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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

JUNE 2007
Additional Financial Management Service 

Releases on Federal Finances

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BULLETIN

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June 2007 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 32 

TREASURY FINANCING ................................................................................................................................................. 32 

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 37 

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

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

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 44 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 44 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 45

SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 45
June 2007 

IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 47 

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

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

MARKET YIELDS 

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 51 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 51 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 52

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 55 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 56 

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

 Residents of Foreign Countries.............................................................................................................................. 57

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 58 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 

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

 with Respect to Selected Countries...................................................................................................................... 66 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 67 

CM-II-2.—Total Claims by Country ................................................................................................................................... 68 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 

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

 with Respect to Selected Countries...................................................................................................................... 72

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 73 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 74 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 76 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 78 
June 2007 

V

Contents 

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 ............................................ 80 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 81 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 82 

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

 and Country, during (fourth quarter)................................................................................................................. 84 

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

 and Country, during (calendar year) ................................................................................................................. 86 

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

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 

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 .................................. 90

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 91 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 92 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 93 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 94

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 95 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 107
June 2007 

VI 

Contents 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 108 

ESF-1.—Balance Sheet ..................................................................................................................................................... 108 

ESF-2.—Income and Expense........................................................................................................................................... 109

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 113 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 113

RESEARCH PAPER INDEX............................................................................................................................................ 114

GLOSSARY ...................................................................................................................................................................... 115

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
June 2007 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

FFO-6.—Customs 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: 

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 Safety Trust Fund (formerly Aquatic 

Resources Trust Fund) ...................................................................................... √ 

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
June 2007 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

The economy expanded at a slower pace in the first 

quarter of 2007, as the continued weakness in residential 

investment, a deterioration in the net export deficit, and 

slower inventory accumulation partly offset continued 

strength in consumer spending and a modest rebound in 

business investment. 

April’s advance estimate of real gross domestic product 

(GDP) reported a deceleration of annualized growth to 1.3 

percent in the first quarter of 2007, following a 2.5 percent 

gain in the fourth quarter of 2006. Over the past four 

quarters, the economy has expanded by 2.1 percent. Since 

the second quarter of 2003, quarterly growth has averaged 

3.4 percent. 

Consumer spending rose a relatively robust 3.8 percent at 

an annual rate in the first quarter of 2007, slowing somewhat 

from the 4.2 percent pace in the fourth quarter. Spending on 

nondurable goods and on services contributed a combined 

2.1 percentage points to GDP growth. Over the past four 

quarters, consumer spending was up 3.4 percent. 

A 17.0 percent annualized rate of decline in residential 

investment spending in the first quarter marked the fourth 

straight negative reading for residential building and reduced 

GDP growth by 1.0 percentage point in the first quarter. 

Investment in business equipment and software increased by 

1.9 percent in the first quarter, only partially retracing the 

4.8 percent decline in the fourth quarter. Average growth for 

the past four quarters for this volatile series was 4.4 percent. 

Nonresidential investment in structures rose 2.1 percent in 

the first quarter and was up 9.4 percent over the previous 

four quarters. Business inventory investment turned up 

slightly as inventory accumulation slowed in the first 

quarter, but still subtracted 0.3 percentage point from first 

quarter GDP growth. 

The net export deficit on trade in goods and services 

widened $15.2 billion in real terms in the first quarter, and 

subtracted 0.5 percentage point from GDP growth. Real 

exports of goods and services declined, falling 1.2 percent, 

the first decline in 15 quarters, but came after a 10.6 percent 

surge in the fourth quarter. Meanwhile, real imports of goods 

and services increased 2.3 percent in the first quarter. Over 

the past four quarters, real exports of goods and services 

were up 5.5 percent. 

Growth in real public sector spending slowed in the first 

quarter, up an annualized 0.9 percent after a 3.4 percent rise 

in the fourth quarter. The slowdown was largely the result of 

a sharp deceleration in federal defense expenditures, which 

fell 6.6 percent after rising 12.3 percent in the fourth quarter. 

Lower Federal spending subtracted 0.8 percentage point 

from GDP growth, while state and local outlays added 0.1 

percentage point. 

Growth of Real GDP

3.5

3.1

4.2

1.8 2.0

2.5

1.3

3.9 3.4 4.0

2.6

2.7

5.6

3.3

1.2

7.5

2.6

0.0

2.0

4.0

6.0

8.0

10.0

2003 2004 2005 2006 2007

(Quarterly percent change at annual rate)
PROFILE OF THE ECONOMY 

June 2007

4 

Inflation 

Fluctuations in energy prices have been the key factor 

behind changes in the overall inflation rate over the past 

several months. In the 12 months through April 2007, the 

consumer price index (CPI) increased 2.6 percent, slower 

than the 3.5 percent rate for the previous 12 months. On a 

quarterly basis, inflation has been slowing for some time: the 

CPI rose 1.9 percent in the fourth quarter of 2006 and 2.4 

percent in the first quarter of 2007, following five 

consecutive quarterly increases of between 3.3 percent and 

4.0 percent. Inflation has receded despite a recent uptick in 

energy prices: in the first quarter of 2007, energy prices rose 

3.8 percent, following a 10.1 percent decline in the fourth 

quarter. Gasoline prices rose even more rapidly, jumping 4.7 

percent in the first quarter following an 18 percent decline in 

the fourth quarter of 2006. Food prices have also increased, 

rising 1.3 percent in the first quarter of 2007 after a more 

modest 0.5 percent increase in the fourth quarter. The core 

consumer price index (which excludes food and energy) rose 

2.3 percent in the 12 months through April 2007, matching 

the increase of a year earlier. Over the last 6 months 

(through April 2007), though, core inflation was 2.0 percent. 

Broad declines in energy prices also contributed to a 

slower rise in the producer price index (PPI) for finished 

goods, which was up 3.2 percent in the 12 months through 

April 2007. Prices were up 4.1 percent in the previous 12 

month period. On a quarter-over-quarter basis, finished 

energy goods at the producer level declined 4.7 percent in 

the fourth quarter of 2006 and 1.1 percent in the first quarter 

of 2007, after increases of roughly 10 percent to 22 percent 

in each of the previous 10 quarters. The core PPI (finished 

goods less food and energy) was unchanged in April (for the 

second straight month) and rose 1.5 percent over the last 12 

months, matching its year-earlier increase. 

-4

-2

0

2

4

6

8

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 

June 2007 

5

Employment and unemployment 

The labor market finished 2006 on a strong note, and 

continued to be solid in the first four months of 2007. 

Payroll job gains slowed but the unemployment rate is low 

and workers have achieved solid gains in real hourly 

earnings. 

Nonfarm payroll employment increased a modest 88,000 

in April, and data revisions trimmed job counts in the 

previous 2 months. Average job growth in March and April 

was about 133,000. Employment increased by more than 2.2 

million in 2006, an average of 187,000 per month. Since 

employment hit its low point in August 2003, the economy 

has generated 7.9 million jobs. Following its standard 

practice, the Bureau of Labor Statistics incorporated its 

annual benchmark revision to payroll employment data in 

early February. The revision, which reflects more complete 

estimates of payrolls using unemployment insurance tax 

records, increased the employment level for March 2006 by 

about 750,000. 

The service sector has been the source of most job gains. 

Professional and business services and leisure and 

hospitality each posted employment increases in the range of 

about 23,000 in April, but that was down from gains of more 

than 35,000 per month in the first quarter of 2007. Payrolls 

in education and health services rose 53,000 in April, 

improving on the first quarter’s monthly average of 41,000. 

Employment in these three sectors rose by more than 1.4 

million in 2006, or nearly two-thirds of the total net jobs 

created during the year. After shedding more than 40,000 

jobs in 2006, retail employment is up 27,000 in the first 4 

months of 2007. 

Goods-producing industries have been affected by the 

housing slowdown and the downshift in automobile 

production. Construction employment fell 11,000 in April 

after losing 8,000 jobs in the first quarter of 2007 compared 

to the fourth quarter of 2006. Since peaking in February 

2006, employment in residential specialty trade contractors 

has declined by more than 120,000, a trend directly related 

to the housing slowdown. Although the decline had been 

partly offset by gains in nonresidential specialty trade 

contractor employment earlier this year, more jobs were lost 

by the nonresidential group than by the residential group in 

April. Manufacturing employment fell by 19,000 in April, 

and is down 55,000 so far this year. The factory sector lost 

78,000 jobs in 2006. 

The unemployment rate edged up from 4.4 to 4.5 percent 

in April, but remains close to a 5-1/2 year low of 4.4 percent. 

The labor force participation rate (the share of the 

noninstitutionalized population over 15 years old in the labor 

force) ended 2006 at a 3-1/2 year high of 66.4 percent, and 

has since ticked down to 66.0 percent as of April. 

The average workweek edged down from 33.9 hours to 

33.8 hours in March causing aggregate production worker 

hours to decline 0.1 percent. Nominal average hourly 

earnings increased 0.2 percent in April and were up 3.7 

percent from a year earlier. Adjusting for inflation, real 

earnings were up 1.3 percent from a year earlier in March 

(latest data available). 

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

00 01 02 03 04 05 06 07

(Percent)

Apr. 2007

4.5%

Payroll Employment

202

177

143

124

252

220 211

264

151

194

163

219

112

-150

-50

50

150

250

350

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2004 2007 2005 2006
PROFILE OF THE ECONOMY 

June 2007

6 

Real disposable personal income and 

consumer spending 

Personal income and outlays experienced strong growth 

in the first quarter of 2007 relative to the final three quarters 

of 2006. Nominal personal income surged 9.2 percent at an 

annual rate in the first quarter of 2007, following growth of 

4.7 percent, 5.0 percent, and 3.2 percent in the previous three 

quarters, respectively. Wages and salaries, accounting for 

more than 50 percent of personal income, rose at a 

9.5 percent annual rate in the first quarter, following a gain 

of 5.7 percent in the fourth quarter. The outsized first-quarter 

gain was driven by bonuses and exercised stock options, 

which are counted as wage income in the national accounts. 

The Federal pay raise, which usually occurs in the first 

quarter, also contributed. 

Growth of personal income receipts on assets jumped to 

9.3 percent at an annual rate after slowing to 1.9 percent 

during the fourth quarter. Growth of personal interest 

income increased at a 6.9 percent annual pace after declining 

4.9 percent in the fourth quarter. Rental income growth in 

the first quarter slowed to 15.2 percent at an annual rate 

from 26.9 percent in the fourth quarter and 44.6 percent in 

the third quarter. 

Real disposable (after-tax) income rose 4.5 percent at an 

annual rate in the first quarter following a 5.3 percent gain in 

the fourth quarter and a 3.2 percent increase in the third 

quarter. Real personal consumption expenditures increased 

at a 3.8 percent annual pace, 0.4 percentage points slower 

than the fourth quarter growth rate. The personal saving rate 

(personal saving as a percentage of disposable personal 

income) crept up 0.2 percentage point to -1.0 percent in the 

first quarter from -1.2 percent in the fourth quarter. 

Consumer spending has been larger than personal disposable 

income since the second quarter of 2005. 

Industrial production and capacity 

utilization 

Industrial production from factories, mines, and utilities 

increased 0.9 percent at an annual rate in the first quarter of 

2007, after declining at a 1.5 percent pace in the fourth 

quarter of 2006. Over the 12 months ending in April, output 

increased 1.9 percent. On an annual basis, industrial 

production grew 3.9 percent in 2006, the fastest rate since 

2000. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, also rose 0.9 percent at an 

annual rate in the first quarter of 2007, after falling 1.7 

percent in the fourth quarter of 2006. In the 12 months 

through April, manufacturing production increased 1.9 

percent. Output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

10.2 percent at an annual rate, decelerating from the fourth 

quarter’s 24.7 percent pace. Production of motor vehicles 

and parts fell 8.0 percent at an annual rate in the first quarter 

of 2007, its third straight quarterly decline. In the 12 months 

through April, output of motor vehicles and parts was down 

1.9 percent. Apart from automobiles, manufacturing output 

increased at a 1.6 percent annual rate in the first quarter of 

2007, reflecting a surge late in the quarter in hightechnology output as well as output of nonmetallic mineral 

products. 

Utilities output, accounting for roughly 9.5 percent of 

total industrial output, rose 3.7 percent at an annual rate in 

the first quarter of 2007 (following a revised 3.6 percent 

decline in the fourth quarter of 2006). Weather is usually a 

factor in this sector, and unseasonable weather in quarters 

often causes sharp swings in output from 1 month or quarter 

to the next. Output at mines (the remaining 10 percent of 

industrial output) fell 3.0 percent in the first quarter of 2007, 

following a 3.0 percent gain in the fourth quarter. In the 12 

months through April 2007, output at utilities rose 2.5 

percent and mining output grew 0.8 percent. 

The capacity utilization rate for the industrial sector 

edged down to 81.3 percent in the first quarter of 2007 from 

81.5 percent in the fourth quarter. Capacity utilization has 

trended higher over the past 2 years or so; in the first quarter 

it was still above its long-term average of 81.0 percent. 

Capacity utilization ranged between 82 and 85 percent from 

1994 through 1999. In manufacturing, capacity utilization 

was 79.8 percent in the first quarter of 2007, down from 80.1 

percent in the fourth quarter, but it remains above its longterm average of 79.8 percent. Utilization in the hightechnology industries fell 1.7 percent points to 78.0 percent 

in the first quarter of 2007 from 79.7 percent in the fourth, 

returning to its long-term average of 78.0 percent. 

Nonfarm productivity and unit labor costs 

Productivity growth leveled off during the first quarter of 

2007, according to preliminary data, after picking up a bit at 

the end of last year. Productivity in the nonfarm business 

sector grew at an annual rate of 1.7 percent in the first 

quarter following an acceleration to 2.1 percent in the fourth 

quarter. Growth in output (1.4 percent) outpaced a decline in 

hours worked (-0.3 percent) in the first quarter of 2007. For 

2006 as a whole, productivity increased 1.6 percent. That is 

slower than the 2.1 percent increase registered over the four 

quarters of 2005. Still, the longer-term trend of productivity 

growth appears strong. Since the business cycle peak in the 

first quarter of 2001, productivity has grown at an annual 

rate of 2.8 percent, accelerating from the 2.5 percent rate 

during the preceding 5-year period. 

Hourly compensation costs in the nonfarm business 

sector rose 2.3 percent at an annual rate in the first quarter, 

slowing notably from the fourth quarter’s 8.5 percent surge 

but in line with the 2.4 percent pace over the most recent 

four quarters. In real terms, hourly compensation was 

unchanged over the most recent four quarters. 

An alternative measure from the Bureau of Labor 

Statistics, the employment cost index, shows that nominal 

compensation rose 3.5 percent in the 12 months through 

March 2007, the fastest rate of increase since the first quarter 

of 2005. The employment cost index shows data on the two 

main components of compensation – wages and salaries and 
PROFILE OF THE ECONOMY 

June 2007 

7

benefits. Wages and salaries for all civilian workers were up 

3.6 percent through March 2007 from a year earlier, while 

benefits were up 3.1 percent over the same period. Although 

the growth in benefit costs has slowed over the past 2 years, 

benefits have generally accounted for a disproportionate 

share of overall compensation gains. 

Unit labor costs, which represent the interaction of 

productivity and compensation, increased 0.6 percent at an 

annual rate in the first quarter, slowing significantly from the 

fourth quarter’s 6.2 percent jump. These costs were up just 

1.3 percent over the latest four quarters. The growth of unit 

labor costs has been erratic in recent years, but the first 

quarter’s rate was the slowest since the second quarter of 

2005. 

Productivity in the manufacturing sector rose 2.7 percent 

at an annual rate in the first quarter and was up 3.6 percent 

over the most recent four quarters. Over the past 5 years, 

productivity has grown at a 4.2 percent annual rate, slowing 

from the 4.6 percent pace of the previous 5-year period. 

Hourly compensation costs in manufacturing were up 5.5 

percent at an annual rate in the first quarter but were up just 

1.5 percent over the most recent four quarters. Factory unit 

labor costs increased 2.7 percent at an annual rate in the first 

quarter and have declined 2.0 percent over the past four 

quarters. 

International transactions 

The U.S. current account balance improved in the fourth 

quarter of 2006, narrowing by $134 billion to $783 billion at 

an annual rate (5.8 percent of GDP) from nearly $918 billion 

(6.9 percent of GDP) in the third quarter. The merchandise 

trade deficit fell sharply in the fourth quarter, accounting for 

more than half of the improvement. A swing in the balance 

on income (the difference between income receipts on U.S. 

assets abroad and income payments on foreign assets in the 

United States) also played a role. After four straight quarters 

in deficit, the income balance shifted back into surplus – a 

more normal state of affairs for this component of the 

current account. Finally, the surplus on trade in services rose 

in the fourth quarter and net unilateral transfers to foreigners 

declined. Despite the end-of-the-year improvement, the 

current account deficit reached a new high in 2006, rising by 

$65 billion to $857 billion. As a share of GDP, however, the 

current account edged up just 0.1 percentage point to 6.5 

percent. 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account transactions, which mainly consist of debt 

forgiveness and wealth transfers associated with 

immigration, amounted to an outflow of $2.4 billion at an 

annual rate in the fourth quarter, up from $2.2 billion in the 

prior quarter. For the entire year, net capital account 

payments totaled $3.9 billion, down from $4.4 billion in 

2005. 

Financial flows into and out of the United States slowed, 

on net, in the final quarter of 2006 to $658 billion at an 

annual rate from $919 billion in the third quarter. Net 

foreign purchases of U.S. assets moderated by $159 billion 

to $1.7 trillion. Slower growth of foreign direct investment 

in the United States and foreign purchases of U.S. stocks and 

federally-sponsored agency bonds accounted for part of the 

pullback. Those developments were partly offset by a shift 

in U.S. Treasury securities transactions from net sales in the 

third quarter to net acquisitions in the fourth quarter. The 

deceleration in foreign expenditures for U.S. assets more 

than offset a $101 billion pickup in net outflows for U.S.-

owned assets abroad to $1.0 trillion. Net financial inflows 

for the four quarters of 2006 totaled $719 billion, down from 

an all-time high of $785 billion in 2005. 

Exchange rate of the dollar 

The value of the U.S. dollar compared to the currencies 

of America’s key trading partners edged upward in the first 

quarter of 2007 after declining in the fourth quarter of 2006. 

The nominal exchange value of the dollar (relative to a 

broad index covering the currencies of 26 important US 

trading partners) appreciated 1.3 percent during the first 

quarter of 2007. In March, the dollar settled at its lowest 

nominal level in about 10 years. Since peaking in February 

2002, the U.S. currency as measured by this broad index has 

depreciated by close to 18 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the currencies of seven major trading 

partners, including the euro area countries, Japan, Canada, 

the United Kingdom, Australia, Sweden, and Switzerland. 

Between February 2002 and December 2006, the exchange 

rate of the dollar compared to an index of these currencies 

fell by nearly 28 percent. Over this period, the dollar was 

down by 34 percent against the euro and by 12 percent 

against the yen. 

The dollar generally showed much less movement with 

respect to the currencies of the other 19 important trading 

partners (including Mexico, China, and India). It 

strengthened somewhat from February 2002 through the first 

half of 2004, but since then, the dollar has depreciated 

against this index by about 8 percent. In December 2006, the 

dollar was 3.6 percent lower against this basket of currencies 

than at the February 2002 peak. 
PROFILE OF THE ECONOMY 

June 2007

8 

Interest rates 

At its most recent meeting in May 2007, the Federal 

Open Market Committee (FOMC)–the Federal Reserve’s 

policy-making arm–maintained the Federal funds target 

interest rate (the rate that banks and other financial 

institutions charge each other for overnight loans) at 5.25 

percent, where it has stood since late June 2006. The Federal 

Reserve has paused in the seven most recent meetings, 

following 17 straight hikes of 25 basis points each in the 

current cycle of monetary tightening which began in late 

June 2004. Before that, the FOMC had held the Federal 

funds target rate constant at 1 percent for one year. The 

funds target in May 2007 was at its highest level since 

March 2001. 

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

stood at 4.8 percent in early May 2007, and had risen by 

about 200 basis points over the past 2 years. The 10-year 

Treasury note rate had moved little as short rates rose during 

2004 and 2005, but then moved significantly higher starting 

in early 2006. At about 5.2 percent as of early June 2006, the 

rate was about 145 basis points above its level in early 2004. 

Relative to that recent peak, the rate has trended lower, and 

has been consistently below 5 percent since August 2006. 

This year the rate has fluctuated in a narrow range and was 

4.6 percent as of early May. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate, trending up since 

mid-2005, and moving decisively higher through the first 

half of 2006. In early July 2006, the rate for a 30-year fixed 

rate mortgage reached 6.8 percent, its highest level in over 4 

years. During the latter half of 2006, the mortgage rate 

generally declined in tandem with the 10-year Treasury rate 

to about 6.1 percent in December. After rising to 6.3 percent 

in early February, the rate has trended lower again, and 

stood at about 6.1 percent in early May. 

Corporate bond yields have also generally followed 

movements in long-term Treasury yields. Moody’s seasoned 

Baa yield moved higher earlier last year, reaching a recent 

peak of 6.9 percent in late June 2006, but during the latter 

half of 2006 and early 2007, it retreated, trading between 6.1 

percent and 6.5 percent. Since then, the yield has fluctuated 

in a 20 basis point range and was 6.3 percent in early May. 

The spread between the Baa yield and the 10-year Treasury 

yield, a measure of investor risk appetite, has remained 

essentially unchanged through much of 2005 and 2006. This 

spread had widened to as much as 4.0 percentage points in 

October 2002, but over the past several months, has 

remained quite stable at roughly 1.7 percentage points. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2003 2004 2005 2006 2007

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2003 2004 2005 2006 2007

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 

June 2007 

9

Housing 

Housing activity remained sluggish in the first quarter of 

2007. Housing starts and permits continued to decline, but 

housing affordability increased for the second consecutive 

quarter, caused in part by smaller price increases and low 

mortgage rates. Sales of new single-family homes dropped 

sharply, but the homeownership rate remained close to 

record levels. 

Housing starts fell to a 1.474 million unit pace in the first 

quarter from a 1.559 million rate in the fourth quarter of 

2006. This was well below a three-decade high of 2.123 

million the first quarter. Real residential investment declined 

17.0 percent at an annual rate in the first quarter, following a 

19.8 percent decline in the fourth quarter. Residential 

investment, a key component of GDP, declined for the sixth 

straight quarter, subtracting 1.0 percentage points from real 

GDP in the first quarter. Housing permits signal continued 

slow growth. The number of permits issued for future 

construction was at a 1.556 million annual rate in the first 

quarter, the slowest quarterly rate since the third quarter of 

2000. 

Measures of consumer homebuying attitudes and home 

builder sentiment improved in the first quarter, but more 

recent data does not clearly show an end to the slowdown. 

The National Association of Home Builder’s housing market 

index rose 3.0 points from December to March. The net gain 

for the Michigan survey of consumer sentiment’s 

homebuying conditions was 5.0 points in the first quarter, 

down from 16 points in the fourth. The housing market 

index retraced all of its first quarter gain in April, and the 

Michigan survey’s homebuying conditions inched up just 

1.0 point, leaving doubt about whether the market has 

reached a trough. 

Sales of new single-family homes plummeted 

13.7 percent at an annual rate in the first quarter to a 0.856 

million unit pace from a 0.992 million unit pace in the fourth 

quarter. This was the largest quarterly drop since the third 

quarter of 1981, and the weakest unit rise in nearly 7 years. 

However, resales of existing single-family homes, 

accounting for nearly 85 percent of all one-family home 

sales, fared better in the first quarter, rising 2.2 percent at an 

annual rate to a 5.623 million unit rate. The homeownership 

rate slipped by 0.1 percentage points to 68.6 percent in the 

first quarter but remains at a historically high level, just 

0.7 percent below its peak in the spring of 2004. Slowing 

home price appreciation should help the homeownership rate 

stay high. The median sales price of existing single-family 

homes dropped 3.1 percent to $212,000 in the first quarter, 

compared to $219,000 in the fourth. 

Mortgage interest rates remained near their fourthquarter level during the first quarter of 2007 and have been 

relatively flat so far in the second quarter. The average rate 

on a 30-year conventional mortgage slipped from 

6.25 percent in the fourth to 6.22 percent in the first, and 

below the 6.56 percent rate in the third quarter of 2006. In 

April the rate averaged 6.18 percent, 33 basis points lower 

than the 30-year mortgage rate in April 2006 and below the 

7.5 percent average posted in the second half of the 1990s. 

The low mortgage interest rate, along with flat or falling 

housing prices, should continue to make homes more 

affordable in the coming months. The National Association 

of Realtors’ housing affordability index rose to 114.7 

percent in March from a reading of 109.2 percent in 

December, well above the 2006 average of 106.2 percent. 

Federal budget 

Budget results for the first 7 months of fiscal year 2007 

show the Federal deficit narrowed to $81 billion, an 

improvement of roughly $103 billion compared with the 

same months of fiscal year 2006. Receipts rose $152 billion 

or 11.2 percent through 7 months of the fiscal year versus 

last year. Part of the strength in receipts was due to a faster 

processing of returns, which moved receipts that would 

normally be counted in May into the April data. Corporate 

income taxes were also strong, bolstered by strong growth in 

corporate profits.

Outlays increased by $4.4 billion, or 3.2 percent in the 

first 7 months of fiscal year 2007. The largest increase in 

outlays was for Medicare, with expenditures up about $32 

billion or roughly 17 percent compared with the first seven 

months of fiscal year 2006 (the prescription drug benefit 

started in January 2006 contributed $30.1 billion to the 

increase). Net outlays for national defense increased by $21 

billion through the first seven months of the fiscal year 

compared to the same 7 months of fiscal year 2006, or about 

7 percent. Net interest expenses increased by $6.6 billion or 

5.2 percent from fiscal year 2006 due in part to higher shortterm interest rates. 
PROFILE OF THE ECONOMY 

June 2007

10 

Net national saving and investment 

Net national saving has been on a downward trend since 

the 1960s, in part due to declining private saving but also 

reflecting the growth of Federal government budget deficits 

since the 1970s. Over this period, net national saving as a 

share of net national product (NNP) declined from an 

average of 12.2 percent in the 60s to a slim 0.1 percent in 

2005. In 2006, however, the net national saving rate 

rebounded to 2.2 percent. 

The increase recorded in 2006 was mainly due to an 

improvement in the Federal government’s fiscal situation. 

As a share of NNP, the Federal budget deficit narrowed to 

1.3 percent from 2.8 percent in 2005. State and local 

governments posted a small surplus in 2006, but as a share 

of NNP the state and local fiscal balance was negligible for a 

second straight year. Altogether, government deficits as a 

share of NNP amounted to 1.3 percent in 2006, a notable 

improvement compared to 2.9 percent in 2005 and a recent 

high of 4.1 percent in 2003. 

Private saving (of households and businesses) rose to 3.5 

percent of NNP in 2006 from 2.9 percent in 2005. The 

increase reflected a jump in the corporate saving rate to 

4.3 percent from an average of 3.3 percent in the prior 4 

years. Personal saving as a share of NNP has been on the 

decline since the early 1980s and turned negative in 2005 for 

the first time since the 1930s, dipping to -0.3 percent. This 

downward trend continued in 2006, with the ratio of 

personal saving to NNP falling to -0.9 percent. 

Net domestic investment was equivalent to 9.1 percent of 

NNP in 2006. That was up from 7.8 percent in 2005. The 

increase was mostly accounted for by a pickup in private 

industry outlays for structures, equipment and software, and 

inventory, which rose to 7.7 percent of NNP in 2006. Net 

private domestic investment was around 6-1/2 percent of 

NNP in each of the prior 2 calendar years. A growing 

portion of domestic investment has been financed from 

abroad in recent years. In 2006, foreign inflows were 

equivalent to 6.9 percent of NNP. That was up from around 

1-1/2 percent of NNP in the mid 1990s. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)
June 2007 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2007 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2007 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $228.4 billion for the second 

quarter of fiscal year 2007. This is an increase of $26.1 

billion over the comparable prior year quarter. Withheld 

receipts increased by $22.7 billion and non-withheld receipts 

increased by $8.8 billion during this period. Refunds 

increased by $5.4 billion over the comparable fiscal year 

2006 quarter. There was a decrease of $0.7 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2006. 

Corporate income taxes—Net corporate income tax 

receipts were $55.3 billion for the second quarter of fiscal 

year 2007. This is an increase of $5.7 billion compared to 

the prior year second quarter. The $5.7 billion change is 

comprised of an increase of $6.2 billion in estimated and 

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

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2007 were $219.2 billion, an increase of $12.6 

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 $8.3 billion, $1.4 billion, and $2.9 billion 

respectively. There was a $4.7 billion accounting adjustment 

for prior years employment tax liabilities made in the second 

quarter of fiscal year 2007, while there was a $4.0 billion 

adjustment in the second quarter of fiscal year 2006. 

Unemployment insurance—Unemployment insurance 

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

2007 were $5.8 billion, a decrease of $0.2 billion over the 

comparable quarter of fiscal year 2006. Net State taxes 

deposited in the U.S. Treasury decreased by $0.1 billion to 

$4.4 billion. Net Federal Unemployment Tax Act taxes 

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

June 2007 

13

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

second quarter of fiscal year 2007. This was a negligible 

change from the comparable quarter of fiscal year 2006. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2007 were $13.6 billion, a decrease of 

$3.7 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.9 billion, an 

increase of $2.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.8 billion for the second quarter of fiscal year 2007. 

These receipts represent a decrease of $1.8 billion over the 

same quarter in fiscal year 2006. 

Customs duties—Customs duties net of refunds were 

$6.3 billion for the second quarter of fiscal year 2007. This 

is an increase of $0.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2007 were $12.0 billion, 

an increase of $0.7 billion over the comparable prior year 

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

Federal Reserve banks increasing by $0.2 billion.

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

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

Second quarter 

Jan. - Mar. 

Actual fiscal 

 year to date 2007 

Total on- and off-budget results: 

Total receipts ................................................................ 547,364 1,120,892

On-budget receipts ................................................... 376,708 815,442

Off-budget receipts ................................................... 170,657 305,451

Total outlays.................................................................. 725,395 1,379,323

On-budget outlays..................................................... 589,157 1,163,252

Off-budget outlays..................................................... 136,239 216,072

Total surplus or deficit (-) .............................................. -178,030 -258,431

On-budget surplus or deficit (-)................................. -212,449 -347,811

Off-budget surplus or deficit (-)................................. 34,418 89,379

Means of financing: 

Borrowing from the public............................................. 152,189 210,857

Reduction of operating cash......................................... 24,697 46,157

Other means ................................................................. 1,144 1,417

Total on- and off-budget financing............................ 178,030 258,431

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2007 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 154.5 38.4 35.4 

Corporate income taxes..................................................... 10.9 4.2 40.2 

Employment and general retirement.................................. 78.8 64.6 75.8 

Unemployment insurance .................................................. 2.3 3.2 0.4 

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

Excise taxes ....................................................................... 4.9 2.8 5.9 

Estate and gift taxes .......................................................... 2.3 1.4 2.0 

Customs duties .................................................................. 2.2 2.0 2.2 

Miscellaneous receipts....................................................... 4.3 3.3 4.3

Total budget receipts ..................................................... 260.6 120.3 166.5

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

June 2007 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2006-2007

(In billions of dollars) 

-50

0

50

100

150

200

250

300

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2007

2006 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2006-2007

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

June 2007 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2002 ............................ 1,853,051 1,337,730 515,321 2,007,772 1,652,108 355,663 -154,721 -314,378 159,658 428,391 

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

2004 ............................ 1,879,784 1,345,040 534,744 2,292,770 1,913,259 379,512 -412,986 -568,219 155,233 595,064 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,647 2,069,437 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,675 1,798,293 608,382 2,654,878 2,232,808 422,069 -248,202 -434,515 186,313 546,436 

 

2007 - Est.................... 2,540,096 1,905,966 634,130 2,784,267 2,332,984 451,283 -244,171 -427,018 182,847 556,588 

2008 - Est.................... 2,662,474 1,988,389 674,085 2,901,861 2,439,334 462,527 -239,387 -450,945 211,558 568,284 

 

2006 - Mar................... 164,563 109,056 55,507 249,843 205,985 43,859 -85,281 -96,929 11,648 98,353 

Apr................... 315,090 250,561 64,529 196,249 155,917 40,332 118,841 94,643 24,197 -15,873 

May.................. 192,657 143,483 49,174 235,564 190,842 44,722 -42,907 -47,359 4,452 856 

June................. 264,355 205,307 59,048 243,838 241,543 2,295 20,517 -36,236 56,753 62,706 

July .................. 159,761 113,796 45,965 192,925 151,165 41,760 -33,164 -37,368 4,204 25,833 

Aug .................. 153,878 107,135 46,743 218,595 179,843 38,752 -64,717 -72,708 7,991 69,194 

Sept................. 283,298 230,596 52,702 227,135 180,757 46,378 56,162 49,839 6,324 -6,865 

Oct................... 167,693 124,682 43,011 217,014 176,517 40,497 -49,321 -51,836 2,514 77,642 

Nov .................. 145,866 99,872 45,994 r 218,907 r 173,720 45,187 r -73,042 r -73,849 807 47,812 

Dec .................. r 259,969 r 214,180 45,789 r 218,007 r 223,858 -5,851 r 41,961 r -9,678 51,639 46,940 

2007 - Jan ................... 260,609 199,519 61,090 222,372 179,869 42,504 38,236 19,650 18,586 26,836 

Feb .................. 120,265 69,685 50,580 240,262 193,574 46,688 -119,996 -123,889 3,892 71,105 

Mar .................. 166,490 107,504 58,987 262,761 215,714 47,047 -96,270 -108,210 11,940 70,004 

 

Fiscal year 2007 to date ... 1,120,892 815,442 305,451 1,379,323 1,163,252 216,072 -258,432 -347,812 89,378 340,339 

 

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) 

 

2002 ...................................... -137 207,697 220,558 16,667 790 18,823 2,457 -21,497 -2,802 154,721 

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

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,669 -4,630 5,855 662 412,986 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 8,472 778 318,298 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 22,319 -666 248,202 

 

2007 - Est.............................. -174 302,109 254,305 -7,127 - - - -17,261 - 244,171 

2008 - Est.............................. -552 305,572 262,161 - - - - -22,774 - 239,387 

2006 - Mar............................. 132 -2,664 101,148 -9,912 34 -153 -261 -26,304 145 r 85,281 

Apr............................. -214 36,586 -52,674 70,805 175 904 -151 5,566 - r -118,841 

May............................ 212 12,516 -11,448 -50,926 186 347 -620 3,342 - r 42,907 

June........................... 64 73,418 -10,647 17,707 -86 -255 1,299 8,605 190 r -20,517 

July ............................ -132 3,473 22,227 -8,083 26 172 -443 2,609 - r 33,164 

Aug............................ -192 6,321 62,681 -21,260 82 64 -747 -19,825 - r 64,717 

Sept........................... 75 34,750 -41,540 35,690 -71 -167 -94 20,985 -250 -56,162 

Oct............................. -181 39,569 37,892 5,148 22 -168 -1,043 15,388 - 49,321 

Nov ............................ 134 -3,384 51,330 -36,372 214 -60 -268 -14,774 - r 73,042 

Dec ............................ 169 77,663 -30,554 9,763 -20 757 -271 -1,178 - r -41,961 

2007 - Jan ............................. -183 13,247 13,406 53,160 -84 -620 -185 597 32 -38,236 

Feb ............................ -212 5,865 65,028 -72,315 129 -78 20 -17,276 - 119,996 

Mar ............................ 67 -3,684 73,755 -5,542 32 -144 -26 16,765 70 96,270 

Fiscal year 2007 to date........... -206 129,276 210,857 -46,158 293 -313 -1,773 -478 102 258,432 

 

 

Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 5, 2007. 

* Less than $500,000. 

