Contents

DECEMBER 2003

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

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

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

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

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

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

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

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

FFO-5.—Internal Revenue Receipts by State..................................................................................................................................... 20

FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports........................................................................ 21

ACCOUNT OF THE U.S. TREASURY

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury.................................................... 25

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances................................................ 25

FEDERAL DEBT

Introduction.—Federal Debt.................................................................................................................................................................. 27

FD-1.—Summary of Federal Debt ....................................................................................................................................................... 28

FD-2.—Debt Held by the Public ........................................................................................................................................................... 29

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................................. 30

FD-3.—Government Account Series ................................................................................................................................................... 31

FD-4.—Interest-Bearing Securities Issued by Government Agencies........................................................................................... 32

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

 Private Investors....................................................................................................................................................................... 33

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................................. 34

FD-6.—Debt Subject to Statutory Limitation (Historical)............................................................................................................... 34

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies....................................... 35

PUBLIC DEBT OPERATIONS

Introduction.—Public Debt Operations............................................................................................................................................... 37

TREASURY FINANCING.................................................................................................................................................................... 37

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

 and 52-Week Treasury Bills Outstanding.......................................................................................................................... 40

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 44

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 45

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills............................................. 46

U.S. SAVINGS BONDS AND NOTES

Introduction.—Savings Bonds and Notes............................................................................................................................................ 47

SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 47

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 48

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ..................................................................................... 48
IV

Contents

OWNERSHIP OF FEDERAL SECURITIES

Introduction.—Ownership of Federal Securities................................................................................................................................ 50

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues............................................................... 51

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 52

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 53

MARKET YIELDS

Introduction.—Market Yields................................................................................................................................................................ 54

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds............................................................. 54

MY-A.—Chart: Yields of Treasury Securities................................................................................................................................... 55

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

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

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

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

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

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

CAPITAL MOVEMENTS

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

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

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 67

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 68

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 70

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

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

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

CM-II-1.—Total Claims by Type......................................................................................................................................................... 73

CM-II-2.—Total Claims by Country.................................................................................................................................................... 74

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 76

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

 with Respect to Selected Countries..................................................................................................................................... 78

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

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

 Reported Separately .......................................................................................................................................................... 79

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

 in the United States

CM-IV-1.—Total Liabilit ies and Claims by Type............................................................................................................................. 80

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country ............................................................................................. 81

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country.................................................................................................. 83

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ............................................. 85
V

Contents

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 87

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 88

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 89

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

 and Country, during (third quarter) ................................................................................................................................. 91

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

 and Country, during (calendar year)................................................................................................................................ 93

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 95

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 96

FOREIGN CURRENCY POSITIONS

Introduction.—Foreign Currency Positions........................................................................................................................................ 97

SECTION I.—Canadian Dollar Positions

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

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

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

SECTION II.—Japanese Yen Positions

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

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

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

SECTION III.—Swiss Franc Positions

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

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

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

SECTION IV.—Sterling Positions

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

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

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

SECTION V.—U.S. Dollar Positions

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

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

FCP-V-3.—Quarterly Report of Large Market Participants..........................................................................................................107

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................108

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................109

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................109

EXCHANGE STABILIZATION FUND

Introduction.—Exchange Stabilization Fund....................................................................................................................................110

ESF-1.—Balance Sheet ........................................................................................................................................................................110

ESF-2.—Income and Expense.............................................................................................................................................................111
VI

Contents

SPECIAL REPORTS

TRUST FUNDS

Introduction.—Trust Funds..................................................................................................................................................................115

TF-A.—Chart: Major Trust Funds, Total Net Increase or Decrease in Assets...........................................................................115

TF-B.—Chart: Total Receipts of Major Trust Funds......................................................................................................................116

TF-C.—Chart: Total Expenditures of Major Trust Funds..............................................................................................................117

TF-1.—Civil Service Retirement and Disability Fund....................................................................................................................118

TF-2.—Federal Hospital Insurance Trust Fund................................................................................................................................119

TF-3.—Federal Disability Insurance Trust Fund.............................................................................................................................120

TF-4.—Federal Old-Age and Survivors Insurance Trust Fund.....................................................................................................121

TF-5.—Federal Supplementary Medical Insurance Trust Fund....................................................................................................122

TF-6.—National Service Life Insurance Fund.................................................................................................................................123

TF-7.—Railroad Retirement Account................................................................................................................................................124

TF-8.—Unemployment Trust Fund....................................................................................................................................................125

TF-9.—Investments of Specified Trust Accounts in Public Debt Securities by Issue..............................................................127

Introduction.—Highway Trust Fund..................................................................................................................................................128

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account.............................................................................128

RESEARCH PAPER INDEX ..............................................................................................................................................................129

GLOSSARY...........................................................................................................................................................................................130

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

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

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

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

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

Trust Fund Reports:

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

Aquatic Resources Trust Fund................................................................................................ v

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ProfileoftheEconomy

FederalFiscalOperations

AccountoftheU.S.Treasury

FederalDebt

PublicDebtOperations

U.S.SavingsBondsandNotes

Ownership ofFederalSecurities

MarketYields

U.S.CurrencyandCoinOutstanding

andinCirculation
3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

Real gross domestic product (GDP)

Growth in real gross domestic product (GDP) accelerated

in the third quarter of 2003 to a 7.2 percent annual rate. That 

was more than double the pace in the previous quarter and 

the largest since the first quarter of 1984. Most forecasters 

had anticipated that real GDP would grow very rapidly in 

the third quarter, but the actual results were far above

expectations. Real final demand for goods and services

produced in the U.S. (GDP less inventories) surged at a 7.8 

percent pace in the third quarter, up substantially from a 4.0 

rate in the second quarter.

Contributing to the acceleration in growth in the third 

quarter were the effects of the fiscal stimulus legislation that 

was passed in May 2003, the Jobs and Growth Tax Relief 

Reconciliation Act (JGTRRA). Lower marginal tax rates for 

individuals and rebate checks for an increased child tax

credit helped boost disposable (after-tax) personal income 

and raise growth in real personal consumption expenditures

to a 6.6 percent annual rate. That was up from 3.8 percent in 

the second quarter and the largest gain since a rise of the 

same amount in the third quarter of 1997. Business fixed 

investment was also supported by JGTRRA, through

increased depreciation writeoffs and a quadrupling of the 

expensing limit for small businesses. After growing at an 8.3 

percent annual rate in the second quarter, real investment in 

equipment and software expanded at a 15.4 percent pace in 

the third quarter, the fifth increase in the past six quarters 

and the largest since the first quarter of 2000.

 Other sectors contributing to the rise in real GDP in the 

third quarter were housing and foreign trade. Real residential 

investment shot up at a 20.4 percent pace, the biggest gain in 

more than 7 years. Real exports grew at a 9.3 percent rate 

while real imports were virtually flat, held down by declines 

in petroleum, motor vehicles and parts, and other goods. As 

a consequence, the trade deficit narrowed by a sizable

amount in the third quarter and that improvement added 0.84 

percentage point to the real GDP growth rate.

Growth of Real GDP

4.1 4.3

4.8

4.3

2.3

0.1

2.9

3.9

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03*

(Percent change, fourth quarter to fourth quarter)

*2003 based on first three quarters

Inflation

Inflation at the consumer level has continued at a

moderate pace so far in 2003, but there has been some 

acceleration at the producer price level. The consumer price 

index (CPI) rose at a 2.5 percent annual rate during the first 

9 months of 2003, about the same as the 2.4 percent pace 

recorded during 2002. Energy prices increased at a faster

pace this year, rising at a 15.4 percent rate following an 

increase of 10.7 percent last year. The cost of food increased 

at a 2.7 percent annual rate so far this year following a

1.5 percent advance last year. Offsetting the acceleration in 

food and energy costs was a slowing in “core” inflation 

(prices excluding food and energy). Core inflation, generally 

viewed as a gauge of the underlying price trends, decelerated 

to a very low 1.1 percent pace during the first 9 months of 

2003 from 1.9 percent last year.

At the producer level, finished goods prices rose at a 4.8 

percent annual rate during the first 10 months of the year, 

following a modest 1.2 percent increase during 2002. As 

with the CPI, rising energy costs and food prices have

contributed to the overall acceleration. Over the first 10 

months of the year, energy prices rose at a 13.1 percent 

annual rate, somewhat faster than the 12.3 percent increase 

registered last year. Wholesale food prices increased at a 9.4 

percent pace so far this year after dipping modestly last year. 

Core prices increased at a modest 1.4 percent pace through 

October of this year after registering a slight decline last 

year. Further back in the production chain, core intermediate 

materials prices jumped up in October but had changed little 

for 7 months.

Hourly compensation costs (including stock options) as 

calculated in the national income accounts for the private 

nonfarm business sector increased by 3.1 percent at an
4 PROFILE OF THE ECONOMY

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

annual rate during the first three quarters of 2003. This was 

well below the 5.8 percent annual rate rise in productivity, 

yielding a 2.5 percent drop in unit labor costs. Unit labor 

costs fell by 1.6 percent across the four quarters of 2002. 

The employment cost index (ECI) for total compensation, a 

fixed-weighted compensation measure that does not account 

for stock options, increased at a 4.2 percent annual rate

during the first three quarters of 2003, boosted by a surge in 

benefit costs. This is up from a 3.4 percent increase last year.

Employment and unemployment

Labor market conditions started to improve late in the 

summer of 2003. Payroll employment growth resumed in 

August and persisted through October. The unemployment 

rate continued to ease from an 8-year high of 6.4 percent in 

June and by October had dipped to 6.0 percent. 

Nonfarm payroll employment rose by 126,000 in

October on top of increases totaling 160,000 in the prior 2 

months. The 3-month string of job gains was the best since 

before the recession started in March 2001. Several

industries within the services sector added workers in

October, including temporary help supply, which is viewed 

by some as a good indicator of future labor demand.

Manufacturing payrolls continued to shrink in October for 

the 39th straight month, although the pace of decline appears 

to be slowing. About 2.8 million factory jobs have been 

eliminated since July 2000. Total payroll employment has 

fallen by 2.4 million since it peaked in February 2001 and is 

down by about 3/4 of a million since the November 2001 

recession trough.

The unemployment rate eased by 0.1 percentage point in 

October to 6.0 percent. Although still elevated compared to 

the 5.8 percent rate averaged in 2002, the current jobless rate 

is relatively low compared to highs of 7.8 percent in 1992 

and 10.8 percent in 1982. 

The apparent rebound in labor demand has not yet

translated into stronger wage growth. Over the 12 months 

ended in October, average hourly earnings of nonfarm

production workers rose just 2.4 percent–the smallest yearover-year increase since 1994. Growth in earnings adjusted 

for inflation slowed to 0.5 percent over the 12 months ended 

in September (by the latest available statistics) from 1.6

percent during the year-earlier period. The moderation in 

real wage growth over the past year is partly due to higher 

inflation that stems mainly from an increase in energy

prices.
PROFILE OF THE ECONOMY 5

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01 02 03

(Percent)

Establishment Employment

290

164

86 105

27

-154-171

-296

-60

-33 -31 -30 -38 -60

34

126

-400

-300

-200

-100

0

100

200

300

400

00-I II III IV 0I-I II III IV 02-I II III IV 03-I II III IV*

(Average monthly change in thousands)

*Based on October data

Real disposable personal income and 

consumer spending

Personal income in nominal terms grew at a 3.5 percent 

annual rate during the first three quarters of 2003. The pace 

accelerated from an annual rate of 2.0 percent in the third 

quarter of last year to 4.0 percent in the latest quarter.

Growth in wages and salaries, which account for just under 

60 percent of personal income, accelerated to a 2.3 percent 

annual rate during the first three quarters from 1.9 percent 

last year. Transfer payments from government to individuals 

rose at a 6.5 percent annual rate in the first three quarters of 

this year, down from a 9.5 percent pace last year. Gains in 

other labor income, consisting mainly of employer 

contributions to pension funds and health insurance, slowed 

from 9.4 percent last year to a 4.1 percent annual rate so far 

in 2003. Dividend income continued to grow, up at a 6.9 

percent rate this year following a 6.4 percent pace in 2002. 

After registering only the second measurable gain in the last 

2-1/2 years in the second quarter, interest income was little 

changed in the third quarter of this year. 

Disposable (after-tax) income adjusted for inflation rose 

at a 3.8 percent annual rate through the third quarter of the 

year. Lower taxes and advance payments of the child tax 

credit legislated in the Jobs and Growth Tax Relief

Reconciliation Act of 2003 contributed to a jump of 7.2 

percent in the third quarter. 

Real consumer spending gradually picked up over the 

course of the year. Following a modest 1.7 percent annual 

rate increase in the fourth quarter of 2002, growth in real 

spending accelerated to a 6.6 percent pace in the third

quarter of 2003. Spending in the third quarter benefited from 

the jump in disposable income. Consumer spending in the 

third quarter rose at a slightly slower rate than after-tax 

income, pushing the personal saving rate up to 3.3 percent 

from 3.2 percent in the second quarter. The saving rate stood 

at 3.5 percent in the first quarter and averaged 3.7 percent 

during 2002, up from a 63-year low of 2.3 percent in 2001. 

Industrial production and capacity 

utilization

Industrial production has shown signs of turning around 

in the second half of 2003. Output from factories, mines, and 

utilities rose by 4.0 percent at an annual rate in the third 

quarter after falling at the same rate in the second quarter. 

Production increased 0.2 percent in October, the fourth

consecutive monthly gain, but was up only 0.6 percent in the 

latest 12 months, reflecting weakness in prior quarters. 

Manufacturing production, which accounts for more than 

83 percent of all industrial output, advanced by a large 0.7 

percent in September and by an additional 0.1 percent in 

October. Factory output rose 3.6 percent at an annual rate in 

the third quarter after dipping 3.2 percent in the second 

quarter. Production of motor vehicles and parts surged by a 

19.2 percent annual rate in the third quarter following an 

11.2 percent decline in the second quarter. Vehicle and part 

production declined a sharp 3.8 percent in October, however, 

holding down growth in manufacturing for the month. Apart 

from automobiles, manufacturing output rose 2.3 percent in 
6 PROFILE OF THE ECONOMY

the third quarter following a decline of roughly the same 

amount in the second quarter. Production in the hightechnology industries (computers, communications

equipment, and semiconductors) jumped by roughly 30

percent at an annual rate in the third quarter, the strongest 

advance for this category in 3 years. Computers, office 

equipment, and semiconductors contributed to the sharp gain 

in the third quarter. Communications equipment remains the 

weakest segment of the high-technology industries as it fell 

at a 7 percent annual rate in the third quarter. Nondurable 

manufacturing edged down by a 0.2 percent annual rate in 

the third quarter, with apparel and textiles reflecting the

greatest weakness. Production at utilities, which accounts for 

almost 10 percent of total industrial output, rose by a 10.2 

percent annual rate in the third quarter after a 13.3 percent 

contraction in the second quarter. Output at mines (the

remaining 7 percent of industrial output) has been relatively 

little changed in recent quarters. 

The capacity utilization rate for the industrial sector

edged up to 75.0 percent in October, but is just 1.0

percentage point above its recent two-decade low reached in 

June and 6.3 percentage points below the long-term average 

of 81.3 percent. Capacity utilization ranged between 82 and 

85 percent in the 1994–1999 period. Capacity utilization in 

the manufacturing sector remained unchanged at 73.5

percent in October, 6.7 percentage points below its longterm average of 80.2 percent. Utilization in the high-tech 

industries has been on the rise recently and increased to 66.1 

percent in October, the highest reading since mid -2001. That 

is still well below its long-term average of 79.2 percent. 

Nonfarm productivity and unit labor costs

Productivity continues to advance at a blistering pace, 

helping to restrain inflation while restoring business profits. 

Nonfarm business productivity (real output per hour worked) 

surged by 8.1 percent at an annual rate in the third quarter. 

Over the most recent four quarters, labor productivity rose 

by a strong 4.7 percent, an acceleration from the “New 

Economy” productivity growth rate of 3.1 percent averaged 

since 1995 and significantly better than the 1.4 percent

averaged from 1973 to 1995.

Hourly labor compensation rose by 3.1 percent at an 

annual rate in the third quarter and by 2.7 percent during the 

past four quarters. Unit labor costs remain contained,

however, due to the strong growth in productivity. Unit labor 

costs fell at a 4.6 percent rate in the third quarter and were 

down 1.9 percent over the past four quarters. This year

promises to mark the third year in a row of falling unit labor 

costs. 

Productivity in manufacturing advanced by a sharp 8.6 

percent annual rate in the third quarter but was up by a more 

moderate 3.8 percent over the most recent four quarters.

Despite the solid productivity growth in this sector, gains 

have generally come as a result of declines in hours worked 

rather than significant boosts in output. Output rose at a 2.9 

percent pace in the third quarter, but hours worked declined 

5.2 percent. 

Hourly compensation in manufacturing advanced by 4.3 

percent at an annual rate in the third quarter and by 4.5 

percent over the past four quarters. Continued productivity 

gains have controlled unit labor costs, however. These costs 

fell at a 4.0 percent pace in the third quarter and were up 

only 0.7 percent over the latest four quarters. 

International transactions

The current account measures trade in goods and

services as well as the flow of investment income and

unilateral transfers (including government grants and

pension payments, and private transfers to and from

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. Since late 2001, steady growth of the trade deficit 

has caused the current account gap to widen sharply, and by 

the first quarter of 2003, it had reached a record high of

$554.8 billion at an annual rate, or 5.2 percent of GDP. In 

the second quarter, an increase in the surplus on investment 

income and a decline in unilateral transfers offset a rise in 

the trade deficit, causing the current account deficit to

narrow slightly to $554.7 billion, or 5.1 percent of GDP.

The current account is, by definition, matched by

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a

statistical discrepancy. Capital account transactions, which 

consist mainly of debt forgiveness and wealth transfers

associated with immigration, are typically small and in the 

second quarter eased to $1.3 billion at an annual rate from 

$1.6 billion in the prior quarter.

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows accelerated in the second quarter to 

$594.4 billion at an annual rate from $562.7 billion in the 

first quarter. The pickup reflected an increase in net foreign 

purchases of assets in the United States to $1,021.1 billion 

from $968.0 billion in the first quarter. Foreign private 

investors boosted their holdings of U.S. securities, buying up 

U.S. stocks at a rapid rate after a small sell-off in the first 

quarter. Foreign purchases of U.S. corporate bonds and

Treasuries also rose in the April-to-June period, and net 

foreign sales of federally-sponsored agency bonds

moderated. The step-up in foreign investment activity in the 

United States more than offset an increase in U.S.-owned 

assets abroad to $426.7 billion in the second quarter from 

$405.3 billion in the first quarter. A jump in U.S. claims on 

foreigners reported by U.S. banks was largely responsible 

for the increase.
PROFILE OF THE ECONOMY 7

Exchange rate of the dollar

The dollar’s trend, lower from a peak in February 2002, 

continued through the summer and early fall. In the 20 

months between that peak and October, the nominal

exchange value of the dollar relative to a broad index

covering the currencies of 26 important U.S. trade partners 

depreciated by 10.2 percent. This decline follows a period of 

sustained appreciation that saw the dollar’s value surge by 

12 percent between December 1999 and February 2002.

The decline has been a function mainly of dollar

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries,

Japan, Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. Since February 2002, the exchange rate of the 

dollar compared to an index of these currencies fell by 20.5 

percent. Dollar depreciation against the yen and the euro, 

whose combined weights account for roughly 55 percent of 

the major index, has been largely responsible. Over the same 

period, the dollar/euro exchange rate fell by 25.7 percent and 

the dollar/yen exchange rate fell by 18.2 percent, reflecting 

U.S. current account deficit concerns and brighter prospects 

for growth in Europe and Japan, and despite strong evidence 

of a building recovery in the United States.

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, and the 

pace of its appreciation has recently increased somewhat. 

Since February 2002, the exchange value of the dollar

compared to an index of currencies that includes Mexico, 

China, Brazil, and seven other Asian countries has

appreciated by 4.1 percent. Since December 1999, this index 

has risen by nearly 12 percent.

Interest rates

The Federal Reserve’s monetary stance remains

extremely accommodative. Since 2000, the Federal Open 

Market Committee has reduced the federal funds rate (the 

rate that banks and other financial institutions charge each 

other for overnight loans) 13 times, for a total of 5.5

percentage points, to 1 percent, its lowest level since 1958.

In the Treasury market, interest rates of all tenors eased 

substantially between 2000 and spring 2003. From a level 

above 6 percent in late 2000, the 3-month Treasury bill rate 

has declined almost steadily to below 1 percent as of mid -

November. The 10-year Treasury yield trended downward 

from above 6.5 percent in early 2000 to less than 3.25

percent in June 2003. Since then, rates have moved broadly 

higher on perceptions of accelerating economic growth, but 

continue to fluctuate in a range of 4.0 percent to 4.5 percent 

as of mid-November. 

Mortgage interest rates generally follow movements of

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

30-year fixed-rate loan fell from a monthly average peak of 

8.5 percent in May 2000 to under 5.25 percent at mid-June 

of this year—lows not seen since the mid1960s. Such 

exceptionally low rates boosted mortgage refinancings to 

record levels and helped free additional cash for

consumption. The rate rose to an average of 6.25 percent in 

August, but has since edged lower in tandem with the

fluctuation in 10-year Treasury yields.

Corporate bond yields reflect movements in long-term 

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

seasoned Baa yield on corporate bonds reached a monthly 

average peak of almost 9 percent in May 2000. Since then, it 

has been buffeted by financial reporting scandals,

perceptions of rising corporate and economic risks, and more 

recently, expectations of faster growth, leaving the yield at 

an average 6.7 percent in October. The spread between the 

Baa yield and the 10-year Treasury yield, a measure of

investor risk appetite, increased to nearly 4 percentage points 

in late 2002 but has since narrowed sharply to an average of 

2.5 percentage points as of October.
8 PROFILE OF THE ECONOMY

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003

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

1999 2000 2001 2002 2003

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Housing

The housing sector continued to surprise on the upside in 

the third quarter of 2003, maintaining a strong pace of

activity despite a rise in the average mortgage interest rate. 

After shooting up at more than a 50 percent annual rate in 

the second quarter, sales of new single-family homes rose a 

further 18 percent at an annual rate in the third quarter. The 

annualized selling pace reached 1.142 million, the highest 

quarterly level since the series started in 1963. Through 

three quarters of the year, new home sales are on pace to top 

the 1-million mark and break last year’s record of 972,000.

Resales of existing single-family homes have also been very 

strong, reaching a record-high 6.43 million at an annual rate 

in the third quarter. If maintained, resales would also

represent an all-time annual high (series started in 1981).

Mortgage interest rates crept up in the third quarter from 

the lows reached at the end of the second quarter but were 

still very favorable. The mortgage rate for a 30-year 

conventional fixed-rate loan rose from 5.21 percent in late 

June to an average of 6.26 percent in the month of August, 

but retreated to just under 6 percent by the end of

September. Demand for new homes was little affected by the 

modest increase in the rate as housing fundamentals

remained favorable, including expansion of the home -buying 

population, the relative safety of housing as an investment,

and continued home price appreciation. Refinancing activity

slowed as rates rose, in contrast, but many homeowners will 

continue to benefit from past refinancings through reduced 

monthly mortgage payments and a lower debt burden,

factors that will continue to support consumer spending and 

the economy.

The high level of demand for new homes spurred 

increased construction. Housing starts surged at an annual 

rate of 33 percent in the third quarter to 1.87 million units 

(also annualized). Over the last four quarters, starts were 

running at more than a 1.7 million annual pace, a level not 

seen since the last housing boom in the mid-1980s. Single -

family housing starts were holding at about a 1.4 million unit 

pace in recent quarters before jumping to 1.5 million in the 

third quarter. Starts in the smaller and more volatile multifamily market were 359,000 at an annual rate in the third 

quarter, also up significantly from the previous quarter. In 

total, housing starts are on track to post their best year since 

1986.

Federal budget

The Federal budget posted a deficit of $374 billion in 

fiscal 2003. That was $216 billion more than the deficit in 

fiscal 2002 and a record high. In relation to the U.S.

economy, however, the deficit was a moderate 3.5 percent of

GDP, below the shares of the early 1990s and 1980s when 

the deficit as a percent of GDP approached 5 percent and in 

one year hit 6.0 percent (in fiscal 1983).

Receipts in fiscal 2003 were $1.782 trillion. That was 

down $71 billion or 3.8 percent compared to the previous 

fiscal year. Net individual income taxes fell $65 billion (7.5 

percent) and net corporate taxes fell $16 billion (12.3

percent). Other receipts such as those from social insurance 

and retirement rose. The decline in total receipts was the 

third in a row but less than the 6.9 percent decrease recorded 

in fiscal 2002. Erosion in the past 3 years primarily reflected 
PROFILE OF THE ECONOMY 9

economic weakness, although the tax cuts enacted to jump -

start growth were also a factor. Receipts fell to16.6 percent 

as a share of GDP in fiscal 2003 from 17.9 percent in fiscal 

2002 and a record high of 20.8 percent in fiscal 2000. The 

2003 share was the lowest in 45 years.

Budget outlays in fiscal 2003 were $2.157 trillion, which 

was $146 billion or 7.2 percent higher than in the previous 

year. Growth was slower than the 7.9 percent increase

recorded in the previous fiscal year, but brought outlays to a 

20.1 percent share of GDP from 19.5 percent in the prior 

year. Outlays for national defense increased $55.6 billion or 

16 percent. Other major functions posting large growth in 

percentage terms were health (including Medicaid),

Medicare, and income security (chiefly for unemployment 

insurance). Net interest payments fell 10.6 percent,

reflecting lower interest rates.

Debt held by the public was $3.9 trillion at the end of the 

fiscal year, up $374 billion from the previous year. The size 

of the publicly-held debt in relation to the economy was 36.4 

percent. That was higher than a recent low of 33.1 percent in 

fiscal 2001 but less than the more than 40 percent share that 

prevailed from the late 1980s through the 1990s.

Net national saving and investment

Net national saving, the source of funds for new

investment, fell to 0.6 percent of net national product (NNP) 

in the first half of 2003 (latest available data) from

1.9 percent in 2002 and a recent high of 7.5 percent in 1998. 

(Net national saving and NNP exclude depreciation to

replace worn -out or obsolete equipment, software, and

structures used in production.)

The recent decline in the net national saving rate mostly 

stemmed from a change in the Federal budget from a surplus 

of 0.8 percent of NNP in calendar year 2001 to deficits of 

2.2 percent in calendar year 2002 and 3.6 percent in the first 

half of this year. These deficits largely reflected the effects 

of the recession and the need for spending on homeland 

security following the terrorist attacks in 2001. State and 

local government budgets also fell into deficit equivalent to 

0.4 percent of NNP in the first half of 2003 because of the 

weaker economy. Combined, the total public sector deficit 

was 4.0 percent of NNP in the first half of this year and 

2.8 percent of NNP in calendar year 2002, compared to a 

surplus of 0.5 percent of NNP in 2001. Even so, so far this 

year the 2003 deficit is still near public sector deficits

averaging 3.9 percent of NNP from 1982 to 1995.

In the first half of this year, private saving was

4.7 percent of NNP, the same as in 2002 but well above the 

rate of 3.3 percent in 2001, which was the lowest rate since 

1938. Both personal saving and retained earnings reached 

lows in 2001 not seen in at least 50 years. Personal saving 

was 2.9 percent of NNP in the first half of this year and 

3.2 percent in 2002, which were both substantially higher 

than the 1.9 percent in 2001. The low personal saving rate in 

2001 reflected the enormous growth in the stock market 

before 2001 that boosted household wealth so much that 

there was less incentive to save from income. In contrast, the 

most recent rise in saving indicated greater caution on the 

part of consumers in the face of the stock market declines 

and the weak economy. Retained earnings of corporations 

were at 1.8 percent of NNP in the first half of this year, 

which was a bit above the rates of 1.5 percent in 2002 and 

1.4 percent in 2001.

Net domestic investment (by government and private

industry in structures, equipment, software, and inventory) 

slowed to 5.9 percent of NNP in the first half of this year 

from 6.1 percent in 2002 and almost 10 percent from 1998 

through 2000. Nevertheless, the most recent rates of

investment are still above rates of less than 5-1/2 percent in 

1991 and 1992. A large part of investment during the last 

decade was financed from abroad. U.S. net foreign

investment swung from 0.3 percent of NNP in 1991 to 

-6.1 percent in the first half of this year.

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Total

(Saving as a percent of NNP)
10

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that

extend the availability of unobligated amounts that have

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they

would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities

(including an increase in redemption value of bonds

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

monetary credits, or electronic payments.

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax

credits in excess of tax liabilities are treated as outlays.

Outlays during a fiscal year may be for payment of

obligations incurred in prior years or in the same year.

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax

receipts (including social insurance taxes), receipts from

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former norma lly 

can be used without 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 fro m (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 11

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

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

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

provide a summary of data relating to Federal fiscal

operations reported by Federal entities and disbursing

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets, and

balances in Treasury operating cash.

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts.

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

agency.

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are

collections made in a fiscal year. They span several tax

liability years because they consist of prepayments

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source

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

Fourth-Quarter Receipts

The following capsule analysis of budget receipts, 

by source, for the fourth quarter of fiscal 2003

supplements fiscal data reported in the September 

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 $189.1 billion for the fourth 

quarter of fiscal 2003. This is a decrease of $25.9 billion

over the comparable prior year quarter. Withheld receipts 

decreased by $9.1 billion and non-withheld receipts

decreased by $3.3 billion during this period. Refunds

increased by $13.5 billion over the comparable fiscal 2002

quarter. This difference generally relates to payments issued 

in accordance with provisions of the Jobs and Growth Tax 

Relief Reconciliation Act of 2003. There was an increase of

$1.9 billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in fiscal 2002.

Corporate income taxes—Net corporate income tax

receipts were $34.2 billion for the fourth quarter of fiscal

2003. This is an increase of $2.1 billion compared to the prior 

year fourth quarter. The $2.1 billion change is comprised of a 

decrease of $1.8 billion in estimated and final payments, and a 

decrease of $3.9 billion in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of

fiscal 2003 were $158.8 billion, an increase of $0.2 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 $0.9 billion, $0.2 billion, and -$0.1 billion,

respectively. There was a -$3.2 billion accounting

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal 2003, while there was a -$1.3 

billion adjustment in the fourth quarter of fiscal 2002.

Unemployment insurance—Unemployment insurance

receipts, net of refunds, for the fourth quarter of fiscal 2003

were $8.3 billion, an increase of $2.8 billion over the

comparable quarter of fiscal 2002. Net State taxes deposited 

in the United States Treasury increased by $2.7 billion. Net 

Federal Unemployment Tax Act (FUTA) taxes did not

change significantly from $1.2 billion.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

fourth quarter of fiscal 2003. This was a negligible change 

from the comparable quarter of fiscal 2002. 
12 FEDERAL FISCAL OPERATIONS

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, con.

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal 2003 were $19.6 billion, an increase of $0.6 

billion over the comparable prior year quarter. Total excise 

tax refunds for the quarter were $0.7 billion, a decrease of

$0.1 billion over the comparable prior year quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $5.2 billion for the fourth quarter of fiscal 2003. These 

receipts represent a decrease of $1.2 billion over the same 

quarter in fiscal 2002.

Customs duties—Customs duties net of refunds were 

$5.6 billion for the fourth quarter of fiscal 2003. This is an 

increase of $0.2 billion over the comparable prior year

quarter.

Miscellaneous receipts—Net miscellaneous receipts for 

the fourth quarter of fiscal 2003 were $7.5 billion, a decrease 

of $1.0 billion over the comparable prior year quarter. This 

change is due in part to deposits of earnings by Federal 

Reserve banks decreasing by $1.9 billion.

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

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

 Fourth quarter

 July - Sept. Fiscal 2003

Total on- and off-budget results:

Total receipts.................................................... 429,495 1,782,317

On-budget receipts .......................................... 305,926 1,258,475

Off-budget receipts .......................................... 123,568 523,842

Total outlays..................................................... 533,977 2,156,536

On-budget outlays........................................... 419,187 1,793,527

Off-budget outlays........................................... 114,789 363,009

Total surplus or deficit (-)..................................... -104,481 -374,219

On-budget surplus or deficit (-)........................... -113,261 -535,052

Off-budget surplus or deficit (-)........................... 8,780 160,833

Means of financing:

Borrowing from the public..................................... 107,583 374,321

Reduction of operating cash................................ -4,914 25,926

Other means..................................................... 1,814 -26,028

Total on- and off-budget financing....................... 104,481 374,219

Fourth-Quarter Net Budget Receipts by Source, Fiscal 2003

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

Source July Aug. Sept.

Individual income taxes ........................................... 54.2 45.5 89.5

Corporate income taxes .......................................... 2.6 1.3 30.3

Employment taxes and contributions .......................... 50.9 52.1 55.8

Unemployment insurance........................................ 2.5 3.9 1.9

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

Excise taxes ......................................................... 6.6 5.6 7.4

Estate and gift taxes ............................................... 1.8 1.5 1.9

Customs duties ..................................................... 1.9 1.8 1.8

Miscellaneous receipts............................................ 2.8 2.2 2.6

Total budget receipts...........................................

123.6 114.3 191.6

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

CHART FFO-A.—

Monthly Receipts and Outlays, 2002-2003

(In billions of dollars) 

-50

0

50

100

150

200

250

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

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. receipts Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year. 

2003

2002 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2002-2003

(In billions of dollars)
14 FEDERAL FISCAL OPERATIONS

TABLE FFO-1.—Summary of Fiscal Operations

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

Total on-budget and off-budget results

Fiscal year

or month

Total 

receipts 

 (1)

 On-budget

 receipts

 (2)

 Off-budget

 receipts

 (3)

Total outlays

(4)

On-budget 

outlays

(5)

Off-budget 

outlays

(6)

Total

surplus or

deficit (-)

(7)

On-budget 

surplus or

deficit (-)

(8)

Off-budget 

surplus or

deficit (-)

(9)

Means of 

financing

– net transactions

Borrowing from

the public–

Federal securities

Public debt

securities

(10)

1999................................ 1,827,302 1,382,834 444,468 1,701,328 1,380,550 320,778 125,974 2,283 123,691 128,230

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

2001................................ 1,991,044 1,483,525 507,519 1,863,769 1,516,931 346,838 127,276 -33,406 160,682 141,902

2002................................ 1,853,296 1,337,975 515,321 2,010,962 1,655,299 355,663 -157,666 -317,324 159,658 428,391

2003................................ 1,782,317 1,258,475 523,842 2,156,536 1,793,527 363,009 -374,219 -535,052 160,833 561,811

2004 - Est................................ 1,922,025 1,365,857 556,168 2,229,425 1,847,924 381,501 -307,400 -482,067 174,667 568,979

2002 - Sept................................ 192,761 148,306 44,456 151,102 109,106 41,995 41,659 39,199 2,460 18,442

Oct................................ 124,557 88,065 36,492 r 178,628 r 146,600 32,028 r -54,072 r -58,535 4,464 55,342

Nov ................................ 120,037 80,671 39,366 r 178,914 r 141,717 37,196 r -58,877 r -561,047 2,170 63,065

Dec ................................ 182,799 140,682 42,117 r 178,059 r 182,467 -4,408 r 4,740 r -41,785 46,525 64,863

2003 - Jan................................ 187,897 138,697 49,200 r 177,256 r 142,534 34,722 r 10,641 r -3,837 14,478 -3,037

Feb................................ 89,496 48,176 41,320 r 186,164 r 148,452 37,712 r -96,668 r -100,276 3,608 43,991

Mar................................ 120,371 76,051 44,320 r 179,288 r 141,186 38,102 r -58,918 r -65,135 6,217 15,044

Apr................................ 231,174 175,766 55,408 r 180,114 r 145,477 34,637 r 51,060 r 30,289 20,771 -6

May ................................ 103,433 60,594 42,839 r 192,301 r 153,976 38,324 r -88,868 r -93,383 4,515 98,564

June................................ 193,059 143,847 49,212 r 171,836 r 171,929 -93 r 21,223 r -28,082 49,305 112,268

July ................................ 123,589 84,045 39,544 177,830 142,580 35,249 -54,241 -58,535 4,295 79,210

Aug ................................ 114,263 73,785 40,478 190,880 150,960 39,920 -76,616 -77,175 558 38,838

Sept................................ 191,643 148,096 43,546 165,267 125,647 39,620 26,376 22,449 3,927 -6,331

Fiscal 2003................................ 1,782,317 1,258,475 523,842 2,156,536 1,793,527 363,009 -374,219 -535,052 160,833 561,811

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)

1999................................ -854 216,740 -89,364 17,580 2,178 783 -1,173 -18,251 1,009 -125,974

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

2001................................ -661 231,370 -90,130 -8,440 1,603 8,181 4,717 -21,655 -9,430 -127,276

2002................................ 159 207,708 220,842 16,667 790 15,714 2,457 -24,712 -2,836 157,666

2003................................ -148 187,343 374,321 -25,926 353 -25,100 4,245 -47,038 506 374,219

2004 - Est................................ -242 281,113 287,624 - * * * 19,776 * 307,400

2002 - Sept................................ 896 23,431 -4,093 34,369 -43 1,132 818 -1,866 576 -41,659

Oct................................ -445 21,511 33,385 -17,172 -24 -18,105 -273 r -14,887 - r 54,072

Nov ................................ 138 -42 63,245 -12,771 169 -8,114 -108 r -25,192 - r 58,879

Dec ................................ 412 65,038 237 2,062 311 9,106 1,497 r 7,999 - r -4,740

2003 - Jan................................ -353 7,508 -10,897 -1,835 -868 2,599 -25 r 127 - r -10,641

Feb................................ -520 -1,752 45,222 -22,615 70 -33,494 -266 r -5,001 142 r 96,668

Mar................................ 478 -13,693 29,215 4,695 24 -1,898 1,173 r 33,731 -34 r 58,918

Apr................................ -436 8,239 -8,681 15,195 83 35,899 -116 r 8,546 136 r -51,060

May ................................ 50 24,842 73,772 -20,949 404 -63,370 473 r -68,345 -1 r 88,868

June................................515 71,544 41,239 22,548 -160 57,392 897 r 18,215 * r -21,223

July ................................ -23 -6,738 85,926 15,063 -75 40,470 -471 23,125 177 54,241

Aug ................................ 144 -6,111 45,093 -39,662 -26 -48,094 -411 -56,657 -13 76,616

Sept................................-107 16,997 -23,436 29,513 443 2,509 1,875 31,301 99 -26,376

Fiscal 2003 ................................ -148 187,343 374,321 -25,926 353 -25,100 4,245 -47,038 506 374,219

* Less than $500,000. Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. Detail may not add to 

totals due to rounding.
FEDERAL FISCAL OPERATIONS 15

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

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

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)

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

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

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

2002................................ 750,756 286,956 179,365 858,345 211,438 63,396 148,044 1,006,389 665,381 1,011 664,370

2003................................ 734,647 252,502 193,450 793,699 194,522 62,745 131,778 925,477 672,728 1,699 671,029

2004 - Est................................ 849,880 - - 849,880 169,060 - 169,060 1,018,940 715,952 - 715,952

2002 - Sept................................ 56,151 39,818 4,229 91,740 35,346 4,525 30,821 122,561 57,481 1,011 56,470

Oct................................ 61,465 8,224 2,003 67,686 6,691 11,181 -4,490 63,196 47,981 * 47,981

Nov ................................ 60,752 2,420 8,162 55,010 3,107 5,252 -2,145 52,865 51,904 - 51,904

Dec ................................ 70,693 5,663 1,388 74,968 43,066 3,443 39,623 114,591 55,663 1 55,662

2003 - Jan................................ 68,904 43,775 3,853 108,825 4,883 3,690 1,193 110,018 63,234 - 63,234

Feb................................ 63,030 2,230 40,278 24,981 3,897 5,098 -1,201 23,780 52,147 - 52,147

Mar................................ 69,540 5,603 34,538 40,604 21,861 10,277 11,585 52,189 54,994 - 54,994

Apr................................ 56,876 104,074 39,260 121,690 24,765 6,491 18,275 139,965 71,139 * 71,139

May ................................ 56,798 3,242 35,990 24,051 6,695 4,035 2,660 26,711 54,250 - 54,250

June................................ 58,322 31,412 2,952 86,781 35,921 3,889 32,032 118,813 61,989 - 61,989

July ................................ 57,889 4,064 7,796 54,157 6,017 3,387 2,630 56,787 50,514 - 50,514

Aug ................................ 53,638 4,680 12,864 45,454 3,135 1,864 1,270 46,724 51,762 - 51,762

Sept................................ 56,739 37,117 4,365 89,490 34,484 4,139 30,344 119,834 57,149 1,699 55,450

Fiscal 2003 ................................ 734,647 252,502 193,450 793,699 194,522 62,745 131,778 925,477 672,728 1,699 671,029

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 unemployment 

insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

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

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

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

2002................................ 4,185 5 4,178 668,548 27,746 127 27,620 4,533 61 4,594

2003................................ 3,962 8 3,953 674,981 33,481 115 33,366 4,578 53 4,631

2004 - Est................................ 3,911 - 3,911 719,863 40,206 - 40,206 4,433 46 4,479

2002 - Sept................................ 388 * 388 56,858 257 7 250 359 4 363

Oct................................. 378 1 377 48,358 1,544 8 1,537 433 5 438

Nov ................................ 350 - 350 52,254 2,433 - 2,433 354 3 358

Dec ................................ 324 1 323 55,986 299 12 287 354 6 360

2003 - Jan................................ 364 - 364 63,598 1,364 2 1,362 426 4 431

Feb................................ 379 - 379 52,526 2,123 - 2,123 326 4 330

Mar................................ 425 * 424 55,418 327 13 315 383 4 387

Apr................................ 312 * 312 71,452 5,829 21 5,807 385 6 391

May ................................ 353 6 347 54,597 10,325 12 10,313 408 4 412

June................................ -24 8 -32 r 61,956 951 71 880 355 5 360

July ................................ 403 * 403 50,917 2,534 14 2,520 349 4 353

Aug................................ 327 * 327 52,089 3,962 19 3,943 426 4 430

Sept ................................ 373 -7 379 55,830 1,789 -57 1,846 379 4 383

Fiscal 2003................................ 3,962 8 3,953 674,981 33,481 115 33,366 4,578 53 4,631

See footnote at end of table.
16 FEDERAL FISCAL OPERATIONS

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)

1999................................ 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,864 34,781 1,382,834 444,468

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

2001................................ 66,232 29,248 848 28,400 20,543 1,175 19,368 26,124 11,540 37,664 1,483,525 507,519

2002................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,366 34,049 1,337,975 515,321

2003................................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,641 34,519 1,258,475 523,842

2004 - Est................................ 70,905 23,379 - 23,379 20,713 - 20,713 27,078 11,462 38,540 1,365,857 556,168

2002 - Sept................................ 7,082 1,984 41 1,943 1,817 299 1,518 1,593 594 2,186 148,306 44,456

Oct................................ 4,612 2,085 68 2,017 1,843 280 1,563 1,968 868 2,835 88,065 36,492

Nov ................................ 5,958 1,746 91 1,655 1,742 115 1,627 2,033 853 2,887 80,671 39,366

Dec ................................ 5,480 1,961 76 1,885 1,749 93 1,655 1,879 674 2,554 140,682 42,117

2003 - Jan................................ 5,395 2,055 55 2,000 1,743 62 1,681 2,551 860 3,411 138,697 49,200

Feb................................ 5,226 1,629 69 1,561 1,604 76 1,527 1,524 898 2,422 48,176 41,320

Mar................................ 4,689 1,999 59 1,941 1,659 82 1,577 1,469 2,387 3,856 76,051 44,320

Apr................................ 6,215 2,810 73 2,737 1,685 72 1,613 2,205 789 2,995 175,766 55,408

May ................................ 4,782 1,640 65 1,575 1,524 81 1,442 2,458 1,143 3,601 60,594 42,839

June................................ 5,583 1,466 60 1,406 1,690 84 1,606 1,401 1,055 2,456 143,847 49,212

July ................................ 6,551 1,845 71 1,773 1,990 67 1,923 1,547 1,217 2,765 84,045 39,544

Aug................................ 5,601 1,575 85 1,491 1,898 71 1,827 1,160 998 2,158 73,785 40,478

Sept ................................ 7,430 2,015 96 1,919 1,906 86 1,821 1,683 897 2,580 148,096 43,546

Fiscal 2003................................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,641 34,519 1,258,475 523,842

* Less than $500,000. Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. 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)

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

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

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

2002................................ 700,762 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659

2003................................ 712,979 8,729 35 8,694 506 - 506 34,757 867 33,890 25,498 1,066 24,432

2004 - Est................................ 764,548 10,218 - 10,218 574 - 574 34,912 - 34,912 25,201 - 25,201

2002 - Sept................................ 57,471 924 14 910 78 - 78 4,946 219 4,727 1,436 68 1,367

Oct ................................ 50,333 125 - 125 8 - 8 465 1 464 4,089 74 4,015

Nov ................................ 55,044 865 * 865 56 - 56 3,469 - 3,469 1,613 45 1,568

Dec................................ 56,633 589 - 589 37 - 37 2,390 - 2,390 2,546 81 2,465

2003 - Jan................................ 65,391 709 - 709 46 - 46 2,839 - 2,839 1,869 70 1,800

Feb................................ 54,979 707 13 694 44 - 44 2,636 271 2,366 1,910 -213 2,123

Mar................................ 56,120 611 - 611 42 - 42 3,093 - 3,093 1,317 375 942

Apr ................................ 77,650 726 * 726 45 - 45 2,699 3 2,696 2,823 75 2,748

