: Euro Area 1 ................. 5,352,431 3,313,584 129,341 80,461 1,177,620 336,722 314,703 5,406,777 3,321,826 126,106 111,386 1,164,841 374,720 307,898

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.......................... 4,603 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 ....... 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 

September 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 ................................. 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............................... 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.............. 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................ 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 1,208,127 705,626 147,836 30,917 64,046 66,098 193,604

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 10,010 128,543 53,596 17,456 9,033 28,354 12,780 7,324

Total Asia ...................... 3,179,489 1,655,477 381,320 88,959 245,462 170,366 637,905 2,890,403 1,419,562 313,816 79,146 227,336 155,148 695,395

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 2 ..... 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 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, 

the Netherlands, Portugal, Slovakia, Slovenia and Spain. For data as of January 2011, also includes 

Estonia. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

September 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, with no 

acquisitions in 2008, and acquisitions of less than $1 billion in 2009. Stock swap acquisitions picked up to over $8 billion in 2010, but this pace 

of acquisition again declined during the first half of 2011 to less than $1 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 $191 billion in 2008, $204 billion in 2009, $232 billion in the 2010, and $82 billion in 

the first half of 2011. 

After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $224 billion in 2008, 

as foreign investors acquired 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 at 

$687 billion, surpassing those in 2008 and 2009 and nearly recovering the momentum recorded in 2007. The pace of acquisition has slowed so 

far in 2011, with acquisitions in the first half of the year recorded at only $158 billion.

-200

-100

0

100

200

300

400

500

600

700

800

2008 2009 2010 2011 

Jan. - June

2011 

Apr. - June

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 2008 2009 2010

2011

Jan. - June

2011

Apr. - June 

United Kingdom............................................. 328,706 212,743 377,754 90,775 13,930 

All other Europe ............................................. -105,325 33,534 983 -35,316 -26,368 

Caribbean banking centers 1 ......................... -74,524 23,959 69,121 14,449 12,077 

Japan ............................................................. 57,276 128,219 200,839 43,688 7,510 

All other Asia.................................................. 193,377 187,661 130,519 38,474 36,451 

Subtotal...................................................... 399,510 586,116 779,216 152,070 43,600 

All other countries.......................................... 15,379 52,741 131,401 87,491 34,296 

Grand total ................................................. 414,889 638,857 910,617 239,561 77,896 

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

September 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 $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, $12 billion in 2010, and $6 billion 

during the first half 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 $241 billion in 

2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008 but resumed their net purchases of foreign 

securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $140 billion but have picked up slightly 

during the first half of 2011 to $80 billion. 

-100

0

100

200

300

400

500

2007 2008 2009 2010 2011

Jan. - June 

2011

Apr. - June 

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 2007 2008 2009 2010

2011

Jan. - June

2011

Apr. - June 

Foreign bonds .................................. 133,905 -53,942 127,474 67,382 11,462 1,912

Foreign stocks.................................. 95,300 -20,246 59,360 60,615 63,141 17,512

Total ............................................... 229,205 -74,188 186,834 127,997 74,603 19,424

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

September 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] 

2009 2010 2011 

Dec. r Mar. June Sept. Dec. Mar. p 

Gross total of holdings with negative fair values ........................... 3,363,444 3,315,812 4,211,100 4,679,187 3,541,931 3,074,890

Total over-the-counter (OTC) contracts..................................... 3,333,846 3,273,845 4,179,917 4,649,244 3,512,342 3,043,560

Single-currency interest rate contracts.................................. 2,532,612 2,556,552 3,380,359 3,855,297 2,787,529 2,347,106

Forwards ............................................................................ 5,733 9,383 6,654 9,225 6,684 6,373

Swaps ................................................................................ 2,310,645 2,341,557 3,129,622 3,556,177 2,557,293 2,131,854

Options............................................................................... 216,234 205,612 244,083 289,895 223,552 208,879

Foreign exchange contracts .................................................. 245,230 232,597 299,236 343,410 304,088 291,083

Forwards ............................................................................ 67,679 71,254 93,086 127,208 110,520 112,508

Swaps ................................................................................ 139,065 124,479 161,097 176,830 153,063 139,116

Options............................................................................... 38,486 36,864 45,053 39,372 40,505 39,459