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

June 2007 

16 

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) 

 

2002 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,477 672,727 1,699 671,028 

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

2005 .............................. 786,559 320,942 180,279 927,222 307,095 28,814 278,281 1,205,503 746,129 2,585 743,544 

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 - Est...................... 1,168,846 - - 1,168,846 342,057 - 342,057 1,510,903 819,293 - 819,293 

2008 - Est...................... 1,246,614 - - 1,246,614 314,941 - 314,941 1,561,555 872,811 - 872,811 

 

2006 - Mar..................... 81,309 10,136 52,178 39,266 39,172 3,224 35,949 75,215 70,733 - 70,733 

Apr..................... 58,336 151,139 40,549 168,926 45,984 1,986 43,998 212,924 83,071 - 83,071 

May.................... 72,135 36,016 22,214 85,937 10,809 1,131 9,678 95,615 62,425 - 62,425 

June................... 62,714 47,483 3,721 106,476 68,152 898 67,254 173,730 75,714 - 75,714 

July .................... 70,205 5,377 2,967 72,615 11,589 1,531 10,057 82,672 58,987 - 58,987 

Aug.................... 69,022 5,685 8,345 66,361 7,922 1,111 6,811 73,172 60,067 - 60,067 

Sept................... 60,185 54,131 3,331 110,985 88,272 2,415 85,857 196,842 70,828 2,213 68,615 

Oct..................... 73,220 16,618 3,622 86,217 13,263 3,910 9,353 95,570 56,756 - 56,756 

Nov .................... 68,137 4,042 9,111 63,067 6,475 2,005 4,469 67,536 60,895 - 60,895 

Dec .................... 95,104 r 8,277 1,891 r 101,491 86,643 1,672 84,971 r 186,462 60,398 - 60,398 

2007 - Jan ..................... 97,486 59,696 2,610 154,572 12,513 1,598 10,916 165,488 78,381 - 78,381 

Feb .................... 81,394 4,878 47,851 38,421 8,157 4,005 4,152 42,573 64,104 - 64,104 

Mar .................... 81,743 9,191 55,521 35,413 44,016 3,809 40,207 75,620 75,387 - 75,387 

 

Fiscal year 2007 to date... 497,084 102,702 120,606 479,181 171,067 16,999 154,068 633,249 395,921 - 395,921 

 

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) 

 

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

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

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

2005 ............................ 4,123 3 4,119 747,663 42,120 119 42,001 4,409 50 4,460 

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

 

2007 - Est.................... 4,357 - 4,357 823,650 44,985 - 44,985 4,704 38 4,742 

2008 - Est.................... 4,514 - 4,514 877,325 45,203 - 45,203 4,634 33 4,667 

 

2006 - Mar................... 446 * 445 71,178 423 24 399 452 5 457 

Apr................... 333 1 332 83,403 4,007 14 3,993 333 4 336 

May ................. 459 8 451 62,876 18,157 11 18,145 333 5 338 

June ................ -79 -7 -72 75,642 369 16 353 405 4 409 

July.................. 446 * 446 59,433 2,886 30 2,856 507 4 511 

Aug.................. 379 -1 379 60,447 5,436 9 5,427 159 4 163 

Sept................. 329 * 330 68,945 289 7 282 338 4 341 

Oct................... 405 1 404 57,160 2,166 7 2,159 329 5 334 

Nov.................. 307 * 307 61,202 3,583 8 3,575 334 4 338 

Dec.................. 340 * 340 60,738 313 2 311 407 4 411 

2007 - Jan ................... 429 * 429 78,810 2,257 3 2,254 379 4 383 

Feb.................. 468 * 468 64,572 3,193 3 3,190 330 4 334 

Mar.................. 393 * 393 75,780 388 16 372 346 4 350 

Fiscal year 2007 to date ... 2,342 1 2,341 398,262 11,900 39 11,861 2,125 25 2,150 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2007 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

 

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

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

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,627 32,279 1,345,040 534,744 

2005 ............................ 73,093 25,606 841 24,764 24,198 820 23,378 19,297 13,190 32,487 1,575,874 577,475 

2006 ............................ 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,439 44,384 1,798,293 608,382 

 

2007 - Est.................... 57,062 25,277 - 25,277 26,766 - 26,766 32,638 14,073 46,711 1,905,966 634,130 

2008 - Est.................... 68,106 25,705 - 25,705 29,223 - 29,223 36,115 14,575 50,690 1,988,389 674,085 

 

2006 - Mar................... 7,271 4,015 43 3,972 2,020 52 1,968 2,862 1,240 4,102 109,056 55,507 

Apr................... 6,239 2,912 59 2,853 1,921 82 1,839 2,408 1,095 3,503 250,561 64,529 

May ................. 6,030 2,646 70 2,576 2,095 79 2,017 3,760 1,301 5,061 143,483 49,174 

June ................ 6,702 2,158 132 2,026 2,187 56 2,131 2,279 1,084 3,362 205,307 59,048 

July.................. 6,347 2,068 54 2,014 2,296 -197 2,493 2,268 1,166 3,434 113,796 45,965 

Aug.................. 5,726 2,372 70 2,302 2,602 412 2,190 3,230 1,220 4,451 107,135 46,743 

Sept................. 8,217 2,460 70 2,390 2,379 33 2,346 2,362 1,574 3,936 230,601 52,702 

Oct................... 4,215 2,434 121 2,313 2,514 57 2,457 2,114 1,371 3,484 124,682 43,011 

Nov.................. 5,651 1,874 94 1,780 2,354 124 2,230 2,352 1,200 3,553 99,872 45,994 

Dec.................. 6,131 2,281 88 2,193 2,156 650 1,505 1,322 897 2,219 r 214,180 45,789 

2007 - Jan ................... 4,863 2,351 48 2,303 2,249 89 2,161 3,064 1,283 4,347 199,519 61,090 

Feb .................. 2,812 1,527 81 1,446 2,074 84 1,991 2,363 986 3,349 69,685 50,580 

Mar .................. 5,905 2,111 79 2,032 2,217 64 2,153 2,649 1,629 4,278 107,504 58,987 

 

Fiscal year 2007 to date.. 29,577 12,578 511 12,067 13,564 1,068 12,497 13,864 7,366 21,230 815,442 305,451 

 

Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 5, 2007. 

* Less than $500,000. 

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) 

 

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

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

2004............................ 733,408 9,230 56 9,174 566 - 566 35,725 1,014 34,711 26,260 856 25,404

2005............................ 794,123 10,415 101 10,314 610 - 610 38,897 1,007 37,890 25,272 994 24,278

2006............................ 837,820 10,315 113 10,202 607 - 607 39,649 883 38,766 25,509 1,123 24,386 

2007 - Est ................... 873,377 11,426 - 11,426 624 - 624 39,707 - 39,707 5,305 - 5,305

2008 - Est ................... 927,195 12,094 - 12,094 629 - 629 40,870 - 40,870 14,513 - 14,513

 

2006 - Mar .................. 72,034 1,035 - 1,035 58 - 58 3,516 - 3,516 2,767 104 2,663

Apr .................. 87,732 895 * 896 55 - 55 3,349 -1 3,350 1,981 42 1,938

May ................. 81,359 902 17 885 50 - 50 3,216 286 2,929 2,233 68 2,165

June ................ 76,404 746 * 746 42 - 42 3,085 -1 3,087 3,075 248 2,826

July.................. 62,800 925 - 925 52 - 52 3,301 - 3,301 2,127 58 2,069

Aug.................. 66,037 834 - 834 48 - 48 3,234 252 2,982 2,076 214 1,862

Sept................. 69,568 1,265 47 1,218 79 - 79 5,929 155 5,774 1,119 -27 1,146

Oct .................. 59,653 164 * 164 9 - 9 632 -2 634 3,511 103 3,407

Nov.................. 65,115 832 - 832 47 - 47 3,121 - 3,121 1,762 111 1,651

Dec.................. 61,460 870 - 870 55 - 55 3,353 - 3,353 2,053 201 1,852

2007 - Jan................... 81,446 778 - 778 44 - 44 2,903 - 2,903 1,541 402 1,139

Feb.................. 68,096 1,509 23 1,486 52 - 52 4,097 1,548 2,548 -1,351 -76 -1,275

Mar.................. 76,501 842 - 842 50 - 50 3,108 - 3,108 3,006 1,101 1,905

 

Fiscal year 2007 to date.. 412,271 4,995 23 4,972 257 - 257 17,214 1,546 15,667 10,522 1,842 8,679

 
FEDERAL FISCAL OPERATIONS 

June 2007 

18 

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) 

 

2002 ....................... 3,228 4,828 68,875 5,322 332,037 46,376 17,760 465,803 16,013 31,792 9,748 21,477 64,685

2003 ....................... 3,404 5,128 72,860 5,670 388,741 57,144 19,380 505,024 32,133 37,406 9,204 21,029 69,562

2004 ....................... 3,900 5,393 71,572 5,829 437,043 62,779 19,894 542,812 26,802 44,989 8,615 29,576 56,679

2005 ....................... 3,995 5,543 85,333 6,147 474,374 72,857 21,274 581,463 38,717 42,448 9,288 22,366 46,943

2006 ....................... 4,129 5,820 93,533 6,374 499,355 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

 

2007 - Est............... 4,306 5,845 88,767 6,179 548,915 68,040 21,988 671,254 50,418 42,834 10,877 23,039 47,440

2008 - Est............... 4,704 6,661 89,026 7,078 583,283 58,603 21,867 699,240 43,200 44,402 10,528 24,045 52,296

 

2006 - Mar.............. 318 552 6,766 554 48,467 5,594 2,574 63,944 5,818 3,351 626 1,960 5,214

Apr.............. 306 403 6,764 472 37,985 5,265 1,954 41,162 4,150 2,855 575 2,253 3,841

May............. 304 460 5,118 471 39,757 21,317 1,421 55,702 3,943 6,981 197 1,985 3,891

June............ 332 600 5,365 417 46,588 5,209 1,791 65,716 3,645 3,631 1,008 1,344 3,676

July ............. 372 468 5,206 600 35,273 3,367 950 41,532 3,885 3,228 786 2,112 3,433

Aug ............. 321 486 4,807 569 44,153 5,230 1,058 58,402 3,804 3,251 892 1,750 3,578

Sept ............ 381 473 6,388 629 45,076 18,518 1,537 45,774 4,580 3,100 997 2,222 2,960

Oct.............. 371 512 14,601 437 48,657 5,742 1,812 58,088 3,617 3,936 787 2,108 3,383

Nov ............. 335 451 8,665 595 44,039 4,305 1,504 55,844 3,205 3,626 725 1,975 r 3,158

Dec ............. 305 561 8,905 506 48,485 5,418 2,085 53,608 3,422 3,574 652 1,875 r 4,262

2007 - Jan .............. 422 512 9,033 614 39,856 8,000 1,827 54,800 3,189 3,519 935 2,061 5,661

Feb ............. 302 463 6,501 462 37,808 5,850 502 52,964 2,943 3,195 638 1,969 2,987

Mar ............. 329 429 6,262 523 49,418 5,358 2,362 67,822 3,361 3,711 784 1,894 5,181

 

Fiscal year 2007 to 

 date ......................... 2,064 2,928 53,967 3,137 268,263 34,673 10,092 343,126 19,737 21,561 4,521 11,882 24,632 

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) 

 

2002 ....................... 9,360 56,333 332,537 35,418 50,900 4,728 35,158 7,451 453 -279 13,267 

2003 ....................... 9,341 50,454 318,149 49,674 56,956 4,680 39,881 8,044 387 338 13,461 

2004 ....................... 10,925 54,872 321,566 54,330 59,585 4,732 41,732 8,328 3,349 -452 13,660 

2005 ....................... 12,754 56,597 352,350 57,927 69,844 4,720 43,484 7,911 7,689 17 15,034 

2006 ....................... 12,957 60,141 405,872 58,873 69,808 6,946 44,435 8,322 5,378 22 13,945 

 

2007 - Est............... 16,322 63,775 433,004 57,503 72,325 7,557 47,636 8,038 2,677 498 17,061 

2008 - Est............... 16,803 67,032 469,919 55,071 83,288 6,480 49,098 7,778 1,389 828 17,959 

 

2006 - Mar.............. 943 4,350 19,694 11,410 7,274 820 4,105 831 512 279 1,677 

Apr.............. 756 4,574 19,621 6,029 3,084 416 3,339 704 404 14 398 

May ............ 1,098 4,626 26,062 1,955 5,982 606 3,710 623 463 56 -87 

June ........... 1,002 5,467 98,255 3,042 9,259 623 3,606 722 456 106 1,201 

July............. 1,020 4,739 23,296 1,665 3,024 498 4,073 653 372 -128 1,275 

Aug............. 1,526 6,533 24,213 1,879 6,104 101 3,132 887 322 42 477 

Sept............ 1,364 6,596 20,854 -5,227 8,689 276 3,755 514 360 -149 1,018 

Oct.............. 1,416 5,478 22,293 574 3,485 -100 3,618 788 258 -89 812 

Nov............. 860 5,197 20,305 1,254 r 5,864 311 4,221 648 318 51 r 626 

Dec............. 1,285 4,868 95,909 r 1,204 9,641 272 4,371 647 356 50 340 

2007 - Jan .............. 1,277 4,526 18,132 5,551 3,262 379 4,705 735 289 -46 731 

Feb............. 1,050 3,308 24,170 30,789 6,159 355 3,659 651 266 -151 624 

Mar............. 1,278 3,908 21,253 12,016 8,376 390 4,006 736 326 276 3,489 

 

Fiscal year 2007 to 

 date............................ 7,166 27,285 202,062 51,388 36,787 1,607 24,580 4,205 1,813 91 6,622 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2007 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(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) 

 

2002 ....................... 14,404 4,187 52,541 492 488,241 15,761 -42,782 -153,316 -5,024 -2 1,652,108 355,663 

2003 ....................... 14,610 4,730 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 ....................... 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 

2005 ....................... 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 

2006 ....................... 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,808 422,069 

 

2007 - Est............... 16,143 5,860 58,802 675 622,919 26,710 -61,134 -181,316 -6,810 -13,880 2,332,984 451,283 

2008 - Est............... 17,250 6,026 64,162 725 654,467 17,355 -64,761 -192,445 -9,194 -12,302 2,439,334 462,527 

 

2006 - Mar.............. 1,273 467 5,217 -414 52,260 -958 -4,131 -1,062 -442 - 205,985 43,859 

Apr.............. 1,037 359 5,541 123 46,745 1,022 -3,885 -1,661 -356 * 155,918 40,332 

May ............ 1,403 438 5,109 148 49,722 1,019 -3,783 -4,089 -1,043 * 190,842 44,722 

June ........... 1,325 504 5,030 111 56,465 -113 -4,386 -77,247 -911 -1 241,543 2,295 

July............. 1,048 518 5,704 160 46,785 2,211 -3,907 -736 -560 - 151,165 41,760 

Aug............. 1,353 590 5,111 160 44,095 1,085 -4,296 -2,474 -547 - 179,843 38,752 

Sept............ 2,030 546 5,176 142 52,693 1,027 -4,259 -385 -410 -111 180,757 46,378 

Oct.............. 662 410 5,751 160 46,987 783 -17,739 -1,672 -911 * 176,517 40,497 

Nov............. 1,242 436 4,852 155 r 49,513 538 -3,764 -1,541 -607 * r 173,720 45,187 

Dec............. 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 r 223,858 -5,851 

2007 - Jan .............. 1,196 406 5,668 132 48,673 1,641 -4,096 -73 -790 -357 179,869 42,504 

Feb............. 1,191 386 5,477 21 51,744 226 -3,652 -2,095 -500 - 193,574 46,688 

Mar............. 1,445 421 5,761 98 55,100 1,262 -4,002 -573 -228 -12 215,714 47,047 

Fiscal year 2007 to 

date ........................ 7,167 2,476 32,651 663 305,480 6,819 -37,403 -86,293 -3,335 -13,097 1,163,252 216,072 

 

 Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 5, 2007. 

* Less than $500,000. 

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

June 2007 

20 

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

March 2007 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............................................... 479,151 30 - 479,181 432,586 21 - 432,607

Corporation income taxes........................................... 154,066 - 3 154,069 130,259 - 1 130,260

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 305,450 305,450 - - 290,221 290,221

Employment and general retirement (on-budget)... - - 92,811 92,811 - - 89,076 89,076

Unemployment insurance ....................................... - - 11,861 11,861 - - 12,363 12,363

Other retirement...................................................... - - 2,149 2,149 - - 2,259 2,259

Excise taxes ................................................................ 7,013 426 22,138 29,577 11,164 369 23,168 34,701

Estate and gift taxes ................................................... 12,067 - - 12,067 13,715 - - 13,715

Customs duties ........................................................... 7,915 3,913 668 12,497 7,659 3,506 628 11,794

Miscellaneous receipts................................................ 14,815 6,118 298 21,230 14,563 5,563 512 20,638

Total receipts....................................................... 675,027 10,487 435,377 1,120,892 609,947 9,460 418,229 1,037,636

(On-budget)..................................................... 675,027 10,487 129,927 815,441 609,947 9,460 128,008 747,415

(Off-budget)..................................................... - - 305,450 305,450 - - 290,221 290,221

 

Budget outlays: 

Legislative branch ....................................................... 2,050 17 -2 2,066 1,973 104 36 2,112

Judicial branch ............................................................ 2,573 334 23 2,930 2,655 295 -19 2,931

Department of Agriculture ........................................... 36,286 17,027 654 53,968 36,701 22,691 493 59,886

Department of Commerce........................................... 3,054 83 * 3,138 3,125 90 * 3,216

Department of Defense-military .................................. 266,199 2,044 21 268,264 246,362 4,250 -89 250,523

Department of Education ............................................ 34,674 -13 13 34,674 34,508 13 * 34,521

Department of Energy................................................. 11,145 -1,054 * 10,092 11,543 -601 * 10,942

Department of Health and Human Services ............... 242,752 63 100,312 343,127 224,028 24 81,974 306,025

Department of Homeland Security.............................. 20,459 -869 149 19,739 29,917 15,063 113 45,092

Department of Housing and Urban Development....... 22,320 -758 -1 21,561 20,188 -795 -5 19,388

Department of the Interior........................................... 4,341 -8 188 4,521 4,784 -349 173 4,609

Department of Justice ................................................. 10,845 1,015 23 11,882 11,136 511 7 11,654

Department of Labor................................................... 5,807 92 18,733 24,632 5,660 -2,515 18,615 21,760

Department of State.................................................... 6,633 296 238 7,166 6,257 -292 225 6,191

Department of Transportation..................................... 6,618 -227 20,894 27,286 8,263 -260 19,603 27,606

Department of the Treasury: 

Interest on the public debt....................................... 202,063 - - 202,063 193,570 - - 193,570

Other ....................................................................... 51,786 -336 -62 51,387 49,906 -320 -56 49,530

Department of Veterans Affairs .................................. 37,294 -1,011 504 36,786 34,029 -876 512 33,665

Corps of Engineers ..................................................... 1,060 110 437 1,608 3,945 59 422 4,426

Other defense civil programs...................................... 41,711 -12,522 -4,608 24,581 39,906 -14,088 -2,998 22,819

Environmental Protection Agency............................... 4,151 -84 139 4,206 4,972 -110 -643 4,219

Executive Office of the President................................ 1,754 58 * 1,812 3,001 * - 3,001

General Services Administration ................................ -20 111 - 90 -65 146 - 81

International Assistance Program............................... 9,180 -607 -1,952 6,621 10,563 -704 -195 9,664

National Aeronautics and Space Administration ........ 7,171 -4 * 7,167 6,939 -11 * 6,928

National Science Foundation...................................... 2,457 21 -4 2,474 2,560 13 12 2,585

Office of Personnel Management ............................... 4,341 -33 28,343 32,650 4,195 52 26,481 30,728

Small Business Administration ................................... 675 -12 * 663 75 -15 * 59

Social Security Administration .................................... 29,296 -10 276,194 305,480 26,105 -10 263,142 289,237

Other independent agencies....................................... 4,893 -173 2,098 6,818 2,723 706 2,672 6,101

Undistributed offsetting receipts: 

Interest .................................................................... - - -86,293 -86,293 - - -82,702 -82,702

Other ....................................................................... -9,837 -18,145 -25,855 -53,836 -3,457 -11,105 -25,235 -39,797

Total outlays........................................................ 1,063,729 -14,594 330,189 1,379,324 1,026,064 11,968 302,539 1,340,571

(On-budget)..................................................... 1,063,729 -12,356 111,880 1,163,253 1,026,064 13,923 92,754 1,132,741

(Off-budget)..................................................... - -2,238 218,309 216,071 - -1,955 209,785 207,830

Surplus or deficit (-)............................................. -388,701 25,081 105,188 -258,432 -416,117 -2,508 115,690 -302,935

(On-budget)..................................................... -388,701 22,843 18,047 -347,811 -416,117 -4,463 35,254 -385,326

(Off-budget)..................................................... - 2,238 87,141 89,379 - 1,955 80,436 82,391

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2007 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

2005 ................................................ 7,485,532 468,563 7,955,702 1,339,363 1,338,425 

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

 

2006 - Mar....................................... 715,388 45,559 760,516 144,933 155,275 

Apr....................................... 677,342 44,578 722,591 131,138 59,662 

May...................................... 812,718 39,839 854,704 106,537 155,316 

June..................................... 747,766 51,768 796,646 147,719 132,901 

July ...................................... 575,577 37,385 613,941 103,252 110,356 

Aug ...................................... 701,006 38,196 738,841 96,103 117,725 

Sept..................................... 653,769 50,897 704,122 162,287 127,141 

Oct....................................... 641,358 37,450 678,642 103,843 98,861 

Nov ...................................... 744,683 37,727 783,654 96,232 131,360 

Dec ...................................... 622,390 56,643 678,698 183,298 173,870 

2007 - Jan ....................................... 674,218 45,937 718,810 135,526 83,713 

Feb ...................................... 704,103 35,848 740,811 115,963 187,419 

Mar ...................................... 768,562 45,862 815,373 151,438 156,030 

 

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

June 2007 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note 

accounts 

(13) 

 

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

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

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

2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 

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

 

2006 - Mar............................. 5,455 2,739 5,908 26,753 2,844 97 5,032 11,424 

Apr............................. 4,784 74,215 6,760 74,215 3,646 1,226 5,036 21,857 

May............................ 2,637 25,436 6,738 93,784 2,637 9,480 5,264 41,381 

June........................... 5,525 40,255 5,570 58,476 4,257 1,838 5,052 27,197 

July ............................ 4,546 33,152 5,570 40,255 4,087 5,408 5,013 12,548 

Aug ............................ 4,907 11,531 5,498 17,725 2,907 430 4,885 6,590 

Sept........................... 5,451 46,676 7,507 70,575 3,646 78 4,939 30,017 

Oct............................. 5,617 51,658 12,396 51,658 4,103 5,946 5,404 19,348 

Nov ............................ 4,373 16,531 5,563 48,202 4,128 418 4,906 19,275 

Dec ............................ 4,708 25,959 7,083 54,288 4,418 75 5,223 24,290 

2007 - Jan ............................. 6,053 77,773 6,156 77,773 4,312 8,258 4,974 28,486 

Feb ............................ 5,194 6,317 5,816 61,288 4,404 1,169 4,931 17,835 

Mar ............................ 4,245 1,725 6,285 33,734 4,245 1,639 4,992 13,995 

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

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

beginning October 1988. 
June 2007 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2007

24 

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) 

 

2002............................... 6,255,111 6,228,236 26,874 2,675,648 2,675,648 - 3,579,462 3,552,588 26,874 

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

2004............................... 7,403,237 7,379,053 24,183 3,075,687 3,075,687 1 4,327,550 4,303,366 24,182 

2005............................... 7,956,346 7,932,710 23,637 3,331,333 3,331,332 1 4,625,013 4,601,378 23,636 

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

 

2006 - Mar ..................... 8,394,740 8,371,156 23,584 3,498,354 3,498,352 2 4,896,386 4,872,804 23,582 

Apr ..................... 8,379,083 8,355,718 23,365 3,536,001 3,535,999 2 4,843,082 4,819,719 23,363 

May .................... 8,380,354 8,356,776 23,577 3,549,086 3,549,084 2 4,831,268 4,807,692 23,575 

June ................... 8,443,683 8,420,042 23,641 3,622,594 3,622,592 2 4,821,089 4,797,450 23,639 

July..................... 8,467,856 8,444,347 23,509 3,624,439 3,624,436 2 4,843,417 4,819,911 23,507 

Aug..................... 8,538,350 8,515,034 23,317 3,629,882 3,629,875 8 4,908,468 4,885,159 23,309 

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

Oct ..................... 8,607,540 8,584,329 23,211 3,703,455 3,703,449 7 4,904,085 4,880,880 23,204 

Nov..................... 8,656,590 8,633,245 23,345 3,703,130 3,703,125 5 4,953,460 4,930,120 23,340 

Dec..................... 8,703,738 8,680,224 23,514 3,779,021 3,779,016 5 4,924,717 4,901,208 23,509 

2007 - Jan...................... 8,730,892 8,707,561 23,331 3,793,255 3,793,249 6 4,937,637 4,914,312 23,325 

Feb..................... 8,801,230 8,778,111 23,119 3,798,192 3,798,186 6 5,003,038 4,979,925 23,113 

Mar..................... 8,872,851 8,849,665 23,186 3,795,393 3,795,387 6 5,077,458 5,054,278 23,180 

 

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) 

 

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

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

2004 ............................... 7,403,237 51,219 7,352,017 3,075,687 16,596 3,059,091 4,327,550 34,623 4,292,926

2005 ............................... 7,956,346 53,546 7,902,800 3,331,333 18,145 3,313,188 4,625,013 35,401 4,589,612

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,371 3,622,403 4,866,593 40,004 4,826,588

 

2006 - Mar...................... 8,394,740 81,408 8,313,332 3,498,354 43,015 3,455,339 4,896,386 38,393 4,857,993

Apr...................... 8,379,083 81,843 8,297,240 3,536,001 44,075 3,491,925 4,843,082 37,768 4,805,315

May..................... 8,380,354 82,045 8,298,308 3,549,086 44,645 3,504,442 4,831,268 37,400 4,793,867

June ................... 8,443,683 82,605 8,361,078 3,622,594 44,735 3,577,859 4,821,089 37,870 4,783,219

July..................... 8,467,856 81,077 8,386,779 3,624,439 43,106 3,581,333 4,843,417 37,971 4,805,446

Aug..................... 8,538,350 82,570 8,455,781 3,629,882 42,229 3,587,653 4,908,468 40,341 4,868,127

Sept.................... 8,530,366 81,375 8,448,991 3,663,773 41,371 3,622,403 4,866,593 40,004 4,826,588

Oct...................... 8,607,540 81,089 8,526,452 3,703,455 41,458 3,661,997 4,904,085 39,631 4,864,454

Nov..................... 8,656,590 82,193 8,574,398 3,703,130 44,516 3,658,614 4,953,460 37,677 4,915,784

Dec..................... 8,703,738 82,231 8,621,507 3,779,021 42,769 3,736,251 4,924,717 39,462 4,885,256

2007 - Jan ...................... 8,730,892 82,732 8,648,160 3,793,255 43,757 3,749,498 4,937,637 38,975 4,898,662

Feb ..................... 8,801,230 82,177 8,719,053 3,798,192 42,828 3,755,363 5,003,038 39,349 4,963,689

Mar ..................... 8,872,851 83,727 8,789,124 3,795,393 43,713 3,751,679 5,077,458 40,014 5,037,444

 
FEDERAL DEBT 

June 2007 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

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

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

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

 

2006 - Mar.............................. 205,976 - 3,386 71,258 234,844 29,995 5,370 

April ............................ 206,067 - 3,186 72,082 238,663 29,995 5,494 

May............................. 205,669 - 2,986 73,698 239,174 29,995 5,478 

June............................ 205,227 - 2,986 76,289 242,022 29,995 5,558 

July ............................. 204,825 - 2,986 77,631 237,425 29,995 5,533 

Aug ............................. 204,025 - 2,986 78,224 238,603 29,995 5,541 

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

Oct.............................. 203,210 - 2,986 78,434 241,728 29,995 5,695 

Nov ............................. 202,800 - 2,986 78,940 247,794 29,995 5,697 

Dec ............................. 202,433 - 2,986 79,269 257,634 29,995 5,869 

2007 - Jan .............................. 201,358 - 2,986 79,491 266,119 29,995 5,858 

Feb ............................. 200,891 - 2,986 80,161 270,456 29,995 5,865 

Mar ............................. 200,335 - 3,486 82,920 281,928 29,995 5,886 

 

 

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) 

 

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

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

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

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

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

 

2006 - Mar......................... 4,872,485 4,321,654 1,039,036 2,408,302 526,501 347,815 550,830 

Apr......................... 4,819,949 4,264,460 962,168 2,408,208 526,510 367,573 555,489 

May........................ 4,807,517 4,250,516 951,623 2,406,354 522,965 369,573 557,001 

June ...................... 4,797,204 4,235,126 913,803 2,425,710 522,924 372,689 562,078 

July........................ 4,819,732 4,261,336 929,926 2,414,905 522,918 393,587 558,396 

Aug........................ 4,884,685 4,325,311 959,323 2,437,098 534,473 394,417 559,374 

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

Oct......................... 4,880,611 4,318,562 926,025 2,442,789 534,472 415,277 562,049 

Nov........................ 4,929,567 4,361,354 985,399 2,432,207 530,439 413,309 568,213 

Dec........................ 4,901,047 4,322,860 940,772 2,440,466 530,548 411,075 578,186 

2007 - Jan ......................... 4,913,961 4,328,152 928,217 2,458,553 530,550 410,832 585,809 

Feb ........................ 4,979,111 4,388,757 977,623 2,459,428 540,363 411,343 590,354 

Mar ........................ 5,053,940 4,449,390 1,029,109 2,467,393 540,372 412,515 604,550 
FEDERAL DEBT 

June 2007

26 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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

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

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

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

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

 

2006 - Mar ........... 3,113 25,887 11,970 10,407 3,159 571 - 49,800 497,108 

 Apr............ 3,123 29,146 13,470 10,328 3,532 544 - 49,734 497,277 

 May........... 3,065 31,151 13,524 10,240 3,868 454 - 66,332 497,051 

 June.......... 2,978 27,246 13,451 10,452 2,930 575 - 65,279 532,309 

 July ........... 2,992 31,101 12,826 10,375 2,519 609 - 64,277 485,823 

 Aug ........... 3,005 30,895 12,820 10,289 3,091 496 - 68,310 486,480 

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

 Oct............ 3,042 31,249 11,072 10,113 - 470 - 65,014 535,415 

 Nov ........... 3,055 32,100 11,013 10,046 - 361 - 67,020 535,718 

 Dec ........... 3,068 33,128 12,029 10,265 - 347 - 65,909 534,123 

2007 - Jan ............ 3,082 34,385 11,803 10,177 - 468 - 63,511 531,314 

 Feb ........... 3,095 35,235 13,731 10,096 - 497 - 64,365 533,249 

 Mar ........... 3,099 34,506 13,260 9,987 - 495 - 61,071 535,369 

 

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) 

 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

2005 .............. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

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

 

2006 - Mar .... 3,551,185 12,136 32,954 30,384 15,399 196,701 661,190 283,296 23,965 1,693,145 

 Apr..... 3,589,106 11,685 33,142 30,386 15,456 198,773 657,952 295,171 23,964 1,715,423 

 May.... 3,604,230 11,321 33,891 30,787 15,524 198,170 654,859 292,941 21,320 1,719,732 

 June... 3,680,235 11,378 - 30,851 15,548 203,646 670,501 299,470 21,319 1,772,302 

 July .... 3,683,171 10,771 45,776 30,889 15,617 202,715 667,218 300,797 21,319 1,777,547 

 Aug .... 3,689,211 10,262 46,242 31,244 15,645 202,198 664,463 297,012 21,543 1,785,216 

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

 Oct..... 3,762,745 8,703 46,141 31,296 15,784 200,726 686,514 299,621 22,155 1,795,430 

 Nov .... 3,762,962 9,224 46,582 31,802 15,817 199,672 683,367 296,959 23,327 1,796,899 

 Dec .... 3,839,348 9,588 46,487 31,894 15,884 203,922 699,611 305,387 22,367 1,845,339 

2007 - Jan ..... 3,853,802 9,392 46,565 31,920 15,960 205,092 696,373 309,045 22,444 1,862,271 

 Feb .... 3,859,356 10,440 47,075 32,178 15,997 204,538 692,680 306,758 22,680 1,866,742 

 Mar .... 3,859,248 9,816 46,630 32,174 16,067 204,829 689,408 302,090 22,750 1,877,697 

 
FEDERAL DEBT 

June 2007 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

2006 ..................................... 23,392 - 112 - 22,899 - 381 

 

2006 - Mar............................ 23,584 - 80 - 23,112 - 392 

Apr............................ 23,365 - 85 - 22,891 - 389 

May .......................... 23,577 - 87 - 23,099 - 390 

June ......................... 23,641 - 90 - 23,159 - 391 

July........................... 23,509 - 90 - 23,026 - 393 

Aug........................... 23,317 - 90 - 22,846 - 380 

Sept.......................... 23,392 - 112 - 22,899 - 381 

Oct............................ 23,211 - 112 - 22,717 - 382 

Nov........................... 23,345 - 111 - 22,850 - 383 

Dec........................... 23,514 - 110 - 23,020 - 385 

2007 - Jan ........................... 23,331 - 117 - 22,828 - 386 

Feb ........................... 23,119 - 87 - 22,654 - 378 

Mar ........................... 23,186 - 88 - 22,724 - 375 

 

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

June 2007

28 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

 

2006 - Mar...................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. 

Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. 

May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. 

June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. 

July ..................... 3,501,559 1,130,146 1,319,182 591,937 283,575 176,719 4 yrs. 10 mos. 

Aug ..................... 3,563,832 1,195,210 1,316,350 581,832 290,832 179,608 4 yrs. 10 mos. 

Sept.................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

Oct...................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 

Nov ..................... 3,594,275 1,186,116 1,328,664 626,014 283,386 170,096 4 yrs. 9 mos. 

Dec ..................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. 

2007 - Jan...................... 3,554,471 1,124,464 1,335,480 634,734 290,298 169,494 4 yrs. 10 mos. 

Feb ..................... 3,613,660 1,171,311 1,332,822 640,611 298,399 170,517 4 yrs. 10 mos. 

Mar ..................... 3,649,732 1,220,193 1,324,286 636,049 298,554 170,648 4 yrs. 9 mos. 

 

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

June 2007 

29

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

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) 

 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

 

2006 - Mar....................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 

Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 

May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 

June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 

July ...................................... 8,965,000 8,352,614 8,352,521 92 8,444,347 92 91,826 

Aug ...................................... 8,965,000 8,423,321 8,423,225 97 8,515,034 97 91,809 

Sept..................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

Oct....................................... 8,965,000 8,498,016 8,497,920 96 8,584,329 96 86,409 

Nov ...................................... 8,965,000 8,545,715 8,545,621 95 8,633,246 95 87,625 

Dec ...................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 

2007 - Jan ....................................... 8,965,000 8,619,499 8,619,427 72 8,707,561 72 88,134 

Feb ...................................... 8,965,000 8,690,921 8,690,850 71 8,778,111 71 87,261 

Mar ...................................... 8,965,000 8,760,735 8,760,663 72 8,849,665 72 89,003 

 

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

June 2007

30 

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) 

 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

 

2006 - Mar....................................... 243,973 23,033 19,133 13,284 486 1,108 

Apr....................................... 246,842 23,308 19,648 13,637 496 1,128 

May...................................... 251,249 22,580 19,648 13,637 499 1,128 

June..................................... 246,122 23,051 19,648 13,637 499 1,146 

July ...................................... 251,390 22,326 19,648 13,637 499 1,561 

Aug ...................................... 256,546 22,382 19,648 13,637 499 1,358 

Sept..................................... 228,065 22,578 20,432 12,911 485 1,358 

Oct....................................... 223,955 16,583 20,512 12,942 486 1,358 

Nov ...................................... 231,064 20,477 20,692 13,054 490 1,429 

Dec ...................................... 226,323 14,636 20,418 13,091 493 1,429 

2007 - Jan ....................................... 237,813 16,917 21,391 13,492 499 1,429 

Feb ...................................... 238,401 17,418 21,391 13,501 499 1,448 

Mar ...................................... 236,743 17,642 21,391 13,501 499 1,448 

 

 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) 

 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

 

2006 - Mar....................................... 121,325 2,772 7,549 - 12,982 

Apr....................................... 122,359 2,707 7,549 - 13,016 

May ..................................... 125,810 2,707 7,549 - 14,277 

June .................................... 123,133 2,707 7,549 - 14,408 

July...................................... 128,209 2,717 7,549 - 14,394 

Aug...................................... 133,043 2,647 7,549 - 14,591 

Sept..................................... 105,522 2,482 6,258 - 16,618 

Oct....................................... 108,836 2,482 6,258 - 14,466 

Nov...................................... 108,836 2,482 6,258 - 14,374 

Dec...................................... 108,836 2,442 6,258 - 15,052 

2007 - Jan ...................................... 115,925 2,417 6,258 - 14,723 

Feb...................................... 115,925 2,417 6,258 - 14,393 

Mar...................................... 115,925 2,487 6,258 - 14,675 

 
FEDERAL DEBT 

June 2007 

31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

 

2006 - Mar............................. 4,911 4,582 9,303 23,505 

Apr............................. 4,911 4,856 9,303 23,924 

May ........................... 4,911 5,106 9,303 24,094 

June .......................... 4,911 2,144 9,303 23,987 

July............................ 4,911 2,428 9,303 24,208 

Aug............................ 4,911 2,677 9,303 24,303 

Sept........................... 4,911 2,958 9,303 22,249 

Oct............................. 4,911 3,240 9,303 22,578 

Nov............................ 4,911 3,491 11,903 22,667 

Dec............................ 4,911 3,773 12,347 22,637 

2007 - Jan ............................. 4,911 4,050 12,954 22,848 

Feb ............................ 4,911 4,284 13,092 22,866 

Mar ............................ 4,911 4,553 10,863 22,591 

 

Note.—Detail may not add to totals due to rounding. 
June 2007

32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ debtmanagement/investor_class_auction.shtml. 