May ................................ 65,321 777 6 771 50 - 50 2,975 303 2,671 1,405 116 1,289

June................................ 63,197 660 * 660 5 - 5 2,292 2 2,290 2,701 73 2,628

July................................ 53,790 747 - 747 48 - 48 2,858 - 2,858 2,981 83 2,898

Aug................................ 56,462 842 16 826 45 - 45 3,263 287 2,976 1,793 39 1,754

Sept................................ 58,058 1,370 - 1,370 80 - 80 5,778 - 5,778 450 249 201

Fiscal 2003................................ 712,979 8,729 35 8,694 506 - 506 34,757 867 33,890 25,498 1,066 24,432
FEDERAL FISCAL OPERATIONS 17

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

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

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military

(5)

Department of

Education

(6)

Department of

Energy

(7)

Department of 

Health 

and

Human 

Services

(8)

Department of 

Homeland

Security

(9)

Department of

Housing 

and Urban

Development

(10)

Department of

the

Interior

(11)

Department of

Justice

(12)

Department of

Labor

(13)

1999................................ 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 - 32,736 7,814 18,318 32,459

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

2001................................ 3,030 4,409 68,156 5,017 291,030 35,724 16,420 426,391 - 33,937 8,001 20,810 39,271

2002................................ 3,230 4,824 68,989 5,322 332,116 46,285 17,772 466,104 - 31,880 9,641 24,197 64,252

2003................................ 3,460 5,123 72,467 5,681 388,891 57,337 19,385 505,410 31,843 37,470 9,191 21,710 69,182

2004 - Est................................ 4,336 5,663 74,124 5,778 370,707 58,891 21,030 539,015 27,942 36,486 10,722 24,271 58,118

2002 - Sept................................ 326 410 4,754 581 27,116 5,697 1,669 36,321 - 973 922 2,259 5,245

Oct................................ 335 412 9,336 427 28,745 4,237 2,255 43,869 r 1,762 3,654 1,017 2,048 5,878

Nov ................................ 259 407 7,857 481 31,293 3,449 1,886 42,388 2,223 2,982 547 1,470 5,251

Dec ................................ 274 399 8,657 525 33,607 4,123 1,156 41,935 r 2,257 3,222 732 1,650 5,425

2003 - Jan................................ 291 520 7,753 437 29,762 6,631 1,635 41,675 r 1,649 3,053 338 r 1,691 6,647

Feb................................ 253 404 5,031 408 28,613 5,376 1,153 38,867 r 5,011 2,544 559 r 1,575 5,342

Mar................................ 340 380 5,591 464 28,889 9,087 1,713 37,741 2,365 2,808 705 r 1,998 6,137

Apr................................ 300 424 4,743 362 35,553 1,255 1,299 44,359 1,975 3,134 976 r 1,844 5,859

May ................................ 281 406 4,883 460 36,236 5,180 674 45,484 4,184 2,907 669 r 1,865 5,659

June................................ 300 417 3,625 443 32,046 5,185 1,884 40,287 2,079 5,082 904 r 1,618 5,548

July ................................ 233 408 4,834 428 33,397 2,816 2,773 43,829 1,965 2,735 804 1,731 6,390

Aug ................................ 270 512 4,676 555 37,418 3,539 1,571 45,245 2,766 2,795 719 1,885 5,752

Sept................................ 323 434 5,480 690 33,330 6,458 1,384 39,733 3,608 2,555 1,219 2,337 5,295

Fiscal 2003 ................................ 3,460 5,123 72,467 5,681 388,891 57,337 19,385 505,410 31,843 37,470 9,191 21,710 69,182

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)

Federal 

Emergency 

Management 

Agency

(23)

General 

Services 

Administration

(24)

International 

Assistance 

Program

(25)

1999................................ 6,463 41,836 352,841 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061

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

2001................................ 7,446 54,075 359,508 30,442 45,043 4,726 34,161 7,390 280 4,415 -8 11,771

2002................................ 9,453 61,282 332,537 41,979 50,881 4,798 35,159 7,451 496 4,236 -271 13,309

2003................................ 9,257 50,803 318,149 48,636 56,892 4,749 39,880 8,065 362 4,695 336 13,492

2004 - Est................................ 10,205 53,680 351,481 40,487 61,889 4,117 40,442 8,270 341 - 80 15,235

2002 - Sept................................ 830 5,770 14,868 -5,183 2,481 439 2,946 719 30 557 -98 -102

Oct................................ 1,283 4,961 13,677 r 1,895 4,446 580 3,461 643 26 366 45 897

Nov ................................ 902 3,654 19,552 1,512 6,461 436 3,112 604 25 400 32 1,292

Dec ................................ 858 4,458 84,989 777 4,495 396 3,222 627 23 353 60 605

2003 - Jan................................ 426 2,930 13,163 r 2,059 4,929 385 3,534 683 38 483 -43 1,018

Feb................................ 642 1,131 15,835 r 20,856 4,570 382 3,208 587 22 3,094 -348 1,573

Mar................................ 791 3,313 13,418 r 10,385 2,974 351 3,566 706 26 - 304 1,824

Apr................................ 943 4,548 14,060 r 5,942 4,964 341 3,226 749 29 - 301 1,049

May ................................ 806 4,494 20,339 r 2,424 6,967 426 3,253 638 25 - -4 2,102

June................................ 546 5,042 82,734 r 6,649 2,164 324 3,461 642 33 - 266 r 1,090

July ................................ 735 5,098 11,035 2,515 4,779 379 3,312 649 30 - -4 1,142

Aug................................ 767 5,139 16,176 977 7,425 338 3,183 734 37 - -213 1,335

Sept ................................ 557 6,035 13,170 -7,353 2,722 414 3,343 802 47 - -60 -436

Fiscal 2003................................ 9,257 50,803 318,149 48,636 56,892 4,749 39,880 8,065 362 4,695 336 13,492

See footnote at end of table.
18 FEDERAL FISCAL OPERATIONS

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

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

Undistributed offsetting receipts

Total outlays

Fiscal year

or month

National 

Aeronautics 

and

Space

Administration

(26)

National 

Science 

Foundation

(27)

Office of

Personnel 

Management

(28)

Small 

Business 

Administration

(29)

Social 

Security 

Administration

(30)

Independent 

agencies

 (31)

Employer 

share, 

employee 

retirement

(32)

Interest 

received 

by trust 

funds

(33)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(34)

Allow -

ances 

and 

other

(35)

Onbudget 

(36)

Offbudget

(37)

1999................................ 13,665 3,285 47,515 58 419,790 6,903 -35,594 -118,593 -3,098 -1,754 1,380,550 320,778

2000................................ 13,443 3,487 48,660 -422 441,810 10,549 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765

2001................................ 14,094 3,691 50,916 -569 461,748 13,393 -38,792 -143,936 -7,194 -1,025 1,516,931 346,838

2002................................ 14,429 4,187 52,512 492 488,694 15,729 -42,782 -153,196 -5,024 -2 1,655,299 355,663

2003................................ 14,552 4,735 54,135 1,559 508,160 6,116 -41,150 -156,111 -5,029 -8,201 1,793,527 363,009

2004 - Est................................ 15,255 5,092 58,475 770 530,765 14,183 -49,479 -164,230 -3,989 -200 1,847,924 381,501

2002 - Sept................................ 1,350 388 4,543 -203 38,448 6,052 -7,161 -1,162 -683 -1 109,106 41,995

Oct................................ 1,130 387 4,721 91 40,901 r -64 -3,476 -63 -282 -605 r 146,600 32,028

Nov ................................ 1,067 366 4,310 -359 43,951 r 620 -3,101 -5,204 -209 -604 r 141,717 37,196

Dec ................................ 1,207 333 4,553 456 41,614 r 17 -3,163 -70,185 -557 -686 r 182,467 -4,408

2003 - Jan................................ 1,137 338 4,507 58 41,915 r 2,312 -3,473 216 -304 -652 r 142,534 34,772

Feb................................ 1,030 331 4,203 85 41,847 r 1,519 -3,160 -2,126 -412 -750 r 148,452 37,712

Mar................................ 1,249 339 4,549 32 39,334 r 2,284 -3,254 -77 -357 -688 r 141,186 38,102

Apr................................ 1,323 362 4,777 925 42,148 r -2,921 -3,365 -23 -659 -689 r 145,477 34,637

May ................................ 1,175 369 4,168 71 45,222 r -76 -3,644 -4,451 -197 -693 r 153,976 38,324

June................................ 1,278 439 4,630 52 43,481 r -3,009 -3,650 -72,201 -864 -690 r 171,929 -93

July ................................ 1,166 464 4,993 58 42,285 1,188 -3,429 179 -387 -700 142,580 35,249

Aug................................ 1,176 544 4,128 40 45,451 2,533 -3,796 -2,035 -66 -697 150,960 39,920

Sept ................................ 1,613 461 4,598 50 40,012 1,712 -3,640 -142 -736 -747 125,647 39,620

Fiscal 2003 ................................ 14,552 4,735 54,135 1,559 508,160 6,116 -41,150 -156,111 -5,029 -8,201 1,793,527 363,009

* Less than $500,000. Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. Detail may not add to 

totals due to rounding.
FEDERAL FISCAL OPERATIONS 19

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

September 2003 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 ..........................................793,644 55 - 793,699 858,278 67 - 858,345

Corporation income taxes .......................................131,877 - -99 131,778 148,036 - 7 148,044

Social insurance and retirement receipts:

Employment and general retirement (off-budget) ....... - - 523,842 523,842 - - 515,321 515,321

Employment and general retirement (on-budget) ....... - - 151,139 151,139 - - 153,227 153,227

Unemployment insurance................................ - - 33,366 33,366 - - 27,620 27,620

Other retirement................................................ - - 4,631 4,631 - - 4,594 4,594

Excise taxes ........................................................ 23,036 592 43,894 67,522 23,423 594 42,972 66,989

Estate and gift taxes .............................................. 21,959 - - 21,959 26,507 - - 26,507

Customs duties..................................................... 12,959 6,080 823 19,862 12,079 5,805 718 18,602

Miscellaneous receipts........................................... 23,361 10,476 682 34,519 24,945 8,252 780 33,977

Total receipts................................................. 1,006,836 17,204 758,278 1,782,317 1,093,268 14,718 745,239 1,853,225

(On-budget) ............................................... 1,006,836 17,204 234,436 1,258,475 1,093,268 14,718 229,918 1,337,904

(Off-budget) ............................................... - - 523,842 523,842 - - 515,321 515,321

Budget outlays:

Legislative branch................................................. 3,308 122 30 3,460 3,127 97 -14 3,211

Judicial branch..................................................... 4,854 265 5 5,123 4,581 243 * 4,824

Department of Agriculture....................................... 56,117 16,446 -97 72,467 52,987 15,789 213 68,989

Department of Commerce....................................... 5,741 -62 2 5,681 5,352 -34 4 5,322

Department of Defense-military ................................389,129 -290 52 388,891 330,768 1,336 12 332,116

Department of Education........................................ 57,369 -32 * 57,337 46,113 172 * 46,286

Department of Energy ............................................ 21,602 -2,218 * 19,385 20,264 -2,492 * 17,772

Department of Health and Human Services.................345,703 -72 159,779 505,410 325,638 -139 140,605 466,104

Department of Homeland Security ............................. 33,805 -2,186 224 31,843 17,151 -1,515 344 15,980

Department of Housing and Urban Development.......... 37,748 -275 -3 37,470 36,445 -4,566 * 31,880

Department of the Interior ....................................... 9,874 -1,006 322 9,191 9,586 -149 304 9,741

Department of Justice............................................ 20,113 1,226 371 21,710 18,783 1,100 863 20,746

Department of Labor.............................................. 10,571 306 58,306 69,182 10,234 -906 54,923 64,252

Department of State............................................... 8,933 -88 412 9,257 9,007 15 432 9,453

Department of Transportation................................ 3,299 -150 47,654 50,803 6,384 -46 49,774 56,112

Department of the Treasury:

Interest on the public debt................................ 318,149 - - 318,149 332,537 - - 332,537

Other.............................................................. 47,314 1,363 -42 48,636 38,635 246 -23 38,857

Department of Veterans Affairs................................ 57,759 -1,868 1,001 56,892 51,393 -1,497 986 50,881

Corps of Engineers................................................ 4,205 -135 679 4,749 4,172 -76 701 4,798

Other defense civil programs ................................ 32,378 -10,252 17,755 39,880 17,116 1 18,041 35,159

Environmental Protection Agency.............................. 7,317 -11 758 8,065 6,902 -17 565 7,450

Executiv e Office of the President.............................. 361 * * 362 453 * - 453

General Services Administration............................... 831 -495 * 336 167 -438 * -271

International Assistance Program.............................. 15,061 -1,717 149 13,492 15,094 -1,623 -162 13,309

National Aeronautics and Space Administration............ 14,551 - 1 14,552 14,428 - 1 14,429

National Science Foundation................................ 4,677 35 23 4,735 4,130 26 31 4,187

Office of Personnel Management.............................. 28,610 27 25,497 54,135 28,225 -102 24,390 52,512

Small Business Administration ................................ 1,703 -145 * 1,559 660 -168 * 492

Social Sec urity Administration................................ 46,755 4 461,400 508,160 46,275 -7 442,426 488,694

Other independent agencies ................................ 4,883 -1,791 3,025 6,117 7,960 2,390 5,515 15,865

Undistributed offsetting receipts:

Interest............................................................ - - -156,111 -156,111 - - -153,316 -153,316

Other.............................................................. -3,981 -9,249 -41,150 -54,380 -3,979 -1,047 -42,782 -47,808

Total outlays.................................................. 1,588,738 -12,245 580,043 2,156,536 1,460,588 6,593 543,835 2,011,016

(On-budget) ............................................... 1,588,738 -6,999 211,788 1,793,527 1,460,588 7,243 187,521 1,655,353

(Off-budget) ............................................... - -5,245 368,255 363,009 - -651 356,314 355,663

Surplus or deficit (-).........................................-581,903 29,449 178,234 -374,219 -367,320 8,125 201,404 -157,791

(On-budget) ...............................................-581,903 24,203 22,647 -535,052 -367,320 7,474 42,397 -317,449

(Off-budget) ............................................... - 5,245 155,587 160,833 - 651 159,007 159,658

- No transactions.

* Less than $500,000.

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

TABLE FFO-5.—Internal Revenue Receipts by State, 2003

[In thousands of dollars. Source: Internal Revenue Service]

Individual income and employment taxes

State

 Grand 

 total

 (1)

Total individual

income and

employment

taxes 

(2)

Income tax

not withheld

and SECA 1, 2

(3)

Income tax

withheld 

 and FICA 1

(4)

Railroad

retirement

(5)

Unemployment

insurance

(6)

Corporation

income

taxes 3

(7)

Estate

tax

(8)

Gift

tax

(9)

Excise

tax

(10)

Alabama................................................................ 17,907,240 16,152,532 2,884,651 13,185,294 2,155 80,432 1,472,356 149,097 6,127 127,128

Alaska................................................................ 3,248,666 3,027,170 680,895 2,333,420 1,549 11,306 125,947 27,719 858 66,973

Arizona................................................................ 23,230,937 20,984,391 4,305,585 16,575,251 602 102,953 942,155 319,691 23,705 960,995

Arkansas................................................................ 19,848,757 14,827,504 1,602,302 13,093,577 1,806 129,819 4,413,463 112,905 53,834 441,051

California................................................................ 227,610,714 198,328,471 43,690,429 153,834,242 4,762 799,038 22,246,028 3,639,410 353,295 3,043,510

Colorado................................................................ 33,739,206 31,259,355 5,480,416 25,659,225 8,868 110,845 1,071,038 273,120 23,448 1,112,245

Connecticut................................................................ 38,745,705 31,288,964 6,474,285 24,723,506 1,048 90,125 6,690,855 504,129 27,836 233,921

Delaware................................................................ 10,480,992 6,877,398 958,494 5,897,522 299 21,082 3,442,270 135,502 5,104 20,718

District of Columbia................................ 19,412,913 14,645,492 1,081,041 13,204,907 338,515 21,029 4,297,806 135,671 42,090 291,854

Florida................................................................ 91,246,614 83,306,193 20,879,729 61,384,790 679,682 361,992 4,992,019 1,650,722 128,643 1,169,037

Georgia................................................................ 56,847,327 46,677,570 6,986,619 39,453,620 3,700 233,631 6,890,594 339,883 14,656 2,924,623

Hawaii................................................................ 5,262,429 4,715,641 1,071,230 3,624,828 - 19,583 381,241 62,306 5,758 97,482

Idaho................................................................ 6,756,778 6,166,056 969,781 5,156,668 1,155 38,451 496,204 59,762 1,757 33,000

Illinois ................................................................ 105,855,104 89,317,928 14,155,354 74,634,419 210,022 318,133 12,404,202 942,035 113,746 3,077,193

Indiana................................................................ 33,066,026 30,681,682 4,392,651 26,153,024 22,150 113,857 1,781,504 267,871 17,398 317,571

Iowa................................................................ 14,558,902 12,644,426 2,081,843 10,505,601 3,576 53,406 1,656,349 104,580 57,281 96,266

Kansas................................................................ 15,516,283 13,108,002 2,231,581 10,814,314 - 62,107 731,812 109,384 5,883 1,561,203

Kentucky................................................................ 16,812,239 15,360,887 2,530,661 12,756,006 5,776 68,444 1,036,856 173,818 28,617 212,061

Louisiana................................................................ 19,877,878 18,293,627 3,041,638 15,188,125 3,255 60,609 1,232,478 179,479 13,797 158,497

Maine ................................................................ 5,193,776 4,678,831 1,030,221 3,619,242 2,990 26,378 321,962 72,576 3,473 116,933

Maryland ................................................................ 38,251,420 35,600,812 6,129,785 29,340,715 20,422 109,891 1,857,287 360,671 32,510 400,140

Massachusetts................................................................ 56,053,659 51,403,125 9,482,541 41,726,439 27,114 167,031 3,495,687 653,225 44,849 456,773

Michigan................................................................ 64,763,676 60,406,081 7,070,506 53,062,614 32,645 240,316 3,619,647 520,464 41,518 175,967

Minnesota................................................................ 57,906,055 47,895,671 5,088,445 42,564,910 65,402 176,914 8,526,304 252,972 25,326 1,205,781

Mississippi................................................................ 9,014,417 8,213,200 1,547,369 6,621,891 1,435 42,505 470,899 85,333 16,162 228,823

Missouri................................................................ 38,120,366 31,473,438 4,387,885 26,895,656 51,566 138,330 3,332,667 385,396 35,791 2,893,075

Montana................................................................ 3,095,923 2,894,588 766,717 2,101,798 16,537 9,536 -33,648 52,240 2,004 180,739

Nebraska................................................................ 13,866,728 9,780,730 1,424,936 7,359,133 955,909 40,751 3,907,874 72,958 5,264 99,903

Nevada................................................................ 13,169,754 10,243,996 3,019,912 7,173,523 78 50,483 2,708,395 129,340 22,197 65,826

New Hampshire................................ 7,366,033 6,775,701 1,364,793 5,385,275 202 25,431 322,588 201,342 3,273 63,128

New Jersey................................................................ 86,513,856 76,240,503 11,726,169 64,164,629 110,940 238,765 7,933,899 811,785 41,575 1,486,094

New Mexico................................................................ 6,270,896 5,848,069 1,159,370 4,655,805 168 32,726 257,641 69,046 1,317 94,823

New York ................................................................ 168,462,287 146,507,536 25,508,068 120,303,548 278,217 417,703 18,349,651 2,238,085 246,130 1,120,885

North Carolina................................................................ 48,364,657 40,298,369 5,859,961 34,244,744 4,309 189,355 7,406,005 427,041 27,950 205,292

North Dakota................................................................ 2,721,458 2,503,952 506,149 1,983,789 2,775 11,239 176,744 20,507 1,090 19,165

Ohio................................................................ 85,242,232 71,880,160 8,235,690 63,365,686 20,676 258,108 9,606,260 743,561 80,083 2,932,168

Oklahoma ................................................................ 19,635,119 12,755,850 2,508,068 10,182,662 1,489 63,631 1,309,467 165,236 6,677 5,397,890

Oregon................................................................ 17,540,189 16,355,197 2,963,562 13,309,143 1,257 81,235 763,313 203,195 24,910 193,574

Pennsylvania................................................................ 81,812,329 73,649,378 10,723,144 62,574,887 79,541 271,806 5,374,086 892,220 53,500 1,843,145

Rhode Island................................................................ 8,663,584 7,074,264 1,031,636 6,015,804 9 26,815 1,500,949 79,892 2,883

South Carolina................................ 14,999,137 13,952,294 2,530,815 11,347,983 1,223 72,273 723,067 177,597 5,148

5,596

141,031

South Dakota................................................................ 3,374,665 3,193,334 845,077 2,320,050 13,484 14,723 112,289 46,518 2,427 20,097

Tennessee................................................................ 35,250,783 31,282,602 4,177,886 26,942,824 3,272 158,620 3,202,074 254,768 17,394 493,945

Texas................................................................ 141,934,554 116,353,959 19,756,567 95,690,320 417,322 489,750 11,487,059 958,791 147,351 12,987,394

Utah................................................................9,305,531 8,348,392 1,546,140 6,753,658 3,086 45,508 694,274 56,451 27,800 178,615

Vermont................................................................ 3,035,319 2,747,300 569,603 2,163,765 1,792 12,139 196,133 58,665 2,084 31,137

Virginia................................................................ 47,094,849 39,205,393 7,416,041 31,096,557 538,392 154,403 7,249,758 513,401 22,042 104,255

Washington................................................................ 41,906,137 35,539,810 6,807,895 28,650,879 4,332 76,704 5,269,958 367,633 25,780 702,956

West Virginia................................................................ 4,829,990 4,498,711 865,264 3,613,331 338 19,779 193,661 51,343 1,693 84,582

Wisconsin................................................................ 34,152,919 30,031,416 4,757,054 25,126,468 4,161 143,733 3,587,796 247,926 25,534 260,247

Wyoming................................................................ 2,712,338 2,193,641 747,062 1,436,296 611 9,672 61,815 36,075 14,585 406,222

International:

Puerto Rico................................................................ 4,603,563 3,325,208 241,908 3,044,188 -1 39,113 1,255,740 22,303 46 266

Other................................................................ 10,059,787 8,216,182 2,699,150 5,497,537 13,012 6,483 1,218,499 57,554 4,828 562,724

Collections not classified by State:

Presidential Election Campaign

Fund 4 ................................................................55,163 55,163 - 55,163 - - - - - -

Other, including Federal Tax 

Deposits 5................................................................ 7,616,347 4,153,696 -425,441 4,107,729 394,958 76,450 1,381,321 414,689 - 1,666,641

Total, Internal Revenue 

Receipts ................................................................

1,952,929,045 1,683,184,679 289,569,135 1,382,621,820 4,358,583 6,635,141 194,146,298 20,887,883 1,939,025 52,771,160

1

 Collections of individual income tax (withheld and not withheld) include old- age, survivors, 

disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and selfemployment income (SECA). 

2

 Includes fiduciary income tax collections of $8.4 billion.

3

 Includes taxes of $270.4 million on unrelated business income of exempt organizations 

(Forms 990T).

4

 Designations by taxpayers of a portion of their taxes to the Presidential Election Campaign 

Fund also are included even though they are not collections, as such, because they do not 

affect taxpayer liability. Transfer of amounts to this fund was made on a national basis only 

and had no effect on regional and/or district office collection data.

5

 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system 

that had not been classified by IRS district/region as of the end of the fiscal year 

because they had not yet been applied to taxpayers accounts. Also, includes credits 

allowable on income tax retur ns for certain gasoline, diesel fuel, and special motor fuel 

tax payments and for excess payments under the Federal Insurance Contributions Act 

or FICA.

Note.—Detail may not add to totals due to rounding. Amounts reflect adjustments 

made to data reported in prior years. Negative figures are displayed when prior year 

adjustments exceed current year receipts.
FEDERAL FISCAL OPERATIONS 21

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports

[Source: U. S. Customs Service]

District and Port

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

Headquarters:

National Finance Center.............$838,367,787.33

Portland, Maine:

Port of Portland, ME.................. 39,741,613.44 

Port of Bangor, ME.................... 115,131.30 

Port of Eastport, ME.................. 60,874.12 

Port of Jackman, ME................. 3,912,646.94 

Port of Vanceboro, ME............... 4,180,938.32 

Port of Houlton, ME................... 11,223,025.96 

Port of Fort Fairfield, ME............. 43,520.02 

Port of Van Buren, ME............... 935,672.48 

Port of Madawaska, ME............. 69,396.73 

Port of Fort Kent, ME................. 92,617.57 

Port of Bath, ME....................... -

Port of Bar Harbor, ME............... 3,385.80 

Port of Calais, ME..................... 7,521,753.96 

Port of Limestone, ME............... 9,278.46 

Port of Rockland, ME................. -

Port of Jonesport, ME................ -

Port of Bridgewater, ME............. 20,946.50 

Port of Portsmouth, NH.............. 2,264,860.84 

Port of Belfast, ME.................... 1,313,871.54 

Port of Searsport, ME................ -

Manchester, NH User Fee Airport.... 491,151.58

Total, District........................ 72,000,685.56

St. Albans, Vermont:

Port of St. Albans, VT ................ 582,384.06 

Port of Richford, VT................... 113,594.40 

Port of Beecher Falls, VT............ 901,351.95 

Port of Burlington, VT ................ 75,457.29 

Port of Derbyline, VT ................. 18,875,801.20 

Port of Norton, VT..................... 14,739,988.61

Port of Highgate Springs/Alburg, VT... 49,708,469.51

Total, District........................ 84,997,047.02

Boston, Massachusetts:

Port of Boston, MA.................... 257,111, 130.02 

Port of Springfield, MA............... 52,326.24 

Port of Worchester, MA.............. 75,354,594.13 

Port of Glouchester, MA............. 36,529.50 

Port of New Bedford, MA............ 1,244,736.40 

Port of Plymouth, MA................. -

Port of Fall River, MA................. -

Port of Salem, MA..................... 2,719,220.38 

Port of Provinc etown, MA........... 216.47 

Port of Bridgeport, CT................ 3,678,139.66 

Port of Hartford, CT................... 7,564,434.46

Port of New Haven, CT .............. 19,033,969.05 

Port of New London, CT............. 3,687,749.83 

Port of Lawrence, MA................ 28,574.80 

Logan Airport........................... 82,513,937.76

Total, District........................ 453,025, 558.70

Providence, Rhode Island:

Port of Providence, RI................ 60,325,312.20 

Port of Newport, RI.................... 59,384.94

Total, District........................ 60,384,697.14

Ogdensburg, New York:

Port of Ogdensburg, NY............. 5,991,485.81 

Port of Massena, NY................. 3,706,799.75 

Port of Cape Vincent, NY........... -

Port of Alexandria Bay, NY......... 19,804,139.13 

Port of Champlain-Rouses 

 Point, NY.............................. 116,039,106.60 

Port of Clayton, NY................... -

Port of Trout River,

 Chateaugay, NY................... 29,597,805.66

Total, District........................ 175,139,336.95

Buffalo, New York:

Port of Buffalo, NY.................... 234,978,626.79

Port of Rochester, NY............... 10,675,454.67

Port of Oswego, NY.................. -

Port of Syracuse, NY................ 7,020,316.11

Port of Utica, NY...................... -

Binghampton User Fee Airport.... 124,819.82

Total District........................ 252,799,217.39

New York, New York:

Port of New York, NY................ 302,350,428.32

Port of Albany, NY.................... 4,612,542.65

Port of JFK Airport.................... 1,284,654,542.88

Federal Express Corp (JFK)....... 12,458.13

NYACC, Jamaica, NY............... 468,818.52

DHL Airways, Jamaica, NY......... 12,980,512.44

TNT Skypak (JFK).................... 1,255,844.33

Port of Perth Amboy, NJ ............ 26,380,947.91

UPS, Newark, NJ..................... 12,188,853.72

Federal Express Corp (Newark)... 16,658,683.73

Morristown, NJ User Fee Airport.. 160,943.99

Port of Newark, NJ ................... 3,512,357,061.38

Total, District........................ 5,174,081,638.00

Philadelphia, Pennsylvania:

Port of Philadelphia, PA............. 273,901,024.31

Port of Chester, PA................... 62,790,697.88

Port of Wilmington, DE.............. 58,225,291.00

Port of Pittsburgh, PA................ 40,531,572.66

Port of Paulsboro, NJ................ -

Port of Wilkes Barre/Scranton, PA... 1,007,299.09

Port of Camden, NJ.................. -

Philadelphia International Airport.. 32,574,246.13

Port of Harrisburg, PA............... 21,099,260.09

Port of Allentown, PA................ 7,251,652.83

Port of Lehigh Valley, PA........... -

Atlantic City, NJ User Fee Airport. 124,349.52

Trenton/Mercer User Fee Airport.. 135,169.27

UPS (Philadelphia, PA).............. 39,275,437.86

Total, District........................ 536,916,000.64

Baltimore, Maryland:

Port of Annapolis, MD................ 16,164.15

Port of Cambridge, MD.............. -

Port of Baltimore, MD................ 574,796,715.38

Port of Crisfield, MD.................. -

BWI Airport............................. 13,872,932.43

Total, District........................ 588,685,811.96

Norfolk, Virginia:

Port of Norfolk, VA.................... 530,740,610.58

Port of Newport News, VA.......... 45,027,229.08

Port of Richmond-Petersburg, VA... 40,836,562.45

Port of Charleston, WV.............. 9,325,135.95

Port of Front Royal, VA.............. 69,797.88

New River Valley User Fee Airport... 5,120,474.91

Total, District........................ 631,119,810.85

Charlotte, North Carolina:

Port of Wilmington, NC .............. 30,618,461.12

Port of Winston Salem, NC......... 22,820,409.11

Port of Durham, NC .................. 13,093,621.10

Port of Beaufort-Morehead, NC.... 801,194.61

Port of Charlotte, NC................. 198,502,754.72

Total, District........................ 265,836,440.66

Charleston, South Carolina:

Port of Charleston, SC............... 700,931,791.69

Port of Georgetown, SC ............. 415,703.94

Port of Greenville-

 Spartanburg, SC..................... 88,183,615.38 

Port of Columbia, SC................. 14,376,607.07 

Myrtle Beach User Fee Airport..... 119,624.84

Total, District........................ 804,027,342.92

Savannah, Georgia:

Port of Brunswick, GA............... 111,670,612.89 

Port of Savannah, GA................ 393,079,741.28 

Port of Atlanta, GA.................... 455,699,353.25 

Total, District........................ 960,449,707.42 

Tampa, Florida:

Port of Tampa, FL.................... 92,761,099.52 

Port of Jacksonville, FL.............. 290,862,275.48 

Port of Fernandina, FL............... 902,050.27 

Port of Orlando, FL................... 11,949,331.48 

Sanford Regional Airport............ 333,570.43 

Port of St. Petersburg, FL........... 90,672.68 

Port of Port Canaveral, FL.......... 2,131,839.97 

Port of Panama City, FL............. 4,038,154.45 

Port of Pensacola, FL................ 601,502.54 

Port of Manatee, FL.................. 11,868,108.81 

Sarasota, FL User Fee Airport..... 204,041.87 

Daytona Beach, FL User Fee

 Airport.................................. 166,350.37 

Melbourne, FL User Fee Airport... 268,705.37 

Ocala, FL User Fee Airport......... 539,314.79 

Ft. Myers, FL........................... 4,091,768. 56 

Total, District...................... 420,808,786.59 
22 FEDERAL FISCAL OPERATIONS

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

Mobile, Alabama:

Port of Mobile, AL..................... 29,939,199.54 

Port of Gulfport, MS................... 32,468,295.68 

Port of Pascagoula, MS.............. 2,328,102.38 

Port of Birmingham, AL .............. 10,494,296.11 

Port of Huntsville, AL................. 25,312,082.05 

Total, District........................ 100,541,975.76 

New Orleans, Louisiana:

Port of Greensville, MS.............. 582.50 

Port of Morgan City, LA.............. 3,869,649.02 

Port of New Orleans, LA............. 178,913,558.58 

Port of Little Rock, AK................ 47,362,371.37 

Port of Baton Rouge, LA............. 16,889,654.79 

Port of Memphis, TN.................. 361,772,225.32 

Port of Avondale, LA.................. 4,507.36 

Port of Nashville, TN.................. 83,953,482.16 

Port of Chattanooga, TN............. 11,579,499.95 

Port of Gramercy, LA................. 9,913,761.69 

Port of Vicksburg, MS................ 3,180,168.38 

Port of Knoxville, TN.................. 35,893,259.19

Port of Lake Charles, LA............. 5,565,568.65 

Port of Shrevesport/Bossier, LA... 183,261.15 

Tri City User Fee Airport............. 3,185,395.60 

Federal Express (Memphis, TN)... 96,277,413.51 

Total, District........................ 858,544,359.22 

Port Arthur, Texas:

Port of Port Arthur, TX............... 31,816,525.64 

Port of Sabine, TX.................... -

Port of Orange, TX.................... -

Port of Beaumont, TX................ 356,711.82 

Total, District........................ 32,173,237.46 

Laredo, Texas:

Port of Brownsville, TX............... 13,186,603.71 

Port of Del Rio, TX.................... 2,143,090.57 

Port of Eagle Pass, TX............... 24,792,901.64 

Port of Laredo, TX.................... 230,730,038.43 

Port of Hidalgo, TX.................... 41,192,039.55 

Port of Rio Grande City, TX......... 506,091.28 

Port of Progresso, TX................ 184,028.65

Port of Roma, TX...................... 187,142.80

Total, District........................ 312,921,936.63

El Paso, Texas:

Port of El Paso, TX.................... 94,901,526.10

Port of Presidio, TX................... 319,090.28

Port of Fabens, TX.................... 6,374.45

Port of Columbus, NM................ 311,895.33

Port of Albuquerque, NM............ 2,608,295.15

Port of Santa Teresa, NM........... 1,581,975.40

Total, District........................ 99,729,156.71

San Diego, California:

Port of San Diego, CA............... 136,901,236.63

Port of Andrade, CA.................. 64,575.24

Port of Calexico, CA................. 89,228.83

Port of San Ysidro, CA.............. 539,869.77

Port of Tecate, CA.................... 14,900,133.69

Port of Otay Mesa, CA.............. 57,813,983.73

Port of Calexico East, CA........... 16,580,150.07

Total, District........................ 226,889,177.96

Nogales, Arizona:

Port of Douglas, AZ .................. 2,183,864.80

Port of Lukeville, AZ.................. 23,600.18

Port of Naco, AZ...................... 51,171.41

Port of Nogales, AZ .................. 63,696, 125.66

Port of Phoenix, AZ .................. 40,285,533.47

Port of Sasabe, AZ ................... 19,533.75

Port of San Luis, AZ.................. 14,734,730.34

Port of Tucson, AZ ................... 1,039,288.93

Scottsdale User Fee Airport........ 126,067.93

Total, District........................ 122,159,916.47

Los Angeles, California:

Port of Los Angeles, CA............. 5,081,486,298.01

Port of Los Angeles, CA (alternate)... 90.53

Port of Long Beach, CA............. 15,590.05

Air Cargo Handling Service........ 17.30

Port of Port Hueneme, CA.......... 7,646,895.93

Port of LAX............................. 506,619,698.09

San Bernadino User Fee Airport.. 382.88

Port of Las Vegas, NV............... 11,393,852.28

DHL (LAX).............................. 10,611,389.64

So. California Logistics Airport, CA.. 126,713.02

Virgin Atlantic Cargo (LAX)......... 29,978.09

UPS-Ontario........................... 5,765,700.89

Palm Springs User Fee Airport.... 131,546.72

TNT (LAX).............................. 1,131,060.76

IBC (LAX)............................... 229,657.29

Total, District........................ 5,625,188,871.48

San Francisco, California:

San Francisco Intl. Airport.......... 115,291,704.61

Port of Eureka, CA................... 37,402.93

Port of Fresno, CA.................... 1,941,090.32

Port of Sacramento, CA............. 25.00

Port of San Francisco, CA.......... 568,860,677.56

Port of Oakland, CA.................. 62,327.17 

Port of Reno, NV...................... 2,633,308.02

Port of San Jose, CA................ 426,454.32

DHL (SFO)............................. 3,676,133.67

Aircargo Handling Service.......... 2.10

TNT (SFO)............................. 502,800.11

IBC (SFO).............................. 8,112.84

Federal Express (SFO).............. 15,747,603.91

Total, District........................ 709,187,642.56

Columbia-Snake, Oregon:

Port of Astoria, OR.................... 411,165.17 

Port of Newport, OR.................. 1,879.54 

Port of Coos Bay, OR ................ 172,797.92 

Port of Portland, OR.................. 335,414,344.70 

Port of Longview, WA................ 2,023,735.81 

Port of Boise, ID....................... 500,860.00 

Port of Vancouver, WA.............. 95.43 

Port of Kalama, WA.................. -

Portland International Airport....... -17,161.24

Rogue Valley -Medford User 

 Fee Airport............................ 57,697.05 

Total, District........................ 338,565,414.38

Seattle, Washington:

Port of Seattle, WA................... 446,792,226.41 

Port of Tacoma, WA.................. 289,517,060.03 

Port of Aberdeen, WA................ 120,999.26 

Port of Blaine, WA.................... 187,487,146.44 

Port of Bellingham, WA.............. 1,503,115.87 

Port of Everett, WA................... 133,971.11 

Port of Port Angeles, WA............ 152,953.38 

Port of Port Towsend, WA.......... 16,389.58 

Port of Sumas, WA................... 72,618,945.43 

Port of Anacortes, WA............... 514,192.46 

Port of Nighthawk, WA............... 51.13 

Port of Danville, WA.................. 1,350,914.59 

Port of Ferry, WA..................... 5,550,935.99 

Port of Friday Harbor, WA.......... 211,299.11 

Port of Boundry, WA................. 3,904.39 

Port of Laurier, WA................... 16,814,013.84 

Port of Point Roberts, WA........... 80,718.38 

Port of Kenmore Air Harbor, WA.. -

Port of Oroville, WA.................. 13,020,984.24 

Port of Frontier, WA.................. 1,105,465.85 

Port of Spokane, WA................. 51,670.80 

Port of Lynden, WA................... 3,168,950.37 

Port of Metaline Falls, WA.......... 4,545,522.04 

Port of Olympia, WA.................. 259,107.66 

Port of Neah Bay, WA............... -

Seattle-Tacoma Airport.............. 33,538,366.58 

DHL (SEATAC)........................ 76,619.71 

UPS (SEATAC)........................ 377,405.44 

Moses Lake User Fee Airport...... 239,232.66 

Total, District........................ 1,079,252,162.75 

Anchorage, Alaska:

Port of Juneau, AK.................... 161,306.21 

Port of Ketchikan, AK................ 194,852.96 

Port of Skagway, AK................. 23,473.99 

Port of Alcan, AK...................... 248,991.56 

Port of Wrangell, AK.................. 4,222.31 

Port of Dalton Cache, AK........... 13,924.78 

Port of Valdez, AK.................... 82,971.98 

Port of Fairbanks, AK................ 109,734.32 

Port of Sitka, AK....................... 8,508.23 

Port of Anchorage, AK............... 6,764,457.70 

Port of Kodiak, AK.................... 399.52 

UPS...................................... 22,697,368.57 

Federal Express....................... 55,874,772.60 

Total, District........................ 86,184,984.73 
FEDERAL FISCAL OPERATIONS 23

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port 

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

Collection

Fiscal Year

2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

Honolulu, Hawaii:

Port of Honolulu, HI................... 29,019,718.68 

Port of Hilo, HI ......................... 166,048.98 

Port of Kahului, HI..................... 220,315.13 

Port of Nawiliwili-Port Allen, HI..... 36,943.05 

Honolulu International Airport....... 12,378,101.00 

Port of Kailua-Kona, HI .............. 101,900.91 

Total, District........................ 41,923,027.75 

Great Falls, Montana:

Port of Raymond, MT................. 132,073.97

Port of Eastport, ID.................... 46,860,465.47

Port of Salt Lake City, UT........... 30,051,024.81

Port of Great Falls, MT............... 590,609.00

Port of Butte, MT ...................... 15,814.68

Port of Turner, MT..................... 9,576.12

Centennial User Fee Airport........ 153,490.24

Jefferson County User Fee Airport... 129,391.35 

Port of Denver, CO.................... 64,706,250.59

Port of Porthill, ID ..................... 2,683,310.21

Port of Scobey, MT ................... 2,166.28

Port of Sweetgrass, MT.............. 20,736,582.12

Port of Whitetail, MT.................. 95.00

Port of Piegan, MT.................... 13,360.63

Port of Ophiem, MT................... 2,704.94

Port of Rooseville, MT................ 12,282,570.12

Port of Morgan, MT ................... 11,470.12

Port of Whitlash, MT.................. 224.03

Port of Del Bonita, MT................ 4,347.98

Wildhorse, MT.......................... 22,212.81

Total, District........................ 178,407,740.47

Pembina, North Dakota:

Port of Pembina, ND.................. 19,489,995.14

Port of Noyes, ND..................... 37,895,937.44

Port of Portal, ND..................... 100,873,131.68

Port of Neche, ND..................... 26,449.32

Port of St. John, ND.................. 7,752.97

Port of Northgate, ND................ 7,149.64

Port of Walhalla, ND.................. 32,258.62

Port of Hannah, ND................... 355.00

Port of Sarles, ND..................... 3,786. 72

Port of Ambrose, ND................. 112.60

Port of Antler, ND..................... 4,409.94

Port of Sherwood, ND................ 2,323.59

Port of Hansboro, ND................ 2,717.35

Port of Maida, ND..................... 4,783.31

Port of Fortuna, ND................... 8,980.27

Port of Westhope, ND................ 4,824.22

Port of Noonan, ND................... 2,907.06

Port of Carbury, ND................... 2,667.69

Port of Dunseith, ND.................. 448,765.18

Port of Warroad, MN.................. 297,841.94

Port of Baudette, MN................. 117,235.31

Port of Pinecreek, MN................ 1,838.43

Port of Roseau, MN................... 362,037.45

Hector User Fee Airport.............. 2,875.44

Lancaster, MN ......................... 118,863.33

Total, District........................ 159,719,999.64

Minneapolis, Minnesota:

Port of Minneapolis, MN............. 113,134,112.99

Port of Sioux Falls, SD.............. 1,008,293.47

Rochester User Fee Airport........ 125,067.88

Total, District........................ 114,267,474.34

Duluth, Minnesota:

Port of Duluth, MN.................... 1,958,658.97

Port of International Falls/

 Ranier, MN ........................... 214,388,781.77

Port of Superior, WI.................. 627,816.91

Port of Grand Portage, MN......... 3,375,725.40

Total, District........................ 220,350,983.05

Milwaukee, Wisconsin:

Port of Milwaukee, WI ............... 34,023,312.45

Port of Marinette, WI................. -

Port of Green Bay, WI............... -

Port of Manitowoc, WI............... 2,080,118.15

Port of Sheboygan, WI .............. -

Port of Racine, WI.................... 615,307.08

Total, District........................ 36,718,737.68

Detroit, Michigan:

Port of Detroit, MI..................... 388,276,108.18 

Port of Port Huron, MI............... 135,024,022.62 

Port of Sault Sainte Marie, MI...... 28,879,114.95 

Port of Saginaw/ Bay City/Flint, MI... 117,382.22 

Port of Battle Creek, MI............. 12,344,754.00 

Port of Grand Rapids, MI........... 16,584,728.47 

Port of Escanaba, MI................ -

Port of Marquette, MI................ -

Port of Algonac, MI................... -

Port of Muskegon, MI................ -

Port of Rogers City , MI.............. -

Port of Detour, MI..................... -

Port of Mackinac Isle, MI............ -

Port of South Haven, MI............. -

Port of Presque Isle, MI............. -

Port of Alpena, MI.................... -

Port of Ferrysburg, MI............... -

Oakland County User Fee Airport... 355,619.77 

Willow Run User Fee Airport....... 188,781.33 

Total, District........................ 581,770,511.54 

Chicago, Illinois:

Port of Chicago, IL.................... 1,188,549,439.97 

Port of Peoria, IL...................... 22,742,485.99 

Port of Omaha, NE................... 47,775,627.90 

Nippon Courier Hub.................. -

Midway Intl. Airport................... 13,521.41 

Port of Des Moines, IA .............. 2,116,778.01 

Port of Davenport/Rock Island/

 Moline, IL............................. 9,319,083.56 

Rockford Airport....................... 2,931,594.30 

Waukegan User Fee Airport........ 124,871.58 

Pal-waukee User Fee Airport...... 142,881.92 

Du Page User Fee Airport.......... 129,101.14 

Decatur User Fee Airport........... 119,744.20 

Total, District........................ 1,273,965,129.98

Cleveland, Ohio:

Port of Cleveland, OH................ 102,610,111.87 

Port of Cincinnati, OH/

 Lawrenceburg, IN ................... 84,787,845.91 

Port of Columbus, OH ............... 361,635,825.70 

Port of Dayton, OH................... 4,575,713.57 

Port of Toledo/Sandusky, OH...... 6,790,839.51 

Port of Erie, OH ....................... 1,338,456.56 

Port of Ashtabula/Conneaut, OH.. 789,682.02 

Port of Indianapolis, IN .............. 89,834,442.94 

Port of Akron, OH..................... 49,469,380.62 

Port of Evansville, IN................. -

Port of Louisville, KY................. 238,220,769.25 

Port of Owensboro, KY.............. 984,934.99 

Airborne Airpark User Fee Airport.. 90,131.68 

Ft. Wayne User Fee Airport........ 144,272.10 

Bluegrass User Fee Airport......... 497,922.64 

Hulman User Fee Airport............ 87,641.64 

Airborne Express...................... 1,379,218.19 

BAX Global............................. -35,798.29

Emery Worldwide..................... 1,945,628.73 

UPS...................................... 13,511,559.20 

DHL (Cincinnati)....................... 14,929,945.45 

Federal Express (Indianapolis).... 20,965,956.83 

Total, District........................ 994,554,481.11 

St. Louis, Missouri:

Port of Kansas City, MO............. 123,506,240.58 

Port of St. Louis, MO................. 125,790,478.08 

Port of Wichita, KA.................... 28,771,235.10 

Port of Springfield, MO.............. 23,531,007.63 

Total, District........................ 301,598,961.39 

San Juan, Puerto Rico:

Port of Aguadilla, PR ................. 771,940.38 

Fajardo, PR ............................ 1,852,665.02 

Port of Mayaguez, PR ............... 1,780,546.82

Port of Ponce, PR..................... 4,634,348.53

Port of San Juan, PR................. 100,134,795.70

San Juan International Airport..... 10,769,334.58

Total, District........................ 119,943,631.03

Virgin Islands of the United States:

Port of Charlotte Amalie, VI......... 5,961,512.56

Port of Cruz Bay, VI.................. 159,758.10

Port of Christiansted, VI............. 4,334,556.49

Total, District........................ 10,455,827.15

Miami, Florida:

Port of Miami, FL...................... 554,414,087.22

Port of Key West, FL................. 201,737.87

Port of Port Everglades, FL......... 162,190,380.37

Port of West Palm Beach, FL...... 12,643,638.04

Port of Fort Pierce, FL............... 81,580.23

Miami International Airport.......... 114,253,160. 52

Miami International Courier

 Association........................... 290,572.58

DHL Worldwide Express............ 1,547,977.38

MIA/CFS ECCF....................... 72,859.88

UPS (Miami Intl. Airport)............. 765,260.60

Ft. Lauderdale Intl. Airport.......... 390,593.85

Total, District........................ 846,851,848.54
24 FEDERAL FISCAL OPERATIONS

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port 

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

District and Port

of Collection

 Collection

 Fiscal Year

 2003

Houston, Texas:

Port of Houston, TX................... 457,969,798.94

Port of Oklahoma City, OK.......... -

Port of Texas City, TX................ -

Houston Intercontinental Airport... 22,723,922.38

Port of Galveston, TX................ 19,081,624.42

Port of Freeport, TX................... 9,323,551.32

Port of Corpus Christi, TX........... 27,598,025.14

Port of Port Lavaca, TX.............. 1,415,517.55

Total, District........................ 538,112,439.75

Washington, District of Columbia:

Port of Alexandria, VA................ 91,091.92

Dulles International Airport.......... 26,037,471.70

Total, District........................ 26,128,563.62

Dallas-Ft. Worth, Texas:

Port of Dallas/Ft. Worth, TX........ 288,354,902.78

Port of Amarillo, TX.................. 52,497.79

Port of Lubbock, TX.................. 100,158.49

Port of Oklahoma City, OK......... 8,132,454.05

Port of Tulsa, OK..................... 6,029,431.46

Port of Austin, TX..................... 4,219,046.12

Port of San Antonio, TX............. 7,126,620.99

Midland User Fee Airport........... 122,959.79

Addison User Fee Airport........... 141,101.39

Alliance User Fee Airport........... 128,582.72

Total, District........................ 314,407,755.58

Bahamas Preclearance:

St. Thomas............................. 122,760.13

Preclearance-Christiansted, VI .... -

Preclearance-St. Croix, VI.......... 10,204.56

Kindley Field, Bermuda.............. 57,754.28

Freeport, Bahamas ................... 14,172.25

Nassau, Bahamas.................... 85,366.56

Aruba.................................... 12,508.41

Total, District........................ 302,766.19

Preclearance-Canada:

Montreal, Canada Preclearance... 107,332.30

Winnipeg, Canada Preclearance... 71.00

Toronto, Canada Preclearance.... 13,514.18 

Ottawa, Canada Preclearance..... 737.00 

Vancouver, British Columbia

 Preclearance......................... 41,025.46 

Calgary, Canada Preclearance.... 5,781.72 

Edmonton, Canada Preclearance.. 939.00 

Total, District........................ 169,400.66 

Total Collections of Duties,

Taxes and Fees ...............$26,669,627,984.71 
25

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)

1999....................................... 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

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

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

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

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

2002 - Sept................................ 552,486 33,839 583,320 111,295 79,932 

Oct................................ 537,802 26,592 566,395 88,666 103,837 

Nov ................................ 472,130 26,217 499,297 89,490 101,311 

Dec ................................ 541,311 38,484 580,302 131,025 128,455 

2003 - Jan................................ 570,072 29,387 598,370 104,465 107,388 

Feb................................ 544,891 26,710 572,842 91,227 112,601 

Mar................................ 504,962 39,196 541,680 105,875 103,656 

Apr................................ 577,427 45,268 618,858 98,281 86,923 

May ................................ 548,204 35,689 587,971 80,163 97,034 

June............................... 588,029 45,627 633,223 104,004 81,890 

July ................................ 499,158 37,336 537,077 79,231 63,584 

Aug ................................ 505,571 33,002 540,340 74,312 112,207 

Sept................................ 560,606 42,984 600,955 101,488 74,610 

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

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

and Tax and Loan Note Account Balances, con.