Other contracts ...................................................................... 556,004 484,696 500,322 450,537 420,725 405,371

Equity ................................................................................. 55,363 41,078 46,917 45,504 40,073 40,864

Credit.................................................................................. 404,839 350,887 374,516 319,892 290,208 264,462

All other .............................................................................. 95,802 92,731 78,889 85,141 90,444 100,045

Total exchange-traded contracts ............................................... 29,598 41,967 31,183 29,943 29,589 31,330

Own contracts on foreign exchanges .................................... 515 963 1,086 911 674 649

U.S. customers’ contracts on foreign exchanges.................. 4,342 5,613 4,431 4,962 3,847 4,288

Foreign counterparty contracts on U.S. exchanges .............. 24,741 35,391 25,666 24,070 25,068 26,393

Memorandum items: 

Contracts with own foreign office........................................... 847,311 802,864 985,985 1,100,869 853,851 749,229

Contracts with foreign official institutions .............................. 14,299 14,725 16,259 16,884 15,975 13,937

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,489,779 3,429,046 4,310,312 4,783,698 3,652,313 3,184,240

Total over-the-counter (OTC) contracts..................................... 3,460,696 3,386,131 4,279,105 4,754,629 3,621,801 3,150,701

Single-currency interest rate contracts.................................. 2,596,825 2,613,592 3,437,872 3,915,177 2,844,526 2,405,824

Forwards ............................................................................ 5,440 8,969 6,403 9,257 6,541 5,375

Swaps ................................................................................ 2,357,111 2,381,297 3,164,663 3,591,278 2,596,870 2,176,884

Options............................................................................... 234,274 223,326 266,806 314,642 241,115 223,565

Foreign exchange contracts .................................................. 277,387 253,008 298,553 358,225 330,298 317,734

Forwards ............................................................................ 71,203 70,327 94,487 127,118 113,369 113,784

Swaps ................................................................................ 164,657 142,395 153,342 186,574 170,886 160,243

Options............................................................................... 41,527 40,286 50,724 44,533 46,043 43,707

Other contracts ...................................................................... 586,484 519,531 542,680 481,227 446,977 427,143

Equity ................................................................................. 41,864 37,827 44,684 44,576 44,936 47,278

Credit.................................................................................. 445,687 388,397 415,861 355,504 318,710 287,870

All other .............................................................................. 98,933 93,307 82,135 81,147 83,331 91,995

Total exchange-traded contracts ............................................... 29,083 42,915 31,207 29,069 30,512 33,539

Own contracts on foreign exchanges .................................... 751 1,248 739 1,163 878 1,067

Customers’ contracts on foreign exchanges ......................... 3,702 5,030 3,775 3,807 3,226 3,720

Foreign counterparty contracts on U.S. exchanges .............. 24,630 36,637 26,693 24,099 26,408 28,752

Memorandum items: 

Contracts with own foreign office........................................... 877,838 827,774 995,809 1,107,824 874,301 764,566

Contracts with foreign official institutions .............................. 12,483 11,596 12,459 14,845 13,451 12,382

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

September 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] 

2009 2010 2011

Country Dec. r Mar. June Sept. Dec. Mar. p

Europe: 

Belgium ...................................................................................... 11,312 11,812 13,132 14,508 10,244 8,934

France........................................................................................ 146,048 145,919 172,396 198,743 156,930 139,413

Germany .................................................................................... 197,835 201,469 249,953 294,082 209,014 182,462

Ireland ........................................................................................ 261,347 241,276 304,670 332,169 251,881 212,960

Italy............................................................................................. 7,457 7,947 9,242 9,317 6,893 5,386

Netherlands................................................................................ 13,838 13,291 14,316 17,608 12,907 11,349

Switzerland ................................................................................ 47,560 59,978 79,810 94,420 81,315 72,251

United Kingdom ......................................................................... 2,352,344 2,305,570 2,997,181 3,302,886 2,468,669 2,136,456

All other Europe ......................................................................... 40,712 44,199 50,687 60,067 42,746 38,612

Total Europe .......................................................................... 3,078,453 3,031,461 3,891,387 4,323,800 3,240,599 2,807,823

Memo: Euro Area 1 .................................................................... 663,627 649,301 796,865 904,730 676,357 585,217