Note: This is the last time the PDO-1 table will appear in 

the Treasury Bulletin. It can now be found on the Bureau of 

Public Debt’s website at http://www.treasurydirect.gov/govt/ 

reports/pd/pd_pdotables_downloadable_files.htm. 

TREASURY FINANCING: JANUARY-MARCH 

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

J A N U A R Y 

Auction of 2-Year Notes 

On December 21, 2006, Treasury announced it would 

auction $20,000 million of 2-year notes of Series AC-2008. 

The issue was to refund $24,004 million of securities 

maturing December 31 and to raise new cash of 

approximately $8,996 million. 

The notes of Series AC-2008 were dated December 31, 

2006, and issued January 2, 2007. They are due December 31, 

2008, with interest payable on June 30 and December 31 until 

maturity. Treasury set an interest rate of 4-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on December 27. 

Tenders totaled $49,229 million; Treasury accepted $20,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 4.765 

percent with the equivalent price of $99.971175. Treasury 

accepted in full all competitive tenders at yields lower than 

4.765 percent. Tenders at the high yield were allotted 2.57 

percent. The median yield was 4.740 percent, and the low 

yield was 4.711 percent. Noncompetitive tenders totaled $765 

million. Competitive tenders accepted from private investors 

totaled $19,235 million. Accrued interest of $0.26243 per 

$1,000 must be paid for the period from December 31, 2006, 

to January 2, 2007. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $4,817 million from 

Federal Reserve Banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

AC-2008 is $1,000. 

Auction of 5-Year Notes 

On December 21, 2006, Treasury announced it would 

auction $13,000 million of 5-year notes of Series R-2011. The 

issue was to refund $24,004 million of securities maturing 

December 31 and to raise new cash of approximately $8,996 

million. 

The notes of Series R-2011 were dated December 31, 

2006, and issued January 2, 2007. They are due December 31, 

2011, with interest payable on June 30 and December 31 until 

maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis.
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2007 

33

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on December 28. Tenders totaled $32,460 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.704 percent with an 

equivalent price of $99.651392. Treasury accepted in full all 

competitive tenders at yields lower than 4.704 percent. 

Tenders at the high yield were allotted 82.97 percent. The 

median yield was 4.688 percent, and the low yield was 4.656 

percent. Noncompetitive tenders totaled $110 million. 

Competitive tenders accepted from private investors totaled 

$12,890 million. Accrued interest of $0.25552 per $1,000 

must be paid for the period from December 31, 2006, to 

January 2, 2007. 

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

the auction process, Treasury accepted $3,131 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2011 is $1,000. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 8, 2007, Treasury announced it would auction 

$9,000 million of 10-year TIPS to refund an outstanding 

adjusted amount of $17,809 million of securities maturing 

January 15 and to pay down approximately $8,809 million. 

The 10-year TIPS of Series A-2017 were dated January 

15 and issued January 16. They are due January 15, 2017, 

with interest payable on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on January 11. Tenders totaled $15,050 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.449 percent with an 

equivalent adjusted price of $99.342280. Treasury accepted in 

full all competitive tenders at yields lower than 2.449. Tenders 

at the high yield were allotted 58.08 percent. The median yield 

was 2.400 percent, and the low yield was 2.350 percent. 

Noncompetitive tenders totaled $58 million. Competitive 

tenders accepted from private investors totaled $8,893 million. 

Adjusted accrued interest of $0.06561 per $1,000 must be 

paid for the period from January 15 to January 16. Both the 

unadjusted price of $99.347247 and the unadjusted accrued 

interest of $0.06561 were adjusted by an index ratio of 

0.99995 for the period from January 15 to January 16. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $2,250 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2017 is $1,000. 

Auction of 20-Year TIPS 

On January 18, 2007, Treasury announced it would 

auction $8,000 million of 20-year TIPS to raise new cash. 

The 20-year TIPS of January 2027 were dated January 15 

and issued January 31. They are due January 15, 2027, with 

interest payable on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 12 noon 

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

competitive tenders on January 23. Tenders totaled $16,413 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.420 percent with an 

equivalent adjusted price of $99.213485. Treasury accepted in 

full all competitive tenders at yields lower than 2.420. Tenders 

at the high yield were allotted 36.52 percent. The median yield 

was 2.385 percent, and the low yield was 2.000 percent. 

Noncompetitive tenders totaled $25 million. Competitive 

tenders accepted from private investors totaled $7,975 million. 

Adjusted accrued interest of $1.04891 per $1,000 must be 

paid for the period from January 15 to January 31. Both the 

unadjusted price of $99.289938 and the unadjusted accrued 

interest of $1.04972 were adjusted by an index ratio of 

0.99923 for the period from January 15 to January 31. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $1,188 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of January 2027 is $1,000. 

Auction of 2-Year Notes 

On January 22, 2007, Treasury announced it would 

auction $20,000 million of 2-year notes of Series V-2009. The 

issue was to refund $22,936 million of securities maturing 

January 31 and to raise new cash of approximately $10,064 

million. 

The notes of Series V-2009 were dated and issued 

January 31. They are due January 31, 2009, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on January 24. Tenders totaled $60,586 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.930 percent with the 

equivalent price of $99.896458. Treasury accepted in full all 

competitive tenders at yields lower than 4.930 percent. 

Tenders at the high yield were allotted 92.49 percent. The 

median yield was 4.910 percent, and the low yield was 4.880 

percent. Noncompetitive tenders totaled $885 million.
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2007

Competitive tenders accepted from private investors totaled 

$19,115 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $2,971 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2009 is $1,000. 

Auction of 5-Year Notes 

On January 22, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series F-2012. The 

issue was to refund $22,936 million of securities maturing 

January 31 and to raise new cash of approximately $10,064 

million. 

The notes of Series F-2012 were dated and issued 

January 31. They are due January 31, 2012, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 4-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on January 25. Tenders totaled $28,706 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.855 percent with an 

equivalent price of $99.538790. Treasury accepted in full all 

competitive tenders at yields lower than 4.855 percent. 

Tenders at the high yield were allotted 92.11 percent. The 

median yield was 4.832 percent, and the low yield was 4.796 

percent. Noncompetitive tenders totaled $140 million. 

Competitive tenders accepted from private investors totaled 

$12,860 million. 

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

the auction process, Treasury accepted $1,931 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2012 is $1,000.

F E B R U A R Y 

Cash Management Bills 

On February 13, 2007, Treasury announced it would 

auction $6,000 million of 6-day bills. They were issued 

February 16 and matured February 22. The issue was to raise 

new cash. Treasury auctioned the bills on February 15. 

Tenders totaled $25,182 million; Treasury accepted $6,000 

million. The high bank discount rate was 5.140 percent. 

February Quarterly Financing 

On January 31, 2007, Treasury announced it would 

auction $16,000 million of 3-year notes of Series S-2010, 

$13,000 million of 10-year notes of Series B-2017 and $9,000 

million of 30-year bonds of February 2037 to refund $35,087 

million of Treasury securities maturing on February 15 and to 

raise new cash of approximately $2,913 million. 

The 3-year notes of Series S-2010 were dated and issued 

February 15. They are due February 15, 2010, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 6. Tenders totaled $47,469 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.800 percent with an 

equivalent price of $99.861835. Treasury accepted in full all 

competitive tenders at yields lower than 4.800 percent. 

Tenders at the high yield were allotted 88.26 percent. The 

median yield was 4.790 percent, and the low yield was 4.770 

percent. Noncompetitive tenders totaled $303 million. 

Competitive tenders accepted from private investors totaled 

$15,697 million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,468 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2010 is $1,000. 

The 10-year notes of Series B-2017 were dated and 

issued February 15. They are due February 15, 2017, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 7. Tenders totaled $31,332 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.740 percent with an 

equivalent price of $99.092517. Treasury accepted in full all 

competitive tenders at yields lower than 4.740 percent. 

Tenders at the high yield were allotted 62.75 percent. The 

median yield was 4.716 percent, and the low yield was 4.670 

percent. Noncompetitive tenders totaled $57 million. 

Competitive tenders accepted from private investors totaled 

$12,943 million. 

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

the auction process, Treasury accepted $1,193 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2017 is $1,000. 

The 30-year bonds of February 2037 were dated and 

issued February 15. They are due February 15, 2037, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2007 

35

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 8. Tenders totaled $22,140 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.812 percent with an 

equivalent price of $99.020970. Treasury accepted in full all 

competitive tenders at yields lower than 4.812 percent. 

Tenders at the high yield were allotted 42.36 percent. The 

median yield was 4.790 percent, and the low yield was 4.770 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$8,991 million. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $826 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2037 is $1,000. 

Auction of 2-Year Notes 

On February 15, 2007, Treasury announced it would 

auction $18,000 million of 2-year notes of Series W-2009. 

The issue was to refund $23,335 million of securities 

maturing February 28 and to raise new cash of approximately 

$7,665 million. 

The notes of Series W-2009 were dated and issued 

February 28. They are due February 28, 2009, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 4-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 21. Tenders totaled $54,751 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.830 percent with an 

equivalent price of $99.849212. Treasury accepted in full all 

competitive tenders at yields lower than 4.830 percent. 

Tenders at the high yield were allotted 20.49 percent. The 

median yield was 4.810 percent, and the low yield was 4.780 

percent. Noncompetitive tenders totaled $773 million. 

Competitive tenders accepted from private investors totaled 

$17,227 million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $5,035 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2009 is $1,000. 

Auction of 5-Year Notes 

On February 15, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series G-2012. The 

issue was to refund $23,335 million of securities maturing 

February 28 and to raise new cash of approximately $7,665 

million. 

The notes of Series G-2012 were dated and issued 

February 28. They are due February 29, 2012, with interest 

payable on last calendar day of August and February until 

maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 22. Tenders totaled $31,625 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.719 percent with an 

equivalent price of $99.585650. Treasury accepted in full all 

competitive tenders at yields lower than 4.719 percent. 

Tenders at the high yield were allotted 57.33 percent. The 

median yield was 4.699 percent, and the low yield was 4.667 

percent. Noncompetitive tenders totaled $116 million. 

Competitive tenders accepted from private investors totaled 

$12,884 million. 

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

the auction process, Treasury accepted $3,637 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2012 is $1,000. 

M A R C H 

Cash Management Bills 

On February 27, 2007, Treasury announced it would 

auction $23,000 million of 13-day bills. They were issued 

March 2 and matured March 15. The issue was to raise new 

cash. Treasury auctioned the bills on March 1. Tenders totaled 

$55,200 million; Treasury accepted $23,000 million. The high 

bank discount rate was 5.185 percent. 

On March 26, Treasury announced it would auction 

$17,000 million of 17-day bills. They were issued March 30 

and matured April 16. The issue was to raise new cash. 

Treasury auctioned the bills on March 28. Tenders totaled 

$46,991 million; Treasury accepted $17,000 million. The high 

bank discount rate was 5.070 percent. 

Auction of 9-Year 11-Month 4-5/8 Percent Notes 

On March 8, 2007, Treasury announced it would auction 

$8,000 million of 9-year 11-month 4-5/8 percent notes of 

Series B-2017. The issue was to raise new cash. 

The notes of Series B-2017 were dated February 15 and 

issued March 15. They are due February 15, 2017, with 

interest payable on August 15 and February 15 until maturity. 
36 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2007

Treasury received tenders for the notes before 12 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on 

March 13. Tenders totaled $21,130 million; Treasury accepted 

$8,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 4.523 percent with an equivalent price of $100.801596. 

Treasury accepted in full all competitive tenders at yields 

lower than 4.523 percent. Tenders at the high yield were 

allotted 79.95 percent. The median yield was 4.498 percent, 

and the low yield was 4.460 percent. Noncompetitive tenders 

totaled $12 million. Competitive tenders accepted from 

private investors totaled $7,888 million. Accrued interest of 

$3.57735 per $1,000 must be paid for the period from 

February 15 to March 15. The minimum par amount required 

for STRIPS of notes of Series B-2017 is $1,000. 
PUBLIC DEBT OPERATIONS 

June 2007 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2007 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2007 

Apr. 30........................................................... 3-5/8%-Q note 05/02/05 31,998 10,350 21,647 

May 15........................................................... 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 3-1/2%-R note 05/31/05 29,119 7,716 21,403 

June 30.......................................................... 3-5/8%-S note 06/30/05 26,664 6,924 19,741 

July 31........................................................... 3-7/8%-T note 08/01/05 25,870 7,979 17,890 

Aug. 15.......................................................... 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 4%-U note 08/31/05 26,671 7,372 19,300 

Sept. 30......................................................... 4%-V note 09/30/05 26,591 6,861 19,730 

Oct. 31........................................................... 4-1/4%-W note 10/31/05 26,553 7,527 19,026 

Nov. 15.......................................................... 3%-G note 11/15/02 50,620 6,729 43,890 

Nov. 15, 07-12............................................... 1 10-3/8% bond 11/15/82 10,126 2,512 7,614 

Nov. 30.......................................................... 4-1/4%-X note 11/30/05 26,667 7,497 19,170 

Dec. 31.......................................................... 4-3/8%-Y note 01/03/06 26,667 7,155 19,512 

 Total ............................. 449,140 102,993 346,147 

2008

Jan. 15........................................................... 3-5/8%-A note 01/15/98 21,062 2,330 18,731 

Jan. 31........................................................... 4-3/8%-R note 01/31/06 27,168 5,478 21,690 

Feb. 15 .......................................................... 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 3%-E note 02/18/03 27,489 3,812 23,677 

Feb. 15 .......................................................... 3-3/8%-M note 02/15/05 23,885 2,927 20,959 

Feb. 29 .......................................................... 4-5/8%-S note 02/28/06 26,504 4,685 21,819 

Mar. 31 .......................................................... 4-5/8%-T note 03/31/06 26,842 6,558 20,284 

Apr. 30........................................................... 4-7/8%-U note 05/01/06 26,837 4,891 21,946 

May 15........................................................... 5-5/8%-C note 05/15/98 27,191 6,465 20,726 

May 15........................................................... 2-5/8%-F note 05/15/03 33,338 2,013 31,326 

May 15........................................................... 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

May 31........................................................... 4-7/8%-V note 05/31/06 25,933 3,929 22,004 

June 30.......................................................... 5-1/8%-W note 06/30/06 26,499 5,311 21,188 

July 31........................................................... 5%-X note 07/31/06 26,429 5,209 21,219 

Aug. 15, 08-13............................................... 1 12% bond 08/15/83 11,917 3,074 8,843 

Aug. 15.......................................................... 3-1/4%-G note 08/15/03 21,357 4,222 17,135 

Aug. 15.......................................................... 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Aug. 31.......................................................... 4-7/8%-Y note 08/31/06 26,504 4,504 22,001 

Sept. 15......................................................... 3-1/8%-H note 09/15/03 16,002 1,411 14,591 

Sept. 30......................................................... 4-5/8%-Z note 10/02/06 24,499 5,374 19,125 

Oct. 15........................................................... 3-1/8%-J note 10/15/03 15,996 974 15,022 

Oct. 31........................................................... 4-7/8%-AA note 10/31/06 22,728 2,726 20,002 

Nov. 15.......................................................... 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 3-3/8%-K note 11/17/03 18,181 2,427 15,754 

Nov. 15.......................................................... 4-3/8%-Q note 11/15/05 21,450 3,799 17,651 

Nov. 30.......................................................... 4-5/8-AB note 11/30/06 24,338 4,338 20,000 

Dec. 15.......................................................... 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Dec. 31.......................................................... 4-3/4%-AC note 01/02/07 24,817 4,817 20,000 

 Total ............................. 648,632 105,629 543,003 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2007

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2007, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2009 

Jan. 15........................................................... 3-7/8%-A note 01/15/99 19,625 2,908 16,718 

Jan. 15........................................................... 3-1/4%-D note 01/15/04 16,003 1,386 14,617 

Jan. 31........................................................... 4-7/8%-V note 01/31/07 22,976 2,971 20,005 

Feb. 15 .......................................................... 3%-E note 02/17/04 17,434 1,830 15,604 

Feb. 15 .......................................................... 4-1/2%-R note 02/15/06 22,309 1,582 20,727 

Feb. 28 .......................................................... 4-3/4%-W note 02/28/07 23,038 5,035 18,002 

Mar. 15 .......................................................... 2-5/8%-F note 03/15/04 16,001 1,121 14,881 

Apr. 15........................................................... 3-1/8%-G note 04/15/04 16,003 939 15,064 

May 15, 09-14 ............................................... 1 13-1/4% bond 05/15/84 4,481 1,021 3,459 

May 15........................................................... 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15........................................................... 3-7/8%-H note 05/17/04 18,060 4,208 13,852 

May 15........................................................... 4-7/8%-S note 05/15/06 27,380 6,705 20,675 

June 15.......................................................... 4%-J note 06/15/04 15,005 687 14,318 

July 15........................................................... 3-5/8%-K note 07/15/04 15,005 1,234 13,771 

Aug. 15, 09-14............................................... 1 12-1/2% bond 08/15/84 4,388 1,007 3,381 

Aug. 15.......................................................... 6%-C note 08/16/99 27,400 6,658 20,742 

Aug. 15.......................................................... 3-1/2%-L note 08/16/04 17,295 2,500 14,794 

Aug. 15.......................................................... 4-7/8%-T note 08/15/06 23,420 2,418 21,003 

Sept. 15......................................................... 3-3/8%-M note 09/15/04 15,005 148 14,857 

Oct. 15........................................................... 3-3/8%-N note 10/15/04 15,005 610 14,395 

Nov. 15, 09-14............................................... 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15.......................................................... 3-1/2%-P note 11/15/04 18,752 4,104 14,648 

Nov. 15.......................................................... 4-5/8%-U note 11/15/06 24,773 5,772 19,001 

Dec. 15.......................................................... 3-1/2%-Q note 12/15/04 15,002 398 14,604 

Total............................. 414,169 59,062 355,108 

 

2010 

Jan. 15............................................................ 4-1/4%-A note 01/18/00 13,619 1,508 12,110 

Jan. 15............................................................ 3-5/8%-E note 01/18/05 15,005 1,350 13,655 

Feb. 15............................................................ 6-1/2%-B note 02/15/00 23,356 4,800 18,556 

Feb. 15............................................................ 3-1/2%-F note 02/15/05 16,617 2,678 13,939 

Feb. 15............................................................ 4-3/4% S note 02/15/07 17,467 1,468 15,999 

Mar. 15............................................................ 4%-G note 03/15/05 15,005 876 14,130 

Apr. 15 ............................................................ 7/8%-D note 10/29/04 29,916 1,098 28,817 

Apr. 15 ............................................................ 4%-H note 04/15/05 15,001 1,356 13,645 

May 15 ........................................................... 3-7/8%-J note 05/16/05 18,749 3,859 14,890 

June 15........................................................... 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 ............................................................ 3-7/8%-L note 07/15/05 13,001 7 12,994 

Aug. 15 ........................................................... 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ........................................................... 4-1/8%-M note 08/15/05 14,963 2,307 12,657 

Sept. 15 .......................................................... 3-7/8%-N note 09/15/05 13,001 453 12,548 

Oct. 15 ............................................................ 4-1/4%-P note 10/17/05 13,001 580 12,421 

Nov. 15 ........................................................... 4-1/2%-Q note 11/15/05 15,961 3,200 12,761 

Dec. 15 ........................................................... 4-3/8%-R note 12/15/05 13,001 610 12,391 

Total............................. 284,101 30,148 253,952 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2007 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2007, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2011 

Jan. 15.............................................................. 4-1/4%-D note 01/17/06 13,001 50 12,951 

Jan. 15.............................................................. 3-1/2%-A note 01/16/01 12,758 630 12,128 

Feb. 15.............................................................. 5%-B note 02/15/01 23,436 3,583 19,853 

Feb. 28.............................................................. 4-1/2%-E note 02/28/06 17,500 3,628 13,872 

Mar. 31.............................................................. 4-3/4%-F note 03/31/06 17,498 3,792 13,706 

Apr. 15 .............................................................. 2-3/8%-G note 04/28/06 20,518 2,597 17,921 

Apr. 30 .............................................................. 4-7/8%-H note 05/01/06 17,501 3,620 13,881 

May 31.............................................................. 4-7/8%-J note 05/31/06 17,145 3,253 13,891 

June 30............................................................. 5-1/8%-K note 06/30/06 17,500 4,251 13,249 

July 31 .............................................................. 4-7/8%-L note 07/31/06 16,831 3,433 13,398 

Aug. 15 ............................................................. 5%-C note 08/15/01 26,635 3,206 23,430 

Aug. 31 ............................................................. 4-5/8%-M note 08/31/06 17,501 3,500 14,001 

Sept. 30 ............................................................ 4-1/2%-N note 10/02/06 17,500 3,735 13,765 

Oct. 31 .............................................................. 4-5/8%-P note 10/31/06 16,181 2,181 14,001 

Nov. 30 ............................................................. 4-1/2%-Q note 11/30/06 17,037 3,037 14,000 

Dec. 31 ............................................................. 4-5/8%-R note 01/02/07 16,131 3,131 13,000 

Total ............................. 284,766 47,635 237,132 

 

2012 

Jan. 15.............................................................. 3-3/8%-A note 01/15/02 6,844 103 6,741 

Jan. 31.............................................................. 4-3/4%-F note 01/31/07 14,930 1,931 12,999 

Feb. 15.............................................................. 4-7/8%-B note 02/15/02 24,780 4,461 20,319 

Feb. 29.............................................................. 4-5/8%-G note 02/28/07 16,637 3,637 13,000 

July 15 .............................................................. 3%-C note 07/15/02 25,910 2,687 23,224 

Aug. 15 ............................................................. 4-3/8%-D note 08/15/02 19,648 3,297 16,351 

Nov. 15 ............................................................. 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 126,862 16,350 110,512 

 

2013 

Feb. 15.............................................................. 3-7/8%-A note 02/18/03 19,498 1,670 17,829 

May 15.............................................................. 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1-7/8%-C note 07/15/03 22,049 323 21,726 

Aug. 15 ............................................................. 4-1/4%-D note 08/15/03 33,521 4,454 29,067 

Nov. 15 ............................................................. 4-1/4%-E note 11/17/03 30,637 2,456 28,181 

Total ............................. 123,959 9,154 114,805 

2014 

Jan. 15.............................................................. 2%-A note 01/15/04 23,004 728 22,276 

Feb. 15.............................................................. 4%-B note 02/17/04 28,081 1,956 26,125 

May 15.............................................................. 4-3/4%-C note 05/17/04 27,303 2,993 24,310 

July 15 .............................................................. 2%-D note 07/15/04 20,403 - 20,403 

Aug. 15 ............................................................. 4-1/4%-E note 08/16/04 24,722 2,235 22,487 

Nov. 15 ............................................................. 4-1/4%-F note 11/15/04 25,473 2,739 22,734 

Total ............................. 148,986 10,652 138,335 

 

2015 

Jan. 15 ............................................................. 1-5/8%-A note 01/18/05 20,141 - 20,141 

Feb. 15.............................................................. 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15.............................................................. 4%-B note 02/15/05 24,215 1,367 22,848 

May 15.............................................................. 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 .............................................................. 1-7/8%-D note 07/15/05 17,689 216 17,473 

Aug. 15 ............................................................. 10-5/8% bond 08/15/85 4,024 1,172 2,852 

Aug. 15 ............................................................. 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ............................................................. 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ............................................................. 9-7/8% bond 11/29/85 5,585 1,012 4,573 

Total ........................ 152,336 11,776 140,560 

 
PUBLIC DEBT OPERATIONS 

June 2007

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2007, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2016 

Jan. 15............................................................. 2% note 01/17/06 17,336 229 17,107 

Feb. 15 ............................................................ 9-1/4% bond 02/18/86 5,432 1,142 4,290 

Feb. 15 ............................................................ 4-1/2%-B note 02/15/06 21,842 841 21,001 

May 15 ............................................................ 7-1/4% bond 05/15/86 18,824 2,253 16,570 

May 15............................................................. 5-1/8%-C note 05/15/06 23,294 2,294 21,000 

July 15............................................................. 2-1/2%-D note 07/17/06 20,044 3,067 16,977 

Aug. 15............................................................ 4-7/8%-E note 08/15/06 22,557 1,557 21,000 

Nov. 15............................................................ 7-1/2% bond 11/17/86 18,787 2,816 15,971 

Nov. 15............................................................ 4-5/8%-F note 11/15/06 23,294 2,294 21,000 

 Total.......................... 171,409 16,494 154,915 

 

2017 

Jan. 15............................................................ 2-3/8%-A note 01/16/07 11,290 2,257 9,033 

Feb. 15............................................................ 4-5/8%-B note 02/15/07 22,193 1,193 21,000 

May 15............................................................ 8-3/4% bond 05/15/87 15,559 2,780 12,779 

Aug. 15 ........................................................... 8-7/8% bond 08/17/87 10,968 2,248 8,720 

Total ......................... 60,011 8,478 51,533 

 

2018 

May 15............................................................ 9-1/8% bond 05/16/88 6,717 1,250 5,468 

Nov. 15 ........................................................... 9% bond 11/22/88 7,174 1,053 6,121 

Total.......................... 13,892 2,303 11,589 

 

2019 

Feb. 15............................................................ 8-7/8% bond 02/15/89 13,090 2,472 10,618 

Aug. 15 ........................................................... 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,313 26,718 

 

2020 

Feb. 15............................................................ 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 8-1/8% bond 08/15/91 9,506 1,883 7,623 

Nov. 15 ........................................................... 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,626 50,655 

 

2022 

Aug. 15 ........................................................... 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 7-1/8% bond 02/16/93 15,782 2,716 13,067 

Aug. 15 ........................................................... 6-1/4% bond 08/16/93 22,659 2,893 19,767 

Total ......................... 38,441 5,608 32,833 

 

2024 

Nov. 15 ........................................................... 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ......................... 9,604 1,615 7,989 

 

 
PUBLIC DEBT OPERATIONS 

June 2007 

41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2007, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2025 

Jan. 15.............................................................. 2-3/8% bond 07/30/04 30,066 3,393 26,672 

Feb. 15.............................................................. 7-5/8% bond 02/15/95 9,509 1,719 7,791 

Aug. 15 ............................................................. 6-7/8% bond 08/15/95 11,187 1,970 9,218 

Total ........................... 50,762 7,081 43,681 

 

2026 

Jan. 15.............................................................. 2% bond 01/31/06 20,395 3,060 17,335 

Feb. 15.............................................................. 6% bond 02/15/96 12,838 1,675 11,163 

Aug. 15 ............................................................. 6-3/4% bond 08/15/96 8,810 1,864 6,946 

Nov. 15 ............................................................. 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 52,903 8,323 44,581 

 

2027 

Jan. 15.............................................................. 2-3/8% bond 01/31/07 9,222 1,193 8,029 

Feb. 15.............................................................. 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 6-3/8% bond 08/15/97 9,197 1,690 7,507 

Nov. 15 ............................................................. 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 49,962 7,716 42,246 

 

2028 

Apr. 15 .............................................................. 3-5/8% bond 04/15/98 21,002 3,175 17,827 

Aug. 15 ............................................................. 5-1/2% bond 08/17/98 11,776 1,915 9,861 

Nov. 15 ............................................................. 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,726 6,701 37,025 

 

2029 

Feb. 15.............................................................. 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 3-7/8% bond 04/15/99 24,004 3,510 20,494 

Aug. 15 ............................................................. 6-1/8% bond 08/16/99 11,179 2,145 9,034 

Total ........................... 46,533 7,325 39,208 

 

2030 

May 15.............................................................. 6-1/4% bond 02/15/00 17,043 2,224 14,819 

Total ........................... 17,043 2,224 14,819 

 

2031 

Feb. 15.............................................................. 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ........................... 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 3-3/8% bond 10/15/01 5,715 303 5,412 

Total ........................... 5,715 303 5,412 

 

2036 

Feb. 15.............................................................. 4-1/2% bond 02/15/06 26,397 2,398 23,999 

Total ........................... 26,397 2,398 23,999 

 

2037 

Feb. 15 .............................................................. 4-3/4% bond 02/15/07 9,826 826 9,000 

 Total ........................... 9,826 826 9,000 

1

 This security is not eligible for stripping. See table V of the “Monthly Statement of 

the Public Debt of the United States.” 

Note: This is the last time the PDO-1 table will appear in the Treasury Bulletin. It can now be found 

on the Bureau of Public Debt’s website at 

http://www.treasurydirect.gov/govt/reports/pd/pd_pdotables_downloadable_files.htm. 
PUBLIC DEBT OPERATIONS 

June 2007 

42 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2007 - Jan. 04 .................. 2007 - Feb. 01 28 32,054.7 11,555.1 7,724.3 275.7 99.629778 4.760 4.844

 2007 - Apr. 05 91 42,950.7 24,075.9 14,977.2 1,887.9 98.753806 4.930 5.062

 2007 - July 05 182 40,420.9 19,913.0 12,169.1 1,626.0 97.522778 4.900 5.094

Jan. 11................. 2007 - Feb. 08 28 30,667.8 11,307.4 7,674.6 325.5 99.626667 4.800 4.885

 2007 - Apr. 12 91 48,819.1 23,895.0 14,905.7 1,994.3 98.751278 4.940 5.072

 2007 - July 12 182 39,604.3 19,894.2 11,929.0 1,871.1 97.512667 4.920 5.116

Jan. 18................. 2007 - Feb. 15 28 26,914.6 11,551.9 7,672.3 327.7 99.619278 4.895 4.982

 2007 - Apr. 19 91 51,564.9 24,050.3 14,705.4 2,044.7 98.742431 4.975 5.108

 2007 - July 19 182 46,438.6 19,863.3 11,739.1 1,935.9 97.497500 4.950 5.148

Jan. 25................. 2007 - Feb. 22 28 28,110.4 12,947.1 8,661.2 339.0 99.618889 4.900 4.987

 2007 - Apr. 26 91 49,910.9 24,218.9 14,843.3 2,082.0 98.737375 4.995 5.129

 2007 - July 26 182 41,604.3 19,897.7 11,699.4 1,985.6 97.489917 4.965 5.164

Feb. 01 ................ 2007 - Mar. 01 28 34,188.4 14,208.0 9,627.5 372.5 99.620056 4.885 4.972

 2007 - May 03 91 50,355.2 24,158.1 14,690.6 2,109.5 98.733583 5.010 5.145

 2007 - Aug. 02 182 45,564.2 19,953.5 11,715.3 1,904.9 97.482333 4.980 5.180

Feb. 08 ................ 2007 - Mar. 08 28 52,188.0 21,634.9 17,611.9 388.1 99.607611 5.045 5.135

 2007 - May 10 91 62,097.3 26,746.8 16,612.6 2,087.5 98.733583 5.010 5.145

 2007 - Aug. 09 182 51,469.6 21,298.9 12,810.5 1,964.6 97.494972 4.955 5.153

Feb. 15 ................ 2007 - Mar. 15 28 57,770.0 27,561.8 23,595.3 404.9 99.600611 5.135 5.227

 2007 - May 17 91 55,069.2 26,780.3 16,551.4 2,223.7 98.729792 5.025 5.160

 2007 - Aug. 16 182 46,825.3 21,248.4 12,753.1 1,922.1 97.489917 4.965 5.164

Feb. 22 ................ 2007 - Mar. 22 28 57,009.8 31,364.9 27,559.8 440.6 99.597500 5.175 5.268

 2007 - May 24 91 54,104.9 28,163.5 17,703.4 2,171.9 98.727264 5.035 5.171

 2007 - Aug. 23 182 47,884.7 22,588.7 13,718.5 2,042.5 97.497500 4.950 5.148

Mar. 01 ................ 2007 - Mar. 29 28 76,177.1 30,178.0 26,566.3 434.4 99.598667 5.160 5.267

 2007 - May 31 91 62,920.1 29,269.8 18,997.7 1,952.4 98.727264 5.035 5.185

 2007 - Aug. 30 182 49,677.4 23,843.3 14,912.4 1,657.1 97.497500 4.950 5.162

Mar. 08 ................ 2007 - Apr. 05 28 73,622.0 28,040.1 24,528.1 472.1 99.600222 5.140 5.247

 2007 - June 07 91 58,706.4 29,152.9 18,691.4 2,133.8 98.744958 4.965 5.112

 2007 - Sept. 06 182 49,885.8 23,863.6 14,977.4 1,787.7 97.545528 4.855 5.060

Mar. 15 ................ 2007 - Apr. 12 28 54,787.1 27,988.0 24,306.9 493.5 99.598667 5.160 5.267

 2007 - June 14 91 48,767.3 29,102.2 18,866.4 2,033.6 98.744958 4.965 5.112

 2007 - Sept. 13 182 45,881.5 23,825.4 15,038.8 1,761.3 97.512667 4.920 5.130

Mar. 22 ................ 2007 - Apr. 19 28 77,394.8 28,101.8 24,517.8 482.9 99.600222 5.140 5.247

 2007 - June 21 91 57,485.8 27,756.5 18,010.6 1,879.5 98.753806 4.930 5.075

 2007 - Sept. 20 182 53,613.5 22,440.5 13,998.0 1,752.1 97.517722 4.910 5.119

Mar. 29 ................ 2007 - Apr. 26 28 63,966.3 26,206.3 21,529.5 470.9 99.601000 5.130 5.236

 2007 - June 28 91 51,868.2 26,596.8 17,028.6 1,871.4 98.755069 4.925 5.070

 2007 - Sept. 27 182 52,515.4 21,105.1 13,062.3 1,688.1 97.535417 4.875 5.081

 