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

Balances

During period

End of period High Low Average

Fiscal year or month

Federal

Reserve

(6)

Tax and loan

note accounts

(7)

Federal

Reserve

(8)

Tax and loan

note accounts

(9)

Federal 

Reserve

(10)

Tax and loan 

note accounts

(11)

Federal

Reserve

(12)

Tax and loan

note accounts

(13)

1999............................... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

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

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

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

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

2002 - Sept...................... 7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700

Oct....................... 5,878 37,836 5,878 40,457 4,064 6,306 4,873 18,600

Nov ...................... 4,928 26,016 6,116 30,026 4,296 1,715 5,024 16,062

Dec ...................... 4,420 28,585 7,390 29,163 2,986 74 4,891 15,329

2003 - Jan........................ 5,509 25,661 7,435 30,223 4,034 39 5,773 13,153

Feb....................... 4,268 4,286 7,091 25,661 3,527 510 5,053 5,651

Mar....................... 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132

Apr....................... 10,583 17,862 10,583 17,862 4,978 86 7,533 4,605

May ...................... 6,505 992 8,101 18,374 4,825 69 6,678 5,950

June..................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443

July ...................... 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479

Aug ...................... 4,589 857 6,533 11,890 4,589 95 5,599 6,423

Sept...................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 

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.
27

INTRODUCTION: Federal Debt

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of

Federal Government accounts in Federal securities is

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS)

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

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

United States.” Effective June 2001, FMS revised

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public,

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized

premium and discount also are listed by total Federal

securities, securities held by Government accounts and

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net

unamortized premium and discount is classified as the

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the

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

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

and nonmarketable, the total public debt securities

outstanding that are held by the public.

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

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account.

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities.

• Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal

agencies. (Federal agency borrowing from Treasury is

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”)

• Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs.

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

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

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

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

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day.

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies.

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public.
28 FEDERAL DEBT

TABLE FD-1.—Summary of Federal Debt

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

Securities held by

Amount outstanding Government accounts The public

End of fiscal

year or month

Total

(1)

Public debt

securities

(2)

Agency

securities

(3)

Total

(4)

Public debt

Securities

(5)

Agency

securities

(6)

Total

(7)

Public debt 

securities

(8)

Agency

securities

(9)

1999................................5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871

2000................................5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621

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

2002................................6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170

2003................................6,810,343 6,783,320 27,023 2,859,381 2,859,381 - 3,950,962 3,923,939 27,023

2002 - Sept.......................6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170

Oct........................6,309,253 6,282,528 26,725 2,696,538 2,696,538 - 3,612,715 3,585,990 26,725

Nov .......................6,370,323 6,343,460 26,863 2,694,624 2,694,624 - 3,675,699 3,648,836 26,863

Dec .......................6,432,982 6,405,707 27,275 2,758,322 2,758,322 - 3,674,660 3,647,385 27,275

2003 - Jan........................6,428,300 6,401,377 26,923 2,764,927 2,764,927 - 3,663,373 3,636,450 26,923

Feb.......................6,472,192 6,445,790 26,402 2,763,503 2,763,503 - 3,708,689 3,682,287 26,402

Mar.......................6,487,656 6,460,776 26,880 2,749,997 2,749,997 - 3,737,659 3,710,779 26,880

Apr........................6,486,825 6,460,381 26,444 2,758,077 2,758,077 - 3,728,748 3,702,304 26,444

May .......................6,584,641 6,558,147 26,494 2,782,056 2,782,056 - 3,802,585 3,776,091 26,494

June......................6,697,130 6,670,121 27,009 2,853,842 2,853,842 - 3,843,288 3,816,279 27,009

July .......................6,778,181 6,751,195 26,986 2,848,868 2,848,868 - 3,929,313 3,902,327 26,986

Aug. ......................6,817,171 6,790,041 27,130 2,842,735 2,842,735 - 3,974,436 3,947,306 27,130

Sept.......................6,810,343 6,783,320 27,023 2,859,381 2,859,381 - 3,950,962 3,923,939 27,023

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)

1999...............................5,684,776 79,367 5,605,409 1,989,308 16,148 1,973,160 3,695,468 63,219 3,632,249

2000...............................5,701,851 73,513 5,628,338 2,235,763 16,867 2,218,896 3,466,088 56,646 3,409,442

2001...............................5,834,475 64,897 5,769,579 2,468,757 18,490 2,450,266 3,365,719 46,407 3,319,312

2002...............................6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

2003...............................6,810,343 50,550 6,759,792 2,859,381 14,064 2,845,317 3,950,962 36,487 3,914,475

2002 - Sept......................6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

Oct.......................6,309,253 56,228 6,253,026 2,696,538 17,053 2,679,486 3,612,715 39,175 3,573,540

Nov ......................6,370,323 54,095 6,316,229 2,694,624 15,180 2,679,444 3,675,699 38,914 3,636,785

Dec ......................6,432,982 51,480 6,381,504 2,758,322 13,840 2,744,482 3,674,660 37,640 3,637,022

2003 - Jan........................6,428,300 50,186 6,378,115 2,764,927 12,937 2,751,989 3,663,373 37,249 3,626,125

Feb.......................6,472,192 50,608 6,421,585 2,763,503 13,266 2,750,238 3,708,689 37,342 3,671,347

Mar.......................6,487,656 50,550 6,437,106 2,749,997 13,453 2,736,545 3,737,659 37,097 3,700,562

Apr.......................6,486,825 50,160 6,436,664 2,758,077 13,293 2,744,784 3,728,748 36,867 3,691,881

May ......................6,584,641 49,362 6,535,278 2,782,056 12,430 2,769,626 3,802,585 36,932 3,765,653

June.....................6,697,130 49,068 6,648,062 2,853,842 12,672 2,841,170 3,843,288 36,396 3,806,892

July ......................6,778,181 50,933 6,727,249 2,848,868 14,437 2,834,431 3,929,313 36,495 3,892,818

Aug ......................6,817,171 50,940 6,766,231 2,842,735 14,415 2,828,320 3,974,436 36,525 3,937,911

Sept......................6,810,343 50,550 6,759,792 2,859,381 14,064 2,845,317 3,950,962 36,487 3,914,475
FEDERAL DEBT 29

Nonmarketable, con.

End of fiscal

year or month

U.S. 

savings 

securities

(8)

Depositary

compensation

securities

(9)

Foreign series 

(10)

Government 

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

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

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

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

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

Oct....................... 193,855 - 12,719 47,986 149,573 29,995 4,096

Nov ...................... 194,443 - 12,519 48,883 154,090 29,995 4,095

Dec ...................... 194,933 - 11,207 49,538 153,398 29,995 3,967

2003 - Jan........................ 195,813 - 11,207 50,604 148,574 29,995 3,966

Feb....................... 196,424 - 11,607 18,982 149,561 29,995 3,965

Mar....................... 196,930 - 12,207 2,720 148,826 29,995 4,030

Apr....................... 197,721 - 12,207 12,079 145,741 29,995 4,122

May ...................... 198,463 - 11,757 53,093 140,651 29,995 4,121

June..................... 199,181 - 11,657 52,559 140,497 29,995 4,237

July ...................... 200,036 44,701 11,557 52,997 146,673 29,995 4,237

Aug ...................... 200,773 44,701 11,107 53,365 149,855 29,995 4,251

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

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the “Monthly Statement of the Public Debt of the United States.”

TABLE FD-2.—Debt Held by the Public*

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

Marketable

End of fiscal

year or month

Total public debt 

securities 

outstanding

(1)

Total

(2)

Bills

(3)

Notes

(4)

Bonds

(5)

Inflation-indexed 

notes and bonds

(6)

Nonmarketable 

Total

(7)

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

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

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

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

Oct....................... 3,586,524 3,148,300 881,840 1,527,415 592,689 146,356 438,223

Nov ...................... 3,649,353 3,205,328 901,417 1,568,838 588,465 146,607 444,025

Dec ...................... 3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038

2003 - Jan........................ 3,636,978 3,196,818 869,317 1,586,144 588,446 152,913 440,160

Feb....................... 3,683,888 3,273,353 918,767 1,616,553 585,446 152,589 410,535

Mar....................... 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709

Apr....................... 3,702,845 3,300,979 929,869 1,631,283 585,436 154,391 401,866

May ...................... 3,776,622 3,338,541 910,751 1,690,261 582,201 155,328 438,080

June..................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126

July ...................... 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196

Aug ...................... 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047

Sept...................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760
30 FEDERAL DEBT

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

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

Marketable

End of fiscal

year or month

Total interestbearing public 

debt

(1)

Total

(2)

Treasury

bills

(3)

Treasury

notes

(4)

Treasury

bonds

(5)

Treasury

inflation-indexed

notes and bonds

(6)

Federal 

Financing

Bank

(7)

Nonmarketable

Total

(8)

1999............................... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

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

Nonmarketable, con.

End of fiscal

year or month

U.S. savings 

securities

(9)

Foreign series

(10)

Government

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

1999............................... 180,019 30,970 2,005,166 168,091 29,995 1

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

Note.—Detail may not add to totals due to rounding.
FEDERAL DEBT 31

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)

1999............................... 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153

2000............................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154

2001............................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775

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

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

Oct....................... 2,857 36,951 19,046 11,386 396 19,182 - 64,743 347,460

Nov ...................... 2,859 34,668 20,029 11,322 1,100 14,420 - 63,474 352,784

Dec ...................... 2,897 34,135 18,483 11,632 2,410 11,946 - 61,117 351,731

2003 - Jan........................ 2,901 33,791 19,379 11,546 1,417 8,918 - 56,735 351,539

Feb....................... 2,911 33,424 18,971 11,465 1,728 4,829 - 54,244 323,204

Mar....................... 2,913 33,149 16,445 11,371 2,074 744 - 49,271 305,964

Apr....................... 2,936 32,456 16,409 11,281 3,092 726 - 46,587 314,173

May ...................... 2,944 30,052 16,141 11,206 3,562 615 - 55,816 362,013

June..................... 2,946 31,474 15,300 11,508 3,958 507 - 52,854 357,491

July ...................... 2,956 30,504 15,430 11,425 4,648 471 - 49,348 357,162

Aug ...................... 2,962 27,622 14,516 11,351 3,499 297 - 50,114 358,827

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

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month

Total

(1)

Airport and

Airway

Trust Fund

(2)

Bank 

Insurance 

Fund

(3)

Employees 

Life Insurance 

Fund

(4)

Exchange 

Stabilization 

Fund

(5)

Federal 

Disability 

Insurance 

Trust Fund

(6)

Federal 

employees 

retirement 

funds

(7)

Federal 

Hospital 

Insurance 

Trust Fund

(8)

Federal 

Housing 

Administration

(9)

Federal

Old-Age and 

Survivors 

Insurance Trust 

Fund

(10)

1999............................... 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

2000............................... 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519

2001............................... 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114

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

2002 - Sept...................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759

Oct....................... 2,743,628 11,707 30,521 25,386 9,732 155,158 583,191 227,309 22,223 1,176,380

Nov ...................... 2,742,628 12,572 30,919 25,428 9,742 155,251 580,491 226,775 22,449 1,178,345

Dec....................... 2,806,946 13,433 30,918 25,796 9,753 160,349 595,859 235,326 23,453 1,217,702

2003 - Jan........................ 2,814,641 13,324 31,044 25,836 10,677 161,968 593,352 237,672 23,685 1,230,857

Feb....................... 2,780,528 13,953 30,437 26,133 10,596 162,280 590,583 237,618 24,377 1,233,775

Mar....................... 2,736,824 11,365 30,254 26,110 8,634 162,954 572,873 238,922 24,679 1,239,102

Apr....................... 2,754,240 11,450 30,167 26,116 10,617 165,273 556,801 244,870 25,078 1,256,208

May ...................... 2,819,235 11,617 30,511 25,349 10,626 165,156 567,689 241,845 23,698 1,260,395

June..................... 2,905,466 11,762 31,021 26,348 10,636 170,676 599,525 252,485 23,460 1,303,515

July ...................... 2,900,910 11,855 30,918 26,475 10,563 170,994 596,712 250,932 23,458 1,307,059

Aug ...................... 2,895,158 11,925 31,103 26,782 10,493 170,821 594,392 248,697 22,666 1,309,091

Sept...................... 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427
32 FEDERAL DEBT

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

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

End of fiscal

year or month

Total 

outstanding

(1)

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund

(2)

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration

(3)

Farm Credit 

System 

Financial 

Assistance 

Corporation

(4)

Other 

independent 

Tennessee 

Valley Authority

(5)

Postal

Service

(6)

 Other

 (7)

1999................................ 28,505 63 114 863 26,378 634 451

2000................................ 27,672 63 227 775 25,987 51 569

2001................................ 27,011 63 231 775 25,381 - 561

2002................................ 27,170 - 298 775 25,557 - 540

2003................................ 27,023 - 279 415 25,856 - 473

2002 - Sept....................... 27,170 - 298 775 25,557 - 540

Oct........................ 26,725 - 312 775 25,096 - 542

Nov ....................... 26,863 - 336 775 25,209 - 543

Dec ....................... 27,275 - 344 775 25,612 - 544

2003 - Jan........................ 26,923 - 354 775 25,248 - 545

Feb....................... 26,402 - 152 775 24,937 - 538

Mar....................... 26,880 - 166 775 25,402 - 536

Apr........................ 26,444 - 195 775 24,936 - 537

May ....................... 26,494 - 218 775 25,017 - 485

June...................... 27,009 - 227 775 25,522 - 486

July ....................... 26,986 - 247 775 25,478 - 487

Aug....................... 27,130 - 261 775 25,619 - 476

Sept ...................... 27,023 - 279 415 25,856 - 473

Note.—Detail may not add to totals due to rounding.
FEDERAL DEBT 33

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 1

(7)

1998............................... 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos.

1999............................... 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos.

2000............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos.

2001............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo.

2002............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos.

2002 - Sept...................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos.

Oct....................... 2,519,727 951,452 810,083 318,435 203,816 235,940 5 yrs. 5 mos.

Nov ...................... 2,555,144 992,371 794,585 328,363 209,639 230,186 5 yrs. 5 mos.

Dec ...................... 2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos.

2003 - Jan........................ 2,567,292 964,715 845,144 317,542 209,639 230,253 5 yrs. 4 mos.

Feb....................... 2,636,316 995,366 878,201 322,940 222,785 217,023 5 yrs. 4 mos.

Mar....................... 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos.

Apr....................... 2,653,534 1,007,588 882,574 323,174 222,785 217,412 5 yrs. 2 mos.

May ...................... 2,666,851 1,020,653 885,966 319,770 222,785 217,678 5 yrs. 3 mos.

June..................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo.

July ...................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo.

Aug ...................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo.

Sept...................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo.

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967.

Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be 

accessed from the Office of Domestic Finance/Debt Management website at 

www.treas.gov/offices/domestic-finance/debt-management/qrc.
34 FEDERAL DEBT

TABLE FD-6.—Debt Subject to Statutory Limit*

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

Debt subject to limit Securities outstanding subject to limit

End of fiscal

year or month

Statutory debt 

limit

(1)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

Securities

not subject

to limit

(7)

2001....................................... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099

2002....................................... 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089

2003....................................... 7,384,000 6,737,553 6,737, 288 265 6,783,231 265 45,943

2002 - Sept.............................. 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089

Oct............................... 6,400,000 6,231,284 6,230,985 299 6,282,528 299 51,542

Nov .............................. 6,400,000 6,294,480 6,294,158 322 6,343,460 322 49,302

Dec .............................. 6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626

2003 - Jan................................ 6,400,000 6,355,812 6,355,696 116 6,401,377 116 45,681

Feb............................... 6,400,000 6,399,975 6,399,840 135 6,445,790 135 45,950

Mar............................... 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952

Apr............................... 6,400,000 6,399,975 6,399,798 177 6,460,381 177 60,582

May .............................. 7,384,000 6,498,658 6,498,459 199 6,558,147 199 59,688

June............................. 7,384,000 6,625,519 6,625,311 208 6,670,121 208 44,810

July .............................. 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609

Aug .............................. 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513

Sept.............................. 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this tabl e to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States.” 

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

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

Debt outstanding

subject to limitation

Interest-bearing debt

subject to limitation

End of fiscal

year or month

Statutory debt 

limit

(1)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

Non-interestbearing debt 

subject to 

limitation

(7)

1999....................................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

2000....................................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding.
FEDERAL DEBT 35

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)

1999....................................... 182,988 32,625 13,837 8,506 261 761

2000....................................... 191,596 27,323 14,690 9,413 305 729

2001....................................... 203,200 28,817 15,128 10,168 336 970

2002....................................... 213,555 25,074 16,312 10,780 417 906

2003....................................... 224,472 24,858 15,291 11,497 379 1,321

2002 - Sept.............................. 213,555 25,074 16,312 10,780 417 906

Oct............................... 234,282 28,574 16,082 10,780 417 906

Nov .............................. 239,224 32,437 16,082 10,780 417 906

Dec .............................. 226,347 19,643 16,082 10,780 417 906

2003 - Jan................................ 230,867 22,530 15,677 10,780 417 754

Feb............................... 232,548 23,548 16,208 10,780 437 754

Mar............................... 218,620 22,794 16,561 11,799 437 754

Apr............................... 217,442 22,140 16,564 11,799 448 754

May .............................. 219,665 22,694 16,564 11,799 448 754

June............................. 236,329 23,929 16,567 11,799 448 1,266

July .............................. 242,365 24,405 16,567 11,799 448 1,266

Aug .............................. 244,697 25,359 17,247 11,947 510 1,266

Sept.............................. 224,472 24,858 15,291 11,497 379 1,321

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)

1999....................................... 52,440 2,515 7,996 4,628 28,115

2000....................................... 65,716 2,513 7,155 3,653 27,836

2001....................................... 77,448 2,689 4,544 3,103 27,862

2002....................................... 89,713 2,770 7,553 2,640 24,693

2003....................................... 91,938 2,698 8,794 2,640 36,657

2002 - Sept.............................. 89,713 2,770 7,553 2,640 24,693

Oct............................... 94,070 2,820 7,553 2,640 37,238

Nov .............................. 94,070 2,820 8,053 2,640 37,572

Dec .............................. 94,066 2,860 8,053 2,640 37,172

2003 - Jan............................... 101,378 2,800 8,053 2,640 36,147

Feb.............................. 101,378 2,800 8,053 2,640 35,948

Mar.............................. 101,378 2,800 8,053 2,640 20,425

Apr............................... 98,656 2,905 8,553 2,640 20,381

May .............................. 98,656 2,905 9,353 2,640 20,954

June............................. 98,656 2,905 9,353 2,640 37,475

July .............................. 103,525 3,003 9,353 2,640 37,634

Aug.............................. 103,525 2,988 9,353 2,640 37,532

Sept ............................. 91,938 2,698 8,794 2,640 36,657
36 FEDERAL DEBT

TABLE FD-7.—Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies, con.

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

End of fiscal

year or month

Export-Import

Bank of the

United States

(12)

Railroad

Retirement

Board

(13)

Small Business 

Administration

(14)

Other

(15)

1999............................... 6,603 4,848 9,825 10,030

2000............................... 6,683 4,874 10,012 10,694

2001............................... 7,045 2,884 10,087 12,120

2002............................... 6,657 2,870 11,036 12,133

2003............................... 7,281 2,954 6,627 11,536

2002 - Sept...................... 6,657 2,870 11,036 12,133

Oct....................... 6,657 3,149 11,036 12,358

Nov ...................... 6,657 3,386 11,036 12,367

Dec ...................... 6,657 3,662 11,190 12,216

2003 - Jan........................ 6,657 3,943 6,735 12,354

Feb....................... 6,657 4,196 6,735 12,411

Mar....................... 6,875 4,475 6,735 12,891

Apr....................... 7,201 4,754 7,468 13,178

May ...................... 7,201 5,011 7,468 13,218

June..................... 7,301 2,144 7,468 14,376

July ...................... 7,301 2,419 7,468 14,534

Aug ...................... 7,274 2,675 7,618 14,762

Sept...................... 7,281 2,954 6,627 11,536

Note.—Detail may not add to totals due to rounding.
37

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities.

• Table PDO-1 provides a maturity schedule of

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other

investors” category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 million for bills and $5 million for notes and bonds in 

each auction of securities.

• Table PDO-3 lists the results of auctions of

marketable securities, other than weekly bills, in

chronological order over the past 2 years.

• Table PDO-4 indicates the total amount of

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13-, and 26-week bills.

TREASURY FINANCING: JULY-SEPTEMBER

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

J U L Y

Auction of 10-Year Inflation-Indexed Notes

On July 7, 2003, Treasury announced it would auction 

$11,000 million of 10-year inflation-indexed notes to raise 

cash. The 10-year, 1-7/8 percent inflation-indexed notes of 

Series C-2013 were dated and issued July 15. They are due 

July 15, 2013, with interest payable on January 15 and July 

15 until maturity.

Treasury received tenders for the notes before 12 noon 

eastern daylight savings time (e.d.s.t.) for noncompetitive 

tenders and before 1 p.m. e.d.s.t. for competitive tenders on 

July 9. Tenders totaled $24,013 million; Treasury accepted 

$11,000 million at the high yield of 1.999 percent with an 

equivalent price of $98.881. Tenders at the high yield were 

allotted 85.08 percent. The median yield was 1.980 percent, 

and the low yield was 1.950 percent. Noncompetitive

tenders totaled $440 million. Competitive tenders accepted 

from private investors totaled $10,560 million. The 

minimum par amount required for STRIPS of inflationindexed notes is $1,000.

Auction of 2-Year Notes

On July 21, 2003, Treasury announced it would auction 

$25,000 million of 2-year notes of Series N-2005. The issue 

was to refund $11,007 million of securities maturing July 31 

and to raise new cash of approximately $13,993 million.

The notes of Series N-2005 were dated and issued on 

July 31. They are due July 31, 2005, with interest payable on 

January 31 and July 31 until maturity. Treasury set an

interest rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on July 23. Tenders totaled $44,940 

million; Treasury accepted $25,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.510 percent with the 

equivalent price of $99.980. Tenders at the high yield were 

allotted 1.86 percent. The median yield was 1.465 percent, 

and the low yield was 1.400 percent. Noncompetitive

tenders totaled $731 million. Competitive tenders accepted 

from private investors totaled $24,269 million.

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $4,996 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

N-2005 is $1,000.

A U G U S T

August Quarterly Financing

On July 30, 2003, Treasury announced it would auction 

$24,000 million of 3-year notes of Series H-2006, $18,000 

million of 5-year notes of Series G-2008 and $18,000
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, con.

38

million of 10-year notes of Series D-2013. The issues were

to refund $42,377 million of Treasury securities maturing 

August 15 and to raise about $16,309 million of new cash.

The 3-year notes of Series H-2006 were dated

August 15. They are due August 15, 2006, with interest

payable on February 15 and August 15 until maturity.

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

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1p.m. e.d.s.t. 

for competitive tenders on August 5. Tenders totaled

$31,575 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.422 percent with an 

equivalent price of $99.865. Treasury accepted in full all 

competitive tenders at yields lower than 2.422 percent.

Tenders at the high yield were allotted 65.84 percent. The 

median yield was 2.350 percent, and the low yield was 2.250 

percent. Noncompetitive tenders totaled $278 million.

Competitive tenders accepted from private investors totaled 

$23,722 million.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $3,907 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2006 is $1,000.

The 5-year notes of Series G-2008 were dated

August 15. They are due August 15, 2008, with interest

payable on February 15 and August 15 until maturity.

Treasury set an interest rate of 3-1/4 percent after

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1p.m. e.d.s.t. 

for competitive tenders on August 6. Tenders totaled

$44,711 million; Treasury accepted $18,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.300 percent with an 

equivalent price of $99.771. Treasury accepted in full all 

competitive tenders at yields lower than 3.300 percent.

Tenders at the high yield were allotted 35.75 percent. The 

median yield was 3.278 percent, and the low yield was 3.200 

percent. Noncompetitive tenders totaled $237 million.

Competitive tenders accepted from private investors totaled 

$17,763 million.

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $3,354 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2008 is $1,000.

The 10-year notes of Series D-2013 were dated August

15. They are due August 15, 2013, with interest payable on 

February 15 and August 15 until maturity. Treasury set an 

interest rate of 4-1/4 percent after determining which tenders 

were accepted on a yield auction basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1p.m. e.d.s.t. 

for competitive tenders on August 7. Tenders totaled

$35,976 million; Treasury accepted $18,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.370 percent with an 

equivalent price of $99.036. Treasury accepted in full all 

competitive tenders at yields lower than 4.370 percent.

Tenders at the high yield were allotted 82.62 percent. The 

median yield was 4.310 percent, and the low yield was 4.250 

percent. Noncompetitive tenders totaled $240 million.

Competitive tenders accepted from private investors totaled 

$17,760 million.

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $2,515 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series D-2013 is $1,000.

Auction of 2-Year Notes

On August 25, 2003, Treasury announced it would

auction $25,000 million of 2-year notes. The issue was to 

refund $13,075 million of securities maturing August 31 and 

to raise new cash of approximately $11,925 million.

The notes of Series P-2005 were dated August 31 and 

issued September 2. They are due August 31, 2005, with 

interest payable on the last calendar day of February and 

August until maturity. Treasury set an interest rate of 2 

percent after determining which tenders were accepted on a 

yield auction basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1p.m. e.d.s.t. 

for competitive tenders on August 27. Tenders totaled

$43,142 million; Treasury accepted $25,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.040 percent with an 

equivalent price of $99.922. Treasury accepted in full all 

competitive tenders at yields lower than 2.040 percent.

Tenders at the high yield were allotted 0.89 percent. The 

median yield was 1.998 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $837 million.

Competitive tenders accepted from private investors totaled 

$24,163 million. Accrued interest of $0.10989 per $1,000 

must be paid for the period from August 31 to September 2.

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $5,590 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2005 is $1,000.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, con.

39

S E P T E M B E R

Cash Management Bills

On August 28, 2003, Treasury announced it would

auction $23,000 million of 12-day bills. They were issued 

September 3 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on September 2. 

Tenders totaled $57,214 million; Treasury accepted $23,000 

million. The high bank discount rate was 0.980 percent.

On September 8, Treasury announced it would auction 

$10,000 million of 4-day bills. They were issued September 

11 and matured September 15. The issue was to raise new 

cash. Treasury auctioned the bills on September 10. Tenders 

totaled $44,389 million; Treasury accepted $10,000 million. 

The high bank discount rate was 0.940 percent.

Auction of 5-Year Notes

On September 8, 2003, Treasury announced it would

auction $16,000 million of 5-year notes of Series H-2008. 

The issue was to raise new cash.

The notes of Series H-2008 were dated and issued

September 15. They are due September 15, 2008, with

interest payable on March 15 and September 15 until

maturity. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on September 10. Tenders totaled 

$39,477 million; Treasury accepted $16,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.230 percent with an 

equivalent price of $99.519. Treasury accepted in full all 

competitive tenders at yields lower than 3.230 percent.

Tenders at the high yield were allotted 97.60 percent. The 

median yield was 3.210 percent, and the low yield was 3.150 

percent. Noncompetitive tenders totaled $133 million.

Competitive tenders accepted from private investors totaled 

$15,867 million. The minimum par amount required for

STRIPS of notes of Series H-2008 is $1,000.

Auction of 9-Year 11-Month 4-1/4 Percent Notes

On September 8, 2003, Treasury announced it would

auction $13,000 million of 9-year 11-month 4-1/4 percent

notes of Series D-2013. The issue was to raise new cash.

The notes of Series D-2013 were dated August 15 and 

issued September 15. They are due August 15, 2013, with 

interest payable on February 15 and August 15 until

maturity. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on September 11. Tenders totaled 

$29,002 million; Treasury accepted $13,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.340 percent with an 

equivalent price of $99.275. Treasury accepted in full all 

competitive tenders at yields lower than 4.340 percent.

Tenders at the high yield were allotted 63.42 percent. The 

median yield was 4.313 percent, and the low yield was 4.240 

percent. Noncompetitive tenders totaled $65 million.

Competitive tenders accepted from private investors totaled 

$12,935 million. The minimum par amount required fo r 

STRIPS of notes of Series D-2013 is $1,000.

Auction of 2-Year Notes

On September 22, 2003, Treasury announced it would 

auction $25,000 million of 2-year notes of Series Q-2005. 

The issue was to refund $16,140 million of securities

maturing September 30 and to raise new cash of

approximately $8,860 million.

The notes of Series Q-2005 were dated and issued

September 30. They are due September 30, 2005, with

interest payable on March 31 and September 30 until

maturity. Treasury set an interest rate of 1-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on September 24. Tenders totaled 

$54,953 million; Treasury accepted $25,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.695 percent with an 

equivalent price of $99.863. Treasury accepted in full all 

competitive tenders at yields lower than 1.695 percent.

Tenders at the high yield were allotted 78.20 percent. The 

median yield was 1.670 percent, and the low yield was 1.500 

percent. Noncompetitive tenders totaled $763 million.

Competitive tenders accepted from private investors totaled 

$24,237 million.

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $6,535 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2005 is $1,000.
40 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2003

[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)

2003

Oct. 31.............................................................

1 2-3/4%-V note 10/31/01 25,148 6,368 18,780 

Nov. 15, 03-08................................................... 8-3/4% bond 11/15/78 5,230 1,908 3,322 

Nov. 15............................................................ 11-7/8% bond 10/05/83 7,260 2,531 4,729 

Nov. 15............................................................

1 4-1/4%-K note 11/16/98 18,626 1,989 16,637 

Nov. 30............................................................

1 3%-W note 11/30/01 26,171 6,201 19,970 

Dec. 31............................................................

1 3-1/4%-X note 12/31/01 29,667 7,498 22,169 

Total.....................................

112,101 26,494 85,607 

2004

Jan. 31............................................................

1 3%-J note 01/31/02 30,776 6,226 24,549 

Feb. 15............................................................

1 5-7/8%-A note 02/15/94 12,955 1,134 11,821 

Feb. 15............................................................

1 4-3/4%-E note 02/16/99 17,823 2,605 15,218 

Feb. 29............................................................

1 3%-K note 02/28/02 31,746 8,008 23,738 

Mar. 31............................................................

1 3-5/8%-L note 04/01/02 32,874 8,334 24,540 

Apr. 30.............................................................

1 3-3/8%-M note 04/30/02 32,655 8,333 24,322 

May 15, 04-09................................................... 9-1/8% bond 05/15/79 4,606 1,470 3,136 

May 15............................................................ 12-3/8% bond 04/05/84 3,755 925 2,830 

May 15............................................................

1 7-1/4%-B note 05/16/94 14,440 3,582 10,858 

May 15............................................................

1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

May 31............................................................

1 3-1/4%-N note 05/31/02 33,297 6,298 26,999 

June 30............................................................

1 2-7/8%-P note 07/31/02 34,050 7,531 26,519 

July 31.............................................................

1 2-1/4%-Q note 07/31/02 33,250 6,662 26,588 

Aug. 15............................................................ 13-3/4% bond 07/10/84 4,000 942 3,059 

Aug. 15............................................................

1 7-1/4%-C note 08/15/94 13,346 1,939 11,408 

Aug. 15............................................................

1 6%-G note 08/16/99 18,090 2,034 16,056 

Aug. 31............................................................

1 2-1/8%-R note 09/03/02 34,541 7,607 26,935 

Sept. 30...........................................................

1 1-7/8%-S note 09/30/02 34,656 7,652 27,003 

Oct. 31.............................................................

1 2-1/8%-T note 10/31/02 32,440 5,435 27,005 

Nov. 15, 04-09................................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15............................................................

1 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15............................................................

1 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15............................................................

1 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30............................................................

1 2%-U note 12/02/02 32,871 5,879 26,992 

Dec. 31............................................................

1 1-3/4%-V note 12/31/02 33,203 6,983 26,221 

Total.......................................

563,835 113,821 450,014 

2005

Jan. 31............................................................

1 1-5/8%-G note 01/31/03 33,837 7,722 26,115 

Feb. 15, 05-10................................................... 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15............................................................

1

 7-1/2%-A note 02/15/95 13,835 3,074 10,761 

Feb. 28............................................................

1 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31............................................................

1 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30.............................................................

1 1-5/8%-K note 04/30/03 34,295 7,293 27,002 

May 15, 05-10................................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................................

1 12% bond 04/02/85 4,261 941 3,319 

May 15............................................................

1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15............................................................

1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31............................................................

1

 1-1/4%-L note 06/02/03 31,021 6,028 24,993 

June 30............................................................

1 1-1/8%-M note 06/30/03 31,701 6,700 25,001 

July 31.............................................................

1 1-1/2%-N note 07/31/03 29,997 4,996 25,001 

Aug. 15............................................................

1 10-3/4% bond 07/02/85 9,270 2,185 7,085 

Aug. 15............................................................

1 6-1/2%-C note 08/15/95 15,003 2,229 12,773 

Aug. 31............................................................

1

 2%-P note 09/02/03 30,592 5,590 25,002 

Sept. 30...........................................................

1 1-5/8%-Q note 09/30/03 31,539 6,535 25,004 

Nov. 15, 05-10................................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15............................................................

1 5-7/8%-D note 11/24/95 15,210 2,133 13,077 

Nov . 15............................................................

1 5-3/4%-F note 11/15/00 28,063 4,293 23,770 

Total.......................................

431,853 88,381 343,472 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular We ekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2003, 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)

2006 

Feb. 15............................................................

1 9-3/8% bond 01/15/86 4,756 1,044 3,712 

Feb. 15............................................................

1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11................................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15............................................................

1 6-7/8%-B note 05/15/96 16,015 3,680 12,335 

May 15............................................................

1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

May 15............................................................

1 2%-G note 05/15/03 22,392 391 22,001 

July 15.............................................................

1 7%-C note 07/15/96 22,740 5,114 17,627 

Aug. 15............................................................

1 2-3/8%-H note 08/15/03 27,909 3,907 24,002 

Oct. 15.............................................................

1 6-1/2%-D note 10/15/96 22,460 4,858 17,601 

Nov. 15, 06-11................................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15............................................................

1 3-1/2%-F note 11/15/01 35,380 3,805 31,575 

Total.......................................

202,557 30,589 171,968 

2007

Jan. 15............................................................

1 3-3/8%-A note 02/06/97 18,290 1,765 16,525 

Feb. 15............................................................

1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

May 15............................................................

1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 

May 15............................................................

1 4-3/8%-E note 05/15/02 24,351 2,464 21,888 

Aug. 15............................................................

1 6-1/8%-D note 08/15/97 25,637 5,082 20,555 

Aug. 15............................................................

1 3-1/4%-F note 08/15/02 25,411 3,406 22,005 

Nov. 15............................................................

1 3%-G note 11/15/02 23,311 1,308 22,003 

Nov. 15, 07-12................................................... 10-3/8% bond 11/15/82 10,126 2,033 8,093 

Total.......................................

154,188 20,064 134,124 

2008

Jan. 15............................................................

1 3-5/8%-A note 01/15/98 19,136 2,089 17,047 

Feb. 15............................................................

1 5-1/2%-B note 02/17/98 13,583 1,890 11,693 

Feb. 15............................................................

1 3%-E note 02/18/03 27,489 3,484 24,005 

May 15............................................................

1 5-5/8%-C note 05/15/98 27,191 5,380 21,811 

May 15............................................................

1 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13................................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15............................................................

1 3-1/4%-G note 08/15/03 21,357 3,354 18,004 

Sept. 15...........................................................

1 3-1/8%-H note 09/15/03 16,002 - 16,002 

Nov. 15............................................................

1 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Total.......................................

195,098 23,021 172,077 

2009

Jan. 15............................................................

1 3-7/8%-A note 01/15/99 17,831 2,168 15,664 

May 15, 09-14................................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................................

1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

Aug. 15, 09-14................................................... 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15............................................................

1 6%-C note 08/16/99 27,400 4,934 22,466 

Nov. 15, 09-14...................................................

1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total.......................................

73,910 12,697 61,213 

2010

Jan. 15............................................................

 1 4-1/4%-A note 01/18/00 12,374 1,261 11,113 

Feb. 15............................................................

 1 6-1/2%-B note 02/15/00 23,356 4,281 19,074 

Aug. 15............................................................

 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total.......................................

58,167 9,138 49,029 

2011

Jan. 15............................................................

1 3-1/2%-A note 01/16/01 11,623 255 11,369 

Feb. 15............................................................

1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15............................................................

1

 5%-C note 08/15/01 26,635 3,206 23,430 

Total.......................................

61,695 7,043 54,652 

 See footnote at end of table
42 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2003, 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)

2012

Jan. 15............................................................

1 3-3/8%-A note 01/15/02 6,218 31 6,187 

Feb. 15............................................................

1 4-7/8%-B note 02/15/02 24,780 1,769 23,011 

July 15.............................................................

1

 3%-C note 07/15/02 23,542 1,583 21,959 

Aug. 15............................................................

1 4-3/8%-D note 08/15/02 19,648 1,690 17,958 

Nov. 15............................................................

1 4%-E note 11/15/02 18,113 236 17,877 

Total.......................................

92,301 5,309 86,992 

2013

Feb. 15............................................................

1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15............................................................

1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15.............................................................

1 1-7/8%-C note 07/15/03 11,020 - 11,020 

Aug. 15............................................................

1 4-1/4%-D note 08/15/03 33,521 2,515 31,006 

Total.......................................

82,293 4,263 78,030 

2015

Feb. 15............................................................

1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15............................................................

1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15............................................................

1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total.......................................

20,129 4,020 16,109 

2016

Feb. 15............................................................

1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15............................................................

1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15............................................................

1 7-1/2% bond 11/17/86 18,787 1,831 16,956 

Total.......................................

43,043 3,967 39,076 

2017

May 15............................................................

1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15............................................................

1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total.......................................

26,528 4,813 21,715 

2018

May 15............................................................

1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15............................................................

1 9% bond 11/22/88 7,174 1,053 6,121 

Total.......................................

13,892 2,293 11,599 

2019

Feb. 15............................................................

1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15............................................................

1 8-1/8% bond 08/15/89 18,941 2,731 16,210 

Total.......................................

32,031 5,104 26,927 

2020

Feb. 15............................................................

1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................

1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15............................................................

1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total.......................................

34,118 5,617 28,501 

2021

Feb. 15............................................................

1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................

1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15............................................................

1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15............................................................

1 8% bond 11/15/91 30,632 4,286 26,346 

Total.......................................

60,281 9,091 51,190 

2022

Aug. 15............................................................

1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15............................................................

1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total.......................................

17,551 3,110 14,442 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 43

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2003, 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)

2023

Feb. 15............................................................

1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15............................................................

1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total.......................................

38,441 4,245 34,196 

2024

Nov. 15............................................................

1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total.......................................

9,604 1,615 7,989 

2025

Feb. 15............................................................

1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15............................................................

1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total.......................................

20,696 3,393 17,303 

2026

Feb. 15............................................................

1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15............................................................

1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15............................................................

1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total.......................................

32,509 4,502 28,007 

2027

Feb. 15............................................................

1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15............................................................

1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15............................................................

1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total.......................................

40,740 6,473 34,267 

2028

Apr. 15.............................................................

1 3-5/8% bond 04/15/98 19,082 2,829 16,253 

Aug. 15............................................................

1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15............................................................

1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total.......................................

41,806 6,212 35,594 

2029

Feb. 15............................................................

1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15.............................................................

1 3-7/8% bond 04/15/99 21,810 2,774 19,035 

Aug. 15............................................................

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total.......................................

44,339 6,114 38,224 

2030

May 15............................................................

1

 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total.......................................

17,043 1,894 15,149 

2031

Feb. 15............................................................

1

 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total.......................................

16,428 1,423 15,005 

2032

Apr. 15.............................................................

1

 3-3/8% bond 10/15/01 5,193 234 4,959 

Total.......................................