Memo: European Union 2........................................................... 3,024,687 2,963,664 3,805,868 4,223,012 3,154,262 2,731,106

Canada........................................................................................... 40,263 42,606 48,091 56,200 45,276 43,351

Total Latin America........................................................................ 7,949 7,722 8,355 9,337 9,327 10,494

Caribbean: 

Cayman Islands ......................................................................... 54,221 62,252 53,088 50,126 48,930 36,264

All other Caribbean .................................................................... 11,874 13,660 17,694 20,261 14,925 12,177

Total Caribbean ..................................................................... 66,095 75,912 70,782 70,387 63,855 48,441

Asia: 

Japan ......................................................................................... 91,203 91,336 109,382 125,547 106,590 96,724

All other Asia.............................................................................. 30,447 29,841 37,156 41,344 31,901 26,398

Total Asia ............................................................................... 121,650 121,177 146,538 166,891 138,491 123,122

Total Africa..................................................................................... 17,072 16,706 20,510 24,816 20,527 19,382

Other countries: 

Australia ..................................................................................... 22,434 11,307 15,429 16,314 14,480 13,558

All other...................................................................................... 742 769 1,202 1,464 995 920

Total other countries .............................................................. 23,176 12,076 16,631 17,778 15,475 14,478

Total foreign countries ....................................................... 3,354,658 3,307,660 4,202,294 4,669,209 3,533,550 3,067,091

Total international and regional organizations............................... 8,784 8,155 8,807 9,979 8,379 7,798

Grand total ............................................................................. 3,363,444 3,315,812 4,211,100 4,679,187 3,541,931 3,074,890

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.
CAPITAL MOVEMENTS 

September 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] 

2009 2010 2011

Country Dec. r Mar. June Sept. Dec. Mar. p

 

Europe: 

Belgium ..................................................................... 15,638 16,159 17,762 18,842 13,449 11,508

France ....................................................................... 164,934 164,623 194,524 224,928 180,511 161,320

Germany.................................................................... 216,416 216,089 261,180 305,392 220,547 193,137

Ireland ....................................................................... 281,432 256,544 319,989 351,467 268,319 226,655

Italy............................................................................ 10,546 10,778 11,040 10,804 8,392 7,492

Netherlands............................................................... 16,622 15,920 15,603 20,837 15,457 13,840

Switzerland................................................................ 54,305 66,359 86,716 100,589 87,746 79,165

United Kingdom......................................................... 2,386,455 2,334,773 3,030,897 3,330,615 2,503,208 2,167,570

All other Europe ........................................................ 35,827 38,682 42,359 51,641 37,176 34,001

Total Europe.......................................................... 3,182,175 3,119,927 3,980,070 4,415,115 3,334,805 2,894,688

Memo: Euro Area 1.................................................... 726,892 702,867 848,062 966,650 731,174 635,184

Memo: European Union 2.......................................... 3,121,726 3,045,612 3,887,984 4,309,146 3,242,593 2,812,097

Canada.......................................................................... 44,255 44,460 49,387 56,365 46,349 47,532

Total Latin America ....................................................... 10,714 11,282 11,822 13,588 11,961 10,694

Caribbean:..................................................................... 

Cayman Islands ........................................................ 62,945 77,702 69,445 64,962 60,329 48,187

All other Caribbean ................................................... 13,687 14,663 15,211 17,541 14,472 14,550

Total Caribbean..................................................... 76,632 92,365 84,656 82,503 74,801 62,737

Asia: 

Japan......................................................................... 91,422 90,791 105,752 122,724 104,198 96,511

All other Asia ............................................................. 35,400 33,798 38,758 43,193 35,925 30,988

Total Asia .............................................................. 126,822 124,589 144,510 165,917 140,123 127,499

Total Africa .................................................................... 17,127 17,273 20,316 25,235 20,988 19,513

Other countries: 

Australia .................................................................... 27,467 15,202 14,902 19,548 18,704 17,318

All other ..................................................................... 1,075 1,133 1,459 1,877 1,049 1,023

Total other countries ............................................. 28,542 16,335 16,361 21,425 19,753 18,341

Total foreign countries ...................................... 3,486,267 3,426,231 4,307,122 4,780,148 3,648,780 3,181,004