1

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

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

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

June 2007 

43

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

04/05/06 04/06/06 4.675% bill—04/17/06 11d 40,730 13,000 

04/06/06 04/07/06 4.685% bill—04/17/06 10d 27,650 8,000 

04/12/06 04/13/06 4.720% bill—04/17/06 4d 44,766 17,000 

04/12/06 04/17/06 2% TIPS—01/15/16-A 9y 9m 15,623 8,000 2.409 - 99.480271 

04/25/06 04/28/06 2-3/8% TIPS—04/15/11-G 5y 16,042 11,000 2.379 - 100.067434 

04/26/06 05/01/06 4-7/8% note—04/30/08-U 2y 49,910 26,834 4.975 - 99.811765 

04/27/06 05/01/06 4-7/8% note—04/30/11-H 5y 29,665 17,500 4.964 - 99.610037 

05/09/06 05/15/06 4-7/8% note—05/15/09-S 3y 54,873 27,379 4.995 - 99.669485 

05/11/06 05/15/06 5-1/8% note—05/15/16-C 10y 35,124 15,294 5.140 - 99.883851 

05/24/06 05/31/06 4-7/8% note—05/31/08-V 2y 60,706 25,929 4.933 - 99.890815 

05/25/06 05/31/06 4-7/8% note—05/31/11-J 5y 31,468 17,143 4.945 - 99.693242 

05/30/06 06/02/06 4.870% bill—06/15/06 13d 48,407 22,000 

06/05/06 06/06/06 4.875% bill—06/15/06 9d 29,616 9,000 

06/08/06 06/15/06 5-1/8% note—05/15/16-C 9y 11m 21,815 8,000 4.975 - 101.154246 

06/27/06 06/30/06 5-1/8% note—06/30/08-W 2y 54,595 26,497 5.239 - 99.786183 

06/28/06 06/30/06 5-1/8% note—06/30/11-K 5y 32,190 17,500 5.203 - 99.660453 

07/13/06 07/17/06 2-1/2% TIPS—07/15/16-D 10y 17,452 10,588 2.550 - 99.593010 

07/25/06 07/31/06 2% TIPS—01/15/26 19y 6m 16,919 8,235 2.494 - 94.278150 

07/26/06 07/31/06 5% note—07/31/08-X 2y 49,140 26,424 5.090 - 99.830895 

07/27/06 07/31/06 4-7/8% note—07/31/11-L 5y 34,807 16,830 4.995 - 99.474808 

08/07/06 08/15/06 4-7/8% note—08/15/09-T 3y 47,305 23,418 4.898 - 99.936548 

08/09/06 08/15/06 4-7/8% note—08/15/16-E 10y 30,485 14,557 4.930 - 99.569877 

08/10/06 08/15/06 4-1/2% bond—02/15/36 29y 6m 19,278 11,557 5.080 - 91.181992 

08/29/06 08/31/06 4-7/8% note—08/31/08-Y 2y 55,511 26,504 4.921 - 99.913392 

08/30/06 08/31/06 4-5/8% note—08/31/11-M 5y 47,037 17,500 4.738 - 99.502144 

08/30/06 09/01/06 5.170% bill—09/15/06 14d 70,816 29,000 

09/05/06 09/07/06 5.165% bill—09/15/06 8d 38,742 12,000 

09/12/06 09/15/06 4-7/8% note—08/15/16-E 9y 11m 23,245 8,000 4.810 - 100.499835 

09/13/06 09/14/06 5.200% bill—09/15/06 1d 35,137 8,000 

09/27/06 10/02/06 4-5/8% note—09/30/08-Z 2y 59,800 24,499 4.660 - 99.933494 

09/28/06 10/02/06 4-1/2% note—09/30/11-N 5y 41,955 17,500 4.569 - 99.694413 

10/12/06 10/16/06 2-1/2% TIPS—07/15/16-D 9y 9m 18,122 9,412 2.426 - 101.503690 

10/23/06 10/31/06 2-3/8% TIPS—04/15/11-G 4y 6m 22,389 9,181 2.691 - 101.365114 

10/24/06 10/31/06 4-7/8% note—10/31/08-AA 2y 60,966 22,726 4.894 - 99.964216 

10/26/06 10/31/06 4-5/8% note—10/31/11-P 5y 31,861 16,181 4.694 - 99.695653 

11/08/06 11/15/06 4-5/8% note—11/15/09-U 3y 48,845 24,772 4.666 - 99.886450 

11/09/06 11/15/06 4-5/8% note—11/15/16-F 10y 31,083 15,294 4.627 - 99.984133 

11/13/06 11/15/06 5.170% bill—11/30/06 15d 33,865 11,000 

11/14/06 11/15/06 5.190% bill—11/16/06 1d 24,355 5,000 

11/28/06 11/30/06 4-5/8% note—11/30/08-AB 2y 64,800 24,338 4.692 - 99.873505 

11/29/06 11/30/06 4-1/2% note—11/30/11-Q 5y 34,988 17,037 4.507 - 99.968974 

11/29/06 12/01/06 5.215% bill—12/15/06 14d 69,636 29,000 

12/04/06 12/05/06 5.195% bill—12/15/06 10d 39,280 11,000 

12/13/06 12/15/06 4-5/8% note—11/15/16-F 9y 11m 19,866 8,000 4.580 - 100.348304 

12/27/06 01/02/07 4-3/4% note—12/31/08-AC 2y 54,046 24,817 4.765 - 99.971175 

12/28/06 01/02/07 4-5/8% note—12/31/11-R 5y 35,591 16,131 4.704 - 99.651392 

01/11/07 01/16/07 2-3/8% TIPS—01/15/17-A 10y 17,300 11,250 2.449 - 99.342280 

01/23/07 01/31/07 2-3/8% TIPS—01/15/27 20y 17,602 9,189 2.420 - 99.213485 

01/24/07 01/31/07 4-7/8% note—01/31/09-V 2y 63,558 22,971 4.930 - 99.896458 

01/25/07 01/31/07 4-3/4% note—01/31/12-F 5y 30,637 14,931 4.855 - 99.538790 

02/06/07 02/15/07 4-3/4% note—02/15/10-S 3y 48,937 17,468 4.800 - 99.861835 

02/07/07 02/15/07 4-5/8% note—02/15/17-B 10y 32,525 14,193 4.740 - 99.092517 

02/08/07 02/15/07 4-3/4% bond—02/15/37 30y 22,966 9,826 4.812 - 99.020970 

02/15/07 02/16/07 5.140% bill—02/22/07 6d 25,182 6,000 

02/21/07 02/28/07 4-3/4% note—02/28/09-W 2y 59,787 23,035 4.830 - 99.849212 

02/22/07 02/28/07 4-5/8% note—02/29/12-G 5y 35,262 16,637 4.719 - 99.585650 

03/01/07 03/02/07 5.185% bill—03/15/07 13d 55,200 23,000 

03/13/07 03/15/07 4-5/8% note—02/15/17-B 9y 11m 21,130 8,000 4.523 - 100.801596 

03/28/07 03/30/07 5.070% bill—04/16/07 17d 46,991 17,000 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
June 2007 

44 

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

Note: This is the last time the SBN tables will appear in the 

Treasury Bulletin. They can now be found monthly on the 

Bureau of Public Debt’s website at 

http://www.treasurydirect.gov/govt/reports/pd/pd_sbntables_

downloadable_files.htm.

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2007 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

(4) 

Interestbearing debt 

(5) 

 Matured 

 non-interest- 

 bearing debt 

(6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 406,791 257,714 664,504 500,032 149,612 14,862 

Series I............................................................ 36,363 6,369 42,732 6,998 35,732 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,473 - 67 

Total ............................................................ 479,917 267,139 747,056 546,776 185,344 14,934 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 

Note: This is the last time the SBN tables will appear in the Treasury Bulletin. They can now be 

found monthly on the Bureau of Public Debt’s website at 

http://www.treasurydirect.gov/govt/reports/pd/pd_sbntables_downloadable_files.htm.
U.S. SAVINGS BONDS AND NOTES 

June 2007 

45

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-03 .............................. 452,475 242,351 694,826 493,324 343,936 149,388 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

2006 2.................................. 8,505 7,533 16,038 16,023 8,109 7,914 189,157 14,442 

 

Calendar years: 

1935-03 .............................. 455,904 244,102 700,006 496,206 345,203 151,003 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

2006 2 ................................. 6,290 7,656 13,946 16,674 8,662 8,011 187,625 14,751 

 

2006 - Mar.......................... 816 589 1,405 1,330 626 704 191,911 14,006 

Apr.......................... 605 713 1,318 1,227 587 640 191,864 14,145 

May......................... 398 592 990 1,388 720 668 191,424 14,188 

June........................ 285 630 914 1,357 690 667 190,941 14,228 

July ......................... 254 712 966 1,367 738 629 190,391 14,377 

Aug ......................... 262 674 935 1,735 966 769 189,577 14,391 

Sept........................ 233 628 860 1,229 616 613 189,157 14,442 

Oct.......................... 262 773 1,035 1,481 875 605 188,605 14,548 

Nov ......................... 346 540 886 1,297 747 550 188,121 14,622 

Dec ......................... 438 560 999 1,366 779 586 187,625 14,751 

2007 - Jan .......................... 451 628 1,078 2,153 1,120 1,033 186,542 14,759 

Feb ......................... 296 559 855 1,322 667 655 185,990 14,844 

Mar ......................... 310 546 856 1,412 701 711 185,344 14,934 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. 

Note: This is the last time the SBN tables will appear in the Treasury Bulletin. They can 

now be found monthly on the Bureau of Public Debt’s website at 

http://www.treasurydirect.gov/govt/reports/pd/pd_sbntables_downloadable_files.htm.

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-03 ............. 384,193 237,968 622,161 427,510 301,378 153,485 27,353 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

2006 2................. 1,941 5,502 7,443 12,792 5,112 7,680 - 140,382 14,177 

 

Calendar years: 

1941-03 ............. 385,354 239,466 624,820 428,377 309,708 147,975 29,306 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

2006 2 ................ 1,832 5,522 7,354 12,680 4,994 7,686 - 139,226 14,480 

 

2006 - Mar......... 132 425 557 1,094 403 691 - 143,554 13,749 

 Apr......... 129 533 662 1,016 388 627 - 143,064 13,886 

 May........ 139 398 537 1,068 423 645 - 142,490 13,929 

 June....... 148 430 578 1,060 416 644 - 141,965 13,972 

 July ........ 139 505 644 1,059 454 605 - 141,407 14,114 

 Aug ........ 144 455 599 1,238 519 720 - 140,755 14,127 

 Sept....... 134 430 564 887 305 582 - 140,382 14,177 

 Oct......... 151 539 690 911 360 551 - 140,066 14,271 

 Nov ........ 172 408 580 875 364 511 - 139,691 14,352 

 Dec ........ 247 440 687 1,024 468 556 - 139,226 14,480 

2006 - Jan ......... 167 515 682 1,551 571 980 - 138,348 14,488 

 Feb ........ 127 462 588 945 321 624 - 137,906 14,574 

 Mar ........ 140 439 579 1,054 374 680 - 137,340 14,665 

See footnotes at end of table. 
U.S. SAVINGS BONDS AND NOTES 

June 2007 

46 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series I 

 

Fiscal years: 

1998-03 .......... 20,057 1,326 21,383 1,121 1,070 51 - 20,262 - 

2004 2 ............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 ............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

2006 2.............. 6,563 2,030 8,593 1,949 1,723 226 - 35,825 - 

 

Calendar years: 

1998-03 .......... 22,320 1,579 23,899 1,250 1,190 60 - 22,649 - 

2004 2 ............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 ............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

2006 2 ............. 4,458 2,134 6,592 2,669 2,351 318 - 35,760 - 

 

2006 - Mar...... 684 164 848 109 97 12 - 34,736 - 

 Apr...... 476 180 656 101 89 12 - 35,291 - 

 May..... 259 194 453 211 189 22 - 35,533 - 

 June.... 137 200 337 185 163 23 - 35,684 - 

 July ..... 115 207 322 200 177 23 - 35,806 - 

 Aug ..... 118 219 336 375 326 49 - 35,767 - 

 Sept.... 99 197 296 238 208 30 - 35,825 - 

 Oct...... 110 234 345 459 405 54 - 35,711 - 

 Nov ..... 174 132 307 324 285 39 - 35,693 - 

 Dec ..... 192 120 312 245 215 30 - 35,760 - 

2007 - Jan ...... 284 113 397 471 418 53 - 35,686 - 

 Feb ..... 169 97 266 264 233 30 - 35,688 - 

 Mar ..... 170 107 277 234 203 31 - 35,732 - 

 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. 

Note: This is the last time the SBN tables will appear in the Treasury Bulletin. They can now be 

found monthly on the Bureau of Public Debt’s website at 

http://www.treasurydirect.gov/govt/reports/pd/pd_sbntables_downloadable_files.htm.
June 2007 

47

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

June 2007 

48 

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) 

 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

 

2006 - Mar....................................... 8,394,740 8,371,156 3,498,354 1 3,498,353 755,193 

Apr....................................... 8,379,083 8,355,718 3,536,001 1 3,536,000 756,289 

May...................................... 8,380,354 8,356,776 3,549,086 1 3,549,085 758,865 

June..................................... 8,443,683 8,420,042 3,622,594 1 3,622,593 762,595 

July ...................................... 8,467,856 8,444,347 3,624,439 1 3,624,438 760,863 

Aug ...................................... 8,538,350 8,515,034 3,629,882 1 3,629,881 762,732 

Sept..................................... 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

Oct....................................... 8,607,540 8,584,329 3,703,455 1 3,703,454 764,264 

Nov ...................................... 8,656,590 8,633,245 3,703,130 1 3,703,129 768,492 

Dec ...................................... 8,703,738 8,680,224 3,779,021 1 3,779,020 774,988 

2007 - Jan ....................................... 8,730,892 8,707,561 3,793,255 1 3,793,254 775,470 

Feb ...................................... 8,801,230 8,778,111 3,798,192 1 3,798,191 777,348 

Mar ...................................... 8,872,851 8,849,665 3,795,393 1 3,795,392 777,348 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

 

2006 - Mar........................................................... 4,117,609 3,585,206 532,404 23,584 23,584 

Apr........................................................... 4,063,428 3,526,915 536,513 23,365 23,365 

May.......................................................... 4,048,826 3,510,378 538,448 23,577 23,577 

June......................................................... 4,034,853 3,491,421 543,431 23,641 23,641 

July .......................................................... 4,059,045 3,519,546 539,499 23,509 23,509 

Aug .......................................................... 4,122,420 3,581,939 540,481 23,317 23,317 

Sept......................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

Oct........................................................... 4,116,610 3,573,704 542,906 23,211 23,211 

Nov .......................................................... 4,161,624 3,612,518 549,105 23,345 23,345 

Dec .......................................................... 4,126,215 3,566,969 559,246 23,514 23,514 

2007 - Jan ........................................................... 4,138,836 3,571,971 566,865 23,331 23,331 

Feb .......................................................... 4,202,571 3,631,212 571,359 23,119 23,119 

Mar .......................................................... 4,276,924 3,691,438 585,486 23,186 23,186 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2007 

49

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.8 283.6 908.1 848.8 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.4 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.4 263.7 993.4 830.2 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.2 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.6 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 142.1 214.9 183.1 216.4 243.3 1,182.7 708.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.3 235.2 1,230.5 682.3 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.3 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.5 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 135.5 207.8 151.4 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.2 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

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 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.9 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 268.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 162.9 162.1 139.5 296.6 350.0 1,286.3 322.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.5 199.1 167.3 161.3 138.7 302.3 347.9 1,382.8 319.9 

 Sept........ 6,783.2 3,515.3 3,268.0 147.4 201.5 164.6 155.1 137.4 287.1 357.7 1,454.2 363.1 

 Dec......... 6,998.0 3,620.1 3,377.9 154.2 203.8 169.2 147.9 136.5 280.8 364.2 1,533.0 388.2 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 163.2 204.4 167.0 142.5 141.0 280.8 374.1 1,677.1 352.6 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 170.1 133.6 144.1 258.7 381.2 1,739.6 339.6 

 Sept........ 7,379.1 3,772.0 3,607.0 139.6 204.1 170.6 130.5 147.4 255.0 380.8 1,798.7 380.2 

 Dec......... 7,596.1 3,905.6 3,690.6 127.5 204.4 170.5 130.4 149.7 254.1 387.4 1,853.4 413.2 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.0 204.2 174.3 127.1 152.4 261.1 408.0 1,956.3 430.0 

 June ....... 7,836.5 4,033.5 3,803.0 127.3 204.2 177.5 130.1 155.0 248.7 431.5 1,879.6 449.2 

 Sept........ 7,932.7 4,067.8 3,864.9 125.5 203.6 180.9 130.1 159.0 244.7 448.4 1,930.6 442.0 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 129.4 160.4 251.3 456.2 2,036.0 433.7 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 183.0 128.9 162.9 248.7 456.5 2,084.5 528.0 

 June ....... 8,420.0 4,389.2 4,030.8 116.8 205.2 188.4 132.1 164.4 244.2 466.2 1,979.7 533.7 

 Sept........ 8,507.0 4,432.8 4,074.2 114.0 203.7 191.2 132.1 165.4 235.3 463.0 2,027.2 542.3 

 Dec......... 8,680.2 4,558.1 4,122.1 115.9 202.4 193.2 132.9 166.0 249.9 484.2 2,104.6 473.0 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 n.a. 200.3 n.a. n.a. n.a. n.a. n.a. 2,199.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, the June 2005 benchmark to February 2006, and the 

June 2006 benchmark to February 2007. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2007

50 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 30-yr. 

 (11) 

 

Monthly average: 

2006 - Apr....................................... 4.61 4.72 4.90 4.90 4.89 4.89 4.90 4.94 4.99 5.22 5.06 

May ..................................... 4.70 4.84 5.01 5.00 4.97 4.97 5.00 5.03 5.11 5.35 5.20 

June.................................... 4.71 4.92 5.17 5.16 5.12 5.09 5.07 5.08 5.11 5.29 5.15 

July ..................................... 4.90 5.08 5.27 5.22 5.12 5.07 5.04 5.05 5.09 5.25 5.13 

Aug ..................................... 5.16 5.09 5.17 5.08 4.90 4.85 4.82 4.83 4.88 5.08 5.00 

Sept .................................... 4.77 4.93 5.08 4.97 4.77 4.69 4.67 4.68 4.72 4.93 4.85 

Oct ...................................... 4.97 5.05 5.12 5.01 4.80 4.72 4.69 4.69 4.73 4.94 4.85 

Nov ..................................... 5.21 5.07 5.15 5.01 4.74 4.64 4.58 4.58 4.60 4.78 4.69 

Dec ..................................... 4.87 4.97 5.07 4.94 4.67 4.58 4.53 4.54 4.56 4.78 4.68 

2007 - Jan....................................... 4.94 5.11 5.15 5.06 4.88 4.79 4.75 4.75 4.76 4.95 4.85 

Feb...................................... 5.18 5.16 5.16 5.05 4.85 4.75 4.71 4.71 4.72 4.93 4.82 

Mar...................................... 5.21 5.08 5.10 4.92 4.57 4.51 4.48 4.50 4.56 4.81 4.72 

 

 

End of month: 

2006 - Apr....................................... 4.60 4.77 4.91 4.90 4.87 4.87 4.92 4.98 5.07 5.31 5.17 

May ..................................... 4.75 4.86 5.08 5.07 5.04 5.03 5.04 5.06 5.12 5.35 5.21 

June.................................... 4.54 5.01 5.24 5.21 5.16 5.13 5.10 5.11 5.15 5.31 5.19 

July ..................................... 5.02 5.10 5.18 5.11 4.97 4.93 4.91 4.93 4.99 5.17 5.07 

Aug ..................................... 5.12 5.05 5.11 5.01 4.79 4.71 4.70 4.70 4.74 4.95 4.88 

Sept .................................... 4.60 4.89 5.02 4.91 4.71 4.62 4.59 4.60 4.64 4.84 4.77 

Oct ...................................... 5.18 5.08 5.13 4.99 4.71 4.62 4.57 4.57 4.61 4.81 4.72 

Nov ..................................... 5.22 5.03 5.10 4.94 4.62 4.52 4.45 4.45 4.46 4.66 4.56 

Dec ..................................... 4.75 5.02 5.09 5.00 4.82 4.74 4.70 4.70 4.71 4.91 4.81 

2007 - Jan....................................... 5.00 5.12 5.16 5.09 4.94 4.85 4.82 4.82 4.83 5.02 4.93 

Feb...................................... 5.24 5.16 5.12 4.96 4.65 4.55 4.52 4.53 4.56 4.78 4.68 

Mar...................................... 5.07 5.04 5.06 4.90 4.58 4.54 4.54 4.58 4.65 4.92 4.84 

 

* Rates are from the Treasury yields curve. 
 June 2007 

51

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2007 

[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 .............................. $1,003,302,058,194 $965,428,934,291 $964,930,672,268 $251,565,066 $246,696,957

Less amounts held by: 

The Treasury....................................... 359,121,990 21,323,446 21,134,955 7,505 180,986

FRBs ................................................... 197,419,873,743 196,474,195,130 196,474,179,068 - 16,062

Amounts in circulation............................. $805,523,062,461 $768,933,415,715 $768,435,358,245 $251,557,561 $246,499,909

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $37,873,123,903 $3,505,529,008 $34,367,594,895 

Less amounts held by: 

The Treasury....................................... 337,798,544 249,610,544 88,188,000 

FRBs ................................................... 945,678,613 165,386,208 780,292,405 

Amounts in circulation............................. $36,589,646,746 $3,090,532,256 $33,499,114,490 

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

June 2007

52 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2007 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,809,675,749 $8,666,013,848 $143,503 $143,518,398 

$2 ...................................................................... 1,546,438,526 1,414,240,332 132,185,618 12,576 

$5 ...................................................................... 10,087,244,120 9,950,584,575 109,020,310 27,639,235 

$10 .................................................................... 15,244,068,600 15,222,862,830 6,300 21,199,470 

$20 .................................................................... 112,760,650,020 112,740,542,660 3,840 20,103,520 

$50 .................................................................... 60,368,976,600 60,357,477,700 500 11,498,400 

$100 .................................................................. 559,803,114,500 559,770,938,300 10,186,900 21,989,300 

$500 .................................................................. 142,365,000 142,173,000 5,500 186,500 

$1,000 ............................................................... 165,657,000 165,455,000 5,000 197,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $768,933,415,715 $768,435,358,245 $251,557,561 $246,499,909 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Mar. 31, 2007 ....................................................................................... 805,523 $2,670 

Feb. 28, 2007 ....................................................................................... 808,065 2,680 

Jan. 31, 2007 ....................................................................................... 802,562 2,664 

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 fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2007 

55

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) 

 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

 

2006 - Apr .......................................................................... 66,846 11,041 8,518 40,068 7,219 

 May........................................................................ 67,706 11,041 8,704 40,742 7,219 

 June....................................................................... 67,935 11,041 8,618 40,370 7,906 

 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 

 Aug ........................................................................ 66,606 11,041 8,726 40,124 6,715 

 Sept ....................................................................... 66,217 11,041 8,655 39,902 6,619 

 Oct ......................................................................... 65,588 11,041 8,676 40,294 5,577 

 Nov ........................................................................ 66,705 11,041 8,890 41,465 5,309 

 Dec ........................................................................ 65,895 11,041 8,870 40,943 5,040 

2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 

Feb ......................................................................... 66,082 11,041 8,915 41,251 4,874 

Mar ......................................................................... 66,551 11,041 8,948 41,716 4,846 

Apr.......................................................................... 66,720 11,041 9,030 42,095 4,553 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2007 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

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 1,931,980 493,704 1,052,742 911 384,623 1,791,611 1,297,908 776,836 521,072 44,905 

2005 ....................... 5,371,689 1,987,422 498,510 1,077,122 948 410,842 1,895,920 1,440,916 769,564 671,352 47,431 

2006 - June 8 ........ 5,965,818 2,044,178 492,856 1,087,406 986 462,930 2,133,452 1,727,253 993,563 733,690 60,935 

Series Break .......... 5,952,046 2,274,851 492,856 1,211,819 986 569,190 2,133,452 1,489,256 993,563 495,693 54,487 

 

2006 - July r ........... 6,041,210 2,304,767 498,825 1,221,532 993 583,417 2,174,762 1,510,160 1,013,681 496,479 51,521 

Aug. r.......... 6,073,440 2,317,597 482,807 1,238,014 999 595,777 2,166,445 1,540,866 1,017,846 523,020 48,532 

Sept. r......... 6,128,278 2,331,476 479,388 1,245,603 1,006 605,479 2,211,718 1,533,315 1,015,580 517,735 51,769 

Oct. r........... 6,219,636 2,325,760 447,936 1,264,066 1,013 612,745 2,281,134 1,561,892 1,037,450 524,442 50,850 

Nov ............. 6,436,509 2,339,767 453,746 1,265,082 1,019 619,920 2,381,728 1,660,924 1,104,748 556,176 54,090 

Dec ............. 6,397,462 2,371,821 461,331 1,271,174 1,026 638,290 2,331,965 1,643,484 1,082,939 560,545 50,192 

2007 - Jan .............. 6,559,585 2,399,434 476,057 1,265,920 1,033 656,424 2,368,726 1,738,258 1,157,163 581,095 53,167 

Feb. p ......... 6,713,692 2,433,636 498,008 1,268,459 1,040 666,129 2,457,748 1,764,241 1,168,533 595,708 58,067 

Mar. p ......... 6,782,653 2,462,432 507,086 1,272,830 1,047 681,469 2,444,057 1,820,329 1,193,589 626,740 55,835 

 

1

 Includes Bank for International Settlements for data before June 2006. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, 

and end-June 2006, respectively, and are comparable to those shown for the following 

dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2007 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

2005 .............................................................................. 948 948 77 - 871 

 

2006 - Mar..................................................................... 967 967 78 - 889 

Apr..................................................................... 973 973 78 - 895 

May.................................................................... 980 980 79 - 901 

June................................................................... 986 986 79 - 907 

July .................................................................... 993 993 80 - 913 

Aug .................................................................... 999 999 80 - 919 

Sept ................................................................... 1,006 1,006 81 - 925 

Oct ..................................................................... 1,013 1,013 81 - 931 

Nov .................................................................... 1,019 1,019 82 - 938 

Dec .................................................................... 1,026 1,026 82 - 944 

2007 - Jan ..................................................................... 1,033 1,033 83 - 950 

Feb..................................................................... 1,040 1,040 83 - 956 

Mar..................................................................... 1,047 1,047 84 - 963 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2007 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

June 2007 

59

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. 

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 

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, 
CAPITAL MOVEMENTS 

June 2007 

60 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2007 

61

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] 

2006 2007 

Type of Liability 

 Calendar 

 Year 

 2005 r Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners ................................... 3,186,745 3,739,761 3,798,844 3,975,171 3,907,371 4,036,196 4,163,648 4,182,182 

Payable in dollars .................................................. 3,080,907 3,623,865 3,682,948 3,859,275 3,768,459 3,897,284 4,024,736 4,043,270 

Foreign official institutions ................................. 498,510 479,388 447,936 453,746 461,331 476,057 498,008 507,086 

Deposits, excluding negotiable CDs .............. 45,426 50,320 50,620 51,298 51,020 56,099 55,454 50,368 

U.S. Treasury bills and certificates ................ 201,863 179,394 178,474 186,164 176,829 181,356 181,798 194,914 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 125,663 112,605 101,225 100,094 105,873 102,144 103,128 105,871 

Other liabilities............................................... 125,558 137,069 117,617 116,190 127,609 136,458 157,628 155,933 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 2,561,604 3,113,506 3,204,792 3,372,684 3,277,703 3,388,688 3,489,080 3,500,445 

Deposits, excluding negotiable CDs .............. 990,014 1,133,971 1,208,810 1,305,464 1,246,427 1,243,623 1,274,437 1,272,292 

U.S. Treasury bills and certificates ................ 56,895 61,462 66,955 68,266 73,182 70,283 69,792 78,244 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 391,355 534,766 541,659 549,749 555,808 575,824 590,533 585,936 

Other liabilities............................................... 1,123,340 1,383,307 1,387,368 1,449,205 1,402,286 1,498,958 1,554,318 1,563,973 

International and regional organizations 1 .......... 20,793 30,971 30,220 32,845 29,425 32,539 37,648 35,739 

Deposits, excluding negotiable CDs .............. 8,361 18,901 19,988 18,977 19,021 22,234 21,539 22,527 

U.S. Treasury bills and certificates ................ 1,085 1,327 814 1,281 800 380 5,679 4,535 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 4,096 3,989 3,836 2,888 2,855 3,251 3,150 3,290 

Other liabilities............................................... 7,251 6,754 5,582 9,699 6,749 6,674 7,280 5,387 

Payable in foreign currencies 2 .............................. 105,838 115,896 115,896 115,896 138,912 138,912 138,912 138,912 

Sector: 

Banks and other foreigners............................ 103,880 113,792 113,792 113,792 137,201 137,201 137,201 137,201 

International and regional organizations 1 .......... 1,958 2,104 2,104 2,104 1,711 1,711 1,711 1,711 

Major currencies: 

Canadian dollars............................................ 9,919 9,184 9,184 9,184 10,264 10,264 10,264 10,264 

Euro............................................................... 52,206 52,942 52,942 52,942 70,348 70,348 70,348 70,348 

United Kingdom pounds sterling.................... 8,399 14,686 14,686 14,686 15,162 15,162 15,162 15,162 

Japanese yen ................................................ 12,702 14,419 14,419 14,419 16,945 16,945 16,945 16,945 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 2,299,950 2,730,322 2,789,985 2,950,833 2,853,112 2,964,046 3,070,656 3,070,480 

Liabilities to own foreign offices ........................ 1,552,323 1,844,381 1,908,270 2,000,041 1,918,478 1,995,052 2,065,314 2,076,396 

Liabilities collaterized by repurchase 

 agreements................................................. 713,327 955,013 948,356 1,010,571 961,546 1,043,900 1,120,971 1,140,580 

Foreign official institutions ........................ 113,425 123,893 107,250 107,699 114,690 127,821 146,819 149,651 

Foreign banks and other foreigners........... 596,245 826,875 837,886 896,883 843,561 913,671 970,012 988,549 

International and regional organizations 1.......... 3,657 4,245 3,220 5,989 3,295 2,408 4,140 2,380 

Reported by IBFs........................................... 447,584 379,422 382,541 416,926 377,930 380,167 384,946 393,252 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 91,693 100,508 100,508 100,508 122,415 122,415 122,415 122,415 

Reported by IBFs........................................... 33,223 46,483 46,483 46,483 54,624 54,624 54,624 54,624 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 795,102 908,931 908,351 923,830 931,844 949,735 970,577 989,287 

Payable in dollars .......................................... 780,957 893,543 892,963 908,442 915,347 933,238 954,080 972,790 

of which: other short-term negotiable 

securities and negotiable CDs................ 319,598 368,063 358,520 363,721 371,321 384,483 387,515 386,363 

 of which: short-term U.S. Government 

 agency securities................................ 136,783 116,930 104,177 105,747 113,755 108,181 108,847 112,775 

 of which: negotiable CDs........................ 53,594 60,954 60,480 64,756 66,145 66,456 69,592 70,622 

Payable in foreign currencies 2 ...................... 14,145 15,388 15,388 15,388 16,497 16,497 16,497 16,497 

 

 1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2007 

62 

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 2006 2007 

Country 2003 2004 2005 Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ................................................. 4,841 4,355 3,607 5,099 3,890 4,361 5,701 3,807

Belgium ............................................... 9,642 13,649 17,105 20,799 15,595 17,707 19,041 17,000

Bulgaria ............................................... 224 221 139 140 88 166 157 147

Cyprus 1 .............................................. n.a. n.a. n.a. 585 634 718 760 563

Czech Republic.................................... 2,359 1,661 1,446 1,360 1,353 1,462 1,376 1,433

Denmark.............................................. 3,744 3,151 1,544 1,964 969 1,246 899 818

Finland................................................. 1,821 1,116 3,767 1,196 3,362 1,673 776 851

France ................................................. 41,727 83,951 76,016 72,452 76,439 79,014 69,860 68,932

Germany.............................................. 53,617 76,040 70,867 73,731 83,677 83,794 90,630 91,661

Greece................................................. 1,266 1,179 1,212 2,295 1,488 1,696 1,454 1,703

Hungary............................................... 345 770 527 496 836 812 734 493

Iceland 1 .............................................. n.a. n.a. n.a. 386 431 321 340 350

Ireland.................................................. 30,888 64,199 68,669 78,087 84,015 92,384 90,887 91,326

Italy...................................................... 6,643 7,683 8,149 11,860 9,334 9,643 9,367 10,092

Kazakhstan 1 ....................................... n.a. n.a. n.a. 4,135 6,145 2,741 2,858 3,150

Luxembourg ........................................ 37,005 52,548 62,804 77,235 73,715 79,885 77,675 82,215

Monaco 1 ............................................ n.a. n.a. n.a. 499 380 451 391 243

Netherlands ......................................... 17,150 20,272 16,460 40,900 26,650 34,868 38,648 47,297

Norway ................................................ 22,471 32,907 27,927 36,331 42,411 45,964 54,286 59,526

Poland ................................................. 3,724 5,680 6,340 8,072 7,475 6,106 6,856 6,177

Portugal ............................................... 1,011 1,676 2,883 2,953 2,720 2,372 2,601 2,330

Romania .............................................. 575 1,636 565 292 492 809 977 873

Russia ................................................. 41,694 70,203 101,355 53,194 62,729 57,396 60,861 64,586

Serbia and Montenegro 2 .................... 162 110 119 273 295 304 327 343

Spain ................................................... 10,329 9,078 10,060 9,975 9,904 10,299 10,598 14,585

Sweden................................................ 7,377 6,144 4,796 4,016 3,889 4,206 4,325 4,135

Switzerland .......................................... 111,678 100,660 141,498 60,638 63,442 65,542 68,098 72,014

Turkey.................................................. 13,749 5,189 10,006 10,623 10,457 13,292 14,214 15,659

Ukraine 1 ............................................. n.a. n.a. n.a. 1,400 919 909 1,488 1,195

United Kingdom................................... 345,235 501,721 590,505 938,081 870,031 930,779 998,522 1,040,061

Channel Islands .................................. 20,814 21,327 29,737 32,510 33,426 34,323 33,898 33,632

All other Europe 1................................. 17,478 26,369 23,540 3,875 4,433 4,591 4,543 4,558

Total Europe.................................... 807,569 1,113,495 1,281,643 1,555,453 1,501,625 1,589,834 1,673,147 1,741,755

Memo: Euro Area 3 215,940 335,746 341,599 396,583 390,790 417,696 417,237 431,799

Memo: European Union 4 ................... n.a. n.a. n.a. 1,351,934 1,276,728 1,364,685 1,432,974 1,487,363

Canada .................................................... 37,780 36,499 38,051 52,758 49,222 53,598 53,906 53,559

Latin America: 

Argentina ............................................. 9,880 10,932 9,775 10,790 10,617 10,675 11,027 11,147

Belize 5 ................................................ n.a. n.a. n.a. 253 483 389 380 389

Bolivia 5 ............................................... n.a. n.a. n.a. 1,969 2,123 2,219 2,346 2,682

Brazil.................................................... 17,839 16,912 12,898 20,680 16,240 21,440 22,524 18,692

Chile .................................................... 4,504 7,368 9,045 17,141 16,915 18,098 19,231 13,714

Colombia ............................................. 4,277 6,353 6,521 11,544 11,702 12,269 12,514 12,286

Costa Rica 5 ........................................ n.a. n.a. n.a. 2,649 2,965 2,973 3,269 3,186

Ecuador ............................................... 2,611 2,707 3,426 2,872 3,429 3,091 3,172 3,340

El Salvador 5 ....................................... n.a. n.a. n.a. 2,065 1,956 2,016 2,127 2,145

Guatemala ........................................... 1,557 1,544 1,660 1,430 1,444 1,750 1,781 2,127

Guyana 5 ............................................. n.a. n.a. n.a. 128 98 103 83 118

Honduras 5 .......................................... n.a. n.a. n.a. 2,190 2,594 2,579 2,598 2,650

Mexico ................................................. 36,952 51,954 44,738 46,797 45,811 46,326 46,331 43,975

Nicaragua 5 ......................................... n.a. n.a. n.a. 234 238 272 236 248

Panama ............................................... 4,125 4,641 5,334 6,867 7,178 7,164 6,808 7,326

Paraguay 5 .......................................... n.a. n.a. n.a. 663 672 681 709 740

Peru..................................................... 1,406 1,975 3,062 3,778 4,281 4,019 4,432 3,701

Suriname 5 .......................................... n.a. n.a. n.a. 99 128 121 116 133

Uruguay ............................................... 3,688 4,189 4,976 5,891 6,139 6,471 6,563 7,532

Venezuela............................................ 21,546 24,861 27,535 24,078 22,871 23,924 23,029 23,174

All other Latin America 5 ...................... 6,014 6,422 8,595 9 9 18 13 13

Total Latin America.......................... 114,399 139,858 137,565 162,127 157,893 166,598 169,289 159,318

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. n.a. 2,735 2,901 4,019 5,191 5,739

Antigua and Barbuda 6 ........................ n.a. n.a. n.a. 175 186 188 204 230

Aruba 6 ................................................ n.a. n.a. n.a. 514 408 536 473 448

Bahamas ............................................. 157,689 188,604 213,833 266,133 252,162 246,192 235,747 230,302

Barbados 6 .......................................... n.a. n.a. n.a. 18,019 18,678 18,926 19,248 19,650

Bermuda .............................................. 39,229 93,040 52,361 52,893 55,268 60,334 58,016 59,192