5,193 234 4,959 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the Public 

Debt of the United States.”
44 PUBLIC DEBT OPERATIONS

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

On total competitive bids accepted

Description of new issue Amounts of bids accepted

 Issue date

Maturity date

(1)

 Number

 of days to

 maturity 1

 (2)

Amount

 of bids

 tendered

(3)

Total

amount 2

(4)

 On

competitive

basis

(5)

 On non-

 competitive

 basis 3

 (6)

 High

 price per

 hundred

 (7)

 High

 discount 

 rate

 (percent)

 (8)

 High invest-

 ment rate

 (percent) 4

 (9)

Regular weekly:

(4 week, 13 week, and 26 week)

2003 - July 3................................ 2003 - July 31 28 44,391.6 19,427.1 16,963.2 37.2 99.933 0.860 0.876

Oct. 2 91 38,161.4 22,313.8 15,460.9 1,389.1 99.776 0.885 0.903

2004 - Jan. 2 183 35,641.5 24,286.2 16,687.5 1,037.6 99.517 0.950 0.971

July 10................................ 2003 - Aug. 7 28 38,431.1 18,825.8 16,956.4 43.9 99.931 0.890 0.903

 Oct. 9 91 38,792.1 22,511.0 15,283.9 1,508.1 99.775 0.890 0.907

2004 - Jan. 8 182 41,843.1 24,056.7 17,032.8 942.6 99.525 0.940 0.960

July 17................................ 2003 - Aug. 14 28 22,133.3 10,224.2 7,853.1 47.0 99.935 0.840 0.850

 Oct. 16 91 40,924.3 21,219.0 14,241.1 1,440.3 99.778 0.880 0.895

2004 - Jan. 15 182 35,287.3 24,240.8 16,813.5 1,136.9 99.530 0.930 0.950

July 24................................ 2003 - Aug. 21 28 31,609.3 12,717.7 9,957.3 42.8 99.932 0.870 0.889

 Oct. 23 91 33,846.8 19,802.7 13,302.6 1,417.4 99.774 0.895 0.911

2004 - Jan. 22 182 37,032.5 23,072.1 15,978.9 921.2 99.520 0.950 0.970

July 31................................ 2003 - Aug. 28 28 46,379.7 22,642.9 19,957.2 42.9 99.925 0.970 0.981

 Oct. 30 91 36,422.0 21,256.0 13,968.6 1,519.3 99.761 0.945 0.964

2004 - Jan. 29 182 41,394.3 22,950.5 15,217.4 1,157.5 99.505 0.980 1.000

Aug. 7................................ 2003 - Sept. 4 28 47,891.7 19,832.1 16,965.6 34.8 99.929 0.915 0.929

 Nov . 6 91 41,586.2 20,953.9 14,279.6 1,551.1 99.761 0.945 0.964

2004 - Feb. 5 182 34,493.0 22,936.9 15,699.7 975.4 99.482 1.025 1.047

Aug. 14................................ 2003 - Sept. 11 28 39,655.7 17,964.6 14,956.6 43.6 99.929 0.910 0.929

 Nov . 13 91 41,394.7 20,986.6 14,158.6 1,496.7 99.762 0.940 0.960

2004 - Feb. 12 182 32,194.0 21,530.1 14,696.2 1,153.9 99.479 1.030 1.053

Aug. 21................................ 2003 - Sept. 18 28 49,149.7 21,106.2 17,956.4 43.8 99.927 0.945 0.955

 Nov . 20 91 36,774.9 21,475.9 14,370.7 1,389.5 99.761 0.945 0.964

2004 - Feb. 19 182 35,387.7 21,721.4 14,834.1 916.3 99.477 1.035 1.057

Aug. 28................................ 2003 - Sept. 25 28 53,216.8 29,286.1 25,959.5 40.7 99.923 0.985 1.007

 Nov . 28 92 38,494.3 21,570.5 14,131.4 1,483.0 99.750 0.980 0.997

2004 - Feb. 26 182 38,007.1 21,736.2 14,074.3 1,351.5 99.474 1.040 1.063

Sept. 4................................ 2003 - Oct. 2 28 43,185.9 20,451.7 16,957.8 42.3 99.926 0.950 0.968

 Dec. 4 91 42,763.7 21,695.4 14,353.0 1,422.3 99.755 0.970 0.988

2004 - Mar. 4 182 40,892.8 21,777.3 14,939.1 910.9 99.474 1.040 1.063

Sept. 11................................ 2003 - Oct. 9 28 42,857.0 15,059.6 10,960.5 39.8 99.929 0.915 0.929

Dec. 11 91 38,550.0 20,565.4 13,455.4 1,419.7 99.764 0.935 0.951

2004 - Mar. 11 182 42,666.0 20,460.8 13,753.4 1,071.6 99.489 1.010 1.033

Sept. 18................................ 2003 - Oct. 16 28 32,403.5 13,393.7 8,956.7 43.4 99.932 0.870 0.889

Dec. 18 91 38,929.2 19,727.1 12,424.8 1,450.5 99.765 0.930 0.947

2004 - Mar. 18 182 32,407.2 19,351.2 12,939.5 910.8 99.497 0.995 1.017

Sept. 25................................ 2003 - Oct. 23 28 38,397.4 15,703.3 11,965.5 35.1 99.933 0.860 0.876

 Dec. 26 92 40,742.8 20,962.2 13,376.5 1,380.2 99.761 0.935 0.953

2004 - Mar. 25 182 38,675.0 20,690.4 13,742.5 1,082.9 99.489 1.010 1.033

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. All Treasury marketable auctions are conducted 

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

4

 Equivalent coupon-issue yield.
PUBLIC DEBT OPERATIONS 45

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)

10/09/02 10/15/02 3% note—07/15/12-C 9y 9m 9,494 7,000 2.260 - 106.777

10/23/02 10/31/02 2-1/8% note—10/31/04-T 2y 51,167 32,435 2.140 - 99.971

11/05/02 11/15/02 3% note—11/15/07-G 5y 44,424 23,308 3.030 - 99.862

11/06/02 11/15/02 4% note—11/15/12-E 10y 34,293 18,111 4.095 - 99.227

11/27/02 12/02/02 2% note—11/30/04-U 2y 53,660 32,864 2.120 - 99.767

12/09/02 12/10/02 1.235% bill—12/16/02 6d 47,119 13,001

12/23/02 12/31/02 1-3/4% note—12/31/04-V 2y 57,198 33,195 1.820 - 99.863

01/08/03 01/15/03 3% note—07/15/12-C 9y 6m 13,300 6,000 2.340 - 106.474

01/29/03 01/31/03 1-5/8% note—01/31/05-G 2y 46,750 33,834 1.710 - 99.834

02/11/03 02/18/03 3% note—02/15/08-E 5y 37,646 27,484 3.029 - 99.866

02/12/03 02/18/03 3-7/8% note—02/15/13-A 10y 34,758 19,497 3.960 - 99.304

02/26/03 02/28/03 1-1/2% note—02/28/05-H 2y 62,214 35,333 1.575 - 99.853

02/27/03 03/03/03 1.24% bill—03/17/03 14d 61,265 26,000

03/26/03 03/31/03 1-5/8% note—03/31/05-J 2y 57,907 35,211 1.692 - 99.869

04/02/03 04/03/03 1.180% bill—04/15/03 12d 51,734 20,000

04/08/03 04/09/03 1.200% bill—04/15/03 6d 28,985 8,000

04/23/03 04/30/03 1-5/8% note—04/30/05-K 2y 65,583 34,293 1.704 - 99.845

05/06/03 05/15/03 2% note—05/15/06-G 3y 43,560 22,391 2.009 - 99.974

05/07/03 05/08/03 1.145% bill—05/13/03 5d 38,405 10,000

05/07/03 05/15/03 2-5/8% note—05/15/08-F 5y 38,014 18,336 2.680 - 99.744

05/08/03 05/15/03 3-5/8% note—05/15/13-B 10y 22,179 18,252 3.700 - 99.378

05/12/03 05/13/03 1.175% bill—05/15/03 2d 54,445 15,000

05/20/03 05/21/03 1.150% bill—05/27/03 6d 20,270 4,000

05/27/03 05/28/03 1.160% bill—06/13/03 16d 17,830 4,000

05/29/03 06/02/03 1-1/4% note—05/31/05-L 2y 50,373 31,020 1.305 - 99.892

06/02/03 06/03/03 1.175% bill—06/5/03 2d 56,470 24,003

06/04/03 06/05/03 1.170% bill—06/13/03 8d 52,225 18,000

06/11/03 06/16/03 2-5/8% note—5/15/08-F 4y 11m 27,135 15,000 2.100 - 102.437

06/25/03 06/30/03 1-1/8% note—06/30/05-M 2y 52,780 31,700 1.179 - 99.894

07/09/03 07/15/03 1-7/8% note—07/15/13-C 10y 24,013 11,000 1.999 - 98.881

07/23/03 07/31/03 1-1/2% note—07/31/05-N 2y 49,936 29,996 1.510 - 99.980

08/05/03 08/15/03 2-3/8% note—08/15/06-H 3y 35,482 27,907 2.422 - 99.865

08/06/03 08/15/03 3-1/4% note—08/15/08-G 5y 48,065 21,354 3.300 - 99.771

08/07/03 08/15/03 4-1/4% note—08/15/13-D 10y 38,491 20,515 4.370 - 99.036

08/27/03 09/02/03 2% note—08/31/05-P 2y 48,731 30,590 2.040 - 99.922

09/02/03 09/03/03 0.980% bill—09/15/03 12d 57,214 23,000

09/10/03 09/11/03 0.940% bill—09/15/03 4d 44,389 10,000

09/10/03 09/15/03 3-1/8% note—09/15/08-H 5y 39,477 16,000 3.230 - 99.519

09/11/03 09/15/03 4-1/4% note—08/15/13-D 9y 11m 29,002 13,000 4.340 - 99.275

09/24/03 09/30/03 1-5/8% note—09/30/05-Q 2y 61,488 31,535 1.695 - 99.863

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.
46 PUBLIC DEBT OPERATIONS

TABLE PDO-4.—Allotments by Investor Class

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Issue

Date

Coupon

rate

(1)

Security

type

(2)

Series

code

(3)

Sequence

number

(4)

Maturity

date

(5)

Total

issue

(6)

Federal

Reserve

Banks

(7)

Depository

institutions 1

(8)

Individuals 2

(9)

Dealers 

and 

brokers

(10)

Private

pension

and

retirement

funds

(11)

Investment 

funds

(12)

Insurance

companies

(13)

Foreign

and

international

(14)

Other 3

(15)

01/15/02 3-3/8% IIS note A 0 01/15/12 6,004 - 17 535 2,565 5 2,524 - 355 3

01/31/02 3% note J 0 01/31/04 30,776 5,766 75 1,065 18,830 1 976 - 4,030 33

02/15/02 3 1/2% note F 1 11/15/06 16,579 944 13 235 13,130 5 900 2 1,340 9

02/15/02 4-7/8% note B 0 02/15/12 13,389 753 13 187 8,122 116 2,617 - 1,580 2

02/28/02 3% note K 0 02/29/04 31,746 6,735 171 1,271 19,705 1 619 1 2,867 377

04/01/02 3-5/8% note L 0 03/31/04 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 243

04/30/02 3-3/8% note M 0 04/30/04 32,655 7,648 87 1,283 18,784 3 269 55 4,345 180

05/15/02 4-3/8% note E 0 05/15/07 24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,688

05/15/02 4-7/8% note B 1 02/15/12 11,391 391 6 145 8,023 - 1,545 - 579 700

05/31/02 3-1/4% note N 0 05/31/04 33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 24

07/01/02 2-7/8% note P 0 06/30/04 34,050 7,046 307 1,114 23,674 1 945 - 709 254

07/15/02 3% IIS note C 0 07/15/12 10,015 1,010 4 659 5,992 15 2,166 - 40 130

07/31/02 2-1/4% note Q 0 07/31/04 33,250 6,237 43 1,515 19,019 1 1,885 1 4,531 19

08/15/02 3-1/4% note F 0 08/15/07 25,411 3,396 14 441 14,239 - 658 2 6,658 4

08/15/02 4-3/8% note D 0 08/15/12 19,648 1,645 351 192 13,355 3 1,499 - 2,187 416

09/03/02 2-1/8% note R 0 08/31/04 34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 26

09/30/02 1-7/8% note S 0 09/30/04 34,656 7,652 51 915 18,437 1 308 - 7,274 16

10/15/02 3% IIS note C 1 07/15/12 6,999 - 1 221 5,153 16 1,536 - 56 15

10/31/02 2-1/8% note T 0 10/31/04 32,440 5,435 30 2,225 17,402 1 74 - 6,235 1,037

11/15/02 3% note G 0 11/15/07 23,311 1,308 11 204 16,499 - 835 - 3,000 1,454

11/15/02 4% note E 0 11/15/12 18,113 111 755 110 13,443 - 1,590 - 2,103 1

12/02/02 2% note U 0 11/30/04 32,871 5,864 65 734 20,619 - 222 4 4,558 805

12/31/02 1-3/4% note V 0 12/31/04 33,203 6,195 176 4,391 16,783 3 451 1 4,215 989

01/15/03 3% IIS note C 2 07/15/12 6,004 - 5 196 3,221 40 1,638 1 759 143

01/31/03 1-5/8% note G 0 01/31/05 33,837 6,834 61 835 17,003 1 532 3 7,208 1,361

02/18/03 3% note E 0 02/15/08 27,489 3,484 113 1,963 16,861 50 799 - 3,603 616

02/18/03 3-7/8% note A 0 02/15/13 19,498 1,497 2 134 9,864 0.02 5,080 - 2,313 610

02/28/03 1-1/2% note H 0 02/28/05 35,332 8,333 37 773 18,279 4 551 3 6,670 683

03/31/03 1-5/8% note J 0 03/31/05 35,211 8,211 35 901 12,675 2 6,603 - 5,430 1,355

04/30/03 1-5/8% note K 0 04/30/05 34,295 7,293 - 2 12,395 - 6,000 - 7,274 1,332

05/15/03 2% note G 0 05/15/06 22,392 391 58 796 15,609 1 1,768 0.4 3,261 508

05/15/03 2-5/8% note F 0 05/15/08 18,339 336 50 163 11,902 1 2,788 1 3,098 1

05/15/03 3-5/8% note B 0 05/15/13 18,254 252 0.3 141 12,392 - 2,346 - 2,784 339

06/02/03 1-1/4% note L 0 05/31/05 31,021 6,020 77 845 14,479 2 806 2 7,841 948

06/16/03 2-5/8% note F 1 05/15/08 15,000 - 46 48 12,881 0.1 1,234 - 542 249

06/30/03 1-1/8% note M 0 06/30/05 31,701 6,700 100 800 15,414 3 153 1 7,270 1,261

07/15/03 1-7/8% IIS note C 0 07/15/13 11,007 - 20 542 4,925 201 3,250 3 2,042 23

07/31/03 1-1/2% note N 0 07/31/05 29,997 4,996 55 677 15,453 7 109 3 7,737 959

08/15/03 4-1/4% note D 0 08/15/13 20,521 2,515 8 230 12,366 1 1,778 - 3,575 48

08/15/03 3-1/4% note G 0 08/15/08 21,357 3,354 15 228 12,055 1 1,532 - 4,051 122

08/15/03 2-3/8% note H 0 08/15/06 27,909 3,907 51 255 19,505 1 806 - 3,010 375

09/02/03 2% note P 0 08/31/05 30,592 5,590 69 812 17,518 1 742 7 4,293 1,560

09/15/03 3-1/8% note H 0 09/15/08 16,002 - 6 138 12,137 1 660 1 3,060 -

09/15/03 4-1/4% note D 1 08/15/13 13,000 - - 76 9,910 - 2,070 - 775 169

09/30/03 1-5/8% note Q 0 09/30/05 31,539 6,535 47 715 15,458 2 397 6 7,089 1,290

10/15/03 3-1/8% note J 0 10/15/08 15,996 - 7 94 8,000 - 3,540 - 4,345 10

10/15/03 1-7/8% IIS note C 1 07/15/13 9,002 - 5 307 5,517 7 3,121 - 34 11

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts.

3

 Residual.
47

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1,

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds.

The principal terms and conditions for purchase and

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal 1974.

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Sept. 30, 2003

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

 Series

Sales 1

(1)

Accrued

discount

(2)

Sales plus 

accrued discount

(3)

 Redemptions 1

 (4)

 Interest-

 bearing debt

 (5)

 Matured

 non-interest-

 bearing debt

 (6)

Savings bonds:

Series A-D 2............................................ 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH.......................... 853,568 235,291 1,088,859 391,806 272,301 8,832 

Series I.................................................. 16,217 860 17,077 816 19,373 -

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.......................................... 862 714 1,576 1,331 - 101 

Total...................................................

906,548 239,242 1,145,790 432,225 291,674 8,937 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.”
48 U.S. SAVINGS BONDS AND NOTES

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

Total

(4)

Sales price 1

(5)

Accrued

discount 1

(6)

Interestbearing debt

(7)

Matured

non-interestbearing debt

(8)

Fiscal years:

1935-99........................... 393,247 209,905 603,152 396,116 310,167 85,949 166,529 6,169 

2000................................ 5,645 6,940 12,585 14,511 7,050 7,461 177,659 6,544 

2001................................ 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002................................ 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

Calendar years:

1935-99........................... 403,133 233,253 636,386 438,200 323,106 115,094 179,277 7,005 

2000................................ 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001................................ 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002................................ 6,680 5,147 11,827 8,735 3,769 4,966 185,199 7,713 

2002 - Sept....................... 602 592 1,194 925 427 498 185,495 7,638 

Oct........................ 843 725 1,568 978 432 546 186,078 7,599 

Nov ....................... 938 545 1,483 851 385 466 186,739 7,527 

Dec ....................... 1,038 587 1,625 1,093 511 582 184,698 10,058 

2003 - Jan........................ 1,603 691 2,294 1,252 553 699 185,863 9,776 

Feb....................... 952 608 1,560 896 406 490 186,604 9,647 

Mar....................... 958 565 1,523 970 395 575 187,271 9,487 

Apr........................ 1,151 699 1,850 1,012 435 577 188,204 9,346 

May ....................... 1,234 508 1,742 952 422 530 189,062 9,231 

June...................... 1,215 549 1,764 994 456 538 189,887 9,124 

July ....................... 1,361 655 2,016 1,102 509 593 190,849 9,019 

Aug....................... 1,251 593 1,844 1,034 477 557 191,685 8,921 

Sept ...................... 1,232 551 1,783 923 420 503 192,563 8,832 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated.

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

Total

(4)

Sales price

(5)

Accrued

discount

(6)

Exchange 

of E bonds 

for H and 

HH bonds

(7)

Interestbearing debt

(8)

Matured 

non-interestbearing debt

(9)

Series E and EE

Fiscal years:

1941-99............... 349,885 206,201 556,086 349,215 251,535 97,680 22,687 166,529 6,169 

2000................... 3,848 6,899 10,747 11,161 5,853 5,308 924 162,749 6,525 

2001................... 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002................... 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

Calendar years:

1941-99............... 352,457 220,382 572,839 364,898 261,664 103,234 25,019 165,702 6,983 

2000................... 4,396 8,262 12,658 12,951 6,631 6,320 663 161,386 7,739 

2001................... 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002................... 3,600 4,787 8,387 7,802 2,074 5,728 922 159,922 7,661 

2002 - Sept.......... 432 543 975 812 207 605 120 160,038 7,588 

Oct........... 554 667 1,221 855 310 545 138 160,361 7,503 

Nov .......... 516 501 1,017 743 278 465 124 160,575 7,440 

Dec .......... 593 544 1,137 983 403 580 138 158,083 9,948 

2003 - Jan............ 639 650 1,289 1,228 421 807 216 158,199 9,677 

Feb........... 357 573 930 781 293 488 116 158,354 9,555 

Mar........... 392 526 918 857 283 574 103 158,466 9,400 

Apr........... 510 656 1,166 891 316 575 93 158,786 9,264 

May .......... 237 459 696 840 311 529 78 158,676 9,151 

June......... 336 496 832 873 338 535 87 158,651 9,047 

July .......... 339 597 936 966 375 591 91 158,632 8,945 

Aug .......... 289 526 815 911 354 557 79 158,554 8,848 

Sept.......... 296 478 774 806 304 502 74 158,536 8,761 

See note at end of table.
U.S. SAVINGS BONDS AND NOTES 49

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

 Total

 (4)

Sales price

(5)

Accrued 

discount

(6)

Exchange 

of E bonds 

for H and 

HH bonds

(7)

Interestbearing debt

(8)

Matured 

non-interestbearing debt

(9)

Series H and HH

Fiscal years:

1952-99........................... 13,805 - 13,805 23,585 23,585 - 22,595 12,813 19 

2000............................... 165 - 165 1,154 1,154 - 924 12,759 20 

2001............................... 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002...............................47 - 47 921 921 - 1,470 13,361 50 

Calendar years:

1952-99........................... 13,654 - 13,654 24,039 24,039 - 23,629 12,869 22 

2000............................... 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001...............................47 - 47 1,053 1,053 - 1,225 12,860 85 

2002...............................33 - 33 644 644 - 1,060 13,307 51 

2002 - Sept...................... 1 - 1 67 67 - 120 13,361 50 

Oct....................... 3 - 3 77 77 - 138 13,380 96 

Nov ...................... 3 - 3 68 68 - 124 13,447 87 

Dec ...................... 1 - 1 67 67 - 138 13,496 110 

2003 - Jan........................ 5 - 5 88 88 - 216 13,630 99 

Feb....................... 9 - 9 77 77 - 116 13,667 93 

Mar....................... 4 - 4 73 73 - 103 13,699 87 

Apr....................... 3 - 3 88 88 - 92 13,718 82 

May ...................... 1 - 1 77 77 - 78 13,731 80 

June..................... 1 - 1 87 87 - 87 13,750 77 

July ...................... 1 - 1 91 91 - 91 13,759 74 

Aug ...................... 1 - 1 79 79 - 79 13,759 73 

Sept...................... 1 - 1 74 74 - 74 13,765 71 

Series I

Fiscal years:

1999-00........................... 1,730 41 1,771 49 49 - - 2,152 -

2001............................... 3,633 195 3,828 131 131 - - 5,656 -

2002............................... 6,806 490 7,295 366 366 - - 12,096 -

Calendar years:

1999............................... 685 1 685 14 14 - - 469 -

2000............................... 1,898 70 1,968 61 61 - - 2,712 -

2001............................... 6,543 243 6,786 165 165 - - 9,192 -

2002............................... 3,045 362 3,407 269 269 - - 11,969 -

2002 - Sept...................... 170 49 219 44 44 - - 12,096 -

Oct....................... 286 47 333 45 45 - - 12,337 -

Nov ...................... 419 44 463 39 39 - - 12,717 -

Dec ...................... 443 43 486 41 41 - - 13,120 -

2003 - Jan........................ 959 41 1,000 45 45 - - 14,034 -

Feb....................... 585 35 620 36 36 - - 14,583 -

Mar....................... 562 39 601 39 39 - - 15,106 -

Apr....................... 639 42 681 45 45 - - 15,700 -

May ...................... 997 49 1,046 41 41 - - 16,655 -

June..................... 878 53 931 47 47 - - 17,487 -

July ...................... 1,021 58 1,079 51 51 - - 18,457 -

Aug ...................... 959 67 1,026 44 44 - - 19,373 -

Sept...................... 934 72 1,006 45 45 - - 20,262 -

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers.
50

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Financial Management Service (FMS)

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes.

• Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated amount of

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial

institution regulatory agencies. State, local, and foreign

holdings include special issues of nonmarketable securities 

to municipal entities and foreign official accounts. They also 

include municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.)
OWNERSHIP OF FEDERAL SECURITIES 51

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

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

Public debt securities

Held by U.S. Government accounts

End of

fiscal year

or month

Total

Federal

securities

outstanding

(1)

Total

outstanding

(2)

Total

(3)

Marketable

(4)

Nonmarketable

(5)

Public issues

held by Federal

Reserve banks

(6)

2001................................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636

2002................................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414

2003................................................................ 6,810,343 6,783,320 2,859,381 311 2,859,070 670,306

2002 - Sept................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414

Oct................................ 6,309,253 6,282,528 2,696,538 311 2,696,227 628,457

Nov ................................ 6,370,323 6,343,460 2,694,624 311 2,694,313 628,730

Dec ................................ 6,432,982 6,405,707 2,758,322 311 2,758,011 629,406

2003 - Jan................................ 6,428,300 6,401,377 2,764,927 311 2,764,616 628,154

Feb................................ 6,472,192 6,445,790 2,763,503 311 2,763,192 635,688

Mar................................ 6,487,656 6,460,776 2,749,997 311 2,749,686 640,151

Apr ................................ 6,486,825 6,460,381 2,758,077 311 2,757,766 r 645,850

May ................................ 6,584,641 6,558,147 2,782,056 311 2,781,745 r 643,590

June................................ 6,697,131 6,670,121 2,853,842 311 2,853,531 r 650,642

July................................ 6,778,181 6,751,195 2,848,868 311 2,848,557 651,450

Aug................................ 6,817,171 6,790,041 2,842,735 311 2,842,424 652,431

Sept................................ 6,810,343 1 6,783,320 2,859,381 311 2,859,070 654,593

Public debt securities, con. Agency securities

Held by private investors

End of

fiscal year

or month

Total

(7)

Marketable

(8)

Nonmarketable

(9)

Total

outstanding

(10)

 Held by

 private

 investors

 (11)

2001................................................................ 2,779,070 2,370,630 408,441 27,011 27,011

2002................................................................ 2,924,175 2,507,997 416,178 27,170 27,170

2003................................................................ 3,253,544 2,790,101 463,443 27,023 27,023

2002 - Sept.......................................................... 2,924,175 2,507,997 416,178 27,170 27,170

Oct........................................................... 2,957,533 2,519,895 437,638 26,725 26,725

Nov .......................................................... 3,020,106 2,576,649 443,458 26,863 26,863

Dec .......................................................... 3,017,979 2,575,545 442,435 27,275 27,275

2003 - Jan............................................................ 3,008,296 2,568,715 439,581 26,923 26,923

Feb........................................................... 3,046,599 2,637,711 408,888 26,402 26,402

Mar........................................................... 3,070,628 2,691,501 379,127 26,880 26,880

Apr........................................................... r 3,056,454 r 2,670,194 386,260 26,444 26,444

May .......................................................... r 3,132,501 r 2,710,024 422,477 26,494 26,494

June......................................................... r 3,165,637 r 2,728,136 437,502 27,009 27,009

July .......................................................... 3,250,877 2,761,325 489,552 26,986 26,986

Aug .......................................................... 3,294,875 2,801,459 493,416 27,130 27,130

Sept.......................................................... 3,269,257 2,805,814 463,443 27,023 27,023

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the “Monthly Statement of the Public Debt of the United States.” 

1

Totals for “Intragovernmental Holdings” and "Total Treasury Securities Outstanding" do 

not agree with the Daily Treasury Statement (DTS) or the Monthly Statement of the Public 

Debt (MSPD) dated September 30, 2003, due to an adjustment of $89 million reported by 

the Bureau of Public Debt after the publication of the DTS and the MSPD.
52 OWNERSHIP OF FEDERAL SECURITIES

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

(Historical)

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

Interest-bearing public debt securities

Held by U.S. Government accounts

End of

fiscal year

or month

Total

Federal

securities

outstanding

(1)

Total

outstanding

(2)

Total

(3)

Marketable

(4)

Nonmarketable

(5)

Public issues

held by Federal

Reserve banks

(6)

1999................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472

2000................................................................ 5,701,851 5,622,092 2,235,710 461 2,235,249 511,413

Agency securities

Interest-bearing public debt securities, con.

Held by private investors

End of

fiscal year

or month

 Total

 (7)

Marketable

(8)

 Non-

 marketable

 (9)

Matured

public

debt

and debt

bearing no

interest

(10)

 Total

 outstanding

 (11)

Held by

U.S. Government 

accounts and

Federal Reserve

banks

(12)

Held by

private

investors

(13)

1999................................ 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871

2000................................ 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

Note.—Detail may not add to totals due to rounding.
OWNERSHIP OF FEDERAL SECURITIES 53

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

governments 3

(10)

Foreign

and international 8

(11)

Other

investors 9

 (12)

1992 - Mar................................ 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 141.7 188.4 193.8 460.0 536.4 586.0

 June................................ 3,984.7 1,272.3 2,712.4 315.1 145.4 116.8 146.7 192.8 193.7 435.6 558.2 608.1

 Sept................................ 4,064.6 1,282.4 2,782.2 337.2 150.3 120.1 166.4 194.8 195.9 429.3 562.8 625.4

 Dec ................................ 4,177.0 1,329.7 2,847.3 348.3 157.3 121.2 172.3 197.5 200.4 418.2 576.7 655.3

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 171.2 208.0 202.0 434.0 585.9 662.5

 June................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 176.9 217.8 207.5 441.2 596.8 672.0

 Sept ................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 189.2 229.4 217.6 434.0 619.1 639.4

 Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 186.6 234.5 227.1 447.8 650.3 648.9

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 195.3 233.4 212.8 443.4 661.1 661.6

 June................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 193.4 238.0 204.6 425.2 659.9 687.1

 Sept ................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 191.9 243.7 201.6 398.2 682.0 733.8

 Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 191.9 240.1 209.4 370.0 667.3 839.5

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 203.1 244.2 210.6 350.5 707.0 853.5

 June................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 197.2 245.0 202.5 313.7 762.5 875.5

 Sept ................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 193.0 245.2 211.6 304.3 820.4 855.4

 Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 191.7 241.5 225.1 289.8 835.2 881.4

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 198.9 239.4 240.9 283.6 908.1 863.6

 June................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 208.2 229.5 230.6 283.3 929.7 823.4

 Sept ................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 202.4 226.8 226.8 263.7 993.4 841.3

 Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 203.5 214.1 227.4 257.0 1,102.1 803.6

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 203.7 181.8 221.9 248.1 1,157.6 793.9

 June................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 209.3 183.1 216.8 243.3 1,182.7 713.7

 Sept ................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 219.7 186.8 221.6 235.2 1,230.5 685.8

 Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 216.9 176.6 232.4 239.3 1,241.6 677.0

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 211.9 169.4 234.7 238.1 1,250.5 701.8

 June................................ 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 214.8 160.6 230.7 258.5 1,256.0 622.2

 Sept ................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 211.2 151.3 231.8 266.4 1,224.2 676.8

 Dec ................................ 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 217.7 141.7 253.5 269.3 1,278.7 635.9

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 247.4 186.5 109.5 218.4 137.5 254.0 272.5 1,272.3 629.4

 June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 222.5 133.6 227.9 279.1 1,258.8 539.2

 Sept ................................ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 215.3 128.0 224.4 271.6 1,281.4 516.5

 Dec ................................ 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 211.2 123.4 228.7 266.8 1,268.7 589.6

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 211.1 120.0 221.8 260.0 1,106.9 731.2

 June................................ 5,685.9 2,698.6 2,987.3 222.1 184.6 110.0 210.5 116.5 205.3 262.9 1,082.0 593.9

 Sept ................................ 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 200.7 113.7 207.0 251.4 1,057.9 590.0

 Dec ................................ 5,662.2 2,781.8 2,880.4 201.4 184.8 109.1 195.7 110.2 220.8 247.7 1,034.2 576.5

2001 - Mar................................ 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 195.3 109.1 220.7 259.3 1,029.9 599.0

 June................................ 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 204.4 108.1 217.4 272.0 1,000.5 439.8

 Sept ................................ 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 187.7 106.8 231.5 286.8 1,005.5 481.2

 Dec ................................ 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 177.4 105.7 257.5 295.4 1,051.2 454.7

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 192.0 107.9 187.0 114.0 264.8 298.9 1,067.1 430.1

 June................................ 6,126.5 3,276.7 2,849.8 204.4 192.8 110.5 177.2 122.0 252.1 311.8 1,102.1 373.2

 Sept ................................ 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 174.1 130.4 255.7 308.9 1,167.3 367.8

 Dec ................................ 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 176.3 139.7 279.0 315.0 1,211.9 362.5

2003 - Mar................................ 6,460.8 3,390.9 3,069.8 153.1 196.9 120.3 177.2 151.2 296.3 306.2 1,254.6 410.0

 June................................ 6,670.1 3,505.4 3,164.7 144.8 199.1 123.0 185.4 161.7 298.5 318.5 1,355.5 378.2

 Sept ................................ 6,783.2 3,515.3 3,268.0 n.a. 201.6 n.a. n.a. n.a. n.a. n.a. 1,427.9 n.a.

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value.

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements.

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions.

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current

 accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7

 Includes money market mutual funds, mutual funds, and closed- end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 

1989 benchmark to December 1994, and the 1994 benchmark to March 2000. The March 

2000 benchmark was released in 2002.

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.

Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update 

ownership categories and to incorporate greater reliance on Flow of Funds data of the 

Federal Reserve Board.
54

INTRODUCTION: Market Yields

The table and chart in this section presents yields on 

Treasury marketable securities for maturities ranging from

1-month to 20-years.

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. The Treasury yield 

curve in the accompanying chart is based on current market 

bid quotations on the most actively traded Treasury

securities as of 3:30 p.m. on the last business day of the 

calendar quarter.

The Treasury uses quotations obtained by the Federal 

Reserve Bank of New York to derive the yield curve, based 

on semiannual interest payments and read at constant

maturity points to develop a consistent data series. The

Board of Governors of the Federal Reserve System

publishes the Treasury constant maturity data series in its 

weekly Statistical Release H.15.

On July 31, 2001, Treasury expanded its constant

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity.

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15.

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB have been discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates.

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities:

Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Period

1-mo.

(1)

3-mo.

(2)

6-mo.

(3)

1-yr.

(4)

2-yr.

(5)

3-yr.

(6)

 5-yr.

 (7)

7-yr.

(8)

10-yr.

(9)

 20-yr.

 (10)

Monthly average:

2002 - Oct................................ 1.62 1.61 1.59 1.65 1.91 2.25 2.95 3.54 3.94 5.00

Nov ................................ 1.26 1.25 1.30 1.49 1.92 2.32 3.05 3.64 4.05 5.04

Dec................................ 1.20 1.21 1.27 1.45 1.84 2.23 3.03 3.63 4.03 5.01

2003 - Jan................................ 1.17 1.19 1.22 1.36 1.74 2.18 3.05 3.60 4.05 5.02

Feb................................ 1.20 1.19 1.20 1.30 1.63 2.05 2.90 3.45 3.90 4.87

Mar................................ 1.18 1.15 1.16 1.24 1.57 1.98 2.78 3.34 3.81 4.82

Apr ................................ 1.16 1.15 1.17 1.27 1.62 2.06 2.93 3.47 3.96 4.91

May ................................ 1.08 1.09 1.11 1.18 1.42 1.75 2.52 3.07 3.57 4.52

June................................ 0.97 0.94 0.94 1.01 1.23 1.51 2.27 2.84 3.33 4.34

July................................ 0.90 0.92 0.97 1.12 1.47 1.93 2.87 3.45 3.98 4.92

Aug................................ 0.95 0.97 1.05 1.31 1.86 2.44 3.37 3.96 4.45 5.39

Sept................................ 0.91 0.96 1.03 1.24 1.71 2.23 3.18 3.74 4.27 5.21

End of month: 

2002 – Oct................................ 1.48 1.44 1.43 1.46 1.68 2.05 2.81 3.45 3.93 5.03

Nov ................................ 1.25 1.22 1.30 1.56 2.08 2.51 3.28 3.88 4.22 5.18

Dec................................ 1.20 1.22 1.23 1.32 1.61 1.99 2.78 3.36 3.83 4.83

2003 - Jan................................ 1.17 1.18 1.19 1.31 1.72 2.16 3.02 3.55 4.00 4.93

Feb................................ 1.21 1.20 1.19 1.24 1.53 1.91 2.69 3.24 3.71 4.70

Mar................................ 1.16 1.14 1.13 1.19 1.51 1.93 2.78 3.35 3.83 4.84

Apr ................................ 1.13 1.13 1.15 1.22 1.51 1.95 2.85 3.39 3.89 4.79

May ................................ 1.16 1.11 1.09 1.13 1.33 1.58 2.30 2.87 3.37 4.36

June................................ 0.81 0.90 0.98 1.09 1.32 1.66 2.46 3.03 3.54 4.52

July................................ 0.91 0.96 1.02 1.28 1.80 2.33 3.38 3.98 4.49 5.43

Aug................................ 0.98 0.98 1.06 1.35 1.95 2.51 3.46 4.00 4.45 5.33

Sept................................ 0.87 0.95 1.01 1.15 1.50 1.95 2.85 3.41 3.96 4.91

* Rates are from the Treasury yields curve.
MARKET YIELDS 55

CHART MY-A.—Yields of Treasury Securities,

September 30, 2003*

Based on closing bid quotations of actively traded issues (in percentages)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

0 2 4 6 8 10 12 14 16 18 20

Years to maturity

* Source: Office of Market Finance

Note: The yield curve is based on actively traded issues.
56

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of

exchange that is in circulation at the end of a given

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census.

USCC information has been published by Treasury since

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, various 

U.S. Mint offices, the Federal Reserve banks (FRBs), and 

the Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2003

[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................................ $824,457,669,734 $789,695,147,876 $789,184,928,093 $259,783,866 $250,435,917

Less amounts held by:

The Treasury................................ 362,801,569 27,079,569 26,858,431 7,505 213,633

FRBs.............................................................. 125,997,492,783 125,150,559,440 125,150,558,990 - 450

Amounts in circulation................................

$698,097,375,382 $664,517,508,867 $664,007,510,672 $259,776,361 $250,221,834 

Coins 2

Total

(1)

Dollars 3

(2)

Fractional

coins

(3)

Amounts outstanding................................ $34,762,521,858 $3,500,209,008 $31,262,312,850

Less amounts held by:

The Treasury................................ 335,722,000 275,214,000 60,508,000

FRBs.............................................................. 846,933,343 221,201,479 625,731,864

Amounts in circulation................................

$33,579,866,515 $3,003,793,529 $30,576,072,986

See footnotes following table USCC-2.
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2003

[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 ................................................................ $7,859,457,989 $7,714,024,878 $143,503 $145,289,608

$2 ................................................................ 1,326,880,928 1,194,573,934 132,294,418 12,576

$5 ................................................................ 9,190,037,010 9,051,383,660 109,495,210 29,158,140

$10................................................................ 14,279,551,140 14,257,897,930 6,300 21,646,910

$20................................................................ 100,197,385,900 100,177,281,620 3,840 20,100,440

$50................................................................ 57,291,702,600 57,280,209,750 500 11,492,350

$100................................................................ 474,058,673,700 474,018,874,400 17,822,000 21,977,300

$500................................................................ 142,665,000 142,475,500 5,500 184,000

$1,000................................................................ 165,929,000 165,719,000 5,000 205,000

$5,000................................................................ 1,765,000 1,710,000 - 55,000

$10,000.............................................................. 3,460,000 3,360,000 - 100,000

$100,000............................................................ - - - -

Fractional parts..................................................... 510 - - 510

Partial notes 4....................................................... 90 - 90 -

Total currency................................................... $664,517,508,867 $664,007,510,672 $259,776,361 $250,221,834 

Comparative totals of currency and coins in circulation—selected dates

Amounts (in millions)

(1)

Per capita 5

(2)

Sept. 30, 2003...................................................... 698,097 $2,389

Aug. 29, 2003....................................................... 700,130 2,399

July 31, 2003........................................................ 694,087 2,380

Sept. 30, 2000...................................................... 568,614 2,061

Sept. 30, 1995...................................................... 409,272 1,553

Sept. 30, 1990...................................................... 278,903 1,105

Sept. 30, 1985...................................................... 187,337 782

Sept. 30, 1980...................................................... 129,916 581

June 30, 1975....................................................... 81,196 380

June 30, 1970....................................................... 54,351 265

June 30, 1965....................................................... 39,719 204

June 30, 1960....................................................... 32,064 177

June 30, 1955....................................................... 30,229 183

1

 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3

 Includes $481,781,898 in standard silver dollars.

4

 Represents value of certain partial denominations not presented for redemption.

 5 Based on Bureau of the Census estimates of population.
InternationalFinancialStatistics

CapitalMovements

ForeignCurrencyPositions

ExchangeStabilizationFund
61

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, 6

(5)

1998................................................................... 81,761 11,046 10,603 36,001 24,111

1999................................................................... 71,516 11,048 10,336 32,182 17,950

2000................................................................... 67,647 11,046 10,539 31,238 14,824

2001................................................................... 68,654 11,045 10,774 28,981 17,854

2002 - Oct............................................................ 75,499 11,042 11,700 32,171 20,586

Nov .......................................................... 75,690 11,043 11,855 32,312 20,480

Dec .......................................................... 79,006 11,043 12,166 33,818 21,979

2003 - Jan............................................................ 78,434 11,043 11,298 34,140 21,953

Feb........................................................... 78,579 11,043 11,368 34,482 21,686

Mar........................................................... 80,049 11,043 11,392 34,756 22,858

Apr .......................................................... 80,405 11,043 11,476 35,148 22,738

May ......................................................... 82,287 11,044 11,880 36,149 23,214

June......................................................... 81,660 11,044 11,720 35,686 23,210

July.......................................................... 80,620 11,043 11,646 35,185 22,746

Aug.......................................................... 80,422 11,043 11,619 35,297 22,463

Sept......................................................... 84,431 11,043 12,062 37,259 24,067

Oct .......................................................... 84,150 11,043 12,079 37,433 23,595

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.

6

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 

Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

Arrangements to Borrow in December 1998.
62 INTERNATIONAL FINANCIAL STATISTICS

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

[In millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities to foreign countries

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)

1998................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247

1999................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453

2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077

Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482

2000................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873

2001 r................................ 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559

2002 - Sept. r................................ 3,076,470 962,221 333,205 442,793 3,058 183,165 1,267,847 798,389 339,894 458,495 48,013

Oct. r................................ 3,175,139 961,751 331,032 442,875 3,078 184,766 1,371,972 791,298 327,547 463,751 50,118

Nov. r................................. 3,150,657 980,058 332,097 458,892 3,097 185,972 1,326,634 794,775 325,898 468,877 49,190

Dec. r................................ 3,219,336 991,586 334,850 464,415 2,769 189,552 1,373,808 801,730 325,229 476,501 52,212

2003 - Jan. r................................ 3,184,424 997,231 335,266 464,608 2,786 194,571 1,323,326 810,090 332,697 477,393 53,777

Feb. r................................ 3,327,409 1,021,276 348,433 469,440 2,803 200,600 1,325,057 929,707 457,859 471,848 51,369

Mar. r................................ 3,426,123 1,030,484 355,838 471,451 2,821 200,374 1,365,609 980,172 483,335 496,837 49,858

Apr. r................................ 3,494,900 1,028,794 351,335 471,085 2,839 203,535 1,407,257 1,008,767 501,720 507,047 50,082

May ................................ 3,559,119 1,080,523 385,117 486,334 2,857 206,215 1,397,345 1,031,774 499,183 532,591 49,477

June ................................ 3,547,298 1,087,482 377,380 502,831 2,876 204,395 1,395,020 1,012,267 452,049 560,218 52,529

July................................ 3,655,209 1,096,114 373,347 515,169 2,894 204,704 1,436,439 1,068,120 474,614 593,506 54,536

Aug. p................................ 3,661,161 1,104,925 382,274 514,206 2,913 205,532 1,397,630 1,106,971 487,784 619,187 51,635

Sept. p................................ 3,662,510 1,131,278 397,023 522,282 2,931 209,042 1,377,461 1,099,409 482,525 616,884 54,362

1

 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30- year maturity issue; Venezuela, beginning 

December 1990, 30- year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.”

6

 Includes marketable U.S. Government bonds and notes held by foreign banks.

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank.

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on a benchmark survey 

as of end-March 2000 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 63

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Payable in dollars

End of calendar

year or month

Grand total

(1)

Total

(2)

Argentina 1

(3)

Mexico 2

(4)

Venezuela 3

(5)

1998................................................................ 6,074 6,074 1,172 3,991 911

1999................................................................ 6,111 6,111 1,259 4,313 539

2000................................................................ 5,348 5,348 1,244 3,520 584

2001................................................................ 3,411 3,411 977 1,801 633

2002 - Sept.......................................................... 3,058 3,058 702 1,684 672

Oct........................................................... 3,078 3,078 706 1,695 677

Nov .......................................................... 3,097 3,097 710 1,706 681

Dec .......................................................... 2,769 2,769 715 1,368 686

2003 - Jan............................................................ 2,786 2,786 719 1,377 690

Feb.......................................................... 2,803 2,803 723 1,385 695

Mar........................................................... 2,821 2,821 728 1,394 699

Apr........................................................... 2,839 2,839 732 1,403 704

May .......................................................... 2,857 2,857 736 1,412 709

June......................................................... 2,876 2,876 741 1,422 713

July .......................................................... 2,894 2,894 745 1,431 718

Aug .......................................................... 2,913 2,913 750 1,440 723

Sept.......................................................... 2,931 2,931 754 1,449 728

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 million.

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $5,126 million. 

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.
64

INTRODUCTION: Capital Movements

Background

Data relating to U.S. international transactions in

financial instruments and to other portfolio capital

movements between the United States and foreign countries 

have been collected in some form since 1935. This

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international

investment position, and for use in formulating U.S.

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial

banks, securities dealers, other financial institutions, and

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System.

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website,

http://www.ustreas.gov/tic. (See NOTE at the end of the

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve

System and in consultation with representatives of banks,

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be

downloaded from the TIC website.

Basic definitions

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is

information pertaining to the Bank for International

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.”

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity.

Reporting coverage

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs),

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies,

subsidiaries, and other affiliates in the United States of

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website.
CAPITAL MOVEMENTS 65

Banks, other depository institutions, and securities brokers

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on

foreigners held for respondents’ domestic customers. All

positions are exclusive of long-term securities. Beginning

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million.

Banks and other depository institutions, securities

brokers and dealers, and other entities report their

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report

securities transactions with foreigners if their aggregate

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers,

industrial and commercial concerns, financial institutions

(other than banks, other depository institutions, and

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated

foreigners. Separate reports are filed for financial balances 

and for commerc ial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million.