Total international and regional organizations.............. 3,513 2,817 3,189 3,551 3,532 3,235

Grand total ............................................................ 3,489,779 3,429,046 4,310,312 4,783,698 3,652,313 3,184,240

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. 
CAPITAL MOVEMENTS 

September 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 2010 2011 

Type of Derivatives Contract Total r Total Jan. - Mar. Apr. - June July - Sept. Oct. - Dec. Jan. - Mar. p

 

Total over-the-counter (OTC) contracts........................................... 38,796 14,531 9,640 14,558 -9,307 -360 1,236 

Single-currency interest rate contracts ........................................ 26,347 9,423 -1,312 -741 4,939 6,537 102 

Foreign exchange contracts......................................................... -2,780 -12,798 6,333 8,511 -19,269 -8,373 -895 

Other contracts............................................................................. 15,229 17,906 4,619 6,788 5,023 1,476 2,029 

Total exchange-traded contracts ..................................................... 6,020 -455 6,512 -4,578 -2,586 197 1,984 

Own contracts on foreign exchanges .......................................... -287 6,225 2,880 64 1,754 1,527 2,891 

U.S. customers’ contracts on foreign exchanges ........................ 13,521 5,637 2,769 -1,809 1,053 3,624 1,133 

Foreign counterparty contacts on U.S. exchanges ..................... -7,214 -12,317 863 -2,833 -5,393 -4,954 -2,040 

Total net cash settlements from foreigners ..................................... 44,816 14,076 16,152 9,980 -11,893 -163 3,220 

Memorandum items: 

Contracts with foreign official institutions................................. -2,599 -1,816 -357 -967 -710 218 2,181 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

September 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 2010 2011 

Country Total r Total Jan. - Mar. Apr. - June July - Sept. Oct. - Dec. Jan. - Mar. p

Europe: 

Belgium..................................................................................... 2,547 3,046 839 802 759 646 146

France....................................................................................... 6,090 887 -2,354 2,939 -1,146 1,448 -3,738

Germany................................................................................... -1,565 6,911 2,564 2,891 1,417 39 -65

Ireland....................................................................................... 3,401 -2,314 -106 -1,918 571 -861 -133

Italy ........................................................................................... 698 -802 -211 -684 301 -208 -603

Netherlands .............................................................................. 1,656 1,436 563 445 -234 662 -78

Switzerland ............................................................................... 3,998 4,863 2,019 4,198 -1,327 -27 246

United Kingdom........................................................................ 25,063 6,047 10,647 7,339 -12,516 577 7,192

All other Europe........................................................................ -5,278 1,742 258 1,468 -1,257 1,273 -988

Total Europe ......................................................................... 36,610 21,816 14,219 17,480 -13,432 3,549 1,979

Memo: Euro area 1 ................................................................... 7,582 9,825 1,492 5,455 760 2,118 -5,395

Memo: European Union 2 ......................................................... 30,065 14,819 11,661 12,630 -12,444 2,972 1,458

Canada ......................................................................................... -7,531 -5,060 -2,133 -1,091 -1,162 -674 -1,267

Total Latin America....................................................................... 1,571 -1,957 146 -614 -830 -659 -321

Caribbean: 

Cayman Islands........................................................................ 5,425 5,801 4,619 -755 4,314 -2,377 344

All other Caribbean................................................................... 1,176 40 859 -1,739 937 -17 2,819

Total Caribbean.................................................................... 6,601 5,841 5,478 -2,494 5,251 -2,394 3,163

Asia: 

Japan........................................................................................ -4,031 -7,829 -2,248 -1,701 -2,542 -1,338 -1,064

All other Asia ............................................................................ 7,564 3,748 513 192 1,629 1,414 658

Total Asia.............................................................................. 3,533 -4,081 -1,735 -1,509 -913 76 -406

Total Africa ................................................................................... 449 119 -49 461 -233 -60 210

Other countries: 

Australia.................................................................................... 4,259 -2,117 348 -2,159 -371 65 135

All other..................................................................................... 286 255 45 78 -47 179 -59

Total other countries............................................................. 4,545 -1,862 393 -2,081 -418 244 76

Total foreign countries...................................................... 45,778 14,816 16,319 10,152 -11,737 82 3,434