British Virgin Islands 6 ......................... n.a. n.a. n.a. 21,477 21,749 20,521 20,511 20,395

Cayman Islands .................................. 745,754 894,069 922,518 1,307,301 1,296,054 1,309,703 1,358,641 1,313,871

Cuba.................................................... 96 110 120 81 83 83 83 84

Dominican Republic 6 .......................... n.a. n.a. n.a. 3,970 3,895 4,086 4,333 3,817

French West Indies 6 ........................... n.a. n.a. n.a. 25 19 24 25 30

Haiti 6 .................................................. n.a. n.a. n.a. 459 503 423 429 475

Jamaica ............................................... 720 922 970 1,031 1,056 878 843 1,201

Netherlands Antilles............................. 8,739 5,867 6,398 5,230 8,461 7,354 5,988 8,173

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2007 

63

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 2006 2007 

Country 2003 2004 2005 Nov. r Dec. Jan. Feb. Mar. p 

 

Caribbean con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. n.a. 68 90 109 119 94

Trinidad and Tobago......................... 1,259 1,630 2,836 2,759 3,349 3,225 3,145 3,380

Turks and Caicos Islands 6 ............... n.a. n.a. n.a. 160 159 179 182 179

All other Caribbean 6 ........................ 27,662 40,297 32,620 159 159 170 166 208

Total Caribbean ............................ 981,148 1,224,539 1,231,656 1,683,189 1,665,180 1,676,950 1,713,343 1,667,468

Asia: 

Bangladesh 7 .................................... n.a. n.a. n.a. 807 824 721 894 838

China, Mainland ............................... 13,236 52,768 46,466 46,691 44,462 53,470 54,411 54,661

Hong Kong........................................ 49,974 43,913 35,246 40,274 44,539 40,525 38,198 36,852

India.................................................. 14,535 11,178 13,860 18,347 18,797 19,682 23,535 25,107

Indonesia.......................................... 14,374 5,905 4,213 3,852 4,377 3,701 3,903 4,203

Israel................................................. 12,231 11,238 9,828 6,806 7,249 9,324 10,802 10,938

Japan................................................ 170,315 173,872 161,951 137,364 140,063 137,886 139,989 137,686

Jordan 7 ............................................ n.a. n.a. n.a. 1,762 2,146 1,280 1,460 1,342

Korea................................................ 12,659 12,457 27,200 21,981 28,096 30,066 29,361 30,775

Laos 7 .............................................. n.a. n.a. n.a. 124 120 152 160 193

Lebanon............................................ 676 777 797 1,019 1,168 1,004 987 901

Malaysia ........................................... 1,640 2,837 2,287 3,159 3,847 3,494 2,753 2,721

Pakistan............................................ 2,963 1,196 1,768 915 1,282 1,540 1,513 1,332

Philippines ........................................ 1,690 2,956 3,780 3,484 3,798 3,535 3,522 4,039

Singapore ......................................... 23,766 28,912 20,291 29,063 30,696 31,143 28,509 32,402

Syria ................................................. 22 21 28 30 25 25 24 25

Taiwan.............................................. 26,835 26,524 23,287 19,493 22,948 19,545 21,384 19,064

Thailand............................................ 7,232 11,356 9,966 8,327 8,318 8,397 8,147 10,959

Yemen 7 ........................................... n.a. n.a. n.a. 193 179 271 256 204

Oil exporting countries 8 .................... 24,787 41,263 50,659 73,880 70,314 76,260 71,184 73,515

All other Asia 7 ................................. 7,656 6,841 7,258 5,129 5,893 7,100 8,959 8,282

Total Asia ..................................... 384,591 434,014 418,885 422,700 439,141 449,121 449,951 456,039

Africa: 

Botswana 9 ....................................... n.a. n.a. n.a. 329 236 302 351 366

Egypt ................................................ 2,336 2,711 4,953 2,681 2,253 3,510 3,343 4,230

Ghana............................................... 596 468 572 342 389 233 344 221

Kenya 9 ............................................ n.a. n.a. n.a. 217 234 271 325 240

Liberia............................................... 181 266 217 431 431 421 466 451

Mauritius 9 ........................................ n.a. n.a. n.a. 429 639 525 462 826

Morocco............................................ 376 156 138 168 198 206 271 213

Mozambique 9 .................................. n.a. n.a. n.a. 96 87 77 67 139

South Africa ...................................... 3,734 3,477 3,054 1,747 1,558 2,586 2,315 2,170

Tanzania 9 ........................................ n.a. n.a. n.a. 259 363 314 308 379

Uganda 9 .......................................... n.a. n.a. n.a. 923 926 909 975 1,076

Zambia 9 .......................................... n.a. n.a. n.a. 139 143 90 86 84

Zimbabwe 9 ...................................... n.a. n.a. n.a. 81 78 83 56 93

Oil exporting countries 10 .................. 3,608 4,347 6,880 5,287 4,457 4,378 4,085 4,034

All other Africa 9 ............................... 3,131 3,373 4,313 4,306 2,981 2,834 2,520 2,480

Total Africa ................................... 13,962 14,798 20,127 17,435 14,973 16,739 15,974 17,002

Other countries: 

Australia............................................ 14,087 23,579 18,427 25,823 26,128 28,998 27,684 28,856

New Zealand .................................... 2,592 3,725 3,028 4,157 4,538 2,664 3,375 3,222

French Polynesia 11 ......................... n.a. n.a. n.a. 69 63 62 61 73

All other 11 ........................................ 4,174 8,513 14,612 16,511 17,472 17,382 17,559 17,440

Total other ................................... 20,853 35,817 36,067 46,560 48,201 49,106 48,679 49,591

All countries .......................................... 2,360,302 2,999,020 3,163,994 3,940,222 3,876,235 4,001,946 4,124,289 4,144,732

International and regional orgs: 

International organizations............... 18,437 14,550 17,598 30,659 26,862 29,840 35,519 33,386

Regional organizations 12 ................ 3,731 4,303 5,153 4,290 4,274 4,410 3,840 4,064

Total international and 

 regional organizations................ 22,168 18,853 22,751 34,949 31,136 34,250 39,359 37,450

Grand total................................ 2,382,470 3,017,873 3,186,745 3,975,171 3,907,371 4,036,196 4,163,648 4,182,182

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United States 

are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2007 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2007, 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 

negotiable securities 

Other 

Miscellaneous 

liabilities 3 

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 2

(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 4

(12) 

Europe: 

Austria .................................... 3,807 3,714 1,935 1,779 634 237 325 221 1,074 1,176 47 93

Belgium .................................. 17,000 15,933 9,971 5,962 2,229 901 1,350 1,512 3,100 5,373 1,468 1,067

Cyprus 5.................................. 563 563 549 14 278 269 4 5 5 2 - -

Czech Republic ...................... 1,433 1,421 366 1,055 172 49 1,003 51 1 70 75 12

Denmark................................. 818 780 636 144 80 166 25 96 23 390 - 38

Finland.................................... 851 693 308 385 87 67 180 65 140 153 - 158

France .................................... 68,932 61,389 54,927 6,462 15,821 1,264 2,785 2,634 735 29,167 8,983 7,543

Germany................................. 91,661 68,817 53,102 15,715 17,703 1,966 5,546 4,532 3,257 33,137 2,676 22,844

Greece.................................... 1,703 1,703 1,599 104 658 698 82 8 12 244 1 -

Hungary.................................. 493 482 149 333 25 51 145 174 1 86 - 11

Ireland .................................... 91,326 91,026 11,609 79,417 3,073 2,095 1,112 60,143 15,480 1,809 7,314 300

Italy......................................... 10,092 8,108 6,186 1,922 2,650 794 1,399 114 140 2,968 43 1,984

Kazakhstan 5 .......................... 3,150 3,142 1,487 1,655 1,223 7 500 1,137 18 257 - 8

Luxembourg ........................... 82,215 81,367 42,815 38,552 6,400 723 11,087 21,655 4,609 612 36,281 848

Monaco 5 ................................ 243 233 148 85 91 54 74 11 - - 3 10

Netherlands ............................ 47,297 45,837 26,630 19,207 5,911 2,778 2,520 14,207 1,613 1,337 17,471 1,460

Norway ................................... 59,526 59,508 54,269 5,239 238 117 311 4,072 832 53,896 42 18

Poland .................................... 6,177 6,167 1,755 4,412 154 231 2,204 2,207 1 1,370 - 10

Portugal.................................. 2,330 1,860 1,713 147 1,265 194 79 55 13 35 219 470

Romania................................. 873 859 438 421 33 39 265 155 1 366 - 14

Russia .................................... 64,586 64,561 18,814 45,747 9,433 285 113 45,627 5 9,098 - 25

Spain ...................................... 14,585 13,722 10,638 3,084 4,177 1,486 683 218 2,118 4,969 70 863

Sweden................................... 4,135 3,961 1,098 2,863 342 214 200 505 2,118 420 162 174

Switzerland ............................. 72,014 63,104 52,173 10,931 8,853 4,411 4,765 4,938 1,099 38,460 578 8,910

Turkey..................................... 15,659 15,571 2,395 13,176 879 98 13,116 45 13 1,418 2 88

Ukraine 5................................. 1,195 1,192 1,192 - 983 24 - - - 185 - 3

United Kingdom...................... 1,040,061 1,006,305 981,576 24,729 157,814 20,488 6,724 11,010 2,489 395,870 411,910 33,756

Channel Islands...................... 33,632 33,554 31,396 2,158 27,510 1,089 526 410 992 524 2,503 78

All other Europe 5...................... 5,398 5,297 4,213 1,084 1,522 342 890 109 10 1,765 659 101

Total Europe......................... 1,741,755 1,660,869 1,374,087 286,782 270,239 41,137 58,013 175,916 39,899 585,158 490,507 80,886

Memo: Euro Area 6............... 431,799 394,169 221,433 172,736 60,609 13,203 27,148 105,364 32,291 80,981 74,573 37,630

Canada.......................................... 53,559 48,877 30,088 18,789 4,329 4,801 7,536 5,732 4,880 12,601 8,998 4,682

Latin America: 

Argentina................................... 11,147 11,015 9,564 1,451 544 8,463 786 254 372 410 186 132

Belize 7 ...................................... 389 387 358 29 89 190 8 9 12 65 14 2

Bolivia 7 ..................................... 2,682 2,673 1,648 1,025 647 918 202 389 431 78 8 9

Brazil ......................................... 18,692 18,489 14,873 3,616 5,748 4,178 314 3,188 77 4,754 230 203

Chile.......................................... 13,714 13,628 7,400 6,228 3,621 3,232 1,579 4,553 91 362 190 86

Colombia................................... 12,286 12,241 5,030 7,211 1,076 3,419 4,227 2,760 223 518 18 45

Costa Rica 7 .............................. 3,186 3,174 2,091 1,083 1,265 620 202 55 826 196 10 12

Ecuador..................................... 3,340 3,318 3,050 268 462 2,191 29 189 50 281 116 22

El Salvador 7 ............................. 2,145 2,145 1,403 742 824 353 153 477 112 220 6 -

Guatemala ................................ 2,127 2,103 1,955 148 196 1,146 69 39 23 582 48 24

Honduras 7 ................................ 2,650 2,619 2,572 47 1,699 742 3 8 36 108 23 31

Mexico....................................... 43,975 43,523 29,414 14,109 10,058 17,872 6,846 6,591 620 876 660 452

Panama..................................... 7,326 7,283 5,908 1,375 2,504 2,810 349 745 274 402 199 43

Paraguay 7 ................................ 740 735 690 45 139 509 26 6 13 31 11 5

Peru........................................... 3,701 3,687 3,099 588 1,913 1,100 137 421 28 77 11 14

Uruguay .................................... 7,532 7,509 5,853 1,656 857 1,949 1,133 276 247 2,698 349 23

Venezuela................................. 23,174 23,047 21,750 1,297 7,673 12,900 328 668 261 847 370 127

All other Latin America 7 ........... 512 512 485 27 188 252 3 11 13 38 7 -

Total Latin America .............. 159,318 158,088 117,143 40,945 39,503 62,844 16,394 20,639 3,709 12,543 2,456 1,230

Caribbean: 

Aruba 8 ...................................... 448 447 338 109 142 135 63 21 25 34 27 1

Bahamas................................... 230,302 229,765 226,767 2,998 155,575 4,550 756 619 147 62,044 6,074 537

Barbados 8 ................................ 19,650 19,375 4,439 14,936 3,866 293 1,296 8,194 5,428 92 206 275

Bermuda ................................... 59,192 59,024 42,995 16,029 2,760 8,943 4,180 10,454 1,231 275 31,181 168

British Virgin Islands 8 ............... 20,395 20,255 12,448 7,807 92 11,512 4,112 1,988 1,506 3 1,042 140

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2007 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2007, 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 

negotiable securities 

Other 

Miscellaneous 

 liabilities 3 

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 2

(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 4

(12) 

Caribbean, con. 

Cayman Islands....................... 1,313,871 1,299,176 974,252 324,924 507,714 62,079 6,609 24,982 3,047 552,524 142,221 14,695

Dominican Republic 8............... 3,817 3,813 3,580 233 1,187 2,239 85 56 92 66 88 4

Haiti 8........................................ 475 474 441 33 170 212 9 19 5 53 6 1

Jamaica.................................... 1,201 1,168 1,115 53 568 257 43 2 8 286 4 33

Netherlands Antilles................. 8,173 8,167 3,355 4,812 1,847 537 4,441 345 26 483 488 6

Trinidad and Tobago................ 3,380 3,372 3,048 324 2,087 474 2 196 11 486 116 8

All other Caribbean 8................ 6,564 6,545 6,282 263 237 2,919 176 58 23 43 3,089 19

Total Caribbean.................. 1,667,468 1,651,581 1,279,060 372,521 676,245 94,150 21,772 46,934 11,549 616,389 184,542 15,887

Asia: 

China, Mainland....................... 54,661 54,600 21,186 33,414 3,952 1,318 24,152 8,285 925 15,940 28 61

Hong Kong............................... 36,852 35,421 22,615 12,806 10,173 5,447 3,049 9,233 457 4,706 2,356 1,431

India ......................................... 25,107 25,102 5,256 19,846 3,297 1,042 14,016 5,738 9 859 141 5

Indonesia ................................. 4,203 4,203 1,777 2,426 801 386 2,397 16 12 590 1 -

Israel ........................................ 10,938 10,930 7,315 3,615 1,223 1,915 2,283 1,199 128 4,164 18 8

Japan ....................................... 137,686 125,021 45,249 79,772 18,547 4,720 69,927 5,689 1,916 20,045 4,177 12,665

Jordan 9 .................................... 1,342 1,340 972 368 814 48 359 7 2 108 2 2

Korea........................................ 30,775 30,462 8,736 21,726 5,339 502 4,458 15,674 1,504 2,941 44 313

Malaysia................................... 2,721 2,720 1,780 940 931 114 327 574 25 735 14 1

Pakistan ................................... 1,332 1,322 1,189 133 841 121 51 55 4 229 21 10

Philippines................................ 4,039 4,034 3,145 889 2,325 448 509 335 41 318 58 5

Singapore................................. 32,402 30,851 27,934 2,917 22,153 1,238 1,393 1,185 329 4,319 234 1,551

Taiwan...................................... 19,064 19,031 17,143 1,888 6,702 3,831 698 725 448 6,604 23 33

Thailand ................................... 10,959 10,958 7,396 3,562 916 420 3,442 86 29 6,063 2 1

All other Asia 9.......................... 83,958 83,138 31,787 51,351 10,507 1,635 36,300 12,257 2,771 19,287 381 820

Total Asia............................. 456,039 439,133 203,480 235,653 88,521 23,185 163,361 61,058 8,600 86,908 7,500 16,906

Africa: 

Egypt........................................ 4,230 4,230 2,447 1,783 1,290 94 1,705 17 61 1,063 - -

Ghana ...................................... 221 221 171 50 99 28 50 - - 44 - -

Kenya 10 ................................... 240 240 235 5 107 73 - 2 3 55 - -

Liberia ...................................... 451 449 318 131 3 233 55 72 2 81 3 2

Morocco ................................... 213 213 182 31 125 33 - - 1 24 30 -

South Africa ............................. 2,170 2,001 1,532 469 678 659 431 15 23 182 13 169

All other Africa 10 ...................... 9,477 9,450 7,181 2,269 4,308 768 2,167 61 39 2,033 74 27

Total Africa........................... 17,002 16,804 12,066 4,738 6,610 1,888 4,408 167 129 3,482 120 198

Other countries: 

Australia ................................... 28,856 27,979 23,743 4,236 7,715 822 1,135 2,575 526 13,589 1,617 877

New Zealand............................ 3,222 3,184 2,006 1,178 39 155 486 607 83 1,756 58 38

All other.................................... 17,513 1,016 893 123 119 358 53 65 5 177 239 16,497

Total other........................... 49,591 32,179 26,642 5,537 7,873 1,335 1,674 3,247 614 15,522 1,914 17,412

All countries.................................. 4,144,732 4,007,531 3,042,566 964,965 1,093,320 229,340 273,158 313,693 69,380 1,332,603 696,037 137,201

International and regional orgs: 

International organizations....... 33,386 31,726 25,764 5,962 - 20,953 4,349 444 1,169 - 4,811 1,660

Regional organizations 11 ........ 4,064 4,013 2,150 1,863 - 1,574 186 1,604 73 - 576 51

Total International and 

 regional organizations ...... 37,450 35,739 27,914 7,825 - 22,527 4,535 2,048 1,242 - 5,387 1,711

Grand total ...................... 4,182,182 4,043,270 3,070,480 972,790 1,093,320 251,867 277,693 315,741 70,622 1,332,603 701,424 138,912

1

 Excludes negotiable certificates of deposit. 

2

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 3

 Includes both banks' own liabilities and banks' customer liabilities to foreigners 

primarily in the form of loans, including loans associated with repurchase agreements, 

and non-negotiable short-term securities. 

4

 These data as of June 30, 2006. 

5

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included 

in "All other Europe." 

6

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; 

however, separate data for Slovenia are not available. 

7

 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are 

included in "All other Latin America."8

 Before June 2006, data for Aruba, Barbados, British Virgin 

Islands, Dominican Republic, and Haiti are included in "All other Caribbean." 

9

 Before June 2006, data for Jordan are included in "All other Asia." 

10 Before June 2006, data for Kenya are included in "All other Africa." 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2007 

66 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

2003 2004 2005 2006 Mar. 2007

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 2003 2004 2005 2006 Mar. 2007 

 

United Kingdom ......................... 345,235 501,721 590,505 870,031 1,040,061 

All other Europe ......................... 462,334 611,774 691,138 631,594 701,694 

Caribbean banking centers 1 ........ 955,536 1,186,221 1,200,444 1,640,872 1,639,259 

Japan ......................................... 170,315 173,872 161,951 140,063 137,686 

All other Asia.............................. 214,276 260,142 256,934 299,078 318,353 

Subtotal.................................... 2,147,696 2,733,730 2,900,972 3,581,638 3,837,053 

All other countries ...................... 234,774 284,143 285,773 325,733 345,129 

Grand total ............................... 2,382,470 3,017,873 3,186,745 3,907,371 4,182,182 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.2 trillion in 

March 2007, an increase of 

$275 billion from yearend 

2006. U.S. banking liabilities 

include foreign holdings of 

U.S. short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. U.S. 

banking liabilities increased 

about $721 billion in 2006, 

about $169 billion in 2005, and 

about $635 billion in 2004. 

However, much of the increase 

in liabilities to foreigners in 

2006 reflects changes in 

coverage in the bank-reported 

data in the first quarter of 2006. 

Between March and December 

of 2006, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $277 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

60 percent of U.S. banking 

liabilities is currently recorded 

against the United Kingdom 

and banking centers in the 

Caribbean. These financial 

centers have recorded most of 

the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest 

of Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

June 2007 

67

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] 

2005 2006 

Type of Claim 

 Calendar 

 Year 

 2004 Dec. r Mar. r June r Sept. Dec. p 

Total claims.............................................................. 2,188,441 2,500,399 2,792,805 2,875,427 2,952,490 3,082,183 

Payable in dollars.................................................. 2,026,841 2,344,155 2,614,673 2,676,046 2,764,234 2,893,990 

Own claims on foreigners................................... 1,664,223 1,864,834 2,078,478 2,099,257 2,144,228 2,250,848 

Foreign official institutions............................... 71,892 72,919 69,982 82,084 96,383 97,494 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,187,954 1,391,775 1,501,507 1,539,854 1,575,554 1,626,795 

All other foreigners .......................................... 404,377 400,140 506,989 477,319 472,291 526,559 

Claims of domestic customers.............................. 362,618 479,321 536,195 576,789 620,006 643,142 

Payable in foreign currencies .................................. 161,600 156,244 178,132 199,381 188,256 188,193 

Own claims on foreigners ..................................... 129,544 100,144 110,770 110,665 100,180 116,740 

of which: 

Canadian dollars.............................................. 15,336 13,613 12,308 13,314 12,269 17,988 

Euros................................................................ 62,138 56,203 63,298 58,775 50,762 56,094 

United Kingdom pounds sterling...................... 10,388 11,739 13,989 16,192 15,758 16,545 

Japanese yen................................................... 34,207 10,338 10,699 11,374 11,171 12,374 

Claims of domestic customers.............................. 32,056 56,100 67,362 88,716 88,076 71,453 

of which: 

Canadian dollars.............................................. 3,225 4,536 6,159 4,566 6,581 5,253 

Euros................................................................ 17,865 38,671 41,985 65,812 65,912 50,864 

United Kingdom pounds sterling...................... 3,805 8,621 13,245 11,307 9,938 7,880 

Japanese yen................................................... 3,716 952 917 1,278 1,799 3,680 

Memoranda: 

Total own claims on foreigners ............................. 1,793,767 1,964,978 2,189,248 2,209,922 2,244,408 2,367,588 

Non-negotiable deposits .................................... 719,257 792,262 882,152 948,145 940,059 982,955 

Short-term negotiable instruments 

 (payable in dollars)........................................... 7,858 9,738 10,679 10,436 10,630 15,495 

Resale agreements ............................................ 479,422 482,090 606,123 565,851 592,695 613,956 

Other................................................................... 587,203 680,888 690,294 685,490 701,024 755,182 

Claims on own foreign offices............................... 1,097,873 1,304,277 1,510,377 1,533,869 1,568,699 1,631,357 

Claims reported by IBFs ....................................... 411,693 478,683 524,667 535,869 545,207 560,423 

Payable in dollars............................................... 365,267 448,031 488,254 498,015 511,023 524,907 

Payable in foreign currencies............................. 46,426 30,652 36,413 37,854 34,184 35,516 

Total claims held for domestic customers ............ 394,674 535,421 603,557 665,505 708,082 714,595 

Non-negotiable deposits .................................... 161,039 248,616 294,239 314,653 298,479 299,991 

Short-term negotiable instruments 

 (payable in dollars)........................................... 195,956 232,059 245,294 265,144 333,366 358,975 

Other ..................................................................... 37,679 54,746 64,024 85,708 76,237 55,629 

 

 
CAPITAL MOVEMENTS 

June 2007 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Country 

 Calendar 

 year 

 2004 June Sept. Dec. r Mar. r June r Sept. Dec. p

 

Europe: 

Austria .................................................... 5,732 5,685 6,017 5,432 6,007 6,915 8,469 7,722

Belgium................................................... 11,676 17,581 17,867 14,095 22,077 27,065 19,950 21,394

Bulgaria .................................................. 106 22 50 23 40 45 38 38

Czech Republic ...................................... 746 1,134 2,247 3,413 3,460 3,841 2,583 3,541

Denmark................................................. 2,736 2,008 2,810 2,619 1,884 3,162 1,687 1,972

Finland.................................................... 12,365 11,181 9,610 9,610 10,157 12,910 15,055 10,365

France .................................................... 126,728 143,495 133,850 131,334 142,533 176,150 170,804 161,982

Germany................................................. 47,300 47,392 55,198 48,290 49,937 57,326 55,066 48,118

Greece.................................................... 140 169 148 116 243 690 901 1,075

Hungary.................................................. 192 125 112 121 168 50 133 157

Ireland..................................................... 23,245 25,109 29,875 41,916 32,911 34,675 46,989 62,401

Italy ......................................................... 21,748 23,712 22,870 23,200 20,011 25,727 35,122 41,691

Kazakhstan 1........................................... n.a. n.a. n.a. n.a. n.a. 501 446 510

Luxembourg ........................................... 9,151 9,490 10,332 14,772 15,311 17,595 17,698 18,508

Netherlands ............................................ 35,244 28,819 32,835 30,557 29,997 34,849 38,921 38,014

Norway ................................................... 27,739 34,360 25,914 19,083 26,477 29,015 32,124 35,224

Poland .................................................... 222 768 1,683 1,840 1,191 1,552 1,591 1,119

Portugal .................................................. 2,039 2,166 2,056 1,138 958 1,937 1,953 1,987

Romania ................................................. 264 265 275 288 272 273 265 290

Russia..................................................... 1,104 1,023 1,044 1,320 1,273 1,464 1,753 4,247

Spain ...................................................... 11,365 15,627 12,557 10,809 14,106 11,561 14,843 15,870

Sweden................................................... 28,445 27,992 29,905 27,865 29,705 27,537 37,429 29,989

Switzerland............................................. 118,486 127,408 175,428 151,785 172,203 124,602 141,692 112,453

Turkey..................................................... 2,604 3,049 3,329 3,459 3,341 3,438 4,084 5,391

United Kingdom...................................... 567,001 610,121 635,797 627,105 785,634 777,678 805,063 883,001

Channel Islands...................................... 31,814 32,735 35,416 42,827 41,986 40,091 40,785 46,212

All other Europe 1.................................... 6,424 17,906 17,392 18,996 21,731 1,757 2,139 3,138

Total Europe ........................................ 1,094,616 1,189,342 1,264,617 1,232,013 1,433,613 1,422,404 1,497,584 1,556,409

Memo: Euro Area 2 .................................... 306,733 330,426 333,215 331,269 344,248 407,398 425,772 429,127

Memo: European Union 3 .......................... n.a. n.a. n.a. n.a. n.a. 1,221,544 1,274,558 1,349,983

Canada...................................................... 78,707 77,062 84,012 94,997 93,283 109,962 104,699 114,746

Latin America: 

Argentina ................................................ 2,442 2,280 2,625 2,507 2,463 2,545 2,354 2,919

Bolivia 4 ................................................... n.a. n.a. n.a. n.a. n.a. 155 173 157

Brazil....................................................... 14,659 15,839 14,470 15,621 16,469 16,046 14,955 20,436

Chile ....................................................... 6,279 6,788 6,487 6,990 6,863 7,228 7,115 6,937

Colombia ................................................ 2,708 2,630 2,712 2,506 2,993 2,678 2,727 2,518

Costa Rica 4 ............................................ n.a. n.a. n.a. n.a. n.a. 734 721 734

Ecuador.................................................. 493 588 548 602 588 555 589 613

El Salvador 4 ........................................... n.a. n.a. n.a. n.a. n.a. 814 851 858

Guatemala.............................................. 891 893 753 903 1,005 910 904 1,040

Honduras 4 .............................................. n.a. n.a. n.a. n.a. n.a. 409 382 433

Mexico .................................................... 14,179 14,917 14,088 15,194 15,377 18,453 18,118 17,949

Nicaragua 4 ............................................. n.a. n.a. n.a. n.a. n.a. 95 93 89

Panama .................................................. 2,020 2,375 2,113 2,359 2,559 2,716 2,928 2,557

Paraguay 4 .............................................. n.a. n.a. n.a. n.a. n.a. 41 40 41

Peru ........................................................ 1,550 1,543 1,345 1,242 1,200 1,253 1,334 1,475

Uruguay.................................................. 422 454 491 486 481 425 527 354

Venezuela .............................................. 3,086 2,690 2,760 2,613 2,493 2,200 2,580 2,515

All other Latin America 4......................... 2,753 2,497 2,379 2,632 2,568 26 77 46

Total Latin America.............................. 51,482 53,494 50,771 53,655 55,059 57,283 56,468 61,671

Caribbean: 

Anguilla 5 ................................................ n.a. n.a. n.a. n.a. n.a. 3,092 4,332 5,235

Bahamas ................................................ 126,048 161,984 167,401 167,880 190,693 239,898 207,769 193,227

Barbados 5 .............................................. n.a. n.a. n.a. n.a. n.a. 391 395 458

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2007 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Country 

 Calendar 

 year 

 2004 June Sept. Dec. r Mar. r June r Sept. Dec. p 

 

Caribbean, con. 

Bermuda....................................... 34,495 30,030 24,011 20,875 22,841 18,938 22,529 21,516

British Virgin Islands 5................... n.a. n.a. n.a. n.a. n.a. 4,000 4,490 3,787

Cayman Islands............................ 587,781 642,189 643,181 674,769 748,462 764,994 761,766 826,445

Dominican Republic 5 ................... n.a. n.a. n.a. n.a. n.a. 403 452 625

Haiti 5............................................. n.a. n.a. n.a. n.a. n.a. 49 34 50

Jamaica ........................................ 351 438 423 448 472 593 689 662

Netherlands Antilles ..................... 5,610 4,940 5,105 4,558 4,624 4,412 3,962 2,714

Trinidad and Tobago .................... 760 734 832 957 822 948 792 1,055

All other Caribbean 5 .................... 7,843 9,787 9,560 8,687 10,613 254 362 383

Total Caribbean......................... 762,888 850,102 850,513 878,174 978,527 1,037,972 1,007,572 1,056,157

Asia: 

China, Mainland. .......................... 9,425 10,744 17,493 14,957 16,987 19,588 15,413 15,831

Hong Kong ................................... 6,316 8,588 7,530 9,042 8,526 10,941 10,278 8,152

India.............................................. 2,298 2,467 2,866 2,669 2,334 2,098 3,071 3,203

Indonesia...................................... 617 601 638 523 467 578 470 560

Israel............................................. 3,119 3,429 4,860 5,827 4,777 5,363 6,278 6,564

Japan............................................ 102,859 94,252 92,589 114,713 111,622 113,333 138,675 157,450

Jordan 6......................................... n.a. n.a. n.a. n.a. n.a. 23 23 21

Korea............................................ 16,194 16,045 17,139 17,470 12,170 18,194 29,474 25,263

Lebanon........................................ 49 42 46 53 33 22 21 20

Malaysia ....................................... 1,539 1,730 1,417 834 987 980 844 888

Pakistan........................................ 37 37 42 33 29 29 62 28

Philippines .................................... 1,023 952 1,112 1,820 1,224 1,265 1,108 999

Singapore ..................................... 6,604 7,136 8,937 8,210 7,982 7,514 8,711 5,595

Taiwan.......................................... 10,935 10,753 8,234 8,909 6,684 4,401 5,917 3,607

Thailand........................................ 1,450 6,091 8,778 8,183 7,235 8,279 7,794 6,204

Oil exporting countries 7 ............... 10,755 8,853 13,152 13,670 10,979 13,726 11,944 11,780

All other Asia 6 .............................. 240 141 221 187 368 163 133 424

Total Asia................................... 173,460 171,861 185,054 207,100 192,404 206,497 240,216 246,589

Africa: 

Cameroon 8................................... n.a. n.a. n.a. n.a. n.a. 21 22 20

Egypt ............................................ 246 521 553 661 772 1,156 1,181 1,783

Ghana........................................... 22 18 11 19 37 32 8 13

Liberia........................................... 273 232 228 267 246 283 313 294

Morocco........................................ 95 95 108 94 84 105 71 84

South Africa.................................. 631 306 312 414 444 653 461 643

African oil exporters 9 ................... 249 312 361 339 307 309 335 414

All other Africa 8 ............................ 191 494 207 252 863 269 447 253

Total Africa ................................ 1,707 1,978 1,780 2,046 2,753 2,828 2,838 3,504

Other countries: 

Australia........................................ 15,211 14,948 13,260 18,569 21,581 22,396 28,544 26,726

New Zealand ................................ 2,243 2,111 2,732 3,601 3,973 3,188 3,244 4,101

All other ........................................ 82 109 93 178 416 402 219 242

Total other countries.................. 17,536 17,168 16,085 22,348 25,970 25,986 32,007 31,069

Total foreign countries ............ 2,180,396 2,361,007 2,452,832 2,490,333 2,781,609 2,862,932 2,941,384 3,070,145

International and regional orgs: 

International organizations........... 6,856 6,794 10,492 8,086 9,040 10,960 10,274 11,384

Regional organizations 10 ............. 1,189 1,308 361 1,980 2,156 1,535 832 654

Total international 

 and regional organizations.......... 8,045 8,102 10,853 10,066 11,196 12,495 11,106 12,038

Grand total .............................. 2,188,441 2,369,109 2,463,685 2,500,399 2,792,805 2,875,427 2,952,490 3,082,183

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

3 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. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and 

Paraguay are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2006 

[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 ............................................... 7,722 4,418 4,277 833 3,444 141 3,304 2,421 883

Belgium.............................................. 21,394 13,996 13,592 12,646 946 404 7,398 5,477 1,921

Czech Republic ................................. 3,541 3,541 3,487 3,453 34 54 - - -

Denmark............................................ 1,972 1,166 1,032 863 169 134 806 478 328

Finland............................................... 10,365 9,472 9,434 9,351 83 38 894 233 661

France ............................................... 161,982 119,181 112,378 100,957 11,421 6,803 42,801 33,154 9,647

Germany............................................ 48,118 23,183 18,059 8,232 9,827 5,124 24,936 11,204 13,732

Greece............................................... 1,075 305 250 167 83 55 770 3 767

Hungary............................................. 157 126 78 12 66 48 31 - 31

Ireland................................................ 62,401 25,681 24,304 14,521 9,783 1,377 36,720 33,765 2,955

Italy .................................................... 41,691 35,039 30,991 30,818 173 4,048 6,651 1,320 5,331

Kazakhstan1 ...................................... 510 510 500 361 139 10 - - -

Luxembourg ...................................... 18,508 8,853 7,144 2,473 4,671 1,709 9,654 8,741 913

Netherlands ....................................... 38,014 32,263 29,578 12,828 16,750 2,685 5,751 2,955 2,796

Norway .............................................. 35,224 31,073 31,032 30,135 897 41 4,151 4,006 145

Poland ............................................... 1,119 1,108 1,071 1,065 6 37 11 1 10

Portugal ............................................. 1,987 1,076 924 589 335 152 911 151 760

Romania ............................................ 290 290 235 13 222 55 - - -

Russia................................................ 4,247 4,241 1,732 1,503 229 2,509 6 6 -

Spain ................................................. 15,870 11,141 9,734 9,621 113 1,407 4,728 1,421 3,307

Sweden.............................................. 29,989 9,640 8,905 6,471 2,434 735 20,349 19,422 927

Switzerland........................................ 112,453 109,027 105,364 100,575 4,789 3,663 3,426 3,350 76

Turkey................................................ 5,391 5,313 3,697 2,816 881 1,616 78 6 72

United Kingdom................................. 883,001 706,748 682,485 456,773 225,712 24,263 176,253 165,214 11,039

Channel Islands .................................. 46,212 37,005 36,893 30,707 6,186 112 9,207 8,070 1,137

All other Europe 1............................... 3,176 1,789 1,043 718 325 746 1,387 1,370 17

Total Europe ................................... 1,556,409 1,196,186 1,138,219 838,501 299,718 57,967 360,223 302,768 57,455

Memo: Euro Area 2 ............................... 429,127 284,609 260,665 203,036 57,629 23,944 144,518 100,845 43,673

Canada................................................. 114,746 87,722 71,471 58,872 12,599 16,251 27,024 21,741 5,283

Latin America: 

Argentina ........................................... 2,919 2,806 2,703 300 2,403 103 113 99 14

Bolivia 3 .............................................. 157 157 154 8 146 3 - - -

Brazil.................................................. 20,436 20,223 19,835 7,699 12,136 388 213 133 80

Chile .................................................. 6,937 6,932 6,474 2,602 3,872 458 5 5 -

Colombia ........................................... 2,518 2,500 2,490 1,448 1,042 10 18 17 1

Costa Rica 3 ....................................... 734 729 728 326 402 1 5 1 4

Ecuador............................................. 613 607 604 223 381 3 6 6 -

El Salvador 3 ...................................... 858 858 857 396 461 1 - - -

Guatemala......................................... 1,040 1,038 1,016 444 572 22 2 2 -

Honduras 3 ......................................... 433 431 431 236 195 - 2 2 -

Mexico ............................................... 17,949 17,688 16,531 948 15,583 1,157 261 157 104

Panama ............................................. 2,557 2,545 2,316 1,459 857 229 12 12 -

Peru ................................................... 1,475 1,470 1,446 297 1,149 24 5 5 -

Uruguay............................................. 354 353 347 143 204 6 1 1 -

Venezuela ......................................... 2,515 2,364 2,279 455 1,824 85 151 150 1

All other Latin America 3.................... 176 175 163 46 117 12 1 1 -

Total Latin America......................... 61,671 60,876 58,374 17,030 41,344 2,502 795 591 204

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2007 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2006, 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 ........................................... 193,227 122,170 120,806 117,826 2,980 1,364 71,057 70,867 190 

Bermuda............................................ 21,516 18,205 17,704 51 17,653 501 3,311 3,250 61 

British Virgin Islands 4........................ 3,787 3,508 2,807 21 2,786 701 279 279 - 

Cayman Islands................................. 826,445 606,672 583,798 477,515 106,283 22,874 219,773 218,540 1,233 

Dominican Republic 4 ........................ 625 625 614 103 511 11 - - - 

Jamaica ............................................. 662 662 636 110 526 26 - - - 

Netherlands Antilles .......................... 2,714 2,572 2,484 895 1,589 88 142 141 1 

Trinidad and Tobago ......................... 1,055 1,055 1,055 408 647 - - - - 

All other Caribbean 4 ......................... 6,126 5,860 5,695 130 5,565 165 266 10 256 

Total Caribbean.............................. 1,056,157 761,329 735,599 597,059 138,540 25,730 294,828 293,087 1,741 

Asia: 

China, Mainland ................................ 15,831 15,516 15,448 14,996 452 68 315 220 95 

Hong Kong ........................................ 8,152 7,284 6,751 4,479 2,272 533 868 36 832 

India................................................... 3,203 2,935 2,827 2,412 415 108 268 258 10 

Indonesia........................................... 560 536 518 218 300 18 24 23 1 

Israel.................................................. 6,564 5,338 5,315 5,150 165 23 1,226 1,215 11 

Japan................................................. 157,450 147,719 140,242 128,411 11,831 7,477 9,731 6,638 3,093 

Korea................................................. 25,263 25,049 24,483 23,256 1,227 566 214 120 94 

Malaysia ............................................ 888 839 805 732 73 34 49 2 47 

Pakistan............................................. 28 26 24 8 16 2 2 - 2 

Philippines ......................................... 999 994 973 748 225 21 5 2 3 

Singapore .......................................... 5,595 5,167 4,522 3,649 873 645 428 268 160 

Taiwan............................................... 3,607 3,494 3,166 2,704 462 328 113 3 110 

Thailand............................................. 6,204 5,893 5,727 5,720 7 166 311 6 305 

All other Asia ..................................... 12,245 12,198 10,773 10,019 754 1,425 47 45 2 

Total Asia........................................ 246,589 232,988 221,574 202,502 19,072 11,414 13,601 8,836 4,765 

Africa: 

Egypt ................................................. 1,783 598 597 152 445 1 1,185 11 1,174 

Ghana................................................ 13 12 12 12 - - 1 1 - 

Liberia................................................ 294 294 285 2 283 9 - - - 

Morocco............................................. 84 84 56 56 - 28 - - - 

South Africa....................................... 643 478 247 204 43 231 165 133 32 

All other Africa ................................... 687 666 648 281 367 18 21 19 2 

Total Africa ..................................... 3,504 2,132 1,845 707 1,138 287 1,372 164 1,208 

Other countries: 

Australia............................................. 26,726 15,463 13,100 8,728 4,372 2,363 11,263 10,554 709 

New Zealand ..................................... 4,101 1,473 1,250 886 364 223 2,628 2,605 23 

All other ............................................. 242 242 242 4 238 - - - - 

Total other countries....................... 31,069 17,178 14,592 9,618 4,974 2,586 13,891 13,159 732 

Total foreign countries ................. 3,070,145 2,358,411 2,241,674 1,724,289 517,385 116,737 711,734 640,346 71,388 

International and regional orgs: 

International organizations................ 11,384 8,810 8,810 - 8,810 - 2,574 2,509 65 

Regional organizations 5.................... 654 367 364 - 364 3 287 287 - 

Total international and regional 

 organizations ................................ 12,038 9,177 9,174 - 9,174 3 2,861 2,796 65 

Grand total ................................... 3,082,183 2,367,588 2,250,848 1,724,289 526,559 116,740 714,595 643,142 71,453 

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. 