 The data in these tables do not cover all types of 

reported capital movements between the United States and 

other countries. Except as noted in Section IV in

“Description of statistics” below, the principal exclusions 

are the intercompany capital transactions of nonbanking

business enterprises in the United States with their own 

branches and subsidiaries abroad or with their foreign parent 

companies (own foreign offices) and capital transactions of 

the U.S. Government. Consolidated data on all types of

international capital transactions are published by the

Department of Commerce in its regular reports on the U.S. 

balance of payments.

Description of statistics

Data collected on the TIC forms are published in the

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data.

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the

respondent’s “due to/due from” accounts, unless in an

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments.

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting

coverage was expanded as outlined in Section I.

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector.

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed

semiannually as of the end of June and December.

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than
66 CAPITAL MOVEMENTS

banks, other depository institutions, and securities brokers

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States.

Historically, the information does not include any

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms.

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries.

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of

reporting institutions and their domestic customers. This

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues.

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3.

The geographical allocation of the transactions data

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly,

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy.

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website:

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly.
CAPITAL MOVEMENTS 67

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]

2003

Type of Liability

 Calendar

 Year

 2002 r Mar. r Apr. r May r June July Aug. Sept. p

Total liabilities to all foreigners................................ 2,056,536 2,224,989 2,280,795 2,301,207 2,247,160 2,310,058 2,290,048 2,282,306

Payable in dollars .............................................. 1,975,993 2,137,890 2,193,696 2,214,108 2,173,744 2,236,642 2,216,632 2,208,890

Foreign official institutions 1............................... 334,850 355,838 351,335 385,117 377,380 373,347 382,274 397,023

Deposits, excluding negotiable CDs.................20,733 22,532 24,026 22,586 23,767 22,996 21,366 20,430

U.S. Treasury bills and certificates................... 190,372 206,043 200,352 210,065 209,957 205,807 214,185 206,721

Other liabilities ............................................ 123,745 127,263 126,957 152,466 143,656 144,544 146,723 169,872

Foreign banks (including own foreign 

offices) and other foreigners........................... 1,627,676 1,771,741 1,831,774 1,819,325 1,783,949 1,847,933 1,822,294 1,796,866

Deposits, excluding negotiable CDs................. 148,729 787,811 800,945 786,403 827,453 839,273 803,011 795,338

U.S. Treasury bills and certificates...................43,855 43,878 43,861 42,578 41,714 43,322 43,199 42,072

Other liabilities ............................................ 1,435,092 940,052 986,968 990,344 914,782 965,338 976,084 959,456

International and regional organizations 2.............13,467 10,311 10,587 9,666 12,415 15,362 12,064 15,001

Deposits, excluding negotiable CDs................. 5,769 3,574 4,670 3,901 5,761 5,063 4,992 6,803

U.S. Treasury bills and certificates................... 1,089 4 33 3 13 13 11 13

Other liabilities ............................................ 6,609 6,733 5,884 5,762 6,641 10,286 7,061 8,185

Payable in foreign currencies 3..............................80,543 87,099 87,099 87,099 73,416 73,416 73,416 73,416

Sector:

Banks and other foreigners............................71,361 77,203 77,203 77,203 63,120 63,120 63,120 63,120

International and regional organizations 2.............. 9,182 9,896 9,896 9,896 10,296 10,296 10,296 10,296

Major currencies:

Canadian dollars................................ 6,636 6,582 6,582 6,582 5,646 5,646 5,646 5,646

Euro.........................................................39,393 48,108 48,108 48,108 39,826 39,826 39,826 39,826

United Kingdom pounds sterling...................... 6,998 6,389 6,389 6,389 6,576 6,576 6,576 6,576

Japanese yen.............................................20,393 18,942 18,942 18,942 14,937 14,937 14,937 14,937

Memoranda:

Respondents’ own liabilities payable in 

dollars...................................................... 1,400,467 1,557,654 1,612,424 1,612,044 1,564,463 1,640,446 1,611,071 1,622,474

Liabilities to own foreign offices........................ 978,613 1,050,165 1,106,721 1,096,575 1,060,203 1,120,360 1,088,771 1,090,576

Liabilities collaterized by repurchase

 agreements.............................................. 190,134 339,673 378,842 390,974 361,754 409,301 417,367 423,858

Foreign official institutions 1.........................57,097 64,118 58,794 74,403 68,759 75,568 76,029 85,268

Foreign banks and other foreigners............... 131,025 274,677 319,010 315,093 291,467 330,177 339,297 335,609

International and regional organizations 2............. 2,012 878 1,038 1,478 1,528 3,556 2,041 2,981

 Reported by IBFs........................................... 407,562 343,210 326,494 333,289 349,191 357,206 331,074 355,617

Respondents’ own liabilities payable in 

foreign currencies 3................................ 80,543 86,711 86,711 86,711 72,282 72,282 72,282 72,282

 Reported by IBFs...........................................51,788 50,445 50,445 50,445 43,998 43,998 43,998 43,998

Liabilities held in custody for domestic 

customers ................................................... 575,526 580,624 581,660 602,452 610,415 597,330 606,695 587,550

Payable in dollars................................ 575,526 580,236 581,272 602,064 609,281 596,196 605,561 586,416

Payable in foreign currencies 3..................... n.a. 388 388 388 1,134 1,134 1,134 1,134

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank)

and the Inter-American Development Bank.

3

 Data may be as of preceding quarter-end for most recent month shown in table.
68 CAPITAL MOVEMENTS

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2003

Country 2000 2001 r 2002 r May r June July Aug. Sept. p

Europe:

Austria............................................................ 2,755 3,277 2,862 4,446 4,474 4,377 5,035 4,869

Belgium 1......................................................... 34,230 6,852 9,641 6,169 4,875 5,705 6,822 7,262

Bulgaria........................................................... 367 267 219 127 134 176 117 107

Czech Republic................................ 626 612 531 1,418 1,901 1,765 2,244 2,729

Denmark.......................................................... 3,134 3,778 5,046 7,455 5,229 2,784 1,607 1,913

Finland............................................................ 1,412 1,446 1,711 2,320 2,195 3,351 3,677 3,568

France............................................................ 41,275 57,924 44,098 49,429 47,563 47,774 51,048 41,862

Germany ......................................................... 41,416 26,296 42,235 49,660 49,170 55,622 54,487 54,363

Greece............................................................ 2,042 2,308 2,996 1,635 2,166 2,035 1,810 1,795

Hungary .......................................................... 1,127 730 439 702 497 637 694 635

Ireland ............................................................ 8,115 16,694 33,110 33,603 36,978 32,422 36,060 34,126

Italy................................................................ 6,755 7,243 6,098 8,247 7,689 7,825 6,769 6,461

Luxembourg 1................................ n.a. 17,107 32,823 39,118 37,897 38,066 37,575 38,603

Netherlands................................ 7,587 12,660 11,419 16,971 16,324 14,037 14,101 13,531

Norway ........................................................... 2,310 3,746 18,907 15,480 14,996 20,954 17,893 20,448

Poland............................................................ 3,649 3,695 4,205 3,993 4,280 3,763 3,927 4,465

Portugal .......................................................... 2,529 4,082 3,676 2,916 2,235 2,212 1,901 1,805

Romania.......................................................... 850 1,481 1,919 531 468 437 503 472

Russia 2........................................................... 19,052 20,808 23,158 35,061 34,333 33,522 31,299 30,292

Spain.............................................................. 8,236 9,251 14,498 16,433 12,333 9,238 8,994 8,276

Sweden........................................................... 6,506 3,451 4,697 6,322 5,847 4,199 5,231 4,720

Switzerland................................ 76,307 67,379 133,351 113,526 120,302 134,822 119,192 114,662

Turkey ............................................................ 7,636 7,486 12,132 12,312 12,552 13,949 15,610 18,481

United Kingdom................................ 187,145 222,032 203,237 335,070 297,643 337,006 323,762 336,945

Channel Islands and Isle of Man 3.......................... na. 36,307 47,765 24,119 21,849 21,755 23,442 23,507

Yugoslavia 4................................ 282 309 301 183 183 154 182 155

Other Europe................................ 16,518 19,397 25,108 23,939 23,169 18,481 19,488 21,500

Total Europe................................

481,861 556,618 686,182 811,185 767,282 817,068 793,470 797,552

Canada..............................................................

36,975 31,529 32,221 36,701 39,277 40,187 37,007 37,654

Latin America:

Argentina......................................................... 19,500 10,786 10,934 9,828 9,951 10,540 9,955 9,565

Brazil.............................................................. 11,726 15,219 11,332 14,971 18,879 18,227 22,594 21,526

Chile............................................................... 5,946 4,993 6,112 5,580 4,771 4,635 4,800 4,346

Colombia......................................................... 4,561 4,716 4,174 4,669 4,638 4,560 4,445 4,390

Ecuador.......................................................... 2,117 2,396 2,307 2,301 2,221 2,383 2,397 2,320

Guatemala....................................................... 1,619 1,900 1,396 1,521 1,568 1,421 1,521 1,615

Mexico............................................................ 33,041 40,548 37,374 35,814 34,801 33,820 29,973 30,697

Panama.......................................................... 4,353 3,646 3,903 3,760 4,311 4,180 3,982 3,863

Peru............................................................... 1,444 1,368 1,366 1,620 1,513 1,534 1,433 1,348

Uruguay .......................................................... 3,036 3,222 2,814 2,890 3,143 3,233 3,058 3,019

Venezuela........................................................ 24,984 25,311 22,540 20,506 19,983 20,653 20,107 20,185

Other Latin America 5................................ 10,094 6,311 6,203 6,066 6,134 5,711 5,582 5,615

Total Latin America................................

122,421 120,416 110,455 109,526 111,913 110,897 109,847 108,489

Caribbean:

Bahamas ......................................................... 191,061 179,382 163,710 170,099 174,939 156,957 157,442 155,686

Bermuda......................................................... 9,763 10,611 25,273 46,459 44,276 44,042 39,434 38,249

British West Indies 6................................382,868 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. 445,040 631,241 697,495 675,446 709,844 714,850 677,963

Cuba.............................................................. 90 88 91 92 93 93 94 94

Jamaica.......................................................... 828 1,222 840 853 815 732 705 824

Netherlands Antilles ................................ 5,454 3,273 5,011 5,135 8,416 9,032 8,207 8,614

Trinidad and Tobago................................ 904 1,281 1,420 1,209 1,410 967 1,201 1,296

Other Caribbean 5................................ n.a. 12,208 11,757 13,246 16,156 16,900 16,307 17,146

Total Caribbean................................

590,968 653,105 839,343 934,588 921,551 938,567 938,240 899,872

See footnotes at end of table.
CAPITAL MOVEMENTS 69

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 2003

Country 2000 2001 r 2002 r May r June July Aug. Sept. p

Asia:

China:

Mainland................................ 16,531 10,498 15,483 15,609 17,512 19,288 20,880 26,019

Taiwan................................ 17,374 17,657 18,708 23,516 20,806 20,859 21,331 28,130

Hong Kong................................ 26,996 26,706 33,365 34,047 35,480 36,086 39,830 38,252

India............................................................... 4,530 3,676 7,968 9,411 7,961 8,366 10,792 16,926

Indonesia................................ 8,514 12,424 14,123 11,891 10,478 8,857 9,647 10,596

Israel.............................................................. 8,099 7,908 7,505 10,305 9,715 10,039 10,131 10,804

Japan............................................................. 162,449 173,640 176,151 194,958 186,892 185,032 184,498 188,502

Korea.............................................................. 7,960 9,035 8,950 7,889 9,161 9,403 12,820 12,345

Lebanon.......................................................... 681 563 651 650 704 709 726 719

Malaysia.......................................................... 2,335 1,299 1,221 1,733 1,588 1,068 1,616 1,837

Pakistan.......................................................... 1,024 1,971 2,093 2,330 2,748 2,958 2,642 2,702

Philippines ................................ 2,320 1,777 1,813 1,881 1,578 1,983 1,494 1,516

Singapore................................ 28,638 16,872 17,676 17,946 16,279 15,803 13,727 16,349

Syria.............................................................. 59 67 35 35 30 49 27 22

Thailand.......................................................... 3,212 4,757 7,607 5,313 5,534 4,729 4,575 5,137

Oil-exporting countries 7................................ 24,939 19,334 18,893 16,333 17,103 15,082 15,700 15,673

Other Asia................................ 5,312 5,785 6,847 7,742 8,601 7,350 7,602 8,104

Total Asia................................

320,973 313,969 339,089 361,589 352,170 347,661 358,038 383,633

Africa:

Congo (formerly Zaire)................................ 4 4 2 4 7 8 6 5

Egypt.............................................................. 2,621 2,783 2,655 3,536 3,297 2,968 2,968 2,694

Ghana............................................................. 188 133 312 307 470 417 416 471

Liberia............................................................. 318 229 141 271 205 178 168 183

Morocco.......................................................... 148 274 306 281 234 350 305 293

South Africa................................ 1,011 715 1,118 2,182 2,030 2,069 2,180 2,127

Oil-exporting countries 8................................ 4,141 4,461 4,466 3,799 3,587 3,583 3,364 3,201

Other Africa................................ 2,535 2,734 3,361 2,925 3,250 3,293 3,463 3,105

Total Africa................................

10,966 11,333 12,361 13,305 13,080 12,866 12,870 12,079

Other countries:

Australia.......................................................... 10,109 5,072 12,055 11,648 14,497 13,345 14,777 14,031

New Zealand 9................................ n.a. 318 1,918 2,149 3,080 2,373 2,010 2,186

All other........................................................... 1,281 413 263 954 1,599 1,436 1,429 1,513

Total other countries................................

11,390 5,803 14,236 14,751 19,176 17,154 18,216 17,730

Total foreign countries................................

1,575,554 1,692,773 2,033,887 2,281,645 2,224,449 2,284,400 2,267,688 2,257,009

International and regional

organizations:

International ................................ 12,193 15,508 20,464 18,271 21,656 23,439 20,852 23,866

European regional................................ 453 689 1,511 410 405 375 638 574

Latin American regional................................740 480 507 450 373 1,616 538 647

Caribbean regional 10................................ n.a. 84 67 148 61 50 134 32

Asian regional................................ 175 213 85 235 187 170 108 160

African regional................................ 74 33 15 48 29 8 90 18

Middle Eastern regional................................

- - - - - - - -

Total international

and regional................................

13,635 17,007 22,649 19,562 22,711 25,658 22,360 25,297

Grand total................................ 1,589,189 1,709,780 2,056,536 2,301,207 2,247,160 2,310,058 2,290,048 2,282,306

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other.”

10 Before January 2001, included in “Latin American regional.”
70 CAPITAL MOVEMENTS

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2003, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities payable in dollars

Total liabilities

To foreign official institutions

and foreign banks To all other foreigners Memoranda

Totals

Country

Total

(1)

 Payable

 in

 dollars

 (2)

Payable

in

foreign

currencies 1

(3)

Own

 liabilities

 (4)

 Custody

 liabilities

 (5)

Nonnegotiable

deposits

and 

brokerage 

balances 2

 (6)

 Short-

 term

 U.S.

 Treasury

obligations 3

(7)

 Other 

 liabilities

 (8)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

 (9)

Shortterm

U.S.

Treasury 

obligations 3

(10)

 Other

 liabilities

 (11)

Liabilities

to own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

Europe:

Austria................................ 4,869 4,822 47 2,096 2,726 247 151 3,931 190 68 235 35 2,303

Belgium 4................................7,262 6,959 303 6,133 826 1,810 156 2,782 402 134 1,675 1,796 367

Bulgaria................................ 107 107 - 104 3 36 3 60 8 - - 8 -

Czech Republic................................ 2,729 2,719 10 242 2,477 127 485 2,083 23 - 1 7 1

Denmark................................ 1,913 1,724 189 833 891 81 325 1,043 35 234 6 16 302

Finland................................ 3,568 3,532 36 2,766 766 2,584 117 689 53 87 2 2,512 562

France................................ 41,862 39,235 2,627 25,544 13,691 7,098 9,990 10,714 876 111 10,446 10,220 901

Germany ................................ 54,363 50,448 3,915 43,025 7,423 14,845 1,232 23,992 1,549 116 8,714 24,105 4,513

Greece................................ 1,795 1,725 70 1,142 583 470 446 252 422 37 98 175 84

Hungary ................................ 635 627 8 140 487 16 446 95 29 41 - - -

Ireland ................................ 34,126 34,046 80 8,116 25,930 2,034 234 5,805 912 751 24,310 185 3,949

Italy................................................................ 6,461 5,532 929 4,278 1,254 2,272 99 2,439 537 41 144 836 846

Luxembourg 4................................ 38,603 38,405 198 17,323 21,082 7,191 3,056 16,856 216 288 10,798 13,115 804

Netherlands................................ 13,531 12,736 795 10,335 2,401 2,139 301 4,276 995 168 4,857 5,301 46

Norway ................................20,448 20,439 9 20,403 36 117 21 20,169 86 1 45 1 -

Poland................................ 4,465 4,438 27 2,198 2,240 433 1,225 2,718 47 - 15 392 -

Portugal ................................ 1,805 1,738 67 779 959 419 654 394 188 2 81 58 2

Romania................................ 472 465 7 344 121 47 95 302 17 4 - 7 -

Russia 5................................30,292 30,275 17 3,701 26,574 2,026 217 27,872 146 4 10 200 8

Spain................................ 8,276 7,916 360 6,707 1,209 1,049 875 4,724 1,021 98 149 967 153

Sweden................................ 4,720 4,609 111 3,311 1,298 310 247 2,515 125 27 1,385 363 980

Switzerland................................ 114,662 113,964 698 102,873 11,091 89,744 3,365 5,546 1,179 2,804 11,326 98,722 1,905

Turkey................................ 18,481 18,469 12 2,310 16,159 838 16,065 565 71 4 926 461 28

United Kingdom................................ 336,945 314,883 22,062 299,333 15,550 85,134 3,620 112,457 10,332 4,070 99,270 218,941 2,355

Channel Islands and Isle 

 of Man 6................................ 23,507 23,438 69 22,789 649 21,929 14 458 108 397 532 21,745 4

Yugoslavia 7................................155 155 - 155 - 33 - 88 17 - 17 - -

Other Europe................................

21,500 21,288 212 11,248 10,040 4,137 9,634 6,900 482 75 60 99 13

Total Europe................................

797,552 764,694 32,858 598,228 166,466 247,166 53,073 259,725 20,066 9,562 175,102 400,267 20,126

Canada...............................................................

37,654 34,734 2,920 21,486 13,248 4,141 4,730 18,566 2,466 323 4,508 11,762 621

Latin America:

Argentina ................................9,565 9,498 67 8,550 948 373 222 550 7,696 300 357 362 259

Brazil................................ 21,526 18,898 2,628 17,304 1,594 5,823 357 5,987 6,113 150 468 785 284

Chile............................................................... 4,346 4,300 46 3,818 482 546 35 579 2,756 185 199 263 129

Colombia................................4,390 4,369 21 3,367 1,002 506 9 1,325 2,366 65 98 98 142

Ecuador................................ 2,320 2,316 4 2,213 103 388 - 400 1,456 4 68 110 34

Guatemala................................ 1,615 1,593 22 1,228 365 137 235 314 839 33 35 52 79

Mexico................................ 30,697 29,628 1,069 20,334 9,294 3,163 2,444 9,288 13,048 463 1,222 872 664

Panama................................ 3,863 3,835 28 3,086 749 677 8 736 1,828 232 354 489 184

Peru............................................................... 1,348 1,347 1 1,272 75 99 - 276 897 30 45 42 28

Uruguay................................ 3,019 3,012 7 2,577 435 349 86 921 1,093 193 370 669 114

Venezuela................................ 20,185 19,980 205 14,036 5,944 2,067 4,180 1,787 10,780 230 936 171 210

Other Latin America................................

5,615 5,566 49 4,790 776 1,832 51 956 2,396 92 239 206 386

Total Latin America................................

108,489 104,342 4,147 82,575 21,767 15,960 7,627 23,119 51,268 1,977 4,391 4,119 2,513

Caribbean:

Bahamas ................................ 155,686 154,968 718 151,680 3,288 126,351 218 19,487 2,617 765 5,530 128,759 356

Bermuda................................38,249 37,961 288 22,885 15,076 1,057 201 3,613 4,243 872 27,975 3,616 419

Cayman Islands 8................................ 677,963 671,685 6,278 530,589 141,096 249,499 70 305,696 9,231 3,537 103,652 457,135 5,499

Cuba............................................................... 94 94 - 94 - 14 - 4 66 - 10 - -

Jamaica................................ 824 799 25 775 24 363 - 252 177 - 7 25 24

Netherlands Antilles ................................ 8,614 8,571 43 8,348 223 256 3 830 628 58 6,796 56 35

Trinidad and Tobago................................ 1,296 1,290 6 1,188 102 740 - 254 212 14 70 212 10

Other Caribbean................................

17,146 17,057 89 13,161 3,896 1,252 372 1,033 6,170 1,265 6,965 285 769

Total Caribbean................................

899,872 892,425 7,447 728,720 163,705 379,532 864 331,169 23,344 6,511 151,005 590,088 7,112

See footnotes at end of table.
CAPITAL MOVEMENTS 71

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2003, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities payable in dollars

Total liabilities

To foreign official institutions

and foreign banks To all other foreigners Memoranda

Totals

Country

 Total

 (1)

 Payable

 in

 dollars

 (2)

Payable

 in

foreign

currencies 1

(3)

Own

liabilities

(4)

Custody

liabilities

(5)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

(6)

Shortterm

U.S.

Treasury

obligations 3

(7)

Other

liabilities

(8)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

(9)

Shortterm

U.S.

Treasury 

obligations 3

(10)

Other

liabilities

(11)

Liabilities

to own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

Asia:

China:

Mainland................................ 26,019 26,018 1 13,741 12,277 2,288 339 22,398 632 35 326 2,471 56

Taiwan ................................ 28,130 28,110 20 25,156 2,954 6,694 2,045 15,742 2,839 290 500 2,782 389

Hong Kong................................ 38,252 37,965 287 13,234 24,731 7,947 13,725 12,190 2,046 162 1,895 7,240 372

India................................ 16,926 16,907 19 5,892 11,015 1,046 6,894 7,859 257 - 851 574 13

Indonesia................................ 10,596 10,596 - 1,492 9,104 764 7,687 1,687 445 - 13 289 15

Israel................................ 10,804 10,795 9 3,848 6,947 489 5,811 2,078 1,545 126 746 712 564

Japan................................ 188,502 177,364 11,138 59,896 117,468 15,100 109,708 43,385 2,737 283 6,151 48,126 442

Korea................................ 12,345 12,336 9 5,009 7,327 501 875 10,237 291 12 420 3,486 29

Lebanon................................ 719 719 - 695 24 187 - 421 87 4 20 7 19

Malaysia ................................ 1,837 1,800 37 1,272 528 446 481 801 46 9 17 157 2

Pakistan................................ 2,702 2,694 8 1,948 746 348 619 565 109 1 1,052 1,162 6

Philippines................................ 1,516 1,513 3 1,309 204 484 69 484 405 28 43 79 29

Singapore................................ 16,349 14,870 1,479 12,312 2,558 7,418 1,206 3,901 639 390 1,316 8,779 50

Syria................................ 22 22 - 21 1 2 - - 19 - 1 - 1

Thailand................................ 5,137 5,137 - 1,974 3,163 410 3,077 1,309 253 6 82 155 9

Other Asia................................ 23,777 22,458 1,319 14,022 8,436 8,194 6,681 5,424 678 63 1,418 5,808 1,406

Total Asia................................

383,633 369,304 14,329 161,821 207,483 52,318 159,217 128,481 13,028 1,409 14,851 81,827 3,402

Africa:

Congo (formerly Zaire)................................ 5 4 1 4 - 1 - - 3 - - 1 -

Egypt................................ 2,694 2,692 2 1,047 1,645 456 1,388 549 243 3 53 122 54

Ghana................................471 471 - 302 169 57 169 229 15 - 1 19 -

Liberia................................183 183 - 135 48 1 - 2 129 6 45 - 19

Morocco................................ 293 293 - 291 2 49 - 198 46 - - 3 -

South Africa................................ 2,127 2,125 2 2,119 6 316 - 1,652 151 2 4 1,625 4

Other Africa................................ 6,306 6,294 12 4,948 1,346 2,234 1,087 1,896 917 13 147 428 32

Total Africa................................

12,079 12,062 17 8,846 3,216 3,114 2,644 4,526 1,504 24 250 2,198 109

Other countries:

Australia................................ 14,031 13,885 146 4,591 9,294 1,102 709 11,553 327 76 118 275 3,438

New Zealand................................ 2,186 2,065 121 1,168 897 64 34 1,748 152 10 57 1 7

All other................................ 1,513 378 1,135 325 53 64 - 118 152 3 41 39 8

Total other countries................................

17,730 16,328 1,402 6,084 10,244 1,230 743 13,419 631 89 216 315 3,453

Total foreign

countries................................

2,257,009 2,193,889 63,120 1,607,760 586,129 703,461 228,898 779,005 112,307 19,895 350,323 1,090,576 37,336

International and

regional orgs.:

International................................ 23,866 13,570 10,296 13,323 247 - - - 5,995 - 7,575 - -

European regional................................ 574 574 - 561 13 - - - 349 13 212 - -

Latin American regional................................ 647 647 - 620 27 - - - 436 - 211 - 17

Caribbean regional................................ 32 32 - 32 - - - - 13 - 19 - -

Asian regional................................ 160 160 - 160 - - - - 8 - 152 - -

African regional................................ 18 18 - 18 - - - - 2 - 16 - -

Middle Eastern regional................................

- - - - - - - - - - - - -

Total international

and regional................................

25,297 15,001 10,296 14,714 287 - -- 6,803 13 8,185 - 17

Grand total................................ 2,282,306 2,208,890 73,416 1,622,474 586,416 703,461 228,898 779,005 119,110 19,908 358,508 1,090,576 37,353

1

 These data as of June 30, 2003.

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million.

4

 Before January 2001, combined data reported for Belgium-Luxembourg.

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

6

 Before January 2001, data included in United Kingdom.

7

 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.

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
72 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

800

900

1000

1999 2000 2001 2002 Sept. 2003 

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 1999 2000 2001 2002 Sept. 2003

United Kingdom................................ 190,706 187,145 222,032 203,237 336,945

All other Europe................................ 290,632 294,716 334,586 482,945 460,607

Caribbean banking centers 1,2................................ 487,601 593,499 641,952 829,138 884,375

Japan................................................................ 170,614 162,449 173,640 176,151 188,502

All other Asia................................ 165,229 158,524 140,329 162,938 195,131

Subtotal ................................

1,304,782 1,396,333 1,512,539 1,854,409 2,065,560

All other countries ................................

192,495 192,856 197,241 202,127 216,746

Grand total................................ 1,497,277 1,589,189 1,709,780 2,056,536 2,282,306

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.3 trillion in September 

2003, an increase of about $225 

billion from yearend 2002. 

Much of the increase in 

liabilities to foreigners this year 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between June and September 

2003, when data are reported on 

a consistent basis, U.S. banking 

liabilities were little changed. 

U.S. banking liabilities 

increased about $345 billion in 

2002, and $120 billion in 2001.

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

currently is 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, and 

also recorded most of the 

reported increase in liabilities 

during the first half of 2003.

Foreigners domiciled in the rest 

of Europe and in Asia account 

for about 40 percent of U.S. 

banking liabilities. 
CAPITAL MOVEMENTS 73

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]

2002 2003

Type of Claim

 Calendar

 Year

 2001 r June r Sept. r Dec. r Mar. June p

Total claims......................................................... 1,351,599 1,487,992 1,435,553 1,511,233 1,680,180 1,777,423

Payable in dollars................................................ 1,259,328 1,381,535 1,332,431 1,403,586 1,574,309 1,656,083

Own claims on foreigners................................ 1,052,066 1,165,453 1,126,500 1,185,445 1,306,796 1,359,602

Foreign official institutions................................ n.a. n.a. n.a. n.a. 45,806 39,090

Foreign public borrowers ................................ 45,672 51,276 61,732 48,765 n.a. n.a.

Foreign banks, including own foreign 

offices ....................................................... 844,865 936,161 887,104 970,357 963,558 1,005,368

All other foreigners.......................................... 161,529 178,016 177,664 166,323 297,432 315,144

Claims of domestic customers................................ 207,262 216,082 205,931 218,141 267,513 296,481

Payable in foreign currencies ................................ 92,271 106,457 103,122 107,647 105,871 121,340

Own claims on foreigners................................ 74,640 90,609 82,647 71,724 78,165 87,356

of which:

Canadian dollars............................................. 6,106 7,583 7,585 7,614 5,414 10,113

Euros........................................................... 42,980 55,294 49,176 40,858 42,990 41,854

United Kingdom pounds sterling....................... 6,296 7,581 10,045 6,809 10,688 11,796

Japanese yen................................................ 9,892 12,131 9,329 9,008 12,169 13,134

Claims of domestic customers................................ 17,631 15,848 20,475 35,923 27,706 33,984

of which:

Canadian dollars............................................. 935 1,198 1,267 9,010 1,499 2,391

Euros........................................................... 3,097 4,858 7,916 10,655 17,272 15,036

United Kingdom pounds sterling......................... 1,133 2,344 1,434 2,282 3,020 2,835

Japanese yen................................................ 351 1,911 2,458 7,362 1,388 3,223

Memoranda:

Total own claims on foreigners............................... 1,126,706 1,256,062 1,209,147 1,257,169 1,384,961 1,446,958

Non-negotiable deposits ................................ n.a. n.a. n.a. n.a. 502,724 518,751

Short-term negotiable instruments

 (payable in dollars).......................................... n.a. n.a. n.a. n.a. 16,134 13,204

Resale agreements ........................................... 137,979 158,784 166,568 161,585 287,043 310,317

Other ............................................................. n.a. n.a. n.a. n.a. 579,060 604,686

Claims on own foreign offices................................ 744,498 847,573 795,221 892,340 940,502 973,704

Claims reported by IBFs................................ 339,685 361,135 331,689 344,333 329,564 343,937

Payable in dollars.............................................. 306,381 320,193 298,127 313,450 301,091 316,432

Payable in foreign currencies............................... 33,304 40,942 33,562 30,883 28,473 27,505

Total claims held for domestic customers.................. 135,294 157,987 141,297 165,888 295,219 330,465

Non-negotiable deposits ................................ n.a. n.a. n.a. n.a. 112,854 126,526

Short-term negotiable instruments

 (payable in dollars).......................................... 114,287 141,749 123,013 131,780 141,870 159,965

Other ............................................................... 21,007 16,238 18,284 34,108 40,495 43,974
74 CAPITAL MOVEMENTS

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2001 2002 2003

Country

Calendar 

year

2000 Dec. r Mar. r June r Sept. r Dec. r Mar. June p

Europe:

Austria.............................................................. 4,862 7,652 4,741 5,223 4,951 3,972 4,880 4,543

Belgium 1........................................................... 9,957 7,583 8,651 7,831 6,406 8,255 11,121 9,505

Bulgaria............................................................ 23 2 - 3 14 10 244 11

Czech Republic................................ 139 600 291 172 188 149 440 157

Denmark ........................................................... 4,923 3,461 2,961 2,759 4,589 2,228 3,091 4,795

Finland............................................................. 8,691 10,877 14,891 16,780 16,514 9,020 10,487 9,529

France.............................................................. 53,007 86,420 85,553 91,466 83,623 76,743 79,445 88,894

Germany ........................................................... 70,564 57,462 62,344 67,520 50,625 43,348 47,229 43,218

Greece............................................................. 1,247 554 547 514 590 653 483 342

Hungary ............................................................ 41 25 134 33 51 211 148 127

Ireland.............................................................. 6,970 9,122 6,840 6,426 3,861 4,990 7,387 7,317

Italy................................................................ 12,586 8,065 8,011 7,856 7,570 7,750 8,510 8,910

Luxembourg 1..................................................... n.a. 3,852 6,770 5,820 3,625 4,506 4,193 8,012

Netherlands ....................................................... 22,974 22,908 22,918 25,756 27,397 32,757 33,211 32,077

Norway ............................................................. 5,655 7,033 8,462 10,671 12,966 14,980 12,636 17,969

Poland.............................................................. 434 535 615 165 177 179 418 677

Portugal............................................................ 2,105 2,159 2,417 2,200 2,372 2,641 2,503 2,942

Romania........................................................... 80 99 109 102 92 107 131 160

Russia 2............................................................ 690 651 1,673 1,176 818 896 1,145 850

Spain................................................................ 4,531 4,767 6,874 4,499 6,574 8,696 5,597 6,493

Sweden............................................................ 15,985 20,660 20,204 26,505 20,062 22,789 23,051 22,668

Switzerland........................................................ 87,736 97,696 125,000 127,652 115,954 138,173 116,333 114,791

Turkey .............................................................. 4,455 3,370 5,314 3,968 3,872 3,305 3,556 3,384

United Kingdom ................................ 223,976 300,665 298,442 297,911 300,092 288,133 353,256 397,252

Channel Islands and Isle of Man 3........................... n.a. 4,513 4,033 4,466 6,361 17,775 35,737 49,440

Yugoslavia 4....................................................... 50 - - - - 9 - -

Other Europe..................................................... 7,029 2,894 3,009 2,364 1,786 1,997 2,383 2,810

Total Europe................................

548,710 663,625 700,804 719,838 681,130 694,272 767,615 836,873

Canada...............................................................

55,908 77,121 80,063 90,875 87,653 94,126 81,889 78,285

Latin America:

Argentina........................................................... 12,911 11,587 10,825 9,223 8,025 7,053 6,621 6,447

Brazil............................................................... 22,130 20,846 21,352 20,209 18,451 16,070 17,186 25,113

Chile................................................................ 6,067 5,465 5,555 4,993 5,194 5,322 5,517 5,535

Colombia........................................................... 4,388 3,653 3,738 3,293 3,098 2,633 2,745 2,543

Ecuador............................................................ 651 507 491 511 478 469 506 496

Guatemala......................................................... 1,279 1,536 1,456 924 969 925 1,008 809

Mex ico.............................................................. 18,247 16,920 17,571 17,214 16,660 16,249 15,834 15,447

Panama............................................................ 3,239 3,441 3,080 2,926 2,151 2,070 2,041 2,139

Peru................................................................ 2,823 2,201 2,064 1,845 1,613 1,424 1,414 1,555

Uruguay ............................................................ 702 459 524 349 369 276 335 345

Venezuela......................................................... 3,749 3,209 3,626 3,556 3,480 3,404 3,464 3,392

Other Latin America 5................................ 5,277 3,404 2,928 2,993 2,893 2,780 2,964 2,489

Total Latin America................................

81,463 73,228 73,210 68,036 63,381 58,675 59,635 66,310

Caribbean:

Bahamas........................................................... 132,681 103,541 98,873 110,791 93,025 96,358 100,137 104,837

Bermuda........................................................... 9,485 8,470 8,500 11,850 13,332 10,620 24,441 22,771

British West Indies 6................................ 237,770 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. 300,422 280,639 351,530 345,310 417,363 483,886 504,523

Netherlands Antilles................................ 5,812 6,741 7,168 6,923 6,228 6,783 6,930 7,361

Trinidad and Tobago................................ 609 940 971 866 930 889 884 862

Other Caribbean 5................................

n.a. 3,791 3,528 3,803 3,456 3,453 3,584 4,516

Total Caribbean................................

386,712 424,323 400,176 486,124 462,744 535,787 620,339 645,291

See footnotes at end of table.
CAPITAL MOVEMENTS 75

TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

 2001 2002 2003

Country

 Calendar

 year

 2000 Dec. r Mar. r June r Sept. r Dec r. Mar. June p

Asia:

China:

Mainland................................ 1,658 2,138 4,220 6,107 7,307 1,110 11,098 7,282

Taiwan................................ 2,720 4,599 4,693 6,663 8,830 3,939 8,431 5,634

Hong Kong................................ 7,346 10,405 6,927 6,375 8,886 7,777 5,794 7,589

India................................................................ 2,341 1,477 1,377 1,595 1,340 1,314 1,193 1,530

Indonesia................................ 1,944 1,795 1,784 1,617 1,476 1,795 1,238 1,308

Israel................................................................ 5,588 6,984 5,622 5,858 7,517 6,979 5,617 7,120

Japan............................................................... 39,179 40,047 37,218 43,859 51,772 59,792 66,122 72,688

Korea............................................................... 8,014 10,786 14,081 15,103 17,495 11,209 13,201 7,138

Lebanon................................ 39 45 42 43 46 48 38 75

Malaysia................................ 849 731 931 1,178 844 921 1,226 1,318

Pakistan................................ 165 129 328 488 669 77 364 728

Philippines ................................ 1,833 2,598 2,078 2,008 2,188 2,180 2,697 1,601

Singapore................................ 4,576 3,513 3,436 3,419 3,699 4,425 4,141 4,322

Syria.............................................................. 12 3 2 2 2 2 2 2

Thailand................................ 1,404 2,544 1,516 753 1,879 1,443 1,659 1,557

Oil-exporting countries 7................................ 10,627 9,222 11,176 12,248 11,532 10,487 9,877 8,477

Other Asia................................ 324 357 497 548 726 246 212 206

Total Asia................................

88,619 97,373 95,928 107,864 126,208 113,744 132,910 128,575

Africa:

Congo (formerly Zaire)................................ - - - - - - - -

Egypt................................................................ 228 430 371 430 346 500 569 429

Ghana.............................................................. 18 25 14 6 9 12 13 17

Liberia.............................................................. 545 377 330 395 350 308 346 289

Morocco................................ 241 123 104 96 75 71 66 60

South Africa................................ 378 820 820 719 659 653 611 3,463

Oil-exporting countries 8................................ 477 175 218 241 311 238 266 229

Other Africa................................ 357 311 346 311 332 295 365 313

Total Africa................................

2,244 2,261 2,203 2,198 2,082 2,077 2,236 4,800

Other countries:

Australia................................ 8,228 8,057 7,149 7,727 8,507 7,793 8,175 10,401

New Zealand 9................................ n.a. 477 922 782 1,018 881 2,356 1,254

All other................................ 427 75 13 148 33 69 118 97

Total other countries ................................

8,655 8,609 8,084 8,657 9,558 8,743 10,649 11,752

Total foreign countries................................

1,172,311 1,346,540 1,360,468 1,483,592 1,432,756 1,507,424 1,675,273 1,771,886

International and regional orgs.:

International................................ 4,777 4,322 5,237 3,863 2,160 3,291 4,235 4,318

European regional................................ - 21 12 44 23 8 1 13

Latin American regional................................ 104 237 213 240 229 179 189 153

Caribbean regional 10................................ n.a. - - - - - - -

Asian regional................................ - 479 188 253 385 331 482 1,053

African regional................................ - - - - - - - -

Middle Eastern regional................................

- - - - - - - -

Total international

 and regional................................

4,881 5,059 5,650 4,400 2,797 3,809 4,907 5,537

Grand total................................ 1,177,192 1,351,599 1,366,118 1,487,992 1,435,553 1,511,233 1,680,180 1,777,423

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Before January 2001, data for Cayman Islands included in British West Indies.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other.”

10 Before January 2001, included in “Latin American regional.”
76 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2003

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Memorandum Claims of domestic customers

Country

Total

claims

(1)

Total

(2)

Claims on

foreign 

official

institutions

and

foreign banks

(3)

Claims on

all other

foreigners 

(4)

Claims on

own 

foreign offices

(5)

Payable in

foreign

currencies

 (6)

Total

(7)

 Payable in

 dollars

 (8)

 Payable in

 foreign

 currencies

 (9)

Europe:

Austria.............................................................. 4,543 4,402 1,513 2,826 38 63 141 133 8

Belgium 1........................................................... 9,505 6,899 5,526 1,215 1,262 158 2,606 2,448 158

Bulgaria............................................................ 11 9 6 3 3 - 2 2 -

Czech Republic................................ 157 124 73 44 46 7 33 33 -

Denmark ........................................................... 4,795 1,796 1,474 263 677 59 2,999 2,948 51

Finland............................................................. 9,529 9,192 9,043 148 8,941 1 337 38 299

France.............................................................. 88,894 72,413 37,850 17,585 39,950 16,978 16,481 12,801 3,680

Germany ........................................................... 43,218 26,088 15,618 7,368 5,027 3,102 17,130 13,255 3,875

Greece............................................................. 342 215 70 137 11 8 127 126 1

Hungary ............................................................ 127 127 120 - 6 7 - - -

Ireland.............................................................. 7,317 4,194 1,613 2,372 338 209 3,123 2,804 319

Italy................................................................ 8,910 8,289 5,050 1,201 3,435 2,038 621 572 49

Luxembourg 1................................ 8,012 6,324 5,232 982 3,066 110 1,688 1,012 676

Netherlands ................................ 32,077 21,487 9,587 9,144 9,210 2,756 10,590 10,035 555

Norway ............................................................. 17,969 17,177 15,063 803 195 1,311 792 759 33

Poland.............................................................. 677 672 640 11 59 21 5 - 5

Portugal............................................................ 2,942 2,899 1,909 497 508 493 43 43 -

Romania........................................................... 160 160 70 57 - 33 - - -

Russia 2............................................................ 850 828 321 494 29 13 22 22 -

Spain................................................................ 6,493 4,692 2,010 108 597 2,574 1,801 1,765 36

Sweden............................................................ 22,668 15,973 11,614 4,001 8,068 358 6,695 6,630 65

Switzerland................................ 114,791 104,920 99,534 3,494 98,175 1,892 9,871 9,036 835

Turkey .............................................................. 3,384 2,197 1,608 588 27 1 1,187 1,100 87

United Kingdom ................................397,252 287,114 213,018 49,928 212,837 24,168 110,138 104,128 6,010

Channel Islands and Isle of Man3............................... 49,440 44,698 41,309 3,383 41,100 6 4,742 2,173 2,569

Yugoslavia 4................................ - - - - - - - - -

Other Europe................................ 2,810 2,800 2,021 401 8 378 10 10 -

Total Europe................................

836,873 645,689 481,892 107,053 433,613 56,744 191,184 171,873 19,311

Canada...............................................................

78,285 59,589 43,456 6,333 40,055 9,800 18,696 16,269 2,427

Latin America:

Argentina........................................................... 6,447 6,038 1,060 4,946 882 32 409 375 34

Brazil............................................................... 25,113 17,089 9,320 7,230 5,849 539 8,024 276 7,748

Chile................................................................ 5,535 5,296 1,682 3,594 155 20 239 239 -

Colombia........................................................... 2,543 2,427 1,069 1,353 108 5 116 115 1

Ecuador............................................................ 496 481 109 372 22 - 15 15 -

Guatemala......................................................... 809 784 242 531 96 11 25 25 -

Mexico.............................................................. 15,447 14,886 1,847 12,794 181 245 561 531 30

Panama............................................................ 2,139 2,008 1,255 731 375 22 131 131 -

Peru................................................................ 1,555 1,544 479 1,062 238 3 11 11 -

Uruguay ............................................................ 345 342 161 174 124 7 3 2 1

Venezuela......................................................... 3,392 3,355 716 2,493 11 146 37 37 -

Other Latin America 5................................ 2,489 2,443 1,061 1,367 118 15 46 42 4

Total Latin America................................

66,310 56,693 19,001 36,647 8,159 1,045 9,617 1,799 7,818

Caribbean:

Bahamas........................................................... 104,837 97,931 83,925 12,735 88,154 1,271 6,906 6,891 15

Bermuda........................................................... 22,771 21,997 500 21,234 1,052 263 774 773 1

Cayman Islands 6................................ 504,523 415,664 321,248 88,726 335,639 5,690 88,859 88,587 272

Cuba................................................................ 93 36 - - - 36 57 - 57

Jamaica............................................................ 328 328 73 254 29 1 - - -

Netherlands Antilles................................ 7,361 7,220 796 6,338 721 86 141 141 -

Trinidad and Tobago................................862 837 242 595 141 - 25 25 -

Other Caribbean 5................................4,516 4,478 618 3,764 177 96 38 38 -

Total Caribbean................................

645,291 548,491 407,402 133,646 425,913 7,443 96,800 96,455 345

See footnotes at end of table.
CAPITAL MOVEMENTS 77

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2003, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Memorandum Claims of domestic customers

Country

 Total

 claims

 (1)

Total

 (2)

Claims on

foreign 

official

institutions

and

foreign banks

 (3)

Claims on

all other

foreigners

(4)

Claims on

own

foreign offices

(5)

Payable in

foreign

currencies

(6)

 Total

 (7)

 Payable in

 dollars

 (8)

Payable in

foreign

currencies

(9)

Asia:

China:

Mainland......................................................... 7,282 6,988 5,677 1,311 62 - 294 294 -

Taiwan............................................................ 5,634 5,534 4,565 830 880 139 100 27 73

Hong Kong................................ 7,589 7,398 3,967 3,094 3,332 337 191 155 36

India................................................................ 1,530 1,385 750 625 254 10 145 135 10

Indonesia.......................................................... 1,308 974 454 490 11 30 334 333 1

Israel................................................................ 7,120 4,488 3,919 414 1,608 155 2,632 2,630 2

Japan............................................................... 72,688 70,159 49,976 12,076 46,335 8,107 2,529 1,930 599

Korea............................................................... 7,138 7,069 6,064 994 2,398 11 69 45 24

Lebanon............................................................ 75 71 63 8 - - 4 4 -

Malaysia........................................................... 1,318 1,007 658 346 - 3 311 306 5

Pakistan............................................................ 728 723 24 699 677 - 5 5 -

Philippines ......................................................... 1,601 1,522 1,257 247 88 18 79 59 20

Singapore.......................................................... 4,322 4,042 3,329 367 2,277 346 280 239 41

Syria.............................................................. 2 - - - - - 2 2 -

Thailand............................................................ 1,557 1,511 1,178 45 673 288 46 42 4

Other Asia......................................................... 8,683 8,353 5,618 480 4,829 2,255 330 329 1

Total Asia................................