Total international and regional organizations ............................. -964 -739 -167 -172 -155 -245 -214

Grand total............................................................................ 44,816 14,076 16,152 9,980 -11,893 -163 3,220

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. 
September 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 

September 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) 

 

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 

 

04/06/11 ................................................................... 791,073 790,547 n.a. 0.9587 

04/13/11 ................................................................... 804,027 804,088 n.a. 0.9638 

04/20/11 ................................................................... 802,859 803,077 n.a. 0.9523 

04/27/11 ................................................................... 829,376 829,634 n.a. 0.9550 

 

05/04/11 ................................................................... 869,744 870,909 n.a. 0.9579 

05/11/11 ................................................................... 837,842 840,444 n.a. 0.9581 

05/18/11 ................................................................... 825,172 824,534 n.a. 0.9722 

05/25/11 ................................................................... 841,488 841,271 n.a. 0.9765 

 

06/01/11 ................................................................... 886,943 889,316 n.a. 0.9713 

06/08/11 ................................................................... 862,241 871,073 n.a. 0.9778 

06/15/11 ................................................................... 821,009 815,780 n.a. 0.9778 

06/22/11 ................................................................... 753,131 759,395 n.a. 0.9725 

06/29/11 ................................................................... 807,218 811,488 n.a. 0.9703 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

Apr................... 848,798 857,909 140,773 131,956 43,538 41,911 40,687 36,170 n.a. 0.9486 

May.................. 890,188 884,305 140,125 132,574 43,219 46,069 45,214 36,396 n.a. 0.9688 

June................. 810,775 813,780 140,904 129,388 40,184 44,873 45,922 36,346 n.a. 0.9642 

 

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) 

 

2008 - 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 

2011 - Mar................... 26,658 38,809 95,621 49,357 n.a. 112 n.a. n.a. n.a. 0.9717 

 
FOREIGN CURRENCY POSITIONS 

September 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) 

 

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 

 

04/06/11 .................................................................. 345,283 351,173 n.a. 85.26 

04/13/11 .................................................................. 357,431 364,142 n.a. 83.59 

04/20/11 .................................................................. 347,016 353,215 n.a. 82.58 

04/27/11 .................................................................. 344,687 350,849 n.a. 82.60 

 

05/04/11 .................................................................. 347,647 353,447 n.a. 80.69 

05/11/11 .................................................................. 336,798 342,805 n.a. 80.78 

05/18/11 .................................................................. 331,273 337,037 n.a. 81.37 

05/25/11 .................................................................. 334,320 340,005 n.a. 81.96 

 

06/01/11 .................................................................. 335,296 340,804 n.a. 80.82 

06/08/11 .................................................................. 333,442 338,282 n.a. 79.87 

06/15/11 .................................................................. 323,107 327,733 n.a. 80.71 

06/22/11 .................................................................. 314,419 319,143 n.a. 80.06 

06/29/11 .................................................................. 334,281 339,065 n.a. 80.80 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

Apr.................. 358,101 367,397 52,355 48,951 41,746 39,871 67,405 71,277 n.a. 81.31 

May................. 355,251 360,546 50,272 46,958 40,764 38,916 65,572 69,116 1,811 81.29 

June................ 355,673 360,346 48,986 45,895 39,206 38,412 63,550 65,848 n.a. 80.64 

 

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) 

 

2008 - 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 n.a. 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 

2011 - Mar................... 2,337 3,797 5,672 2,108 77 238 820 276 -28 82.76 

 
FOREIGN CURRENCY POSITIONS 

September 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) 

 

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 

 

04/06/11 .................................................................. 997,635 994,019 n.a. 0.9172 

04/13/11 .................................................................. 971,453 968,943 1,707 0.8939 

04/20/11 .................................................................. 971,564 969,797 1,722 0.8914 

04/27/11 .................................................................. 999,005 995,164 1,658 0.8807 

 

05/04/11 .................................................................. 959,606 957,237 1,664 0.8582 

05/11/11 .................................................................. 976,775 972,086 2,002 0.8846 

05/18/11 .................................................................. 955,017 949,977 2,220 0.8792 

05/25/11 .................................................................. 983,714 977,186 n.a. 0.8720 

 

06/01/11 .................................................................. 976,335 969,534 n.a. 0.8401 