3

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

72 

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 Dec. 2006 

United Kingdom......................... 293,642 385,701 567,001 627,105 883,001 

All other Europe......................... 406,139 401,137 527,615 604,908 673,408 

Caribbean banking centers 1 ..... 533,194 612,200 755,954 870,441 1,050,246 

Japan ......................................... 59,792 74,174 102,859 114,713 157,450 

All other Asia.............................. 53,952 65,922 70,601 92,387 89,139 

Subtotal.................................... 1,346,719 1,539,134 2,024,030 2,309,554 22,853,244 

All other countries...................... 170,023 160,865 164,411 190,845 228,939 

Grand total............................... 1,516,742 1,699,999 2,188,441 2,500,399 3,082,183 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2006, U.S. claims on 

foreigners reported by U.S. banks 

amounted to about $3.1 trillion, an 

increase of $582 billion from the 

level recorded at yearend 2005. U.S. 

banking claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign longterm securities. Most of the increase 

in U.S. banking claims on 

foreigners in 2006 reflects changes 

in coverage in the bank-reported 

data in the first quarter of 2006. 

Between March and December of 

2006, when data were reported on a 

consistent basis, banking claims 

increased about $289 billion. 

Banking claims increased $312 

billion in 2005, and $488 billion in 

2004. 

As with U.S. banking liabilities, 

U.S. banking claims on foreigners 

are concentrated in international 

financial centers. About 60 percent 

of these claims are reported 

opposite the United Kingdom and 

banking centers in the Caribbean. 

The share of claims against 

foreigners domiciled in Asia has 

declined over the past several years 

from about 20 percent at the end of 

1996 to less than 10 percent 

currently. 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

2002 2003 2004 2005 Dec. 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
CAPITAL MOVEMENTS 

June 2007 

73

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 2005 2006 

Type of liability or claim 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 

Total liabilities ................................................ 67,664 73,700 92,009 76,710 81,264 83,915 92,438 92,376 

Payable in dollars....................................... 45,087 43,147 55,386 58,728 63,240 66,307 75,797 72,192 

Financial................................................. 18,844 15,515 29,575 24,003 24,509 24,312 35,594 34,879 

Short-term negotiable securities........ n.a. 1,895 1,410 3,248 1,532 2,037 3,399 4,457 

Other .................................................. n.a. 13,620 28,165 20,755 22,977 22,275 32,195 30,422 

Commercial............................................ 26,243 27,632 25,811 34,725 38,731 41,995 40,203 37,313 

Trade payables .................................. 13,469 16,000 16,705 21,751 25,361 28,930 27,413 24,526 

Advance receipts and other............... 12,774 11,632 9,106 12,974 13,370 13,921 13,874 13,945 

Payable in foreign currencies .................... 22,577 30,553 36,623 17,982 18,024 17,608 16,641 20,184 

By major foreign currency: 

Canadian dollars ................................ n.a. 1,630 2,623 2,525 1,589 1,806 2,978 3,762 

Euros.................................................. n.a. 11,159 10,125 5,041 7,384 4,722 4,341 8,038 

United Kingdom pounds sterling........ n.a. 12,031 19,041 3,640 3,160 3,378 3,153 4,501 

Japanese yen..................................... n.a. 2,702 1,860 2,326 1,638 1,516 1,560 1,770 

Other .................................................. n.a. 3,031 2,974 4,450 4,253 6,186 4,609 2,113 

By type of liability: 

Financial............................................. 20,717 28,095 33,272 15,246 15,076 14,133 13,396 16,769 

Short-term negotiable securities.... n.a. 12,107 10,349 5,802 4,172 4,547 4,572 3,551 

Other .............................................. n.a. 15,988 22,923 9,444 10,904 9,586 8,824 13,218 

Commercial........................................ 1,860 2,458 3,351 2,736 2,948 3,475 3,245 3,415 

Trade payables .............................. 1,230 1,174 1,476 1,299 1,336 1,339 1,318 1,311 

Advance receipts and other........... 630 1,284 1,875 1,437 1,612 1,280 843 946 

Total claims.................................................... 102,566 100,916 143,232 144,950 130,598 136,141 149,131 143,936 

Payable in dollars....................................... 91,551 83,388 94,884 105,700 92,321 109,295 119,997 117,262 

Financial................................................. 65,070 57,894 67,445 75,802 60,754 75,755 87,667 84,213 

Non-negotiable deposits .................... n.a. 33,944 42,005 42,140 32,700 36,014 29,752 30,110 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. 3,047 9,739 12,888 12,129 12,614 21,439 17,959 

Other .................................................. n.a. 21,365 16,314 20,774 15,950 27,127 36,476 36,144 

Commercial............................................ 26,481 25,494 27,439 29,898 31,567 33,540 32,330 33,049 

Trade receivables .............................. 22,635 21,245 24,778 26,080 27,743 30,619 29,449 30,249 

Advance payments and other............ 3,846 4,249 2,661 3,818 3,824 3,843 3,894 4,376 

Payable in foreign currencies .................... 11,015 17,528 48,348 39,250 38,277 26,846 29,134 26,674 

By major foreign currency: 

Canadian dollars ................................ n.a. 2,469 1,841 9,829 8,267 9,014 11,114 9,333 

Euros.................................................. n.a. 4,318 22,212 10,643 9,941 6,394 7,802 7,080 

United Kingdom pounds sterling........ n.a. 4,429 10,805 8,341 9,068 5,418 5,085 4,831 

Japanese yen..................................... n.a. 1,420 7,583 3,724 3,636 760 889 1,027 

Other .................................................. n.a. 4,892 5,907 6,713 7,365 5,260 4,244 4,403 

By type of claim: 

Financial............................................. 6,319 9,453 43,072 35,592 34,138 23,193 25,241 22,150 

Non-negotiable deposits ................ n.a. 1,976 5,878 8,009 7,890 6,422 4,855 3,821 

Short-term negotiable securities.... n.a. 164 153 292 236 173 203 203 

Other .............................................. n.a. 7,313 37,041 27,291 26,012 16,598 20,183 18,126 

Commercial........................................ 4,696 8,075 5,276 3,658 4,139 3,653 3,893 4,524 

Trade receivables .......................... 3,750 7,373 4,451 3,151 3,491 2,229 2,146 2,734 

Advance payments and other........ 946 702 825 507 648 502 734 214 

 

 
CAPITAL MOVEMENTS 

June 2007 

74 

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 2005 2006 

Country 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 

Europe: 

Austria.................................. 151 64 82 146 68 103 93 41 91

Belgium 1 .............................. 253 285 163 74 73 83 110 118 181

Bulgaria................................ 3 4 3 2 - - - 34 44

Czech Republic.................... 10 13 6 34 17 10 14 19 14

Denmark............................... 148 522 67 41 78 72 137 76 132

Finland ................................. 86 56 47 38 20 20 74 47 140

France.................................. 3,575 6,008 4,443 2,368 2,631 3,043 3,707 2,756 2,590

Germany .............................. 3,249 3,704 4,386 3,935 3,646 5,602 5,061 11,103 12,402

Greece ................................. 410 403 474 248 401 344 358 350 193

Hungary................................ 27 32 11 14 12 12 15 14 18

Ireland .................................. 1,264 785 856 1,070 1,636 1,312 1,242 1,315 812

Italy....................................... 1,395 1,271 1,154 795 1,174 1,220 990 935 1,041

Luxembourg 1....................... n.a. n.a. 705 824 378 454 368 433 1,081

Netherlands.......................... 3,117 2,415 668 668 895 1,058 876 1,068 1,712

Norway................................. 320 406 445 1,365 3,537 453 347 461 550

Poland.................................. 43 46 26 151 229 316 326 317 330

Portugal................................ 16 17 7 22 39 47 49 24 27

Romania............................... 17 20 30 33 4 2 5 6 9

Russia 2 ................................ 48 38 71 74 64 73 120 101 110

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 14 9 - 2 4 5 2 1 1

Spain.................................... 423 403 1,068 591 399 262 567 240 280

Sweden ................................ 97 115 656 800 747 774 170 927 956

Switzerland .......................... 884 494 1,884 1,078 1,237 945 1,282 1,540 1,125

Turkey .................................. 133 101 302 180 137 283 217 230 262

United Kingdom ................... 25,131 25,180 26,911 32,878 15,093 14,729 16,356 17,709 18,177

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. - 2 501 760 35 10 15

Other Europe ....................... 211 201 188 286 250 319 260 369 420

Total Europe .................... 41,025 42,592 44,653 47,720 33,271 32,302 32,781 40,244 42,713

Canada..................................... 2,577 2,179 3,405 4,578 4,905 5,785 6,442 7,134 7,719

Latin America: 

Argentina.............................. 50 62 125 59 148 180 199 173 154

Brazil .................................... 325 318 475 321 288 219 289 282 311

Chile ..................................... 56 55 60 91 387 392 444 474 406

Colombia.............................. 82 50 118 84 106 182 218 231 208

Ecuador................................ 4 5 21 26 10 6 29 28 89

Guatemala ........................... 13 13 15 10 23 18 7 15 25

Mexico.................................. 935 1,201 1,332 1,968 2,234 2,774 2,826 2,558 2,158

Panama................................ 49 61 52 7 56 48 80 57 57

Peru...................................... 41 21 15 17 8 20 10 11 6

Uruguay................................ 8 6 4 2 2 3 3 1 13

Venezuela ............................ 168 178 332 451 681 499 467 471 360

Other Latin America 5 ........... 284 503 98 113 105 61 112 38 24

Total Latin America............. 2,015 2,473 2,647 3,149 4,048 4,402 4,684 4,339 3,811

Caribbean: 

Bahamas.............................. 209 74 14 32 70 82 65 85 70

Bermuda................................... 1,551 1,528 1,224 9,230 1,704 1,457 1,089 736 787

British West Indies 6................. 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. 3,154 7,279 6,522 8,963 8,818 10,585 13,630

Cuba..................................... 42 29 2 - - - - - -

Jamaica................................ 12 28 17 24 14 15 17 18 20

Netherlands Antilles............. 46 11 3 14 13 11 2 2 2

Trinidad and Tobago............ 38 33 16 15 44 42 42 19 25

Other Caribbean 5 ................ n.a. n.a. 564 729 936 482 1,297 1,065 761

Total Caribbean ............... 3,570 2,104 4,994 17,323 9,303 11,052 11,330 12,510 15,295

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2007 

75

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 2005 2006 

Country 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 

Asia: 

China, Mainland. .................... 735 1,252 1,129 3,983 3,825 3,744 4,077 3,630 1,838

Hong Kong ............................. 560 495 583 668 746 783 684 1,148 582

India........................................ 179 160 86 103 158 269 275 382 440

Indonesia................................ 44 100 60 74 89 60 48 51 57

Israel....................................... 195 350 519 302 613 386 417 314 392

Japan...................................... 5,850 6,124 6,196 5,869 7,354 7,172 7,447 7,254 7,209

Korea...................................... 897 548 1,331 723 1,743 1,770 1,859 1,628 1,358

Lebanon ................................. 57 53 13 35 42 27 13 17 15

Malaysia ................................. 393 140 188 256 335 439 417 326 472

Pakistan.................................. 94 158 233 171 230 186 143 151 171

Philippines.............................. 1,100 108 139 117 109 105 120 136 108

Singapore............................... 1,793 1,796 1,436 822 1,823 2,829 2,450 2,592 2,845

Syria ....................................... 6 13 2 21 4 4 3 5 8

Taiwan.................................... 819 659 441 491 1,010 1,275 1,098 1,204 1,114

Thailand.................................. 105 118 34 79 212 499 789 616 599

Oil-exporting countries 7......... 2,649 3,993 3,184 2,946 4,159 5,638 5,991 6,178 3,947

Other Asia .............................. 83 247 284 303 298 216 230 254 156

Total Asia ........................... 15,559 16,314 15,858 16,963 22,750 25,402 26,061 25,886 21,311

Africa: 

Congo (formerly Zaire)........... 1 1 86 - - 1 1 - -

Egypt ...................................... 117 128 28 132 119 141 131 112 132

Ghana..................................... 324214336

Liberia..................................... 30 1 - 14 1 6 69 2 3

Morocco.................................. 34 42 41 44 42 46 43 42 43

South Africa............................ 111 130 52 36 950 953 805 744 42

Oil-exporting countries 8......... 441 496 464 518 590 440 755 591 283

Other Africa ............................ 152 158 230 332 210 145 280 217 379

Total Africa ......................... 889 958 905 1,078 1,913 1,736 2,087 1,711 888

Other countries: 

Australia ................................. 584 732 1,053 1,047 397 466 486 516 568

New Zealand 9........................ n.a. n.a. 71 51 38 28 23 25 41

All other .................................. 430 238 98 98 83 87 7 47 15

Total other countries .......... 1,014 970 1,222 1,196 518 581 516 588 624

Total foreign countries ... 66,649 67,590 73,684 92,007 76,708 81,260 83,901 92,412 92,361

International and regional orgs: 

International organizations..... - 22 - - - - - 3 -

Regional organizations 10 ....... 30 52 16 2 2 4 14 23 15

Total international and 

 regional organizations...... 30 74 16 2 2 4 14 26 15

Grand total ..................... 66,679 67,664 73,700 92,009 76,710 81,264 83,915 92,438 92,376

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

76 

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 2005 2006 

Country 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 

Europe: 

Austria....................................... 1,985 1,770 1,752 1,816 2,159 2,309 1,977 2,037 2,025

Belgium 1 ................................... 893 991 523 2,307 1,822 1,412 527 787 419

Bulgaria..................................... 13 9 14 37 29 14 17 7 3

Czech Republic......................... 79 62 54 64 49 54 55 51 50

Denmark.................................... 138 112 716 494 341 184 135 158 147

Finland ...................................... 238 624 176 617 336 385 408 521 591

France....................................... 4,371 6,411 5,865 3,713 5,063 3,947 5,271 4,661 3,448

Germany ................................... 2,726 5,447 4,132 6,787 4,238 3,787 4,134 10,727 10,149

Greece ...................................... 339 409 204 199 380 241 199 215 170

Hungary..................................... 66 51 53 46 57 59 84 37 44

Ireland ....................................... 821 516 423 1,672 795 468 940 1,136 856

Italy............................................ 1,434 2,963 4,069 2,434 3,702 2,035 2,020 2,028 2,337

Luxembourg 1............................ n.a. n.a. 115 127 391 354 474 390 354

Netherlands............................... 2,667 5,138 3,184 7,883 3,387 3,802 2,202 3,241 3,913

Norway...................................... 257 286 315 229 402 269 236 328 375

Poland....................................... 77 79 104 57 58 58 71 81 99

Portugal..................................... 71 222 161 146 60 62 85 63 64

Romania.................................... 34 24 25 47 22 26 18 28 36

Russia 2 ..................................... 137 93 118 157 359 731 684 723 774

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 23 10 13 14 17 9 12 10 10

Spain......................................... 1,042 1,370 1,803 1,242 2,032 1,232 1,410 1,416 1,452

Sweden ..................................... 441 417 779 648 503 486 456 507 663

Switzerland ............................... 1,200 886 2,538 2,506 1,876 2,192 2,083 2,414 2,042

Turkey ....................................... 383 503 474 594 638 787 472 519 418

United Kingdom ........................ 20,343 14,390 15,366 27,699 24,772 24,821 26,512 35,748 33,312

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. - 25 16 26 9 29 19

Other Europe ............................ 362 422 546 607 1,315 918 862 1,024 1,268

Total Europe ......................... 40,140 43,205 43,522 62,171 54,820 50,668 51,353 68,886 65,038

Canada.......................................... 9,011 7,803 8,381 8,429 16,122 14,859 16,298 17,758 17,679

Latin America: 

Argentina................................... 810 602 398 406 350 420 428 504 470

Brazil ......................................... 3,081 3,036 2,735 2,758 2,972 2,602 2,684 2,473 2,972

Chile .......................................... 242 217 382 346 303 317 289 311 301

Colombia................................... 240 240 234 295 299 273 337 364 351

Ecuador..................................... 62 112 117 86 95 97 124 112 120

Guatemala ................................ 90 79 76 90 100 107 135 120 116

Mexico....................................... 4,466 4,180 2,968 3,756 4,108 3,676 3,084 3,268 3,254

Panama..................................... 105 79 232 177 198 244 233 225 256

Peru........................................... 79 69 73 95 117 138 131 138 165

Uruguay..................................... 20 30 16 13 5 11 12 11 12

Venezuela ................................. 371 392 361 474 539 572 526 484 503

Other Latin America 5 ................ 919 1,102 427 504 485 425 265 311 376

Total Latin America................... 10,485 10,138 8,019 9,000 9,571 8,882 8,248 8,321 8,896

Caribbean: 

Bahamas................................... 1,018 1,069 1,075 1,631 1,631 2,403 3,841 4,494 3,949

Bermuda......................................... 1,287 1,011 1,024 5,358 2,238 2,314 2,768 2,095 1,745

British West Indies 6 .................... 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. 20,067 36,320 36,416 29,453 29,644 23,859 26,183

Cuba.......................................... 2 - 16 8 12 2 3 2 2

Jamaica..................................... 93 94 84 67 70 67 72 62 58

Netherlands Antilles.................. 70 45 32 37 42 37 15 17 30

Trinidad and Tobago................. 45 54 100 120 119 143 142 135 125

Other Caribbean 5 ..................... n.a. n.a. 951 1,085 1,721 1,114 1,553 1,349 1,264

Total Caribbean .................... 35,575 23,820 23,349 44,626 42,249 35,533 38,038 32,013 33,356

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2007 

77

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 2005 2006 

Country 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p

 

Asia: 

China, Mainland..................... 1,052 867 1,066 3,688 4,958 4,600 4,686 4,387 2,304

Hong Kong ............................. 1,094 682 832 701 941 1,183 1,260 915 1,014

India ....................................... 638 743 668 643 413 413 618 441 656

Indonesia................................ 239 280 170 393 445 387 392 308 231

Israel ...................................... 700 453 749 482 403 390 452 417 370

Japan ..................................... 3,610 3,618 2,951 2,848 2,696 2,663 2,824 2,983 3,346

Korea...................................... 1,850 1,738 1,456 1,569 1,244 1,216 1,065 1,377 1,149

Lebanon ................................. 16 21 34 15 22 28 30 38 40

Malaysia................................. 645 521 497 549 536 327 386 375 272

Pakistan ................................. 44 17 34 43 57 56 66 41 84

Philippines.............................. 1,001 708 743 503 275 109 302 219 111

Singapore............................... 1,120 1,044 1,162 1,600 1,944 1,346 1,534 1,657 1,815

Syria ....................................... 11 28 6 14 6 7 3 3 10

Taiwan.................................... 853 696 783 892 853 743 996 883 980

Thailand ................................. 232 237 250 326 295 337 340 346 312

Oil-exporting countries 7......... 985 897 1,046 1,208 1,800 1,670 2,548 2,936 1,811

Other Asia .............................. 189 132 222 309 408 288 221 290 328

Total Asia ........................... 14,279 12,682 12,669 15,783 17,296 15,763 17,723 17,616 14,833

Africa: 

Congo (formerly Zaire)........... - 18 2 1 1 4 13 12 11

Egypt...................................... 233 155 176 159 194 213 169 196 165

Ghana .................................... 7 9 8 4 16 13 15 16 3

Liberia .................................... 28 50 109 102 98 89 75 86 98

Morocco ................................. 35 24 27 33 23 26 58 26 22

South Africa ........................... 293 273 247 193 1,075 1,095 980 967 224

Oil-exporting countries 8......... 137 120 150 162 295 349 351 393 332

Other Africa............................ 326 330 336 281 419 396 426 422 411

Total Africa......................... 1,059 979 1,055 935 2,121 2,185 2,087 2,118 1,266

Other countries: 

Australia ................................. 2,150 3,540 3,619 1,588 2,144 2,121 2,169 2,198 2,416

New Zealand 9........................ n.a. n.a. 208 441 420 381 164 159 353

All other.................................. 383 393 83 245 207 197 49 50 76

Total other countries .......... 2,533 3,933 3,910 2,274 2,771 2,699 2,382 2,407 2,845

Total foreign countries ... 113,082 102,560 100,905 143,218 144,950 130,589 136,129 149,119 143,913

International and regional orgs : 

International organizations..... - 2 1 3 - 2 11 4 4

Regional organizations 10....... - 4 10 11 - 7 1 8 19

Total international and 

 regional organizations...... - 6 11 14 - 9 12 12 23

Grand total ..................... 113,082 102,566 100,916 143,232 144,950 130,598 136,141 149,131 143,936

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

78 

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

Country, December 31, 2006, 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 ........................................... 91 25 66 2,025 1,959 66 

Belgium 1 ....................................... 181 - 181 419 173 246 

Bulgaria ......................................... 44 - 44 3 - 3 

Czech Republic............................. 14 5 9 50 13 37 

Denmark........................................ 132 4 128 147 60 87 

Finland........................................... 140 38 102 591 176 415 

France ........................................... 2,590 1,009 1,581 3,448 1,316 2,132 

Germany........................................ 12,402 11,178 1,224 10,149 8,506 1,643 

Greece........................................... 193 24 169 170 77 93 

Hungary......................................... 18 8 10 44 6 38 

Ireland ........................................... 812 713 99 856 474 382 

Italy................................................ 1,041 7 1,034 2,337 589 1,748 

Luxembourg 1 ................................ 1,081 1,040 41 354 157 197 

Netherlands................................... 1,712 1,185 527 3,913 3,194 719 

Norway .......................................... 550 122 428 375 234 141 

Poland ........................................... 330 - 330 99 14 85 

Portugal......................................... 27 5 22 64 21 43 

Romania........................................ 9 - 9 36 12 24 

Russia 2 ......................................... 110 10 100 774 594 180 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 1 - 1 10 - 10 

Spain ............................................. 280 62 218 1,452 726 726 

Sweden ......................................... 956 669 287 663 378 285 

Switzerland.................................... 1,125 347 778 2,042 1,318 724 

Turkey ........................................... 262 25 237 418 336 82 

United Kingdom............................. 18,177 15,125 3,052 33,312 29,511 3,801 

Channel Islands and 

Isle of Man 4 .............................. 15 10 5 19 - 19 

Other Europe................................. 420 30 390 1,268 1,004 264 

Total Europe.............................. 42,713 31,641 11,072 65,038 50,848 14,190 

Canada.............................................. 7,719 3,986 3,733 17,679 14,249 3,430 

Latin America: 

Argentina....................................... 154 9 145 470 42 428 

Brazil ............................................. 311 59 252 2,972 2,036 936 

Chile .............................................. 406 6 400 301 70 231 

Colombia ....................................... 208 - 208 351 33 318 

Ecuador......................................... 89 3 86 120 28 92 

Guatemala..................................... 25 - 25 116 33 83 

Mexico........................................... 2,158 31 2,127 3,254 1,180 2,074 

Panama......................................... 57 15 42 256 151 105 

Peru............................................... 6 - 6 165 18 147 

Uruguay......................................... 13 - 13 12 2 10 

Venezuela ..................................... 360 - 360 503 112 391 

Other Latin America 5 .................... 24 - 24 376 149 227 

Total Latin America ....................... 3,811 123 3,688 8,896 3,854 5,042 

Caribbean: 

Bahamas ....................................... 70 - 70 3,949 3,901 48 

Bermuda............................................. 787 19 768 1,745 1,242 503 

Cayman Islands 6............................. 13,630 13,091 539 26,183 25,861 322 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 20 7 13 58 19 39 

Netherlands Antilles ...................... 2 - 2 30 - 30 

Trinidad and Tobago..................... 25 5 20 125 68 57 

Other Caribbean 5 ......................... 761 80 681 1,264 165 1,099 

Total Caribbean......................... 15,295 13,202 2,093 33,356 31,256 2,100 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2007 

79

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

Country, December 31, 2006, 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 ............................ 1,838 670 1,168 2,304 958 1,346 

Hong Kong .................................... 582 117 465 1,014 365 649 

India............................................... 440 48 392 656 126 530 

Indonesia....................................... 57 15 42 231 133 98 

Israel.............................................. 392 3 389 370 55 315 

Japan............................................. 7,209 1,346 5,863 3,346 882 2,464 

Korea............................................. 1,358 81 1,277 1,149 486 663 

Lebanon ........................................ 15 3 12 40 16 24 

Malaysia ........................................ 472 10 462 272 75 197 

Pakistan......................................... 171 4 167 84 - 84 

Philippines..................................... 108 12 96 111 50 61 

Singapore...................................... 2,845 20 2,825 1,815 146 1,669 

Syria .............................................. 8 - 8 10 - 10 

Taiwan........................................... 1,114 21 1,093 980 51 929 

Thailand......................................... 599 5 594 312 188 124 

Other Asia ..................................... 156 48 108 328 183 145 

Total Asia .................................... 21,311 2,503 18,808 14,833 3,774 11,059 

Africa: 

Congo (formerly Zaire).................. - - - 11 11 - 

Egypt ............................................. 132 - 132 165 12 153 

Ghana............................................ 6 - 6 3 - 3 

Liberia............................................ 3 1 2 98 98 - 

Morocco......................................... 43 1 42 22 10 12 

South Africa................................... 42 20 22 224 70 154 

Other Africa ................................... 379 15 364 411 136 275 

Total Africa ................................ 888 37 851 1,266 371 895 

Other countries: 

Australia ........................................ 568 134 434 2,416 1,667 749 

New Zealand 7............................... 41 21 20 353 283 70 

All other ......................................... 15 1 14 76 47 29 

Total other countries ................. 624 156 468 2,845 1,997 848 

Total foreign countries .......... 92,361 51,648 40,713 143,913 106,349 37,564 

International and regional orgs: 

International organizations............ - - - 4 - 4 

Regional organizations 8 ............... 15 - 15 19 14 5 

Total international and 

 regional organizations............. 15 - 15 23 14 9 

Grand total ............................ 92,376 51,648 40,728 143,936 106,363 37,573 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

80

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) 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 ......................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 197,653 69,639 127,190 824 10,959,374 10,761,721 289,580 1,572,182 1,282,602 

2007 - Jan. - Mar. p.................. 67,180 1,656 66,195 -671 3,401,318 3,334,138 53,323 441,000 387,677 

 

2006 - Mar. r............................. 8,684 -7,031 16,059 -344 976,935 968,251 15,509 118,944 103,435 

Apr. r............................. -3,508 12,426 -16,339 405 719,529 723,037 18,005 129,696 111,691 

May r ............................ 17,828 -12,516 29,705 639 1,087,836 1,070,008 36,891 147,871 110,980 

June r ........................... 28,751 -3,103 32,458 -604 911,808 883,057 23,006 125,726 102,720 

July r............................. 10,870 9,713 786 371 815,415 804,545 18,816 123,739 104,923 

Aug. r............................ 42,902 16,482 26,541 -121 908,526 865,624 33,185 127,242 94,057 

Sept. r........................... 2,293 7,589 -5,285 -11 907,549 905,256 25,451 123,864 98,413 

Oct. r............................. 25,002 18,463 6,707 -168 956,294 931,292 15,971 127,613 111,642 

Nov............................... 33,365 1,016 31,734 615 1,000,466 967,101 15,726 140,619 124,893 

Dec............................... 10,376 6,092 4,369 -85 953,057 942,681 27,806 154,126 126,320 

2007 - Jan ................................ 15,157 -5,254 20,550 -139 896,002 880,845 35,773 143,450 107,677 

Feb. p ........................... 16,943 2,539 14,613 -209 1,084,983 1,068,040 2,021 141,785 139,764 

Mar. p ........................... 35,080 4,371 31,032 -323 1,420,333 1,385,253 15,529 155,765 140,236 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign 

 sales 

 (15) 

 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 ............................................................................. 500,708 1,666,037 1,165,329 150,256 6,904,113 6,753,857 

2007 - Jan. - Mar. p....................................................... 130,863 493,901 363,038 51,104 2,103,571 2,052,467 

 

2006 - Mar. r.................................................................. 49,269 151,117 101,848 22,849 577,474 554,625 

Apr. r.................................................................. 41,317 120,292 78,975 12,384 513,772 501,388 

May r ................................................................. 43,007 145,285 102,278 14,017 684,146 670,129 

June r ................................................................ 41,686 136,089 94,403 -1,643 621,725 623,368 

July r.................................................................. 20,205 96,675 76,470 14,322 539,849 525,527 

Aug. r................................................................. 40,702 131,424 90,722 8,118 583,195 575,077 

Sept. r................................................................ 58,296 157,346 99,050 14,654 562,165 547,511 

Oct. r.................................................................. 40,650 149,055 108,405 27,042 643,028 615,986 

Nov.................................................................... 62,348 173,943 111,595 7,058 610,621 603,563 

Dec.................................................................... 35,305 166,971 131,666 -11,600 573,252 584,852 

2007 - Jan ..................................................................... 43,039 155,259 112,220 22,778 624,681 601,903 

Feb. p ................................................................ 45,394 157,421 112,027 13,513 631,672 618,159 

Mar. p ................................................................ 42,430 181,221 138,791 14,813 847,218 832,405 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

June 2007 

81

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) 

 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -247,142 -139,751 1,872,823 2,012,574 -107,391 3,699,410 3,806,801 

2007 - Jan. - Mar. p.............................. -78,019 -41,389 716,884 758,273 -36,630 1,146,966 1,183,596 

 

2006 - Mar. r......................................... -21,270 -8,501 171,607 180,108 -12,769 310,438 323,207 

Apr. r......................................... -19,200 -7,648 132,493 140,141 -11,552 283,594 295,146 

May r ........................................ -23,891 -15,563 173,573 189,136 -8,328 388,816 397,144 

June r ....................................... -7,907 -10,081 143,900 153,981 2,174 323,825 321,651 

July r......................................... -21,327 -18,095 124,403 142,498 -3,232 262,691 265,923 

Aug. r........................................ -4,007 -10,392 140,409 150,801 6,385 287,585 281,200 

Sept. r....................................... -23,271 -13,936 146,152 160,088 -9,335 281,208 290,543 

Oct. r......................................... -16,598 -8,224 161,418 169,642 -8,374 346,245 354,619 

Nov........................................... -34,051 -14,184 194,222 208,406 -19,867 342,698 362,565 

Dec........................................... -48,733 -29,186 195,131 224,317 -19,547 326,212 345,759 

2007 - Jan ............................................ -17,974 -4,774 216,329 221,103 -13,200 341,666 354,866 

Feb. p ....................................... -19,780 -4,453 229,586 234,039 -15,327 370,376 385,703 

Mar. p ....................................... -40,265 -32,162 270,969 303,131 -8,103 434,924 443,027 

 
CAPITAL MOVEMENTS 

June 2007 

82

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 

2006 2007 2006 2007 2006 2007 2006 2007 

Country 

 Calendar 

 year 

 2006 

 (1) 

Oct. 

through 

Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar 

year 

2006 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through 

 Mar. p 

 (6) 

 Calendar 

 year 

 2006 

 (7) 

 Oct. 

 through

Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2006 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Europe: 

Austria............................. -927 -720 -138 -91 2 21 355 123 -653 -74 -14 -52

Belgium........................... 580 -191 -858 -193 -190 125 -653 -544 -3,023 1,622 -1,452 -622

Bulgaria........................... -26 15 -1 49 36 - 32 20 4 -9 - -

Cyprus 1 .......................... n.a. 11 -5 n.a. 11 -2 n.a. 209 43 n.a. -342 50

Czech Republic............... 540 -93 -169 -317 -130 -40 11 6 - 100 12 181

Denmark ......................... -3,069 -46 642 -14 -38 -359 -337 -251 592 2,161 220 436

Finland............................ -39 75 -106 130 -11 36 100 47 99 118 -168 161

France............................. -1,600 7,513 -704 -261 799 1,228 21,563 9,097 5,308 21,738 9,991 2,492

Germany ......................... 2,146 -577 968 4,471 1,265 -268 -11,985 -17,085 626 -8,164 -4,039 4,347

Greece............................ 302 -11 -268 6 -9 -6 67 47 -1 -231 -233 255

Hungary .......................... 147 -44 -29 -3,062 -234 -59 -1,207 -51 -640 116 22 127

Ireland............................. -1,313 -2,657 485 4,168 147 -490 14,010 4,043 3,585 -1,775 -2,421 806

Italy ................................. 255 -207 -280 356 -302 -172 -505 177 253 -2,333 -1,311 -1,472

Kazakhstan 1................... n.a. 965 1,572 n.a. 1,160 890 n.a. 8 -5 n.a. -2 -4

Luxembourg.................... -1,288 -847 -967 5,028 -261 138 3,564 -4 632 11,611 2,025 -82

Monaco 1......................... n.a. 69 -99 n.a. 39 36 n.a. 20 35 n.a. 57 77

Netherlands .................... 693 2,000 880 -648 -200 -1,155 3,216 1,781 -162 -5,428 -3,611 116

Norway............................ 5,129 15,420 -24,964 8,833 3,037 876 5,725 1,451 1,768 -583 -140 -99

Poland............................. -1,323 930 589 -123 -126 184 -35 1 - -46 -27 -13

Portugal .......................... -786 -310 -69 -129 -198 -395 21 -65 -133 120 -33 45

Romania ......................... 514 427 -185 592 -196 259 2 1 31 -12 -10 -

Russia............................. 5,830 627 1,279 12,738 1,472 2,946 63 35 265 -41 -111 -13

Serbia and Montenegro 2... 301 254 222 - - 4 - - - -1 - -

Spain............................... -1,254 -153 -153 -265 -259 - 6,580 651 -1,554 289 43 -101

Sweden........................... 703 -887 2,906 707 -28 39 2,213 1,301 840 664 538 -683

Switzerland ..................... -2,893 -2,701 -1,591 -185 174 -469 9,755 3,992 682 1,194 -1,307 -1,030

Turkey............................. 4,320 -810 -545 3 - 25 65 66 84 -79 -19 -2

Ukraine 1 ......................... n.a. 549 -172 n.a. 165 89 n.a. - - n.a. -4 2

United Kingdom .............. 91,546 30,611 51,890 53,311 14,022 9,698 242,349 72,286 75,005 75,858 11,980 19,691

Channel Islands .............. -296 -68 -385 1,528 1,488 2,529 10,388 1,825 939 96 -958 404

All other Europe 1 ............ 1,053 -22 -227 2,116 -104 -133 407 -24 63 35 49 105

Total Europe ............... 99,245 49,122 29,518 88,746 21,531 15,576 305,763 79,163 84,682 96,946 8,735 25,120

Memo: Euro Area 3.............. -3,231 3,915 -1,210 12,570 783 -937 36,332 -1,732 4,976 17,493 -1,223 5,891

Memo: European Union 4 .... n.a. 34,462 54,522 n.a. 14,221 8,705 n.a. 71,767 80,868 n.a. 11,176 25,716

Canada ............................... 14,160 -3,328 1,405 9,507 3,007 1,555 8,052 2,459 4,574 11,821 2,043 61

Latin America: 

Argentina ........................ 32 52 134 81 53 52 591 69 64 183 91 83

Brazil............................... 23,100 6,904 18,670 5,166 841 1,582 617 326 404 -348 -280 -13

Chile ............................... 97 116 2,037 307 30 120 726 362 65 263 62 13

Colombia......................... -1,777 232 -114 623 453 831 957 337 285 117 13 31

Ecuador .......................... n.a. 167 318 n.a. - 32 n.a. 42 64 n.a. -12 -52

Costa Rica 5 .................... 40 6 18 217 150 -10 128 -38 -34 -28 -3 9

Guatemala ...................... -107 58 -47 33 12 -19 -32 -2 -9 -7 4 5

Mexico ............................ -308 -5,732 1,641 6,371 5,462 254 3,863 999 -73 1,753 378 299

Panama .......................... 36 -49 -71 270 36 -144 543 -45 150 123 108 10

Peru ................................ -78 1 156 641 88 20 694 218 201 159 -7 -64

Uruguay .......................... -116 -503 93 324 -87 24 282 103 -12 102 25 77

Venezuela....................... 242 313 -54 185 122 33 1,516 52 -171 -191 93 22

All other Latin America 5 ... 763 -222 207 -37 -38 42 150 -4 -5 25 16 -

Total Latin America..... 21,924 1,343 22,988 14,181 7,122 2,817 10,035 2,419 929 2,151 488 420

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2007 

83

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 

2006 2007 2006 2007 2006 2007 2006 2007 

Country 

Calendar 

year 

2006 

(1) 

Oct. 

through 

Dec. 