128,575 121,224 87,499 22,026 63,424 11,699 7,351 6,535 816

Africa:

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt................................................................ 429 414 391 21 214 2 15 9 6

Ghana.............................................................. 17 5 2 3 - - 12 12 -

Liberia.............................................................. 289 281 4 277 - - 8 8 -

Morocco............................................................ 60 50 43 - 1 7 10 10 -

South Africa................................ 3,463 540 401 125 73 14 2,923 8 2,915

Other Africa................................

542 476 298 178 59 - 66 63 3

Total Africa................................

4,800 1,766 1,139 604 347 23 3,034 110 2,924

Other countries:

Australia............................................................ 10,401 7,030 3,780 2,803 2,191 447 3,371 3,190 181

New Zealand 7................................ 1,254 949 288 506 1 155 305 143 162

All other............................................................ 97 96 1 95 1 - 1 1 -

Total other countries ................................

11,752 8,075 4,069 3,404 2,193 602 3,677 3,334 343

Total foreign countries................................

1,771,886 1,441,527 1,044,458 309,713 973,704 87,356 330,359 296,375 33,984

International and regional orgs.: .

International................................ 4,318 4,293 - 4,293 - - 25 25 -

European regional................................ 13 11 - 11 - - 2 2 -

Latin American regional................................153 74 - 74 - - 79 79 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................ 1,053 1,053 - 1,053 - - - - -

African regional................................ - - - - - - - - -

Middle Eastern regional................................

- - - - - - - - -

Total international and regional.............................

5,537 5,431 - 5,431 - - 106 106 -

Grand total................................ 1,777,423 1,446,958 1,044,458 315,144 973,704 87,356 330,465 296,481 33,984

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Before January 2001, data for Cayman Islands included in British West Indies.

7

 Before January 2001, data included in “All other.”

8 Before January 2001, included in “Latin American regional.”
78 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

 1999 2000 2001 2002 June 2003

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 1999 2000 2001 2002 June 2003

United Kingdom................................172,345 223,976 300,665 288,133 397,252

All other Europe................................283,430 324,734 362,960 406,139 439,621

Caribbean banking centers 1,2................................ 340,917 388,987 422,615 533,194 641,631

Japan................................................................ 34,627 39,179 40,047 59,792 72,688

All other Asia................................ 53,267 49,440 57,326 53,952 55,887

Subtotal ................................

884,586 1,026,316 1,183,613 1,341,210 1,607,079

All other countries ................................

148,542 150,876 167,986 170,023 170,344

Grand total................................ 1,033,128 1,177,192 1,351,599 1,511,233 1,777,423

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2003, U.S. banking 

claims, excluding long-term 

securities, amounted to nearly 

$1.8 trillion, an increase of 

about $265 million from yearend 2002. In large part, the 

increase in claims reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. In 

particular, these figures now 

include brokerage balances and 

positions with affiliated foreign 

offices reported by U.S. brokers 

and dealers. 

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. 

These financial centers 

accounted for most of the 

increase in U.S. banking claims 

in the first half of this year. 

The share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently.
CAPITAL MOVEMENTS 79

SECTION III.—Supplementary Liabilities and Claims Data

Reported by Banks in the United States

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigne rs

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Total liabilities Total banks’ own claims

Calendar 

year 2003

Calendar 

year 2003

Country 2001 2002 June 2001 2002 June

Other Europe:

Cyprus ............................................................. 181 143 276 28 22 n.a.

Iceland............................................................. 56 104 141 n.a. n.a. 39

Monaco............................................................ 300 r 239 194 n.a. n.a. 65

Other Latin America and Caribbean:

Aruba............................................................... 238 255 281 n.a. 292 n.a.

Barbados .......................................................... 2,127 r 1,357 1,735 831 619 256

Belize............................................................... 147 319 234 n.a. n.a. 26

Bolivia.............................................................. 781 r 878 844 257 214 239

Costa Rica........................................................ 1,076 r 933 1,107 910 708 660

Dominica........................................................... 53 45 46 n.a. n.a. 3

Dominican Republic............................................. 1,937 1,460 1,444 976 1,085 862

El Salvador........................................................ 764 r 652 1,035 1,150 887 780

French West Indies and French Guiana.................... 21 26 24 n.a. n.a. n.a.

Haiti ................................................................ 295 257 337 31 24 38

Honduras.......................................................... 1,768 1,718 1,604 338 362 249

Nicaragua......................................................... 159 126 149 85 84 n.a.

Paraguay .......................................................... 825 789 688 84 77 56

Suriname.......................................................... 315 201 139 n.a. 11 n.a.

Other Asia:

Afghanistan....................................................... 56 45 51 n.a. - -

Burma.............................................................. 8 9 3 - - -

Jordan.............................................................. n.a. n.a. n.a. 103 82 71

Macau.............................................................. 41 84 72 - - -

Sri Lanka.......................................................... 196 n.a. 809 11 n.a. 9

Yemen............................................................. 393 185 291 2 n.a. n.a.

Other Africa:

Angola.............................................................. n.a. n.a. 276 n.a. n.a. n.a.

Cameroon......................................................... 13 16 15 9 14 19

Ethiopia............................................................ 249 n.a. 360 - - -

Guinea............................................................. 38 28 22 n.a. n.a. n.a.

Ivory Coast........................................................ n.a. n.a. 96 15 n.a. n.a.

Kenya.............................................................. 147 106 152 n.a. 2 2

Mauritius........................................................... 88 r 116 117 4 n.a. n.a.

Mozambique...................................................... 55 n.a. 139 n.a. - -

Rwanda............................................................ 44 91 48 n.a. - n.a.

Senegal............................................................ n.a. 30 n.a. n.a. n.a. n.a.

Somalia............................................................ 11 9 n.a. - - -

Sudan.............................................................. 7 5 7 - - -

Tanzania........................................................... 229 279 n.a. 5 n.a. 14

Tunisia............................................................. 172 n.a. 67 89 84 74

Uganda............................................................ 79 202 116 2 n.a. n.a.

Zambia............................................................. 70 87 102 - n.a. n.a.

Zimbabwe......................................................... 81 63 66 - - -

All other:

Papua New Guinea............................................. n.a. n.a. 50 12 n.a. 7

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II.
80 CAPITAL MOVEMENTS

SECTION IV.—Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Type of liability or claim 1999 2000 2001 June Sept. Dec. Mar. June p

Total liabilities....................................................... 53,020 73,904 66,679 70,431 68,225 67,664 85,426 82,128

Payable in dollars................................ 37,605 48,931 42,925 48,054 44,534 45,087 55,109 54,128

Financial....................................................... 13,883 25,246 18,763 22,050 18,913 18,844 30,296 28,938

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. n.a. n.a. 3,675 3,088

Other........................................................ n.a. n.a. n.a. n.a. n.a. n.a. 26,621 25,850

Commercial.................................................. 23,722 23,685 24,162 26,004 25,621 26,243 24,813 25,190

Trade payables ................................ 11,720 12,162 10,893 13,388 13,102 13,469 12,812 13,635

Advance receipts and other........................... 12,002 11,523 13,269 12,616 12,519 12,774 12,001 11,555

Payable in foreign currencies................................ 15,415 24,973 23,754 22,377 23,691 22,577 30,317 28,000

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. n.a. n.a. 641 884

Euros........................................................... n.a. n.a. n.a. n.a. n.a. n.a. 13,411 10,959

United Kingdom pounds sterling......................... n.a. n.a. n.a. n.a. n.a. n.a. 7,870 7,587

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. n.a. 3,122 2,899

Other ........................................................... n.a. n.a. n.a. n.a. n.a. n.a. 5,273 5,671

By type of liability:

Financial....................................................... 14,097 22,173 22,271 20,776 22,398 20,717 26,757 24,741

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. n.a. n.a. 17,753 15,154

Other........................................................ n.a. n.a. n.a. n.a. n.a. n.a. 9,004 9,587

Commercial................................................... 1,318 2,800 1,483 1,601 1,293 1,860 3,560 3,259

Trade payables ................................ 1,114 2,131 888 817 717 1,230 2,008 1,743

Advance receipts and other...........................204 669 595 784 576 630 1,552 1,516

Total claims......................................................... 76,642 90,157 113,082 116,608 112,784 102,566 124,387 129,554

Payable in dollars................................ 69,170 79,558 103,864 107,714 104,748 91,551 107,665 107,673

Financial...................................................... 34,966 46,157 74,471 82,353 79,307 65,070 87,859 85,788

Non-negotiable deposits ..............................n.a. n.a. n.a. n.a. n.a. n.a. 45,055 48,236

Negotiable CDs and short-term 

 negotiable instruments ................................ n.a. n.a. n.a. n.a. n.a. n.a. 3,642 3,033

Other....................................................... n.a. n.a. n.a. n.a. n.a. n.a. 39,162 34,519

Commercial.................................................. 34,204 33,401 29,393 25,361 25,441 26,481 19,806 21,885

Trade receivables................................ 30,624 30,007 25,828 22,543 21,982 22,635 16,963 17,598

Advance payments and other......................... 3,580 3,394 3,565 2,818 3,459 3,846 2,843 4,287

Payable in foreign currencies................................ 7,472 10,599 9,218 8,894 8,036 11,015 16,722 21,881

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. n.a. n.a. 1,956 1,876

Euros........................................................... n.a. n.a. n.a. n.a. n.a. n.a. 4,857 4,136

United Kingdom pounds sterling......................... n.a. n.a. n.a. n.a. n.a. n.a. 3,534 4,109

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. n.a. 1,425 1,412

Other ........................................................... n.a. n.a. n.a. n.a. n.a. n.a. 4,950 10,348

By type of claim:

Financial....................................................... 5,265 6,874 6,816 4,978 4,731 6,319 7,079 11,709

Non-negotiable deposits ................................ n.a. n.a. n.a. n.a. n.a. n.a. 1,367 1,697

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. n.a. n.a. 135 174

Other....................................................... n.a. n.a. n.a. n.a. n.a. n.a. 5,577 9,838

Commercial................................................... 2,207 3,725 2,402 3,916 3,305 4,696 9,643 10,172

Trade receivables................................ 1,978 3,097 1,685 2,173 2,189 3,750 7,777 8,226

Advance payments and other......................... 229 628 717 1,743 1,116 946 1,866 1,946

Memoranda:

Financial liabilities and claims:

Positions with unaffiliated entities:

Financial liabilities................................ 27,980 47,419 41,034 42,826 41,311 39,561 45,455 42,251

Financial claims................................ 40,231 53,031 81,287 87,331 84,038 71,389 83,023 83,464

Selected positions with affiliated entities:

1

Financial liabilities................................ n.a. n.a. n.a. n.a. n.a. n.a. 11,598 11,428

Financial claims................................ n.a. n.a. n.a. n.a. n.a. n.a. 11,915 14,033

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents.
CAPITAL MOVEMENTS 81

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Country 1998 1999 2000 2001 June Sept. Dec. Mar. June p

Europe:

Austria................................ 118 112 111 151 128 112 64 97 104

Belgium 1................................ 357 171 440 253 214 366 285 1,070 193

Bulgaria................................ 3 - 2 3 2 4 4 1 7

Czech Republic ................................105 26 7 10 14 14 13 17 17

Denmark................................ 132 105 149 148 252 79 522 141 61

Finland................................ 83 48 91 86 45 36 56 64 67

France................................ 2,017 2,331 2,459 3,575 4,898 4,235 6,008 3,655 4,403

Germany................................ 3,455 3,105 3,215 3,249 3,192 3,720 3,704 4,090 3,593

Greece................................ 120 141 400 410 299 400 403 260 198

Hungary................................ 3 9 8 27 22 27 32 28 37

Ireland................................ 1,307 827 1,216 1,264 1,010 828 785 744 600

Italy ................................ 1,177 749 1,773 1,395 1,269 2,014 1,271 1,228 1,460

Luxembourg 1................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 280 419

Netherlands ................................ 1,835 2,503 2,316 3,117 2,247 2,421 2,415 2,526 3,107

Norway ................................ 188 266 286 320 343 361 406 417 398

Poland................................ 11 46 42 43 362 41 46 49 46

Portugal................................ 29 34 16 16 10 17 17 17 19

Romania................................ 149 159 178 17 21 14 20 25 24

Russia 2................................ 82 251 91 48 40 32 38 34 68

Spain................................ 546 501 468 423 513 478 403 428 340

Sweden................................ 171 158 117 97 96 128 115 127 134

Switzerland................................ 654 773 606 884 810 653 494 540 631

Turkey ................................ 211 384 408 133 140 74 101 84 140

United Kingdom................................ 9,677 19,592 29,209 25,131 26,889 26,620 25,180 28,765 26,203

Channel Islands and 

Isle of Man 3................................n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 4

Yugoslavia 4................................ 8 11 11 14 10 9 9 9 15

Other Europe................................ 181 201 182 211 193 191 201 210 204

Total Europe................................ 22,619 32,503 43,801 41,025 43,019 42,874 42,592 44,911 42,492

Canada................................ 2,083 2,059 2,344 2,577 3,105 2,153 2,179 2,214 2,761

Latin America: 

Argentina................................ 118 169 146 50 65 87 62 62 96

Brazil................................ 304 271 262 325 358 355 318 373 396

Chile................................ 111 64 52 56 44 37 55 38 30

Colombia................................ 72 141 131 82 39 32 50 52 26

Ecuador................................ 19 58 32 4 9 8 5 7 8

Guatemala................................ 12 6 10 13 13 15 13 17 17

Mexico................................ 406 912 867 935 1,040 1,096 1,201 1,124 933

Panama................................ 16 67 32 49 45 43 61 62 97

Peru................................ 35 28 24 41 26 26 21 21 75

Uruguay................................ 8 8 27 8 6 5 6 9 8

Venezuela................................ 204 305 286 168 209 328 178 143 456

Other Latin America 5................................ 426 379 1,994 284 463 410 503 77 110

Total Latin America................................ 1,731 2,408 3,863 2,015 2,317 2,442 2,473 1,985 2,252

Caribbean:

Bahamas ................................ 21 23 37 209 17 14 74 393 15

Bermuda................................ 299 157 2,020 1,551 1,048 1,056 1,528 3,571 4,803

British West Indies 6................................ 967 540 482 1,672 1,046 424 401 n.a. n.a.

Cayman Islands 6................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 105 57

Cuba................................ 5 27 20 42 23 23 29 35 36

Jamaica................................ 12 13 16 12 13 16 28 11 15

Netherlands Antilles................................ 44 19 32 46 146 8 11 11 7

Trinidad and Tobago................................ 34 15 36 38 39 28 33 41 27

Other Caribbean 5................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710 532

Total Caribbean................................ 1,382 794 2,643 3,570 2,332 1,569 2,104 4,877 5,492

See footnotes at end of table.
82 CAPITAL MOVEMENTS

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Country 1998 1999 2000 2001 June Sept. Dec. Mar. June p

Asia:

China:

Mainland................................ 708 627 497 735 2,271 1,266 1,252 1,980 1,180

Taiwan................................ 898 1,175 970 819 623 449 659 752 779

Hong Kong................................ 388 223 640 560 255 292 495 451 419

India................................ 387 519 309 179 222 169 160 132 109

Indonesia................................ 154 83 81 44 55 37 100 34 48

Israel................................ 228 160 468 195 485 1,335 350 802 606

Japan................................ 7,439 5,751 8,973 5,850 6,530 6,478 6,124 6,180 5,863

Korea................................ 945 543 941 897 607 541 548 709 686

Lebanon................................ 27 56 53 57 55 49 53 54 53

Malaysia................................ 141 118 162 393 168 121 140 179 144

Pakistan................................ 33 37 96 94 99 85 158 209 261

Philippines ................................ 169 169 114 1,100 130 109 108 113 127

Singapore................................ 1,240 917 2,280 1,793 2,035 1,701 1,796 1,855 1,971

Syria................................ 15 8 27 6 11 17 13 50 19

Thailand................................ 362 165 203 105 50 38 118 123 136

Oil-exporting countries 7................................ 2,852 2,555 2,844 2,649 3,446 3,873 3,993 3,563 3,094

Other Asia................................ 141 217 290 83 322 352 247 235 238

Total Asia................................16,127 13,323 18,948 15,559 17,364 16,912 16,314 17,421 15,733

Africa:

Congo (formerly Zaire)................................ - 9 - 1 1 1 1 1 1

Egypt................................ 39 86 166 117 154 124 128 110 43

Ghana................................ 9 1 6 3 3 4 2 3 5

Liberia................................ 9 2 18 30 - - 1 - -

Morocco................................ 41 31 11 34 38 41 42 44 44

South Africa................................ 189 138 135 111 159 138 130 125 105

Oil-exporting countries 8................................ 393 499 483 441 440 536 496 514 275

Other Africa................................ 142 212 181 152 241 160 158 244 270

Total Africa................................ 822 978 1,000 889 1,036 1,004 958 1,041 743

Other countries:

Australia................................ 949 634 344 584 736 818 732 1,149 972

New Zealand 9................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23 11

All other................................ 852 300 898 430 492 430 238 178 212

Total other countries ................................ 1,801 934 1,242 1,014 1,228 1,248 970 1,350 1,195

Total foreign countries................................ 46,565 52,975 73,841 66,649 70,401 68,202 67,590 73,799 70,668

International and regional orgs.:

International................................ - 1 1 - 21 22 22 - -

European regional................................5 44 45 30 8 1 3 25 17

Latin American regional................................ - - - - - - 46 2 -

Caribbean regional 10................................ n.a n.a. n.a. n.a. n.a. n.a. n.a. - -

Asian regional................................ - - 9 - 1 - 3 2 15

African regional................................ - - 8 - - - - - -

Middle Eastern regional................................ - - - - - - - - -

Total international

 and regional................................

5 45 63 30 30 23 74 29 32

Grand total................................ 46,570 53,020 73,904 66,679 70,431 68,225 67,664 73,828 70,700

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 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.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 83

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Country 1998 1999 2000 2001 June Sept. Dec. Mar. June p

Europe:

Austria................................ 146 208 498 1,985 3,026 1,626 1,770 1,741 1,742

Belgium 1................................ 899 845 748 893 1,004 910 991 665 508

Bulgaria................................ 11 6 6 13 12 7 9 20 18

Czech Republic ................................ 67 26 67 79 57 58 62 52 53

Denmark................................ 81 310 229 138 87 86 112 220 191

Finland................................ 244 261 224 238 298 893 624 276 252

France................................ 3,035 3,203 4,301 4,371 6,749 6,826 6,411 6,206 7,510

Germany................................ 2,126 2,464 2,830 2,726 5,135 5,450 5,447 7,540 5,610

Greece................................ 316 487 332 339 369 354 409 287 254

Hungary................................ 66 54 47 66 43 57 51 45 55

Ireland................................ 244 340 616 821 764 938 516 1,000 731

Italy ................................................................ 1,257 1,284 1,114 1,434 2,480 2,980 2,963 3,081 3,266

Luxembourg 1................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,057 84

Netherlands ................................ 1,342 2,658 3,125 2,667 4,827 5,113 5,138 5,490 5,031

Norway ................................ 165 273 308 257 315 331 286 256 355

Poland................................ 111 62 67 77 56 71 79 72 89

Portugal................................ 153 91 83 71 76 214 222 220 201

Romania................................ 20 11 16 34 19 18 24 20 20

Russia 2................................ 232 293 373 137 95 115 93 73 64

Spain.............................................................. 527 715 860 1,042 1,067 945 1,370 1,020 1,081

Sweden................................ 565 339 360 441 741 596 417 529 549

Switzerland................................ 897 1,253 1,462 1,200 1,482 1,539 886 1,945 1,708

Turkey ................................ 236 464 700 383 600 476 503 462 515

United Kingdom................................ 12,535 13,388 20,402 20,343 19,520 14,690 14,390 14,919 17,914

Channel Islands and 

Isle of Man 3 ................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3 3

Yugoslavia 4................................ 14 17 15 23 7 10 10 18 24

Other Europe................................ 251 360 291 362 488 516 422 846 787

Total Europe................................25,540 29,412 39,074 40,140 49,317 44,819 43,205 48,063 48,615

Canada............................................................... 5,120 5,310 8,078 9,011 8,289 8,108 7,803 8,207 8,792

Latin America: 

Argentina................................ 893 896 1,109 810 553 559 602 549 542

Brazil.............................................................. 1,859 2,381 2,784 3,081 2,865 3,088 3,036 3,058 2,885

Chile............................................................... 320 263 302 242 225 209 217 183 217

Colombia................................ 279 349 351 240 290 261 240 262 245

Ecuador................................ 103 82 66 62 95 84 112 89 82

Guatemala................................ 88 85 106 90 82 76 79 92 70

Mexico................................ 2,790 3,476 3,955 4,466 4,106 4,055 4,180 2,875 2,999

Panama................................ 173 168 244 105 102 92 79 88 87

Peru................................................................ 183 148 171 79 75 57 69 82 87

Uruguay................................ 59 68 35 20 17 16 30 36 11

Venezuela................................ 456 487 415 371 376 411 392 393 407

Other Latin America 5................................ 1,176 1,325 842 919 1,165 1,019 1,102 648 610

Total Latin America................................ 8,379 9,728 10,380 10,485 9,951 9,927 10,138 8,355 8,242

Caribbean:

Bahamas ................................ 427 1,613 1,390 1,018 1,360 750 1,069 818 626

Bermuda................................ 575 401 395 1,287 918 1,427 1,011 938 1,160

British West Indies 6................................ 24,492 12,280 12,733 33,060 29,595 30,849 21,547 n.a. n.a.

Cayman Islands 6................................n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25,907 30,750

Cuba............................................................... - - 1 2 7 4 - 24 4

Jamaica................................ 45 52 126 93 74 76 94 70 84

Netherlands Antilles................................37 45 84 70 67 62 45 12 11

Trinidad and Tobago................................ 55 46 59 45 47 29 54 59 72

Other Caribbean 5................................n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,016 1,010

Total Caribbean................................ 25,631 14,437 14,788 35,575 32,068 33,197 23,820 28,844 33,717

See footnotes at end of table.
84 CAPITAL MOVEMENTS

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

 Calendar year 2002 2003

Country 1998 1999 2000 2001 June Sept. Dec. Mar. June p

Asia:

China:

Mainland................................ 825 760 1,096 1,052 1,505 848 867 3,029 1,230

Taiwan................................ 770 1,097 1,299 853 982 820 696 574 555

Hong Kong................................ 331 400 593 1,094 616 703 682 768 692

India ................................ 348 599 661 638 475 554 743 599 682

Indonesia................................ 417 408 407 239 217 202 280 241 262

Israel................................ 327 336 458 700 569 802 453 567 1,027

Japan................................ 2,875 5,336 4,427 3,610 3,210 3,564 3,618 2,662 2,963

Korea................................ 1,084 1,378 1,745 1,850 1,749 1,735 1,738 1,797 1,427

Lebanon................................ 26 14 36 16 22 19 21 21 16

Malaysia................................ 492 516 743 645 553 545 521 528 547

Pakistan ................................ 37 23 37 44 35 24 17 26 35

Philippines................................ 148 258 106 1,001 727 897 708 774 161

Singapore................................ 734 1,041 1,065 1,120 1,131 836 1,044 935 803

Syria................................ 12 5 11 11 1 35 28 43 2

Thailand................................ 489 651 344 232 183 178 237 208 213

Oil-exporting countries 7................................ 1,144 1,648 1,104 985 967 907 897 685 908

Other Asia................................ 160 152 195 189 121 150 132 135 187

Total Asia................................

10,219 14,622 14,327 14,279 13,063 12,819 12,682 13,592 11,710

Africa:

Congo (formerly Zaire)................................ 1 - - - - - 18 - 7

Egypt................................ 136 186 266 233 150 182 155 128 99

Ghana................................ 14 6 5 7 8 6 9 13 8

Liberia................................ 11 3 2 28 51 48 50 54 101

Morocco................................ 29 35 49 35 32 43 24 30 24

South Africa................................ 272 323 266 293 302 288 273 326 325

Oil-exporting countries 8................................ 181 186 237 137 158 136 120 165 132

Other Africa................................ 226 178 258 326 335 313 330 278 222

Total Africa................................

870 917 1,083 1,059 1,036 1,016 979 994 918

Other countries:

Australia................................ 1,398 1,889 2,041 2,150 2,566 2,601 3,540 4,038 3,169

New Zealand 9................................n.a. n.a. n.a. n.a. n.a. n.a. n.a. 176 188

All other................................

286 351 359 383 316 297 393 92 101

Total other countries................................

1,684 2,240 2,400 2,533 2,882 2,898 3,933 4,306 3,458

Total foreign countries ................................

77,443 76,639 90,130 113,082 116,606 112,784 102,560 112,361 115,452

International and regional orgs.:

International................................ 15 2 2 - - - 2 11 11

European regional................................3 - 4 - 2 - 1 43 26

Latin American regional................................ - - - - - - 1 15 13

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 30 9

Asian regional ................................ - - 12 - - - - 9 7

African regional................................ 1 1 2 - - - 1 1 -

Middle Eastern regional................................

- - 7 - - - 1 2 3

Total international

 and regional................................

19 3 27 - 2 - 6 111 69

Grand total................................ 77,462 76,642 90,157 113,082 116,608 112,784 102,566 112,472 115,521

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 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.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 85

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

Country, June 30, 2003, 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............................................................. 104 32 72 1,742 1,648 94

Belgium 1................................ 193 - 193 508 305 203

Bulgaria........................................................... 7 - 7 18 - 18

Czech Republic................................ 17 - 17 53 23 30

Denmark ................................ 61 29 32 191 90 101

Finland............................................................67 16 51 252 16 236

France............................................................. 4,403 3,376 1,027 7,510 4,445 3,065

Germany ................................ 3,593 2,901 692 5,610 4,425 1,185

Greece............................................................ 198 11 187 254 20 234

Hungary ...........................................................37 4 33 55 5 50

Ireland............................................................. 600 573 27 731 483 248

Italy................................................................ 1,460 350 1,110 3,266 1,627 1,639

Luxembourg 1................................ 419 410 9 84 47 37

Netherlands ................................ 3,107 1,790 1,317 5,031 3,655 1,376

Norway ............................................................ 398 4 394 355 198 157

Poland.............................................................46 1 45 89 - 89

Portugal...........................................................19 2 17 201 106 95

Romania................................ 24 - 24 20 - 20

Russia 2...........................................................68 12 56 64 10 54

Spain............................................................... 340 24 316 1,081 509 572

Sweden........................................................... 134 - 134 549 280 269

Switzerland................................ 631 167 464 1,708 1,178 530

Turkey ............................................................. 140 19 121 515 391 124

United Kingdom ................................ 26,203 22,903 3,300 17,914 13,437 4,477

Channel Islands and 

Isle of Man 3 ................................ 4 - 4 3 - 3

Yugoslavia 4................................ 15 - 15 24 - 24

Other Europe................................ 204 15 189 787 488 299

Total Europe................................ 42,492 32,639 9,853 48,615 33,386 15,229

Canada............................................................... 2,761 1,012 1,749 8,792 5,879 2,913

Latin America: 

Argentina................................ 96 14 82 542 328 214

Brazil............................................................... 396 129 267 2,885 2,104 781

Chile...............................................................30 7 23 217 49 168

Colombia................................ 26 - 26 245 59 186

Ecuador........................................................... 8 - 8 82 31 51

Guatemala................................ 17 - 17 70 37 33

Mexico............................................................. 933 27 906 2,999 1,906 1,093

Panama...........................................................97 - 97 87 41 46

Peru................................................................75 1 74 87 9 78

Uruguay ........................................................... 8 - 8 11 1 10

Venezuela................................ 456 - 456 407 169 238

Other Latin America 5................................ 110 - 110 610 326 284

Total Latin America................................ 2,252 178 2,074 8,242 5,060 3,182

Caribbean:

Bahamas................................ 15 4 11 626 598 28

Bermuda........................................................... 4,803 4,244 559 1,160 699 461

Cayman Islands 6................................ 57 37 20 30,750 30,734 16

Cuba...............................................................36 - 36 4 - 4

Jamaica...........................................................15 5 10 84 55 29

Netherlands Antilles................................ 7 - 7 11 - 11

Trinidad and Tobago................................ 27 5 22 72 42 30

Other Caribbean 5................................ 532 22 510 1,010 152 858

Total Caribbean................................ 5,492 4,317 1,175 33,717 32,280 1,437

See footnotes at end of table.
86 CAPITAL MOVEMENTS

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

Country, June 30, 2003, 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................................ 1,180 745 435 1,230 509 721

Taiwan................................ 779 11 768 555 83 472

Hong Kong................................ 419 90 329 692 338 354

India................................................................ 109 16 93 682 475 207

Indonesia................................ 48 4 44 262 104 158

Israel............................................................... 606 283 323 1,027 697 330

Japan.............................................................. 5,863 1,909 3,954 2,963 1,246 1,717

Korea.............................................................. 686 41 645 1,427 964 463

Lebanon...........................................................53 3 50 16 - 16

Malaysia................................ 144 3 141 547 374 173

Pakistan........................................................... 261 - 261 35 - 35

Philippines ................................ 127 5 122 161 84 77

Singapore................................ 1,971 247 1,724 803 134 669

Syria...............................................................19 - 19 2 - 2

Thailand........................................................... 136 2 134 213 120 93

Other Asia................................ 3,332 53 3,279 1,095 233 862

Total Asia................................

15,733 3,412 12,321 11,710 5,361 6,349

Africa:

Congo (formerly Zaire)................................ 1 - 1 7 - 7

Egypt...............................................................43 1 42 99 4 95

Ghana............................................................. 5 - 5 8 2 6

Liberia............................................................. - - - 101 100 1

Morocco...........................................................44 1 43 24 14 10

South Africa................................ 105 10 95 325 222 103

Other Africa................................ 545 100 445 354 144 210

Total Africa................................

743 112 631 918 486 432

Other countries:

Australia........................................................... 972 579 393 3,169 966 2,203

New Zealand 7................................ 11 1 10 188 43 145

All other...........................................................

212 1 211 101 3 98

Total other countries ................................

1,195 581 614 3,458 1,012 2,446

Total foreign countries................................

70,668 42,251 28,417 115,452 83,464 31,988

International and regional orgs.:

International................................ - - - 11 - 11

European regional................................ 17 - 17 26 - 26

Latin American regional................................ - - - 13 - 13

Caribbean regional 8................................ - - - 9 - 9

Asian regional................................ 15 - 15 7 - 7

African regional................................ - - - - - -

Middle Eastern regional................................

- - - 3 - 3

Total international

 and regional................................

32 - 32 69 - 69

Grand total................................ 70,700 42,251 28,449 115,521 83,464 32,057

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 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.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Before January 2001, data included in “All other countries.”

8

 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 87

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Marketable Treasury bonds and notes

Net foreign purchase

Foreign countries

U.S. Government corporations and

federally -sponsored agencies

Calendar

year or month

 Total

 (1)

Official

institutions

(2)

Other

foreigners

(3)

International

and regional

(4) 

 Gross

 foreign

purchases

 (5)

Gross

foreign

sales

(6)

Net foreign

purchases

(7)

 Gross foreign

 purchases

 (8)

Gross foreign

sales

(9)

1999................................................................ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800

2000................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088

2001................................................................ 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659

2002 r................................ 119,918 10,109 107,798 2,011 7,264,447 7,144,529 195,127 1,727,954 1,532,827

2003 - Jan. - Sept. p................................ 197,752 57,867 140,383 -498 7,003,169 6,805,417 125,430 1,893,622 1,768,192

2002 - Sept................................21,670 -3,737 25,395 12 674,601 652,931 21,057 153,124 132,067

Oct. r ................................6,086 82 5,256 748 655,578 649,492 22,195 147,403 125,208

Nov. r................................ 21,063 16,017 5,126 -80 662,526 641,463 18,392 164,459 146,067

Dec. r................................ 13,476 5,523 7,624 329 487,976 474,500 15,784 144,519 128,735

2003 - Jan. r................................1,468 193 892 383 560,094 558,626 23,982 151,520 127,538

Feb. r................................-957 4,832 -5,545 -244 592,083 593,040 8,741 138,965 130,224

Mar. r................................. 26,949 2,011 24,989 -51 715,663 688,714 16,335 219,959 203,624

Apr ................................ 9,792 -366 10,210 -52 597,553 587,761 19,843 227,177 207,334

May ................................41,109 15,249 25,544 316 939,603 898,494 32,014 285,492 253,478

June ................................ 44,027 16,497 27,627 -97 872,957 828,930 7,026 253,204 246,178

July................................44,686 12,338 33,288 -940 917,186 872,500 11,825 232,388 220,563

Aug. p................................ 25,115 -963 25,681 397 964,842 939,727 8,908 219,062 210,154

Sept. p................................ 5,563 8,076 -2,303 -210 843,188 837,625 -3,244 165,855 169,099

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)

1999................................................................ 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000................................................................ 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001................................................................ 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 r................................................................ 182,310 820,743 638,433 50,189 3,209,760 3,159,571

2003 - Jan. - Sept. p............................................... 200,125 764,894 564,769 16,635 2,255,500 2,238,865

2002 - Sept.......................................................... 3,874 55,478 51,604 -6,463 206,763 213,226

Oct. r......................................................... 9,775 69,768 59,993 3,619 297,196 293,577

Nov. r........................................................ 22,195 93,992 71,797 6,476 264,363 257,887

Dec. r........................................................ 13,178 62,818 49,640 3,185 223,227 220,042

2003 - Jan. r......................................................... 23,440 76,290 52,850 -2,796 216,731 219,527

Feb. r........................................................ 13,907 67,587 53,680 -2,078 201,408 203,486

Mar. r........................................................ 27,556 86,830 59,274 2,840 236,668 233,828

Apr. r......................................................... 21,891 78,820 56,929 4,357 233,275 228,918

May .......................................................... 27,434 96,388 68,954 6,593 273,263 266,670

June......................................................... 22,847 98,730 75,883 10,308 311,954 301,646

July .......................................................... 26,427 91,525 65,098 -7,855 267,033 274,888

Aug. p....................................................... 16,853 77,709 60,856 11,552 252,364 240,812

Sept. p...................................................... 19,770 91,015 71,245 -6,286 262,804 269,090

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities.
88 CAPITAL MOVEMENTS

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks

Calendar

year or month

Net foreign purchases of foreign securities 

from U.S

(1)

Net foreign

purchases from

U.S.

(2)

Gross foreign

purchases from

U.S.

(3)

Gross foreign

sales to U.S.

(4)

Net foreign

purchases from

U.S.

(5)

Gross foreign

purchases from

U.S.

(6)

Gross foreign

sales to U.S.

(7)

1999................................................................ 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663

2000................................................................ -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273

2001................................................................ -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777

2002 r................................................................ 26,934 28,446 1,372,042 1,343,596 -1,512 1,267,633 1,269,145

2003 - Jan. - Sept. p................................-23,645 34,207 1,570,943 1,536,736 -57,852 962,317 1,020,169

2002 - Sept.......................................................... 1,829 1,064 126,078 125,014 765 87,083 86,318

Oct. r ................................ 709 6,865 121,725 114,860 -6,156 100,763 106,919

Nov. r ................................ 1,267 2,248 136,169 133,921 -981 101,821 102,802

Dec. r ................................ -7,675 -5,041 116,115 121,156 -2,634 89,159 91,793

2003 - Jan. r ................................ -8,897 -2,004 135,866 137,870 -6,893 94,622 101,515

Feb. r ................................ -177 4,297 118,683 114,386 -4,474 83,683 88,157

Mar. r................................ 1,969 7,332 162,101 154,769 -5,363 91,096 96,459

Apr........................................................... -343 -2,416 135,970 138,386 2,073 100,054 97,981

May ......................................................... 3,249 14,049 230,256 216,207 -10,800 99,777 110,577

June......................................................... 6,408 11,639 209,819 198,180 -5,231 116,975 122,206

July .......................................................... -1,715 3,006 207,675 204,669 -4,721 129,487 134,208

Aug. p................................ -12,526 1,021 159,271 158,250 -13,547 112,396 125,943

Sept. p................................ -11,613 -2,717 211,302 214,019 -8,896 134,227 143,123
CAPITAL MOVEMENTS 89

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

2003 2003 2003 2003

Country

 Calendar

 year

 2002 r

 (1)

Jan.

through

Sept.

(2)

July

through

Sept. p

(3)

Calendar

year

2002 r

(4)

Jan.

through

Sept.

(5)

 July

 through

 Sept. p

 (6)

Calendar

year

2002 

(7)

Jan.

through

Sept.

(8)

July

through

Sept. p

(9)

Calendar

year

2002 r

(10)

Jan.

through

Sept.

(11)

July

through

Sept. p

(12)

Europe:

Austria................................................................ -683 -447 -144 104 449 5 378 226 107 -39 -193 -43

Belgium 1................................ 2,046 1,554 2,071 -226 2,999 1,266 3,733 1,821 117 1,715 -524 6

Bulgaria................................ -185 -11 9 51 14 -2 23 30 21 18 -14 -6

Czech Republic................................546 -699 -966 1 1,327 902 46 72 93 -13 9 -4

Denmark................................ 54 2,172 1,107 -154 1,361 819 662 1,031 131 -180 513 705

Finland................................ 106 -421 -130 -20 92 65 35 55 21 166 296 204

France................................................................ -323 -5,291 -2,198 1,178 -51 283 2,584 2,606 827 2,127 2,627 2,222

Germany................................ -3,931 9,277 5,460 3,175 -1,065 -1,108 1,950 1,464 919 -129 -744 -3,910

Greece................................ 263 723 205 291 -101 -114 -85 17 66 33 26 2

Hungary................................ -188 -57 16 4 42 -70 37 22 - -7 -10 -7

Ireland................................................................ 572 4,469 4,093 613 1,740 625 5,116 7,351 2,817 2,119 6,001 2,568

Italy................................................................ -284 804 1,149 -202 326 -139 225 1,634 748 1,539 201 516

Luxembourg 1................................ n.a. 1,660 986 n.a. 2,416 1,706 n.a. 4,451 1,293 n.a. 1,162 166

Netherlands................................-17,020 1,996 -3,538 -1,952 -297 607 1,531 1,045 -356 4,307 229 -806

Norway................................ -9,536 8,031 -656 1,907 1,015 838 2,868 3,783 1,519 1,922 3,970 648

Poland................................................................ -278 502 -186 422 18 -24 9 13 1 -4 -5 4

Portugal................................ 1,518 228 56 44 141 -41 133 -44 32 122 56 -16

Romania................................ 507 1,047 163 122 -49 1 13 69 18 -2 - -

Russia 2................................ 3,182 -239 -71 8,154 1,292 694 -2 92 14 36 -12 -26

Spain................................................................ 407 -2,925 -3,424 795 -4,026 -506 374 488 258 -895 321 165

Sweden................................ 2,923 1,845 -139 436 -133 231 211 296 170 790 2,584 290

Switzerland................................ -448 5,032 3,436 3,683 1,203 440 4,938 5,716 1,516 2,787 -3,136 -35

Turkey................................................................ 2,193 -2,140 -34 8 8 5 -18 6 3 12 55 23

United Kingdom................................ 61,606 25,371 15,574 33,105 23,142 1,866 76,808 76,024 23,895 15,172 -2,738 -3,181

Channel Islands and

 Isle of Man 3................................ n.a. 1,843 148 n.a. 1,691 99 n.a. 17,671 1,752 n.a. 64 174

Yugoslavia 4................................ 2 17 14 - - - - -1 -1 3 3 3

Other Europe................................

1,514 -811 -1,060 7 335 -718 -886 382 219 97 -123 -23

Total Europe................................

43,678 53,530 21,941 56,432 33,889 7,730 110,736 126,320 36,200 32,909 10,618 -361

Canada................................................................

-5,197 9,152 6,334 -1,454 -1,984 476 414 4,556 1,289 8,207 4,631 -2,122

Latin America:

Argentina................................ 817 1,760 1,097 -43 -456 272 255 658 538 199 -287 -41

Brazil................................................................ 1,873 2,035 -424 -507 -1,031 -123 196 549 284 -82 -75 -107

Chile................................................................ -229 75 -184 679 -23 321 290 137 89 341 -19 12

Colombia................................ -1,426 -782 96 216 539 46 8 349 173 -19 -22 -10

Ecuador................................ -1 64 50 57 366 158 66 60 21 -6 27 31

Guatemala................................ 7 19 13 104 56 19 13 7 -29 -9 -36 -22

Mexico................................................................ 4,019 6,571 1,897 4,971 2,205 1,329 2,169 2,617 689 484 -127 -164

Panama ................................ -12 -83 -81 1,092 1,132 527 684 249 151 -82 -75 -80

Peru................................................................ 236 492 167 1,020 747 329 155 149 86 224 93 -1

Uruguay................................ -375 735 800 695 301 126 147 351 89 90 230 89

Venezuela................................ -59 286 87 712 487 118 601 305 166 32 400 237

Other Latin America 5................................

164 488 413 226 1,015 477 464 646 309 -146 -16 46

Total Latin America................................

5,014 11,660 3,931 9,222 5,338 3,599 5,048 6,077 2,566 1,026 93 -10

Caribbean:

Bahamas................................ 15,346 -3,573 1,871 1,510 3,783 1,844 665 1,837 612 86 -447 85

Bermuda................................ 1,583 12,844 2,708 5,154 6,680 2,461 11,202 10,480 3,643 -9,131 -2,359 -81

Cayman Islands 6................................ n.a. 640 -6,908 n.a. 8,888 -4,240 n.a. 24,257 9,393 n.a. 1,877 153

Cuba................................................................ - - n.a. - - n.a. - - n.a. - -2 n.a.

Jamaica ................................ 8 17 14 527 187 -73 97 117 105 12 15 10

Netherlands Antilles................................ -780 4,334 6,148 1,867 -980 461 675 387 400 -537 -597 -389

Trinidad and Tobago................................ 34 11 28 98 224 95 59 38 14 -6 9 9

Other Caribbean 5................................

n.a. -951 -105 n.a. 2,483 1,107 n.a. 3,445 774 n.a. -335 765

Total Caribbean................................

15,006 13,322 3,756 32,826 21,265 1,655 35,889 40,561 14,941 -16,445 -1,839 552

See footnotes at end of table.
90 CAPITAL MOVEMENTS

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

2003 2003 2003 2003

Country

Calendar

year

2002 r

(1)

Jan.

through

Sept.

(2)

July

through

Sept. p

(3)

Calendar

year

2002 r

(4)

Jan.

through

Sept.

(5)

July

through

Sept. p

(6)

Calendar

year

2002 

(7)

Jan.

through

Sept.

(8)

July

 through

 Sept. p

 (9)

Calendar

year

2002 r

(10)

Jan.

through

Sept.

(11)

July

through

Sept. p

(12)

Asia:

China:

Mainland................................................................ 24,077 19,141 -565 29,264 24,270 5,395 5,962 3,534 1,144 161 -88 -42

Taiwan................................................................ -597 5,303 4,781 10,758 7,765 1,113 1,382 1,287 319 261 283 13

Hong Kong................................................................ -9,059 1,744 -825 12,589 8,120 1,595 3,748 3,710 1,245 1,795 685 -91

India................................................................-855 575 61 11 -19 11 35 19 2 -44 -45 -24

Indonesia................................................................ 770 1,114 -440 455 285 -71 59 51 17 -4 60 3

Israel................................................................ 5,132 -2,360 -692 -48 599 207 583 355 94 -148 -91 -144

Japan................................................................ 30,498 82,414 32,705 37,655 16,945 -6,705 10,923 6,895 3,627 12,336 -2,120 -1,262

Korea................................................................ 12,935 3,771 1,995 668 8,224 97 1,483 556 152 112 -15 -18

Lebanon................................................................1 22 14 15 1 3 -13 5 2 22 -32 -15

Malaysia................................................................ 861 -629 677 1,323 -1,478 -444 69 11 -15 -35 -2 -27

Pakistan................................................................- - - 39 28 1 173 3 - 6 -5 -5

Philippines................................................................ 179 595 253 253 -1 16 144 46 19 -40 -29 -6

Singapore................................................................ -2,591 1,495 -295 2,162 945 949 1,326 2,138 400 8,236 5,906 314

Syria................................................................ 4 -1 - - -2 - 2 -1 - -4 2 1

Thailand................................................................ -1,917 -413 273 99 168 1 167 316 39 4 -11 -1

Oil-exporting countries 7................................ -3,880 -7,376 250 1,959 1,346 1,922 304 1,515 402 -1,309 -198 -8

Other Asia................................................................

98 329 27 58 62 -15 96 78 32 18 37 -9

Total Asia................................................................

55,656 105,724 38,219 97,260 67,258 4,075 26,443 20,518 7,479 21,367 4,337 -1,321

Africa:

Congo (formerly Zaire)................................ - - - - - - - - - 1 -9 -9

Egypt................................................................ -321 41 40 72 66 44 37 63 22 -5 -50 -16

Ghana................................................................ 506 - n.a. 1 - n.a. - 1 n.a. - - n.a.

Liberia................................................................ 1 - 10 29 649 163 13 186 8 -26 9 -1

Morocco................................................................ -11 -99 -149 1 1 - -4 -1 - -17 85 2

South Africa ................................................................ 112 -114 -11 -39 39 27 5 -20 10 24 -4 -38

Oil-exporting countries 8................................29 52 51 355 559 200 30 -8 3 -2 -11 -

Other Africa................................................................