06/08/11 .................................................................. 984,123 975,798 n.a. 0.8369 

06/15/11 .................................................................. 942,856 936,264 n.a. 0.8508 

06/22/11 .................................................................. 895,895 890,455 n.a. 0.8356 

06/29/11 .................................................................. 927,810 922,031 n.a. 0.8349 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

Apr................... 1,003,496 999,501 70,568 69,452 139,908 141,342 162,399 159,494 1,106 0.8666 

May.................. 1,027,820 1,019,801 71,988 71,273 146,502 139,388 158,394 161,950 4,474 0.8525 

June................. 991,598 985,975 69,256 66,774 146,897 146,788 171,173 167,020 1,937 0.8413 

 

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) 

 

2008 - 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 

2011 - Mar................... 9,235 15,778 49,072 7,928 47 n.a. 1,796 n.a. n.a. 0.9157 

 
FOREIGN CURRENCY POSITIONS 

September 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) 

 

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 

 

04/06/11 .................................................................. 1,329,037 1,355,766 n.a. 1.6314 

04/13/11 .................................................................. 1,393,774 1,418,951 n.a. 1.6285 

04/20/11 .................................................................. 1,392,825 1,422,751 n.a. 1.6405 

04/27/11 .................................................................. 1,438,583 1,466,795 n.a. 1.6530 

 

05/04/11 .................................................................. 1,415,902 1,447,358 n.a. 1.6524 

05/11/11 .................................................................. 1,402,390 1,431,879 n.a. 1.6412 

05/18/11 .................................................................. 1,398,376 1,426,096 n.a. 1.6148 

05/25/11 .................................................................. 1,433,837 1,459,056 n.a. 1.6277 

 

06/01/11 .................................................................. 1,408,205 1,435,182 n.a. 1.6391 

06/08/11 .................................................................. 1,391,083 1,414,846 n.a. 1.6381 

06/15/11 .................................................................. 1,339,453 1,362,370 n.a. 1.6218 

06/22/11 .................................................................. 1,324,193 1,350,007 n.a. 1.6131 

06/29/11 .................................................................. 1,407,171 1,435,734 n.a. 1.6070 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 1,415,627 468,518 380,121 66,069 62,049 71,734 69,838 964 1.6048 

Apr................... 1,389,582 1,434,019 457,079 365,635 62,419 60,137 73,038 70,265 1,783 1.6691 

May.................. 1,439,707 1,463,742 479,479 388,470 62,273 61,613 71,210 68,032 n.a. 1.6439 

June................. 1,418,672 1,446,820 470,579 382,409 58,697 58,458 70,087 65,306 745 1.6067 

 

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) 

 

2008 - 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 

2011 - Mar................... 13,697 15,909 106,857 30,888 n.a n.a n.a n.a -106 1.6048 

 
FOREIGN CURRENCY POSITIONS 

September 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) 

 

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. 

 

04/06/11 ................................................................ 18,914,712 18,934,563 7,763 n.a 

04/13/11 ................................................................ 19,540,366 19,483,083 8,503 n.a 

04/20/11 ................................................................ 19,497,400 19,392,666 9,396 n.a 

04/27/11 ................................................................ 19,991,941 19,903,213 12,652 n.a 

 

05/04/11 ................................................................ 19,831,013 19,710,029 13,925 n.a 

05/11/11 ................................................................ 20,032,751 19,885,257 12,944 n.a 

05/18/11 ................................................................ 19,899,382 19,757,747 17,357 n.a 

05/25/11 ................................................................ 20,331,814 20,186,663 17,311 n.a 

 

06/01/11 ................................................................ 20,635,910 20,479,568 n.a n.a 

06/08/11 ................................................................ 20,526,668 20,381,527 n.a n.a 

06/15/11 ................................................................ 19,760,453 19,619,749 n.a n.a 

06/22/11 ................................................................ 19,380,831 19,207,696 n.a n.a 

06/29/11 ................................................................ 20,147,404 19,962,849 n.a n.a 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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. 

Apr.............. 20,386,991 20,136,837 - - 2,005,060 2,000,171 2,150,862 2,172,908 19,417 n.a. 

May............. 21,053,699 20,941,761 - - 1,981,114 1,956,860 2,106,823 2,058,876 22,589 n.a. 