(2) 

Jan. 

through 

Mar. p 

(3) 

Calendar 

year 

2006 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through 

 Mar. p 

 (6) 

Calendar 

year 

2006 

(7) 

Oct. 

through 

Dec. 

(8) 

Jan. 

 through 

Mar. p 

 (9) 

Calendar 

year 

2006 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Caribbean: 

Anguilla 6 ................................... n.a. -645 443 n.a. 3 -25 n.a. 826 519 n.a. 1,111 1,096

Bahamas ................................... -8,149 -666 2,101 312 -71 -372 2,099 1,056 -915 -2,011 205 -1,805

Barbados 6 ................................. n.a. 1,058 487 n.a. 759 1,047 n.a. 300 -5 n.a. -120 67

Bermuda .................................... 2,649 1,049 3,652 2,213 475 -2,514 9,961 2,080 870 6,125 1,534 5,643

British Virgin Islands 6 ................ n.a. 123 1,462 n.a. 319 626 n.a. 243 420 n.a. 1,981 438

Cayman Islands......................... -18,900 -6,162 1,717 31,599 7,118 -1,468 72,240 25,679 15,347 27,456 12,783 17,987

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -174 35 5 216 61 24 40 -9 -96 5 2 5

Netherlands Antilles................... 11,451 6,087 1,479 278 4 -10 391 99 86 -517 -256 -544

Trinidad and Tobago.................. 626 249 -133 27 33 61 -63 -21 -12 48 10 30

All other Caribbean 6.................. 2,667 -15 119 5,105 107 203 6,702 173 156 3,933 3 7

Total Caribbean ..................... -9,830 1,113 11,332 39,750 8,808 -2,428 91,370 30,426 16,370 35,039 17,253 22,924

Asia: 

China, Mainland......................... 40,700 9,529 13,958 37,461 2,149 18,820 31,251 8,340 9,677 465 771 -152

Hong Kong................................. 16,264 2,609 4,054 31,659 7,094 7,671 14,810 4,793 3,504 -465 -883 1,399

India........................................... -730 336 -75 248 -5 1 54 85 8 -300 -97 -94

Indonesia................................... 2,074 710 2,533 -1,291 -358 -195 180 28 - -6 -9 1

Israel.......................................... 6,004 6,205 334 320 -16 -50 286 90 57 972 164 -127

Japan......................................... 2,014 9,169 -10,138 45,062 5,813 -698 12,671 6,163 2,631 -668 -1,636 -85

Korea......................................... 6,768 -2,360 -8,251 3,370 1,172 4,058 3,166 1,007 1,262 -143 -28 -68

Lebanon..................................... 1 4 4 2 - -1 -11 -7 - 121 54 54

Malaysia .................................... -2,393 -98 395 3,189 781 858 1,122 295 489 -20 -2 -17

Pakistan..................................... -42 33 -98 -41 -14 -39 -14 -3 -6 -5 -2 -5

Philippines ................................. -207 -238 1,173 142 68 59 185 67 -63 9 29 30

Singapore .................................. -2,218 -2,606 -1,482 -87 -410 -285 5,963 1,830 2,832 -4,467 -4,350 -382

Syria .......................................... - - - 1 1 - - - - -4 -1 -

Taiwan....................................... -4,690 -1,917 -782 8,909 2,045 750 2,453 562 175 85 -22 72

Thailand..................................... 1,292 1,335 -1,524 -11 3 522 119 85 -14 -47 -36 6

Oil exporting countries 7 ............. 4,899 -2,436 2,132 7,037 663 3,917 4,674 269 746 7,965 149 470

All other Asia.............................. 716 168 28 208 85 83 169 23 -31 -13 -3 4

Total Asia .............................. 70,452 20,443 2,261 136,178 19,071 35,471 77,078 23,627 21,267 3,479 -5,902 1,106

Africa: 

Egypt ......................................... 633 667 -125 1 -2 17 42 22 2 -83 -68 -15

Liberia........................................ 16 1 -27 -193 -64 17 -117 -190 41 -28 -26 15

Morocco..................................... 199 149 -250 - - - - - - -9 - -2

South Africa ............................... 292 190 -283 25 8 4 -71 18 6 87 19 -23

Oil exporting countries 8 ............. 2,400 -754 753 12 10 4 27 13 -37 11 1 2

All other Africa ........................... -27 -62 -24 37 14 24 -59 -218 -17 111 -33 -62

Total Africa ............................ 3,513 191 44 -118 -34 66 -178 -355 -5 89 -107 -85

Other countries: 

Australia..................................... -2,579 -415 349 997 -46 195 7,222 695 2,724 959 -62 1,456

New Zealand.............................. -68 -98 -25 31 28 -43 266 72 189 -248 53 99

All other countries ...................... 12 10 -21 72 23 14 24 -16 -10 -24 -4 12

Total other ............................. -2,635 -503 303 1,100 5 166 7,512 751 2,903 687 -13 1,567

Total foreign countries ....... 196,829 68,381 67,851 289,344 59,510 53,223 499,632 138,490 130,720 150,212 22,497 51,113

International and regional orgs: 

International organizations......... 1,128 466 -207 253 60 69 237 -212 177 32 - -11

Regional organizations 9 ............ -93 -104 -464 43 -67 31 804 25 -34 12 3 2

Total international and 

 regional organizations.............. 824 362 -671 236 -7 100 1,076 -187 143 44 3 -9

Grand total......................... 197,653 68,743 67,180 289,580 59,503 53,323 500,708 138,303 130,863 150,256 22,500 51,104

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

84

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2007, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,572 1,222 359 253 1,187 1,588 962 6,366 1,360 338 906 1,239 1,349 1,173 

Belgium...................................... 13,435 3,208 532 1,170 4,379 687 3,459 28,337 4,066 407 4,193 5,001 11,419 3,251 

Bulgaria...................................... 51 35 - 7 4 5 - 44 36 - 3 4 1 - 

Cyprus 1 ..................................... 20,339 1 - 48 1,120 1,478 17,692 20,675 6 2 5 1,070 1,396 18,196 

Czech Republic.......................... 1,585 514 130 5 652 100 184 1,720 683 170 5 471 17 374 

Denmark .................................... 8,902 2,050 212 1,057 2,938 1,386 1,259 7,004 1,408 571 465 2,502 612 1,446 

Finland....................................... 3,589 372 140 232 504 1,272 1,070 2,382 478 105 133 343 71 1,252 

France ....................................... 561,109 268,215 5,796 12,056 242,886 6,735 25,421 560,887 268,919 4,568 6,748 240,394 11,463 28,795 

Germany.................................... 106,877 25,693 2,579 4,637 48,265 16,087 9,616 98,715 24,725 2,847 4,011 43,917 7,999 15,215 

Greece....................................... 2,264 474 4 16 860 54 857 2,326 742 10 17 605 42 910 

Hungary ..................................... 980 21 - 29 359 447 124 1,679 50 59 669 232 517 152 

Ireland........................................ 450,094 165,203 8,035 12,048 12,092 244,351 8,365 445,564 164,718 8,525 8,463 11,286 245,134 7,438 

Italy............................................ 22,842 2,556 505 582 10,335 2,625 6,240 22,768 2,836 677 329 11,807 1,479 5,641 

Kazakhstan 1.............................. 4,921 2,865 1,868 9 27 112 40 2,570 1,293 978 14 31 215 39 

Luxembourg............................... 77,931 3,161 43,106 10,244 11,283 3,699 6,438 83,544 4,128 42,968 9,612 11,366 9,556 5,915 

Monaco 1.................................... 1,125 281 68 46 566 39 125 1,088 380 32 11 489 9 167 

Netherlands ............................... 61,358 19,864 3,069 2,121 15,952 4,366 15,985 60,637 18,985 4,224 2,283 15,836 3,289 16,021 

Norway....................................... 90,346 53,835 17,679 2,850 5,254 7,439 3,289 107,788 78,799 16,803 1,082 5,353 2,268 3,483 

Poland ....................................... 3,333 2,489 404 - 36 37 367 2,457 1,900 220 - 49 49 239 

Portugal ..................................... 2,549 548 2 4 1,053 371 571 6,273 617 396 137 1,009 3,505 608 

Romania .................................... 1,137 803 302 31 - - 1 1,035 988 43 - - - 4 

Russia........................................ 8,498 2,258 3,885 266 183 91 1,815 3,209 979 939 1 196 82 1,012 

Serbia and Montenegro 2 ........... 857 853 4 - - - - 631 631 - - - - - 

Spain ......................................... 20,869 3,829 258 6,564 1,550 1,864 6,803 30,361 3,983 257 8,118 1,651 9,932 6,421 

Sweden...................................... 40,444 6,212 662 1,139 10,273 1,839 20,319 39,931 3,306 623 299 10,956 3,540 21,207 

Switzerland ................................ 48,575 6,580 2,320 5,328 19,420 2,578 12,349 50,179 8,171 2,789 4,646 20,450 2,522 11,601 

Turkey........................................ 6,219 5,529 25 112 89 156 308 9,105 6,074 - 28 91 1,234 1,678 

Ukraine 1 .................................... 747 215 109 - 5 418 - 430 387 20 - 3 16 4 

United Kingdom ......................... 3,018,569 1,764,687 81,784 228,893 385,229 189,999 367,977 2,915,755 1,712,797 72,086 153,888 365,538 216,581 394,865 

Channel Islands ......................... 16,688 683 3,022 5,664 3,588 935 2,796 12,286 1,068 493 4,725 3,184 963 1,853 

All other Europe 1 ....................... 4,151 592 410 230 1,318 1,157 444 5,088 819 543 167 1,213 1,735 612 

Total Europe.......................... 4,605,956 2,344,849 177,269 295,641 781,406 491,915 514,876 4,530,835 2,315,331 161,693 210,959 756,286 536,995 549,571 

Memo: Euro Area 3 ......................... 1,328,489 494,346 64,385 49,927 350,345 283,699 85,787 1,348,161 495,556 65,322 44,951 344,454 305,238 92,639 

Canada........................................... 290,730 127,155 10,790 12,853 38,185 57,816 43,931 284,914 125,750 9,235 8,279 38,124 59,697 43,829 

Latin America: 

Argentina ................................... 4,188 444 91 145 1,107 1,292 1,109 3,915 310 39 81 1,024 1,449 1,012 

Brazil.......................................... 39,465 22,457 2,019 461 1,942 3,538 9,048 19,458 3,787 437 57 1,955 4,353 8,869 

Chile .......................................... 8,825 4,548 243 230 825 1,144 1,835 5,810 2,511 123 165 812 588 1,611 

Colombia.................................... 6,993 1,725 1,482 374 526 2,288 598 5,793 1,839 651 89 495 2,219 500 

Costa Rica 4 ............................... 1,066 449 52 122 168 242 33 608 131 20 58 220 143 36 

Ecuador ..................................... 228 25 36 52 53 15 47 223 7 46 86 44 6 34 

Guatemala ................................. 385 308 8 2 45 7 15 496 355 27 11 40 52 11 

Mexico ....................................... 34,575 12,019 2,595 1,536 4,005 4,680 9,740 30,050 10,378 2,341 1,609 3,706 3,932 8,084 

Panama ..................................... 3,955 277 344 574 782 1,030 948 3,593 348 488 424 772 840 721 

Peru ........................................... 1,838 286 167 266 290 441 388 1,519 130 147 65 354 256 567 

Uruguay ..................................... 4,853 2,754 220 142 512 694 531 5,525 2,661 196 154 435 1,615 464 

Venezuela.................................. 2,085 245 89 95 530 796 330 2,537 299 56 266 508 1,175 233 

All other Latin America 4............. 1,349 586 65 39 257 288 114 1,104 379 23 44 257 285 116 

Total Latin America................ 109,805 46,123 7,411 4,038 11,042 16,455 24,736 80,631 23,135 4,594 3,109 10,622 16,913 22,258 

Caribbean: 

Anguilla 5.................................... 79,901 3,050 52 1,799 66,057 904 8,039 77,013 2,607 77 1,280 64,961 794 7,293 

Bahamas.................................... 120,052 45,358 1,307 2,821 34,346 21,952 14,268 122,258 43,257 1,679 3,736 36,151 22,366 15,069 

Barbados 5 ................................. 2,854 650 1,259 383 390 90 82 1,708 163 212 388 323 527 95 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2007 

85

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2007, 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 ................................... 442,050 143,874 15,795 13,680 206,116 5,511 57,074 439,045 140,222 18,309 12,810 200,473 7,390 59,841

British Virgin Islands 5 ............... 128,313 6,746 1,112 7,601 81,950 8,325 22,579 121,907 5,284 486 7,181 81,512 6,522 20,922

Cayman Islands ........................ 1,806,257 486,567 108,753 109,128 820,984 59,827 220,998 1,764,354 484,850 110,221 93,781 802,997 60,277 212,228

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,043 236 277 117 130 218 65 1,431 231 253 213 125 544 65

Netherlands Antilles .................. 26,656 5,225 545 424 12,693 1,383 6,386 26,312 3,746 555 338 13,237 1,455 6,981

Trinidad and Tobago................. 1,272 280 535 42 74 172 169 1,304 413 474 54 44 165 154

All other Caribbean 5 ................. 1,081 194 244 208 230 124 81 1,041 75 41 52 223 505 145

Total Caribbean.................... 2,609,479 692,180 129,879 136,203 1,222,970 98,506 329,741 2,556,372 680,848 132,307 119,833 1,200,046 100,545 322,793

Asia: 

China, Mainland........................ 94,784 31,869 40,649 12,125 1,769 5,961 2,411 47,906 17,911 21,829 2,448 1,921 1,804 1,993

Hong Kong............................ 110,242 18,570 14,559 5,281 5,999 3,161 62,672 92,462 14,516 6,888 1,777 4,600 2,650 62,031

India...................................... 4,045 650 1 43 84 94 3,173 6,969 725 - 35 178 2,510 3,521

Indonesia .............................. 5,464 4,454 - 2 104 227 677 4,778 1,921 195 2 103 1,570 987

Israel..................................... 11,212 3,744 550 1,329 3,194 193 2,202 11,385 3,410 600 1,272 3,321 167 2,615

Japan.................................... 249,467 80,277 22,209 9,360 11,650 17,845 108,126 263,229 90,415 22,907 6,729 11,735 19,129 112,314

Korea .................................... 27,579 3,952 12,087 1,949 366 2,308 6,917 29,261 12,203 8,029 687 434 958 6,950

Lebanon................................ 351 27 - 1 244 1 78 307 23 1 1 190 4 88

Malaysia................................ 6,644 1,536 1,847 570 124 419 2,148 5,913 1,141 989 81 141 243 3,318

Pakistan................................ 199 12 - 2 31 11 143 447 110 39 8 36 8 246

Philippines ............................ 4,988 3,331 226 58 266 499 608 4,731 2,158 167 121 236 1,401 648

Singapore ............................. 45,260 12,166 3,076 5,660 6,907 5,070 12,381 45,674 13,648 3,361 2,828 7,289 3,378 15,170

Syria ..................................... - - - - -- - - - -- - - -

Taiwan .................................. 17,373 3,213 2,946 964 2,654 2,048 5,548 15,655 3,995 2,196 789 2,582 437 5,656

Thailand................................ 4,437 2,013 780 27 206 464 947 5,174 3,537 258 41 200 108 1,030

All other Asia......................... 28,120 7,457 7,351 1,792 8,894 1,414 1,212 20,686 5,297 3,351 1,077 8,420 1,275 1,266

Total Asia.......................... 610,165 173,271 106,281 39,163 42,492 39,715 209,243 554,577 171,010 70,810 17,896 41,386 35,642 217,833

Africa: 

Egypt .................................... 1,226 370 28 5 174 122 527 1,377 495 11 3 189 62 617

Liberia................................... 1,387 8 350 220 480 17 312 1,211 35 333 179 465 33 166

Morocco................................ 27 - - - 11 5 11 272 250 - - 13 - 9

South Africa .......................... 1,240 22 10 16 131 137 924 1,757 305 6 10 154 191 1,091

All other Africa ...................... 2,037 915 39 55 155 62 811 869 186 11 109 215 12 336

Total Africa ....................... 5,917 1,315 427 296 951 343 2,585 5,486 1,271 361 301 1,036 298 2,219

Other countries: 

Australia................................ 52,881 11,338 5,689 4,871 5,962 4,091 20,930 52,841 10,989 5,494 2,147 4,506 5,611 24,094

New Zealand......................... 2,922 28 1,480 300 477 260 377 4,757 53 1,523 111 378 2,348 344

All other ................................ 101 - 30 3 47 7 14 121 21 16 13 35 15 21

Total other countries ......... 55,904 11,366 7,199 5,174 6,486 4,358 21,321 57,719 11,063 7,033 2,271 4,919 7,974 24,459

Total foreign countries .. 8,287,956 3,396,259 439,256 493,368 2,103,532 709,108 1,146,433 8,070,534 3,328,408 386,033 362,648 2,052,419 758,064 1,182,962

International and regional orgs: 

International organizations.... 8,124 4,323 382 303 22 2,884 210 5,190 4,530 313 126 33 46 142

Regional organizations 6 ....... 7,560 736 1,362 230 17 4,892 323 3,465 1,200 1,331 264 15 163 492

Total international and 

 regional organizations.... 15,684 5,059 1,744 533 39 7,776 533 8,655 5,730 1,644 390 48 209 634

Grand total.................... 8,303,640 3,401,318 441,000 493,901 2,103,571 716,884 1,146,966 8,079,189 3,334,138 387,677 363,038 2,052,467 758,273 1,183,596

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “Other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2007 

86

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006 

[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) 

Markeable 

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............................... 22,823 9,961 1,762 2,129 3,877 2,708 2,385 22,943 10,889 1,853 1,774 3,951 1,326 3,150

Belgium............................. 55,031 11,647 779 8,517 19,319 2,086 12,682 72,386 11,067 973 9,169 17,697 21,209 12,270

Bulgaria............................. 240 91 49 44 45 - 11 213 117 - 12 54 3 27

Czech Republic................. 6,143 2,892 551 11 1,950 141 598 5,859 2,352 868 - 1,850 43 746

Denmark ........................... 25,577 5,461 899 1,402 11,015 2,112 4,688 26,515 8,530 913 1,739 8,854 1,759 4,720

Finland .............................. 9,596 1,437 794 353 2,216 997 3,797 9,669 1,476 664 253 2,098 248 4,930

France............................... 1,615,676 841,986 14,149 37,571 618,145 22,746 81,079 1,578,108 843,586 14,410 16,008 596,407 21,552 86,145

Germany ........................... 285,909 85,117 12,367 18,974 95,525 36,337 37,589 290,477 82,971 7,896 30,960 103,688 24,126 40,837

Greece .............................. 5,951 843 96 109 1,896 678 2,328 5,705 541 91 42 2,127 513 2,392

Hungary ............................ 3,336 404 - 171 715 1,319 727 6,747 257 3,062 1,378 599 690 761

Ireland............................... 809,400 441,814 24,019 39,139 37,814 246,199 20,414 809,366 443,127 19,852 25,129 39,589 260,872 20,797

Italy ................................... 96,556 23,117 3,130 1,522 38,286 8,660 21,841 95,353 22,862 2,774 2,027 40,619 6,030 21,040

Luxembourg ...................... 191,706 15,086 73,031 27,917 48,522 9,567 17,583 185,152 16,374 68,003 24,353 36,912 23,623 15,888

Netherlands....................... 201,882 67,624 11,763 10,033 51,679 14,435 46,349 198,096 66,931 12,411 6,817 57,107 11,511 43,319

Norway.............................. 260,721 144,469 63,147 10,612 20,267 12,009 10,217 242,259 139,340 54,314 4,887 20,850 12,757 10,111

Poland............................... 10,738 8,900 153 17 220 796 652 12,206 10,223 276 52 266 589 800

Portugal............................. 7,496 1,811 188 243 3,280 645 1,329 10,405 2,598 317 222 3,160 2,740 1,369

Romania............................ 5,306 3,508 1,314 2 7 458 17 3,878 2,994 722 - 19 140 3

Russia............................... 31,767 12,013 14,706 113 1,043 552 3,340 14,591 6,183 1,968 50 1,084 330 4,976

Serbia and Montenegro 1 .. 1,534 1,444 - - 73 13 4 1,218 1,143 - - 74 - 1

Spain................................. 94,384 25,499 8,028 30,577 6,024 6,920 17,336 104,405 26,753 8,293 23,997 5,735 22,096 17,530

Sweden............................. 122,028 16,338 3,760 3,537 35,531 7,441 55,421 116,474 15,635 3,053 1,324 34,867 5,928 55,667

Switzerland ....................... 180,831 24,067 6,832 23,662 78,564 7,892 39,814 173,064 26,960 7,017 13,907 77,370 7,899 39,911

Turkey............................... 27,106 19,767 4 99 292 2,422 4,522 22,218 15,447 1 34 371 2,020 4,345

United Kingdom................. 9,222,359 4,998,584 347,392 734,653 1,248,623 692,003 1,201,104 8,917,800 4,907,038 294,081 492,304 1,172,765 789,167 1,262,445

Channel Islands ................ 78,277 6,569 4,729 32,405 19,834 6,012 8,728 64,720 6,865 3,201 22,017 19,738 6,023 6,876

All other Europe 1 .............. 95,581 14,588 5,730 1,892 11,318 6,171 55,882 105,864 13,535 3,614 1,485 11,283 15,497 60,450

Total Europe ................. 13,467,953 6,785,038 599,372 985,705 2,356,080 1,091,320 1,650,438 13,095,691 6,685,793 510,626 679,942 2,259,134 1,238,690 1,721,506

Memo: Euro Area 2................ 3,396,409 1,525,943 150,106 177,085 926,583 351,979 264,713 3,382,065 1,529,174 137,536 140,753 909,090 395,845 269,667

Canada ................................. 1,055,303 459,071 52,993 39,955 138,470 207,185 157,629 1,030,538 444,911 43,486 31,903 126,649 218,326 165,263

Latin America: 

Argentina........................... 16,987 1,217 313 1,030 4,950 5,096 4,381 17,014 1,185 232 439 4,767 5,781 4,610

Brazil................................. 130,529 77,445 6,417 1,162 5,569 14,912 25,024 108,924 54,345 1,251 545 5,917 16,772 30,094

Chile.................................. 25,645 12,574 1,059 1,335 3,166 3,468 4,043 24,518 12,477 752 609 2,903 3,430 4,347

Colombia........................... 19,053 5,467 1,729 1,424 1,960 6,959 1,514 20,550 7,244 1,106 467 1,843 8,528 1,362

Ecuador............................. 2,285 147 376 524 183 53 1,002 1,931 107 159 396 211 47 1,011

Guatemala ........................ 2,283 1,847 44 35 151 149 57 2,968 1,954 11 67 158 731 47

Mexico .............................. 130,651 45,346 18,799 7,577 16,446 18,397 24,086 116,013 45,654 12,428 3,714 14,693 15,462 24,062

Panama............................. 14,331 1,999 1,150 1,856 3,430 3,350 2,546 13,310 1,963 880 1,313 3,307 3,568 2,279

Peru .................................. 6,563 285 901 938 969 2,527 943 4,475 363 260 244 810 2,002 796

Uruguay ............................ 15,637 7,131 1,283 645 1,732 3,166 1,680 16,219 7,247 959 363 1,630 4,520 1,500

Venezuela......................... 11,646 1,439 407 3,290 2,271 3,380 859 14,298 1,197 222 1,774 2,462 6,320 2,323

All other Latin America ...... 10,720 6,895 330 609 1,174 1,352 360 10,383 6,132 367 459 1,149 1,845 431

Total Latin America ....... 386,330 161,792 32,808 20,425 42,001 62,809 66,495 350,603 139,868 18,627 10,390 39,850 69,006 72,862

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2007 

87

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 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: 

Bahamas .............................. 445,782 168,019 9,000 26,230 137,051 51,443 54,039 451,808 176,168 8,688 24,131 139,062 49,989 53,770

Bermuda ............................... 1,510,722 475,191 44,068 52,552 741,501 25,821 171,589 1,497,656 472,542 41,855 42,591 735,376 32,032 173,260

Cayman Islands .................... 5,975,139 1,830,213 427,300 356,360 2,526,488 226,248 608,530 5,834,503 1,849,113 395,701 284,120 2,499,032 221,582 584,955

Cuba..................................... --------------

Jamaica ................................ 6,575 1,872 639 276 2,305 1,379 104 6,543 2,046 423 236 2,300 1,440 98

Netherlands Antilles.............. 140,754 57,848 2,813 1,985 54,153 4,898 19,057 127,517 46,397 2,535 1,594 54,670 4,365 17,956

Trinidad and Tobago............. 7,497 3,035 2,374 188 209 999 692 7,412 2,409 2,347 251 161 1,590 654

All other Caribbean ............... 1,001,433 55,207 9,498 35,052 718,910 22,469 160,297 980,385 52,540 4,393 28,350 714,977 24,331 155,794

Total Caribbean................ 9,087,902 2,591,385 495,692 472,643 4,180,617 333,257 1,014,308 8,905,824 2,601,215 455,942 381,273 4,145,578 335,329 986,487

Asia: 

China, Mainland ............... 317,382 143,544 105,348 37,987 6,997 19,251 4,255 199,896 102,844 67,887 6,736 6,532 6,454 9,443

Hong Kong ........................ 449,595 140,281 53,383 20,451 18,577 15,795 201,108 406,710 124,017 21,724 5,641 19,042 13,938 222,348

India .................................. 16,982 2,837 261 132 484 217 13,051 19,000 3,567 13 78 784 473 14,085

Indonesia........................... 12,662 8,418 54 196 553 873 2,568 10,973 6,344 1,345 16 559 481 2,228

Israel ................................. 41,140 14,632 998 2,799 12,811 916 8,984 34,001 8,628 678 2,513 11,839 1,680 8,663

Japan ................................ 1,095,110 411,089 142,687 34,343 43,798 72,161 391,032 1,033,756 409,075 97,625 21,672 44,466 67,801 393,117

Korea ................................ 114,443 56,319 23,190 4,053 863 5,002 25,016 99,690 49,551 19,820 887 1,006 3,111 25,315

Lebanon ............................ 1,642 13 2 4 1,181 64 378 1,452 12 - 15 1,060 32 333

Malaysia............................ 19,356 5,772 4,994 1,818 749 1,149 4,874 19,388 8,165 1,805 696 769 1,835 6,118

Pakistan ............................ 680 96 5 31 249 21 278 1,781 138 46 45 254 819 479

Philippines......................... 9,710 4,183 495 338 982 2,562 1,150 10,367 4,390 353 153 973 3,093 1,405

Singapore.......................... 158,125 52,740 9,512 15,848 23,972 12,855 43,198 159,740 54,958 9,599 9,885 28,439 8,042 48,817

Syria.................................. 2 - 1 - 1 - - 5 - - - 5 - -

Taiwan .............................. 64,808 11,221 15,335 3,797 12,038 3,456 18,961 59,871 15,911 6,426 1,344 11,953 1,212 23,025

Thailand ............................ 14,688 9,658 81 143 707 865 3,234 13,919 8,366 92 24 754 706 3,977

All other Asia..................... 108,469 33,961 17,325 8,571 36,127 6,724 5,761 83,837 28,346 10,080 3,728 28,175 7,727 5,781

Total Asia...................... 2,424,794 894,764 373,671 130,511 160,089 141,911 723,848 2,154,386 824,312 237,493 53,433 156,610 117,404 765,134

Africa: 

Egypt................................. 4,755 2,021 17 72 669 273 1,703 4,695 1,388 16 30 752 308 2,201

Liberia ............................... 5,268 52 1,528 426 1,737 243 1,282 5,791 36 1,721 543 1,765 164 1,562

Morocco ............................ 801 650 - - 80 - 71 582 451 - - 89 2 40

South Africa....................... 5,642 666 61 74 612 854 3,375 7,340 374 36 145 525 550 5,710

All other Africa................... 9,736 4,256 175 1,043 1,402 456 2,404 6,760 1,883 126 1,075 1,280 237 2,159

Total Africa.................... 26,202 7,645 1,781 1,615 4,500 1,826 8,835 25,168 4,132 1,899 1,793 4,411 1,261 11,672

Other countries: 

Australia ............................ 188,051 48,065 10,638 11,897 20,180 23,057 74,214 189,724 50,644 9,641 4,675 19,221 25,242 80,301

New Zealand..................... 6,762 627 1,047 499 1,351 1,559 1,679 7,071 695 1,016 233 1,599 1,916 1,612

All other............................. 1,284 47 133 122 377 28 577 1,148 35 61 98 401 142 411

Total other countries...... 196,097 48,739 11,818 12,518 21,908 24,644 76,470 197,943 51,374 10,718 5,006 21,221 27,300 82,324

Total foreign 

 countries ............... 26,644,581 10,948,434 1,568,135 1,663,372 6,903,665 1,862,952 3,698,023 25,760,153 10,751,605 1,278,791 1,163,740 6,753,453 2,007,316 3,805,248

International and regional orgs: 

International organizations... 13,110 6,727 1,468 1,165 317 3,210 223 11,553 5,599 1,215 928 285 3,124 402

Regional organizations 3 ..... 13,271 1,490 2,360 1,465 131 6,661 1,164 7,965 1,583 2,317 661 119 2,134 1,151

Total international and 

 regional organizations....... 29,358 10,940 4,047 2,665 448 9,871 1,387 22,731 10,116 3,811 1,589 404 5,258 1,553

 Grand total................... 26,673,939 10,959,374 1,572,182 1,666,037 6,904,113 1,872,823 3,699,410 25,782,884 10,761,721 1,282,602 1,165,329 6,753,857 2,012,574 3,806,801

1

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
88 CAPITAL MOVEMENTS

June 2007 

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 2003 2004 2005 2006 

2007 

Jan. - Mar. 

United Kingdom.............................. 167,329 254,112 363,593 463,064 156,284 

All other Europe.............................. 114,433 110,153 146,910 127,636 -1,388 

Caribbean banking centers 1 .......... 78,538 87,638 102,259 139,782 44,145 

Japan .............................................. 176,587 247,114 79,814 59,079 -8,290 

All other Asia................................... 116,980 130,399 187,284 228,108 68,395 

Subtotal....................................... 653,867 829,416 879,860 1,017,669 259,146 

All other countries........................... 65,993 87,040 131,680 120,528 43,324 

Grand total.................................. 719,860 916,456 1,011,540 1,138,197 302,470 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

The data on this page represent foreign 

investors’ purchases and sales of longterm U.S. securities (that is, U.S. 

Treasury and Government agency 

bonds and notes, and U.S. corporate 

bonds and stocks) as reported to the 

TIC reporting system. Foreign investors 

also acquired U.S. equities through 

mergers and reincorporations that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities through 

stock swaps have been modest, 

amounting to $2 billion in 2003, $36 

billion in 2004, $6 billion in 2005, and 

$4 billion in 2006. There are no 

estimated acquisitions through stock 

swaps in the first quarter of 2007. 

(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 web site. The TIC website 

also provides estimates from the 

Federal Reserve Bank of New York on 

principal repayment flows on foreign 

holdings of U.S. government agency 

and corporate asset-backed securities 

(ABS). These repayments also are not 

reported under the TIC system, but are 

estimated to have reduced foreign net 

purchases of U.S. securities by $123 

billion in 2003, $86 billion in 2004, 

$141 billion in both 2005 and 2006, 

and nearly $40 billion in the first 

quarter of 2007. 

Net foreign purchases of U.S. securities 

first surpassed $100 billion in 1993. In 

2003, net foreign acquisitions of U.S. 

securities (including stock swaps and 

accounting for ABS repayment flows) 

totaled $599 billion. Net acquisitions 

rose up to $866 billion in 2004, grew a 

bit further to $876 billion in 2005, and 

reached a new record of $1,002 billion 

in 2006. Net purchases were $263 

billion in the first quarter of 2007, 

about the same pace of acquisition as in 

2006. 