525 175 -65 314 430 134 46 92 36 -47 88 38

Total Africa................................................................

841 55 -124 733 1,744 568 127 313 79 -72 108 -24

Other countries:

Australia................................................................ 3,326 4,061 1,432 373 -1,009 -463 3,038 94 -644 2,988 -1,181 730

New Zealand 9................................ n.a. -199 -38 n.a. -93 -6 n.a. 215 160 n.a. -36 10

All other countries................................

279 945 666 -2 245 147 104 1,215 956 -55 -50 -62

Total other countries................................

2,909 4,807 2,060 365 -857 -322 3,133 1,524 472 3,261 -1,267 678

Total foreign countries................................

117,907 198,250 76,117 195,384 126,653 17,781 181,790 199,869 63,026 50,253 16,681 -2,608

International and regional orgs.:

International................................................................ 1,642 -359 -933 -389 -704 -324 510 191 -33 -12 -34 18

European regional................................ 325 -1 10 52 - - -50 -2 1 - - -

Latin American regional................................ -3 -48 70 -9 -79 -37 57 56 56 -56 -5 7

Caribbean regional 10................................ n.a. -15 -6 n.a. 37 14 n.a. - - n.a. -1 -1

Asian regional................................................................ 86 -85 106 76 -454 65 2 2 - 7 -4 -3

African regional................................ -34 10 - 12 -23 -10 1 9 - - - -

Middle Eastern regional................................

-5 - - 1 - - - - - -3 -2 -2

Total international and regional................................

2,011 -498 -753 -257 -1,223 -292 520 256 24 -64 -46 19

Grand total................................ 119,918 197,752 75,364 195,127 125,430 17,489 182,310 200,125 63,050 50,189 16,635 -2,589

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

5

 Before January 2001 , “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, data included in “Latin American regional.”
CAPITAL MOVEMENTS 91

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2003, Preliminary

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

 other Foreign securities

Country

 Total

 pur-

 chases

 (1)

 Market-

 able

 Treasury

 and

 Federal

 Financ-

 ing Bank

 bonds

 and

 notes

 (2)

 Bonds

 of U.S.

 Gov’t

 corps 

and 

federally-

 spon-

 sored

agencies

 (3)

 Bonds

 (4)

Stocks

 (5)

 Bonds

 (6)

Stocks

 (7)

 Total

 sales

 (8)

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 ................................................................ 7,531 5,113 654 234 723 500 307 7,664 5,257 649 127 766 544 321

Belgium 1................................................................ 24,674 8,565 8,246 1,224 4,767 560 1,312 20,945 6,494 6,980 1,107 4,761 644 959

Bulgaria ................................................................ 127 95 3 24 5 - - 106 86 5 3 11 1 -

Czech Republic ................................ 13,408 11,596 1,364 148 267 - 33 13,408 12,562 462 55 271 - 58

Denmark ................................................................ 9,563 4,811 1,100 499 1,588 968 597 6,380 3,704 281 368 883 643 501

Finland................................................................ 3,363 1,272 278 68 499 135 1,111 2,413 1,402 213 47 295 38 418

France ................................................................ 276,717 189,124 2,028 4,245 68,170 2,887 10,263 276,301 191,322 1,745 3,418 65,948 2,797 11,071

Germany................................................................ 77,920 39,358 2,023 4,433 9,697 17,386 5,023 76,669 33,898 3,131 3,514 13,607 17,185 5,334

Greece................................................................ 2,588 1,796 161 66 220 171 174 2,418 1,591 275 - 218 165 169

Hungary ................................................................ 307 160 - - 42 11 94 342 144 70 - 49 16 63

Ireland................................................................ 136,146 97,531 6,990 6,565 18,085 3,408 3,567 125,334 93,438 6,365 3,748 15,517 2,533 3,733

Italy ................................................................ 31,971 15,502 676 1,143 9,057 2,248 3,345 29,491 14,353 815 395 8,541 2,407 2,980

Luxembourg 1................................................................ 25,598 6,176 7,344 2,661 5,758 2,237 1,422 19,875 5,190 5,638 1,368 5,592 792 1,295

Netherlands ................................................................ 55,535 31,773 6,630 2,263 8,106 2,526 4,237 60,764 35,311 6,023 2,619 8,912 2,154 5,745

Norway ................................................................ 132,339 117,579 4,409 1,734 3,143 4,971 503 132,707 118,235 3,571 215 2,495 7,458 733

Poland ................................................................ 1,338 870 190 1 16 212 49 1,441 1,056 214 - 12 137 22

Portugal ................................................................ 5,518 4,255 265 37 362 91 508 5,414 4,199 306 5 378 85 441

Romania ................................................................ 1,254 1,232 1 18 - 3 - 1,087 1,069 - - - 7 11

Russia 2................................................................ 4,073 815 2,073 81 148 251 705 3,318 886 1,379 67 174 296 516

Spain ................................................................ 11,461 3,404 1,873 282 1,665 2,310 1,927 14,670 6,828 2,379 24 1,500 2,166 1,773

Sweden ................................................................ 26,310 13,879 2,510 357 5,708 398 3,458 26,347 14,018 2,279 187 5,418 181 4,264

Switzerland ................................................................ 48,187 17,907 3,804 2,677 15,371 2,866 5,562 42,767 14,471 3,364 1,161 15,406 2,435 5,930

Turkey................................................................ 3,085 2,034 6 7 110 339 589 3,236 2,068 1 4 87 178 898

United Kingdom ................................ 1,798,182 1,018,884 38,332 97,061 173,850 320,588 149,467 1,772,598 1,003,310 36,466 73,166 177,031 332,901 149,724

Channel Islands and Isle of Man 3................................ 20,131 2,845 3,148 7,592 2,923 2,927 696 17,005 2,697 3,049 5,840 2,749 2,011 659

Yugoslavia 4................................................................ 28 24 - - 3 1 - 15 10 - 1 - 4 -

Other Europe ................................................................ 11,865 6,726 673 396 892 988 2,190 13,258 7,786 1,391 177 915 796 2,193

Total Europe ................................

2,729,219 1,603,326 94,781 133,816 331,175 368,982 197,139 2,675,973 1,581,385 87,051 97,616 331,536 378,574 199,811

Canada................................................................

213,126 122,331 4,995 6,213 32,316 30,730 16,541 204,953 115,997 4,519 4,924 34,438 27,348 17,727

Latin America:

Argentina ................................................................ 4,805 1,557 346 637 1,078 803 384 2,590 460 74 99 1,119 511 327

Brazil................................................................ 18,203 7,597 115 374 631 8,008 1,478 19,000 8,021 238 90 738 8,017 1,896

Chile................................................................ 5,001 2,418 413 440 481 1,022 227 5,160 2,602 92 351 469 1,394 252

Colombia ................................................................ 2,577 544 534 289 253 899 58 2,146 448 488 116 263 811 20

Ecuador................................................................ 795 89 191 25 404 22 64 535 39 33 4 373 7 79

Guatemala................................................................ 233 29 58 9 25 103 9 219 16 39 38 47 73 6

Mexico................................................................ 22,110 10,152 2,724 1,157 1,571 4,626 1,880 17,087 8,255 1,395 468 1,735 3,717 1,517

Panama................................................................ 3,936 641 1,282 287 637 884 205 2,996 722 755 136 717 470 196

Peru ................................................................ 1,272 273 401 119 119 290 70 522 106 72 33 120 100 91

Uruguay ................................................................ 3,852 1,055 223 196 465 1,743 170 2,484 255 97 107 376 1,517 132

Venezuela ................................................................ 4,748 284 395 234 1,665 2,017 153 4,149 197 277 68 1,428 2,059 120

Other Latin America 5................................ 14,037 11,312 539 397 531 1,220 38 12,578 10,899 62 88 485 1,015 29

Total Latin America ................................

81,569 35,951 7,221 4,164 7,860 21,637 4,736 69,466 32,020 3,622 1,598 7,870 19,691 4,665

Caribbean:

Bahamas ................................................................ 124,368 58,591 19,626 8,002 21,914 11,790 4,445 120,239 56,720 17,782 7,390 21,829 11,597 4,921

Bermuda................................................................ 364,996 185,061 48,779 12,035 75,038 31,222 12,861 355,947 182,353 46,318 8,392 75,119 32,099 11,666

Cayman Islands 6................................993,919 308,650 359,304 68,757 170,817 53,965 32,426 998,990 315,558 363,544 59,364 170,664 58,976 30,884

Cuba ................................................................- - - - - - - - - - - - - -

Jamaica ................................................................ 702 24 475 123 20 60 - 636 10 548 18 10 50 -

Netherlands Antilles ................................ 65,446 41,377 3,634 1,060 15,417 1,670 2,288 58,465 35,229 3,173 660 15,806 1,831 1,766

Trinidad and Tobago................................342 45 95 30 39 133 - 155 17 - 16 30 89 3

Other Caribbean 5................................121,526 12,869 2,528 7,525 85,410 2,984 10,210 118,592 12,974 1,421 6,751 84,645 2,992 9,809

Total Caribbean ................................

1,671,299 606,617 434,441 97,532 368,655 101,824 62,230 1,653,024 602,861 432,786 82,591 368,103 107,634 59,049

See footnotes at end of table.
92 CAPITAL MOVEMENTS

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2003, Preliminary, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other Foreign securities

Country

 Total pur-

 chases

 (1)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and

notes

(2)

 Bonds

 of U.S.

 Gov’t

corps and 

federally-

 spon-

 sored

agencies

 (3)

 Bonds

 (4)

Stocks

 (5)

Bonds

(6)

 Stocks

 (7)

 Total

 sales

 (8)

Marketable

Treasury

and

Federal

 Financ-

 ing Bank

 bonds

 and 

 notes

 (9)

Bonds 

of U.S.

Gov’t

corps and 

federally-

 spon-

 sored

 agencies

 (10)

Bonds

(11)

Stocks

(12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland................................104,663 77,297 22,929 1,810 546 1,903 178 97,954 77,862 17,534 666 588 1,067 237

Taiwan................................ 36,113 14,586 3,138 498 1,978 2,141 13,772 38,104 9,805 2,025 179 1,965 365 23,765

Hong Kong................................ 75,847 38,542 5,618 2,095 2,485 7,340 19,767 70,041 39,367 4,023 850 2,576 4,848 18,377

India................................................................ 1,483 897 11 2 37 25 511 1,801 836 - - 61 2 902

Indonesia................................ 2,882 2,077 341 33 79 142 210 3,289 2,517 412 16 76 68 200

Israel................................................................ 6,331 3,589 341 397 1,205 179 620 6,873 4,281 134 303 1,349 97 709

Japan................................................................ 259,815 141,664 23,902 6,566 12,034 33,342 42,307 241,730 108,959 30,607 2,939 13,296 26,545 59,384

Korea................................................................ 22,325 12,423 6,768 399 122 795 1,818 22,866 10,428 6,671 247 140 2,187 3,193

Lebanon................................ 192 17 9 5 80 55 26 192 3 6 3 95 74 11

Malaysia................................ 3,403 2,223 80 26 74 647 353 3,132 1,546 524 41 101 217 703

Pakistan................................ 107 - 3 - 95 - 9 109 - 2 - 100 - 7

Philippines................................ 1,973 663 506 70 120 500 114 2,152 410 490 51 126 997 78

Singapore................................ 53,694 25,379 3,399 3,271 13,406 3,021 5,218 51,401 25,674 2,450 2,871 13,092 2,814 4,500

Syria................................................................ 15 - - - 7 - 8 13 - - - 6 - 7

Thailand................................ 4,628 3,926 275 70 64 45 248 4,343 3,653 274 31 65 28 292

Other Asia................................

17,429 6,140 3,762 798 5,164 664 901 14,403 5,863 1,855 364 5,181 494 646

Total Asia................................

590,900 329,423 71,082 16,040 37,496 50,799 86,060 558,403 291,204 67,007 8,561 38,817 39,803 113,011

Africa:

Congo (formerly Zaire)................................ 60 - - - 60 - - 69 - - - 69 - -

Egypt................................................................ 243 49 45 24 106 16 3 163 9 1 2 122 14 15

Ghana................................................................ 5 - - - 5 - - 6 - - - 5 - 1

Liberia................................................................ 452 16 181 99 77 29 50 261 6 18 91 78 10 58

Morocco................................ 73 50 - - 5 17 1 206 199 - - 3 - 4

South Africa................................ 751 79 32 180 118 79 263 881 90 5 170 156 122 338

Other Africa ................................

1,664 417 451 56 423 253 64 1,129 431 117 17 385 22 157

Total Africa................................

3,248 611 709 359 794 394 381 2,715 735 141 280 818 168 573

Other countries:

Australia................................ 37,041 19,268 2,186 848 3,473 2,961 8,305 35,331 17,836 2,649 1,492 2,743 2,892 7,719

New Zealand 7................................ 1,351 306 114 178 127 198 428 1,071 344 120 18 117 124 348

All other countries................................

3,429 1,908 300 963 126 88 44 1,690 1,242 153 7 188 46 54

Total other countries................................

41,821 21,482 2,600 1,989 3,726 3,247 8,777 38,092 19,422 2,922 1,517 3,048 3,062 8,121

Total foreign countries................................

5,331,182 2,719,741 615,829 260,113 782,022 577,613 375,864 5,202,626 2,643,624 598,048 197,087 784,630 576,280 402,957

International and 

 regional orgs.:

International................................ 5,393 4,105 557 74 115 540 2 6,711 5,038 881 107 97 587 1

European regional................................ 328 10 - 2 - 73 243 364 - - 1 - 47 316

Latin American regional................................ 248 101 26 60 52 9 - 154 31 63 4 45 11 -

Caribbean regional 8................................ 14 - 14 - - - - 7 6 - - 1 - -

Asian regional................................ 2,153 1,259 878 - 6 10 - 1,978 1,153 813 - 9 3 -

African regional................................ 5 - 1 - - 3 1 21 - 11 - - 10 -

Middle Eastern regional................................

6 - - - 6 - - 8 - - - 8 - -

Total international

 and regional................................

8,147 5,475 1,476 136 179 635 246 9,243 6,228 1,768 112 160 658 317

Grand total................................ 5,339,329 2,725,216 617,305 260,249 782,201 578,248 376,110 5,211,869 2,649,852 599,816 197,199 784,790 576,938 403,274

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “ Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Before January 2001, data included in “All other countries.”

8

 Before January 2001, data included in “Latin American regional.”
CAPITAL MOVEMENTS 93

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2002

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other

Foreign 

securities

Country

 Total pur-

 chases

 (1)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and

notes

(2)

Bonds

of U.S.

Gov’t

corps and

federallysponsored

agencies

(3)

 Bonds

 (4)

 Stocks

 (5)

Bonds

(6)

Stocks

(7)

Total

sales

(8)

 Market-

 able

 Treasury

 and

 Federal

 Financ-

 ing Bank

 bonds

 and 

 notes

 (9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

Bonds

(11)

Stocks

(12)

Bonds

(13)

Stocks

(14)

Europe:

Austria ................................................................ 15,614 5,599 3,541 785 3,398 1,131 1,160 16,150 6,282 3,437 407 3,437 1,553 1,034

Belgium 1................................................................ 69,289 22,128 15,304 9,898 15,307 3,001 3,651 60,853 20,082 15,530 6,165 13,592 2,371 3,113

Bulgaria ................................................................ 447 82 104 68 117 75 1 496 267 53 45 99 31 1

Czech Republic ................................ 4,724 3,905 2 67 450 139 161 4,148 3,359 1 21 463 216 88

Denmark ................................................................ 43,370 30,241 1,958 2,499 5,021 1,529 2,122 42,096 30,187 2,112 1,837 5,201 899 1,860

Finland................................................................ 12,535 6,935 1,180 202 2,000 203 2,015 12,731 6,829 1,200 167 1,834 437 2,264

France ................................................................ 592,564 286,045 9,660 11,479 229,557 25,860 29,963 590,183 286,368 8,482 8,895 227,430 28,576 30,432

Germany................................................................ 336,761 172,869 12,686 11,992 54,646 55,186 29,382 336,740 176,800 9,511 10,042 54,775 57,597 28,015

Greece................................................................ 7,775 5,096 648 121 1,273 210 427 7,375 4,833 357 206 1,240 118 621

Hungary ................................................................ 1,589 663 45 39 434 142 266 1,585 851 41 2 441 52 198

Ireland................................................................ 264,646 151,894 11,430 15,111 62,621 11,715 11,875 252,471 151,322 10,817 9,995 60,502 8,147 11,688

Italy ................................................................ 119,579 56,069 3,742 1,898 39,342 8,733 9,795 117,246 56,353 3,944 1,673 37,803 7,912 9,561

Luxembourg 1................................ 69,516 9,928 17,118 6,362 25,495 4,956 5,657 63,654 11,537 13,243 6,471 24,027 3,135 5,241

Netherlands ................................................................ 358,457 247,171 30,364 6,192 42,169 9,794 22,767 367,082 264,191 32,316 4,661 37,862 8,215 19,837

Norway ................................................................ 451,048 407,275 12,542 6,522 8,014 14,433 2,262 450,377 416,811 10,635 3,654 6,092 11,134 2,051

Poland ................................................................ 11,509 6,636 787 9 33 3,820 224 11,784 6,914 365 - 37 4,328 140

Portugal ................................................................ 23,694 19,807 1,342 269 1,347 395 534 21,869 18,289 1,298 136 1,225 360 561

Romania ................................................................ 5,539 4,157 1,324 13 - 40 5 4,991 3,650 1,202 - 2 135 2

Russia 2................................................................ 58,849 15,532 38,744 46 911 1,775 1,841 46,334 12,350 30,590 48 875 830 1,641

Spain ................................................................ 48,792 28,791 2,841 616 7,133 2,920 6,491 49,451 28,384 2,046 242 8,028 4,102 6,649

Sweden ................................................................ 68,745 32,026 9,814 1,071 17,245 1,308 7,281 63,857 29,103 9,378 860 16,455 1,449 6,612

Switzerland ................................................................ 175,771 57,913 15,755 11,586 61,992 7,378 21,147 167,121 58,361 12,072 6,648 59,205 6,173 24,662

Turkey................................................................ 8,390 6,571 13 3 172 645 986 6,469 4,378 5 21 160 796 1,109

United Kingdom ................................4,752,539 2,480,831 187,465 346,476 552,949 659,726 525,092 4,560,645 2,419,225 154,360 269,668 537,777 647,620 531,995

Channel Islands and Isle

 of Man 3 ................................................................ 34,658 5,005 7,869 12,110 7,116 707 1,851 23,309 4,281 6,858 1,948 7,371 999 1,852

Yugoslavia 4................................................................ 11 2 - - 8 - 1 5 - - - 5 - -

Other Europe ................................ 37,582 25,662 3,002 1,631 3,502 1,206 2,579 36,624 24,148 2,995 2,517 3,405 1,265 2,294

Total Europe ................................

7,573,993 4,088,833 389,280 447,065 1,142,252 817,027 689,536 7,315,646 4,045,155 332,848 336,329 1,109,343 798,450 693,521

Canada................................................................

814,018 465,783 30,580 15,396 177,347 60,502 64,410 807,194 470,980 32,034 14,982 169,140 59,667 60,391

Latin America:

Argentina ................................................................ 12,208 1,573 1,744 797 3,864 2,572 1,658 10,339 756 1,787 542 3,665 2,040 1,549

Brazil................................................................ 57,365 16,858 4,309 1,385 2,216 23,625 8,972 55,259 14,985 4,816 1,189 2,298 21,982 9,989

Chile................................................................ 16,400 6,111 1,139 1,714 2,706 3,850 880 14,856 6,340 460 1,424 2,365 3,713 554

Colombia ................................................................ 14,968 3,999 1,527 1,420 915 6,988 119 15,681 5,425 1,311 1,412 934 6,473 126

Ecuador................................................................ 1,820 140 175 137 865 42 461 1,660 141 118 71 871 25 434

Guatemala................................................................ 699 55 119 111 116 272 26 441 48 15 98 125 133 22

Mexico................................................................ 52,987 17,346 8,121 5,476 4,505 9,836 7,703 42,799 13,327 3,150 3,307 4,021 9,951 9,043

Panama................................................................ 10,977 550 2,147 1,726 2,931 2,912 711 9,162 562 1,055 1,042 3,013 2,711 779

Peru ................................................................ 4,068 799 1,429 242 576 746 276 2,742 563 409 87 352 1,092 239

Uruguay ................................................................ 6,423 1,717 1,163 581 1,370 1,266 326 6,092 2,092 468 434 1,280 1,505 313

Venezuela ................................................................ 6,957 1,125 1,165 1,210 1,443 1,711 303 5,459 1,184 453 609 1,411 1,436 366

Other Latin America 5................................ 25,963 12,986 871 1,713 2,557 7,603 233 25,121 12,822 645 1,249 2,703 7,499 203

Total Latin America ................................

210,835 63,259 23,909 16,512 24,064 61,423 21,668 189,611 58,245 14,687 11,464 23,038 58,560 23,617

Caribbean:

Bahamas ................................................................ 280,896 160,177 5,629 18,268 52,047 27,726 17,049 264,907 144,831 4,119 17,603 51,961 28,408 17,985

Bermuda................................................................ 1,263,436 382,707 102,082 52,964 546,510 131,436 47,737 1,254,658 381,124 96,928 41,762 555,641 130,708 48,495

Cayman Islands 6................................ 2,765,797 852,358 877,169 172,143 644,649 104,902 114,576 2,716,027 843,574 854,406 149,057 652,467 100,756 115,767

Cuba ................................................................- - - - - - - - - - - - - -

Jamaica ................................................................ 2,483 287 1,268 249 48 595 36 1,603 279 741 152 36 371 24

Netherlands Antilles ................................ 373,325 194,841 12,196 5,161 135,513 8,472 17,142 370,670 195,621 10,329 4,486 136,050 8,433 15,751

Trinidad and Tobago................................663 70 132 108 78 269 6 342 36 34 49 84 134 5

Other Caribbean 5................................418,172 46,118 5,939 17,003 310,913 6,124 32,075 425,719 56,087 5,032 16,898 309,964 5,624 32,114

Total Caribbean ................................

5,104,772 1,636,558 1,004,415 265,896 1,689,758 279,524 228,621 5,033,926 1,621,552 971,589 230,007 1,706,203 274,434 230,141

See footnotes at end of table.
94 CAPITAL MOVEMENTS

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2002, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other

Foreign 

securities

Country

 Total

 pur-

 chases

 (1)

 Market-

 able

 Treasury

 and

 Federal

 Financing Bank

 bonds

 and

 notes

 (2)

 Bonds

 of U.S.

 Gov’t

 corps and 

 federally-

 spon-

 sored

 agencies

 (3)

 Bonds

 (4) 

 Stocks

 (5)

 Bonds

 (6)

 Stocks

 (7)

Total

sales

(8)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and 

notes

(9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland................................ 241,058 167,234 59,073 7,618 1,845 4,892 396 178,132 143,157 29,809 1,656 1,684 1,393 433

Taiwan................................ 54,749 13,937 15,736 2,336 6,197 6,008 10,535 37,328 14,534 4,978 954 5,936 1,442 9,484

Hong Kong................................214,662 93,782 37,974 8,131 11,396 13,008 50,371 200,107 102,841 25,385 4,383 9,601 10,712 47,185

India................................................................ 11,053 8,854 13 36 373 118 1,659 12,035 9,709 2 1 417 40 1,866

Indonesia................................ 6,685 4,540 797 115 462 401 370 5,300 3,770 342 56 466 244 422

Israel................................................................ 36,649 25,459 1,510 1,458 5,338 480 2,404 31,371 20,327 1,558 875 5,486 317 2,808

Japan................................ 889,487 446,497 114,430 24,718 65,434 94,930 143,478 808,135 415,999 76,775 13,795 53,098 102,966 145,502

Korea................................ 99,389 66,822 13,644 2,517 959 4,832 10,615 86,395 53,887 12,976 1,034 847 7,867 9,784

Lebanon................................ 831 5 23 13 654 83 53 815 4 8 26 632 81 64

Malaysia................................ 13,090 7,643 2,729 174 250 678 1,616 12,164 6,782 1,406 105 285 1,220 2,366

Pakistan................................ 295 - 43 174 57 5 16 94 - 4 1 51 3 35

Philippines................................ 5,996 2,611 977 364 297 1,372 375 6,995 2,432 724 220 337 2,945 337

Singapore................................161,415 60,292 14,710 10,975 44,928 13,298 17,212 149,457 62,883 12,548 9,649 36,692 11,030 16,655

Syria................................................................ 36 14 - 2 12 - 8 31 10 - - 16 - 5

Thailand................................ 17,649 15,839 293 229 359 377 552 19,081 17,756 194 62 355 124 590

Other Asia................................ 66,437 34,083 6,296 3,641 19,103 1,839 1,475 68,684 37,865 4,279 3,241 20,394 1,225 1,680

Total Asia................................

1,819,481 947,612 268,248 62,501 157,664 142,321 241,135 1,616,124 891,956 170,988 36,058 136,297 141,609 239,216

Africa:

Congo (formerly Zaire)................................ 115 - - - 114 - 1 118 - - - 113 - 5

Egypt................................................................ 1,053 257 90 72 367 183 84 1,163 578 18 35 372 107 53

Ghana................................ 745 506 1 - 17 219 2 23 - - - 17 - 6

Liberia................................ 1,102 53 226 79 402 130 212 976 52 197 66 428 58 175

Morocco................................ 195 160 2 - 13 6 14 227 171 1 4 30 16 5

South Africa................................3,138 283 31 265 663 433 1,463 4,353 171 70 260 639 1,583 1,630

Other Africa ................................5,227 1,224 1,162 215 1,402 649 575 3,463 670 493 139 1,451 199 511

Total Africa................................

11,575 2,483 1,512 631 2,978 1,620 2,351 10,323 1,642 779 504 3,050 1,963 2,385

Other countries:

Australia................................ 101,253 47,219 5,561 10,988 12,117 7,816 17,552 91,082 43,893 5,188 7,950 9,129 7,342 17,580

New Zealand 7................................ 4,456 1,247 416 440 807 818 728 4,701 1,943 422 449 479 686 722

All other countries................................ 5,485 1,642 1,007 336 1,509 723 268 4,963 1,363 1,009 232 1,564 525 270

Total other countries................................

111,194 50,108 6,984 11,764 14,433 9,357 18,548 100,746 47,199 6,619 8,631 11,172 8,553 18,572

Total foreign countries 15,645,868 7,254,636 1,724,928 819,765 3,208,496 1,371,774 1,266,269 15,073,570 7,136,729 1,529,544 637,975 3,158,243 1,343,236 1,267,843

International and

 regional orgs.:

International ................................ 8,307 5,473 1,307 774 624 56 73 6,738 3,831 1,696 264 636 156 155

European regional................................ 2,119 638 52 30 1 189 1,209 1,698 313 - 80 1 185 1,119

Latin American regional................................ 1,211 346 71 144 551 20 79 1,165 349 80 87 607 19 23

Caribbean regional 8 ................................ - - - - - - - - - - - - - -

Asian regional................................ 5,009 3,353 1,580 29 46 - 1 4,841 3,267 1,504 27 39 - 4

African regional................................ 20 1 15 1 - 3 - 38 35 3 - - - -

Middle Eastern regional................................ 45 - 1 - 42 - 2 51 5 - - 45 - 1

 Total international

 and regional................................

16,711 9,811 3,026 978 1,264 268 1,364 14,531 7,800 3,283 458 1,328 360 1,302

 Grand total................................ 15,662,579 7,264,447 1,727,954 820,743 3,209,760 1,372,042 1,267,633 15,088,101 7,144,529 1,532,827 638,433 3,159,571 1,343,596 1,269,145

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 Before January 2001, data included in United Kingdom.

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Before January 2001, data included in “All other countries.”

8

 Before January 2001, data included in “Latin American regional.”
CAPITAL MOVEMENTS 95

0

50

100

150

200

250

300

2000 2001 2002 2003

Jan. - Sept.

2003

July - Sept.

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 2003 with those in prior years, the chart 

depicts data for all periods at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 2000 2001 2002

 2003

 Jan. - Sept.

 2003

 July - Sept.

United Kingdom................................ 166,290 183,986 186,691 121,799 38,154

All other Europe................................ 128,577 78,921 57,064 102,558 27,356

Caribbean banking centers 1,2................................ 19,883 57,817 76,137 69,274 18,678

Japan................................................................ 52,006 56,589 91,412 104,134 28,365

All other Asia................................ 52,151 110,995 109,314 93,703 20,087

Subtotal................................

418,907 488,308 520,618 491,468 132,640

All other countries ................................

38,921 32,541 26,926 48,474 20,674

Grand total................................ 457,828 520,849 547,544 539,942 153,314

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds and 

stocks) as reported to the TIC 

reporting system. Foreign investors 

also acquire U.S. equities through 

mergers that involve stock swaps. 

Net foreign acquisitions of U.S. 

equities through stock swaps 

amounted to $21 billion in 2000, $7 

billion in both 2001 and 2002, and 

zero in the first three quarters of 

2003. (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 

stock swaps data are now available 

on the TIC Web site. In addition, the 

TIC Web site now includes 

estimates of principal payments on 

asset-backed U.S. Government 

agency and U.S. corporate bonds. 

These principal repayments on assetbacked securities (ABS) are the 

equivalent of sales by foreigners of 

these securities, but are not captured 

by the TIC reporting system. In the 

first three quarters of 2003, ABS

principal repayments amounted to an 

estimated $76 billion. 

The data present aggregate net 

purchases for 2000 through the first 

three quarters of 2003. The figures 

show that foreigners’ annual net 

purchases (gross purchases minus 

gross sales) of U.S. securities have 

maintained an extremely high level 

since 2000. 

Annual net foreign purchases of 

U.S. securities first surpassed $100 

billion in 1993. In 2002, net foreign 

acquisitions (including stock swaps) 

of U.S. securities totaled a record 

$554 billion. In the first three 

quarters of 2003, net foreign 

acquisitions of U.S. securities have 

accelerated to $540 billion ($465 

billion when adjusted for ABS 

principal repayments), or over $700 

billion on an annual basis (over $624 

billion adjusted for ABS principal 

repayments). 
96 CAPITAL MOVEMENTS 

-100

-50

0

50

100

150

 1999 2000 2001 2002 2003

Jan. - Sept.

2003

July - Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2003

with those in prior years, the chart depicts data for all periods

at an annualized rate.

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors*

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 1999 2000 2001 2002 

 2003 

 Jan. - Sept. 

2003 

July - Sept. 

Foreign bonds ............... 5,676 4,054 -30,502 -28,446 -34,207 -1,310

Foreign stocks............... -15,640 13,088 50,113 1,512 57,852 27,164

Total............................. -9,964 17,142 19,611 -26,934 23,645 25,854

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent 

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the TIC 

reporting system. However, in the 

past several years, U.S. investors 

also have acquired a substantial 

amount of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, 

$45 billion in 2001, but only $3 

billion in 2002, and $15 billion in 

the first three quarters of 2003. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC Web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. In 

2001, U.S. investors sold $31 

billion in foreign bonds, but U.S. 

purchases of foreign stocks held 

up and U.S. acquisitions of 

foreign securities (including stock 

swaps) fell to only $65 billion. In 

2002, U.S. investors again sold 

foreign bonds ($28 billion), but 

U.S. purchases of foreign stocks 

(including stock swaps) fell 

sharply and on net U.S. investors 

sold $24 billion in foreign 

securities. In 2003, strong U.S. 

demand for foreign equities has 

offset continued net sales of 

foreign bonds; on net (including 

stock swaps) U.S. investors 

acquired $38 billion in foreign 

securities in the first three quarters 

of the year. 
97

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency

holdings of large foreign exchange market participants.

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports.

The information is based on reports of large foreign 

exchange market participants on holdings of five major

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar.

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other”

currency positions of reporting institutions. U.S.-based

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S.

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128,

Subpart C).

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold.

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December).

This information is published in six sections

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury and Federal 

Financial Institutions Examination Council (FFIEC) 035

reports. Tables I-3 through VI-3 present quarterly

consolidated currency data reported by large market

participants and FFIEC reporters that do not file weekly 

reports.

Principal exchanged under cross-currency interest rate

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on

monthly and quarterly reports through December 1998,

when this practice was discontinued. The net options

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.
98 FOREIGN CURRENCY POSITIONS

SECTION I.—Canadian Dollar Positions

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4)

04/02/03.................................................... 354,932 360,014 -1,918 1.4702

04/09/03.................................................... 364,836 370,600 -1,132 1.4673

04/16/03.................................................... 374,472 379,750 -2,076 1.4548

04/23/03.................................................... 373,551 373,581 -2,037 1.4518

04/30/03.................................................... 376,763 380,807 -2,165 1.4339

05/07/03.................................................... 402,139 406,528 -2,446 1.3975

05/14/03.................................................... 411,967 416,709 -1,218 1.3745

05/21/03.................................................... 401,383 406,255 -1,518 1.3515

05/28/03.................................................... 417,392 417,646 -1,956 1.3858

06/04/03.................................................... 446,167 446,597 -1,461 1.3571

06/11/03.................................................... 450,538 453,203 -209 1.3517

06/18/03.................................................... 409,978 412,421 291 1.3372

06/25/03.................................................... 404,345 406,023 11 1.3463

07/02/03.................................................... 412,323 413,634 -333 1.3359

07/09/03.................................................... 417,271 421,139 -614 1.3751

07/16/03.................................................... 414,730 417,823 -1,340 1.3871

07/23/03.................................................... 430,131 430,024 -1,580 1.3983

07/30/03.................................................... 432,190 433,847 -1,427 1.4010

08/06/03.................................................... 407,534 413,810 -1,391 1.4035

08/13/03.................................................... 400,158 406,453 -754 1.3799

08/20/03.................................................... 403,320 411,711 -57 1.4044

08/27/03.................................................... 405,254 412,530 345 1.4026

09/03/03.................................................... 408,635 417,060 319 1.3803

09/10/03.................................................... 414,100 432,975 298 1.3675

09/17/03.................................................... 386,841 393,172 907 1.3661

09/24/03.................................................... 372,014 374,890 -539 1.3497
FOREIGN CURRENCY POSITIONS 99

SECTION I.—Canadian Dollar Positions, con.

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Canadian

dollars per 

U.S. dollar)

(10)

2000 - Dec................................ 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997

2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921

2002 - Oct................................ 342,524 345,097 115,443 114,270 39,043 43,658 38,794 34,497 -1,510 1.5579

Nov ................................ 352,604 359,597 116,490 115,390 38,887 42,113 37,440 34,834 -1,739 1.5652

Dec ................................ 328,764 328,623 115,070 113,164 38,202 44,315 39,474 33,245 -2,240 1.5729

2003 - Jan................................ 370,635 370,476 118,156 114,626 54,557 58,979 53,794 50,310 -2,263 1.5219

Feb................................ 394,491 394,737 125,613 120,107 63,412 70,204 65,980 55,896 -2,132 1.4844

Mar................................ 372,471 376,108 113,759 117,700 74,015 81,600 71,059 61,867 -1,053 1.4680

Apr................................ 390,837 392,743 117,127 119,430 83,407 88,869 75,608 72,442 -2,222 1.4339

May ................................ 448,771 449,584 120,027 122,330 94,149 96,693 85,814 88,526 -1,678 1.3687

June................................ 407,216 406,581 118,802 122,126 89,504 93,614 81,128 81,180 -336 1.3478

July ................................ 417,189 421,449 121,580 123,610 96,856 101,492 89,289 87,788 -1,800 1.4053

Aug ................................ 395,422 384,026 120,815 125,426 82,303 88,958 83,316 72,197 239 1.3857

Sept................................ 367,077 369,335 126,812 130,875 114,692 102,702 95,807 109,118 -1,092 1.3499

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

 Assets

 (3)

Liabilities

(4)

 Bought

 (5)

 Written

 (6) 

 Bought

 (7)

 Written

 (8)

Net delta

equivalent 

 (9)

Exchange rate

(Canadian

dollars per

U.S. dollar)

(10)

2000 - Dec................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997

2001 - Mar................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768

June................................ 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145

Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797

Dec ................................ 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921

2002 - Mar................................ 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932

June................................ 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166

Sept................................ 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875

Dec................................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729

2003 - Mar................................ 45,217 49,821 52,214 40,920 n.a. n.a. 1,323 n.a. -181 1.4680

June................................ 28,178 34,273 58,188 47,465 1,011 1,440 1,478 1,792 68 1.3478
100 FOREIGN CURRENCY POSITIONS

SECTION II.—Japanese Yen Positions

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4)

04/02/03.................................................... 156,674 159,730 278 118.95

04/09/03.................................................... 158,375 161,673 327 120.19

04/16/ 03.................................................... 157,714 160,665 -214 119.50

04/23/03.................................................... 162,018 165,393 212 120.45

04/30/03.................................................... 166,310 170,181 438 118.92

05/07/03.................................................... 165,727 170,609 497 116.39

05/14/03.................................................... 170,719 174,930 315 116.25

05/21/03.................................................... 169,602 174,626 93 117.32

05/28/03.................................................... 170,690 174,576 -80 118.72

06/04/03.................................................... 175,644 179,551 -211 118.86

06/11/03.................................................... 175,116 177,906 159 117.72

06/18/03.................................................... 170,372 174,977 179 117.84

06/25/03.................................................... 170,922 176,264 277 117.98

07/02/03.................................................... 173,196 178,389 170 118.07

07/09/03.................................................... 172,392 177,987 108 117.80

07/16/03.................................................... 170,281 175,568 97 118.24

07/23/03.................................................... 167,053 172,564 44 118.93

07/30/03.................................................... 169,554 174,439 -20 120.31

08/06/03.................................................... 167,159 172,192 -15 120.22

08/13/03.................................................... 167,425 172,320 95 119.13

08/20/03.................................................... 169,554 174,668 247 118.19

08/27/03.................................................... 171,082 176,652 317 117.48

09/03/03.................................................... 174,772 180,734 276 116.01

09/10/03.................................................... 178,309 184,108 113 117.14

09/17/03.................................................... 171,929 178,045 -89 116.20

09/24/03.................................................... 179,991 185,136 49 111.47
FOREIGN CURRENCY POSITIONS 101

SECTION II.—Japanese Yen Positions, con.

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

Net delta

equivalent

(9)

Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

2000 - Dec................................ 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42

2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68

2002 - Oct................................ 185,856 187,063 40,749 39,930 28,833 26,821 34,320 35,183 332 122.56

Nov ................................ 185,258 187,762 36,202 36,193 26,885 24,521 32,062 33,551 537 122.59

Dec ................................ 172,452 174,884 35,744 36,565 26,486 24,120 31,305 32,826 623 118.81

2003 - Jan................................ 173,840 176,729 40,346 40,639 27,375 23,931 31,172 32,360 290 119.92

Feb................................ 173,119 176,336 40,267 40,022 26,885 24,780 31,668 31,724 242 118.16

Mar................................ 164,136 166,657 39,522 38,871 26,829 25,118 30,419 30,420 198 118.01

Apr................................ 173,184 177,011 40,161 39,103 27,772 25,116 29,768 32,071 327 118.92

May ................................ 182,556 187,039 40,950 40,082 30,410 29,653 32,058 36,532 -186 119.38

June................................ 179,052 183,114 43,177 41,707 28,216 27,996 35,145 34,606 -21 119.75

July ................................ 176,626 181,509 41,089 40,315 28,944 28,662 32,554 31,970 -18 120.61

Aug ................................ 166,951 171,706 40,106 38,393 28,331 29,068 31,713 31,046 134 116.89

Sept................................ 183,081 187,711 43,969 43,869 32,768 34,433 33,468 32,817 85 111.50

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

Net delta

equivalent

(9)

Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

2000 - Dec................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42

2001 - Mar................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54

June................................ 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77

Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23

Dec ................................ 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68

2002 - Mar................................ 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73

June................................ 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62

Sept................................ 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81

Dec ................................ 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81

2003 - Mar................................ 11,864 12,363 4,349 3,760 n.a. n.a. n.a. n.a. -471 118.01

June................................ 11,596 13,082 4,936 3,557 n.a. n.a. n.a. n.a. -633 119.75
102 FOREIGN CURRENCY POSITIONS

SECTION III.—Swiss Franc Positions

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4)

04/02/03.................................................... 336,511 334,328 1,518 1.3798

04/09/03.................................................... 343,433 341,333 2,130 1.3809

04/16/03.................................................... 357,938 355,214 2,537 1.3709

04/23/03.................................................... 350,932 348,454 3,087 1.3741

04/30/03.................................................... 350,686 349,254 3,070 1.3550

05/07/03.................................................... 352,262 351,599 3,281 1.3223

05/14/03.................................................... 360,017 362,605 3,024 1.3160

05/21/03.................................................... 361,617 366,317 2,733 1.2970

05/28/03.................................................... 376,057 375,655 3,289 1.2950

06/04/03.................................................... 425,278 433,366 2,658 1.3175

06/11/03.................................................... 434,856 443,033 2,921 1.3100

06/18/03.................................................... 359,404 368,334 2,283 1.3236

06/25/03.................................................... 359,090 365,773 2,855 1.3291

07/02/03.................................................... 366,846 374,758 3,923 1.3444

07/09/03.................................................... 366,967 372,912 2,803 1.3608

07/16/03.................................................... 367,726 372,859 2,287 1.3765

07/23/03.................................................... 351,247 359,771 3,020 1.3471

07/30/03.................................................... 347,027 356,320 3,414 1.3660

08/06/03.................................................... 340,290 349,056 3,687 1.3528

08/13/03.................................................... 335,783 342,567 3,553 1.3667

08/20/03.................................................... 338,300 346,292 2,218 1.3882

08/27/03.................................................... 367,001 372,087 2,157 1.4147

09/03/03.................................................... 361,224 371,648 2,199 1.4157

09/10/03.................................................... 389,334 401,579 3,673 1.3836

09/17/03.................................................... 310,828 317,241 3,555 1.3797

09/24/03.................................................... 315,169 320,895 3,946 1.3507
FOREIGN CURRENCY POSITIONS 103

SECTION III.—Swiss Franc Positions, con.

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

2000 - Dec................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132

2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579

2002 - Oct................................ 329,817 331,723 61,542 60,204 49,182 42,107 46,765 48,272 1,999 1.4776

Nov ................................ 326,252 327,349 51,143 52,342 52,282 n.a. 46,480 48,920 1,585 1.4833

Dec ................................ 279,198 282,012 50,561 55,492 53,399 45,776 45,632 44,198 1,190 1.3818

2003 - Jan................................ 315,312 314,037 55,292 60,614 66,238 57,658 56,105 57,183 1,879 1.3641

Feb................................ 351,216 345,589 56,883 62,372 62,100 53,973 53,107 55,043 1,621 1.3530

Mar................................ 325,233 321,400 51,505 58,854 63,863 55,484 56,822 62,303 1,322 1.3506

Apr................................ 345,202 345,071 58,405 65,330 59,889 49,829 71,580 77,275 3,166 1.3550

May ................................ 402,399 404,045 50,437 58,397 58,486 50,292 78,951 76,736 2,085 1.3004

June................................ 423,274 426,427 45,783 53,420 66,684 50,684 89,393 95,537 3,630 1.3515

July ................................ 376,030 380,004 49,038 54,229 63,583 49,400 94,567 95,880 3,560 1.3700

Aug ................................ 344,380 347,943 49,454 55,238 63,965 48,911 85,569 86,455 2,277 1.3997

Sept................................ 377,101 384,344 52,152 57,423 66,777 52,170 95,353 96,343 4,829 1.3179

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

2000 - Dec................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132

2001 - Mar................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360

June................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940

Sept................................ 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188

Dec ................................ 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579

2002 - Mar................................ 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826

June................................ 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826

Sept................................ 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767

Dec ................................ 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818

2003 - Mar................................ 26,664 35,529 25,041 9,785 n.a. n.a. n.a. n.a. 338 1.3506

June................................ 26,536 37,544 25,359 10,194 n.a. n.a. 8,087 3,751 -1,174 1.3515
104 FOREIGN CURRENCY POSITIONS

SECTION IV.—Sterling Positions

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate (U.S. 

dollars per 

pound)

(4)

04/02/03.................................................... 469,724 468,318 -692 1.5668

04/09/03.................................................... 482,225 479,460 -185 1.5634

04/16/03.................................................... 490,497 491,328 121 1.5800

04/23/03.................................................... 487,616 491,920 81 1.5877

04/30/03.................................................... 499,516 500,023 -112 1.6001

05/07/03.................................................... 501,848 503,271 -660 1.5959

05/14/03.................................................... 499,380 498,539 -130 1.6178

05/21/03.................................................... 523,430 530,139 -663 1.6362

05/28/03.................................................... 498,833 505,296 -915 1.6393

06/04/03.................................................... 531,542 537,503 590 1.6303

06/11/03.................................................... 545,421 549,802 -191 1.6669

06/18/03.................................................... 544,529 549,163 -1,039 1.6785

06/25/03.................................................... 529,313 535,951 -928 1.6718

07/02/03.................................................... 520,785 528,553 -1,042 1.6643

07/09/03.................................................... 519,497 528,339 -1,311 1.6375

07/16/03.................................................... 516,593 523,489 -1,631 1.5954

07/23/03.................................................... 500,801 507,403 -1,453 1.6080

07/30/03.................................................... 520,685 530,515 -1,118 1.6157

08/06/03.................................................... 515,541 521,331 -1,422 1.6094

08/13/03.................................................... 521,534 525,829 -1,069 1.6067

08/20/03.................................................... 525,326 527,966 -591 1.5941

08/27/03.................................................... 517,093 521,904 -1,013 1.5721

09/03/03.................................................... 497,937 505,906 -1,099 1.5705

09/10/03.................................................... 520,346 527,352 -1,121 1.5911

09/17/03.................................................... 492,315 497,735 -1,137 1.6094

09/24/03.................................................... 508,922 515,664 -1,144 1.6600
FOREIGN CURRENCY POSITIONS 105

SECTION IV.—Sterling Positions, con.