June............ 20,771,102 20,627,000 - - 2,020,550 2,039,558 2,164,360 2,086,752 n.a. 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) 

 

2008 - 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. 

2011 - Mar................... 304,902 257,575 - - 23,859 13,314 19,004 14,882 -1,380 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 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) 

 

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 

 

04/06/11 ............................................................................. 5,179,102 5,157,788 2,025 0.6977 

04/13/11 ............................................................................. 5,326,297 5,325,838 1,374 0.6908 

04/20/11 ............................................................................. 5,316,166 5,324,145 n.a. 0.6890 

04/27/11 ............................................................................. 5,391,351 5,385,606 322 0.6822 

 

05/04/11 ............................................................................. 5,321,445 5,325,272 n.a. 0.6730 

05/11/11 ............................................................................. 5,519,564 5,540,205 n.a. 0.7008 

05/18/11 ............................................................................. 5,476,642 5,507,633 n.a. 0.7008 

05/25/11 ............................................................................. 5,657,867 5,688,598 n.a. 0.7091 

 

06/01/11 ............................................................................. 5,691,511 5,731,313 n.a. 0.6929 

06/08/11 ............................................................................. 5,684,457 5,725,561 n.a. 0.6855 

06/15/11 ............................................................................. 5,445,839 5,487,285 n.a. 0.7032 

06/22/11 ............................................................................. 5,390,115 5,440,558 n.a. 0.6943 

06/29/11 ............................................................................. 5,577,152 5,623,713 n.a. 0.6931 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 1,612,170 367,591 432,617 483,071 417,972 n.a. 0.7051 

Apr................... 5,271,703 5,330,836 1,703,388 1,657,971 361,987 416,194 461,163 412,973 187 0.6747 

May.................. 5,690,696 5,725,074 1,837,081 1,789,572 373,713 429,356 494,072 441,933 n.a. 0.6956 

June................. 5,672,844 5,721,827 1,740,499 1,689,348 389,773 443,656 528,911 480,874 n.a. 0.6886 

 

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) 

 

2008 - 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 

2011 - Mar................... 66,879 76,993 239,318 104,938 10,426 3,469 6,505 6,628 534 0.7051 

 
September 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 Dec. 31, 2010, and Mar. 31, 2011 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2010 

Jan. 1, 2011, 

through 

Mar. 31, 2011 Mar. 31, 2011 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 20,434,315 2,470,906 22,905,221 

Government Sponsored Enterprises (GSE) Securities ... - - - 

Special drawing rights 1 ........................................................... 56,824,256 -281,903 56,542,353 

Foreign exchange and securities: 

European euro ..................................................................... 13,985,148 897,283 14,882,431 

Japanese yen....................................................................... 11,913,597 -721,007 11,192,590 

Accounts receivable................................................................. 162,069 -9,380 152,689 

Total assets.......................................................................... 103,319,385 2,355,899 105,675,284 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 33,336 5,811 39,147 

Total current liabilities ...................................................... 33,336 5,811 39,147 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,387,208 1,605,804 55,993,012 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,587,208 1,605,804 61,193,012 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 166,077 744,284 910,361 

Total capital...................................................................... 43,698,841 744,284 44,443,125 

Total liabilities and capital............................................ 103,319,385 2,355,899 105,675,284 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 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 

Jan. 1, 2011, 

through 

Mar. 31, 2011 

Fiscal year to date

Oct. 1, 2010, 

through 

Mar. 31, 2011 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 603,216 728,876 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 75,671 50,013 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 2,311 4,586 

U.S. Government securities......................................................... 5,314 11,700 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 57,772 115,186 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... 744,284 910,361 

Net income (+) or loss (-)............................................................. 744,284 910,361 

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 

September 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) .............................................................................................................. 104 

less: 

Cash balance (fiscal year 2012) ......................................................................................................................................................................................... 5 

Unfunded authorizations (fiscal year 2012)........................................................................................................................................................................ 99 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 141

* 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)........................................................................................................................................................................ 15 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 20 

* Assumes the current stream of revenues and spending levels are maintained. 

Note.―Detail may not add to totals due to rounding. 
September 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 

September 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
September 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 June 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 

September 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 

September 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). 
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