-50

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

2003 2004 2005 2006 2007 

Jan.-Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2006 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.
 CAPITAL MOVEMENTS 

June 2007 

89

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. However, in 

the past several years, U.S. investors 

also have acquired a substantial amount 

of foreign stocks, mostly European, 

through mergers that involve stock 

swaps. In addition, when foreign firms 

reincorporate in the United States, the 

associated stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 2004, $4 

billion in 2005, $17 billion in 2006, 

and $2 billion in the first quarter of 

2007. (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 web site. 

Including the stock swaps, annual U.S. 

net purchases of long-term foreign 

securities averaged about $100 billion 

from the mid-1990s through 2000, 

without much variation from year to 

year. U.S. investors’ acquisitions of 

foreign securities (including stock 

swaps) then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. The pace of U.S. acquisitions 

rose further in 2006, as U.S. investors 

acquired $264 billion in foreign 

securities. This strength continued in 

the first quarter of 2007, as U.S. 

investors acquired $80 billion in 

foreign securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

300

350

400

450

500

2002 2003 2004 2005 2006 2007

Jan.-Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2002 2003 2004 2005 2006 

2007 

Jan.- Mar. 

Foreign bonds ........ -28,492 -32,046 67,872 45,095 139,751 41,389 

Foreign stocks........ 1,493 88,587 84,970 127,296 107,391 36,630 

Total ..................... -26,999 56,541 152,842 172,391 247,142 78,019 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

June 2007 

90 

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] 

 2005 2006 

 Dec. Mar. June Sept. Dec. 

Gross total of holdings with negative fair values ........................... 1,132,114 1,123,500 1,228,038 1,133,761 1,178,629 

Total over-the-counter (OTC) contracts..................................... 1,116,479 1,105,110 1,204,707 1,114,818 1,155,726 

Single-currency interest rate contracts.................................. 815,068 796,990 860,078 766,070 746,635 

Forwards ............................................................................ 1,461 1,861 9,577 1,862 1,622 

Swaps ................................................................................ 745,319 729,685 781,571 697,016 678,278 

Options............................................................................... 68,288 65,444 68,930 67,192 66,735 

Foreign exchange contracts .................................................. 132,101 124,814 140,947 131,232 150,272 

Forwards ............................................................................ 39,547 33,597 44,932 36,822 47,063 

Swaps ................................................................................ 69,131 67,098 71,148 71,606 77,621 

Options............................................................................... 23,423 24,119 24,867 22,804 25,588 

Other contracts ...................................................................... 169,310 183,306 203,682 217,516 258,819 

Total exchange-traded contracts ............................................... 15,635 18,390 23,331 18,943 22,903 

Own contracts on foreign exchanges .................................... 2,892 2,981 5,163 3,897 4,027 

U.S. customers’ contracts on foreign exchanges.................. 3,380 3,588 3,153 2,943 2,738 

Foreign counterparty contracts on U.S. exchanges .............. 9,363 11,821 15,015 12,103 16,138 

Memorandum items: 

Contracts with own foreign office........................................... 282,193 266,508 265,644 268,301 312,853 

Contracts with foreign official institutions .............................. 13,462 14,135 13,174 10,123 9,601 

Contracts of U.S. depositary institutions with foreigners....... 334,677 385,913 468,248 401,255 397,523 

Gross total of holdings with positive fair values............................. 1,190,029 1,189,856 1,295,787 1,193,764 1,237,564 

Total over-the-counter (OTC) contracts..................................... 1,171,172 1,168,623 1,270,474 1,172,655 1,211,924 

Single-currency interest rate contracts.................................. 853,993 839,046 902,012 803,234 789,994 

Forwards ............................................................................ 1,132 2,353 5,240 1,688 1,747 

Swaps ................................................................................ 768,817 755,082 814,587 715,035 702,266 

Options............................................................................... 84,044 81,611 82,185 86,511 85,981 

Foreign exchange contracts .................................................. 147,057 139,673 159,565 148,117 175,713 

Forwards ............................................................................ 37,635 31,316 40,094 33,783 44,928 

Swaps ................................................................................ 84,581 82,534 92,413 88,817 102,255 

Options............................................................................... 24,841 25,823 27,058 25,517 28,530 

Other contracts ...................................................................... 170,122 189,904 208,897 221,304 246,217 

Total exchange-traded contracts ............................................... 18,857 21,233 25,313 21,109 25,640 

Own contracts on foreign exchanges .................................... 3,557 4,378 5,587 4,571 4,589 

Customers’ contracts on foreign exchanges ......................... 3,582 3,064 3,610 2,793 2,882 

Foreign counterparty contracts on U.S. exchanges .............. 11,718 13,791 16,116 13,745 18,169 

Memorandum items: 

Contracts with own foreign office........................................... 290,693 282,355 275,427 277,396 318,987 

Contracts with foreign official institutions .............................. 12,281 13,807 12,050 10,961 10,746 

Contracts of U.S. depositary institutions with foreigners....... 353,435 405,034 492,290 414,977 415,979 

 
 CAPITAL MOVEMENTS 

June 2007 

91

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] 

2005 2006 

Country Dec. Mar. June Sept. Dec.

 

Europe: 

Belgium .......................................................................... 11,388 9,749 8,321 9,533 9,291

France ............................................................................ 72,467 76,140 76,192 69,565 66,746

Germany......................................................................... 91,334 83,075 87,400 84,216 85,356

Ireland ............................................................................ 34,382 36,937 46,594 34,702 77,926

Italy................................................................................. 9,031 6,861 6,172 6,235 5,863

Netherlands.................................................................... 19,773 18,330 19,777 19,965 21,280

Switzerland..................................................................... 27,999 27,249 30,452 27,793 28,054

United Kingdom.............................................................. 679,961 671,598 733,291 681,924 668,332

All other Europe ............................................................. 30,659 27,662 30,317 29,326 30,543

Total Europe............................................................... 976,994 957,601 1,038,517 963,259 993,391

Memo: Euro Area 1......................................................... 257,799 249,676 265,434 243,584 286,459

Memo: European Union 2............................................... n.a. n.a. 1,005,050 932,175 962,042

Canada............................................................................... 28,926 26,613 29,730 28,394 27,059

Total Latin America ............................................................ 10,497 10,574 10,048 12,599 13,299

Caribbean: 

Cayman Islands ............................................................. 40,066 42,674 50,046 44,268 57,345

All other Caribbean ........................................................ 10,849 10,492 13,539 12,430 15,655

Total Caribbean.......................................................... 50,915 53,166 63,585 56,698 73,000

Asia: 

Japan.............................................................................. 32,273 40,201 46,054 35,605 37,568

All other Asia .................................................................. 14,443 16,369 20,390 18,576 16,370

Total Asia ................................................................... 46,716 56,570 66,444 54,181 53,938

Total Africa ......................................................................... 3,013 2,981 2,846 2,597 2,153

Other countries: 

Australia ......................................................................... 7,558 10,375 11,357 10,384 10,444

All other .......................................................................... 1,121 797 542 415 729

Total other countries .................................................. 8,679 11,172 11,899 10,799 11,173

Total foreign countries ........................................... 1,125,740 1,118,677 1,223,069 1,128,527 1,174,013

Total International and regional organizations................... 6,370 4,820 4,967 5,234 4,616

Grand total ................................................................. 1,132,114 1,123,500 1,228,038 1,133,761 1,178,629

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain.

2 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.
CAPITAL MOVEMENTS 

June 2007 

92 

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] 

2005 2006 

Country Dec. Mar. June Sept. Dec.

 

Europe: 

Belgium .......................................................................... 11,616 9,557 8,904 9,726 9,881

France ............................................................................ 77,606 80,335 81,038 73,689 72,559

Germany......................................................................... 101,760 94,527 102,194 94,658 97,243

Ireland ............................................................................ 38,558 40,616 48,757 37,638 80,219

Italy................................................................................. 14,548 11,840 11,372 11,756 12,228

Netherlands.................................................................... 22,789 20,658 22,320 23,315 23,396

Switzerland..................................................................... 27,298 26,429 30,254 27,953 29,412

United Kingdom.............................................................. 707,004 704,349 767,553 709,960 697,207

All other Europe ............................................................. 22,931 22,094 24,568 21,894 23,575

Total Europe............................................................... 1,024,110 1,010,405 1,096,960 1,010,589 1,045,720

Memo: Euro Area 1......................................................... 280,163 269,204 288,038 263,663 308,976

Memo: European Union 2............................................... n.a. n.a. 1,063,177 979,354 1,013,071

Canada............................................................................... 33,094 30,560 34,436 32,727 31,527

Total Latin America ............................................................ 10,593 10,031 10,501 13,623 14,346

Caribbean: 

Cayman Islands ............................................................. 41,723 43,424 47,725 45,692 49,661

All other Caribbean ........................................................ 13,394 13,364 14,172 14,575 17,495

Total Caribbean.......................................................... 55,117 56,788 61,897 60,267 67,156

Asia: 

Japan.............................................................................. 33,410 42,915 46,666 36,415 39,075

All other Asia .................................................................. 15,608 18,289 22,641 20,401 19,648

Total Asia ................................................................... 49,018 61,204 69,307 56,816 58,723

Total Africa ......................................................................... 3,590 3,762 3,824 3,730 3,085

Other countries: 

Australia ......................................................................... 9,663 12,801 14,180 12,198 13,369

All other .......................................................................... 1,758 1,025 549 701 925

Total other countries .................................................. 11,421 13,826 14,729 12,899 14,294

Total foreign countries ........................................... 1,186,943 1,186,576 1,291,654 1,190,651 1,234,851

Total international and regional organizations................... 3,087 3,276 4,134 3,113 2,713

Grand total ................................................................. 1,190,029 1,189,856 1,295,787 1,193,764 1,237,564

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain.

2 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.
CAPITAL MOVEMENTS 

June 2007 

93

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] 

2006 

Type of Derivatives Contract Jan. - Mar. Apr. - June July - Sept. Oct. - Dec.

Total over-the-counter (OTC) contracts................................................. -3,142 10,950 8,870 -2,125 

Single-currency interest rate contracts .............................................. 670 6,273 6,801 -2,543 

Foreign exchange contracts............................................................... 741 -1,033 -61 142 

Other contracts................................................................................... -4,553 5,710 2,130 276 

Total exchange-traded contracts ........................................................... 4,775 3,051 6,041 342 

Own contracts on foreign exchanges ................................................ 679 3,684 2,103 162 

U.S. customers’ contracts on foreign exchanges .............................. 1,870 -543 1,516 894 

Foreign counterparty contacts on U.S. exchanges ........................... 2,226 -90 2,422 -714 

Total net cash settlements from foreigners ........................................... 1,633 14,001 14,911 -1,783 

Memorandum items: 

Contracts with foreign official institutions....................................... 1,203 399 307 211 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 
CAPITAL MOVEMENTS 

June 2007 

94 

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] 

 2006 

Country Jan. - Mar. Apr. - June July - Sept. Oct. - Dec.

Europe: 

Belgium .............................................................................................. -595 171 124 -15 

France ................................................................................................ 813 450 66 -570 

Germany............................................................................................. 2,422 -1,182 -412 -1,515 

Ireland ................................................................................................ 391 2,741 943 340 

Italy..................................................................................................... -181 102 850 -556 

Netherlands........................................................................................ 573 288 614 439 

Switzerland......................................................................................... 557 1,659 4,004 -1,371 

United Kingdom.................................................................................. -7,103 6,045 3,186 4,422 

All other Europe ................................................................................. 508 1,152 1,520 -1,027 

Total Europe................................................................................... -2,615 11,428 10,895 147 

Memo: Euro area 1 ............................................................................. 3,675 4,590 3,380 -2,487 

Memo: European Union 2................................................................... n.a. 10,166 6,734 2,068 

Canada................................................................................................... -1,700 -1,309 -1,540 42 

Total Latin America ................................................................................ 565 -591 -69 -1,369 

Caribbean: 

Cayman Islands ................................................................................. 2,812 1,056 1,677 -705 

All other Caribbean ............................................................................ 527 216 -355 97 

Total Caribbean.............................................................................. 3,339 1,272 1,322 -608 

Asia: 

Japan.................................................................................................. 257 742 -412 -933 

All other Asia ...................................................................................... 848 1,329 2,996 1,035 

Total Asia ....................................................................................... 1,105 2,071 2,584 102 

Total Africa ............................................................................................. 146 151 70 243 

Other countries: 

Australia ............................................................................................. 689 -733 -813 -1,648 

All other .............................................................................................. 140 -24 -33 105 

Total other countries ...................................................................... 829 -757 -846 -1,543 

Total foreign countries ............................................................... 1,669 12,265 12,416 -2,986 

Total international and regional organizations....................................... -32 1,734 2,491 1,203 

Grand total ..................................................................................... 1,633 14,001 14,911 -1,783 

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

2 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. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
 June 2007 

95

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2007 

96 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

10/04/06 .................................................................... 546,922 567,221 n.a. 1.1286 

10/11/06 .................................................................... 551,718 567,450 5,615 1.1357 

10/18/06 .................................................................... 555,531 568,339 5,810 1.1375 

10/25/06 .................................................................... 565,050 578,441 5,944 1.1249 

 

11/01/06 .................................................................... 582,785 594,601 5,035 1.1313 

11/08/06 .................................................................... 575,804 590,256 5,345 1.1275 

11/15/06 .................................................................... 598,260 610,302 5,381 1.1389 

11/22/06 .................................................................... 620,650 629,406 5,847 1.1414 

11/29/06 .................................................................... 637,872 649,235 5,025 1.1356 

 

12/06/06 .................................................................... 667,653 677,514 4,850 1.1468 

12/13/06 .................................................................... 708,256 723,571 5,655 1.1544 

12/20/06 .................................................................... 578,466 594,356 6,644 1.1483 

12/27/06 .................................................................... 585,066 599,587 6,377 1.1610 

 

01/03/07 .................................................................... 594,592 601,534 4,916 1.1699 

01/10/07 .................................................................... 608,801 614,420 3,967 1.1770 

01/17/07 .................................................................... 621,799 627,986 3,808 1.1737 

01/24/07 .................................................................... 620,893 630,304 4,656 1.1824 

01/31/07 .................................................................... 659,049 667,528 4,883 1.1792 

 

02/07/07 .................................................................... 629,162 638,186 3,321 1.1851 

02/14/07 .................................................................... 657,010 666,938 3,411 1.1660 

02/21/07 .................................................................... 665,753 674,905 1,842 1.1609 

02/28/07 .................................................................... 707,427 714,054 -62 1.1700 

 

03/07/07 .................................................................... 709,954 717,740 1,280 1.1785 

03/14/07 .................................................................... 782,100 790,168 1,089 1.1755 

03/21/07 .................................................................... 648,575 653,004 2,135 1.1578 

03/28/07 .................................................................... 623,989 626,674 1,497 1.1579 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

97

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Oct ................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Apr ................... 519,834 532,981 170,064 154,319 68,240 67,161 78,314 77,958 6,055 1.1203 

May.................. 560,038 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 

June................. 505,809 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 

July .................. 543,458 550,749 175,085 156,506 68,831 66,468 76,531 76,586 n.a. 1.1309 

Aug .................. 601,998 616,249 170,353 150,803 74,981 71,810 82,379 82,167 5,631 1.1066 

Sept................. 530,755 549,613 169,857 152,331 72,604 66,917 83,597 88,294 5,635 1.1151 

Oct................... 565,745 580,031 173,293 153,737 74,503 65,361 90,281 95,720 5,738 1.1227 

Nov .................. 654,823 674,367 170,986 155,681 77,995 70,318 108,599 112,230 4,454 1.1413 

Dec .................. 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Jan ................... 653,616 660,752 173,735 160,587 96,374 94,915 105,981 108,696 4,404 1.1792 

Feb .................. 700,324 708,391 192,572 181,642 96,577 98,491 104,992 98,311 -535 1.1700 

Mar .................. 630,636 633,707 177,273 169,321 99,232 98,855 98,697 93,657 1,360 1.1530 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,483 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 21,992 27,973 n.a. n.a. 662 824 2,870 905 -826 1.1670 

 June ................. 22,719 27,359 n.a. n.a. 463 758 2,501 688 -700 1.1150 

 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 

 Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

98 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

10/04/06 .................................................................. 278,523 277,287 -625 118.02 

10/11/06 .................................................................. 279,273 278,699 -433 119.49 

10/18/06 .................................................................. 291,736 289,886 -506 119.09 

10/25/06 .................................................................. 289,243 287,439 -813 119.13 

 

11/01/06 .................................................................. 297,528 295,189 -1,085 117.01 

11/08/06 .................................................................. 291,762 289,198 -1,156 117.74 

11/15/06 .................................................................. 301,556 298,798 -973 118.06 

11/22/06 .................................................................. 300,514 296,147 -1,253 116.61 

11/29/06 .................................................................. 319,341 314,657 -1,612 116.29 

 

12/06/06 .................................................................. 340,027 335,364 -1,625 115.07 

12/13/06 .................................................................. 347,315 342,908 -1,372 117.43 

12/20/06 .................................................................. 314,862 310,198 -1,297 118.39 

12/27/06 .................................................................. 307,409 303,358 -1,463 118.76 

 

01/03/07 .................................................................. 322,652 318,415 -1,486 119.58 

01/10/07 .................................................................. 320,576 316,853 -1,185 119.52 

01/17/07 .................................................................. 327,545 322,945 -1,532 120.54 

01/24/07 .................................................................. 335,648 330,649 -1,656 120.77 

01/31/07 .................................................................. 339,061 334,440 -1,573 121.02 

 

02/07/07 .................................................................. 334,532 329,414 -1,422 120.65 

02/14/07 .................................................................. 351,172 346,697 -1,197 120.80 

02/21/07 .................................................................. 350,969 346,008 -1,141 120.99 

02/28/07 .................................................................. 370,013 365,607 -1,213 118.33 

 

03/07/07 .................................................................. 370,497 366,708 -907 116.41 

03/14/07 .................................................................. 392,053 388,770 -736 116.33 

03/21/07 .................................................................. 409,219 407,070 -876 117.83 

03/28/07 .................................................................. 351,550 351,102 -735 116.83 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

99

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Apr .................. 294,032 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 

May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 

June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 

July ................. 312,457 310,916 62,849 62,834 86,999 93,658 76,133 73,012 -879 114.44 

Aug ................. 318,012 315,284 63,059 63,237 83,278 85,278 76,063 73,256 -1,130 117.35 

Sept................ 299,128 296,874 60,314 60,431 79,864 82,423 77,269 74,421 -833 117.99 

Oct.................. 317,530 315,192 61,954 61,378 83,887 82,683 80,317 79,722 -900 116.82 

Nov ................. 345,933 341,167 58,849 58,313 82,898 85,863 81,961 79,345 -1,470 115.55 

Dec ................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 

2007 - Jan .................. 361,608 356,793 63,099 63,734 84,808 89,996 88,173 85,209 -1,598 121.02 

Feb ................. 392,365 387,891 65,773 66,539 83,590 90,120 89,943 87,551 -995 118.33 

Mar ................. 368,048 365,908 67,087 67,478 101,290 108,808 95,885 93,350 -205 117.56 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2003 - Dec................... 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,417 9,840 9,864 5,848 817 n.a. 1,041 n.a. -78 117.48 

June ................. 8,620 8,801 7,796 4,092 1,061 n.a. 505 n.a. 198 114.51 

Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 

Dec ................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

100

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

10/04/06 .................................................................. 591,533 610,137 n.a. 1.2517 

10/11/06 .................................................................. 646,507 664,372 n.a. 1.2702 

10/18/06 .................................................................. 639,771 656,411 n.a. 1.2721 

10/25/06 .................................................................. 615,876 629,618 10,804 1.2648 

 

11/01/06 .................................................................. 647,611 662,795 n.a. 1.2433 

11/08/06 .................................................................. 675,548 688,893 n.a. 1.2494 

11/15/06 .................................................................. 723,654 739,875 n.a. 1.2472 

11/22/06 .................................................................. 668,289 687,230 n.a. 1.2276 

11/29/06 .................................................................. 800,281 823,384 n.a. 1.2098 

 

12/06/06 .................................................................. 865,215 885,308 n.a. 1.1933 

12/13/06 .................................................................. 845,335 866,648 n.a. 1.2063 

12/20/06 .................................................................. 630,587 652,668 n.a. 1.2169 

12/27/06 .................................................................. 637,942 660,858 n.a. 1.2253 

 

01/03/07 .................................................................. 647,363 670,421 n.a. 1.2263 

01/10/07 .................................................................. 678,962 700,321 n.a. 1.2459 

01/17/07 .................................................................. 684,872 707,152 n.a. 1.2456 

01/24/07 .................................................................. 708,852 730,023 n.a. 1.2481 

01/31/07 .................................................................. 732,631 752,029 n.a. 1.2470 

 

02/07/07 .................................................................. 718,536 743,122 n.a. 1.2398 

02/14/07 .................................................................. 790,590 814,887 n.a. 1.2399 

02/21/07 .................................................................. 810,522 839,050 n.a. 1.2393 

02/28/07 .................................................................. 865,347 890,359 n.a. 1.2189 

 

03/07/07 .................................................................. 864,823 891,409 14,379 1.2208 

03/14/07 .................................................................. 961,301 983,289 13,492 1.2139 

03/21/07 .................................................................. 758,295 775,004 n.a. 1.2151 

03/28/07 .................................................................. 728,654 743,300 13,718 1.2147 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

101

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Apr ................... 769,377 782,453 91,363 95,077 95,885 91,527 110,354 106,916 8,834 1.2411 

May.................. 641,837 650,220 72,754 73,612 110,911 105,578 124,077 117,845 1,598 1.2159 

June................. 544,075 550,859 69,993 70,944 104,742 94,686 118,673 117,261 10,107 1.2247 

July .................. 574,766 577,881 67,686 69,097 116,188 112,484 124,892 121,621 8,346 1.2311 

Aug .................. 638,778 641,594 65,950 70,881 118,631 120,353 115,945 116,436 9,421 1.2336 

Sept................. 592,282 607,776 61,941 67,928 138,124 135,033 154,166 158,976 13,880 1.2504 

Oct................... 658,618 673,562 65,123 64,107 142,039 128,958 161,356 166,004 12,737 1.2424 

Nov .................. 795,736 813,606 74,946 73,814 139,351 128,709 160,901 169,130 n.a. 1.1966 

Dec .................. 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Jan ................... 755,319 777,320 73,285 72,155 153,153 144,073 181,612 190,993 13,814 1.2470 

Feb .................. 876,473 909,109 93,023 92,538 164,791 148,553 199,357 208,605 n.a. 1.2189 

Mar .................. 757,022 775,623 108,222 102,040 176,991 167,650 215,603 225,126 n.a. 1.2126 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 19,875 28,476 41,644 11,003 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,448 20,871 45,058 11,548 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 

Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

102

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

10/04/06 .................................................................. 775,010 795,551 3,168 1.8839 

10/11/06 .................................................................. 800,656 820,305 2,463 1.8568 

10/18/06 .................................................................. 826,123 842,793 2,677 1.8675 

10/25/06 .................................................................. 803,962 820,255 3,401 1.8772 

 

11/01/06 .................................................................. 836,864 855,060 4,024 1.9091 

11/08/06 .................................................................. 831,437 848,284 3,419 1.9057 

11/15/06 .................................................................. 867,406 889,253 2,269 1.8883 

11/22/06 .................................................................. 790,547 812,508 1,551 1.9145 

11/29/06 .................................................................. 933,976 957,450 3,134 1.9492 

 

12/06/06 .................................................................. 944,912 972,140 2,837 1.9692 

12/13/06 .................................................................. 962,927 991,615 2,906 1.9663 

12/20/06 .................................................................. 851,784 882,289 3,083 1.9648 

12/27/06 .................................................................. 848,534 878,409 2,995 1.9566 

 

01/03/07 .................................................................. 843,356 874,469 2,346 1.9498 

01/10/07 .................................................................. 866,336 896,896 2,415 1.9334 

01/17/07 .................................................................. 889,612 917,234 3,943 1.9720 

01/24/07 .................................................................. 898,871 927,279 2,790 1.9675 

01/31/07 .................................................................. 903,372 931,426 2,978 1.9611 

 

02/07/07 .................................................................. 881,118 913,292 5,085 1.9699 

02/14/07 .................................................................. 934,867 966,420 3,826 1.9628 

02/21/07 .................................................................. 924,984 957,899 3,270 1.9524 

02/28/07 .................................................................. 976,031 1,010,667 3,136 1.9613 

 

03/07/07 .................................................................. 982,098 1,017,364 1,523 1.9315 

03/14/07 .................................................................. 1,033,681 1,070,989 2,839 1.9337 

03/21/07 .................................................................. 933,771 965,910 4,204 1.9596 

03/28/07 .................................................................. 927,504 956,802 4,140 1.9611 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

103

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Apr ................... 835,029 846,342 354,455 308,103 64,594 53,009 66,221 72,061 8,979 1.8220 

May.................. 836,638 845,409 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 

June................. 725,216 736,006 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 

July .................. 754,914 765,849 359,328 314,167 66,022 58,513 68,254 69,619 5,966 1.8685 

Aug .................. 821,382 839,245 377,759 331,135 68,908 63,446 65,708 69,177 6,279 1.9024 

Sept................. 774,062 799,307 375,214 319,165 65,845 63,047 65,939 67,262 1,357 1.8716 

Oct................... 844,905 863,283 405,285 351,894 73,435 67,458 72,904 73,764 3,091 1.9084 

Nov .................. 909,677 934,410 397,105 345,588 86,311 85,218 80,470 80,317 2,279 1.9693 

Dec .................. 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Jan ................... 916,793 944,004 381,153 333,248 102,079 92,769 97,068 93,566 3,065 1.9611 

Feb .................. 984,995 1,018,311 381,470 336,265 98,874 85,920 89,786 89,545 2,992 1.9613 

Mar .................. 932,033 966,967 413,873 369,309 105,289 89,241 95,410 99,808 3,841 1.9685 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2003 - Dec................... 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 19,952 43,276 56,535 25,616 409 336 2,413 714 146 1.7393 

June ................. 19,552 39,826 59,418 25,616 394 336 2,559 667 182 1.8491 

Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 

Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

104

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

10/04/06 ................................................................ 9,703,418 9,789,312 5,126 n.a. 

10/11/06 ................................................................ 9,804,720 9,905,349 5,174 n.a. 

10/18/06 ................................................................ 10,047,996 10,140,322 4,454 n.a. 

10/25/06 ................................................................ 9,915,304 10,006,988 2,065 n.a. 

 

11/01/06 ................................................................ 10,322,943 10,422,621 3,073 n.a. 

11/08/06 ................................................................ 10,144,400 10,243,792 3,518 n.a. 

11/15/06 ................................................................ 10,443,383 10,527,814 4,999 n.a. 

11/22/06 ................................................................ 9,869,031 9,960,939 5,679 n.a. 

11/29/06 ................................................................ 11,426,391 11,509,066 9,349 n.a. 

 

12/06/06 ................................................................ 11,750,991 11,845,498 11,580 n.a. 

12/13/06 ................................................................ 11,866,410 11,952,498 6,347 n.a. 

12/20/06 ................................................................ 10,500,222 10,580,125 4,360 n.a. 

12/27/06 ................................................................ 10,413,409 10,491,842 -2,140 n.a. 

 

01/03/07 ................................................................ 10,203,526 10,292,031 -452 n.a. 

01/10/07 ................................................................ 10,473,550 10,561,695 -8,936 n.a. 

01/17/07 ................................................................ 10,624,299 10,701,158 -13,664 n.a. 

01/24/07 ................................................................ 10,764,168 10,834,831 -8,613 n.a. 

01/31/07 ................................................................ 11,086,561 11,176,911 -9,531 n.a. 

 

02/07/07 ................................................................ 10,801,681 10,862,602 -12,969 n.a. 

02/14/07 ................................................................ 11,325,230 11,388,144 -17,438 n.a. 

02/21/07 ................................................................ 11,318,284 11,366,498 -10,517 n.a. 

02/28/07 ................................................................ 11,996,734 12,043,428 -12,867 n.a. 

 

03/07/07 ................................................................ 11,968,846 11,996,760 -8,274 n.a. 

03/14/07 ................................................................ 12,727,888 12,746,998 -11,179 n.a. 

03/21/07 ................................................................ 11,964,799 11,982,401 -12,807 n.a. 

03/28/07 ................................................................ 11,588,315 11,639,718 -8,175 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

105

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2004 - Dec.................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Dec.................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Apr .................. 10,809,822 10,974,525 - - 1,567,422 1,496,237 1,635,862 2,710,692 -21,322 n.a. 

May................. 10,452,632 10,617,901 - - 1,716,677 1,963,147 1,829,209 1,894,236 419 n.a. 

June................ 10,101,123 10,203,773 - - 1,675,501 1,666,363 1,858,193 1,863,358 -13,169 n.a. 

July ................. 10,365,960 10,505,366 - - 1,691,002 1,763,124 1,814,691 1,915,156 -104 n.a. 

Aug ................. 10,909,372 11,024,851 - - 1,741,868 1,773,783 1,872,111 1,940,897 -7,922 n.a. 

Sept................ 10,162,395 10,236,779 - - 1,726,993 1,769,316 1,935,549 1,930,817 -3,040 n.a. 

Oct.................. 10,681,385 10,780,324 - - 1,900,053 1,844,507 1,965,291 1,957,859 -8,833 n.a. 

Nov ................. 11,668,046 11,734,248 - - 1,966,802 1,987,505 2,072,970 2,089,732 919 n.a. 

Dec ................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

2007 - Jan .................. 11,604,242 11,690,618 - - 1,964,584 2,002,673 2,009,246 2,066,947 -13,166 n.a. 

Feb ................. 12,449,721 12,521,114 - - 1,930,360 1,931,267 2,229,712 2,601,943 -13,125 n.a. 

Mar ................. 12,064,225 12,078,176 - - 3,032,510 3,191,160 4,020,208 2,777,327 -14,045 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. 

June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. 

Sept. ................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. 

Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

106

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

10/04/06 ............................................................................. 2,945,563 2,939,175 -3,150 0.7882 

10/11/06 ............................................................................. 2,978,759 2,973,866 -3,114 0.7970 

10/18/06 ............................................................................. 3,008,999 3,009,920 -4,253 0.7990 

10/25/06 ............................................................................. 2,961,965 2,964,419 -443 0.7942 

 

11/01/06 ............................................................................. 3,062,033 3,060,367 -2,591 0.7830 

11/08/06 ............................................................................. 3,032,562 3,026,463 -2,515 0.7828 

11/15/06 ............................................................................. 3,128,963 3,122,722 -3,747 0.7808 

11/22/06 ............................................................................. 2,870,164 2,860,805 -5,485 0.7735 

11/29/06 ............................................................................. 3,453,066 3,438,859 -9,994 0.7607 

 

12/06/06 ............................................................................. 3,503,922 3,488,507 -13,768 0.7515 

12/13/06 ............................................................................. 3,455,329 3,441,183 -13,765 0.7567 

12/20/06 ............................................................................. 3,050,005 3,030,039 -13,382 0.7586 

12/27/06 ............................................................................. 3,037,426 3,030,114 -8,541 0.7619 

 

01/03/07 ............................................................................. 2,923,227 2,915,030 -11,469 0.7594 

01/10/07 ............................................................................. 3,019,982 3,009,399 -6,736 0.7728 

01/17/07 ............................................................................. 3,047,190 3,041,655 -3,526 0.7723 

01/24/07 ............................................................................. 3,074,808 3,078,040 -3,756 0.7714 

01/31/07 ............................................................................. 3,150,377 3,145,679 1,256 0.7694 

 

02/07/07 ............................................................................. 3,089,462 3,094,824 -671 0.7681 

02/14/07 ............................................................................. 3,234,046 3,234,496 483 0.7619 

02/21/07 ............................................................................. 3,181,594 3,185,868 -1,629 0.7619 

02/28/07 ............................................................................. 3,352,571 3,366,698 1,621 0.7559 

 

03/07/07 ............................................................................. 3,367,745 3,373,182 3,026 0.7606 

03/14/07 ............................................................................. 3,526,653 3,532,431 1,803 0.7560 

03/21/07 ............................................................................. 3,189,560 3,191,011 -259 0.7516 

03/28/07 ............................................................................. 3,204,227 3,176,975 -3,273 0.7501 

 
FOREIGN CURRENCY POSITIONS 

June 2007 

107

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Apr ................... 3,466,431 3,404,987 1,721,131 1,666,382 586,797 589,765 446,645 525,247 -561 0.7921 

May.................. 3,077,308 3,003,317 1,482,020 1,424,586 713,029 827,812 461,108 533,489 1,818 0.7792 

June................. 3,048,217 3,038,745 1,520,413 1,411,160 659,068 767,924 441,868 512,260 -10,421 0.7825 

July .................. 3,145,126 3,118,984 1,444,554 1,389,799 656,567 756,274 448,778 522,080 -10,196 0.7835 

Aug .................. 3,291,694 3,262,503 1,436,080 1,392,072 668,845 761,874 463,940 535,211 -3,950 0.7817 

Sept................. 2,938,940 2,941,237 1,376,828 1,320,973 658,124 723,444 459,974 551,851 -1,928 0.7882 

Oct................... 3,106,968 3,102,984 1,450,067 1,392,160 698,951 688,800 476,597 565,953 -2,437 0.7829 

Nov .................. 3,384,224 3,371,697 1,528,203 1,476,998 668,561 727,152 514,595 566,983 -15,568 0.7541 

Dec .................. 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Jan ................... 3,204,339 3,201,333 1,497,791 1,440,908 664,159 688,021 523,245 617,987 -3,257 0.7694 

Feb .................. 3,413,787 3,396,500 1,536,495 1,494,281 637,298 636,138 511,776 585,770 -3,693 0.7559 

Mar .................. 3,206,346 3,196,167 1,571,609 1,526,817 641,934 633,237 527,465 607,024 -9,520 0.7477 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 132,143 150,146 224,355 136,381 10,580 6,100 6,992 5,441 -1,532 0.8238 

June ................. 131,418 138,385 232,745 137,143 6,763 3,575 7,462 4,729 -934 0.7825 

Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 

Dec ................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

 
June 2007 

108

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Sept 30, 2006, and Dec. 31, 2006 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Sept 30, 2006 

Oct. 1, 2006, 

through 

Dec. 31, 2006 Dec. 31, 2006 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 15,711,045 173,123 15,884,168 

Special drawing rights 1 ........................................................... 8,654,510 215,577 8,870,087 

Foreign exchange and securities: 

European euro ..................................................................... 11,799,450 581,921 12,381,371 

Japanese yen....................................................................... 8,012,597 -66,159 7,946,438 

Accounts receivable................................................................. 187,636 6,029 193,665 

Total assets.......................................................................... 44,365,238 910,491 45,275,729 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 46,929 3,073 50,002 

Total current liabilities ...................................................... 46,929 3,073 50,002 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,233,519 137,334 7,370,853 

Total other liabilities ......................................................... 9,433,519 137,334 9,570,853 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 34,684,790 770,084 35,454,874 

Total capital...................................................................... 34,884,790 770,084 35,654,874 

Total liabilities and capital............................................ 44,365,238 910,491 45,275,729 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

 June 2007 

109

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2006, 

through 

Dec. 31, 2006 

Fiscal year to date 

Oct. 1, 2006, 

through 

Dec. 31, 2006 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 410,862 410,862 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 27,867 27,867 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 14,887 14,887 

U.S. Government securities......................................................... 207,367 207,367 

Foreign exchange ........................................................................ 109,101 109,101 

Commissions ............................................................................... - - 

Income from operations............................................................... 770,084 770,084 

Net income (+) or loss (-)............................................................. 770,084 770,084 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

 June 2007 

113

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 2008. 

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 2008. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 86.4 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 3.7 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 82.7 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 151 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 13.1 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6.2 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 6.9 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 21 
TECHNICAL PAPERS 

June 2007 

114

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
June 2007 

115

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2007, the debt 

limit was $8,965,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

June 2007 

116

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), Series HH bonds (issued since January 1980 

through October 1982) mature in 20 years, and savings notes 

issued between May 1967 and October 1970 have a final 

maturity of 30 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 
GLOSSARY 

June 2007 

117

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-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (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-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

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