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

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 

(U.S. dollars

per pound)

(10)

2000 - Dec................................ 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922

2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556

2002 - Oct................................ 461,424 463,293 190,966 180,521 29,353 25,523 32,687 33,387 61 1.5644

Nov ................................ 482,441 486,528 180,416 168,543 28,392 27,101 33,130 32,519 -325 1.5564

Dec ................................ 424,601 428,435 196,492 182,276 26,278 22,651 27,928 26,744 -396 1.6094

2003 - Jan................................ 458,333 457,973 203,395 196,088 28,418 26,310 32,982 32,136 -315 1.6468

Feb................................ 488,419 484,097 191,092 180,424 28,630 26,456 32,589 31,074 -20 1.5737

Mar................................ 466,859 465,807 191,927 175,543 27,596 25,077 30,617 30,060 -461 1.5830

Apr................................ 491,959 490,555 195,716 194,788 33,382 28,740 33,464 31,581 -83 1.6001

May ................................ 498,579 502,982 202,960 202,596 31,840 28,611 37,418 35,992 204 1.6354

June................................ 503,158 507,402 211,692 209,105 31,667 32,063 37,818 35,800 -1,206 1.6552

July ................................ 517,063 525,542 199,830 194,695 33,169 32,275 30,698 28,435 -981 1.6095

Aug ................................ 475,335 489,805 190,144 183,278 n.a. 27,111 n.a. 24,374 -2,580 1.5758

Sept................................ 519,818 528,657 225,978 223,079 n.a. 31,734 n.a. 29,538 -1,309 1.6639

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(U.S. dollars

per pound)

(10)

2000 - Dec................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922

2001 - Mar................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155

June................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140

Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691

Dec ................................ 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556

2002 - Mar................................ 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243

June................................ 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313

Sept................................ 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683

Dec ................................ 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094

2003 - Mar................................ 31,806 34,365 41,133 29,235 989 666 3,062 2,824 -118 1.5830

June................................ 31,405 35,617 44,023 28,341 1,245 2,076 4,107 3,675 n.a. 1.6552
106 FOREIGN CURRENCY POSITIONS

SECTION V.—U.S. Dollar Positions

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate

(4)

04/02/03.................................................... 5,044,620 4,998,378 7,236 n.a.

04/09/03.................................................... 5,112,159 5,063,753 6,759 n.a.

04/16/03.................................................... 5,094,194 5,046,981 3,290 n.a.

04/23/03.................................................... 5,092,755 5,050,080 3,078 n.a.

04/30/03.................................................... 5,203,538 5,157,064 2,778 n.a.

05/07/03.................................................... 5,262,588 5,215,555 1,007 n.a.

05/14/03.................................................... 5,467,145 5,512,666 -235 n.a.

05/21/03.................................................... 5,533,125 5,481,826 716 n.a.

05/28/03.................................................... 5,641,296 5,612,420 1,278 n.a.

06/04/03.................................................... 5,919,057 5,862,360 1,612 n.a.

06/11/03.................................................... 5,971,002 5,925,756 1,267 n.a.

06/18/03.................................................... 5,810,327 5,769,050 1,187 n.a.

06/25/03.................................................... 5,768,284 5,693,341 -419 n.a.

07/02/03.................................................... 5,724,009 5,664,571 -306 n.a.

07/09/03.................................................... 5,679,009 5,625,907 240 n.a.

07/16/03.................................................... 5,637,937 5,578,825 1,824 n.a.

07/23/03.................................................... 5,587,752 5,528,751 -1,826 n.a.

07/30/03.................................................... 5,678,098 5,622,029 580 n.a.

08/06/03.................................................... 5,621,572 5,561,673 -1,051 n.a.

08/13/ 03.................................................... 5,577,978 5,537,800 -238 n.a.

08/20/03.................................................... 5,594,625 5,545,474 -2,995 n.a.

08/27/03.................................................... 5,630,917 5,568,028 -1,953 n.a.

09/03/03.................................................... 5,521,493 5,458,876 -904 n.a.

09/10/03.................................................... 5,715,457 5,656,967 -1,337 n.a.

09/17/03.................................................... 5,386,266 5,315,139 -618 n.a.

09/24/03.................................................... 5,615,025 5,549,350 -423 n.a.
FOREIGN CURRENCY POSITIONS 107

SECTION V.—U.S. Dollar Positions, con.

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2000 - Dec................................ 4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a.

2001 - Dec................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a.

2002 - Oct................................ 5,202,877 5,156,506 - - 695,594 647,899 650,318 635,574 254 n.a.

Nov ................................ 5,391,916 5,330,541 - - 665,955 624,380 621,836 613,637 1,832 n.a.

Dec ................................ 4,833,934 4,792,314 - - 627,016 570,259 593,640 573,324 -988 n.a.

2003 - Jan................................ 5,175,309 5,118,250 - - 679,339 622,138 666,091 634,314 2,133 n.a.

Feb................................ 5,381,390 5,338,509 - - 679,779 627,155 664,270 651,579 3,999 n.a.

Mar................................ 5,039,541 4,994,731 - - 702,916 657,220 687,702 695,486 5,092 n.a.

Apr................................ 5,247,017 5,204,535 - - 747,975 688,209 810,036 831,556 3,388 n.a.

May ................................ 5,834,796 5,777,754 - - 769,305 737,908 887,444 888,996 221 n.a.

June................................ 5,788,061 5,743,074 - - 730,574 768,955 834,438 838,502 2,849 n.a.

July ................................ 5,702,115 5,670,358 - - 756,665 731,062 834,671 828,254 1,204 n.a.

Aug ................................ 5,281,742 5,253,609 - - 740,196 714,386 797,828 804,034 -3,032 n.a.

Sept................................ 5,793,857 5,757,687 - - 799,601 790,721 891,103 884,871 -435 n.a.

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2000 - Dec................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a.

2001 - Mar................................ 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a.

June................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a.

Sept................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a.

Dec ................................ 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a.

2002 - Mar................................ 322,910 358,655 - - n.a. n.a. 36,249 34,420 5,171 n.a.

June................................ 366,689 397,199 - - n.a. n.a. 62,208 59,259 6,161 n.a.

Sept................................ 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a.

Dec ................................ 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a.

2003 - Mar................................ 412,584 459,429 - - n.a. n.a. n.a. n.a. 1,640 n.a.

June................................ 466,438 452,374 - - n.a. n.a. n.a. n.a. 4,747 n.a.
108 FOREIGN CURRENCY POSITIONS

SECTION VI.—Euro Positions

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

[In millions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate

(Euros per 

U.S. dollar)

(4)

04/02/03.................................................... 1,829,809 1,879,226 -7,248 0.9290

04/09/03.................................................... 1,848,293 1,894,197 -8,290 0.9289

04/16/03.................................................... 1,838,998 1,888,764 -6,885 0.9163

04/23/03.................................................... 1,789,481 1,834,035 -7,165 0.9118

04/30/03.................................................... 1,790,751 1,840,215 -6,294 0.8948

05/07/03.................................................... 1,789,568 1,836,522 -4,235 0.8797

05/14/03.................................................... 1,899,548 1,930,610 -4,208 0.8699

05/21/03.................................................... 1,896, 562 1,925,365 -5,107 0.8565

05/28/03.................................................... 1,956,809 1,991,212 -2,961 0.8501

06/04/03.................................................... 2,062,228 2,090,026 -959 0.8575

06/11/03.................................................... 2,051,546 2,074,645 -4,786 0.8518

06/18/03.................................................... 1,993,686 2,022,921 -3,080 0.8558

06/25/03.................................................... 1,984,848 2,025,078 -4,413 0.8665

07/02/03.................................................... 1,893,220 1,930,847 -3,218 0.8666

07/09/03.................................................... 1,858,174 1,901,828 -3,428 0.8814

07/16/03.................................................... 1,861,063 1,899,995 -3,328 0.8921

07/23/03.................................................... 1,817,425 1,853,792 -697 0.8713

07/30/03.................................................... 1,846,647 1,879,900 -1,818 0.8818

08/06/03.................................................... 1,827,053 1,861,819 -793 0.8814

08/13/03.................................................... 1,801,913 1,838,267 -2,388 0.8837

08/20/03.................................................... 1,816,499 1,853,031 -1,626 0.8996

08/27/03.................................................... 1,832,162 1,863,895 -3,392 0.9195

09/03/03.................................................... 1,757,571 1,793,512 -4,433 0.9228

09/10/03.................................................... 1,805,970 1,836,801 -2,196 0.8920

09/17/03.................................................... 1,696,971 1,724,672 -3,736 0.8865

09/24/03.................................................... 1,754,347 1,791,978 -2,321 0.8699
FOREIGN CURRENCY POSITIONS 109

SECTION VI.—Euro Positions, con.

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

[In millions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2000 - Dec. ................................ 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618

2001 - Dec................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217

2002 - Oct................................ 1,731,941 1,811,029 1,001,891 944,062 299,973 275,457 266,221 271,388 446 1.0105

Nov ................................ 1,908,810 2,003,269 1,013,179 949,845 299,178 271,861 256,108 267,440 -1,581 1.0058

Dec ................................ 1,625,402 1,696,229 1,040,911 995,739 267,591 247,397 203,958 236,553 -2,361 0.9527

2003 - Jan................................ 1,711,975 1,778,977 1,126,574 1,067,232 319,095 294,525 262,811 287,048 -3,975 0.9289

Feb................................ 1,871,008 1,923,237 1,153,350 1,087,609 314,683 291,418 263,837 275,901 -8,459 0.9261

Mar................................ 1,769,005 1,824,328 1,137,766 1,073,821 324,992 308,101 268,573 284,804 -7,463 0.9153

Apr................................ 1,790,107 1,840,095 1,190,258 1,140,468 342,837 327,959 288,370 303,812 -7,365 0.8948

May ................................ 1,975,884 2,012,961 1,245,967 1,190,840 387,429 365,088 270,564 298,278 -2,323 0.8497

June................................ 1,921,477 1,962,099 1,154,438 1,122,454 363,616 339,895 276,205 297,784 -5,230 0.8687

July ................................ 1,839,859 1,876,903 1,113,447 1,066,520 330,991 298,960 289,149 313,417 -3,601 0.8895

Aug ................................ 1,683,219 1,725,116 1,042,617 1,000,293 304,821 287,965 276,088 299,826 -3,310 0.9102

Sept................................ 1,848,576 1,867,959 1,113,381 1,072,384 343,383 322,426 290,802 315,887 -2,977 0.8574

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

[In billions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

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)

2000 - Dec................................ 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618

2001 - Mar................................ 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371

June................................ 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773

Sept................................ 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990

Dec ................................ 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217

2002 - Mar................................ 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468

June................................ 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099

Sept................................ 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130

Dec ................................ 162,235 151,909 176,225 152,800 n.a. n.a. 16,812 13,985 -86 0.9527

2003 - Mar................................ 172,794 164,933 206,394 164,179 n.a. n.a. 21,040 13,982 -3,082 0.9153

June................................ 178,900 171,282 197,423 169,715 n.a. n.a. 26,352 17,778 3,663 0.8687
110

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 March 31, 2003, and June 30, 2003

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

 Assets, liabilities, and capital Mar. 31, 2003

Apr. 1, 2003,

through

June 30, 2003 June 30, 2003

Assets

U.S. dollars:

Held with Treasury:

Uninvested cash................................................. 1,973,519 -1,973,519 -

U.S. Government securities ................................... 8,634,026 2,002,281 10,636,307 

Special drawing rights 1............................................... 11,392,435 327,777 11,720,212 

Foreign exchange and securities: 

European euro....................................................... 9,299,834 585,802 9,885,636 

Japanese yen........................................................ 7,998,599 -119,981 7,878,618

Accounts receivable...................................................

 107,132 -2,425 104,707 

Total assets ..........................................................

 39,405,545 2,793,454 40,225,480 

Liabilities and capital

Current liabilities:

Accounts payable...................................................

 19,799 81,202 101,001 

Total current liabilities...........................................

 19,799 81,202 101,001 

Other liabilities:

SDR certificates..................................................... 2,200,000 - 2,200,000 

SDR allocations .....................................................

 6,730,925 132,631 6,863,556 

Total other liabilities .............................................

 8,930,925 132,631 9,063,556 

Capital:

Capital account...................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2)..................

 30,254,821 606,102 30,860,923 

Total capital.......................................................

 30,454,821 606,102 31,060,923 

Total liabilities and capital ..................................

 39,405,545 819,935 40,225,480 

See footnote on the following page.
EXCHANGE STABILIZATION FUND 111

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

Apr. 1, 2003,

through

June 30, 2003

Fiscal year to date

Oct. 1, 2002,

through

June 30, 2003

Income and expense

Profit (+) or loss (-) on:

Foreign exchange............................................................... 397,713 1,509,523 

Adjustment for change in valuation

 of SDR holdings and allocations 1........................................... 93,175 292,623 

Interest (+) or net charges (-) on:

SDRs.............................................................................. 19,834 69,111 

U.S. Government securities .................................................. 28,762 97,151 

Foreign exchange............................................................... 66,618 206,412 

Commissions........................................................................

 - -

Income from operations .......................................................

 606,102 2,174,820 

Net income (+) or loss (-)...................................................

 606,102 2,174,820 

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 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.”
TrustFunds
115

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

National

Service 

Life

Insurance

Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Railroad

Retirement

Account

Unemployment Trust

Fund

Source: Financial Management Service

2003

2002

INTRODUCTION: Trust Funds

The tables and charts in this section present the most 

recent data available on various trust funds administered by 

the Treasury. Trust funds are moneys held by the

Government in accounts established by law or by trust

agreement for specific purposes and designated by law as 

being trust funds. 

This report compiles data from many sources and

provides information in a consolidated manner. 

The Civil Service Retirement and Disability Fund is 

operated by the Office of Personnel Management. The

Federal Hospital Insurance and Federal Supplementary

Medical Insurance Trust Funds are under the auspices of the 

Department of Health and Human Services’ Health Care 

Financing Administration. The Federal Old -age and

Survivors Insurance and Federal Disability Insurance Trust 

Funds are administered by Social Security. 

In addition, the Department of Veterans Affairs’

Veterans Benefits Administration disburses the National

Service Life Insurance Fund. The Department of Labor’s 

Employment and Training Administration is responsible for 

the Unemployment Trust Fund. 

Data for the Railroad Retirement Trust Fund also are 

included in this section. That trust fund is administered by 

the Railroad Retirement Board, an independent agency. 

The following tables are published in the December issue 

of the “Treasury Bulletin” each year. Most of the data for the 

tables came from the “Monthly Treasury Statement of

Receipts and Outlays of the United States Government,” in 

which monthly data are published. Estimated figures are 

based on the “Budget of the United States Government, 

Fiscal Year 2004,” released February 3, 2003.

CHART TF-A.—Major Trust Funds

Total Net Increase or Decrease in Assets

(In billions of dollars)
116 TRUST FUNDS

0

50

100

150

200

250

300

350

400

450

500

550

600

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Unemployment Trust

Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Source: Financial Management Service

2003

2002

CHART TF-B.—Total Receipts of Major Trust Funds

(In billions of dollars)
TRUST FUNDS 117

0

50

100

150

200

250

300

350

400

450

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

Unemployment Trust

Fund

Civil

Service

Retirement

and

Disability

Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Source: Financial Management Service

2003

2002

CHART TF-C.—Total Expenditures of Major Trust Funds

(In billions of dollars)
118 TRUST FUNDS

TABLE TF-1.—Civil Service Retirement and Disability Fund

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

Receipts

Fiscal y ear

or month

Total

(1)

Agencies’

contributions

(2)

Employees’

contributions

(3)

Federal

contributions

(4)

Donations, 

service credit 

payments, 

and other 

miscellaneous

receipts

(5)

Interest and

profits on

investments

(6)

1999................................................................ 72,229 14,828 4,124 21,357 153 31,766

2000................................................................ 74,522 15,131 4,250 21,401 161 33,579

2001................................................................ 75,968 16,091 4,541 21,557 170 33,608

2002................................................................ 77,948 16,705 4,190 21,639 462 34,953

2003................................................................ 78,411 14,645 4,031 21,878 552 37,306

2004 - Est............................................................ 83,346 17,433 4,378 22,787 30 38,718

2002 - Oct............................................................ 2,209 1,370 385 - 48 405

Nov .......................................................... 1,424 1,057 308 - 45 14

Dec .......................................................... 19,102 1,069 311 - 46 17,676

2003 - Jan............................................................ 1,754 1,325 382 - 46 1

Feb........................................................... 1,435 1,088 309 - 16 22

Mar........................................................... 1,478 1,072 312 - 73 22

Apr........................................................... 1,610 1,201 338 - 45 25

May .......................................................... 1,773 1,331 360 - 48 34

June......................................................... 20,626 1,203 311 - 44 19,068

July .......................................................... 1,525 1,175 305 - 45 1

Aug .......................................................... 1,923 1,478 378 - 47 19

Sept.......................................................... 23,554 1,277 331 21,878 49 18

Fiscal 2003.......................................................... 78,411 14,645 4,031 21,878 552 37,306

Assets, end of period

Fiscal year

or month

Total expenditures

other than investments

(7)

Net increase, or 

decrease (-), in assets

(8)

Total

(9)

Investments

(10)

Unexpended balance

(11)

1999................................................................... 43,058 29,170 450,135 446,757 3,378

2000................................................................... 43,932 30,590 480,725 480,640 85

2001................................................................... 45,194 30,774 511,499 511,986 -487

2002................................................................... 47,356 30,592 542,091 542,608 -517

2003................................................................... 50,368 28,043 601,234 601,709 -475

2004 - Est............................................................ 52,602 30,744 633,340 633,340 -

2002 - Oct............................................................ 4,176 -1,968 571,223 571,747 -524

Nov .......................................................... 4,090 -2,666 568,557 569,084 -527

Dec .......................................................... 4,093 15,009 583,566 584,089 -523

2003 - Jan............................................................ 4,230 -2,476 581,089 581,613 -524

Feb........................................................... 4,164 -2,730 578,360 578,874 -514

Mar........................................................... 4,214 -2,736 575,624 576,117 -493

Apr........................................................... 4,298 -2,688 572,936 560,082 12,854

May .......................................................... 4,196 -2,423 570,513 571,000 -487

June......................................................... 4,186 16,440 586,953 587,438 -485

July .......................................................... 4,299 -2,773 584,179 584,664 -485

Aug .......................................................... 4,201 -2,278 581,902 582,381 -479

Sept.......................................................... 4,222 19,332 601,234 601,709 -475

Fiscal 2003.......................................................... 50,368 28,043 601,234 601,709 -475

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals

due to rounding.
TRUST FUNDS 119

TABLE TF-2.—Federal Hospital Insurance Trust Fund

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

Receipts

Fiscal year

or month

Total

(1)

Net appropriations

(2)

Federal payments

(3)

Deposits by States

(4)

Interest and profits

on investments

(5)

Other

(6)

1999................................................................ 138,100 121,308 5,331 -2 9,154 2,308

2000................................................................ 152,948 133,774 7,484 * 9,287 2,402

2001................................................................ 159,534 137,097 9,516 2 10,469 2,450

2002................................................................ 171,736 151,257 5,605 - 12,338 2,536

2003................................................................ 180,255 153,587 8,962 * 14,788 2,918

2004 - Est............................................................ 189,461 165,091 8,914 * 15,331 125

2002 - Oct............................................................ 11,898 11,690 1 * 5 202

Nov .......................................................... 12,947 12,739 1 - 7 200

Dec .......................................................... 21,159 13,747 1 - 7,200 211

2003 - Jan............................................................ 16,451 14,558 1,668 - 10 214

Feb........................................................... 11,209 11,010 * - 14 185

Mar........................................................... 12,774 12,060 514 - 5 195

Apr........................................................... 19,525 15,924 3,401 - 10 191

May .......................................................... 11,974 11,603 116 * 29 226

June......................................................... 23,411 13,897 1,359 * 7,479 677

July .......................................................... 11,380 11,177 * - 3 200

Aug .......................................................... 11,726 11,492 1 - 17 216

Sept.......................................................... 15,800 13,690 1,899 - 10 201

Fiscal 2003.......................................................... 180,255 153,587 8,962 * 14,788 2,918

Expenditures other than investments Assets, end of period

Fiscal year

or month

Total

(7)

Benefit

payments

(8)

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

1999................................................................ 136,690 135,487 1,178 25 1,410 116,264 118,250 -1,986

2000................................................................ 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314

2001................................................................ 129,195 127,934 1,253 9 30,338 168,791 168,859 -68

2002................................................................ 141,975 139,356 1,425 1,194 29,761 198,552 197,137 1,415

2003................................................................ 152,793 151,250 1,541 2 27,462 258,701 251,307 7,394

2004 - Est............................................................ 162,359 159,380 1,555 1,425 27,102 283,022 283,022 -

2002 - Oct............................................................ 13,336 13,203 133 - -1,438 229,801 227,309 2,492

Nov .......................................................... 13,392 13,314 80 -1 -446 229,355 226,775 2,580

Dec .......................................................... 13,291 13,167 122 3 7,868 237,223 235,326 1,897

2003 - Jan............................................................ 12,715 12,567 147 1 3,736 240,959 237,672 3,287

Feb........................................................... 12,411 12,295 110 7 -1,202 239,756 238,702 1,054

Mar........................................................... 9,273 9,137 139 -2 3,501 243,257 238,922 4,335

Apr........................................................... 13,628 13,495 133 - 5,897 249,155 244,870 4,285

May .......................................................... 14,656 14,526 130 * -2,682 246,473 241,845 4,628

June......................................................... 11,197 11,045 152 * 12,214 258,687 252,485 6,202

July .......................................................... 13,052 12,927 123 1 -1,672 257,015 250,932 6,083

Aug .......................................................... 14,324 14,173 150 1 -2,598 254,417 248,697 5,720

Sept.......................................................... 11,517 11,400 123 -6 4,284 258,701 251,307 7,394

Fiscal 2003.......................................................... 152,793 151,250 1,541 2 27,462 258,701 251,307 7,394

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
120 TRUST FUNDS

TABLE TF-3.—Federal Disability Insurance Trust Fund

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

Receipts Expenditures other than investments

Fiscal year

or month

Total

(1)

Appropriations

(2)

Deposits

by States

(3)

Interest and profits 

on investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

1999................................................................ 62,956 57,944 1 4,432 579 49,459 47,739

2000................................................................ 67,792 61,884 * 5,223 684 52,142 50,488

2001................................................................ 77,061 69,995 4 6,265 796 56,046 54,276

2002................................................................ 82,980 74,609 - 7,572 799 60,831 58,219

2003................................................................ 88,845 78,299 * 9,564 983 71,982 69,846

2004 - Est............................................................ 93,236 83,171 - 9,945 120 80,330 77,950

2002 - Oct............................................................ 5,679 5,408 * 7 264 5,569 5,451

Nov .......................................................... 5,836 5,825 - 10 1 5,807 5,704

Dec .......................................................... 10,878 6,224 - 4,645 9 5,807 5,587

2003 - Jan............................................................ 7,821 7,560 - 3 258 5,830 5,687

Feb........................................................... 6,131 6,110 - 10 11 5,870 5,670

Mar........................................................... 6,743 6,725 - 8 10 6,050 5,872

Apr........................................................... 8,380 8,160 - 11 210 6,092 5,936

May .......................................................... 6,355 6,335 - 15 5 6,130 5,977

June......................................................... 12,246 7,420 - 4,819 6 6,362 6,028

July .......................................................... 6,067 5,865 - 2 200 6,011 5,872

Aug .......................................................... 6,021 6,000 - 13 8 6,274 6,061

Sept.......................................................... 6,689 6,667 - 20 1 6,182 6,000

Fiscal 2003.......................................................... 88,845 78,299 * 9,564 983 71,982 69,846

Expenditures other than investments, con.

Assets, end of period

Fiscal year

or month

Payments

to railroad

retirement

account

(8)

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

1999................................................................ 157 1,488 76 13,497 78,068 76,996 1,072

2000................................................................ 135 1,480 40 15,650 93,718 92,666 1,052

2001................................................................ 159 1,575 35 21,014 114,732 113,707 1,025

2002................................................................10 1,712 890 22,149 136,882 135,842 1,040

2003................................................................ 167 1,938 31 16,863 173,332 170,793 2,539

2004 - Est............................................................ 229 2,024 127 12,906 181,523 181,523 -

2002 - Oct............................................................ - 118 - 110 156,579 155,188 1,391

Nov .......................................................... - 107 -4 29 156,608 155,281 1,327

Dec .......................................................... - 218 1 5,072 161,680 160,380 1,300

2003 - Jan............................................................ - 141 2 1,991 163,671 161,998 1,673

Feb........................................................... - 181 19 261 163,932 162,311 1,621

Mar........................................................... - 184 -6 693 164,626 162,985 1,641

Apr........................................................... - 156 - 2,289 166,915 165,303 1,612

May .......................................................... - 153 -1 225 167,140 165,187 1,953

June......................................................... 167 166 * 5,883 173,023 170,706 2,317

July .......................................................... - 135 4 56 173,079 171,024 2,055

Aug .......................................................... - 211 2 -253 172,826 170,851 1,975

Sept.......................................................... - 167 15 507 173,332 170,793 2,539

Fiscal 2003.......................................................... 167 1,938 31 16,863 173,332 170,793 2,539

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
TRUST FUNDS 121

TABLE TF-4.—Federal Old-Age and Survivors Insurance Trust Fund

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

Expenditures other than investments

Receipts

Fiscal year

or month

Total

(1)

Appropriations

(2)

Deposits

by States

(3)

Net earnings

on investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

Payments to railroad retirement

account

(8)

1999................................................................ 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662

2000................................................................ 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681

2001................................................................ 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538

2002................................................................ 513,871 440,811 * 61,239 11,821 373,037 367,680 3,273

2003................................................................ 547,454 461,096 * 73,980 12,378 402,776 396,725 3,580

2004 - Est................................ 575,778 475,436 - 78,753 21,589 417,062 410,896 3,649

2002 - Oct................................ 35,277 31,847 * 42 3,388 32,667 32,363 -

Nov ................................ 34,376 34,304 - 47 24 32,825 32,401 -

Dec ................................ 72,665 36,656 - 35,993 16 32,880 33,039 -

2003 - Jan................................ 48,087 44,521 - 15 3,551 33,342 32,955 -

Feb................................ 36,044 35,977 - 50 17 33,201 33,064 -

Mar................................ 39,667 39,600 - 51 16 33,226 33,111 -

Apr................................ 50,739 48,053 - 54 2,632 33,205 33,034 -

May ................................ 37,415 37,309 - 87 19 33,596 33,428 -

June................................ 81,198 43,695 - 37,490 13 37,037 33,275 3,580

July ................................ 37,217 34,533 - 12 2,673 33,542 33,308 -

Aug ................................ 35,403 35,332 - 55 16 33,549 33,370 -

Sept................................ 39,366 39,269 - 84 13 33,708 33,377 -

Fiscal 2003................................ 547,454 461,096 * 73,980 12,378 402,776 396,725 3,580

 Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

1999................................................................ 1,832 - 85,919 661,104 653,282 7,822

2000................................................................ 1,851 - 109,061 770,165 762,226 7,939

2001................................................................ 1,998 - 130,832 900,998 893,519 7,479

2002................................................................ 2,084 - 140,834 1,041,832 1,034,114 7,718

2003................................................................ 2,471 - 144,678 1,329,773 1,313,427 16,346

2004 - Est............................................................ 2,482 35 158,716 1,478,213 1,478,213 -

2002 - Oct............................................................304 - 2,610 1,187,705 1,176,380 11,325

Nov ..........................................................423 - 1,551 1,189,256 1,178,345 10,911

Dec ..........................................................-159 - 39,786 1,229,041 1,217,702 11,339

2003 - Jan............................................................387 - 14,745 1,243,787 1,230,857 12,930

Feb...........................................................137 - 2,843 1,246,630 1,233,775 12,855

Mar...........................................................115 - 6,441 1,253,071 1,239,102 13,969

Apr...........................................................171 - 17,534 1,270,605 1,256,208 14,397

May ..........................................................168 - 3,819 1,274,424 1,260,395 14,029

June.........................................................181 - 44,161 1,318,586 1,303,515 15,071

July ..........................................................234 - 3,675 1,322,261 1,304,059 18,202

Aug ..........................................................179 - 1,854 1,324,115 1,309,091 15,024

Sept..........................................................332 - 5,658 1,329,773 1,313,427 16,346

Fiscal 2003.......................................................... 2,471 - 144,678 1,329,773 1,313,427 16,346

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
122 TRUST FUNDS

TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund

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

Receipts

Expenditures other than investments

Fiscal year

or month

Total

(1)

Premiums

(2)

Federal

contributions

(3)

Interest and 

profits on

investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

1999................................................................ 81,955 17,153 59,919 2,606 2,277 76,272 74,837

2000................................................................ 85,278 17,722 62,185 2,925 2,446 80,518 79,008

2001................................................................ 89,242 17,961 65,561 3,161 2,559 88,992 87,212

2002................................................................ 79,227 19,447 69,838 3,188 2,865 99,452 97,466

2003................................................................ 110,198 80,910 2,453 3,720 1 124,055 121,699

2004 - Est................................ 125,795 29,317 94,518 1,960 - 121,518 119,214

2002 - Oct................................ 8,739 6,587 33 286 - 10,515 10,349

Nov ................................ 8,706 6,545 65 283 - 11,021 10,881

Dec ................................ 9,682 6,442 1,149 293 * 9,921 9,682

2003 - Jan................................ 9,484 7,185 15 311 - 10,377 10,122

Feb................................ 9,398 7,120 14 310 * 8,653 8,555

Mar................................ 9,308 7,062 15 312 2 10,451 10,211

Apr................................ 9,716 7,336 49 315 1 10,433 10,250

May ................................ 9,291 7,013 44 320 -2 11,745 11,568

June................................ 10,454 7,216 980 321 * 8,891 8,685

July ................................ 9,531 7,184 12 324 - 11,092 10,925

Aug ................................ 9,705 7,375 30 321 1 11,724 11,525

Sept................................ 6,183 3,845 49 324 * 9,232 8,947

Fiscal 2003................................ 110,198 80,910 2,453 3,720 1 124,055 121,699

Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(8)

Other

(9)

Net increase,

or decrease

(-), in assets

(10)

Total

(11)

Investments

(12)

Unexpended

balance

(13)

1999................................................................ 1,413 22 5,683 40,538 39,502 1,036

2000................................................................ 1,493 17 4,760 45,297 26,528 18,769

2001................................................................ 1,759 21 249 45,547 45,075 472

2002................................................................ 1,974 12 -20,225 25,322 41,978 -16,656

2003................................................................ 2,342 14 -13,856 8,320 24,849 -16,529

2004 - Est................................ 2,212 92 4,277 32,902 32,902 -

2002 - Oct................................ 166 - -1,775 20,401 36,951 -16,550

Nov ................................ 141 -1 -2,315 18,086 34,668 -16,582

Dec ................................ 235 5 -239 17,847 34,135 -16,288

2003 - Jan................................ 254 1 -893 16,954 33,791 -16,837

Feb................................ 91 7 746 17,700 33,424 -15,724

Mar................................ 243 -2 -1,143 16,557 33,149 -16,592

Apr................................ 184 - -717 15,840 32,456 -16,616

May ................................ 177 * -2,454 13,386 30,052 -16,666

June................................ 206 * 1,562 14,948 31,474 -16,526

July ................................ 165 1 -1,561 13,388 30,504 -17,116

Aug ................................ 199 1 -2,019 11,368 27,622 -16,254

Sept................................ 281 4 -3,048 8,320 24,849 -16,529

Fiscal 2003................................ 2,342 14 -13,856 8,320 24,849 -16,529

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
TRUST FUNDS 123

TABLE TF-6.—National Service Life Insurance Fund

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

Receipts

Assets, end of period

Fiscal year

or month

Total

(1)

Premiums and

other receipts

(2)

Transfers from

general and

special funds

(3)

Interest

and profits

on 

investments

(4)

Expenditures 

other than 

investments

(benefits,

net lending,

refunds, and

dividends)

(5)

Net increase,

or decrease

(-), in assets

(6)

Total

(7)

Investments

(8)

Unexpended

balance

(9)

1999................................ 1,196 217 2 977 1,210 -15 12,044 12,008 36

2000................................ 1,146 204 6 936 1,201 -55 11,989 11,954 35

2001................................ 1,090 201 1 887 1,242 -152 11,836 11,804 32

2002................................ 1,050 194 1 855 1,221 -171 11,665 11,639 26

2003................................ 960 176 1 784 1,178 -218 11,280 11,246 34

2004 - Est................................ 1,314 171 424 719 1,658 -344 9,397 9,397 -

2002 - Oct................................ 17 15 * 2 94 -77 11,421 11,386 35

Nov ................................ 15 12 * 2 83 -68 11,353 11,322 31

Dec ................................ 404 15 * 388 85 319 11,671 11,638 33

2003 - Jan................................ 17 17 * * 107 -90 11,582 11,546 36

Feb................................ 16 16 * * 94 -78 11,504 11,465 39

Mar................................ 14 13 * 1 115 -101 11,403 11,371 32

Apr................................ 16 15 * 1 102 -86 11,317 11,281 36

May ................................ 15 13 * 2 95 -79 11,238 11,206 32

June................................ 399 15 * 383 96 302 11,540 11,508 32

July ................................ 13 13 * * 94 -81 11,459 11,425 34

Aug ................................ 16 15 * 1 99 -83 11,376 11,351 25

Sept................................ 20 17 * 2 115 -96 11,280 11,246 34

Fiscal 2003................................ 960 176 1 784 1,178 -218 11,280 11,246 34

* Less than $500,000.

 Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
124 TRUST FUNDS

TABLE TF-7.—Railroad Retirement Account

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

Receipts Expenditures other

than investments

Fiscal year

or month

Total

(1)

Appropriations

(2)

Interest

and profits

on investments

(3)

Other

(4)

Total

(5)

Benefit

payments

(6)

1999................................................................ 10,443 4,353 2,017 4,073 8,391 2,984

2000................................................................ 8,763 4,143 313 4,308 8,384 2,977

2001................................................................ 9,654 4,337 1,161 4,157 8,434 3,030

2002................................................................ 10,229 4,272 2,347 3,610 8,569 3,039

2003................................................................ 9,195 3,954 764 4,478 28,214 3,575

2004 - Est............................................................ 8,211 8,191 20 - 9,077 9,077

2002 - Oct............................................................ 283 377 -250 155 3,729 288

Nov .......................................................... 629 350 280 - 3,727 287

Dec .......................................................... 1,036 323 713 - 2,979 288

2003 - Jan............................................................ 419 364 -37 92 2,737 290

Feb........................................................... 410 379 31 - 4,236 292

Mar........................................................... 442 424 18 - 4,737 293

Apr........................................................... 418 313 6 99 739 293

May .......................................................... 354 348 6 - 737 293

June......................................................... 3,691 -32 -24 3,747 935 296

July .......................................................... 492 403 5 84 738 293

Aug .......................................................... 332 326 6 * 759 374

Sept.......................................................... 689 379 10 300 2,160 287

Fiscal 2003.......................................................... 9,195 3,954 764 4,478 28,214 3,575

Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(7)

Other

(8)

Net increase,

or decrease

(-), in assets

(9)

Total

(10)

Investments

(11)

Unexpended

balance

(12)

1999................................................................ 87 5,321 2,052 9,793 21,811 -12,018

2000................................................................ 88 8,319 379 10,172 24,345 -14,173

2001................................................................ 94 5,310 1,220 11,393 24,823 -13,430

2002................................................................ 91 5,439 1,660 13,053 26,865 -13,812

2003................................................................ 98 24,541 -19,019 -6,196 1,179 -7,375

2004 - Est............................................................ - - -866 200 200 -

2002 - Oct............................................................ 8 3,433 -3,447 9,376 21,153 -11,777

Nov .......................................................... 7 3,433 -3,098 6,278 16,368 -10,090

Dec .......................................................... 8 2,683 -1,943 4,335 13,897 -9,562

2003 - Jan............................................................ 10 2,437 -2,318 2,017 10,927 -8,910

Feb........................................................... 8 3,937 -3,826 -1,809 6,819 -8,628

Mar........................................................... 7 4,437 -4,295 -6,104 2,741 -8,845

Apr........................................................... 10 436 -321 -6,425 2,759 -9,184

May .......................................................... 7 437 -383 -6,808 2,625 -9,433

June......................................................... 7 631 2,756 -4,052 2,494 -6,546

July .......................................................... 8 437 -245 -4,298 2,499 -6,797

Aug .......................................................... 9 375 -427 -4,724 2,382 -7,106

Sept.......................................................... 9 1,865 -1,472 -6,196 1,179 -7,375

Fiscal 2003.......................................................... 98 24,541 -19,019 -6,196 1,179 -7,375

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
TRUST FUNDS 125

TABLE TF-8.—Unemployment Trust Fund

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

Receipts

Fiscal year

or month

Total

(1)

State

unemployment taxes

(2)

Federal

unemployment taxes

(3)

Advances from 

the general fund

(4)

Deposits by Railroad

Retirement Board

(5)

Interest and profits

on investments

(6)

1999................................................................ 32,297 21,047 6,369 508 68 4,305

2000................................................................ 31,681 19,894 6,475 403 111 4,798

2001................................................................ 33,259 20,701 6,871 397 68 5,222

2002................................................................ 33,993 20,824 6,937 432 51 5,749

2003................................................................ 38,403 26,703 6,520 1,265 144 3,772

2004 - Est............................................................ 43,587 33,195 7,001 538 139 2,714

2002 - Oct............................................................ 1,635 866 636 32 35 66

Nov .......................................................... 2,530 2,345 87 63 * 34

Dec .......................................................... 2,317 260 27 50 * 1,980

2003 - Jan............................................................ 1,394 651 681 21 30 11

Feb........................................................... 2,218 1,881 241 73 * 23

Mar........................................................... 474 247 67 93 * 66

Apr........................................................... 5,863 2,385 3,385 3 37 53

May .......................................................... 10,387 10,052 260 64 1 10

June......................................................... 2,460 905 -25 92 * 1,487

July .......................................................... 2,533 1,526 955 5 39 7

Aug .......................................................... 3,988 3,831 112 39 * 6

Sept.......................................................... 2,603 1,753 93 728 * 29

Fiscal 2003.......................................................... 38,403 26,703 6,520 1,265 144 3,772

Expenditures other than investments

Fiscal year

or month

Total

(7)

State 

unemployment 

benefits

(8)

State

 administrative 

expenses

(9)

Repayment of

advances from

the general fund

(10)

Federal 

administrative 

expenses

(11)

Railroad 

administrative 

ex penses

(12)

1999................................................................ 23,284 19,933 3,085 - 204 *

2000................................................................ 24,752 21,180 3,361 - 140 *

2001................................................................ 24,050 20,657 3,117 - 193 *

2002................................................................ 31,603 27,896 3,213 - 396 *

2003................................................................ 58,486 54,473 3,590 - 326 -

2004 - Est............................................................ 43,787 43,661 - - - -

2002 - Oct............................................................ 4,787 4,548 200 - 31 -

Nov .......................................................... 4,119 3,784 301 - 25 -

Dec .......................................................... 4,853 4,481 303 - 58 -

2003 - Jan............................................................ 5,531 5,209 337 - -27 -

Feb........................................................... 4,933 4,583 313 - 27 -

Mar........................................................... 5,373 5,057 269 - 37 -

Apr........................................................... 5,233 4,913 286 - 27 -

May .......................................................... 4,789 4,380 385 - 17 -

June......................................................... 4,710 4,396 279 - 29 -

July .......................................................... 5,172 4,737 395 - 34 -

Aug .......................................................... 4,434 4,127 265 - 34 -

Sept.......................................................... 4,553 4,257 257 - 33 -

Fiscal 2003.......................................................... 58,486 54,473 3,590 - 326 -

See footnotes at end of table.
126 TRUST FUNDS

TABLE TF-8.—Unemployment Trust Fund, con.

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

Expenditures other than investments, con.

Railroad unemployment insurance Assets, end of period

Fiscal year

or month

Benefit

payments

(13)

Administrative

expenses

(14)

Net increase,

or decrease

(-), in assets

(15)

Total

(16)

Investments

(17)

Unexpended

balance

(18)

1999................................................................ 59 3 9,014 81,970 70,641 11,329

2000................................................................ 68 4 6,929 88,899 77,358 11,541

2001................................................................ 78 3 9,209 98,108 86,399 11,709

2002................................................................ 93 4 2,390 100,498 88,638 11,860

2003................................................................ 93 4 -20,083 59,634 48,188 11,446

2004 - Est............................................................ 124 - -3,643 72,602 72,602 -

2002 - Oct............................................................ 8 * -3,152 76,564 64,743 11,821

Nov .......................................................... 8 - -1,589 74,975 63,474 11,501

Dec .......................................................... 10 1 -2,536 72,439 61,117 11,322

2003 - Jan............................................................ 13 * -4,137 68,303 56,735 11,568

Feb........................................................... 9 - -2,714 65,588 54,244 11,344

Mar........................................................... 9 * -4,899 60,690 49,271 11,419

Apr........................................................... 7 * 630 61,320 46,587 14,733

May .......................................................... 6 * 5,599 66,919 55,816 11,103

June......................................................... 4 2 -2,250 64,669 52,854 11,815

July .......................................................... 6 * -2,639 62,030 49,348 12,682

Aug .......................................................... 7 1 -446 61,584 50,114 11,470

Sept.......................................................... 8 -1 -1,950 59,634 48,188 11,446

Fiscal 2003.......................................................... 93 4 -20,083 59,634 48,188 11,446

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not 

add to totals due to rounding.
TRUST FUNDS 127

TABLE TF-9A.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of September 30, 2003

[In millions of dollars. Source: Financial Management Ser vice]

Investment of securities

Type and rate

Payable date

(1)

Issue date

(2)

Federal Disability 

Insurance 

Trust Fund

(3)

Federal Hospital 

Insurance Trust 

Fund

(4)

Federal Old-age

and Survivors

Insurance

Trust Fund

(5)

Federal 

Supplementary 

Medical

Insurance

Trust Fund

(6)

Railroad

Retirement

Account

(7)

Unemployment 

Trust Fund

(8)

Public issues:

 Bonds:

11-3/4%................................ 02/15/05-10 02/15/80 30 - - - - -

 Total public issues............................................ 30 - - - - -

TABLE TF-9B.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of September 30, 2003

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

Type

Issued

(1)

 Retired (-) or inflation adjusted

 (2)

 Outstanding

 (3)

Government account series:

Federal Disability Insurance Trust Fund................................................. 179,632 -8,869 170,762

Federal Hospital Insurance Trust Fund.............................................. 278,659 -27,352 251,307

Federal Old-age and Survivors Insurance Trust Fund....................... 1,361,059 -47,632 1,313,427

Federal Supplementary Medical Insurance Trust Fund...................... 30,739 -5,891 24,849

Railroad Retirement Account .......................................................... 800 -297 503

Unemployment Trust Fund......................................................... 69,125 -20,937 48,188

Total Government account series................................................................ 1,920,014 -110,978 1,809,036

Note.—Details may not add to totals due to rounding.
128 TRUST FUNDS

TABLE TF-15A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal 2004.

The 24-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

2004.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)............................................................................................... 72.41

less:

Cash balance (fiscal 2004)...........................................................................................................................................................

12.32

Unfunded authorizations (fiscal 2004).............................................................................................................................................

60.09

24-month revenue estimate (fiscal 2005 and 2006)................................................................................................................................ 62.59

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)................................................................................................ 5.19

less:

Cash balance (fiscal 2004)...........................................................................................................................................................

8.13

Unfunded authorizations (fiscal 2004).............................................................................................................................................

-2.95

24-month revenue estimate (fiscal 2005 and 2006)............................................................................................................................ 9.85

Note.—These data do not reflect the fiscal 2004 Department of Transportation 

Appropriations Bill. These estimates will be updated in the next publication of these 

tables to reflect enacted appropriation.
TECHNICAL PAPERS 129

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

1500 Pennsylvania Ave., NW., Room 4409

Washington, DC 20220

Telephone (202) 622-1519, or fax (202) 622-1294
130

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 September 2003, the 

debt limit was $7,384,000 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 131

issues. The Federal Reserve note is the only class of currency 

currently issued.

Foreign (“Foreign Currency Positions,” IFS -2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.)

Foreigner (“Capital Movements,” IFS -2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official

institutions of countries other than the United States; and 

international and regional organizations, wherever located.

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for

foreigners.

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including

subordinate and affiliate agencies, created by treaty or

convention between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including

development banks and institutions, and other agencies that 

are majority-owned by the central government or its

departments; and state provincial and local governments of 

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to

international organizations in which the United States held 

membership. Sold as companion issues, they could be

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by

Treasury to a specific Government agency, trust fund, or

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-age and Survivors 

Insurance Trust Fund; the civil service retirement and

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations,

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw

from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury

securities at the price equivalent to the weighted average

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full.

Obligations (“Federal Fiscal Operations”)—An unpaid

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Own foreign offices (“Capital Movements”)—Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United 

States.

Par value—The face value of bonds or notes, including

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several
132 GLOSSARY

“coupon” security issues on the 15th of February, May,

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-3, -4)—The offer for sale of additional

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (FD -2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily.

Statutory debt limit (FD -6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).